WEBVTT Kind: captions Language: en 00:00:05.070 --> 00:00:14.910 align:start position:0% [Music] 00:00:14.910 --> 00:00:14.920 align:start position:0% 00:00:14.920 --> 00:00:18.269 align:start position:0% [Music] 00:00:18.269 --> 00:00:18.279 align:start position:0% 00:00:18.279 --> 00:00:20.990 align:start position:0% cool<00:00:19.080> welcome<00:00:19.600> welcome<00:00:19.920> to<00:00:20.199> day<00:00:20.480> five<00:00:20.840> the 00:00:20.990 --> 00:00:21.000 align:start position:0% cool welcome welcome to day five the 00:00:21.000 --> 00:00:23.109 align:start position:0% cool welcome welcome to day five the final<00:00:21.359> day<00:00:21.519> of<00:00:21.680> Devcon<00:00:22.480> it<00:00:22.600> has<00:00:22.720> been<00:00:22.920> an 00:00:23.109 --> 00:00:23.119 align:start position:0% final day of Devcon it has been an 00:00:23.119 --> 00:00:25.429 align:start position:0% final day of Devcon it has been an incredible<00:00:23.640> week<00:00:24.000> we've<00:00:24.240> gone<00:00:24.840> deep<00:00:25.119> into<00:00:25.320> the 00:00:25.429 --> 00:00:25.439 align:start position:0% incredible week we've gone deep into the 00:00:25.439 --> 00:00:28.790 align:start position:0% incredible week we've gone deep into the ethereum<00:00:26.000> platform<00:00:27.000> seen<00:00:27.359> exactly<00:00:27.880> what<00:00:28.439> daps 00:00:28.790 --> 00:00:28.800 align:start position:0% ethereum platform seen exactly what daps 00:00:28.800 --> 00:00:30.150 align:start position:0% ethereum platform seen exactly what daps are<00:00:29.000> capable<00:00:29.400> of<00:00:29.560> I<00:00:29.599> don't<00:00:29.720> even<00:00:29.840> think<00:00:30.039> think 00:00:30.150 --> 00:00:30.160 align:start position:0% are capable of I don't even think think 00:00:30.160 --> 00:00:32.310 align:start position:0% are capable of I don't even think think the<00:00:30.240> beginning<00:00:30.519> of<00:00:30.720> that<00:00:31.400> and<00:00:31.599> today<00:00:31.920> we<00:00:32.079> start 00:00:32.310 --> 00:00:32.320 align:start position:0% the beginning of that and today we start 00:00:32.320 --> 00:00:34.030 align:start position:0% the beginning of that and today we start off<00:00:32.480> with<00:00:32.599> a<00:00:32.719> very<00:00:32.920> special<00:00:33.320> presentation<00:00:33.879> by 00:00:34.030 --> 00:00:34.040 align:start position:0% off with a very special presentation by 00:00:34.040 --> 00:00:37.030 align:start position:0% off with a very special presentation by Nick<00:00:34.320> Zabo<00:00:35.320> uh<00:00:35.440> he<00:00:35.559> is<00:00:35.680> a<00:00:35.879> blockchain<00:00:36.480> Pioneer 00:00:37.030 --> 00:00:37.040 align:start position:0% Nick Zabo uh he is a blockchain Pioneer 00:00:37.040 --> 00:00:38.750 align:start position:0% Nick Zabo uh he is a blockchain Pioneer and<00:00:37.160> he<00:00:37.280> is<00:00:37.440> here<00:00:37.559> to<00:00:37.719> present<00:00:38.079> on<00:00:38.239> the<00:00:38.399> history 00:00:38.750 --> 00:00:38.760 align:start position:0% and he is here to present on the history 00:00:38.760 --> 00:00:41.590 align:start position:0% and he is here to present on the history of<00:00:38.879> the 00:00:41.590 --> 00:00:41.600 align:start position:0% 00:00:41.600 --> 00:00:44.590 align:start position:0% blockchain<00:00:42.600> thank 00:00:44.590 --> 00:00:44.600 align:start position:0% blockchain thank 00:00:44.600 --> 00:00:47.310 align:start position:0% blockchain thank you<00:00:45.600> thank 00:00:47.310 --> 00:00:47.320 align:start position:0% you thank 00:00:47.320 --> 00:00:50.869 align:start position:0% you thank you<00:00:48.320> thank<00:00:48.879> you<00:00:49.879> so<00:00:50.199> yeah<00:00:50.320> I'm<00:00:50.520> talk<00:00:50.680> about 00:00:50.869 --> 00:00:50.879 align:start position:0% you thank you so yeah I'm talk about 00:00:50.879 --> 00:00:52.950 align:start position:0% you thank you so yeah I'm talk about smart<00:00:51.239> contracts<00:00:52.039> and<00:00:52.239> ethereum<00:00:52.800> good 00:00:52.950 --> 00:00:52.960 align:start position:0% smart contracts and ethereum good 00:00:52.960 --> 00:00:58.910 align:start position:0% smart contracts and ethereum good morning<00:00:53.440> city<00:00:53.680> of<00:00:53.800> London<00:00:54.320> ethereum 00:00:58.910 --> 00:00:58.920 align:start position:0% 00:00:58.920 --> 00:01:03.229 align:start position:0% Developers 00:01:03.229 --> 00:01:03.239 align:start position:0% 00:01:03.239 --> 00:01:04.710 align:start position:0% so<00:01:03.399> I'm<00:01:03.480> going<00:01:03.600> to<00:01:03.719> start<00:01:04.080> off<00:01:04.280> talking<00:01:04.519> about 00:01:04.710 --> 00:01:04.720 align:start position:0% so I'm going to start off talking about 00:01:04.720 --> 00:01:06.550 align:start position:0% so I'm going to start off talking about the<00:01:04.839> origins<00:01:05.560> of<00:01:05.720> some<00:01:05.840> of<00:01:05.960> these<00:01:06.119> ideas<00:01:06.439> some 00:01:06.550 --> 00:01:06.560 align:start position:0% the origins of some of these ideas some 00:01:06.560 --> 00:01:09.109 align:start position:0% the origins of some of these ideas some of<00:01:06.640> the<00:01:06.760> philosophical<00:01:07.600> Origins<00:01:08.600> um<00:01:08.720> to<00:01:08.920> left 00:01:09.109 --> 00:01:09.119 align:start position:0% of the philosophical Origins um to left 00:01:09.119 --> 00:01:10.590 align:start position:0% of the philosophical Origins um to left here<00:01:09.240> we<00:01:09.360> have<00:01:09.520> a<00:01:09.720> ran<00:01:10.159> to<00:01:10.280> the<00:01:10.400> right 00:01:10.590 --> 00:01:10.600 align:start position:0% here we have a ran to the right 00:01:10.600 --> 00:01:14.590 align:start position:0% here we have a ran to the right Frederick<00:01:11.040> kayak<00:01:11.479> who<00:01:11.720> had<00:01:12.680> um<00:01:12.840> were<00:01:13.320> big<00:01:14.040> um 00:01:14.590 --> 00:01:14.600 align:start position:0% Frederick kayak who had um were big um 00:01:14.600 --> 00:01:16.630 align:start position:0% Frederick kayak who had um were big um political<00:01:15.000> and<00:01:15.159> philosophical<00:01:15.720> Inspirations 00:01:16.630 --> 00:01:16.640 align:start position:0% political and philosophical Inspirations 00:01:16.640 --> 00:01:19.710 align:start position:0% political and philosophical Inspirations to<00:01:16.920> the<00:01:17.159> cipher<00:01:17.560> punks<00:01:18.000> where<00:01:18.840> many<00:01:19.040> of<00:01:19.240> these 00:01:19.710 --> 00:01:19.720 align:start position:0% to the cipher punks where many of these 00:01:19.720 --> 00:01:25.630 align:start position:0% to the cipher punks where many of these ideas<00:01:20.119> came<00:01:20.280> out<00:01:20.439> of<00:01:20.720> and<00:01:20.880> in<00:01:21.799> uh<00:01:22.799> so<00:01:23.400> IR<00:01:23.759> ran<00:01:24.759> uh 00:01:25.630 --> 00:01:25.640 align:start position:0% ideas came out of and in uh so IR ran uh 00:01:25.640 --> 00:01:27.590 align:start position:0% ideas came out of and in uh so IR ran uh I've<00:01:26.040> never<00:01:26.280> finished<00:01:26.640> one<00:01:26.759> of<00:01:26.920> her<00:01:27.079> books<00:01:27.479> but 00:01:27.590 --> 00:01:27.600 align:start position:0% I've never finished one of her books but 00:01:27.600 --> 00:01:30.030 align:start position:0% I've never finished one of her books but she<00:01:27.799> was<00:01:27.960> very<00:01:28.159> influential<00:01:28.799> nevertheless<00:01:29.799> um 00:01:30.030 --> 00:01:30.040 align:start position:0% she was very influential nevertheless um 00:01:30.040 --> 00:01:31.670 align:start position:0% she was very influential nevertheless um um<00:01:30.240> she<00:01:30.479> came<00:01:30.640> up<00:01:30.759> with<00:01:30.880> the<00:01:30.960> idea<00:01:31.159> of<00:01:31.280> gulz 00:01:31.670 --> 00:01:31.680 align:start position:0% um she came up with the idea of gulz 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corrupt institutions<00:01:41.680> and<00:01:42.399> society<00:01:43.399> and<00:01:44.320> pretty<00:01:44.520> much 00:01:44.870 --> 00:01:44.880 align:start position:0% institutions and society and pretty much 00:01:44.880 --> 00:01:46.550 align:start position:0% institutions and society and pretty much a<00:01:45.040> complete<00:01:45.399> fantasy<00:01:45.880> when<00:01:46.000> she<00:01:46.119> wrote<00:01:46.360> it 00:01:46.550 --> 00:01:46.560 align:start position:0% a complete fantasy when she wrote it 00:01:46.560 --> 00:01:50.590 align:start position:0% a complete fantasy when she wrote it based<00:01:46.799> on<00:01:47.320> fake<00:01:47.600> physics<00:01:47.960> and<00:01:48.159> stuff<00:01:48.680> but<00:01:49.680> um 00:01:50.590 --> 00:01:50.600 align:start position:0% based on fake physics and stuff but um 00:01:50.600 --> 00:01:54.310 align:start position:0% based on fake physics and stuff but um Tim<00:01:50.880> May<00:01:51.280> who<00:01:51.920> is<00:01:52.079> in<00:01:52.240> fact<00:01:52.399> a<00:01:52.560> physicist<00:01:53.560> um 00:01:54.310 --> 00:01:54.320 align:start position:0% Tim May who is in fact a physicist um 00:01:54.320 --> 00:01:58.190 align:start position:0% Tim May who is in fact a physicist um worked<00:01:54.600> for<00:01:55.079> Intel<00:01:56.079> studying<00:01:56.759> the<00:01:57.399> um<00:01:57.560> how<00:01:57.680> to 00:01:58.190 --> 00:01:58.200 align:start position:0% worked for Intel studying the um how to 00:01:58.200 --> 00:02:00.590 align:start position:0% worked for Intel studying the um how to prevent<00:01:58.640> their<00:01:59.119> protect<00:01:59.360> their<00:01:59.479> chips<00:01:59.880> from 00:02:00.590 --> 00:02:00.600 align:start position:0% prevent their protect their chips from 00:02:00.600 --> 00:02:03.510 align:start position:0% prevent their protect their chips from radiation<00:02:01.600> um<00:02:02.520> came<00:02:02.680> up<00:02:02.840> with<00:02:02.920> the<00:02:03.039> idea<00:02:03.280> of 00:02:03.510 --> 00:02:03.520 align:start position:0% radiation um came up with the idea of 00:02:03.520 --> 00:02:06.029 align:start position:0% radiation um came up with the idea of Gul<00:02:03.880> Gul<00:02:04.159> and<00:02:04.360> cyberspace<00:02:05.039> and<00:02:05.280> kind<00:02:05.399> of<00:02:05.640> Ideal 00:02:06.029 --> 00:02:06.039 align:start position:0% Gul Gul and cyberspace and kind of Ideal 00:02:06.039 --> 00:02:08.389 align:start position:0% Gul Gul and cyberspace and kind of Ideal to<00:02:06.159> shoot<00:02:06.560> for<00:02:07.560> and 00:02:08.389 --> 00:02:08.399 align:start position:0% to shoot for and 00:02:08.399 --> 00:02:09.990 align:start position:0% to shoot for and so 00:02:09.990 --> 00:02:10.000 align:start position:0% so 00:02:10.000 --> 00:02:12.589 align:start position:0% so another<00:02:11.000> and<00:02:11.440> basically<00:02:11.879> cryptography<00:02:12.520> in 00:02:12.589 --> 00:02:12.599 align:start position:0% another and basically cryptography in 00:02:12.599 --> 00:02:13.949 align:start position:0% another and basically cryptography in the<00:02:12.680> cipher<00:02:13.000> punks<00:02:13.280> movement<00:02:13.599> protect 00:02:13.949 --> 00:02:13.959 align:start position:0% the cipher punks movement protect 00:02:13.959 --> 00:02:15.670 align:start position:0% the cipher punks movement protect yourself<00:02:14.519> with<00:02:14.720> cryptography<00:02:15.360> that<00:02:15.440> would<00:02:15.560> be 00:02:15.670 --> 00:02:15.680 align:start position:0% yourself with cryptography that would be 00:02:15.680 --> 00:02:16.990 align:start position:0% yourself with cryptography that would be your 00:02:16.990 --> 00:02:17.000 align:start position:0% your 00:02:17.000 --> 00:02:20.350 align:start position:0% your Shield<00:02:18.040> um<00:02:19.040> and<00:02:19.160> Frederick<00:02:19.640> kayak<00:02:20.000> another 00:02:20.350 --> 00:02:20.360 align:start position:0% Shield um and Frederick kayak another 00:02:20.360 --> 00:02:24.670 align:start position:0% Shield um and Frederick kayak another big<00:02:20.800> influence<00:02:21.680> on<00:02:21.879> us<00:02:22.360> was<00:02:23.120> uh<00:02:23.959> said<00:02:24.239> not<00:02:24.400> so 00:02:24.670 --> 00:02:24.680 align:start position:0% big influence on us was uh said not so 00:02:24.680 --> 00:02:27.110 align:start position:0% big influence on us was uh said not so fast<00:02:25.040> he<00:02:25.239> had<00:02:25.440> studied<00:02:26.400> the<00:02:26.560> basis<00:02:26.959> the 00:02:27.110 --> 00:02:27.120 align:start position:0% fast he had studied the basis the 00:02:27.120 --> 00:02:28.830 align:start position:0% fast he had studied the basis the protocol<00:02:27.519> layer<00:02:27.840> underlying<00:02:28.440> Society 00:02:28.830 --> 00:02:28.840 align:start position:0% protocol layer underlying Society 00:02:28.840 --> 00:02:32.110 align:start position:0% protocol layer underlying Society underlying<00:02:29.280> free<00:02:29.480> market<00:02:30.040> which<00:02:30.200> we<00:02:30.720> champion 00:02:32.110 --> 00:02:32.120 align:start position:0% underlying free market which we champion 00:02:32.120 --> 00:02:35.190 align:start position:0% underlying free market which we champion and<00:02:33.120> property<00:02:33.680> contracts<00:02:34.519> and<00:02:34.760> if<00:02:34.879> you<00:02:34.959> go<00:02:35.080> to 00:02:35.190 --> 00:02:35.200 align:start position:0% and property contracts and if you go to 00:02:35.200 --> 00:02:36.630 align:start position:0% and property contracts and if you go to law<00:02:35.400> school<00:02:35.640> you'll<00:02:35.879> study<00:02:36.200> these<00:02:36.360> in<00:02:36.480> your 00:02:36.630 --> 00:02:36.640 align:start position:0% law school you'll study these in your 00:02:36.640 --> 00:02:38.470 align:start position:0% law school you'll study these in your first<00:02:36.879> year<00:02:37.040> of<00:02:37.200> law<00:02:37.400> school<00:02:37.720> property 00:02:38.470 --> 00:02:38.480 align:start position:0% first year of law school property 00:02:38.480 --> 00:02:40.070 align:start position:0% first year of law school property contracts 00:02:40.070 --> 00:02:40.080 align:start position:0% contracts 00:02:40.080 --> 00:02:45.630 align:start position:0% contracts Etc<00:02:41.080> and<00:02:41.480> all<00:02:41.720> that<00:02:42.080> requires<00:02:43.519> security<00:02:44.519> so<00:02:45.480> we 00:02:45.630 --> 00:02:45.640 align:start position:0% Etc and all that requires security so we 00:02:45.640 --> 00:02:48.790 align:start position:0% Etc and all that requires security so we wanted<00:02:46.159> to<00:02:47.159> apply<00:02:47.519> computer<00:02:48.000> science<00:02:48.480> apply 00:02:48.790 --> 00:02:48.800 align:start position:0% wanted to apply computer science apply 00:02:48.800 --> 00:02:50.430 align:start position:0% wanted to apply computer science apply the<00:02:48.920> new<00:02:49.159> technology<00:02:49.840> take<00:02:50.040> advantage<00:02:50.360> of 00:02:50.430 --> 00:02:50.440 align:start position:0% the new technology take advantage of 00:02:50.440 --> 00:02:53.869 align:start position:0% the new technology take advantage of