WEBVTT Kind: captions Language: en 00:00:00.060 --> 00:00:02.300 align:start position:0% some<00:00:00.810> of<00:00:00.900> you<00:00:00.989> may<00:00:01.199> remember<00:00:01.439> me<00:00:01.740> from<00:00:01.770> the 00:00:02.300 --> 00:00:02.310 align:start position:0% some of you may remember me from the 00:00:02.310 --> 00:00:04.820 align:start position:0% some of you may remember me from the early<00:00:02.520> days<00:00:02.700> of<00:00:02.790> cerium<00:00:03.179> I<00:00:03.419> came<00:00:03.810> in<00:00:03.959> to<00:00:04.259> manage 00:00:04.820 --> 00:00:04.830 align:start position:0% early days of cerium I came in to manage 00:00:04.830 --> 00:00:08.330 align:start position:0% early days of cerium I came in to manage the<00:00:05.009> project<00:00:05.480> release<00:00:06.480> Kara<00:00:07.160> gasser<00:00:08.160> jones 00:00:08.330 --> 00:00:08.340 align:start position:0% the project release Kara gasser jones 00:00:08.340 --> 00:00:10.669 align:start position:0% the project release Kara gasser jones late<00:00:08.519> 2014<00:00:09.080> trend<00:00:10.080> about<00:00:10.170> your<00:00:10.380> foundation 00:00:10.669 --> 00:00:10.679 align:start position:0% late 2014 trend about your foundation 00:00:10.679 --> 00:00:13.459 align:start position:0% late 2014 trend about your foundation and<00:00:11.280> i<00:00:11.639> have<00:00:12.150> been<00:00:12.360> pretty<00:00:12.780> quiet<00:00:13.019> for<00:00:13.290> a 00:00:13.459 --> 00:00:13.469 align:start position:0% and i have been pretty quiet for a 00:00:13.469 --> 00:00:16.189 align:start position:0% and i have been pretty quiet for a couple<00:00:13.710> years<00:00:13.769> and<00:00:14.269> because<00:00:15.269> i<00:00:15.599> was<00:00:15.630> working 00:00:16.189 --> 00:00:16.199 align:start position:0% couple years and because i was working 00:00:16.199 --> 00:00:18.710 align:start position:0% couple years and because i was working on<00:00:16.410> a<00:00:16.680> big<00:00:16.800> unsolved<00:00:17.250> problem<00:00:17.580> so<00:00:18.180> when<00:00:18.570> I<00:00:18.600> was 00:00:18.710 --> 00:00:18.720 align:start position:0% on a big unsolved problem so when I was 00:00:18.720 --> 00:00:20.060 align:start position:0% on a big unsolved problem so when I was still<00:00:18.869> at<00:00:18.960> the<00:00:18.990> foundation<00:00:19.470> I<00:00:19.619> started 00:00:20.060 --> 00:00:20.070 align:start position:0% still at the foundation I started 00:00:20.070 --> 00:00:22.099 align:start position:0% still at the foundation I started building<00:00:20.340> outreach<00:00:20.910> to<00:00:21.300> the<00:00:21.480> City<00:00:21.810> of<00:00:21.900> London 00:00:22.099 --> 00:00:22.109 align:start position:0% building outreach to the City of London 00:00:22.109 --> 00:00:24.500 align:start position:0% building outreach to the City of London legal<00:00:22.740> community<00:00:22.910> because<00:00:23.910> I<00:00:24.000> knew<00:00:24.210> that<00:00:24.240> we 00:00:24.500 --> 00:00:24.510 align:start position:0% legal community because I knew that we 00:00:24.510 --> 00:00:26.420 align:start position:0% legal community because I knew that we were<00:00:24.630> going<00:00:24.810> to<00:00:24.930> need<00:00:25.109> some<00:00:25.800> way<00:00:25.920> of<00:00:26.039> enforcing 00:00:26.420 --> 00:00:26.430 align:start position:0% were going to need some way of enforcing 00:00:26.430 --> 00:00:28.519 align:start position:0% were going to need some way of enforcing smart<00:00:26.910> contracts<00:00:27.449> as<00:00:27.539> legal<00:00:27.810> contracts<00:00:28.380> and 00:00:28.519 --> 00:00:28.529 align:start position:0% smart contracts as legal contracts and 00:00:28.529 --> 00:00:30.410 align:start position:0% smart contracts as legal contracts and the<00:00:29.010> template<00:00:29.369> that<00:00:29.400> I<00:00:29.580> was<00:00:29.699> working<00:00:30.000> from<00:00:30.210> was 00:00:30.410 --> 00:00:30.420 align:start position:0% the template that I was working from was 00:00:30.420 --> 00:00:32.810 align:start position:0% the template that I was working from was Ian<00:00:30.720> Gregg's<00:00:30.960> Ricardian<00:00:31.439> contract<00:00:31.890> model<00:00:32.219> so 00:00:32.810 --> 00:00:32.820 align:start position:0% Ian Gregg's Ricardian contract model so 00:00:32.820 --> 00:00:35.270 align:start position:0% Ian Gregg's Ricardian contract model so this<00:00:33.420> entire<00:00:33.719> talk<00:00:33.989> is<00:00:34.170> basically<00:00:34.559> an<00:00:34.739> update 00:00:35.270 --> 00:00:35.280 align:start position:0% this entire talk is basically an update 00:00:35.280 --> 00:00:38.020 align:start position:0% this entire talk is basically an update of<00:00:35.489> the<00:00:36.210> Ingrid<00:00:36.660> Ricardian<00:00:37.140> contract<00:00:37.590> model 00:00:38.020 --> 00:00:38.030 align:start position:0% of the Ingrid Ricardian contract model 00:00:38.030 --> 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ecosystem<00:00:45.539> for<00:00:45.570> basically<00:00:45.989> everything<00:00:46.440> where 00:00:46.729 --> 00:00:46.739 align:start position:0% ecosystem for basically everything where 00:00:46.739 --> 00:00:48.440 align:start position:0% ecosystem for basically everything where we<00:00:46.829> need<00:00:46.950> to<00:00:47.070> touch<00:00:47.250> and<00:00:47.879> what<00:00:48.030> we<00:00:48.090> call<00:00:48.239> fear 00:00:48.440 --> 00:00:48.450 align:start position:0% we need to touch and what we call fear 00:00:48.450 --> 00:00:50.990 align:start position:0% we need to touch and what we call fear assets<00:00:48.899> so<00:00:49.800> basically<00:00:50.250> I<00:00:50.340> spent<00:00:50.700> a<00:00:50.760> lot<00:00:50.940> of 00:00:50.990 --> 00:00:51.000 align:start position:0% assets so basically I spent a lot of 00:00:51.000 --> 00:00:52.819 align:start position:0% assets so basically I spent a lot of time<00:00:51.300> rolling<00:00:51.570> around<00:00:51.750> with<00:00:51.960> lawyers<00:00:52.230> this<00:00:52.680> is 00:00:52.819 --> 00:00:52.829 align:start position:0% time rolling around with lawyers this is 00:00:52.829 --> 00:00:55.729 align:start position:0% time rolling around with lawyers this is what<00:00:52.949> I've<00:00:53.039> learned<00:00:53.270> so<00:00:54.289> the<00:00:55.289> first<00:00:55.500> concept 00:00:55.729 --> 00:00:55.739 align:start position:0% what I've learned so the first concept 00:00:55.739 --> 00:00:58.549 align:start position:0% what I've learned so the first concept is<00:00:56.219> the<00:00:56.430> concept<00:00:56.789> of<00:00:56.879> a<00:00:56.940> fiat<00:00:57.300> asset<00:00:57.719> right<00:00:58.109> we 00:00:58.549 --> 00:00:58.559 align:start position:0% is the concept of a fiat asset right we 00:00:58.559 --> 00:01:00.349 align:start position:0% is the concept of a fiat asset right we have<00:00:58.649> a<00:00:58.680> nice<00:00:58.890> clean<00:00:59.309> compartment<00:00:59.910> for<00:01:00.059> crypto 00:01:00.349 --> 00:01:00.359 align:start position:0% have a nice clean compartment for crypto 00:01:00.359 --> 00:01:01.369 align:start position:0% have a nice clean compartment for crypto assets<00:01:00.719> we<00:01:00.840> all<00:01:00.899> kind<00:01:01.079> of<00:01:01.109> know<00:01:01.230> how<00:01:01.350> that 00:01:01.369 --> 00:01:01.379 align:start position:0% assets we all kind of know how that 00:01:01.379 --> 00:01:03.560 align:start position:0% assets we all kind of know how that works<00:01:01.710> we<00:01:02.460> know<00:01:02.670> that<00:01:02.969> you<00:01:03.059> know<00:01:03.149> possession 00:01:03.560 --> 00:01:03.570 align:start position:0% works we know that you know possession 00:01:03.570 --> 00:01:05.030 align:start position:0% works we know that you know possession of<00:01:03.690> the<00:01:03.750> keys<00:01:03.930> is<00:01:04.140> possession<00:01:04.439> of<00:01:04.650> the<00:01:04.739> asset 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and a nice way of thinking 00:01:11.010 --> 00:01:13.160 align:start position:0% governments and a nice way of thinking about<00:01:11.340> it<00:01:11.520> is<00:01:11.760> if<00:01:12.180> the<00:01:12.330> legal<00:01:12.659> status<00:01:12.900> of<00:01:13.110> the 00:01:13.160 --> 00:01:13.170 align:start position:0% about it is if the legal status of the 00:01:13.170 --> 00:01:14.750 align:start position:0% about it is if the legal status of the asset<00:01:13.560> changes<00:01:14.040> when<00:01:14.189> you<00:01:14.250> cross<00:01:14.460> a<00:01:14.490> border 00:01:14.750 --> 00:01:14.760 align:start position:0% asset changes when you cross a border 00:01:14.760 --> 00:01:18.109 align:start position:0% asset changes when you cross a border with<00:01:15.119> the<00:01:15.330> asset<00:01:15.689> it's<00:01:16.080> a<00:01:16.200> fear<00:01:16.439> asset<00:01:16.860> so<00:01:17.549> if<00:01:17.970> I 00:01:18.109 --> 00:01:18.119 align:start position:0% with the asset it's a fear asset so if I 00:01:18.119 --> 00:01:19.700 align:start position:0% with the asset it's a fear asset so if I take<00:01:18.270> my<00:01:18.330> wallet<00:01:18.630> out<00:01:18.869> and<00:01:18.930> I<00:01:19.140> put<00:01:19.320> it<00:01:19.439> on<00:01:19.560> the 00:01:19.700 --> 00:01:19.710 align:start position:0% take my wallet out and I put it on the 00:01:19.710 --> 00:01:21.830 align:start position:0% take my wallet out and I put it on the street<00:01:19.979> in<00:01:20.189> London<00:01:20.580> 20<00:01:21.210> minutes<00:01:21.479> later<00:01:21.630> my 00:01:21.830 --> 00:01:21.840 align:start position:0% street in London 20 minutes later my 00:01:21.840 --> 00:01:23.149 align:start position:0% street in London 20 minutes later my wall<00:01:21.990> is<00:01:22.170> gone<00:01:22.350> on<00:01:22.439> the<00:01:22.530> police<00:01:22.710> don't<00:01:22.890> want<00:01:23.070> to 00:01:23.149 --> 00:01:23.159 align:start position:0% wall is gone on the police don't want to 00:01:23.159 --> 00:01:24.980 align:start position:0% wall is gone on the police don't want to know<00:01:23.250> if<00:01:23.790> I<00:01:23.970> take<00:01:24.150> my<00:01:24.270> wallet<00:01:24.479> and<00:01:24.689> I<00:01:24.750> put<00:01:24.900> it 00:01:24.980 --> 00:01:24.990 align:start position:0% know if I take my wallet and I put it 00:01:24.990 --> 00:01:26.660 align:start position:0% know if I take my wallet and I put it out<00:01:25.049> on<00:01:25.229> the<00:01:25.320> street<00:01:25.530> in<00:01:25.619> Saudi<00:01:25.830> Arabia<00:01:25.950> I<00:01:26.490> come 00:01:26.660 --> 00:01:26.670 align:start position:0% out on the street in Saudi Arabia I come 00:01:26.670 --> 00:01:27.950 align:start position:0% out on the street in Saudi Arabia I come back<00:01:26.820> in<00:01:26.939> two<00:01:27.090> weeks<00:01:27.119> and<00:01:27.420> it's<00:01:27.540> surrounded<00:01:27.900> by 00:01:27.950 --> 00:01:27.960 align:start position:0% back in two weeks and it's surrounded by 00:01:27.960 --> 00:01:31.190 align:start position:0% back in two weeks and it's surrounded by traffic<00:01:28.350> cones<00:01:28.670> so<00:01:29.670> that<00:01:30.420> is<00:01:30.600> an<00:01:30.720> example<00:01:30.780> of<00:01:31.110> a 00:01:31.190 --> 00:01:31.200 align:start position:0% traffic cones so that is an example of a 00:01:31.200 --> 00:01:33.399 align:start position:0% traffic cones so that is an example of a fear<00:01:31.380> are<00:01:31.590> set<00:01:31.829> the<00:01:32.009> local<00:01:32.400> governance<00:01:32.880> regime 00:01:33.399 --> 00:01:33.409 align:start position:0% fear are set the local governance regime 00:01:33.409 --> 00:01:35.630 align:start position:0% fear are set the local governance regime directly<00:01:34.409> controls<00:01:34.799> how<00:01:34.979> the<00:01:35.009> asset<00:01:35.400> works 00:01:35.630 --> 00:01:35.640 align:start position:0% directly controls how the asset works 00:01:35.640 --> 00:01:39.020 align:start position:0% directly controls how the asset works right<00:01:36.600> the<00:01:36.840> asset<00:01:37.170> is<00:01:37.350> in<00:01:37.740> a<00:01:37.770> sense<00:01:38.100> produced 00:01:39.020 --> 00:01:39.030 align:start position:0% right the asset is in a sense produced 00:01:39.030 --> 00:01:40.760 align:start position:0% right the asset is in a sense produced by<00:01:39.329> the<00:01:39.390> governance<00:01:39.930> of<00:01:40.079> the<00:01:40.170> material<00:01:40.590> world 00:01:40.760 --> 00:01:40.770 align:start position:0% by the governance of the material world 00:01:40.770 --> 00:01:42.590 align:start position:0% by the governance of the material world that<00:01:41.280> the<00:01:41.369> nation-state<00:01:41.640> provides<00:01:42.180> and<00:01:42.450> this 00:01:42.590 --> 00:01:42.600 align:start position:0% that the nation-state provides and this 00:01:42.600 --> 00:01:45.530 align:start position:0% that the nation-state provides and this is<00:01:42.750> the<00:01:42.840> world<00:01:42.990> of<00:01:43.140> fear<00:01:43.409> now<00:01:44.340> fear<00:01:45.060> is<00:01:45.299> not 00:01:45.530 --> 00:01:45.540 align:start position:0% is the world of fear now fear is not 00:01:45.540 --> 00:01:48.469 align:start position:0% is the world of fear now fear is not just<00:01:45.840> fiat<00:01:46.110> currency<00:01:46.590> it's<00:01:47.159> houses<00:01:47.820> because 00:01:48.469 --> 00:01:48.479 align:start position:0% just fiat currency it's houses because 00:01:48.479 --> 00:01:49.969 align:start position:0% just fiat currency it's houses because there<00:01:48.630> are<00:01:48.720> national<00:01:48.960> properties<00:01:49.500> registers 00:01:49.969 --> 00:01:49.979 align:start position:0% there are national properties registers 00:01:49.979 --> 00:01:52.160 align:start position:0% there are national properties registers it's<00:01:50.430> cars<00:01:51.000> it's<00:01:51.509> anything<00:01:51.810> that<00:01:51.960> house 00:01:52.160 --> 00:01:52.170 align:start position:0% it's cars it's anything that house 00:01:52.170 --> 00:01:54.050 align:start position:0% it's cars it's anything that house regulation<00:01:52.799> attached<00:01:53.040> to<00:01:53.280> it<00:01:53.399> that's<00:01:53.909> the 00:01:54.050 --> 00:01:54.060 align:start position:0% regulation attached to it that's the 00:01:54.060 --> 00:01:56.630 align:start position:0% regulation attached to it that's the Fiat<00:01:54.329> world<00:01:54.509> so<00:01:55.229> the<00:01:55.320> question<00:01:55.680> is<00:01:55.829> how<00:01:56.399> do<00:01:56.460> we 00:01:56.630 --> 00:01:56.640 align:start position:0% Fiat world so the question is how do we 00:01:56.640 --> 00:02:01.130 align:start position:0% Fiat world so the question is how do we control<00:01:57.299> fear<00:01:58.259> assets<00:01:58.799> with<00:01:59.250> code<00:02:00.140> simple 00:02:01.130 --> 00:02:01.140 align:start position:0% control fear assets with code simple 00:02:01.140 --> 00:02:03.889 align:start position:0% control fear assets with code simple enough<00:02:01.290> so<00:02:01.820> I<00:02:02.820> want<00:02:03.420> to<00:02:03.479> put<00:02:03.600> this<00:02:03.659> in<00:02:03.840> the 00:02:03.889 --> 00:02:03.899 align:start position:0% enough so I want to put this in the 00:02:03.899 --> 00:02:06.319 align:start position:0% enough so I want to put this in the context<00:02:04.350> of<00:02:04.409> global<00:02:04.770> trained<00:02:05.130> right<00:02:05.610> right 00:02:06.319 --> 00:02:06.329 align:start position:0% context of global trained right right 00:02:06.329 --> 00:02:08.210 align:start position:0% context of global trained right right now<00:02:06.509> something<00:02:06.960> like<00:02:06.990> 50<00:02:07.469> percent<00:02:07.829> of<00:02:07.950> global 00:02:08.210 --> 00:02:08.220 align:start position:0% now something like 50 percent of global 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to<00:02:15.010> the<00:02:15.130> trade<00:02:15.370> in<00:02:15.490> computers<00:02:15.940> basically<00:02:16.660> to 00:02:17.040 --> 00:02:17.050 align:start position:0% to the trade in computers basically to 00:02:17.050 --> 00:02:18.930 align:start position:0% to the trade in computers basically to the<00:02:17.170> millimetre<00:02:17.620> so<00:02:18.160> that<00:02:18.280> nobody<00:02:18.640> gets<00:02:18.730> an 00:02:18.930 --> 00:02:18.940 align:start position:0% the millimetre so that nobody gets an 00:02:18.940 --> 00:02:20.490 align:start position:0% the millimetre so that nobody gets an advantage<00:02:19.060> in<00:02:19.570> trade<00:02:19.840> because<00:02:20.050> they've<00:02:20.320> got 00:02:20.490 --> 00:02:20.500 align:start position:0% advantage in trade because they've got 00:02:20.500 --> 00:02:22.080 align:start position:0% advantage in trade because they've got shorter<00:02:20.860> cable<00:02:21.130> and<00:02:21.760> they<00:02:21.850> can<00:02:22.000> make 00:02:22.080 --> 00:02:22.090 align:start position:0% shorter cable and they can make 00:02:22.090 --> 00:02:25.230 align:start position:0% shorter cable and they can make decisions<00:02:22.150> faster<00:02:23.490> we're<00:02:24.490> in<00:02:24.670> an<00:02:24.760> age<00:02:24.850> where 00:02:25.230 --> 00:02:25.240 align:start position:0% decisions faster we're in an age where 00:02:25.240 --> 00:02:27.060 align:start position:0% decisions faster we're in an age where nearly<00:02:25.480> all<00:02:25.600> of<00:02:25.870> our<00:02:26.020> really<00:02:26.380> big<00:02:26.680> global 00:02:27.060 --> 00:02:27.070 align:start position:0% nearly all of our really big global 00:02:27.070 --> 00:02:29.340 align:start position:0% nearly all of our really big global systems<00:02:27.490> are<00:02:27.790> directly<00:02:28.660> affected<00:02:28.810> by<00:02:29.230> the 00:02:29.340 --> 00:02:29.350 align:start position:0% systems are directly affected by the 00:02:29.350 --> 00:02:32.070 align:start position:0% systems are directly affected by the speed<00:02:29.680> of<00:02:29.710> light<00:02:29.800> delay<00:02:30.280> right<00:02:30.940> GPS<00:02:31.600> works<00:02:31.900> on 00:02:32.070 --> 00:02:32.080 align:start position:0% speed of light delay right GPS works on 00:02:32.080 --> 00:02:33.780 align:start position:0% speed of light delay right GPS works on the<00:02:32.140> speed<00:02:32.350> of<00:02:32.440> light<00:02:32.530> delay<00:02:32.770> each<00:02:33.250> ft<00:02:33.670> is 00:02:33.780 --> 00:02:33.790 align:start position:0% the speed of light delay each ft is 00:02:33.790 --> 00:02:35.300 align:start position:0% the speed of light delay each ft is optimized<00:02:34.240> for<00:02:34.390> speed<00:02:34.570> of<00:02:34.780> light<00:02:34.870> delay 00:02:35.300 --> 00:02:35.310 align:start position:0% optimized for speed of light delay 00:02:35.310 --> 00:02:37.410 align:start position:0% optimized for speed of light delay Google<00:02:36.310> spanner<00:02:36.640> gives<00:02:36.970> you<00:02:37.090> a<00:02:37.120> seven 00:02:37.410 --> 00:02:37.420 align:start position:0% Google spanner gives you a seven 00:02:37.420 --> 00:02:38.880 align:start position:0% Google spanner gives you a seven millisecond<00:02:38.080> window<00:02:38.320> in<00:02:38.650> which<00:02:38.770> a 00:02:38.880 --> 00:02:38.890 align:start position:0% millisecond window in which a 00:02:38.890 --> 00:02:40.650 align:start position:0% millisecond window in which a transaction<00:02:39.430> could<00:02:39.550> have<00:02:39.640> happened<00:02:40.030> so<00:02:40.570> they 00:02:40.650 --> 00:02:40.660 align:start position:0% transaction could have happened so they 00:02:40.660 --> 00:02:41.850 align:start position:0% transaction could have happened so they just<00:02:40.810> put<00:02:40.960> a<00:02:40.990> little<00:02:41.140> delay<00:02:41.440> and<00:02:41.590> that's<00:02:41.710> where 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we've got blockchain which<00:02:46.420> solves<00:02:47.200> the<00:02:47.350> light<00:02:47.500> speed<00:02:47.800> delay 00:02:48.060 --> 00:02:48.070 align:start position:0% which solves the light speed delay 00:02:48.070 --> 00:02:49.170 align:start position:0% which solves the light speed delay problem<00:02:48.310> which<00:02:48.640> prevents<00:02:49.030> us<00:02:49.120> from 00:02:49.170 --> 00:02:49.180 align:start position:0% problem which prevents us from 00:02:49.180 --> 00:02:52.740 align:start position:0% problem which prevents us from synchronizing<00:02:49.930> the<00:02:50.020> computers<00:02:50.440> with<00:02:51.330> batch<00:02:52.330> a 00:02:52.740 --> 00:02:52.750 align:start position:0% synchronizing the computers with batch a 00:02:52.750 --> 00:02:54.840 align:start position:0% synchronizing the computers with batch a block<00:02:53.140> right<00:02:53.680> ten<00:02:54.100> minutes<00:02:54.400> for<00:02:54.490> Bitcoin 00:02:54.840 --> 00:02:54.850 align:start position:0% block right ten minutes for Bitcoin 00:02:54.850 --> 00:02:56.880 align:start position:0% block right ten minutes for Bitcoin fifteen<00:02:55.270> seconds<00:02:55.660> for<00:02:55.840> theorem<00:02:56.200> that's<00:02:56.650> there 00:02:56.880 --> 00:02:56.890 align:start position:0% fifteen seconds for theorem that's there 00:02:56.890 --> 00:02:58.950 align:start position:0% fifteen seconds for theorem that's there to<00:02:57.040> manage<00:02:57.220> the<00:02:57.490> speed<00:02:57.730> of<00:02:57.820> light<00:02:57.940> delay<00:02:58.210> so<00:02:58.840> my 00:02:58.950 --> 00:02:58.960 align:start position:0% to manage the speed of light delay so my 00:02:58.960 --> 00:03:00.600 align:start position:0% to manage the speed of light delay so my contention<00:02:59.350> is<00:02:59.590> the<00:02:59.740> global<00:03:00.100> trade<00:03:00.340> is<00:03:00.490> either 00:03:00.600 --> 00:03:00.610 align:start position:0% contention is the global trade is either 00:03:00.610 --> 00:03:02.430 align:start position:0% contention is the global trade is either going<00:03:00.820> to<00:03:00.940> be<00:03:01.030> completely<00:03:01.390> centralized<00:03:02.080> or 00:03:02.430 --> 00:03:02.440 align:start position:0% going to be completely centralized or 00:03:02.440 --> 00:03:04.080 align:start position:0% going to be completely centralized or you're<00:03:03.160> going<00:03:03.370> to<00:03:03.430> have<00:03:03.520> to<00:03:03.640> synchronize 00:03:04.080 --> 00:03:04.090 align:start position:0% you're going to have to synchronize 00:03:04.090 --> 00:03:05.880 align:start position:0% you're going to have to synchronize computers<00:03:04.600> internationally<00:03:05.230> to<00:03:05.500> conduct 00:03:05.880 --> 00:03:05.890 align:start position:0% computers internationally to conduct 00:03:05.890 --> 00:03:07.920 align:start position:0% computers internationally to conduct global<00:03:06.310> trade<00:03:06.580> and<00:03:06.820> for<00:03:07.420> that<00:03:07.510> it's<00:03:07.750> either 00:03:07.920 --> 00:03:07.930 align:start position:0% global trade and for that it's either 00:03:07.930 --> 00:03:09.090 align:start position:0% global trade and for that it's either going<00:03:08.080> to<00:03:08.170> be<00:03:08.260> a<00:03:08.320> blockchain<00:03:08.560> or<00:03:08.830> something 00:03:09.090 --> 00:03:09.100 align:start position:0% going to be a blockchain or something 00:03:09.100 --> 00:03:11.400 align:start position:0% going to be a blockchain or something equivalent<00:03:09.220> so<00:03:10.210> I'm<00:03:10.330> completely<00:03:10.810> convinced 00:03:11.400 --> 00:03:11.410 align:start position:0% equivalent so I'm completely convinced 00:03:11.410 --> 00:03:13.440 align:start position:0% equivalent so I'm completely convinced that<00:03:11.470> the<00:03:11.650> synchronization<00:03:12.400> of<00:03:12.610> the<00:03:12.970> world's 00:03:13.440 --> 00:03:13.450 align:start position:0% that the synchronization of the world's 00:03:13.450 --> 00:03:16.110 align:start position:0% that the synchronization of the world's computers<00:03:13.930> for<00:03:14.650> all<00:03:14.920> purposes<00:03:15.310> of<00:03:15.760> global 00:03:16.110 --> 00:03:16.120 align:start position:0% computers for all purposes of global 00:03:16.120 --> 00:03:17.730 align:start position:0% computers for all purposes of global trade<00:03:16.360> is<00:03:16.690> going<00:03:17.110> to<00:03:17.260> wind<00:03:17.410> up<00:03:17.530> on<00:03:17.680> a 00:03:17.730 --> 00:03:17.740 align:start position:0% trade is going to wind up on a 00:03:17.740 --> 00:03:18.990 align:start position:0% trade is going to wind up on a blockchain<00:03:18.010> or<00:03:18.280> close<00:03:18.550> to<00:03:18.580> equivalent 00:03:18.990 --> 00:03:19.000 align:start position:0% blockchain or close to equivalent 00:03:19.000 --> 00:03:21.210 align:start position:0% blockchain or close to equivalent technology<00:03:19.540> this<00:03:20.320> is<00:03:20.500> the<00:03:20.620> big<00:03:20.770> game<00:03:20.950> right 00:03:21.210 --> 00:03:21.220 align:start position:0% technology this is the big game right 00:03:21.220 --> 00:03:23.310 align:start position:0% technology this is the big game right this<00:03:21.700> is<00:03:21.820> what<00:03:21.970> we're<00:03:22.090> chasing<00:03:22.450> and<00:03:22.630> in<00:03:23.080> that 00:03:23.310 --> 00:03:23.320 align:start position:0% this is what we're chasing and in that 00:03:23.320 --> 00:03:24.810 align:start position:0% this is what we're chasing and in that process<00:03:23.590> we<00:03:24.040> can<00:03:24.190> either<00:03:24.280> wind<00:03:24.550> up<00:03:24.640> with<00:03:24.760> a 00:03:24.810 --> 00:03:24.820 align:start position:0% process we can either wind up with a 00:03:24.820 --> 00:03:26.700 align:start position:0% process we can either wind up with a better<00:03:25.000> world<00:03:25.330> because<00:03:26.080> that<00:03:26.110> same<00:03:26.470> system 00:03:26.700 --> 00:03:26.710 align:start position:0% better world because that same system 00:03:26.710 --> 00:03:29.940 align:start position:0% better world because that same system cups<00:03:27.100> trucks<00:03:27.670> carbon<00:03:28.300> trucks<00:03:28.870> slavery<00:03:29.470> trucks 00:03:29.940 --> 00:03:29.950 align:start position:0% cups trucks carbon trucks slavery trucks 00:03:29.950 --> 00:03:32.310 align:start position:0% cups trucks carbon trucks slavery trucks environmental<00:03:30.550> pollution<00:03:30.820> trucks<00:03:31.810> political 00:03:32.310 --> 00:03:32.320 align:start position:0% environmental pollution trucks political 00:03:32.320 --> 00:03:33.690 align:start position:0% environmental pollution trucks political oppression<00:03:32.590> in<00:03:32.860> the<00:03:32.890> regimes<00:03:33.220> in<00:03:33.370> which<00:03:33.490> these 00:03:33.690 --> 00:03:33.700 align:start position:0% oppression in the regimes in which these 00:03:33.700 --> 00:03:35.610 align:start position:0% oppression in the regimes in which these things<00:03:33.910> were<00:03:34.030> produced<00:03:34.420> or<00:03:34.690> we<00:03:35.350> can<00:03:35.470> have<00:03:35.560> a 00:03:35.610 --> 00:03:35.620 align:start position:0% things were produced or we can have a 00:03:35.620 --> 00:03:37.050 align:start position:0% things were produced or we can have a global<00:03:35.920> system<00:03:36.070> that<00:03:36.250> watches<00:03:36.640> all<00:03:36.760> hands 00:03:37.050 --> 00:03:37.060 align:start position:0% global system that watches all hands 00:03:37.060 --> 00:03:39.180 align:start position:0% global system that watches all hands anonymizes<00:03:37.990> all<00:03:38.110> payments<00:03:38.560> and<00:03:38.770> gives<00:03:39.070> you 00:03:39.180 --> 00:03:39.190 align:start position:0% anonymizes all payments and gives you 00:03:39.190 --> 00:03:40.350 align:start position:0% anonymizes all payments and gives you with<00:03:39.310> no<00:03:39.430> record<00:03:39.820> leaves<00:03:40.060> use<00:03:40.180> no 00:03:40.350 --> 00:03:40.360 align:start position:0% with no record leaves use no 00:03:40.360 --> 00:03:42.930 align:start position:0% with no record leaves use no record-keeping<00:03:40.990> so<00:03:41.500> how<00:03:42.070> we<00:03:42.130> implement<00:03:42.790> this 00:03:42.930 --> 00:03:42.940 align:start position:0% record-keeping so how we implement this 00:03:42.940 --> 00:03:45.060 align:start position:0% record-keeping so how we implement this transition<00:03:43.450> from<00:03:43.570> paper-based<00:03:44.080> trade<00:03:44.500> to 00:03:45.060 --> 00:03:45.070 align:start position:0% transition from paper-based trade to 00:03:45.070 --> 00:03:47.340 align:start position:0% transition from paper-based trade to computer-based<00:03:45.610> trade<00:03:46.150> is<00:03:46.420> hugely<00:03:47.050> going<00:03:47.290> to 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us participating in and it's 00:03:52.840 --> 00:03:55.670 align:start position:0% it's worth us participating in and it's a<00:03:52.930> fight<00:03:53.110> that<00:03:53.140> it's<00:03:53.410> important<00:03:53.740> that<00:03:53.770> we<00:03:53.950> win 00:03:55.670 --> 00:03:55.680 align:start position:0% a fight that it's important that we win 00:03:55.680 --> 00:03:58.380 align:start position:0% a fight that it's important that we win the<00:03:56.680> balance<00:03:57.010> of<00:03:57.160> power<00:03:57.340> that<00:03:57.430> shapes<00:03:57.910> global 00:03:58.380 --> 00:03:58.390 align:start position:0% the balance of power that shapes global 00:03:58.390 --> 00:04:00.690 align:start position:0% the balance of power that shapes global trade<00:03:58.660> is<00:03:58.900> a<00:03:58.930> complex<00:03:59.290> adaptive<00:03:59.560> system<00:04:00.160> it's 00:04:00.690 --> 00:04:00.700 align:start position:0% trade is a complex adaptive system it's 00:04:00.700 --> 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people<00:04:08.620> part<00:04:08.920> of<00:04:09.070> that<00:04:09.250> group<00:04:09.459> right<00:04:10.000> we're 00:04:10.440 --> 00:04:10.450 align:start position:0% people part of that group right we're 00:04:10.450 --> 00:04:12.180 align:start position:0% people part of that group right we're not<00:04:10.630> on<00:04:10.750> a<00:04:10.780> single<00:04:11.080> norm<00:04:11.350> normos<00:04:11.860> global 00:04:12.180 --> 00:04:12.190 align:start position:0% not on a single norm normos global 00:04:12.190 --> 00:04:14.699 align:start position:0% not on a single norm normos global faceless<00:04:12.520> corporation<00:04:13.060> run<00:04:13.300> by<00:04:13.330> one<00:04:14.170> massive 00:04:14.699 --> 00:04:14.709 align:start position:0% faceless corporation run by one massive 00:04:14.709 --> 00:04:17.370 align:start position:0% faceless corporation run by one massive shareholder<00:04:15.400> right<00:04:16.030> we<00:04:16.450> are<00:04:16.570> actually<00:04:16.750> at 00:04:17.370 --> 00:04:17.380 align:start position:0% shareholder right we are actually at 00:04:17.380 --> 00:04:20.490 align:start position:0% shareholder right we are actually at assemblage<00:04:18.040> of<00:04:18.220> the<00:04:18.549> people<00:04:18.850> so<00:04:19.510> our<00:04:19.900> position 00:04:20.490 --> 00:04:20.500 align:start position:0% assemblage of the people so our position 00:04:20.500 --> 00:04:22.500 align:start position:0% assemblage of the people so our position in<00:04:20.650> this<00:04:20.890> is<00:04:21.130> that<00:04:21.669> we<00:04:21.820> the<00:04:21.850> people<00:04:22.000> would<00:04:22.390> have 00:04:22.500 --> 00:04:22.510 align:start position:0% in this is that we the people would have 00:04:22.510 --> 00:04:24.960 align:start position:0% in this is that we the people would have to<00:04:22.690> represent<00:04:23.140> a<00:04:23.470> better<00:04:23.800> future<00:04:24.160> by 00:04:24.960 --> 00:04:24.970 align:start position:0% to represent a better future by 00:04:24.970 --> 00:04:26.110 align:start position:0% to represent a better future by implementing<00:04:25.419> ascetic 00:04:26.110 --> 00:04:26.120 align:start position:0% implementing ascetic 00:04:26.120 --> 00:04:28.060 align:start position:0% implementing ascetic that<00:04:26.510> gives<00:04:26.690> access<00:04:26.930> to<00:04:27.169> a<00:04:27.320> better<00:04:27.470> world<00:04:27.770> and 00:04:28.060 --> 00:04:28.070 align:start position:0% that gives access to a better world and 00:04:28.070 --> 00:04:29.860 align:start position:0% that gives access to a better world and the<00:04:28.520> economically<00:04:29.180> out-compete<00:04:29.600> the 00:04:29.860 --> 00:04:29.870 align:start position:0% the economically out-compete the 00:04:29.870 --> 00:04:33.010 align:start position:0% the economically out-compete the competitors<00:04:30.470> for<00:04:30.500> that<00:04:30.770> rule<00:04:31.010> right<00:04:31.540> I<00:04:32.540> mean 00:04:33.010 --> 00:04:33.020 align:start position:0% competitors for that rule right I mean 00:04:33.020 --> 00:04:34.510 align:start position:0% competitors for that rule right I mean one<00:04:33.229> way<00:04:33.380> that<00:04:33.500> I<00:04:33.560> talk<00:04:33.680> about<00:04:33.740> this<00:04:34.040> is<00:04:34.190> Star 00:04:34.510 --> 00:04:34.520 align:start position:0% one way that I talk about this is Star 00:04:34.520 --> 00:04:36.370 align:start position:0% one way that I talk about this is Star Trek<00:04:34.550> loyalists<00:04:35.389> or<00:04:35.510> cultural<00:04:35.930> oil<00:04:36.110> lists 00:04:36.370 --> 00:04:36.380 align:start position:0% Trek loyalists or cultural oil lists 00:04:36.380 --> 00:04:37.600 align:start position:0% Trek loyalists or cultural oil lists we're<00:04:36.800> kind<00:04:37.010> of<00:04:37.070> the<00:04:37.190> science-fiction 00:04:37.600 --> 00:04:37.610 align:start position:0% we're kind of the science-fiction 00:04:37.610 --> 00:04:39.670 align:start position:0% we're kind of the science-fiction faction<00:04:38.540> that<00:04:38.720> are<00:04:39.050> trying<00:04:39.260> to<00:04:39.350> get<00:04:39.500> to<00:04:39.620> a 00:04:39.670 --> 00:04:39.680 align:start position:0% faction that are trying to get to a 00:04:39.680 --> 00:04:41.740 align:start position:0% faction that are trying to get to a preferable<00:04:40.130> future<00:04:40.520> and<00:04:40.880> to<00:04:41.270> get<00:04:41.419> there<00:04:41.600> we 00:04:41.740 --> 00:04:41.750 align:start position:0% preferable future and to get there we 00:04:41.750 --> 00:04:43.030 align:start position:0% preferable future and to get there we have<00:04:41.780> to<00:04:41.930> out-compete<00:04:42.320> the<00:04:42.620> state<00:04:42.830> and<00:04:42.979> the 00:04:43.030 --> 00:04:43.040 align:start position:0% have to out-compete the state and the 00:04:43.040 --> 00:04:45.219 align:start position:0% have to out-compete the state and the corporations<00:04:43.610> to<00:04:43.790> arrive<00:04:44.000> there<00:04:44.240> right 00:04:45.219 --> 00:04:45.229 align:start position:0% corporations to arrive there right 00:04:45.229 --> 00:04:47.290 align:start position:0% corporations to arrive there right this<00:04:45.380> stuff<00:04:45.590> is<00:04:45.710> all<00:04:45.889> extremely<00:04:46.310> political<00:04:46.910> we 00:04:47.290 --> 00:04:47.300 align:start position:0% this stuff is all extremely political we 00:04:47.300 --> 00:04:48.909 align:start position:0% this stuff is all extremely political we are<00:04:47.389> not<00:04:47.540> less<00:04:47.810> political<00:04:48.410> than<00:04:48.440> the<00:04:48.650> Bitcoin 00:04:48.909 --> 00:04:48.919 align:start position:0% are not less political than the Bitcoin 00:04:48.919 --> 00:04:50.320 align:start position:0% are not less political than the Bitcoin community<00:04:49.100> we're<00:04:49.580> just<00:04:49.729> a<00:04:49.760> little<00:04:49.970> slower<00:04:50.150> to 00:04:50.320 --> 00:04:50.330 align:start position:0% community we're just a little slower to 00:04:50.330 --> 00:04:52.330 align:start position:0% community we're just a little slower to figure<00:04:50.540> out<00:04:50.660> what<00:04:50.780> our<00:04:50.810> values<00:04:51.229> are<00:04:51.380> but<00:04:52.040> it's 00:04:52.330 --> 00:04:52.340 align:start position:0% figure out what our values are but it's 00:04:52.340 --> 00:04:54.460 align:start position:0% figure out what our values are but it's the<00:04:52.520> same<00:04:52.760> game<00:04:53.090> it's<00:04:53.750> just<00:04:53.990> we're<00:04:54.199> going 00:04:54.460 --> 00:04:54.470 align:start position:0% the same game it's just we're going 00:04:54.470 --> 00:04:56.530 align:start position:0% the same game it's just we're going after<00:04:54.590> a<00:04:54.800> much<00:04:55.100> much<00:04:55.430> wider<00:04:55.850> spectrum<00:04:56.210> of 00:04:56.530 --> 00:04:56.540 align:start position:0% after a much much wider spectrum of 00:04:56.540 --> 00:04:58.420 align:start position:0% after a much much wider spectrum of activities<00:04:57.020> than<00:04:57.650> just<00:04:58.010> competing<00:04:58.400> with 00:04:58.420 --> 00:04:58.430 align:start position:0% activities than just competing with 00:04:58.430 --> 00:05:00.250 align:start position:0% activities than just competing with states<00:04:58.729> to<00:04:58.850> issue<00:04:58.940> currency<00:04:59.330> it's<00:04:59.960> a<00:05:00.050> much 00:05:00.250 --> 00:05:00.260 align:start position:0% states to issue currency it's a much 00:05:00.260 --> 00:05:04.240 align:start position:0% states to issue currency it's a much broader<00:05:00.560> perspective<00:05:01.630> so<00:05:02.770> this<00:05:03.770> is<00:05:03.979> our<00:05:04.100> issue 00:05:04.240 --> 00:05:04.250 align:start position:0% broader perspective so this is our issue 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we can use smart contracts to control fear<00:05:11.180> assets<00:05:11.630> until<00:05:12.410> we<00:05:12.590> solve<00:05:12.889> this<00:05:13.160> problem 00:05:13.290 --> 00:05:13.300 align:start position:0% fear assets until we solve this problem 00:05:13.300 --> 00:05:16.659 align:start position:0% fear assets until we solve this problem we<00:05:14.300> are<00:05:14.419> not<00:05:14.720> fully<00:05:15.139> empowered<00:05:15.500> right<00:05:16.280> we 00:05:16.659 --> 00:05:16.669 align:start position:0% we are not fully empowered right we 00:05:16.669 --> 00:05:18.909 align:start position:0% we are not fully empowered right we can't<00:05:16.940> get<00:05:17.270> hold<00:05:17.539> of<00:05:17.780> the<00:05:17.930> future<00:05:18.050> and<00:05:18.470> shape 00:05:18.909 --> 00:05:18.919 align:start position:0% can't get hold of the future and shape 00:05:18.919 --> 00:05:20.740 align:start position:0% can't get hold of the future and shape the<00:05:19.100> future<00:05:19.130> because<00:05:20.030> as<00:05:20.180> soon<00:05:20.330> as<00:05:20.449> we<00:05:20.570> get 00:05:20.740 --> 00:05:20.750 align:start position:0% the future because as soon as we get 00:05:20.750 --> 00:05:22.600 align:start position:0% the future because as soon as we get outside<00:05:21.260> of<00:05:21.320> the<00:05:21.530> world<00:05:21.680> the<00:05:21.830> smart<00:05:22.070> contracts 00:05:22.600 --> 00:05:22.610 align:start position:0% outside of the world the smart contracts 00:05:22.610 --> 00:05:24.340 align:start position:0% outside of the world the smart contracts outside<00:05:22.910> the<00:05:23.000> world's<00:05:23.270> crypto<00:05:23.570> assets<00:05:23.900> return 00:05:24.340 --> 00:05:24.350 align:start position:0% outside the world's crypto assets return 00:05:24.350 --> 00:05:26.110 align:start position:0% outside the world's crypto assets return we<00:05:24.530> powerless<00:05:24.979> the<00:05:25.190> magic<00:05:25.520> stops<00:05:25.729> working 00:05:26.110 --> 00:05:26.120 align:start position:0% we powerless the magic stops working 00:05:26.120 --> 00:05:28.060 align:start position:0% we powerless the magic stops working we<00:05:26.510> have<00:05:26.660> threshold<00:05:27.199> we<00:05:27.289> can't<00:05:27.500> get<00:05:27.650> past<00:05:27.800> it 00:05:28.060 --> 00:05:28.070 align:start position:0% we have threshold we can't get past it 00:05:28.070 --> 00:05:30.550 align:start position:0% we have threshold we can't get past it so<00:05:28.639> I'm<00:05:29.240> going<00:05:29.419> to<00:05:29.479> tell<00:05:29.600> you<00:05:29.720> is<00:05:29.900> I've<00:05:30.229> reached 00:05:30.550 --> 00:05:30.560 align:start position:0% so I'm going to tell you is I've reached 00:05:30.560 --> 00:05:32.320 align:start position:0% so I'm going to tell you is I've reached that<00:05:30.740> threshold<00:05:30.889> but<00:05:31.610> the<00:05:31.669> solution<00:05:32.030> is<00:05:32.090> kind 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to<00:05:38.240> hate 00:05:38.379 --> 00:05:38.389 align:start position:0% contracts some of you are going to hate 00:05:38.389 --> 00:05:39.940 align:start position:0% contracts some of you are going to hate what<00:05:38.630> I<00:05:38.660> have<00:05:38.840> to<00:05:38.990> say<00:05:39.139> some<00:05:39.500> of<00:05:39.530> you<00:05:39.710> are<00:05:39.800> gonna 00:05:39.940 --> 00:05:39.950 align:start position:0% what I have to say some of you are gonna 00:05:39.950 --> 00:05:41.920 align:start position:0% what I have to say some of you are gonna love<00:05:40.130> it<00:05:40.310> please<00:05:40.880> if<00:05:41.210> you<00:05:41.300> find<00:05:41.510> a<00:05:41.599> better<00:05:41.780> way 00:05:41.920 --> 00:05:41.930 align:start position:0% love it please if you find a better way 00:05:41.930 --> 00:05:44.529 align:start position:0% love it please if you find a better way of<00:05:41.960> doing<00:05:42.110> it<00:05:42.320> let<00:05:42.470> me<00:05:42.500> know<00:05:42.620> but<00:05:43.520> let's<00:05:44.180> go 00:05:44.529 --> 00:05:44.539 align:start position:0% of doing it let me know but let's go 00:05:44.539 --> 00:05:47.620 align:start position:0% of doing it let me know but let's go so<00:05:45.460> especially<00:05:46.460> trillion<00:05:46.940> of<00:05:47.030> assets<00:05:47.180> year 00:05:47.620 --> 00:05:47.630 align:start position:0% so especially trillion of assets year 00:05:47.630 --> 00:05:48.909 align:start position:0% so especially trillion of assets year I've<00:05:47.810> already<00:05:48.050> talked<00:05:48.289> about<00:05:48.380> the<00:05:48.590> size<00:05:48.800> of 00:05:48.909 --> 00:05:48.919 align:start position:0% I've already talked about the size of 00:05:48.919 --> 00:05:51.580 align:start position:0% I've already talked about the size of this<00:05:49.039> it's<00:05:49.280> worth<00:05:49.430> noting<00:05:50.020> BSE<00:05:51.020> on<00:05:51.169> credit 00:05:51.580 --> 00:05:51.590 align:start position:0% this it's worth noting BSE on credit 00:05:51.590 --> 00:05:53.379 align:start position:0% this it's worth noting BSE on credit cards<00:05:51.950> gave<00:05:52.340> us<00:05:52.490> three<00:05:52.789> of<00:05:52.880> the<00:05:52.970> world's<00:05:53.210> five 00:05:53.379 --> 00:05:53.389 align:start position:0% cards gave us three of the world's five 00:05:53.389 --> 00:05:56.100 align:start position:0% cards gave us three of the world's five biggest<00:05:53.660> companies<00:05:54.169> right<00:05:54.860> b2b<00:05:55.760> is 00:05:56.100 --> 00:05:56.110 align:start position:0% biggest companies right b2b is 00:05:56.110 --> 00:05:58.750 align:start position:0% biggest companies right b2b is conservatively<00:05:57.110> twenty<00:05:57.710> times<00:05:57.979> the<00:05:58.250> size<00:05:58.460> of 00:05:58.750 --> 00:05:58.760 align:start position:0% conservatively twenty times the size of 00:05:58.760 --> 00:06:01.540 align:start position:0% conservatively twenty times the size of the<00:05:59.180> entire<00:05:59.539> BS<00:06:00.349> e-commerce<00:06:00.949> market 00:06:01.540 --> 00:06:01.550 align:start position:0% the entire BS e-commerce market 00:06:01.550 --> 00:06:05.020 align:start position:0% the entire BS e-commerce market it's<00:06:01.789> a<00:06:01.910> vast<00:06:02.360> pool<00:06:02.780> of<00:06:02.840> transactions<00:06:03.590> if<00:06:04.580> we 00:06:05.020 --> 00:06:05.030 align:start position:0% it's a vast pool of transactions if we 00:06:05.030 --> 00:06:06.700 align:start position:0% it's a vast pool of transactions if we could<00:06:05.180> figure<00:06:05.479> out<00:06:05.599> how<00:06:05.750> to<00:06:06.020> get<00:06:06.320> into<00:06:06.530> that 00:06:06.700 --> 00:06:06.710 align:start position:0% could figure out how to get into that 00:06:06.710 --> 00:06:09.730 align:start position:0% could figure out how to get into that market<00:06:07.240> it's<00:06:08.240> a<00:06:08.419> very<00:06:08.720> very<00:06:08.990> big<00:06:09.199> game<00:06:09.380> right 00:06:09.730 --> 00:06:09.740 align:start position:0% market it's a very very big game right 00:06:09.740 --> 00:06:11.920 align:start position:0% market it's a very very big game right the<00:06:10.070> entire<00:06:10.160> e-commerce<00:06:10.880> game<00:06:11.120> is<00:06:11.270> about<00:06:11.479> two 00:06:11.920 --> 00:06:11.930 align:start position:0% the entire e-commerce game is about two 00:06:11.930 --> 00:06:13.480 align:start position:0% the entire e-commerce game is about two and<00:06:11.990> a<00:06:12.050> half<00:06:12.169> billion<00:06:12.650> dollar<00:06:12.979> a<00:06:13.099> trillion 00:06:13.480 --> 00:06:13.490 align:start position:0% and a half billion dollar a trillion 00:06:13.490 --> 00:06:15.550 align:start position:0% and a half billion dollar a trillion dollars<00:06:13.699> of<00:06:13.820> transactions<00:06:14.330> a<00:06:14.419> year<00:06:14.500> there's<00:06:15.500> a 00:06:15.550 --> 00:06:15.560 align:start position:0% dollars of transactions a year there's a 00:06:15.560 --> 00:06:17.710 align:start position:0% dollars of transactions a year there's a vast<00:06:15.979> space<00:06:16.430> next<00:06:16.729> door<00:06:16.849> which<00:06:17.180> is<00:06:17.210> completely 00:06:17.710 --> 00:06:17.720 align:start position:0% vast space next door which is completely 00:06:17.720 --> 00:06:19.779 align:start position:0% vast space next door which is completely underserved<00:06:18.320> because<00:06:18.919> credit<00:06:19.250> cards<00:06:19.580> are<00:06:19.669> no 00:06:19.779 --> 00:06:19.789 align:start position:0% underserved because credit cards are no 00:06:19.789 --> 00:06:22.480 align:start position:0% underserved because credit cards are no good<00:06:20.000> for<00:06:20.120> v8v<00:06:20.360> payments<00:06:20.870> this<00:06:21.440> is<00:06:21.650> all<00:06:21.949> of<00:06:22.250> the 00:06:22.480 --> 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figure out 00:06:30.080 --> 00:06:32.080 align:start position:0% and bills of lading if we can figure out how<00:06:30.199> to<00:06:30.229> get<00:06:30.440> into<00:06:30.590> this<00:06:30.860> game<00:06:31.039> we<00:06:31.729> become<00:06:32.060> a 00:06:32.080 --> 00:06:32.090 align:start position:0% how to get into this game we become a 00:06:32.090 --> 00:06:33.760 align:start position:0% how to get into this game we become a global<00:06:32.449> economic<00:06:32.599> superpower<00:06:33.380> and<00:06:33.590> our 00:06:33.760 --> 00:06:33.770 align:start position:0% global economic superpower and our 00:06:33.770 --> 00:06:36.070 align:start position:0% global economic superpower and our values<00:06:34.190> become<00:06:34.520> amplified<00:06:34.700> if<00:06:35.419> we<00:06:35.570> can't<00:06:35.870> get 00:06:36.070 --> 00:06:36.080 align:start position:0% values become amplified if we can't get 00:06:36.080 --> 00:06:37.810 align:start position:0% values become amplified if we can't get into<00:06:36.169> this<00:06:36.380> game<00:06:36.590> we<00:06:37.130> remain<00:06:37.400> relatively 00:06:37.810 --> 00:06:37.820 align:start position:0% into this game we remain relatively 00:06:37.820 --> 00:06:38.580 align:start position:0% into this game we remain relatively marginal 00:06:38.580 --> 00:06:38.590 align:start position:0% marginal 00:06:38.590 --> 00:06:40.500 align:start position:0% marginal this<00:06:39.070> environment<00:06:39.520> which<00:06:39.850> is<00:06:39.970> increasingly 00:06:40.500 --> 00:06:40.510 align:start position:0% this environment which is increasingly 00:06:40.510 --> 00:06:42.330 align:start position:0% this environment which is increasingly going<00:06:40.810> to<00:06:40.870> be<00:06:40.990> regulated<00:06:41.320> by<00:06:42.010> people<00:06:42.310> that 00:06:42.330 --> 00:06:42.340 align:start position:0% going to be regulated by people that 00:06:42.340 --> 00:06:44.850 align:start position:0% going to be regulated by people that don't<00:06:42.430> like<00:06:42.730> our<00:06:42.880> values<00:06:43.240> right<00:06:44.200> we<00:06:44.410> have<00:06:44.650> to 00:06:44.850 --> 00:06:44.860 align:start position:0% don't like our values right we have to 00:06:44.860 --> 00:06:47.640 align:start position:0% don't like our values right we have to move<00:06:44.950> into<00:06:45.130> the<00:06:45.280> real<00:06:45.400> world<00:06:45.630> so<00:06:46.630> the<00:06:47.440> first 00:06:47.640 --> 00:06:47.650 align:start position:0% move into the real world so the first 00:06:47.650 --> 00:06:49.020 align:start position:0% move into the real world so the first thing<00:06:47.860> that<00:06:47.980> we<00:06:48.070> need<00:06:48.190> to<00:06:48.280> be<00:06:48.370> able<00:06:48.460> to<00:06:48.610> do<00:06:48.730> is 00:06:49.020 --> 00:06:49.030 align:start position:0% thing that we need to be able to do is 00:06:49.030 --> 00:06:51.000 align:start position:0% thing that we need to be able to do is we<00:06:49.420> need<00:06:49.540> to<00:06:49.660> be<00:06:49.720> able<00:06:49.780> to<00:06:49.960> identify<00:06:50.710> real 00:06:51.000 --> 00:06:51.010 align:start position:0% we need to be able to identify real 00:06:51.010 --> 00:06:52.860 align:start position:0% we need to be able to identify real world<00:06:51.340> assets<00:06:51.760> in<00:06:52.210> a<00:06:52.360> way<00:06:52.450> that's<00:06:52.660> unique 00:06:52.860 --> 00:06:52.870 align:start position:0% world assets in a way that's unique 00:06:52.870 --> 00:06:54.570 align:start position:0% world assets in a way that's unique enough<00:06:53.320> to<00:06:53.500> get<00:06:53.680> control<00:06:54.010> of<00:06:54.220> them 00:06:54.570 --> 00:06:54.580 align:start position:0% enough to get control of them 00:06:54.580 --> 00:06:56.670 align:start position:0% enough to