WEBVTT Kind: captions Language: en 00:00:04.600 --> 00:00:09.440 align:start position:0% we're<00:00:05.380> about<00:00:05.680> to<00:00:05.890> kick<00:00:06.069> out<00:00:06.220> the<00:00:06.550> eternal<00:00:07.420> one 00:00:09.440 --> 00:00:09.450 align:start position:0% we're about to kick out the eternal one 00:00:09.450 --> 00:00:14.459 align:start position:0% we're about to kick out the eternal one /t<00:00:10.450> theorem<00:00:10.870> to<00:00:11.379> transition<00:00:12.250> and<00:00:12.900> I<00:00:13.900> think 00:00:14.459 --> 00:00:14.469 align:start position:0% /t theorem to transition and I think 00:00:14.469 --> 00:00:18.240 align:start position:0% /t theorem to transition and I think that<00:00:14.910> Danny<00:00:15.910> is<00:00:16.150> the<00:00:16.180> right<00:00:16.570> person<00:00:16.840> who<00:00:17.410> will 00:00:18.240 --> 00:00:18.250 align:start position:0% that Danny is the right person who will 00:00:18.250 --> 00:00:23.210 align:start position:0% that Danny is the right person who will introduce<00:00:18.700> you<00:00:19.090> the<00:00:19.300> topic 00:00:23.210 --> 00:00:23.220 align:start position:0% 00:00:23.220 --> 00:00:27.420 align:start position:0% yeah<00:00:24.570> I'm<00:00:25.570> Danny<00:00:25.930> I<00:00:26.619> work<00:00:26.980> at<00:00:27.070> the<00:00:27.189> theatre 00:00:27.420 --> 00:00:27.430 align:start position:0% yeah I'm Danny I work at the theatre 00:00:27.430 --> 00:00:32.159 align:start position:0% yeah I'm Danny I work at the theatre foundation<00:00:27.880> on<00:00:28.149> a<00:00:28.210> lot<00:00:28.540> a<00:00:28.570> to<00:00:28.750> stuff<00:00:31.169> the 00:00:32.159 --> 00:00:32.169 align:start position:0% foundation on a lot a to stuff the 00:00:32.169 --> 00:00:36.479 align:start position:0% foundation on a lot a to stuff the question<00:00:33.130> of<00:00:33.450> what<00:00:34.829> the<00:00:35.829> existing<00:00:36.190> theorem 00:00:36.479 --> 00:00:36.489 align:start position:0% question of what the existing theorem 00:00:36.489 --> 00:00:38.700 align:start position:0% question of what the existing theorem chain<00:00:36.730> does<00:00:37.270> and<00:00:37.690> is<00:00:37.780> in<00:00:37.960> relationship<00:00:38.380> to<00:00:38.530> the 00:00:38.700 --> 00:00:38.710 align:start position:0% chain does and is in relationship to the 00:00:38.710 --> 00:00:40.710 align:start position:0% chain does and is in relationship to the theorem<00:00:38.980> 2.0<00:00:39.400> has<00:00:39.640> been<00:00:39.850> kind<00:00:40.390> of<00:00:40.420> an<00:00:40.540> open 00:00:40.710 --> 00:00:40.720 align:start position:0% theorem 2.0 has been kind of an open 00:00:40.720 --> 00:00:42.060 align:start position:0% theorem 2.0 has been kind of an open question<00:00:40.750> over<00:00:41.140> the<00:00:41.230> past<00:00:41.410> year<00:00:41.650> as<00:00:41.860> the 00:00:42.060 --> 00:00:42.070 align:start position:0% question over the past year as the 00:00:42.070 --> 00:00:44.160 align:start position:0% question over the past year as the etherion<00:00:42.370> 2.0<00:00:42.790> protocol<00:00:43.300> has<00:00:43.600> emerged<00:00:43.960> as 00:00:44.160 --> 00:00:44.170 align:start position:0% etherion 2.0 protocol has emerged as 00:00:44.170 --> 00:00:46.980 align:start position:0% etherion 2.0 protocol has emerged as people<00:00:44.590> have<00:00:44.680> begun<00:00:44.860> to<00:00:44.920> work<00:00:45.070> on<00:00:45.220> it<00:00:45.960> for<00:00:46.960> a 00:00:46.980 --> 00:00:46.990 align:start position:0% people have begun to work on it for a 00:00:46.990 --> 00:00:50.370 align:start position:0% people have begun to work on it for a while<00:00:47.370> it<00:00:48.370> was<00:00:48.570> maybe<00:00:49.570> be<00:00:49.870> rolled<00:00:50.079> in<00:00:50.200> as<00:00:50.350> a 00:00:50.370 --> 00:00:50.380 align:start position:0% while it was maybe be rolled in as a 00:00:50.380 --> 00:00:53.100 align:start position:0% while it was maybe be rolled in as a smart<00:00:50.740> contract<00:00:51.190> within<00:00:51.370> one<00:00:51.579> shard<00:00:51.960> that<00:00:52.960> was 00:00:53.100 --> 00:00:53.110 align:start position:0% smart contract within one shard that was 00:00:53.110 --> 00:00:54.840 align:start position:0% smart contract within one shard that was also<00:00:53.380> floated<00:00:53.770> maybe<00:00:53.950> it<00:00:54.100> just<00:00:54.250> exists<00:00:54.700> in 00:00:54.840 --> 00:00:54.850 align:start position:0% also floated maybe it just exists in 00:00:54.850 --> 00:00:59.640 align:start position:0% also floated maybe it just exists in parallel<00:00:55.270> forever<00:00:55.600> and<00:00:55.930> we<00:00:56.320> let<00:00:56.500> it<00:00:56.530> die<00:00:58.650> both 00:00:59.640 --> 00:00:59.650 align:start position:0% parallel forever and we let it die both 00:00:59.650 --> 00:01:01.680 align:start position:0% parallel forever and we let it die both of<00:00:59.860> those<00:00:59.980> one<00:01:00.760> of<00:01:00.790> those<00:01:01.000> have<00:01:01.210> seemed<00:01:01.420> kind 00:01:01.680 --> 00:01:01.690 align:start position:0% of those one of those have seemed kind 00:01:01.690 --> 00:01:03.630 align:start position:0% of those one of those have seemed kind of<00:01:01.750> complex<00:01:02.140> and<00:01:02.380> the<00:01:02.440> challenges<00:01:02.890> were<00:01:03.190> not 00:01:03.630 --> 00:01:03.640 align:start position:0% of complex and the challenges were not 00:01:03.640 --> 00:01:05.249 align:start position:0% of complex and the challenges were not so<00:01:03.880> clear<00:01:04.149> how<00:01:04.299> to<00:01:04.329> solve<00:01:04.629> them<00:01:04.809> and<00:01:04.960> then<00:01:05.140> the 00:01:05.249 --> 00:01:05.259 align:start position:0% so clear how to solve them and then the 00:01:05.259 --> 00:01:08.060 align:start position:0% so clear how to solve them and then the other<00:01:05.379> it<00:01:06.220> just<00:01:06.280> letting<00:01:07.030> it<00:01:07.090> exist<00:01:07.420> forever 00:01:08.060 --> 00:01:08.070 align:start position:0% other it just letting it exist forever 00:01:08.070 --> 00:01:10.649 align:start position:0% other it just letting it exist forever kind<00:01:09.070> of<00:01:09.190> didn't<00:01:09.970> feel<00:01:10.090> like<00:01:10.240> the<00:01:10.420> the 00:01:10.649 --> 00:01:10.659 align:start position:0% kind of didn't feel like the the 00:01:10.659 --> 00:01:12.870 align:start position:0% kind of didn't feel like the the humanist<00:01:11.020> approach<00:01:11.290> as<00:01:11.530> Casey<00:01:12.070> likes<00:01:12.580> to<00:01:12.729> put 00:01:12.870 --> 00:01:12.880 align:start position:0% humanist approach as Casey likes to put 00:01:12.880 --> 00:01:15.510 align:start position:0% humanist approach as Casey likes to put it<00:01:13.000> it<00:01:13.690> didn't<00:01:13.960> know<00:01:14.200> all<00:01:14.500> of<00:01:14.770> these<00:01:14.890> humans<00:01:15.280> in 00:01:15.510 --> 00:01:15.520 align:start position:0% it it didn't know all of these humans in 00:01:15.520 --> 00:01:17.660 align:start position:0% it it didn't know all of these humans in this<00:01:15.940> room<00:01:16.180> work<00:01:16.420> on<00:01:16.659> the<00:01:16.810> etherion<00:01:17.080> protocol 00:01:17.660 --> 00:01:17.670 align:start position:0% this room work on the etherion protocol 00:01:17.670 --> 00:01:21.450 align:start position:0% this room work on the etherion protocol so<00:01:19.049> it's<00:01:20.049> been<00:01:20.290> a<00:01:20.320> priority<00:01:20.650> to<00:01:21.010> figure<00:01:21.280> out<00:01:21.430> a 00:01:21.450 --> 00:01:21.460 align:start position:0% so it's been a priority to figure out a 00:01:21.460 --> 00:01:26.460 align:start position:0% so it's been a priority to figure out a better<00:01:21.640> way<00:01:21.970> to<00:01:24.240> slot<00:01:25.240> eath<00:01:25.600> one<00:01:25.900> into<00:01:26.320> eath 00:01:26.460 --> 00:01:26.470 align:start position:0% better way to slot eath one into eath 00:01:26.470 --> 00:01:30.060 align:start position:0% better way to slot eath one into eath two<00:01:26.940> there's<00:01:27.940> a<00:01:28.030> lot<00:01:28.299> of<00:01:28.890> conversations<00:01:29.890> this 00:01:30.060 --> 00:01:30.070 align:start position:0% two there's a lot of conversations this 00:01:30.070 --> 00:01:32.399 align:start position:0% two there's a lot of conversations this week<00:01:30.250> around<00:01:30.810> execution<00:01:31.810> execution 00:01:32.399 --> 00:01:32.409 align:start position:0% week around execution execution 00:01:32.409 --> 00:01:34.469 align:start position:0% week around execution execution environments<00:01:33.190> and<00:01:33.369> it<00:01:33.790> turns<00:01:33.940> out<00:01:34.119> this<00:01:34.330> like 00:01:34.469 --> 00:01:34.479 align:start position:0% environments and it turns out this like 00:01:34.479 --> 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own<00:01:43.720> execution<00:01:44.200> environment<00:01:45.090> but<00:01:46.090> it's<00:01:46.780> a 00:01:46.800 --> 00:01:46.810 align:start position:0% its own execution environment but it's a 00:01:46.810 --> 00:01:48.149 align:start position:0% its own execution environment but it's a lot<00:01:46.900> of<00:01:46.960> things<00:01:47.110> to<00:01:47.200> figure<00:01:47.260> out<00:01:47.439> what<00:01:48.040> that 00:01:48.149 --> 00:01:48.159 align:start position:0% lot of things to figure out what that 00:01:48.159 --> 00:01:50.100 align:start position:0% lot of things to figure out what that actually<00:01:48.310> looks<00:01:48.520> like<00:01:48.729> and<00:01:49.630> then<00:01:49.750> more 00:01:50.100 --> 00:01:50.110 align:start position:0% actually looks like and then more 00:01:50.110 --> 00:01:52.770 align:start position:0% actually looks like and then more importantly<00:01:50.580> even<00:01:51.580> if<00:01:51.790> you<00:01:51.909> do<00:01:52.090> that<00:01:52.299> we<00:01:52.600> now 00:01:52.770 --> 00:01:52.780 align:start position:0% importantly even if you do that we now 00:01:52.780 --> 00:01:56.310 align:start position:0% importantly even if you do that we now have<00:01:53.049> this<00:01:54.510> we<00:01:55.510> essentially<00:01:56.020> we<00:01:56.110> have<00:01:56.229> all 00:01:56.310 --> 00:01:56.320 align:start position:0% have this we essentially we have all 00:01:56.320 --> 00:01:57.630 align:start position:0% have this we essentially we have all these<00:01:56.409> developer<00:01:56.860> interfaces<00:01:57.340> on<00:01:57.460> how<00:01:57.580> we 00:01:57.630 --> 00:01:57.640 align:start position:0% these developer interfaces on how we 00:01:57.640 --> 00:01:59.609 align:start position:0% these developer interfaces on how we interact<00:01:57.970> with<00:01:58.240> the<00:01:58.330> existing<00:01:58.810> theorem<00:01:59.380> chain 00:01:59.609 --> 00:01:59.619 align:start position:0% interact with the existing theorem chain 00:01:59.619 --> 00:02:02.460 align:start position:0% interact with the existing theorem chain and<00:02:00.460> one<00:02:00.580> of<00:02:00.670> the<00:02:00.759> big<00:02:01.180> upcoming<00:02:01.930> challenges 00:02:02.460 --> 00:02:02.470 align:start position:0% and one of the big upcoming challenges 00:02:02.470 --> 00:02:05.460 align:start position:0% and one of the big upcoming challenges is<00:02:02.710> how<00:02:03.549> do<00:02:04.360> we<00:02:04.450> take<00:02:04.540> all<00:02:04.869> these<00:02:05.049> developer 00:02:05.460 --> 00:02:05.470 align:start position:0% is how do we take all these developer 00:02:05.470 --> 00:02:07.699 align:start position:0% is how do we take all these developer interfaces<00:02:05.979> and<00:02:06.189> once<00:02:06.850> we've<00:02:07.060> made<00:02:07.450> this 00:02:07.699 --> 00:02:07.709 align:start position:0% interfaces and once we've made this 00:02:07.709 --> 00:02:10.919 align:start position:0% interfaces and once we've made this prior<00:02:08.709> to<00:02:08.739> making<00:02:09.039> this<00:02:09.250> migration<00:02:09.729> how<00:02:10.720> do<00:02:10.780> we 00:02:10.919 --> 00:02:10.929 align:start position:0% prior to making this migration how do we 00:02:10.929 --> 00:02:12.659 align:start position:0% prior to making this migration how do we kind<00:02:11.470> of<00:02:11.530> rework<00:02:11.830> the<00:02:12.010> internals<00:02:12.459> of<00:02:12.549> these 00:02:12.659 --> 00:02:12.669 align:start position:0% kind of rework the internals of these 00:02:12.669 --> 00:02:14.580 align:start position:0% kind of rework the internals of these exposed<00:02:13.480> very<00:02:13.810> similar<00:02:14.260> if<00:02:14.349> not<00:02:14.409> the<00:02:14.499> same 00:02:14.580 --> 00:02:14.590 align:start position:0% exposed very similar if not the same 00:02:14.590 --> 00:02:16.979 align:start position:0% exposed very similar if not the same interfaces<00:02:15.279> such<00:02:16.090> that<00:02:16.359> the<00:02:16.450> developer 00:02:16.979 --> 00:02:16.989 align:start position:0% interfaces such that the developer 00:02:16.989 --> 00:02:18.460 align:start position:0% interfaces such that the developer experience 00:02:18.460 --> 00:02:18.470 align:start position:0% experience 00:02:18.470 --> 00:02:20.860 align:start position:0% experience is<00:02:18.740> fluid<00:02:19.670> and<00:02:19.760> continuous<00:02:20.270> through<00:02:20.720> that 00:02:20.860 --> 00:02:20.870 align:start position:0% is fluid and continuous through that 00:02:20.870 --> 00:02:24.880 align:start position:0% is fluid and continuous through that migration<00:02:22.570> it's<00:02:23.570> definitely<00:02:23.900> the<00:02:24.080> this<00:02:24.770> is 00:02:24.880 --> 00:02:24.890 align:start position:0% migration it's definitely the this is 00:02:24.890 --> 00:02:26.470 align:start position:0% migration it's definitely the this is kind<00:02:25.100> of<00:02:25.130> the<00:02:25.220> lay<00:02:25.370> of<00:02:25.520> the<00:02:25.550> land<00:02:25.640> of<00:02:26.270> the 00:02:26.470 --> 00:02:26.480 align:start position:0% kind of the lay of the land of the 00:02:26.480 --> 00:02:28.120 align:start position:0% kind of the lay of the land of the problems<00:02:26.930> it's<00:02:27.140> the<00:02:27.230> technical<00:02:27.620> problem<00:02:27.980> of 00:02:28.120 --> 00:02:28.130 align:start position:0% problems it's the technical problem of 00:02:28.130 --> 00:02:32.920 align:start position:0% problems it's the technical problem of how<00:02:28.930> how<00:02:29.930> eath<00:02:30.140> one<00:02:30.380> becomes<00:02:30.920> any<00:02:31.490> if<00:02:32.330> during 00:02:32.920 --> 00:02:32.930 align:start position:0% how how eath one becomes any if during 00:02:32.930 --> 00:02:37.690 align:start position:0% how how eath one becomes any if during that<00:02:33.200> transition<00:02:35.200> what<00:02:36.200> we<00:02:36.410> what<00:02:37.250> things<00:02:37.520> we 00:02:37.690 --> 00:02:37.700 align:start position:0% that transition what we what things we 00:02:37.700 --> 00:02:39.190 align:start position:0% that transition what we what things we might<00:02:37.850> choose<00:02:38.180> change<00:02:38.540> there's<00:02:38.870> been<00:02:39.020> talks 00:02:39.190 --> 00:02:39.200 align:start position:0% might choose change there's been talks 00:02:39.200 --> 00:02:41.550 align:start position:0% might choose change there's been talks about<00:02:39.410> changing<00:02:39.590> the<00:02:39.860> Merkel<00:02:40.100> tree<00:02:40.250> structure 00:02:41.550 --> 00:02:41.560 align:start position:0% about changing the Merkel tree structure 00:02:41.560 --> 00:02:45.250 align:start position:0% about changing the Merkel tree structure how<00:02:42.560> certain<00:02:43.190> things<00:02:43.580> like<00:02:43.970> block<00:02:44.540> difficulty 00:02:45.250 --> 00:02:45.260 align:start position:0% how certain things like block difficulty 00:02:45.260 --> 00:02:47.260 align:start position:0% how certain things like block difficulty and<00:02:45.710> things<00:02:45.920> like<00:02:46.040> that<00:02:46.100> are<00:02:46.490> translated<00:02:47.120> some 00:02:47.260 --> 00:02:47.270 align:start position:0% and things like that are translated some 00:02:47.270 --> 00:02:48.850 align:start position:0% and things like that are translated some of<00:02:47.300> these<00:02:47.450> old<00:02:47.840> op<00:02:48.020> codes<00:02:48.290> and<00:02:48.500> things<00:02:48.590> might 00:02:48.850 --> 00:02:48.860 align:start position:0% of these old op codes and things might 00:02:48.860 --> 00:02:51.280 align:start position:0% of these old op codes and things might change<00:02:48.890> do<00:02:49.880> you<00:02:50.030> open<00:02:50.270> up<00:02:50.570> the<00:02:50.900> sharded 00:02:51.280 --> 00:02:51.290 align:start position:0% change do you open up the sharded 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number number of other challenges like<00:03:00.230> that<00:03:00.530> so<00:03:00.680> it's<00:03:00.800> kind<00:03:00.950> of<00:03:00.980> the<00:03:01.160> technical 00:03:01.870 --> 00:03:01.880 align:start position:0% like that so it's kind of the technical 00:03:01.880 --> 00:03:04.150 align:start position:0% like that so it's kind of the technical challenges<00:03:01.910> of<00:03:02.570> that<00:03:02.900> migration<00:03:03.380> and<00:03:03.740> the 00:03:04.150 --> 00:03:04.160 align:start position:0% challenges of that migration and the 00:03:04.160 --> 00:03:07.960 align:start position:0% challenges of that migration and the developer<00:03:05.090> layer<00:03:05.440> challenges<00:03:06.440> of<00:03:06.970> masking 00:03:07.960 --> 00:03:07.970 align:start position:0% developer layer challenges of masking 00:03:07.970 --> 00:03:10.450 align:start position:0% developer layer challenges of masking the<00:03:08.120> complexity<00:03:08.720> and<00:03:08.750> kind<00:03:08.990> of<00:03:09.050> like<00:03:09.460> shifting 00:03:10.450 --> 00:03:10.460 align:start position:0% the complexity and kind of like shifting 00:03:10.460 --> 00:03:16.810 align:start position:0% the complexity and kind of like shifting the<00:03:10.640> entire<00:03:10.940> community<00:03:11.870> over<00:03:14.680> is<00:03:15.680> that<00:03:16.190> the 00:03:16.810 --> 00:03:16.820 align:start position:0% the entire community over is that the 00:03:16.820 --> 00:03:18.310 align:start position:0% the entire community over is that the kind<00:03:17.210> of<00:03:17.240> stuff<00:03:17.510> that<00:03:17.720> we<00:03:17.810> wanted<00:03:18.050> to<00:03:18.110> talk 00:03:18.310 --> 00:03:18.320 align:start position:0% kind of stuff that we wanted to talk 00:03:18.320 --> 00:03:32.560 align:start position:0% kind of stuff that we wanted to talk about<00:03:18.350> today<00:03:19.480> okay<00:03:20.480> cool<00:03:31.270> way<00:03:32.270> is<00:03:32.330> going<00:03:32.480> to 00:03:32.560 --> 00:03:32.570 align:start position:0% about today okay cool way is going to 00:03:32.570 --> 00:03:36.340 align:start position:0% about today okay cool way is going to introduce<00:03:32.720> yourself<00:03:33.820> it's<00:03:34.820> so<00:03:35.780> it<00:03:36.050> shall<00:03:36.320> we 00:03:36.340 --> 00:03:36.350 align:start position:0% introduce yourself it's so it shall we 00:03:36.350 --> 00:03:38.860 align:start position:0% introduce yourself it's so it shall we found<00:03:36.680> some<00:03:37.340> foundation<00:03:37.850> research<00:03:38.209> thing<00:03:38.510> and 00:03:38.860 --> 00:03:38.870 align:start position:0% found some foundation research thing and 00:03:38.870 --> 00:03:41.199 align:start position:0% found some foundation research thing and I've<00:03:39.140> been<00:03:39.500> working<00:03:39.740> for<00:03:40.060> joining<00:03:41.060> for<00:03:41.090> a 00:03:41.199 --> 00:03:41.209 align:start position:0% I've been working for joining for a 00:03:41.209 --> 00:03:49.020 align:start position:0% I've been working for joining for a while<00:03:41.420> and<00:03:41.750> now<00:03:41.959> it's<00:03:42.590> two 00:03:49.020 --> 00:03:49.030 align:start position:0% 00:03:49.030 --> 00:03:52.810 align:start position:0% okay<00:03:50.290> hi<00:03:51.290> I'm<00:03:51.470> Alex<00:03:51.740> Stokes<00:03:52.010> I<00:03:52.310> work<00:03:52.550> on 00:03:52.810 --> 00:03:52.820 align:start position:0% okay hi I'm Alex Stokes I work on 00:03:52.820 --> 00:03:54.430 align:start position:0% okay hi I'm Alex Stokes I work on Trinity<00:03:53.270> which<00:03:53.540> is<00:03:53.750> the<00:03:53.870> Python<00:03:54.230> client 00:03:54.430 --> 00:03:54.440 align:start position:0% Trinity which is the Python client 00:03:54.440 --> 00:03:57.970 align:start position:0% Trinity which is the Python client sponsored<00:03:55.280> by<00:03:55.430> the<00:03:55.490> foundation<00:03:56.860> focused<00:03:57.860> on 00:03:57.970 --> 00:03:57.980 align:start position:0% sponsored by the foundation focused on 00:03:57.980 --> 00:04:00.010 align:start position:0% sponsored by the foundation focused on 82<00:03:58.310> I've<00:03:58.820> also<00:03:59.030> been<00:03:59.210> looking<00:03:59.480> into<00:03:59.660> some<00:03:59.810> of 00:04:00.010 --> 00:04:00.020 align:start position:0% 82 I've also been looking into some of 00:04:00.020 --> 00:04:01.480 align:start position:0% 82 I've also been looking into some of the<00:04:00.080> research<00:04:00.200> around<00:04:00.620> the<00:04:00.740> finality<00:04:01.100> gadget 00:04:01.480 --> 00:04:01.490 align:start position:0% the research around the finality gadget 00:04:01.490 --> 00:04:04.330 align:start position:0% the research around the finality gadget which<00:04:01.760> would<00:04:01.970> be<00:04:02.810> one<00:04:03.080> stuff<00:04:03.350> where<00:04:03.680> we<00:04:03.830> start 00:04:04.330 --> 00:04:04.340 align:start position:0% which would be one stuff where we start 00:04:04.340 --> 00:04:07.300 align:start position:0% which would be one stuff where we start to<00:04:04.580> kind<00:04:05.060> of<00:04:05.120> merge<00:04:05.390> the<00:04:05.630> two<00:04:05.780> systems<00:04:06.310> looking 00:04:07.300 --> 00:04:07.310 align:start position:0% to kind of merge the two systems looking 00:04:07.310 --> 00:04:12.400 align:start position:0% to kind of merge the two systems looking towards<00:04:07.580> a<00:04:07.640> longer<00:04:07.850> term<00:04:07.970> transition<00:04:10.720> I<00:04:11.720> go<00:04:12.260> by 00:04:12.400 --> 00:04:12.410 align:start position:0% towards a longer term transition I go by 00:04:12.410 --> 00:04:15.790 align:start position:0% towards a longer term transition I go by my<00:04:12.530> online<00:04:12.800> tech<00:04:13.070> presidenta<00:04:14.440> and<00:04:15.440> I've<00:04:15.650> been 00:04:15.790 --> 00:04:15.800 align:start position:0% my online tech presidenta and I've been 00:04:15.800 --> 00:04:17.320 align:start position:0% my online tech presidenta and I've been picking<00:04:15.980> up<00:04:16.190> more<00:04:16.400> and<00:04:16.549> more<00:04:16.700> of<00:04:16.790> the<00:04:16.910> testing 00:04:17.320 --> 00:04:17.330 align:start position:0% picking up more and more of the testing 00:04:17.330 --> 00:04:23.430 align:start position:0% picking up more and more of the testing work<00:04:17.690> for<00:04:18.140> a<00:04:18.170> firm<00:04:18.350> to<00:04:18.470> just<00:04:19.250> respect<00:04:19.549> across 00:04:23.430 --> 00:04:23.440 align:start position:0% 00:04:23.440 --> 00:04:28.720 align:start position:0% in<00:04:24.440> the<00:04:24.530> world<00:04:24.710> yes<00:04:26.590> hi<00:04:27.590> I'm<00:04:27.830> Adriene<00:04:28.190> Sutton<00:04:28.490> I 00:04:28.720 --> 00:04:28.730 align:start position:0% in the world yes hi I'm Adriene Sutton I 00:04:28.730 --> 00:04:31.720 align:start position:0% in the world yes hi I'm Adriene Sutton I work<00:04:29.180> for<00:04:29.330> Pegasus<00:04:29.720> a<00:04:30.050> part<00:04:30.980> of<00:04:31.010> consensus<00:04:31.520> and 00:04:31.720 --> 00:04:31.730 align:start position:0% work for Pegasus a part of consensus and 00:04:31.730 --> 00:04:33.970 align:start position:0% work for Pegasus a part of consensus and I've<00:04:32.390> been<00:04:32.510> working<00:04:32.840> on<00:04:32.960> our<00:04:33.080> each<00:04:33.290> one<00:04:33.530> client 00:04:33.970 --> 00:04:33.980 align:start position:0% I've been working on our each one client 00:04:33.980 --> 00:04:36.400 align:start position:0% I've been working on our each one client which<00:04:34.190> is<00:04:34.310> basic<00:04:34.730> and<00:04:34.940> also<00:04:35.420> our<00:04:35.720> Artemis 00:04:36.400 --> 00:04:36.410 align:start position:0% which is basic and also our Artemis 00:04:36.410 --> 00:04:45.340 align:start position:0% which is basic and also our Artemis client<00:04:36.770> which<00:04:36.920> is<00:04:36.950> -<00:04:43.120> hey<00:04:44.120> I'm<00:04:44.300> well<00:04:44.510> I'm<00:04:44.750> in 00:04:45.340 --> 00:04:45.350 align:start position:0% client which is - hey I'm well I'm in 00:04:45.350 --> 00:04:47.440 align:start position:0% client which is - hey I'm well I'm in quote<00:04:45.620> have<00:04:46.250> been<00:04:46.370> doing<00:04:46.610> phase<00:04:46.850> to<00:04:47.120> research 00:04:47.440 --> 00:04:47.450 align:start position:0% quote have been doing phase to research 00:04:47.450 --> 00:04:50.500 align:start position:0% quote have been doing phase to research and<00:04:48.440> been<00:04:49.100> working<00:04:49.220> on<00:04:49.550> various<00:04:50.000> execution 00:04:50.500 --> 00:04:50.510 align:start position:0% and been working on various execution 00:04:50.510 --> 00:04:54.970 align:start position:0% and been working on various execution environments<00:04:51.020> and<00:04:51.140> pieces<00:04:51.620> like<00:04:51.650> that<00:04:53.980> hi 00:04:54.970 --> 00:04:54.980 align:start position:0% environments and pieces like that hi 00:04:54.980 --> 00:04:58.150 align:start position:0% environments and pieces like that hi everyone<00:04:55.370> yeah<00:04:56.150> tech<00:04:56.620> coming<00:04:57.620> from<00:04:57.770> status 00:04:58.150 --> 00:04:58.160 align:start position:0% everyone yeah tech coming from status 00:04:58.160 --> 00:05:01.450 align:start position:0% everyone yeah tech coming from status research<00:04:58.870> where<00:04:59.870> in<00:05:00.410> this<00:05:00.590> context<00:05:01.130> working 00:05:01.450 --> 00:05:01.460 align:start position:0% research where in this context working 00:05:01.460 --> 00:05:04.840 align:start position:0% research where in this context working on<00:05:01.580> a<00:05:01.990> theorem<00:05:02.990> one<00:05:03.200> and<00:05:03.500> then<00:05:04.310> the<00:05:04.400> theorem<00:05:04.669> to 00:05:04.840 --> 00:05:04.850 align:start position:0% on a theorem one and then the theorem to 00:05:04.850 --> 00:05:09.940 align:start position:0% on a theorem one and then the theorem to client<00:05:05.240> both<00:05:06.110> of<00:05:06.380> incoming<00:05:08.320> hello<00:05:09.320> my<00:05:09.710> name<00:05:09.860> is 00:05:09.940 --> 00:05:09.950 align:start position:0% client both of incoming hello my name is 00:05:09.950 --> 00:05:12.070 align:start position:0% client both of incoming hello my name is Trent<00:05:10.250> I<00:05:10.550> work<00:05:10.700> with<00:05:10.880> white<00:05:11.419> block<00:05:11.690> which<00:05:11.900> is<00:05:11.930> a 00:05:12.070 --> 00:05:12.080 align:start position:0% Trent I work with white block which is a 00:05:12.080 --> 00:05:17.860 align:start position:0% Trent I work with white block which is a network<00:05:12.730> protocol<00:05:13.730> testing<00:05:14.240> platform<00:05:16.600> hi<00:05:17.600> my 00:05:17.860 --> 00:05:17.870 align:start position:0% network protocol testing platform hi my 00:05:17.870 --> 00:05:20.740 align:start position:0% network protocol testing platform hi my name<00:05:18.020> is<00:05:18.050> call<00:05:18.350> me<00:05:19.130> theorem<00:05:19.400> research<00:05:19.790> and<00:05:20.090> I'm 00:05:20.740 --> 00:05:20.750 align:start position:0% name is call me theorem research and I'm 00:05:20.750 --> 00:05:24.520 align:start position:0% name is call me theorem research and I'm mostly<00:05:21.020> working<00:05:21.290> on<00:05:22.060> migrating<00:05:23.530> validators 00:05:24.520 --> 00:05:24.530 align:start position:0% mostly working on migrating validators 00:05:24.530 --> 00:05:29.980 align:start position:0% mostly working on migrating validators over<00:05:24.980> to<00:05:25.160> e3<00:05:25.370> at<00:05:25.669> the<00:05:25.730> moment<00:05:27.340> Oh<00:05:28.390> Kiki<00:05:29.390> I'm<00:05:29.720> not 00:05:29.980 --> 00:05:29.990 align:start position:0% over to e3 at the moment Oh Kiki I'm not 00:05:29.990 --> 00:05:32.170 align:start position:0% over to e3 at the moment Oh Kiki I'm not a<00:05:30.020> researcher<00:05:30.650> I'm<00:05:31.220> kind<00:05:31.520> of<00:05:31.550> just<00:05:31.910> like<00:05:32.060> an 00:05:32.170 --> 00:05:32.180 align:start position:0% a researcher I'm kind of just like an 00:05:32.180 --> 00:05:33.730 align:start position:0% a researcher I'm kind of just like an angel<00:05:32.419> investor<00:05:32.810> and<00:05:32.930> I<00:05:32.990> also<00:05:33.140> work<00:05:33.710> for 