WEBVTT Kind: captions Language: en 00:00:15.780 --> 00:00:22.220 align:start position:0% okay<00:00:16.890> so<00:00:17.940> this<00:00:18.940> is<00:00:19.330> intended<00:00:20.230> to<00:00:20.410> be<00:00:20.680> a<00:00:21.250> kind<00:00:21.970> of 00:00:22.220 --> 00:00:22.230 align:start position:0% okay so this is intended to be a kind of 00:00:22.230 --> 00:00:25.440 align:start position:0% okay so this is intended to be a kind of introduction<00:00:23.230> that's<00:00:23.890> as<00:00:24.310> simple<00:00:25.240> as 00:00:25.440 --> 00:00:25.450 align:start position:0% introduction that's as simple as 00:00:25.450 --> 00:00:27.690 align:start position:0% introduction that's as simple as possible<00:00:26.080> while<00:00:26.320> at<00:00:26.470> the<00:00:26.590> same<00:00:26.619> time<00:00:26.860> covering 00:00:27.690 --> 00:00:27.700 align:start position:0% possible while at the same time covering 00:00:27.700 --> 00:00:31.470 align:start position:0% possible while at the same time covering all<00:00:27.970> of<00:00:28.000> the<00:00:28.300> important<00:00:28.960> bits<00:00:29.619> of<00:00:30.480> basically 00:00:31.470 --> 00:00:31.480 align:start position:0% all of the important bits of basically 00:00:31.480 --> 00:00:33.450 align:start position:0% all of the important bits of basically what<00:00:31.750> the<00:00:31.869> etherium<00:00:32.320> protocol<00:00:32.800> actually 00:00:33.450 --> 00:00:33.460 align:start position:0% what the etherium protocol actually 00:00:33.460 --> 00:00:35.150 align:start position:0% what the etherium protocol actually looks<00:00:33.910> like<00:00:34.090> from<00:00:34.270> a<00:00:34.390> technical<00:00:34.720> standpoint 00:00:35.150 --> 00:00:35.160 align:start position:0% looks like from a technical standpoint 00:00:35.160 --> 00:00:39.060 align:start position:0% looks like from a technical standpoint so<00:00:36.720> I'll<00:00:37.720> just<00:00:38.080> kind<00:00:38.379> of<00:00:38.410> dive<00:00:38.590> straight<00:00:38.770> into 00:00:39.060 --> 00:00:39.070 align:start position:0% so I'll just kind of dive straight into 00:00:39.070 --> 00:00:42.930 align:start position:0% so I'll just kind of dive straight into it<00:00:39.309> and<00:00:39.550> start<00:00:40.090> off<00:00:40.270> with<00:00:40.300> the<00:00:41.820> basically<00:00:42.820> the 00:00:42.930 --> 00:00:42.940 align:start position:0% it and start off with the basically the 00:00:42.940 --> 00:00:44.490 align:start position:0% it and start off with the basically the background<00:00:43.120> which<00:00:43.570> has<00:00:43.750> you<00:00:43.900> know<00:00:43.930> why<00:00:44.230> does 00:00:44.490 --> 00:00:44.500 align:start position:0% background which has you know why does 00:00:44.500 --> 00:00:47.850 align:start position:0% background which has you know why does the<00:00:44.620> theory<00:00:44.890> of<00:00:44.920> need<00:00:45.129> to<00:00:45.250> exist<00:00:45.610> so<00:00:46.480> back<00:00:47.440> when 00:00:47.850 --> 00:00:47.860 align:start position:0% the theory of need to exist so back when 00:00:47.860 --> 00:00:50.610 align:start position:0% the theory of need to exist so back when I<00:00:48.329> came<00:00:49.329> up<00:00:49.510> with<00:00:49.660> the<00:00:49.780> original<00:00:50.230> white<00:00:50.380> paper 00:00:50.610 --> 00:00:50.620 align:start position:0% I came up with the original white paper 00:00:50.620 --> 00:00:54.060 align:start position:0% I came up with the original white paper at<00:00:51.040> the<00:00:51.250> end<00:00:51.370> of<00:00:51.520> 2013<00:00:52.230> there<00:00:53.230> was<00:00:53.350> already<00:00:53.800> a 00:00:54.060 --> 00:00:54.070 align:start position:0% at the end of 2013 there was already a 00:00:54.070 --> 00:00:55.979 align:start position:0% at the end of 2013 there was already a large<00:00:54.489> amount<00:00:54.880> of<00:00:55.030> interest<00:00:55.480> from<00:00:55.690> the<00:00:55.780> public 00:00:55.979 --> 00:00:55.989 align:start position:0% large amount of interest from the public 00:00:55.989 --> 00:00:58.740 align:start position:0% large amount of interest from the public in<00:00:56.730> blockchain<00:00:57.730> technology<00:00:58.390> and 00:00:58.740 --> 00:00:58.750 align:start position:0% in blockchain technology and 00:00:58.750 --> 00:01:01.200 align:start position:0% in blockchain technology and particularly<00:00:59.410> people<00:00:59.920> starting<00:01:00.550> to<00:01:00.579> look<00:01:00.940> at 00:01:01.200 --> 00:01:01.210 align:start position:0% particularly people starting to look at 00:01:01.210 --> 00:01:04.049 align:start position:0% particularly people starting to look at using<00:01:02.050> blockchain<00:01:02.649> technology<00:01:03.280> going<00:01:03.550> beyond 00:01:04.049 --> 00:01:04.059 align:start position:0% using blockchain technology going beyond 00:01:04.059 --> 00:01:06.540 align:start position:0% using blockchain technology going beyond what<00:01:04.960> was<00:01:05.080> then<00:01:05.350> just<00:01:05.560> Bitcoin<00:01:05.979> the<00:01:06.130> currency 00:01:06.540 --> 00:01:06.550 align:start position:0% what was then just Bitcoin the currency 00:01:06.550 --> 00:01:08.639 align:start position:0% what was then just Bitcoin the currency and<00:01:06.940> people<00:01:07.720> were<00:01:07.780> looking<00:01:08.170> at<00:01:08.289> various 00:01:08.639 --> 00:01:08.649 align:start position:0% and people were looking at various 00:01:08.649 --> 00:01:11.070 align:start position:0% and people were looking at various applications<00:01:09.420> issuing<00:01:10.420> assets<00:01:10.840> on<00:01:10.990> the 00:01:11.070 --> 00:01:11.080 align:start position:0% applications issuing assets on the 00:01:11.080 --> 00:01:13.350 align:start position:0% applications issuing assets on the blockchain<00:01:11.610> crowdfunding<00:01:12.610> domain 00:01:13.350 --> 00:01:13.360 align:start position:0% blockchain crowdfunding domain 00:01:13.360 --> 00:01:15.420 align:start position:0% blockchain crowdfunding domain registration<00:01:14.170> projects<00:01:14.740> like<00:01:14.860> named<00:01:15.100> coin 00:01:15.420 --> 00:01:15.430 align:start position:0% registration projects like named coin 00:01:15.430 --> 00:01:17.850 align:start position:0% registration projects like named coin land<00:01:16.090> title<00:01:16.450> registration<00:01:16.869> gambling 00:01:17.850 --> 00:01:17.860 align:start position:0% land title registration gambling 00:01:17.860 --> 00:01:20.520 align:start position:0% land title registration gambling prediction<00:01:18.729> markets<00:01:19.180> IOT<00:01:19.810> applications 00:01:20.520 --> 00:01:20.530 align:start position:0% prediction markets IOT applications 00:01:20.530 --> 00:01:23.160 align:start position:0% prediction markets IOT applications healthcare<00:01:21.009> applications<00:01:21.690> many<00:01:22.690> different 00:01:23.160 --> 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position:0% 20 bitcoins to you you now have 20 bitcoins<00:01:29.770> so<00:01:31.170> the<00:01:32.170> problem<00:01:32.560> is<00:01:32.679> most<00:01:33.310> existing 00:01:33.779 --> 00:01:33.789 align:start position:0% bitcoins so the problem is most existing 00:01:33.789 --> 00:01:35.699 align:start position:0% bitcoins so the problem is most existing blockchain<00:01:34.420> protocols<00:01:34.990> at<00:01:35.200> the<00:01:35.319> time<00:01:35.530> were 00:01:35.699 --> 00:01:35.709 align:start position:0% blockchain protocols at the time were 00:01:35.709 --> 00:01:38.160 align:start position:0% blockchain protocols at the time were designed<00:01:36.039> like<00:01:36.190> this<00:01:36.399> right<00:01:37.119> so<00:01:37.750> what 00:01:38.160 --> 00:01:38.170 align:start position:0% designed like this right so what 00:01:38.170 --> 00:01:39.930 align:start position:0% designed like this right so what properties<00:01:38.619> does<00:01:38.740> a<00:01:38.800> pocket<00:01:39.190> calculator<00:01:39.369> have 00:01:39.930 --> 00:01:39.940 align:start position:0% properties does a pocket calculator have 00:01:39.940 --> 00:01:42.690 align:start position:0% properties does a pocket calculator have it<00:01:40.569> can<00:01:40.780> do<00:01:40.929> one<00:01:41.170> thing<00:01:41.410> and<00:01:41.679> it<00:01:42.190> could<00:01:42.310> do<00:01:42.429> one 00:01:42.690 --> 00:01:42.700 align:start position:0% it can do one thing and it could do one 00:01:42.700 --> 00:01:45.059 align:start position:0% it can do one thing and it could do one thing<00:01:42.910> fairly<00:01:43.330> well<00:01:43.539> but<00:01:44.380> that's<00:01:44.770> the<00:01:44.920> only 00:01:45.059 --> 00:01:45.069 align:start position:0% thing fairly well but that's the only 00:01:45.069 --> 00:01:47.609 align:start position:0% thing fairly well but that's the only thing<00:01:45.220> that<00:01:45.520> he<00:01:45.580> can<00:01:45.729> do<00:01:45.880> now<00:01:46.660> granted<00:01:47.380> if<00:01:47.500> you 00:01:47.609 --> 00:01:47.619 align:start position:0% thing that he can do now granted if you 00:01:47.619 --> 00:01:50.070 align:start position:0% thing that he can do now granted if you have<00:01:47.800> some<00:01:48.160> super<00:01:48.369> fancy<00:01:48.789> TI<00:01:49.179> 80<00:01:49.479> whatever<00:01:49.869> you 00:01:50.070 --> 00:01:50.080 align:start position:0% have some super fancy TI 80 whatever you 00:01:50.080 --> 00:01:52.469 align:start position:0% have some super fancy TI 80 whatever you can<00:01:50.229> probably<00:01:50.619> try<00:01:51.130> come<00:01:51.759> up<00:01:51.880> with<00:01:52.060> some<00:01:52.300> way 00:01:52.469 --> 00:01:52.479 align:start position:0% can probably try come up with some way 00:01:52.479 --> 00:01:54.300 align:start position:0% can probably try come up with some way to<00:01:52.509> program<00:01:53.020> a<00:01:53.080> video<00:01:53.319> game<00:01:53.530> on<00:01:53.709> top<00:01:53.890> of<00:01:54.069> it<00:01:54.160> but 00:01:54.300 --> 00:01:54.310 align:start position:0% to program a video game on top of it but 00:01:54.310 --> 00:01:57.389 align:start position:0% to program a video game on top of it but like<00:01:54.459> nobody<00:01:54.849> really<00:01:55.209> wants<00:01:55.509> to<00:01:55.539> do<00:01:55.720> that<00:01:56.399> so 00:01:57.389 --> 00:01:57.399 align:start position:0% like nobody really wants to do that so 00:01:57.399 --> 00:01:59.639 align:start position:0% like nobody really wants to do that so in<00:01:57.970> general<00:01:58.539> it<00:01:58.660> just<00:01:58.690> ends<00:01:59.080> up<00:01:59.200> being<00:01:59.349> one 00:01:59.639 --> 00:01:59.649 align:start position:0% in general it just ends up being one 00:01:59.649 --> 00:02:02.520 align:start position:0% in general it just ends up being one tool<00:01:59.830> they<00:02:00.009> can<00:02:00.160> do<00:02:00.280> one<00:02:00.459> thing<00:02:00.509> so<00:02:01.509> problem<00:02:02.410> is 00:02:02.520 --> 00:02:02.530 align:start position:0% tool they can do one thing so problem is 00:02:02.530 --> 00:02:04.410 align:start position:0% tool they can do one thing so problem is what<00:02:03.220> if<00:02:03.310> he<00:02:03.429> wants<00:02:03.670> to<00:02:03.729> do<00:02:03.910> more<00:02:03.940> than<00:02:04.239> one 00:02:04.410 --> 00:02:04.420 align:start position:0% what if he wants to do more than one 00:02:04.420 --> 00:02:06.870 align:start position:0% what if he wants to do more than one thing<00:02:04.590> well<00:02:05.590> you<00:02:05.860> could<00:02:06.069> buy<00:02:06.280> five<00:02:06.610> different 00:02:06.870 --> 00:02:06.880 align:start position:0% thing well you could buy five different 00:02:06.880 --> 00:02:08.790 align:start position:0% thing well you could buy five different devices<00:02:07.149> for<00:02:07.630> five<00:02:07.780> different<00:02:07.989> purposes<00:02:08.590> but 00:02:08.790 --> 00:02:08.800 align:start position:0% devices for five different purposes but 00:02:08.800 --> 00:02:11.220 align:start position:0% devices for five different purposes but it<00:02:08.920> very<00:02:09.130> quickly<00:02:09.429> becomes<00:02:09.880> too<00:02:10.060> clunky<00:02:10.300> so 00:02:11.220 --> 00:02:11.230 align:start position:0% it very quickly becomes too clunky so 00:02:11.230 --> 00:02:13.320 align:start position:0% it very quickly becomes too clunky so the<00:02:11.470> next<00:02:11.620> step<00:02:11.890> is<00:02:12.099> that<00:02:12.849> people<00:02:13.239> were 00:02:13.320 --> 00:02:13.330 align:start position:0% the next step is that people were 00:02:13.330 --> 00:02:15.120 align:start position:0% the next step is that people were starting<00:02:13.630> to<00:02:13.780> create<00:02:14.110> protocols<00:02:14.440> that<00:02:14.830> worked 00:02:15.120 --> 00:02:15.130 align:start position:0% starting to create protocols that worked 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align:start position:0% room and they brainstorm for an hour and they<00:02:24.250> come<00:02:24.459> up<00:02:24.610> with<00:02:24.760> 25<00:02:25.480> different 00:02:25.500 --> 00:02:25.510 align:start position:0% they come up with 25 different 00:02:25.510 --> 00:02:28.860 align:start position:0% they come up with 25 different blockchain<00:02:26.319> applications<00:02:26.980> and<00:02:27.310> then<00:02:28.120> they 00:02:28.860 --> 00:02:28.870 align:start position:0% blockchain applications and then they 00:02:28.870 --> 00:02:30.780 align:start position:0% blockchain applications and then they come<00:02:28.989> up<00:02:29.110> with<00:02:29.290> 25<00:02:29.830> different<00:02:29.860> transaction 00:02:30.780 --> 00:02:30.790 align:start position:0% come up with 25 different transaction 00:02:30.790 --> 00:02:33.869 align:start position:0% come up with 25 different transaction types<00:02:31.290> transaction<00:02:32.290> type<00:02:32.500> 1<00:02:32.769> create<00:02:33.519> a<00:02:33.549> crowd 00:02:33.869 --> 00:02:33.879 align:start position:0% types transaction type 1 create a crowd 00:02:33.879 --> 00:02:35.699 align:start position:0% types transaction type 1 create a crowd fund<00:02:34.180> create<00:02:34.780> transaction<00:02:35.349> type<00:02:35.530> 2 00:02:35.699 --> 00:02:35.709 align:start position:0% fund create transaction type 2 00:02:35.709 --> 00:02:38.039 align:start position:0% fund create transaction type 2 participated<00:02:36.549> a<00:02:36.610> crowd<00:02:36.819> fund<00:02:37.120> transaction 00:02:38.039 --> 00:02:38.049 align:start position:0% participated a crowd fund transaction 00:02:38.049 --> 00:02:40.229 align:start position:0% participated a crowd fund transaction type<00:02:38.200> 3<00:02:38.500> create<00:02:39.220> an<00:02:39.370> insurance<00:02:39.760> contract 00:02:40.229 --> 00:02:40.239 align:start position:0% type 3 create an insurance contract 00:02:40.239 --> 00:02:43.680 align:start position:0% type 3 create an insurance contract grant<00:02:40.720> transaction<00:02:41.319> type<00:02:41.530> 4<00:02:41.799> create<00:02:42.640> a<00:02:42.940> two 00:02:43.680 --> 00:02:43.690 align:start position:0% grant transaction type 4 create a two 00:02:43.690 --> 00:02:45.930 align:start position:0% grant transaction type 4 create a two person<00:02:44.049> bet<00:02:44.260> transaction<00:02:44.950> type<00:02:45.129> 5<00:02:45.370> register<00:02:45.909> a 00:02:45.930 --> 00:02:45.940 align:start position:0% person bet transaction type 5 register a 00:02:45.940 --> 00:02:47.970 align:start position:0% person bet transaction type 5 register a domain<00:02:46.030> name<00:02:46.329> and<00:02:46.659> so<00:02:47.230> on<00:02:47.260> and<00:02:47.500> so<00:02:47.620> forth<00:02:47.890> for 00:02:47.970 --> 00:02:47.980 align:start position:0% domain name and so on and so forth for 00:02:47.980 --> 00:02:50.399 align:start position:0% domain name and so on and so forth for every<00:02:48.370> application<00:02:48.790> they<00:02:49.090> can<00:02:49.120> think<00:02:49.420> of<00:02:49.629> so 00:02:50.399 --> 00:02:50.409 align:start position:0% every application they can think of so 00:02:50.409 --> 00:02:52.410 align:start position:0% every application they can think of so this<00:02:51.280> is<00:02:51.430> what<00:02:51.579> I<00:02:51.610> mean<00:02:51.790> by<00:02:51.849> a<00:02:52.000> Swiss<00:02:52.269> Army 00:02:52.410 --> 00:02:52.420 align:start position:0% this is what I mean by a Swiss Army 00:02:52.420 --> 00:02:54.899 align:start position:0% this is what I mean by a Swiss Army knife<00:02:52.629> protocol<00:02:53.260> and<00:02:53.530> at<00:02:53.980> the<00:02:54.430> time<00:02:54.640> there<00:02:54.879> are 00:02:54.899 --> 00:02:54.909 align:start position:0% knife protocol and at the time there are 00:02:54.909 --> 00:02:56.399 align:start position:0% knife protocol and at the time there are actually<00:02:55.329> quite<00:02:55.540> a<00:02:55.569> few<00:02:55.750> of<00:02:55.900> these<00:02:55.989> that<00:02:56.260> were 00:02:56.399 --> 00:02:56.409 align:start position:0% actually quite a few of these that were 00:02:56.409 --> 00:02:58.890 align:start position:0% actually quite a few of these that were being<00:02:56.680> created<00:02:57.120> the<00:02:58.120> problem<00:02:58.510> is<00:02:58.629> though<00:02:58.870> that 00:02:58.890 --> 00:02:58.900 align:start position:0% being created the problem is though that 00:02:58.900 --> 00:03:01.020 align:start position:0% being created the problem is though that if<00:02:59.530> you<00:02:59.709> have<00:02:59.890> a<00:02:59.920> Swiss<00:03:00.190> Army<00:03:00.310> knife<00:03:00.489> protocol 00:03:01.020 --> 00:03:01.030 align:start position:0% if you have a Swiss Army knife protocol 00:03:01.030 --> 00:03:02.599 align:start position:0% if you have a Swiss Army knife protocol and<00:03:01.239> you<00:03:01.390> have<00:03:01.540> these<00:03:01.660> people<00:03:02.049> come<00:03:02.290> up<00:03:02.379> with 00:03:02.599 --> 00:03:02.609 align:start position:0% and you have these people come up with 00:03:02.609 --> 00:03:05.280 align:start position:0% and you have these people come up with with<00:03:03.609> 25<00:03:04.120> different<00:03:04.390> projects<00:03:05.019> sitting 00:03:05.280 --> 00:03:05.290 align:start position:0% with 25 different projects sitting 00:03:05.290 --> 00:03:07.199 align:start position:0% with 25 different projects sitting together<00:03:05.440> in<00:03:05.650> a<00:03:05.829> room<00:03:06.010> they<00:03:06.609> create<00:03:07.090> this 00:03:07.199 --> 00:03:07.209 align:start position:0% together in a room they create this 00:03:07.209 --> 00:03:09.780 align:start position:0% together in a room they create this protocol<00:03:07.660> release<00:03:08.379> the<00:03:08.530> protocol<00:03:08.980> one<00:03:09.579> week 00:03:09.780 --> 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position:0% application and then you have to change around<00:03:16.750> the<00:03:16.989> entire<00:03:17.260> protocol<00:03:18.690> so<00:03:19.739> why<00:03:20.739> not 00:03:20.910 --> 00:03:20.920 align:start position:0% around the entire protocol so why not 00:03:20.920 --> 00:03:23.490 align:start position:0% around the entire protocol so why not make<00:03:21.609> a<00:03:21.909> protocol<00:03:22.690> that<00:03:22.900> works<00:03:23.019> like<00:03:23.319> this 00:03:23.490 --> 00:03:23.500 align:start position:0% make a protocol that works like this 00:03:23.500 --> 00:03:34.620 align:start position:0% make a protocol that works like this right<00:03:24.280> so<00:03:31.650> basically<00:03:33.030> why<00:03:34.030> not<00:03:34.209> make<00:03:34.450> a 00:03:34.620 --> 00:03:34.630 align:start position:0% right so basically why not make a 00:03:34.630 --> 00:03:37.229 align:start position:0% right so basically why not make a blockchain<00:03:35.200> protocol<00:03:35.889> that<00:03:36.099> basically<00:03:36.579> works 00:03:37.229 --> 00:03:37.239 align:start position:0% blockchain protocol that basically works 00:03:37.239 --> 00:03:40.400 align:start position:0% blockchain protocol that basically works like<00:03:37.359> a<00:03:37.480> smartphone<00:03:37.840> it's<00:03:38.669> instead<00:03:39.669> of<00:03:39.849> the 00:03:40.400 --> 00:03:40.410 align:start position:0% like a smartphone it's instead of the 00:03:40.410 --> 00:03:43.349 align:start position:0% like a smartphone it's instead of the blockchain<00:03:41.410> protocol<00:03:42.099> supporting<00:03:42.760> just<00:03:43.239> a 00:03:43.349 --> 00:03:43.359 align:start position:0% blockchain protocol supporting just a 00:03:43.359 --> 00:03:45.479 align:start position:0% blockchain protocol supporting just a very<00:03:43.630> small<00:03:43.989> suite<00:03:44.379> of<00:03:44.530> applications<00:03:44.680> and 00:03:45.479 --> 00:03:45.489 align:start position:0% very small suite of applications and 00:03:45.489 --> 00:03:48.000 align:start position:0% very small suite of applications and