get control of them we<00:06:55.060> need<00:06:55.210> the<00:06:55.300> equivalent<00:06:55.540> of<00:06:55.840> IP<00:06:55.990> addresses 00:06:56.670 --> 00:06:56.680 align:start position:0% we need the equivalent of IP addresses 00:06:56.680 --> 00:07:00.150 align:start position:0% we need the equivalent of IP addresses we<00:06:57.190> need<00:06:57.310> the<00:06:57.430> equivalent<00:06:57.700> of<00:06:58.110> DNS<00:06:59.110> we<00:06:59.890> need<00:07:00.040> to 00:07:00.150 --> 00:07:00.160 align:start position:0% we need the equivalent of DNS we need to 00:07:00.160 --> 00:07:01.980 align:start position:0% we need the equivalent of DNS we need to probe<00:07:00.340> one-off<00:07:00.760> cryptographic<00:07:01.180> hashes<00:07:01.870> and 00:07:01.980 --> 00:07:01.990 align:start position:0% probe one-off cryptographic hashes and 00:07:01.990 --> 00:07:03.780 align:start position:0% probe one-off cryptographic hashes and the<00:07:02.470> world<00:07:02.620> is<00:07:02.800> already<00:07:03.100> filmed<00:07:03.550> with<00:07:03.670> our 00:07:03.780 --> 00:07:03.790 align:start position:0% the world is already filmed with our 00:07:03.790 --> 00:07:05.610 align:start position:0% the world is already filmed with our sets<00:07:04.030> that<00:07:04.210> have<00:07:04.360> these<00:07:04.600> numbers<00:07:05.020> and<00:07:05.290> there 00:07:05.610 --> 00:07:05.620 align:start position:0% sets that have these numbers and there 00:07:05.620 --> 00:07:07.050 align:start position:0% sets that have these numbers and there are<00:07:05.710> also<00:07:05.830> numbering<00:07:06.370> schemes<00:07:06.670> to<00:07:06.880> give 00:07:07.050 --> 00:07:07.060 align:start position:0% are also numbering schemes to give 00:07:07.060 --> 00:07:09.480 align:start position:0% are also numbering schemes to give assets<00:07:07.870> numbers<00:07:08.260> these<00:07:08.740> numbering<00:07:09.190> schemes 00:07:09.480 --> 00:07:09.490 align:start position:0% assets numbers these numbering schemes 00:07:09.490 --> 00:07:11.250 align:start position:0% assets numbers these numbering schemes are<00:07:09.610> under<00:07:09.790> constant<00:07:10.150> attack<00:07:10.270> at<00:07:10.720> the<00:07:10.900> top<00:07:11.050> one 00:07:11.250 --> 00:07:11.260 align:start position:0% are under constant attack at the top one 00:07:11.260 --> 00:07:13.800 align:start position:0% are under constant attack at the top one is<00:07:11.410> our<00:07:11.590> bank<00:07:11.830> no<00:07:12.130> the<00:07:13.000> middle<00:07:13.150> one<00:07:13.360> is<00:07:13.390> a<00:07:13.510> car 00:07:13.800 --> 00:07:13.810 align:start position:0% is our bank no the middle one is a car 00:07:13.810 --> 00:07:15.210 align:start position:0% is our bank no the middle one is a car registration<00:07:14.440> number<00:07:14.680> the<00:07:14.800> bottom<00:07:15.010> one<00:07:15.130> is<00:07:15.190> a 00:07:15.210 --> 00:07:15.220 align:start position:0% registration number the bottom one is a 00:07:15.220 --> 00:07:18.270 align:start position:0% registration number the bottom one is a laptop<00:07:15.760> number<00:07:16.620> all<00:07:17.620> of<00:07:17.680> those<00:07:17.950> kind<00:07:18.220> of 00:07:18.270 --> 00:07:18.280 align:start position:0% laptop number all of those kind of 00:07:18.280 --> 00:07:19.860 align:start position:0% laptop number all of those kind of structures<00:07:18.520> are<00:07:18.850> constantly<00:07:19.360> under<00:07:19.630> pressure 00:07:19.860 --> 00:07:19.870 align:start position:0% structures are constantly under pressure 00:07:19.870 --> 00:07:21.840 align:start position:0% structures are constantly under pressure from<00:07:20.080> things<00:07:20.320> like<00:07:20.380> counterfeit<00:07:20.860> goods<00:07:21.010> but 00:07:21.840 --> 00:07:21.850 align:start position:0% from things like counterfeit goods but 00:07:21.850 --> 00:07:23.790 align:start position:0% from things like counterfeit goods but even<00:07:22.690> if<00:07:22.780> you<00:07:22.900> just<00:07:22.930> start<00:07:23.470> the<00:07:23.620> game<00:07:23.770> with 00:07:23.790 --> 00:07:23.800 align:start position:0% even if you just start the game with 00:07:23.800 --> 00:07:25.860 align:start position:0% even if you just start the game with these<00:07:24.100> numbers<00:07:24.490> it<00:07:24.730> puts<00:07:25.000> you<00:07:25.120> a<00:07:25.180> parity<00:07:25.690> with 00:07:25.860 --> 00:07:25.870 align:start position:0% these numbers it puts you a parity with 00:07:25.870 --> 00:07:27.570 align:start position:0% these numbers it puts you a parity with the<00:07:25.900> real<00:07:26.140> world<00:07:26.380> if<00:07:26.590> you<00:07:27.100> could<00:07:27.220> then<00:07:27.400> make 00:07:27.570 --> 00:07:27.580 align:start position:0% the real world if you could then make 00:07:27.580 --> 00:07:29.340 align:start position:0% the real world if you could then make these<00:07:27.700> numbers<00:07:27.910> properly<00:07:28.600> cryptographic<00:07:28.900> and 00:07:29.340 --> 00:07:29.350 align:start position:0% these numbers properly cryptographic and 00:07:29.350 --> 00:07:30.480 align:start position:0% these numbers properly cryptographic and bind<00:07:29.530> them<00:07:29.650> to<00:07:29.800> a<00:07:29.830> chain<00:07:30.070> at<00:07:30.220> point<00:07:30.400> of 00:07:30.480 --> 00:07:30.490 align:start position:0% bind them to a chain at point of 00:07:30.490 --> 00:07:32.610 align:start position:0% bind them to a chain at point of manufacture<00:07:31.120> you<00:07:31.660> get<00:07:31.840> better<00:07:32.140> than<00:07:32.410> the<00:07:32.500> real 00:07:32.610 --> 00:07:32.620 align:start position:0% manufacture you get better than the real 00:07:32.620 --> 00:07:34.590 align:start position:0% manufacture you get better than the real world<00:07:32.860> lots<00:07:33.400> of<00:07:33.520> projects<00:07:33.910> working<00:07:34.300> on<00:07:34.450> that 00:07:34.590 --> 00:07:34.600 align:start position:0% world lots of projects working on that 00:07:34.600 --> 00:07:36.840 align:start position:0% world lots of projects working on that for<00:07:34.780> things<00:07:34.930> like<00:07:35.020> drug<00:07:35.320> delivery<00:07:35.710> so<00:07:36.460> it's 00:07:36.840 --> 00:07:36.850 align:start position:0% for things like drug delivery so it's 00:07:36.850 --> 00:07:38.670 align:start position:0% for things like drug delivery so it's not<00:07:37.120> the<00:07:37.390> real<00:07:37.540> world<00:07:37.720> is<00:07:37.990> the<00:07:38.080> unenumerated 00:07:38.670 --> 00:07:38.680 align:start position:0% not the real world is the unenumerated 00:07:38.680 --> 00:07:41.580 align:start position:0% not the real world is the unenumerated an<00:07:39.250> unidentifiable<00:07:40.090> we<00:07:40.720> can't<00:07:41.110> actually<00:07:41.290> get 00:07:41.580 --> 00:07:41.590 align:start position:0% an unidentifiable we can't actually get 00:07:41.590 --> 00:07:44.610 align:start position:0% an unidentifiable we can't actually get hold<00:07:41.830> of<00:07:41.950> things<00:07:42.630> the<00:07:43.630> problem<00:07:43.870> is<00:07:44.140> that<00:07:44.380> if<00:07:44.470> we 00:07:44.610 --> 00:07:44.620 align:start position:0% hold of things the problem is that if we 00:07:44.620 --> 00:07:46.500 align:start position:0% hold of things the problem is that if we get<00:07:44.860> hold<00:07:45.100> of<00:07:45.190> things<00:07:45.400> without<00:07:46.360> an 00:07:46.500 --> 00:07:46.510 align:start position:0% get hold of things without an 00:07:46.510 --> 00:07:48.420 align:start position:0% get hold of things without an appropriate<00:07:46.990> binding<00:07:47.590> to<00:07:47.860> some<00:07:48.130> kind<00:07:48.340> of 00:07:48.420 --> 00:07:48.430 align:start position:0% appropriate binding to some kind of 00:07:48.430 --> 00:07:50.760 align:start position:0% appropriate binding to some kind of legal<00:07:48.760> entity<00:07:49.240> you<00:07:49.930> don't<00:07:50.230> have<00:07:50.410> any<00:07:50.560> ability 00:07:50.760 --> 00:07:50.770 align:start position:0% legal entity you don't have any ability 00:07:50.770 --> 00:07:52.680 align:start position:0% legal entity you don't have any ability to<00:07:51.160> control<00:07:51.730> the<00:07:51.940> asset<00:07:52.270> you<00:07:52.420> can<00:07:52.540> identify 00:07:52.680 --> 00:07:52.690 align:start position:0% to control the asset you can identify 00:07:52.690 --> 00:07:56.460 align:start position:0% to control the asset you can identify become<00:07:53.560> controlling<00:07:54.100> so<00:07:55.060> the<00:07:55.840> first<00:07:56.050> piece<00:07:56.320> of 00:07:56.460 --> 00:07:56.470 align:start position:0% become controlling so the first piece of 00:07:56.470 --> 00:07:58.170 align:start position:0% become controlling so the first piece of new<00:07:56.620> stuff<00:07:56.860> that<00:07:56.890> we're<00:07:57.100> building<00:07:57.280> out<00:07:57.610> is<00:07:58.120> a 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align:start position:0% identity documents on the self sovereign model<00:08:05.590> more<00:08:05.800> or<00:08:05.950> less<00:08:06.160> for<00:08:06.970> assets<00:08:07.420> and<00:08:07.890> it's 00:08:08.880 --> 00:08:08.890 align:start position:0% model more or less for assets and it's 00:08:08.890 --> 00:08:10.200 align:start position:0% model more or less for assets and it's implemented<00:08:09.310> to<00:08:09.640> handle<00:08:09.910> the<00:08:10.000> kind<00:08:10.150> of 00:08:10.200 --> 00:08:10.210 align:start position:0% implemented to handle the kind of 00:08:10.210 --> 00:08:12.270 align:start position:0% implemented to handle the kind of squishiness<00:08:10.630> of<00:08:10.870> the<00:08:10.960> real<00:08:11.110> world<00:08:11.320> using<00:08:12.070> a 00:08:12.270 --> 00:08:12.280 align:start position:0% squishiness of the real world using a 00:08:12.280 --> 00:08:14.040 align:start position:0% squishiness of the real world using a set<00:08:12.490> of<00:08:12.520> staked<00:08:12.940> partners<00:08:13.570> that<00:08:13.810> do<00:08:13.900> things 00:08:14.040 --> 00:08:14.050 align:start position:0% set of staked partners that do things 00:08:14.050 --> 00:08:16.170 align:start position:0% set of staked partners that do things like<00:08:14.200> value<00:08:14.710> of<00:08:14.770> the<00:08:14.860> asset<00:08:15.250> identify<00:08:16.120> the 00:08:16.170 --> 00:08:16.180 align:start position:0% like value of the asset identify the 00:08:16.180 --> 00:08:18.270 align:start position:0% like value of the asset identify the asset<00:08:16.630> verify<00:08:17.380> the<00:08:17.440> asset<00:08:17.830> it<00:08:17.920> doesn't<00:08:18.190> have 00:08:18.270 --> 00:08:18.280 align:start position:0% asset verify the asset it doesn't have 00:08:18.280 --> 00:08:19.590 align:start position:0% asset verify the asset it doesn't have more<00:08:18.460> than<00:08:18.580> one<00:08:18.760> owner<00:08:19.090> and<00:08:19.120> these<00:08:19.360> kind<00:08:19.540> of 00:08:19.590 --> 00:08:19.600 align:start position:0% more than one owner and these kind of 00:08:19.600 --> 00:08:21.960 align:start position:0% more than one owner and these kind of processes<00:08:19.780> so<00:08:20.710> you<00:08:20.800> have<00:08:20.950> an<00:08:21.070> asset<00:08:21.430> you<00:08:21.790> take 00:08:21.960 --> 00:08:21.970 align:start position:0% processes so you have an asset you take 00:08:21.970 --> 00:08:23.880 align:start position:0% processes so you have an asset you take all<00:08:22.120> the<00:08:22.360> relevant<00:08:22.810> legal<00:08:22.960> facts<00:08:23.440> about<00:08:23.740> the 00:08:23.880 --> 00:08:23.890 align:start position:0% all the relevant legal facts about the 00:08:23.890 --> 00:08:25.830 align:start position:0% all the relevant legal facts about the asset<00:08:24.250> your<00:08:24.670> attire<00:08:24.880> to<00:08:25.060> speak<00:08:25.360> to<00:08:25.570> each<00:08:25.690> one 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and<00:08:38.050> under<00:08:38.470> smart<00:08:38.710> contract<00:08:39.100> control<00:08:40.020> does 00:08:41.010 --> 00:08:41.020 align:start position:0% and under smart contract control does 00:08:41.020 --> 00:08:42.480 align:start position:0% and under smart contract control does this<00:08:41.110> make<00:08:41.290> sense<00:08:41.320> so<00:08:41.650> far<00:08:41.890> that's<00:08:42.190> a<00:08:42.280> pretty 00:08:42.480 --> 00:08:42.490 align:start position:0% this make sense so far that's a pretty 00:08:42.490 --> 00:08:44.310 align:start position:0% this make sense so far that's a pretty easy<00:08:42.580> thing<00:08:43.000> to<00:08:43.150> conceive<00:08:43.540> of<00:08:43.720> there's<00:08:44.200> no 00:08:44.310 --> 00:08:44.320 align:start position:0% easy thing to conceive of there's no 00:08:44.320 --> 00:08:45.810 align:start position:0% easy thing to conceive of there's no magic<00:08:44.680> there<00:08:44.710> we<00:08:44.980> haven't<00:08:45.130> hit<00:08:45.370> the<00:08:45.400> hard<00:08:45.610> part 00:08:45.810 --> 00:08:45.820 align:start position:0% magic there we haven't hit the hard part 00:08:45.820 --> 00:08:46.250 align:start position:0% magic there we haven't hit the hard part yet 00:08:46.250 --> 00:08:46.260 align:start position:0% yet 00:08:46.260 --> 00:08:49.170 align:start position:0% yet second<00:08:47.260> thing<00:08:47.440> automated<00:08:48.160> custodians<00:08:48.790> this 00:08:49.170 --> 00:08:49.180 align:start position:0% second thing automated custodians this 00:08:49.180 --> 00:08:50.310 align:start position:0% second thing automated custodians this is<00:08:49.330> kind<00:08:49.510> of<00:08:49.540> where<00:08:49.690> the<00:08:49.780> fun<00:08:49.930> begins 00:08:50.310 --> 00:08:50.320 align:start position:0% is kind of where the fun begins 00:08:50.320 --> 00:08:52.100 align:start position:0% is kind of where the fun begins so<00:08:51.250> a<00:08:51.550> kazoo 00:08:52.100 --> 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owning an asset 00:09:02.370 --> 00:09:04.940 align:start position:0% legal and requirement of owning an asset as<00:09:02.550> a<00:09:02.610> proxy<00:09:03.029> for<00:09:03.300> some<00:09:03.779> other<00:09:04.110> actor<00:09:04.620> in<00:09:04.649> the 00:09:04.940 --> 00:09:04.950 align:start position:0% as a proxy for some other actor in the 00:09:04.950 --> 00:09:07.579 align:start position:0% as a proxy for some other actor in the system<00:09:05.279> now<00:09:06.120> these<00:09:06.600> things<00:09:06.870> are<00:09:06.959> all<00:09:07.170> over<00:09:07.200> the 00:09:07.579 --> 00:09:07.589 align:start position:0% system now these things are all over the 00:09:07.589 --> 00:09:09.590 align:start position:0% system now these things are all over the commercial<00:09:07.980> world<00:09:08.160> and<00:09:08.550> they<00:09:09.149> handle 00:09:09.590 --> 00:09:09.600 align:start position:0% commercial world and they handle 00:09:09.600 --> 00:09:11.420 align:start position:0% commercial world and they handle goodness<00:09:10.200> knows<00:09:10.380> billions<00:09:10.890> or<00:09:11.010> trillions<00:09:11.040> of 00:09:11.420 --> 00:09:11.430 align:start position:0% goodness knows billions or trillions of 00:09:11.430 --> 00:09:14.449 align:start position:0% goodness knows billions or trillions of transactions<00:09:12.000> a<00:09:12.060> year<00:09:12.120> and<00:09:12.769> there<00:09:13.769> are<00:09:13.920> you 00:09:14.449 --> 00:09:14.459 align:start position:0% transactions a year and there are you 00:09:14.459 --> 00:09:16.250 align:start position:0% transactions a year and there are you know<00:09:14.490> an<00:09:14.670> unenumerated<00:09:15.360> number<00:09:16.050> of<00:09:16.140> these 00:09:16.250 --> 00:09:16.260 align:start position:0% know an unenumerated number of these 00:09:16.260 --> 00:09:18.139 align:start position:0% know an unenumerated number of these things<00:09:16.589> at<00:09:17.010> different<00:09:17.160> jurisdictions<00:09:17.880> handle 00:09:18.139 --> 00:09:18.149 align:start position:0% things at different jurisdictions handle 00:09:18.149 --> 00:09:21.410 align:start position:0% things at different jurisdictions handle them<00:09:18.240> in<00:09:18.300> very<00:09:18.480> different<00:09:18.690> ways<00:09:18.990> right<00:09:19.589> so<00:09:20.420> the 00:09:21.410 --> 00:09:21.420 align:start position:0% them in very different ways right so the 00:09:21.420 --> 00:09:24.410 align:start position:0% them in very different ways right so the job<00:09:21.720> of<00:09:21.959> the<00:09:22.170> custodian<00:09:22.800> is<00:09:23.310> to<00:09:23.610> look<00:09:23.790> to<00:09:24.120> the 00:09:24.410 --> 00:09:24.420 align:start position:0% job of the custodian is to look to the 00:09:24.420 --> 00:09:26.150 align:start position:0% job of the custodian is to look to the digital<00:09:24.899> world<00:09:24.959> as<00:09:25.470> if<00:09:25.709> it's<00:09:25.860> a<00:09:25.950> smart 00:09:26.150 --> 00:09:26.160 align:start position:0% digital world as if it's a smart 00:09:26.160 --> 00:09:29.030 align:start position:0% digital world as if it's a smart contract<00:09:26.670> and<00:09:26.940> to<00:09:27.390> the<00:09:27.480> analog<00:09:27.930> world<00:09:28.260> as<00:09:28.800> if 00:09:29.030 --> 00:09:29.040 align:start position:0% contract and to the analog world as if 00:09:29.040 --> 00:09:31.579 align:start position:0% contract and to the analog world as if it's<00:09:29.190> a<00:09:29.279> paper<00:09:29.459> contract<00:09:30.089> so<00:09:30.750> it's<00:09:31.079> basically 00:09:31.579 --> 00:09:31.589 align:start position:0% it's a paper contract so it's basically 00:09:31.589 --> 00:09:34.340 align:start position:0% it's a paper contract so it's basically the<00:09:32.339> structural<00:09:33.269> equivalent<00:09:33.959> of<00:09:34.140> the 00:09:34.340 --> 00:09:34.350 align:start position:0% the structural equivalent of the 00:09:34.350 --> 00:09:36.230 align:start position:0% the structural equivalent of the Ricardian<00:09:34.740> contract<00:09:35.370> the<00:09:35.910> Ricardian 00:09:36.230 --> 00:09:36.240 align:start position:0% Ricardian contract the Ricardian 00:09:36.240 --> 00:09:38.060 align:start position:0% Ricardian contract the Ricardian contract<00:09:36.779> has<00:09:36.959> a<00:09:36.990> digital<00:09:37.230> component<00:09:37.950> which 00:09:38.060 --> 00:09:38.070 align:start position:0% contract has a digital component which 00:09:38.070 --> 00:09:39.949 align:start position:0% contract has a digital component which is<00:09:38.190> a<00:09:38.220> smart<00:09:38.519> contract<00:09:38.670> as<00:09:39.120> an<00:09:39.540> analog 00:09:39.949 --> 00:09:39.959 align:start position:0% is a smart contract as an analog 00:09:39.959 --> 00:09:41.840 align:start position:0% is a smart contract as an analog component<00:09:40.529> which<00:09:40.680> is<00:09:40.829> a<00:09:40.860> paper<00:09:41.100> contract<00:09:41.640> and 00:09:41.840 --> 00:09:41.850 align:start position:0% component which is a paper contract and 00:09:41.850 --> 00:09:44.509 align:start position:0% component which is a paper contract and it<00:09:42.630> relies<00:09:42.959> on<00:09:42.990> an<00:09:43.230> arbitrator<00:09:43.829> to<00:09:43.980> interpret 00:09:44.509 --> 00:09:44.519 align:start position:0% it relies on an arbitrator to interpret 00:09:44.519 --> 00:09:46.579 align:start position:0% it relies on an arbitrator to interpret both<00:09:44.790> sides<00:09:45.120> of<00:09:45.300> that<00:09:45.329> in<00:09:45.600> a<00:09:45.690> successful<00:09:46.050> way<00:09:46.380> I 00:09:46.579 --> 00:09:46.589 align:start position:0% both sides of that in a successful way I 00:09:46.589 --> 00:09:48.079 align:start position:0% both sides of that in a successful way I thought<00:09:47.040> fits<00:09:47.250> a<00:09:47.310> lot<00:09:47.550> of<00:09:47.700> load<00:09:47.850> on<00:09:47.880> the 00:09:48.079 --> 00:09:48.089 align:start position:0% thought fits a lot of load on the 00:09:48.089 --> 00:09:49.880 align:start position:0% thought fits a lot of load on the arbitrator's<00:09:48.660> it's<00:09:49.050> very<00:09:49.350> hard<00:09:49.620> to<00:09:49.709> find 00:09:49.880 --> 00:09:49.890 align:start position:0% arbitrator's it's very hard to find 00:09:49.890 --> 00:09:52.040 align:start position:0% arbitrator's it's very hard to find qualified<00:09:50.160> arbitrators<00:09:50.820> in<00:09:51.240> this<00:09:51.779> bubble 00:09:52.040 --> 00:09:52.050 align:start position:0% qualified arbitrators in this bubble 00:09:52.050 --> 00:09:54.740 align:start position:0% qualified arbitrators in this bubble rather<00:09:52.860> than<00:09:53.130> having<00:09:53.490> that<00:09:53.730> element<00:09:54.570> which 00:09:54.740 --> 00:09:54.750 align:start position:0% rather than having that element which 00:09:54.750 --> 00:09:56.810 align:start position:0% rather than having that element which has<00:09:54.779> a<00:09:55.019> foot<00:09:55.320> in<00:09:55.440> both<00:09:55.589> worlds<00:09:55.820> be 00:09:56.810 --> 00:09:56.820 align:start position:0% has a foot in both worlds be 00:09:56.820 --> 00:09:59.120 align:start position:0% has a foot in both worlds be instantiated<00:09:57.449> in<00:09:57.899> a<00:09:57.959> contract<00:09:58.470> pair<00:09:58.829> its 00:09:59.120 --> 00:09:59.130 align:start position:0% instantiated in a contract pair its 00:09:59.130 --> 00:10:02.389 align:start position:0% instantiated in a contract pair its instantiated<00:09:59.970> as<00:10:00.329> a<00:10:00.360> legal<00:10:00.779> institution<00:10:01.399> one 00:10:02.389 --> 00:10:02.399 align:start position:0% instantiated as a legal institution one 00:10:02.399 --> 00:10:03.740 align:start position:0% instantiated as a legal institution one side<00:10:02.670> of<00:10:02.820> the<00:10:02.910> institution<00:10:03.390> looks<00:10:03.570> like<00:10:03.720> a 00:10:03.740 --> 00:10:03.750 align:start position:0% side of the institution looks like a 00:10:03.750 --> 00:10:05.420 align:start position:0% side of the institution looks like a smart<00:10:04.050> contract<00:10:04.440> you<00:10:04.529> call<00:10:04.740> the<00:10:04.860> contract<00:10:05.250> it 00:10:05.420 --> 00:10:05.430 align:start position:0% smart contract you call the contract it 00:10:05.430 --> 00:10:07.340 align:start position:0% smart contract you call the contract it does<00:10:05.610> things<00:10:05.910> the<00:10:06.449> other<00:10:06.600> side<00:10:06.870> looks<00:10:07.110> like<00:10:07.230> an 00:10:07.340 --> 00:10:07.350 align:start position:0% does things the other side looks like an 00:10:07.350 --> 00:10:08.870 align:start position:0% does things the other side looks like an analogue<00:10:07.740> institution<00:10:08.310> which<00:10:08.459> has<00:10:08.490> a<00:10:08.640> full 00:10:08.870 --> 00:10:08.880 align:start position:0% analogue institution which has a full 00:10:08.880 --> 00:10:11.269 align:start position:0% analogue institution which has a full set<00:10:09.120> regulation<00:10:09.839> and<00:10:09.990> regulatory<00:10:10.500> licenses 00:10:11.269 --> 00:10:11.279 align:start position:0% set regulation and regulatory licenses 00:10:11.279 --> 00:10:14.750 align:start position:0% set regulation and regulatory licenses so<00:10:11.850> this<00:10:12.000> thing<00:10:12.269> is<00:10:12.480> the<00:10:12.510> adapter<00:10:13.290> between<00:10:13.860> the 00:10:14.750 --> 00:10:14.760 align:start position:0% so this thing is the adapter between the 00:10:14.760 --> 00:10:16.610 align:start position:0% so this thing is the adapter between the smart<00:10:15.029> contract<00:10:15.209> world<00:10:15.750> and<00:10:16.050> the<00:10:16.170> legal<00:10:16.440> world 00:10:16.610 --> 00:10:16.620 align:start position:0% smart contract world and the legal world 00:10:16.620 --> 00:10:20.060 align:start position:0% smart contract world and the legal world and<00:10:16.920> what<00:10:17.610> works<00:10:18.000> to<00:10:18.720> make<00:10:18.870> that<00:10:19.079> happen<00:10:19.440> is<00:10:19.829> a 00:10:20.060 --> 00:10:20.070 align:start position:0% and what works to make that happen is a 00:10:20.070 --> 00:10:21.470 align:start position:0% and what works to make that happen is a concept<00:10:20.490> that<00:10:20.610> we<00:10:20.730> take<00:10:20.910> from<00:10:21.060> the<00:10:21.180> crypto 00:10:21.470 --> 00:10:21.480 align:start position:0% concept that we take from the crypto 00:10:21.480 --> 00:10:24.230 align:start position:0% concept that we take from the crypto world<00:10:21.690> which<00:10:21.930> is<00:10:22.110> staking<00:10:22.579> these<00:10:23.579> things<00:10:23.850> have 00:10:24.230 --> 00:10:24.240 align:start position:0% world which is staking these things have 00:10:24.240 --> 00:10:26.949 align:start position:0% world which is staking these things have extremely<00:10:24.959> strong<00:10:25.220> contracts<00:10:26.220> insurance 00:10:26.949 --> 00:10:26.959 align:start position:0% extremely strong contracts insurance 00:10:26.959 --> 00:10:30.079 align:start position:0% extremely strong contracts insurance indemnification<00:10:28.279> regulation<00:10:29.279> district 00:10:30.079 --> 00:10:30.089 align:start position:0% indemnification regulation district 00:10:30.089 --> 00:10:32.360 align:start position:0% indemnification regulation district resolution<00:10:30.630> arbitration<00:10:31.380> every<00:10:32.040> single 00:10:32.360 --> 00:10:32.370 align:start position:0% resolution arbitration every single 00:10:32.370 --> 00:10:34.550 align:start position:0% resolution arbitration every single mechanism<00:10:32.850> you<00:10:33.000> can<00:10:33.180> use<00:10:33.510> to<00:10:34.079> make<00:10:34.260> sure<00:10:34.290> that 00:10:34.550 --> 00:10:34.560 align:start position:0% mechanism you can use to make sure that 00:10:34.560 --> 00:10:36.590 align:start position:0% mechanism you can use to make sure that the<00:10:34.680> automated<00:10:35.040> custodian<00:10:35.760> does<00:10:36.269> exactly 00:10:36.590 --> 00:10:36.600 align:start position:0% the automated custodian does exactly 00:10:36.600 --> 00:10:38.360 align:start position:0% the automated custodian does exactly what<00:10:36.779> the<00:10:36.959> smart<00:10:37.079> contract<00:10:37.320> tells<00:10:37.890> it<00:10:38.100> to<00:10:38.130> do 00:10:38.360 --> 00:10:38.370 align:start position:0% what the smart contract tells it to do 00:10:38.370 --> 00:10:40.660 align:start position:0% what the smart contract tells it to do is<00:10:38.640> deployed<00:10:39.329> to<00:10:39.990> give<00:10:40.140> us<00:10:40.260> a<00:10:40.350> nice<00:10:40.589> clean 00:10:40.660 --> 00:10:40.670 align:start position:0% is deployed to give us a nice clean 00:10:40.670 --> 00:10:44.150 align:start position:0% is deployed to give us a nice clean interface<00:10:41.670> between<00:10:42.000> the<00:10:42.810> fiat<00:10:43.110> world<00:10:43.380> on<00:10:43.680> the 00:10:44.150 --> 00:10:44.160 align:start position:0% interface between the fiat world on the 00:10:44.160 --> 00:10:46.639 align:start position:0% interface between the fiat world on the crypto<00:10:44.490> world<00:10:44.670> and<00:10:45.600> in<00:10:45.720> this<00:10:45.810> direction<00:10:46.019> this 00:10:46.639 --> 00:10:46.649 align:start position:0% crypto world and in this direction this 00:10:46.649 --> 00:10:48.560 align:start position:0% crypto world and in this direction this is<00:10:46.829> a<00:10:46.860> unidirectional<00:10:47.250> interface<00:10:48.060> you<00:10:48.240> write 00:10:48.560 --> 00:10:48.570 align:start position:0% is a unidirectional interface you write 00:10:48.570 --> 00:10:50.990 align:start position:0% is a unidirectional interface you write to<00:10:48.930> the<00:10:49.050> material<00:10:49.500> world<00:10:49.680> by<00:10:50.370> writing<00:10:50.640> to<00:10:50.910> this 00:10:50.990 --> 00:10:51.000 align:start position:0% to the material world by writing to this 00:10:51.000 --> 00:10:52.220 align:start position:0% to the material world by writing to this foreign<00:10:51.269> contracts<00:10:51.720> that<00:10:51.870> drive<00:10:52.079> the 00:10:52.220 --> 00:10:52.230 align:start position:0% foreign contracts that drive the 00:10:52.230 --> 00:10:54.500 align:start position:0% foreign contracts that drive the automated<00:10:52.589> custodian<00:10:53.160> now<00:10:54.029> at<00:10:54.149> this<00:10:54.269> point 00:10:54.500 --> 00:10:54.510 align:start position:0% automated custodian now at this point 00:10:54.510 --> 00:10:56.449 align:start position:0% automated custodian now at this point what<00:10:55.079> we've<00:10:55.230> introduced<00:10:55.680> here<00:10:55.860> is<00:10:55.920> a<00:10:55.949> point<00:10:56.220> of 00:10:56.449 --> 00:10:56.459 align:start position:0% what we've introduced here is a point of 00:10:56.459 --> 00:10:58.370 align:start position:0% what we've introduced here is a point of centralization<00:10:56.940> so<00:10:57.779> if<00:10:57.870> you<00:10:57.959> imagine<00:10:58.050> a 00:10:58.370 --> 00:10:58.380 align:start position:0% centralization so if you imagine a 00:10:58.380 --> 00:10:59.990 align:start position:0% centralization so if you imagine a single<00:10:58.620> automated<00:10:59.220> custodian<00:10:59.730> for<00:10:59.910> the 00:10:59.990 --> 00:11:00.000 align:start position:0% single automated custodian for the 00:11:00.000 --> 00:11:01.850 align:start position:0% single automated custodian for the entire<00:11:00.270> planet<00:11:00.540> you<00:11:01.319> can<00:11:01.440> see<00:11:01.620> that<00:11:01.770> that 00:11:01.850 --> 00:11:01.860 align:start position:0% entire planet you can see that that 00:11:01.860 --> 00:11:03.470 align:start position:0% entire planet you can see that that might<00:11:02.069> have<00:11:02.220> some<00:11:02.399> issues<00:11:02.670> I'll<00:11:02.970> come<00:11:03.209> back<00:11:03.329> to 00:11:03.470 --> 00:11:03.480 align:start position:0% might have some issues I'll come back to 00:11:03.480 --> 00:11:04.550 align:start position:0% might have some issues I'll come back to that<00:11:03.510> a<00:11:03.630> little<00:11:03.839> further<00:11:03.990> in 00:11:04.550 --> 00:11:04.560 align:start position:0% that a little further in 00:11:04.560 --> 00:11:06.890 align:start position:0% that a little further in does<00:11:05.520> this<00:11:05.610> all<00:11:05.790> make<00:11:06.000> sense<00:11:06.029> so<00:11:06.390> far<00:11:06.420> I<00:11:06.779> want 00:11:06.890 --> 00:11:06.900 align:start position:0% does this all make sense so far I want 00:11:06.900 --> 00:11:07.970 align:start position:0% does this all make sense so far I want to<00:11:06.960> make<00:11:07.050> sure<00:11:07.080> that<00:11:07.320> we<00:11:07.410> only<00:11:07.529> because<00:11:07.770> you 00:11:07.970 --> 00:11:07.980 align:start position:0% to make sure that we only because you 00:11:07.980 --> 00:11:09.980 align:start position:0% to make sure that we only because you know<00:11:08.070> the<00:11:08.400> legal<00:11:08.550> ascent<00:11:09.300> machinery<00:11:09.810> around 00:11:09.980 --> 00:11:09.990 align:start position:0% know the legal ascent machinery around 00:11:09.990 --> 00:11:11.330 align:start position:0% know the legal ascent machinery around building<00:11:10.410> these<00:11:10.500> things<00:11:10.710> are<00:11:10.920> seriously 00:11:11.330 --> 00:11:11.340 align:start position:0% building these things are seriously 00:11:11.340 --> 00:11:14.780 align:start position:0% building these things are seriously non-trivial<00:11:11.730> so<00:11:12.420> that<00:11:13.080> is<00:11:13.350> a<00:11:13.380> very<00:11:14.160> complex 00:11:14.780 --> 00:11:14.790 align:start position:0% non-trivial so that is a very complex 00:11:14.790 --> 00:11:16.700 align:start position:0% non-trivial so that is a very complex legal<00:11:15.060> object<00:11:15.630> multiple<00:11:16.380> layers<00:11:16.560> of 00:11:16.700 --> 00:11:16.710 align:start position:0% legal object multiple layers of 00:11:16.710 --> 00:11:18.500 align:start position:0% legal object multiple layers of corporations<00:11:17.340> complex<00:11:18.300> legal 00:11:18.500 --> 00:11:18.510 align:start position:0% corporations complex legal 00:11:18.510 --> 00:11:20.450 align:start position:0% corporations complex legal instrumentation<00:11:19.410> different<00:11:19.890> jurisdictions 00:11:20.450 --> 00:11:20.460 align:start position:0% instrumentation different jurisdictions 00:11:20.460 --> 00:11:22.070 align:start position:0% instrumentation different jurisdictions implement<00:11:20.850> in<00:11:20.910> different<00:11:21.180> ways<00:11:21.330> it's<00:11:21.960> a 00:11:22.070 --> 00:11:22.080 align:start position:0% implement in different ways it's a 00:11:22.080 --> 00:11:23.810 align:start position:0% implement in different ways it's a really<00:11:22.529> really<00:11:22.740> serious<00:11:23.070> piece<00:11:23.430> of<00:11:23.460> work<00:11:23.670> to 00:11:23.810 --> 00:11:23.820 align:start position:0% really really serious piece of work to 00:11:23.820 --> 00:11:26.000 align:start position:0% really really serious piece of work to build<00:11:23.940> one<00:11:24.150> of<00:11:24.240> these<00:11:24.330> things<00:11:24.390> and<00:11:25.140> never<00:11:25.830> mind 00:11:26.000 --> 00:11:26.010 align:start position:0% build one of these things and never mind 00:11:26.010 --> 00:11:29.329 align:start position:0% build one of these things and never mind to<00:11:26.160> build<00:11:26.310> upon<00:11:26.520> its<00:11:26.700> worth<00:11:26.850> of<00:11:27.060> them<00:11:27.770> so<00:11:28.770> what 00:11:29.329 --> 00:11:29.339 align:start position:0% to build upon its worth of them so what 00:11:29.339 --> 00:11:31.430 align:start position:0% to build upon its worth of them so what comes<00:11:29.520> out<00:11:29.730> of<00:11:29.910> that<00:11:29.940> is<00:11:30.270> the<00:11:30.600> assets<00:11:31.140> which 00:11:31.430 --> 00:11:31.440 align:start position:0% comes out of that is the assets which 00:11:31.440 --> 00:11:35.660 align:start position:0% comes out of that is the assets which have<00:11:31.470> passports<00:11:33.529> which<00:11:34.529> are<00:11:34.710> embedded<00:11:35.250> inside 00:11:35.660 --> 00:11:35.670 align:start position:0% have passports which are embedded inside 00:11:35.670 --> 00:11:38.120 align:start position:0% have passports which are embedded inside of<00:11:35.910> a<00:11:36.060> custodian<00:11:36.630> are<00:11:36.839> now<00:11:37.500> what<00:11:37.920> we<00:11:38.010> would 00:11:38.120 --> 00:11:38.130 align:start position:0% of a custodian are now what we would 00:11:38.130 --> 00:11:41.090 align:start position:0% of a custodian are now what we would term<00:11:38.220> smart<00:11:38.580> property<00:11:39.089> so<00:11:39.870> smart<00:11:40.529> property<00:11:40.980> is 00:11:41.090 --> 00:11:41.100 align:start position:0% term smart property so smart property is 00:11:41.100 --> 00:11:42.530 align:start position:0% term smart property so smart property is where<00:11:41.279> you<00:11:41.370> take<00:11:41.520> an<00:11:41.670> asset<00:11:42.029> to<00:11:42.300> take<00:11:42.450> an 00:11:42.530 --> 00:11:42.540 align:start position:0% where you take an asset to take an 00:11:42.540 --> 00:11:46.430 align:start position:0% where you take an asset to take an object<00:11:42.690> you<00:11:43.589> bind<00:11:44.580> it<00:11:44.880> to<00:11:45.300> a<00:11:45.600> set<00:11:45.870> of<00:11:45.900> metadata 00:11:46.430 --> 00:11:46.440 align:start position:0% object you bind it to a set of metadata 00:11:46.440 --> 00:11:48.380 align:start position:0% object you bind it to a set of metadata which<00:11:46.890> is<00:11:47.010> the<00:11:47.130> asset<00:11:47.430> passport<00:11:47.850> in<00:11:47.970> process 00:11:48.380 --> 00:11:48.390 align:start position:0% which is the asset passport in process 00:11:48.390 --> 00:11:50.150 align:start position:0% which is the asset passport in process so<00:11:48.600> no<00:11:49.230> the<00:11:49.440> object<00:11:49.740> is<00:11:49.860> for<00:11:50.040> example 00:11:50.150 --> 00:11:50.160 align:start position:0% so no the object is for example 00:11:50.160 --> 00:11:52.579 align:start position:0% so no the object is for example searchable<00:11:50.940> you<00:11:51.690> could<00:11:51.839> figure<00:11:52.050> out<00:11:52.140> where<00:11:52.440> it 00:11:52.579 --> 00:11:52.589 align:start position:0% searchable you could figure out where it 00:11:52.589 --> 00:11:53.930 align:start position:0% searchable you could figure out where it is<00:11:52.620> and<00:11:52.830> who<00:11:52.950> owns<00:11:53.160> it<00:11:53.370> because<00:11:53.670> you<00:11:53.790> can 00:11:53.930 --> 00:11:53.940 align:start position:0% is and who owns it because you can 00:11:53.940 --> 00:11:55.579 align:start position:0% is and who owns it because you can interrogate<00:11:54.240> the<00:11:54.570> metadata<00:11:54.960> which<00:11:55.350> is<00:11:55.470> on 00:11:55.579 --> 00:11:55.589 align:start position:0% interrogate the metadata which is on 00:11:55.589 --> 00:11:58.640 align:start position:0% interrogate the metadata which is on chain<00:11:55.970> right<00:11:56.970> if<00:11:57.420> the<00:11:57.839> asset<00:11:58.170> chooses<00:11:58.529> to 00:11:58.640 --> 00:11:58.650 align:start position:0% chain right if the asset chooses to 00:11:58.650 --> 00:12:02.870 align:start position:0% chain right if the asset chooses to publish<00:11:59.070> a<00:11:59.339> set<00:12:00.180> of<00:12:00.890> essentially<00:12:01.890> API<00:12:02.279> hooks 00:12:02.870 --> 00:12:02.880 align:start position:0% publish a set of essentially API hooks 00:12:02.880 --> 00:12:05.420 align:start position:0% publish a set of essentially API hooks right<00:12:03.300> that's<00:12:03.720> a<00:12:03.810> contract<00:12:04.230> endpoints<00:12:04.950> that 00:12:05.420 --> 00:12:05.430 align:start position:0% right that's a contract endpoints that 00:12:05.430 --> 00:12:07.250 align:start position:0% right that's a contract endpoints that you<00:12:05.520> can<00:12:05.670> hook<00:12:05.940> you<00:12:06.600> could<00:12:06.750> then<00:12:06.900> do<00:12:07.050> things 00:12:07.250 --> 00:12:07.260 align:start position:0% you can hook you could then do things 00:12:07.260 --> 00:12:09.530 align:start position:0% you can hook you could then do things like<00:12:07.380> buy<00:12:07.740> the<00:12:07.800> asset<00:12:08.310> directly<00:12:08.790> on<00:12:08.910> chain<00:12:09.210> and 00:12:09.530 --> 00:12:09.540 align:start position:0% like buy the asset directly on chain and 00:12:09.540 --> 00:12:11.480 align:start position:0% like buy the asset directly on chain and as<00:12:09.930> long<00:12:10.140> as<00:12:10.230> the<00:12:10.350> asset<00:12:10.710> is<00:12:10.830> correctly<00:12:11.250> watch 00:12:11.480 --> 00:12:11.490 align:start position:0% as long as the asset is correctly watch 00:12:11.490 --> 00:12:13.370 align:start position:0% as long as the asset is correctly watch through<00:12:11.730> the<00:12:11.790> custodian<00:12:12.390> as<00:12:12.780> soon<00:12:13.020> as<00:12:13.140> you<00:12:13.230> put 00:12:13.370 --> 00:12:13.380 align:start position:0% through the custodian as soon as you put 00:12:13.380 --> 00:12:14.720 align:start position:0% through the custodian as soon as you put the<00:12:13.470> money<00:12:13.589> into<00:12:13.800> the<00:12:13.890> smart<00:12:14.220> contract<00:12:14.640> you 00:12:14.720 --> 00:12:14.730 align:start position:0% the money into the smart contract you 00:12:14.730 --> 00:12:17.240 align:start position:0% the money into the smart contract you know<00:12:14.880> the<00:12:15.000> legal<00:12:15.240> owner<00:12:15.480> of<00:12:15.540> the<00:12:15.690> asset<00:12:16.250> right 00:12:17.240 --> 00:12:17.250 align:start position:0% know the legal owner of the asset right 00:12:17.250 --> 00:12:22.480 align:start position:0% know the legal owner of the asset right and<00:12:17.790> that<00:12:18.089> works<00:12:18.890> equally<00:12:19.890> well<00:12:20.000> right<00:12:21.000> for<00:12:21.900> a 00:12:22.480 --> 00:12:22.490 align:start position:0% and that works equally well right for a 00:12:22.490 --> 00:12:26.570 align:start position:0% and that works equally well right for a single<00:12:23.490> asset<00:12:23.760> as<00:12:24.510> it<00:12:24.839> works<00:12:25.080> for<00:12:25.650> a<00:12:25.920> house<00:12:26.280> or 00:12:26.570 --> 00:12:26.580 align:start position:0% single asset as it works for a house or 00:12:26.580 --> 00:12:28.670 align:start position:0% single asset as it works for a house or a<00:12:26.670> portfolio<00:12:27.300> of<00:12:27.630> stocks<00:12:27.900> or<00:12:28.200> anything<00:12:28.440> else 00:12:28.670 --> 00:12:28.680 align:start position:0% a portfolio of stocks or anything else 00:12:28.680 --> 00:12:30.590 align:start position:0% a portfolio of stocks or anything else because<00:12:29.339> the<00:12:29.580> legal<00:12:29.820> machinery<00:12:30.150> pivotal 00:12:30.590 --> 00:12:30.600 align:start position:0% because the legal machinery pivotal 00:12:30.600 --> 00:12:32.600 align:start position:0% because the legal machinery pivotal custodians<00:12:31.200> is<00:12:31.350> able<00:12:31.620> to<00:12:31.740> correctly<00:12:32.190> address 00:12:32.600 --> 00:12:32.610 align:start position:0% custodians is able to correctly address 00:12:32.610 --> 00:12:36.650 align:start position:0% custodians is able to correctly address any<00:12:33.240> legal<00:12:34.140> object<00:12:34.920> all<00:12:35.160> Fiat<00:12:35.640> property<00:12:36.089> has 00:12:36.650 --> 00:12:36.660 align:start position:0% any legal object all Fiat property has 00:12:36.660 --> 00:12:38.600 align:start position:0% any legal object all Fiat property has necessary<00:12:37.350> handles<00:12:37.800> to<00:12:37.950> be<00:12:38.040> embedded<00:12:38.280> in<00:12:38.550> a 00:12:38.600 --> 00:12:38.610 align:start position:0% necessary handles to be embedded in a 00:12:38.610 --> 00:12:40.640 align:start position:0% necessary handles to be embedded in a custodian<00:12:39.150> and<00:12:39.600> at<00:12:39.750> that<00:12:39.900> point<00:12:40.170> as<00:12:40.350> long<00:12:40.380> as 00:12:40.640 --> 00:12:40.650 align:start position:0% custodian and at that point as long as 00:12:40.650 --> 00:12:42.230 align:start position:0% custodian and at that point as long as you've<00:12:40.770> got<00:12:40.800> the<00:12:40.950> correct<00:12:41.280> smart<00:12:41.670> contracts 00:12:42.230 --> 00:12:42.240 align:start position:0% you've got the correct smart contracts 00:12:42.240 --> 00:12:44.150 align:start position:0% you've got the correct smart contracts and<00:12:42.360> the<00:12:42.420> correct<00:12:42.660> legal<00:12:42.990> contracts<00:12:43.560> you<00:12:44.010> can 00:12:44.150 --> 00:12:44.160 align:start position:0% and the correct legal contracts you can 00:12:44.160 --> 00:12:46.700 align:start position:0% and the correct legal contracts you can use<00:12:44.400> the<00:12:44.640> existing<00:12:44.940> machinery<00:12:45.480> of<00:12:45.750> state<00:12:46.080> to 00:12:46.700 --> 00:12:46.710 align:start position:0% use the existing machinery of state to 00:12:46.710 --> 00:12:48.829 align:start position:0% use the existing machinery of state to get<00:12:47.010> hold<00:12:47.370> of<00:12:47.580> any<00:12:47.700> physical<00:12:48.209> asset<00:12:48.540> and<00:12:48.690> turn 00:12:48.829 --> 00:12:48.839 align:start position:0% get hold of any physical asset and turn 00:12:48.839 --> 00:12:51.040 align:start position:0% get hold of any physical asset and turn it<00:12:48.959> into<00:12:49.080> a<00:12:49.170> blockchain<00:12:49.440> address<00:12:49.830> in<00:12:49.980> Milazzo 00:12:51.040 --> 00:12:51.050 align:start position:0% it into a blockchain address in Milazzo 00:12:51.050 --> 00:12:54.020 align:start position:0% it into a blockchain address in Milazzo right<00:12:52.050> it's<00:12:52.320> a<00:12:52.440> ton<00:12:52.770> of<00:12:52.800> legal<00:12:53.190> work<00:12:53.370> but<00:12:53.910> the 00:12:54.020 --> 00:12:54.030 align:start position:0% right it's a ton of legal work but the 00:12:54.030 --> 00:12:55.430 align:start position:0% right it's a ton of legal work but the engineering<00:12:54.480> is<00:12:54.720> sound<00:12:55.020> and<00:12:55.260> you<00:12:55.410> can 00:12:55.430 --> 00:12:55.440 align:start position:0% engineering is sound and you can 00:12:55.440 --> 00:12:58.790 align:start position:0% engineering is sound and you can actually<00:12:55.680> do<00:12:56.010> this<00:12:56.540> so<00:12:57.540> what<00:12:58.110> this<00:12:58.260> gives<00:12:58.500> you 00:12:58.790 --> 00:12:58.800 align:start position:0% actually do this so what this gives you 00:12:58.800 --> 00:13:00.560 align:start position:0% actually do this so what this gives you is<00:12:58.830> a<00:12:59.040> world<00:12:59.370> in<00:12:59.459> which<00:12:59.490> the<00:12:59.760> feet<00:12:59.970> are<00:13:00.150> sets<00:13:00.420> or 00:13:00.560 --> 00:13:00.570 align:start position:0% is a world in which the feet are sets or 00:13:00.570 --> 00:13:04.070 align:start position:0% is a world in which the feet are sets or is<00:13:00.660> easy<00:13:00.870> to<00:13:01.140> access<00:13:01.830> as<00:13:02.040> URLs<00:13:02.610> right<00:13:03.080> you 00:13:04.070 --> 00:13:04.080 align:start position:0% is easy to access as URLs right you 00:13:04.080 --> 00:13:06.110 align:start position:0% is easy to access as URLs right you could<00:13:04.320> in<00:13:04.620> theory<00:13:04.980> in<00:13:05.279> fact<00:13:05.430> drive<00:13:05.850> one<00:13:06.089> of 00:13:06.110 --> 00:13:06.120 align:start position:0% could in theory in fact drive one of 00:13:06.120 --> 00:13:08.120 align:start position:0% could in theory in fact drive one of these<00:13:06.270> automated<00:13:06.779> custodians<00:13:07.410> using 00:13:08.120 --> 00:13:08.130 align:start position:0% these automated custodians using 00:13:08.130 --> 00:13:09.769 align:start position:0% these automated custodians using standard<00:13:08.520> web<00:13:08.550> technologies<00:13:09.240> you<00:13:09.420> could<00:13:09.570> just 00:13:09.769 --> 00:13:09.779 align:start position:0% standard web technologies you could just 00:13:09.779 --> 00:13:12.140 align:start position:0% standard web technologies you could just publish<00:13:10.050> a<00:13:10.080> bunch<00:13:10.320> of<00:13:10.380> api's<00:13:10.830> but<00:13:11.670> the<00:13:11.820> problem 00:13:12.140 --> 00:13:12.150 align:start position:0% publish a bunch of api's but the problem 00:13:12.150 --> 00:13:13.400 align:start position:0% publish a bunch of api's but the problem that<00:13:12.300> is<00:13:12.480> by<00:13:12.600> the<00:13:12.660> time<00:13:12.750> you've<00:13:13.050> built<00:13:13.260> the 00:13:13.400 --> 00:13:13.410 align:start position:0% that is by the time you've built the 00:13:13.410 --> 00:13:14.660 align:start position:0% that is by the time you've built the necessary<00:13:13.860> security<00:13:14.100> and<00:13:14.580> identity 00:13:14.660 --> 00:13:14.670 align:start position:0% necessary security and identity 00:13:14.670 --> 00:13:17.030 align:start position:0% necessary security and identity machinery<00:13:15.420> around<00:13:15.720> those<00:13:15.900> API<00:13:16.200> is<00:13:16.320> you<00:13:16.860> might 00:13:17.030 --> 00:13:17.040 align:start position:0% machinery around those API is you might 00:13:17.040 --> 00:13:18.370 align:start position:0% machinery around those API is you might as<00:13:17.130> well<00:13:17.250> use<00:13:17.459> the<00:13:17.610> blockchain 00:13:18.370 --> 00:13:18.380 align:start position:0% as well use the blockchain 00:13:18.380 --> 00:13:22.760 align:start position:0% as well use the blockchain it<00:13:19.380> builds<00:13:19.770> a<00:13:20.130> very<00:13:21.090> very<00:13:21.660> different<00:13:22.050> model<00:13:22.620> of 00:13:22.760 --> 00:13:22.770 align:start position:0% it builds a very very different model of 00:13:22.770 --> 00:13:24.710 align:start position:0% it builds a very very different model of how<00:13:23.010> we<00:13:23.040> think<00:13:23.370> about<00:13:23.490> the<00:13:23.700> world<00:13:23.850> so<00:13:24.600> we'll 00:13:24.710 --> 00:13:24.720 align:start position:0% how we think about the world so we'll 00:13:24.720 --> 00:13:26.630 align:start position:0% how we think about the world so we'll run<00:13:24.900> through<00:13:25.080> that<00:13:25.260> again<00:13:25.500> right<00:13:25.740> you<00:13:26.280> start 00:13:26.630 --> 00:13:26.640 align:start position:0% run through that again right you start 00:13:26.640 --> 00:13:28.820 align:start position:0% run through that again right you start with<00:13:26.940> a<00:13:26.970> bear<00:13:27.240> piece<00:13:27.510> of<00:13:27.660> fear<00:13:27.840> property<00:13:28.350> that 00:13:28.820 --> 00:13:28.830 align:start position:0% with a bear piece of fear property that 00:13:28.830 --> 00:13:30.350 align:start position:0% with a bear piece of fear property that you<00:13:28.950> cannot<00:13:29.220> address<00:13:29.490> on<00:13:29.760> chain<00:13:30.000> because<00:13:30.270> it 00:13:30.350 --> 00:13:30.360 align:start position:0% you cannot address on chain because it 00:13:30.360 --> 00:13:31.970 align:start position:0% you cannot address on chain because it has<00:13:30.480> no<00:13:30.630> identity<00:13:31.110> there's<00:13:31.350> nothing<00:13:31.680> to<00:13:31.770> talk 00:13:31.970 --> 00:13:31.980 align:start position:0% has no identity there's nothing to talk 00:13:31.980 --> 00:13:35.270 align:start position:0% has no identity there's nothing to talk to<00:13:32.220> right<00:13:32.970> we<00:13:33.450> attach<00:13:34.050> a<00:13:34.230> set<00:13:34.410> of<00:13:34.500> metadata<00:13:34.950> to 00:13:35.270 --> 00:13:35.280 align:start position:0% to right we attach a set of metadata to 00:13:35.280 --> 00:13:37.280 align:start position:0% to right we attach a set of metadata to that<00:13:35.460> one<00:13:35.610> chain<00:13:35.940> that<00:13:36.720> gives<00:13:36.930> us<00:13:37.080> a<00:13:37.170> way<00:13:37.260> of 00:13:37.280 --> 00:13:37.290 align:start position:0% that one chain that gives us a way of 00:13:37.290 --> 00:13:38.810 align:start position:0% that one chain that gives us a way of