Mo's<00:02:51.080> law<00:02:52.080> to<00:02:52.680> uh<00:02:52.800> minimize<00:02:53.239> vulnerability<00:02:53.720> to 00:02:53.869 --> 00:02:53.879 align:start position:0% Mo's law to uh minimize vulnerability to 00:02:53.879 --> 00:02:57.190 align:start position:0% Mo's law to uh minimize vulnerability to strangers<00:02:54.319> maximize<00:02:55.239> security<00:02:56.239> and<00:02:56.400> solve<00:02:56.840> am 00:02:57.190 --> 00:02:57.200 align:start position:0% strangers maximize security and solve am 00:02:57.200 --> 00:03:00.350 align:start position:0% strangers maximize security and solve am and<00:02:57.440> in<00:02:57.680> doing<00:02:57.959> so<00:02:58.200> solve<00:02:58.560> ambitious<00:02:59.159> problems 00:03:00.350 --> 00:03:00.360 align:start position:0% and in doing so solve ambitious problems 00:03:00.360 --> 00:03:03.949 align:start position:0% and in doing so solve ambitious problems of<00:03:01.080> uh<00:03:02.080> the<00:03:02.239> haki<00:03:02.640> in<00:03:02.800> nature<00:03:03.120> such<00:03:03.280> as<00:03:03.799> uh 00:03:03.949 --> 00:03:03.959 align:start position:0% of uh the haki in nature such as uh 00:03:03.959 --> 00:03:06.470 align:start position:0% of uh the haki in nature such as uh privatize<00:03:04.599> money<00:03:05.599> and<00:03:05.760> non-violently 00:03:06.470 --> 00:03:06.480 align:start position:0% privatize money and non-violently 00:03:06.480 --> 00:03:08.190 align:start position:0% privatize money and non-violently enforce<00:03:07.040> property<00:03:07.360> and 00:03:08.190 --> 00:03:08.200 align:start position:0% enforce property and 00:03:08.200 --> 00:03:12.030 align:start position:0% enforce property and contracts<00:03:09.200> and<00:03:09.400> so<00:03:09.879> that<00:03:10.120> is<00:03:10.560> the<00:03:11.159> where<00:03:11.720> ideas 00:03:12.030 --> 00:03:12.040 align:start position:0% contracts and so that is the where ideas 00:03:12.040 --> 00:03:13.869 align:start position:0% contracts and so that is the where ideas like<00:03:12.200> smart<00:03:12.560> contracts<00:03:13.360> the<00:03:13.519> first 00:03:13.869 --> 00:03:13.879 align:start position:0% like smart contracts the first 00:03:13.879 --> 00:03:15.990 align:start position:0% like smart contracts the first blockchain<00:03:14.480> designs<00:03:15.480> and<00:03:15.640> the<00:03:15.799> first 00:03:15.990 --> 00:03:16.000 align:start position:0% blockchain designs and the first 00:03:16.000 --> 00:03:19.670 align:start position:0% blockchain designs and the first cryptocurrency<00:03:16.680> designs<00:03:17.200> came<00:03:17.360> out 00:03:19.670 --> 00:03:19.680 align:start position:0% 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cryptography traditional<00:03:27.799> cryptography<00:03:28.720> you're<00:03:28.920> just 00:03:29.070 --> 00:03:29.080 align:start position:0% traditional cryptography you're just 00:03:29.080 --> 00:03:30.589 align:start position:0% traditional cryptography you're just trying<00:03:29.280> to<00:03:29.400> secure<00:03:29.879> one<00:03:30.000> narrow<00:03:30.319> thing<00:03:30.480> you 00:03:30.589 --> 00:03:30.599 align:start position:0% trying to secure one narrow thing you 00:03:30.599 --> 00:03:32.710 align:start position:0% trying to secure one narrow thing you have<00:03:31.040> communications<00:03:32.040> and<00:03:32.159> you're<00:03:32.280> trying<00:03:32.519> to 00:03:32.710 --> 00:03:32.720 align:start position:0% have communications and you're trying to 00:03:32.720 --> 00:03:35.630 align:start position:0% have communications and you're trying to secure<00:03:33.080> it<00:03:33.400> from<00:03:33.959> a<00:03:34.159> third<00:03:34.480> party<00:03:35.319> you<00:03:35.439> can't 00:03:35.630 --> 00:03:35.640 align:start position:0% secure it from a third party you can't 00:03:35.640 --> 00:03:36.949 align:start position:0% secure it from a third party you can't really<00:03:35.840> secure<00:03:36.159> it<00:03:36.280> from<00:03:36.439> the<00:03:36.560> party<00:03:36.799> you're 00:03:36.949 --> 00:03:36.959 align:start position:0% really secure it from the party you're 00:03:36.959 --> 00:03:38.869 align:start position:0% really secure it from the party you're talking<00:03:37.200> to<00:03:37.400> if<00:03:37.519> they<00:03:37.640> forward<00:03:37.959> your<00:03:38.120> email 00:03:38.869 --> 00:03:38.879 align:start position:0% talking to if they forward your email 00:03:38.879 --> 00:03:41.470 align:start position:0% talking to if they forward your email doesn't<00:03:39.120> matter<00:03:39.319> how<00:03:40.040> well<00:03:40.200> your<00:03:40.319> email<00:03:40.599> is 00:03:41.470 --> 00:03:41.480 align:start position:0% doesn't matter how well your email is 00:03:41.480 --> 00:03:44.990 align:start position:0% doesn't matter how well your email is encrypted<00:03:42.480> um<00:03:43.040> so<00:03:43.280> it's<00:03:43.439> try<00:03:44.319> encryption 00:03:44.990 --> 00:03:45.000 align:start position:0% encrypted um so it's try encryption 00:03:45.000 --> 00:03:47.229 align:start position:0% encrypted um so it's try encryption traditional<00:03:45.400> encryption<00:03:45.799> is<00:03:45.959> trying<00:03:46.239> to<00:03:46.599> to 00:03:47.229 --> 00:03:47.239 align:start position:0% traditional encryption is trying to to 00:03:47.239 --> 00:03:49.670 align:start position:0% traditional encryption is trying to to uh<00:03:47.360> solve<00:03:47.640> one<00:03:47.840> narrow<00:03:48.280> problem<00:03:49.159> but<00:03:49.360> now<00:03:49.519> we 00:03:49.670 --> 00:03:49.680 align:start position:0% uh solve one narrow problem but now we 00:03:49.680 --> 00:03:52.229 align:start position:0% uh solve one narrow problem but now we have<00:03:49.840> the<00:03:50.239> opportunity<00:03:51.239> well<00:03:51.519> let's<00:03:51.879> let's<00:03:52.040> go 00:03:52.229 --> 00:03:52.239 align:start position:0% have the opportunity well let's let's go 00:03:52.239 --> 00:03:54.830 align:start position:0% have the opportunity well let's let's go back<00:03:52.400> so<00:03:52.599> now<00:03:52.720> we<00:03:52.840> have<00:03:53.000> the<00:03:53.159> opportunity<00:03:53.640> with 00:03:54.830 --> 00:03:54.840 align:start position:0% back so now we have the opportunity with 00:03:54.840 --> 00:03:57.789 align:start position:0% back so now we have the opportunity with ethereum<00:03:55.840> um<00:03:56.599> well<00:03:56.760> let<00:03:56.840> me<00:03:57.000> go<00:03:57.159> back<00:03:57.319> so<00:03:57.560> David 00:03:57.789 --> 00:03:57.799 align:start position:0% ethereum um well let me go back so David 00:03:57.799 --> 00:03:59.910 align:start position:0% ethereum um well let me go back so David chman<00:03:58.159> digital<00:03:58.519> cash<00:03:58.840> expanded<00:03:59.400> this<00:03:59.799> and 00:03:59.910 --> 00:03:59.920 align:start position:0% chman digital cash expanded this and 00:03:59.920 --> 00:04:01.710 align:start position:0% chman digital cash expanded this and said<00:04:00.239> let's<00:04:00.560> let's<00:04:00.760> apply<00:04:01.079> this<00:04:01.200> to<00:04:01.360> money 00:04:01.710 --> 00:04:01.720 align:start position:0% said let's let's apply this to money 00:04:01.720 --> 00:04:04.470 align:start position:0% said let's let's apply this to money let's<00:04:02.280> try<00:04:02.439> to<00:04:02.599> make<00:04:02.799> money<00:04:03.760> the<00:04:03.959> transfer<00:04:04.360> of 00:04:04.470 --> 00:04:04.480 align:start position:0% let's try to make money the transfer of 00:04:04.480 --> 00:04:05.509 align:start position:0% let's try to make money the transfer of money 00:04:05.509 --> 00:04:05.519 align:start position:0% money 00:04:05.519 --> 00:04:07.910 align:start position:0% money private<00:04:06.519> and<00:04:06.640> so<00:04:06.799> he<00:04:06.920> solved<00:04:07.280> a<00:04:07.439> privacy 00:04:07.910 --> 00:04:07.920 align:start position:0% private and so he solved a privacy 00:04:07.920 --> 00:04:09.190 align:start position:0% private and so he solved a privacy problem<00:04:08.120> although<00:04:08.360> the<00:04:08.439> banks<00:04:08.720> didn't<00:04:08.959> like 00:04:09.190 --> 00:04:09.200 align:start position:0% problem although the banks didn't like 00:04:09.200 --> 00:04:12.350 align:start position:0% problem although the banks didn't like that<00:04:09.319> so<00:04:09.480> it<00:04:09.560> wasn't<00:04:09.799> taken<00:04:10.040> up<00:04:10.840> but<00:04:11.680> he<00:04:11.879> had<00:04:12.079> a 00:04:12.350 --> 00:04:12.360 align:start position:0% that so it wasn't taken up but he had a 00:04:12.360 --> 00:04:13.750 align:start position:0% that so it wasn't taken up but he had a technical<00:04:12.799> solution<00:04:13.120> for<00:04:13.319> solving<00:04:13.599> the 00:04:13.750 --> 00:04:13.760 align:start position:0% technical solution for solving the 00:04:13.760 --> 00:04:16.430 align:start position:0% technical solution for solving the Privacy<00:04:14.200> problem<00:04:14.400> what<00:04:14.519> he<00:04:14.640> didn't<00:04:15.160> solve<00:04:16.160> was 00:04:16.430 --> 00:04:16.440 align:start position:0% Privacy problem what he didn't solve was 00:04:16.440 --> 00:04:19.550 align:start position:0% Privacy problem what he didn't solve was this<00:04:16.680> problem<00:04:17.040> right<00:04:17.359> here<00:04:18.359> and<00:04:19.079> that<00:04:19.239> is<00:04:19.359> a 00:04:19.550 --> 00:04:19.560 align:start position:0% this problem right here and that is a 00:04:19.560 --> 00:04:23.310 align:start position:0% this problem right here and that is a centralization<00:04:20.720> problem<00:04:21.720> and<00:04:22.000> so<00:04:23.000> there<00:04:23.120> was 00:04:23.310 --> 00:04:23.320 align:start position:0% centralization problem and so there was 00:04:23.320 --> 00:04:26.070 align:start position:0% centralization problem and so there was a<00:04:23.479> bunch<00:04:23.759> of<00:04:24.120> digital<00:04:24.560> cash<00:04:25.160> startups<00:04:25.800> David 00:04:26.070 --> 00:04:26.080 align:start position:0% a bunch of digital cash startups David 00:04:26.080 --> 00:04:28.110 align:start position:0% a bunch of digital cash startups David Shams<00:04:26.440> being<00:04:26.639> among<00:04:26.880> them<00:04:27.160> that<00:04:27.440> that<00:04:28.000> they 00:04:28.110 --> 00:04:28.120 align:start position:0% Shams being among them that that they 00:04:28.120 --> 00:04:30.029 align:start position:0% Shams being among them that that they either<00:04:28.400> failed<00:04:28.800> or<00:04:28.960> they<00:04:29.080> became<00:04:29.320> Central<00:04:29.840> Iz 00:04:30.029 --> 00:04:30.039 align:start position:0% either failed or they became Central Iz 00:04:30.039 --> 00:04:31.909 align:start position:0% either failed or they became Central Iz systems<00:04:30.479> like<00:04:30.759> like 00:04:31.909 --> 00:04:31.919 align:start position:0% systems like like 00:04:31.919 --> 00:04:33.790 align:start position:0% systems like like PayPal<00:04:32.919> because<00:04:33.080> we<00:04:33.160> didn't<00:04:33.360> know<00:04:33.479> how<00:04:33.560> to<00:04:33.639> do 00:04:33.790 --> 00:04:33.800 align:start position:0% PayPal because we didn't know how to do 00:04:33.800 --> 00:04:35.390 align:start position:0% PayPal because we didn't know how to do decentralization<00:04:34.560> at<00:04:34.680> that 00:04:35.390 --> 00:04:35.400 align:start position:0% decentralization at that 00:04:35.400 --> 00:04:38.510 align:start position:0% decentralization at that point<00:04:36.400> but 00:04:38.510 --> 00:04:38.520 align:start position:0% point but 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we realized there were a 00:04:47.320 --> 00:04:49.510 align:start position:0% security and we realized there were a lot<00:04:47.479> of<00:04:48.000> bad<00:04:48.320> assumptions<00:04:48.800> being<00:04:49.039> made<00:04:49.280> in 00:04:49.510 --> 00:04:49.520 align:start position:0% lot of bad assumptions being made in 00:04:49.520 --> 00:04:51.350 align:start position:0% lot of bad assumptions being made in security<00:04:49.919> at<00:04:50.039> that<00:04:50.199> time<00:04:50.919> one<00:04:51.039> of<00:04:51.120> the<00:04:51.199> big 00:04:51.350 --> 00:04:51.360 align:start position:0% security at that time one of the big 00:04:51.360 --> 00:04:53.070 align:start position:0% security at that time one of the big ones<00:04:51.520> being<00:04:51.720> The<00:04:51.840> Trusted<00:04:52.240> third<00:04:52.560> party<00:04:52.880> the 00:04:53.070 --> 00:04:53.080 align:start position:0% ones being The Trusted third party the 00:04:53.080 --> 00:04:55.430 align:start position:0% ones being The Trusted third party the certificate<00:04:53.680> Authority<00:04:54.680> in<00:04:54.800> an<00:04:54.919> encryption 00:04:55.430 --> 00:04:55.440 align:start position:0% certificate Authority in an encryption 00:04:55.440 --> 00:04:57.430 align:start position:0% certificate Authority in an encryption system<00:04:55.759> is<00:04:55.880> a<00:04:56.120> classic<00:04:56.479> example<00:04:56.800> of<00:04:56.880> a<00:04:57.039> trusted 00:04:57.430 --> 00:04:57.440 align:start position:0% system is a classic example of a trusted 00:04:57.440 --> 00:04:59.790 align:start position:0% system is a classic example of a trusted third<00:04:57.720> party<00:04:57.960> that<00:04:58.080> got<00:04:58.440> introduced<00:04:59.440> and 00:04:59.790 --> 00:04:59.800 align:start position:0% third party that got introduced and 00:04:59.800 --> 00:05:02.870 align:start position:0% third party that got introduced and pretty<00:05:00.120> quickly<00:05:01.120> they<00:05:01.280> became<00:05:02.000> D<00:05:02.199> usurp<00:05:02.759> at 00:05:02.870 --> 00:05:02.880 align:start position:0% pretty quickly they became D usurp at 00:05:02.880 --> 00:05:04.990 align:start position:0% pretty quickly they became D usurp at the<00:05:03.000> height<00:05:03.160> of<00:05:03.240> the<00:05:03.320> internet<00:05:03.840> bubble<00:05:04.840> um 00:05:04.990 --> 00:05:05.000 align:start position:0% the height of the internet bubble um 00:05:05.000 --> 00:05:07.390 align:start position:0% the height of the internet bubble um verason<00:05:05.639> which<00:05:05.880> basically<00:05:06.479> specialized<00:05:07.080> in 00:05:07.390 --> 00:05:07.400 align:start position:0% verason which basically specialized in 00:05:07.400 --> 00:05:10.110 align:start position:0% verason which basically specialized in being<00:05:07.680> a<00:05:07.800> certificate<00:05:08.280> Authority<00:05:09.280> was<00:05:09.479> worth 00:05:10.110 --> 00:05:10.120 align:start position:0% being a certificate Authority was worth 00:05:10.120 --> 00:05:11.909 align:start position:0% being a certificate Authority was worth tens<00:05:10.400> of<00:05:10.560> billions<00:05:10.880> of<00:05:11.080> dollars<00:05:11.440> just<00:05:11.560> on<00:05:11.759> that 00:05:11.909 --> 00:05:11.919 align:start position:0% tens of billions of dollars just on that 00:05:11.919 --> 00:05:13.469 align:start position:0% tens of billions of dollars just on that basis<00:05:12.240> alone<00:05:12.600> that<00:05:12.720> they<00:05:12.840> own<00:05:13.120> this 00:05:13.469 --> 00:05:13.479 align:start position:0% basis alone that they own this 00:05:13.479 --> 00:05:17.350 align:start position:0% basis alone that they own this bottleneck<00:05:14.479> in<00:05:14.720> in<00:05:14.840> a<00:05:15.520> in<00:05:15.759> the<00:05:16.600> system<00:05:16.960> of 00:05:17.350 --> 00:05:17.360 align:start position:0% bottleneck in in a in the system of 00:05:17.360 --> 00:05:19.950 align:start position:0% bottleneck in in a in the system of cryptography<00:05:18.360> um<00:05:18.479> securing<00:05:18.880> the<00:05:18.960> Internet 00:05:19.950 --> 00:05:19.960 align:start position:0% cryptography um securing the Internet 00:05:19.960 --> 00:05:22.309 align:start position:0% cryptography um securing the Internet it's<00:05:20.199> it's<00:05:20.319> gotten<00:05:20.560> a<00:05:20.639> little<00:05:20.880> more<00:05:21.680> broken<00:05:22.080> up 00:05:22.309 --> 00:05:22.319 align:start position:0% it's it's gotten a little more broken up 00:05:22.319 --> 00:05:24.670 align:start position:0% it's it's gotten a little more broken up now<00:05:22.639> but<00:05:22.840> it's<00:05:23.039> still<00:05:23.759> a 00:05:24.670 --> 00:05:24.680 align:start position:0% now but it's still a 00:05:24.680 --> 00:05:26.909 align:start position:0% now but it's still a bottleneck<00:05:25.680> as<00:05:25.800> it's<00:05:25.960> the<00:05:26.120> domain<00:05:26.360> name 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turn<00:05:33.600> of<00:05:33.720> the<00:05:33.880> century<00:05:34.479> 1900<00:05:35.479> early<00:05:35.960> 1900s 00:05:36.950 --> 00:05:36.960 align:start position:0% the turn of the century 1900 early 1900s 00:05:36.960 --> 00:05:38.590 align:start position:0% the turn of the century 1900 early 1900s we<00:05:37.120> had<00:05:37.280> a<00:05:37.360> lot<00:05:37.479> of<00:05:37.680> very 00:05:38.590 --> 00:05:38.600 align:start position:0% we had a lot of very 00:05:38.600 --> 00:05:41.070 align:start position:0% we had a lot of very centralized<00:05:39.600> security<00:05:40.120> Tech<00:05:40.479> or<00:05:40.720> a<00:05:40.800> lot<00:05:40.960> of 00:05:41.070 --> 00:05:41.080 align:start position:0% centralized security Tech or a lot of 00:05:41.080 --> 00:05:43.510 align:start position:0% centralized security Tech or a lot of centralized<00:05:41.600> industrial<00:05:42.199> technology<00:05:43.199> so 00:05:43.510 --> 00:05:43.520 align:start position:0% centralized industrial technology so 00:05:43.520 --> 00:05:46.270 align:start position:0% centralized industrial technology so radio<00:05:44.160> was<00:05:44.400> centralized<00:05:45.360> um 00:05:46.270 --> 00:05:46.280 align:start position:0% radio was centralized um 00:05:46.280 --> 00:05:48.749 align:start position:0% radio was centralized um broadcast<00:05:47.280> um<00:05:47.440> railroads<00:05:48.360> especially 00:05:48.749 --> 00:05:48.759 align:start position:0% broadcast um railroads especially 00:05:48.759 --> 00:05:51.710 align:start position:0% broadcast um railroads especially railroad<00:05:49.240> stations<00:05:49.880> very<00:05:50.520> centralized<00:05:51.520> and 00:05:51.710 --> 00:05:51.720 align:start position:0% railroad stations very centralized and 00:05:51.720 --> 00:05:53.670 align:start position:0% railroad stations very centralized and newspapers<00:05:52.440> this<00:05:52.560> is<00:05:52.680> a<00:05:52.919> picture<00:05:53.160> of<00:05:53.240> an<00:05:53.360> old 00:05:53.670 --> 00:05:53.680 align:start position:0% newspapers this is a picture of an old 00:05:53.680 --> 00:05:56.590 align:start position:0% newspapers this is a picture of an old steam<00:05:54.039> press<00:05:54.440> here<00:05:55.080> or<00:05:55.840> it<00:05:55.960> could<00:05:56.120> be<00:05:56.199> a<00:05:56.280> steam 00:05:56.590 --> 00:05:56.600 align:start position:0% steam press here or it could be a steam 00:05:56.600 --> 00:05:58.909 align:start position:0% steam press here or it could be a steam press<00:05:56.960> or<00:05:57.639> run<00:05:57.919> by<00:05:58.080> diesel<00:05:58.400> but<00:05:58.520> the<00:05:58.600> point<00:05:58.759> is 00:05:58.909 --> 00:05:58.919 align:start position:0% press or run by diesel but the point is 00:05:58.919 --> 00:06:02.510 align:start position:0% press or run by diesel but the point is a<00:05:59.199> large<00:06:00.120> large<00:06:00.479> scale<00:06:01.319> manufactur<00:06:02.039> just<00:06:02.160> a 00:06:02.510 --> 00:06:02.520 align:start position:0% a large large scale manufactur just a 00:06:02.520 --> 00:06:06.469 align:start position:0% a large large scale manufactur just a few<00:06:03.520> newspapers<00:06:04.319> per<00:06:04.840> per<00:06:05.160> City<00:06:05.440> or<00:06:05.680> even<00:06:05.919> per 00:06:06.469 --> 00:06:06.479 align:start position:0% few newspapers per per City or even per 00:06:06.479 --> 00:06:10.230 align:start position:0% few newspapers per per City or even per country<00:06:07.520> and<00:06:08.520> that's<00:06:08.919> and<00:06:09.160> so<00:06:09.919> when<00:06:10.080> the 00:06:10.230 --> 00:06:10.240 align:start position:0% country and that's and so when the 00:06:10.240 --> 00:06:12.110 align:start position:0% country and that's and so when the Communist<00:06:10.680> came<00:06:10.840> along<00:06:11.080> Mr<00:06:11.319> Vladimir<00:06:11.720> Lenin 00:06:12.110 --> 00:06:12.120 align:start position:0% Communist came along Mr Vladimir Lenin 00:06:12.120 --> 00:06:15.309 align:start position:0% Communist came along Mr Vladimir Lenin there<00:06:13.120> um<00:06:13.880> they<00:06:14.080> had<00:06:14.240> some<00:06:14.400> mutinous<00:06:14.840> soldiers 00:06:15.309 --> 00:06:15.319 align:start position:0% there um they had some mutinous soldiers 00:06:15.319 --> 00:06:16.870 align:start position:0% there um they had some mutinous soldiers they<00:06:15.440> had<00:06:15.759> actually<00:06:15.960> had<00:06:16.120> some<00:06:16.280> workers<00:06:16.759> as 00:06:16.870 --> 00:06:16.880 align:start position:0% they had actually had some workers as 00:06:16.880 --> 00:06:18.150 align:start position:0% they had actually had some workers as well<00:06:17.080> but<00:06:17.199> mostly<00:06:17.520> they<00:06:17.639> had<00:06:17.759> mutinous 00:06:18.150 --> 00:06:18.160 align:start position:0% well but mostly they had mutinous 00:06:18.160 --> 00:06:20.189 align:start position:0% well but mostly they had mutinous soldiers<00:06:19.039> and<00:06:19.160> they<00:06:19.240> only<00:06:19.440> had<00:06:19.560> to<00:06:19.720> take<00:06:19.919> over 00:06:20.189 --> 00:06:20.199 align:start position:0% soldiers and they only had to take over 00:06:20.199 --> 00:06:23.029 align:start position:0% soldiers and they only had to take over a<00:06:20.319> few<00:06:20.560> Urban<00:06:21.080> places<00:06:22.080> to<00:06:22.360> get<00:06:22.479> a<00:06:22.599> strangle 00:06:23.029 --> 00:06:23.039 align:start position:0% a few Urban places to get a strangle 00:06:23.039 --> 00:06:25.589 align:start position:0% a few Urban places to get a strangle hold<00:06:23.160> in<00:06:23.319> society<00:06:23.759> the<00:06:23.840> railroad<00:06:24.599> stations 00:06:25.589 --> 00:06:25.599 align:start position:0% hold in society the railroad stations 00:06:25.599 --> 00:06:28.309 align:start position:0% hold in society the railroad stations the<00:06:25.720> handful<00:06:26.039> of<00:06:26.199> radio<00:06:27.000> stations<00:06:28.000> and<00:06:28.160> the 00:06:28.309 --> 00:06:28.319 align:start position:0% the handful of radio stations and the 00:06:28.319 --> 00:06:30.070 align:start position:0% the handful of radio stations and the handful<00:06:28.639> of<00:06:28.759> newspapers<00:06:29.319> and<00:06:29.800> they<00:06:29.919> had 00:06:30.070 --> 00:06:30.080 align:start position:0% handful of newspapers and they had 00:06:30.080 --> 00:06:32.469 align:start position:0% handful of newspapers and they had control<00:06:30.440> over 00:06:32.469 --> 00:06:32.479 align:start position:0% control over 00:06:32.479 --> 00:06:36.189 align:start position:0% control over Society<00:06:33.759> um<00:06:34.759> and<00:06:35.039> physical<00:06:35.360> wealth<00:06:35.639> has<00:06:35.800> not 00:06:36.189 --> 00:06:36.199 align:start position:0% Society um and physical wealth has not 00:06:36.199 --> 00:06:39.670 align:start position:0% Society um and physical wealth has not necessarily<00:06:36.639> been<00:06:36.840> very<00:06:37.039> secure<00:06:37.520> either<00:06:38.680> so 00:06:39.670 --> 00:06:39.680 align:start position:0% necessarily been very secure either so 00:06:39.680 --> 00:06:42.710 align:start position:0% necessarily been very secure either so the<00:06:39.880> Aztecs<00:06:40.880> um<00:06:41.759> compelled<00:06:42.160> tribute<00:06:42.520> from 00:06:42.710 --> 00:06:42.720 align:start position:0% the Aztecs um compelled tribute from 00:06:42.720 --> 00:06:46.189 align:start position:0% the Aztecs um compelled tribute from tribes<00:06:43.319> in<00:06:43.680> in<00:06:43.840> gold<00:06:44.080> and<00:06:44.240> amassed<00:06:44.759> gold<00:06:45.759> the 00:06:46.189 --> 00:06:46.199 align:start position:0% tribes in in gold and amassed gold the 00:06:46.199 --> 00:06:49.390 align:start position:0% tribes in in gold and amassed gold the uh<00:06:46.520> Spanish<00:06:46.960> looted<00:06:47.360> the<00:06:47.520> Aztec<00:06:48.199> gold<00:06:49.080> Sir 00:06:49.390 --> 00:06:49.400 align:start position:0% uh Spanish looted the Aztec gold Sir 00:06:49.400 --> 00:06:52.270 align:start position:0% uh Spanish looted the Aztec gold Sir Francis<00:06:49.759> Drake<00:06:50.160> there<00:06:50.319> on<00:06:50.479> the<00:06:50.639> right<00:06:51.199> um<00:06:52.120> and 00:06:52.270 --> 00:06:52.280 align:start position:0% Francis Drake there on the right um and 00:06:52.280 --> 00:06:54.670 align:start position:0% Francis Drake there on the right um and other<00:06:52.479> English<00:06:52.880> Pirates<00:06:53.720> looted<00:06:54.120> their<00:06:54.319> goal 00:06:54.670 --> 00:06:54.680 align:start position:0% other English Pirates looted their goal 00:06:54.680 --> 00:06:57.510 align:start position:0% other English Pirates looted their goal Jump<00:06:54.960> Ahead<00:06:55.240> in<00:06:55.639> history<00:06:56.160> from<00:06:56.319> the<00:06:56.520> Spanish 00:06:57.510 --> 00:06:57.520 align:start position:0% Jump Ahead in history from the Spanish 00:06:57.520 --> 00:07:00.110 align:start position:0% Jump Ahead in history from the Spanish Jump<00:06:57.759> Ahead<00:06:57.960> in<00:06:58.080> history<00:06:58.360> a<00:06:58.479> little<00:06:58.680> bit<00:06:59.759> and 00:07:00.110 --> 00:07:00.120 align:start position:0% Jump Ahead in history a little bit and 00:07:00.120 --> 00:07:01.510 align:start position:0% Jump Ahead in history a little bit and the<00:07:00.240> end<00:07:00.400> of<00:07:00.520> the<00:07:00.599> gold<00:07:00.840> standard<00:07:01.240> part<00:07:01.360> of<00:07:01.479> the 00:07:01.510 --> 00:07:01.520 align:start position:0% the end of the gold standard part of the 00:07:01.520 --> 00:07:02.990 align:start position:0% the end of the gold standard part of the end<00:07:01.680> of<00:07:01.759> the<00:07:01.840> gold<00:07:02.080> standard<00:07:02.520> the<00:07:02.680> part<00:07:02.840> the 00:07:02.990 --> 00:07:03.000 align:start position:0% end of the gold standard the part the 00:07:03.000 --> 00:07:05.430 align:start position:0% end of the gold standard the part the economists<00:07:03.639> don't<00:07:03.919> tell<00:07:04.120> you<00:07:04.360> because<00:07:04.639> it<00:07:05.280> it 00:07:05.430 --> 00:07:05.440 align:start position:0% economists don't tell you because it it 00:07:05.440 --> 00:07:07.550 align:start position:0% economists don't tell you because it it violates<00:07:05.879> their<00:07:06.080> assumptions<00:07:06.479> of<00:07:06.680> voluntary 00:07:07.550 --> 00:07:07.560 align:start position:0% violates their assumptions of voluntary 00:07:07.560 --> 00:07:09.830 align:start position:0% violates their assumptions of voluntary transactions<00:07:08.560> is<00:07:08.720> the<00:07:08.840> German<00:07:09.120> OTS<00:07:09.599> during 00:07:09.830 --> 00:07:09.840 align:start position:0% transactions is the German OTS during 00:07:09.840 --> 00:07:11.309 align:start position:0% transactions is the German OTS during World<00:07:10.080> War<00:07:10.440> One<00:07:10.639> and<00:07:10.759> World<00:07:10.960> War<00:07:11.080> II<00:07:11.240> are 00:07:11.309 --> 00:07:11.319 align:start position:0% World War One and World War II are 00:07:11.319 --> 00:07:14.430 align:start position:0% World War One and World War II are sending<00:07:11.759> significant<00:07:12.520> fractions<00:07:13.520> of<00:07:13.800> Allied 00:07:14.430 --> 00:07:14.440 align:start position:0% sending significant fractions of Allied 00:07:14.440 --> 00:07:16.350 align:start position:0% sending significant fractions of Allied and<00:07:14.599> especially<00:07:15.000> British<00:07:15.800> boats<00:07:16.160> to<00:07:16.240> the 00:07:16.350 --> 00:07:16.360 align:start position:0% and especially British boats to the 00:07:16.360 --> 00:07:19.029 align:start position:0% and especially British boats to the bottom<00:07:16.560> of<00:07:16.639> the<00:07:16.720> ocean<00:07:17.000> so<00:07:17.319> B<00:07:17.560> British<00:07:18.560> stopped 00:07:19.029 --> 00:07:19.039 align:start position:0% bottom of the ocean so B British stopped 00:07:19.039 --> 00:07:21.589 align:start position:0% bottom of the ocean so B British stopped being<00:07:19.280> able<00:07:19.479> to<00:07:19.680> transport<00:07:20.280> gold<00:07:21.199> if<00:07:21.319> you<00:07:21.440> look 00:07:21.589 --> 00:07:21.599 align:start position:0% being able to transport gold if you look 00:07:21.599 --> 00:07:24.790 align:start position:0% being able to transport gold if you look at<00:07:21.720> the<00:07:21.879> gold<00:07:22.240> standard<00:07:23.039> the<00:07:23.199> way<00:07:23.400> the<00:07:24.360> the 00:07:24.790 --> 00:07:24.800 align:start position:0% at the gold standard the way the the 00:07:24.800 --> 00:07:27.029 align:start position:0% at the gold standard the way the the trust<00:07:25.120> works<00:07:25.400> and<00:07:25.479> a<00:07:25.639> gold<00:07:25.919> standard<00:07:26.639> anybody 00:07:27.029 --> 00:07:27.039 align:start position:0% trust works and a gold standard anybody 00:07:27.039 --> 00:07:28.830 align:start position:0% trust works and a gold standard anybody needs<00:07:27.240> to<00:07:27.319> be<00:07:27.440> able<00:07:27.560> to<00:07:27.680> up<00:07:27.800> to<00:07:27.919> a<00:07:28.039> gold<00:07:28.280> window 00:07:28.830 --> 00:07:28.840 align:start position:0% needs to be able to up to a gold window 00:07:28.840 --> 00:07:32.189 align:start position:0% needs to be able to up to a gold window and<00:07:29.240> C<00:07:29.520> cash<00:07:29.720> in<00:07:29.919> their<00:07:30.240> Bank<00:07:30.520> notes<00:07:30.919> for<00:07:31.280> gold 00:07:32.189 --> 00:07:32.199 align:start position:0% and C cash in their Bank notes for gold 00:07:32.199 --> 00:07:33.510 align:start position:0% and C cash in their Bank notes for gold and<00:07:32.319> because<00:07:32.520> they<00:07:32.599> couldn't<00:07:32.840> transport<00:07:33.319> gold 