that's<00:03:45.730> all<00:03:45.970> that<00:03:46.150> you<00:03:46.180> can<00:03:46.419> do<00:03:46.769> instead<00:03:47.769> we 00:03:48.000 --> 00:03:48.010 align:start position:0% that's all that you can do instead we 00:03:48.010 --> 00:03:50.580 align:start position:0% that's all that you can do instead we have<00:03:48.280> a<00:03:48.549> blockchain<00:03:49.120> protocol<00:03:49.870> where<00:03:50.109> the 00:03:50.580 --> 00:03:50.590 align:start position:0% have a blockchain protocol where the 00:03:50.590 --> 00:03:52.440 align:start position:0% have a blockchain protocol where the blockchain<00:03:50.829> protocol<00:03:51.519> supports<00:03:52.030> the<00:03:52.209> a 00:03:52.440 --> 00:03:52.450 align:start position:0% blockchain protocol supports the a 00:03:52.450 --> 00:03:54.420 align:start position:0% blockchain protocol supports the a programming<00:03:52.989> language<00:03:53.349> which<00:03:53.829> gives<00:03:53.859> you<00:03:54.280> the 00:03:54.420 --> 00:03:54.430 align:start position:0% programming language which gives you the 00:03:54.430 --> 00:03:57.089 align:start position:0% programming language which gives you the ability<00:03:54.669> to<00:03:54.910> create<00:03:55.419> applications<00:03:55.859> and<00:03:56.859> what 00:03:57.089 --> 00:03:57.099 align:start position:0% ability to create applications and what 00:03:57.099 --> 00:03:59.430 align:start position:0% ability to create applications and what is<00:03:57.220> an<00:03:57.340> application<00:03:57.760> well<00:03:58.299> anyone<00:03:59.049> can<00:03:59.260> write 00:03:59.430 --> 00:03:59.440 align:start position:0% is an application well anyone can write 00:03:59.440 --> 00:04:02.309 align:start position:0% is an application well anyone can write a<00:03:59.470> piece<00:03:59.680> of<00:03:59.709> code<00:03:59.859> and<00:04:00.310> package<00:04:01.150> that<00:04:01.389> echo<00:04:02.199> it 00:04:02.309 --> 00:04:02.319 align:start position:0% a piece of code and package that echo it 00:04:02.319 --> 00:04:05.039 align:start position:0% a piece of code and package that echo it up<00:04:02.440> and<00:04:02.829> upload<00:04:03.489> it<00:04:03.730> and<00:04:03.879> you<00:04:04.329> have<00:04:04.480> an<00:04:04.599> app<00:04:04.750> and 00:04:05.039 --> 00:04:05.049 align:start position:0% up and upload it and you have an app and 00:04:05.049 --> 00:04:07.890 align:start position:0% up and upload it and you have an app and if<00:04:05.609> anyone<00:04:06.609> else<00:04:06.790> wants<00:04:07.180> to<00:04:07.299> use<00:04:07.540> your<00:04:07.750> app 00:04:07.890 --> 00:04:07.900 align:start position:0% if anyone else wants to use your app 00:04:07.900 --> 00:04:09.449 align:start position:0% if anyone else wants to use your app that<00:04:08.169> you<00:04:08.230> can<00:04:08.260> just<00:04:08.530> download<00:04:08.680> the<00:04:09.010> app<00:04:09.040> and 00:04:09.449 --> 00:04:09.459 align:start position:0% that you can just download the app and 00:04:09.459 --> 00:04:11.159 align:start position:0% that you can just download the app and it<00:04:09.879> appears<00:04:10.150> on<00:04:10.359> their<00:04:10.480> phone<00:04:10.690> and<00:04:10.989> they<00:04:11.139> can 00:04:11.159 --> 00:04:11.169 align:start position:0% it appears on their phone and they can 00:04:11.169 --> 00:04:13.619 align:start position:0% it appears on their phone and they can use<00:04:11.470> it<00:04:11.500> and<00:04:11.709> run<00:04:11.889> it<00:04:11.919> right<00:04:12.250> so<00:04:12.819> this<00:04:13.449> is 00:04:13.619 --> 00:04:13.629 align:start position:0% use it and run it right so this is 00:04:13.629 --> 00:04:16.439 align:start position:0% use it and run it right so this is basically<00:04:13.959> the<00:04:14.199> reason<00:04:14.379> why<00:04:15.129> one<00:04:16.030> single 00:04:16.439 --> 00:04:16.449 align:start position:0% basically the reason why one single 00:04:16.449 --> 00:04:19.589 align:start position:0% basically the reason why one single phone<00:04:16.660> can<00:04:17.410> make<00:04:18.099> phone<00:04:18.340> calls<00:04:18.669> browse<00:04:19.359> the 00:04:19.589 --> 00:04:19.599 align:start position:0% phone can make phone calls browse the 00:04:19.599 --> 00:04:22.589 align:start position:0% phone can make phone calls browse the Internet<00:04:19.959> listen<00:04:20.739> to<00:04:20.889> music<00:04:21.180> have<00:04:22.180> text 00:04:22.589 --> 00:04:22.599 align:start position:0% Internet listen to music have text 00:04:22.599 --> 00:04:24.870 align:start position:0% Internet listen to music have text conversations<00:04:23.260> with<00:04:23.410> people<00:04:23.560> play<00:04:24.250> games<00:04:24.490> and 00:04:24.870 --> 00:04:24.880 align:start position:0% conversations with people play games and 00:04:24.880 --> 00:04:26.670 align:start position:0% conversations with people play games and just<00:04:24.940> basically<00:04:25.720> do<00:04:25.960> thousands<00:04:26.440> of<00:04:26.560> things 00:04:26.670 --> 00:04:26.680 align:start position:0% just basically do thousands of things 00:04:26.680 --> 00:04:28.830 align:start position:0% just basically do thousands of things all<00:04:26.979> in<00:04:27.010> one<00:04:27.310> device<00:04:27.460> right<00:04:28.270> this<00:04:28.510> is<00:04:28.690> the 00:04:28.830 --> 00:04:28.840 align:start position:0% all in one device right this is the 00:04:28.840 --> 00:04:31.200 align:start position:0% all in one device right this is the power<00:04:29.050> of<00:04:29.380> general-purpose<00:04:30.220> computation<00:04:30.669> and 00:04:31.200 --> 00:04:31.210 align:start position:0% power of general-purpose computation and 00:04:31.210 --> 00:04:33.390 align:start position:0% power of general-purpose computation and this<00:04:31.720> is<00:04:31.990> the<00:04:32.139> kind<00:04:32.260> of<00:04:32.380> spirit<00:04:32.860> I<00:04:32.979> wanted<00:04:33.280> to 00:04:33.390 --> 00:04:33.400 align:start position:0% this is the kind of spirit I wanted to 00:04:33.400 --> 00:04:36.990 align:start position:0% this is the kind of spirit I wanted to bring<00:04:33.550> to<00:04:33.610> the<00:04:33.849> blockchain<00:04:34.030> world<00:04:35.280> so<00:04:36.280> the 00:04:36.990 --> 00:04:37.000 align:start position:0% bring to the blockchain world so the 00:04:37.000 --> 00:04:39.240 align:start position:0% bring to the blockchain world so the concept<00:04:37.479> right<00:04:37.659> so<00:04:37.900> first<00:04:38.140> of<00:04:38.289> all<00:04:38.409> aetherium 00:04:39.240 --> 00:04:39.250 align:start position:0% concept right so first of all aetherium 00:04:39.250 --> 00:04:40.780 align:start position:0% concept right so first of all aetherium is<00:04:39.400> a<00:04:39.610> blockchain 00:04:40.780 --> 00:04:40.790 align:start position:0% is a blockchain 00:04:40.790 --> 00:04:48.310 align:start position:0% is a blockchain yay<00:04:46.150> but<00:04:47.150> you<00:04:47.480> know<00:04:47.600> there<00:04:47.750> is<00:04:47.780> a<00:04:47.870> few<00:04:48.110> tiny 00:04:48.310 --> 00:04:48.320 align:start position:0% yay but you know there is a few tiny 00:04:48.320 --> 00:04:51.370 align:start position:0% yay but you know there is a few tiny additions<00:04:48.890> right<00:04:49.610> so<00:04:50.090> first<00:04:51.020> of<00:04:51.260> all 00:04:51.370 --> 00:04:51.380 align:start position:0% additions right so first of all 00:04:51.380 --> 00:04:53.290 align:start position:0% additions right so first of all aetherium<00:04:52.040> has<00:04:52.280> this<00:04:52.850> built-in 00:04:53.290 --> 00:04:53.300 align:start position:0% aetherium has this built-in 00:04:53.300 --> 00:04:55.000 align:start position:0% aetherium has this built-in general-purpose<00:04:53.990> programming<00:04:54.380> language 00:04:55.000 --> 00:04:55.010 align:start position:0% general-purpose programming language 00:04:55.010 --> 00:04:57.340 align:start position:0% general-purpose programming language that<00:04:55.580> allows<00:04:55.850> you<00:04:56.030> to<00:04:56.060> program<00:04:56.600> a<00:04:56.780> very<00:04:56.960> wide 00:04:57.340 --> 00:04:57.350 align:start position:0% that allows you to program a very wide 00:04:57.350 --> 00:05:00.690 align:start position:0% that allows you to program a very wide array<00:04:57.740> of<00:04:57.770> applications<00:04:58.550> inside<00:04:58.910> of<00:04:59.060> it<00:04:59.180> now 00:05:00.690 --> 00:05:00.700 align:start position:0% array of applications inside of it now 00:05:00.700 --> 00:05:04.450 align:start position:0% array of applications inside of it now in<00:05:01.700> a<00:05:02.150> blockchain<00:05:02.450> that<00:05:03.320> is<00:05:03.470> intended<00:05:03.980> only<00:05:04.190> to 00:05:04.450 --> 00:05:04.460 align:start position:0% in a blockchain that is intended only to 00:05:04.460 --> 00:05:06.790 align:start position:0% in a blockchain that is intended only to support<00:05:05.000> money<00:05:05.270> transfers<00:05:05.840> then<00:05:06.560> there<00:05:06.710> would 00:05:06.790 --> 00:05:06.800 align:start position:0% support money transfers then there would 00:05:06.800 --> 00:05:08.910 align:start position:0% support money transfers then there would be<00:05:06.830> one<00:05:06.920> type<00:05:07.310> of<00:05:07.430> account<00:05:07.760> and<00:05:08.000> that<00:05:08.540> type<00:05:08.690> of 00:05:08.910 --> 00:05:08.920 align:start position:0% be one type of account and that type of 00:05:08.920 --> 00:05:11.410 align:start position:0% be one type of account and that type of account<00:05:09.920> would<00:05:10.160> just<00:05:10.340> be<00:05:10.460> an<00:05:10.550> account<00:05:10.880> that's 00:05:11.410 --> 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position:0% pass those coins from one account to 00:05:17.810 --> 00:05:20.350 align:start position:0% pass those coins from one account to another<00:05:18.130> in<00:05:19.130> aetherium<00:05:19.700> we<00:05:19.820> have<00:05:19.970> two<00:05:20.150> types 00:05:20.350 --> 00:05:20.360 align:start position:0% another in aetherium we have two types 00:05:20.360 --> 00:05:23.080 align:start position:0% another in aetherium we have two types of<00:05:20.510> accounts<00:05:20.870> the<00:05:21.680> first<00:05:21.890> type<00:05:22.100> of<00:05:22.130> an<00:05:22.610> account 00:05:23.080 --> 00:05:23.090 align:start position:0% of accounts the first type of an account 00:05:23.090 --> 00:05:25.060 align:start position:0% of accounts the first type of an account is<00:05:23.330> an<00:05:23.840> account<00:05:23.900> that<00:05:24.350> is<00:05:24.470> controlled<00:05:24.890> by<00:05:24.950> a 00:05:25.060 --> 00:05:25.070 align:start position:0% is an account that is controlled by a 00:05:25.070 --> 00:05:27.760 align:start position:0% is an account that is controlled by a user<00:05:25.370> so<00:05:26.030> you<00:05:26.570> have<00:05:26.780> a<00:05:26.810> cryptographic<00:05:27.200> private 00:05:27.760 --> 00:05:27.770 align:start position:0% user so you have a cryptographic private 00:05:27.770 --> 00:05:29.830 align:start position:0% user so you have a cryptographic private key<00:05:27.980> and<00:05:28.250> there<00:05:28.790> exists<00:05:29.120> a<00:05:29.240> corresponding 00:05:29.830 --> 00:05:29.840 align:start position:0% key and there exists a corresponding 00:05:29.840 --> 00:05:32.830 align:start position:0% key and there exists a corresponding aetherium<00:05:30.110> address<00:05:30.650> and<00:05:30.920> if<00:05:31.610> you<00:05:31.850> have<00:05:32.600> the 00:05:32.830 --> 00:05:32.840 align:start position:0% aetherium address and if you have the 00:05:32.840 --> 00:05:34.750 align:start position:0% aetherium address and if you have the cryptographic<00:05:33.020> private<00:05:33.740> key<00:05:33.950> you<00:05:34.340> can<00:05:34.550> use 00:05:34.750 --> 00:05:34.760 align:start position:0% cryptographic private key you can use 00:05:34.760 --> 00:05:37.210 align:start position:0% cryptographic private key you can use this<00:05:35.030> to<00:05:35.240> digitally<00:05:35.750> sign<00:05:35.780> messages<00:05:36.650> that 00:05:37.210 --> 00:05:37.220 align:start position:0% this to digitally sign messages that 00:05:37.220 --> 00:05:39.460 align:start position:0% this to digitally sign messages that perform<00:05:37.880> operations<00:05:38.570> on<00:05:38.810> behalf<00:05:39.170> of<00:05:39.320> this 00:05:39.460 --> 00:05:39.470 align:start position:0% perform operations on behalf of this 00:05:39.470 --> 00:05:41.830 align:start position:0% perform operations on behalf of this address<00:05:39.920> and<00:05:40.130> these<00:05:40.910> operations<00:05:41.600> are 00:05:41.830 --> 00:05:41.840 align:start position:0% address and these operations are 00:05:41.840 --> 00:05:44.050 align:start position:0% address and these operations are transact<00:05:42.380> all<00:05:42.650> transactions<00:05:43.310> they<00:05:43.790> can<00:05:43.970> be 00:05:44.050 --> 00:05:44.060 align:start position:0% transact all transactions they can be 00:05:44.060 --> 00:05:46.840 align:start position:0% transact all transactions they can be broadcasted<00:05:44.720> to<00:05:44.750> the<00:05:44.900> network<00:05:45.200> and<00:05:45.500> if<00:05:46.340> they 00:05:46.840 --> 00:05:46.850 align:start position:0% broadcasted to the network and if they 00:05:46.850 --> 00:05:49.450 align:start position:0% broadcasted to the network and if they get<00:05:47.060> included<00:05:47.600> in<00:05:47.840> a<00:05:48.050> block<00:05:48.680> then<00:05:49.280> those 00:05:49.450 --> 00:05:49.460 align:start position:0% get included in a block then those 00:05:49.460 --> 00:05:53.470 align:start position:0% get included in a block then those operations<00:05:50.000> get<00:05:50.210> executed<00:05:51.880> the<00:05:52.880> other<00:05:53.090> type 00:05:53.470 --> 00:05:53.480 align:start position:0% operations get executed the other type 00:05:53.480 --> 00:05:56.140 align:start position:0% operations get executed the other type of<00:05:53.660> account<00:05:53.990> is<00:05:54.430> basically<00:05:55.430> an<00:05:55.700> account 00:05:56.140 --> 00:05:56.150 align:start position:0% of account is basically an account 00:05:56.150 --> 00:05:59.460 align:start position:0% of account is basically an account controlled<00:05:56.840> by<00:05:57.410> a<00:05:57.440> piece<00:05:57.830> of<00:05:57.860> code<00:05:58.400> that<00:05:58.760> is<00:05:59.060> in 00:05:59.460 --> 00:05:59.470 align:start position:0% controlled by a piece of code that is in 00:05:59.470 --> 00:06:02.920 align:start position:0% controlled by a piece of code that is in run<00:06:00.470> inside<00:06:01.040> of<00:06:01.160> the<00:06:01.280> blockchain<00:06:01.490> itself<00:06:02.090> so 00:06:02.920 --> 00:06:02.930 align:start position:0% run inside of the blockchain itself so 00:06:02.930 --> 00:06:06.580 align:start position:0% run inside of the blockchain itself so you<00:06:03.620> could<00:06:03.770> have<00:06:04.010> a<00:06:05.050> account<00:06:06.050> which<00:06:06.410> is 00:06:06.580 --> 00:06:06.590 align:start position:0% you could have a account which is 00:06:06.590 --> 00:06:08.410 align:start position:0% you could have a account which is controlled<00:06:07.100> by<00:06:07.160> a<00:06:07.250> computer<00:06:07.400> program<00:06:07.820> and 00:06:08.410 --> 00:06:08.420 align:start position:0% controlled by a computer program and 00:06:08.420 --> 00:06:10.510 align:start position:0% controlled by a computer program and this<00:06:08.840> computer<00:06:09.140> program<00:06:09.320> has<00:06:09.920> some<00:06:10.190> set<00:06:10.400> of 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anywhere else from that 00:06:33.560 --> 00:06:36.580 align:start position:0% those coins move anywhere else from that on<00:06:33.830> so<00:06:34.430> it<00:06:34.670> is<00:06:34.700> literally<00:06:35.180> digital<00:06:36.170> assets 00:06:36.580 --> 00:06:36.590 align:start position:0% on so it is literally digital assets 00:06:36.590 --> 00:06:38.290 align:start position:0% on so it is literally digital assets that<00:06:36.740> are<00:06:36.860> under<00:06:37.100> the<00:06:37.250> direct<00:06:37.370> control<00:06:37.790> of<00:06:38.240> a 00:06:38.290 --> 00:06:38.300 align:start position:0% that are under the direct control of a 00:06:38.300 --> 00:06:42.040 align:start position:0% that are under the direct control of a computer<00:06:38.720> program<00:06:38.920> now<00:06:39.920> of<00:06:40.270> course<00:06:41.270> these 00:06:42.040 --> 00:06:42.050 align:start position:0% computer program now of course these 00:06:42.050 --> 00:06:44.200 align:start position:0% computer program now of course these contracts<00:06:43.040> can<00:06:43.220> be<00:06:43.250> used<00:06:43.640> for<00:06:43.820> many<00:06:43.970> more 00:06:44.200 --> 00:06:44.210 align:start position:0% contracts can be used for many more 00:06:44.210 --> 00:06:45.820 align:start position:0% contracts can be used for many more things<00:06:44.540> than<00:06:44.660> just<00:06:44.810> controlling<00:06:45.380> digital 00:06:45.820 --> 00:06:45.830 align:start position:0% things than just controlling digital 00:06:45.830 --> 00:06:48.310 align:start position:0% things than just controlling digital assets<00:06:46.190> they<00:06:46.730> can<00:06:46.910> be<00:06:47.030> used<00:06:47.300> to<00:06:47.540> represent<00:06:47.720> the 00:06:48.310 --> 00:06:48.320 align:start position:0% assets they can be used to represent the 00:06:48.320 --> 00:06:51.220 align:start position:0% assets they can be used to represent the business<00:06:48.710> logic<00:06:48.980> of<00:06:49.630> basically<00:06:50.630> arbitrarily 00:06:51.220 --> 00:06:51.230 align:start position:0% business logic of basically arbitrarily 00:06:51.230 --> 00:06:54.120 align:start position:0% business logic of basically arbitrarily complex<00:06:51.800> on<00:06:52.130> blockchain<00:06:52.760> applications 00:06:54.120 --> 00:06:54.130 align:start position:0% complex on blockchain applications 00:06:54.130 --> 00:06:57.090 align:start position:0% complex on blockchain applications so<00:06:54.430> this<00:06:54.610> includes<00:06:54.880> things<00:06:55.150> like<00:06:55.390> ENS<00:06:56.100> the 00:06:57.090 --> 00:06:57.100 align:start position:0% so this includes things like ENS the 00:06:57.100 --> 00:06:59.850 align:start position:0% so this includes things like ENS the etherium<00:06:57.550> name<00:06:57.760> system<00:06:58.300> this<00:06:58.900> could<00:06:59.320> be<00:06:59.470> used 00:06:59.850 --> 00:06:59.860 align:start position:0% etherium name system this could be used 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various on chain issuer<00:07:06.700> backed<00:07:07.000> assets<00:07:07.510> and<00:07:07.930> missed<00:07:08.530> lots<00:07:08.800> of 00:07:08.910 --> 00:07:08.920 align:start position:0% issuer backed assets and missed lots of 00:07:08.920 --> 00:07:11.790 align:start position:0% issuer backed assets and missed lots of different<00:07:09.250> use<00:07:09.370> cases<00:07:09.750> so<00:07:10.750> anyone<00:07:11.320> can<00:07:11.470> create 00:07:11.790 --> 00:07:11.800 align:start position:0% different use cases so anyone can create 00:07:11.800 --> 00:07:13.800 align:start position:0% different use cases so anyone can create an<00:07:11.920> application<00:07:12.550> with<00:07:12.760> any<00:07:12.880> rules<00:07:13.210> basically 00:07:13.800 --> 00:07:13.810 align:start position:0% an application with any rules basically 00:07:13.810 --> 00:07:18.600 align:start position:0% an application with any rules basically just<00:07:14.050> by<00:07:14.200> defining<00:07:14.500> it<00:07:14.710> as<00:07:14.830> a<00:07:14.860> contract<00:07:16.410> so<00:07:17.610> DNS 00:07:18.600 --> 00:07:18.610 align:start position:0% just by defining it as a contract so DNS 00:07:18.610 --> 00:07:21.240 align:start position:0% just by defining it as a contract so DNS the<00:07:19.270> whole<00:07:19.450> world<00:07:19.810> of<00:07:20.020> aetherium<00:07:20.470> this<00:07:21.070> is 00:07:21.240 --> 00:07:21.250 align:start position:0% the whole world of aetherium this is 00:07:21.250 --> 00:07:23.670 align:start position:0% the whole world of aetherium this is basically<00:07:21.670> kind<00:07:21.910> of<00:07:22.030> the<00:07:22.170> simplest<00:07:23.170> contracts 00:07:23.670 --> 00:07:23.680 align:start position:0% basically kind of the simplest contracts 00:07:23.680 --> 00:07:25.830 align:start position:0% basically kind of the simplest contracts you<00:07:23.830> can<00:07:24.010> write<00:07:24.220> that<00:07:24.400> still<00:07:24.700> does<00:07:25.420> something 00:07:25.830 --> 00:07:25.840 align:start position:0% you can write that still does something 00:07:25.840 --> 00:07:28.650 align:start position:0% you can write that still does something reasonably<00:07:26.290> useful<00:07:26.610> so<00:07:27.610> the<00:07:27.940> idea<00:07:28.210> is<00:07:28.480> that 