indexing<00:13:37.620> the<00:13:37.950> object<00:13:38.250> we<00:13:38.340> can<00:13:38.460> talk<00:13:38.670> about 00:13:38.810 --> 00:13:38.820 align:start position:0% indexing the object we can talk about 00:13:38.820 --> 00:13:40.460 align:start position:0% indexing the object we can talk about the<00:13:39.030> object<00:13:39.180> we<00:13:39.450> still<00:13:39.660> don't<00:13:39.810> have<00:13:39.870> control 00:13:40.460 --> 00:13:40.470 align:start position:0% the object we still don't have control 00:13:40.470 --> 00:13:42.770 align:start position:0% the object we still don't have control of<00:13:40.500> it<00:13:40.680> but<00:13:40.950> it<00:13:41.040> ways<00:13:41.160> to<00:13:41.250> know<00:13:41.340> it<00:13:41.460> exists<00:13:42.090> we 00:13:42.770 --> 00:13:42.780 align:start position:0% of it but it ways to know it exists we 00:13:42.780 --> 00:13:44.930 align:start position:0% of it but it ways to know it exists we take<00:13:43.020> control<00:13:43.200> of<00:13:43.470> it<00:13:43.650> by<00:13:44.040> giving<00:13:44.430> it<00:13:44.640> to<00:13:44.820> an 00:13:44.930 --> 00:13:44.940 align:start position:0% take control of it by giving it to an 00:13:44.940 --> 00:13:48.320 align:start position:0% take control of it by giving it to an asset<00:13:45.270> custodian<00:13:45.870> right<00:13:46.680> and<00:13:46.860> that<00:13:47.700> custodian 00:13:48.320 --> 00:13:48.330 align:start position:0% asset custodian right and that custodian 00:13:48.330 --> 00:13:50.000 align:start position:0% asset custodian right and that custodian is<00:13:48.480> automated<00:13:49.170> to<00:13:49.320> the<00:13:49.410> point<00:13:49.620> where<00:13:49.800> what<00:13:49.920> the 00:13:50.000 --> 00:13:50.010 align:start position:0% is automated to the point where what the 00:13:50.010 --> 00:13:51.740 align:start position:0% is automated to the point where what the smart<00:13:50.220> contracts<00:13:50.700> tell<00:13:50.880> it<00:13:51.030> to<00:13:51.120> do<00:13:51.240> legally 00:13:51.740 --> 00:13:51.750 align:start position:0% smart contracts tell it to do legally 00:13:51.750 --> 00:13:54.680 align:start position:0% smart contracts tell it to do legally performs<00:13:52.290> or<00:13:52.560> it<00:13:52.680> pays<00:13:52.920> a<00:13:53.220> very<00:13:54.090> ordinary 00:13:54.680 --> 00:13:54.690 align:start position:0% performs or it pays a very ordinary 00:13:54.690 --> 00:13:56.900 align:start position:0% performs or it pays a very ordinary model<00:13:55.140> inside<00:13:55.320> of<00:13:55.470> the<00:13:55.530> crypto<00:13:55.800> universe<00:13:56.220> we 00:13:56.900 --> 00:13:56.910 align:start position:0% model inside of the crypto universe we 00:13:56.910 --> 00:13:58.700 align:start position:0% model inside of the crypto universe we bind<00:13:57.240> the<00:13:57.480> offset<00:13:57.990> to<00:13:58.170> the<00:13:58.290> smart<00:13:58.530> contract 00:13:58.700 --> 00:13:58.710 align:start position:0% bind the offset to the smart contract 00:13:58.710 --> 00:14:00.230 align:start position:0% bind the offset to the smart contract and<00:13:59.130> using<00:13:59.370> the<00:13:59.460> legal<00:13:59.610> authority<00:14:00.090> of<00:14:00.180> the 00:14:00.230 --> 00:14:00.240 align:start position:0% and using the legal authority of the 00:14:00.240 --> 00:14:02.840 align:start position:0% and using the legal authority of the custodians<00:14:00.780> at<00:14:01.410> at<00:14:01.530> that<00:14:01.710> point<00:14:01.770> we<00:14:02.490> now<00:14:02.610> have 00:14:02.840 --> 00:14:02.850 align:start position:0% custodians at at that point we now have 00:14:02.850 --> 00:14:06.260 align:start position:0% custodians at at that point we now have real<00:14:03.210> control<00:14:03.510> of<00:14:03.960> assets<00:14:04.590> those<00:14:05.520> assets<00:14:06.030> then 00:14:06.260 --> 00:14:06.270 align:start position:0% real control of assets those assets then 00:14:06.270 --> 00:14:08.570 align:start position:0% real control of assets those assets then form<00:14:06.510> a<00:14:06.590> category<00:14:07.590> of<00:14:07.710> things<00:14:07.740> called<00:14:08.220> smart 00:14:08.570 --> 00:14:08.580 align:start position:0% form a category of things called smart 00:14:08.580 --> 00:14:10.640 align:start position:0% form a category of things called smart property<00:14:09.030> and<00:14:09.270> the<00:14:09.690> smart<00:14:09.930> property<00:14:10.320> assets 00:14:10.640 --> 00:14:10.650 align:start position:0% property and the smart property assets 00:14:10.650 --> 00:14:13.010 align:start position:0% property and the smart property assets can<00:14:10.830> do<00:14:10.920> whatever<00:14:11.070> you<00:14:11.280> tell<00:14:11.460> them<00:14:11.520> to<00:14:11.730> do<00:14:12.020> now 00:14:13.010 --> 00:14:13.020 align:start position:0% can do whatever you tell them to do now 00:14:13.020 --> 00:14:16.640 align:start position:0% can do whatever you tell them to do now that<00:14:13.740> is<00:14:13.980> a<00:14:14.340> way<00:14:15.000> of<00:14:15.030> totally<00:14:15.900> unifying<00:14:16.410> the 00:14:16.640 --> 00:14:16.650 align:start position:0% that is a way of totally unifying the 00:14:16.650 --> 00:14:18.800 align:start position:0% that is a way of totally unifying the physical<00:14:17.130> and<00:14:17.310> the<00:14:17.430> digital<00:14:17.690> from<00:14:18.690> the 00:14:18.800 --> 00:14:18.810 align:start position:0% physical and the digital from the 00:14:18.810 --> 00:14:20.510 align:start position:0% physical and the digital from the perspective<00:14:19.350> of<00:14:19.440> both<00:14:19.650> the<00:14:19.800> blockchain<00:14:20.100> where 00:14:20.510 --> 00:14:20.520 align:start position:0% perspective of both the blockchain where 00:14:20.520 --> 00:14:22.340 align:start position:0% perspective of both the blockchain where you<00:14:20.610> right<00:14:20.850> now<00:14:21.090> into<00:14:21.390> the<00:14:21.480> real<00:14:21.600> world<00:14:21.840> but 00:14:22.340 --> 00:14:22.350 align:start position:0% you right now into the real world but 00:14:22.350 --> 00:14:23.630 align:start position:0% you right now into the real world but also<00:14:22.530> from<00:14:22.830> the<00:14:22.950> perspective<00:14:23.070> of<00:14:23.550> the 00:14:23.630 --> 00:14:23.640 align:start position:0% also from the perspective of the 00:14:23.640 --> 00:14:24.890 align:start position:0% also from the perspective of the government's<00:14:24.090> that<00:14:24.210> control<00:14:24.600> so<00:14:24.780> much 00:14:24.890 --> 00:14:24.900 align:start position:0% government's that control so much 00:14:24.900 --> 00:14:27.590 align:start position:0% government's that control so much physical<00:14:25.350> matter<00:14:25.880> because<00:14:26.880> these<00:14:27.360> systems 00:14:27.590 --> 00:14:27.600 align:start position:0% physical matter because these systems 00:14:27.600 --> 00:14:30.440 align:start position:0% physical matter because these systems look<00:14:28.080> to<00:14:28.470> the<00:14:28.650> real<00:14:28.830> world<00:14:29.100> exactly<00:14:29.820> like<00:14:30.210> the 00:14:30.440 --> 00:14:30.450 align:start position:0% look to the real world exactly like the 00:14:30.450 --> 00:14:31.100 align:start position:0% look to the real world exactly like the real<00:14:30.570> world 00:14:31.100 --> 00:14:31.110 align:start position:0% real world 00:14:31.110 --> 00:14:33.560 align:start position:0% real world right<00:14:31.830> an<00:14:32.010> automated<00:14:32.370> custodian<00:14:33.090> is<00:14:33.210> just<00:14:33.480> a 00:14:33.560 --> 00:14:33.570 align:start position:0% right an automated custodian is just a 00:14:33.570 --> 00:14:35.720 align:start position:0% right an automated custodian is just a custodian<00:14:34.140> and<00:14:34.320> there<00:14:34.770> are<00:14:34.920> thousands<00:14:35.670> and 00:14:35.720 --> 00:14:35.730 align:start position:0% custodian and there are thousands and 00:14:35.730 --> 00:14:37.730 align:start position:0% custodian and there are thousands and thousands<00:14:36.120> and<00:14:36.300> thousands<00:14:36.600> of<00:14:36.660> custodians<00:14:37.230> so 00:14:37.730 --> 00:14:37.740 align:start position:0% thousands and thousands of custodians so 00:14:37.740 --> 00:14:39.620 align:start position:0% thousands and thousands of custodians so it's<00:14:37.890> a<00:14:37.980> seamless<00:14:38.310> integration<00:14:38.610> it's<00:14:39.330> not 00:14:39.620 --> 00:14:39.630 align:start position:0% it's a seamless integration it's not 00:14:39.630 --> 00:14:41.570 align:start position:0% it's a seamless integration it's not that<00:14:39.840> there's<00:14:39.990> a<00:14:40.050> clunky<00:14:40.410> bridge<00:14:40.710> what<00:14:41.490> we 00:14:41.570 --> 00:14:41.580 align:start position:0% that there's a clunky bridge what we 00:14:41.580 --> 00:14:44.060 align:start position:0% that there's a clunky bridge what we have<00:14:41.760> is<00:14:41.910> a<00:14:41.940> container<00:14:42.630> which<00:14:43.500> is<00:14:43.650> a<00:14:43.680> set<00:14:43.950> of 00:14:44.060 --> 00:14:44.070 align:start position:0% have is a container which is a set of 00:14:44.070 --> 00:14:45.860 align:start position:0% have is a container which is a set of legal<00:14:44.310> engineering<00:14:45.120> and<00:14:45.270> smart<00:14:45.450> contract 00:14:45.860 --> 00:14:45.870 align:start position:0% legal engineering and smart contract 00:14:45.870 --> 00:14:48.020 align:start position:0% legal engineering and smart contract engineering<00:14:46.470> a<00:14:46.560> contract<00:14:46.980> engineering<00:14:47.490> which 00:14:48.020 --> 00:14:48.030 align:start position:0% engineering a contract engineering which 00:14:48.030 --> 00:14:50.690 align:start position:0% engineering a contract engineering which takes<00:14:48.660> all<00:14:49.110> the<00:14:49.650> messy<00:14:50.010> mismatches<00:14:50.670> between 00:14:50.690 --> 00:14:50.700 align:start position:0% takes all the messy mismatches between 00:14:50.700 --> 00:14:53.860 align:start position:0% takes all the messy mismatches between the<00:14:51.120> crypto<00:14:51.480> world<00:14:51.630> and<00:14:51.990> the<00:14:52.290> real<00:14:52.470> world<00:14:52.500> and 00:14:53.860 --> 00:14:53.870 align:start position:0% the crypto world and the real world and 00:14:53.870 --> 00:14:55.970 align:start position:0% the crypto world and the real world and manages<00:14:54.870> them<00:14:55.050> in<00:14:55.140> a<00:14:55.200> completely<00:14:55.590> controlled 00:14:55.970 --> 00:14:55.980 align:start position:0% manages them in a completely controlled 00:14:55.980 --> 00:14:57.950 align:start position:0% manages them in a completely controlled environment<00:14:56.520> so<00:14:56.700> it's<00:14:57.210> not<00:14:57.420> that<00:14:57.480> there's<00:14:57.780> no 00:14:57.950 --> 00:14:57.960 align:start position:0% environment so it's not that there's no 00:14:57.960 --> 00:14:59.330 align:start position:0% environment so it's not that there's no complexity<00:14:58.500> there<00:14:58.770> it's<00:14:58.920> not<00:14:59.040> though<00:14:59.160> there's 00:14:59.330 --> 00:14:59.340 align:start position:0% complexity there it's not though there's 00:14:59.340 --> 00:15:01.280 align:start position:0% complexity there it's not though there's no<00:14:59.490> trickery<00:14:59.760> it's<00:15:00.390> not<00:15:00.600> that<00:15:00.750> the<00:15:00.840> real<00:15:00.990> world 00:15:01.280 --> 00:15:01.290 align:start position:0% no trickery it's not that the real world 00:15:01.290 --> 00:15:02.720 align:start position:0% no trickery it's not that the real world and<00:15:01.380> the<00:15:01.470> fear<00:15:01.650> world<00:15:01.920> in<00:15:02.040> the<00:15:02.130> same<00:15:02.280> place 00:15:02.720 --> 00:15:02.730 align:start position:0% and the fear world in the same place 00:15:02.730 --> 00:15:05.030 align:start position:0% and the fear world in the same place it's<00:15:03.630> that<00:15:03.810> you<00:15:03.930> build<00:15:04.290> a<00:15:04.440> set<00:15:04.620> of<00:15:04.740> machinery 00:15:05.030 --> 00:15:05.040 align:start position:0% it's that you build a set of machinery 00:15:05.040 --> 00:15:07.850 align:start position:0% it's that you build a set of machinery which<00:15:05.730> matches<00:15:06.180> these<00:15:06.690> expectations<00:15:07.620> in<00:15:07.800> a 00:15:07.850 --> 00:15:07.860 align:start position:0% which matches these expectations in a 00:15:07.860 --> 00:15:09.500 align:start position:0% which matches these expectations in a way<00:15:07.890> which<00:15:08.130> makes<00:15:08.160> the<00:15:08.550> contracts<00:15:08.970> completely 00:15:09.500 --> 00:15:09.510 align:start position:0% way which makes the contracts completely 00:15:09.510 --> 00:15:11.450 align:start position:0% way which makes the contracts completely coherent<00:15:09.900> across<00:15:10.650> both<00:15:10.830> the<00:15:11.010> fear<00:15:11.250> in<00:15:11.400> the 00:15:11.450 --> 00:15:11.460 align:start position:0% coherent across both the fear in the 00:15:11.460 --> 00:15:13.580 align:start position:0% coherent across both the fear in the crypto<00:15:11.790> domain<00:15:12.120> and<00:15:13.020> in<00:15:13.410> software 00:15:13.580 --> 00:15:13.590 align:start position:0% crypto domain and in software 00:15:13.590 --> 00:15:15.860 align:start position:0% crypto domain and in software engineering<00:15:13.890> you've<00:15:14.820> all<00:15:15.000> seen<00:15:15.240> systems<00:15:15.690> that 00:15:15.860 --> 00:15:15.870 align:start position:0% engineering you've all seen systems that 00:15:15.870 --> 00:15:18.440 align:start position:0% engineering you've all seen systems that work<00:15:16.020> that<00:15:16.260> way<00:15:16.440> right<00:15:16.920> in<00:15:17.610> any<00:15:17.790> situation 00:15:18.440 --> 00:15:18.450 align:start position:0% work that way right in any situation 00:15:18.450 --> 00:15:19.790 align:start position:0% work that way right in any situation where<00:15:18.480> you've<00:15:18.750> got<00:15:18.900> two<00:15:19.050> technologies<00:15:19.590> which 00:15:19.790 --> 00:15:19.800 align:start position:0% where you've got two technologies which 00:15:19.800 --> 00:15:21.290 align:start position:0% where you've got two technologies which are<00:15:19.920> of<00:15:20.040> completely<00:15:20.370> different<00:15:20.550> generations 00:15:21.290 --> 00:15:21.300 align:start position:0% are of completely different generations 00:15:21.300 --> 00:15:23.660 align:start position:0% are of completely different generations you<00:15:21.870> wind<00:15:22.050> up<00:15:22.140> having<00:15:22.410> to<00:15:22.770> build<00:15:22.920> a<00:15:23.280> bunch<00:15:23.490> of 00:15:23.660 --> 00:15:23.670 align:start position:0% you wind up having to build a bunch of 00:15:23.670 --> 00:15:25.760 align:start position:0% you wind up having to build a bunch of difficult<00:15:24.480> complicated<00:15:25.110> interface<00:15:25.410> code 00:15:25.760 --> 00:15:25.770 align:start position:0% difficult complicated interface code 00:15:25.770 --> 00:15:27.800 align:start position:0% difficult complicated interface code anytime<00:15:26.760> you<00:15:26.880> interface<00:15:27.240> with<00:15:27.300> legacy 00:15:27.800 --> 00:15:27.810 align:start position:0% anytime you interface with legacy 00:15:27.810 --> 00:15:29.360 align:start position:0% anytime you interface with legacy systems<00:15:28.170> you<00:15:28.320> wind<00:15:28.470> up<00:15:28.560> with<00:15:28.650> legacy<00:15:29.070> system 00:15:29.360 --> 00:15:29.370 align:start position:0% systems you wind up with legacy system 00:15:29.370 --> 00:15:31.600 align:start position:0% systems you wind up with legacy system adapters<00:15:29.820> right<00:15:29.910> so<00:15:30.780> this 00:15:31.600 --> 00:15:31.610 align:start position:0% adapters right so this 00:15:31.610 --> 00:15:33.190 align:start position:0% adapters right so this well<00:15:31.700> the<00:15:31.850> smart<00:15:32.000> property<00:15:32.450> registers<00:15:32.930> and 00:15:33.190 --> 00:15:33.200 align:start position:0% well the smart property registers and 00:15:33.200 --> 00:15:34.900 align:start position:0% well the smart property registers and the<00:15:33.260> asset<00:15:33.560> custodians<00:15:34.100> and<00:15:34.190> the<00:15:34.280> passports 00:15:34.900 --> 00:15:34.910 align:start position:0% the asset custodians and the passports 00:15:34.910 --> 00:15:37.480 align:start position:0% the asset custodians and the passports that<00:15:35.150> is<00:15:35.780> the<00:15:35.960> equivalent<00:15:36.620> of<00:15:36.710> the<00:15:37.040> legacy 00:15:37.480 --> 00:15:37.490 align:start position:0% that is the equivalent of the legacy 00:15:37.490 --> 00:15:40.030 align:start position:0% that is the equivalent of the legacy adapters<00:15:38.000> which<00:15:38.600> give<00:15:38.810> us<00:15:38.840> direct<00:15:39.290> access<00:15:39.530> to 00:15:40.030 --> 00:15:40.040 align:start position:0% adapters which give us direct access to 00:15:40.040 --> 00:15:43.210 align:start position:0% adapters which give us direct access to the<00:15:40.490> namespace<00:15:41.420> defined<00:15:42.260> by<00:15:42.590> the 00:15:43.210 --> 00:15:43.220 align:start position:0% the namespace defined by the 00:15:43.220 --> 00:15:45.610 align:start position:0% the namespace defined by the nation-states<00:15:44.110> actually<00:15:45.110> we've<00:15:45.200> taking<00:15:45.470> all 00:15:45.610 --> 00:15:45.620 align:start position:0% nation-states actually we've taking all 00:15:45.620 --> 00:15:46.960 align:start position:0% nation-states actually we've taking all the<00:15:45.770> assets<00:15:46.130> which<00:15:46.310> are<00:15:46.460> currently<00:15:46.760> under 00:15:46.960 --> 00:15:46.970 align:start position:0% the assets which are currently under 00:15:46.970 --> 00:15:48.910 align:start position:0% the assets which are currently under nation<00:15:47.270> state<00:15:47.480> governments<00:15:47.990> making<00:15:48.770> them 00:15:48.910 --> 00:15:48.920 align:start position:0% nation state governments making them 00:15:48.920 --> 00:15:50.560 align:start position:0% nation state governments making them visible<00:15:49.280> on<00:15:49.430> chain<00:15:49.700> and<00:15:50.000> moving<00:15:50.270> them<00:15:50.360> right 00:15:50.560 --> 00:15:50.570 align:start position:0% visible on chain and moving them right 00:15:50.570 --> 00:15:54.970 align:start position:0% visible on chain and moving them right and<00:15:51.040> this<00:15:52.040> is<00:15:52.280> the<00:15:52.940> key<00:15:53.210> it's<00:15:53.540> the<00:15:53.870> magic<00:15:54.080> to 00:15:54.970 --> 00:15:54.980 align:start position:0% and this is the key it's the magic to 00:15:54.980 --> 00:15:56.980 align:start position:0% and this is the key it's the magic to enable<00:15:55.310> us<00:15:55.370> to<00:15:55.400> get<00:15:55.670> into<00:15:55.850> the<00:15:55.940> next<00:15:56.210> step<00:15:56.720> of 00:15:56.980 --> 00:15:56.990 align:start position:0% enable us to get into the next step of 00:15:56.990 --> 00:15:59.410 align:start position:0% enable us to get into the next step of blockchain<00:15:57.830> growth<00:15:58.130> this<00:15:58.820> is<00:15:58.880> the<00:15:59.180> adoption 00:15:59.410 --> 00:15:59.420 align:start position:0% blockchain growth this is the adoption 00:15:59.420 --> 00:16:01.030 align:start position:0% blockchain growth this is the adoption mechanism<00:16:00.110> until<00:16:00.230> we<00:16:00.470> can<00:16:00.620> touch<00:16:00.770> the<00:16:00.920> real 00:16:01.030 --> 00:16:01.040 align:start position:0% mechanism until we can touch the real 00:16:01.040 --> 00:16:03.220 align:start position:0% mechanism until we can touch the real world<00:16:01.250> we<00:16:01.430> can't<00:16:01.610> go<00:16:01.760> anywhere<00:16:02.000> the<00:16:02.750> security 00:16:03.220 --> 00:16:03.230 align:start position:0% world we can't go anywhere the security 00:16:03.230 --> 00:16:04.930 align:start position:0% world we can't go anywhere the security token<00:16:03.380> model<00:16:03.890> which<00:16:04.340> is<00:16:04.460> currently<00:16:04.730> getting 00:16:04.930 --> 00:16:04.940 align:start position:0% token model which is currently getting 00:16:04.940 --> 00:16:07.210 align:start position:0% token model which is currently getting so<00:16:05.090> much<00:16:05.210> play<00:16:05.540> it's<00:16:06.200> a<00:16:06.320> very<00:16:06.650> simplified 00:16:07.210 --> 00:16:07.220 align:start position:0% so much play it's a very simplified 00:16:07.220 --> 00:16:09.430 align:start position:0% so much play it's a very simplified model<00:16:07.400> of<00:16:07.850> doing<00:16:08.090> this<00:16:08.210> we<00:16:08.750> take<00:16:08.900> a<00:16:08.930> single 00:16:09.430 --> 00:16:09.440 align:start position:0% model of doing this we take a single 00:16:09.440 --> 00:16:11.320 align:start position:0% model of doing this we take a single legal<00:16:09.620> right<00:16:09.950> which<00:16:10.250> is<00:16:10.460> the<00:16:10.610> ownership<00:16:11.090> of<00:16:11.240> an 00:16:11.320 --> 00:16:11.330 align:start position:0% legal right which is the ownership of an 00:16:11.330 --> 00:16:13.060 align:start position:0% legal right which is the ownership of an asset<00:16:11.660> we<00:16:12.170> figure<00:16:12.440> out<00:16:12.560> how<00:16:12.650> to<00:16:12.710> get<00:16:12.920> that 00:16:13.060 --> 00:16:13.070 align:start position:0% asset we figure out how to get that 00:16:13.070 --> 00:16:14.740 align:start position:0% asset we figure out how to get that legal<00:16:13.460> right<00:16:13.610> correctly<00:16:14.060> represented<00:16:14.630> on 00:16:14.740 --> 00:16:14.750 align:start position:0% legal right correctly represented on 00:16:14.750 --> 00:16:16.840 align:start position:0% legal right correctly represented on chain<00:16:15.020> as<00:16:15.170> a<00:16:15.200> security<00:16:15.590> token<00:16:15.950> and<00:16:16.340> then<00:16:16.730> we 00:16:16.840 --> 00:16:16.850 align:start position:0% chain as a security token and then we 00:16:16.850 --> 00:16:18.520 align:start position:0% chain as a security token and then we use<00:16:16.970> the<00:16:17.090> standard<00:16:17.270> tokenization<00:16:17.780> machinery 00:16:18.520 --> 00:16:18.530 align:start position:0% use the standard tokenization machinery 00:16:18.530 --> 00:16:20.530 align:start position:0% use the standard tokenization machinery to<00:16:18.740> bring<00:16:18.920> these<00:16:19.040> things<00:16:19.340> to<00:16:19.460> market<00:16:19.610> that 00:16:20.530 --> 00:16:20.540 align:start position:0% to bring these things to market that 00:16:20.540 --> 00:16:22.450 align:start position:0% to bring these things to market that takes<00:16:20.780> just<00:16:21.050> a<00:16:21.140> single<00:16:21.680> legal<00:16:21.890> right<00:16:22.220> and 00:16:22.450 --> 00:16:22.460 align:start position:0% takes just a single legal right and 00:16:22.460 --> 00:16:24.850 align:start position:0% takes just a single legal right and automates<00:16:23.030> it<00:16:23.270> in<00:16:23.480> a<00:16:23.630> non<00:16:23.750> chain<00:16:24.050> way<00:16:24.230> right 00:16:24.850 --> 00:16:24.860 align:start position:0% automates it in a non chain way right 00:16:24.860 --> 00:16:26.530 align:start position:0% automates it in a non chain way right but<00:16:25.310> all<00:16:25.430> that<00:16:25.580> allows<00:16:25.790> us<00:16:25.820> to<00:16:26.000> do<00:16:26.180> is<00:16:26.330> own 00:16:26.530 --> 00:16:26.540 align:start position:0% but all that allows us to do is own 00:16:26.540 --> 00:16:28.600 align:start position:0% but all that allows us to do is own things<00:16:27.020> and<00:16:27.320> build<00:16:27.470> portfolios<00:16:27.650> of<00:16:28.190> property 00:16:28.600 --> 00:16:28.610 align:start position:0% things and build portfolios of property 00:16:28.610 --> 00:16:30.250 align:start position:0% things and build portfolios of property it<00:16:29.000> doesn't<00:16:29.330> generate<00:16:29.480> any<00:16:29.780> kind<00:16:30.080> of<00:16:30.170> new 00:16:30.250 --> 00:16:30.260 align:start position:0% it doesn't generate any kind of new 00:16:30.260 --> 00:16:31.870 align:start position:0% it doesn't generate any kind of new functions<00:16:30.770> you<00:16:30.920> can't<00:16:31.100> use<00:16:31.280> it<00:16:31.310> to<00:16:31.430> start<00:16:31.730> new 00:16:31.870 --> 00:16:31.880 align:start position:0% functions you can't use it to start new 00:16:31.880 --> 00:16:33.610 align:start position:0% functions you can't use it to start new businesses<00:16:32.390> it's<00:16:32.870> just<00:16:33.230> the<00:16:33.380> ownership 00:16:33.610 --> 00:16:33.620 align:start position:0% businesses it's just the ownership 00:16:33.620 --> 00:16:36.760 align:start position:0% businesses it's just the ownership function<00:16:34.900> what<00:16:35.900> we<00:16:36.020> really<00:16:36.230> want<00:16:36.440> to<00:16:36.590> be<00:16:36.680> able 00:16:36.760 --> 00:16:36.770 align:start position:0% function what we really want to be able 00:16:36.770 --> 00:16:38.440 align:start position:0% function what we really