WEBVTT Kind: captions Language: en 00:00:04.600 --> 00:00:06.990 align:start position:0% I'm<00:00:05.410> Kevin<00:00:05.680> Robertson<00:00:06.220> and<00:00:06.340> I'm<00:00:06.460> here<00:00:06.730> to<00:00:06.850> talk 00:00:06.990 --> 00:00:07.000 align:start position:0% I'm Kevin Robertson and I'm here to talk 00:00:07.000 --> 00:00:12.890 align:start position:0% I'm Kevin Robertson and I'm here to talk to<00:00:07.180> you<00:00:07.270> today<00:00:07.359> about<00:00:07.779> how<00:00:08.260> crypto<00:00:08.830> is<00:00:08.980> broken 00:00:12.890 --> 00:00:12.900 align:start position:0% 00:00:12.900 --> 00:00:15.089 align:start position:0% one<00:00:13.900> of<00:00:13.929> the<00:00:14.080> big<00:00:14.230> things<00:00:14.440> that<00:00:14.679> people<00:00:14.830> talk 00:00:15.089 --> 00:00:15.099 align:start position:0% one of the big things that people talk 00:00:15.099 --> 00:00:16.830 align:start position:0% one of the big things that people talk about<00:00:15.160> in<00:00:15.639> terms<00:00:16.150> of<00:00:16.330> adoption<00:00:16.630> of 00:00:16.830 --> 00:00:16.840 align:start position:0% about in terms of adoption of 00:00:16.840 --> 00:00:18.960 align:start position:0% about in terms of adoption of cryptocurrency<00:00:17.580> are<00:00:18.580> things<00:00:18.790> like 00:00:18.960 --> 00:00:18.970 align:start position:0% cryptocurrency are things like 00:00:18.970 --> 00:00:21.420 align:start position:0% cryptocurrency are things like transaction<00:00:19.779> speed<00:00:20.110> and<00:00:20.439> transaction<00:00:21.009> volume 00:00:21.420 --> 00:00:21.430 align:start position:0% transaction speed and transaction volume 00:00:21.430 --> 00:00:24.179 align:start position:0% transaction speed and transaction volume and<00:00:21.610> cost<00:00:22.079> but<00:00:23.079> we<00:00:23.200> actually<00:00:23.320> believe<00:00:23.829> that's 00:00:24.179 --> 00:00:24.189 align:start position:0% and cost but we actually believe that's 00:00:24.189 --> 00:00:26.159 align:start position:0% and cost but we actually believe that's not<00:00:24.369> the<00:00:24.550> core<00:00:24.759> reason<00:00:25.210> why<00:00:25.450> people<00:00:25.810> aren't 00:00:26.159 --> 00:00:26.169 align:start position:0% not the core reason why people aren't 00:00:26.169 --> 00:00:29.190 align:start position:0% not the core reason why people aren't using<00:00:26.439> crypto<00:00:26.919> broadly<00:00:27.250> today<00:00:27.869> we<00:00:28.869> believe 00:00:29.190 --> 00:00:29.200 align:start position:0% using crypto broadly today we believe 00:00:29.200 --> 00:00:31.080 align:start position:0% using crypto broadly today we believe that<00:00:29.470> using<00:00:29.800> crypto<00:00:30.099> for<00:00:30.279> most<00:00:30.460> people<00:00:30.820> is 00:00:31.080 --> 00:00:31.090 align:start position:0% that using crypto for most people is 00:00:31.090 --> 00:00:33.900 align:start position:0% that using crypto for most people is dangerous<00:00:31.809> if<00:00:32.079> you<00:00:32.920> look<00:00:33.130> at<00:00:33.220> a<00:00:33.309> lot<00:00:33.430> of<00:00:33.520> wallet 00:00:33.900 --> 00:00:33.910 align:start position:0% dangerous if you look at a lot of wallet 00:00:33.910 --> 00:00:35.910 align:start position:0% dangerous if you look at a lot of wallet apps<00:00:34.059> out<00:00:34.300> there<00:00:34.329> all<00:00:34.780> the<00:00:35.440> warned<00:00:35.710> users 00:00:35.910 --> 00:00:35.920 align:start position:0% apps out there all the warned users 00:00:35.920 --> 00:00:37.320 align:start position:0% apps out there all the warned users about<00:00:36.250> their<00:00:36.430> private<00:00:36.850> keys 00:00:37.320 --> 00:00:37.330 align:start position:0% about their private keys 00:00:37.330 --> 00:00:39.120 align:start position:0% about their private keys you<00:00:37.690> set<00:00:37.870> up<00:00:37.990> a<00:00:38.080> new<00:00:38.200> wallet<00:00:38.440> store<00:00:39.010> your 00:00:39.120 --> 00:00:39.130 align:start position:0% you set up a new wallet store your 00:00:39.130 --> 00:00:41.250 align:start position:0% you set up a new wallet store your private<00:00:39.460> keys<00:00:39.640> safely<00:00:40.090> if<00:00:40.270> you<00:00:40.540> lose<00:00:40.780> them<00:00:41.020> you 00:00:41.250 --> 00:00:41.260 align:start position:0% private keys safely if you lose them you 00:00:41.260 --> 00:00:44.370 align:start position:0% private keys safely if you lose them you lose<00:00:41.740> your<00:00:41.980> money<00:00:42.240> now<00:00:43.240> for<00:00:43.570> technical<00:00:44.050> folks 00:00:44.370 --> 00:00:44.380 align:start position:0% lose your money now for technical folks 00:00:44.380 --> 00:00:46.530 align:start position:0% lose your money now for technical folks that<00:00:44.560> might<00:00:44.680> be<00:00:44.860> okay<00:00:45.280> but<00:00:45.880> for<00:00:46.090> most<00:00:46.240> people 00:00:46.530 --> 00:00:46.540 align:start position:0% that might be okay but for most people 00:00:46.540 --> 00:00:54.510 align:start position:0% that might be okay but for most people that's<00:00:46.870> simply<00:00:47.260> terrifying<00:00:53.040> the<00:00:54.040> result<00:00:54.370> of 00:00:54.510 --> 00:00:54.520 align:start position:0% that's simply terrifying the result of 00:00:54.520 --> 00:00:56.400 align:start position:0% that's simply terrifying the result of this<00:00:54.670> is<00:00:54.940> that<00:00:55.390> only<00:00:55.600> the<00:00:55.840> most<00:00:55.989> technically 00:00:56.400 --> 00:00:56.410 align:start position:0% this is that only the most technically 00:00:56.410 --> 00:00:58.860 align:start position:0% this is that only the most technically savvy<00:00:56.710> users<00:00:57.070> know<00:00:57.700> how<00:00:57.850> to<00:00:57.910> use<00:00:58.090> crypto<00:00:58.480> in<00:00:58.720> a 00:00:58.860 --> 00:00:58.870 align:start position:0% savvy users know how to use crypto in a 00:00:58.870 --> 00:01:03.150 align:start position:0% savvy users know how to use crypto in a self<00:00:59.170> sovereign<00:00:59.590> way<00:01:01.620> exchanges<00:01:02.620> are<00:01:02.890> the 00:01:03.150 --> 00:01:03.160 align:start position:0% self sovereign way exchanges are the 00:01:03.160 --> 00:01:05.969 align:start position:0% self sovereign way exchanges are the default<00:01:03.579> for<00:01:03.790> the<00:01:03.850> rest<00:01:04.030> of<00:01:04.180> us<00:01:04.829> people<00:01:05.829> go<00:01:05.920> to 00:01:05.969 --> 00:01:05.979 align:start position:0% default for the rest of us people go to 00:01:05.979 --> 00:01:08.039 align:start position:0% default for the rest of us people go to exchange<00:01:06.220> as<00:01:06.460> a<00:01:06.490> bi<00:01:06.670> crypto<00:01:07.119> and<00:01:07.360> we<00:01:07.899> all 00:01:08.039 --> 00:01:08.049 align:start position:0% exchange as a bi crypto and we all 00:01:08.049 --> 00:01:09.719 align:start position:0% exchange as a bi crypto and we all understand<00:01:08.560> the<00:01:08.740> risks<00:01:09.159> that<00:01:09.250> are<00:01:09.430> associated 00:01:09.719 --> 00:01:09.729 align:start position:0% understand the risks that are associated 00:01:09.729 --> 00:01:13.110 align:start position:0% understand the risks that are associated with<00:01:10.000> that<00:01:11.040> hundreds<00:01:12.040> or<00:01:12.370> tens<00:01:12.430> of<00:01:12.820> billions 00:01:13.110 --> 00:01:13.120 align:start position:0% with that hundreds or tens of billions 00:01:13.120 --> 00:01:14.969 align:start position:0% with that hundreds or tens of billions of<00:01:13.210> dollars<00:01:13.270> that<00:01:13.900> have<00:01:13.960> been<00:01:14.140> lost<00:01:14.380> on<00:01:14.620> crypto 00:01:14.969 --> 00:01:14.979 align:start position:0% of dollars that have been lost on crypto 00:01:14.979 --> 00:01:17.340 align:start position:0% of dollars that have been lost