00:07:28.650 --> 00:07:28.660 align:start position:0% reasonably useful so the idea is that 00:07:28.660 --> 00:07:30.870 align:start position:0% reasonably useful so the idea is that this<00:07:28.780> is<00:07:28.900> a<00:07:28.960> piece<00:07:29.110> of<00:07:29.140> code<00:07:29.470> and<00:07:29.740> I<00:07:30.550> mean<00:07:30.730> you 00:07:30.870 --> 00:07:30.880 align:start position:0% this is a piece of code and I mean you 00:07:30.880 --> 00:07:31.950 align:start position:0% this is a piece of code and I mean you might<00:07:31.030> notice<00:07:31.390> that<00:07:31.420> the<00:07:31.600> code<00:07:31.780> has<00:07:31.930> changed 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written in serpent and we now have Viper 00:07:39.070 --> 00:07:40.860 align:start position:0% written in serpent and we now have Viper which<00:07:39.340> is<00:07:39.490> much<00:07:39.640> better<00:07:39.820> than<00:07:40.210> serpent<00:07:40.720> and 00:07:40.860 --> 00:07:40.870 align:start position:0% which is much better than serpent and 00:07:40.870 --> 00:07:42.330 align:start position:0% which is much better than serpent and maybe<00:07:41.290> some<00:07:41.530> people<00:07:41.770> will<00:07:41.860> talk<00:07:42.010> about<00:07:42.130> it 00:07:42.330 --> 00:07:42.340 align:start position:0% maybe some people will talk about it 00:07:42.340 --> 00:07:43.620 align:start position:0% maybe some people will talk about it later 00:07:43.620 --> 00:07:43.630 align:start position:0% later 00:07:43.630 --> 00:07:47.000 align:start position:0% later so<00:07:44.520> basically<00:07:45.520> you<00:07:45.700> have<00:07:45.910> two<00:07:46.090> functions<00:07:46.300> and 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declaration of 00:07:53.980 --> 00:07:55.230 align:start position:0% the top you have a declaration of basically<00:07:54.460> you<00:07:54.790> know<00:07:54.880> like<00:07:54.970> what<00:07:55.210> the 00:07:55.230 --> 00:07:55.240 align:start position:0% basically you know like what the 00:07:55.240 --> 00:07:58.830 align:start position:0% basically you know like what the contract<00:07:55.750> stores<00:07:56.220> so<00:07:57.220> the<00:07:57.910> contract<00:07:58.360> stores<00:07:58.630> a 00:07:58.830 --> 00:07:58.840 align:start position:0% contract stores so the contract stores a 00:07:58.840 --> 00:08:01.530 align:start position:0% contract stores so the contract stores a mapping<00:07:59.290> of<00:07:59.500> basically<00:08:00.190> don't<00:08:00.940> make<00:08:01.060> a<00:08:01.150> domain 00:08:01.530 --> 00:08:01.540 align:start position:0% mapping of basically don't make a domain 00:08:01.540 --> 00:08:04.020 align:start position:0% mapping of basically don't make a domain -<00:08:02.200> what<00:08:02.860> is<00:08:02.980> the<00:08:03.160> owner<00:08:03.310> of<00:08:03.460> the<00:08:03.670> domain<00:08:04.000> and 00:08:04.020 --> 00:08:04.030 align:start position:0% - what is the owner of the domain and 00:08:04.030 --> 00:08:06.150 align:start position:0% - what is the owner of the domain and what<00:08:04.600> IP<00:08:04.780> address<00:08:05.320> the<00:08:05.470> domain<00:08:05.710> is<00:08:05.860> supposed 00:08:06.150 --> 00:08:06.160 align:start position:0% what IP address the domain is supposed 00:08:06.160 --> 00:08:07.890 align:start position:0% what IP address the domain is supposed to<00:08:06.280> point<00:08:06.430> to<00:08:06.610> there<00:08:07.330> is<00:08:07.420> a<00:08:07.450> function<00:08:07.870> called 00:08:07.890 --> 00:08:07.900 align:start position:0% to point to there is a function called 00:08:07.900 --> 00:08:11.280 align:start position:0% to point to there is a function called register<00:08:08.560> and<00:08:08.860> if<00:08:09.700> a<00:08:10.180> domain<00:08:10.750> does<00:08:10.960> not<00:08:11.110> yet 00:08:11.280 --> 00:08:11.290 align:start position:0% register and if a domain does not yet 00:08:11.290 --> 00:08:14.570 align:start position:0% register and if a domain does not yet have<00:08:11.350> an<00:08:11.650> owner<00:08:11.860> then<00:08:12.790> the<00:08:13.570> owner<00:08:13.750> gets<00:08:14.110> set<00:08:14.380> to 00:08:14.570 --> 00:08:14.580 align:start position:0% have an owner then the owner gets set to 00:08:14.580 --> 00:08:17.760 align:start position:0% have an owner then the owner gets set to basically<00:08:15.580> whoever<00:08:15.970> sends<00:08:16.420> the<00:08:16.870> message<00:08:17.500> so 00:08:17.760 --> 00:08:17.770 align:start position:0% basically whoever sends the message so 00:08:17.770 --> 00:08:20.250 align:start position:0% basically whoever sends the message so whoever<00:08:18.550> sent<00:08:18.880> the<00:08:18.970> transaction<00:08:19.660> that<00:08:20.110> made 00:08:20.250 --> 00:08:20.260 align:start position:0% whoever sent the transaction that made 00:08:20.260 --> 00:08:22.080 align:start position:0% whoever sent the transaction that made that<00:08:20.440> function<00:08:20.830> call<00:08:21.010> and<00:08:21.370> you<00:08:21.760> have<00:08:21.880> another 00:08:22.080 --> 00:08:22.090 align:start position:0% that function call and you have another 00:08:22.090 --> 00:08:25.110 align:start position:0% that function call and you have another function<00:08:22.420> set<00:08:22.870> IP<00:08:23.020> and<00:08:23.590> that<00:08:24.370> function<00:08:24.970> call 00:08:25.110 --> 00:08:25.120 align:start position:0% function set IP and that function call 00:08:25.120 --> 00:08:26.700 align:start position:0% function set IP and that function call is<00:08:25.270> fairly<00:08:25.480> simple<00:08:25.810> it<00:08:26.140> basically<00:08:26.560> just 00:08:26.700 --> 00:08:26.710 align:start position:0% is fairly simple it basically just 00:08:26.710 --> 00:08:30.210 align:start position:0% is fairly simple it basically just checks<00:08:27.610> if<00:08:27.880> you<00:08:28.750> own<00:08:29.050> the<00:08:29.410> domain<00:08:29.560> that<00:08:30.070> you're 00:08:30.210 --> 00:08:30.220 align:start position:0% checks if you own the domain that you're 00:08:30.220 --> 00:08:32.279 align:start position:0% checks if you own the domain that you're trying<00:08:30.520> to<00:08:30.580> set<00:08:30.790> the<00:08:30.910> IP<00:08:31.000> address<00:08:31.450> of<00:08:31.630> and<00:08:31.900> if 00:08:32.279 --> 00:08:32.289 align:start position:0% trying to set the IP address of and if 00:08:32.289 --> 00:08:34.050 align:start position:0% trying to set the IP address of and if it<00:08:32.410> does<00:08:32.620> then<00:08:32.860> it<00:08:32.890> sets<00:08:33.190> the<00:08:33.340> IP<00:08:33.550> address<00:08:33.910> to 00:08:34.050 --> 00:08:34.060 align:start position:0% it does then it sets the IP address to 00:08:34.060 --> 00:08:37.940 align:start position:0% it does then it sets the IP address to whatever<00:08:34.210> you<00:08:34.390> want<00:08:34.570> so<00:08:35.349> in<00:08:36.160> a<00:08:36.550> contract 00:08:37.940 --> 00:08:37.950 align:start position:0% whatever you want so in a contract 00:08:37.950 --> 00:08:40.920 align:start position:0% whatever you want so in a contract basically<00:08:38.950> a<00:08:39.130> where<00:08:39.940> does<00:08:40.240> all<00:08:40.719> this 00:08:40.920 --> 00:08:40.930 align:start position:0% basically a where does all this 00:08:40.930 --> 00:08:43.620 align:start position:0% basically a where does all this information<00:08:41.469> gets<00:08:41.680> stored<00:08:41.919> right<00:08:42.490> so<00:08:42.820> in<00:08:43.390> a 00:08:43.620 --> 00:08:43.630 align:start position:0% information gets stored right so in a 00:08:43.630 --> 00:08:45.840 align:start position:0% information gets stored right so in a simple<00:08:43.900> blockchain<00:08:44.470> you<00:08:45.040> can<00:08:45.220> think<00:08:45.490> of<00:08:45.670> the 00:08:45.840 --> 00:08:45.850 align:start position:0% simple blockchain you can think of the 00:08:45.850 --> 00:08:47.850 align:start position:0% simple blockchain you can think of the state<00:08:46.210> that<00:08:46.510> the<00:08:46.630> blockchain<00:08:46.840> keeps<00:08:47.320> track<00:08:47.620> of 00:08:47.850 --> 00:08:47.860 align:start position:0% state that the blockchain keeps track of 00:08:47.860 --> 00:08:50.160 align:start position:0% state that the blockchain keeps track of as<00:08:48.040> just<00:08:48.120> basically<00:08:49.120> being<00:08:49.270> a<00:08:49.450> simple<00:08:49.750> mapping 00:08:50.160 --> 00:08:50.170 align:start position:0% as just basically being a simple mapping 00:08:50.170 --> 00:08:52.950 align:start position:0% as just basically being a simple mapping of<00:08:50.320> accounts<00:08:50.830> to<00:08:50.890> balance<00:08:51.280> us<00:08:51.660> address<00:08:52.660> one 00:08:52.950 --> 00:08:52.960 align:start position:0% of accounts to balance us address one 00:08:52.960 --> 00:08:55.080 align:start position:0% of accounts to balance us address one two<00:08:53.110> three<00:08:53.290> four<00:08:53.470> five<00:08:53.680> has<00:08:53.980> 70<00:08:54.340> coins<00:08:54.610> address 00:08:55.080 --> 00:08:55.090 align:start position:0% two three four five has 70 coins address 00:08:55.090 --> 00:08:56.790 align:start position:0% two three four five has 70 coins address B<00:08:55.330> seven<00:08:55.660> eight<00:08:55.810> eight<00:08:55.960> four<00:08:56.200> has<00:08:56.470> twenty 00:08:56.790 --> 00:08:56.800 align:start position:0% B seven eight eight four has twenty 00:08:56.800 --> 00:08:58.410 align:start position:0% B seven eight eight four has twenty thousand<00:08:57.190> coins<00:08:57.340> and<00:08:57.670> so<00:08:57.760> on<00:08:57.880> and<00:08:58.030> so<00:08:58.150> forth 00:08:58.410 --> 00:08:58.420 align:start position:0% thousand coins and so on and so forth 00:08:58.420 --> 00:09:01.530 align:start position:0% thousand coins and so on and so forth the<00:08:59.380> etherium<00:08:59.860> state<00:09:00.220> is<00:09:00.400> a<00:09:00.430> bit<00:09:00.670> richer<00:09:01.030> so 00:09:01.530 --> 00:09:01.540 align:start position:0% the etherium state is a bit richer so 00:09:01.540 --> 00:09:03.870 align:start position:0% the etherium state is a bit richer so it's<00:09:01.720> still<00:09:01.960> a<00:09:02.170> mapping<00:09:02.620> of<00:09:02.770> account<00:09:03.280> to<00:09:03.580> thing 00:09:03.870 --> 00:09:03.880 align:start position:0% it's still a mapping of account to thing 00:09:03.880 --> 00:09:05.880 align:start position:0% it's still a mapping of account to thing inside<00:09:04.180> that<00:09:04.390> account<00:09:04.690> but<00:09:05.320> the<00:09:05.440> thing<00:09:05.589> inside 00:09:05.880 --> 00:09:05.890 align:start position:0% inside that account but the thing inside 00:09:05.890 --> 00:09:07.290 align:start position:0% inside that account but the thing inside that<00:09:06.130> accounts<00:09:06.520> key<00:09:06.610> to<00:09:06.700> be<00:09:06.790> considerably 00:09:07.290 --> 00:09:07.300 align:start position:0% that accounts key to be considerably 00:09:07.300 --> 00:09:07.600 align:start position:0% that accounts key to be considerably more 00:09:07.600 --> 00:09:07.610 align:start position:0% more 00:09:07.610 --> 00:09:09.699 align:start position:0% more complex<00:09:07.910> so<00:09:08.870> first<00:09:09.110> of<00:09:09.290> all<00:09:09.380> you<00:09:09.500> have<00:09:09.680> the 00:09:09.699 --> 00:09:09.709 align:start position:0% complex so first of all you have the 00:09:09.709 --> 00:09:11.860 align:start position:0% complex so first of all you have the account<00:09:10.100> balance<00:09:10.490> so<00:09:11.000> how<00:09:11.240> much<00:09:11.360> ether<00:09:11.600> does 00:09:11.860 --> 00:09:11.870 align:start position:0% account balance so how much ether does 00:09:11.870 --> 00:09:13.569 align:start position:0% account balance so how much ether does the<00:09:11.990> account<00:09:12.290> have<00:09:12.529> you<00:09:12.980> have<00:09:13.190> the<00:09:13.399> nonce 00:09:13.569 --> 00:09:13.579 align:start position:0% the account have you have the nonce 00:09:13.579 --> 00:09:16.120 align:start position:0% the account have you have the nonce which<00:09:14.029> is<00:09:14.300> basically<00:09:15.079> a<00:09:15.200> counter<00:09:15.740> that<00:09:15.950> gets 00:09:16.120 --> 00:09:16.130 align:start position:0% which is basically a counter that gets 00:09:16.130 --> 00:09:18.519 align:start position:0% which is basically a counter that gets used<00:09:16.370> for<00:09:16.550> a<00:09:16.730> reef<00:09:16.970> for<00:09:17.570> replay<00:09:17.990> protection 00:09:18.519 --> 00:09:18.529 align:start position:0% used for a reef for replay protection 00:09:18.529 --> 00:09:21.850 align:start position:0% used for a reef for replay protection and<00:09:19.279> you<00:09:19.490> have<00:09:19.700> the<00:09:19.850> code<00:09:20.600> of<00:09:20.779> the<00:09:20.870> contract<00:09:21.350> if 00:09:21.850 --> 00:09:21.860 align:start position:0% and you have the code of the contract if 00:09:21.860 --> 00:09:24.910 align:start position:0% and you have the code of the contract if that<00:09:22.220> account<00:09:22.519> is<00:09:22.730> a<00:09:22.850> contract<00:09:23.329> and<00:09:23.870> you<00:09:24.680> have 00:09:24.910 --> 00:09:24.920 align:start position:0% that account is a contract and you have 00:09:24.920 --> 00:09:27.490 align:start position:0% that account is a contract and you have the<00:09:25.459> contract<00:09:26.120> storage<00:09:26.510> and<00:09:26.750> a<00:09:27.050> contract 00:09:27.490 --> 00:09:27.500 align:start position:0% the contract storage and a contract 00:09:27.500 --> 00:09:29.199 align:start position:0% the contract storage and a contract storage<00:09:27.829> is<00:09:28.010> this<00:09:28.130> kind<00:09:28.339> of<00:09:28.370> mini<00:09:28.670> database 00:09:29.199 --> 00:09:29.209 align:start position:0% storage is this kind of mini database 00:09:29.209 --> 00:09:32.440 align:start position:0% storage is this kind of mini database that<00:09:29.600> basically<00:09:30.440> any<00:09:30.769> contracts<00:09:31.459> and<00:09:31.610> on<00:09:32.029> the 00:09:32.440 --> 00:09:32.450 align:start position:0% that basically any contracts and on the 00:09:32.450 --> 00:09:34.509 align:start position:0% that basically any contracts and on the ethereum<00:09:32.839> blockchain<00:09:32.870> can<00:09:33.260> use<00:09:33.620> so<00:09:34.279> in<00:09:34.430> this 00:09:34.509 --> 00:09:34.519 align:start position:0% ethereum blockchain can use so in this 00:09:34.519 --> 00:09:36.699 align:start position:0% ethereum blockchain can use so in this case<00:09:34.790> the<00:09:35.029> mapping<00:09:35.540> of<00:09:35.690> domains<00:09:36.110> to<00:09:36.410> who<00:09:36.560> owns 00:09:36.699 --> 00:09:36.709 align:start position:0% case the mapping of domains to who owns 00:09:36.709 --> 00:09:38.829 align:start position:0% case the mapping of domains to who owns that<00:09:36.920> I<00:09:37.010> mean<00:09:37.160> what<00:09:37.339> is<00:09:37.459> the<00:09:37.610> IP<00:09:37.850> address<00:09:38.209> would 00:09:38.829 --> 00:09:38.839 align:start position:0% that I mean what is the IP address would 00:09:38.839 --> 00:09:40.840 align:start position:0% that I mean what is the IP address would actually<00:09:39.230> get<00:09:39.380> stored<00:09:39.740> in<00:09:39.950> contract<00:09:40.490> storage 00:09:40.840 --> 00:09:40.850 align:start position:0% actually get stored in contract storage 00:09:40.850 --> 00:09:43.329 align:start position:0% actually get stored in contract storage now<00:09:41.750> the<00:09:41.839> history<00:09:42.320> in<00:09:42.560> a<00:09:42.649> blockchain<00:09:42.860> is 00:09:43.329 --> 00:09:43.339 align:start position:0% now the history in a blockchain is 00:09:43.339 --> 00:09:44.949 align:start position:0% now the history in a blockchain is things<00:09:44.029> that<00:09:44.209> happen<00:09:44.540> so<00:09:44.750> you<00:09:44.839> have 00:09:44.949 --> 00:09:44.959 align:start position:0% things that happen so you have 00:09:44.959 --> 00:09:47.230 align:start position:0% things that happen so you have transactions<00:09:45.649> and<00:09:45.920> in<00:09:46.519> aetherium<00:09:46.850> you<00:09:47.120> have 00:09:47.230 --> 00:09:47.240 align:start position:0% transactions and in aetherium you have 00:09:47.240 --> 00:09:49.240 align:start position:0% transactions and in aetherium you have this<00:09:47.390> concept<00:09:47.839> called<00:09:47.990> receipts<00:09:48.410> so 00:09:49.240 --> 00:09:49.250 align:start position:0% this concept called receipts so 00:09:49.250 --> 00:09:52.329 align:start position:0% this concept called receipts so currently<00:09:49.760> all<00:09:50.089> full<00:09:50.540> notes<00:09:50.810> us<00:09:51.140> to<00:09:51.410> a<00:09:51.440> store 00:09:52.329 --> 00:09:52.339 align:start position:0% currently all full notes us to a store 00:09:52.339 --> 00:09:55.829 align:start position:0% currently all full notes us to a store state<00:09:52.750> some<00:09:53.750> full<00:09:54.050> notes<00:09:54.260> store<00:09:54.589> history<00:09:55.070> and 00:09:55.829 --> 00:09:55.839 align:start position:0% state some full notes store history and 00:09:55.839 --> 00:09:58.329 align:start position:0% state some full notes store history and there<00:09:56.839> is<00:09:56.959> the<00:09:57.110> possibility<00:09:57.260> of<00:09:57.800> full<00:09:58.010> nodes 00:09:58.329 --> 00:09:58.339 align:start position:0% there is the possibility of full nodes 00:09:58.339 --> 00:10:03.759 align:start position:0% there is the possibility of full nodes that<00:09:58.430> do<00:09:58.550> not<00:09:58.700> store<00:09:58.940> history<00:10:01.450> so<00:10:02.529> there<00:10:03.529> we<00:10:03.620> go 00:10:03.759 --> 00:10:03.769 align:start position:0% that do not store history so there we go 00:10:03.769 --> 00:10:05.680 align:start position:0% that do not store history so there we go every<00:10:04.250> account<00:10:04.550> object<00:10:04.790> contains<00:10:05.480> four 00:10:05.680 --> 00:10:05.690 align:start position:0% every account object contains four 00:10:05.690 --> 00:10:07.569 align:start position:0% every account object contains four pieces<00:10:05.899> of<00:10:06.140> data<00:10:06.290> I'll<00:10:06.860> leave<00:10:07.100> that<00:10:07.130> open<00:10:07.399> for 00:10:07.569 --> 00:10:07.579 align:start position:0% pieces of data I'll leave that open for 00:10:07.579 --> 00:10:09.220 align:start position:0% pieces of data I'll leave that open for about<00:10:07.940> five<00:10:08.120> seconds<00:10:08.510> in<00:10:08.600> case<00:10:08.750> anyone<00:10:09.110> wants 00:10:09.220 --> 00:10:09.230 align:start position:0% about five seconds in case anyone wants 00:10:09.230 --> 00:10:14.290 align:start position:0% about five seconds in case anyone wants to<00:10:09.380> photo<00:10:09.649> it<00:10:10.149> five<00:10:11.149> four<00:10:11.959> three<00:10:12.370> two<00:10:13.370> one 00:10:14.290 --> 00:10:14.300 align:start position:0% to photo it five four three two one 00:10:14.300 --> 00:10:19.030 align:start position:0% to photo it five four three two one okay<00:10:15.170> now<00:10:16.240> code<00:10:17.240> execution<00:10:17.750> so<00:10:18.560> every 00:10:19.030 --> 00:10:19.040 align:start position:0% okay now code execution so every 00:10:19.040 --> 00:10:21.370 align:start position:0% okay now code execution so every transaction<00:10:19.279> specifies<00:10:20.180> a<00:10:20.209> to<00:10:20.540> address<00:10:20.899> so 00:10:21.370 --> 00:10:21.380 align:start position:0% transaction specifies a to address so 00:10:21.380 --> 00:10:24.069 align:start position:0% transaction specifies a to address so every<00:10:21.649> transaction<00:10:21.920> specifies<00:10:22.910> or<00:10:23.510> basically 00:10:24.069 --> 00:10:24.079 align:start position:0% every transaction specifies or basically 00:10:24.079 --> 00:10:26.170 align:start position:0% every transaction specifies or basically what<00:10:24.320> is<00:10:24.500> the<00:10:24.709> destination<00:10:25.370> or<00:10:25.490> the<00:10:25.640> target<00:10:26.060> of 00:10:26.170 --> 00:10:26.180 align:start position:0% what is the destination or the target of 00:10:26.180 --> 00:10:30.220 align:start position:0% what is the destination or the target of that<00:10:26.300> transaction<00:10:26.990> now<00:10:27.769> if<00:10:28.100> the<00:10:29.060> target<00:10:29.990> of<00:10:30.140> a 00:10:30.220 --> 00:10:30.230 align:start position:0% that transaction now if the target of a 00:10:30.230 --> 00:10:32.920 align:start position:0% that transaction now if the target of a transaction<00:10:30.620> is<00:10:31.100> just<00:10:31.790> a<00:10:31.880> regular<00:10:32.240> account<00:10:32.570> or 00:10:32.920 --> 00:10:32.930 align:start position:0% transaction is just a regular account or 00:10:32.930 --> 00:10:35.170 align:start position:0% transaction is just a regular account or