00:05:33.730 --> 00:05:33.740 align:start position:0% angel investor and I also work for 00:05:33.740 --> 00:05:38.530 align:start position:0% angel investor and I also work for circle<00:05:35.560> my<00:05:36.560> name<00:05:36.680> is<00:05:36.800> Alex<00:05:37.100> and<00:05:37.280> I<00:05:37.760> work<00:05:38.300> in<00:05:38.419> the 00:05:38.530 --> 00:05:38.540 align:start position:0% circle my name is Alex and I work in the 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and developing<00:05:47.120> this<00:05:47.240> software<00:05:47.450> for<00:05:47.990> the 00:05:48.100 --> 00:05:48.110 align:start position:0% developing this software for the 00:05:48.110 --> 00:05:52.780 align:start position:0% developing this software for the national<00:05:48.680> standard<00:05:49.100> cryptography<00:05:51.790> hey 00:05:52.780 --> 00:05:52.790 align:start position:0% national standard cryptography hey 00:05:52.790 --> 00:05:54.460 align:start position:0% national standard cryptography hey everyone<00:05:53.120> my<00:05:53.270> name<00:05:53.390> is<00:05:53.479> Victor<00:05:53.840> I'm<00:05:54.140> over<00:05:54.440> at 00:05:54.460 --> 00:05:54.470 align:start position:0% everyone my name is Victor I'm over at 00:05:54.470 --> 00:05:56.830 align:start position:0% everyone my name is Victor I'm over at bison<00:05:54.800> trails<00:05:55.130> we<00:05:55.490> help<00:05:56.030> people<00:05:56.180> run<00:05:56.570> nodes 00:05:56.830 --> 00:05:56.840 align:start position:0% bison trails we help people run nodes 00:05:56.840 --> 00:05:59.500 align:start position:0% bison trails we help people run nodes and<00:05:57.320> so<00:05:57.620> we<00:05:57.710> currently<00:05:57.860> support<00:05:58.150> one<00:05:59.150> point<00:05:59.360> ax 00:05:59.500 --> 00:05:59.510 align:start position:0% and so we currently support one point ax 00:05:59.510 --> 00:06:02.540 align:start position:0% and so we currently support one point ax extremely<00:06:00.260> excited<00:06:00.530> for<00:06:00.560> 2.0<00:06:01.039> and<00:06:01.160> validate 00:06:02.540 --> 00:06:02.550 align:start position:0% extremely excited for 2.0 and validate 00:06:02.550 --> 00:06:06.029 align:start position:0% extremely excited for 2.0 and validate hi<00:06:03.550> my<00:06:03.759> name<00:06:03.909> is<00:06:03.999> Joseph<00:06:04.240> I<00:06:04.719> am<00:06:05.169> an<00:06:05.319> engineer<00:06:05.830> at 00:06:06.029 --> 00:06:06.039 align:start position:0% hi my name is Joseph I am an engineer at 00:06:06.039 --> 00:06:08.339 align:start position:0% hi my name is Joseph I am an engineer at go<00:06:06.279> packs<00:06:06.550> Korea's<00:06:07.419> crypto<00:06:07.990> currency 00:06:08.339 --> 00:06:08.349 align:start position:0% go packs Korea's crypto currency 00:06:08.349 --> 00:06:11.699 align:start position:0% go packs Korea's crypto currency exchange<00:06:08.879> I'm<00:06:09.879> John<00:06:10.509> I'm<00:06:10.749> an<00:06:10.899> advisor<00:06:11.259> to<00:06:11.409> go 00:06:11.699 --> 00:06:11.709 align:start position:0% exchange I'm John I'm an advisor to go 00:06:11.709 --> 00:06:22.769 align:start position:0% exchange I'm John I'm an advisor to go packs<00:06:19.679> hi<00:06:20.679> I'm<00:06:21.279> Justin<00:06:21.699> Drake<00:06:21.939> research<00:06:22.569> at 00:06:22.769 --> 00:06:22.779 align:start position:0% packs hi I'm Justin Drake research at 00:06:22.779 --> 00:06:24.540 align:start position:0% packs hi I'm Justin Drake research at the<00:06:22.899> firm<00:06:23.169> foundation<00:06:23.289> mostly<00:06:24.099> working<00:06:24.309> on 00:06:24.540 --> 00:06:24.550 align:start position:0% the firm foundation mostly working on 00:06:24.550 --> 00:06:28.559 align:start position:0% the firm foundation mostly working on Eve<00:06:24.819> -<00:06:25.709> I'm<00:06:26.709> Felix<00:06:27.069> again<00:06:27.399> I<00:06:27.580> worked<00:06:28.179> on<00:06:28.300> eath 00:06:28.559 --> 00:06:28.569 align:start position:0% Eve - I'm Felix again I worked on eath 00:06:28.569 --> 00:06:28.949 align:start position:0% Eve - I'm Felix again I worked on eath one 00:06:28.949 --> 00:06:28.959 align:start position:0% one 00:06:28.959 --> 00:06:35.309 align:start position:0% one so<00:06:32.159> Jason<00:06:33.159> Carver<00:06:33.990> working<00:06:34.990> with<00:06:35.139> the 00:06:35.309 --> 00:06:35.319 align:start position:0% so Jason Carver working with the 00:06:35.319 --> 00:06:36.749 align:start position:0% so Jason Carver working with the etherion<00:06:35.889> foundation<00:06:36.249> on<00:06:36.369> the<00:06:36.490> Trinity 00:06:36.749 --> 00:06:36.759 align:start position:0% etherion foundation on the Trinity 00:06:36.759 --> 00:06:41.309 align:start position:0% etherion foundation on the Trinity client<00:06:37.240> more<00:06:37.360> on<00:06:37.539> the<00:06:37.719> eath<00:06:38.619> one<00:06:38.889> side<00:06:40.319> Vitalik 00:06:41.309 --> 00:06:41.319 align:start position:0% client more on the eath one side Vitalik 00:06:41.319 --> 00:06:42.510 align:start position:0% client more on the eath one side Vitalik you<00:06:41.409> probably<00:06:41.709> know<00:06:41.860> about<00:06:41.979> me<00:06:42.219> because<00:06:42.430> I 00:06:42.510 --> 00:06:42.520 align:start position:0% you probably know about me because I 00:06:42.520 --> 00:06:44.010 align:start position:0% you probably know about me because I already<00:06:42.969> introduced<00:06:43.449> myself<00:06:43.629> on<00:06:43.959> the 00:06:44.010 --> 00:06:44.020 align:start position:0% already introduced myself on the 00:06:44.020 --> 00:06:51.359 align:start position:0% already introduced myself on the previous<00:06:44.349> panel<00:06:49.229> and<00:06:50.229> one<00:06:50.800> other<00:06:50.979> component 00:06:51.359 --> 00:06:51.369 align:start position:0% previous panel and one other component 00:06:51.369 --> 00:06:54.089 align:start position:0% previous panel and one other component of<00:06:51.969> this<00:06:52.330> migration<00:06:52.680> that<00:06:53.680> I<00:06:53.740> wanted<00:06:54.039> to 00:06:54.089 --> 00:06:54.099 align:start position:0% of this migration that I wanted to 00:06:54.099 --> 00:06:57.119 align:start position:0% of this migration that I wanted to mention<00:06:54.279> is<00:06:54.580> that<00:06:55.139> ease<00:06:56.139> and<00:06:56.649> execution 00:06:57.119 --> 00:06:57.129 align:start position:0% mention is that ease and execution 00:06:57.129 --> 00:06:58.469 align:start position:0% mention is that ease and execution environments<00:06:57.580> which<00:06:57.879> is<00:06:58.029> the<00:06:58.119> notion<00:06:58.269> of 00:06:58.469 --> 00:06:58.479 align:start position:0% environments which is the notion of 00:06:58.479 --> 00:07:00.769 align:start position:0% environments which is the notion of state<00:06:58.659> instead<00:06:58.930> execution<00:06:59.439> in<00:06:59.889> e2<00:07:00.309> are 00:07:00.769 --> 00:07:00.779 align:start position:0% state instead execution in e2 are 00:07:00.779 --> 00:07:02.209 align:start position:0% state instead execution in e2 are stateless 00:07:02.209 --> 00:07:02.219 align:start position:0% stateless 00:07:02.219 --> 00:07:06.659 align:start position:0% stateless so<00:07:03.240> there<00:07:04.240> are<00:07:05.039> depending<00:07:06.039> on<00:07:06.099> the<00:07:06.189> e<00:07:06.219> you'd 00:07:06.659 --> 00:07:06.669 align:start position:0% so there are depending on the e you'd 00:07:06.669 --> 00:07:09.119 align:start position:0% so there are depending on the e you'd have<00:07:06.879> to<00:07:06.969> have<00:07:07.059> some<00:07:07.330> notion<00:07:07.659> of<00:07:07.719> state<00:07:08.050> in<00:07:08.409> a 00:07:09.119 --> 00:07:09.129 align:start position:0% have to have some notion of state in a 00:07:09.129 --> 00:07:10.859 align:start position:0% have to have some notion of state in a separate<00:07:09.909> piece<00:07:10.029> of<00:07:10.119> software<00:07:10.360> or<00:07:10.449> something 00:07:10.859 --> 00:07:10.869 align:start position:0% separate piece of software or something 00:07:10.869 --> 00:07:14.670 align:start position:0% separate piece of software or something like<00:07:10.959> that<00:07:11.110> so<00:07:11.349> the<00:07:12.930> theorem<00:07:13.930> one<00:07:14.139> clients 00:07:14.670 --> 00:07:14.680 align:start position:0% like that so the theorem one clients 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piece of software integrates<00:07:31.360> into<00:07:31.539> this<00:07:31.719> new<00:07:31.930> stack<00:07:32.319> to 00:07:32.609 --> 00:07:32.619 align:start position:0% integrates into this new stack to 00:07:32.619 --> 00:07:42.059 align:start position:0% integrates into this new stack to provide<00:07:32.919> services<00:07:33.490> to<00:07:33.550> the<00:07:33.759> eath<00:07:33.879> 1e<00:07:34.269> e<00:07:41.069> I'll 00:07:42.059 --> 00:07:42.069 align:start position:0% provide services to the eath 1e e I'll 00:07:42.069 --> 00:07:44.239 align:start position:0% provide services to the eath 1e e I'll just<00:07:42.249> start<00:07:42.669> with<00:07:42.759> a<00:07:42.819> very<00:07:42.849> basic<00:07:43.119> question 00:07:44.239 --> 00:07:44.249 align:start position:0% just start with a very basic question 00:07:44.249 --> 00:07:47.369 align:start position:0% just start with a very basic question what<00:07:45.249> can<00:07:45.490> regular<00:07:45.939> users<00:07:46.389> expect<00:07:47.050> from<00:07:47.259> the 00:07:47.369 --> 00:07:47.379 align:start position:0% what can regular users expect from the 00:07:47.379 --> 00:07:49.799 align:start position:0% what can regular users expect from the transition<00:07:47.889> how<00:07:48.399> would<00:07:48.550> they<00:07:48.669> be<00:07:48.729> impacted<00:07:49.479> in 00:07:49.799 --> 00:07:49.809 align:start position:0% transition how would they be impacted in 00:07:49.809 --> 00:07:53.670 align:start position:0% transition how would they be impacted in any<00:07:49.959> sense<00:07:51.059> in<00:07:52.059> the<00:07:52.269> short<00:07:52.539> term<00:07:52.779> not<00:07:53.079> and 00:07:53.670 --> 00:07:53.680 align:start position:0% any sense in the short term not and 00:07:53.680 --> 00:07:56.249 align:start position:0% any sense in the short term not and unless<00:07:54.339> you<00:07:54.789> personally<00:07:55.029> choose<00:07:55.809> to<00:07:56.110> take 00:07:56.249 --> 00:07:56.259 align:start position:0% unless you personally choose to take 00:07:56.259 --> 00:07:58.019 align:start position:0% unless you personally choose to take your<00:07:56.319> 32<00:07:56.860> ether<00:07:57.189> and<00:07:57.369> stick<00:07:57.610> it<00:07:57.729> into<00:07:57.849> the 00:07:58.019 --> 00:07:58.029 align:start position:0% your 32 ether and stick it into the 00:07:58.029 --> 00:08:00.029 align:start position:0% your 32 ether and stick it into the deposit<00:07:58.479> contract<00:07:58.689> and<00:07:59.319> start<00:07:59.680> running<00:07:59.949> an 00:08:00.029 --> 00:08:00.039 align:start position:0% deposit contract and start running an 00:08:00.039 --> 00:08:02.429 align:start position:0% deposit contract and start running an Easter<00:08:00.369> node<00:08:00.550> and<00:08:00.729> become<00:08:00.939> a<00:08:00.969> validator<00:08:01.449> and 00:08:02.429 --> 00:08:02.439 align:start position:0% Easter node and become a validator and 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align:start position:0% of ease to early and if you do not then if<00:08:09.579> you<00:08:09.759> do<00:08:09.909> not<00:08:10.089> then<00:08:10.449> nothing<00:08:10.930> will<00:08:11.199> happen 00:08:11.540 --> 00:08:11.550 align:start position:0% if you do not then nothing will happen 00:08:11.550 --> 00:08:14.759 align:start position:0% if you do not then nothing will happen eventually<00:08:12.550> if<00:08:13.389> there<00:08:13.569> will<00:08:13.779> be<00:08:13.809> some<00:08:14.259> form<00:08:14.529> of 00:08:14.759 --> 00:08:14.769 align:start position:0% eventually if there will be some form of 00:08:14.769 --> 00:08:19.949 align:start position:0% eventually if there will be some form of eath<00:08:15.039> ones<00:08:15.399> to<00:08:16.269> eat<00:08:16.629> to<00:08:17.139> transition<00:08:17.979> and<00:08:18.959> with 00:08:19.949 --> 00:08:19.959 align:start position:0% eath ones to eat to transition and with 00:08:19.959 --> 00:08:22.769 align:start position:0% eath ones to eat to transition and with the<00:08:20.439> kind<00:08:20.889> of<00:08:21.009> a<00:08:21.219> road<00:08:21.430> map<00:08:21.459> as<00:08:21.969> exami 00:08:22.769 --> 00:08:22.779 align:start position:0% the kind of a road map as exami 00:08:22.779 --> 00:08:25.259 align:start position:0% the kind of a road map as exami suggested<00:08:23.469> of<00:08:23.680> eath<00:08:24.069> one<00:08:24.370> transitioning<00:08:25.089> into 00:08:25.259 --> 00:08:25.269 align:start position:0% suggested of eath one transitioning into 00:08:25.269 --> 00:08:28.379 align:start position:0% suggested of eath one transitioning into being<00:08:25.539> in<00:08:25.959> e2<00:08:26.800> execution<00:08:27.370> environment<00:08:27.909> it's 00:08:28.379 --> 00:08:28.389 align:start position:0% being in e2 execution environment it's 00:08:28.389 --> 00:08:30.389 align:start position:0% being in e2 execution environment it's theoretically<00:08:29.110> possible<00:08:29.199> to<00:08:29.889> write<00:08:30.219> the 00:08:30.389 --> 00:08:30.399 align:start position:0% theoretically possible to write the 00:08:30.399 --> 00:08:32.459 align:start position:0% theoretically possible to write the software<00:08:30.639> so<00:08:31.209> that<00:08:31.240> you<00:08:31.539> experience<00:08:32.199> like 00:08:32.459 --> 00:08:32.469 align:start position:0% software so that you experience like 00:08:32.469 --> 00:08:34.949 align:start position:0% software so that you experience like very<00:08:32.800> close<00:08:33.099> to<00:08:33.309> no<00:08:33.430> disruption<00:08:34.000> at<00:08:34.120> all<00:08:34.269> like 00:08:34.949 --> 00:08:34.959 align:start position:0% very close to no disruption at all like 00:08:34.959 --> 00:08:37.920 align:start position:0% very close to no disruption at all like though<00:08:35.529> the<00:08:35.860> two<00:08:36.370> kind<00:08:36.669> of<00:08:36.819> the<00:08:37.120> worst<00:08:37.510> things 00:08:37.920 --> 00:08:37.930 align:start position:0% though the two kind of the worst things 00:08:37.930 --> 00:08:40.769 align:start position:0% though the two kind of the worst things that<00:08:38.050> might<00:08:38.349> that<00:08:38.740> might<00:08:38.800> happen<00:08:39.430> one<00:08:40.059> is<00:08:40.089> that 00:08:40.769 --> 00:08:40.779 align:start position:0% that might that might happen one is that 00:08:40.779 --> 00:08:43.199 align:start position:0% that might that might happen one is that the<00:08:40.959> chain<00:08:41.229> might<00:08:41.559> have<00:08:41.829> to<00:08:42.039> like<00:08:42.699> halt<00:08:43.000> for 00:08:43.199 --> 00:08:43.209 align:start position:0% the chain might have to like halt for 00:08:43.209 --> 00:08:44.549 align:start position:0% the chain might have to like halt for some<00:08:43.389> period<00:08:43.779> of<00:08:43.809> time<00:08:43.870> to<00:08:44.079> make<00:08:44.439> this 00:08:44.549 --> 00:08:44.559 align:start position:0% some period of time to make this 00:08:44.559 --> 00:08:46.460 align:start position:0% some period of time to make this transition<00:08:44.800> go<00:08:45.160> smoothly<00:08:45.519> to<00:08:45.880> allow<00:08:46.120> the 00:08:46.460 --> 00:08:46.470 align:start position:0% transition go smoothly to allow the 00:08:46.470 --> 00:08:49.049 align:start position:0% transition go smoothly to allow the merkel<00:08:47.470> roots<00:08:47.680> to<00:08:47.889> be<00:08:48.010> recomputed<00:08:48.430> according 00:08:49.049 --> 00:08:49.059 align:start position:0% merkel roots to be recomputed according 00:08:49.059 --> 00:08:51.240 align:start position:0% merkel roots to be recomputed according to<00:08:49.209> some<00:08:49.689> more<00:08:50.199> efficient<00:08:50.589> tree<00:08:50.800> structure 00:08:51.240 --> 00:08:51.250 align:start position:0% to some more efficient tree structure 00:08:51.250 --> 00:08:54.030 align:start position:0% to some more efficient tree structure and<00:08:51.399> so<00:08:51.579> on<00:08:51.760> and<00:08:51.970> the<00:08:52.660> second<00:08:53.139> thing<00:08:53.410> is<00:08:53.680> as<00:08:53.889> I 00:08:54.030 --> 00:08:54.040 align:start position:0% and so on and the second thing is as I 00:08:54.040 --> 00:08:56.759 align:start position:0% and so on and the second thing is as I mentioned<00:08:54.519> in<00:08:55.029> the<00:08:55.209> previous<00:08:55.360> panel<00:08:55.839> gas 00:08:56.759 --> 00:08:56.769 align:start position:0% mentioned in the previous panel gas 00:08:56.769 --> 00:09:00.210 align:start position:0% mentioned in the previous panel gas costs<00:08:57.459> for<00:08:57.760> op<00:08:57.970> codes<00:08:58.329> that<00:08:58.660> touch<00:08:59.050> state<00:08:59.920> are 00:09:00.210 --> 00:09:00.220 align:start position:0% costs for op codes that touch state are 00:09:00.220 --> 00:09:02.370 align:start position:0% costs for op codes that touch state are going<00:09:00.790> to<00:09:00.910> have<00:09:01.089> to<00:09:01.240> be<00:09:01.360> increased<00:09:01.990> massively 00:09:02.370 --> 00:09:02.380 align:start position:0% going to have to be increased massively 00:09:02.380 --> 00:09:04.290 align:start position:0% going to have to be increased massively both<00:09:03.069> for<00:09:03.339> you<00:09:03.430> through<00:09:03.639> compatibility 00:09:04.290 --> 00:09:04.300 align:start position:0% both for you through compatibility 00:09:04.300 --> 00:09:07.170 align:start position:0% both for you through compatibility reasons<00:09:04.449> and<00:09:05.019> for<00:09:05.529> kind<00:09:06.130> of<00:09:06.220> other<00:09:06.430> scalable<00:09:07.059> a 00:09:07.170 --> 00:09:07.180 align:start position:0% reasons and for kind of other scalable a 00:09:07.180 --> 00:09:10.319 align:start position:0% reasons and for kind of other scalable a scalability<00:09:08.019> reasons<00:09:08.559> as<00:09:08.680> well<00:09:08.889> and<00:09:09.160> so<00:09:09.329> some 00:09:10.319 --> 00:09:10.329 align:start position:0% scalability reasons as well and so some 00:09:10.329 --> 00:09:12.960 align:start position:0% scalability reasons as well and so some applications<00:09:11.110> might<00:09:11.500> have<00:09:11.769> to<00:09:12.040> and<00:09:12.309> have 00:09:12.960 --> 00:09:12.970 align:start position:0% applications might have to and have 00:09:12.970 --> 00:09:14.699 align:start position:0% applications might have to and have changed<00:09:13.660> the<00:09:13.750> way<00:09:13.899> that<00:09:13.990> they're<00:09:14.139> implemented 00:09:14.699 --> 00:09:14.709 align:start position:0% changed the way that they're implemented 00:09:14.709 --> 00:09:21.049 align:start position:0% changed the way that they're implemented in<00:09:14.829> order<00:09:14.949> to<00:09:15.100> contain<00:09:15.370> and<00:09:15.519> to<00:09:15.579> be<00:09:15.699> optimal<00:09:20.010> so 00:09:21.049 --> 00:09:21.059 align:start position:0% in order to contain and to be optimal so 00:09:21.059 --> 00:09:24.780 align:start position:0% in order to contain and to be optimal so in<00:09:22.059> that<00:09:22.449> and<00:09:22.959> I<00:09:23.350> I<00:09:23.380> mention<00:09:24.160> it<00:09:24.279> explicit<00:09:24.730> at 00:09:24.780 --> 00:09:24.790 align:start position:0% in that and I I mention it explicit at 00:09:24.790 --> 00:09:27.389 align:start position:0% in that and I I mention it explicit at the<00:09:24.850> beginning<00:09:25.230> the<00:09:26.230> challenge<00:09:26.709> and<00:09:27.010> a<00:09:27.220> lot<00:09:27.370> of 00:09:27.389 --> 00:09:27.399 align:start position:0% the beginning the challenge and a lot of 00:09:27.399 --> 00:09:30.540 align:start position:0% the beginning the challenge and a lot of these<00:09:27.579> challenges<00:09:28.920> cannot<00:09:29.920> necessarily<00:09:30.160> be 00:09:30.540 --> 00:09:30.550 align:start position:0% these challenges cannot necessarily be 00:09:30.550 --> 00:09:34.379 align:start position:0% these challenges cannot necessarily be tackled<00:09:30.970> today<00:09:31.740> the<00:09:32.819> research<00:09:33.819> around<00:09:34.089> phase 00:09:34.379 --> 00:09:34.389 align:start position:0% tackled today the research around phase 00:09:34.389 --> 00:09:36.840 align:start position:0% tackled today the research around phase two<00:09:34.689> although<00:09:35.260> is<00:09:35.500> progressing<00:09:36.309> quite 00:09:36.840 --> 00:09:36.850 align:start position:0% two although is progressing quite 00:09:36.850 --> 00:09:39.360 align:start position:0% two although is progressing quite rapidly<00:09:37.500> especially<00:09:38.500> compared<00:09:39.100> to<00:09:39.130> where<00:09:39.309> we 00:09:39.360 --> 00:09:39.370 align:start position:0% rapidly especially compared to where we 00:09:39.370 --> 00:09:42.509 align:start position:0% rapidly especially compared to where we were<00:09:39.519> say<00:09:39.910> six<00:09:40.149> months<00:09:40.389> ago<00:09:40.949> we're<00:09:41.949> not<00:09:42.220> at<00:09:42.490> the 00:09:42.509 --> 00:09:42.519 align:start position:0% were say six months ago we're not at the 00:09:42.519 --> 00:09:44.280 align:start position:0% were say six months ago we're not at the point<00:09:42.819> where<00:09:43.089> we're<00:09:43.269> interfacing<00:09:44.019> where 00:09:44.280 --> 00:09:44.290 align:start position:0% point where we're interfacing where 00:09:44.290 --> 00:09:46.110 align:start position:0% point where we're interfacing where we're<00:09:44.410> actually<00:09:44.740> dealing<00:09:45.279> with<00:09:45.519> kind<00:09:46.000> of<00:09:46.059> like 00:09:46.110 --> 00:09:46.120 align:start position:0% we're actually dealing with kind of like 00:09:46.120 --> 00:09:48.030 align:start position:0% we're actually dealing with kind of like the<00:09:46.389> user<00:09:46.600> level<00:09:46.899> and<00:09:47.199> developer<00:09:47.829> level 00:09:48.030 --> 00:09:48.040 align:start position:0% the user level and developer level 00:09:48.040 --> 00:09:50.730 align:start position:0% the user level and developer level interfaces<00:09:48.579> into<00:09:48.790> these<00:09:48.939> things<00:09:49.170> but<00:09:50.170> when<00:09:50.500> we 00:09:50.730 --> 00:09:50.740 align:start position:0% interfaces into these things but when we 00:09:50.740 --> 00:09:53.309 align:start position:0% interfaces into these things but when we do<00:09:51.010> cross<00:09:51.639> that<00:09:51.910> road<00:09:52.149> say<00:09:52.660> early<00:09:52.990> next<00:09:53.170> year 00:09:53.309 --> 00:09:53.319 align:start position:0% do cross that road say early next year 00:09:53.319 --> 00:09:56.280 align:start position:0% do cross that road say early next year it's<00:09:54.309> going<00:09:54.399> to<00:09:54.459> become<00:09:54.779> extremely<00:09:55.779> valuable 00:09:56.280 --> 00:09:56.290 align:start position:0% it's going to become extremely valuable 00:09:56.290 --> 00:09:59.999 align:start position:0% it's going to become extremely valuable and<00:09:56.529> important<00:09:56.920> for<00:09:57.189> the<00:09:57.790> maintainer<00:09:58.209> zuv<00:09:59.009> the 00:09:59.999 --> 00:10:00.009 align:start position:0% and important for the maintainer zuv the 00:10:00.009 --> 00:10:01.379 align:start position:0% and important for the maintainer zuv the developer<00:10:00.490> interfaces<00:10:00.939> to<00:10:01.089> web<00:10:01.209> three 00:10:01.379 --> 00:10:01.389 align:start position:0% developer interfaces to web three 00:10:01.389 --> 00:10:03.210 align:start position:0% developer interfaces to web three libraries<00:10:01.930> the<00:10:02.230> the<00:10:02.500> developer<00:10:02.949> all<00:10:03.100> the 00:10:03.210 --> 00:10:03.220 align:start position:0% libraries the the developer all the 00:10:03.220 --> 00:10:06.900 align:start position:0% libraries the the developer all the developer<00:10:03.610> tooling<00:10:04.019> to<00:10:05.730> begin<00:10:06.730> to 00:10:06.900 --> 00:10:06.910 align:start position:0% developer tooling to begin to 00:10:06.910 --> 00:10:11.040 align:start position:0% developer tooling to begin to collaborate<00:10:07.269> to<00:10:07.720> start<00:10:07.990> to<00:10:09.899> define<00:10:10.899> these 00:10:11.040 --> 00:10:11.050 align:start position:0% collaborate to start to define these 00:10:11.050 --> 00:10:12.569 align:start position:0% collaborate to start to define these interfaces<00:10:11.620> and<00:10:11.769> kind<00:10:11.920> of<00:10:11.949> like<00:10:12.100> realign 00:10:12.569 --> 00:10:12.579 align:start position:0% interfaces and kind of like realign 00:10:12.579 --> 00:10:15.329 align:start position:0% interfaces and kind of like realign these<00:10:12.730> interfaces<00:10:13.089> to<00:10:13.449> plug<00:10:13.689> into<00:10:13.899> eath<00:10:14.170> -<00:10:14.380> so 00:10:15.329 --> 00:10:15.339 align:start position:0% these interfaces to plug into eath - so 00:10:15.339 --> 00:10:19.829 align:start position:0% these interfaces to plug into eath - so early<00:10:16.679> mid<00:10:17.679> next<00:10:17.890> year<00:10:18.250> I<00:10:18.279> think<00:10:18.600> forming<00:10:19.600> some 00:10:19.829 --> 00:10:19.839 align:start position:0% early mid next year I think forming some 00:10:19.839 --> 00:10:22.019 align:start position:0% early mid next year I think forming some sort<00:10:20.049> of<00:10:20.110> group<00:10:20.439> that<00:10:21.040> of<00:10:21.309> people<00:10:21.730> that<00:10:21.850> do 00:10:22.019 --> 00:10:22.029 align:start position:0% sort of group that of people that do 00:10:22.029 --> 00:10:23.309 align:start position:0% sort of group that of people that do work<00:10:22.269> on<00:10:22.480> these<00:10:22.600> toolings 00:10:23.309 --> 00:10:23.319 align:start position:0% work on these toolings 00:10:23.319 --> 00:10:24.210 align:start position:0% work on these toolings to 00:10:24.210 --> 00:10:24.220 align:start position:0% to 00:10:24.220 --> 00:10:26.250 align:start position:0% to kind<00:10:24.370> of<00:10:24.430> get<00:10:25.420> get<00:10:25.630> ahead<00:10:25.810> of<00:10:25.870> the<00:10:26.050> curve 00:10:26.250 --> 00:10:26.260 align:start position:0% kind of get get ahead of the curve 00:10:26.260 --> 00:10:27.840 align:start position:0% kind of get get ahead of the curve because<00:10:26.920> it's<00:10:27.130> gonna<00:10:27.220> be<00:10:27.340> important<00:10:27.760> for 00:10:27.840 --> 00:10:27.850 align:start position:0% because it's gonna be important for 00:10:27.850 --> 00:10:33.180 align:start position:0% because it's gonna be important for migration<00:10:28.300> I<00:10:30.180> had<00:10:31.180> a<00:10:31.210> question<00:10:31.390> on<00:10:31.750> the<00:10:32.190> shifts 00:10:33.180 --> 00:10:33.190 align:start position:0% migration I had a question on the shifts 00:10:33.190 --> 00:10:37.910 align:start position:0% migration I had a question on the shifts to<00:10:33.370> proof<00:10:33.580> of<00:10:33.730> stake<00:10:34.060> are<00:10:34.630> there<00:10:34.840> any<00:10:34.960> specific 00:10:37.910 --> 00:10:37.920 align:start position:0% 00:10:37.920 --> 00:10:40.830 align:start position:0% points<00:10:38.920> in<00:10:39.040> time<00:10:39.280> or<00:10:39.490> they're<00:10:39.670> really<00:10:39.840> events 00:10:40.830 --> 00:10:40.840 align:start position:0% points in time or they're really events 00:10:40.840 --> 00:10:43.140 align:start position:0% points in time or they're really events that<00:10:41.290> are<00:10:41.650> important<00:10:42.220> for<00:10:42.460> this<00:10:42.550> transition 00:10:43.140 --> 00:10:43.150 align:start position:0% that are important for this transition 00:10:43.150 --> 00:10:45.150 align:start position:0% that are important for this transition in<00:10:43.300> terms<00:10:43.450> of<00:10:43.750> like<00:10:44.050> maintaining<00:10:45.040> the 00:10:45.150 --> 00:10:45.160 align:start position:0% in terms of like maintaining the 00:10:45.160 --> 00:10:48.750 align:start position:0% in terms of like maintaining the security<00:10:45.640> of<00:10:45.670> the<00:10:45.820> network<00:10:47.310> if<00:10:48.310> it<00:10:48.490> becomes 00:10:48.750 --> 00:10:48.760 align:start position:0% security of the network if it becomes 00:10:48.760 --> 00:10:50.400 align:start position:0% security of the network if it becomes more<00:10:48.970> secure<00:10:49.330> than<00:10:49.510> secure<00:10:49.870> at<00:10:49.960> some<00:10:50.170> point 00:10:50.400 --> 00:10:50.410 align:start position:0% more secure than secure at some point 00:10:50.410 --> 00:10:52.770 align:start position:0% more secure than secure at some point and<00:10:50.590> what<00:10:51.100> the<00:10:51.220> parameters<00:10:51.700> are<00:10:51.820> you<00:10:52.540> know<00:10:52.630> so 00:10:52.770 --> 00:10:52.780 align:start position:0% and what the parameters are you know so 