on crypto exchanges<00:01:15.550> over<00:01:15.670> the<00:01:16.180> past<00:01:16.420> seven<00:01:17.200> to<00:01:17.290> eight 00:01:17.340 --> 00:01:17.350 align:start position:0% exchanges over the past seven to eight 00:01:17.350 --> 00:01:21.450 align:start position:0% exchanges over the past seven to eight years<00:01:18.900> so<00:01:19.900> how<00:01:20.049> is<00:01:20.200> this<00:01:20.290> shaped<00:01:20.650> crypto<00:01:21.220> and 00:01:21.450 --> 00:01:21.460 align:start position:0% years so how is this shaped crypto and 00:01:21.460 --> 00:01:24.020 align:start position:0% years so how is this shaped crypto and what<00:01:21.640> we<00:01:21.729> actually<00:01:21.909> do<00:01:22.330> with<00:01:22.570> crypto<00:01:22.930> today 00:01:24.020 --> 00:01:24.030 align:start position:0% what we actually do with crypto today 00:01:24.030 --> 00:01:26.700 align:start position:0% what we actually do with crypto today well<00:01:25.030> the<00:01:25.180> simplest<00:01:25.420> example<00:01:25.930> is<00:01:26.020> people 00:01:26.700 --> 00:01:26.710 align:start position:0% well the simplest example is people 00:01:26.710 --> 00:01:28.820 align:start position:0% well the simplest example is people don't<00:01:26.799> use<00:01:27.040> crypto<00:01:27.460> to<00:01:27.520> buy<00:01:27.850> real<00:01:28.240> things 00:01:28.820 --> 00:01:28.830 align:start position:0% don't use crypto to buy real things 00:01:28.830 --> 00:01:31.050 align:start position:0% don't use crypto to buy real things instead<00:01:29.830> it's<00:01:30.280> there<00:01:30.490> for<00:01:30.640> speculative 00:01:31.050 --> 00:01:31.060 align:start position:0% instead it's there for speculative 00:01:31.060 --> 00:01:35.160 align:start position:0% instead it's there for speculative behavior<00:01:32.729> along<00:01:33.729> with<00:01:33.940> that<00:01:34.150> crypto<00:01:34.840> has<00:01:35.020> this 00:01:35.160 --> 00:01:35.170 align:start position:0% behavior along with that crypto has this 00:01:35.170 --> 00:01:37.710 align:start position:0% behavior along with that crypto has this obsession<00:01:35.560> with<00:01:35.740> TPS<00:01:36.340> we<00:01:36.940> need<00:01:37.090> to<00:01:37.210> focus<00:01:37.390> on 00:01:37.710 --> 00:01:37.720 align:start position:0% obsession with TPS we need to focus on 00:01:37.720 --> 00:01:39.030 align:start position:0% obsession with TPS we need to focus on transactions<00:01:38.290> per<00:01:38.470> Section 00:01:39.030 --> 00:01:39.040 align:start position:0% transactions per Section 00:01:39.040 --> 00:01:41.880 align:start position:0% transactions per Section we're<00:01:39.310> per<00:01:39.580> second<00:01:39.970> to<00:01:40.450> get<00:01:40.630> more<00:01:40.810> users<00:01:41.049> sort 00:01:41.880 --> 00:01:41.890 align:start position:0% we're per second to get more users sort 00:01:41.890 --> 00:01:43.310 align:start position:0% we're per second to get more users sort of<00:01:41.979> if<00:01:42.250> you<00:01:42.310> build<00:01:42.700> it<00:01:42.820> they<00:01:42.970> will<00:01:43.090> come 00:01:43.310 --> 00:01:43.320 align:start position:0% of if you build it they will come 00:01:43.320 --> 00:01:48.719 align:start position:0% of if you build it they will come mentality<00:01:45.930> but<00:01:46.930> our<00:01:47.049> thought<00:01:47.320> is<00:01:47.729> we're 00:01:48.719 --> 00:01:48.729 align:start position:0% mentality but our thought is we're 00:01:48.729 --> 00:01:51.000 align:start position:0% mentality but our thought is we're getting<00:01:49.000> close<00:01:49.240> to<00:01:49.270> the<00:01:49.510> chasm<00:01:50.049> of<00:01:50.200> crypto<00:01:50.680> and 00:01:51.000 --> 00:01:51.010 align:start position:0% getting close to the chasm of crypto and 00:01:51.010 --> 00:01:53.429 align:start position:0% getting close to the chasm of crypto and in<00:01:51.520> order<00:01:51.760> to<00:01:51.790> cross<00:01:52.090> that<00:01:52.299> chasm<00:01:52.510> safely<00:01:53.200> if 00:01:53.429 --> 00:01:53.439 align:start position:0% in order to cross that chasm safely if 00:01:53.439 --> 00:01:55.109 align:start position:0% in order to cross that chasm safely if we<00:01:53.770> want<00:01:53.950> people<00:01:54.220> to<00:01:54.280> use<00:01:54.400> their<00:01:54.580> crypto<00:01:54.909> on 00:01:55.109 --> 00:01:55.119 align:start position:0% we want people to use their crypto on 00:01:55.119 --> 00:01:57.179 align:start position:0% we want people to use their crypto on their<00:01:55.330> own<00:01:55.450> and<00:01:55.720> hold<00:01:55.900> on<00:01:56.049> their<00:01:56.229> own<00:01:56.380> we<00:01:57.010> need 00:01:57.179 --> 00:01:57.189 align:start position:0% their own and hold on their own we need 00:01:57.189 --> 00:01:59.940 align:start position:0% their own and hold on their own we need a<00:01:57.220> new<00:01:57.430> solution<00:01:58.110> so<00:01:59.110> we<00:01:59.229> asked<00:01:59.380> the<00:01:59.590> question 00:01:59.940 --> 00:01:59.950 align:start position:0% a new solution so we asked the question 00:01:59.950 --> 00:02:04.440 align:start position:0% a new solution so we asked the question what<00:02:00.060> if<00:02:01.060> crypto<00:02:01.420> was<00:02:01.930> more<00:02:02.170> like<00:02:02.320> cash<00:02:03.450> cash 00:02:04.440 --> 00:02:04.450 align:start position:0% what if crypto was more like cash cash 00:02:04.450 --> 00:02:07.350 align:start position:0% what if crypto was more like cash cash has<00:02:04.960> a<00:02:04.990> lot<00:02:05.229> of<00:02:05.259> benefits<00:02:05.710> to<00:02:05.950> it<00:02:06.210> billions<00:02:07.210> of 00:02:07.350 --> 00:02:07.360 align:start position:0% has a lot of benefits to it billions of 00:02:07.360 --> 00:02:09.320 align:start position:0% has a lot of benefits to it billions of people<00:02:07.689> understand<00:02:08.289> how<00:02:08.470> to<00:02:08.500> use<00:02:08.769> cash 00:02:09.320 --> 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gone<00:02:16.260> so<00:02:17.260> if<00:02:17.349> you<00:02:17.469> burn<00:02:17.680> your 00:02:17.819 --> 00:02:17.829 align:start position:0% you gone it's gone so if you burn your 00:02:17.829 --> 00:02:18.530 align:start position:0% you gone it's gone so if you burn your your 00:02:18.530 --> 00:02:18.540 align:start position:0% your 00:02:18.540 --> 00:02:20.780 align:start position:0% your if<00:02:19.140> you<00:02:19.319> burn<00:02:19.530> your<00:02:19.680> cash<00:02:19.920> you<00:02:20.280> no<00:02:20.400> longer<00:02:20.550> can 00:02:20.780 --> 00:02:20.790 align:start position:0% if you burn your cash you no longer can 00:02:20.790 --> 00:02:24.649 align:start position:0% if you burn your cash you no longer can spend<00:02:21.090> it<00:02:22.280> along<00:02:23.280> with<00:02:23.519> that<00:02:23.700> cash<00:02:24.209> is<00:02:24.480> still 00:02:24.649 --> 00:02:24.659 align:start position:0% spend it along with that cash is still 00:02:24.659 --> 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societies<00:02:31.080> cash<00:02:31.769> is<00:02:32.040> still<00:02:32.250> used<00:02:32.580> for 00:02:32.809 --> 00:02:32.819 align:start position:0% societies cash is still used for 00:02:32.819 --> 00:02:37.130 align:start position:0% societies cash is still used for transactions<00:02:33.390> under<00:02:33.510> $25<00:02:34.790> in<00:02:35.870> order<00:02:36.870> to<00:02:36.959> think 00:02:37.130 --> 00:02:37.140 align:start position:0% transactions under $25 in order to think 00:02:37.140 --> 00:02:38.839 align:start position:0% transactions under $25 in order to think about<00:02:37.410> if<00:02:37.650> we<00:02:37.890> want<00:02:38.069> to<00:02:38.129> make<00:02:38.250> crypto<00:02:38.640> more 00:02:38.839 --> 00:02:38.849 align:start position:0% about if we want to make crypto more 00:02:38.849 --> 00:02:40.699 align:start