really<00:10:33.440> in<00:10:33.560> any<00:10:33.680> case<00:10:33.980> and<00:10:34.279> if<00:10:35.000> that 00:10:35.170 --> 00:10:35.180 align:start position:0% really in any case and if that 00:10:35.180 --> 00:10:37.720 align:start position:0% really in any case and if that transaction<00:10:35.870> contains<00:10:36.410> ether<00:10:36.890> then<00:10:37.550> the 00:10:37.720 --> 00:10:37.730 align:start position:0% transaction contains ether then the 00:10:37.730 --> 00:10:40.630 align:start position:0% transaction contains ether then the transaction<00:10:38.060> also<00:10:38.480> is<00:10:38.779> a<00:10:38.990> transfer<00:10:39.529> from<00:10:40.339> one 00:10:40.630 --> 00:10:40.640 align:start position:0% transaction also is a transfer from one 00:10:40.640 --> 00:10:44.439 align:start position:0% transaction also is a transfer from one account<00:10:40.880> to<00:10:41.089> another<00:10:41.209> account<00:10:41.860> now<00:10:42.860> if<00:10:43.449> the 00:10:44.439 --> 00:10:44.449 align:start position:0% account to another account now if the 00:10:44.449 --> 00:10:47.769 align:start position:0% account to another account now if the target<00:10:44.930> of<00:10:45.110> the<00:10:45.230> transaction<00:10:45.949> has<00:10:46.610> code<00:10:47.029> so<00:10:47.540> if 00:10:47.769 --> 00:10:47.779 align:start position:0% target of the transaction has code so if 00:10:47.779 --> 00:10:49.540 align:start position:0% target of the transaction has code so if the<00:10:47.930> target<00:10:48.290> of<00:10:48.350> the<00:10:48.440> transaction<00:10:49.010> is<00:10:49.190> a 00:10:49.540 --> 00:10:49.550 align:start position:0% the target of the transaction is a 00:10:49.550 --> 00:10:52.750 align:start position:0% the target of the transaction is a contract<00:10:50.060> then<00:10:50.720> the<00:10:51.110> code<00:10:51.410> of<00:10:51.709> the<00:10:52.370> target 00:10:52.750 --> 00:10:52.760 align:start position:0% contract then the code of the target 00:10:52.760 --> 00:10:55.180 align:start position:0% contract then the code of the target address<00:10:52.910> executes<00:10:53.690> and<00:10:53.959> the<00:10:54.589> code<00:10:54.769> has<00:10:55.040> the 00:10:55.180 --> 00:10:55.190 align:start position:0% address executes and the code has the 00:10:55.190 --> 00:10:57.130 align:start position:0% address executes and the code has the ability<00:10:55.550> to<00:10:55.579> do<00:10:55.760> a<00:10:55.790> bunch<00:10:56.029> of<00:10:56.120> things<00:10:56.180> so<00:10:56.990> the 00:10:57.130 --> 00:10:57.140 align:start position:0% ability to do a bunch of things so the 00:10:57.140 --> 00:10:59.650 align:start position:0% ability to do a bunch of things so the code<00:10:57.320> has<00:10:57.620> the<00:10:57.769> ability<00:10:58.190> to<00:10:58.220> send<00:10:59.120> either<00:10:59.360> two 00:10:59.650 --> 00:10:59.660 align:start position:0% code has the ability to send either two 00:10:59.660 --> 00:11:01.660 align:start position:0% code has the ability to send either two other<00:10:59.779> contracts<00:11:00.380> it<00:11:00.829> has<00:11:01.040> the<00:11:01.220> ability<00:11:01.310> to 00:11:01.660 --> 00:11:01.670 align:start position:0% other contracts it has the ability to 00:11:01.670 --> 00:11:04.300 align:start position:0% other contracts it has the ability to read<00:11:02.240> and<00:11:02.269> write<00:11:02.870> to<00:11:02.899> a<00:11:03.260> contracts<00:11:04.070> own 00:11:04.300 --> 00:11:04.310 align:start position:0% read and write to a contracts own 00:11:04.310 --> 00:11:07.000 align:start position:0% read and write to a contracts own internal<00:11:04.940> storage<00:11:05.300> so<00:11:06.079> if<00:11:06.440> you<00:11:06.680> were<00:11:06.800> to<00:11:06.890> look 00:11:07.000 --> 00:11:07.010 align:start position:0% internal storage so if you were to look 00:11:07.010 --> 00:11:11.079 align:start position:0% internal storage so if you were to look at<00:11:07.220> this<00:11:07.459> example<00:11:07.850> then<00:11:08.660> a<00:11:09.670> call<00:11:10.670> of<00:11:10.970> the 00:11:11.079 --> 00:11:11.089 align:start position:0% at this example then a call of the 00:11:11.089 --> 00:11:13.090 align:start position:0% at this example then a call of the register<00:11:11.510> function<00:11:11.899> would<00:11:12.050> be<00:11:12.230> a<00:11:12.260> transaction 00:11:13.090 --> 00:11:13.100 align:start position:0% register function would be a transaction 00:11:13.100 --> 00:11:15.750 align:start position:0% register function would be a transaction in<00:11:13.519> this<00:11:13.850> transaction<00:11:14.360> would<00:11:14.930> you<00:11:15.470> know 00:11:15.750 --> 00:11:15.760 align:start position:0% in this transaction would you know 00:11:15.760 --> 00:11:18.610 align:start position:0% in this transaction would you know basically<00:11:16.760> lead<00:11:17.000> to<00:11:17.029> this<00:11:17.660> the<00:11:18.079> owner<00:11:18.260> of<00:11:18.500> the 00:11:18.610 --> 00:11:18.620 align:start position:0% basically lead to this the owner of the 00:11:18.620 --> 00:11:21.100 align:start position:0% basically lead to this the owner of the domain<00:11:18.740> being<00:11:19.100> said<00:11:19.459> and<00:11:19.670> that<00:11:20.120> actually<00:11:20.569> is 00:11:21.100 --> 00:11:21.110 align:start position:0% domain being said and that actually is 00:11:21.110 --> 00:11:23.170 align:start position:0% domain being said and that actually is writing<00:11:21.649> to<00:11:21.800> storage<00:11:22.160> and<00:11:22.370> the<00:11:22.940> if-statement 00:11:23.170 --> 00:11:23.180 align:start position:0% writing to storage and the if-statement 00:11:23.180 --> 00:11:24.910 align:start position:0% writing to storage and the if-statement actually<00:11:23.810> also<00:11:23.959> is<00:11:24.260> reading<00:11:24.649> from<00:11:24.740> the 00:11:24.910 --> 00:11:24.920 align:start position:0% actually also is reading from the 00:11:24.920 --> 00:11:28.810 align:start position:0% actually also is reading from the contract<00:11:25.339> storage<00:11:26.560> so<00:11:27.560> it<00:11:28.279> could<00:11:28.550> read<00:11:28.700> and 00:11:28.810 --> 00:11:28.820 align:start position:0% contract storage so it could read and 00:11:28.820 --> 00:11:30.759 align:start position:0% contract storage so it could read and write<00:11:28.880> through<00:11:29.149> storage<00:11:29.420> and<00:11:29.779> it<00:11:30.230> can<00:11:30.380> even 00:11:30.759 --> 00:11:30.769 align:start position:0% write through storage and it can even 00:11:30.769 --> 00:11:33.759 align:start position:0% write through storage and it can even call<00:11:31.130> other<00:11:31.579> contracts<00:11:32.450> so<00:11:32.839> this<00:11:32.990> is<00:11:33.110> also 00:11:33.759 --> 00:11:33.769 align:start position:0% call other contracts so this is also 00:11:33.769 --> 00:11:35.769 align:start position:0% call other contracts so this is also called<00:11:34.010> an<00:11:34.130> internal<00:11:34.490> transaction<00:11:35.269> basically 00:11:35.769 --> 00:11:35.779 align:start position:0% called an internal transaction basically 00:11:35.779 --> 00:11:38.230 align:start position:0% called an internal transaction basically contracts<00:11:36.740> can<00:11:36.890> talk<00:11:37.160> to<00:11:37.310> other<00:11:37.490> contracts<00:11:38.029> in 00:11:38.230 --> 00:11:38.240 align:start position:0% contracts can talk to other contracts in 00:11:38.240 --> 00:11:40.389 align:start position:0% contracts can talk to other contracts in the<00:11:38.269> exact<00:11:38.690> same<00:11:38.899> way<00:11:39.140> that<00:11:39.170> user<00:11:39.709> external 00:11:40.389 --> 00:11:40.399 align:start position:0% the exact same way that user external 00:11:40.399 --> 00:11:43.660 align:start position:0% the exact same way that user external users<00:11:40.730> can<00:11:40.910> talk<00:11:41.089> to<00:11:41.240> contracts<00:11:42.430> every<00:11:43.430> full 00:11:43.660 --> 00:11:43.670 align:start position:0% users can talk to contracts every full 00:11:43.670 --> 00:11:45.610 align:start position:0% users can talk to contracts every full node<00:11:43.910> on<00:11:44.149> the<00:11:44.180> blockchain<00:11:44.480> processes<00:11:45.350> every 00:11:45.610 --> 00:11:45.620 align:start position:0% node on the blockchain processes every 00:11:45.620 --> 00:11:47.430 align:start position:0% node on the blockchain processes every transaction<00:11:46.040> and<00:11:46.399> stores<00:11:46.640> the<00:11:46.820> entire<00:11:47.089> state 00:11:47.430 --> 00:11:47.440 align:start position:0% transaction and stores the entire state 00:11:47.440 --> 00:11:53.530 align:start position:0% transaction and stores the entire state its<00:11:48.440> bold<00:11:48.709> because<00:11:48.890> it's<00:11:49.160> important<00:11:51.279> so<00:11:52.540> gas 00:11:53.530 --> 00:11:53.540 align:start position:0% its bold because it's important so gas 00:11:53.540 --> 00:11:55.960 align:start position:0% its bold because it's important so gas in<00:11:53.870> aetherium<00:11:54.350> so<00:11:54.920> in<00:11:55.310> general<00:11:55.610> there's 00:11:55.960 --> 00:11:55.970 align:start position:0% in aetherium so in general there's 00:11:55.970 --> 00:11:57.160 align:start position:0% in aetherium so in general there's something<00:11:56.570> called<00:11:56.660> the<00:11:56.750> halting<00:11:57.140> problem 00:11:57.160 --> 00:11:57.170 align:start position:0% something called the halting problem 00:11:57.170 --> 00:11:59.500 align:start position:0% something called the halting problem which<00:11:57.649> basically<00:11:57.980> says<00:11:58.490> you<00:11:59.000> can't<00:11:59.300> really 00:11:59.500 --> 00:11:59.510 align:start position:0% which basically says you can't really 00:11:59.510 --> 00:12:02.500 align:start position:0% which basically says you can't really tell<00:11:59.899> in<00:12:00.260> general<00:12:00.920> whether<00:12:01.490> or<00:12:01.730> not<00:12:01.850> a<00:12:02.060> program 00:12:02.500 --> 00:12:02.510 align:start position:0% tell in general whether or not a program 00:12:02.510 --> 00:12:04.660 align:start position:0% tell in general whether or not a program will<00:12:02.750> just<00:12:02.959> keep<00:12:03.140> running<00:12:03.320> forever<00:12:03.620> so<00:12:04.610> you 00:12:04.660 --> 00:12:04.670 align:start position:0% will just keep running forever so you 00:12:04.670 --> 00:12:07.269 align:start position:0% will just keep running forever so you can<00:12:04.880> make<00:12:05.089> a<00:12:05.120> program<00:12:05.630> where<00:12:06.279> basically 00:12:07.269 --> 00:12:07.279 align:start position:0% can make a program where basically 00:12:07.279 --> 00:12:09.069 align:start position:0% can make a program where basically figuring<00:12:07.700> out<00:12:07.940> whether<00:12:08.180> that<00:12:08.480> program<00:12:08.930> will 00:12:09.069 --> 00:12:09.079 align:start position:0% figuring out whether that program will 00:12:09.079 --> 00:12:11.319 align:start position:0% figuring out whether that program will stop<00:12:09.380> after<00:12:09.680> a<00:12:09.860> certain<00:12:10.070> number<00:12:10.190> of<00:12:10.399> steps<00:12:10.700> or 00:12:11.319 --> 00:12:11.329 align:start position:0% stop after a certain number of steps or 00:12:11.329 --> 00:12:12.940 align:start position:0% stop after a certain number of steps or whether<00:12:11.690> will<00:12:11.899> keep<00:12:12.079> going<00:12:12.380> forever<00:12:12.560> is 00:12:12.940 --> 00:12:12.950 align:start position:0% whether will keep going forever is 00:12:12.950 --> 00:12:14.350 align:start position:0% whether will keep going forever is something<00:12:13.459> that<00:12:13.610> just<00:12:13.730> mathematically 00:12:14.350 --> 00:12:14.360 align:start position:0% something that just mathematically 00:12:14.360 --> 00:12:16.380 align:start position:0% something that just mathematically cannot<00:12:14.750> be<00:12:14.899> proven<00:12:15.230> one<00:12:15.440> way<00:12:15.589> or<00:12:15.740> the<00:12:15.800> other<00:12:15.890> so 00:12:16.380 --> 00:12:16.390 align:start position:0% cannot be proven one way or the other so 00:12:16.390 --> 00:12:18.759 align:start position:0% cannot be proven one way or the other so the<00:12:17.390> solution<00:12:17.870> that<00:12:17.959> we<00:12:18.079> have<00:12:18.320> is<00:12:18.589> this 00:12:18.759 --> 00:12:18.769 align:start position:0% the solution that we have is this 00:12:18.769 --> 00:12:21.400 align:start position:0% the solution that we have is this mechanism<00:12:19.130> where<00:12:19.579> we<00:12:19.880> charge<00:12:20.510> a<00:12:20.750> transaction 00:12:21.400 --> 00:12:21.410 align:start position:0% mechanism where we charge a transaction 00:12:21.410 --> 00:12:24.220 align:start position:0% mechanism where we charge a transaction fee<00:12:21.680> basically<00:12:22.579> per<00:12:23.029> computational<00:12:23.930> step 00:12:24.220 --> 00:12:24.230 align:start position:0% fee basically per computational step 00:12:24.230 --> 00:12:27.100 align:start position:0% fee basically per computational step that<00:12:24.440> a<00:12:24.500> transaction<00:12:24.890> consumes<00:12:25.519> in<00:12:25.940> the<00:12:26.660> unit 00:12:27.100 --> 00:12:27.110 align:start position:0% that a transaction consumes in the unit 00:12:27.110 --> 00:12:29.079 align:start position:0% that a transaction consumes in the unit in<00:12:27.290> which<00:12:27.529> we<00:12:27.709> measure<00:12:28.010> the<00:12:28.370> computational 00:12:29.079 --> 00:12:29.089 align:start position:0% in which we measure the computational 00:12:29.089 --> 00:12:32.050 align:start position:0% in which we measure the computational steps<00:12:29.449> is<00:12:29.690> called<00:12:30.019> gas<00:12:30.260> so<00:12:31.190> gas<00:12:31.550> is<00:12:31.850> not<00:12:32.029> a 00:12:32.050 --> 00:12:32.060 align:start position:0% steps is called gas so gas is not a 00:12:32.060 --> 00:12:34.660 align:start position:0% steps is called gas so gas is not a currency<00:12:32.510> right<00:12:32.959> gas<00:12:33.589> is<00:12:33.949> not<00:12:34.160> kind<00:12:34.579> of 00:12:34.660 --> 00:12:34.670 align:start position:0% currency right gas is not kind of 00:12:34.670 --> 00:12:36.160 align:start position:0% currency right gas is not kind of something<00:12:34.940> that<00:12:35.060> you<00:12:35.149> can<00:12:35.300> transfer<00:12:35.779> or<00:12:35.930> hold 00:12:36.160 --> 00:12:36.170 align:start position:0% something that you can transfer or hold 00:12:36.170 --> 00:12:38.410 align:start position:0% something that you can transfer or hold gas<00:12:36.860> is<00:12:37.160> basically<00:12:37.610> a<00:12:37.670> unit<00:12:37.970> of<00:12:38.060> measurement 00:12:38.410 --> 00:12:38.420 align:start position:0% gas is basically a unit of measurement 00:12:38.420 --> 00:12:41.620 align:start position:0% gas is basically a unit of measurement it<00:12:38.720> says<00:12:38.959> this<00:12:39.620> computation<00:12:40.310> if<00:12:40.579> it<00:12:41.060> if<00:12:41.420> it 00:12:41.620 --> 00:12:41.630 align:start position:0% it says this computation if it if it 00:12:41.630 --> 00:12:44.170 align:start position:0% it says this computation if it if it consumes<00:12:42.050> 30,000<00:12:42.829> units<00:12:43.010> of<00:12:43.190> gas<00:12:43.399> then<00:12:44.029> that 00:12:44.170 --> 00:12:44.180 align:start position:0% consumes 30,000 units of gas then that 00:12:44.180 --> 00:12:45.759 align:start position:0% consumes 30,000 units of gas then that means<00:12:44.390> that<00:12:44.510> the<00:12:44.690> protocol<00:12:45.140> says<00:12:45.440> that<00:12:45.649> this 00:12:45.759 --> 00:12:45.769 align:start position:0% means that the protocol says that this 00:12:45.769 --> 00:12:48.370 align:start position:0% means that the protocol says that this computation<00:12:46.070> takes<00:12:46.850> about<00:12:47.089> thirty<00:12:47.899> thousand 00:12:48.370 --> 00:12:48.380 align:start position:0% computation takes about thirty thousand 00:12:48.380 --> 00:12:50.800 align:start position:0% computation takes about thirty thousand units<00:12:48.680> of<00:12:48.829> effort<00:12:49.160> in<00:12:49.279> order<00:12:49.399> to<00:12:49.610> execute<00:12:50.060> so 00:12:50.800 --> 00:12:50.810 align:start position:0% units of effort in order to execute so 00:12:50.810 --> 00:12:53.620 align:start position:0% units of effort in order to execute so there's<00:12:51.589> also<00:12:51.829> special<00:12:52.370> gas<00:12:53.029> B's<00:12:53.329> that<00:12:53.510> are 00:12:53.620 --> 00:12:53.630 align:start position:0% there's also special gas B's that are 00:12:53.630 --> 00:12:55.780 align:start position:0% there's also special gas B's that are applied<00:12:53.899> to<00:12:54.250> operations<00:12:55.250> that<00:12:55.399> take<00:12:55.579> up 00:12:55.780 --> 00:12:55.790 align:start position:0% applied to operations that take up 00:12:55.790 --> 00:12:58.139 align:start position:0% applied to operations that take up storage<00:12:56.380> transactions<00:12:57.380> to<00:12:57.470> take<00:12:57.649> up<00:12:57.800> space 00:12:58.139 --> 00:12:58.149 align:start position:0% storage transactions to take up space 00:12:58.149 --> 00:13:00.790 align:start position:0% storage transactions to take up space basically<00:12:59.149> any<00:12:59.390> kind<00:12:59.660> of<00:12:59.839> cost<00:13:00.230> that<00:13:00.620> gets 00:13:00.790 --> 00:13:00.800 align:start position:0% basically any kind of cost that gets 00:13:00.800 --> 00:13:02.939 align:start position:0% basically any kind of cost that gets incurred<00:13:01.250> by<00:13:01.430> the<00:13:01.490> etherium<00:13:01.970> network<00:13:02.269> is 00:13:02.939 --> 00:13:02.949 align:start position:0% incurred by the etherium network is 00:13:02.949 --> 00:13:04.900 align:start position:0% incurred by the etherium network is translated<00:13:03.949> into<00:13:04.130> some<00:13:04.490> kind<00:13:04.670> of<00:13:04.730> gas 00:13:04.900 --> 00:13:04.910 align:start position:0% translated into some kind of gas 00:13:04.910 --> 00:13:08.949 align:start position:0% translated into some kind of gas expenditure<00:13:05.600> so<00:13:06.260> every<00:13:07.250> transaction<00:13:08.120> has<00:13:08.570> to 00:13:08.949 --> 00:13:08.959 align:start position:0% expenditure so every transaction has to 00:13:08.959 --> 00:13:10.750 align:start position:0% expenditure so every transaction has to specify<00:13:09.649> the<00:13:09.709> gas<00:13:10.040> limited<00:13:10.550> sure<00:13:10.640> it's 00:13:10.750 --> 00:13:10.760 align:start position:0% specify the gas limited sure it's 00:13:10.760 --> 00:13:12.790 align:start position:0% specify the gas limited sure it's actually<00:13:11.060> has<00:13:11.149> to<00:13:11.300> specify<00:13:11.839> the<00:13:12.350> amount<00:13:12.470> of 00:13:12.790 --> 00:13:12.800 align:start position:0% actually has to specify the amount of 00:13:12.800 --> 00:13:14.590 align:start position:0% actually has to specify the amount of maximum<00:13:13.339> gas<00:13:13.550> that<00:13:13.760> that<00:13:13.910> transaction<00:13:14.449> can 00:13:14.590 --> 00:13:14.600 align:start position:0% maximum gas that that transaction can 00:13:14.600 --> 00:13:18.400 align:start position:0% maximum gas that that transaction can consume<00:13:15.040> then<00:13:16.040> when<00:13:16.640> the<00:13:16.970> code<00:13:17.209> executes<00:13:17.810> the 00:13:18.400 --> 00:13:18.410 align:start position:0% consume then when the code executes the 00:13:18.410 --> 00:13:21.970 align:start position:0% consume then when the code executes the execution<00:13:19.100> starts<00:13:19.399> using<00:13:20.149> up<00:13:20.420> the<00:13:20.540> gas<00:13:20.720> and<00:13:20.990> if 00:13:21.970 --> 00:13:21.980 align:start position:0% execution starts using up the gas and if 00:13:21.980 --> 00:13:24.430 align:start position:0% execution starts using up the gas and if the<00:13:22.610> code<00:13:22.790> execution<00:13:23.269> stops<00:13:23.720> before<00:13:24.050> the<00:13:24.230> gas 00:13:24.430 --> 00:13:24.440 align:start position:0% the code execution stops before the gas 00:13:24.440 --> 00:13:26.800 align:start position:0% the code execution stops before the gas is<00:13:24.620> used<00:13:24.829> up<00:13:25.010> then<00:13:25.579> everything<00:13:26.029> is<00:13:26.149> good<00:13:26.329> but 00:13:26.800 --> 00:13:26.810 align:start position:0% is used up then everything is good but 00:13:26.810 --> 00:13:28.750 align:start position:0% is used up then everything is good but if<00:13:26.959> the<00:13:27.170> code<00:13:27.440> execution<00:13:27.920> gets<00:13:28.339> to<00:13:28.459> the<00:13:28.579> point 00:13:28.750 --> 00:13:28.760 align:start position:0% if the code execution gets to the point 00:13:28.760 --> 00:13:31.150 align:start position:0% if the code execution gets to the point