00:07:33.510 --> 00:07:33.520 align:start position:0% and because they couldn't transport gold 00:07:33.520 --> 00:07:35.350 align:start position:0% and because they couldn't transport gold around<00:07:33.759> during<00:07:33.960> the<00:07:34.120> war<00:07:34.919> that<00:07:35.039> was<00:07:35.160> one<00:07:35.280> of 00:07:35.350 --> 00:07:35.360 align:start position:0% around during the war that was one of 00:07:35.360 --> 00:07:37.869 align:start position:0% around during the war that was one of the<00:07:35.440> reasons<00:07:35.720> the<00:07:35.840> gold<00:07:36.039> standard<00:07:36.879> collapsed 00:07:37.869 --> 00:07:37.879 align:start position:0% the reasons the gold standard collapsed 00:07:37.879 --> 00:07:39.150 align:start position:0% the reasons the gold standard collapsed and<00:07:38.000> then<00:07:38.160> to<00:07:38.360> the<00:07:38.479> bottom<00:07:38.800> right<00:07:38.960> here<00:07:39.080> we 00:07:39.150 --> 00:07:39.160 align:start position:0% and then to the bottom right here we 00:07:39.160 --> 00:07:41.350 align:start position:0% and then to the bottom right here we have<00:07:39.280> Franklin<00:07:39.800> Roosevelt<00:07:40.440> who<00:07:40.720> confiscated 00:07:41.350 --> 00:07:41.360 align:start position:0% have Franklin Roosevelt who confiscated 00:07:41.360 --> 00:07:42.270 align:start position:0% have Franklin Roosevelt who confiscated gold<00:07:41.560> in<00:07:41.639> the 00:07:42.270 --> 00:07:42.280 align:start position:0% gold in the 00:07:42.280 --> 00:07:44.950 align:start position:0% gold in the US<00:07:43.280> and<00:07:44.080> I<00:07:44.159> didn't<00:07:44.360> put<00:07:44.479> a<00:07:44.560> picture<00:07:44.759> of<00:07:44.840> an 00:07:44.950 --> 00:07:44.960 align:start position:0% US and I didn't put a picture of an 00:07:44.960 --> 00:07:47.189 align:start position:0% US and I didn't put a picture of an x-ray<00:07:45.319> machine<00:07:45.720> here<00:07:46.080> but<00:07:46.479> in<00:07:46.720> in<00:07:46.840> modern 00:07:47.189 --> 00:07:47.199 align:start position:0% x-ray machine here but in in modern 00:07:47.199 --> 00:07:51.309 align:start position:0% x-ray machine here but in in modern times<00:07:47.440> gold<00:07:47.680> is<00:07:47.840> even<00:07:48.840> less<00:07:49.080> secure<00:07:49.960> now<00:07:50.960> so 00:07:51.309 --> 00:07:51.319 align:start position:0% times gold is even less secure now so 00:07:51.319 --> 00:07:53.589 align:start position:0% times gold is even less secure now so that<00:07:51.919> that<00:07:52.159> Bitcoin<00:07:52.639> and<00:07:52.960> ethereum<00:07:53.400> is 00:07:53.589 --> 00:07:53.599 align:start position:0% that that Bitcoin and ethereum is 00:07:53.599 --> 00:07:57.469 align:start position:0% that that Bitcoin and ethereum is cryptocurrencies<00:07:54.680> really<00:07:55.840> um<00:07:56.840> are<00:07:57.080> superior 00:07:57.469 --> 00:07:57.479 align:start position:0% cryptocurrencies really um are superior 00:07:57.479 --> 00:08:00.070 align:start position:0% cryptocurrencies really um are superior to<00:07:57.639> that<00:07:57.800> now<00:07:58.080> so<00:07:58.520> so<00:07:58.960> we<00:07:59.080> did<00:07:59.319> with<00:07:59.680> we<00:07:59.800> said 00:08:00.070 --> 00:08:00.080 align:start position:0% to that now so so we did with we said 00:08:00.080 --> 00:08:02.510 align:start position:0% to that now so so we did with we said let's<00:08:00.360> take<00:08:00.879> decentralization<00:08:01.759> per<00:08:02.039> computer 00:08:02.510 --> 00:08:02.520 align:start position:0% let's take decentralization per computer 00:08:02.520 --> 00:08:04.909 align:start position:0% let's take decentralization per computer science<00:08:03.520> is<00:08:03.720> much<00:08:03.879> more<00:08:04.120> automated<00:08:04.639> and 00:08:04.909 --> 00:08:04.919 align:start position:0% science is much more automated and 00:08:04.919 --> 00:08:09.309 align:start position:0% science is much more automated and secure<00:08:05.919> so<00:08:06.159> if<00:08:06.280> we<00:08:06.560> take<00:08:07.280> um<00:08:07.919> an<00:08:08.080> ethereum 00:08:09.309 --> 00:08:09.319 align:start position:0% secure so if we take um an ethereum 00:08:09.319 --> 00:08:11.670 align:start position:0% secure so if we take um an ethereum blockchain<00:08:10.319> um<00:08:10.560> and<00:08:10.759> put 00:08:11.670 --> 00:08:11.680 align:start position:0% blockchain um and put 00:08:11.680 --> 00:08:14.270 align:start position:0% blockchain um and put some<00:08:12.680> smart<00:08:13.080> contracts<00:08:13.479> on<00:08:13.560> it<00:08:13.720> the<00:08:13.879> sub<00:08:14.120> it's 00:08:14.270 --> 00:08:14.280 align:start position:0% some smart contracts on it the sub it's 00:08:14.280 --> 00:08:16.350 align:start position:0% some smart contracts on it the sub it's only<00:08:14.680> substitute<00:08:15.240> in<00:08:15.400> any<00:08:15.599> given<00:08:15.879> case<00:08:16.080> for<00:08:16.240> a 00:08:16.350 --> 00:08:16.360 align:start position:0% only substitute in any given case for a 00:08:16.360 --> 00:08:18.629 align:start position:0% only substitute in any given case for a small<00:08:16.680> fraction<00:08:17.680> of<00:08:17.840> what<00:08:17.960> these<00:08:18.159> guys<00:08:18.360> on<00:08:18.520> the 00:08:18.629 --> 00:08:18.639 align:start position:0% small fraction of what these guys on the 00:08:18.639 --> 00:08:20.390 align:start position:0% small fraction of what these guys on the left<00:08:18.879> the<00:08:18.960> guys<00:08:19.120> on<00:08:19.199> the<00:08:19.280> left<00:08:19.479> the<00:08:19.560> armies<00:08:19.919> of 00:08:20.390 --> 00:08:20.400 align:start position:0% left the guys on the left the armies of 00:08:20.400 --> 00:08:22.510 align:start position:0% left the guys on the left the armies of accountants<00:08:21.400> the<00:08:21.520> armies<00:08:21.919> of<00:08:22.360> uh 00:08:22.510 --> 00:08:22.520 align:start position:0% accountants the armies of uh 00:08:22.520 --> 00:08:24.629 align:start position:0% accountants the armies of uh investigators<00:08:23.240> police<00:08:23.639> officers<00:08:24.199> the<00:08:24.319> armies 00:08:24.629 --> 00:08:24.639 align:start position:0% investigators police officers the armies 00:08:24.639 --> 00:08:25.390 align:start position:0% investigators police officers the armies of 00:08:25.390 --> 00:08:25.400 align:start position:0% of 00:08:25.400 --> 00:08:27.629 align:start position:0% of lawyers<00:08:26.400> um<00:08:26.560> in<00:08:26.720> any<00:08:26.919> given<00:08:27.159> case<00:08:27.319> there<00:08:27.479> only 00:08:27.629 --> 00:08:27.639 align:start position:0% lawyers um in any given case there only 00:08:27.639 --> 00:08:29.110 align:start position:0% lawyers um in any given case there only going<00:08:27.720> to<00:08:27.800> substitute<00:08:28.240> for<00:08:28.319> a<00:08:28.440> small<00:08:28.680> fraction 00:08:29.110 --> 00:08:29.120 align:start position:0% going to substitute for a small fraction 00:08:29.120 --> 00:08:33.230 align:start position:0% going to substitute for a small fraction but<00:08:29.240> the<00:08:29.879> cost<00:08:30.159> savings<00:08:30.520> is<00:08:30.759> so<00:08:31.399> high<00:08:32.399> that 00:08:33.230 --> 00:08:33.240 align:start position:0% but the cost savings is so high that 00:08:33.240 --> 00:08:34.990 align:start position:0% but the cost savings is so high that those<00:08:33.800> those<00:08:34.039> particular<00:08:34.399> applications<00:08:34.880> are 00:08:34.990 --> 00:08:35.000 align:start position:0% those those particular applications are 00:08:35.000 --> 00:08:37.990 align:start position:0% those those particular applications are going<00:08:35.080> to<00:08:35.159> be<00:08:35.279> pretty 00:08:37.990 --> 00:08:38.000 align:start position:0% 00:08:38.000 --> 00:08:40.469 align:start position:0% compelling<00:08:39.000> and<00:08:39.240> especially<00:08:39.680> cross<00:08:40.159> cross 00:08:40.469 --> 00:08:40.479 align:start position:0% compelling and especially cross cross 00:08:40.479 --> 00:08:44.230 align:start position:0% compelling and especially cross cross National<00:08:40.760> borders<00:08:41.279> places<00:08:41.919> because<00:08:42.919> um<00:08:43.919> in 00:08:44.230 --> 00:08:44.240 align:start position:0% National borders places because um in 00:08:44.240 --> 00:08:46.470 align:start position:0% National borders places because um in insecurity<00:08:45.040> and<00:08:45.160> just<00:08:45.360> about<00:08:45.640> all<00:08:45.839> it<00:08:46.320> right 00:08:46.470 --> 00:08:46.480 align:start position:0% insecurity and just about all it right 00:08:46.480 --> 00:08:48.110 align:start position:0% insecurity and just about all it right now<00:08:46.640> is<00:08:46.800> very<00:08:47.040> insecure<00:08:47.560> no<00:08:47.680> matter<00:08:47.880> what<00:08:48.000> the 00:08:48.110 --> 00:08:48.120 align:start position:0% now is very insecure no matter what the 00:08:48.120 --> 00:08:50.110 align:start position:0% now is very insecure no matter what the security<00:08:48.560> people<00:08:48.800> tell<00:08:49.000> you<00:08:49.240> there's<00:08:49.760> hacks 00:08:50.110 --> 00:08:50.120 align:start position:0% security people tell you there's hacks 00:08:50.120 --> 00:08:51.550 align:start position:0% security people tell you there's hacks happening<00:08:50.440> all<00:08:50.560> the<00:08:50.720> time<00:08:50.920> this<00:08:51.040> is<00:08:51.200> the 00:08:51.550 --> 00:08:51.560 align:start position:0% happening all the time this is the 00:08:51.560 --> 00:08:55.790 align:start position:0% happening all the time this is the latest<00:08:51.880> JP<00:08:52.240> Morgan<00:08:52.680> hack<00:08:53.560> um<00:08:53.720> identity<00:08:54.800> theft 00:08:55.790 --> 00:08:55.800 align:start position:0% latest JP Morgan hack um identity theft 00:08:55.800 --> 00:08:57.790 align:start position:0% latest JP Morgan hack um identity theft um<00:08:56.480> and<00:08:56.640> what<00:08:56.760> they<00:08:56.920> had<00:08:57.040> to<00:08:57.160> do<00:08:57.440> they<00:08:57.600> had<00:08:57.720> to 00:08:57.790 --> 00:08:57.800 align:start position:0% um and what they had to do they had to 00:08:57.800 --> 00:08:59.150 align:start position:0% um and what they had to do they had to have<00:08:57.920> a<00:08:58.240> strong<00:08:58.480> partnership<00:08:58.880> with<00:08:59.040> law 00:08:59.150 --> 00:08:59.160 align:start position:0% have a strong partnership with law 00:08:59.160 --> 00:09:00.750 align:start position:0% have a strong partnership with law enforc<00:08:59.399> enforcement<00:08:59.800> the<00:08:59.959> security<00:09:00.480> isn't 00:09:00.750 --> 00:09:00.760 align:start position:0% enforc enforcement the security isn't 00:09:00.760 --> 00:09:03.269 align:start position:0% enforc enforcement the security isn't the<00:09:00.920> protocol<00:09:01.480> itself<00:09:02.480> it<00:09:02.600> is<00:09:02.760> the<00:09:02.920> police 00:09:03.269 --> 00:09:03.279 align:start position:0% the protocol itself it is the police 00:09:03.279 --> 00:09:05.670 align:start position:0% the protocol itself it is the police officers<00:09:03.760> in<00:09:03.959> traditional<00:09:04.440> Finance<00:09:04.880> it<00:09:05.040> is 00:09:05.670 --> 00:09:05.680 align:start position:0% officers in traditional Finance it is 00:09:05.680 --> 00:09:07.389 align:start position:0% officers in traditional Finance it is law<00:09:05.920> enforcement<00:09:06.600> the<00:09:06.720> accountants<00:09:07.240> the 00:09:07.389 --> 00:09:07.399 align:start position:0% law enforcement the accountants the 00:09:07.399 --> 00:09:10.910 align:start position:0% law enforcement the accountants the investigators<00:09:07.959> and<00:09:08.519> lawyers<00:09:09.519> so<00:09:10.519> that's<00:09:10.720> the 00:09:10.910 --> 00:09:10.920 align:start position:0% investigators and lawyers so that's the 00:09:10.920 --> 00:09:12.829 align:start position:0% investigators and lawyers so that's the reason<00:09:11.560> big<00:09:11.760> one<00:09:11.880> of<00:09:11.959> the<00:09:12.040> big<00:09:12.240> reasons<00:09:12.600> that 00:09:12.829 --> 00:09:12.839 align:start position:0% reason big one of the big reasons that 00:09:12.839 --> 00:09:15.430 align:start position:0% reason big one of the big reasons that traditional<00:09:13.320> Finance<00:09:13.680> is<00:09:13.839> stuck<00:09:14.240> inside<00:09:14.600> its 00:09:15.430 --> 00:09:15.440 align:start position:0% traditional Finance is stuck inside its 00:09:15.440 --> 00:09:18.389 align:start position:0% traditional Finance is stuck inside its National<00:09:15.880> silos<00:09:16.399> and<00:09:16.760> it's<00:09:16.959> highly 00:09:18.389 --> 00:09:18.399 align:start position:0% National silos and it's highly 00:09:18.399 --> 00:09:21.230 align:start position:0% National silos and it's highly regulated 00:09:21.230 --> 00:09:21.240 align:start position:0% regulated 00:09:21.240 --> 00:09:24.670 align:start position:0% regulated so<00:09:22.240> um<00:09:22.880> cryptocurrency<00:09:23.640> and<00:09:23.720> in<00:09:23.880> particular 00:09:24.670 --> 00:09:24.680 align:start position:0% so um cryptocurrency and in particular 00:09:24.680 --> 00:09:28.470 align:start position:0% so um cryptocurrency and in particular today<00:09:25.200> ethereum<00:09:26.200> helps<00:09:26.760> solve<00:09:27.200> that<00:09:27.480> so 00:09:28.470 --> 00:09:28.480 align:start position:0% today ethereum helps solve that so 00:09:28.480 --> 00:09:30.310 align:start position:0% today ethereum helps solve that so through<00:09:28.680> decentral 00:09:30.310 --> 00:09:30.320 align:start position:0% through decentral 00:09:30.320 --> 00:09:31.630 align:start position:0% through decentral and<00:09:30.399> I'll<00:09:30.560> talk<00:09:30.720> a<00:09:30.800> little<00:09:30.959> bit<00:09:31.240> here<00:09:31.399> about 00:09:31.630 --> 00:09:31.640 align:start position:0% and I'll talk a little bit here about 00:09:31.640 --> 00:09:33.910 align:start position:0% and I'll talk a little bit here about what<00:09:31.760> kind<00:09:31.880> of<00:09:32.079> decentralization<00:09:32.880> is<00:09:33.160> good<00:09:33.800> so 00:09:33.910 --> 00:09:33.920 align:start position:0% what kind of decentralization is good so 00:09:33.920 --> 00:09:36.509 align:start position:0% what kind of decentralization is good so if<00:09:34.000> you<00:09:34.120> think<00:09:34.240> of<00:09:34.440> traditional<00:09:35.000> Finance<00:09:35.800> has 00:09:36.509 --> 00:09:36.519 align:start position:0% if you think of traditional Finance has 00:09:36.519 --> 00:09:37.990 align:start position:0% if you think of traditional Finance has thing<00:09:36.720> called<00:09:36.959> separation<00:09:37.440> of<00:09:37.560> Duties<00:09:37.880> and 00:09:37.990 --> 00:09:38.000 align:start position:0% thing called separation of Duties and 00:09:38.000 --> 00:09:39.389 align:start position:0% thing called separation of Duties and one<00:09:38.120> of<00:09:38.200> the<00:09:38.320> crucial<00:09:38.680> things<00:09:38.920> important<00:09:39.240> in 00:09:39.389 --> 00:09:39.399 align:start position:0% one of the crucial