want to be able to<00:16:36.920> do<00:16:37.130> is<00:16:37.310> something<00:16:37.640> much<00:16:37.820> bigger<00:16:38.090> and<00:16:38.270> more 00:16:38.440 --> 00:16:38.450 align:start position:0% to do is something much bigger and more 00:16:38.450 --> 00:16:40.450 align:start position:0% to do is something much bigger and more complex<00:16:38.840> right<00:16:39.290> what<00:16:39.770> we<00:16:39.890> want<00:16:40.010> to<00:16:40.100> be<00:16:40.190> able<00:16:40.280> to 00:16:40.450 --> 00:16:40.460 align:start position:0% complex right what we want to be able to 00:16:40.460 --> 00:16:43.300 align:start position:0% complex right what we want to be able to do<00:16:40.640> is<00:16:40.910> take<00:16:41.540> all<00:16:41.840> the<00:16:42.380> functions<00:16:42.830> that<00:16:42.950> thing 00:16:43.300 --> 00:16:43.310 align:start position:0% do is take all the functions that thing 00:16:43.310 --> 00:16:46.090 align:start position:0% do is take all the functions that thing could<00:16:43.520> have<00:16:43.790> and<00:16:44.270> build<00:16:45.050> machinery<00:16:45.830> around 00:16:46.090 --> 00:16:46.100 align:start position:0% could have and build machinery around 00:16:46.100 --> 00:16:49.120 align:start position:0% could have and build machinery around those<00:16:46.490> functions<00:16:47.000> right<00:16:47.900> so<00:16:48.320> if<00:16:48.620> you<00:16:48.980> have 00:16:49.120 --> 00:16:49.130 align:start position:0% those functions right so if you have 00:16:49.130 --> 00:16:51.340 align:start position:0% those functions right so if you have something<00:16:49.490> like<00:16:49.520> an<00:16:49.850> apartment<00:16:50.540> right<00:16:51.080> you 00:16:51.340 --> 00:16:51.350 align:start position:0% something like an apartment right you 00:16:51.350 --> 00:16:53.470 align:start position:0% something like an apartment right you can<00:16:51.500> buy<00:16:51.740> it<00:16:51.800> you<00:16:52.190> could<00:16:52.610> sell<00:16:52.910> it<00:16:53.090> you<00:16:53.300> could 00:16:53.470 --> 00:16:53.480 align:start position:0% can buy it you could sell it you could 00:16:53.480 --> 00:16:55.930 align:start position:0% can buy it you could sell it you could rent<00:16:53.810> it<00:16:54.020> you<00:16:54.230> could<00:16:54.350> auction<00:16:54.650> it<00:16:55.130> you<00:16:55.760> could 00:16:55.930 --> 00:16:55.940 align:start position:0% rent it you could auction it you could 00:16:55.940 --> 00:16:58.750 align:start position:0% rent it you could auction it you could rent<00:16:56.150> it<00:16:56.300> on<00:16:56.480> short<00:16:57.050> terms<00:16:57.320> like<00:16:57.650> kind<00:16:58.070> of<00:16:58.160> an 00:16:58.750 --> 00:16:58.760 align:start position:0% rent it on short terms like kind of an 00:16:58.760 --> 00:17:02.230 align:start position:0% rent it on short terms like kind of an Airbnb<00:16:59.570> model<00:17:00.070> you<00:17:01.070> could<00:17:01.400> contract<00:17:01.940> out<00:17:02.090> the 00:17:02.230 --> 00:17:02.240 align:start position:0% Airbnb model you could contract out the 00:17:02.240 --> 00:17:03.520 align:start position:0% Airbnb model you could contract out the maintenance<00:17:02.600> on<00:17:02.750> it<00:17:02.870> there<00:17:02.990> must<00:17:03.110> be<00:17:03.260> 50 00:17:03.520 --> 00:17:03.530 align:start position:0% maintenance on it there must be 50 00:17:03.530 --> 00:17:05.260 align:start position:0% maintenance on it there must be 50 different<00:17:03.830> wiegel<00:17:04.280> rights<00:17:04.490> associated<00:17:05.089> with 00:17:05.260 --> 00:17:05.270 align:start position:0% different wiegel rights associated with 00:17:05.270 --> 00:17:07.300 align:start position:0% different wiegel rights associated with an<00:17:05.360> apartment<00:17:05.810> so<00:17:06.470> what<00:17:06.589> you<00:17:06.680> want<00:17:06.920> is<00:17:07.130> to<00:17:07.160> be 00:17:07.300 --> 00:17:07.310 align:start position:0% an apartment so what you want is to be 00:17:07.310 --> 00:17:10.260 align:start position:0% an apartment so what you want is to be able<00:17:07.400> to<00:17:07.490> bring<00:17:07.760> that<00:17:08.209> entire<00:17:08.720> suite<00:17:09.230> of<00:17:09.380> legal 00:17:10.260 --> 00:17:10.270 align:start position:0% able to bring that entire suite of legal 00:17:10.270 --> 00:17:12.760 align:start position:0% able to bring that entire suite of legal competences<00:17:11.290> into<00:17:12.290> a<00:17:12.320> smart<00:17:12.589> contract 00:17:12.760 --> 00:17:12.770 align:start position:0% competences into a smart contract 00:17:12.770 --> 00:17:14.170 align:start position:0% competences into a smart contract environment<00:17:13.490> where<00:17:13.610> you<00:17:13.670> could<00:17:13.790> get<00:17:13.940> the 00:17:14.170 --> 00:17:14.180 align:start position:0% environment where you could get the 00:17:14.180 --> 00:17:17.170 align:start position:0% environment where you could get the entire<00:17:14.270> set<00:17:14.890> what<00:17:15.890> that<00:17:16.130> gives<00:17:16.550> us<00:17:16.730> is<00:17:16.880> what<00:17:17.089> we 00:17:17.170 --> 00:17:17.180 align:start position:0% entire set what that gives us is what we 00:17:17.180 --> 00:17:19.360 align:start position:0% entire set what that gives us is what we think<00:17:17.360> of<00:17:17.420> as<00:17:17.480> being<00:17:17.720> smart<00:17:17.930> property<00:17:18.380> it's 00:17:19.360 --> 00:17:19.370 align:start position:0% think of as being smart property it's 00:17:19.370 --> 00:17:21.699 align:start position:0% think of as being smart property it's the<00:17:19.520> ability<00:17:19.699> to<00:17:19.940> fully<00:17:20.390> drive<00:17:20.780> the<00:17:21.080> api's<00:17:21.470> of 00:17:21.699 --> 00:17:21.709 align:start position:0% the ability to fully drive the api's of 00:17:21.709 --> 00:17:24.189 align:start position:0% the ability to fully drive the api's of the<00:17:21.800> real<00:17:21.949> world<00:17:22.300> from<00:17:23.300> blockchain<00:17:23.930> smart 00:17:24.189 --> 00:17:24.199 align:start position:0% the real world from blockchain smart 00:17:24.199 --> 00:17:26.260 align:start position:0% the real world from blockchain smart contracts<00:17:24.680> and<00:17:25.400> you<00:17:25.430> could<00:17:25.670> sort<00:17:25.850> of<00:17:25.880> imagine 00:17:26.260 --> 00:17:26.270 align:start position:0% contracts and you could sort of imagine 00:17:26.270 --> 00:17:28.150 align:start position:0% contracts and you could sort of imagine the<00:17:26.390> kind<00:17:26.540> of<00:17:26.570> wallet<00:17:26.810> or<00:17:27.050> software<00:17:27.440> where<00:17:27.949> you 00:17:28.150 --> 00:17:28.160 align:start position:0% the kind of wallet or software where you 00:17:28.160 --> 00:17:29.890 align:start position:0% the kind of wallet or software where you take<00:17:28.370> something<00:17:28.580> out<00:17:28.820> if<00:17:28.940> you're<00:17:29.030> yeah<00:17:29.630> you 00:17:29.890 --> 00:17:29.900 align:start position:0% take something out if you're yeah you 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align:start position:0% an MMO you know here's all the stuff that<00:17:35.990> you<00:17:36.200> own<00:17:36.350> you<00:17:36.860> take<00:17:37.040> your<00:17:37.190> bicycle<00:17:37.580> you 00:17:37.690 --> 00:17:37.700 align:start position:0% that you own you take your bicycle you 00:17:37.700 --> 00:17:39.250 align:start position:0% that you own you take your bicycle you drag<00:17:37.910> it<00:17:38.060> to<00:17:38.150> your<00:17:38.270> friends<00:17:38.600> face<00:17:38.810> and<00:17:38.990> you<00:17:39.080> see 00:17:39.250 --> 00:17:39.260 align:start position:0% drag it to your friends face and you see 00:17:39.260 --> 00:17:42.010 align:start position:0% drag it to your friends face and you see land<00:17:39.920> and<00:17:40.370> it<00:17:40.850> just<00:17:41.060> goes<00:17:41.300> off<00:17:41.510> and<00:17:41.630> does<00:17:41.690> asset 00:17:42.010 --> 00:17:42.020 align:start position:0% land and it just goes off and does asset 00:17:42.020 --> 00:17:44.230 align:start position:0% land and it just goes off and does asset transactions<00:17:42.620> it<00:17:42.770> transfers<00:17:43.310> the<00:17:43.340> necessary 00:17:44.230 --> 00:17:44.240 align:start position:0% transactions it transfers the necessary 00:17:44.240 --> 00:17:46.269 align:start position:0% transactions it transfers the necessary so<00:17:44.779> the<00:17:44.899> bicycle<00:17:45.559> is<00:17:45.619> your<00:17:45.740> friends<00:17:46.009> until<00:17:46.159> it 00:17:46.269 --> 00:17:46.279 align:start position:0% so the bicycle is your friends until it 00:17:46.279 --> 00:17:47.889 align:start position:0% so the bicycle is your friends until it gives<00:17:46.399> it<00:17:46.549> back<00:17:46.730> to<00:17:46.879> you<00:17:46.940> and<00:17:47.240> I<00:17:47.570> could<00:17:47.749> serve 00:17:47.889 --> 00:17:47.899 align:start position:0% gives it back to you and I could serve 00:17:47.899 --> 00:17:49.539 align:start position:0% gives it back to you and I could serve all<00:17:48.080> the<00:17:48.169> insurance<00:17:48.289> liability<00:17:49.070> for<00:17:49.220> bicycle 00:17:49.539 --> 00:17:49.549 align:start position:0% all the insurance liability for bicycle 00:17:49.549 --> 00:17:51.759 align:start position:0% all the insurance liability for bicycle breaks<00:17:49.759> right<00:17:50.389> you<00:17:50.659> take<00:17:50.840> your<00:17:50.990> house<00:17:51.200> you 00:17:51.759 --> 00:17:51.769 align:start position:0% breaks right you take your house you 00:17:51.769 --> 00:17:54.070 align:start position:0% breaks right you take your house you drag<00:17:52.070> it<00:17:52.220> to<00:17:52.399> securitize<00:17:53.090> it<00:17:53.570> hangs<00:17:53.809> you<00:17:53.929> back 00:17:54.070 --> 00:17:54.080 align:start position:0% drag it to securitize it hangs you back 00:17:54.080 --> 00:17:56.440 align:start position:0% drag it to securitize it hangs you back a<00:17:54.110> wallet<00:17:54.440> full<00:17:54.559> security<00:17:54.889> tokens<00:17:55.429> right<00:17:56.179> you 00:17:56.440 --> 00:17:56.450 align:start position:0% a wallet full security tokens right you 00:17:56.450 --> 00:17:57.940 align:start position:0% a wallet full security tokens right you can<00:17:56.600> then<00:17:56.720> sell<00:17:56.960> some<00:17:57.200> of<00:17:57.230> those<00:17:57.440> too<00:17:57.679> you<00:17:57.860> know 00:17:57.940 --> 00:17:57.950 align:start position:0% can then sell some of those too you know 00:17:57.950 --> 00:17:59.320 align:start position:0% can then sell some of those too you know somebody<00:17:58.309> use<00:17:58.519> some<00:17:58.730> money<00:17:58.879> too<00:17:59.029> right<00:17:59.059> you 00:17:59.320 --> 00:17:59.330 align:start position:0% somebody use some money too right you 00:17:59.330 --> 00:18:01.029 align:start position:0% somebody use some money too right you got<00:17:59.480> five<00:17:59.570> seven<00:17:59.869> percent<00:18:00.169> your<00:18:00.230> house<00:18:00.499> that 00:18:01.029 --> 00:18:01.039 align:start position:0% got five seven percent your house that 00:18:01.039 --> 00:18:03.519 align:start position:0% got five seven percent your house that give<00:18:01.159> you<00:18:01.279> my<00:18:01.429> car<00:18:01.669> all<00:18:02.539> of<00:18:02.929> those<00:18:03.080> kinds<00:18:03.470> of 00:18:03.519 --> 00:18:03.529 align:start position:0% give you my car all of those kinds of 00:18:03.529 --> 00:18:05.470 align:start position:0% give you my car all of those kinds of models<00:18:03.860> become<00:18:04.159> possible<00:18:04.580> because<00:18:05.090> we<00:18:05.299> don't 00:18:05.470 --> 00:18:05.480 align:start position:0% models become possible because we don't 00:18:05.480 --> 00:18:07.600 align:start position:0% models become possible because we don't just<00:18:05.659> do<00:18:05.779> a<00:18:05.809> shallow<00:18:06.429> transformation<00:18:07.429> of<00:18:07.549> the 00:18:07.600 --> 00:18:07.610 align:start position:0% just do a shallow transformation of the 00:18:07.610 --> 00:18:09.159 align:start position:0% just do a shallow transformation of the physical<00:18:07.909> into<00:18:08.119> the<00:18:08.149> digital<00:18:08.360> where<00:18:08.840> we<00:18:08.929> just 00:18:09.159 --> 00:18:09.169 align:start position:0% physical into the digital where we just 00:18:09.169 --> 00:18:11.200 align:start position:0% physical into the digital where we just do<00:18:09.440> the<00:18:09.559> ownership<00:18:10.070> rights<00:18:10.309> we<00:18:10.879> want<00:18:11.029> to<00:18:11.090> take 00:18:11.200 --> 00:18:11.210 align:start position:0% do the ownership rights we want to take 00:18:11.210 --> 00:18:12.940 align:start position:0% do the ownership rights we want to take all<00:18:11.330> the<00:18:11.360> youths<00:18:11.690> rights<00:18:11.990> as<00:18:12.200> well<00:18:12.350> and<00:18:12.830> you 00:18:12.940 --> 00:18:12.950 align:start position:0% all the youths rights as well and you 00:18:12.950 --> 00:18:14.440 align:start position:0% all the youths rights as well and you can<00:18:13.070> see<00:18:13.100> that<00:18:13.340> this<00:18:13.460> model<00:18:13.669> completely<00:18:14.149> wraps 00:18:14.440 --> 00:18:14.450 align:start position:0% can see that this model completely wraps 00:18:14.450 --> 00:18:16.480 align:start position:0% can see that this model completely wraps around<00:18:14.659> the<00:18:14.840> utility<00:18:15.289> token<00:18:15.619> model<00:18:15.889> because 00:18:16.480 --> 00:18:16.490 align:start position:0% around the utility token model because 00:18:16.490 --> 00:18:18.639 align:start position:0% around the utility token model because utility<00:18:16.970> tokens<00:18:17.330> then<00:18:17.509> bind<00:18:17.840> directly<00:18:18.110> into 00:18:18.639 --> 00:18:18.649 align:start position:0% utility tokens then bind directly into 00:18:18.649 --> 00:18:20.409 align:start position:0% utility tokens then bind directly into the<00:18:18.740> material<00:18:19.159> world<00:18:19.340> because<00:18:19.879> those<00:18:20.179> of<00:18:20.360> the 00:18:20.409 --> 00:18:20.419 align:start position:0% the material world because those of the 00:18:20.419 --> 00:18:22.450 align:start position:0% the material world because those of the tokens<00:18:20.809> you<00:18:21.049> give<00:18:21.259> people<00:18:21.409> you<00:18:21.679> want<00:18:22.159> to<00:18:22.190> use 00:18:22.450 --> 00:18:22.460 align:start position:0% tokens you give people you want to use 00:18:22.460 --> 00:18:24.399 align:start position:0% tokens you give people you want to use the<00:18:22.639> asset<00:18:22.999> and<00:18:23.419> the<00:18:23.539> security<00:18:23.929> tokens<00:18:24.289> are 00:18:24.399 --> 00:18:24.409 align:start position:0% the asset and the security tokens are 00:18:24.409 --> 00:18:25.629 align:start position:0% the asset and the security tokens are the<00:18:24.470> tokens<00:18:24.799> that<00:18:24.889> you<00:18:24.980> give<00:18:25.129> people<00:18:25.159> when<00:18:25.519> you 00:18:25.629 --> 00:18:25.639 align:start position:0% the tokens that you give people when you 00:18:25.639 --> 00:18:27.639 align:start position:0% the tokens that you give people when you want<00:18:25.789> to<00:18:25.850> own<00:18:25.970> the<00:18:26.119> asset<00:18:26.450> and<00:18:26.629> ownership<00:18:27.350> and 00:18:27.639 --> 00:18:27.649 align:start position:0% want to own the asset and ownership and 00:18:27.649 --> 00:18:29.399 align:start position:0% want to own the asset and ownership and use<00:18:27.769> are<00:18:27.950> two<00:18:28.070> different<00:18:28.340> contractual<00:18:28.759> rights 00:18:29.399 --> 00:18:29.409 align:start position:0% use are two different contractual rights 00:18:29.409 --> 00:18:32.379 align:start position:0% use are two different contractual rights it<00:18:30.409> took<00:18:30.769> me<00:18:30.860> a<00:18:30.919> long<00:18:31.190> time<00:18:31.249> to<00:18:31.909> learn<00:18:32.149> how<00:18:32.360> to 00:18:32.379 --> 00:18:32.389 align:start position:0% it took me a long time to learn how to 00:18:32.389 --> 00:18:34.210 align:start position:0% it took me a long time to learn how to think<00:18:32.600> about<00:18:32.749> law<00:18:33.080> this<00:18:33.259> way<00:18:33.440> it<00:18:33.919> has<00:18:34.009> been<00:18:34.070> a 00:18:34.210 --> 00:18:34.220 align:start position:0% think about law this way it has been a 00:18:34.220 --> 00:18:35.859 align:start position:0% think about law this way it has been a very<00:18:34.580> hard<00:18:34.850> learning<00:18:35.119> process<00:18:35.570> because<00:18:35.659> I've 00:18:35.859 --> 00:18:35.869 align:start position:0% very hard learning process because I've 00:18:35.869 --> 00:18:37.239 align:start position:0% very hard learning process because I've movie<00:18:36.139> your<00:18:36.259> background<00:18:36.619> at<00:18:36.710> all<00:18:36.799> I<00:18:36.860> came<00:18:37.129> into 00:18:37.239 --> 00:18:37.249 align:start position:0% movie your background at all I came into 00:18:37.249 --> 00:18:39.730 align:start position:0% movie your background at all I came into this<00:18:37.399> as<00:18:37.549> a<00:18:37.580> nerd<00:18:37.879> and<00:18:38.179> I<00:18:38.960> eventually<00:18:39.320> realized 00:18:39.730 --> 00:18:39.740 align:start position:0% this as a nerd and I eventually realized 00:18:39.740 --> 00:18:41.889 align:start position:0% this as a nerd and I eventually realized was<00:18:40.580> that<00:18:40.610> lawyers<00:18:41.179> are<00:18:41.389> simply<00:18:41.779> the 00:18:41.889 --> 00:18:41.899 align:start position:0% was that lawyers are simply the 00:18:41.899 --> 00:18:44.049 align:start position:0% was that lawyers are simply the programmers<00:18:42.470> for<00:18:42.710> the<00:18:42.799> real<00:18:42.919> world<00:18:43.129> right<00:18:43.909> and 00:18:44.049 --> 00:18:44.059 align:start position:0% programmers for the real world right and 00:18:44.059 --> 00:18:45.820 align:start position:0% programmers for the real world right and the<00:18:44.419> real<00:18:44.570> world<00:18:44.779> is<00:18:45.019> a<00:18:45.049> nasty<00:18:45.350> squishy 00:18:45.820 --> 00:18:45.830 align:start position:0% the real world is a nasty squishy 00:18:45.830 --> 00:18:47.830 align:start position:0% the real world is a nasty squishy imprecise<00:18:46.399> place<00:18:46.700> so<00:18:47.330> the<00:18:47.419> lawyers<00:18:47.690> are 00:18:47.830 --> 00:18:47.840 align:start position:0% imprecise place so the lawyers are 00:18:47.840 --> 00:18:49.359 align:start position:0% imprecise place so the lawyers are basically<00:18:48.200> constantly<00:18:48.799> writing<00:18:49.009> error 00:18:49.359 --> 00:18:49.369 align:start position:0% basically constantly writing error 00:18:49.369 --> 00:18:59.529 align:start position:0% basically constantly writing error handling<00:18:49.820> code<00:18:50.169> a<00:18:57.730> paper<00:18:58.730> contract<00:18:59.330> it's 00:18:59.529 --> 00:18:59.539 align:start position:0% handling code a paper contract it's 00:18:59.539 --> 00:19:01.480 align:start position:0% handling code a paper contract it's about<00:18:59.659> 90%<00:19:00.139> exception<00:19:00.889> hard-looking<00:19:01.220> about 00:19:01.480 --> 00:19:01.490 align:start position:0% about 90% exception hard-looking about 00:19:01.490 --> 00:19:04.600 align:start position:0% about 90% exception hard-looking about 10%<00:19:01.970> logic<00:19:02.299> right<00:19:03.009> that's<00:19:04.009> just<00:19:04.159> because<00:19:04.429> the 00:19:04.600 --> 00:19:04.610 align:start position:0% 10% logic right that's just because the 00:19:04.610 --> 00:19:06.460 align:start position:0% 10% logic right that's just because the real<00:19:04.730> world<00:19:04.759> is<00:19:05.090> really<00:19:05.299> squishy<00:19:05.539> so<00:19:06.049> when<00:19:06.409> you 00:19:06.460 --> 00:19:06.470 align:start position:0% real world is really squishy so when you 00:19:06.470 --> 00:19:08.830 align:start position:0% real world is really squishy so when you actually<00:19:06.619> get<00:19:06.860> to<00:19:06.980> know<00:19:07.009> the<00:19:07.340> lawyers<00:19:07.669> and<00:19:07.879> you 00:19:08.830 --> 00:19:08.840 align:start position:0% actually get to know the lawyers and you 00:19:08.840 --> 00:19:11.799 align:start position:0% actually get to know the lawyers and you know<00:19:08.929> it's<00:19:09.350> a<00:19:09.440> process<00:19:09.619> and<00:19:10.690> what<00:19:11.690> you 00:19:11.799 --> 00:19:11.809 align:start position:0% know it's a process and what you 00:19:11.809 --> 00:19:13.539 align:start position:0% know it's a process and what you discover<00:19:11.960> is<00:19:12.499> they're<00:19:12.740> just<00:19:12.769> programmers 00:19:13.539 --> 00:19:13.549 align:start position:0% discover is they're just programmers 00:19:13.549 --> 00:19:14.980 align:start position:0% discover is they're just programmers that<00:19:13.850> weren't<00:19:14.119> given<00:19:14.360> computers<00:19:14.779> young 00:19:14.980 --> 00:19:14.990 align:start position:0% that weren't given computers young 00:19:14.990 --> 00:19:17.590 align:start position:0% that weren't given computers young enough<00:19:15.200> you<00:19:15.909> accidentally<00:19:16.909> become<00:19:17.210> lawyer<00:19:17.480> in 00:19:17.590 --> 00:19:17.600 align:start position:0% enough you accidentally become lawyer in 00:19:17.600 --> 00:19:18.789 align:start position:0% enough you accidentally become lawyer in five<00:19:17.749> years<00:19:17.960> every<00:19:18.169> weekend<00:19:18.379> damaged<00:19:18.679> you'd 00:19:18.789 --> 00:19:18.799 align:start position:0% five years every weekend damaged you'd 00:19:18.799 --> 00:19:19.570 align:start position:0% five years every weekend damaged you'd become<00:19:18.950> programmer 00:19:19.570 --> 00:19:19.580 align:start position:0% become programmer 00:19:19.580 --> 00:19:21.970 align:start position:0% become programmer my<00:19:20.480> chief<00:19:20.720> legal<00:19:20.899> officer<00:19:21.110> Christopher<00:19:21.799> Rea 00:19:21.970 --> 00:19:21.980 align:start position:0% my chief legal officer Christopher Rea 00:19:21.980 --> 00:19:25.029 align:start position:0% my chief legal officer Christopher Rea who<00:19:22.220> figured<00:19:22.610> all<00:19:22.700> this<00:19:22.759> stuff<00:19:23.179> out<00:19:23.919> you<00:19:24.919> know 00:19:25.029 --> 00:19:25.039 align:start position:0% who figured all this stuff out you know 00:19:25.039 --> 00:19:27.399 align:start position:0% who figured all this stuff out you know is<00:19:25.549> an<00:19:25.820> extraordinarily<00:19:26.269> nerdy<00:19:26.869> man<00:19:27.139> and<00:19:27.289> only 00:19:27.399 --> 00:19:27.409 align:start position:0% is an extraordinarily nerdy man and only 00:19:27.409 --> 00:19:28.930 align:start position:0% is an extraordinarily nerdy man and only very<00:19:27.710> narrowly<00:19:28.070> avoided<00:19:28.490> becoming<00:19:28.730> a 00:19:28.930 --> 00:19:28.940 align:start position:0% very narrowly avoided becoming a 00:19:28.940 --> 00:19:31.570 align:start position:0% very narrowly avoided becoming a programmer<00:19:29.330> and<00:19:29.600> and<00:19:30.230> that's<00:19:30.950> part<00:19:31.220> of<00:19:31.279> why<00:19:31.429> we 00:19:31.570 --> 00:19:31.580 align:start position:0% programmer and and that's part of why we 00:19:31.580 --> 00:19:34.090 align:start position:0% programmer and and that's part of why we have<00:19:31.789> this<00:19:32.090> system<00:19:32.570> working<00:19:32.929> is<00:19:33.590> because<00:19:33.619> what 00:19:34.090 --> 00:19:34.100 align:start position:0% have this system working is because what 00:19:34.100 --> 00:19:35.950 align:start position:0% have this system working is because what we<00:19:34.190> built<00:19:34.460> was<00:19:34.610> a<00:19:34.639> culture<00:19:35.179> which<00:19:35.450> was<00:19:35.629> fully 00:19:35.950 --> 00:19:35.960 align:start position:0% we built was a culture which was fully 00:19:35.960 --> 00:19:38.139 align:start position:0% we built was a culture which was fully tech<00:19:36.289> and<00:19:36.470> fully<00:19:36.710> law<00:19:36.980> and<00:19:37.399> that<00:19:37.850> was 00:19:38.139 --> 00:19:38.149 align:start position:0% tech and fully law and that was 00:19:38.149 --> 00:19:39.700 align:start position:0% tech and fully law and that was basically<00:19:38.570> two<00:19:38.840> years<00:19:39.019> of<00:19:39.169> conversations 00:19:39.700 --> 00:19:39.710 align:start position:0% basically two years of conversations 00:19:39.710 --> 00:19:41.590 align:start position:0% basically two years of conversations around<00:19:39.830> my<00:19:40.070> dining<00:19:40.429> room<00:19:40.460> table<00:19:40.759> you<00:19:41.149> know 00:19:41.590 --> 00:19:41.600 align:start position:0% around my dining room table you know 00:19:41.600 --> 00:19:43.149 align:start position:0% around my dining room table you know really<00:19:42.289> getting<00:19:42.649> to<00:19:42.769> the<00:19:42.860> point<00:19:43.009> where 00:19:43.149 --> 00:19:43.159 align:start position:0% really getting to the point where 00:19:43.159 --> 