where<00:13:28.880> all<00:13:29.149> the<00:13:29.300> gas<00:13:29.449> is<00:13:29.690> spent<00:13:29.930> then<00:13:30.829> the 00:13:31.150 --> 00:13:31.160 align:start position:0% where all the gas is spent then the 00:13:31.160 --> 00:13:33.460 align:start position:0% where all the gas is spent then the transaction<00:13:31.579> basically<00:13:32.480> reverts<00:13:32.810> exit 00:13:33.460 --> 00:13:33.470 align:start position:0% transaction basically reverts exit 00:13:33.470 --> 00:13:35.350 align:start position:0% transaction basically reverts exit with<00:13:33.560> an<00:13:33.710> error<00:13:33.950> but<00:13:34.670> the<00:13:34.940> sender<00:13:35.150> of<00:13:35.240> the 00:13:35.350 --> 00:13:35.360 align:start position:0% with an error but the sender of the 00:13:35.360 --> 00:13:38.580 align:start position:0% with an error but the sender of the transaction<00:13:35.960> still<00:13:36.290> has<00:13:36.560> to<00:13:36.740> pay<00:13:36.920> a<00:13:36.950> fee<00:13:37.210> so 00:13:38.580 --> 00:13:38.590 align:start position:0% transaction still has to pay a fee so 00:13:38.590 --> 00:13:41.860 align:start position:0% transaction still has to pay a fee so the<00:13:39.590> gas<00:13:39.800> limit<00:13:40.370> in<00:13:40.520> aetherium<00:13:41.060> he<00:13:41.510> has<00:13:41.690> a 00:13:41.860 --> 00:13:41.870 align:start position:0% the gas limit in aetherium he has a 00:13:41.870 --> 00:13:43.450 align:start position:0% the gas limit in aetherium he has a counterparts<00:13:42.500> in<00:13:42.590> the<00:13:42.620> block<00:13:42.830> size<00:13:43.100> of<00:13:43.250> women 00:13:43.450 --> 00:13:43.460 align:start position:0% counterparts in the block size of women 00:13:43.460 --> 00:13:46.150 align:start position:0% counterparts in the block size of women in<00:13:43.550> Bitcoin<00:13:43.880> and<00:13:44.270> the<00:13:44.330> way<00:13:44.960> that<00:13:45.170> it's<00:13:45.320> set<00:13:45.980> is 00:13:46.150 --> 00:13:46.160 align:start position:0% in Bitcoin and the way that it's set is 00:13:46.160 --> 00:13:48.010 align:start position:0% in Bitcoin and the way that it's set is fairly<00:13:46.370> simple<00:13:46.670> basically<00:13:47.150> miners<00:13:47.600> vote<00:13:47.840> on 00:13:48.010 --> 00:13:48.020 align:start position:0% fairly simple basically miners vote on 00:13:48.020 --> 00:13:50.860 align:start position:0% fairly simple basically miners vote on it<00:13:48.170> and<00:13:48.440> currently<00:13:49.220> the<00:13:49.400> gas<00:13:49.550> limit<00:13:49.940> is<00:13:50.030> at<00:13:50.150> 6.7 00:13:50.860 --> 00:13:50.870 align:start position:0% it and currently the gas limit is at 6.7 00:13:50.870 --> 00:13:53.080 align:start position:0% it and currently the gas limit is at 6.7 million<00:13:51.050> and<00:13:51.890> if<00:13:52.070> there<00:13:52.220> become<00:13:52.490> and<00:13:52.790> if<00:13:52.970> there 00:13:53.080 --> 00:13:53.090 align:start position:0% million and if there become and if there 00:13:53.090 --> 00:13:55.150 align:start position:0% million and if there become and if there comes<00:13:53.330> that<00:13:53.480> need<00:13:53.630> to<00:13:53.780> raise<00:13:53.960> it<00:13:54.170> then<00:13:54.440> miners 00:13:55.150 --> 00:13:55.160 align:start position:0% comes that need to raise it then miners 00:13:55.160 --> 00:13:58.380 align:start position:0% comes that need to raise it then miners can<00:13:55.340> vote<00:13:55.490> to<00:13:55.610> raise<00:13:55.730> it<00:13:55.910> fairly<00:13:56.300> simple 00:13:58.380 --> 00:13:58.390 align:start position:0% can vote to raise it fairly simple 00:13:58.390 --> 00:14:00.400 align:start position:0% can vote to raise it fairly simple transactions<00:13:59.390> so<00:13:59.570> it<00:13:59.660> transactions<00:14:00.260> in 00:14:00.400 --> 00:14:00.410 align:start position:0% transactions so it transactions in 00:14:00.410 --> 00:14:02.680 align:start position:0% transactions so it transactions in etherium<00:14:00.860> have<00:14:01.040> seven<00:14:01.370> parts<00:14:01.610> to<00:14:01.760> them<00:14:01.940> so 00:14:02.680 --> 00:14:02.690 align:start position:0% etherium have seven parts to them so 00:14:02.690 --> 00:14:05.560 align:start position:0% etherium have seven parts to them so there<00:14:03.320> is<00:14:03.440> the<00:14:03.650> transaction<00:14:04.310> nonce<00:14:04.580> which<00:14:05.330> is 00:14:05.560 --> 00:14:05.570 align:start position:0% there is the transaction nonce which is 00:14:05.570 --> 00:14:08.530 align:start position:0% there is the transaction nonce which is basically<00:14:06.470> an<00:14:06.770> T<00:14:06.950> transaction<00:14:07.460> replay<00:14:07.820> so<00:14:08.330> if 00:14:08.530 --> 00:14:08.540 align:start position:0% basically an T transaction replay so if 00:14:08.540 --> 00:14:10.570 align:start position:0% basically an T transaction replay so if you<00:14:08.690> send<00:14:08.990> a<00:14:09.110> transaction<00:14:09.470> so<00:14:09.950> if<00:14:10.160> let's<00:14:10.400> say<00:14:10.490> I 00:14:10.570 --> 00:14:10.580 align:start position:0% you send a transaction so if let's say I 00:14:10.580 --> 00:14:14.440 align:start position:0% you send a transaction so if let's say I send<00:14:11.090> 10<00:14:12.020> ether<00:14:12.380> to<00:14:12.500> Bob<00:14:12.710> then<00:14:13.370> this<00:14:13.820> prevents 00:14:14.440 --> 00:14:14.450 align:start position:0% send 10 ether to Bob then this prevents 00:14:14.450 --> 00:14:16.380 align:start position:0% send 10 ether to Bob then this prevents Bob<00:14:14.660> from<00:14:14.960> taking<00:14:15.350> my<00:14:15.470> transaction<00:14:16.130> and 00:14:16.380 --> 00:14:16.390 align:start position:0% Bob from taking my transaction and 00:14:16.390 --> 00:14:18.790 align:start position:0% Bob from taking my transaction and including<00:14:17.390> it<00:14:17.510> in<00:14:17.630> the<00:14:17.750> blockchain<00:14:17.990> 100<00:14:18.560> times 00:14:18.790 --> 00:14:18.800 align:start position:0% including it in the blockchain 100 times 00:14:18.800 --> 00:14:20.920 align:start position:0% including it in the blockchain 100 times so<00:14:19.400> that<00:14:19.580> instead<00:14:19.910> I<00:14:19.970> sent<00:14:20.300> a<00:14:20.390> thousand<00:14:20.690> ether 00:14:20.920 --> 00:14:20.930 align:start position:0% so that instead I sent a thousand ether 00:14:20.930 --> 00:14:22.960 align:start position:0% so that instead I sent a thousand ether to<00:14:21.020> Bob<00:14:21.170> every<00:14:21.860> transaction<00:14:22.430> so<00:14:22.610> far<00:14:22.820> it<00:14:22.880> can 00:14:22.960 --> 00:14:22.970 align:start position:0% to Bob every transaction so far it can 00:14:22.970 --> 00:14:25.840 align:start position:0% to Bob every transaction so far it can only<00:14:23.090> be<00:14:23.330> included<00:14:23.540> once<00:14:23.900> I'm<00:14:24.290> gas<00:14:25.190> price<00:14:25.610> is 00:14:25.840 --> 00:14:25.850 align:start position:0% only be included once I'm gas price is 00:14:25.850 --> 00:14:28.780 align:start position:0% only be included once I'm gas price is the<00:14:26.360> amount<00:14:26.630> of<00:14:26.750> ether<00:14:27.230> that<00:14:27.260> you<00:14:27.590> pay<00:14:27.890> per 00:14:28.780 --> 00:14:28.790 align:start position:0% the amount of ether that you pay per 00:14:28.790 --> 00:14:32.170 align:start position:0% the amount of ether that you pay per unit<00:14:29.630> of<00:14:29.810> gas<00:14:30.230> that<00:14:30.560> your<00:14:30.680> transaction<00:14:31.310> takes 00:14:32.170 --> 00:14:32.180 align:start position:0% unit of gas that your transaction takes 00:14:32.180 --> 00:14:34.720 align:start position:0% unit of gas that your transaction takes up<00:14:32.420> so<00:14:33.050> this<00:14:33.200> is<00:14:33.380> a<00:14:33.410> the<00:14:33.650> transaction<00:14:34.280> via<00:14:34.460> goes 00:14:34.720 --> 00:14:34.730 align:start position:0% up so this is a the transaction via goes 00:14:34.730 --> 00:14:37.030 align:start position:0% up so this is a the transaction via goes to<00:14:34.910> miners<00:14:35.240> start<00:14:35.990> gas<00:14:36.200> the<00:14:36.440> maximum<00:14:36.860> amount 00:14:37.030 --> 00:14:37.040 align:start position:0% to miners start gas the maximum amount 00:14:37.040 --> 00:14:38.560 align:start position:0% to miners start gas the maximum amount of<00:14:37.220> gas<00:14:37.370> that<00:14:37.640> the<00:14:37.730> trend<00:14:37.910> so<00:14:38.090> the<00:14:38.240> maximum 00:14:38.560 --> 00:14:38.570 align:start position:0% of gas that the trend so the maximum 00:14:38.570 --> 00:14:40.690 align:start position:0% of gas that the trend so the maximum amount<00:14:38.870> of<00:14:39.020> computational<00:14:39.650> resource<00:14:40.010> that 00:14:40.690 --> 00:14:40.700 align:start position:0% amount of computational resource that 00:14:40.700 --> 00:14:42.820 align:start position:0% amount of computational resource that this<00:14:40.880> one's<00:14:41.060> actually<00:14:41.240> can<00:14:41.510> consume<00:14:41.870> um<00:14:42.230> to 00:14:42.820 --> 00:14:42.830 align:start position:0% this one's actually can consume um to 00:14:42.830 --> 00:14:45.010 align:start position:0% this one's actually can consume um to the<00:14:43.070> target<00:14:43.490> the<00:14:43.820> value<00:14:44.180> transactions<00:14:44.840> could 00:14:45.010 --> 00:14:45.020 align:start position:0% the target the value transactions could 00:14:45.020 --> 00:14:47.860 align:start position:0% the target the value transactions could send<00:14:45.200> ether<00:14:45.560> um<00:14:45.740> data<00:14:46.430> which<00:14:47.150> is<00:14:47.360> if<00:14:47.570> your 00:14:47.860 --> 00:14:47.870 align:start position:0% send ether um data which is if your 00:14:47.870 --> 00:14:51.310 align:start position:0% send ether um data which is if your transaction<00:14:49.360> has<00:14:50.360> a<00:14:50.390> target<00:14:50.840> which<00:14:51.140> is<00:14:51.290> a 00:14:51.310 --> 00:14:51.320 align:start position:0% transaction has a target which is a 00:14:51.320 --> 00:14:53.860 align:start position:0% transaction has a target which is a contract<00:14:51.890> then<00:14:52.580> the<00:14:52.700> contract<00:14:53.150> can<00:14:53.420> read<00:14:53.690> the 00:14:53.860 --> 00:14:53.870 align:start position:0% contract then the contract can read the 00:14:53.870 --> 00:14:55.840 align:start position:0% contract then the contract can read the data<00:14:53.990> so<00:14:54.650> this<00:14:54.800> is<00:14:54.980> a<00:14:55.010> way<00:14:55.220> of<00:14:55.370> doing<00:14:55.640> things 00:14:55.840 --> 00:14:55.850 align:start position:0% data so this is a way of doing things 00:14:55.850 --> 00:14:57.970 align:start position:0% data so this is a way of doing things like<00:14:55.940> specifying<00:14:56.570> function<00:14:56.960> arguments<00:14:57.500> and 00:14:57.970 --> 00:14:57.980 align:start position:0% like specifying function arguments and 00:14:57.980 --> 00:15:01.300 align:start position:0% like specifying function arguments and VRS<00:14:58.730> which<00:14:58.970> is<00:14:59.120> an<00:14:59.270> ECDSA<00:14:59.810> signature<00:15:00.500> for<00:15:01.220> the 00:15:01.300 --> 00:15:01.310 align:start position:0% VRS which is an ECDSA signature for the 00:15:01.310 --> 00:15:02.950 align:start position:0% VRS which is an ECDSA signature for the cryptographers<00:15:01.910> here<00:15:02.120> the<00:15:02.270> V<00:15:02.450> is<00:15:02.570> in<00:15:02.810> there 00:15:02.950 --> 00:15:02.960 align:start position:0% cryptographers here the V is in there 00:15:02.960 --> 00:15:05.260 align:start position:0% cryptographers here the V is in there because<00:15:03.200> you<00:15:04.010> need<00:15:04.190> an<00:15:04.340> extra<00:15:04.730> bit<00:15:04.880> in<00:15:05.090> order 00:15:05.260 --> 00:15:05.270 align:start position:0% because you need an extra bit in order 00:15:05.270 --> 00:15:06.850 align:start position:0% because you need an extra bit in order to<00:15:05.480> recover<00:15:05.780> the<00:15:05.960> public<00:15:06.380> key<00:15:06.590> from<00:15:06.770> the 00:15:06.850 --> 00:15:06.860 align:start position:0% to recover the public key from the 00:15:06.860 --> 00:15:08.260 align:start position:0% to recover the public key from the signature<00:15:07.340> so<00:15:07.520> we<00:15:07.640> do<00:15:07.730> the<00:15:07.850> public<00:15:08.150> key 00:15:08.260 --> 00:15:08.270 align:start position:0% signature so we do the public key 00:15:08.270 --> 00:15:10.150 align:start position:0% signature so we do the public key recovery<00:15:08.540> thing<00:15:08.990> and<00:15:09.200> not<00:15:09.410> kind<00:15:09.980> of 00:15:10.150 --> 00:15:10.160 align:start position:0% recovery thing and not kind of 00:15:10.160 --> 00:15:12.010 align:start position:0% recovery thing and not kind of verification<00:15:10.550> the<00:15:11.090> way<00:15:11.210> that<00:15:11.450> say<00:15:11.660> Bitcoin 00:15:12.010 --> 00:15:12.020 align:start position:0% verification the way that say Bitcoin 00:15:12.020 --> 00:15:12.490 align:start position:0% verification the way that say Bitcoin does<00:15:12.170> it 00:15:12.490 --> 00:15:12.500 align:start position:0% does it 00:15:12.500 --> 00:15:16.330 align:start position:0% does it um<00:15:12.830> logs<00:15:13.670> so<00:15:14.450> blogs<00:15:14.930> are<00:15:15.380> this<00:15:15.890> kind<00:15:16.190> of 00:15:16.330 --> 00:15:16.340 align:start position:0% um logs so blogs are this kind of 00:15:16.340 --> 00:15:17.260 align:start position:0% um logs so blogs are this kind of append-only 00:15:17.260 --> 00:15:17.270 align:start position:0% append-only 00:15:17.270 --> 00:15:19.750 align:start position:0% append-only a<00:15:17.420> form<00:15:18.230> of<00:15:18.410> storage<00:15:18.710> which<00:15:19.070> is<00:15:19.100> not<00:15:19.400> readable 00:15:19.750 --> 00:15:19.760 align:start position:0% a form of storage which is not readable 00:15:19.760 --> 00:15:22.060 align:start position:0% a form of storage which is not readable by<00:15:19.970> contracts<00:15:20.540> in<00:15:20.810> the<00:15:21.260> point<00:15:21.470> of<00:15:21.590> logs<00:15:21.830> is 00:15:22.060 --> 00:15:22.070 align:start position:0% by contracts in the point of logs is 00:15:22.070 --> 00:15:25.120 align:start position:0% by contracts in the point of logs is basically<00:15:22.430> to<00:15:22.610> say<00:15:22.820> here<00:15:23.720> is<00:15:23.900> an<00:15:24.200> event<00:15:24.650> that 00:15:25.120 --> 00:15:25.130 align:start position:0% basically to say here is an event that 00:15:25.130 --> 00:15:27.370 align:start position:0% basically to say here is an event that occurred<00:15:25.610> during<00:15:25.850> contract<00:15:26.450> execution<00:15:27.050> and 00:15:27.370 --> 00:15:27.380 align:start position:0% occurred during contract execution and 00:15:27.380 --> 00:15:29.500 align:start position:0% occurred during contract execution and we<00:15:27.800> want<00:15:28.040> it<00:15:28.130> to<00:15:28.220> be<00:15:28.340> very<00:15:28.550> easy<00:15:28.670> for<00:15:28.970> people<00:15:29.240> to 00:15:29.500 --> 00:15:29.510 align:start position:0% we want it to be very easy for people to 00:15:29.510 --> 00:15:32.470 align:start position:0% we want it to be very easy for people to search<00:15:29.690> for<00:15:29.960> these<00:15:30.020> events<00:15:30.230> and<00:15:30.680> to<00:15:31.480> detect 00:15:32.470 --> 00:15:32.480 align:start position:0% search for these events and to detect 00:15:32.480 --> 00:15:36.030 align:start position:0% search for these events and to detect that<00:15:32.750> these<00:15:32.870> events<00:15:33.020> have<00:15:33.440> taken<00:15:33.830> place<00:15:34.300> so<00:15:35.300> a 00:15:36.030 --> 00:15:36.040 align:start position:0% that these events have taken place so a 00:15:36.040 --> 00:15:38.980 align:start position:0% that these events have taken place so a log<00:15:37.040> has<00:15:37.370> up<00:15:37.640> to<00:15:37.790> four<00:15:38.000> topics<00:15:38.480> and<00:15:38.690> there's<00:15:38.930> a 00:15:38.980 --> 00:15:38.990 align:start position:0% log has up to four topics and there's a 00:15:38.990 --> 00:15:40.600 align:start position:0% log has up to four topics and there's a bloom<00:15:39.290> filter<00:15:39.320> so<00:15:39.920> you<00:15:39.950> can<00:15:40.160> search<00:15:40.400> for 00:15:40.600 --> 00:15:40.610 align:start position:0% bloom filter so you can search for 00:15:40.610 --> 00:15:42.940 align:start position:0% bloom filter so you can search for topics<00:15:40.970> very<00:15:41.180> easily<00:15:41.390> and<00:15:42.080> it<00:15:42.380> also<00:15:42.530> allows 00:15:42.940 --> 00:15:42.950 align:start position:0% topics very easily and it also allows 00:15:42.950 --> 00:15:46.060 align:start position:0% topics very easily and it also allows you<00:15:43.160> to<00:15:43.250> store<00:15:44.060> any<00:15:44.330> amount<00:15:44.660> of<00:15:44.810> data<00:15:44.990> the<00:15:45.800> logs 00:15:46.060 --> 00:15:46.070 align:start position:0% you to store any amount of data the logs 00:15:46.070 --> 00:15:47.980 align:start position:0% you to store any amount of data the logs get<00:15:46.370> put<00:15:46.640> into<00:15:46.820> a<00:15:46.940> miracle<00:15:47.330> tree<00:15:47.540> which<00:15:47.720> allows 00:15:47.980 --> 00:15:47.990 align:start position:0% get put into a miracle tree which allows 00:15:47.990 --> 00:15:49.960 align:start position:0% get put into a miracle tree which allows very<00:15:48.290> efficient<00:15:48.770> light<00:15:48.920> act<00:15:49.130> light<00:15:49.610> client 00:15:49.960 --> 00:15:49.970 align:start position:0% very efficient light act light client 00:15:49.970 --> 00:15:52.090 align:start position:0% very efficient light act light client access<00:15:50.150> to<00:15:50.390> logs<00:15:50.750> so<00:15:51.440> if<00:15:51.620> you<00:15:51.740> have<00:15:51.830> a<00:15:51.860> light 00:15:52.090 --> 00:15:52.100 align:start position:0% access to logs so if you have a light 00:15:52.100 --> 00:15:54.460 align:start position:0% access to logs so if you have a light clients<00:15:52.520> then<00:15:52.640> you<00:15:52.760> can<00:15:52.910> search<00:15:53.150> through<00:15:53.510> logs 00:15:54.460 --> 00:15:54.470 align:start position:0% clients then you can search through logs 00:15:54.470 --> 00:15:57.100 align:start position:0% clients then you can search through logs and<00:15:54.860> you<00:15:55.340> can<00:15:55.520> use<00:15:55.730> topics<00:15:56.180> as<00:15:56.330> a<00:15:56.360> keyword<00:15:56.660> and 00:15:57.100 --> 00:15:57.110 align:start position:0% and you can use topics as a keyword and 00:15:57.110 --> 00:15:59.470 align:start position:0% and you can use topics as a keyword and this<00:15:57.260> once<00:15:57.470> you<00:15:57.590> very<00:15:57.800> easily<00:15:57.860> finds<00:15:58.520> events 00:15:59.470 --> 00:15:59.480 align:start position:0% this once you very easily finds events 00:15:59.480 --> 00:16:01.210 align:start position:0% this once you very easily finds events that<00:15:59.660> contracts<00:16:00.110> have<00:16:00.290> created<00:16:00.740> of<00:16:00.860> a<00:16:00.950> certain 00:16:01.210 --> 00:16:01.220 align:start position:0% that contracts have created of a certain 00:16:01.220 --> 00:16:03.340 align:start position:0% that contracts have created of a certain type<00:16:01.430> so<00:16:02.030> very<00:16:02.360> useful<00:16:02.810> for<00:16:03.020> a<00:16:03.050> kind<00:16:03.320> of 00:16:03.340 --> 00:16:03.350 align:start position:0% type so very useful for a kind of 00:16:03.350 --> 00:16:05.280 align:start position:0% type so very useful for a kind of decentralized<00:16:03.920> application<00:16:04.490> programming<00:16:04.940> a 00:16:05.280 --> 00:16:05.290 align:start position:0% decentralized application programming a 00:16:05.290 --> 00:16:08.200 align:start position:0% decentralized application programming a theory<00:16:06.290> and<00:16:06.470> virtual<00:16:06.800> machine<00:16:07.100> so<00:16:07.760> basically 00:16:08.200 --> 00:16:08.210 align:start position:0% theory and virtual machine so basically 00:16:08.210 --> 00:16:10.180 align:start position:0% theory and virtual machine so basically you<00:16:08.420> have<00:16:08.570> a<00:16:08.600> stack<00:16:08.960> and<00:16:09.230> numbers<00:16:09.950> can<00:16:10.040> be 00:16:10.180 --> 00:16:10.190 align:start position:0% you have a stack and numbers can be 00:16:10.190 --> 00:16:11.650 align:start position:0% you have a stack and numbers can be pushed<00:16:10.490> and<00:16:10.670> popped<00:16:10.790> from<00:16:11.000> the<00:16:11.060> stack<00:16:11.180> you 00:16:11.650 --> 00:16:11.660 align:start position:0% pushed and popped from the stack you 00:16:11.660 --> 00:16:15.760 align:start position:0% pushed and popped from the stack you