position:0% about if we want to make crypto more like<00:02:39.030> cash<00:02:39.360> we<00:02:39.780> have<00:02:39.870> to<00:02:40.019> understand<00:02:40.379> what 00:02:40.699 --> 00:02:40.709 align:start position:0% like cash we have to understand what 00:02:40.709 --> 00:02:43.339 align:start position:0% like cash we have to understand what cash<00:02:41.010> is<00:02:41.310> and<00:02:41.610> what<00:02:41.819> it<00:02:41.910> represents<00:02:42.349> it's 00:02:43.339 --> 00:02:43.349 align:start position:0% cash is and what it represents it's 00:02:43.349 --> 00:02:46.100 align:start position:0% cash is and what it represents it's something<00:02:43.680> distinct<00:02:44.190> from<00:02:44.400> money<00:02:44.720> cash<00:02:45.720> is<00:02:46.049> a 00:02:46.100 --> 00:02:46.110 align:start position:0% something distinct from money cash is a 00:02:46.110 --> 00:02:49.640 align:start position:0% something distinct from money cash is a transferable<00:02:46.829> IOU<00:02:47.519> if<00:02:48.510> I<00:02:48.690> hand<00:02:48.989> this<00:02:49.140> cash<00:02:49.379> to 00:02:49.640 --> 00:02:49.650 align:start position:0% transferable IOU if I hand this cash to 00:02:49.650 --> 00:02:51.530 align:start position:0% transferable IOU if I hand this cash to you<00:02:49.769> you<00:02:50.190> know<00:02:50.370> that<00:02:50.610> you<00:02:50.730> can<00:02:50.910> go<00:02:51.060> hand<00:02:51.329> it<00:02:51.450> to 00:02:51.530 --> 00:02:51.540 align:start position:0% you you know that you can go hand it to 00:02:51.540 --> 00:02:53.449 align:start position:0% you you know that you can go hand it to someone<00:02:51.750> else<00:02:51.959> in<00:02:52.200> exchange<00:02:52.890> for<00:02:53.010> good<00:02:53.370> or 00:02:53.449 --> 00:02:53.459 align:start position:0% someone else in exchange for good or 00:02:53.459 --> 00:02:55.729 align:start position:0% someone else in exchange for good or service<00:02:53.700> it<00:02:54.599> means<00:02:54.750> that<00:02:54.989> you<00:02:55.049> have<00:02:55.230> to<00:02:55.379> trust 00:02:55.729 --> 00:02:55.739 align:start position:0% service it means that you have to trust 00:02:55.739 --> 00:02:58.220 align:start position:0% service it means that you have to trust that<00:02:56.519> cash<00:02:56.849> is<00:02:57.120> real<00:02:57.359> and<00:02:57.660> that<00:02:57.690> someone<00:02:58.079> else 00:02:58.220 --> 00:02:58.230 align:start position:0% that cash is real and that someone else 00:02:58.230 --> 00:03:00.080 align:start position:0% that cash is real and that someone else work<00:02:58.410> will<00:02:58.739> accept<00:02:59.099> it<00:02:59.250> it's<00:02:59.879> also 00:03:00.080 --> 00:03:00.090 align:start position:0% work will accept it it's also 00:03:00.090 --> 00:03:04.400 align:start position:0% work will accept it it's also transferable<00:03:02.450> there's<00:03:03.450> been<00:03:04.079> a<00:03:04.140> number<00:03:04.260> of 00:03:04.400 --> 00:03:04.410 align:start position:0% transferable there's been a number of 00:03:04.410 --> 00:03:07.009 align:start position:0% transferable there's been a number of experiments<00:03:04.859> in<00:03:05.040> this<00:03:05.190> the<00:03:06.150> easiest<00:03:06.480> one<00:03:06.780> is 00:03:07.009 --> 00:03:07.019 align:start position:0% experiments in this the easiest one is 00:03:07.019 --> 00:03:09.440 align:start position:0% experiments in this the easiest one is printing<00:03:07.950> out<00:03:08.069> a<00:03:08.280> private<00:03:08.700> key<00:03:08.849> and<00:03:09.060> handing 00:03:09.440 --> 00:03:09.450 align:start position:0% printing out a private key and handing 00:03:09.450 --> 00:03:11.360 align:start position:0% printing out a private key and handing it<00:03:09.510> to<00:03:09.569> someone<00:03:09.989> that's<00:03:10.650> great<00:03:10.950> it's 00:03:11.360 --> 00:03:11.370 align:start position:0% it to someone that's great it's 00:03:11.370 --> 00:03:13.009 align:start position:0% it to someone that's great it's incredibly<00:03:11.879> cheap<00:03:12.180> but<00:03:12.750> it's<00:03:12.870> also 00:03:13.009 --> 00:03:13.019 align:start position:0% incredibly cheap but it's also 00:03:13.019 --> 00:03:15.259 align:start position:0% incredibly cheap but it's also technically<00:03:13.560> difficult<00:03:13.739> to<00:03:14.069> use<00:03:14.280> and<00:03:14.549> beyond 00:03:15.259 --> 00:03:15.269 align:start position:0% technically difficult to use and beyond 00:03:15.269 --> 00:03:16.970 align:start position:0% technically difficult to use and beyond the<00:03:15.420> first<00:03:15.569> person<00:03:15.989> it's<00:03:16.290> not<00:03:16.500> infinitely 00:03:16.970 --> 00:03:16.980 align:start position:0% the first person it's not infinitely 00:03:16.980 --> 00:03:18.589 align:start position:0% the first person it's not infinitely transferable<00:03:17.790> to<00:03:17.849> more<00:03:18.180> and<00:03:18.269> more<00:03:18.420> people 00:03:18.589 --> 00:03:18.599 align:start position:0% transferable to more and more people 00:03:18.599 --> 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in<00:03:27.030> a 00:03:27.110 --> 00:03:27.120 align:start position:0% hardware wallets store the crypto in a 00:03:27.120 --> 00:03:29.449 align:start position:0% hardware wallets store the crypto in a fairly<00:03:27.389> safe<00:03:27.569> way<00:03:27.840> but<00:03:28.829> the<00:03:28.919> problem<00:03:29.280> is 00:03:29.449 --> 00:03:29.459 align:start position:0% fairly safe way but the problem is 00:03:29.459 --> 00:03:31.220 align:start position:0% fairly safe way but the problem is they're<00:03:29.790> not<00:03:29.910> easily<00:03:30.150> transferable<00:03:30.840> and 00:03:31.220 --> 00:03:31.230 align:start position:0% they're not easily transferable and 00:03:31.230 --> 00:03:33.289 align:start position:0% they're not easily transferable and they're<00:03:31.440> fairly<00:03:31.650> expensive<00:03:32.069> and<00:03:32.430> along<00:03:33.269> with 00:03:33.289 --> 00:03:33.299 align:start position:0% they're fairly expensive and along with 00:03:33.299 --> 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there's<00:03:40.769> been<00:03:40.829> a<00:03:40.919> move<00:03:41.130> towards<00:03:41.489> Java<00:03:41.760> smart 00:03:42.140 --> 00:03:42.150 align:start position:0% there's been a move towards Java smart 00:03:42.150 --> 00:03:44.750 align:start position:0% there's been a move towards Java smart cards<00:03:42.480> Java<00:03:43.319> smart<00:03:43.680> cards<00:03:43.950> are<00:03:44.040> great<00:03:44.160> because 00:03:44.750 --> 00:03:44.760 align:start position:0% cards Java smart cards are great because 00:03:44.760 --> 00:03:46.099 align:start position:0% cards Java smart cards are great because unlike<00:03:45.000> harbor<00:03:45.359> wallets<00:03:45.660> they're<00:03:45.810> fairly 00:03:46.099 --> 00:03:46.109 align:start position:0% unlike harbor wallets they're fairly 00:03:46.109 --> 00:03:48.110 align:start position:0% unlike harbor wallets they're fairly cheap<00:03:46.380> but<00:03:47.069> you<00:03:47.099> also<00:03:47.340> can't<00:03:47.700> trust<00:03:47.940> them 00:03:48.110 --> 00:03:48.120 align:start position:0% cheap but you also can't trust them 00:03:48.120 --> 00:03:50.750 align:start position:0% cheap but you also can't trust them either<00:03:48.389> they<00:03:49.139> have<00:03:49.319> a<00:03:49.349> full<00:03:49.769> Java<00:03:50.190> smart<00:03:50.519> card 00:03:50.750 --> 00:03:50.760 align:start position:0% either they have a full Java smart card 00:03:50.760 --> 00:03:52.490 align:start position:0% either they have a full Java smart card operating<00:03:51.239> system<00:03:51.540> running<00:03:51.720> on<00:03:51.930> them<00:03:52.079> with 00:03:52.490 --> 00:03:52.500 align:start position:0% operating system running on them with 00:03:52.500 --> 00:03:56.390 