00:19:44.499 align:start position:0% really getting to the point where everybody<00:19:43.460> spoke<00:19:43.759> everybody<00:19:44.240> else's 00:19:44.499 --> 00:19:44.509 align:start position:0% everybody spoke everybody else's 00:19:44.509 --> 00:19:46.359 align:start position:0% everybody spoke everybody else's language<00:19:44.960> well<00:19:45.590> enough<00:19:45.619> to<00:19:45.980> come<00:19:46.129> up<00:19:46.159> with 00:19:46.359 --> 00:19:46.369 align:start position:0% language well enough to come up with 00:19:46.369 --> 00:19:48.190 align:start position:0% language well enough to come up with something<00:19:46.580> which<00:19:46.820> was<00:19:46.970> a<00:19:46.999> genuine<00:19:47.600> fusion<00:19:48.139> of 00:19:48.190 --> 00:19:48.200 align:start position:0% something which was a genuine fusion of 00:19:48.200 --> 00:19:50.470 align:start position:0% something which was a genuine fusion of code<00:19:48.440> and<00:19:48.590> law<00:19:48.830> rather<00:19:49.639> than<00:19:49.879> a<00:19:50.090> kind<00:19:50.389> of 00:19:50.470 --> 00:19:50.480 align:start position:0% code and law rather than a kind of 00:19:50.480 --> 00:19:53.080 align:start position:0% code and law rather than a kind of afraid<00:19:51.379> and<00:19:51.710> in<00:19:51.860> misma<00:19:52.220> impedance<00:19:52.700> mismatch 00:19:53.080 --> 00:19:53.090 align:start position:0% afraid and in misma impedance mismatch 00:19:53.090 --> 00:19:54.220 align:start position:0% afraid and in misma impedance mismatch parent 00:19:54.220 --> 00:19:54.230 align:start position:0% parent 00:19:54.230 --> 00:19:55.750 align:start position:0% parent once<00:19:54.380> you<00:19:54.500> understand<00:19:54.890> that<00:19:54.980> the<00:19:55.130> processes 00:19:55.750 --> 00:19:55.760 align:start position:0% once you understand that the processes 00:19:55.760 --> 00:19:57.159 align:start position:0% once you understand that the processes which<00:19:55.910> generate<00:19:56.360> law<00:19:56.480> in<00:19:56.570> the<00:19:56.660> process<00:19:56.990> which 00:19:57.159 --> 00:19:57.169 align:start position:0% which generate law in the process which 00:19:57.169 --> 00:19:59.169 align:start position:0% which generate law in the process which generate<00:19:57.590> code<00:19:57.860> are<00:19:58.370> the<00:19:58.580> same<00:19:58.790> kinds<00:19:59.120> of 00:19:59.169 --> 00:19:59.179 align:start position:0% generate code are the same kinds of 00:19:59.179 --> 00:20:00.340 align:start position:0% generate code are the same kinds of people<00:19:59.450> solving<00:19:59.780> the<00:19:59.870> same<00:19:59.990> kinds<00:20:00.290> of 00:20:00.340 --> 00:20:00.350 align:start position:0% people solving the same kinds of 00:20:00.350 --> 00:20:02.289 align:start position:0% people solving the same kinds of problems<00:20:00.500> just<00:20:01.370> for<00:20:01.490> two<00:20:01.610> different<00:20:01.760> areas<00:20:02.120> of 00:20:02.289 --> 00:20:02.299 align:start position:0% problems just for two different areas of 00:20:02.299 --> 00:20:04.270 align:start position:0% problems just for two different areas of technology<00:20:02.809> we<00:20:03.290> could<00:20:03.440> basically<00:20:03.590> begin<00:20:04.160> to 00:20:04.270 --> 00:20:04.280 align:start position:0% technology we could basically begin to 00:20:04.280 --> 00:20:06.190 align:start position:0% technology we could basically begin to back<00:20:04.640> into<00:20:05.210> law<00:20:05.390> in<00:20:05.570> the<00:20:05.630> same<00:20:05.780> way<00:20:05.929> that<00:20:06.080> we're 00:20:06.190 --> 00:20:06.200 align:start position:0% back into law in the same way that we're 00:20:06.200 --> 00:20:08.080 align:start position:0% back into law in the same way that we're backing<00:20:06.559> into<00:20:06.679> legacy<00:20:07.100> systems<00:20:07.460> like<00:20:07.610> si<00:20:07.880> P 00:20:08.080 --> 00:20:08.090 align:start position:0% backing into legacy systems like si P 00:20:08.090 --> 00:20:10.180 align:start position:0% backing into legacy systems like si P right<00:20:08.900> if<00:20:09.169> you're<00:20:09.350> doing<00:20:09.559> integration<00:20:09.890> with 00:20:10.180 --> 00:20:10.190 align:start position:0% right if you're doing integration with 00:20:10.190 --> 00:20:11.980 align:start position:0% right if you're doing integration with the<00:20:10.280> RP<00:20:10.610> system<00:20:11.030> so<00:20:11.240> you've<00:20:11.450> got<00:20:11.570> the<00:20:11.690> asset 00:20:11.980 --> 00:20:11.990 align:start position:0% the RP system so you've got the asset 00:20:11.990 --> 00:20:13.900 align:start position:0% the RP system so you've got the asset control<00:20:12.290> logic<00:20:12.890> that<00:20:13.309> currently<00:20:13.669> runs 00:20:13.900 --> 00:20:13.910 align:start position:0% control logic that currently runs 00:20:13.910 --> 00:20:15.580 align:start position:0% control logic that currently runs capitalism<00:20:14.690> connected<00:20:15.200> to<00:20:15.290> the<00:20:15.380> blockchain 00:20:15.580 --> 00:20:15.590 align:start position:0% capitalism connected to the blockchain 00:20:15.590 --> 00:20:17.500 align:start position:0% capitalism connected to the blockchain you<00:20:16.309> could<00:20:16.490> do<00:20:16.640> the<00:20:16.760> same<00:20:16.910> thing<00:20:17.150> with<00:20:17.299> law 00:20:17.500 --> 00:20:17.510 align:start position:0% you could do the same thing with law 00:20:17.510 --> 00:20:19.210 align:start position:0% you could do the same thing with law it's<00:20:18.140> just<00:20:18.380> the<00:20:18.470> case<00:20:18.620> of<00:20:18.740> getting<00:20:18.830> fully 00:20:19.210 --> 00:20:19.220 align:start position:0% it's just the case of getting fully 00:20:19.220 --> 00:20:20.470 align:start position:0% it's just the case of getting fully immersed<00:20:19.580> enough<00:20:19.910> to<00:20:20.030> the<00:20:20.120> point<00:20:20.299> where<00:20:20.419> it 00:20:20.470 --> 00:20:20.480 align:start position:0% immersed enough to the point where it 00:20:20.480 --> 00:20:21.610 align:start position:0% immersed enough to the point where it begins<00:20:20.630> to<00:20:20.809> look<00:20:20.900> like<00:20:20.960> one<00:20:21.230> thing<00:20:21.440> rather 00:20:21.610 --> 00:20:21.620 align:start position:0% begins to look like one thing rather 00:20:21.620 --> 00:20:23.860 align:start position:0% begins to look like one thing rather than<00:20:21.890> two<00:20:22.070> and<00:20:22.400> this<00:20:22.790> is<00:20:23.000> basically<00:20:23.390> the<00:20:23.720> core 00:20:23.860 --> 00:20:23.870 align:start position:0% than two and this is basically the core 00:20:23.870 --> 00:20:25.930 align:start position:0% than two and this is basically the core of<00:20:23.900> what<00:20:24.080> we<00:20:24.169> spend<00:20:24.380> our<00:20:24.440> time<00:20:24.500> doing<00:20:24.730> it<00:20:25.730> takes 00:20:25.930 --> 00:20:25.940 align:start position:0% of what we spend our time doing it takes 00:20:25.940 --> 00:20:27.430 align:start position:0% of what we spend our time doing it takes a<00:20:26.030> long<00:20:26.330> time<00:20:26.360> to<00:20:26.690> make<00:20:26.960> these<00:20:27.169> kind<00:20:27.380> of 00:20:27.430 --> 00:20:27.440 align:start position:0% a long time to make these kind of 00:20:27.440 --> 00:20:29.590 align:start position:0% a long time to make these kind of problems<00:20:27.590> sewing<00:20:28.130> for<00:20:28.309> and<00:20:28.520> the<00:20:28.910> next<00:20:29.390> thing 00:20:29.590 --> 00:20:29.600 align:start position:0% problems sewing for and the next thing 00:20:29.600 --> 00:20:30.880 align:start position:0% problems sewing for and the next thing that<00:20:29.630> we<00:20:29.809> have<00:20:29.840> to<00:20:30.080> do<00:20:30.169> is<00:20:30.260> a<00:20:30.320> community<00:20:30.770> after 00:20:30.880 --> 00:20:30.890 align:start position:0% that we have to do is a community after 00:20:30.890 --> 00:20:33.490 align:start position:0% that we have to do is a community after this<00:20:31.130> is<00:20:31.250> government<00:20:32.169> because<00:20:33.169> if<00:20:33.260> we<00:20:33.350> can 00:20:33.490 --> 00:20:33.500 align:start position:0% this is government because if we can 00:20:33.500 --> 00:20:34.750 align:start position:0% this is government because if we can figure<00:20:33.650> out<00:20:33.799> how<00:20:33.919> to<00:20:33.980> deal<00:20:34.400> with<00:20:34.429> lawyers 00:20:34.750 --> 00:20:34.760 align:start position:0% figure out how to deal with lawyers 00:20:34.760 --> 00:20:36.400 align:start position:0% figure out how to deal with lawyers where<00:20:35.059> it<00:20:35.120> becomes<00:20:35.360> a<00:20:35.480> single<00:20:35.660> system<00:20:35.990> we 00:20:36.400 --> 00:20:36.410 align:start position:0% where it becomes a single system we 00:20:36.410 --> 00:20:37.330 align:start position:0% where it becomes a single system we ought<00:20:36.500> to<00:20:36.590> be<00:20:36.650> able<00:20:36.770> to<00:20:36.860> do<00:20:36.919> the<00:20:37.010> same<00:20:37.160> thing 00:20:37.330 --> 00:20:37.340 align:start position:0% ought to be able to do the same thing 00:20:37.340 --> 00:20:38.710 align:start position:0% ought to be able to do the same thing with<00:20:37.490> the<00:20:37.549> state<00:20:37.790> or<00:20:37.940> any<00:20:38.090> other<00:20:38.270> standing 00:20:38.710 --> 00:20:38.720 align:start position:0% with the state or any other standing 00:20:38.720 --> 00:20:40.690 align:start position:0% with the state or any other standing institution<00:20:39.290> it's<00:20:39.919> just<00:20:40.250> a<00:20:40.370> question<00:20:40.669> of 00:20:40.690 --> 00:20:40.700 align:start position:0% institution it's just a question of 00:20:40.700 --> 00:20:41.740 align:start position:0% institution it's just a question of getting<00:20:40.820> deep<00:20:41.179> enough<00:20:41.419> into<00:20:41.720> the 00:20:41.740 --> 00:20:41.750 align:start position:0% getting deep enough into the 00:20:41.750 --> 00:20:43.180 align:start position:0% getting deep enough into the understanding<00:20:42.380> of<00:20:42.440> the<00:20:42.559> systems<00:20:42.950> to 00:20:43.180 --> 00:20:43.190 align:start position:0% understanding of the systems to 00:20:43.190 --> 00:20:44.710 align:start position:0% understanding of the systems to understand<00:20:43.880> that<00:20:43.970> we're<00:20:44.120> all<00:20:44.299> trying<00:20:44.570> to 00:20:44.710 --> 00:20:44.720 align:start position:0% understand that we're all trying to 00:20:44.720 --> 00:20:47.770 align:start position:0% understand that we're all trying to solve<00:20:45.049> the<00:20:45.260> real-world<00:20:45.559> problems<00:20:46.400> in<00:20:46.940> a<00:20:47.450> way 00:20:47.770 --> 00:20:47.780 align:start position:0% solve the real-world problems in a way 00:20:47.780 --> 00:20:49.840 align:start position:0% solve the real-world problems in a way that<00:20:47.960> works<00:20:48.200> in<00:20:48.380> the<00:20:48.470> real<00:20:48.620> world<00:20:48.830> it's<00:20:49.610> just 00:20:49.840 --> 00:20:49.850 align:start position:0% that works in the real world it's just 00:20:49.850 --> 00:20:51.130 align:start position:0% that works in the real world it's just as<00:20:49.970> the<00:20:50.090> real<00:20:50.270> world<00:20:50.480> changes<00:20:50.929> you<00:20:51.049> get 00:20:51.130 --> 00:20:51.140 align:start position:0% as the real world changes you get 00:20:51.140 --> 00:20:52.960 align:start position:0% as the real world changes you get different<00:20:51.530> generations<00:20:52.010> of<00:20:52.160> solutions<00:20:52.580> and 00:20:52.960 --> 00:20:52.970 align:start position:0% different generations of solutions and 00:20:52.970 --> 00:20:54.340 align:start position:0% different generations of solutions and all<00:20:53.150> these<00:20:53.299> different<00:20:53.690> generations<00:20:53.809> the 00:20:54.340 --> 00:20:54.350 align:start position:0% all these different generations the 00:20:54.350 --> 00:20:55.659 align:start position:0% all these different generations the solutions<00:20:54.740> are<00:20:54.830> kind<00:20:54.980> of<00:20:55.070> running<00:20:55.280> on<00:20:55.400> top<00:20:55.549> of 00:20:55.659 --> 00:20:55.669 align:start position:0% solutions are kind of running on top of 00:20:55.669 --> 00:20:57.130 align:start position:0% solutions are kind of running on top of each<00:20:55.790> other<00:20:56.059> and<00:20:56.299> this<00:20:56.540> is<00:20:56.690> the<00:20:56.780> complex 00:20:57.130 --> 00:20:57.140 align:start position:0% each other and this is the complex 00:20:57.140 --> 00:20:59.169 align:start position:0% each other and this is the complex system<00:20:57.530> of<00:20:57.620> society<00:20:57.740> if<00:20:58.460> we<00:20:58.549> want<00:20:58.820> to<00:20:58.880> interact 00:20:59.169 --> 00:20:59.179 align:start position:0% system of society if we want to interact 00:20:59.179 --> 00:21:01.299 align:start position:0% system of society if we want to interact with<00:20:59.390> that<00:20:59.480> complex<00:20:59.929> system<00:21:00.290> we<00:21:00.770> have<00:21:00.980> to<00:21:01.160> make 00:21:01.299 --> 00:21:01.309 align:start position:0% with that complex system we have to make 00:21:01.309 --> 00:21:03.580 align:start position:0% with that complex system we have to make deals<00:21:01.640> and<00:21:02.030> form<00:21:02.630> partnerships<00:21:03.110> with<00:21:03.410> these 00:21:03.580 --> 00:21:03.590 align:start position:0% deals and form partnerships with these 00:21:03.590 --> 00:21:05.200 align:start position:0% deals and form partnerships with these entities<00:21:03.799> and<00:21:04.549> that<00:21:04.610> involves<00:21:05.090> understanding 00:21:05.200 --> 00:21:05.210 align:start position:0% entities and that involves understanding 00:21:05.210 --> 00:21:06.909 align:start position:0% entities and that involves understanding their<00:21:05.780> logic<00:21:06.049> and<00:21:06.200> understanding<00:21:06.230> their<00:21:06.890> a 00:21:06.909 --> 00:21:06.919 align:start position:0% their logic and understanding their a 00:21:06.919 --> 00:21:11.230 align:start position:0% their logic and understanding their a historical<00:21:07.730> period<00:21:09.669> ok<00:21:10.669> very<00:21:10.940> briefly 00:21:11.230 --> 00:21:11.240 align:start position:0% historical period ok very briefly 00:21:11.240 --> 00:21:12.930 align:start position:0% historical period ok very briefly because<00:21:11.360> always<00:21:11.570> time<00:21:11.870> for<00:21:11.900> one<00:21:12.140> question 00:21:12.930 --> 00:21:12.940 align:start position:0% because always time for one question 00:21:12.940 --> 00:21:14.950 align:start position:0% because always time for one question governance<00:21:13.940> protocols<00:21:14.390> if<00:21:14.630> we<00:21:14.809> take 00:21:14.950 --> 00:21:14.960 align:start position:0% governance protocols if we take 00:21:14.960 --> 00:21:17.200 align:start position:0% governance protocols if we take something<00:21:15.200> like<00:21:15.440> a<00:21:15.679> Stradivarius<00:21:16.280> violin<00:21:17.000> and 00:21:17.200 --> 00:21:17.210 align:start position:0% something like a Stradivarius violin and 00:21:17.210 --> 00:21:20.049 align:start position:0% something like a Stradivarius violin and we<00:21:17.809> very<00:21:18.559> nearly<00:21:18.710> had<00:21:19.250> one<00:21:19.280> with<00:21:19.610> us<00:21:19.730> today<00:21:20.000> but 00:21:20.049 --> 00:21:20.059 align:start position:0% we very nearly had one with us today but 00:21:20.059 --> 00:21:22.720 align:start position:0% we very nearly had one with us today but we<00:21:20.299> had<00:21:20.570> some<00:21:20.720> logistical<00:21:21.110> problems<00:21:21.470> and<00:21:21.770> you 00:21:22.720 --> 00:21:22.730 align:start position:0% we had some logistical problems and you 00:21:22.730 --> 00:21:24.280 align:start position:0% we had some logistical problems and you need<00:21:22.880> to<00:21:23.000> protect<00:21:23.330> for<00:21:23.450> things<00:21:23.660> value<00:21:24.049> because 00:21:24.280 --> 00:21:24.290 align:start position:0% need to protect for things value because 00:21:24.290 --> 00:21:25.900 align:start position:0% need to protect for things value because it's<00:21:24.440> hundreds<00:21:24.740> of<00:21:24.860> years<00:21:24.980> old<00:21:25.280> which<00:21:25.760> means 00:21:25.900 --> 00:21:25.910 align:start position:0% it's hundreds of years old which means 00:21:25.910 --> 00:21:27.220 align:start position:0% it's hundreds of years old which means you<00:21:26.120> need<00:21:26.240> to<00:21:26.299> be<00:21:26.390> in<00:21:26.510> a<00:21:26.540> position<00:21:26.690> where<00:21:26.929> it's 00:21:27.220 --> 00:21:27.230 align:start position:0% you need to be in a position where it's 00:21:27.230 --> 00:21:29.500 align:start position:0% you need to be in a position where it's properly<00:21:27.590> maintained<00:21:28.040> and<00:21:28.160> cared<00:21:28.400> for<00:21:28.490> if<00:21:29.330> it 00:21:29.500 --> 00:21:29.510 align:start position:0% properly maintained and cared for if it 00:21:29.510 --> 00:21:31.840 align:start position:0% properly maintained and cared for if it needs<00:21:29.780> a<00:21:30.080> replacement<00:21:30.500> of<00:21:31.010> one<00:21:31.400> of<00:21:31.490> the<00:21:31.549> parts 00:21:31.840 --> 00:21:31.850 align:start position:0% needs a replacement of one of the parts 00:21:31.850 --> 00:21:33.610 align:start position:0% needs a replacement of one of the parts which<00:21:32.000> wears<00:21:32.210> out<00:21:32.419> with<00:21:32.570> play<00:21:32.809> you<00:21:33.410> need<00:21:33.559> to 00:21:33.610 --> 00:21:33.620 align:start position:0% which wears out with play you need to 00:21:33.620 --> 00:21:34.810 align:start position:0% which wears out with play you need to make<00:21:33.740> sure<00:21:33.770> that<00:21:34.010> it's<00:21:34.130> done<00:21:34.280> by<00:21:34.460> a<00:21:34.490> proper 00:21:34.810 --> 00:21:34.820 align:start position:0% make sure that it's done by a proper 00:21:34.820 --> 00:21:36.039 align:start position:0% make sure that it's done by a proper person<00:21:35.030> who's<00:21:35.360> going<00:21:35.510> to<00:21:35.570> decide<00:21:35.840> it's<00:21:35.990> a 00:21:36.039 --> 00:21:36.049 align:start position:0% person who's going to decide it's a 00:21:36.049 --> 00:21:38.590 align:start position:0% person who's going to decide it's a proper<00:21:36.320> person<00:21:36.679> so<00:21:37.130> making<00:21:37.520> the<00:21:37.760> assets<00:21:38.179> such 00:21:38.590 --> 00:21:38.600 align:start position:0% proper person so making the assets such 00:21:38.600 --> 00:21:40.240 align:start position:0% proper person so making the assets such that<00:21:38.750> they're<00:21:38.870> protected<00:21:39.320> over<00:21:39.559> time<00:21:39.770> whether 00:21:40.240 --> 00:21:40.250 align:start position:0% that they're protected over time whether 00:21:40.250 --> 00:21:42.460 align:start position:0% that they're protected over time whether it's<00:21:40.490> rain<00:21:40.669> forests<00:21:41.059> or<00:21:41.150> violins<00:21:41.600> you<00:21:42.230> need<00:21:42.380> to 00:21:42.460 --> 00:21:42.470 align:start position:0% it's rain forests or violins you need to 00:21:42.470 --> 00:21:45.159 align:start position:0% it's rain forests or violins you need to take<00:21:42.620> a<00:21:42.650> ton<00:21:43.070> of<00:21:43.100> time<00:21:43.490> to<00:21:43.700> design<00:21:44.540> governance 00:21:45.159 --> 00:21:45.169 align:start position:0% take a ton of time to design governance 00:21:45.169 --> 00:21:47.260 align:start position:0% take a ton of time to design governance structures<00:21:45.590> so<00:21:46.220> that<00:21:46.400> the<00:21:46.490> owners<00:21:46.790> don't<00:21:47.090> put 00:21:47.260 --> 00:21:47.270 align:start position:0% structures so that the owners don't put 00:21:47.270 --> 00:21:49.030 align:start position:0% structures so that the owners don't put short-term<00:21:47.780> interests<00:21:48.320> ahead<00:21:48.470> of<00:21:48.590> long-term 00:21:49.030 --> 00:21:49.040 align:start position:0% short-term interests ahead of long-term 00:21:49.040 --> 00:21:51.549 align:start position:0% short-term interests ahead of long-term interests<00:21:49.490> and<00:21:49.960> damage<00:21:50.960> the<00:21:51.110> assets<00:21:51.470> that 00:21:51.549 --> 00:21:51.559 align:start position:0% interests and damage the assets that 00:21:51.559 --> 00:21:54.070 align:start position:0% interests and damage the assets that they're<00:21:51.799> custodians<00:21:52.730> of<00:21:52.850> because<00:21:53.809> I<00:21:53.929> don't 00:21:54.070 --> 00:21:54.080 align:start position:0% they're custodians of because I don't 00:21:54.080 --> 00:21:55.600 align:start position:0% they're custodians of because I don't want<00:21:54.200> us<00:21:54.260> to<00:21:54.380> build<00:21:54.590> systems<00:21:54.890> which<00:21:55.280> basically 00:21:55.600 --> 00:21:55.610 align:start position:0% want us to build systems which basically 00:21:55.610 --> 00:21:58.030 align:start position:0% want us to build systems which basically turn<00:21:55.970> into<00:21:56.510> kind<00:21:57.230> of<00:21:57.350> cutthroat<00:21:57.860> capitalism 00:21:58.030 --> 00:21:58.040 align:start position:0% turn into kind of cutthroat capitalism 00:21:58.040 --> 00:22:00.280 align:start position:0% turn into kind of cutthroat capitalism where<00:21:58.910> we<00:21:59.030> have<00:21:59.150> like<00:21:59.299> we've<00:21:59.540> Ridge<00:21:59.780> buyouts 00:22:00.280 --> 00:22:00.290 align:start position:0% where we have like we've Ridge buyouts 00:22:00.290 --> 00:22:02.289 align:start position:0% where we have like we've Ridge buyouts followed<00:22:00.650> by<00:22:00.770> asset<00:22:01.100> stripping<00:22:01.309> we<00:22:02.030> want<00:22:02.210> this 00:22:02.289 --> 00:22:02.299 align:start position:0% followed by asset stripping we want this 00:22:02.299 --> 00:22:03.430 align:start position:0% followed by asset stripping we want this to<00:22:02.450> be<00:22:02.540> a<00:22:02.570> system<00:22:02.840> where<00:22:03.020> things<00:22:03.200> have<00:22:03.320> grew 00:22:03.430 --> 00:22:03.440 align:start position:0% to be a system where things have grew 00:22:03.440 --> 00:22:05.020 align:start position:0% to be a system where things have grew under<00:22:03.620> long<00:22:03.860> term<00:22:04.100> custodianship<00:22:04.760> and 00:22:05.020 --> 00:22:05.030 align:start position:0% under long term custodianship and 00:22:05.030 --> 00:22:07.130 align:start position:0% under long term custodianship and management<00:22:05.600> so<00:22:06.110> that<00:22:06.290> they<00:22:06.440> are<00:22:06.559> cared<00:22:06.860> for 00:22:07.130 --> 00:22:07.140 align:start position:0% management so that they are cared for 00:22:07.140 --> 00:22:08.780 align:start position:0% management so that they are cared for for<00:22:07.320> the<00:22:07.380> future<00:22:07.860> and<00:22:08.010> we<00:22:08.250> need<00:22:08.400> that<00:22:08.520> approach 00:22:08.780 --> 00:22:08.790 align:start position:0% for the future and we need that approach 00:22:08.790 --> 00:22:10.820 align:start position:0% for the future and we need that approach with<00:22:09.000> four<00:22:09.210> historical<00:22:09.660> artifacts<00:22:10.260> we<00:22:10.680> also 00:22:10.820 --> 00:22:10.830 align:start position:0% with four historical artifacts we also 00:22:10.830 --> 00:22:13.670 align:start position:0% with four historical artifacts we also need<00:22:11.160> it<00:22:11.280> for<00:22:11.840> cultural<00:22:12.840> artifacts<00:22:13.410> we<00:22:13.530> need 00:22:13.670 --> 00:22:13.680 align:start position:0% need it for cultural artifacts we need 00:22:13.680 --> 00:22:15.950 align:start position:0% need it for cultural artifacts we need it<00:22:13.800> for<00:22:14.040> environmental<00:22:14.730> artifacts<00:22:15.180> how<00:22:15.900> are 00:22:15.950 --> 00:22:15.960 align:start position:0% it for environmental artifacts how are 00:22:15.960 --> 00:22:17.180 align:start position:0% it for environmental artifacts how are we<00:22:16.050> going<00:22:16.170> to<00:22:16.260> do<00:22:16.380> things<00:22:16.650> like<00:22:16.890> you<00:22:17.160> know 00:22:17.180 --> 00:22:17.190 align:start position:0% we going to do things like you know 00:22:17.190 --> 00:22:20.180 align:start position:0% we going to do things like you know correctly<00:22:18.090> tax<00:22:18.540> carbon<00:22:19.010> probably<00:22:20.010> there'll 00:22:20.180 --> 00:22:20.190 align:start position:0% correctly tax carbon probably there'll 00:22:20.190 --> 00:22:21.500 align:start position:0% correctly tax carbon probably there'll be<00:22:20.220> a<00:22:20.280> blockchain<00:22:20.550> in<00:22:20.820> there<00:22:20.970> you<00:22:21.090> want<00:22:21.300> to<00:22:21.360> be 00:22:21.500 --> 00:22:21.510 align:start position:0% be a blockchain in there you want to be 00:22:21.510 --> 00:22:22.880 align:start position:0% be a blockchain in there you want to be able<00:22:21.570> to<00:22:21.720> take<00:22:21.810> the<00:22:21.900> rainforests<00:22:22.410> of<00:22:22.530> Google 