have<00:16:11.900> memory<00:16:12.530> memory<00:16:13.220> is<00:16:13.610> in<00:16:13.910> temporary<00:16:14.770> array 00:16:15.760 --> 00:16:15.770 align:start position:0% have memory memory is in temporary array 00:16:15.770 --> 00:16:18.580 align:start position:0% have memory memory is in temporary array of<00:16:15.920> data<00:16:16.130> that<00:16:16.610> the<00:16:16.790> VM<00:16:17.030> can<00:16:17.240> access<00:16:17.630> so<00:16:18.200> memory 00:16:18.580 --> 00:16:18.590 align:start position:0% of data that the VM can access so memory 00:16:18.590 --> 00:16:20.740 align:start position:0% of data that the VM can access so memory only<00:16:18.980> kind<00:16:19.220> of<00:16:19.250> exists<00:16:19.820> ephemerally<00:16:20.480> within 00:16:20.740 --> 00:16:20.750 align:start position:0% only kind of exists ephemerally within 00:16:20.750 --> 00:16:23.890 align:start position:0% only kind of exists ephemerally within one<00:16:20.900> execution<00:16:21.350> context<00:16:22.070> once<00:16:22.790> the<00:16:23.450> execution 00:16:23.890 --> 00:16:23.900 align:start position:0% one execution context once the execution 00:16:23.900 --> 00:16:26.410 align:start position:0% one execution context once the execution execution<00:16:24.860> finishes<00:16:25.580> then<00:16:25.790> the<00:16:25.910> memory<00:16:26.150> stops 00:16:26.410 --> 00:16:26.420 align:start position:0% execution finishes then the memory stops 00:16:26.420 --> 00:16:29.260 align:start position:0% execution finishes then the memory stops existing<00:16:26.980> storage<00:16:27.980> is<00:16:28.370> like<00:16:28.640> the<00:16:28.790> contracts 00:16:29.260 --> 00:16:29.270 align:start position:0% existing storage is like the contracts 00:16:29.270 --> 00:16:32.190 align:start position:0% existing storage is like the contracts database<00:16:29.660> it's<00:16:29.990> its<00:16:30.560> permanent<00:16:31.400> storage 00:16:32.190 --> 00:16:32.200 align:start position:0% database it's its permanent storage 00:16:32.200 --> 00:16:35.080 align:start position:0% database it's its permanent storage environment<00:16:33.200> variables<00:16:33.680> so<00:16:34.310> contracts<00:16:34.970> in 00:16:35.080 --> 00:16:35.090 align:start position:0% environment variables so contracts in 00:16:35.090 --> 00:16:37.000 align:start position:0% environment variables so contracts in the<00:16:35.180> EVM<00:16:35.570> can<00:16:35.810> access<00:16:36.230> things<00:16:36.470> like<00:16:36.680> the<00:16:36.800> block 00:16:37.000 --> 00:16:37.010 align:start position:0% the EVM can access things like the block 00:16:37.010 --> 00:16:38.890 align:start position:0% the EVM can access things like the block number<00:16:37.160> and<00:16:37.430> the<00:16:37.490> timestamp<00:16:37.730> um<00:16:38.330> you<00:16:38.750> have 00:16:38.890 --> 00:16:38.900 align:start position:0% number and the timestamp um you have 00:16:38.900 --> 00:16:41.500 align:start position:0% number and the timestamp um you have logs<00:16:39.200> and<00:16:39.560> sub<00:16:40.220> calling<00:16:40.610> so<00:16:40.820> contracts<00:16:41.390> have 00:16:41.500 --> 00:16:41.510 align:start position:0% logs and sub calling so contracts have 00:16:41.510 --> 00:16:43.780 align:start position:0% logs and sub calling so contracts have the<00:16:41.630> ability<00:16:42.020> to<00:16:42.050> call<00:16:42.500> contracts<00:16:43.220> by<00:16:43.340> sending 00:16:43.780 --> 00:16:43.790 align:start position:0% the ability to call contracts by sending 00:16:43.790 --> 00:16:46.470 align:start position:0% the ability to call contracts by sending what<00:16:44.270> we<00:16:44.390> call<00:16:44.600> these<00:16:44.810> internal<00:16:45.470> transactions 00:16:46.470 --> 00:16:46.480 align:start position:0% what we call these internal transactions 00:16:46.480 --> 00:16:49.150 align:start position:0% what we call these internal transactions now<00:16:47.480> it's<00:16:47.690> most<00:16:48.110> of<00:16:48.290> the<00:16:48.410> time<00:16:48.620> you're<00:16:49.130> not 00:16:49.150 --> 00:16:49.160 align:start position:0% now it's most of the time you're not 00:16:49.160 --> 00:16:51.580 align:start position:0% now it's most of the time you're not going<00:16:49.580> to<00:16:49.670> be<00:16:49.790> writing<00:16:50.120> in<00:16:50.450> etherium<00:16:51.200> virtual 00:16:51.580 --> 00:16:51.590 align:start position:0% going to be writing in etherium virtual 00:16:51.590 --> 00:16:53.320 align:start position:0% going to be writing in etherium virtual machine<00:16:51.890> code<00:16:52.190> directly<00:16:52.430> because<00:16:52.910> aetherium 00:16:53.320 --> 00:16:53.330 align:start position:0% machine code directly because aetherium 00:16:53.330 --> 00:16:54.940 align:start position:0% machine code directly because aetherium virtual<00:16:53.780> machine<00:16:53.990> code<00:16:54.230> directly<00:16:54.680> is<00:16:54.740> very 00:16:54.940 --> 00:16:54.950 align:start position:0% virtual machine code directly is very 00:16:54.950 --> 00:16:57.190 align:start position:0% virtual machine code directly is very cumbersome<00:16:55.370> to<00:16:55.520> write<00:16:55.760> in<00:16:55.990> instead<00:16:56.990> you'll<00:16:57.140> be 00:16:57.190 --> 00:16:57.200 align:start position:0% cumbersome to write in instead you'll be 00:16:57.200 --> 00:16:59.440 align:start position:0% cumbersome to write in instead you'll be writing<00:16:57.530> in<00:16:57.770> high-level<00:16:57.980> languages<00:16:58.640> that<00:16:59.240> can 00:16:59.440 --> 00:16:59.450 align:start position:0% writing in high-level languages that can 00:16:59.450 --> 00:17:02.050 align:start position:0% writing in high-level languages that can pile<00:16:59.720> down<00:16:59.990> into<00:17:00.470> e<00:17:00.500> vm<00:17:00.830> code<00:17:01.100> and<00:17:01.700> there's<00:17:01.940> a 00:17:02.050 --> 00:17:02.060 align:start position:0% pile down into e vm code and there's a 00:17:02.060 --> 00:17:03.520 align:start position:0% pile down into e vm code and there's a bunch<00:17:02.240> of<00:17:02.420> them<00:17:02.600> you<00:17:02.630> have<00:17:02.900> VIPRE<00:17:03.140> you<00:17:03.410> have 00:17:03.520 --> 00:17:03.530 align:start position:0% bunch of them you have VIPRE you have 00:17:03.530 --> 00:17:05.910 align:start position:0% bunch of them you have VIPRE you have solidity<00:17:03.920> you<00:17:04.130> have<00:17:04.280> LOL<00:17:04.730> you<00:17:04.940> have<00:17:04.970> bamboo 00:17:05.910 --> 00:17:05.920 align:start position:0% solidity you have LOL you have bamboo 00:17:05.920 --> 00:17:08.350 align:start position:0% solidity you have LOL you have bamboo once<00:17:06.920> again<00:17:07.250> you<00:17:07.370> might<00:17:07.490> notice<00:17:07.820> serpent<00:17:08.240> is 00:17:08.350 --> 00:17:08.360 align:start position:0% once again you might notice serpent is 00:17:08.360 --> 00:17:10.360 align:start position:0% once again you might notice serpent is no<00:17:08.480> longer<00:17:08.720> on<00:17:08.959> the<00:17:09.110> list<00:17:09.320> if<00:17:09.560> you<00:17:09.980> are<00:17:10.010> still 00:17:10.360 --> 00:17:10.370 align:start position:0% no longer on the list if you are still 00:17:10.370 --> 00:17:11.830 align:start position:0% no longer on the list if you are still using<00:17:10.670> serpent<00:17:11.000> I<00:17:11.090> suggest<00:17:11.390> you<00:17:11.480> switch<00:17:11.600> to 00:17:11.830 --> 00:17:11.840 align:start position:0% using serpent I suggest you switch to 00:17:11.840 --> 00:17:13.449 align:start position:0% using serpent I suggest you switch to Viper 00:17:13.449 --> 00:17:13.459 align:start position:0% Viper 00:17:13.459 --> 00:17:16.600 align:start position:0% Viper so<00:17:14.450> the<00:17:14.660> API<00:17:14.959> so<00:17:15.350> this<00:17:15.920> is<00:17:16.100> the<00:17:16.250> way<00:17:16.370> that 00:17:16.600 --> 00:17:16.610 align:start position:0% so the API so this is the way that 00:17:16.610 --> 00:17:18.940 align:start position:0% so the API so this is the way that function<00:17:17.030> calls<00:17:17.300> get<00:17:17.630> compiled<00:17:18.170> or<00:17:18.410> encoded 00:17:18.940 --> 00:17:18.950 align:start position:0% function calls get compiled or encoded 00:17:18.950 --> 00:17:21.580 align:start position:0% function calls get compiled or encoded into<00:17:19.130> transaction<00:17:19.880> data<00:17:20.090> so<00:17:20.720> if<00:17:21.290> you're 00:17:21.580 --> 00:17:21.590 align:start position:0% into transaction data so if you're 00:17:21.590 --> 00:17:23.380 align:start position:0% into transaction data so if you're calling<00:17:21.980> a<00:17:22.070> contract<00:17:22.550> then<00:17:23.060> what<00:17:23.209> that's 00:17:23.380 --> 00:17:23.390 align:start position:0% calling a contract then what that's 00:17:23.390 --> 00:17:24.790 align:start position:0% calling a contract then what that's actually<00:17:23.570> doing<00:17:24.110> is<00:17:24.260> it's<00:17:24.410> making<00:17:24.470> this 00:17:24.790 --> 00:17:24.800 align:start position:0% actually doing is it's making this 00:17:24.800 --> 00:17:27.880 align:start position:0% actually doing is it's making this function<00:17:25.190> call<00:17:25.400> and<00:17:26.230> or<00:17:27.230> sorry<00:17:27.470> if<00:17:27.620> you<00:17:27.709> make<00:17:27.860> a 00:17:27.880 --> 00:17:27.890 align:start position:0% function call and or sorry if you make a 00:17:27.890 --> 00:17:29.530 align:start position:0% function call and or sorry if you make a function<00:17:28.370> call<00:17:28.550> it's<00:17:28.730> actually<00:17:29.090> doing<00:17:29.390> is 00:17:29.530 --> 00:17:29.540 align:start position:0% function call it's actually doing is 00:17:29.540 --> 00:17:31.450 align:start position:0% function call it's actually doing is it's<00:17:29.840> creating<00:17:29.900> a<00:17:30.200> transaction<00:17:30.830> in<00:17:31.280> the 00:17:31.450 --> 00:17:31.460 align:start position:0% it's creating a transaction in the 00:17:31.460 --> 00:17:33.400 align:start position:0% it's creating a transaction in the transaction<00:17:32.120> has<00:17:32.360> data<00:17:32.750> which<00:17:33.050> is<00:17:33.200> specified 00:17:33.400 --> 00:17:33.410 align:start position:0% transaction has data which is specified 00:17:33.410 --> 00:17:35.800 align:start position:0% transaction has data which is specified in<00:17:33.800> this<00:17:33.890> format<00:17:34.310> right<00:17:34.490> so<00:17:34.730> you<00:17:34.790> have<00:17:35.030> four 00:17:35.800 --> 00:17:35.810 align:start position:0% in this format right so you have four 00:17:35.810 --> 00:17:38.110 align:start position:0% in this format right so you have four bytes<00:17:36.020> for<00:17:36.170> a<00:17:36.290> function<00:17:36.710> ID<00:17:36.890> you<00:17:37.610> have<00:17:37.760> 32 00:17:38.110 --> 00:17:38.120 align:start position:0% bytes for a function ID you have 32 00:17:38.120 --> 00:17:39.880 align:start position:0% bytes for a function ID you have 32 bytes<00:17:38.360> for<00:17:38.570> one<00:17:38.690> arguments<00:17:39.200> 32<00:17:39.530> bytes<00:17:39.770> for 00:17:39.880 --> 00:17:39.890 align:start position:0% bytes for one arguments 32 bytes for 00:17:39.890 --> 00:17:42.280 align:start position:0% bytes for one arguments 32 bytes for another<00:17:40.130> argument<00:17:40.340> and<00:17:41.030> if<00:17:41.450> you<00:17:41.570> try<00:17:41.840> to<00:17:41.900> call 00:17:42.280 --> 00:17:42.290 align:start position:0% another argument and if you try to call 00:17:42.290 --> 00:17:44.320 align:start position:0% another argument and if you try to call a<00:17:42.560> function<00:17:42.770> of<00:17:43.040> a<00:17:43.130> contract<00:17:43.580> then<00:17:44.030> you<00:17:44.060> and 00:17:44.320 --> 00:17:44.330 align:start position:0% a function of a contract then you and 00:17:44.330 --> 00:17:45.820 align:start position:0% a function of a contract then you and your<00:17:44.750> clients<00:17:45.260> would<00:17:45.410> create<00:17:45.680> this 00:17:45.820 --> 00:17:45.830 align:start position:0% your clients would create this 00:17:45.830 --> 00:17:46.630 align:start position:0% your clients would create this transaction 00:17:46.630 --> 00:17:46.640 align:start position:0% transaction 00:17:46.640 --> 00:17:48.820 align:start position:0% transaction broadcast<00:17:47.540> the<00:17:47.630> transaction<00:17:48.230> to<00:17:48.410> the<00:17:48.440> network 00:17:48.820 --> 00:17:48.830 align:start position:0% broadcast the transaction to the network 00:17:48.830 --> 00:17:52.720 align:start position:0% broadcast the transaction to the network and<00:17:49.270> the<00:17:50.270> contracts<00:17:50.960> code<00:17:51.290> has<00:17:52.010> the<00:17:52.310> ability 00:17:52.720 --> 00:17:52.730 align:start position:0% and the contracts code has the ability 00:17:52.730 --> 00:17:55.180 align:start position:0% and the contracts code has the ability to<00:17:52.760> read<00:17:53.180> the<00:17:53.630> transaction<00:17:54.230> data<00:17:54.380> and<00:17:54.710> it 00:17:55.180 --> 00:17:55.190 align:start position:0% to read the transaction data and it 00:17:55.190 --> 00:17:56.770 align:start position:0% to read the transaction data and it interprets<00:17:55.760> that<00:17:55.850> you're<00:17:56.090> the<00:17:56.240> first<00:17:56.540> four 00:17:56.770 --> 00:17:56.780 align:start position:0% interprets that you're the first four 00:17:56.780 --> 00:17:59.049 align:start position:0% interprets that you're the first four bytes<00:17:56.930> of<00:17:57.110> the<00:17:57.200> transaction<00:17:57.770> data<00:17:57.980> as 00:17:59.049 --> 00:17:59.059 align:start position:0% bytes of the transaction data as 00:17:59.059 --> 00:18:00.879 align:start position:0% bytes of the transaction data as which<00:17:59.149> function<00:17:59.570> is<00:17:59.690> getting<00:17:59.929> cold<00:18:00.139> and<00:18:00.409> the 00:18:00.879 --> 00:18:00.889 align:start position:0% which function is getting cold and the 00:18:00.889 --> 00:18:02.470 align:start position:0% which function is getting cold and the other<00:18:00.919> bites<00:18:01.399> as<00:18:01.730> well<00:18:02.090> what<00:18:02.269> are<00:18:02.360> the 00:18:02.470 --> 00:18:02.480 align:start position:0% other bites as well what are the 00:18:02.480 --> 00:18:04.389 align:start position:0% other bites as well what are the arguments<00:18:02.779> so<00:18:03.559> that's<00:18:03.860> basically<00:18:04.309> how 00:18:04.389 --> 00:18:04.399 align:start position:0% arguments so that's basically how 00:18:04.399 --> 00:18:05.909 align:start position:0% arguments so that's basically how function<00:18:05.029> calling<00:18:05.240> works<00:18:05.539> in<00:18:05.659> a<00:18:05.720> nutshell 00:18:05.909 --> 00:18:05.919 align:start position:0% function calling works in a nutshell 00:18:05.919 --> 00:18:08.889 align:start position:0% function calling works in a nutshell Merkel<00:18:06.919> Trias 00:18:08.889 --> 00:18:08.899 align:start position:0% Merkel Trias 00:18:08.899 --> 00:18:10.539 align:start position:0% Merkel Trias everyone<00:18:09.409> please<00:18:09.649> bow<00:18:09.919> down<00:18:10.100> and<00:18:10.309> pray<00:18:10.490> to 00:18:10.539 --> 00:18:10.549 align:start position:0% everyone please bow down and pray to 00:18:10.549 --> 00:18:19.899 align:start position:0% everyone please bow down and pray to Ralph<00:18:10.820> Merkle<00:18:15.669> okay<00:18:18.279> Ralph<00:18:19.279> Merkle<00:18:19.580> is 00:18:19.899 --> 00:18:19.909 align:start position:0% Ralph Merkle okay Ralph Merkle is 00:18:19.909 --> 00:18:22.749 align:start position:0% Ralph Merkle okay Ralph Merkle is single-handedly<00:18:20.600> beat<00:18:21.289> his<00:18:22.039> Merkel<00:18:22.429> tree<00:18:22.639> is 00:18:22.749 --> 00:18:22.759 align:start position:0% single-handedly beat his Merkel tree is 00:18:22.759 --> 00:18:24.580 align:start position:0% single-handedly beat his Merkel tree is single-handedly<00:18:23.330> responsible<00:18:23.659> for<00:18:24.320> making 00:18:24.580 --> 00:18:24.590 align:start position:0% single-handedly responsible for making 00:18:24.590 --> 00:18:27.340 align:start position:0% single-handedly responsible for making light<00:18:24.799> clients<00:18:25.159> possible<00:18:25.669> so<00:18:25.940> it's<00:18:26.659> very 00:18:27.340 --> 00:18:27.350 align:start position:0% light clients possible so it's very 00:18:27.350 --> 00:18:29.499 align:start position:0% light clients possible so it's very important<00:18:27.889> to<00:18:28.009> show<00:18:28.519> the<00:18:28.669> technology<00:18:28.999> a<00:18:29.240> huge 00:18:29.499 --> 00:18:29.509 align:start position:0% important to show the technology a huge 00:18:29.509 --> 00:18:32.019 align:start position:0% important to show the technology a huge amount<00:18:29.749> of<00:18:29.809> respect<00:18:30.169> but<00:18:31.070> basically<00:18:31.639> the<00:18:31.759> idea 00:18:32.019 --> 00:18:32.029 align:start position:0% amount of respect but basically the idea 00:18:32.029 --> 00:18:35.700 align:start position:0% amount of respect but basically the idea is<00:18:32.149> that<00:18:32.539> it's<00:18:32.749> in<00:18:33.649> Merkel<00:18:34.070> tree<00:18:34.309> is<00:18:34.460> allow<00:18:35.149> for 00:18:35.700 --> 00:18:35.710 align:start position:0% is that it's in Merkel tree is allow for 00:18:35.710 --> 00:18:38.169 align:start position:0% is that it's in Merkel tree is allow for efficiently<00:18:36.710> verifiable<00:18:37.399> proofs<00:18:37.730> that<00:18:37.879> a 00:18:38.169 --> 00:18:38.179 align:start position:0% efficiently verifiable proofs that a 00:18:38.179 --> 00:18:40.139 align:start position:0% efficiently verifiable proofs that a transaction<00:18:38.720> was<00:18:38.869> included<00:18:39.289> in<00:18:39.379> a<00:18:39.470> block<00:18:39.710> or 00:18:40.139 --> 00:18:40.149 align:start position:0% transaction was included in a block or 00:18:40.149 --> 00:18:42.460 align:start position:0% transaction was included in a block or generally<00:18:41.149> efficiently<00:18:41.809> the<00:18:41.960> archival 00:18:42.460 --> 00:18:42.470 align:start position:0% generally efficiently the archival 00:18:42.470 --> 00:18:45.700 align:start position:0% generally efficiently the archival proofs<00:18:42.799> that<00:18:43.519> any<00:18:44.149> particular<00:18:44.779> piece<00:18:45.350> of<00:18:45.379> data 00:18:45.700 --> 00:18:45.710 align:start position:0% proofs that any particular piece of data 00:18:45.710 --> 00:18:48.310 align:start position:0% proofs that any particular piece of data is<00:18:46.039> included<00:18:46.850> in<00:18:47.240> a<00:18:47.450> much<00:18:47.629> larger<00:18:47.809> piece<00:18:48.169> of 00:18:48.310 --> 00:18:48.320 align:start position:0% is included in a much larger piece of 00:18:48.320 --> 00:18:50.529 align:start position:0% is included in a much larger piece of data<00:18:48.470> so<00:18:49.039> if<00:18:49.190> you<00:18:49.340> have<00:18:49.519> a<00:18:49.549> huge<00:18:49.940> hunk<00:18:50.210> of<00:18:50.299> data 00:18:50.529 --> 00:18:50.539 align:start position:0% data so if you have a huge hunk of data 00:18:50.539 --> 00:18:52.419 align:start position:0% data so if you have a huge hunk of data then<00:18:51.200> you<00:18:51.289> can<00:18:51.470> make<00:18:51.679> what's<00:18:51.919> this<00:18:52.220> data 00:18:52.419 --> 00:18:52.429 align:start position:0% then you can make what's this data 00:18:52.429 --> 00:18:53.889 align:start position:0% then you can make what's this data structure<00:18:52.789> called<00:18:53.029> myrtle<00:18:53.389> tree<00:18:53.570> out<00:18:53.690> of<00:18:53.749> the 00:18:53.889 --> 00:18:53.899 align:start position:0% structure called myrtle tree out of the 00:18:53.899 --> 00:18:57.039 align:start position:0% structure called myrtle tree out of the data<00:18:54.110> and<00:18:54.730> with<00:18:55.730> this<00:18:55.820> Merkel<00:18:56.240> tree<00:18:56.480> you<00:18:56.779> can 00:18:57.039 --> 00:18:57.049 align:start position:0% data and with this Merkel tree you can 00:18:57.049 --> 00:18:59.739 align:start position:0% data and with this Merkel tree you can then<00:18:57.470> for<00:18:58.159> any<00:18:58.399> given<00:18:58.909> piece<00:18:59.090> of<00:18:59.240> data<00:18:59.419> in<00:18:59.629> the 00:18:59.739 --> 00:18:59.749 align:start position:0% then for any given piece of data in the 00:18:59.749 --> 00:19:01.600 align:start position:0% then for any given piece of data in the tree<00:18:59.990> make<00:19:00.529> what's<00:19:00.769> called<00:19:00.830> a<00:19:01.039> Merkel<00:19:01.340> branch 00:19:01.600 --> 00:19:01.610 align:start position:0% tree make what's called a Merkel branch 00:19:01.610 --> 00:19:03.580 align:start position:0% tree make what's called a Merkel branch which<00:19:02.240> is<00:19:02.269> basically<00:19:02.899> just<00:19:03.019> these<00:19:03.289> kind<00:19:03.529> of 00:19:03.580 --> 00:19:03.590 align:start