align:start position:0% operating system running on them with massive<00:03:53.099> vulnerabilities<00:03:55.040> what<00:03:56.040> this<00:03:56.190> really 00:03:56.390 --> 00:03:56.400 align:start position:0% massive vulnerabilities what this really 00:03:56.400 --> 00:03:59.240 align:start position:0% massive vulnerabilities what this really boils<00:03:56.489> down<00:03:56.910> to<00:03:57.090> is<00:03:57.569> that<00:03:58.139> trust<00:03:58.530> in<00:03:58.769> usable 00:03:59.240 --> 00:03:59.250 align:start position:0% boils down to is that trust in usable 00:03:59.250 --> 00:04:02.059 align:start position:0% boils down to is that trust in usable crypto<00:03:59.669> comes<00:04:00.269> down<00:04:00.450> to<00:04:00.599> trust<00:04:00.870> and<00:04:01.139> keys<00:04:01.739> and 00:04:02.059 --> 00:04:02.069 align:start position:0% crypto comes down to trust and keys and 00:04:02.069 --> 00:04:04.819 align:start position:0% crypto comes down to trust and keys and key<00:04:02.519> storage<00:04:02.849> and<00:04:03.500> so<00:04:04.500> what<00:04:04.650> we're<00:04:04.799> proposing 00:04:04.819 --> 00:04:04.829 align:start position:0% key storage and so what we're proposing 00:04:04.829 --> 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low<00:04:15.209> cost<00:04:16.190> maybe 00:04:17.180 --> 00:04:17.190 align:start position:0% trustworthy and it's low cost maybe 00:04:17.190 --> 00:04:19.430 align:start position:0% trustworthy and it's low cost maybe physical<00:04:17.910> cash<00:04:18.150> is<00:04:18.389> what<00:04:18.630> we<00:04:18.780> need<00:04:19.109> to 00:04:19.430 --> 00:04:19.440 align:start position:0% physical cash is what we need to 00:04:19.440 --> 00:04:21.560 align:start position:0% physical cash is what we need to actually<00:04:19.799> achieve<00:04:20.160> price<00:04:20.549> stability<00:04:20.609> out<00:04:21.359> in 00:04:21.560 --> 00:04:21.570 align:start position:0% actually achieve price stability out in 00:04:21.570 --> 00:04:24.290 align:start position:0% actually achieve price stability out in the<00:04:21.660> world<00:04:21.870> against<00:04:22.650> crypto<00:04:23.090> rather<00:04:24.090> than 00:04:24.290 --> 00:04:24.300 align:start position:0% the world against crypto rather than 00:04:24.300 --> 00:04:26.779 align:start position:0% the world against crypto rather than stabilizing<00:04:25.020> crypto<00:04:25.349> against<00:04:26.010> fiat<00:04:26.400> which<00:04:26.669> is 00:04:26.779 --> 00:04:26.789 align:start position:0% stabilizing crypto against fiat which is 00:04:26.789 --> 00:04:28.850 align:start position:0% stabilizing crypto against fiat which is inflationary<00:04:27.330> we<00:04:27.990> can<00:04:28.140> have<00:04:28.289> crypto<00:04:28.680> which 00:04:28.850 --> 00:04:28.860 align:start position:0% inflationary we can have crypto which 00:04:28.860 --> 00:04:30.529 align:start position:0% inflationary we can have crypto which you<00:04:28.950> can<00:04:29.070> actually<00:04:29.190> use<00:04:29.580> to<00:04:29.610> spend<00:04:30.090> on<00:04:30.270> goods 00:04:30.529 --> 00:04:30.539 align:start position:0% you can actually use to spend on goods 00:04:30.539 --> 00:04:31.909 align:start position:0% you can actually use to spend on goods and<00:04:30.659> services 00:04:31.909 --> 00:04:31.919 align:start position:0% and services 00:04:31.919 --> 00:04:33.770 align:start position:0% and services let's<00:04:32.520> talk<00:04:32.729> a<00:04:32.759> little<00:04:32.819> bit<00:04:33.000> about<00:04:33.210> how<00:04:33.479> Kong 00:04:33.770 --> 00:04:33.780 align:start position:0% let's talk a little bit about how Kong 00:04:33.780 --> 00:04:37.850 align:start position:0% let's talk a little bit about how Kong works<00:04:35.030> it<00:04:36.030> has<00:04:36.090> a<00:04:36.240> printed<00:04:36.810> face<00:04:37.110> value<00:04:37.560> on<00:04:37.590> it 00:04:37.850 --> 00:04:37.860 align:start position:0% works it has a printed face value on it 00:04:37.860 --> 00:04:40.070 align:start position:0% works it has a printed face value on it it's<00:04:38.699> really<00:04:38.909> simple<00:04:39.060> to<00:04:39.389> understand<00:04:39.810> how 00:04:40.070 --> 00:04:40.080 align:start position:0% it's really simple to understand how 00:04:40.080 --> 00:04:41.860 align:start position:0% it's really simple to understand how much<00:04:40.259> you<00:04:40.409> have<00:04:40.620> and<00:04:40.949> how<00:04:41.129> much<00:04:41.250> you<00:04:41.310> can<00:04:41.430> spend 00:04:41.860 --> 00:04:41.870 align:start position:0% much you have and how much you can spend 00:04:41.870 --> 00:04:45.379 align:start position:0% much you have and how much you can spend it's<00:04:42.870> tied<00:04:43.229> to<00:04:43.259> a<00:04:43.469> smart<00:04:43.830> contract<00:04:44.460> so<00:04:45.030> unlike 00:04:45.379 --> 00:04:45.389 align:start position:0% it's tied to a smart contract so unlike 00:04:45.389 --> 00:04:46.909 align:start position:0% it's tied to a smart contract so unlike a<00:04:45.419> hardware<00:04:45.870> wallet<00:04:46.139> it's<00:04:46.319> not<00:04:46.530> storing<00:04:46.860> the 00:04:46.909 --> 00:04:46.919 align:start position:0% a hardware wallet it's not storing the 00:04:46.919 --> 00:04:49.459 align:start position:0% a hardware wallet it's not storing the asset<00:04:47.219> directly<00:04:47.669> on<00:04:47.789> it<00:04:47.939> but<00:04:48.449> rather<00:04:48.629> the 00:04:49.459 --> 00:04:49.469 align:start position:0% asset directly on it but rather the 00:04:49.469 --> 00:04:52.070 align:start position:0% asset directly on it but rather the smart<00:04:49.740> contract<00:04:49.919> does<00:04:50.490> that<00:04:50.669> for<00:04:50.939> us<00:04:51.060> and<00:04:51.270> what 00:04:52.070 --> 00:04:52.080 align:start position:0% smart contract does that for us and what 00:04:52.080 --> 00:04:53.450 align:start position:0% smart contract does that for us and what that<00:04:52.229> means<00:04:52.409> is<00:04:52.650> that<00:04:52.680> we<00:04:52.919> get<00:04:53.069> all<00:04:53.250> the 00:04:53.450 --> 00:04:53.460 align:start position:0% that means is that we get all the 00:04:53.460 --> 00:04:56.959 align:start position:0% that means is that we get all the security<00:04:53.939> benefits<00:04:54.330> of<00:04:54.509> the<00:04:54.689> EVM<00:04:55.759> it's<00:04:56.759> got<00:04:56.939> a 00:04:56.959 --> 00:04:56.969 align:start position:0% security benefits of the EVM it's got a 00:04:56.969 --> 00:04:59.779 align:start position:0% security benefits of the EVM it's got a time<00:04:57.240> lock<00:04:57.449> on<00:04:57.629> it<00:04:57.860> crypto<00:04:58.860> cash<00:04:59.129> is<00:04:59.460> not<00:04:59.520> a 00:04:59.779 --> 00:04:59.789 align:start position:0% time lock on it crypto cash is not a 00:04:59.789 --> 00:05:02.179 align:start position:0% time lock on it crypto cash is not a prepaid<00:05:00.479> gift<00:05:00.719> card<00:05:01.050> you<00:05:01.349> can't<00:05:01.889> pull<00:05:02.099> the 00:05:02.179 --> 00:05:02.189 align:start position:0% prepaid gift card you can't pull the 00:05:02.189 --> 00:05:04.369 align:start position:0% prepaid gift card you can't pull the crypto<00:05:02.520> off<00:05:02.669> of<00:05:02.819> it<00:05:02.939> immediately<00:05:03.229> that's<00:05:04.229> a 00:05:04.369 --> 00:05:04.379 align:start position:0% crypto off of it immediately that's a 00:05:04.379 --> 00:05:06.320 align:start position:0% crypto off of it immediately that's a really<00:05:04.560> important<00:05:04.979> feature<00:05:05.099> because<00:05:05.819> I<00:05:05.969> hand 00:05:06.320 --> 00:05:06.330 align:start position:0% really important feature because I hand 00:05:06.330 --> 00:05:07.999 align:start position:0% really important feature because I hand