things important in 00:09:39.399 --> 00:09:42.870 align:start position:0% one of the crucial things important in separation<00:09:39.800> of<00:09:40.000> Duties<00:09:41.000> is<00:09:41.120> that<00:09:41.320> the<00:09:41.880> people 00:09:42.870 --> 00:09:42.880 align:start position:0% separation of Duties is that the people 00:09:42.880 --> 00:09:44.470 align:start position:0% separation of Duties is that the people that<00:09:43.000> are<00:09:43.399> separated<00:09:43.880> you<00:09:43.959> need<00:09:44.160> several 00:09:44.470 --> 00:09:44.480 align:start position:0% that are separated you need several 00:09:44.480 --> 00:09:46.110 align:start position:0% that are separated you need several people<00:09:44.680> to<00:09:44.839> perform<00:09:45.079> a<00:09:45.240> task<00:09:45.560> to<00:09:45.680> get<00:09:45.760> it<00:09:45.880> done 00:09:46.110 --> 00:09:46.120 align:start position:0% people to perform a task to get it done 00:09:46.120 --> 00:09:48.910 align:start position:0% people to perform a task to get it done so<00:09:46.240> in<00:09:46.360> that<00:09:46.560> sense<00:09:46.959> broad<00:09:47.240> sense<00:09:47.519> it's<00:09:47.920> like 00:09:48.910 --> 00:09:48.920 align:start position:0% so in that sense broad sense it's like 00:09:48.920 --> 00:09:50.230 align:start position:0% so in that sense broad sense it's like um 00:09:50.230 --> 00:09:50.240 align:start position:0% um 00:09:50.240 --> 00:09:52.710 align:start position:0% um ethereum<00:09:51.240> um<00:09:51.680> but<00:09:51.800> you<00:09:51.920> want<00:09:52.160> independence 00:09:52.710 --> 00:09:52.720 align:start position:0% ethereum um but you want independence 00:09:52.720 --> 00:09:54.269 align:start position:0% ethereum um but you want independence you<00:09:52.839> want<00:09:53.000> each<00:09:53.120> of<00:09:53.279> the<00:09:53.440> nodes<00:09:53.959> to<00:09:54.120> be 00:09:54.269 --> 00:09:54.279 align:start position:0% you want each of the nodes to be 00:09:54.279 --> 00:09:56.910 align:start position:0% you want each of the nodes to be independent<00:09:54.760> as<00:09:55.040> possible 00:09:56.910 --> 00:09:56.920 align:start position:0% independent as possible 00:09:56.920 --> 00:09:59.870 align:start position:0% independent as possible so<00:09:57.920> one<00:09:58.480> crude<00:09:58.800> measure<00:09:59.079> you<00:09:59.200> can<00:09:59.480> do<00:09:59.640> is<00:09:59.800> how 00:09:59.870 --> 00:09:59.880 align:start position:0% so one crude measure you can do is how 00:09:59.880 --> 00:10:02.430 align:start position:0% so one crude measure you can do is how many<00:10:00.079> nodes<00:10:00.440> we<00:10:00.640> have<00:10:01.000> um<00:10:01.240> like<00:10:01.480> four<00:10:02.000> about 00:10:02.430 --> 00:10:02.440 align:start position:0% many nodes we have um like four about 00:10:02.440 --> 00:10:04.509 align:start position:0% many nodes we have um like four about nearly<00:10:02.720> 400<00:10:03.120> nodes<00:10:03.399> here<00:10:03.519> for 00:10:04.509 --> 00:10:04.519 align:start position:0% nearly 400 nodes here for 00:10:04.519 --> 00:10:06.630 align:start position:0% nearly 400 nodes here for ethereum<00:10:05.519> um<00:10:05.800> but<00:10:06.000> the<00:10:06.200> actually<00:10:06.440> more 00:10:06.630 --> 00:10:06.640 align:start position:0% ethereum um but the actually more 00:10:06.640 --> 00:10:08.030 align:start position:0% ethereum um but the actually more important<00:10:06.959> thing<00:10:07.079> to<00:10:07.200> look<00:10:07.399> at<00:10:07.600> is<00:10:07.760> look<00:10:07.920> on 00:10:08.030 --> 00:10:08.040 align:start position:0% important thing to look at is look on 00:10:08.040 --> 00:10:10.990 align:start position:0% important thing to look at is look on the<00:10:08.200> map<00:10:08.440> and<00:10:08.600> see<00:10:08.800> the<00:10:09.079> diversity<00:10:10.079> you've<00:10:10.360> got 00:10:10.990 --> 00:10:11.000 align:start position:0% the map and see the diversity you've got 00:10:11.000 --> 00:10:13.110 align:start position:0% the map and see the diversity you've got um<00:10:12.000> a<00:10:12.120> node<00:10:12.440> there<00:10:12.560> in<00:10:12.680> the<00:10:12.760> middle<00:10:12.959> of<00:10:13.040> the 00:10:13.110 --> 00:10:13.120 align:start position:0% um a node there in the middle of the 00:10:13.120 --> 00:10:15.190 align:start position:0% um a node there in the middle of the Indian<00:10:13.440> Ocean<00:10:13.839> that's<00:10:14.040> really<00:10:14.240> good<00:10:14.440> you<00:10:14.600> got 00:10:15.190 --> 00:10:15.200 align:start position:0% Indian Ocean that's really good you got 00:10:15.200 --> 00:10:17.030 align:start position:0% Indian Ocean that's really good you got Singapore<00:10:16.200> you've 00:10:17.030 --> 00:10:17.040 align:start position:0% Singapore you've 00:10:17.040 --> 00:10:19.750 align:start position:0% Singapore you've got<00:10:18.040> somewhere<00:10:18.360> near<00:10:18.600> Vietnam<00:10:19.120> there<00:10:19.519> those 00:10:19.750 --> 00:10:19.760 align:start position:0% got somewhere near Vietnam there those 00:10:19.760 --> 00:10:22.110 align:start position:0% got somewhere near Vietnam there those those<00:10:19.880> are<00:10:20.000> the<00:10:20.120> best<00:10:20.320> nodes<00:10:21.040> because<00:10:21.480> those 00:10:22.110 --> 00:10:22.120 align:start position:0% those are the best nodes because those 00:10:22.120 --> 00:10:24.069 align:start position:0% those are the best nodes because those those<00:10:22.279> are<00:10:22.480> most<00:10:22.680> likely<00:10:22.920> to<00:10:23.040> be<00:10:23.200> the<00:10:23.720> the<00:10:23.880> more 00:10:24.069 --> 00:10:24.079 align:start position:0% those are most likely to be the the more 00:10:24.079 --> 00:10:25.750 align:start position:0% those are most likely to be the the more likely<00:10:24.320> to<00:10:24.399> be<00:10:24.560> the<00:10:24.680> independent 00:10:25.750 --> 00:10:25.760 align:start position:0% likely to be the independent 00:10:25.760 --> 00:10:27.750 align:start position:0% likely to be the independent nodes<00:10:26.760> and<00:10:26.880> there's<00:10:27.120> all<00:10:27.279> sorts<00:10:27.480> of<00:10:27.640> other 00:10:27.750 --> 00:10:27.760 align:start position:0% nodes and there's all sorts of other 00:10:27.760 --> 00:10:29.230 align:start position:0% nodes and there's all sorts of other ways<00:10:27.959> you<00:10:28.079> can<00:10:28.279> estimate<00:10:28.640> Independence<00:10:29.079> too 00:10:29.230 --> 00:10:29.240 align:start position:0% ways you can estimate Independence too 00:10:29.240 --> 00:10:32.790 align:start position:0% ways you can estimate Independence too but<00:10:29.320> but<00:10:29.440> the<00:10:29.519> point<00:10:29.720> is<00:10:29.959> the<00:10:31.160> the<00:10:32.160> the<00:10:32.519> actual 00:10:32.790 --> 00:10:32.800 align:start position:0% but but the point is the the the actual 00:10:32.800 --> 00:10:34.630 align:start position:0% but but the point is the the the actual sheer<00:10:33.120> number<00:10:33.360> of<00:10:33.480> nodes<00:10:33.839> is<00:10:34.000> just<00:10:34.120> a<00:10:34.320> proxy 00:10:34.630 --> 00:10:34.640 align:start position:0% sheer number of nodes is just a proxy 00:10:34.640 --> 00:10:36.190 align:start position:0% sheer number of nodes is just a proxy measure<00:10:35.000> of<00:10:35.240> of<00:10:35.399> something<00:10:35.639> more<00:10:35.839> important 00:10:36.190 --> 00:10:36.200 align:start position:0% measure of of something more important 00:10:36.200 --> 00:10:37.590 align:start position:0% measure of of something more important below 00:10:37.590 --> 00:10:37.600 align:start position:0% below 00:10:37.600 --> 00:10:41.509 align:start position:0% below that<00:10:38.639> so<00:10:39.639> to<00:10:39.839> get<00:10:39.959> to<00:10:40.240> Smart<00:10:40.600> contracts<00:10:41.320> there 00:10:41.509 --> 00:10:41.519 align:start position:0% that so to get to Smart contracts there 00:10:41.519 --> 00:10:43.710 align:start position:0% that so to get to Smart contracts there are<00:10:42.079> two<00:10:42.320> ways<00:10:42.600> people<00:10:43.120> talk<00:10:43.279> about<00:10:43.440> smart 00:10:43.710 --> 00:10:43.720 align:start position:0% are two ways people talk about smart 00:10:43.720 --> 00:10:47.350 align:start position:0% are two ways people talk about smart contracts<00:10:44.200> they're<00:10:44.360> both<00:10:44.760> valid<00:10:46.000> um<00:10:47.000> the<00:10:47.120> way 00:10:47.350 --> 00:10:47.360 align:start position:0% contracts they're both valid um the way 00:10:47.360 --> 00:10:49.670 align:start position:0% contracts they're both valid um the way ethereum<00:10:47.839> talks<00:10:48.160> about<00:10:48.360> it<00:10:48.560> is<00:10:48.839> Long<00:10:49.200> Live 00:10:49.670 --> 00:10:49.680 align:start position:0% ethereum talks about it is Long Live 00:10:49.680 --> 00:10:52.470 align:start position:0% ethereum talks about it is Long Live just<00:10:50.279> as<00:10:51.000> sometimes<00:10:51.200> a<00:10:51.440> synonym<00:10:51.880> for<00:10:52.200> Long 00:10:52.470 --> 00:10:52.480 align:start position:0% just as sometimes a synonym for Long 00:10:52.480 --> 00:10:54.910 align:start position:0% just as sometimes a synonym for Long Live<00:10:52.800> process<00:10:53.360> a<00:10:53.519> contractor<00:10:54.079> distributed 00:10:54.910 --> 00:10:54.920 align:start position:0% Live process a contractor distributed 00:10:54.920 --> 00:10:58.670 align:start position:0% Live process a contractor distributed app<00:10:56.200> the<00:10:57.200> original<00:10:57.800> and<00:10:58.160> still<00:10:58.519> quite 00:10:58.670 --> 00:10:58.680 align:start position:0% app the original and still quite 00:10:58.680 --> 00:11:00.509 align:start position:0% app the original and still quite meaningful<00:10:59.279> definition<00:10:59.600> of<00:10:59.720> smart<00:11:00.079> contract 00:11:00.509 --> 00:11:00.519 align:start position:0% meaningful definition of smart contract 00:11:00.519 --> 00:11:02.750 align:start position:0% meaningful definition of smart contract is<00:11:00.639> it<00:11:00.839> acts<00:11:01.079> like<00:11:01.240> a<00:11:01.440> contract<00:11:02.040> um<00:11:02.480> there's 00:11:02.750 --> 00:11:02.760 align:start position:0% is it acts like a contract um there's 00:11:02.760 --> 00:11:04.470 align:start position:0% is it acts like a contract um there's automated<00:11:03.279> performance<00:11:03.920> there's 00:11:04.470 --> 00:11:04.480 align:start position:0% automated performance there's 00:11:04.480 --> 00:11:06.430 align:start position:0% automated performance there's verification<00:11:05.480> it's<00:11:05.800> it's<00:11:05.959> doing<00:11:06.320> the 00:11:06.430 --> 00:11:06.440 align:start position:0% verification it's it's doing the 00:11:06.440 --> 00:11:08.870 align:start position:0% verification it's it's doing the function<00:11:06.800> of<00:11:07.200> of<00:11:07.320> a<00:11:07.519> contract<00:11:07.959> or<00:11:08.160> it's 00:11:08.870 --> 00:11:08.880 align:start position:0% function of of a contract or it's 00:11:08.880 --> 00:11:11.310 align:start position:0% function of of a contract or it's analogous<00:11:09.360> to<00:11:09.480> what<00:11:09.600> a<00:11:09.720> contract<00:11:10.040> would<00:11:10.200> do<00:11:11.079> so 00:11:11.310 --> 00:11:11.320 align:start position:0% analogous to what a contract would do so 00:11:11.320 --> 00:11:12.949 align:start position:0% analogous to what a contract would do so typically<00:11:11.680> in<00:11:11.760> a<00:11:11.880> smart<00:11:12.240> contract<00:11:12.639> of<00:11:12.800> that 00:11:12.949 --> 00:11:12.959 align:start position:0% typically in a smart contract of that 00:11:12.959 --> 00:11:14.550 align:start position:0% typically in a smart contract of that kind<00:11:13.160> you<00:11:13.279> have<00:11:13.440> two<00:11:13.680> parties<00:11:14.160> or<00:11:14.320> you<00:11:14.440> have 00:11:14.550 --> 00:11:14.560 align:start position:0% kind you have two parties or you have 00:11:14.560 --> 00:11:16.069 align:start position:0% kind you have two parties or you have one<00:11:14.720> party<00:11:14.920> in<00:11:15.040> the<00:11:15.160> blockchain<00:11:15.760> something 00:11:16.069 --> 00:11:16.079 align:start position:0% one party in the blockchain something 00:11:16.079 --> 00:11:18.150 align:start position:0% one party in the blockchain something like 00:11:18.150 --> 00:11:18.160 align:start position:0% like 00:11:18.160 --> 00:11:21.949 align:start position:0% like that<00:11:19.160> so<00:11:19.600> now<00:11:20.320> there's<00:11:21.079> a<00:11:21.360> strong<00:11:21.560> distinction 00:11:21.949 --> 00:11:21.959 align:start position:0% that so now there's a strong distinction 00:11:21.959 --> 00:11:24.509 align:start position:0% that so now there's a strong distinction to<00:11:22.079> be<00:11:22.279> made<00:11:22.519> between<00:11:22.839> dry<00:11:23.279> code<00:11:23.560> smart 00:11:24.509 --> 00:11:24.519 align:start position:0% to be made between dry code smart 00:11:24.519 --> 00:11:27.470 align:start position:0% to be made between dry code smart contracts<00:11:25.519> and<00:11:25.920> wet<00:11:26.200> code<00:11:26.480> traditional 00:11:27.470 --> 00:11:27.480 align:start position:0% contracts and wet code traditional 00:11:27.480 --> 00:11:30.310 align:start position:0% contracts and wet code traditional law<00:11:28.480> so 00:11:30.310 --> 00:11:30.320 align:start position:0% law so 00:11:30.320 --> 00:11:33.030 align:start position:0% law so I<00:11:30.440> can<00:11:30.560> go<00:11:30.680> over<00:11:30.839> it<00:11:31.000> here<00:11:31.240> there's 00:11:33.030 --> 00:11:33.040 align:start position:0% I can go over it here there's 00:11:33.040 --> 00:11:38.069 align:start position:0% I can go over it here there's uh<00:11:34.040> laws<00:11:34.560> based<00:11:35.079> on<00:11:36.079> our<00:11:36.519> minds<00:11:37.000> our<00:11:37.279> wetwear 00:11:38.069 --> 00:11:38.079 align:start position:0% uh laws based on our minds our wetwear 00:11:38.079 --> 00:11:39.310 align:start position:0% uh laws based on our minds our wetwear um<00:11:38.200> it's<00:11:38.399> based<00:11:38.680> on 00:11:39.310 --> 00:11:39.320 align:start position:0% um it's based on 00:11:39.320 --> 00:11:41.590 align:start position:0% um it's based on anology<00:11:40.320> um<00:11:40.480> software<00:11:40.880> TS<00:11:41.120> the<00:11:41.240> ground<00:11:41.440> on 00:11:41.590 --> 00:11:41.600 align:start position:0% anology um software TS the ground on 00:11:41.600 --> 00:11:44.550 align:start position:0% anology um software TS the ground on Boolean<00:11:42.000> logic<00:11:42.399> bits<00:11:43.160> um<00:11:43.320> hard 00:11:44.550 --> 00:11:44.560 align:start position:0% Boolean logic bits um hard 00:11:44.560 --> 00:11:47.750 align:start position:0% Boolean logic bits um hard mathematics<00:11:45.560> um<00:11:45.720> the<00:11:45.959> security<00:11:46.959> um<00:11:47.120> of<00:11:47.320> law<00:11:47.560> is 00:11:47.750 --> 00:11:47.760 align:start position:0% mathematics um the security um of law is 00:11:47.760 --> 00:11:49.870 align:start