00:10:52.780 --> 00:10:54.720 align:start position:0% and what the parameters are you know so the<00:10:52.930> parameters<00:10:53.410> that<00:10:53.620> probably<00:10:53.980> matter<00:10:54.310> are 00:10:54.720 --> 00:10:54.730 align:start position:0% the parameters that probably matter are 00:10:54.730 --> 00:10:56.940 align:start position:0% the parameters that probably matter are the<00:10:55.540> kind<00:10:55.810> of<00:10:55.870> the<00:10:56.050> events<00:10:56.440> that<00:10:56.470> you<00:10:56.650> need<00:10:56.800> to 00:10:56.940 --> 00:10:56.950 align:start position:0% the kind of the events that you need to 00:10:56.950 --> 00:10:59.700 align:start position:0% the kind of the events that you need to care<00:10:57.160> about<00:10:57.300> one<00:10:58.300> is<00:10:58.840> the<00:10:58.870> time<00:10:59.320> that<00:10:59.620> the 00:10:59.700 --> 00:10:59.710 align:start position:0% care about one is the time that the 00:10:59.710 --> 00:11:01.650 align:start position:0% care about one is the time that the deposit<00:10:59.980> contract<00:11:00.340> gets<00:11:00.790> published<00:11:01.210> and<00:11:01.450> so 00:11:01.650 --> 00:11:01.660 align:start position:0% deposit contract gets published and so 00:11:01.660 --> 00:11:03.360 align:start position:0% deposit contract gets published and so if<00:11:01.870> you're<00:11:02.020> a<00:11:02.080> validator<00:11:02.620> you<00:11:02.890> will<00:11:03.070> be<00:11:03.250> able 00:11:03.360 --> 00:11:03.370 align:start position:0% if you're a validator you will be able 00:11:03.370 --> 00:11:07.140 align:start position:0% if you're a validator you will be able to<00:11:03.550> kind<00:11:03.940> of<00:11:04.000> pre<00:11:04.240> join<00:11:04.510> the<00:11:05.230> other<00:11:05.530> is<00:11:06.150> the 00:11:07.140 --> 00:11:07.150 align:start position:0% to kind of pre join the other is the 00:11:07.150 --> 00:11:09.950 align:start position:0% to kind of pre join the other is the time<00:11:07.420> when<00:11:07.900> the<00:11:08.200> chain<00:11:08.470> launches<00:11:09.010> and 00:11:09.950 --> 00:11:09.960 align:start position:0% time when the chain launches and 00:11:09.960 --> 00:11:12.060 align:start position:0% time when the chain launches and basically<00:11:10.960> if<00:11:11.170> you're<00:11:11.350> a<00:11:11.380> valid<00:11:11.740> air<00:11:11.830> you 00:11:12.060 --> 00:11:12.070 align:start position:0% basically if you're a valid air you 00:11:12.070 --> 00:11:13.950 align:start position:0% basically if you're a valid air you should<00:11:12.100> be<00:11:12.880> sure<00:11:13.060> that<00:11:13.270> you<00:11:13.360> have<00:11:13.390> a<00:11:13.510> client 00:11:13.950 --> 00:11:13.960 align:start position:0% should be sure that you have a client 00:11:13.960 --> 00:11:16.980 align:start position:0% should be sure that you have a client running<00:11:14.590> at<00:11:14.800> that<00:11:14.950> point<00:11:15.510> and<00:11:16.510> when<00:11:16.690> the<00:11:16.810> chain 00:11:16.980 --> 00:11:16.990 align:start position:0% running at that point and when the chain 00:11:16.990 --> 00:11:18.630 align:start position:0% running at that point and when the chain launches<00:11:17.500> that<00:11:17.740> you'll<00:11:17.980> have<00:11:18.130> a<00:11:18.160> proof<00:11:18.400> state 00:11:18.630 --> 00:11:18.640 align:start position:0% launches that you'll have a proof state 00:11:18.640 --> 00:11:21.420 align:start position:0% launches that you'll have a proof state chain<00:11:18.910> running<00:11:19.650> the<00:11:20.650> next<00:11:20.860> major<00:11:21.220> milestone 00:11:21.420 --> 00:11:21.430 align:start position:0% chain running the next major milestone 00:11:21.430 --> 00:11:23.610 align:start position:0% chain running the next major milestone after<00:11:22.270> that<00:11:22.450> would<00:11:22.600> be<00:11:22.630> the<00:11:22.870> phase<00:11:23.050> one<00:11:23.320> switch 00:11:23.610 --> 00:11:23.620 align:start position:0% after that would be the phase one switch 00:11:23.620 --> 00:11:26.390 align:start position:0% after that would be the phase one switch and<00:11:23.890> the<00:11:24.370> phase<00:11:24.550> one<00:11:24.880> switch<00:11:25.180> is<00:11:25.360> important 00:11:26.390 --> 00:11:26.400 align:start position:0% and the phase one switch is important 00:11:26.400 --> 00:11:29.820 align:start position:0% and the phase one switch is important because<00:11:27.690> that's<00:11:28.690> the<00:11:28.930> time<00:11:29.230> when<00:11:29.530> shard 00:11:29.820 --> 00:11:29.830 align:start position:0% because that's the time when shard 00:11:29.830 --> 00:11:31.770 align:start position:0% because that's the time when shard chains<00:11:30.280> will<00:11:30.520> turn<00:11:30.670> on<00:11:30.880> and<00:11:31.150> so<00:11:31.300> that's<00:11:31.570> the 00:11:31.770 --> 00:11:31.780 align:start position:0% chains will turn on and so that's the 00:11:31.780 --> 00:11:34.860 align:start position:0% chains will turn on and so that's the time<00:11:31.990> when<00:11:32.340> especially<00:11:33.340> if<00:11:34.150> you<00:11:34.360> have<00:11:34.570> a<00:11:34.600> lot 00:11:34.860 --> 00:11:34.870 align:start position:0% time when especially if you have a lot 00:11:34.870 --> 00:11:37.050 align:start position:0% time when especially if you have a lot of<00:11:34.900> ether<00:11:35.320> your<00:11:35.650> computational<00:11:36.460> requirements 00:11:37.050 --> 00:11:37.060 align:start position:0% of ether your computational requirements 00:11:37.060 --> 00:11:38.520 align:start position:0% of ether your computational requirements will<00:11:37.210> increase<00:11:37.540> like<00:11:38.050> because<00:11:38.350> your 00:11:38.520 --> 00:11:38.530 align:start position:0% will increase like because your 00:11:38.530 --> 00:11:39.870 align:start position:0% will increase like because your computational<00:11:39.160> requirements<00:11:39.760> will 00:11:39.870 --> 00:11:39.880 align:start position:0% computational requirements will 00:11:39.880 --> 00:11:42.000 align:start position:0% computational requirements will basically<00:11:40.060> be<00:11:40.680> proportional<00:11:41.680> to<00:11:41.710> the<00:11:41.950> amount 00:11:42.000 --> 00:11:42.010 align:start position:0% basically be proportional to the amount 00:11:42.010 --> 00:11:43.740 align:start position:0% basically be proportional to the amount of<00:11:42.310> ether<00:11:42.580> you<00:11:42.700> have<00:11:42.880> the<00:11:43.090> more<00:11:43.240> you<00:11:43.330> have<00:11:43.720> the 00:11:43.740 --> 00:11:43.750 align:start position:0% of ether you have the more you have the 00:11:43.750 --> 00:11:45.420 align:start position:0% of ether you have the more you have the more<00:11:43.900> value<00:11:44.320> doors<00:11:44.470> once<00:11:44.740> you<00:11:44.860> have<00:11:45.070> and<00:11:45.310> some 00:11:45.420 --> 00:11:45.430 align:start position:0% more value doors once you have and some 00:11:45.430 --> 00:11:47.490 align:start position:0% more value doors once you have and some of<00:11:45.550> the<00:11:45.670> more<00:11:45.850> shard<00:11:46.690> blocks<00:11:47.020> you<00:11:47.260> will<00:11:47.350> be 00:11:47.490 --> 00:11:47.500 align:start position:0% of the more shard blocks you will be 00:11:47.500 --> 00:11:52.310 align:start position:0% of the more shard blocks you will be called<00:11:47.800> to<00:11:48.720> make<00:11:49.720> a<00:11:49.750> cross<00:11:50.020> link<00:11:50.320> on<00:11:50.640> and<00:11:51.640> then 00:11:52.310 --> 00:11:52.320 align:start position:0% called to make a cross link on and then 00:11:52.320 --> 00:11:55.470 align:start position:0% called to make a cross link on and then after<00:11:53.320> that<00:11:53.640> there<00:11:54.640> will<00:11:54.760> continue<00:11:54.970> to<00:11:55.300> be 00:11:55.470 --> 00:11:55.480 align:start position:0% after that there will continue to be 00:11:55.480 --> 00:11:57.630 align:start position:0% after that there will continue to be Forks<00:11:56.080> but<00:11:56.350> kind<00:11:56.590> of<00:11:56.710> the<00:11:56.890> general<00:11:57.310> way<00:11:57.460> the 00:11:57.630 --> 00:11:57.640 align:start position:0% Forks but kind of the general way the 00:11:57.640 --> 00:12:00.390 align:start position:0% Forks but kind of the general way the chain<00:11:57.880> works<00:11:58.270> will<00:11:58.540> continue<00:11:59.140> to<00:11:59.350> be<00:11:59.500> fairly 00:12:00.390 --> 00:12:00.400 align:start position:0% chain works will continue to be fairly 00:12:00.400 --> 00:12:02.730 align:start position:0% chain works will continue to be fairly similar<00:12:01.150> in<00:12:01.420> and<00:12:01.930> then<00:12:02.080> after<00:12:02.440> that<00:12:02.560> of<00:12:02.710> course 00:12:02.730 --> 00:12:02.740 align:start position:0% similar in and then after that of course 00:12:02.740 --> 00:12:05.880 align:start position:0% similar in and then after that of course these<00:12:03.070> one<00:12:03.400> two<00:12:03.610> if<00:12:04.240> to<00:12:04.510> merge<00:12:05.290> these<00:12:05.710> also 00:12:05.880 --> 00:12:05.890 align:start position:0% these one two if to merge these also 00:12:05.890 --> 00:12:08.510 align:start position:0% these one two if to merge these also which<00:12:06.160> haven't<00:12:06.460> been<00:12:06.580> fully<00:12:06.730> figured<00:12:07.120> out<00:12:07.240> yet 00:12:08.510 --> 00:12:08.520 align:start position:0% which haven't been fully figured out yet 00:12:08.520 --> 00:12:11.340 align:start position:0% which haven't been fully figured out yet so<00:12:09.520> in<00:12:09.670> that<00:12:09.790> roadmap<00:12:10.210> we<00:12:10.420> still<00:12:10.630> don't<00:12:10.870> have<00:12:10.930> a 00:12:11.340 --> 00:12:11.350 align:start position:0% so in that roadmap we still don't have a 00:12:11.350 --> 00:12:17.450 align:start position:0% so in that roadmap we still don't have a way<00:12:11.620> to<00:12:12.930> exit<00:12:13.930> from<00:12:14.590> being<00:12:15.220> a<00:12:15.370> navigator 00:12:17.450 --> 00:12:17.460 align:start position:0% way to exit from being a navigator 00:12:17.460 --> 00:12:19.560 align:start position:0% way to exit from being a navigator that's<00:12:18.460> that's<00:12:18.790> a<00:12:18.910> good<00:12:19.060> point<00:12:19.210> this<00:12:19.390> is 00:12:19.560 --> 00:12:19.570 align:start position:0% that's that's a good point this is 00:12:19.570 --> 00:12:25.410 align:start position:0% that's that's a good point this is something<00:12:19.900> I<00:12:20.020> missed<00:12:21.930> is<00:12:23.460> one<00:12:24.460> or<00:12:24.730> two<00:12:24.760> not 00:12:25.410 --> 00:12:25.420 align:start position:0% something I missed is one or two not 00:12:25.420 --> 00:12:28.140 align:start position:0% something I missed is one or two not fully<00:12:25.720> this<00:12:25.960> not<00:12:26.380> fully<00:12:26.620> decided<00:12:27.040> if<00:12:27.670> will 00:12:28.140 --> 00:12:28.150 align:start position:0% fully this not fully decided if will 00:12:28.150 --> 00:12:31.500 align:start position:0% fully this not fully decided if will become<00:12:28.830> transferable<00:12:29.830> the<00:12:30.670> kind<00:12:30.940> of<00:12:31.090> default 00:12:31.500 --> 00:12:31.510 align:start position:0% become transferable the kind of default 00:12:31.510 --> 00:12:33.300 align:start position:0% become transferable the kind of default roadmap<00:12:31.960> is<00:12:32.170> that<00:12:32.320> it<00:12:32.470> will<00:12:32.680> become<00:12:32.980> trance 00:12:33.300 --> 00:12:33.310 align:start position:0% roadmap is that it will become trance 00:12:33.310 --> 00:12:34.980 align:start position:0% roadmap is that it will become trance but<00:12:33.670> it<00:12:33.790> will<00:12:33.940> become<00:12:34.210> a<00:12:34.240> transferable<00:12:34.810> and 00:12:34.980 --> 00:12:34.990 align:start position:0% but it will become a transferable and 00:12:34.990 --> 00:12:36.750 align:start position:0% but it will become a transferable and more<00:12:35.230> and<00:12:35.350> more<00:12:35.470> people<00:12:35.710> just<00:12:35.890> wants<00:12:36.520> to<00:12:36.610> have 00:12:36.750 --> 00:12:36.760 align:start position:0% more and more people just wants to have 00:12:36.760 --> 00:12:37.780 align:start position:0% more and more people just wants to have their<00:12:36.910> eath<00:12:37.030> on<00:12:37.240> the<00:12:37.420> east 00:12:37.780 --> 00:12:37.790 align:start position:0% their eath on the east 00:12:37.790 --> 00:12:40.090 align:start position:0% their eath on the east suicide<00:12:38.330> I<00:12:38.360> mean<00:12:38.900> if<00:12:39.110> desired<00:12:39.500> there's<00:12:39.890> also 00:12:40.090 --> 00:12:40.100 align:start position:0% suicide I mean if desired there's also 00:12:40.100 --> 00:12:41.950 align:start position:0% suicide I mean if desired there's also of<00:12:40.340> course<00:12:40.370> the<00:12:40.610> alternative<00:12:41.240> of<00:12:41.360> like<00:12:41.570> making 00:12:41.950 --> 00:12:41.960 align:start position:0% of course the alternative of like making 00:12:41.960 --> 00:12:43.690 align:start position:0% of course the alternative of like making an<00:12:42.050> exploit<00:12:42.440> that<00:12:42.470> eats<00:12:42.830> you<00:12:42.980> back<00:12:43.190> to<00:12:43.340> eat<00:12:43.460> one 00:12:43.690 --> 00:12:43.700 align:start position:0% an exploit that eats you back to eat one 00:12:43.700 --> 00:12:47.050 align:start position:0% an exploit that eats you back to eat one bridge<00:12:43.970> which<00:12:44.750> of<00:12:45.290> course<00:12:45.980> I<00:12:46.370> can<00:12:46.820> absolutely 00:12:47.050 --> 00:12:47.060 align:start position:0% bridge which of course I can absolutely 00:12:47.060 --> 00:12:49.900 align:start position:0% bridge which of course I can absolutely be<00:12:47.830> absolutely<00:12:48.830> be<00:12:49.040> done<00:12:49.070> but<00:12:49.520> it's<00:12:49.670> something 00:12:49.900 --> 00:12:49.910 align:start position:0% be absolutely be done but it's something 00:12:49.910 --> 00:12:55.960 align:start position:0% be absolutely be done but it's something that<00:12:50.150> thick<00:12:50.810> is<00:12:51.680> extra<00:12:52.520> work<00:12:52.730> as<00:12:52.940> well<00:12:53.150> so<00:12:54.970> yeah 00:12:55.960 --> 00:12:55.970 align:start position:0% that thick is extra work as well so yeah 00:12:55.970 --> 00:12:57.190 align:start position:0% that thick is extra work as well so yeah I'm<00:12:56.090> thinking<00:12:56.420> of<00:12:56.510> the<00:12:56.630> scenario<00:12:57.050> where 00:12:57.190 --> 00:12:57.200 align:start position:0% I'm thinking of the scenario where 00:12:57.200 --> 00:12:59.110 align:start position:0% I'm thinking of the scenario where sudden<00:12:57.500> where<00:12:57.770> you<00:12:57.890> buy<00:12:58.190> in<00:12:58.430> in<00:12:58.610> phase<00:12:58.820> zero 00:12:59.110 --> 00:12:59.120 align:start position:0% sudden where you buy in in phase zero 00:12:59.120 --> 00:13:01.120 align:start position:0% sudden where you buy in in phase zero and<00:12:59.810> suddenly<00:13:00.170> you<00:13:00.350> end<00:13:00.470> up<00:13:00.620> with<00:13:00.800> lots<00:13:00.950> of 00:13:01.120 --> 00:13:01.130 align:start position:0% and suddenly you end up with lots of 00:13:01.130 --> 00:13:03.820 align:start position:0% and suddenly you end up with lots of more<00:13:01.900> responsibilities<00:13:02.900> in<00:13:02.930> Phase<00:13:03.320> one<00:13:03.350> that 00:13:03.820 --> 00:13:03.830 align:start position:0% more responsibilities in Phase one that 00:13:03.830 --> 00:13:05.980 align:start position:0% more responsibilities in Phase one that you<00:13:03.980> realize<00:13:04.700> that<00:13:04.730> you<00:13:05.030> cannot<00:13:05.300> can<00:13:05.870> no 00:13:05.980 --> 00:13:05.990 align:start position:0% you realize that you cannot can no 00:13:05.990 --> 00:13:07.870 align:start position:0% you realize that you cannot can no longer<00:13:06.170> support<00:13:06.620> so<00:13:07.010> first<00:13:07.340> of<00:13:07.520> all<00:13:07.580> you<00:13:07.730> can 00:13:07.870 --> 00:13:07.880 align:start position:0% longer support so first of all you can 00:13:07.880 --> 00:13:09.250 align:start position:0% longer support so first of all you can muster<00:13:08.000> oh<00:13:08.300> and<00:13:08.510> you<00:13:08.600> can<00:13:08.750> just<00:13:08.960> have<00:13:09.080> your 00:13:09.250 --> 00:13:09.260 align:start position:0% muster oh and you can just have your 00:13:09.260 --> 00:13:13.150 align:start position:0% muster oh and you can just have your eats<00:13:09.470> a<00:13:09.700> sit<00:13:10.700> there<00:13:10.910> and<00:13:11.380> what<00:13:12.380> when<00:13:12.620> transfers 00:13:13.150 --> 00:13:13.160 align:start position:0% eats a sit there and what when transfers 00:13:13.160 --> 00:13:15.760 align:start position:0% eats a sit there and what when transfers are<00:13:13.370> repla<00:13:13.610> mented<00:13:13.970> then<00:13:14.440> you<00:13:15.440> could<00:13:15.650> also 00:13:15.760 --> 00:13:15.770 align:start position:0% are repla mented then you could also 00:13:15.770 --> 00:13:18.820 align:start position:0% are repla mented then you could also just<00:13:15.980> sell<00:13:16.430> your<00:13:16.610> ether<00:13:16.910> to<00:13:17.090> some<00:13:17.590> to<00:13:18.590> some 00:13:18.820 --> 00:13:18.830 align:start position:0% just sell your ether to some to some 00:13:18.830 --> 00:13:23.530 align:start position:0% just sell your ether to some to some well<00:13:19.160> or<00:13:19.780> just<00:13:20.780> anyone<00:13:22.120> there<00:13:23.120> is<00:13:23.210> probably 00:13:23.530 --> 00:13:23.540 align:start position:0% well or just anyone there is probably 00:13:23.540 --> 00:13:26.110 align:start position:0% well or just anyone there is probably going<00:13:23.630> to<00:13:23.810> be<00:13:23.960> a<00:13:23.990> bunch<00:13:24.230> of<00:13:24.410> like<00:13:24.710> basically<00:13:25.340> if 00:13:26.110 --> 00:13:26.120 align:start position:0% going to be a bunch of like basically if 00:13:26.120 --> 00:13:28.570 align:start position:0% going to be a bunch of like basically if the<00:13:26.420> thing<00:13:27.080> is<00:13:27.110> right<00:13:27.500> that<00:13:27.680> if<00:13:27.920> the<00:13:28.250> price<00:13:28.550> of 00:13:28.570 --> 00:13:28.580 align:start position:0% the thing is right that if the price of 00:13:28.580 --> 00:13:30.940 align:start position:0% the thing is right that if the price of kind<00:13:29.180> of<00:13:29.300> eighth<00:13:29.600> on<00:13:29.780> the<00:13:29.900> east<00:13:30.080> suicide<00:13:30.560> kind 00:13:30.940 --> 00:13:30.950 align:start position:0% kind of eighth on the east suicide kind 00:13:30.950 --> 00:13:33.970 align:start position:0% kind of eighth on the east suicide kind of<00:13:31.070> goes<00:13:31.310> below<00:13:32.270> the<00:13:32.660> price<00:13:32.900> I'll<00:13:33.170> be<00:13:33.560> fine<00:13:33.770> on 00:13:33.970 --> 00:13:33.980 align:start position:0% of goes below the price I'll be fine on 00:13:33.980 --> 00:13:36.100 align:start position:0% of goes below the price I'll be fine on the<00:13:34.370> east<00:13:34.520> one<00:13:34.730> side<00:13:34.940> by<00:13:35.150> even<00:13:35.480> a<00:13:35.540> tiny<00:13:35.780> amount 00:13:36.100 --> 00:13:36.110 align:start position:0% the east one side by even a tiny amount 00:13:36.110 --> 00:13:38.980 align:start position:0% the east one side by even a tiny amount then<00:13:36.830> everyone<00:13:37.670> who<00:13:37.940> would<00:13:38.210> have<00:13:38.420> joined<00:13:38.750> by 00:13:38.980 --> 00:13:38.990 align:start position:0% then everyone who would have joined by 00:13:38.990 --> 00:13:41.140 align:start position:0% then everyone who would have joined by joining<00:13:39.410> through<00:13:39.650> the<00:13:39.770> normal<00:13:39.950> process<00:13:40.220> would 00:13:41.140 --> 00:13:41.150 align:start position:0% joining through the normal process would 00:13:41.150 --> 00:13:42.820 align:start position:0% joining through the normal process would instead<00:13:41.510> wants<00:13:41.900> to<00:13:41.990> join<00:13:42.140> by<00:13:42.440> by<00:13:42.620> just 00:13:42.820 --> 00:13:42.830 align:start position:0% instead wants to join by by just 00:13:42.830 --> 00:13:44.320 align:start position:0% instead wants to join by by just treating<00:13:43.220> the<00:13:43.250> wreath<00:13:43.460> one<00:13:43.700> for<00:13:43.940> a<00:13:43.970> little<00:13:44.210> bit 00:13:44.320 --> 00:13:44.330 align:start position:0% treating the wreath one for a little bit 00:13:44.330 --> 00:13:46.180 align:start position:0% treating the wreath one for a little bit more<00:13:44.510> to<00:13:44.900> and<00:13:45.110> then<00:13:45.260> joining<00:13:45.500> directly<00:13:46.040> from 00:13:46.180 --> 00:13:46.190 align:start position:0% more to and then joining directly from 00:13:46.190 --> 00:13:47.890 align:start position:0% more to and then joining directly from the<00:13:46.340> ether<00:13:46.610> side<00:13:46.850> so<00:13:47.120> there's<00:13:47.300> this<00:13:47.540> kind<00:13:47.750> of 00:13:47.890 --> 00:13:47.900 align:start position:0% the ether side so there's this kind of 00:13:47.900 --> 00:13:50.800 align:start position:0% the ether side so there's this kind of natural<00:13:48.700> demands<00:13:49.700> pressure<00:13:50.090> that<00:13:50.570> you<00:13:50.660> would 00:13:50.800 --> 00:13:50.810 align:start position:0% natural demands pressure that you would 00:13:50.810 --> 00:13:52.840 align:start position:0% natural demands pressure that you would be<00:13:50.930> able<00:13:51.050> to<00:13:51.170> turn<00:13:51.470> to<00:13:51.530> or<00:13:51.980> kind<00:13:52.130> of<00:13:52.250> trade<00:13:52.520> into 00:13:52.840 --> 00:13:52.850 align:start position:0% be able to turn to or kind of trade into 00:13:52.850 --> 00:13:55.600 align:start position:0% be able to turn to or kind of trade into and<00:13:53.060> you<00:13:53.450> would<00:13:53.620> in<00:13:54.620> order<00:13:54.800> to<00:13:55.040> convert<00:13:55.460> your 00:13:55.600 --> 00:13:55.610 align:start position:0% and you would in order to convert your 00:13:55.610 --> 00:13:57.550 align:start position:0% and you would in order to convert your Eve<00:13:55.760> to<00:13:55.940> back<00:13:56.180> into<00:13:56.480> if<00:13:56.600> one<00:13:56.780> side<00:13:56.990> if<00:13:57.290> you<00:13:57.410> want 00:13:57.550 --> 00:13:57.560 align:start position:0% Eve to back into if one side if you want 00:13:57.560 --> 00:14:01.900 align:start position:0% Eve to back into if one side if you want to<00:13:58.960> and<00:13:59.960> if<00:14:00.140> this<00:14:00.290> natural<00:14:00.740> pressure<00:14:00.980> is<00:14:01.280> too 00:14:01.900 --> 00:14:01.910 align:start position:0% to and if this natural pressure is too 00:14:01.910 --> 00:14:04.300 align:start position:0% to and if this natural pressure is too weak<00:14:02.150> and<00:14:02.360> practice<00:14:02.840> then<00:14:03.470> you<00:14:03.500> know<00:14:03.860> it's 00:14:04.300 --> 00:14:04.310 align:start position:0% weak and practice then you know it's 00:14:04.310 --> 00:14:06.100 align:start position:0% weak and practice then you know it's possible<00:14:04.610> that<00:14:05.030> the<00:14:05.270> beacon<00:14:05.660> Eve<00:14:05.810> will<00:14:05.990> go 00:14:06.100 --> 00:14:06.110 align:start position:0% possible that the beacon Eve will go 00:14:06.110 --> 00:14:08.200 align:start position:0% possible that the beacon Eve will go lower<00:14:06.320> but<00:14:06.620> the<00:14:07.220> bigger<00:14:07.640> the<00:14:07.910> price 00:14:08.200 --> 00:14:08.210 align:start position:0% lower but the bigger the price 00:14:08.210 --> 00:14:10.480 align:start position:0% lower but the bigger the price discrepancy<00:14:08.600> the<00:14:09.230> more<00:14:09.440> of<00:14:09.500> an<00:14:09.590> incentive<00:14:09.950> it 00:14:10.480 --> 00:14:10.490 align:start position:0% discrepancy the more of an incentive it 00:14:10.490 --> 00:14:13.390 align:start position:0% discrepancy the more of an incentive it is<00:14:10.610> for<00:14:10.940> us<00:14:11.450> as<00:14:11.810> a<00:14:11.840> community<00:14:12.020> to<00:14:12.350> build<00:14:13.040> a<00:14:13.220> to<00:14:13.370> a 00:14:13.390 --> 00:14:13.400 align:start position:0% is for us as a community to build a to a 00:14:13.400 --> 00:14:15.130 align:start position:0% is for us as a community to build a to a bridge<00:14:13.760> so<00:14:14.000> in<00:14:14.240> the<00:14:14.630> way<00:14:14.750> it's<00:14:14.930> kind<00:14:15.110> of 00:14:15.130 --> 00:14:15.140 align:start position:0% bridge so in the way it's kind of 00:14:15.140 --> 00:14:19.210 align:start position:0% bridge so in the way it's kind of self-healing<00:14:16.270> because<00:14:17.410> the<00:14:18.410> possibility<00:14:19.070> of 00:14:19.210 --> 00:14:19.220 align:start position:0% self-healing because the possibility of 00:14:19.220 --> 00:14:24.600 align:start position:0% self-healing because the possibility of the<00:14:19.340> bridge<00:14:19.550> will<00:14:20.060> reduce<00:14:20.900> the<00:14:21.170> gap<00:14:23.260> the 00:14:24.600 --> 00:14:24.610 align:start position:0% the bridge will reduce the gap the 00:14:24.610 --> 00:14:26.680 align:start position:0% the bridge will reduce the gap the suggestion<00:14:25.610> was<00:14:25.640> to<00:14:25.790> commit<00:14:26.030> to<00:14:26.270> doing<00:14:26.480> the 00:14:26.680 --> 00:14:26.690 align:start position:0% suggestion was to commit to doing the 00:14:26.690 --> 00:14:28.660 align:start position:0% suggestion was to commit to doing the bridge<00:14:26.900> and<00:14:27.140> then<00:14:27.290> kick<00:14:28.130> the<00:14:28.250> can<00:14:28.430> down<00:14:28.460> the 00:14:28.660 --> 00:14:28.670 align:start position:0% bridge and then kick the can down the 00:14:28.670 --> 00:14:33.220 align:start position:0% bridge and then kick the can down the curb<00:14:28.970> for<00:14:29.150> as<00:14:29.330> long<00:14:29.480> as<00:14:29.540> possible<00:14:30.040> I<00:14:32.020> so<00:14:33.020> some 00:14:33.220 --> 00:14:33.230 align:start position:0% curb for as long as possible I so some 00:14:33.230 --> 00:14:36.550 align:start position:0% curb for as long as possible I so some of<00:14:33.260> the<00:14:33.670> like<00:14:34.670> peripheral<00:14:35.450> peripheral<00:14:36.410> work 00:14:36.550 --> 00:14:36.560 align:start position:0% of the like peripheral peripheral work 00:14:36.560 --> 00:14:38.560 align:start position:0% of the like peripheral peripheral work that<00:14:36.770> we<00:14:36.860> can<00:14:36.980> do<00:14:37.160> to<00:14:37.730> unify<00:14:38.060> these<00:14:38.210> systems 00:14:38.560 --> 00:14:38.570 align:start position:0% that we can do to unify these systems 00:14:38.570 --> 00:14:40.110 align:start position:0% that we can do to unify these systems and<00:14:38.660> kind<00:14:38.810> of<00:14:38.870> give<00:14:38.990> value<00:14:39.260> to<00:14:39.290> the<00:14:39.500> systems 00:14:40.110 --> 00:14:40.120 align:start position:0% and kind of give value to the systems 00:14:40.120 --> 00:14:43.210 align:start position:0% and kind of give value to the systems out<00:14:41.120> of<00:14:41.330> out<00:14:41.570> of<00:14:41.690> e<00:14:41.780> to<00:14:42.050> anything<00:14:42.440> on<00:14:42.890> I<00:14:43.100> think 00:14:43.210 --> 00:14:43.220 align:start position:0% out of out of e to anything on I think 00:14:43.220 --> 00:14:46.240 align:start position:0% out of out of e to anything on I think the<00:14:43.880> decision<00:14:44.330> on<00:14:44.480> whether<00:14:44.720> to<00:14:44.890> actually<00:14:45.890> do 00:14:46.240 --> 00:14:46.250 align:start position:0% the decision on whether to actually do 00:14:46.250 --> 00:14:48.750 align:start position:0% the decision on whether to actually do this<00:14:46.490> work<00:14:46.730> is<00:14:47.090> probably<00:14:47.630> contingent<00:14:48.200> upon 00:14:48.750 --> 00:14:48.760 align:start position:0% this work is probably contingent upon 00:14:48.760 --> 00:14:51.670 align:start position:0% this work is probably contingent upon where<00:14:49.760> we're<00:14:49.970> at<00:14:50.180> with<00:14:50.480> eath<00:14:50.720> to<00:14:50.990> add<00:14:51.320> any 00:14:51.670 --> 00:14:51.680 align:start position:0% where we're at with eath to add any 00:14:51.680 --> 00:14:55.389 align:start position:0% where we're at with eath to add any points<00:14:52.190> so<00:14:52.279> I<00:14:52.310> I<00:14:53.140> mean<00:14:54.140> we<00:14:54.350> can<00:14:54.529> commit<00:14:54.980> to<00:14:55.010> if 00:14:55.389 --> 00:14:55.399 align:start position:0% points so I I mean we can commit to if 00:14:55.399 --> 00:14:59.700 align:start position:0% points so I I mean we can commit to if we<00:14:55.550> if<00:14:55.850> we<00:14:55.910> need<00:14:56.420> to<00:14:56.630> do<00:14:56.839> it<00:14:57.050> we'll<00:14:57.230> do<00:14:57.440> it<00:14:58.390> but 00:14:59.700 --> 00:14:59.710 align:start position:0% we if we need to do it we'll do it but 00:14:59.710 --> 00:15:01.930 align:start position:0% we if we need to do it we'll do it but more<00:15:00.710> importantly<00:15:01.160> I<00:15:01.220> think<00:15:01.310> kind<00:15:01.880> of 00:15:01.930 --> 00:15:01.940 align:start position:0% more importantly I think kind of 00:15:01.940 --> 00:15:03.700 align:start position:0% more importantly I think kind of assessing<00:15:02.450> it's<00:15:02.600> always<00:15:02.839> like<00:15:03.020> it<00:15:03.470> would 00:15:03.700 --> 00:15:03.710 align:start position:0% assessing it's always like it would 00:15:03.710 --> 00:15:06.430 align:start position:0% assessing it's always like it would detract<00:15:04.089> it<00:15:05.089> would<00:15:05.420> it<00:15:05.600> would<00:15:05.660> take<00:15:05.930> work<00:15:06.200> and 00:15:06.430 --> 00:15:06.440 align:start position:0% detract it would it would take work and 00:15:06.440 --> 00:15:09.670 align:start position:0% detract it would it would take work and take<00:15:06.589> effort<00:15:06.740> and<00:15:07.100> take<00:15:07.990> you<00:15:08.990> know<00:15:09.050> focus<00:15:09.470> away 00:15:09.670 --> 00:15:09.680 align:start position:0% take effort and take you know focus away 00:15:09.680 --> 00:15:11.410 align:start position:0% take effort and take you know focus away from<00:15:09.709> shipping<00:15:10.339> eath<00:15:10.490> to<00:15:10.700> the<00:15:10.940> more<00:15:11.120> that<00:15:11.270> we 00:15:11.410 --> 00:15:11.420 align:start position:0% from shipping eath to the more that we 00:15:11.420 --> 00:15:13.120 align:start position:0% from shipping eath to the more that we kind<00:15:11.630> of<00:15:11.690> income<00:15:11.990> encumber<00:15:12.529> the<00:15:12.560> two<00:15:12.770> systems 00:15:13.120 --> 00:15:13.130 align:start position:0% kind of income encumber the two systems 00:15:13.130 --> 00:15:16.060 align:start position:0% kind of income encumber the two systems together<00:15:13.930> and<00:15:14.930> we<00:15:15.080> have<00:15:15.260> made<00:15:15.440> a<00:15:15.470> commitments 00:15:16.060 --> 00:15:16.070 align:start position:0% together and we have made a commitments 00:15:16.070 --> 00:15:18.340 align:start position:0% together and we have made a commitments because<00:15:16.420> like<00:15:17.420> once<00:15:17.720> we<00:15:17.870> have<00:15:17.990> the<00:15:18.080> native 00:15:18.340 --> 00:15:18.350 align:start position:0% because like once we have the native 00:15:18.350 --> 00:15:20.110 align:start position:0% because like once we have the native integration<00:15:18.560> that<00:15:19.100> is<00:15:19.160> a<00:15:19.310> two-way<00:15:19.640> bridge<00:15:19.880> I 00:15:20.110 --> 00:15:20.120 align:start position:0% integration that is a two-way bridge I 00:15:20.120 --> 00:15:21.730 align:start position:0% integration that is a two-way bridge I guess<00:15:20.870> the<00:15:20.990> question<00:15:21.140> is<00:15:21.380> do<00:15:21.589> we<00:15:21.649> have 00:15:21.730 --> 00:15:21.740 align:start position:0% guess the question is do we have 00:15:21.740 --> 00:15:25.540 align:start position:0% guess the question is do we have something<00:15:22.220> in<00:15:22.430> between<00:15:22.820> which<00:15:23.450> is<00:15:23.480> a<00:15:24.550> high 00:15:25.540 --> 00:15:25.550 align:start position:0% something in between which is a high 00:15:25.550 --> 00:15:27.820 align:start position:0% something in between which is a high latency<00:15:26.089> to<00:15:26.779> a<00:15:26.810> bridge<00:15:27.200> as<00:15:27.380> opposed<00:15:27.620> to<00:15:27.800> a 00:15:27.820 --> 00:15:27.830 align:start position:0% latency to a bridge as opposed to a 00:15:27.830 --> 00:15:30.269 align:start position:0% latency to a bridge as opposed to a really<00:15:28.100> fast<00:15:28.430> native<00:15:28.850> integration<00:15:29.060> a 00:15:30.269 --> 00:15:30.279 align:start position:0% really fast native integration a 00:15:30.279 --> 00:15:33.850 align:start position:0% really fast native integration a hypothetical<00:15:31.279> question<00:15:31.610> if<00:15:32.209> it's<00:15:32.620> if<00:15:33.620> it's 00:15:33.850 --> 00:15:33.860 align:start position:0% hypothetical question if it's if it's 00:15:33.860 --> 00:15:35.500 align:start position:0% hypothetical question if it's if it's gonna<00:15:34.010> cause<00:15:34.279> a<00:15:34.310> contentious<00:15:34.850> hard<00:15:35.060> fork<00:15:35.330> on 00:15:35.500 --> 00:15:35.510 align:start position:0% gonna cause a contentious hard fork on 00:15:35.510 --> 00:15:37.630 align:start position:0% gonna cause a contentious hard fork on each<00:15:35.720> one<00:15:36.080> to<00:15:36.410> make<00:15:36.649> a<00:15:36.680> bridge<00:15:37.070> from<00:15:37.310> east<00:15:37.520> to 00:15:37.630 --> 00:15:37.640 align:start position:0% each one to make a bridge from east to 00:15:37.640 --> 00:15:40.990 align:start position:0% each one to make a bridge from east to back<00:15:38.000> to<00:15:38.120> ease<00:15:38.270> one<00:15:38.540> is<00:15:39.310> is<00:15:40.310> it<00:15:40.640> still 00:15:40.990 --> 00:15:41.000 align:start position:0% back to ease one is is it still 00:15:41.000 --> 00:15:43.780 align:start position:0% back to ease one is is it still something<00:15:41.390> that<00:15:41.570> that<00:15:42.140> you<00:15:42.320> would<00:15:42.560> so<00:15:43.459> okay 00:15:43.780 --> 00:15:43.790 align:start position:0% something that that you would so okay 00:15:43.790 --> 00:15:45.100 align:start position:0% something that that you would so okay listen<00:15:44.029> are<00:15:44.240> you<00:15:44.360> here<00:15:44.540> I'm<00:15:44.630> thinking<00:15:44.959> is<00:15:45.080> that 00:15:45.100 --> 00:15:45.110 align:start position:0% listen are you here I'm thinking is that 00:15:45.110 --> 00:15:46.870 align:start position:0% listen are you here I'm thinking is that okay<00:15:45.620> ease<00:15:45.860> to<00:15:46.070> happens<00:15:46.430> and<00:15:46.610> something 00:15:46.870 --> 00:15:46.880 align:start position:0% okay ease to happens and something 00:15:46.880 --> 00:15:49.329 align:start position:0% okay ease to happens and something really<00:15:47.000> bad<00:15:47.240> happens<00:15:47.660> and<00:15:47.930> a<00:15:48.589> bunch<00:15:48.830> of<00:15:49.040> extra 00:15:49.329 --> 00:15:49.339 align:start position:0% really bad happens and a bunch of extra 00:15:49.339 --> 00:15:52.269 align:start position:0% really bad happens and a bunch of extra ether<00:15:49.700> gets<00:15:49.880> created<00:15:50.270> and<00:15:50.450> then<00:15:51.170> this<00:15:51.709> kind<00:15:52.040> of 00:15:52.269 --> 00:15:52.279 align:start position:0% ether gets created and then this kind of 00:15:52.279 --> 00:15:54.280 align:start position:0% ether gets created and then this kind of price<00:15:52.610> discrepancy<00:15:52.910> happens<00:15:53.600> and<00:15:53.930> there's<00:15:54.230> a 00:15:54.280 --> 00:15:54.290 align:start position:0% price discrepancy happens and there's a 00:15:54.290 --> 00:15:57.160 align:start position:0% price discrepancy happens and there's a demand<00:15:54.950> to<00:15:55.339> make<00:15:55.459> this<00:15:55.640> bridge<00:15:55.940> to<00:15:56.180> return<00:15:56.480> the 00:15:57.160 --> 00:15:57.170 align:start position:0% demand to make this bridge to return the 00:15:57.170 --> 00:16:01.240 align:start position:0% demand to make this bridge to return the path<00:15:57.529> to<00:15:57.950> the<00:15:58.160> s<00:15:58.339> chain<00:15:58.810> so<00:15:59.810> the<00:16:00.560> nice<00:16:00.890> thing 00:16:01.240 --> 00:16:01.250 align:start position:0% path to the s chain so the nice thing 00:16:01.250 --> 00:16:03.250 align:start position:0% path to the s chain so the nice thing about<00:16:01.279> phase<00:16:01.850> zero<00:16:02.150> and<00:16:02.300> one<00:16:02.450> is<00:16:02.690> that<00:16:03.110> it 00:16:03.250 --> 00:16:03.260 align:start position:0% about phase zero and one is that it 00:16:03.260 --> 00:16:07.079 align:start position:0% about phase zero and one is that it allows<00:16:03.529> us<00:16:03.560> to<00:16:03.950> architect<00:16:04.640> the<00:16:04.790> system<00:16:04.820> this 00:16:07.079 --> 00:16:07.089 align:start position:0% allows us to architect the system this 00:16:07.089 --> 00:16:09.910 align:start position:0% allows us to architect the system this complex<00:16:08.089> in<00:16:08.270> many<00:16:08.390> respects<00:16:08.779> system<00:16:09.500> in<00:16:09.770> a 00:16:09.910 --> 00:16:09.920 align:start position:0% complex in many respects system in a 00:16:09.920 --> 00:16:12.220 align:start position:0% complex in many respects system in a production<00:16:10.279> context<00:16:10.970> but<00:16:11.450> without<00:16:11.870> having 00:16:12.220 --> 00:16:12.230 align:start position:0% production context but without having 00:16:12.230 --> 00:16:16.810 align:start position:0% production context but without having users<00:16:12.800> yet<00:16:13.040> so<00:16:13.670> if<00:16:14.230> some<00:16:15.339> underflow<00:16:16.339> happened 00:16:16.810 --> 00:16:16.820 align:start position:0% users yet so if some underflow happened 00:16:16.820 --> 00:16:21.370 align:start position:0% users yet so if some underflow happened and<00:16:17.120> we<00:16:17.240> had<00:16:17.589> 20<00:16:18.589> billion<00:16:19.400> Heath<00:16:19.820> created<00:16:20.390> we'd 00:16:21.370 --> 00:16:21.380 align:start position:0% and we had 20 billion Heath created we'd 00:16:21.380 --> 00:16:25.690 align:start position:0% and we had 20 billion Heath created we'd likely<00:16:21.680> fix<00:16:22.220> it<00:16:23.170> the<00:16:24.170> because<00:16:24.980> it's<00:16:25.400> an<00:16:25.520> early 00:16:25.690 --> 00:16:25.700 align:start position:0% likely fix it the because it's an early 00:16:25.700 --> 00:16:27.220 align:start position:0% likely fix it the because it's an early system<00:16:26.270> there's<00:16:26.450> not<00:16:26.600> that<00:16:26.750> many<00:16:26.870> users<00:16:27.200> you 00:16:27.220 --> 00:16:27.230 align:start position:0% system there's not that many users you 00:16:27.230 --> 00:16:29.590 align:start position:0% system there's not that many users you know<00:16:27.410> users<00:16:27.709> are<00:16:27.890> validators<00:16:28.430> and<00:16:29.240> that's<00:16:29.420> one 00:16:29.590 --> 00:16:29.600 align:start position:0% know users are validators and that's one 00:16:29.600 --> 00:16:30.640 align:start position:0% know users are validators and that's one of<00:16:29.630> the<00:16:29.750> that's<00:16:30.080> one<00:16:30.230> of<00:16:30.290> the<00:16:30.380> reasons<00:16:30.620> that 00:16:30.640 --> 00:16:30.650 align:start position:0% of the that's one of the reasons that 00:16:30.650 --> 00:16:32.230 align:start position:0% of the that's one of the reasons that transfers<00:16:31.130> aren't<00:16:31.310> enabled<00:16:31.610> necessarily<00:16:32.150> in 00:16:32.230 --> 00:16:32.240 align:start position:0% transfers aren't enabled necessarily in 00:16:32.240 --> 00:16:36.310 align:start position:0% transfers aren't enabled necessarily in phase<00:16:32.420> zero<00:16:32.630> but<00:16:34.690> there's<00:16:35.690> a<00:16:35.779> class<00:16:35.930> of<00:16:36.110> books 00:16:36.310 --> 00:16:36.320 align:start position:0% phase zero but there's a class of books 00:16:36.320 --> 00:16:38.500 align:start position:0% phase zero but there's a class of books where<00:16:36.529> it's<00:16:37.010> not<00:16:37.190> explicitly<00:16:37.820> a<00:16:37.880> problem 00:16:38.500 --> 00:16:38.510 align:start position:0% where it's not explicitly a problem 00:16:38.510 --> 00:16:40.420 align:start position:0% where it's not explicitly a problem right<00:16:39.050> now<00:16:39.079> you<00:16:39.380> can't<00:16:39.680> have<00:16:39.860> this<00:16:40.010> kind<00:16:40.339> of 00:16:40.420 --> 00:16:40.430 align:start position:0% right now you can't have this kind of 00:16:40.430 --> 00:16:41.949 align:start position:0% right now you can't have this kind of misaligned<00:16:40.880> incentives<00:16:40.940> or<00:16:41.420> something<00:16:41.750> and 00:16:41.949 --> 00:16:41.959 align:start position:0% misaligned incentives or something and 00:16:41.959 --> 00:16:43.990 align:start position:0% misaligned incentives or something and there<00:16:42.410> can<00:16:42.560> be<00:16:42.680> either<00:16:43.100> created<00:16:43.670> and<00:16:43.820> some 00:16:43.990 --> 00:16:44.000 align:start position:0% there can be either created and some 00:16:44.000 --> 00:16:45.340 align:start position:0% there can be either created and some people<00:16:44.240> say<00:16:44.390> oh<00:16:44.420> this<00:16:44.690> is<00:16:44.810> totally<00:16:45.050> fine<00:16:45.170> this 00:16:45.340 --> 00:16:45.350 align:start position:0% people say oh this is totally fine this 00:16:45.350 --> 00:16:46.870 align:start position:0% people say oh this is totally fine this is<00:16:45.470> part<00:16:45.620> of<00:16:45.650> the<00:16:45.740> protocol<00:16:46.040> but<00:16:46.430> other<00:16:46.579> people 00:16:46.870 --> 00:16:46.880 align:start position:0% is part of the protocol but other people 00:16:46.880 --> 00:16:48.400 align:start position:0% is part of the protocol but other people say<00:16:47.000> no<00:16:47.029> this<00:16:47.420> is<00:16:47.480> a<00:16:47.600> serious<00:16:47.959> problem<00:16:48.050> and 00:16:48.400 --> 00:16:48.410 align:start position:0% say no this is a serious problem and 00:16:48.410 --> 00:16:50.199 align:start position:0% say no this is a serious problem and it's<00:16:49.130> difficult<00:16:49.459> to<00:16:49.820> tell<00:16:50.029> the<00:16:50.180> difference 00:16:50.199 --> 00:16:50.209 align:start position:0% it's difficult to tell the difference 00:16:50.209 --> 00:16:55.480 align:start position:0% it's difficult to tell the difference between<00:16:50.540> the<00:16:50.779> two<00:16:53.709> not<00:16:54.709> in<00:16:54.920> a<00:16:54.980> way<00:16:55.130> that<00:16:55.160> would 00:16:55.480 --> 00:16:55.490 align:start position:0% between the two not in a way that would 00:16:55.490 --> 00:17:00.610 align:start position:0% between the two not in a way that would generate<00:16:56.120> a<00:16:56.829> bunch<00:16:57.829> of<00:16:58.010> ether<00:16:59.620> there 00:17:00.610 --> 00:17:00.620 align:start position:0% generate a bunch of ether there 00:17:00.620 --> 00:17:03.610 align:start position:0% generate a bunch of ether there potentially<00:17:01.520> slash<00:17:01.820> like<00:17:02.150> may<00:17:02.450> like<00:17:02.750> if 00:17:03.610 --> 00:17:03.620 align:start position:0% potentially slash like may like if 00:17:03.620 --> 00:17:04.990 align:start position:0% potentially slash like may like if half<00:17:03.770> of<00:17:03.950> the<00:17:04.010> validators<00:17:04.430> that<00:17:04.579> got<00:17:04.730> slashed 00:17:04.990 --> 00:17:05.000 align:start position:0% half of the validators that got slashed 00:17:05.000 --> 00:17:06.370 align:start position:0% half of the validators that got slashed you<00:17:05.540> could<00:17:05.660> see<00:17:05.809> that<00:17:05.930> being<00:17:06.110> very 00:17:06.370 --> 00:17:06.380 align:start position:0% you could see that being very 00:17:06.380 --> 00:17:08.110 align:start position:0% you could see that being very contentious<00:17:06.829> right<00:17:07.130> if<00:17:07.339> it<00:17:07.640> was<00:17:07.730> some<00:17:07.910> sort<00:17:08.030> of 00:17:08.110 --> 00:17:08.120 align:start position:0% contentious right if it was some sort of 00:17:08.120 --> 00:17:09.910 align:start position:0% contentious right if it was some sort of like<00:17:08.240> bug<00:17:08.540> in<00:17:08.930> the<00:17:09.020> software<00:17:09.199> or<00:17:09.500> things<00:17:09.829> like 00:17:09.910 --> 00:17:09.920 align:start position:0% like bug in the software or things like 00:17:09.920 --> 00:17:14.590 align:start position:0% like bug in the software or things like that<00:17:10.040> but<00:17:12.189> 10<00:17:13.189> times<00:17:13.430> the<00:17:13.819> supply<00:17:14.120> of<00:17:14.150> ether 00:17:14.590 --> 00:17:14.600 align:start position:0% that but 10 times the supply of ether 00:17:14.600 --> 00:17:16.840 align:start position:0% that but 10 times the supply of ether being<00:17:14.809> created<00:17:15.140> it<00:17:15.230> is<00:17:15.319> like<00:17:15.640> explicitly<00:17:16.640> not 00:17:16.840 --> 00:17:16.850 align:start position:0% being created it is like explicitly not 00:17:16.850 --> 00:17:19.510 align:start position:0% being created it is like explicitly not an<00:17:17.439> intended<00:17:18.439> portion<00:17:18.770> of<00:17:18.860> the<00:17:18.920> protocol<00:17:19.250> so 00:17:19.510 --> 00:17:19.520 align:start position:0% an intended portion of the protocol so 00:17:19.520 --> 00:17:23.790 align:start position:0% an intended portion of the protocol so but<00:17:19.760> III<00:17:20.120> hear<00:17:20.540> you<00:17:21.430> the<00:17:22.430> more<00:17:22.670> that<00:17:22.699> you 00:17:23.790 --> 00:17:23.800 align:start position:0% but III hear you the more that you 00:17:23.800 --> 00:17:27.100 align:start position:0% but III hear you the more that you encumber<00:17:24.800> the<00:17:24.829> systems<00:17:25.280> the<00:17:25.520> more<00:17:25.699> that<00:17:26.110> it 00:17:27.100 --> 00:17:27.110 align:start position:0% encumber the systems the more that it 00:17:27.110 --> 00:17:29.740 align:start position:0% encumber the systems the more that it becomes<00:17:27.890> more<00:17:28.040> difficult<00:17:28.189> to<00:17:28.640> for<00:17:29.450> coming 00:17:29.740 --> 00:17:29.750 align:start position:0% becomes more difficult to for coming 00:17:29.750 --> 00:17:31.390 align:start position:0% becomes more difficult to for coming over<00:17:29.870> one<00:17:30.200> or<00:17:30.230> the<00:17:30.380> other<00:17:30.530> or<00:17:30.620> the<00:17:31.040> more<00:17:31.250> that 00:17:31.390 --> 00:17:31.400 align:start position:0% over one or the other or the more that 00:17:31.400 --> 00:17:33.220 align:start position:0% over one or the other or the more that pull<00:17:31.760> it<00:17:31.850> politics<00:17:32.300> over<00:17:32.480> here<00:17:32.720> might<00:17:32.960> affect 00:17:33.220 --> 00:17:33.230 align:start position:0% pull it politics over here might affect 00:17:33.230 --> 00:17:37.530 align:start position:0% pull it politics over here might affect politics<00:17:33.559> over<00:17:33.830> there 00:17:37.530 --> 00:17:37.540 align:start position:0% 00:17:37.540 --> 00:17:39.760 align:start position:0% when<00:17:38.540> you're<00:17:38.660> thinking<00:17:38.929> about<00:17:39.080> designing<00:17:39.590> a 00:17:39.760 --> 00:17:39.770 align:start position:0% when you're thinking about designing a 00:17:39.770 --> 00:17:41.680 align:start position:0% when you're thinking about designing a bridge<00:17:39.860> how<00:17:40.520> much<00:17:40.730> of<00:17:40.850> your<00:17:40.910> consideration<00:17:41.510> is 00:17:41.680 --> 00:17:41.690 align:start position:0% bridge how much of your consideration is 00:17:41.690 --> 00:17:43.120 align:start position:0% bridge how much of your consideration is around<00:17:41.900> the<00:17:42.200> work<00:17:42.410> that<00:17:42.650> it<00:17:42.740> will<00:17:42.860> take<00:17:42.980> to 00:17:43.120 --> 00:17:43.130 align:start position:0% around the work that it will take to 00:17:43.130 --> 00:17:46.330 align:start position:0% around the work that it will take to implement<00:17:43.280> it<00:17:43.670> versus<00:17:44.270> the<00:17:44.630> like<00:17:45.410> social 00:17:46.330 --> 00:17:46.340 align:start position:0% implement it versus the like social 00:17:46.340 --> 00:17:48.310 align:start position:0% implement it versus the like social construct<00:17:47.090> of<00:17:47.210> like<00:17:47.360> being<00:17:47.600> bought<00:17:47.929> in<00:17:47.960> and 00:17:48.310 --> 00:17:48.320 align:start position:0% construct of like being bought in and 00:17:48.320 --> 00:17:53.500 align:start position:0% construct of like being bought in and having<00:17:48.590> no<00:17:48.710> way<00:17:48.860> to<00:17:48.920> leave<00:17:49.190> I<00:17:51.580> my<00:17:52.580> personal 00:17:53.500 --> 00:17:53.510 align:start position:0% having no way to leave I my personal 00:17:53.510 --> 00:17:56.410 align:start position:0% having no way to leave I my personal opinion<00:17:54.050> is<00:17:54.350> that<00:17:54.380> like<00:17:54.980> uterus<00:17:55.550> paribus<00:17:56.150> I 00:17:56.410 --> 00:17:56.420 align:start position:0% opinion is that like uterus paribus I 00:17:56.420 --> 00:17:59.380 align:start position:0% opinion is that like uterus paribus I think<00:17:56.750> like<00:17:57.080> having<00:17:57.500> a<00:17:57.800> social<00:17:58.400> like<00:17:58.760> having 00:17:59.380 --> 00:17:59.390 align:start position:0% think like having a social like having 00:17:59.390 --> 00:18:01.210 align:start position:0% think like having a social like having it<00:17:59.510> beats<00:17:59.690> you<00:17:59.840> way<00:18:00.080> is<00:18:00.260> somewhat<00:18:00.710> better<00:18:00.890> than 00:18:01.210 --> 00:18:01.220 align:start position:0% it beats you way is somewhat better than 00:18:01.220 --> 00:18:03.280 align:start position:0% it beats you way is somewhat better than not<00:18:01.429> having<00:18:01.460> it<00:18:01.850> be<00:18:02.000> two-way<00:18:02.360> the<00:18:02.900> reason 00:18:03.280 --> 00:18:03.290 align:start position:0% not having it be two-way the reason 00:18:03.290 --> 00:18:05.440 align:start position:0% not having it be two-way the reason we're<00:18:03.470> not<00:18:03.500> into<00:18:04.010> like<00:18:04.450> enthusiastically 00:18:05.440 --> 00:18:05.450 align:start position:0% we're not into like enthusiastically 00:18:05.450 --> 00:18:07.360 align:start position:0% we're not into like enthusiastically going<00:18:05.809> toward<00:18:06.140> implementing<00:18:06.620> the<00:18:06.950> bridge<00:18:07.160> on 00:18:07.360 --> 00:18:07.370 align:start position:0% going toward implementing the bridge on 00:18:07.370 --> 00:18:09.070 align:start position:0% going toward implementing the bridge on day<00:18:07.520> one<00:18:07.730> is<00:18:07.880> because<00:18:08.179> it<00:18:08.330> would<00:18:08.480> Jim<00:18:08.600> Utley<00:18:08.929> is 00:18:09.070 --> 00:18:09.080 align:start position:0% day one is because it would Jim Utley is 00:18:09.080 --> 00:18:13.720 align:start position:0% day one is because it would Jim Utley is a<00:18:09.110> lot<00:18:09.380> of<00:18:09.559> a<00:18:09.920> lot<00:18:10.400> of<00:18:10.460> work<00:18:10.820> and<00:18:11.150> if<00:18:11.900> it<00:18:12.770> and<00:18:13.190> in 00:18:13.720 --> 00:18:13.730 align:start position:0% a lot of a lot of work and if it and in 00:18:13.730 --> 00:18:15.390 align:start position:0% a lot of a lot of work and if it and in the<00:18:13.850> happy<00:18:14.120> case<00:18:14.330> that's<00:18:14.600> work<00:18:14.809> that<00:18:15.020> we 00:18:15.390 --> 00:18:15.400 align:start position:0% the happy case that's work that we 00:18:15.400 --> 00:18:18.340 align:start position:0% the happy case that's work that we expects<00:18:16.400> to<00:18:16.490> never<00:18:16.700> need<00:18:16.870> but<00:18:17.870> I<00:18:18.140> know 00:18:18.340 --> 00:18:18.350 align:start position:0% expects to never need but I know 00:18:18.350 --> 00:18:20.890 align:start position:0% expects to never need but I know people's<00:18:18.679> people's<00:18:19.429> opinions<00:18:19.850> on<00:18:20.000> this<00:18:20.120> my<00:18:20.300> on 00:18:20.890 --> 00:18:20.900 align:start position:0% people's people's opinions on this my on 00:18:20.900 --> 00:18:24.490 align:start position:0% people's people's opinions on this my on this<00:18:21.140> might<00:18:21.320> differ<00:18:21.610> right<00:18:22.610> and<00:18:23.290> for<00:18:24.290> better 00:18:24.490 --> 00:18:24.500 align:start position:0% this might differ right and for better 00:18:24.500 --> 00:18:25.799 align:start position:0% this might differ right and for better or<00:18:24.710> worse 00:18:25.799 --> 00:18:25.809 align:start position:0% or worse 00:18:25.809 --> 00:18:29.590 align:start position:0% or worse each<00:18:26.809> one<00:18:27.429> takes<00:18:28.429> a<00:18:28.640> lot<00:18:28.760> of<00:18:28.850> time<00:18:29.059> and<00:18:29.300> effort 00:18:29.590 --> 00:18:29.600 align:start position:0% each one takes a lot of time and effort 00:18:29.600 --> 00:18:34.690 align:start position:0% each one takes a lot of time and effort to<00:18:30.050> fork<00:18:31.010> and<00:18:31.340> get<00:18:31.670> things<00:18:31.820> in<00:18:32.170> and<00:18:33.170> so<00:18:33.710> the 00:18:34.690 --> 00:18:34.700 align:start position:0% to fork and get things in and so the 00:18:34.700 --> 00:18:37.960 align:start position:0% to fork and get things in and so the longer<00:18:35.240> that<00:18:35.420> we<00:18:35.480> can<00:18:36.190> operate<00:18:37.190> in<00:18:37.490> eath<00:18:37.670> to 00:18:37.960 --> 00:18:37.970 align:start position:0% longer that we can operate in eath to 00:18:37.970 --> 00:18:41.980 align:start position:0% longer that we can operate in eath to very<00:18:38.750> rapidly<00:18:39.260> and<00:18:40.100> can<00:18:40.400> iterate<00:18:40.610> quickly<00:18:40.990> the 00:18:41.980 --> 00:18:41.990 align:start position:0% very rapidly and can iterate quickly the 00:18:41.990 --> 00:18:44.080 align:start position:0% very rapidly and can iterate quickly the quicker<00:18:42.260> we<00:18:42.440> can<00:18:42.470> get<00:18:42.679> things<00:18:42.890> out<00:18:43.040> and<00:18:43.880> kind 00:18:44.080 --> 00:18:44.090 align:start position:0% quicker we can get things out and kind 00:18:44.090 --> 00:18:46.060 align:start position:0% quicker we can get things out and kind of<00:18:44.120> get<00:18:44.300> to<00:18:44.330> the<00:18:44.540> vision<00:18:44.809> the<00:18:45.260> sooner<00:18:45.770> that<00:18:45.800> we 00:18:46.060 --> 00:18:46.070 align:start position:0% of get to the vision the sooner that we 00:18:46.070 --> 00:18:48.700 align:start position:0% of get to the vision the sooner that we choose<00:18:46.520> to<00:18:46.929> tightly<00:18:47.929> couple<00:18:48.230> these<00:18:48.350> systems 00:18:48.700 --> 00:18:48.710 align:start position:0% choose to tightly couple these systems 00:18:48.710 --> 00:18:50.830 align:start position:0% choose to tightly couple these systems the<00:18:49.250> harder<00:18:49.550> it<00:18:49.640> is<00:18:49.670> going<00:18:49.880> to<00:18:49.970> be<00:18:50.390> rapidly 00:18:50.830 --> 00:18:50.840 align:start position:0% the harder it is going to be rapidly 00:18:50.840 --> 00:18:53.140 align:start position:0% the harder it is going to be rapidly iterate<00:18:51.679> and<00:18:52.190> get<00:18:52.340> out<00:18:52.460> these<00:18:52.610> phases<00:18:53.000> of 00:18:53.140 --> 00:18:53.150 align:start position:0% iterate and get out these phases of 00:18:53.150 --> 00:18:56.290 align:start position:0% iterate and get out these phases of production<00:18:53.800> so<00:18:55.000> definitely<00:18:56.000> a<00:18:56.030> trade-off 00:18:56.290 --> 00:18:56.300 align:start position:0% production so definitely a trade-off 00:18:56.300 --> 00:18:58.510 align:start position:0% production so definitely a trade-off there<00:18:56.450> I<00:18:56.630> think<00:18:57.140> the<00:18:57.380> other<00:18:57.530> aspect<00:18:57.620> that<00:18:58.160> I 00:18:58.510 --> 00:18:58.520 align:start position:0% there I think the other aspect that I 00:18:58.520 --> 00:19:00.220 align:start position:0% there I think the other aspect that I quite<00:18:58.760> like<00:18:59.000> and<00:18:59.270> you<00:18:59.420> know<00:18:59.480> at<00:18:59.780> risk<00:19:00.080> of 00:19:00.220 --> 00:19:00.230 align:start position:0% quite like and you know at risk of 00:19:00.230 --> 00:19:03.010 align:start position:0% quite like and you know at risk of disagreeing<00:19:00.650> with<00:19:00.679> italic<00:19:01.130> is<00:19:02.030> there's<00:19:02.929> a 00:19:03.010 --> 00:19:03.020 align:start position:0% disagreeing with italic is there's a 00:19:03.020 --> 00:19:05.350 align:start position:0% disagreeing with italic is there's a real<00:19:03.230> incentive<00:19:03.440> that<00:19:04.309> people<00:19:05.059> are<00:19:05.150> excited 00:19:05.350 --> 00:19:05.360 align:start position:0% real incentive that people are excited 00:19:05.360 --> 00:19:07.360 align:start position:0% real incentive that people are excited about<00:19:05.630> it<00:19:05.780> too<00:19:06.020> and<00:19:06.290> and<00:19:06.530> so<00:19:06.860> I<00:19:06.920> want<00:19:07.070> to<00:19:07.160> get<00:19:07.250> in 00:19:07.360 --> 00:19:07.370 align:start position:0% about it too and and so I want to get in 00:19:07.370 --> 00:19:08.860 align:start position:0% about it too and and so I want to get in and<00:19:07.520> stake<00:19:07.760> and<00:19:08.150> there's<00:19:08.360> then<00:19:08.540> a<00:19:08.570> real 00:19:08.860 --> 00:19:08.870 align:start position:0% and stake and there's then a real 00:19:08.870 --> 00:19:10.630 align:start