this<00:05:06.569> to<00:05:06.629> someone<00:05:06.930> else<00:05:07.169> they<00:05:07.500> have<00:05:07.710> to<00:05:07.860> have<00:05:07.979> a 00:05:07.999 --> 00:05:08.009 align:start position:0% this to someone else they have to have a 00:05:08.009 --> 00:05:09.740 align:start position:0% this to someone else they have to have a good<00:05:08.219> expectation<00:05:09.029> that<00:05:09.270> the<00:05:09.389> crypto<00:05:09.659> is 00:05:09.740 --> 00:05:09.750 align:start position:0% good expectation that the crypto is 00:05:09.750 --> 00:05:12.469 align:start position:0% good expectation that the crypto is actually<00:05:10.110> backing<00:05:10.349> it<00:05:10.650> and<00:05:11.210> lastly<00:05:12.210> and<00:05:12.449> most 00:05:12.469 --> 00:05:12.479 align:start position:0% actually backing it and lastly and most 00:05:12.479 --> 00:05:14.899 align:start position:0% actually backing it and lastly and most importantly<00:05:12.659> a<00:05:13.319> secure<00:05:13.979> element<00:05:14.069> chip<00:05:14.520> and 00:05:14.899 --> 00:05:14.909 align:start position:0% importantly a secure element chip and 00:05:14.909 --> 00:05:16.159 align:start position:0% importantly a secure element chip and we'll<00:05:15.029> talk<00:05:15.210> exactly<00:05:15.419> about<00:05:15.719> how<00:05:16.020> that 00:05:16.159 --> 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position:0% countries cash used to work this way in fact<00:05:24.060> in<00:05:24.240> the<00:05:24.300> early<00:05:24.360> 20th<00:05:24.930> century<00:05:24.960> you<00:05:25.740> could 00:05:25.879 --> 00:05:25.889 align:start position:0% fact in the early 20th century you could 00:05:25.889 --> 00:05:28.100 align:start position:0% fact in the early 20th century you could actually<00:05:26.039> take<00:05:26.340> certain<00:05:26.759> notes<00:05:26.969> and<00:05:27.330> exchange 00:05:28.100 --> 00:05:28.110 align:start position:0% actually take certain notes and exchange 00:05:28.110 --> 00:05:29.869 align:start position:0% actually take certain notes and exchange them<00:05:28.319> for<00:05:28.349> precious<00:05:28.830> metals<00:05:29.159> at<00:05:29.310> the<00:05:29.550> federal 00:05:29.869 --> 00:05:29.879 align:start position:0% them for precious metals at the federal 00:05:29.879 --> 00:05:32.839 align:start position:0% them for precious metals at the federal reserve<00:05:30.439> crypto<00:05:31.439> cache<00:05:31.620> is<00:05:31.830> similar<00:05:32.159> at<00:05:32.430> the 00:05:32.839 --> 00:05:32.849 align:start position:0% reserve crypto cache is similar at the 00:05:32.849 --> 00:05:34.610 align:start position:0% reserve crypto cache is similar at the end<00:05:33.090> of<00:05:33.240> time<00:05:33.449> lock<00:05:33.659> you<00:05:33.870> can<00:05:34.020> take<00:05:34.229> your<00:05:34.379> Kong 00:05:34.610 --> 00:05:34.620 align:start position:0% end of time lock you can take your Kong 00:05:34.620 --> 00:05:37.430 align:start position:0% end of time lock you can take your Kong and<00:05:34.889> you<00:05:35.400> can<00:05:35.550> retrieve<00:05:35.969> yourself<00:05:36.509> the<00:05:37.050> token 00:05:37.430 --> 00:05:37.440 align:start position:0% and you can retrieve yourself the token 00:05:37.440 --> 00:05:40.519 align:start position:0% and you can retrieve yourself the token that<00:05:37.469> is<00:05:37.620> backing<00:05:38.039> it<00:05:38.960> so<00:05:39.960> let's<00:05:40.139> come<00:05:40.289> back<00:05:40.409> to 00:05:40.519 --> 00:05:40.529 align:start position:0% that is backing it so let's come back to 00:05:40.529 --> 00:05:42.829 align:start position:0% that is backing it so let's come back to the<00:05:40.589> secure<00:05:40.889> element<00:05:41.210> the<00:05:42.210> secure<00:05:42.509> element<00:05:42.599> is 00:05:42.829 --> 00:05:42.839 align:start position:0% the secure element the secure element is 00:05:42.839 --> 00:05:44.749 align:start position:0% the secure element the secure element is the<00:05:42.930> most<00:05:43.199> important<00:05:43.889> part<00:05:44.099> of<00:05:44.219> crypto<00:05:44.520> cache 00:05:44.749 --> 00:05:44.759 align:start position:0% the most important part of crypto cache 00:05:44.759 --> 00:05:46.779 align:start position:0% the most important part of crypto cache because<00:05:45.569> it's<00:05:45.719> where<00:05:45.839> it<00:05:45.900> stores<00:05:46.080> the<00:05:46.289> keys 00:05:46.779 --> 00:05:46.789 align:start position:0% because it's where it stores the keys 00:05:46.789 --> 00:05:48.980 align:start position:0% because it's where it stores the keys but<00:05:47.789> there's<00:05:48.000> a<00:05:48.060> few<00:05:48.270> issues<00:05:48.389> with<00:05:48.599> secure 00:05:48.980 --> 00:05:48.990 align:start position:0% but there's a few issues with secure 00:05:48.990 --> 00:05:51.559 align:start position:0% but there's a few issues with secure elements<00:05:49.349> today<00:05:49.620> many<00:05:50.339> of<00:05:50.430> them<00:05:50.669> allow<00:05:51.240> you<00:05:51.300> to 00:05:51.559 --> 00:05:51.569 align:start position:0% elements today many of them allow you to 00:05:51.569 --> 00:05:53.300 align:start position:0% elements today many of them allow you to load<00:05:51.719> code<00:05:52.020> onto<00:05:52.259> them<00:05:52.500> but<00:05:53.069> there's<00:05:53.250> a 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not<00:06:00.750> the<00:06:00.900> private 00:06:01.279 --> 00:06:01.289 align:start position:0% public portion but not the private 00:06:01.289 --> 00:06:03.829 align:start position:0% public portion but not the private portion<00:06:01.500> by<00:06:02.339> design<00:06:02.729> the<00:06:03.000> private<00:06:03.330> portion<00:06:03.539> is 00:06:03.829 --> 00:06:03.839 align:start position:0% portion by design the private portion is 00:06:03.839 --> 00:06:07.129 align:start position:0% portion by design the private portion is locked<00:06:04.199> up<00:06:04.409> forever<00:06:05.389> you<00:06:06.389> can<00:06:06.539> get<00:06:06.659> signatures 00:06:07.129 --> 00:06:07.139 align:start position:0% locked up forever you can get signatures 00:06:07.139 --> 00:06:09.230 align:start position:0% locked up forever you can get signatures out<00:06:07.259> of<00:06:07.409> it<00:06:07.529> however<00:06:07.710> to<00:06:08.189> verify<00:06:08.639> that<00:06:08.939> in<00:06:09.210> fact 00:06:09.230 --> 00:06:09.240 align:start position:0% out of it however to verify that in fact 00:06:09.240 --> 00:06:11.269 align:start position:0% out of it however to verify that in fact that<00:06:09.839> device<00:06:10.289> is<00:06:10.529> the<00:06:10.620> authentic<00:06:10.889> device 00:06:11.269 --> 00:06:11.279 align:start position:0% that device is the authentic device 00:06:11.279 --> 00:06:14.629 align:start position:0% that device is the authentic device containing<00:06:11.789> those<00:06:11.909> keys<00:06:13.009> the<00:06:14.009> only<00:06:14.310> problem 00:06:14.629 --> 00:06:14.639 align:start position:0% containing those keys the only problem 00:06:14.639 --> 00:06:16.459 align:start position:0% containing those keys the only problem with<00:06:14.729> this<00:06:14.939> is<00:06:15.210> that<00:06:15.659> existing<00:06:16.139> secure 00:06:16.459 --> 00:06:16.469 align:start position:0% with this is that existing secure 00:06:16.469 --> 00:06:18.589 align:start position:0% with this is that existing secure elements<00:06:16.800> that<00:06:16.889> operate<00:06:17.250> like<00:06:17.400> this<00:06:17.639> run<00:06:18.180> on<00:06:18.300> P 00:06:18.589 --> 00:06:18.599 align:start position:0% elements that operate like this run on P 00:06:18.599 --> 00:06:23.119 align:start position:0% elements that operate like this run on P 256<00:06:19.430> P<00:06:20.430> 256<00:06:20.759> is<00:06:21.419> not<00:06:21.870> the<00:06:22.110> native<00:06:22.289> curve<00:06:22.740> used 00:06:23.119 --> 00:06:23.129 align:start