00:22:22.880 --> 00:22:22.890 align:start position:0% able to take the rainforests of Google 00:22:22.890 --> 00:22:25.970 align:start position:0% able to take the rainforests of Google under<00:22:23.100> real<00:22:23.220> government<00:22:23.400> structures<00:22:24.770> so<00:22:25.770> the 00:22:25.970 --> 00:22:25.980 align:start position:0% under real government structures so the 00:22:25.980 --> 00:22:27.410 align:start position:0% under real government structures so the final<00:22:26.310> thing<00:22:26.460> is<00:22:26.490> centralization 00:22:27.410 --> 00:22:27.420 align:start position:0% final thing is centralization 00:22:27.420 --> 00:22:30.380 align:start position:0% final thing is centralization decentralization<00:22:28.820> building<00:22:29.820> protocols 00:22:30.380 --> 00:22:30.390 align:start position:0% decentralization building protocols 00:22:30.390 --> 00:22:33.020 align:start position:0% decentralization building protocols where<00:22:30.900> the<00:22:31.530> automated<00:22:32.040> counterparties<00:22:32.790> the 00:22:33.020 --> 00:22:33.030 align:start position:0% where the automated counterparties the 00:22:33.030 --> 00:22:35.870 align:start position:0% where the automated counterparties the automated<00:22:33.390> custodians<00:22:34.020> are<00:22:34.610> reliable<00:22:35.610> enough 00:22:35.870 --> 00:22:35.880 align:start position:0% automated custodians are reliable enough 00:22:35.880 --> 00:22:37.520 align:start position:0% automated custodians are reliable enough that<00:22:36.090> you<00:22:36.180> can<00:22:36.330> use<00:22:36.360> them<00:22:36.690> on<00:22:36.780> smart<00:22:37.050> contracts 00:22:37.520 --> 00:22:37.530 align:start position:0% that you can use them on smart contracts 00:22:37.530 --> 00:22:38.930 align:start position:0% that you can use them on smart contracts and<00:22:37.680> not<00:22:37.770> wind<00:22:38.040> up<00:22:38.130> with<00:22:38.250> a<00:22:38.310> ton<00:22:38.610> of<00:22:38.640> error 00:22:38.930 --> 00:22:38.940 align:start position:0% and not wind up with a ton of error 00:22:38.940 --> 00:22:41.600 align:start position:0% and not wind up with a ton of error where<00:22:39.900> error<00:22:40.170> implies<00:22:40.650> dispute<00:22:41.250> which<00:22:41.430> which 00:22:41.600 --> 00:22:41.610 align:start position:0% where error implies dispute which which 00:22:41.610 --> 00:22:43.160 align:start position:0% where error implies dispute which which is<00:22:41.730> back<00:22:41.910> in<00:22:42.060> the<00:22:42.120> Ricardian<00:22:42.570> model<00:22:42.690> where<00:22:43.050> we 00:22:43.160 --> 00:22:43.170 align:start position:0% is back in the Ricardian model where we 00:22:43.170 --> 00:22:45.380 align:start position:0% is back in the Ricardian model where we got<00:22:43.350> to<00:22:43.440> go<00:22:43.560> to<00:22:44.030> arbitrators<00:22:45.030> and<00:22:45.150> all<00:22:45.300> the 00:22:45.380 --> 00:22:45.390 align:start position:0% got to go to arbitrators and all the 00:22:45.390 --> 00:22:47.780 align:start position:0% got to go to arbitrators and all the rest<00:22:45.540> of<00:22:45.660> that<00:22:45.720> stuff<00:22:45.990> vm<00:22:46.920> to<00:22:47.070> get<00:22:47.280> this<00:22:47.430> stuff 00:22:47.780 --> 00:22:47.790 align:start position:0% rest of that stuff vm to get this stuff 00:22:47.790 --> 00:22:51.140 align:start position:0% rest of that stuff vm to get this stuff correct<00:22:48.740> requires<00:22:49.740> that<00:22:49.980> all<00:22:50.040> the<00:22:50.550> custodians 00:22:51.140 --> 00:22:51.150 align:start position:0% correct requires that all the custodians 00:22:51.150 --> 00:22:52.280 align:start position:0% correct requires that all the custodians and<00:22:51.270> all<00:22:51.420> of<00:22:51.510> the<00:22:51.600> other<00:22:51.690> actors<00:22:52.080> in<00:22:52.200> the 00:22:52.280 --> 00:22:52.290 align:start position:0% and all of the other actors in the 00:22:52.290 --> 00:22:53.510 align:start position:0% and all of the other actors in the system<00:22:52.410> who<00:22:52.710> doing<00:22:52.890> things<00:22:53.070> like<00:22:53.220> providing 00:22:53.510 --> 00:22:53.520 align:start position:0% system who doing things like providing 00:22:53.520 --> 00:22:56.450 align:start position:0% system who doing things like providing title<00:22:54.150> insurance<00:22:54.450> all<00:22:55.170> of<00:22:55.260> those<00:22:55.770> actors<00:22:56.190> have 00:22:56.450 --> 00:22:56.460 align:start position:0% title insurance all of those actors have 00:22:56.460 --> 00:22:58.700 align:start position:0% title insurance all of those actors have to<00:22:56.640> be<00:22:56.730> an<00:22:56.820> extremely<00:22:57.720> high<00:22:58.200> level<00:22:58.680> of 00:22:58.700 --> 00:22:58.710 align:start position:0% to be an extremely high level of 00:22:58.710 --> 00:23:00.890 align:start position:0% to be an extremely high level of professionalism<00:22:59.370> in<00:22:59.730> the<00:23:00.480> analog<00:23:00.870> world 00:23:00.890 --> 00:23:00.900 align:start position:0% professionalism in the analog world 00:23:00.900 --> 00:23:03.440 align:start position:0% professionalism in the analog world right<00:23:01.890> the<00:23:02.190> analog<00:23:02.550> world<00:23:02.580> doctors<00:23:03.150> have<00:23:03.330> to 00:23:03.440 --> 00:23:03.450 align:start position:0% right the analog world doctors have to 00:23:03.450 --> 00:23:05.420 align:start position:0% right the analog world doctors have to be<00:23:03.540> the<00:23:03.630> best<00:23:03.930> possible<00:23:04.260> analog<00:23:04.770> world<00:23:04.920> actors 00:23:05.420 --> 00:23:05.430 align:start position:0% be the best possible analog world actors 00:23:05.430 --> 00:23:07.340 align:start position:0% be the best possible analog world actors and<00:23:05.760> we<00:23:06.120> need<00:23:06.240> to<00:23:06.330> make<00:23:06.450> sure<00:23:06.480> that<00:23:06.750> as<00:23:07.050> we<00:23:07.170> grew 00:23:07.340 --> 00:23:07.350 align:start position:0% and we need to make sure that as we grew 00:23:07.350 --> 00:23:08.900 align:start position:0% and we need to make sure that as we grew these<00:23:07.500> systems<00:23:07.920> out<00:23:08.130> we've<00:23:08.640> got<00:23:08.790> the 00:23:08.900 --> 00:23:08.910 align:start position:0% these systems out we've got the 00:23:08.910 --> 00:23:10.550 align:start position:0% these systems out we've got the appropriate<00:23:09.120> certification<00:23:10.110> training 00:23:10.550 --> 00:23:10.560 align:start position:0% appropriate certification training 00:23:10.560 --> 00:23:12.530 align:start position:0% appropriate certification training technology<00:23:10.920> packages<00:23:11.640> to<00:23:12.120> make<00:23:12.270> sure<00:23:12.420> that 00:23:12.530 --> 00:23:12.540 align:start position:0% technology packages to make sure that 00:23:12.540 --> 00:23:15.140 align:start position:0% technology packages to make sure that the<00:23:12.660> animal<00:23:12.960> world<00:23:13.140> actors<00:23:13.590> are<00:23:13.830> not<00:23:14.370> stealing 00:23:15.140 --> 00:23:15.150 align:start position:0% the animal world actors are not stealing 00:23:15.150 --> 00:23:16.760 align:start position:0% the animal world actors are not stealing things<00:23:15.480> out<00:23:15.660> of<00:23:15.780> the<00:23:15.870> custodians<00:23:16.440> and<00:23:16.620> then 00:23:16.760 --> 00:23:16.770 align:start position:0% things out of the custodians and then 00:23:16.770 --> 00:23:18.410 align:start position:0% things out of the custodians and then screwing<00:23:17.220> with<00:23:17.310> the<00:23:17.370> dispute<00:23:17.760> processes<00:23:18.270> by 00:23:18.410 --> 00:23:18.420 align:start position:0% screwing with the dispute processes by 00:23:18.420 --> 00:23:20.660 align:start position:0% screwing with the dispute processes by bribery<00:23:18.710> if<00:23:19.710> you<00:23:19.890> want<00:23:20.040> to<00:23:20.100> think<00:23:20.220> about<00:23:20.490> doing 00:23:20.660 --> 00:23:20.670 align:start position:0% bribery if you want to think about doing 00:23:20.670 --> 00:23:22.250 align:start position:0% bribery if you want to think about doing business<00:23:20.970> in<00:23:21.210> developing<00:23:21.660> world<00:23:21.870> countries 00:23:22.250 --> 00:23:22.260 align:start position:0% business in developing world countries 00:23:22.260 --> 00:23:24.080 align:start position:0% business in developing world countries where<00:23:22.440> we<00:23:22.980> really<00:23:23.370> desperately<00:23:23.970> need 00:23:24.080 --> 00:23:24.090 align:start position:0% where we really desperately need 00:23:24.090 --> 00:23:26.480 align:start position:0% where we really desperately need effective<00:23:24.600> trade<00:23:24.930> infrastructure<00:23:25.650> there<00:23:26.370> are 00:23:26.480 --> 00:23:26.490 align:start position:0% effective trade infrastructure there are 00:23:26.490 --> 00:23:28.940 align:start position:0% effective trade infrastructure there are enormous<00:23:27.030> pools<00:23:27.540> of<00:23:27.720> assets<00:23:28.110> in<00:23:28.380> developing 00:23:28.940 --> 00:23:28.950 align:start position:0% enormous pools of assets in developing 00:23:28.950 --> 00:23:30.890 align:start position:0% enormous pools of assets in developing world<00:23:29.040> countries<00:23:29.220> that<00:23:30.060> could<00:23:30.300> be<00:23:30.450> used<00:23:30.690> to 00:23:30.890 --> 00:23:30.900 align:start position:0% world countries that could be used to 00:23:30.900 --> 00:23:32.900 align:start position:0% world countries that could be used to stake<00:23:31.230> and<00:23:31.470> secure<00:23:31.830> smart<00:23:32.250> contracts<00:23:32.820> it 00:23:32.900 --> 00:23:32.910 align:start position:0% stake and secure smart contracts it 00:23:32.910 --> 00:23:35.060 align:start position:0% stake and secure smart contracts it would<00:23:33.060> enable<00:23:33.270> trade<00:23:33.630> if<00:23:34.080> you're<00:23:34.590> selling 00:23:35.060 --> 00:23:35.070 align:start position:0% would enable trade if you're selling 00:23:35.070 --> 00:23:37.100 align:start position:0% would enable trade if you're selling goods<00:23:35.280> for<00:23:35.490> a<00:23:35.520> factory<00:23:35.940> if<00:23:36.420> you<00:23:36.570> stake<00:23:36.900> the 00:23:37.100 --> 00:23:37.110 align:start position:0% goods for a factory if you stake the 00:23:37.110 --> 00:23:38.870 align:start position:0% goods for a factory if you stake the factory<00:23:37.530> itself<00:23:37.950> on<00:23:38.130> the<00:23:38.250> performance<00:23:38.730> of 00:23:38.870 --> 00:23:38.880 align:start position:0% factory itself on the performance of 00:23:38.880 --> 00:23:40.910 align:start position:0% factory itself on the performance of those<00:23:39.000> goods<00:23:39.330> it's<00:23:39.990> much<00:23:40.290> easier<00:23:40.680> to<00:23:40.710> do 00:23:40.910 --> 00:23:40.920 align:start position:0% those goods it's much easier to do 00:23:40.920 --> 00:23:42.260 align:start position:0% those goods it's much easier to do business<00:23:41.100> with<00:23:41.340> you<00:23:41.550> than<00:23:41.760> if<00:23:41.880> you've<00:23:42.030> got 00:23:42.260 --> 00:23:42.270 align:start position:0% business with you than if you've got 00:23:42.270 --> 00:23:44.990 align:start position:0% business with you than if you've got nothing<00:23:42.600> but<00:23:42.720> a<00:23:42.780> promise<00:23:43.170> and<00:23:43.620> that<00:23:44.370> ability 00:23:44.990 --> 00:23:45.000 align:start position:0% nothing but a promise and that ability 00:23:45.000 --> 00:23:47.510 align:start position:0% nothing but a promise and that ability to<00:23:45.180> anchor<00:23:45.720> deals<00:23:46.080> against<00:23:46.770> hard<00:23:47.040> assets 00:23:47.510 --> 00:23:47.520 align:start position:0% to anchor deals against hard assets 00:23:47.520 --> 00:23:49.250 align:start position:0% to anchor deals against hard assets allows<00:23:48.210> us<00:23:48.390> to<00:23:48.510> work<00:23:48.630> in<00:23:48.870> low<00:23:49.050> trust 00:23:49.250 --> 00:23:49.260 align:start position:0% allows us to work in low trust 00:23:49.260 --> 00:23:51.500 align:start position:0% allows us to work in low trust environments<00:23:49.890> those<00:23:50.430> kind<00:23:50.760> of<00:23:50.820> competences 00:23:51.500 --> 00:23:51.510 align:start position:0% environments those kind of competences 00:23:51.510 --> 00:23:54.110 align:start position:0% environments those kind of competences require<00:23:52.050> the<00:23:52.620> entire<00:23:53.010> analog<00:23:53.520> system<00:23:53.880> to<00:23:54.030> be 00:23:54.110 --> 00:23:54.120 align:start position:0% require the entire analog system to be 00:23:54.120 --> 00:23:55.400 align:start position:0% require the entire analog system to be as<00:23:54.210> good<00:23:54.390> as<00:23:54.510> it<00:23:54.630> can<00:23:54.780> possibly<00:23:54.810> be 00:23:55.400 --> 00:23:55.410 align:start position:0% as good as it can possibly be 00:23:55.410 --> 00:23:57.230 align:start position:0% as good as it can possibly be or<00:23:55.800> it<00:23:56.010> would<00:23:56.130> constantly<00:23:56.670> in<00:23:56.820> dispute<00:23:57.210> and 00:23:57.230 --> 00:23:57.240 align:start position:0% or it would constantly in dispute and 00:23:57.240 --> 00:23:59.690 align:start position:0% or it would constantly in dispute and disputes<00:23:57.630> are<00:23:57.720> expensive<00:23:58.200> so<00:23:58.380> our<00:23:59.280> big 00:23:59.690 --> 00:23:59.700 align:start position:0% disputes are expensive so our big 00:23:59.700 --> 00:24:01.670 align:start position:0% disputes are expensive so our big challenges<00:24:00.240> as<00:24:00.390> we<00:24:00.510> go<00:24:00.630> forward<00:24:00.900> finding<00:24:01.560> the 00:24:01.670 --> 00:24:01.680 align:start position:0% challenges as we go forward finding the 00:24:01.680 --> 00:24:03.860 align:start position:0% challenges as we go forward finding the correct<00:24:01.950> set<00:24:02.250> partners<00:24:02.730> on<00:24:02.910> the<00:24:03.150> analog<00:24:03.510> side 00:24:03.860 --> 00:24:03.870 align:start position:0% correct set partners on the analog side 00:24:03.870 --> 00:24:06.080 align:start position:0% correct set partners on the analog side to<00:24:04.530> build<00:24:04.680> analog<00:24:05.160> systems<00:24:05.550> which<00:24:05.730> are<00:24:05.880> fully 00:24:06.080 --> 00:24:06.090 align:start position:0% to build analog systems which are fully 00:24:06.090 --> 00:24:07.580 align:start position:0% to build analog systems which are fully integrated<00:24:06.330> and<00:24:06.720> compatible<00:24:07.320> with<00:24:07.350> the 00:24:07.580 --> 00:24:07.590 align:start position:0% integrated and compatible with the 00:24:07.590 --> 00:24:11.120 align:start position:0% integrated and compatible with the blockchain<00:24:07.800> reality<00:24:09.350> we<00:24:10.350> just<00:24:10.710> published<00:24:11.040> the 00:24:11.120 --> 00:24:11.130 align:start position:0% blockchain reality we just published the 00:24:11.130 --> 00:24:12.920 align:start position:0% blockchain reality we just published the light<00:24:11.250> paper<00:24:11.460> explains<00:24:12.180> a<00:24:12.270> lot<00:24:12.360> of<00:24:12.510> logic 00:24:12.920 --> 00:24:12.930 align:start position:0% light paper explains a lot of logic 00:24:12.930 --> 00:24:14.750 align:start position:0% light paper explains a lot of logic explains<00:24:13.530> a<00:24:13.590> lot<00:24:13.680> of<00:24:13.740> legal<00:24:13.980> reasoning<00:24:14.550> it 00:24:14.750 --> 00:24:14.760 align:start position:0% explains a lot of legal reasoning it 00:24:14.760 --> 00:24:16.370 align:start position:0% explains a lot of legal reasoning it gives<00:24:14.910> a<00:24:14.970> really<00:24:15.360> good<00:24:15.600> idea<00:24:15.780> of<00:24:16.080> how<00:24:16.200> these 00:24:16.370 --> 00:24:16.380 align:start position:0% gives a really good idea of how these 00:24:16.380 --> 00:24:19.030 align:start position:0% gives a really good idea of how these systems<00:24:16.590> work<00:24:17.090> there<00:24:18.090> will<00:24:18.210> be<00:24:18.240> a<00:24:18.390> white<00:24:18.660> paper 00:24:19.030 --> 00:24:19.040 align:start position:0% systems work there will be a white paper 00:24:19.040 --> 00:24:21.380 align:start position:0% systems work there will be a white paper very<00:24:20.040> likely<00:24:20.520> associated 00:24:21.380 --> 00:24:21.390 align:start position:0% very likely associated 00:24:21.390 --> 00:24:24.200 align:start position:0% very likely associated our<00:24:22.100> fundraising<00:24:23.100> if<00:24:23.429> they're<00:24:23.610> at<00:24:23.850> some 00:24:24.200 --> 00:24:24.210 align:start position:0% our fundraising if they're at some 00:24:24.210 --> 00:24:26.419 align:start position:0% our fundraising if they're at some future<00:24:24.450> point<00:24:24.809> that<00:24:25.410> stuff<00:24:25.620> is<00:24:25.740> not<00:24:25.980> happening 00:24:26.419 --> 00:24:26.429 align:start position:0% future point that stuff is not happening 00:24:26.429 --> 00:24:27.770 align:start position:0% future point that stuff is not happening yet<00:24:26.580> if<00:24:26.730> you<00:24:26.820> hear<00:24:27.000> anybody<00:24:27.360> say<00:24:27.540> that<00:24:27.570> it's 00:24:27.770 --> 00:24:27.780 align:start position:0% yet if you hear anybody say that it's 00:24:27.780 --> 00:24:29.660 align:start position:0% yet if you hear anybody say that it's happening<00:24:28.080> it's<00:24:28.200> not<00:24:28.290> happening<00:24:28.380> but<00:24:28.920> at<00:24:29.370> some 00:24:29.660 --> 00:24:29.670 align:start position:0% happening it's not happening but at some 00:24:29.670 --> 00:24:30.830 align:start position:0% happening it's not happening but at some point<00:24:29.940> the<00:24:30.090> intention<00:24:30.510> is<00:24:30.570> that<00:24:30.600> there<00:24:30.780> will 00:24:30.830 --> 00:24:30.840 align:start position:0% point the intention is that there will 00:24:30.840 --> 00:24:32.330 align:start position:0% point the intention is that there will be<00:24:30.960> tokenization<00:24:31.320> of<00:24:31.740> these<00:24:31.860> things<00:24:32.130> if<00:24:32.250> we 00:24:32.330 --> 00:24:32.340 align:start position:0% be tokenization of these things if we 00:24:32.340 --> 00:24:33.680 align:start position:0% be tokenization of these things if we could<00:24:32.490> find<00:24:32.640> legal<00:24:33.000> structures<00:24:33.330> that<00:24:33.420> we<00:24:33.540> like 00:24:33.680 --> 00:24:33.690 align:start position:0% could find legal structures that we like 00:24:33.690 --> 00:24:34.310 align:start position:0% could find legal structures that we like for<00:24:33.960> it 00:24:34.310 --> 00:24:34.320 align:start position:0% for it 00:24:34.320 --> 00:24:39.950 align:start position:0% for it that<00:24:34.740> is<00:24:34.860> TVA<00:24:37.340> I<00:24:38.340> guess<00:24:38.970> that<00:24:39.480> is<00:24:39.570> all<00:24:39.690> I<00:24:39.750> had<00:24:39.870> to 00:24:39.950 --> 00:24:39.960 align:start position:0% that is TVA I guess that is all I had to 00:24:39.960 --> 00:24:45.680 align:start position:0% that is TVA I guess that is all I had to say<00:24:40.080> thank<00:24:40.679> you<00:24:43.610> do<00:24:44.610> you<00:24:44.670> have<00:24:44.850> any<00:24:45.030> measures 00:24:45.680 --> 00:24:45.690 align:start position:0% say thank you do you have any measures 00:24:45.690 --> 00:24:47.720 align:start position:0% say thank you do you have any measures in<00:24:45.870> mind<00:24:46.110> to<00:24:46.260> prevent<00:24:46.590> the<00:24:46.679> centralization<00:24:47.490> of 00:24:47.720 --> 00:24:47.730 align:start position:0% in mind to prevent the centralization of 00:24:47.730 --> 00:24:49.520 align:start position:0% in mind to prevent the centralization of custodians<00:24:48.540> to<00:24:48.720> the<00:24:48.809> point<00:24:49.020> that<00:24:49.140> they<00:24:49.290> look 00:24:49.520 --> 00:24:49.530 align:start position:0% custodians to the point that they look 00:24:49.530 --> 00:24:52.520 align:start position:0% custodians to the point that they look they<00:24:49.890> would<00:24:50.280> look<00:24:50.520> like<00:24:50.700> the<00:24:51.540> big<00:24:52.230> tech 00:24:52.520 --> 00:24:52.530 align:start position:0% they would look like the big tech 00:24:52.530 --> 00:24:55.880 align:start position:0% they would look like the big tech landscape<00:24:53.370> we<00:24:53.520> have<00:24:53.669> right<00:24:53.850> now<00:24:54.049> so<00:24:55.049> my 00:24:55.880 --> 00:24:55.890 align:start position:0% landscape we have right now so my 00:24:55.890 --> 00:24:58.370 align:start position:0% landscape we have right now so my expectation<00:24:56.549> is<00:24:56.640> that<00:24:56.700> the<00:24:56.880> custodians<00:24:57.480> will 00:24:58.370 --> 00:24:58.380 align:start position:0% expectation is that the custodians will 00:24:58.380 --> 00:25:00.830 align:start position:0% expectation is that the custodians will turn<00:24:58.650> into<00:24:58.860> marketplaces<00:24:59.700> with<00:25:00.270> extremely 00:25:00.830 --> 00:25:00.840 align:start position:0% turn into marketplaces with extremely 00:25:00.840 --> 00:25:04.549 align:start position:0% turn into marketplaces with extremely strong<00:25:01.290> oversight<00:25:01.710> from<00:25:02.520> the<00:25:02.610> community<00:25:03.559> so 00:25:04.549 --> 00:25:04.559 align:start position:0% strong oversight from the community so 00:25:04.559 --> 00:25:06.140 align:start position:0% strong oversight from the community so in<00:25:04.830> any<00:25:04.980> situation<00:25:05.549> where<00:25:05.700> you<00:25:05.790> think<00:25:05.820> that 00:25:06.140 --> 00:25:06.150 align:start position:0% in any situation where you think that 00:25:06.150 --> 00:25:07.700 align:start position:0% in any situation where you think that the<00:25:06.270> custodians<00:25:06.780> are<00:25:06.900> becoming<00:25:07.140> centralized 00:25:07.700 --> 00:25:07.710 align:start position:0% the custodians are becoming centralized 00:25:07.710 --> 00:25:09.830 align:start position:0% the custodians are becoming centralized that<00:25:08.280> creates<00:25:08.549> an<00:25:08.669> opportunity<00:25:08.850> for<00:25:09.360> a<00:25:09.419> second 00:25:09.830 --> 00:25:09.840 align:start position:0% that creates an opportunity for a second 00:25:09.840 --> 00:25:11.600 align:start position:0% that creates an opportunity for a second custodian<00:25:10.380> went<00:25:10.590> to<00:25:10.710> the<00:25:10.799> market<00:25:11.220> because 00:25:11.600 --> 00:25:11.610 align:start position:0% custodian went to the market because 00:25:11.610 --> 00:25:13.789 align:start position:0% custodian went to the market because nobody<00:25:12.059> wants<00:25:12.390> a<00:25:12.450> centralized<00:25:12.809> to<00:25:13.020> sodium<00:25:13.380> so 00:25:13.789 --> 00:25:13.799 align:start position:0% nobody wants a centralized to sodium so 00:25:13.799 --> 00:25:14.780 align:start position:0% nobody wants a centralized to sodium so I<00:25:13.860> think<00:25:13.919> what<00:25:14.160> you<00:25:14.250> guys<00:25:14.370> can<00:25:14.610> invite 00:25:14.780 --> 00:25:14.790 align:start position:0% I think what you guys can invite 00:25:14.790 --> 00:25:16.190 align:start position:0% I think what you guys can invite community<00:25:15.330> and<00:25:15.480> forced<00:25:15.720> antitrust 00:25:16.190 --> 00:25:16.200 align:start position:0% community and forced antitrust 00:25:16.200 --> 00:25:18.289 align:start position:0% community and forced antitrust regulation<00:25:16.770> the<00:25:17.280> other<00:25:17.400> possibility<00:25:18.030> is<00:25:18.059> that 00:25:18.289 --> 00:25:18.299 align:start position:0% regulation the other possibility is that 00:25:18.299 --> 00:25:20.840 align:start position:0% regulation the other possibility is that we<00:25:18.390> build<00:25:18.630> market<00:25:19.200> machines<00:25:19.799> which<00:25:20.460> punish 00:25:20.840 --> 00:25:20.850 align:start position:0% we build market machines which punish 00:25:20.850 --> 00:25:22.460 align:start position:0% we build market machines which punish custodians<00:25:21.419> who<00:25:21.510> get<00:25:21.660> too<00:25:21.780> large<00:25:22.020> by<00:25:22.320> for 00:25:22.460 --> 00:25:22.470 align:start position:0% custodians who get too large by for 00:25:22.470 --> 00:25:24.620 align:start position:0% custodians who get too large by for example<00:25:22.590> taxation<00:25:23.370> so<00:25:24.120> we<00:25:24.240> could<00:25:24.390> build 00:25:24.620 --> 00:25:24.630 align:start position:0% example taxation so we could build 00:25:24.630 --> 00:25:27.140 align:start position:0% example taxation so we could build anti-monopoly<00:25:25.470> machinery<00:25:26.309> directly<00:25:26.940> into 00:25:27.140 --> 00:25:27.150 align:start position:0% anti-monopoly machinery directly into 00:25:27.150 --> 00:25:36.989 align:start position:0% anti-monopoly machinery directly into the<00:25:27.240> underlying<00:25:27.510> contract<00:25:27.840> frameworks 00:25:36.989 --> 00:25:36.999 align:start position:0% 00:25:36.999 --> 00:25:39.059 align:start position:0% you