position:0% and stake and there's then a real incentive<00:19:09.230> to<00:19:09.559> actually<00:19:10.040> make<00:19:10.190> it<00:19:10.309> work<00:19:10.460> and 00:19:10.630 --> 00:19:10.640 align:start position:0% incentive to actually make it work and 00:19:10.640 --> 00:19:12.610 align:start position:0% incentive to actually make it work and go<00:19:10.760> all<00:19:10.910> the<00:19:11.059> way<00:19:11.090> and<00:19:11.240> get<00:19:11.810> main<00:19:12.020> it<00:19:12.230> over<00:19:12.500> to 00:19:12.610 --> 00:19:12.620 align:start position:0% go all the way and get main it over to 00:19:12.620 --> 00:19:14.350 align:start position:0% go all the way and get main it over to it<00:19:12.770> if<00:19:13.190> that's<00:19:13.490> the<00:19:13.640> only<00:19:13.670> way<00:19:13.850> you<00:19:13.970> can<00:19:14.179> then 00:19:14.350 --> 00:19:14.360 align:start position:0% it if that's the only way you can then 00:19:14.360 --> 00:19:16.360 align:start position:0% it if that's the only way you can then really<00:19:14.600> use<00:19:14.900> that<00:19:15.230> if<00:19:15.410> you<00:19:15.440> just 00:19:16.360 --> 00:19:16.370 align:start position:0% really use that if you just 00:19:16.370 --> 00:19:19.120 align:start position:0% really use that if you just putting<00:19:16.700> in<00:19:16.760> so<00:19:17.559> kind<00:19:18.559> of<00:19:18.620> having<00:19:18.799> it<00:19:18.950> locked 00:19:19.120 --> 00:19:19.130 align:start position:0% putting in so kind of having it locked 00:19:19.130 --> 00:19:21.880 align:start position:0% putting in so kind of having it locked up<00:19:19.279> is<00:19:19.460> is<00:19:19.669> nice<00:19:19.970> in<00:19:20.870> some<00:19:21.169> ways<00:19:21.350> it<00:19:21.559> makes<00:19:21.710> it<00:19:21.830> a 00:19:21.880 --> 00:19:21.890 align:start position:0% up is is nice in some ways it makes it a 00:19:21.890 --> 00:19:23.950 align:start position:0% up is is nice in some ways it makes it a little<00:19:22.159> harder<00:19:22.970> to<00:19:23.090> sell<00:19:23.330> people<00:19:23.570> on<00:19:23.809> the<00:19:23.870> idea 00:19:23.950 --> 00:19:23.960 align:start position:0% little harder to sell people on the idea 00:19:23.960 --> 00:19:26.500 align:start position:0% little harder to sell people on the idea of<00:19:24.260> becoming<00:19:24.380> a<00:19:24.679> validator<00:19:25.100> but<00:19:25.940> once<00:19:26.390> you 00:19:26.500 --> 00:19:26.510 align:start position:0% of becoming a validator but once you 00:19:26.510 --> 00:19:28.000 align:start position:0% of becoming a validator but once you manage<00:19:26.750> to<00:19:26.870> get<00:19:26.960> them<00:19:27.110> over<00:19:27.200> that<00:19:27.289> hump<00:19:27.559> it's 00:19:28.000 --> 00:19:28.010 align:start position:0% manage to get them over that hump it's 00:19:28.010 --> 00:19:29.230 align:start position:0% manage to get them over that hump it's kind<00:19:28.220> of<00:19:28.279> downhill<00:19:28.460> in<00:19:28.760> terms<00:19:28.970> of<00:19:29.120> getting 00:19:29.230 --> 00:19:29.240 align:start position:0% kind of downhill in terms of getting 00:19:29.240 --> 00:19:30.730 align:start position:0% kind of downhill in terms of getting them<00:19:29.390> to<00:19:29.419> support<00:19:29.779> moving<00:19:30.020> forward<00:19:30.140> which<00:19:30.620> is 00:19:30.730 --> 00:19:30.740 align:start position:0% them to support moving forward which is 00:19:30.740 --> 00:19:33.340 align:start position:0% them to support moving forward which is nice<00:19:31.070> and<00:19:31.820> if<00:19:31.909> we<00:19:32.000> want<00:19:32.210> to<00:19:32.299> go<00:19:32.390> fold<00:19:32.720> or<00:19:32.990> die 00:19:33.340 --> 00:19:33.350 align:start position:0% nice and if we want to go fold or die 00:19:33.350 --> 00:19:35.830 align:start position:0% nice and if we want to go fold or die then<00:19:33.799> we<00:19:34.279> can<00:19:34.460> change<00:19:34.669> the<00:19:34.850> deposit<00:19:35.299> contracts 00:19:35.830 --> 00:19:35.840 align:start position:0% then we can change the deposit contracts 00:19:35.840 --> 00:19:37.090 align:start position:0% then we can change the deposit contracts to<00:19:35.929> instead<00:19:36.169> of<00:19:36.230> locking<00:19:36.470> the<00:19:36.770> youth<00:19:36.890> forever 00:19:37.090 --> 00:19:37.100 align:start position:0% to instead of locking the youth forever 00:19:37.100 --> 00:19:39.340 align:start position:0% to instead of locking the youth forever it<00:19:37.460> becomes<00:19:37.789> accessible<00:19:38.299> accessible<00:19:39.169> by<00:19:39.289> the 00:19:39.340 --> 00:19:39.350 align:start position:0% it becomes accessible accessible by the 00:19:39.350 --> 00:19:50.130 align:start position:0% it becomes accessible accessible by the Dow<00:19:39.590> hacker<00:19:39.890> on<00:19:40.159> January<00:19:40.549> 1st<00:19:40.820> 2027 00:19:50.130 --> 00:19:50.140 align:start position:0% 00:19:50.140 --> 00:19:53.590 align:start position:0% just<00:19:51.140> given<00:19:51.470> liquidity<00:19:52.460> alone<00:19:52.970> can't<00:19:53.450> we 00:19:53.590 --> 00:19:53.600 align:start position:0% just given liquidity alone can't we 00:19:53.600 --> 00:19:57.370 align:start position:0% just given liquidity alone can't we expect<00:19:54.260> a<00:19:54.440> liquidity<00:19:54.980> discount<00:19:55.850> on<00:19:56.090> the<00:19:56.929> e<00:19:56.960> to 00:19:57.370 --> 00:19:57.380 align:start position:0% expect a liquidity discount on the e to 00:19:57.380 --> 00:20:01.000 align:start position:0% expect a liquidity discount on the e to ether<00:19:57.950> and<00:19:58.159> if<00:19:58.669> you're<00:19:58.880> one<00:19:59.240> to<00:19:59.390> one<00:20:00.010> burning 00:20:01.000 --> 00:20:01.010 align:start position:0% ether and if you're one to one burning 00:20:01.010 --> 00:20:03.539 align:start position:0% ether and if you're one to one burning your<00:20:01.370> eighth<00:20:01.549> one<00:20:01.820> ether<00:20:02.270> and<00:20:02.570> then<00:20:03.020> creating 00:20:03.539 --> 00:20:03.549 align:start position:0% your eighth one ether and then creating 00:20:03.549 --> 00:20:08.799 align:start position:0% your eighth one ether and then creating one<00:20:04.549> e<00:20:04.880> -<00:20:06.370> yeah<00:20:07.370> I<00:20:07.399> mean<00:20:07.909> a<00:20:07.970> decision<00:20:08.539> is<00:20:08.659> made 00:20:08.799 --> 00:20:08.809 align:start position:0% one e - yeah I mean a decision is made 00:20:08.809 --> 00:20:10.870 align:start position:0% one e - yeah I mean a decision is made there<00:20:09.080> and<00:20:09.260> it's<00:20:09.470> based<00:20:09.710> off<00:20:09.890> of<00:20:09.950> how<00:20:10.700> much 00:20:10.870 --> 00:20:10.880 align:start position:0% there and it's based off of how much 00:20:10.880 --> 00:20:13.870 align:start position:0% there and it's based off of how much you're<00:20:11.059> expecting<00:20:11.659> to<00:20:11.929> generate<00:20:12.350> in<00:20:12.559> new<00:20:13.370> e<00:20:13.399> - 00:20:13.870 --> 00:20:13.880 align:start position:0% you're expecting to generate in new e - 00:20:13.880 --> 00:20:17.649 align:start position:0% you're expecting to generate in new e - as<00:20:14.090> being<00:20:14.510> a<00:20:14.630> validator<00:20:15.220> but<00:20:16.330> granted<00:20:17.330> it's<00:20:17.539> a 00:20:17.649 --> 00:20:17.659 align:start position:0% as being a validator but granted it's a 00:20:17.659 --> 00:20:21.220 align:start position:0% as being a validator but granted it's a very<00:20:17.929> complex<00:20:18.830> right<00:20:19.429> so<00:20:19.970> you<00:20:20.480> might<00:20:20.720> you 00:20:21.220 --> 00:20:21.230 align:start position:0% very complex right so you might you 00:20:21.230 --> 00:20:23.169 align:start position:0% very complex right so you might you might<00:20:21.529> expect<00:20:22.010> some<00:20:22.100> sort<00:20:22.370> of<00:20:22.460> discount<00:20:22.789> for 00:20:23.169 --> 00:20:23.179 align:start position:0% might expect some sort of discount for 00:20:23.179 --> 00:20:25.240 align:start position:0% might expect some sort of discount for some<00:20:23.390> time<00:20:23.690> horizon<00:20:24.230> but<00:20:24.770> if<00:20:24.890> your<00:20:25.010> time 00:20:25.240 --> 00:20:25.250 align:start position:0% some time horizon but if your time 00:20:25.250 --> 00:20:28.210 align:start position:0% some time horizon but if your time horizon<00:20:25.429> is<00:20:25.850> longer<00:20:26.299> than<00:20:26.740> that<00:20:27.740> with<00:20:28.039> which 00:20:28.210 --> 00:20:28.220 align:start position:0% horizon is longer than that with which 00:20:28.220 --> 00:20:31.029 align:start position:0% horizon is longer than that with which the<00:20:28.640> systems<00:20:29.059> are<00:20:29.240> merged<00:20:29.809> and<00:20:30.049> unified<00:20:30.380> then 00:20:31.029 --> 00:20:31.039 align:start position:0% the systems are merged and unified then 00:20:31.039 --> 00:20:33.399 align:start position:0% the systems are merged and unified then you<00:20:31.399> don't<00:20:31.580> really<00:20:31.940> need<00:20:32.210> to<00:20:32.270> necessarily<00:20:32.720> you 00:20:33.399 --> 00:20:33.409 align:start position:0% you don't really need to necessarily you 00:20:33.409 --> 00:20:35.380 align:start position:0% you don't really need to necessarily you don't<00:20:33.440> externalize<00:20:34.100> that<00:20:34.159> that<00:20:34.760> discount<00:20:35.149> for 00:20:35.380 --> 00:20:35.390 align:start position:0% don't externalize that that discount for 00:20:35.390 --> 00:20:38.980 align:start position:0% don't externalize that that discount for the<00:20:35.450> time<00:20:35.630> so<00:20:36.200> I<00:20:36.620> do<00:20:37.279> expect<00:20:37.760> early<00:20:38.360> validators 00:20:38.980 --> 00:20:38.990 align:start position:0% the time so I do expect early validators 00:20:38.990 --> 00:20:42.340 align:start position:0% the time so I do expect early validators to<00:20:39.230> be<00:20:39.970> hobbyists<00:20:40.970> enthusiasts<00:20:41.840> long-term 00:20:42.340 --> 00:20:42.350 align:start position:0% to be hobbyists enthusiasts long-term 00:20:42.350 --> 00:20:45.760 align:start position:0% to be hobbyists enthusiasts long-term holders<00:20:42.789> and<00:20:43.789> I<00:20:44.240> expect<00:20:44.690> them<00:20:44.899> I<00:20:45.140> expect<00:20:45.590> them 00:20:45.760 --> 00:20:45.770 align:start position:0% holders and I expect them I expect them 00:20:45.770 --> 00:20:47.799 align:start position:0% holders and I expect them I expect them to<00:20:45.799> get<00:20:46.370> probably<00:20:46.700> higher<00:20:46.880> return<00:20:47.270> than<00:20:47.299> when 00:20:47.799 --> 00:20:47.809 align:start position:0% to get probably higher return than when 00:20:47.809 --> 00:20:49.840 align:start position:0% to get probably higher return than when these<00:20:48.470> systems<00:20:48.890> are<00:20:49.039> unified<00:20:49.399> and<00:20:49.640> there's 00:20:49.840 --> 00:20:49.850 align:start position:0% these systems are unified and there's 00:20:49.850 --> 00:20:51.730 align:start position:0% these systems are unified and there's more<00:20:50.059> institutional<00:20:50.630> players<00:20:50.870> and<00:20:51.289> a<00:20:51.710> lot 00:20:51.730 --> 00:20:51.740 align:start position:0% more institutional players and a lot 00:20:51.740 --> 00:20:54.480 align:start position:0% more institutional players and a lot more<00:20:51.860> people<00:20:52.130> kind<00:20:52.580> of<00:20:52.640> willing<00:20:53.029> to<00:20:53.539> accept<00:20:53.929> a 00:20:54.480 --> 00:20:54.490 align:start position:0% more people kind of willing to accept a 00:20:54.490 --> 00:20:58.389 align:start position:0% more people kind of willing to accept a different<00:20:55.490> risk<00:20:55.610> analysis<00:20:56.179> and<00:20:56.419> so<00:20:57.399> honestly 00:20:58.389 --> 00:20:58.399 align:start position:0% different risk analysis and so honestly 00:20:58.399 --> 00:21:00.190 align:start position:0% different risk analysis and so honestly I<00:20:58.640> hope<00:20:58.940> that<00:20:59.149> it's<00:20:59.270> a<00:20:59.330> boon<00:20:59.480> for<00:20:59.659> hobbyists<00:20:59.960> I 00:21:00.190 --> 00:21:00.200 align:start position:0% I hope that it's a boon for hobbyists I 00:21:00.200 --> 00:21:01.360 align:start position:0% I hope that it's a boon for hobbyists I hope<00:21:00.350> that<00:21:00.500> it's<00:21:00.620> a<00:21:00.679> boon<00:21:00.830> for<00:21:01.010> people<00:21:01.250> that 00:21:01.360 --> 00:21:01.370 align:start position:0% hope that it's a boon for people that 00:21:01.370 --> 00:21:04.899 align:start position:0% hope that it's a boon for people that are<00:21:01.490> like<00:21:01.899> deeply<00:21:03.190> invested<00:21:04.190> not<00:21:04.640> just 00:21:04.899 --> 00:21:04.909 align:start position:0% are like deeply invested not just 00:21:04.909 --> 00:21:06.880 align:start position:0% are like deeply invested not just finding<00:21:05.360> it<00:21:05.450> financially<00:21:05.960> but<00:21:06.049> like<00:21:06.200> invested 00:21:06.880 --> 00:21:06.890 align:start position:0% finding it financially but like invested 00:21:06.890 --> 00:21:08.080 align:start position:0% finding it financially but like invested in<00:21:07.010> the<00:21:07.070> technology<00:21:07.549> and<00:21:07.640> believers<00:21:07.970> in 00:21:08.080 --> 00:21:08.090 align:start position:0% in the technology and believers in 00:21:08.090 --> 00:21:13.510 align:start position:0% in the technology and believers in technology<00:21:11.919> when<00:21:12.919> what<00:21:13.190> are<00:21:13.309> the<00:21:13.370> right 00:21:13.510 --> 00:21:13.520 align:start position:0% technology when what are the right 00:21:13.520 --> 00:21:15.909 align:start position:0% technology when what are the right conditions<00:21:14.090> for<00:21:14.480> the<00:21:14.809> eath<00:21:15.140> one<00:21:15.380> folks<00:21:15.620> look 00:21:15.909 --> 00:21:15.919 align:start position:0% conditions for the eath one folks look 00:21:15.919 --> 00:21:17.950 align:start position:0% conditions for the eath one folks look at<00:21:16.070> using<00:21:16.340> the<00:21:16.520> finality<00:21:17.120> gadget<00:21:17.779> like 00:21:17.950 --> 00:21:17.960 align:start position:0% at using the finality gadget like 00:21:17.960 --> 00:21:22.299 align:start position:0% at using the finality gadget like implementing<00:21:18.500> the<00:21:18.590> finality<00:21:18.890> kitchen<00:21:21.309> what 00:21:22.299 --> 00:21:22.309 align:start position:0% implementing the finality kitchen what 00:21:22.309 --> 00:21:24.070 align:start position:0% implementing the finality kitchen what was<00:21:22.399> the<00:21:22.460> question<00:21:22.809> what<00:21:23.809> are<00:21:23.840> the<00:21:23.960> right 00:21:24.070 --> 00:21:24.080 align:start position:0% was the question what are the right 00:21:24.080 --> 00:21:25.840 align:start position:0% was the question what are the right conditions<00:21:24.530> for<00:21:24.710> us<00:21:25.130> to<00:21:25.399> start<00:21:25.580> talking<00:21:25.820> about 00:21:25.840 --> 00:21:25.850 align:start position:0% conditions for us to start talking about 00:21:25.850 --> 00:21:27.460 align:start position:0% conditions for us to start talking about implementing<00:21:26.299> the<00:21:26.450> finality<00:21:26.750> gadget<00:21:27.260> back 00:21:27.460 --> 00:21:27.470 align:start position:0% implementing the finality gadget back 00:21:27.470 --> 00:21:29.120 align:start position:0% implementing the finality gadget back from<00:21:27.860> the<00:21:28.159> beacon<00:21:28.460> change 00:21:29.120 --> 00:21:29.130 align:start position:0% from the beacon change 00:21:29.130 --> 00:21:36.980 align:start position:0% from the beacon change maintain<00:21:34.910> conditions<00:21:35.910> technical<00:21:36.570> conditions 00:21:36.980 --> 00:21:36.990 align:start position:0% maintain conditions technical conditions 00:21:36.990 --> 00:21:43.730 align:start position:0% maintain conditions technical conditions or<00:21:41.510> there's<00:21:42.510> probably<00:21:42.870> two<00:21:43.020> things<00:21:43.230> one<00:21:43.470> is 00:21:43.730 --> 00:21:43.740 align:start position:0% or there's probably two things one is 00:21:43.740 --> 00:21:47.650 align:start position:0% or there's probably two things one is one<00:21:44.130> is<00:21:44.280> the<00:21:45.180> technical<00:21:45.870> and<00:21:46.230> two<00:21:46.440> is 00:21:47.650 --> 00:21:47.660 align:start position:0% one is the technical and two is 00:21:47.660 --> 00:21:49.030 align:start position:0% one is the technical and two is [Music] 00:21:49.030 --> 00:21:49.040 align:start position:0% [Music] 00:21:49.040 --> 00:21:51.140 align:start position:0% [Music] understanding<00:21:50.040> like<00:21:50.430> better<00:21:50.640> understanding 00:21:51.140 --> 00:21:51.150 align:start position:0% understanding like better understanding 00:21:51.150 --> 00:21:53.390 align:start position:0% understanding like better understanding the<00:21:51.210> time<00:21:51.390> horizon<00:21:51.510> of<00:21:51.900> phase<00:21:52.470> say<00:21:52.890> phase<00:21:53.100> two 00:21:53.390 --> 00:21:53.400 align:start position:0% the time horizon of phase say phase two 00:21:53.400 --> 00:21:57.020 align:start position:0% the time horizon of phase say phase two if<00:21:53.640> phase<00:21:54.090> two<00:21:54.390> is<00:21:54.690> a<00:21:55.490> hundred<00:21:56.490> years<00:21:56.760> from<00:21:56.940> now 00:21:57.020 --> 00:21:57.030 align:start position:0% if phase two is a hundred years from now 00:21:57.030 --> 00:21:58.790 align:start position:0% if phase two is a hundred years from now we<00:21:57.480> should<00:21:57.660> implement<00:21:57.870> the<00:21:58.080> finality<00:21:58.380> gadget 00:21:58.790 --> 00:21:58.800 align:start position:0% we should implement the finality gadget 00:21:58.800 --> 00:22:01.250 align:start position:0% we should implement the finality gadget if<00:21:59.040> it's<00:21:59.550> two<00:22:00.060> months<00:22:00.390> from<00:22:00.480> now<00:22:00.660> we<00:22:01.080> probably 00:22:01.250 --> 00:22:01.260 align:start position:0% if it's two months from now we probably 00:22:01.260 --> 00:22:02.870 align:start position:0% if it's two months from now we probably shouldn't<00:22:01.740> and<00:22:01.950> then<00:22:02.310> somewhere<00:22:02.670> in<00:22:02.730> between 00:22:02.870 --> 00:22:02.880 align:start position:0% shouldn't and then somewhere in between 00:22:02.880 --> 00:22:05.330 align:start position:0% shouldn't and then somewhere in between there's<00:22:03.390> there's<00:22:03.780> a<00:22:03.840> line<00:22:04.080> it<00:22:04.830> doesn't<00:22:05.160> have 00:22:05.330 --> 00:22:05.340 align:start position:0% there's there's a line it doesn't have 00:22:05.340 --> 00:22:07.490 align:start position:0% there's there's a line it doesn't have to<00:22:05.490> be<00:22:05.640> like<00:22:05.820> we<00:22:06.120> as<00:22:06.270> in<00:22:06.480> everyone<00:22:07.200> right<00:22:07.410> like 00:22:07.490 --> 00:22:07.500 align:start position:0% to be like we as in everyone right like 00:22:07.500 --> 00:22:09.530 align:start position:0% to be like we as in everyone right like a<00:22:07.620> finality<00:22:07.890> gadget<00:22:08.430> could<00:22:08.580> like<00:22:08.850> the<00:22:09.390> Roo<00:22:09.510> I 00:22:09.530 --> 00:22:09.540 align:start position:0% a finality gadget could like the Roo I 00:22:09.540 --> 00:22:11.840 align:start position:0% a finality gadget could like the Roo I think<00:22:09.780> one<00:22:10.110> of<00:22:10.140> the<00:22:10.290> reasons<00:22:10.620> Jason's<00:22:11.430> asking 00:22:11.840 --> 00:22:11.850 align:start position:0% think one of the reasons Jason's asking 00:22:11.850 --> 00:22:13.880 align:start position:0% think one of the reasons Jason's asking is<00:22:12.030> that<00:22:12.060> is<00:22:12.390> doing<00:22:12.750> the<00:22:12.870> Python<00:22:13.230> client<00:22:13.500> and 00:22:13.880 --> 00:22:13.890 align:start position:0% is that is doing the Python client and 00:22:13.890 --> 00:22:17.060 align:start position:0% is that is doing the Python client and Python<00:22:14.340> is<00:22:14.960> slower<00:22:15.960> than<00:22:16.260> other<00:22:16.410> language<00:22:16.890> is 00:22:17.060 --> 00:22:17.070 align:start position:0% Python is slower than other language is 00:22:17.070 --> 00:22:18.560 align:start position:0% Python is slower than other language is that<00:22:17.190> executing<00:22:17.700> history<00:22:18.030> and<00:22:18.210> so<00:22:18.300> if<00:22:18.390> you<00:22:18.450> got 00:22:18.560 --> 00:22:18.570 align:start position:0% that executing history and so if you got 00:22:18.570 --> 00:22:19.910 align:start position:0% that executing history and so if you got a<00:22:18.630> fitting<00:22:18.780> it<00:22:19.020> finality<00:22:19.230> gadget<00:22:19.740> you<00:22:19.800> will 00:22:19.910 --> 00:22:19.920 align:start position:0% a fitting it finality gadget you will 00:22:19.920 --> 00:22:21.710 align:start position:0% a fitting it finality gadget you will need<00:22:20.040> to<00:22:20.190> check<00:22:20.370> like<00:22:20.610> five<00:22:20.820> hours<00:22:21.150> of<00:22:21.180> history 00:22:21.710 --> 00:22:21.720 align:start position:0% need to check like five hours of history 00:22:21.720 --> 00:22:26.930 align:start position:0% need to check like five hours of history which<00:22:22.410> is<00:22:22.650> really<00:22:23.220> nice<00:22:24.320> you<00:22:25.320> know<00:22:25.380> yeah<00:22:26.130> yeah 00:22:26.930 --> 00:22:26.940 align:start position:0% which is really nice you know yeah yeah 00:22:26.940 --> 00:22:28.940 align:start position:0% which is really nice you know yeah yeah I<00:22:26.970> think<00:22:27.060> you<00:22:27.240> definitely<00:22:27.390> be<00:22:27.840> a<00:22:27.870> not<00:22:28.050> being<00:22:28.500> I 00:22:28.940 --> 00:22:28.950 align:start position:0% I think you definitely be a not being I 00:22:28.950 --> 00:22:31.970 align:start position:0% I think you definitely be a not being I know<00:22:29.030> optional<00:22:30.030> and<00:22:30.210> of<00:22:30.360> white<00:22:30.720> client<00:22:31.170> type 00:22:31.970 --> 00:22:31.980 align:start position:0% know optional and of white client type 00:22:31.980 --> 00:22:38.360 align:start position:0% know optional and of white client type thing<00:22:32.250> that<00:22:32.280> you<00:22:32.520> can<00:22:32.730> do<00:22:36.080> question<00:22:37.080> so<00:22:37.770> going 00:22:38.360 --> 00:22:38.370 align:start position:0% thing that you can do question so going 00:22:38.370 --> 00:22:41.270 align:start position:0% thing that you can do question so going back<00:22:38.640> to<00:22:38.700> the<00:22:39.540> question<00:22:40.320> about<00:22:40.410> I<00:22:40.830> guess<00:22:41.160> they 00:22:41.270 --> 00:22:41.280 align:start position:0% back to the question about I guess they 00:22:41.280 --> 00:22:43.820 align:start position:0% back to the question about I guess they have<00:22:41.400> the<00:22:41.550> first<00:22:41.700> two<00:22:42.120> phases<00:22:42.360> before<00:22:43.320> or<00:22:43.800> like 00:22:43.820 --> 00:22:43.830 align:start position:0% have the first two phases before or like 00:22:43.830 --> 00:22:47.570 align:start position:0% have the first two phases before or like a<00:22:44.120> with<00:22:45.120> regards<00:22:45.360> to<00:22:45.420> building<00:22:45.870> the<00:22:46.410> I<00:22:47.160> guess 00:22:47.570 --> 00:22:47.580 align:start position:0% a with regards to building the I guess 00:22:47.580 --> 00:22:49.070 align:start position:0% a with regards to building the I guess either<00:22:47.790> one-way<00:22:48.210> or<00:22:48.330> two-way<00:22:48.360> bridge<00:22:48.870> between 00:22:49.070 --> 00:22:49.080 align:start position:0% either one-way or two-way bridge between 00:22:49.080 --> 00:22:51.590 align:start position:0% either one-way or two-way bridge between eighth<00:22:49.440> one<00:22:49.710> and<00:22:49.890> two<00:22:50.100> the<00:22:50.970> apologies<00:22:51.330> if<00:22:51.480> this 00:22:51.590 --> 00:22:51.600 align:start position:0% eighth one and two the apologies if this 00:22:51.600 --> 00:22:54.860 align:start position:0% eighth one and two the apologies if this is<00:22:51.690> orthogonal<00:22:52.380> but<00:22:53.630> within<00:22:54.630> the<00:22:54.720> risk 00:22:54.860 --> 00:22:54.870 align:start position:0% is orthogonal but within the risk 00:22:54.870 --> 00:22:56.660 align:start position:0% is orthogonal but within the risk analysis<00:22:55.470> have<00:22:55.650> you<00:22:55.740> guys<00:22:55.830> considered<00:22:56.010> let's 00:22:56.660 --> 00:22:56.670 align:start position:0% analysis have you guys considered let's 00:22:56.670 --> 00:22:59.000 align:start position:0% analysis have you guys considered let's say<00:22:56.850> some<00:22:57.260> centralized<00:22:58.260> exchange<00:22:58.470> just 00:22:59.000 --> 00:22:59.010 align:start position:0% say some centralized exchange just 00:22:59.010 --> 00:23:02.690 align:start position:0% say some centralized exchange just basically<00:22:59.370> say<00:22:59.850> create<00:23:00.450> or<00:23:01.430> allowing<00:23:02.430> and 00:23:02.690 --> 00:23:02.700 align:start position:0% basically say create or allowing and 00:23:02.700 --> 00:23:04.010 align:start position:0% basically say create or allowing and facilitating<00:23:03.330> and<00:23:03.450> encouraging<00:23:03.900> their 00:23:04.010 --> 00:23:04.020 align:start position:0% facilitating and encouraging their 00:23:04.020 --> 00:23:06.380 align:start position:0% facilitating and encouraging their customers<00:23:04.500> basically<00:23:04.790> deposit<00:23:05.790> their 00:23:06.380 --> 00:23:06.390 align:start position:0% customers basically deposit their 00:23:06.390 --> 00:23:10.190 align:start position:0% customers basically deposit their balances<00:23:06.960> into<00:23:07.290> the<00:23:08.540> deposit<00:23:09.540> contract<00:23:09.990> and 00:23:10.190 --> 00:23:10.200 align:start position:0% balances into the deposit contract and 00:23:10.200 --> 00:23:12.410 align:start position:0% balances into the deposit contract and basically<00:23:10.500> creating<00:23:10.890> this<00:23:11.010> like<00:23:11.420> weird 00:23:12.410 --> 00:23:12.420 align:start position:0% basically creating this like weird 00:23:12.420 --> 00:23:17.120 align:start position:0% basically creating this like weird futures<00:23:13.670> 2.0<00:23:14.780> like<00:23:15.780> market<00:23:16.530> before<00:23:16.890> there's 00:23:17.120 --> 00:23:17.130 align:start position:0% futures 2.0 like market before there's 00:23:17.130 --> 00:23:19.490 align:start position:0% futures 2.0 like market before there's even<00:23:17.280> like<00:23:17.550> on<00:23:17.850> chain<00:23:18.330> liquidity<00:23:18.810> and<00:23:18.990> like<00:23:19.170> if 00:23:19.490 --> 00:23:19.500 align:start position:0% even like on chain liquidity and like if 00:23:19.500 --> 00:23:20.630 align:start position:0% even like on chain liquidity and like if you<00:23:19.560> guys<00:23:19.710> considered<00:23:20.130> at<00:23:20.220> or<00:23:20.400> is<00:23:20.490> that<00:23:20.580> just 00:23:20.630 --> 00:23:20.640 align:start position:0% you guys considered at or is that just 00:23:20.640 --> 00:23:25.090 align:start position:0% you guys considered at or is that just completely<00:23:21.240> orthogonal<00:23:21.720> to<00:23:22.260> the<00:23:22.710> rollout<00:23:22.920> I 00:23:25.090 --> 00:23:25.100 align:start position:0% completely orthogonal to the rollout I 00:23:25.100 --> 00:23:28.430 align:start position:0% completely orthogonal to the rollout I guess<00:23:26.100> like<00:23:26.400> actually<00:23:27.210> one<00:23:27.420> question<00:23:27.930> with 00:23:28.430 --> 00:23:28.440 align:start position:0% guess like actually one question with 00:23:28.440 --> 00:23:31.880 align:start position:0% guess like actually one question with that<00:23:28.650> is<00:23:28.860> that<00:23:28.890> like<00:23:29.480> if<00:23:30.480> there<00:23:30.810> was<00:23:31.110> a<00:23:31.500> kind<00:23:31.770> of 00:23:31.880 --> 00:23:31.890 align:start position:0% that is that like if there was a kind of 00:23:31.890 --> 00:23:36.250 align:start position:0% that is that like if there was a kind of futures<00:23:32.640> market<00:23:33.480> for<00:23:34.190> if<00:23:35.190> two 00:23:36.250 --> 00:23:36.260 align:start position:0% futures market for if two 00:23:36.260 --> 00:23:38.680 align:start position:0% futures market for if two then<00:23:36.470> like<00:23:36.919> why<00:23:37.280> would<00:23:37.549> anyone<00:23:37.880> I<00:23:38.270> guess<00:23:38.450> like 00:23:38.680 --> 00:23:38.690 align:start position:0% then like why would anyone I guess like 00:23:38.690 --> 00:23:40.720 align:start position:0% then like why would anyone I guess like voluntarily<00:23:39.580> participated<00:23:40.580> in<00:23:40.640> that 00:23:40.720 --> 00:23:40.730 align:start position:0% voluntarily participated in that 00:23:40.730 --> 00:23:43.180 