position:0% 256 P 256 is not the native curve used 00:06:23.129 --> 00:06:26.990 align:start position:0% 256 P 256 is not the native curve used in<00:06:23.370> Bitcoin<00:06:23.789> in<00:06:23.969> theorem<00:06:24.360> K<00:06:25.110> 1<00:06:25.319> is<00:06:25.909> but<00:06:26.909> the 00:06:26.990 --> 00:06:27.000 align:start position:0% in Bitcoin in theorem K 1 is but the 00:06:27.000 --> 00:06:28.700 align:start position:0% in Bitcoin in theorem K 1 is but the great<00:06:27.180> thing<00:06:27.210> is<00:06:27.539> we<00:06:28.050> can<00:06:28.199> use<00:06:28.319> a<00:06:28.349> smart 00:06:28.700 --> 00:06:28.710 align:start position:0% great thing is we can use a smart 00:06:28.710 --> 00:06:32.149 align:start position:0% great thing is we can use a smart contract<00:06:28.889> to<00:06:29.339> bridge<00:06:29.580> the<00:06:29.819> two<00:06:30.650> so<00:06:31.650> what<00:06:31.830> we<00:06:31.949> do 00:06:32.149 --> 00:06:32.159 align:start position:0% contract to bridge the two so what we do 00:06:32.159 --> 00:06:34.369 align:start position:0% contract to bridge the two so what we do is<00:06:32.490> the<00:06:32.759> smart<00:06:33.029> contract<00:06:33.180> is<00:06:33.629> the<00:06:33.779> custodian 00:06:34.369 --> 00:06:34.379 align:start position:0% is the smart contract is the custodian 00:06:34.379 --> 00:06:36.320 align:start position:0% is the smart contract is the custodian of<00:06:34.560> the<00:06:34.770> tokens<00:06:35.159> for<00:06:35.370> the<00:06:35.460> time<00:06:35.669> lock<00:06:35.849> period 00:06:36.320 --> 00:06:36.330 align:start position:0% of the tokens for the time lock period 00:06:36.330 --> 00:06:38.779 align:start position:0% of the tokens for the time lock period and<00:06:36.509> then<00:06:37.110> it<00:06:37.229> also<00:06:37.439> has<00:06:37.710> the<00:06:37.919> public<00:06:38.099> key<00:06:38.430> in<00:06:38.580> P 00:06:38.779 --> 00:06:38.789 align:start position:0% and then it also has the public key in P 00:06:38.789 --> 00:06:42.920 align:start position:0% and then it also has the public key in P 256<00:06:39.089> form<00:06:40.789> because<00:06:41.789> of<00:06:41.819> smart<00:06:42.120> contracting<00:06:42.810> we 00:06:42.920 --> 00:06:42.930 align:start position:0% 256 form because of smart contracting we 00:06:42.930 --> 00:06:44.910 align:start position:0% 256 form because of smart contracting we can<00:06:43.050> have<00:06:43.199> a<00:06:43.229> P<00:06:43.469> 256<00:06:43.770> proxy<00:06:44.580> con 00:06:44.910 --> 00:06:44.920 align:start position:0% can have a P 256 proxy con 00:06:44.920 --> 00:06:46.980 align:start position:0% can have a P 256 proxy con tract<00:06:45.070> which<00:06:45.430> understands<00:06:46.120> that<00:06:46.210> key<00:06:46.450> and<00:06:46.750> can 00:06:46.980 --> 00:06:46.990 align:start position:0% tract which understands that key and can 00:06:46.990 --> 00:06:51.810 align:start position:0% tract which understands that key and can verify<00:06:47.230> the<00:06:47.440> signatures<00:06:47.950> for<00:06:48.250> us<00:06:50.280> broadly<00:06:51.280> we 00:06:51.810 --> 00:06:51.820 align:start position:0% verify the signatures for us broadly we 00:06:51.820 --> 00:06:54.330 align:start position:0% verify the signatures for us broadly we believe<00:06:52.090> that<00:06:52.270> Kong<00:06:52.630> is<00:06:53.020> the<00:06:53.410> first<00:06:53.740> of<00:06:54.040> a<00:06:54.190> new 00:06:54.330 --> 00:06:54.340 align:start position:0% believe that Kong is the first of a new 00:06:54.340 --> 00:06:56.210 align:start position:0% believe that Kong is the first of a new kind<00:06:54.580> of<00:06:54.790> device<00:06:55.060> that<00:06:55.090> we're<00:06:55.390> calling<00:06:55.570> silo 00:06:56.210 --> 00:06:56.220 align:start position:0% kind of device that we're calling silo 00:06:56.220 --> 00:06:58.050 align:start position:0% kind of device that we're calling silo effectively<00:06:57.220> there's<00:06:57.430> silicon<00:06:57.880> locked 00:06:58.050 --> 00:06:58.060 align:start position:0% effectively there's silicon locked 00:06:58.060 --> 00:07:00.300 align:start position:0% effectively there's silicon locked contracts<00:06:58.630> they<00:06:59.290> remove<00:06:59.650> all<00:06:59.950> of<00:07:00.190> the 00:07:00.300 --> 00:07:00.310 align:start position:0% contracts they remove all of the 00:07:00.310 --> 00:07:02.370 align:start position:0% contracts they remove all of the security<00:07:00.880> required<00:07:01.330> in<00:07:01.600> entrusting<00:07:02.320> a 00:07:02.370 --> 00:07:02.380 align:start position:0% security required in entrusting a 00:07:02.380 --> 00:07:04.620 align:start position:0% security required in entrusting a hardware<00:07:02.770> wallet<00:07:03.070> stack<00:07:03.400> and<00:07:03.700> they<00:07:04.180> put<00:07:04.390> it<00:07:04.480> on 00:07:04.620 --> 00:07:04.630 align:start position:0% hardware wallet stack and they put it on 00:07:04.630 --> 00:07:07.740 align:start position:0% hardware wallet stack and they put it on chain<00:07:05.020> into<00:07:05.470> the<00:07:05.560> EVM<00:07:06.010> if<00:07:06.310> you<00:07:07.150> can<00:07:07.300> trust<00:07:07.570> in 00:07:07.740 --> 00:07:07.750 align:start position:0% chain into the EVM if you can trust in 00:07:07.750 --> 00:07:09.770 align:start position:0% chain into the EVM if you can trust in your<00:07:07.840> chip<00:07:08.230> and<00:07:08.440> your<00:07:08.890> key<00:07:09.100> storage 00:07:09.770 --> 00:07:09.780 align:start position:0% your chip and your key storage 00:07:09.780 --> 00:07:12.240 align:start position:0% your chip and your key storage everything<00:07:10.780> else<00:07:10.930> is<00:07:11.110> open<00:07:11.350> and<00:07:11.680> auditable 00:07:12.240 --> 00:07:12.250 align:start position:0% everything else is open and auditable 00:07:12.250 --> 00:07:14.160 align:start position:0% everything else is open and auditable you<00:07:13.000> don't<00:07:13.180> need<00:07:13.330> to<00:07:13.450> worry<00:07:13.660> about<00:07:13.750> some 00:07:14.160 --> 00:07:14.170 align:start position:0% you don't need to worry about some 00:07:14.170 --> 00:07:16.110 align:start position:0% you don't need to worry about some firmware<00:07:14.470> bug<00:07:14.830> you<00:07:15.400> don't<00:07:15.580> need<00:07:15.760> to<00:07:15.910> worry 00:07:16.110 --> 00:07:16.120 align:start position:0% firmware bug you don't need to worry 00:07:16.120 --> 00:07:19.290 align:start position:0% firmware bug you don't need to worry about<00:07:16.480> someone<00:07:17.760> messing<00:07:18.760> with<00:07:18.790> your<00:07:19.000> hardware 00:07:19.290 --> 00:07:19.300 align:start position:0% about someone messing with your hardware 00:07:19.300 --> 00:07:21.900 align:start position:0% about someone messing with your hardware wallet<00:07:19.630> in<00:07:19.780> transit<00:07:20.370> this<00:07:21.370> could<00:07:21.550> be<00:07:21.610> used<00:07:21.790> for 00:07:21.900 --> 00:07:21.910 align:start position:0% wallet in transit this could be used for 00:07:21.910 --> 00:07:23.880 align:start position:0% wallet in transit this could be used for all<00:07:22.060> sorts<00:07:22.240> of<00:07:22.390> applications<00:07:22.480> not<00:07:23.350> just<00:07:23.680> money 00:07:23.880 --> 00:07:23.890 align:start position:0% all sorts of applications not just money 00:07:23.890 --> 00:07:26.550 align:start position:0% all sorts of applications not just money you<00:07:24.550> could<00:07:24.700> do<00:07:24.820> this<00:07:24.970> for<00:07:25.030> asset<00:07:25.600> tracking<00:07:25.840> you 00:07:26.550 --> 00:07:26.560 align:start position:0% you could do this for asset tracking you 00:07:26.560 --> 00:07:30.960 align:start position:0% you could do this for asset tracking you