position:0% mathematics um the security um of law is based<00:11:48.040> on<00:11:48.560> the<00:11:48.720> ultimate<00:11:49.040> threat<00:11:49.279> of<00:11:49.399> ction 00:11:49.870 --> 00:11:49.880 align:start position:0% based on the ultimate threat of ction 00:11:49.880 --> 00:11:51.069 align:start position:0% based on the ultimate threat of ction that<00:11:50.000> you're<00:11:50.079> going<00:11:50.160> to<00:11:50.279> go<00:11:50.360> to<00:11:50.480> imprisonment 00:11:51.069 --> 00:11:51.079 align:start position:0% that you're going to go to imprisonment 00:11:51.079 --> 00:11:52.750 align:start position:0% that you're going to go to imprisonment if<00:11:51.160> you<00:11:51.399> violate<00:11:51.760> a<00:11:51.880> court<00:11:52.079> order<00:11:52.320> to<00:11:52.480> pay 00:11:52.750 --> 00:11:52.760 align:start position:0% if you violate a court order to pay 00:11:52.760 --> 00:11:55.230 align:start position:0% if you violate a court order to pay somebody<00:11:53.760> even<00:11:53.920> in<00:11:54.079> a<00:11:54.200> civil<00:11:54.440> lawsuit<00:11:55.120> you 00:11:55.230 --> 00:11:55.240 align:start position:0% somebody even in a civil lawsuit you 00:11:55.240 --> 00:11:57.110 align:start position:0% somebody even in a civil lawsuit you could<00:11:55.880> get<00:11:56.000> charged<00:11:56.320> with<00:11:56.560> contempt<00:11:56.880> and<00:11:57.000> go 00:11:57.110 --> 00:11:57.120 align:start position:0% could get charged with contempt and go 00:11:57.120 --> 00:11:59.509 align:start position:0% could get charged with contempt and go to<00:11:57.279> prison<00:11:58.160> so<00:11:58.360> that's<00:11:58.639> ultimately<00:11:59.079> what<00:11:59.360> the 00:11:59.509 --> 00:11:59.519 align:start position:0% to prison so that's ultimately what the 00:11:59.519 --> 00:12:01.949 align:start position:0% to prison so that's ultimately what the security<00:12:00.079> of<00:12:00.600> of<00:12:00.800> wet 00:12:01.949 --> 00:12:01.959 align:start position:0% security of of wet 00:12:01.959 --> 00:12:05.190 align:start position:0% security of of wet law<00:12:02.959> grounds<00:12:03.360> down<00:12:03.560> on<00:12:03.920> and<00:12:04.120> for<00:12:04.519> software<00:12:05.000> for 00:12:05.190 --> 00:12:05.200 align:start position:0% law grounds down on and for software for 00:12:05.200 --> 00:12:06.710 align:start position:0% law grounds down on and for software for blockchains<00:12:05.880> it<00:12:06.000> grounds<00:12:06.320> down<00:12:06.480> on<00:12:06.600> the 00:12:06.710 --> 00:12:06.720 align:start position:0% blockchains it grounds down on the 00:12:06.720 --> 00:12:09.870 align:start position:0% blockchains it grounds down on the replication<00:12:07.240> of<00:12:07.320> the<00:12:07.440> blockchain<00:12:07.800> and<00:12:07.920> on 00:12:09.870 --> 00:12:09.880 align:start position:0% replication of the blockchain and on 00:12:09.880 --> 00:12:12.910 align:start position:0% replication of the blockchain and on cryptography 00:12:12.910 --> 00:12:12.920 align:start position:0% 00:12:12.920 --> 00:12:16.629 align:start position:0% so<00:12:14.199> and<00:12:15.199> the<00:12:15.279> law<00:12:15.440> is<00:12:15.560> more<00:12:15.760> flexible<00:12:16.240> software 00:12:16.629 --> 00:12:16.639 align:start position:0% so and the law is more flexible software 00:12:16.639 --> 00:12:19.790 align:start position:0% so and the law is more flexible software is<00:12:16.720> more<00:12:17.160> rigid 00:12:19.790 --> 00:12:19.800 align:start position:0% is more rigid 00:12:19.800 --> 00:12:22.710 align:start position:0% is more rigid um<00:12:20.800> and<00:12:20.959> an<00:12:21.160> area<00:12:21.560> the<00:12:21.680> law<00:12:21.880> as<00:12:22.000> I've<00:12:22.160> said 00:12:22.710 --> 00:12:22.720 align:start position:0% um and an area the law as I've said 00:12:22.720 --> 00:12:24.829 align:start position:0% um and an area the law as I've said tends<00:12:22.959> to<00:12:23.079> be<00:12:23.240> bashed<00:12:23.560> in<00:12:23.760> jurisdictional 00:12:24.829 --> 00:12:24.839 align:start position:0% tends to be bashed in jurisdictional 00:12:24.839 --> 00:12:27.550 align:start position:0% tends to be bashed in jurisdictional silos<00:12:25.839> um<00:12:26.079> software<00:12:27.079> tends<00:12:27.320> to<00:12:27.440> be 00:12:27.550 --> 00:12:27.560 align:start position:0% silos um software tends to be 00:12:27.560 --> 00:12:30.350 align:start position:0% silos um software tends to be independent<00:12:28.360> grow<00:12:28.639> seamlessly<00:12:29.199> cross<00:12:29.440> border 00:12:30.350 --> 00:12:30.360 align:start position:0% independent grow seamlessly cross border 00:12:30.360 --> 00:12:32.030 align:start position:0% independent grow seamlessly cross border lawsuits<00:12:30.839> are<00:12:31.000> very<00:12:31.199> expensive<00:12:31.760> especially 00:12:32.030 --> 00:12:32.040 align:start position:0% lawsuits are very expensive especially 00:12:32.040 --> 00:12:34.430 align:start position:0% lawsuits are very expensive especially if<00:12:32.120> they're<00:12:32.320> cross<00:12:32.680> border<00:12:33.680> um<00:12:33.839> the<00:12:33.959> software 00:12:34.430 --> 00:12:34.440 align:start position:0% if they're cross border um the software 00:12:34.440 --> 00:12:35.710 align:start position:0% if they're cross border um the software can<00:12:34.600> get<00:12:34.800> very<00:12:34.959> very<00:12:35.160> cheap<00:12:35.440> once<00:12:35.600> you 00:12:35.710 --> 00:12:35.720 align:start position:0% can get very very cheap once you 00:12:35.720 --> 00:12:37.990 align:start position:0% can get very very cheap once you amortise<00:12:36.279> the<00:12:36.440> capital<00:12:36.800> costs<00:12:37.639> so<00:12:37.800> now<00:12:37.920> I'm 00:12:37.990 --> 00:12:38.000 align:start position:0% amortise the capital costs so now I'm 00:12:38.000 --> 00:12:40.189 align:start position:0% amortise the capital costs so now I'm going<00:12:38.120> to<00:12:38.240> talk<00:12:38.440> about<00:12:38.639> a<00:12:38.800> couple<00:12:39.279> some 00:12:40.189 --> 00:12:40.199 align:start position:0% going to talk about a couple some 00:12:40.199 --> 00:12:43.670 align:start position:0% going to talk about a couple some applications<00:12:41.320> um<00:12:42.320> that<00:12:42.839> that<00:12:43.000> interest<00:12:43.360> me 00:12:43.670 --> 00:12:43.680 align:start position:0% applications um that that interest me 00:12:43.680 --> 00:12:45.590 align:start position:0% applications um that that interest me that<00:12:44.279> don't<00:12:44.519> necessarily<00:12:44.920> wiely<00:12:45.199> get<00:12:45.360> talked 00:12:45.590 --> 00:12:45.600 align:start position:0% that don't necessarily wiely get talked 00:12:45.600 --> 00:12:47.230 align:start position:0% that don't necessarily wiely get talked about 00:12:47.230 --> 00:12:47.240 align:start position:0% about 00:12:47.240 --> 00:12:50.470 align:start position:0% about so<00:12:48.240> back<00:12:48.399> in<00:12:48.560> the<00:12:48.720> day<00:12:49.120> back<00:12:49.560> um<00:12:49.760> when<00:12:50.079> writing 00:12:50.470 --> 00:12:50.480 align:start position:0% so back in the day back um when writing 00:12:50.480 --> 00:12:51.470 align:start position:0% so back in the day back um when writing was<00:12:50.639> first 00:12:51.470 --> 00:12:51.480 align:start position:0% was first 00:12:51.480 --> 00:12:55.310 align:start position:0% was first invented<00:12:52.480> um<00:12:53.440> seals<00:12:54.040> were<00:12:54.519> were<00:12:54.800> a<00:12:54.959> really<00:12:55.160> big 00:12:55.310 --> 00:12:55.320 align:start position:0% invented um seals were were a really big 00:12:55.320 --> 00:12:56.509 align:start position:0% invented um seals were were a really big deal<00:12:55.519> if<00:12:55.560> you<00:12:55.680> go<00:12:55.760> into<00:12:55.920> the<00:12:56.000> archaeological 00:12:56.509 --> 00:12:56.519 align:start position:0% deal if you go into the archaeological 00:12:56.519 --> 00:12:58.550 align:start position:0% deal if you go into the archaeological layers<00:12:56.839> you'll<00:12:57.079> find<00:12:57.360> a<00:12:57.480> lot<00:12:57.600> of<00:12:57.800> these<00:12:58.440> this 00:12:58.550 --> 00:12:58.560 align:start position:0% layers you'll find a lot of these this 00:12:58.560 --> 00:13:00.710 align:start position:0% layers you'll find a lot of these this is<00:12:58.639> a<00:12:58.760> seal<00:12:59.000> of<00:12:59.560> of<00:12:59.680> King<00:12:59.880> Darius<00:13:00.240> of<00:13:00.360> Persia 00:13:00.710 --> 00:13:00.720 align:start position:0% is a seal of of King Darius of Persia 00:13:00.720 --> 00:13:02.550 align:start position:0% is a seal of of King Darius of Persia but<00:13:00.800> they're<00:13:01.040> Al<00:13:01.440> also<00:13:01.839> very<00:13:02.000> commonly<00:13:02.320> used 00:13:02.550 --> 00:13:02.560 align:start position:0% but they're Al also very commonly used 00:13:02.560 --> 00:13:04.710 align:start position:0% but they're Al also very commonly used for<00:13:02.959> commercial 00:13:04.710 --> 00:13:04.720 align:start position:0% for commercial 00:13:04.720 --> 00:13:08.269 align:start position:0% for commercial transactions<00:13:06.160> um<00:13:07.160> You'<00:13:07.360> take<00:13:07.519> your<00:13:07.680> seal<00:13:08.160> and 00:13:08.269 --> 00:13:08.279 align:start position:0% transactions um You' take your seal and 00:13:08.279 --> 00:13:10.030 align:start position:0% transactions um You' take your seal and you'd<00:13:08.440> rub<00:13:08.639> it<00:13:08.720> on<00:13:08.839> the<00:13:08.959> clay<00:13:09.600> and<00:13:09.760> that<00:13:09.880> would 00:13:10.030 --> 00:13:10.040 align:start position:0% you'd rub it on the clay and that would 00:13:10.040 --> 00:13:12.189 align:start position:0% you'd rub it on the clay and that would be<00:13:10.240> your<00:13:10.560> signature<00:13:11.040> and<00:13:11.199> it<00:13:11.279> would<00:13:11.480> also 00:13:12.189 --> 00:13:12.199 align:start position:0% be your signature and it would also 00:13:12.199 --> 00:13:13.710 align:start position:0% be your signature and it would also provide<00:13:12.519> tamper 00:13:13.710 --> 00:13:13.720 align:start position:0% provide tamper 00:13:13.720 --> 00:13:19.069 align:start position:0% provide tamper evidence<00:13:14.720> so 00:13:19.069 --> 00:13:19.079 align:start position:0% 00:13:19.079 --> 00:13:23.069 align:start position:0% today<00:13:20.079> so<00:13:20.360> today<00:13:21.000> seals<00:13:22.000> um<00:13:22.399> are<00:13:22.560> still<00:13:22.800> widely 00:13:23.069 --> 00:13:23.079 align:start position:0% today so today seals um are still widely 00:13:23.079 --> 00:13:25.310 align:start position:0% today so today seals um are still widely used<00:13:23.399> they're<00:13:23.600> very<00:13:23.880> important<00:13:24.880> um<00:13:25.040> they<00:13:25.120> tend 00:13:25.310 --> 00:13:25.320 align:start position:0% used they're very important um they tend 00:13:25.320 --> 00:13:26.629 align:start position:0% used they're very important um they tend to<00:13:25.440> go<00:13:25.560> along<00:13:25.720> with<00:13:25.920> recording<00:13:26.279> serial 00:13:26.629 --> 00:13:26.639 align:start position:0% to go along with recording serial 00:13:26.639 --> 00:13:28.389 align:start position:0% to go along with recording serial numbers<00:13:27.040> you'll<00:13:27.240> seal<00:13:27.600> something<00:13:27.880> up<00:13:28.040> seal<00:13:28.279> up 00:13:28.389 --> 00:13:28.399 align:start position:0% numbers you'll seal something up seal up 00:13:28.399 --> 00:13:31.590 align:start position:0% numbers you'll seal something up seal up a<00:13:28.519> door<00:13:28.760> seal<00:13:29.000> up<00:13:29.240> an<00:13:29.360> Evidence<00:13:29.920> bag<00:13:30.920> um<00:13:31.079> and<00:13:31.240> so 00:13:31.590 --> 00:13:31.600 align:start position:0% a door seal up an Evidence bag um and so 00:13:31.600 --> 00:13:35.509 align:start position:0% a door seal up an Evidence bag um and so forth<00:13:32.600> and<00:13:33.279> write<00:13:33.560> down<00:13:33.760> the<00:13:33.920> number<00:13:34.920> and<00:13:35.399> you 00:13:35.509 --> 00:13:35.519 align:start position:0% forth and write down the number and you 00:13:35.519 --> 00:13:37.870 align:start position:0% forth and write down the number and you get<00:13:35.639> a<00:13:35.800> log<00:13:36.120> of<00:13:36.320> what's<00:13:36.600> there<00:13:37.240> and<00:13:37.399> you<00:13:37.480> can<00:13:37.639> go 00:13:37.870 --> 00:13:37.880 align:start position:0% get a log of what's there and you can go 00:13:37.880 --> 00:13:39.870 align:start position:0% get a log of what's there and you can go back<00:13:38.160> and<00:13:38.720> and<00:13:38.880> verify<00:13:39.320> things<00:13:39.560> haven't<00:13:39.760> been 00:13:39.870 --> 00:13:39.880 align:start position:0% back and and verify things haven't been 00:13:39.880 --> 00:13:42.470 align:start position:0% back and and verify things haven't been tampered<00:13:40.440> with<00:13:41.440> um<00:13:41.560> now<00:13:41.880> the<00:13:42.000> blockchain 00:13:42.470 --> 00:13:42.480 align:start position:0% tampered with um now the blockchain 00:13:42.480 --> 00:13:44.629 align:start position:0% tampered with um now the blockchain could<00:13:42.920> help<00:13:43.279> quite<00:13:43.480> significantly<00:13:44.199> here<00:13:44.519> um 00:13:44.629 --> 00:13:44.639 align:start position:0% could help quite significantly here um 00:13:44.639 --> 00:13:47.350 align:start position:0% could help quite significantly here um instead<00:13:44.880> of<00:13:45.079> keeping<00:13:45.320> an<00:13:45.880> insecure<00:13:46.880> offline 00:13:47.350 --> 00:13:47.360 align:start position:0% instead of keeping an insecure offline 00:13:47.360 --> 00:13:49.430 align:start position:0% instead of keeping an insecure offline log<00:13:47.760> or<00:13:48.079> or<00:13:48.199> an<00:13:48.320> even<00:13:48.480> more<00:13:48.639> insecure<00:13:49.079> online 00:13:49.430 --> 00:13:49.440 align:start position:0% log or or an even more insecure online 00:13:49.440 --> 00:13:50.629 align:start position:0% log or or an even more insecure online log<00:13:49.760> without<00:13:49.959> the 00:13:50.629 --> 00:13:50.639 align:start position:0% log without the 00:13:50.639 --> 00:13:53.670 align:start position:0% log without the blockchain<00:13:51.639> um<00:13:52.360> you<00:13:52.560> keep<00:13:52.720> your<00:13:52.839> log<00:13:53.160> online 00:13:53.670 --> 00:13:53.680 align:start position:0% blockchain um you keep your log online 00:13:53.680 --> 00:13:57.189 align:start position:0% blockchain um you keep your log online you<00:13:53.759> can<00:13:53.959> keep<00:13:54.240> it<00:13:55.240> as<00:13:55.560> as<00:13:55.680> ongoing<00:13:56.199> hashes<00:13:56.959> and 00:13:57.189 --> 00:13:57.199 align:start position:0% you can keep it as as ongoing hashes and 00:13:57.199 --> 00:14:00.069 align:start position:0% you can keep it as as ongoing hashes and also<00:13:57.800> as<00:13:58.800> the 00:14:00.069 --> 00:14:00.079 align:start position:0% also as the 00:14:00.079 --> 00:14:01.870 align:start position:0% also as the