position:0% which is basically just these kind of 00:19:03.590 --> 00:19:06.580 align:start position:0% which is basically just these kind of hashes<00:19:04.100> going<00:19:04.369> up<00:19:04.519> the<00:19:04.639> tree<00:19:04.990> at<00:19:05.990> all<00:19:06.350> of<00:19:06.440> these 00:19:06.580 --> 00:19:06.590 align:start position:0% hashes going up the tree at all of these 00:19:06.590 --> 00:19:08.769 align:start position:0% hashes going up the tree at all of these intermediate<00:19:07.159> levels<00:19:07.460> and<00:19:07.700> by<00:19:08.179> checking<00:19:08.450> the 00:19:08.769 --> 00:19:08.779 align:start position:0% intermediate levels and by checking the 00:19:08.779 --> 00:19:10.299 align:start position:0% intermediate levels and by checking the hashes<00:19:09.200> against<00:19:09.649> each<00:19:09.769> other 00:19:10.299 --> 00:19:10.309 align:start position:0% hashes against each other 00:19:10.309 --> 00:19:12.639 align:start position:0% hashes against each other you<00:19:10.669> can<00:19:10.970> basically<00:19:11.299> check<00:19:11.809> that<00:19:12.289> this<00:19:12.440> piece 00:19:12.639 --> 00:19:12.649 align:start position:0% you can basically check that this piece 00:19:12.649 --> 00:19:15.009 align:start position:0% you can basically check that this piece of<00:19:12.799> data<00:19:12.980> actually<00:19:13.580> is<00:19:13.610> in<00:19:14.059> this<00:19:14.240> tree<00:19:14.539> right 00:19:15.009 --> 00:19:15.019 align:start position:0% of data actually is in this tree right 00:19:15.019 --> 00:19:16.600 align:start position:0% of data actually is in this tree right so<00:19:15.200> by<00:19:15.409> to<00:19:15.740> build<00:19:15.919> up<00:19:16.039> the<00:19:16.190> tree<00:19:16.399> you<00:19:16.549> would 00:19:16.600 --> 00:19:16.610 align:start position:0% so by to build up the tree you would 00:19:16.610 --> 00:19:18.850 align:start position:0% so by to build up the tree you would basically<00:19:16.759> take<00:19:17.179> your<00:19:17.360> data<00:19:17.539> hash<00:19:18.289> two<00:19:18.529> pieces 00:19:18.850 --> 00:19:18.860 align:start position:0% basically take your data hash two pieces 00:19:18.860 --> 00:19:21.340 align:start position:0% basically take your data hash two pieces together<00:19:19.009> then<00:19:19.490> hash<00:19:19.850> that<00:19:20.210> for<00:19:20.990> every<00:19:21.200> two 00:19:21.340 --> 00:19:21.350 align:start position:0% together then hash that for every two 00:19:21.350 --> 00:19:23.109 align:start position:0% together then hash that for every two pieces<00:19:21.769> then<00:19:21.950> you<00:19:21.980> -<00:19:22.279> two<00:19:22.460> hashes<00:19:22.639> hash<00:19:22.970> two 00:19:23.109 --> 00:19:23.119 align:start position:0% pieces then you - two hashes hash two 00:19:23.119 --> 00:19:24.489 align:start position:0% pieces then you - two hashes hash two hashes<00:19:23.480> let's<00:19:23.629> we'll<00:19:23.720> eventually<00:19:23.960> have<00:19:24.169> one 00:19:24.489 --> 00:19:24.499 align:start position:0% hashes let's we'll eventually have one 00:19:24.499 --> 00:19:26.799 align:start position:0% hashes let's we'll eventually have one hash<00:19:24.710> at<00:19:24.889> the<00:19:24.980> top<00:19:25.220> and<00:19:25.460> then<00:19:26.090> to<00:19:26.299> prove<00:19:26.539> the 00:19:26.799 --> 00:19:26.809 align:start position:0% hash at the top and then to prove the 00:19:26.809 --> 00:19:28.359 align:start position:0% hash at the top and then to prove the membership<00:19:27.259> of<00:19:27.409> any<00:19:27.470> one<00:19:27.710> particular<00:19:27.860> piece 00:19:28.359 --> 00:19:28.369 align:start position:0% membership of any one particular piece 00:19:28.369 --> 00:19:30.070 align:start position:0% membership of any one particular piece you<00:19:28.909> would<00:19:29.090> get<00:19:29.269> this<00:19:29.389> kind<00:19:29.629> of<00:19:29.720> branch<00:19:29.929> of 00:19:30.070 --> 00:19:30.080 align:start position:0% you would get this kind of branch of 00:19:30.080 --> 00:19:31.419 align:start position:0% you would get this kind of branch of hashes<00:19:30.440> and<00:19:30.590> check<00:19:30.740> them<00:19:30.919> against<00:19:31.190> each<00:19:31.279> other 00:19:31.419 --> 00:19:31.429 align:start position:0% hashes and check them against each other 00:19:31.429 --> 00:19:34.570 align:start position:0% hashes and check them against each other if<00:19:32.179> there<00:19:32.450> is<00:19:32.629> even<00:19:33.049> one<00:19:33.080> error<00:19:33.619> so<00:19:34.100> if<00:19:34.190> you<00:19:34.279> try 00:19:34.570 --> 00:19:34.580 align:start position:0% if there is even one error so if you try 00:19:34.580 --> 00:19:36.970 align:start position:0% if there is even one error so if you try to<00:19:34.610> make<00:19:35.179> a<00:19:35.210> proof<00:19:35.509> of<00:19:35.749> a<00:19:35.869> piece<00:19:36.409> of<00:19:36.440> data<00:19:36.710> which 00:19:36.970 --> 00:19:36.980 align:start position:0% to make a proof of a piece of data which 00:19:36.980 --> 00:19:39.460 align:start position:0% to make a proof of a piece of data which is<00:19:37.159> not<00:19:37.369> actually<00:19:37.820> there<00:19:38.029> then<00:19:38.749> at<00:19:39.049> least<00:19:39.259> one 00:19:39.460 --> 00:19:39.470 align:start position:0% is not actually there then at least one 00:19:39.470 --> 00:19:41.980 align:start position:0% is not actually there then at least one of<00:19:39.529> the<00:19:39.679> hashes<00:19:40.009> will<00:19:40.159> not<00:19:40.279> match<00:19:40.460> up<00:19:40.869> in 00:19:41.980 --> 00:19:41.990 align:start position:0% of the hashes will not match up in 00:19:41.990 --> 00:19:44.799 align:start position:0% of the hashes will not match up in aetherium<00:19:42.649> this<00:19:43.159> gets<00:19:43.429> viewest<00:19:43.940> in<00:19:44.179> order<00:19:44.570> to 00:19:44.799 --> 00:19:44.809 align:start position:0% aetherium this gets viewest in order to 00:19:44.809 --> 00:19:47.859 align:start position:0% aetherium this gets viewest in order to prove<00:19:45.710> transitive<00:19:46.639> that<00:19:46.970> some<00:19:47.720> particular 00:19:47.859 --> 00:19:47.869 align:start position:0% prove transitive that some particular 00:19:47.869 --> 00:19:50.049 align:start position:0% prove transitive that some particular transaction<00:19:48.740> is<00:19:48.860> in<00:19:48.980> a<00:19:49.039> block<00:19:49.249> but<00:19:49.850> there<00:19:49.970> is 00:19:50.049 --> 00:19:50.059 align:start position:0% transaction is in a block but there is 00:19:50.059 --> 00:19:52.210 align:start position:0% transaction is in a block but there is also<00:19:50.299> something<00:19:50.720> called<00:19:50.869> the<00:19:51.139> state<00:19:51.350> tree<00:19:51.590> so 00:19:52.210 --> 00:19:52.220 align:start position:0% also something called the state tree so 00:19:52.220 --> 00:19:55.299 align:start position:0% also something called the state tree so the<00:19:52.399> state<00:19:52.639> tree<00:19:52.940> is<00:19:53.240> a<00:19:53.659> Merkel<00:19:54.230> tree<00:19:54.470> of<00:19:54.740> the 00:19:55.299 --> 00:19:55.309 align:start position:0% the state tree is a Merkel tree of the 00:19:55.309 --> 00:19:57.279 align:start position:0% the state tree is a Merkel tree of the entire<00:19:55.610> aetherium<00:19:56.179> state<00:19:56.480> so<00:19:56.929> basically 00:19:57.279 --> 00:19:57.289 align:start position:0% entire aetherium state so basically 00:19:57.289 --> 00:20:00.039 align:start position:0% entire aetherium state so basically every<00:19:57.710> account<00:19:58.070> every<00:19:58.460> contract<00:19:58.999> the<00:19:59.629> balance 00:20:00.039 --> 00:20:00.049 align:start position:0% every account every contract the balance 00:20:00.049 --> 00:20:02.409 align:start position:0% every account every contract the balance the<00:20:00.440> nonce<00:20:00.679> the<00:20:01.220> contract<00:20:01.669> code<00:20:01.879> contract 00:20:02.409 --> 00:20:02.419 align:start position:0% the nonce the contract code contract 00:20:02.419 --> 00:20:04.779 align:start position:0% the nonce the contract code contract storage<00:20:02.809> the<00:20:03.259> entire<00:20:03.590> state<00:20:03.980> all<00:20:04.220> the<00:20:04.399> data<00:20:04.580> in 00:20:04.779 --> 00:20:04.789 align:start position:0% storage the entire state all the data in 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block header and this<00:20:11.090> is<00:20:11.269> called<00:20:11.570> the<00:20:11.929> state 00:20:12.510 --> 00:20:12.520 align:start position:0% this is called the state 00:20:12.520 --> 00:20:16.110 align:start position:0% this is called the state so<00:20:13.530> from<00:20:14.530> in<00:20:14.770> one<00:20:15.070> block<00:20:15.280> to<00:20:15.340> the<00:20:15.550> to<00:20:15.790> the<00:20:15.880> next 00:20:16.110 --> 00:20:16.120 align:start position:0% so from in one block to the to the next 00:20:16.120 --> 00:20:18.000 align:start position:0% so from in one block to the to the next block<00:20:16.330> there<00:20:16.809> are<00:20:16.990> going<00:20:17.230> to<00:20:17.320> be<00:20:17.380> some<00:20:17.679> parts 00:20:18.000 --> 00:20:18.010 align:start position:0% block there are going to be some parts 00:20:18.010 --> 00:20:19.650 align:start position:0% block there are going to be some parts of<00:20:18.130> the<00:20:18.250> state<00:20:18.429> that<00:20:18.610> get<00:20:18.790> modified<00:20:19.000> and<00:20:19.540> so 00:20:19.650 --> 00:20:19.660 align:start position:0% of the state that get modified and so 00:20:19.660 --> 00:20:22.470 align:start position:0% of the state that get modified and so the<00:20:19.780> Merkel<00:20:20.050> tree<00:20:20.230> will<00:20:20.470> change<00:20:20.830> but<00:20:21.790> we<00:20:22.300> have 00:20:22.470 --> 00:20:22.480 align:start position:0% the Merkel tree will change but we have 00:20:22.480 --> 00:20:24.120 align:start position:0% the Merkel tree will change but we have a<00:20:22.510> specific<00:20:23.050> kind<00:20:23.290> of<00:20:23.440> tree<00:20:23.710> called<00:20:24.040> the 00:20:24.120 --> 00:20:24.130 align:start position:0% a specific kind of tree called the 00:20:24.130 --> 00:20:25.590 align:start position:0% a specific kind of tree called the Merkel<00:20:24.460> Patricia<00:20:24.850> tree<00:20:25.059> which<00:20:25.240> basically 00:20:25.590 --> 00:20:25.600 align:start position:0% Merkel Patricia tree which basically 00:20:25.600 --> 00:20:27.210 align:start position:0% Merkel Patricia tree which basically means<00:20:25.929> that<00:20:26.050> when<00:20:26.350> this<00:20:26.470> thing<00:20:26.530> gets<00:20:26.830> changed 00:20:27.210 --> 00:20:27.220 align:start position:0% means that when this thing gets changed 00:20:27.220 --> 00:20:29.669 align:start position:0% means that when this thing gets changed the<00:20:27.910> number<00:20:28.300> of<00:20:28.480> updates<00:20:28.929> to<00:20:29.140> the<00:20:29.230> Merkel<00:20:29.530> tree 00:20:29.669 --> 00:20:29.679 align:start position:0% the number of updates to the Merkel tree 00:20:29.679 --> 00:20:31.169 align:start position:0% the number of updates to the Merkel tree that<00:20:29.830> have<00:20:29.950> to<00:20:30.100> be<00:20:30.220> made<00:20:30.429> is<00:20:30.610> actually<00:20:31.000> fairly 00:20:31.169 --> 00:20:31.179 align:start position:0% that have to be made is actually fairly 00:20:31.179 --> 00:20:31.799 align:start position:0% that have to be made is actually fairly small 00:20:31.799 --> 00:20:31.809 align:start position:0% small 00:20:31.809 --> 00:20:33.750 align:start position:0% small it's<00:20:32.170> basically<00:20:32.620> log<00:20:32.860> logarithmic<00:20:33.460> per 00:20:33.750 --> 00:20:33.760 align:start position:0% it's basically log logarithmic per 00:20:33.760 --> 00:20:37.320 align:start position:0% it's basically log logarithmic per update<00:20:34.120> so<00:20:34.720> with<00:20:35.650> this<00:20:35.920> basically<00:20:36.820> a<00:20:36.940> white 00:20:37.320 --> 00:20:37.330 align:start position:0% update so with this basically a white 00:20:37.330 --> 00:20:40.230 align:start position:0% update so with this basically a white client<00:20:37.809> can<00:20:38.170> ask<00:20:38.470> the<00:20:39.130> network<00:20:39.460> for<00:20:39.760> you<00:20:40.150> know 00:20:40.230 --> 00:20:40.240 align:start position:0% client can ask the network for you know 00:20:40.240 --> 00:20:42.210 align:start position:0% client can ask the network for you know give<00:20:40.540> me<00:20:40.720> a<00:20:40.870> Merkel<00:20:41.260> branch<00:20:41.500> for<00:20:41.890> one 00:20:42.210 --> 00:20:42.220 align:start position:0% give me a Merkel branch for one 00:20:42.220 --> 00:20:45.090 align:start position:0% give me a Merkel branch for one particular<00:20:42.400> account<00:20:43.059> and<00:20:43.720> some<00:20:44.320> full<00:20:44.920> node 00:20:45.090 --> 00:20:45.100 align:start position:0% particular account and some full node 00:20:45.100 --> 00:20:47.160 align:start position:0% particular account and some full node can<00:20:45.280> reply<00:20:45.580> back<00:20:45.790> with<00:20:46.090> this<00:20:46.210> branch<00:20:46.570> and<00:20:46.750> a 00:20:47.160 --> 00:20:47.170 align:start position:0% can reply back with this branch and a 00:20:47.170 --> 00:20:49.350 align:start position:0% can reply back with this branch and a white<00:20:47.350> client<00:20:47.770> can<00:20:48.040> itself<00:20:48.520> basically<00:20:48.880> check 00:20:49.350 --> 00:20:49.360 align:start position:0% white client can itself basically check 00:20:49.360 --> 00:20:50.850 align:start position:0% white client can itself basically check the<00:20:49.510> hashes<00:20:49.900> of<00:20:50.020> the<00:20:50.140> branch<00:20:50.350> going<00:20:50.590> all<00:20:50.770> the 00:20:50.850 --> 00:20:50.860 align:start position:0% the hashes of the branch going all the 00:20:50.860 --> 00:20:52.710 align:start position:0% the hashes of the branch going all the way<00:20:50.980> from<00:20:51.130> the<00:20:51.250> top<00:20:51.400> to<00:20:51.460> the<00:20:51.610> bottom<00:20:51.700> and<00:20:52.240> if 00:20:52.710 --> 00:20:52.720 align:start position:0% way from the top to the bottom and if 00:20:52.720 --> 00:20:54.840 align:start position:0% way from the top to the bottom and if all<00:20:52.929> the<00:20:53.050> hashes<00:20:53.410> match<00:20:53.440> up<00:20:53.830> then<00:20:54.400> you<00:20:54.730> know 00:20:54.840 --> 00:20:54.850 align:start position:0% all the hashes match up then you know 00:20:54.850 --> 00:20:57.000 align:start position:0% all the hashes match up then you know great<00:20:55.150> and<00:20:55.360> the<00:20:56.110> white<00:20:56.260> clients<00:20:56.710> is<00:20:56.830> that 00:20:57.000 --> 00:20:57.010 align:start position:0% great and the white clients is that 00:20:57.010 --> 00:20:59.549 align:start position:0% great and the white clients is that basically<00:20:57.870> accepts<00:20:58.870> and<00:20:59.110> has<00:20:59.410> this 00:20:59.549 --> 00:20:59.559 align:start position:0% basically accepts and has this 00:20:59.559 --> 00:21:02.040 align:start position:0% basically accepts and has this confirmation<00:21:00.309> that<00:21:00.550> this<00:21:01.240> particular<00:21:01.809> piece 00:21:02.040 --> 00:21:02.050 align:start position:0% confirmation that this particular piece 00:21:02.050 --> 00:21:03.870 align:start position:0% confirmation that this particular piece of<00:21:02.200> data<00:21:02.550> representing<00:21:03.550> you<00:21:03.640> know<00:21:03.700> the 00:21:03.870 --> 00:21:03.880 align:start position:0% of data representing you know the 00:21:03.880 --> 00:21:05.610 align:start position:0% of data representing you know the balance<00:21:04.150> of<00:21:04.240> some<00:21:04.390> account<00:21:04.690> or<00:21:05.020> some<00:21:05.320> storage 00:21:05.610 --> 00:21:05.620 align:start position:0% balance of some account or some storage 00:21:05.620 --> 00:21:09.680 align:start position:0% balance of some account or some storage key<00:21:05.950> actually<00:21:06.370> is<00:21:07.090> in<00:21:07.450> the<00:21:07.630> Merkel<00:21:07.900> tree<00:21:08.460> so 00:21:09.680 --> 00:21:09.690 align:start position:0% key actually is in the Merkel tree so 00:21:09.690 --> 00:21:11.880 align:start position:0% key actually is in the Merkel tree so Merkel's<00:21:10.690> reason<00:21:10.960> aetherium<00:21:11.380> are<00:21:11.500> used<00:21:11.679> for 00:21:11.880 --> 00:21:11.890 align:start position:0% Merkel's reason aetherium are used for 00:21:11.890 --> 00:21:13.980 align:start position:0% Merkel's reason aetherium are used for transaction<00:21:12.490> state<00:21:12.910> receipts 00:21:13.980 --> 00:21:13.990 align:start position:0% transaction state receipts 00:21:13.990 --> 00:21:16.110 align:start position:0% transaction state receipts patrícia<00:21:14.890> trees<00:21:15.100> allow<00:21:15.429> for<00:21:15.640> efficient<00:21:16.059> in 00:21:16.110 --> 00:21:16.120 align:start position:0% patrícia trees allow for efficient in 00:21:16.120 --> 00:21:18.570 align:start position:0% patrícia trees allow for efficient in certain<00:21:16.420> delete<00:21:16.660> operations<00:21:17.290> block<00:21:18.220> headers 00:21:18.570 --> 00:21:18.580 align:start position:0% certain delete operations block headers 00:21:18.580 --> 00:21:22.650 align:start position:0% certain delete operations block headers contain<00:21:18.940> these<00:21:19.120> three<00:21:19.360> trees<00:21:20.370> so<00:21:21.480> what's<00:21:22.480> new 00:21:22.650 --> 00:21:22.660 align:start position:0% contain these three trees so what's new 00:21:22.660 --> 00:21:25.650 align:start position:0% contain these three trees so what's new in<00:21:22.780> Byzantium<00:21:23.490> so<00:21:24.490> Byzantium<00:21:25.150> was<00:21:25.300> this<00:21:25.420> hard 00:21:25.650 --> 00:21:25.660 align:start position:0% in Byzantium so Byzantium was this hard 00:21:25.660 --> 00:21:28.520 align:start position:0% in Byzantium so Byzantium was this hard fork<00:21:25.960> that<00:21:26.170> we<00:21:26.350> did<00:21:26.620> that<00:21:27.090> went<00:21:28.090> live<00:21:28.330> on 00:21:28.520 --> 00:21:28.530 align:start position:0% fork that we did that went live on 00:21:28.530 --> 00:21:31.650 align:start position:0% fork that we did that went live on October<00:21:29.530> the<00:21:29.620> 16th<00:21:30.040> and<00:21:30.460> it<00:21:31.059> introduced<00:21:31.510> a 00:21:31.650 --> 00:21:31.660 align:start position:0% October the 16th and it introduced a 00:21:31.660 --> 00:21:33.299 align:start position:0% October the 16th and it introduced a bunch<00:21:31.809> of<00:21:31.900> wonderful<00:21:32.320> new<00:21:32.470> privacy<00:21:32.860> features 00:21:33.299 --> 00:21:33.309 align:start position:0% bunch of wonderful new privacy features 00:21:33.309 --> 00:21:36.960 align:start position:0% bunch of wonderful new privacy features so<00:21:34.140> these<00:21:35.140> are<00:21:35.650> kind<00:21:35.980> of<00:21:36.040> the<00:21:36.100> three<00:21:36.520> main 00:21:36.960 --> 00:21:36.970 align:start position:0% so these are kind of the three main 00:21:36.970 --> 00:21:39.330 align:start position:0% so these are kind of the three main probably<00:21:37.780> most<00:21:38.050> interesting<00:21:38.679> features<00:21:39.040> in 00:21:39.330 --> 00:21:39.340 align:start position:0% probably most interesting features in 00:21:39.340 --> 00:21:42.060 align:start position:0% probably most interesting features in Byzantium<00:21:39.630> so<00:21:40.630> basically<00:21:41.200> you<00:21:41.770> know<00:21:41.860> if<00:21:41.920> there 00:21:42.060 --> 00:21:42.070 align:start position:0% Byzantium so basically you know if there 00:21:42.070 --> 00:21:44.700 align:start position:0% Byzantium so basically you know if there are<00:21:42.190> features<00:21:42.520> directly<00:21:43.179> but<00:21:43.990> these<00:21:44.470> are<00:21:44.620> the 00:21:44.700 --> 00:21:44.710 align:start position:0% are features directly but these are the 00:21:44.710 --> 00:21:46.470 align:start position:0% are features directly but these are the some<00:21:45.190> three<00:21:45.429> interesting<00:21:45.760> things<00:21:46.179> that<00:21:46.360> just 00:21:46.470 --> 00:21:46.480 align:start position:0% some three interesting things that just 00:21:46.480 --> 00:21:48.780 align:start position:0% some three interesting things that just become<00:21:46.809> enabled<00:21:47.170> by<00:21:47.620> the<00:21:48.280> new<00:21:48.429> features<00:21:48.760> in 00:21:48.780 --> 00:21:48.790 align:start position:0% become enabled by the new features in 00:21:48.790 --> 00:21:50.549 align:start position:0% become enabled by the new features in Byzantium<00:21:49.120> right<00:21:49.720> so<00:21:49.900> basically<00:21:50.110> in 00:21:50.549 --> 00:21:50.559 align:start position:0% Byzantium right so