could<00:07:26.710> do<00:07:26.860> this<00:07:27.010> for<00:07:27.070> art<00:07:27.400> NFTE<00:07:28.240> etc<00:07:28.930> etc<00:07:29.970> but 00:07:30.960 --> 00:07:30.970 align:start position:0% could do this for art NFTE etc etc but 00:07:30.970 --> 00:07:32.400 align:start position:0% could do this for art NFTE etc etc but this<00:07:31.120> brings<00:07:31.330> us<00:07:31.480> to<00:07:31.600> the<00:07:31.690> next<00:07:31.780> conclusion 00:07:32.400 --> 00:07:32.410 align:start position:0% this brings us to the next conclusion 00:07:32.410 --> 00:07:34.050 align:start position:0% this brings us to the next conclusion which<00:07:32.770> is<00:07:32.800> if<00:07:33.190> this<00:07:33.370> is<00:07:33.430> the<00:07:33.550> right<00:07:33.820> way<00:07:34.000> to 00:07:34.050 --> 00:07:34.060 align:start position:0% which is if this is the right way to 00:07:34.060 --> 00:07:36.450 align:start position:0% which is if this is the right way to store<00:07:34.330> crypto<00:07:34.720> in<00:07:34.930> a<00:07:35.050> usable<00:07:35.590> way<00:07:35.620> that<00:07:36.400> you 00:07:36.450 --> 00:07:36.460 align:start position:0% store crypto in a usable way that you 00:07:36.460 --> 00:07:38.850 align:start position:0% store crypto in a usable way that you can<00:07:36.640> hand<00:07:36.880> from<00:07:37.180> person<00:07:37.540> to<00:07:37.630> person<00:07:37.810> we<00:07:38.710> need 00:07:38.850 --> 00:07:38.860 align:start position:0% can hand from person to person we need 00:07:38.860 --> 00:07:40.020 align:start position:0% can hand from person to person we need to<00:07:38.950> think<00:07:39.040> about<00:07:39.190> the<00:07:39.430> chips<00:07:39.670> that<00:07:39.790> we're 00:07:40.020 --> 00:07:40.030 align:start position:0% to think about the chips that we're 00:07:40.030 --> 00:07:42.540 align:start position:0% to think about the chips that we're putting<00:07:40.240> it<00:07:40.330> on<00:07:40.450> to<00:07:40.660> and<00:07:40.930> the<00:07:41.770> next<00:07:42.040> step<00:07:42.250> is 00:07:42.540 --> 00:07:42.550 align:start position:0% putting it on to and the next step is 00:07:42.550 --> 00:07:44.580 align:start position:0% putting it on to and the next step is that<00:07:42.670> we<00:07:43.060> need<00:07:43.270> to<00:07:43.390> look<00:07:43.750> really<00:07:44.140> closely<00:07:44.380> at 00:07:44.580 --> 00:07:44.590 align:start position:0% that we need to look really closely at 00:07:44.590 --> 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2011 and here the designer<00:07:54.790> took<00:07:55.060> some<00:07:55.270> liberties<00:07:55.450> and 00:07:55.920 --> 00:07:55.930 align:start position:0% designer took some liberties and 00:07:55.930 --> 00:07:58.080 align:start position:0% designer took some liberties and actually<00:07:56.440> putting<00:07:56.740> art<00:07:57.010> at<00:07:57.340> a<00:07:57.400> gate<00:07:57.850> level 00:07:58.080 --> 00:07:58.090 align:start position:0% actually putting art at a gate level 00:07:58.090 --> 00:08:00.660 align:start position:0% actually putting art at a gate level into<00:07:58.660> the<00:07:58.750> chip<00:07:59.040> now<00:08:00.040> that's<00:08:00.220> all<00:08:00.430> nice<00:08:00.610> and 00:08:00.660 --> 00:08:00.670 align:start position:0% into the chip now that's all nice and 00:08:00.670 --> 00:08:03.450 align:start position:0% into the chip now that's all nice and fun<00:08:01.090> but<00:08:01.960> what<00:08:02.110> if<00:08:02.200> instead<00:08:02.350> he<00:08:02.830> put<00:08:03.040> in<00:08:03.130> a<00:08:03.190> few 00:08:03.450 --> 00:08:03.460 align:start position:0% fun but what if instead he put in a few 00:08:03.460 --> 00:08:05.210 align:start position:0% fun but what if instead he put in a few gates<00:08:03.670> that<00:08:03.940> extract<00:08:04.330> the<00:08:04.420> private<00:08:04.810> keys 00:08:05.210 --> 00:08:05.220 align:start position:0% gates that extract the private keys 00:08:05.220 --> 00:08:07.290 align:start position:0% gates that extract the private keys millions<00:08:06.220> of<00:08:06.310> people<00:08:06.460> might<00:08:06.760> be<00:08:06.880> using<00:08:06.910> this 00:08:07.290 --> 00:08:07.300 align:start position:0% millions of people might be using this 00:08:07.300 --> 00:08:10.140 align:start position:0% millions of people might be using this device<00:08:07.660> with<00:08:08.530> really<00:08:09.010> secure<00:08:09.430> open-source 00:08:10.140 --> 00:08:10.150 align:start position:0% device with really secure open-source 00:08:10.150 --> 00:08:12.690 align:start position:0% device with really secure open-source stacked<00:08:10.510> on<00:08:10.690> top<00:08:10.720> of<00:08:11.020> it<00:08:11.320> but<00:08:12.100> if<00:08:12.220> somebody<00:08:12.640> has 00:08:12.690 --> 00:08:12.700 align:start position:0% stacked on top of it but if somebody has 00:08:12.700 --> 00:08:15.180 align:start position:0% stacked on top of it but if somebody has ability<00:08:13.630> to<00:08:13.660> pull<00:08:13.900> the<00:08:13.990> private<00:08:14.320> keys<00:08:14.500> off<00:08:14.920> of 00:08:15.180 --> 00:08:15.190 align:start position:0% ability to pull the private keys off of 00:08:15.190 --> 00:08:18.920 align:start position:0% ability to pull the private keys off of it<00:08:15.310> all<00:08:15.460> those<00:08:15.760> guarantees<00:08:16.240> are<00:08:16.420> for<00:08:16.600> naught 00:08:18.920 --> 00:08:18.930 align:start position:0% 00:08:18.930 --> 00:08:21.300 align:start position:0% we're<00:08:19.930> proposing<00:08:20.230> a<00:08:20.470> new<00:08:20.620> project<00:08:20.890> which 00:08:21.300 --> 00:08:21.310 align:start position:0% we're proposing a new project which 00:08:21.310 --> 00:08:23.220 align:start position:0% we're proposing a new project which we're<00:08:21.490> calling<00:08:21.790> arks<00:08:22.210> and<00:08:22.360> I<00:08:22.870> don't<00:08:23.050> have 00:08:23.220 --> 00:08:23.230 align:start position:0% we're calling arks and I don't have 00:08:23.230 --> 00:08:24.780 align:start position:0% we're calling arks and I don't have enough<00:08:23.410> time<00:08:23.620> today<00:08:23.800> to<00:08:23.950> go<00:08:24.130> super<00:08:24.610> into 00:08:24.780 --> 00:08:24.790 align:start position:0% enough time today to go super into 00:08:24.790 --> 00:08:26.760 align:start position:0% enough time today to go super into detail<00:08:25.120> on<00:08:25.150> arcs<00:08:25.540> but<00:08:26.080> effectively<00:08:26.650> the 00:08:26.760 --> 00:08:26.770 align:start position:0% detail on arcs but effectively the 00:08:26.770 --> 00:08:29.690 align:start position:0% detail on arcs but effectively the notion<00:08:27.070> is<00:08:27.190> this<00:08:27.390> we<00:08:28.390> need<00:08:28.510> to<00:08:28.630> think<00:08:28.660> about 00:08:29.690 --> 00:08:29.700 align:start position:0% notion is this we need to think about 00:08:29.700 --> 00:08:32.430 align:start position:0% notion is this we need to think about trustworthiness<00:08:30.700> and<00:08:31.150> our<00:08:31.270> chips<00:08:31.570> and<00:08:31.870> we 00:08:32.430 --> 00:08:32.440 align:start position:0% trustworthiness and our chips and we 00:08:32.440 --> 00:08:34.980 align:start position:0% trustworthiness and our chips and we need<00:08:32.620> to<00:08:32.740> put<00:08:32.950> bounties<00:08:33.430> behind<00:08:33.910> them<00:08:34.090> so 00:08:34.980 --> 00:08:34.990 align:start position:0% need to put bounties behind them so 00:08:34.990 --> 00:08:37.980 align:start position:0% need to put bounties behind them so think<00:08:35.800> about<00:08:35.890> it<00:08:36.130> this<00:08:36.250> way<00:08:36.460> if<00:08:36.810> you<00:08:37.810> have<00:08:37.960> a 00:08:37.980 --> 00:08:37.990 align:start position:0% think about it this way if you have a 00:08:37.990 --> 00:08:39.630 align:start position:0% think about it this way if you have a