descriptions<00:14:00.600> of<00:14:00.759> the<00:14:00.880> evidence<00:14:01.560> what's<00:14:01.720> in 00:14:01.870 --> 00:14:01.880 align:start position:0% descriptions of the evidence what's in 00:14:01.880 --> 00:14:03.269 align:start position:0% descriptions of the evidence what's in the<00:14:02.000> evidence<00:14:02.360> bag<00:14:02.560> itself<00:14:02.880> if<00:14:02.959> you<00:14:03.079> want<00:14:03.160> to 00:14:03.269 --> 00:14:03.279 align:start position:0% the evidence bag itself if you want to 00:14:03.279 --> 00:14:04.509 align:start position:0% the evidence bag itself if you want to use<00:14:03.519> that<00:14:03.680> for 00:14:04.509 --> 00:14:04.519 align:start position:0% use that for 00:14:04.519 --> 00:14:07.590 align:start position:0% use that for further<00:14:05.519> smart<00:14:05.839> contracts<00:14:06.480> processing<00:14:07.480> and 00:14:07.590 --> 00:14:07.600 align:start position:0% further smart contracts processing and 00:14:07.600 --> 00:14:09.110 align:start position:0% further smart contracts processing and that's<00:14:07.720> a<00:14:07.920> general<00:14:08.320> pattern<00:14:08.680> that's<00:14:08.880> good<00:14:09.000> in 00:14:09.110 --> 00:14:09.120 align:start position:0% that's a general pattern that's good in 00:14:09.120 --> 00:14:10.670 align:start position:0% that's a general pattern that's good in ethereum<00:14:09.600> is<00:14:09.720> that<00:14:09.839> you<00:14:10.000> put<00:14:10.160> the<00:14:10.279> proof<00:14:10.480> of 00:14:10.670 --> 00:14:10.680 align:start position:0% ethereum is that you put the proof of 00:14:10.680 --> 00:14:12.389 align:start position:0% ethereum is that you put the proof of evidence<00:14:11.000> on<00:14:11.199> the<00:14:11.440> blockchain<00:14:11.839> for<00:14:12.079> taking 00:14:12.389 --> 00:14:12.399 align:start position:0% evidence on the blockchain for taking 00:14:12.399 --> 00:14:14.389 align:start position:0% evidence on the blockchain for taking physical<00:14:12.800> stuff<00:14:13.680> and<00:14:13.839> reflecting<00:14:14.199> on 00:14:14.389 --> 00:14:14.399 align:start position:0% physical stuff and reflecting on 00:14:14.399 --> 00:14:15.749 align:start position:0% physical stuff and reflecting on blockchain<00:14:14.759> you<00:14:14.880> want<00:14:14.959> to<00:14:15.120> put<00:14:15.279> the<00:14:15.360> proof<00:14:15.600> of 00:14:15.749 --> 00:14:15.759 align:start position:0% blockchain you want to put the proof of 00:14:15.759 --> 00:14:18.230 align:start position:0% blockchain you want to put the proof of evidence<00:14:16.279> on<00:14:16.399> the<00:14:16.759> blockchain<00:14:17.759> but<00:14:17.880> you<00:14:18.040> also 00:14:18.230 --> 00:14:18.240 align:start position:0% evidence on the blockchain but you also 00:14:18.240 --> 00:14:20.910 align:start position:0% evidence on the blockchain but you also want<00:14:18.360> to<00:14:18.480> have<00:14:18.600> semantic<00:14:19.120> information<00:14:19.720> for<00:14:20.360> um 00:14:20.910 --> 00:14:20.920 align:start position:0% want to have semantic information for um 00:14:20.920 --> 00:14:24.990 align:start position:0% want to have semantic information for um contract<00:14:21.360> code<00:14:21.560> to<00:14:21.680> be<00:14:21.759> able<00:14:21.920> to<00:14:22.040> play 00:14:24.990 --> 00:14:25.000 align:start position:0% 00:14:25.000 --> 00:14:27.230 align:start position:0% with<00:14:26.000> and<00:14:26.120> you<00:14:26.199> can<00:14:26.360> do<00:14:26.519> this<00:14:26.680> with<00:14:26.880> physical 00:14:27.230 --> 00:14:27.240 align:start position:0% with and you can do this with physical 00:14:27.240 --> 00:14:32.189 align:start position:0% with and you can do this with physical spaces<00:14:27.720> as<00:14:28.040> well 00:14:32.189 --> 00:14:32.199 align:start position:0% 00:14:32.199 --> 00:14:35.509 align:start position:0% and<00:14:32.399> this<00:14:32.519> is<00:14:32.600> a<00:14:32.720> scheme<00:14:33.040> I<00:14:33.160> came<00:14:33.320> up<00:14:33.560> with<00:14:34.519> um 00:14:35.509 --> 00:14:35.519 align:start position:0% and this is a scheme I came up with um 00:14:35.519 --> 00:14:38.470 align:start position:0% and this is a scheme I came up with um guess<00:14:35.720> over<00:14:35.920> a<00:14:36.040> decade<00:14:36.320> ago<00:14:36.600> now<00:14:37.440> uh<00:14:37.519> for<00:14:37.800> smart 00:14:38.470 --> 00:14:38.480 align:start position:0% guess over a decade ago now uh for smart 00:14:38.480 --> 00:14:40.710 align:start position:0% guess over a decade ago now uh for smart property<00:14:39.480> and<00:14:39.680> I<00:14:39.800> call<00:14:39.920> it<00:14:40.079> propl<00:14:40.360> lets<00:14:40.600> you 00:14:40.710 --> 00:14:40.720 align:start position:0% property and I call it propl lets you 00:14:40.720 --> 00:14:43.749 align:start position:0% property and I call it propl lets you can<00:14:41.040> Google<00:14:41.320> that<00:14:41.480> online<00:14:41.800> if<00:14:41.880> you<00:14:42.160> like<00:14:43.160> um 00:14:43.749 --> 00:14:43.759 align:start position:0% can Google that online if you like um 00:14:43.759 --> 00:14:45.310 align:start position:0% can Google that online if you like um and<00:14:43.920> basically<00:14:44.240> what<00:14:44.399> Propet<00:14:44.839> do<00:14:45.000> is<00:14:45.160> they 00:14:45.310 --> 00:14:45.320 align:start position:0% and basically what Propet do is they 00:14:45.320 --> 00:14:47.470 align:start position:0% and basically what Propet do is they look<00:14:45.440> to<00:14:45.600> the<00:14:45.759> blockchain<00:14:46.279> to<00:14:46.399> see<00:14:46.600> who<00:14:46.759> owns 00:14:47.470 --> 00:14:47.480 align:start position:0% look to the blockchain to see who owns 00:14:47.480 --> 00:14:50.470 align:start position:0% look to the blockchain to see who owns them<00:14:48.480> um<00:14:49.160> they're<00:14:49.399> kind<00:14:49.519> of<00:14:49.680> like<00:14:49.800> a<00:14:49.920> SIM<00:14:50.199> card 00:14:50.470 --> 00:14:50.480 align:start position:0% them um they're kind of like a SIM card 00:14:50.480 --> 00:14:53.389 align:start position:0% them um they're kind of like a SIM card and<00:14:50.600> that<00:14:50.880> they<00:14:51.480> and<00:14:52.440> and<00:14:52.600> the<00:14:52.720> electronics<00:14:53.279> on 00:14:53.389 --> 00:14:53.399 align:start position:0% and that they and and the electronics on 00:14:53.399 --> 00:14:54.590 align:start position:0% and that they and and the electronics on your<00:14:53.560> smartphone<00:14:54.000> that<00:14:54.160> they<00:14:54.279> know<00:14:54.440> where 00:14:54.590 --> 00:14:54.600 align:start position:0% your smartphone that they know where 00:14:54.600 --> 00:14:55.990 align:start position:0% your smartphone that they know where they're<00:14:54.880> at<00:14:55.240> they 00:14:55.990 --> 00:14:56.000 align:start position:0% they're at they 00:14:56.000 --> 00:14:59.230 align:start position:0% they're at they know<00:14:57.240> um<00:14:58.240> things<00:14:58.440> they<00:14:58.560> can<00:14:58.680> sense<00:14:59.040> in<00:14:59.120> the 00:14:59.230 --> 00:14:59.240 align:start position:0% know um things they can sense in the 00:14:59.240 --> 00:15:00.670 align:start position:0% know um things they can sense in the environment<00:14:59.759> but<00:14:59.920> the<00:15:00.000> main<00:15:00.240> thing<00:15:00.399> they<00:15:00.519> know 00:15:00.670 --> 00:15:00.680 align:start position:0% environment but the main thing they know 00:15:00.680 --> 00:15:02.230 align:start position:0% environment but the main thing they know is<00:15:00.839> who<00:15:00.959> owns<00:15:01.240> them<00:15:01.480> and<00:15:01.959> what<00:15:02.079> the 00:15:02.230 --> 00:15:02.240 align:start position:0% is who owns them and what the 00:15:02.240 --> 00:15:04.670 align:start position:0% is who owns them and what the instructions<00:15:02.720> are<00:15:02.920> that<00:15:03.040> they<00:15:03.120> are<00:15:03.320> to 00:15:04.670 --> 00:15:04.680 align:start position:0% instructions are that they are to 00:15:04.680 --> 00:15:06.990 align:start position:0% instructions are that they are to follow<00:15:05.680> and<00:15:05.839> one<00:15:05.959> of<00:15:06.079> the<00:15:06.240> applications<00:15:06.720> of 00:15:06.990 --> 00:15:07.000 align:start position:0% follow and one of the applications of 00:15:07.000 --> 00:15:08.749 align:start position:0% follow and one of the applications of this<00:15:07.079> is<00:15:07.240> the<00:15:07.360> auto<00:15:07.639> repo<00:15:08.040> auto<00:15:08.360> or<00:15:08.519> more 00:15:08.749 --> 00:15:08.759 align:start position:0% this is the auto repo auto or more 00:15:08.759 --> 00:15:11.509 align:start position:0% this is the auto repo auto or more generally<00:15:09.160> the<00:15:09.279> auto<00:15:09.560> repo<00:15:10.000> collateral 00:15:11.509 --> 00:15:11.519 align:start position:0% generally the auto repo collateral 00:15:11.519 --> 00:15:15.030 align:start position:0% generally the auto repo collateral where<00:15:12.519> um<00:15:12.720> if<00:15:12.839> you<00:15:13.000> use<00:15:13.680> your<00:15:14.000> physical<00:15:14.680> device 00:15:15.030 --> 00:15:15.040 align:start position:0% where um if you use your physical device 00:15:15.040 --> 00:15:18.269 align:start position:0% where um if you use your physical device is<00:15:15.240> security<00:15:15.560> for<00:15:15.720> a<00:15:16.120> loan<00:15:17.120> then<00:15:17.360> that<00:15:17.480> can<00:15:17.720> get 00:15:18.269 --> 00:15:18.279 align:start position:0% is security for a loan then that can get 00:15:18.279 --> 00:15:21.870 align:start position:0% is security for a loan then that can get automatically<00:15:18.880> repossessed<00:15:19.519> and<00:15:20.160> that<00:15:21.160> that 00:15:21.870 --> 00:15:21.880 align:start position:0% automatically repossessed and that that 00:15:21.880 --> 00:15:25.110 align:start position:0% automatically repossessed and that that allows<00:15:22.320> credit<00:15:22.639> to<00:15:22.759> be<00:15:23.480> um<00:15:24.279> much<00:15:24.440> more 00:15:25.110 --> 00:15:25.120 align:start position:0% allows credit to be um much more 00:15:25.120 --> 00:15:27.949 align:start position:0% allows credit to be um much more efficiently 00:15:27.949 --> 00:15:27.959 align:start position:0% efficiently 00:15:27.959 --> 00:15:30.269 align:start position:0% efficiently used<00:15:29.079> so<00:15:29.319> there<00:15:29.440> was<00:15:29.600> for<00:15:29.800> example<00:15:30.120> an 00:15:30.269 --> 00:15:30.279 align:start position:0% used so there was for example an 00:15:30.279 --> 00:15:33.230 align:start position:0% used so there was for example an offshore<00:15:31.120> rig<00:15:32.120> that<00:15:32.319> cost<00:15:32.600> tens<00:15:32.839> of<00:15:32.959> billions 00:15:33.230 --> 00:15:33.240 align:start position:0% offshore rig that cost tens of billions 00:15:33.240 --> 00:15:34.910 align:start position:0% offshore rig that cost tens of billions of<00:15:33.399> dollars<00:15:33.680> an<00:15:33.800> offshore<00:15:34.160> facility<00:15:34.519> uses 00:15:34.910 --> 00:15:34.920 align:start position:0% of dollars an offshore facility uses 00:15:34.920 --> 00:15:38.749 align:start position:0% of dollars an offshore facility uses collateral<00:15:35.920> in<00:15:36.079> a<00:15:36.240> big<00:15:36.720> business<00:15:37.120> deal<00:15:37.720> but 00:15:38.749 --> 00:15:38.759 align:start position:0% collateral in a big business deal but 00:15:38.759 --> 00:15:42.230 align:start position:0% collateral in a big business deal but since<00:15:39.759> the<00:15:40.600> the<00:15:40.800> creditors<00:15:41.279> did<00:15:41.480> not<00:15:41.800> actually 00:15:42.230 --> 00:15:42.240 align:start position:0% since the the creditors did not actually 00:15:42.240 --> 00:15:44.870 align:start position:0% since the the creditors did not actually have<00:15:42.759> a<00:15:42.920> way<00:15:43.079> to<00:15:43.240> gain<00:15:43.440> physical<00:15:43.880> control<00:15:44.279> over 00:15:44.870 --> 00:15:44.880 align:start position:0% have a way to gain physical control over 00:15:44.880 --> 00:15:46.949 align:start position:0% have a way to gain physical control over it<00:15:45.880> um<00:15:46.040> they're<00:15:46.199> out<00:15:46.319> of<00:15:46.480> luck<00:15:46.680> and<00:15:46.800> they're 00:15:46.949 --> 00:15:46.959 align:start position:0% it um they're out of luck and they're 00:15:46.959 --> 00:15:48.829 align:start position:0% it um they're out of luck and they're out<00:15:47.120> of<00:15:47.360> out<00:15:47.839> tens<00:15:48.079> of<00:15:48.199> billions<00:15:48.480> of<00:15:48.600> dollars 00:15:48.829 --> 00:15:48.839 align:start position:0% out of out tens of billions of dollars 00:15:48.839 --> 00:15:50.110 align:start position:0% out of out tens of billions of dollars so<00:15:49.000> they<00:15:49.120> can't<00:15:49.319> actually<00:15:49.519> repossess<00:15:50.040> the 00:15:50.110 --> 00:15:50.120 align:start position:0% so they can't actually repossess the 00:15:50.120 --> 00:15:52.269 align:start position:0% so they can't actually repossess the collateral<00:15:50.639> right<00:15:50.800> now<00:15:51.560> whereas<00:15:51.839> if<00:15:51.959> they<00:15:52.079> had 00:15:52.269 --> 00:15:52.279 align:start position:0% collateral right now whereas if they had 00:15:52.279 --> 00:15:55.629 align:start position:0% collateral right now whereas if they had these<00:15:52.519> devices<00:15:52.959> they 00:15:55.629 --> 00:15:55.639 align:start position:0% 00:15:55.639 --> 00:15:57.509 align:start position:0% could 00:15:57.509 --> 00:15:57.519 align:start position:0% could 00:15:57.519 --> 00:15:59.829 align:start position:0% could so<00:15:58.519> current<00:15:59.000> project<00:15:59.199> I'm<00:15:59.279> currently<00:15:59.600> working 00:15:59.829 --> 00:15:59.839 align:start position:0% so current project I'm currently working 00:15:59.839 --> 00:16:02.509 align:start position:0% so current project I'm currently working on<00:16:00.000> it's<00:16:00.199> very<00:16:00.399> fun<00:16:01.000> um<00:16:01.600> Financial<00:16:02.120> assets<00:16:02.399> on 00:16:02.509 --> 00:16:02.519 align:start position:0% on it's very fun um Financial assets on 00:16:02.519 --> 00:16:04.749 align:start position:0% on it's very fun um Financial assets on the<00:16:02.639> blockchain<00:16:03.079> so<00:16:03.240> the<00:16:03.399> first<00:16:03.759> generation 00:16:04.749 --> 00:16:04.759 align:start position:0% the blockchain so the first generation 00:16:04.759 --> 00:16:06.870 align:start position:0% the blockchain so the first generation which<00:16:04.920> I<00:16:05.040> invented<00:16:05.360> in<00:16:05.480> 1998<00:16:06.319> is<00:16:06.480> the<00:16:06.600> trust 00:16:06.870 --> 00:16:06.880 align:start position:0% which I invented in 1998 is the trust 00:16:06.880 --> 00:16:09.189 align:start position:0% which I invented in 1998 is the trust minimize<00:16:07.360> tokens<00:16:07.720> so<00:16:07.880> you<00:16:08.000> trust<00:16:08.279> minimize<00:16:08.720> a 00:16:09.189 --> 00:16:09.199 align:start position:0% minimize tokens so you trust minimize a 00:16:09.199 --> 00:16:12.710 align:start