align:start position:0% voluntarily participated in that construction<00:23:41.260> because<00:23:42.260> I<00:23:42.530> give<00:23:42.710> that<00:23:42.890> if<00:23:43.040> the 00:23:43.180 --> 00:23:43.190 align:start position:0% construction because I give that if the 00:23:43.190 --> 00:23:45.940 align:start position:0% construction because I give that if the price<00:23:43.460> is<00:23:43.880> if<00:23:44.600> the<00:23:44.840> price<00:23:45.020> is<00:23:45.200> lower<00:23:45.440> than<00:23:45.740> one 00:23:45.940 --> 00:23:45.950 align:start position:0% price is if the price is lower than one 00:23:45.950 --> 00:23:47.440 align:start position:0% price is if the price is lower than one then<00:23:46.190> you'd<00:23:46.340> see<00:23:46.549> why<00:23:46.730> people<00:23:46.940> would<00:23:47.120> want<00:23:47.179> to 00:23:47.440 --> 00:23:47.450 align:start position:0% then you'd see why people would want to 00:23:47.450 --> 00:23:49.390 align:start position:0% then you'd see why people would want to buy<00:23:47.690> but<00:23:48.049> if<00:23:48.169> the<00:23:48.290> price<00:23:48.500> is<00:23:48.710> lower<00:23:48.919> than<00:23:49.190> one 00:23:49.390 --> 00:23:49.400 align:start position:0% buy but if the price is lower than one 00:23:49.400 --> 00:23:52.780 align:start position:0% buy but if the price is lower than one then<00:23:49.760> like<00:23:49.970> why<00:23:50.720> would<00:23:51.110> you<00:23:51.260> even<00:23:51.460> want<00:23:52.460> to 00:23:52.780 --> 00:23:52.790 align:start position:0% then like why would you even want to 00:23:52.790 --> 00:23:54.700 align:start position:0% then like why would you even want to kind<00:23:53.059> of<00:23:53.150> move<00:23:53.360> your<00:23:53.600> eath<00:23:53.750> on<00:23:53.929> to<00:23:54.080> be<00:23:54.230> suicide 00:23:54.700 --> 00:23:54.710 align:start position:0% kind of move your eath on to be suicide 00:23:54.710 --> 00:23:55.360 align:start position:0% kind of move your eath on to be suicide and<00:23:54.860> lock<00:23:55.040> it<00:23:55.190> up 00:23:55.360 --> 00:23:55.370 align:start position:0% and lock it up 00:23:55.370 --> 00:23:57.640 align:start position:0% and lock it up unless<00:23:55.760> you're<00:23:56.030> also<00:23:56.480> going<00:23:57.110> to<00:23:57.200> be<00:23:57.290> a<00:23:57.380> roof 00:23:57.640 --> 00:23:57.650 align:start position:0% unless you're also going to be a roof 00:23:57.650 --> 00:24:04.030 align:start position:0% unless you're also going to be a roof Staker<00:23:58.010> I<00:24:00.700> guess<00:24:02.140> like<00:24:03.140> at<00:24:03.320> some<00:24:03.590> point<00:24:03.860> I 00:24:04.030 --> 00:24:04.040 align:start position:0% Staker I guess like at some point I 00:24:04.040 --> 00:24:05.950 align:start position:0% Staker I guess like at some point I think<00:24:04.070> our<00:24:04.549> transfers<00:24:05.090> on<00:24:05.270> the<00:24:05.419> easier<00:24:05.750> side 00:24:05.950 --> 00:24:05.960 align:start position:0% think our transfers on the easier side 00:24:05.960 --> 00:24:08.680 align:start position:0% think our transfers on the easier side are<00:24:06.169> gonna<00:24:06.320> be<00:24:06.500> enabled<00:24:06.890> and<00:24:07.070> so<00:24:07.250> like<00:24:07.690> up 00:24:08.680 --> 00:24:08.690 align:start position:0% are gonna be enabled and so like up 00:24:08.690 --> 00:24:11.669 align:start position:0% are gonna be enabled and so like up price<00:24:08.960> between<00:24:09.200> the<00:24:09.590> two<00:24:09.710> sides<00:24:10.010> is<00:24:10.340> going<00:24:10.940> to 00:24:11.669 --> 00:24:11.679 align:start position:0% price between the two sides is going to 00:24:11.679 --> 00:24:13.990 align:start position:0% price between the two sides is going to exist<00:24:12.679> and<00:24:12.919> like<00:24:13.130> I<00:24:13.220> do<00:24:13.280> think<00:24:13.669> there<00:24:13.850> will<00:24:13.940> be 00:24:13.990 --> 00:24:14.000 align:start position:0% exist and like I do think there will be 00:24:14.000 --> 00:24:15.520 align:start position:0% exist and like I do think there will be I<00:24:14.120> I<00:24:14.270> do<00:24:14.570> think<00:24:14.929> there<00:24:15.049> will<00:24:15.110> be<00:24:15.169> a<00:24:15.290> lot<00:24:15.500> of 00:24:15.520 --> 00:24:15.530 align:start position:0% I I do think there will be a lot of 00:24:15.530 --> 00:24:17.470 align:start position:0% I I do think there will be a lot of pressure<00:24:16.160> to<00:24:16.309> kind<00:24:16.520> of<00:24:16.640> push<00:24:16.880> that<00:24:17.030> price<00:24:17.270> code 00:24:17.470 --> 00:24:17.480 align:start position:0% pressure to kind of push that price code 00:24:17.480 --> 00:24:19.870 align:start position:0% pressure to kind of push that price code to<00:24:17.809> be<00:24:17.929> very<00:24:18.140> close<00:24:18.440> or<00:24:18.679> equal<00:24:19.520> to<00:24:19.640> the<00:24:19.730> one 00:24:19.870 --> 00:24:19.880 align:start position:0% to be very close or equal to the one 00:24:19.880 --> 00:24:27.270 align:start position:0% to be very close or equal to the one level<00:24:24.070> any<00:24:25.070> other<00:24:25.220> questions 00:24:27.270 --> 00:24:27.280 align:start position:0% level any other questions 00:24:27.280 --> 00:24:30.070 align:start position:0% level any other questions can<00:24:28.280> you<00:24:28.370> please<00:24:28.549> come<00:24:28.850> over<00:24:29.120> to<00:24:29.660> the<00:24:29.780> front 00:24:30.070 --> 00:24:30.080 align:start position:0% can you please come over to the front 00:24:30.080 --> 00:24:37.860 align:start position:0% can you please come over to the front because<00:24:30.770> we<00:24:31.100> have<00:24:31.280> cables<00:24:31.790> and<00:24:32.240> we<00:24:33.080> can<00:24:33.320> like 00:24:37.860 --> 00:24:37.870 align:start position:0% 00:24:37.870 --> 00:24:40.680 align:start position:0% have<00:24:38.870> there<00:24:39.080> been<00:24:39.320> any<00:24:39.470> considerations<00:24:40.370> of 00:24:40.680 --> 00:24:40.690 align:start position:0% have there been any considerations of 00:24:40.690 --> 00:24:44.409 align:start position:0% have there been any considerations of like<00:24:41.830> test<00:24:42.830> implementations<00:24:43.730> for<00:24:43.850> some<00:24:44.299> of 00:24:44.409 --> 00:24:44.419 align:start position:0% like test implementations for some of 00:24:44.419 --> 00:24:47.080 align:start position:0% like test implementations for some of that<00:24:44.830> we're<00:24:45.830> testing<00:24:45.980> the<00:24:46.370> the<00:24:46.580> ecosystems 00:24:47.080 --> 00:24:47.090 align:start position:0% that we're testing the the ecosystems 00:24:47.090 --> 00:24:48.970 align:start position:0% that we're testing the the ecosystems whether<00:24:47.270> they're<00:24:47.510> like<00:24:47.690> a<00:24:47.980> deterministic 00:24:48.970 --> 00:24:48.980 align:start position:0% whether they're like a deterministic 00:24:48.980 --> 00:24:51.010 align:start position:0% whether they're like a deterministic test<00:24:49.160> net<00:24:49.400> or<00:24:49.940> possibly<00:24:50.419> like<00:24:50.630> a<00:24:50.660> like<00:24:50.990> a 00:24:51.010 --> 00:24:51.020 align:start position:0% test net or possibly like a like a 00:24:51.020 --> 00:24:54.060 align:start position:0% test net or possibly like a like a confrontational<00:24:51.860> test<00:24:52.100> net<00:24:52.280> where<00:24:52.520> you<00:24:52.549> know 00:24:54.060 --> 00:24:54.070 align:start position:0% confrontational test net where you know 00:24:54.070 --> 00:24:56.640 align:start position:0% confrontational test net where you know actors<00:24:55.070> are<00:24:55.220> incentivized<00:24:55.790> to<00:24:55.820> try<00:24:56.030> to 00:24:56.640 --> 00:24:56.650 align:start position:0% actors are incentivized to try to 00:24:56.650 --> 00:24:58.960 align:start position:0% actors are incentivized to try to disrupt<00:24:57.650> the<00:24:57.830> network<00:24:57.950> as<00:24:58.280> much<00:24:58.309> as<00:24:58.580> possible 00:24:58.960 --> 00:24:58.970 align:start position:0% disrupt the network as much as possible 00:24:58.970 --> 00:25:01.570 align:start position:0% disrupt the network as much as possible or<00:24:59.120> just<00:24:59.299> any<00:24:59.630> any<00:25:00.440> ideas<00:25:00.860> around<00:25:01.070> that<00:25:01.190> front 00:25:01.570 --> 00:25:01.580 align:start position:0% or just any any ideas around that front 00:25:01.580 --> 00:25:03.580 align:start position:0% or just any any ideas around that front these<00:25:02.419> things<00:25:02.660> are<00:25:02.840> certainly<00:25:03.260> on<00:25:03.440> the 00:25:03.580 --> 00:25:03.590 align:start position:0% these things are certainly on the 00:25:03.590 --> 00:25:07.510 align:start position:0% these things are certainly on the horizon<00:25:04.070> and<00:25:04.340> after<00:25:04.790> the<00:25:05.150> Interop<00:25:06.520> workshop 00:25:07.510 --> 00:25:07.520 align:start position:0% horizon and after the Interop workshop 00:25:07.520 --> 00:25:08.980 align:start position:0% horizon and after the Interop workshop where<00:25:07.910> we're<00:25:08.120> kind<00:25:08.330> of<00:25:08.390> doing<00:25:08.540> initial 00:25:08.980 --> 00:25:08.990 align:start position:0% where we're kind of doing initial 00:25:08.990 --> 00:25:12.520 align:start position:0% where we're kind of doing initial interoperability<00:25:09.919> testing<00:25:11.230> that<00:25:12.230> is 00:25:12.520 --> 00:25:12.530 align:start position:0% interoperability testing that is 00:25:12.530 --> 00:25:15.039 align:start position:0% interoperability testing that is definitely<00:25:13.309> the<00:25:13.370> next<00:25:13.490> phase<00:25:13.760> although<00:25:14.299> some 00:25:15.039 --> 00:25:15.049 align:start position:0% definitely the next phase although some 00:25:15.049 --> 00:25:18.190 align:start position:0% definitely the next phase although some private<00:25:15.830> more<00:25:16.549> scaled<00:25:16.970> out<00:25:17.150> networks<00:25:17.510> we're 00:25:18.190 --> 00:25:18.200 align:start position:0% private more scaled out networks we're 00:25:18.200 --> 00:25:19.600 align:start position:0% private more scaled out networks we're probably<00:25:18.380> on<00:25:18.530> the<00:25:18.650> immediate<00:25:18.860> horizon<00:25:19.070> before 00:25:19.600 --> 00:25:19.610 align:start position:0% probably on the immediate horizon before 00:25:19.610 --> 00:25:21.400 align:start position:0% probably on the immediate horizon before we<00:25:19.700> open<00:25:19.880> it<00:25:19.910> up<00:25:20.030> but<00:25:20.809> I'd<00:25:20.929> certainly<00:25:21.110> like<00:25:21.350> to 00:25:21.400 --> 00:25:21.410 align:start position:0% we open it up but I'd certainly like to 00:25:21.410 --> 00:25:23.980 align:start position:0% we open it up but I'd certainly like to do<00:25:21.590> some<00:25:21.740> adversarial<00:25:22.250> stuff<00:25:22.460> I've<00:25:23.360> had<00:25:23.960> a 00:25:23.980 --> 00:25:23.990 align:start position:0% do some adversarial stuff I've had a 00:25:23.990 --> 00:25:25.450 align:start position:0% do some adversarial stuff I've had a couple<00:25:24.140> conversations<00:25:24.440> with<00:25:24.980> some<00:25:25.130> guys<00:25:25.280> at 00:25:25.450 --> 00:25:25.460 align:start position:0% couple conversations with some guys at 00:25:25.460 --> 00:25:26.890 align:start position:0% couple conversations with some guys at cosmos<00:25:25.790> to<00:25:26.000> hear<00:25:26.150> about<00:25:26.210> their<00:25:26.450> experience 00:25:26.890 --> 00:25:26.900 align:start position:0% cosmos to hear about their experience 00:25:26.900 --> 00:25:30.789 align:start position:0% cosmos to hear about their experience over<00:25:27.080> there<00:25:28.390> for<00:25:29.390> better<00:25:29.570> or<00:25:29.809> worse<00:25:29.840> we<00:25:30.020> have<00:25:30.320> a 00:25:30.789 --> 00:25:30.799 align:start position:0% over there for better or worse we have a 00:25:30.799 --> 00:25:32.919 align:start position:0% over there for better or worse we have a lot<00:25:31.340> of<00:25:31.370> clients<00:25:31.940> so<00:25:32.270> some<00:25:32.750> of<00:25:32.780> the 00:25:32.919 --> 00:25:32.929 align:start position:0% lot of clients so some of the 00:25:32.929 --> 00:25:35.620 align:start position:0% lot of clients so some of the complexities<00:25:33.470> of<00:25:33.500> doing<00:25:34.280> that<00:25:34.429> and<00:25:34.669> managing 00:25:35.620 --> 00:25:35.630 align:start position:0% complexities of doing that and managing 00:25:35.630 --> 00:25:37.539 align:start position:0% complexities of doing that and managing the<00:25:35.720> complexities<00:25:36.200> of<00:25:36.230> many<00:25:37.220> implementations 00:25:37.539 --> 00:25:37.549 align:start position:0% the complexities of many implementations 00:25:37.549 --> 00:25:40.590 align:start position:0% the complexities of many implementations of<00:25:38.090> software<00:25:38.480> in<00:25:38.690> these<00:25:38.900> public<00:25:39.230> test<00:25:39.380> nuts 00:25:40.590 --> 00:25:40.600 align:start position:0% of software in these public test nuts 00:25:40.600 --> 00:25:43.620 align:start position:0% of software in these public test nuts gonna<00:25:41.600> be<00:25:41.690> interesting 00:25:43.620 --> 00:25:43.630 align:start position:0% gonna be interesting 00:25:43.630 --> 00:25:45.270 align:start position:0% gonna be interesting in<00:25:43.870> equivalent<00:25:44.530> to<00:25:44.620> what<00:25:44.770> we<00:25:44.890> did<00:25:45.010> with 00:25:45.270 --> 00:25:45.280 align:start position:0% in equivalent to what we did with 00:25:45.280 --> 00:25:48.300 align:start position:0% in equivalent to what we did with Olympic<00:25:46.090> in<00:25:46.240> 2015<00:25:47.110> with<00:25:47.350> incentives<00:25:47.710> to<00:25:48.130> dose 00:25:48.300 --> 00:25:48.310 align:start position:0% Olympic in 2015 with incentives to dose 00:25:48.310 --> 00:25:52.010 align:start position:0% Olympic in 2015 with incentives to dose the<00:25:48.520> hell<00:25:48.640> out<00:25:48.790> of<00:25:48.820> the<00:25:49.030> thing<00:25:49.240> would<00:25:49.420> be<00:25:49.570> great 00:25:52.010 --> 00:25:52.020 align:start position:0% 00:25:52.020 --> 00:25:55.320 align:start position:0% hi<00:25:53.020> my<00:25:53.080> name's<00:25:53.320> dan<00:25:53.620> from<00:25:54.610> corn<00:25:54.910> base 00:25:55.320 --> 00:25:55.330 align:start position:0% hi my name's dan from corn base 00:25:55.330 --> 00:26:03.210 align:start position:0% hi my name's dan from corn base I<00:25:55.360> didn't<00:25:56.260> hey<00:26:00.630> I'm<00:26:01.630> curious<00:26:01.960> what<00:26:02.290> your<00:26:02.560> what 00:26:03.210 --> 00:26:03.220 align:start position:0% I didn't hey I'm curious what your what 00:26:03.220 --> 00:26:05.040 align:start position:0% I didn't hey I'm curious what your what your<00:26:03.430> mind<00:26:03.790> set<00:26:04.030> is<00:26:04.150> around<00:26:04.450> leveraging 00:26:05.040 --> 00:26:05.050 align:start position:0% your mind set is around leveraging 00:26:05.050 --> 00:26:08.220 align:start position:0% your mind set is around leveraging exchanges<00:26:05.650> and<00:26:06.100> other<00:26:06.550> entities<00:26:07.210> to<00:26:07.750> migrate 00:26:08.220 --> 00:26:08.230 align:start position:0% exchanges and other entities to migrate 00:26:08.230 --> 00:26:09.450 align:start position:0% exchanges and other entities to migrate 'if<00:26:08.470> 1.02 00:26:09.450 --> 00:26:09.460 align:start position:0% 'if 1.02 00:26:09.460 --> 00:26:15.230 align:start position:0% 'if 1.02 to<00:26:10.120> point<00:26:10.420> out<00:26:10.570> in<00:26:11.110> terms<00:26:11.320> of<00:26:11.590> adoption<00:26:11.890> I 00:26:15.230 --> 00:26:15.240 align:start position:0% 00:26:15.240 --> 00:26:18.510 align:start position:0% guess<00:26:16.240> like<00:26:16.780> the<00:26:17.320> first<00:26:17.530> question<00:26:18.010> is<00:26:18.160> kind<00:26:18.400> of 00:26:18.510 --> 00:26:18.520 align:start position:0% guess like the first question is kind of 00:26:18.520 --> 00:26:21.300 align:start position:0% guess like the first question is kind of what<00:26:18.790> role<00:26:19.320> exchanges<00:26:20.320> would<00:26:20.620> have<00:26:20.860> right 00:26:21.300 --> 00:26:21.310 align:start position:0% what role exchanges would have right 00:26:21.310 --> 00:26:24.420 align:start position:0% what role exchanges would have right because<00:26:21.760> like<00:26:22.720> the<00:26:23.140> default<00:26:23.590> process<00:26:24.160> for 00:26:24.420 --> 00:26:24.430 align:start position:0% because like the default process for 00:26:24.430 --> 00:26:26.460 align:start position:0% because like the default process for moving<00:26:24.700> eath<00:26:24.910> over<00:26:25.300> to<00:26:25.510> become<00:26:25.810> a<00:26:25.840> validator 00:26:26.460 --> 00:26:26.470 align:start position:0% moving eath over to become a validator 00:26:26.470 --> 00:26:28.950 align:start position:0% moving eath over to become a validator doesn't<00:26:27.100> really<00:26:27.340> require<00:26:27.700> any<00:26:28.030> kind<00:26:28.780> of 00:26:28.950 --> 00:26:28.960 align:start position:0% doesn't really require any kind of 00:26:28.960 --> 00:26:31.590 align:start position:0% doesn't really require any kind of special<00:26:29.500> third<00:26:29.860> parties<00:26:30.340> I<00:26:30.610> mean<00:26:31.240> I<00:26:31.390> guess 00:26:31.590 --> 00:26:31.600 align:start position:0% special third parties I mean I guess 00:26:31.600 --> 00:26:34.200 align:start position:0% special third parties I mean I guess like<00:26:31.630> in<00:26:32.590> the<00:26:32.890> case<00:26:33.130> where<00:26:33.430> there<00:26:33.580> are<00:26:33.790> if<00:26:34.030> two 00:26:34.200 --> 00:26:34.210 align:start position:0% like in the case where there are if two 00:26:34.210 --> 00:26:36.000 align:start position:0% like in the case where there are if two people<00:26:34.570> that<00:26:34.720> wants<00:26:35.050> to<00:26:35.140> migrate<00:26:35.320> back<00:26:35.710> to<00:26:35.890> the 00:26:36.000 --> 00:26:36.010 align:start position:0% people that wants to migrate back to the 00:26:36.010 --> 00:26:37.650 align:start position:0% people that wants to migrate back to the eath<00:26:36.100> one<00:26:36.340> side<00:26:36.580> then<00:26:37.060> there's<00:26:37.270> these<00:26:37.420> one 00:26:37.650 --> 00:26:37.660 align:start position:0% eath one side then there's these one 00:26:37.660 --> 00:26:40.800 align:start position:0% eath one side then there's these one people<00:26:37.990> that<00:26:38.200> wants<00:26:38.590> to<00:26:38.740> a<00:26:38.770> deposit<00:26:39.430> then<00:26:40.060> you 00:26:40.800 --> 00:26:40.810 align:start position:0% people that wants to a deposit then you 00:26:40.810 --> 00:26:43.110 align:start position:0% people that wants to a deposit then you could<00:26:41.080> kind<00:26:41.440> of<00:26:41.620> act<00:26:42.310> as<00:26:42.520> a<00:26:42.580> matchmaker 00:26:43.110 --> 00:26:43.120 align:start position:0% could kind of act as a matchmaker 00:26:43.120 --> 00:26:45.450 align:start position:0% could kind of act as a matchmaker between<00:26:43.600> those<00:26:43.840> groups<00:26:44.230> and<00:26:44.470> create<00:26:44.860> an<00:26:45.070> easy 00:26:45.450 --> 00:26:45.460 align:start position:0% between those groups and create an easy 00:26:45.460 --> 00:26:48.960 align:start position:0% between those groups and create an easy interface<00:26:46.240> for<00:26:46.720> that<00:26:47.700> yeah<00:26:48.700> I<00:26:48.730> certainly 00:26:48.960 --> 00:26:48.970 align:start position:0% interface for that yeah I certainly 00:26:48.970 --> 00:26:51.720 align:start position:0% interface for that yeah I certainly expect<00:26:49.480> when<00:26:50.380> transfers<00:26:50.920> are<00:26:51.070> enabled<00:26:51.430> on<00:26:51.550> the 00:26:51.720 --> 00:26:51.730 align:start position:0% expect when transfers are enabled on the 00:26:51.730 --> 00:26:54.300 align:start position:0% expect when transfers are enabled on the beacon<00:26:51.970> chain<00:26:52.210> for<00:26:52.830> exchanges<00:26:53.830> to<00:26:54.040> kind<00:26:54.250> of 00:26:54.300 --> 00:26:54.310 align:start position:0% beacon chain for exchanges to kind of 00:26:54.310 --> 00:26:57.990 align:start position:0% beacon chain for exchanges to kind of step<00:26:54.550> up<00:26:54.730> and<00:26:54.970> provide<00:26:56.220> liquidity<00:26:57.220> options<00:26:57.880> to 00:26:57.990 --> 00:26:58.000 align:start position:0% step up and provide liquidity options to 00:26:58.000 --> 00:27:01.500 align:start position:0% step up and provide liquidity options to validators<00:26:58.420> and<00:26:59.820> kind<00:27:00.820> of<00:27:00.910> expect<00:27:01.240> you<00:27:01.270> all<00:27:01.390> to 00:27:01.500 --> 00:27:01.510 align:start position:0% validators and kind of expect you all to 00:27:01.510 --> 00:27:06.630 align:start position:0% validators and kind of expect you all to do<00:27:01.600> that<00:27:04.290> are<00:27:05.290> you<00:27:05.410> gonna<00:27:05.560> help<00:27:05.800> organize<00:27:06.340> that 00:27:06.630 --> 00:27:06.640 align:start position:0% do that are you gonna help organize that 00:27:06.640 --> 00:27:08.790 align:start position:0% do that are you gonna help organize that I<00:27:06.700> just<00:27:07.240> expect<00:27:07.840> us<00:27:08.020> to<00:27:08.050> I've<00:27:08.410> talked<00:27:08.680> to 00:27:08.790 --> 00:27:08.800 align:start position:0% I just expect us to I've talked to 00:27:08.800 --> 00:27:10.990 align:start position:0% I just expect us to I've talked to people<00:27:08.830> at<00:27:09.520> coinbase<00:27:09.850> so<00:27:10.270> cool 00:27:10.990 --> 00:27:11.000 align:start position:0% people at coinbase so cool 00:27:11.000 --> 00:27:15.390 align:start position:0% people at coinbase so cool [Music] 00:27:15.390 --> 00:27:15.400 align:start position:0% 00:27:15.400 --> 00:27:18.230 align:start position:0% but<00:27:15.760> I<00:27:16.030> don't<00:27:16.270> know<00:27:16.330> kind<00:27:17.020> of<00:27:17.100> explaining 00:27:18.230 --> 00:27:18.240 align:start position:0% but I don't know kind of explaining 00:27:18.240 --> 00:27:20.870 align:start position:0% but I don't know kind of explaining especially<00:27:19.240> when<00:27:19.360> transfers<00:27:19.750> come<00:27:20.020> into 00:27:20.870 --> 00:27:20.880 align:start position:0% especially when transfers come into 00:27:20.880 --> 00:27:22.650 align:start position:0% especially when transfers come into existence 00:27:22.650 --> 00:27:22.660 align:start position:0% existence 00:27:22.660 --> 00:27:26.100 align:start position:0% existence having<00:27:23.290> literature<00:27:23.950> maybe<00:27:24.460> focus<00:27:25.110> for 00:27:26.100 --> 00:27:26.110 align:start position:0% having literature maybe focus for 00:27:26.110 --> 00:27:27.780 align:start position:0% having literature maybe focus for exchanges<00:27:26.830> to<00:27:27.010> better<00:27:27.160> understand<00:27:27.610> what's 00:27:27.780 --> 00:27:27.790 align:start position:0% exchanges to better understand what's 00:27:27.790 --> 00:27:28.830 align:start position:0% exchanges to better understand what's going<00:27:28.030> on 00:27:28.830 --> 00:27:28.840 align:start position:0% going on 00:27:28.840 --> 00:27:31.050 align:start position:0% going on would<00:27:29.260> it<00:27:29.350> help<00:27:29.590> enabling<00:27:30.310> exchanges<00:27:30.880> to 00:27:31.050 --> 00:27:31.060 align:start position:0% would it help enabling exchanges to 00:27:31.060 --> 00:27:36.810 align:start position:0% would it help enabling exchanges to enable<00:27:31.420> our<00:27:31.600> users<00:27:31.630> so<00:27:32.340> yeah<00:27:34.950> sorry<00:27:35.950> can<00:27:36.700> we 00:27:36.810 --> 00:27:36.820 align:start position:0% enable our users so yeah sorry can we 00:27:36.820 --> 00:27:41.010 align:start position:0% enable our users so yeah sorry can we expect<00:27:37.150> eat<00:27:37.990> to<00:27:38.290> eat<00:27:38.560> to<00:27:38.950> be<00:27:39.870> traded<00:27:40.870> as<00:27:40.990> a 00:27:41.010 --> 00:27:41.020 align:start position:0% expect eat to eat to be traded as a 00:27:41.020 --> 00:27:52.320 align:start position:0% expect eat to eat to be traded as a separate<00:27:41.380> token<00:27:50.760> yeah<00:27:51.760> well<00:27:51.970> that's<00:27:52.120> what<00:27:52.240> I'm 00:27:52.320 --> 00:27:52.330 align:start position:0% separate token yeah well that's what I'm 00:27:52.330 --> 00:27:53.730 align:start position:0% separate token yeah well that's what I'm saying<00:27:52.570> like<00:27:52.780> it's<00:27:52.930> an<00:27:53.020> expensive<00:27:53.560> lean 00:27:53.730 --> 00:27:53.740 align:start position:0% saying like it's an expensive lean 00:27:53.740 --> 00:27:55.380 align:start position:0% saying like it's an expensive lean exchange<00:27:54.400> decision<00:27:54.820> like<00:27:55.030> we<00:27:55.150> could<00:27:55.330> have 00:27:55.380 --> 00:27:55.390 align:start position:0% exchange decision like we could have 00:27:55.390 --> 00:28:09.090 align:start position:0% exchange decision like we could have exchanges<00:27:55.930> this<00:27:58.020> okay<00:28:05.250> yes<00:28:06.250> okay<00:28:08.040> sorry<00:28:09.040> I 00:28:09.090 --> 00:28:09.100 align:start position:0% exchanges this okay yes okay sorry I 00:28:09.100 --> 00:28:11.910 align:start position:0% exchanges this okay yes okay sorry I didn't<00:28:09.280> mean<00:28:09.370> to<00:28:09.460> be<00:28:09.580> like<00:28:09.700> blunt<00:28:10.510> but<00:28:10.720> yeah<00:28:11.050> if 00:28:11.910 --> 00:28:11.920 align:start position:0% didn't mean to be like blunt but yeah if 00:28:11.920 --> 00:28:15.030 align:start position:0% didn't mean to be like blunt but yeah if in<00:28:12.430> exchange<00:28:12.580> were<00:28:13.150> to<00:28:13.420> like<00:28:13.690> similar<00:28:14.290> to<00:28:14.500> I 00:28:15.030 --> 00:28:15.040 align:start position:0% in exchange were to like similar to I 00:28:15.040 --> 00:28:17.730 align:start position:0% in exchange were to like similar to I guess<00:28:15.460> BCH<00:28:15.970> for<00:28:16.780> the<00:28:16.900> fork<00:28:17.110> for<00:28:17.290> that<00:28:17.410> like 00:28:17.730 --> 00:28:17.740 align:start position:0% guess BCH for the fork for that like 00:28:17.740 --> 00:28:24.260 align:start position:0% guess BCH for the fork for that like yeah<00:28:18.160> okay<00:28:18.430> yeah<00:28:19.350> thank<00:28:20.350> you<00:28:20.410> for<00:28:20.500> your<00:28:20.680> answer 00:28:24.260 --> 00:28:24.270 align:start position:0% 00:28:24.270 --> 00:28:26.250 align:start position:0% yeah<00:28:25.270> I<00:28:25.300> mean<00:28:25.390> the<00:28:25.510> thing<00:28:25.540> to<00:28:26.050> think<00:28:26.230> about 00:28:26.250 --> 00:28:26.260 align:start position:0% yeah I mean the thing to think about 00:28:26.260 --> 00:28:27.810 align:start position:0% yeah I mean the thing to think about there<00:28:26.590> is<00:28:26.710> ultimately<00:28:27.130> whenever<00:28:27.490> you've<00:28:27.640> got 00:28:27.810 --> 00:28:27.820 align:start position:0% there is ultimately whenever you've got 00:28:27.820 --> 00:28:29.780 align:start position:0% there is ultimately whenever you've got anything<00:28:28.060> that's<00:28:28.360> a<00:28:28.480> deliverable<00:28:28.990> currency 00:28:29.780 --> 00:28:29.790 align:start position:0% anything that's a deliverable currency 00:28:29.790 --> 00:28:32.910 align:start position:0% anything that's a deliverable currency you<00:28:30.790> have<00:28:31.360> to<00:28:31.510> be<00:28:31.600> able<00:28:31.690> to<00:28:31.840> deliver<00:28:32.170> it<00:28:32.380> to<00:28:32.590> the 00:28:32.910 --> 00:28:32.920 align:start position:0% you have to be able to deliver it to the 00:28:32.920 --> 00:28:34.980 align:start position:0% you have to be able to deliver it to the right<00:28:33.070> place<00:28:33.340> so<00:28:33.670> if<00:28:33.820> theif<00:28:34.330> two<00:28:34.570> and<00:28:34.720> eath<00:28:34.780> one 00:28:34.980 --> 00:28:34.990 align:start position:0% right place so if theif two and eath one 00:28:34.990 --> 00:28:36.890 align:start position:0% right place so if theif two and eath one is<00:28:35.110> separate<00:28:35.350> you<00:28:35.500> can't<00:28:35.710> transfer<00:28:35.920> it<00:28:36.160> back 00:28:36.890 --> 00:28:36.900 align:start position:0% is separate you can't transfer it back 00:28:36.900 --> 00:28:40.710 align:start position:0% is separate you can't transfer it back then<00:28:38.190> anything<00:28:39.190> doing<00:28:39.520> deliverable<00:28:40.300> trading 00:28:40.710 --> 00:28:40.720 align:start position:0% then anything doing deliverable trading 00:28:40.720 --> 00:28:42.330 align:start position:0% then anything doing deliverable trading absolutely<00:28:41.350> has<00:28:41.500> to<00:28:41.530> trade<00:28:41.860> it<00:28:41.980> to<00:28:42.190> as<00:28:42.310> a 00:28:42.330 --> 00:28:42.340 align:start position:0% absolutely has to trade it to as a 00:28:42.340 --> 00:28:45.450 align:start position:0% absolutely