basically in 00:21:50.559 --> 00:21:53.730 align:start position:0% Byzantium right so basically in Byzantium<00:21:50.770> we<00:21:51.370> have<00:21:52.200> what<00:21:53.200> are<00:21:53.290> called<00:21:53.320> pre 00:21:53.730 --> 00:21:53.740 align:start position:0% Byzantium we have what are called pre 00:21:53.740 --> 00:21:55.500 align:start position:0% Byzantium we have what are called pre compiles<00:21:54.250> so<00:21:54.460> basically<00:21:54.910> think<00:21:55.150> kind<00:21:55.450> of 00:21:55.500 --> 00:21:55.510 align:start position:0% compiles so basically think kind of 00:21:55.510 --> 00:21:58.470 align:start position:0% compiles so basically think kind of optimized<00:21:56.440> virtual<00:21:56.980> contracts<00:21:57.610> don't<00:21:58.270> let 00:21:58.470 --> 00:21:58.480 align:start position:0% optimized virtual contracts don't let 00:21:58.480 --> 00:22:01.230 align:start position:0% optimized virtual contracts don't let you<00:21:58.600> do<00:21:59.250> elliptic<00:22:00.250> curve<00:22:00.429> addition<00:22:00.880> elliptic 00:22:01.230 --> 00:22:01.240 align:start position:0% you do elliptic curve addition elliptic 00:22:01.240 --> 00:22:02.790 align:start position:0% you do elliptic curve addition elliptic curve<00:22:01.390> multiplication<00:22:02.200> elliptic<00:22:02.650> curve 00:22:02.790 --> 00:22:02.800 align:start position:0% curve multiplication elliptic curve 00:22:02.800 --> 00:22:05.190 align:start position:0% curve multiplication elliptic curve paring<00:22:03.220> and<00:22:03.460> big<00:22:03.760> number<00:22:04.059> math<00:22:04.270> and<00:22:04.600> this 00:22:05.190 --> 00:22:05.200 align:start position:0% paring and big number math and this 00:22:05.200 --> 00:22:07.049 align:start position:0% paring and big number math and this allows<00:22:05.559> you<00:22:05.860> to<00:22:06.010> write<00:22:06.280> contracts<00:22:06.880> in 00:22:07.049 --> 00:22:07.059 align:start position:0% allows you to write contracts in 00:22:07.059 --> 00:22:09.360 align:start position:0% allows you to write contracts in aetherium<00:22:07.420> that<00:22:07.750> do<00:22:07.900> things<00:22:08.080> like<00:22:08.370> verifying 00:22:09.360 --> 00:22:09.370 align:start position:0% aetherium that do things like verifying 00:22:09.370 --> 00:22:11.669 align:start position:0% aetherium that do things like verifying ring<00:22:09.580> signatures<00:22:10.090> verifying<00:22:10.690> zk<00:22:11.080> snarks 00:22:11.669 --> 00:22:11.679 align:start position:0% ring signatures verifying zk snarks 00:22:11.679 --> 00:22:14.250 align:start position:0% ring signatures verifying zk snarks if<00:22:11.950> you're<00:22:12.130> applying<00:22:12.309> RSA<00:22:12.910> signatures<00:22:13.420> so 00:22:14.250 --> 00:22:14.260 align:start position:0% if you're applying RSA signatures so 00:22:14.260 --> 00:22:16.340 align:start position:0% if you're applying RSA signatures so this<00:22:14.410> could<00:22:14.650> be<00:22:14.679> used<00:22:14.980> to<00:22:15.130> really<00:22:15.520> increase 00:22:16.340 --> 00:22:16.350 align:start position:0% this could be used to really increase 00:22:16.350 --> 00:22:18.720 align:start position:0% this could be used to really increase etherium<00:22:17.350> compatibility<00:22:18.130> with<00:22:18.490> existing 00:22:18.720 --> 00:22:18.730 align:start position:0% etherium compatibility with existing 00:22:18.730 --> 00:22:22.110 align:start position:0% etherium compatibility with existing systems<00:22:19.559> that<00:22:20.559> use<00:22:20.800> just<00:22:21.250> via<00:22:21.429> public<00:22:21.760> keys 00:22:22.110 --> 00:22:22.120 align:start position:0% systems that use just via public keys 00:22:22.120 --> 00:22:24.210 align:start position:0% systems that use just via public keys and<00:22:22.510> certificate<00:22:23.050> authorities<00:22:23.470> and<00:22:23.650> so<00:22:23.770> forth 00:22:24.210 --> 00:22:24.220 align:start position:0% and certificate authorities and so forth 00:22:24.220 --> 00:22:26.409 align:start position:0% and certificate authorities and so forth ring<00:22:24.850> signatures<00:22:25.330> at<00:22:25.480> Z<00:22:25.630> key<00:22:25.780> star 00:22:26.409 --> 00:22:26.419 align:start position:0% ring signatures at Z key star 00:22:26.419 --> 00:22:28.419 align:start position:0% ring signatures at Z key star or<00:22:26.509> both<00:22:27.080> very<00:22:27.470> powerful<00:22:27.710> privacy 00:22:28.419 --> 00:22:28.429 align:start position:0% or both very powerful privacy 00:22:28.429 --> 00:22:30.009 align:start position:0% or both very powerful privacy technologies<00:22:28.999> and<00:22:29.330> you'll<00:22:29.480> be<00:22:29.629> hearing<00:22:29.929> about 00:22:30.009 --> 00:22:30.019 align:start position:0% technologies and you'll be hearing about 00:22:30.019 --> 00:22:32.980 align:start position:0% technologies and you'll be hearing about these<00:22:30.289> later<00:22:30.639> and<00:22:31.639> aside<00:22:32.419> from<00:22:32.600> this<00:22:32.749> there 00:22:32.980 --> 00:22:32.990 align:start position:0% these later and aside from this there 00:22:32.990 --> 00:22:35.080 align:start position:0% these later and aside from this there are<00:22:33.139> also<00:22:33.409> a<00:22:33.590> bunch<00:22:33.740> of<00:22:33.919> important<00:22:34.759> features 00:22:35.080 --> 00:22:35.090 align:start position:0% are also a bunch of important features 00:22:35.090 --> 00:22:37.690 align:start position:0% are also a bunch of important features things<00:22:35.389> like<00:22:35.539> the<00:22:36.110> static<00:22:36.559> call<00:22:36.799> opcode<00:22:37.369> which 00:22:37.690 --> 00:22:37.700 align:start position:0% things like the static call opcode which 00:22:37.700 --> 00:22:39.700 align:start position:0% things like the static call opcode which allows<00:22:37.999> you<00:22:38.210> to<00:22:38.240> write<00:22:38.480> safer<00:22:38.929> contracts<00:22:39.559> that 00:22:39.700 --> 00:22:39.710 align:start position:0% allows you to write safer contracts that 00:22:39.710 --> 00:22:42.909 align:start position:0% allows you to write safer contracts that don't<00:22:40.190> have<00:22:40.429> like<00:22:41.240> the<00:22:42.019> same<00:22:42.259> kind<00:22:42.619> of<00:22:42.679> mute 00:22:42.909 --> 00:22:42.919 align:start position:0% don't have like the same kind of mute 00:22:42.919 --> 00:22:45.970 align:start position:0% don't have like the same kind of mute ability<00:22:43.309> and<00:22:44.139> reentrant<00:22:45.139> see<00:22:45.320> issues<00:22:45.470> in<00:22:45.799> some 00:22:45.970 --> 00:22:45.980 align:start position:0% ability and reentrant see issues in some 00:22:45.980 --> 00:22:47.529 align:start position:0% ability and reentrant see issues in some cases<00:22:46.220> this<00:22:46.549> also<00:22:46.730> lets<00:22:46.999> you<00:22:47.149> do<00:22:47.299> pure 00:22:47.529 --> 00:22:47.539 align:start position:0% cases this also lets you do pure 00:22:47.539 --> 00:22:49.570 align:start position:0% cases this also lets you do pure functional<00:22:47.990> programming<00:22:48.409> more<00:22:48.590> easily 00:22:49.570 --> 00:22:49.580 align:start position:0% functional programming more easily 00:22:49.580 --> 00:22:53.499 align:start position:0% functional programming more easily you<00:22:49.999> have<00:22:50.269> revert<00:22:51.139> of<00:22:51.350> return<00:22:51.649> to<00:22:51.830> copy<00:22:52.509> revert 00:22:53.499 --> 00:22:53.509 align:start position:0% you have revert of return to copy revert 00:22:53.509 --> 00:22:56.080 align:start position:0% you have revert of return to copy revert op<00:22:54.440> codes<00:22:54.860> that<00:22:54.980> help<00:22:55.159> you<00:22:55.249> see<00:22:55.429> if<00:22:55.519> gas<00:22:55.759> of 00:22:56.080 --> 00:22:56.090 align:start position:0% op codes that help you see if gas of 00:22:56.090 --> 00:22:57.669 align:start position:0% op codes that help you see if gas of course<00:22:56.330> that<00:22:56.480> makes<00:22:56.600> the<00:22:56.720> EVM<00:22:57.080> more<00:22:57.259> efficient 00:22:57.669 --> 00:22:57.679 align:start position:0% course that makes the EVM more efficient 00:22:57.679 --> 00:23:00.220 align:start position:0% course that makes the EVM more efficient in<00:22:57.769> some<00:22:57.799> cases<00:22:58.190> and<00:22:58.700> a<00:22:58.879> bunch<00:22:59.389> of<00:22:59.570> this<00:23:00.019> fairly 00:23:00.220 --> 00:23:00.230 align:start position:0% in some cases and a bunch of this fairly 00:23:00.230 --> 00:23:02.649 align:start position:0% in some cases and a bunch of this fairly long<00:23:00.590> tail<00:23:00.799> of<00:23:00.830> smaller<00:23:01.249> improvements<00:23:01.850> but 00:23:02.649 --> 00:23:02.659 align:start position:0% long tail of smaller improvements but 00:23:02.659 --> 00:23:04.600 align:start position:0% long tail of smaller improvements but you<00:23:02.779> know<00:23:02.899> basically<00:23:03.169> I<00:23:03.740> would<00:23:03.980> say<00:23:04.190> the 00:23:04.600 --> 00:23:04.610 align:start position:0% you know basically I would say the 00:23:04.610 --> 00:23:07.389 align:start position:0% you know basically I would say the motive<00:23:05.240> main<00:23:05.840> theme<00:23:06.289> of<00:23:06.320> the<00:23:06.619> Byzantium<00:23:06.769> hard 00:23:07.389 --> 00:23:07.399 align:start position:0% motive main theme of the Byzantium hard 00:23:07.399 --> 00:23:09.700 align:start position:0% motive main theme of the Byzantium hard fork<00:23:07.639> is<00:23:07.879> adding<00:23:08.779> in<00:23:08.960> this<00:23:09.110> kind<00:23:09.289> of<00:23:09.320> strong 00:23:09.700 --> 00:23:09.710 align:start position:0% fork is adding in this kind of strong 00:23:09.710 --> 00:23:11.649 align:start position:0% fork is adding in this kind of strong cryptography<00:23:10.429> that<00:23:10.759> makes<00:23:11.119> powerful 00:23:11.649 --> 00:23:11.659 align:start position:0% cryptography that makes powerful 00:23:11.659 --> 00:23:13.720 align:start position:0% cryptography that makes powerful privacy-preserving<00:23:12.220> applications<00:23:13.220> possible 00:23:13.720 --> 00:23:13.730 align:start position:0% privacy-preserving applications possible 00:23:13.730 --> 00:23:17.289 align:start position:0% privacy-preserving applications possible so<00:23:14.360> if<00:23:15.039> and<00:23:16.039> there<00:23:16.429> there<00:23:16.639> are<00:23:16.669> already<00:23:16.940> lots 00:23:17.289 --> 00:23:17.299 align:start position:0% so if and there there are already lots 00:23:17.299 --> 00:23:18.519 align:start position:0% so if and there there are already lots of<00:23:17.509> interesting<00:23:17.929> things<00:23:17.990> that<00:23:18.230> are<00:23:18.379> being 00:23:18.519 --> 00:23:18.529 align:start position:0% of interesting things that are being 00:23:18.529 --> 00:23:20.049 align:start position:0% of interesting things that are being built<00:23:18.799> on<00:23:18.950> on<00:23:19.190> top<00:23:19.460> of<00:23:19.610> it<00:23:19.700> there<00:23:19.820> is<00:23:19.850> already 00:23:20.049 --> 00:23:20.059 align:start position:0% built on on top of it there is already 00:23:20.059 --> 00:23:22.659 align:start position:0% built on on top of it there is already you<00:23:20.840> know<00:23:20.929> I<00:23:20.960> mean<00:23:21.710> Zeki<00:23:22.100> snark<00:23:22.429> based 00:23:22.659 --> 00:23:22.669 align:start position:0% you know I mean Zeki snark based 00:23:22.669 --> 00:23:24.220 align:start position:0% you know I mean Zeki snark based reputation<00:23:23.330> system<00:23:23.690> that<00:23:23.840> I've<00:23:23.929> heard<00:23:24.139> about 00:23:24.220 --> 00:23:24.230 align:start position:0% reputation system that I've heard about 00:23:24.230 --> 00:23:26.139 align:start position:0% reputation system that I've heard about yesterday<00:23:24.830> so<00:23:24.889> this<00:23:25.490> is<00:23:25.669> moving<00:23:25.850> forward 00:23:26.139 --> 00:23:26.149 align:start position:0% yesterday so this is moving forward 00:23:26.149 --> 00:23:29.169 align:start position:0% yesterday so this is moving forward quite<00:23:26.419> quickly<00:23:26.629> so<00:23:27.129> future<00:23:28.129> directions<00:23:28.460> so 00:23:29.169 --> 00:23:29.179 align:start position:0% quite quickly so future directions so 00:23:29.179 --> 00:23:33.820 align:start position:0% quite quickly so future directions so Casper<00:23:30.519> um<00:23:31.519> see<00:23:31.940> a<00:23:32.450> chungmu<00:23:33.110> presenting<00:23:33.619> right 00:23:33.820 --> 00:23:33.830 align:start position:0% Casper um see a chungmu presenting right 00:23:33.830 --> 00:23:36.159 align:start position:0% Casper um see a chungmu presenting right after<00:23:34.159> me<00:23:34.340> Vlad<00:23:35.179> is<00:23:35.419> going<00:23:35.629> to<00:23:35.720> also<00:23:35.990> present 00:23:36.159 --> 00:23:36.169 align:start position:0% after me Vlad is going to also present 00:23:36.169 --> 00:23:37.869 align:start position:0% after me Vlad is going to also present about<00:23:36.559> his<00:23:36.830> version<00:23:37.009> of<00:23:37.220> Casper<00:23:37.669> called 00:23:37.869 --> 00:23:37.879 align:start position:0% about his version of Casper called 00:23:37.879 --> 00:23:41.440 align:start position:0% about his version of Casper called Casper<00:23:38.269> CBC<00:23:39.429> sharding<00:23:40.429> so<00:23:40.940> see<00:23:41.269> my 00:23:41.440 --> 00:23:41.450 align:start position:0% Casper CBC sharding so see my 00:23:41.450 --> 00:23:43.450 align:start position:0% Casper CBC sharding so see my presentation<00:23:42.200> basically<00:23:42.679> right<00:23:43.100> at<00:23:43.220> the<00:23:43.340> end 00:23:43.450 --> 00:23:43.460 align:start position:0% presentation basically right at the end 00:23:43.460 --> 00:23:45.669 align:start position:0% presentation basically right at the end of<00:23:43.549> today<00:23:43.850> though<00:23:44.539> I<00:23:44.809> will<00:23:45.080> say<00:23:45.289> that<00:23:45.499> it's<00:23:45.619> not 00:23:45.669 --> 00:23:45.679 align:start position:0% of today though I will say that it's not 00:23:45.679 --> 00:23:47.499 align:start position:0% of today though I will say that it's not just<00:23:46.159> about<00:23:46.309> charting<00:23:46.820> and<00:23:46.970> it<00:23:47.029> actually<00:23:47.179> does 00:23:47.499 --> 00:23:47.509 align:start position:0% just about charting and it actually does 00:23:47.509 --> 00:23:49.539 align:start position:0% just about charting and it actually does kind<00:23:47.720> of<00:23:47.840> get<00:23:48.009> significantly<00:23:49.009> broader<00:23:49.309> than 00:23:49.539 --> 00:23:49.549 align:start position:0% kind of get significantly broader than 00:23:49.549 --> 00:23:50.440 align:start position:0% kind of get significantly broader than that 00:23:50.440 --> 00:23:50.450 align:start position:0% that 00:23:50.450 --> 00:23:52.899 align:start position:0% that also<00:23:50.899> just<00:23:51.139> all<00:23:51.350> this<00:23:51.769> long<00:23:52.129> tail<00:23:52.429> of<00:23:52.460> kind<00:23:52.850> of 00:23:52.899 --> 00:23:52.909 align:start position:0% also just all this long tail of kind of 00:23:52.909 --> 00:23:54.759 align:start position:0% also just all this long tail of kind of eve<00:23:53.119> of<00:23:53.149> EVM<00:23:53.779> upgrades<00:23:54.259> much<00:23:54.529> smaller 00:23:54.759 --> 00:23:54.769 align:start position:0% eve of EVM upgrades much smaller 00:23:54.769 --> 00:23:57.100 align:start position:0% eve of EVM upgrades much smaller protocol<00:23:55.249> upgrades<00:23:55.639> now<00:23:56.389> this<00:23:56.600> is<00:23:56.779> future 00:23:57.100 --> 00:23:57.110 align:start position:0% protocol upgrades now this is future 00:23:57.110 --> 00:23:59.859 align:start position:0% protocol upgrades now this is future directions<00:23:57.499> for<00:23:57.830> the<00:23:58.639> etherium<00:23:59.179> blockchain 00:23:59.859 --> 00:23:59.869 align:start position:0% directions for the etherium blockchain 00:23:59.869 --> 00:24:02.109 align:start position:0% directions for the etherium blockchain kind<00:24:00.169> of<00:24:00.259> course<00:24:00.590> specifically<00:24:01.309> there<00:24:01.820> is<00:24:01.850> now 00:24:02.109 --> 00:24:02.119 align:start position:0% kind of course specifically there is now 00:24:02.119 --> 00:24:04.299 align:start position:0% kind of course specifically there is now a<00:24:02.149> much<00:24:02.690> larger<00:24:03.230> list<00:24:03.440> of<00:24:03.649> future<00:24:03.950> directions 00:24:04.299 --> 00:24:04.309 align:start position:0% a much larger list of future directions 00:24:04.309 --> 00:24:06.419 align:start position:0% a much larger list of future directions for<00:24:04.840> second<00:24:05.840> layer<00:24:05.990> architecture 00:24:06.419 --> 00:24:06.429 align:start position:0% for second layer architecture 00:24:06.429 --> 00:24:08.619 align:start position:0% for second layer architecture intermediate<00:24:07.429> tools<00:24:07.730> systems<00:24:08.119> that<00:24:08.480> can<00:24:08.600> be 00:24:08.619 --> 00:24:08.629 align:start position:0% intermediate tools systems that can be 00:24:08.629 --> 00:24:11.279 align:start position:0% intermediate tools systems that can be built<00:24:08.929> on<00:24:09.139> top<00:24:09.379> of<00:24:09.440> aetherium<00:24:10.009> this<00:24:10.669> includes 00:24:11.279 --> 00:24:11.289 align:start position:0% built on top of aetherium this includes 00:24:11.289 --> 00:24:13.899 align:start position:0% built on top of aetherium this includes scalability<00:24:12.289> solutions<00:24:12.799> like<00:24:13.009> plasma<00:24:13.279> this 00:24:13.899 --> 00:24:13.909 align:start position:0% scalability solutions like plasma this 00:24:13.909 --> 00:24:15.549 align:start position:0% scalability solutions like plasma this includes<00:24:14.360> all<00:24:14.659> of<00:24:14.690> the<00:24:14.809> stuff<00:24:15.169> that<00:24:15.350> can<00:24:15.440> be 00:24:15.549 --> 00:24:15.559 align:start position:0% includes all of the stuff that can be 00:24:15.559 --> 00:24:17.379 align:start position:0% includes all of the stuff that can be built<00:24:15.769> on<00:24:15.980> top<00:24:16.039> of<00:24:16.279> ring<00:24:16.669> signature<00:24:17.149> but<00:24:17.330> you 00:24:17.379 --> 00:24:17.389 align:start position:0% built on top of ring signature but you 00:24:17.389 --> 00:24:19.480 align:start position:0% built on top of ring signature but you know<00:24:17.480> elliptic<00:24:18.169> curve<00:24:18.490> multiplication 00:24:19.480 --> 00:24:19.490 align:start position:0% know elliptic curve multiplication 00:24:19.490 --> 00:24:24.369 align:start position:0% know elliptic curve multiplication pairing<00:24:20.059> CZK<00:24:20.929> snarks<00:24:21.490> this<00:24:22.490> includes<00:24:23.379> various 00:24:24.369 --> 00:24:24.379 align:start position:0% pairing CZK snarks this includes various 00:24:24.379 --> 00:24:26.379 align:start position:0% pairing CZK snarks this includes various other<00:24:24.619> privacy-preserving<00:24:25.190> protocols<00:24:26.090> this 00:24:26.379 --> 00:24:26.389 align:start position:0% other privacy-preserving protocols this 00:24:26.389 --> 00:24:29.049 align:start position:0% other privacy-preserving protocols this includes<00:24:26.960> like<00:24:27.769> state<00:24:28.070> channel<00:24:28.399> systems<00:24:28.820> and 00:24:29.049 --> 00:24:29.059 align:start position:0% includes like state channel systems and 00:24:29.059 --> 00:24:31.090 align:start position:0% includes like state channel systems and all<00:24:29.210> of<00:24:29.330> these<00:24:29.480> are<00:24:29.690> also<00:24:29.980> wonderful<00:24:30.980> and 00:24:31.090 --> 00:24:31.100 align:start position:0% all of these are also wonderful and 00:24:31.100 --> 00:24:32.440 align:start position:0% all of these are also wonderful and really<00:24:31.220> important<00:24:31.669> advancements<00:24:32.210> that<00:24:32.269> will 00:24:32.440 --> 00:24:32.450 align:start position:0% really important advancements that will 00:24:32.450 --> 00:24:34.529 align:start position:0% really important advancements that will hope<00:24:32.690> that<00:24:32.720> we'll<00:24:33.049> hear<00:24:33.590> more<00:24:33.860> about<00:24:33.919> as<00:24:34.220> well 00:24:34.529 --> 00:24:34.539 align:start position:0% hope that we'll hear more about as well 00:24:34.539 --> 00:24:38.549 align:start position:0% hope that we'll hear more about as well so<00:24:35.919> thank<00:24:36.919> you<00:24:37.100> and<00:24:37.460> once<00:24:37.820> again<00:24:38.119> hope<00:24:38.330> you 00:24:38.549 --> 00:24:38.559 align:start position:0% so thank you and once again hope you 00:24:38.559 --> 00:24:49.520 align:start position:0% so thank you and once again hope you enjoy<00:24:39.559> the<00:24:39.679> conference 00:24:49.520 --> 00:24:49.530 align:start position:0% 00:24:49.530 --> 00:24:52.730 align:start position:0% [Music]