position:0% minimize tokens so you trust minimize a transfer<00:16:10.199> of<00:16:10.720> uh<00:16:11.560> tokens<00:16:11.959> from<00:16:12.120> one<00:16:12.279> person<00:16:12.519> to 00:16:12.710 --> 00:16:12.720 align:start position:0% transfer of uh tokens from one person to 00:16:12.720 --> 00:16:14.150 align:start position:0% transfer of uh tokens from one person to another<00:16:12.959> I<00:16:13.079> call<00:16:13.279> these<00:16:13.440> secure<00:16:13.839> property 00:16:14.150 --> 00:16:14.160 align:start position:0% another I call these secure property 00:16:14.160 --> 00:16:15.550 align:start position:0% another I call these secure property titles<00:16:14.639> the<00:16:14.720> most<00:16:14.959> common<00:16:15.199> name<00:16:15.360> they're 00:16:15.550 --> 00:16:15.560 align:start position:0% titles the most common name they're 00:16:15.560 --> 00:16:17.389 align:start position:0% titles the most common name they're called<00:16:15.720> now<00:16:15.839> as<00:16:16.000> colored<00:16:16.279> coins<00:16:17.199> and<00:16:17.279> they 00:16:17.389 --> 00:16:17.399 align:start position:0% called now as colored coins and they 00:16:17.399 --> 00:16:19.309 align:start position:0% called now as colored coins and they trust<00:16:17.639> to<00:16:17.759> minimize<00:16:18.240> again<00:16:18.440> it's<00:16:18.759> it's<00:16:19.160> it's 00:16:19.309 --> 00:16:19.319 align:start position:0% trust to minimize again it's it's it's 00:16:19.319 --> 00:16:20.790 align:start position:0% trust to minimize again it's it's it's securing<00:16:19.759> a<00:16:19.959> particular<00:16:20.399> thing<00:16:20.600> it's 00:16:20.790 --> 00:16:20.800 align:start position:0% securing a particular thing it's 00:16:20.800 --> 00:16:23.350 align:start position:0% securing a particular thing it's securing<00:16:21.279> the<00:16:21.440> transfer<00:16:21.920> of<00:16:22.120> ownership<00:16:23.120> of<00:16:23.240> a 00:16:23.350 --> 00:16:23.360 align:start position:0% securing the transfer of ownership of a 00:16:23.360 --> 00:16:24.629 align:start position:0% securing the transfer of ownership of a thing<00:16:23.519> but<00:16:23.639> there's<00:16:23.839> other<00:16:24.120> things<00:16:24.360> and<00:16:24.480> even 00:16:24.629 --> 00:16:24.639 align:start position:0% thing but there's other things and even 00:16:24.639 --> 00:16:25.949 align:start position:0% thing but there's other things and even more<00:16:24.800> important<00:16:25.079> things<00:16:25.279> you<00:16:25.360> want<00:16:25.480> to<00:16:25.600> secure 00:16:25.949 --> 00:16:25.959 align:start position:0% more important things you want to secure 00:16:25.959 --> 00:16:28.430 align:start position:0% more important things you want to secure with<00:16:26.160> financial<00:16:26.720> assets<00:16:27.720> and<00:16:27.839> so<00:16:28.040> the<00:16:28.160> second 00:16:28.430 --> 00:16:28.440 align:start position:0% with financial assets and so the second 00:16:28.440 --> 00:16:29.509 align:start position:0% with financial assets and so the second generation 00:16:29.509 --> 00:16:29.519 align:start position:0% generation 00:16:29.519 --> 00:16:31.430 align:start position:0% generation is<00:16:29.680> trust<00:16:29.959> minimizing<00:16:30.519> the<00:16:30.680> cash<00:16:30.920> flows 00:16:31.430 --> 00:16:31.440 align:start position:0% is trust minimizing the cash flows 00:16:31.440 --> 00:16:32.629 align:start position:0% is trust minimizing the cash flows that's<00:16:31.680> that's<00:16:31.800> what<00:16:31.959> you<00:16:32.079> really<00:16:32.240> want<00:16:32.480> your 00:16:32.629 --> 00:16:32.639 align:start position:0% that's that's what you really want your 00:16:32.639 --> 00:16:34.230 align:start position:0% that's that's what you really want your financial<00:16:33.120> assets<00:16:33.399> you<00:16:33.519> want<00:16:33.639> the<00:16:33.759> dividends 00:16:34.230 --> 00:16:34.240 align:start position:0% financial assets you want the dividends 00:16:34.240 --> 00:16:37.949 align:start position:0% financial assets you want the dividends the<00:16:34.560> coupons<00:16:35.560> Etc<00:16:36.240> so<00:16:37.240> um<00:16:37.399> that's<00:16:37.600> what<00:16:37.759> I'm 00:16:37.949 --> 00:16:37.959 align:start position:0% the coupons Etc so um that's what I'm 00:16:37.959 --> 00:16:41.790 align:start position:0% the coupons Etc so um that's what I'm working<00:16:38.199> on<00:16:38.399> now<00:16:38.759> my<00:16:38.959> partner<00:16:39.399> Donald 00:16:41.790 --> 00:16:41.800 align:start position:0% 00:16:41.800 --> 00:16:44.829 align:start position:0% McIntyre<00:16:42.800> and<00:16:43.759> this<00:16:43.880> is<00:16:44.079> another<00:16:44.319> cool<00:16:44.519> one<00:16:44.680> I 00:16:44.829 --> 00:16:44.839 align:start position:0% McIntyre and this is another cool one I 00:16:44.839 --> 00:16:48.670 align:start position:0% McIntyre and this is another cool one I recently<00:16:45.160> worked<00:16:45.759> on<00:16:47.079> um<00:16:48.079> this<00:16:48.199> is<00:16:48.399> social 00:16:48.670 --> 00:16:48.680 align:start position:0% recently worked on um this is social 00:16:48.680 --> 00:16:50.910 align:start position:0% recently worked on um this is social networks<00:16:49.120> plus<00:16:49.319> ethereum<00:16:49.880> so<00:16:50.399> blockchains 00:16:50.910 --> 00:16:50.920 align:start position:0% networks plus ethereum so blockchains 00:16:50.920 --> 00:16:53.150 align:start position:0% networks plus ethereum so blockchains are<00:16:51.199> back<00:16:51.639> office<00:16:52.319> technology<00:16:52.759> you<00:16:52.880> don't<00:16:53.000> see 00:16:53.150 --> 00:16:53.160 align:start position:0% are back office technology you don't see 00:16:53.160 --> 00:16:56.230 align:start position:0% are back office technology you don't see them<00:16:53.720> directly<00:16:54.720> um<00:16:55.240> in<00:16:55.440> ethereum<00:16:55.920> you<00:16:56.040> have 00:16:56.230 --> 00:16:56.240 align:start position:0% them directly um in ethereum you have 00:16:56.240 --> 00:16:59.150 align:start position:0% them directly um in ethereum you have missed<00:16:57.120> um<00:16:57.399> as<00:16:57.519> a<00:16:57.759> wallet<00:16:58.160> cross<00:16:58.440> browser<00:16:59.000> to 00:16:59.150 --> 00:16:59.160 align:start position:0% missed um as a wallet cross browser to 00:16:59.160 --> 00:17:01.069 align:start position:0% missed um as a wallet cross browser to allow<00:16:59.360> you<00:16:59.440> to<00:17:00.120> interact<00:17:00.519> directly<00:17:00.880> but<00:17:01.000> this 00:17:01.069 --> 00:17:01.079 align:start position:0% allow you to interact directly but this 00:17:01.079 --> 00:17:03.030 align:start position:0% allow you to interact directly but this is<00:17:01.279> another<00:17:01.680> interesting<00:17:02.519> um<00:17:02.639> way<00:17:02.800> you<00:17:02.880> could 00:17:03.030 --> 00:17:03.040 align:start position:0% is another interesting um way you could 00:17:03.040 --> 00:17:04.750 align:start position:0% is another interesting um way you could interact<00:17:03.360> with<00:17:03.519> blockchains<00:17:04.039> and<00:17:04.199> that<00:17:04.439> is 00:17:04.750 --> 00:17:04.760 align:start position:0% interact with blockchains and that is 00:17:04.760 --> 00:17:07.549 align:start position:0% interact with blockchains and that is through<00:17:05.000> social<00:17:05.520> networks<00:17:06.520> and<00:17:06.640> so<00:17:06.919> tip<00:17:07.199> Bots 00:17:07.549 --> 00:17:07.559 align:start position:0% through social networks and so tip Bots 00:17:07.559 --> 00:17:09.710 align:start position:0% through social networks and so tip Bots are<00:17:07.880> very<00:17:08.439> are<00:17:08.559> a<00:17:08.679> very<00:17:08.880> simple<00:17:09.240> example<00:17:09.559> of 00:17:09.710 --> 00:17:09.720 align:start position:0% are very are a very simple example of 00:17:09.720 --> 00:17:11.309 align:start position:0% are very are a very simple example of this<00:17:09.880> now<00:17:10.160> this<00:17:10.280> is<00:17:10.360> an<00:17:10.559> architecture<00:17:11.120> I 00:17:11.309 --> 00:17:11.319 align:start position:0% this now this is an architecture I 00:17:11.319 --> 00:17:14.230 align:start position:0% this now this is an architecture I designed<00:17:12.120> for<00:17:12.400> more<00:17:12.959> decentralized<00:17:13.959> version 00:17:14.230 --> 00:17:14.240 align:start position:0% designed for more decentralized version 00:17:14.240 --> 00:17:16.270 align:start position:0% designed for more decentralized version of<00:17:14.400> tip<00:17:14.640> Bots<00:17:14.919> that<00:17:15.039> can<00:17:15.199> do<00:17:15.400> more<00:17:15.640> than<00:17:16.120> more 00:17:16.270 --> 00:17:16.280 align:start position:0% of tip Bots that can do more than more 00:17:16.280 --> 00:17:17.870 align:start position:0% of tip Bots that can do more than more than<00:17:16.480> tipping<00:17:16.839> more<00:17:17.000> than<00:17:17.160> paying<00:17:17.559> you<00:17:17.679> can 00:17:17.870 --> 00:17:17.880 align:start position:0% than tipping more than paying you can 00:17:17.880 --> 00:17:19.990 align:start position:0% than tipping more than paying you can actually<00:17:18.079> do<00:17:18.280> some<00:17:18.839> smart<00:17:19.240> contract<00:17:19.720> stuff 00:17:19.990 --> 00:17:20.000 align:start position:0% actually do some smart contract stuff 00:17:20.000 --> 00:17:22.270 align:start position:0% actually do some smart contract stuff initiated<00:17:20.559> from<00:17:20.799> a<00:17:20.959> social 00:17:22.270 --> 00:17:22.280 align:start position:0% initiated from a social 00:17:22.280 --> 00:17:26.350 align:start position:0% initiated from a social network<00:17:23.280> and<00:17:23.400> you<00:17:23.600> start<00:17:23.959> off<00:17:24.720> with<00:17:25.720> um 00:17:26.350 --> 00:17:26.360 align:start position:0% network and you start off with um 00:17:26.360 --> 00:17:27.829 align:start position:0% network and you start off with um largely<00:17:26.720> in<00:17:26.799> the<00:17:26.919> traditional<00:17:27.360> web<00:17:27.600> space 00:17:27.829 --> 00:17:27.839 align:start position:0% largely in the traditional web space 00:17:27.839 --> 00:17:30.909 align:start position:0% largely in the traditional web space linking<00:17:28.240> your<00:17:28.439> social<00:17:28.919> Network<00:17:29.280> accounts 00:17:30.909 --> 00:17:30.919 align:start position:0% linking your social Network accounts 00:17:30.919 --> 00:17:34.150 align:start position:0% linking your social Network accounts together<00:17:31.919> and<00:17:32.120> then<00:17:32.280> you<00:17:32.400> use<00:17:32.679> them<00:17:32.960> to 00:17:34.150 --> 00:17:34.160 align:start position:0% together and then you use them to 00:17:34.160 --> 00:17:36.430 align:start position:0% together and then you use them to uh<00:17:35.160> once<00:17:35.320> you<00:17:35.440> do<00:17:35.640> that<00:17:35.799> you<00:17:35.880> can<00:17:36.080> instruct 00:17:36.430 --> 00:17:36.440 align:start position:0% uh once you do that you can instruct 00:17:36.440 --> 00:17:38.310 align:start position:0% uh once you do that you can instruct from<00:17:36.559> The<00:17:36.679> Social<00:17:36.960> Network<00:17:37.320> the<00:17:37.440> payments 00:17:38.310 --> 00:17:38.320 align:start position:0% from The Social Network the payments 00:17:38.320 --> 00:17:41.190 align:start position:0% from The Social Network the payments swaps<00:17:38.799> other<00:17:39.000> smart<00:17:39.320> contract 00:17:41.190 --> 00:17:41.200 align:start position:0% swaps other smart contract 00:17:41.200 --> 00:17:44.669 align:start position:0% swaps other smart contract things<00:17:42.200> and<00:17:42.360> so<00:17:42.600> in<00:17:43.120> summary<00:17:44.120> let's<00:17:44.400> try<00:17:44.559> to 00:17:44.669 --> 00:17:44.679 align:start position:0% things and so in summary let's try to 00:17:44.679 --> 00:17:46.350 align:start position:0% things and so in summary let's try to think<00:17:44.919> about<00:17:45.200> security<00:17:45.640> more<00:17:45.880> broadly 00:17:46.350 --> 00:17:46.360 align:start position:0% think about security more broadly 00:17:46.360 --> 00:17:48.230 align:start position:0% think about security more broadly instead<00:17:46.640> of<00:17:46.799> thinking<00:17:47.440> narrowly<00:17:48.039> we 00:17:48.230 --> 00:17:48.240 align:start position:0% instead of thinking narrowly we 00:17:48.240 --> 00:17:51.750 align:start position:0% instead of thinking narrowly we encryption<00:17:48.919> is<00:17:49.200> security<00:17:49.880> and<00:17:50.720> and<00:17:51.480> nothing 00:17:51.750 --> 00:17:51.760 align:start position:0% encryption is security and and nothing 00:17:51.760 --> 00:17:54.669 align:start position:0% encryption is security and and nothing else<00:17:52.120> is<00:17:52.640> or<00:17:53.320> transfer<00:17:53.799> of<00:17:53.960> tokens<00:17:54.400> as 00:17:54.669 --> 00:17:54.679 align:start position:0% else is or transfer of tokens as 00:17:54.679 --> 00:17:56.590 align:start position:0% else is or transfer of tokens as security<00:17:55.039> and<00:17:55.159> nothing<00:17:55.400> else<00:17:55.640> is<00:17:56.240> let's<00:17:56.440> try 00:17:56.590 --> 00:17:56.600 align:start position:0% security and nothing else is let's try 00:17:56.600 --> 00:17:58.070 align:start position:0% security and nothing else is let's try to<00:17:56.799> secure<00:17:57.159> everything<00:17:57.640> let's<00:17:57.799> try<00:17:57.960> to 00:17:58.070 --> 00:17:58.080 align:start position:0% to secure everything let's try to 00:17:58.080 --> 00:18:00.990 align:start position:0% to secure everything let's try to protect<00:17:58.400> everything<00:17:58.880> is<00:17:59.039> important<00:17:59.360> to<00:17:59.880> us<00:18:00.880> as 00:18:00.990 --> 00:18:01.000 align:start position:0% protect everything is important to us as 00:18:01.000 --> 00:18:02.110 align:start position:0% protect everything is important to us as much<00:18:01.200> as<00:18:01.320> we 00:18:02.110 --> 00:18:02.120 align:start position:0% much as we 00:18:02.120 --> 00:18:05.270 align:start position:0% much as we can<00:18:03.120> and<00:18:03.240> not<00:18:03.480> like<00:18:03.679> this 00:18:05.270 --> 00:18:05.280 align:start position:0% can and not like this 00:18:05.280 --> 00:18:09.750 align:start position:0% can and not like this though<00:18:06.280> let's<00:18:06.480> do<00:18:06.640> it<00:18:06.799> like<00:18:07.000> this<00:18:07.240> with 00:18:09.750 --> 00:18:09.760 align:start position:0% 00:18:09.760 --> 00:18:11.400 align:start position:0% ethereum<00:18:10.760> thank<00:18:10.919> you<00:18:11.039> very 00:18:11.400 --> 00:18:11.410 align:start position:0% ethereum thank you very 00:18:11.410 --> 00:18:11.740 align:start position:0% ethereum thank you very [Applause] 00:18:11.740 --> 00:18:11.750 align:start position:0% [Applause] 00:18:11.750 --> 00:18:20.220 align:start position:0% [Applause] [Music] 00:18:20.220 --> 00:18:20.230 align:start position:0% 00:18:20.230 --> 00:18:23.870 align:start position:0% [Music] 00:18:23.870 --> 00:18:23.880 align:start position:0% [Music] 00:18:23.880 --> 00:18:26.880 align:start position:0% [Music] much