has to trade it to as a separate<00:28:42.670> thing<00:28:42.790> to<00:28:43.000> the<00:28:43.780> each<00:28:43.900> one<00:28:44.250> if<00:28:45.250> it's 00:28:45.450 --> 00:28:45.460 align:start position:0% separate thing to the each one if it's 00:28:45.460 --> 00:28:47.520 align:start position:0% separate thing to the each one if it's non-deliverable<00:28:46.090> you<00:28:46.690> can<00:28:46.840> get<00:28:46.990> more<00:28:47.140> fancy 00:28:47.520 --> 00:28:47.530 align:start position:0% non-deliverable you can get more fancy 00:28:47.530 --> 00:28:49.320 align:start position:0% non-deliverable you can get more fancy and<00:28:47.560> people<00:28:48.400> in<00:28:48.460> fine<00:28:48.610> it's<00:28:48.790> like<00:28:49.120> to<00:28:49.240> get 00:28:49.320 --> 00:28:49.330 align:start position:0% and people in fine it's like to get 00:28:49.330 --> 00:28:51.810 align:start position:0% and people in fine it's like to get fancy<00:28:49.510> but<00:28:50.320> I<00:28:50.620> won't<00:28:51.190> try<00:28:51.340> and<00:28:51.430> speculate<00:28:51.790> on 00:28:51.810 --> 00:28:51.820 align:start position:0% fancy but I won't try and speculate on 00:28:51.820 --> 00:28:55.290 align:start position:0% fancy but I won't try and speculate on that<00:28:52.560> well<00:28:53.560> I<00:28:53.950> will<00:28:54.400> say<00:28:54.520> one<00:28:54.670> thing<00:28:54.700> about<00:28:54.850> if 00:28:55.290 --> 00:28:55.300 align:start position:0% that well I will say one thing about if 00:28:55.300 --> 00:28:57.960 align:start position:0% that well I will say one thing about if you<00:28:55.420> look<00:28:55.600> at<00:28:55.750> existing<00:28:56.350> like<00:28:56.800> shafts<00:28:57.460> and<00:28:57.730> OTC 00:28:57.960 --> 00:28:57.970 align:start position:0% you look at existing like shafts and OTC 00:28:57.970 --> 00:28:59.850 align:start position:0% you look at existing like shafts and OTC markets<00:28:58.510> like<00:28:58.720> there's<00:28:58.930> already<00:28:59.200> like 00:28:59.850 --> 00:28:59.860 align:start position:0% markets like there's already like 00:28:59.860 --> 00:29:01.920 align:start position:0% markets like there's already like well-established<00:29:00.670> processing<00:29:01.510> islands<00:29:01.780> were 00:29:01.920 --> 00:29:01.930 align:start position:0% well-established processing islands were 00:29:01.930 --> 00:29:03.420 align:start position:0% well-established processing islands were how<00:29:02.080> people<00:29:02.320> trade<00:29:02.590> these<00:29:02.740> illiquid<00:29:03.040> like 00:29:03.420 --> 00:29:03.430 align:start position:0% how people trade these illiquid like 00:29:03.430 --> 00:29:06.150 align:start position:0% how people trade these illiquid like promises<00:29:03.910> essentially<00:29:04.690> and<00:29:05.560> so<00:29:05.650> it's<00:29:05.800> not<00:29:05.890> out 00:29:06.150 --> 00:29:06.160 align:start position:0% promises essentially and so it's not out 00:29:06.160 --> 00:29:07.080 align:start position:0% promises essentially and so it's not out of<00:29:06.190> the<00:29:06.310> question<00:29:06.370> that<00:29:06.670> the<00:29:06.790> same<00:29:06.910> thing 00:29:07.080 --> 00:29:07.090 align:start position:0% of the question that the same thing 00:29:07.090 --> 00:29:09.150 align:start position:0% of the question that the same thing would<00:29:07.180> happen<00:29:07.330> for<00:29:07.720> if<00:29:08.050> to<00:29:08.380> as<00:29:08.740> long<00:29:08.830> as<00:29:08.950> some 00:29:09.150 --> 00:29:09.160 align:start position:0% would happen for if to as long as some 00:29:09.160 --> 00:29:10.410 align:start position:0% would happen for if to as long as some liquidity<00:29:09.490> providers<00:29:09.880> or<00:29:10.000> changes<00:29:10.330> were 00:29:10.410 --> 00:29:10.420 align:start position:0% liquidity providers or changes were 00:29:10.420 --> 00:29:13.230 align:start position:0% liquidity providers or changes were supporting<00:29:10.780> it<00:29:11.640> it's<00:29:12.640> the<00:29:12.760> reason<00:29:13.120> why<00:29:13.210> I 00:29:13.230 --> 00:29:13.240 align:start position:0% supporting it it's the reason why I 00:29:13.240 --> 00:29:15.240 align:start position:0% supporting it it's the reason why I asked<00:29:13.510> this<00:29:13.660> question<00:29:13.720> is<00:29:14.320> because<00:29:14.500> I<00:29:14.890> feel 00:29:15.240 --> 00:29:15.250 align:start position:0% asked this question is because I feel 00:29:15.250 --> 00:29:17.370 align:start position:0% asked this question is because I feel like<00:29:15.460> you<00:29:15.610> know<00:29:15.700> from<00:29:15.970> like<00:29:16.420> regular<00:29:17.050> human 00:29:17.370 --> 00:29:17.380 align:start position:0% like you know from like regular human 00:29:17.380 --> 00:29:18.600 align:start position:0% like you know from like regular human standpoint<00:29:17.590> it<00:29:17.860> would<00:29:17.950> make<00:29:18.130> sense<00:29:18.310> if<00:29:18.490> you 00:29:18.600 --> 00:29:18.610 align:start position:0% standpoint it would make sense if you 00:29:18.610 --> 00:29:20.010 align:start position:0% standpoint it would make sense if you know<00:29:18.640> like<00:29:18.880> the<00:29:19.120> transition<00:29:19.540> would<00:29:19.630> be<00:29:19.780> kind 00:29:20.010 --> 00:29:20.020 align:start position:0% know like the transition would be kind 00:29:20.020 --> 00:29:22.710 align:start position:0% know like the transition would be kind of<00:29:20.110> seamless<00:29:20.470> but 00:29:22.710 --> 00:29:22.720 align:start position:0% of seamless but 00:29:22.720 --> 00:29:26.010 align:start position:0% of seamless but it's<00:29:22.870> clearly<00:29:23.170> not<00:29:23.440> like<00:29:24.160> it<00:29:24.310> is<00:29:24.460> like<00:29:25.420> you 00:29:26.010 --> 00:29:26.020 align:start position:0% it's clearly not like it is like you 00:29:26.020 --> 00:29:28.080 align:start position:0% it's clearly not like it is like you know<00:29:26.140> like<00:29:26.590> it's<00:29:26.890> it's<00:29:27.310> it's<00:29:27.730> also<00:29:27.910> an 00:29:28.080 --> 00:29:28.090 align:start position:0% know like it's it's it's also an 00:29:28.090 --> 00:29:30.450 align:start position:0% know like it's it's it's also an investment<00:29:28.540> opportunity<00:29:28.690> and<00:29:29.410> you<00:29:29.980> know<00:29:30.070> so 00:29:30.450 --> 00:29:30.460 align:start position:0% investment opportunity and you know so 00:29:30.460 --> 00:29:33.450 align:start position:0% investment opportunity and you know so there<00:29:30.700> are<00:29:30.840> certain<00:29:31.840> issues<00:29:32.440> there<00:29:32.650> which<00:29:33.280> I 00:29:33.450 --> 00:29:33.460 align:start position:0% there are certain issues there which I 00:29:33.460 --> 00:29:35.340 align:start position:0% there are certain issues there which I feel<00:29:33.700> like<00:29:33.940> it<00:29:34.060> would<00:29:34.210> be<00:29:34.240> maybe<00:29:34.960> that<00:29:35.200> would 00:29:35.340 --> 00:29:35.350 align:start position:0% feel like it would be maybe that would 00:29:35.350 --> 00:29:37.500 align:start position:0% feel like it would be maybe that would be<00:29:35.380> one<00:29:35.650> reason<00:29:36.070> to<00:29:36.700> like<00:29:36.850> go<00:29:37.060> for<00:29:37.270> the<00:29:37.330> bridge 00:29:37.500 --> 00:29:37.510 align:start position:0% be one reason to like go for the bridge 00:29:37.510 --> 00:29:39.780 align:start position:0% be one reason to like go for the bridge like<00:29:37.870> right<00:29:38.080> away<00:29:38.200> so<00:29:38.950> we<00:29:39.250> wouldn't<00:29:39.520> have<00:29:39.640> this 00:29:39.780 --> 00:29:39.790 align:start position:0% like right away so we wouldn't have this 00:29:39.790 --> 00:29:41.820 align:start position:0% like right away so we wouldn't have this problem<00:29:39.850> even<00:29:40.390> like<00:29:41.050> from<00:29:41.290> it<00:29:41.410> just<00:29:41.620> from<00:29:41.800> a 00:29:41.820 --> 00:29:41.830 align:start position:0% problem even like from it just from a 00:29:41.830 --> 00:29:43.200 align:start position:0% problem even like from it just from a user<00:29:42.070> standpoint<00:29:42.370> like<00:29:42.790> they<00:29:42.970> would<00:29:43.180> be 00:29:43.200 --> 00:29:43.210 align:start position:0% user standpoint like they would be 00:29:43.210 --> 00:29:44.640 align:start position:0% user standpoint like they would be really<00:29:43.510> clear<00:29:43.720> that<00:29:43.900> like<00:29:44.110> you<00:29:44.260> know<00:29:44.380> we<00:29:44.500> would 00:29:44.640 --> 00:29:44.650 align:start position:0% really clear that like you know we would 00:29:44.650 --> 00:29:46.200 align:start position:0% really clear that like you know we would never<00:29:44.830> get<00:29:45.100> into<00:29:45.340> the<00:29:45.430> situation<00:29:45.610> where<00:29:46.000> you 00:29:46.200 --> 00:29:46.210 align:start position:0% never get into the situation where you 00:29:46.210 --> 00:29:48.600 align:start position:0% never get into the situation where you kind<00:29:46.660> of<00:29:46.690> like<00:29:46.870> gamble<00:29:47.320> with<00:29:47.500> like<00:29:47.740> eath<00:29:47.920> 1<00:29:48.160> vs 00:29:48.600 --> 00:29:48.610 align:start position:0% kind of like gamble with like eath 1 vs 00:29:48.610 --> 00:29:53.580 align:start position:0% kind of like gamble with like eath 1 vs e<00:29:48.760> 2<00:29:49.000> or<00:29:49.300> on<00:29:49.690> an<00:29:49.810> exchange<00:29:51.000> so<00:29:52.000> when<00:29:52.470> instead<00:29:53.470> of 00:29:53.580 --> 00:29:53.590 align:start position:0% e 2 or on an exchange so when instead of 00:29:53.590 --> 00:29:55.430 align:start position:0% e 2 or on an exchange so when instead of right<00:29:53.770> away<00:29:53.980> another<00:29:54.250> option<00:29:54.580> right<00:29:54.730> there<00:29:54.790> is 00:29:55.430 --> 00:29:55.440 align:start position:0% right away another option right there is 00:29:55.440 --> 00:29:58.530 align:start position:0% right away another option right there is at<00:29:56.440> the<00:29:57.010> moment<00:29:57.250> that<00:29:57.580> transfers<00:29:58.030> are<00:29:58.210> enabled 00:29:58.530 --> 00:29:58.540 align:start position:0% at the moment that transfers are enabled 00:29:58.540 --> 00:30:00.900 align:start position:0% at the moment that transfers are enabled so<00:29:59.320> anytime<00:29:59.530> at<00:30:00.310> the<00:30:00.370> moment<00:30:00.670> there's<00:30:00.820> a 00:30:00.900 --> 00:30:00.910 align:start position:0% so anytime at the moment there's a 00:30:00.910 --> 00:30:05.430 align:start position:0% so anytime at the moment there's a liquidity<00:30:02.100> an<00:30:03.100> option<00:30:03.550> on<00:30:03.960> 8th<00:30:04.960> to<00:30:05.260> there 00:30:05.430 --> 00:30:05.440 align:start position:0% liquidity an option on 8th to there 00:30:05.440 --> 00:30:07.170 align:start position:0% liquidity an option on 8th to there being<00:30:05.620> a<00:30:05.710> fungibility<00:30:06.100> option<00:30:06.550> and<00:30:07.090> that's 00:30:07.170 --> 00:30:07.180 align:start position:0% being a fungibility option and that's 00:30:07.180 --> 00:30:08.250 align:start position:0% being a fungibility option and that's that's<00:30:07.480> interesting 00:30:08.250 --> 00:30:08.260 align:start position:0% that's interesting 00:30:08.260 --> 00:30:12.300 align:start position:0% that's interesting I<00:30:09.480> think<00:30:10.480> that<00:30:10.690> um<00:30:10.900> there's<00:30:11.620> many<00:30:11.830> factors 00:30:12.300 --> 00:30:12.310 align:start position:0% I think that um there's many factors 00:30:12.310 --> 00:30:14.150 align:start position:0% I think that um there's many factors that<00:30:12.460> play<00:30:12.700> here<00:30:13.090> but<00:30:13.690> looking<00:30:13.990> historically 00:30:14.150 --> 00:30:14.160 align:start position:0% that play here but looking historically 00:30:14.160 --> 00:30:17.370 align:start position:0% that play here but looking historically coins<00:30:15.160> like<00:30:15.400> Zillow<00:30:15.820> or<00:30:16.150> like<00:30:16.540> what<00:30:17.110> die<00:30:17.320> is 00:30:17.370 --> 00:30:17.380 align:start position:0% coins like Zillow or like what die is 00:30:17.380 --> 00:30:22.200 align:start position:0% coins like Zillow or like what die is about<00:30:17.770> to<00:30:17.980> do<00:30:20.190> there's<00:30:21.190> a<00:30:21.310> lot<00:30:21.490> of<00:30:21.670> a<00:30:21.970> lot<00:30:22.180> of 00:30:22.200 --> 00:30:22.210 align:start position:0% about to do there's a lot of a lot of 00:30:22.210 --> 00:30:23.730 align:start position:0% about to do there's a lot of a lot of things<00:30:22.360> going<00:30:22.630> on<00:30:22.810> here<00:30:22.870> it's<00:30:23.500> hard<00:30:23.650> to 00:30:23.730 --> 00:30:23.740 align:start position:0% things going on here it's hard to 00:30:23.740 --> 00:30:26.220 align:start position:0% things going on here it's hard to predict<00:30:24.070> but<00:30:24.820> looking<00:30:25.120> at<00:30:25.270> previous<00:30:25.840> coins 00:30:26.220 --> 00:30:26.230 align:start position:0% predict but looking at previous coins 00:30:26.230 --> 00:30:28.410 align:start position:0% predict but looking at previous coins that<00:30:26.380> have<00:30:26.530> migrated<00:30:27.070> to<00:30:27.430> other<00:30:27.670> blog<00:30:28.060> chains 00:30:28.410 --> 00:30:28.420 align:start position:0% that have migrated to other blog chains 00:30:28.420 --> 00:30:31.710 align:start position:0% that have migrated to other blog chains that<00:30:29.020> support<00:30:29.860> their<00:30:30.130> old<00:30:30.880> blocking<00:30:31.450> as<00:30:31.540> well 00:30:31.710 --> 00:30:31.720 align:start position:0% that support their old blocking as well 00:30:31.720 --> 00:30:34.170 align:start position:0% that support their old blocking as well their<00:30:31.900> new<00:30:32.050> blockchain<00:30:32.560> such<00:30:33.250> as<00:30:33.400> silica<00:30:33.880> and 00:30:34.170 --> 00:30:34.180 align:start position:0% their new blockchain such as silica and 00:30:34.180 --> 00:30:38.550 align:start position:0% their new blockchain such as silica and and<00:30:34.540> I<00:30:35.130> may<00:30:36.130> set<00:30:36.460> precedent<00:30:37.150> for<00:30:37.540> what<00:30:38.350> can 00:30:38.550 --> 00:30:38.560 align:start position:0% and I may set precedent for what can 00:30:38.560 --> 00:30:43.850 align:start position:0% and I may set precedent for what can happen<00:30:38.740> here<00:30:38.950> or<00:30:39.750> what<00:30:40.750> can't<00:30:41.020> happen<00:30:41.230> here 00:30:43.850 --> 00:30:43.860 align:start position:0% 00:30:43.860 --> 00:30:45.650 align:start position:0% something<00:30:44.860> that's<00:30:44.920> really<00:30:45.160> interesting 00:30:45.650 --> 00:30:45.660 align:start position:0% something that's really interesting 00:30:45.660 --> 00:30:48.090 align:start position:0% something that's really interesting coming<00:30:46.660> out<00:30:46.750> of<00:30:46.810> this<00:30:46.900> conversation<00:30:47.080> is<00:30:47.620> at 00:30:48.090 --> 00:30:48.100 align:start position:0% coming out of this conversation is at 00:30:48.100 --> 00:30:49.980 align:start position:0% coming out of this conversation is at least<00:30:48.310> the<00:30:48.520> people<00:30:48.730> that<00:30:49.030> are<00:30:49.150> speaking<00:30:49.690> it 00:30:49.980 --> 00:30:49.990 align:start position:0% least the people that are speaking it 00:30:49.990 --> 00:30:54.240 align:start position:0% least the people that are speaking it seems<00:30:50.260> like<00:30:50.470> the<00:30:50.680> biggest<00:30:50.980> concern<00:30:51.700> is<00:30:53.250> value 00:30:54.240 --> 00:30:54.250 align:start position:0% seems like the biggest concern is value 00:30:54.250 --> 00:30:56.700 align:start position:0% seems like the biggest concern is value and<00:30:54.550> liquidity<00:30:55.450> and<00:30:56.050> all<00:30:56.410> the<00:30:56.530> questions 00:30:56.700 --> 00:30:56.710 align:start position:0% and liquidity and all the questions 00:30:56.710 --> 00:31:00.720 align:start position:0% and liquidity and all the questions around<00:30:57.130> the<00:30:57.760> token<00:30:58.090> stuff<00:30:58.300> yeah<00:30:59.050> yeah<00:30:59.920> ok 00:31:00.720 --> 00:31:00.730 align:start position:0% around the token stuff yeah yeah ok 00:31:00.730 --> 00:31:03.660 align:start position:0% around the token stuff yeah yeah ok is<00:31:01.330> that<00:31:01.630> not<00:31:01.870> if<00:31:02.500> that<00:31:02.710> representative<00:31:03.490> of 00:31:03.660 --> 00:31:03.670 align:start position:0% is that not if that representative of 00:31:03.670 --> 00:31:05.670 align:start position:0% is that not if that representative of everyone<00:31:03.880> in<00:31:04.150> the<00:31:04.210> room<00:31:04.360> who<00:31:05.140> cares<00:31:05.410> about 00:31:05.670 --> 00:31:05.680 align:start position:0% everyone in the room who cares about 00:31:05.680 --> 00:31:07.789 align:start position:0% everyone in the room who cares about value 00:31:07.789 --> 00:31:07.799 align:start position:0% value 00:31:07.799 --> 00:31:09.930 align:start position:0% value you<00:31:08.799> know<00:31:08.889> you<00:31:09.039> can<00:31:09.279> care<00:31:09.460> about<00:31:09.490> valuable 00:31:09.930 --> 00:31:09.940 align:start position:0% you know you can care about valuable 00:31:09.940 --> 00:31:12.269 align:start position:0% you know you can care about valuable lives<00:31:10.179> there's<00:31:10.360> a<00:31:10.419> probably<00:31:10.690> other<00:31:11.279> someone 00:31:12.269 --> 00:31:12.279 align:start position:0% lives there's a probably other someone 00:31:12.279 --> 00:31:23.070 align:start position:0% lives there's a probably other someone said<00:31:12.460> no<00:31:12.809> yeah<00:31:20.100> I'm<00:31:21.100> Barry<00:31:21.490> and<00:31:21.730> I<00:31:22.330> don't<00:31:22.899> think 00:31:23.070 --> 00:31:23.080 align:start position:0% said no yeah I'm Barry and I don't think 00:31:23.080 --> 00:31:24.930 align:start position:0% said no yeah I'm Barry and I don't think that<00:31:23.379> it's<00:31:23.559> represented<00:31:24.309> about<00:31:24.460> the<00:31:24.549> group<00:31:24.730> I 00:31:24.930 --> 00:31:24.940 align:start position:0% that it's represented about the group I 00:31:24.940 --> 00:31:26.340 align:start position:0% that it's represented about the group I think<00:31:25.269> that<00:31:25.389> the<00:31:25.539> people<00:31:25.750> who<00:31:25.929> were<00:31:26.110> sitting 00:31:26.340 --> 00:31:26.350 align:start position:0% think that the people who were sitting 00:31:26.350 --> 00:31:28.499 align:start position:0% think that the people who were sitting closer<00:31:26.679> towards<00:31:27.070> the<00:31:27.129> front<00:31:27.399> self<00:31:28.000> selected 00:31:28.499 --> 00:31:28.509 align:start position:0% closer towards the front self selected 00:31:28.509 --> 00:31:31.680 align:start position:0% closer towards the front self selected as<00:31:28.690> as<00:31:29.110> like<00:31:29.679> having<00:31:29.889> having<00:31:30.820> some<00:31:31.149> kind<00:31:31.570> of 00:31:31.680 --> 00:31:31.690 align:start position:0% as as like having having some kind of 00:31:31.690 --> 00:31:33.869 align:start position:0% as as like having having some kind of strong<00:31:32.470> motivation<00:31:33.129> to<00:31:33.309> interact<00:31:33.639> in<00:31:33.730> this 00:31:33.869 --> 00:31:33.879 align:start position:0% strong motivation to interact in this 00:31:33.879 --> 00:31:36.299 align:start position:0% strong motivation to interact in this conversation<00:31:34.120> bigger<00:31:34.899> bags<00:31:35.309> strongest 00:31:36.299 --> 00:31:36.309 align:start position:0% conversation bigger bags strongest 00:31:36.309 --> 00:31:38.879 align:start position:0% conversation bigger bags strongest motivation<00:31:36.669> a<00:31:37.240> very<00:31:37.899> strong<00:31:38.200> motivation<00:31:38.740> is<00:31:38.860> a 00:31:38.879 --> 00:31:38.889 align:start position:0% motivation a very strong motivation is a 00:31:38.889 --> 00:31:41.700 align:start position:0% motivation a very strong motivation is a financial<00:31:39.429> motivation<00:31:40.379> except<00:31:41.379> for<00:31:41.500> me 00:31:41.700 --> 00:31:41.710 align:start position:0% financial motivation except for me 00:31:41.710 --> 00:31:47.909 align:start position:0% financial motivation except for me I<00:31:41.740> just<00:31:41.950> said<00:31:42.100> here<00:31:42.990> I<00:31:46.649> will<00:31:47.649> say<00:31:47.740> something 00:31:47.909 --> 00:31:47.919 align:start position:0% I just said here I will say something 00:31:47.919 --> 00:31:49.889 align:start position:0% I just said here I will say something that<00:31:48.129> I'm<00:31:48.220> very<00:31:48.250> curious<00:31:48.639> to<00:31:48.940> hear<00:31:49.120> is<00:31:49.419> how 00:31:49.889 --> 00:31:49.899 align:start position:0% that I'm very curious to hear is how 00:31:49.899 --> 00:31:51.629 align:start position:0% that I'm very curious to hear is how much<00:31:50.080> of<00:31:50.259> the<00:31:50.350> work<00:31:50.529> that<00:31:50.830> is<00:31:51.159> being<00:31:51.279> done<00:31:51.490> for 00:31:51.629 --> 00:31:51.639 align:start position:0% much of the work that is being done for 00:31:51.639 --> 00:31:53.879 align:start position:0% much of the work that is being done for each<00:31:52.090> one<00:31:52.330> point<00:31:52.509> X<00:31:52.690> is<00:31:52.840> repeatable<00:31:53.200> so<00:31:53.830> if 00:31:53.879 --> 00:31:53.889 align:start position:0% each one point X is repeatable so if 00:31:53.889 --> 00:31:55.590 align:start position:0% each one point X is repeatable so if we're<00:31:54.009> like<00:31:54.159> pushing<00:31:54.549> back<00:31:54.700> state<00:31:55.029> rent<00:31:55.299> and 00:31:55.590 --> 00:31:55.600 align:start position:0% we're like pushing back state rent and 00:31:55.600 --> 00:31:56.909 align:start position:0% we're like pushing back state rent and it'll<00:31:55.899> get<00:31:56.049> implemented<00:31:56.350> let's<00:31:56.620> say<00:31:56.710> like<00:31:56.889> a 00:31:56.909 --> 00:31:56.919 align:start position:0% it'll get implemented let's say like a 00:31:56.919 --> 00:31:59.369 align:start position:0% it'll get implemented let's say like a year<00:31:57.159> or<00:31:57.250> two<00:31:57.370> from<00:31:57.460> now<00:31:57.549> like<00:31:58.269> is<00:31:58.509> it<00:31:59.019> an<00:31:59.200> easy 00:31:59.369 --> 00:31:59.379 align:start position:0% year or two from now like is it an easy 00:31:59.379 --> 00:32:01.889 align:start position:0% year or two from now like is it an easy drag<00:31:59.769> and<00:31:59.950> drop<00:32:00.100> onto<00:32:00.399> 2.0<00:32:01.149> or<00:32:01.330> will<00:32:01.539> we<00:32:01.779> have 00:32:01.889 --> 00:32:01.899 align:start position:0% drag and drop onto 2.0 or will we have 00:32:01.899 --> 00:32:04.230 align:start position:0% drag and drop onto 2.0 or will we have to<00:32:02.019> rehash<00:32:02.259> a<00:32:02.320> lot<00:32:02.559> of<00:32:02.649> the<00:32:02.710> same<00:32:02.889> issues<00:32:03.250> it's 00:32:04.230 --> 00:32:04.240 align:start position:0% to rehash a lot of the same issues it's 00:32:04.240 --> 00:32:08.999 align:start position:0% to rehash a lot of the same issues it's a<00:32:05.159> the<00:32:06.159> East<00:32:06.370> 2.0<00:32:07.029> kind<00:32:07.360> of<00:32:07.509> core<00:32:08.289> design<00:32:08.679> is 00:32:08.999 --> 00:32:09.009 align:start position:0% a the East 2.0 kind of core design is 00:32:09.009 --> 00:32:11.249 align:start position:0% a the East 2.0 kind of core design is designed<00:32:09.580> around<00:32:09.789> and<00:32:10.269> if<00:32:10.360> state<00:32:10.629> minimalism 00:32:11.249 --> 00:32:11.259 align:start position:0% designed around and if state minimalism 00:32:11.259 --> 00:32:13.200 align:start position:0% designed around and if state minimalism in<00:32:11.710> sort<00:32:11.950> of<00:32:11.980> state<00:32:12.279> is<00:32:12.460> a<00:32:12.610> kind<00:32:12.820> of<00:32:12.879> somewhat 00:32:13.200 --> 00:32:13.210 align:start position:0% in sort of state is a kind of somewhat 00:32:13.210 --> 00:32:15.299 align:start position:0% in sort of state is a kind of somewhat higher<00:32:13.450> level<00:32:13.840> a<00:32:14.139> level<00:32:14.559> concept<00:32:15.159> than 00:32:15.299 --> 00:32:15.309 align:start position:0% higher level a level concept than 00:32:15.309 --> 00:32:18.029 align:start position:0% higher level a level concept than consensus<00:32:15.909> but<00:32:16.179> like<00:32:16.990> basically<00:32:17.470> all<00:32:17.769> of<00:32:17.799> the 00:32:18.029 --> 00:32:18.039 align:start position:0% consensus but like basically all of the 00:32:18.039 --> 00:32:19.799 align:start position:0% consensus but like basically all of the stateless<00:32:18.429> client<00:32:18.909> work<00:32:19.120> that's<00:32:19.419> happening 00:32:19.799 --> 00:32:19.809 align:start position:0% stateless client work that's happening 00:32:19.809 --> 00:32:22.289 align:start position:0% stateless client work that's happening on<00:32:19.899> the<00:32:20.019> one<00:32:20.139> point<00:32:20.409> X<00:32:20.590> side<00:32:20.830> is<00:32:21.299> also 00:32:22.289 --> 00:32:22.299 align:start position:0% on the one point X side is also 00:32:22.299 --> 00:32:25.230 align:start position:0% on the one point X side is also simultaneously<00:32:22.750> work<00:32:23.649> that<00:32:23.950> prepares<00:32:24.519> if<00:32:24.940> one 00:32:25.230 --> 00:32:25.240 align:start position:0% simultaneously work that prepares if one 00:32:25.240 --> 00:32:29.490 align:start position:0% simultaneously work that prepares if one point<00:32:25.509> X<00:32:25.720> for<00:32:26.169> and<00:32:26.889> if<00:32:27.100> being<00:32:27.309> a<00:32:28.500> transplanted 00:32:29.490 --> 00:32:29.500 align:start position:0% point X for and if being a transplanted 00:32:29.500 --> 00:32:31.379 align:start position:0% point X for and if being a transplanted into<00:32:29.649> being<00:32:29.860> an<00:32:30.039> executor<00:32:30.519> into<00:32:31.090> being<00:32:31.210> an 00:32:31.379 --> 00:32:31.389 align:start position:0% into being an executor into being an 00:32:31.389 --> 00:32:33.210 align:start position:0% into being an executor into being an execution<00:32:31.929> environment<00:32:32.440> inside<00:32:32.769> of<00:32:32.919> each<00:32:33.009> to 00:32:33.210 --> 00:32:33.220 align:start position:0% execution environment inside of each to 00:32:33.220 --> 00:32:35.730 align:start position:0% execution environment inside of each to I<00:32:33.659> can<00:32:34.659> also<00:32:34.809> say<00:32:35.019> that<00:32:35.049> from<00:32:35.289> a<00:32:35.409> technical 00:32:35.730 --> 00:32:35.740 align:start position:0% I can also say that from a technical 00:32:35.740 --> 00:32:38.519 align:start position:0% I can also say that from a technical point<00:32:35.980> of<00:32:36.129> view<00:32:36.190> like<00:32:36.759> a<00:32:37.330> lot<00:32:37.779> of<00:32:37.809> the<00:32:38.049> work 00:32:38.519 --> 00:32:38.529 align:start position:0% point of view like a lot of the work 00:32:38.529 --> 00:32:40.320 align:start position:0% point of view like a lot of the work that<00:32:38.559> we've<00:32:39.190> been<00:32:39.220> doing<00:32:39.490> is<00:32:39.759> kind<00:32:40.000> of<00:32:40.149> like 00:32:40.320 --> 00:32:40.330 align:start position:0% that we've been doing is kind of like 00:32:40.330 --> 00:32:42.149 align:start position:0% that we've been doing is kind of like shared<00:32:40.629> in-between<00:32:41.470> like<00:32:41.679> you<00:32:41.919> know<00:32:42.039> the 00:32:42.149 --> 00:32:42.159 align:start position:0% shared in-between like you know the 00:32:42.159 --> 00:32:44.430 align:start position:0% shared in-between like you know the clients<00:32:42.580> I<00:32:42.730> mean<00:32:42.909> after<00:32:43.120> all<00:32:43.330> we<00:32:43.450> we<00:32:44.080> do<00:32:44.230> share 00:32:44.430 --> 00:32:44.440 align:start position:0% clients I mean after all we we do share 00:32:44.440 --> 00:32:45.990 align:start position:0% clients I mean after all we we do share like<00:32:44.679> for<00:32:44.860> example<00:32:44.919> we<00:32:45.309> are<00:32:45.429> making<00:32:45.610> like<00:32:45.879> the 00:32:45.990 --> 00:32:46.000 align:start position:0% like for example we are making like the 00:32:46.000 --> 00:32:48.629 align:start position:0% like for example we are making like the goal<00:32:46.179> based<00:32:46.419> eat<00:32:47.080> one<00:32:47.320> client<00:32:47.590> and<00:32:47.980> there<00:32:48.460> is 00:32:48.629 --> 00:32:48.639 align:start position:0% goal based eat one client and there is 00:32:48.639 --> 00:32:50.669 align:start position:0% goal based eat one client and there is like<00:32:48.909> sharing<00:32:49.269> of<00:32:49.389> libraries<00:32:49.809> going<00:32:50.049> on<00:32:50.230> with 00:32:50.669 --> 00:32:50.679 align:start position:0% like sharing of libraries going on with 00:32:50.679 --> 00:32:52.409 align:start position:0% like sharing of libraries going on with the<00:32:50.799> east<00:32:50.950> to<00:32:51.070> implementation<00:32:51.759> so<00:32:51.970> it's<00:32:52.179> not 00:32:52.409 --> 00:32:52.419 align:start position:0% the east to implementation so it's not 00:32:52.419 --> 00:32:55.259 align:start position:0% the east to implementation so it's not the<00:32:53.350> these<00:32:53.980> projects<00:32:54.460> aren't<00:32:54.789> completely 00:32:55.259 --> 00:32:55.269 align:start position:0% the these projects aren't completely 00:32:55.269 --> 00:32:56.940 align:start position:0% the these projects aren't completely separate<00:32:55.809> when<00:32:55.960> it<00:32:56.049> comes<00:32:56.230> to<00:32:56.470> the<00:32:56.799> actual 00:32:56.940 --> 00:32:56.950 align:start position:0% separate when it comes to the actual 00:32:56.950 --> 00:32:58.799 align:start position:0% separate when it comes to the actual tech<00:32:57.340> it's<00:32:57.909> more<00:32:58.179> like<00:32:58.360> they<00:32:58.779> are 00:32:58.799 --> 00:32:58.809 align:start position:0% tech it's more like they are 00:32:58.809 --> 00:33:00.659 align:start position:0% tech it's more like they are conceptually<00:32:59.470> different<00:33:00.070> of<00:33:00.159> course<00:33:00.190> and 00:33:00.659 --> 00:33:00.669 align:start position:0% conceptually different of course and 00:33:00.669 --> 00:33:02.070 align:start position:0% conceptually different of course and they<00:33:00.759> do<00:33:00.820> implement<00:33:01.269> different<00:33:01.509> protocols 00:33:02.070 --> 00:33:02.080 align:start position:0% they do implement different protocols 00:33:02.080 --> 00:33:03.600 align:start position:0% they do implement different protocols and<00:33:02.230> there<00:33:02.379> are<00:33:02.500> different<00:33:02.950> products<00:33:03.399> in<00:33:03.549> a 00:33:03.600 --> 00:33:03.610 align:start position:0% and there are different products in a 00:33:03.610 --> 00:33:05.850 align:start position:0% and there are different products in a way<00:33:03.730> but<00:33:03.789> the<00:33:04.419> software<00:33:04.779> is<00:33:04.899> there<00:33:05.500> is<00:33:05.590> a<00:33:05.620> lot 00:33:05.850 --> 00:33:05.860 align:start position:0% way but the software is there is a lot 00:33:05.860 --> 00:33:07.649 align:start position:0% way but the software is there is a lot of<00:33:05.919> sharing<00:33:06.129> going<00:33:06.370> on<00:33:06.549> and<00:33:06.730> the<00:33:07.210> same<00:33:07.360> can<00:33:07.629> be 00:33:07.649 --> 00:33:07.659 align:start position:0% of sharing going on and the same can be 00:33:07.659 --> 00:33:09.389 align:start position:0% of sharing going on and the same can be said<00:33:07.779> about<00:33:07.990> Trinity<00:33:08.620> I<00:33:08.649> guess<00:33:08.950> because<00:33:09.159> it 00:33:09.389 --> 00:33:09.399 align:start position:0% said about Trinity I guess because it 00:33:09.399 --> 00:33:15.980 align:start position:0% said about Trinity I guess because it has<00:33:09.519> both<00:33:09.730> so<00:33:10.629> it<00:33:11.470> does<00:33:11.710> share<00:33:11.980> a<00:33:12.220> lot<00:33:12.879> of<00:33:13.000> code 00:33:15.980 --> 00:33:15.990 align:start position:0% 00:33:15.990 --> 00:33:19.150 align:start position:0% tacking<00:33:16.990> on<00:33:17.110> to<00:33:17.289> that<00:33:17.409> question<00:33:17.950> and<00:33:18.159> like 00:33:19.150 --> 00:33:19.160 align:start position:0% tacking on to that question and like 00:33:19.160 --> 00:33:23.920 align:start position:0% tacking on to that question and like between<00:33:19.880> these<00:33:20.030> 1<00:33:20.330> &<00:33:20.540> 2<00:33:20.690> we're<00:33:22.630> doing<00:33:23.630> the<00:33:23.750> same 00:33:23.920 --> 00:33:23.930 align:start position:0% between these 1 & 2 we're doing the same 00:33:23.930 --> 00:33:25.450 align:start position:0% between these 1 & 2 we're doing the same thing<00:33:24.170> but<00:33:24.320> changing<00:33:24.710> everything<00:33:25.130> so<00:33:25.310> we're 00:33:25.450 --> 00:33:25.460 align:start position:0% thing but changing everything so we're 00:33:25.460 --> 00:33:27.220 align:start position:0% thing but changing everything so we're changing<00:33:25.670> the<00:33:25.970> consensus<00:33:26.570> we're<00:33:26.750> changing 00:33:27.220 --> 00:33:27.230 align:start position:0% changing the consensus we're changing 00:33:27.230 --> 00:33:29.080 align:start position:0% changing the consensus we're changing the<00:33:27.380> networking<00:33:27.830> protocol<00:33:28.430> we're<00:33:28.640> changing 00:33:29.080 --> 00:33:29.090 align:start position:0% the networking protocol we're changing 00:33:29.090 --> 00:33:32.350 align:start position:0% the networking protocol we're changing the<00:33:29.210> execution<00:33:29.720> environment<00:33:31.000> and<00:33:32.000> we're 00:33:32.350 --> 00:33:32.360 align:start position:0% the execution environment and we're 00:33:32.360 --> 00:33:34.720 align:start position:0% the execution environment and we're changing<00:33:32.780> the<00:33:32.900> cryptography<00:33:33.860> what<00:33:34.550> are<00:33:34.640> we 00:33:34.720 --> 00:33:34.730 align:start position:0% changing the cryptography what are we 00:33:34.730 --> 00:33:39.980 align:start position:0% changing the cryptography what are we hold<00:33:34.910> constant 00:33:39.980 --> 00:33:39.990 align:start position:0% 00:33:39.990 --> 00:33:46.310 align:start position:0% [Laughter] 00:33:46.310 --> 00:33:46.320 align:start position:0% [Laughter] 00:33:46.320 --> 00:33:53.700 align:start position:0% [Laughter] it<00:33:47.320> is<00:33:47.679> my<00:33:48.419> smile<00:33:51.239> I<00:33:52.239> mean<00:33:52.749> the<00:33:53.080> fact<00:33:53.349> that 00:33:53.700 --> 00:33:53.710 align:start position:0% it is my smile I mean the fact that 00:33:53.710 --> 00:33:57.200 align:start position:0% it is my smile I mean the fact that current<00:33:54.609> applications<00:33:55.570> will<00:33:55.960> continue<00:33:56.739> to 00:33:57.200 --> 00:33:57.210 align:start position:0% current applications will continue to 00:33:57.210 --> 00:34:00.359 align:start position:0% current applications will continue to work<00:33:58.210> through<00:33:58.719> the<00:33:58.929> Train<00:33:59.200> really<00:33:59.799> transition 00:34:00.359 --> 00:34:00.369 align:start position:0% work through the Train really transition 00:34:00.369 --> 00:34:02.580 align:start position:0% work through the Train really transition kind<00:34:00.669> of<00:34:00.759> isaiah's<00:34:01.239> like<00:34:01.629> modulo<00:34:02.049> concerns 00:34:02.580 --> 00:34:02.590 align:start position:0% kind of isaiah's like modulo concerns 00:34:02.590 --> 00:34:05.609 align:start position:0% kind of isaiah's like modulo concerns about<00:34:02.710> opcode<00:34:03.190> repricing<00:34:03.580> z'<00:34:03.789> I<00:34:04.059> think<00:34:04.719> is<00:34:04.899> one 00:34:05.609 --> 00:34:05.619 align:start position:0% about opcode repricing z' I think is one 00:34:05.619 --> 00:34:09.839 align:start position:0% about opcode repricing z' I think is one major<00:34:05.830> thing<00:34:06.190> I<00:34:07.799> have<00:34:08.799> a<00:34:08.859> question<00:34:09.220> about<00:34:09.339> as 00:34:09.839 --> 00:34:09.849 align:start position:0% major thing I have a question about as 00:34:09.849 --> 00:34:14.010 align:start position:0% major thing I have a question about as clients<00:34:10.740> so<00:34:11.740> we<00:34:11.770> have<00:34:12.220> what<00:34:12.429> seven<00:34:12.760> clients<00:34:13.240> in 00:34:14.010 --> 00:34:14.020 align:start position:0% clients so we have what seven clients in 00:34:14.020 --> 00:34:16.169 align:start position:0% clients so we have what seven clients in development<00:34:14.470> for<00:34:14.619> e<00:34:14.919> -<00:34:15.190> would<00:34:15.849> there<00:34:16.000> be<00:34:16.059> a 00:34:16.169 --> 00:34:16.179 align:start position:0% development for e - would there be a 00:34:16.179 --> 00:34:18.839 align:start position:0% development for e - would there be a efficiency<00:34:16.779> to<00:34:16.960> be<00:34:17.109> gained<00:34:17.379> if<00:34:17.849> efficiencies 00:34:18.839 --> 00:34:18.849 align:start position:0% efficiency to be gained if efficiencies 00:34:18.849 --> 00:34:21.029 align:start position:0% efficiency to be gained if efficiencies to<00:34:18.879> be<00:34:19.029> gained<00:34:19.240> if<00:34:19.359> we<00:34:19.480> had<00:34:19.629> less<00:34:19.929> client<00:34:20.799> teams 00:34:21.029 --> 00:34:21.039 align:start position:0% to be gained if we had less client teams 00:34:21.039 --> 00:34:23.940 align:start position:0% to be gained if we had less client teams and<00:34:21.339> more<00:34:21.700> work<00:34:22.029> being<00:34:22.329> done<00:34:22.389> on<00:34:22.799> getting<00:34:23.799> to 00:34:23.940 --> 00:34:23.950 align:start position:0% and more work being done on getting to 00:34:23.950 --> 00:34:26.549 align:start position:0% and more work being done on getting to the<00:34:23.980> end<00:34:24.190> and<00:34:24.879> also<00:34:25.270> a<00:34:25.720> second<00:34:26.289> part<00:34:26.440> of<00:34:26.500> that 00:34:26.549 --> 00:34:26.559 align:start position:0% the end and also a second part of that 00:34:26.559 --> 00:34:30.389 align:start position:0% the end and also a second part of that is<00:34:27.690> if<00:34:28.690> there<00:34:28.960> are<00:34:28.990> seven<00:34:29.319> clients<00:34:29.529> the 00:34:30.389 --> 00:34:30.399 align:start position:0% is if there are seven clients the 00:34:30.399 --> 00:34:32.099 align:start position:0% is if there are seven clients the performance<00:34:30.970> of<00:34:31.149> the<00:34:31.299> blockchain<00:34:31.510> is<00:34:31.899> going 00:34:32.099 --> 00:34:32.109 align:start position:0% performance of the blockchain is going 00:34:32.109 --> 00:34:34.230 align:start position:0% performance of the blockchain is going to<00:34:32.200> be<00:34:32.289> held<00:34:32.529> back<00:34:32.679> by<00:34:32.889> the<00:34:32.950> slowest<00:34:33.369> one<00:34:33.429> so 00:34:34.230 --> 00:34:34.240 align:start position:0% to be held back by the slowest one so 00:34:34.240 --> 00:34:37.889 align:start position:0% to be held back by the slowest one so that<00:34:35.139> increases<00:34:35.679> the<00:34:35.980> chance<00:34:36.879> that<00:34:37.240> is<00:34:37.480> not<00:34:37.629> at 00:34:37.889 --> 00:34:37.899 align:start position:0% that increases the chance that is not at 00:34:37.899 --> 00:34:41.849 align:start position:0% that increases the chance that is not at full<00:34:38.319> performance<00:34:38.529> right<00:34:39.460> so<00:34:40.260> if<00:34:41.260> you<00:34:41.589> could 00:34:41.849 --> 00:34:41.859 align:start position:0% full performance right so if you could 00:34:41.859 --> 00:34:43.649 align:start position:0% full performance right so if you could take<00:34:42.190> all<00:34:42.609> of<00:34:42.669> the<00:34:42.940> people<00:34:43.210> working<00:34:43.389> on<00:34:43.569> all 00:34:43.649 --> 00:34:43.659 align:start position:0% take all of the people working on all 00:34:43.659 --> 00:34:45.210 align:start position:0% take all of the people working on all the<00:34:43.750> clients<00:34:44.139> and<00:34:44.289> put<00:34:44.440> them<00:34:44.559> on<00:34:44.679> half<00:34:44.950> the 00:34:45.210 --> 00:34:45.220 align:start position:0% the clients and put them on half the 00:34:45.220 --> 00:34:48.089 align:start position:0% the clients and put them on half the clients<00:34:45.609> maybe<00:34:46.089> so<00:34:46.329> these<00:34:47.139> are<00:34:47.349> independent 00:34:48.089 --> 00:34:48.099 align:start position:0% clients maybe so these are independent 00:34:48.099 --> 00:34:50.430 align:start position:0% clients maybe so these are independent companies<00:34:48.490> and<00:34:48.669> entities<00:34:48.849> that<00:34:49.659> you<00:34:50.200> can't 00:34:50.430 --> 00:34:50.440 align:start position:0% companies and entities that you can't 00:34:50.440 --> 00:34:52.260 align:start position:0% companies and entities that you can't necessarily<00:34:50.649> just<00:34:51.129> do<00:34:51.460> that<00:34:51.639> with<00:34:51.819> that's 00:34:52.260 --> 00:34:52.270 align:start position:0% necessarily just do that with that's 00:34:52.270 --> 00:34:57.529 align:start position:0% necessarily just do that with that's just<00:34:52.480> the<00:34:52.539> cat<00:34:52.720> herding<00:34:53.020> problem<00:34:55.409> that<00:34:56.409> said 00:34:57.529 --> 00:34:57.539 align:start position:0% just the cat herding problem that said 00:34:57.539 --> 00:34:59.789 align:start position:0% just the cat herding problem that said there's<00:34:58.539> probably<00:34:59.020> diminishing<00:34:59.500> returns 00:34:59.789 --> 00:34:59.799 align:start position:0% there's probably diminishing returns 00:34:59.799 --> 00:35:02.579 align:start position:0% there's probably diminishing returns after<00:35:00.010> five<00:35:00.329> but<00:35:01.329> we've<00:35:01.450> had<00:35:01.750> kind<00:35:02.380> of<00:35:02.470> an 00:35:02.579 --> 00:35:02.589 align:start position:0% after five but we've had kind of an 00:35:02.589 --> 00:35:07.019 align:start position:0% after five but we've had kind of an incredible<00:35:03.279> amount<00:35:03.460> of<00:35:05.039> technical<00:35:06.039> sharing 00:35:07.019 --> 00:35:07.029 align:start position:0% incredible amount of technical sharing 00:35:07.029 --> 00:35:08.519 align:start position:0% incredible amount of technical sharing and<00:35:07.180> idea<00:35:07.390> of<00:35:07.450> sharing<00:35:07.809> and<00:35:07.960> I<00:35:08.260> think<00:35:08.410> it's 00:35:08.519 --> 00:35:08.529 align:start position:0% and idea of sharing and I think it's 00:35:08.529 --> 00:35:10.079 align:start position:0% and idea of sharing and I think it's actually<00:35:08.650> a<00:35:08.859> been<00:35:09.010> a<00:35:09.039> boon<00:35:09.309> to<00:35:09.339> the<00:35:09.609> process<00:35:09.970> in 00:35:10.079 --> 00:35:10.089 align:start position:0% actually a been a boon to the process in 00:35:10.089 --> 00:35:13.230 align:start position:0% actually a been a boon to the process in many<00:35:10.210> respects<00:35:10.650> with<00:35:11.650> the<00:35:11.859> upcoming<00:35:12.309> tests 00:35:13.230 --> 00:35:13.240 align:start position:0% many respects with the upcoming tests 00:35:13.240 --> 00:35:15.269 align:start position:0% many respects with the upcoming tests nets<00:35:13.390> and<00:35:13.660> move<00:35:13.779> to<00:35:13.900> production<00:35:14.079> I<00:35:14.529> do<00:35:14.829> have 00:35:15.269 --> 00:35:15.279 align:start position:0% nets and move to production I do have 00:35:15.279 --> 00:35:16.950 align:start position:0% nets and move to production I do have some<00:35:15.549> concerns<00:35:15.940> about<00:35:16.089> managing<00:35:16.569> complexity 00:35:16.950 --> 00:35:16.960 align:start position:0% some concerns about managing complexity 00:35:16.960 --> 00:35:19.579 align:start position:0% some concerns about managing complexity and<00:35:17.230> managing<00:35:17.680> user<00:35:18.160> expectations<00:35:19.059> on<00:35:19.299> what 00:35:19.579 --> 00:35:19.589 align:start position:0% and managing user expectations on what 00:35:19.589 --> 00:35:22.829 align:start position:0% and managing user expectations on what which<00:35:20.589> software<00:35:21.039> to<00:35:21.190> run<00:35:21.339> right<00:35:22.029> it's<00:35:22.510> hard<00:35:22.720> to 00:35:22.829 --> 00:35:22.839 align:start position:0% which software to run right it's hard to 00:35:22.839 --> 00:35:25.799 align:start position:0% which software to run right it's hard to know<00:35:22.960> it's<00:35:23.260> hard<00:35:23.410> to<00:35:23.500> choose<00:35:24.119> and<00:35:25.119> we<00:35:25.569> will 00:35:25.799 --> 00:35:25.809 align:start position:0% know it's hard to choose and we will 00:35:25.809 --> 00:35:30.890 align:start position:0% know it's hard to choose and we will have<00:35:27.960> to<00:35:28.960> speak<00:35:29.170> to<00:35:29.200> the<00:35:29.410> second<00:35:29.740> question 00:35:30.890 --> 00:35:30.900 align:start position:0% have to speak to the second question 00:35:30.900 --> 00:35:34.200 align:start position:0% have to speak to the second question metrics<00:35:31.900> minimum<00:35:32.440> set<00:35:32.799> of<00:35:32.920> criteria<00:35:33.099> that<00:35:33.670> to 00:35:34.200 --> 00:35:34.210 align:start position:0% metrics minimum set of criteria that to 00:35:34.210 --> 00:35:36.299 align:start position:0% metrics minimum set of criteria that to be<00:35:34.390> production-ready<00:35:35.079> so<00:35:35.680> if<00:35:35.859> you<00:35:35.980> can't 00:35:36.299 --> 00:35:36.309 align:start position:0% be production-ready so if you can't 00:35:36.309 --> 00:35:39.660 align:start position:0% be production-ready so if you can't handle<00:35:36.579> a<00:35:36.819> state<00:35:37.029> transition<00:35:37.180> with<00:35:38.369> 4<00:35:39.369> million 00:35:39.660 --> 00:35:39.670 align:start position:0% handle a state transition with 4 million 00:35:39.670 --> 00:35:41.549 align:start position:0% handle a state transition with 4 million validators<00:35:40.180> and<00:35:40.390> under<00:35:40.599> this<00:35:41.020> amount<00:35:41.319> of<00:35:41.380> time 00:35:41.549 --> 00:35:41.559 align:start position:0% validators and under this amount of time 00:35:41.559 --> 00:35:43.380 align:start position:0% validators and under this amount of time then<00:35:42.130> like<00:35:42.339> you<00:35:42.549> don't<00:35:42.730> get<00:35:42.789> the<00:35:42.940> check<00:35:43.119> in<00:35:43.299> the 00:35:43.380 --> 00:35:43.390 align:start position:0% then like you don't get the check in the 00:35:43.390 --> 00:35:45.150 align:start position:0% then like you don't get the check in the box<00:35:43.569> and<00:35:43.809> you're<00:35:44.289> probably<00:35:44.529> not<00:35:44.740> ready<00:35:44.950> for 00:35:45.150 --> 00:35:45.160 align:start position:0% box and you're probably not ready for 00:35:45.160 --> 00:35:46.620 align:start position:0% box and you're probably not ready for production<00:35:45.279> and<00:35:45.730> that'll<00:35:45.940> be<00:35:46.029> very<00:35:46.240> clear<00:35:46.539> to 00:35:46.620 --> 00:35:46.630 align:start position:0% production and that'll be very clear to 00:35:46.630 --> 00:35:48.569 align:start position:0% production and that'll be very clear to users<00:35:46.900> and<00:35:47.319> so<00:35:47.500> much<00:35:47.710> better<00:35:47.920> to<00:35:48.069> have<00:35:48.099> three 00:35:48.569 --> 00:35:48.579 align:start position:0% users and so much better to have three 00:35:48.579 --> 00:35:51.900 align:start position:0% users and so much better to have three great<00:35:49.059> clients<00:35:49.720> than<00:35:50.260> seven<00:35:51.069> that<00:35:51.400> maybe<00:35:51.609> no 00:35:51.900 --> 00:35:51.910 align:start position:0% great clients than seven that maybe no 00:35:51.910 --> 00:35:53.880 align:start position:0% great clients than seven that maybe no all<00:35:52.089> of<00:35:52.119> them<00:35:52.359> agree<00:35:52.599> right<00:35:53.349> and<00:35:53.589> we<00:35:53.650> probably 00:35:53.880 --> 00:35:53.890 align:start position:0% all of them agree right and we probably 00:35:53.890 --> 00:35:57.000 align:start position:0% all of them agree right and we probably will<00:35:54.130> have<00:35:54.190> three<00:35:54.670> great<00:35:54.880> clients 00:35:57.000 --> 00:35:57.010 align:start position:0% will have three great clients 00:35:57.010 --> 00:35:59.220 align:start position:0% will have three great clients and<00:35:57.150> maybe<00:35:58.150> more<00:35:58.480> but<00:35:58.720> we<00:35:58.870> will<00:35:59.020> certainly 00:35:59.220 --> 00:35:59.230 align:start position:0% and maybe more but we will certainly 00:35:59.230 --> 00:36:02.700 align:start position:0% and maybe more but we will certainly have<00:35:59.590> three<00:35:59.860> great<00:36:00.010> clients<00:36:00.490> so<00:36:00.670> I<00:36:01.440> think<00:36:02.440> we 00:36:02.700 --> 00:36:02.710 align:start position:0% have three great clients so I think we 00:36:02.710 --> 00:36:06.810 align:start position:0% have three great clients so I think we end<00:36:02.830> up<00:36:02.950> in<00:36:03.070> the<00:36:03.160> same<00:36:03.340> spot<00:36:05.280> last<00:36:06.280> question 00:36:06.810 --> 00:36:06.820 align:start position:0% end up in the same spot last question 00:36:06.820 --> 00:36:10.800 align:start position:0% end up in the same spot last question please<00:36:08.490> I<00:36:09.490> was<00:36:10.150> just<00:36:10.330> going<00:36:10.450> to<00:36:10.480> add<00:36:10.630> to<00:36:10.780> that 00:36:10.800 --> 00:36:10.810 align:start position:0% please I was just going to add to that 00:36:10.810 --> 00:36:12.210 align:start position:0% please I was just going to add to that that<00:36:11.140> one<00:36:11.290> of<00:36:11.380> the<00:36:11.440> problems<00:36:11.710> we've<00:36:11.800> seen<00:36:11.980> eath 00:36:12.210 --> 00:36:12.220 align:start position:0% that one of the problems we've seen eath 00:36:12.220 --> 00:36:16.710 align:start position:0% that one of the problems we've seen eath one<00:36:12.520> is<00:36:12.880> that<00:36:13.920> gap<00:36:14.920> is<00:36:15.100> so<00:36:15.520> popular<00:36:16.030> that<00:36:16.540> we're 00:36:16.710 --> 00:36:16.720 align:start position:0% one is that gap is so popular that we're 00:36:16.720 --> 00:36:18.240 align:start position:0% one is that gap is so popular that we're gradually<00:36:17.170> kind<00:36:17.290> of<00:36:17.440> converging<00:36:17.950> and<00:36:18.040> a<00:36:18.130> lot 00:36:18.240 --> 00:36:18.250 align:start position:0% gradually kind of converging and a lot 00:36:18.250 --> 00:36:19.770 align:start position:0% gradually kind of converging and a lot of<00:36:18.280> that<00:36:18.430> gas<00:36:18.580> pricing<00:36:19.000> is<00:36:19.090> based<00:36:19.120> on<00:36:19.480> guest 00:36:19.770 --> 00:36:19.780 align:start position:0% of that gas pricing is based on guest 00:36:19.780 --> 00:36:22.380 align:start position:0% of that gas pricing is based on guest performance<00:36:20.490> which<00:36:21.490> is<00:36:21.610> good<00:36:21.790> and<00:36:22.060> gets<00:36:22.270> a 00:36:22.380 --> 00:36:22.390 align:start position:0% performance which is good and gets a 00:36:22.390 --> 00:36:25.470 align:start position:0% performance which is good and gets a great<00:36:22.570> client<00:36:22.930> ID<00:36:23.050> you<00:36:23.740> know<00:36:24.210> but<00:36:25.210> one<00:36:25.360> of<00:36:25.390> the 00:36:25.470 --> 00:36:25.480 align:start position:0% great client ID you know but one of the 00:36:25.480 --> 00:36:27.450 align:start position:0% great client ID you know but one of the advantages<00:36:25.990> of<00:36:26.050> having<00:36:26.170> so<00:36:26.860> many<00:36:27.100> clients 00:36:27.450 --> 00:36:27.460 align:start position:0% advantages of having so many clients 00:36:27.460 --> 00:36:29.760 align:start position:0% advantages of having so many clients initially<00:36:28.030> in<00:36:28.120> e2<00:36:28.540> is<00:36:28.780> it<00:36:28.990> is<00:36:29.170> it<00:36:29.410> helps<00:36:29.680> us 00:36:29.760 --> 00:36:29.770 align:start position:0% initially in e2 is it is it helps us 00:36:29.770 --> 00:36:32.310 align:start position:0% initially in e2 is it is it helps us avoid<00:36:30.070> that<00:36:30.600> centralization<00:36:31.600> so<00:36:31.750> we<00:36:31.870> do<00:36:32.110> are 00:36:32.310 --> 00:36:32.320 align:start position:0% avoid that centralization so we do are 00:36:32.320 --> 00:36:34.110 align:start position:0% avoid that centralization so we do are much<00:36:32.620> more<00:36:32.830> likely<00:36:33.190> to<00:36:33.220> stay<00:36:33.370> with<00:36:33.790> a<00:36:33.820> good 00:36:34.110 --> 00:36:34.120 align:start position:0% much more likely to stay with a good 00:36:34.120 --> 00:36:36.300 align:start position:0% much more likely to stay with a good broad<00:36:34.450> range<00:36:34.780> of<00:36:34.960> clients<00:36:35.110> with<00:36:35.980> a<00:36:36.010> broad 00:36:36.300 --> 00:36:36.310 align:start position:0% broad range of clients with a broad 00:36:36.310 --> 00:36:37.650 align:start position:0% broad range of clients with a broad range<00:36:36.340> of<00:36:36.700> approaches<00:36:37.180> to<00:36:37.300> solving<00:36:37.600> problems 00:36:37.650 --> 00:36:37.660 align:start position:0% range of approaches to solving problems 00:36:37.660 --> 00:36:41.790 align:start position:0% range of approaches to solving problems yeah<00:36:38.260> I'm<00:36:38.530> really<00:36:39.040> hoping<00:36:39.760> that<00:36:39.820> we<00:36:40.800> don't 00:36:41.790 --> 00:36:41.800 align:start position:0% yeah I'm really hoping that we don't 00:36:41.800 --> 00:36:43.350 align:start position:0% yeah I'm really hoping that we don't have<00:36:41.950> a<00:36:41.980> client<00:36:42.310> with<00:36:42.550> over<00:36:42.820> 80%<00:36:43.030> of<00:36:43.270> the 00:36:43.350 --> 00:36:43.360 align:start position:0% have a client with over 80% of the 00:36:43.360 --> 00:36:45.090 align:start position:0% have a client with over 80% of the network<00:36:43.570> I<00:36:43.840> think<00:36:44.170> it's<00:36:44.290> really<00:36:44.410> valuable<00:36:44.500> to 00:36:45.090 --> 00:36:45.100 align:start position:0% network I think it's really valuable to 00:36:45.100 --> 00:36:49.410 align:start position:0% network I think it's really valuable to the<00:36:45.220> security<00:36:45.850> that<00:36:45.910> network<00:36:46.150> and<00:36:46.360> I<00:36:48.210> we<00:36:49.210> will 00:36:49.410 --> 00:36:49.420 align:start position:0% the security that network and I we will 00:36:49.420 --> 00:36:51.300 align:start position:0% the security that network and I we will see<00:36:49.660> how<00:36:49.990> many<00:36:50.230> actually<00:36:50.710> launched<00:36:51.010> with<00:36:51.160> a 00:36:51.300 --> 00:36:51.310 align:start position:0% see how many actually launched with a 00:36:51.310 --> 00:36:52.560 align:start position:0% see how many actually launched with a zero<00:36:51.610> as<00:36:51.850> production-ready 00:36:52.560 --> 00:36:52.570 align:start position:0% zero as production-ready 00:36:52.570 --> 00:36:55.170 align:start position:0% zero as production-ready I'm<00:36:52.930> not<00:36:53.170> I'm<00:36:53.350> not<00:36:53.380> sure<00:36:53.820> we<00:36:54.820> saw<00:36:54.940> the<00:36:55.000> problem 00:36:55.170 --> 00:36:55.180 align:start position:0% I'm not I'm not sure we saw the problem 00:36:55.180 --> 00:36:57.000 align:start position:0% I'm not I'm not sure we saw the problem with<00:36:55.390> each<00:36:55.510> one<00:36:55.780> that<00:36:56.110> that<00:36:56.650> a<00:36:56.710> minority 00:36:57.000 --> 00:36:57.010 align:start position:0% with each one that that a minority 00:36:57.010 --> 00:36:59.270 align:start position:0% with each one that that a minority client<00:36:57.670> managed<00:36:57.970> to<00:36:58.120> slow<00:36:58.360> down<00:36:58.540> the<00:36:58.930> network 00:36:59.270 --> 00:36:59.280 align:start position:0% client managed to slow down the network 00:36:59.280 --> 00:37:02.850 align:start position:0% client managed to slow down the network until<00:37:00.280> well<00:37:01.060> in<00:37:01.480> each<00:37:01.660> one<00:37:01.990> we<00:37:02.260> also<00:37:02.440> saw<00:37:02.830> that 00:37:02.850 --> 00:37:02.860 align:start position:0% until well in each one we also saw that 00:37:02.860 --> 00:37:04.800 align:start position:0% until well in each one we also saw that a<00:37:03.040> minority<00:37:03.250> net<00:37:03.670> client<00:37:04.090> managed<00:37:04.390> to<00:37:04.570> speed 00:37:04.800 --> 00:37:04.810 align:start position:0% a minority net client managed to speed 00:37:04.810 --> 00:37:06.720 align:start position:0% a minority net client managed to speed up<00:37:04.930> the<00:37:05.080> network<00:37:05.260> right<00:37:05.710> like<00:37:05.980> one<00:37:06.250> that<00:37:06.400> I<00:37:06.520> did 00:37:06.720 --> 00:37:06.730 align:start position:0% up the network right like one that I did 00:37:06.730 --> 00:37:09.510 align:start position:0% up the network right like one that I did in<00:37:07.360> a<00:37:07.690> particular<00:37:07.960> instance<00:37:08.500> yeah<00:37:08.740> yes<00:37:08.980> in<00:37:09.400> a 00:37:09.510 --> 00:37:09.520 align:start position:0% in a particular instance yeah yes in a 00:37:09.520 --> 00:37:11.190 align:start position:0% in a particular instance yeah yes in a particular<00:37:10.000> very<00:37:10.240> important<00:37:10.690> instance<00:37:11.080> than 00:37:11.190 --> 00:37:11.200 align:start position:0% particular very important instance than 00:37:11.200 --> 00:37:20.069 align:start position:0% particular very important instance than what<00:37:11.290> otherwise<00:37:11.500> have<00:37:11.770> killed<00:37:11.950> us 00:37:20.069 --> 00:37:20.079 align:start position:0% 00:37:20.079 --> 00:37:22.140 align:start position:0% you