chip<00:08:38.260> out<00:08:38.350> in<00:08:38.470> the<00:08:38.530> wild<00:08:38.860> and<00:08:39.070> it<00:08:39.190> says<00:08:39.430> it<00:08:39.550> can 00:08:39.630 --> 00:08:39.640 align:start position:0% chip out in the wild and it says it can 00:08:39.640 --> 00:08:41.219 align:start position:0% chip out in the wild and it says it can only<00:08:39.760> store<00:08:39.880> private<00:08:40.479> keys<00:08:40.690> on<00:08:40.930> it 00:08:41.219 --> 00:08:41.229 align:start position:0% only store private keys on it 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position:0% the bounty is yielded we could use this model<00:08:48.400> for<00:08:48.550> much<00:08:48.880> higher<00:08:49.180> things<00:08:49.540> in<00:08:49.660> the 00:08:49.740 --> 00:08:49.750 align:start position:0% model for much higher things in the 00:08:49.750 --> 00:08:51.660 align:start position:0% model for much higher things in the stack<00:08:49.960> as<00:08:50.140> well<00:08:50.170> but<00:08:51.010> if<00:08:51.100> we<00:08:51.190> can<00:08:51.370> do<00:08:51.490> it<00:08:51.580> on 00:08:51.660 --> 00:08:51.670 align:start position:0% stack as well but if we can do it on 00:08:51.670 --> 00:08:53.820 align:start position:0% stack as well but if we can do it on silicon<00:08:52.180> chips<00:08:52.510> we<00:08:52.840> can<00:08:53.020> create<00:08:53.200> incentives 00:08:53.820 --> 00:08:53.830 align:start position:0% silicon chips we can create incentives 00:08:53.830 --> 00:08:55.260 align:start position:0% silicon chips we can create incentives for<00:08:53.860> people<00:08:54.190> to<00:08:54.280> start<00:08:54.490> breaking<00:08:54.940> them<00:08:55.060> and 00:08:55.260 --> 00:08:55.270 align:start position:0% for people to start breaking them and 00:08:55.270 --> 00:08:58.740 align:start position:0% for people to start breaking them and saying<00:08:55.930> if<00:08:56.620> I<00:08:57.400> can<00:08:57.550> make<00:08:57.700> money<00:08:57.850> from<00:08:58.090> this 00:08:58.740 --> 00:08:58.750 align:start position:0% saying if I can make money from this 00:08:58.750 --> 00:09:04.530 align:start position:0% saying if I can make money from this that's<00:08:58.960> useful<00:09:02.310> securing<00:09:03.310> crypto<00:09:03.760> is<00:09:04.090> only 00:09:04.530 --> 00:09:04.540 align:start position:0% that's useful securing crypto is only 00:09:04.540 --> 00:09:07.020 align:start position:0% that's useful securing crypto is only the<00:09:04.690> first<00:09:04.840> step<00:09:05.140> though<00:09:05.610> one<00:09:06.610> of<00:09:06.640> the<00:09:06.820> big 00:09:07.020 --> 00:09:07.030 align:start position:0% the first step though one of the big 00:09:07.030 --> 00:09:09.600 align:start position:0% the first step though one of the big pieces<00:09:07.240> of<00:09:07.480> this<00:09:07.750> is<00:09:07.990> that<00:09:08.380> Keys<00:09:08.800> underpin 00:09:09.600 --> 00:09:09.610 align:start position:0% pieces of this is that Keys underpin 00:09:09.610 --> 00:09:12.750 align:start position:0% pieces of this is that Keys underpin everything<00:09:10.180> so<00:09:11.170> when<00:09:11.980> you<00:09:12.100> log<00:09:12.310> into<00:09:12.520> Google 00:09:12.750 --> 00:09:12.760 align:start position:0% everything so when you log into Google 00:09:12.760 --> 00:09:15.960 align:start position:0% everything so when you log into Google or<00:09:13.270> Facebook<00:09:13.450> or<00:09:13.960> even<00:09:14.710> a<00:09:15.100> decentralized 00:09:15.960 --> 00:09:15.970 align:start position:0% or Facebook or even a decentralized 00:09:15.970 --> 00:09:18.750 align:start position:0% or Facebook or even a decentralized service<00:09:16.360> like<00:09:16.690> using<00:09:16.990> PGP<00:09:17.440> or<00:09:17.890> signal<00:09:18.340> or<00:09:18.460> tox 00:09:18.750 --> 00:09:18.760 align:start position:0% service like using PGP or signal or tox 00:09:18.760 --> 00:09:21.450 align:start position:0% service like using PGP or signal or tox all<00:09:19.480> of<00:09:19.900> these<00:09:20.050> things<00:09:20.350> are<00:09:20.560> relying<00:09:20.920> on<00:09:21.040> key 00:09:21.450 --> 00:09:21.460 align:start position:0% all of these things are relying on key 00:09:21.460 --> 00:09:23.940 align:start position:0% all of these things are relying on key storage<00:09:21.880> and<00:09:22.300> so<00:09:22.840> if<00:09:22.930> we<00:09:23.050> can<00:09:23.170> have<00:09:23.320> better<00:09:23.620> key 00:09:23.940 --> 00:09:23.950 align:start position:0% storage and so if we can have better key 00:09:23.950 --> 00:09:27.000 align:start position:0% storage and so if we can have better key storage<00:09:24.310> we<00:09:25.000> can<00:09:25.030> change<00:09:25.510> the<00:09:25.780> dynamic<00:09:26.290> so 00:09:27.000 --> 00:09:27.010 align:start position:0% storage we can change the dynamic so 00:09:27.010 --> 00:09:28.830 align:start position:0% storage we can change the dynamic so that<00:09:27.040> when<00:09:27.700> you<00:09:27.820> go<00:09:27.970> and<00:09:28.000> setup<00:09:28.330> a<00:09:28.450> user<00:09:28.630> who's 00:09:28.830 --> 00:09:28.840 align:start position:0% that when you go and setup a user who's 00:09:28.840 --> 00:09:31.290 align:start position:0% that when you go and setup a user who's not<00:09:29.020> technically<00:09:29.560> savvy<00:09:29.800> they<00:09:30.670> can<00:09:30.820> have<00:09:31.030> key 00:09:31.290 --> 00:09:31.300 align:start position:0% not technically savvy they can have key 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off<00:09:40.740> there's<00:09:41.740> something<00:09:42.100> really 00:09:42.360 --> 00:09:42.370 align:start position:0% pulled off there's something really 00:09:42.370 --> 00:09:44.190 align:start position:0% pulled off there's something really interesting<00:09:42.430> that's<00:09:42.970> happened<00:09:43.360> since<00:09:43.540> 2009 00:09:44.190 --> 00:09:44.200 align:start position:0% interesting that's happened since 2009 00:09:44.200 --> 00:09:47.310 align:start position:0% interesting that's happened since 2009 in<00:09:45.130> 2009<00:09:45.730> we<00:09:46.090> had<00:09:46.240> this<00:09:46.420> breakdown<00:09:46.720> and<00:09:47.080> Trust 00:09:47.310 --> 00:09:47.320 align:start position:0% in 2009 we had this breakdown and Trust 00:09:47.320 --> 00:09:49.200 align:start position:0% in 2009 we had this breakdown and Trust in<00:09:47.440> the<00:09:47.500> financial<00:09:47.980> system<00:09:48.100> which<00:09:48.790> arguably 00:09:49.200 --> 00:09:49.210 align:start position:0% in the financial system which arguably 00:09:49.210 --> 00:09:50.670 align:start position:0% in the financial system which arguably is<00:09:49.420> one<00:09:49.540> of<00:09:49.630> the<00:09:49.690> big<00:09:49.840> reasons<00:09:50.140> why<00:09:50.200> Bitcoin 00:09:50.670 --> 00:09:50.680 align:start position:0% is one of the big reasons why Bitcoin 00:09:50.680 --> 00:09:53.400 align:start position:0% is one of the big reasons why Bitcoin took<00:09:50.890> off<00:09:51.070> in<00:09:51.550> the<00:09:52.510> ten<00:09:52.750> years<00:09:52.960> since<00:09:53.140> then 00:09:53.400 --> 00:09:53.410 align:start position:0% took off in the ten years since then 00:09:53.410 --> 00:09:55.680 align:start position:0% took off in the ten years since then however<00:09:53.560> we've<00:09:54.250> had<00:09:54.490> this<00:09:54.640> rise<00:09:54.940> of<00:09:55.240> all<00:09:55.540> of 00:09:55.680 --> 00:09:55.690 align:start position:0% however we've had this rise of all of 00:09:55.690 --> 00:09:57.870 align:start position:0% however we've had this rise of all of these<00:09:55.870> online<00:09:56.110> apps<00:09:56.590> and<00:09:56.950> online<00:09:57.070> services<00:09:57.730> in 00:09:57.870 --> 00:09:57.880 align:start position:0% these online apps and online services in 00:09:57.880 --> 00:10:00.810 align:start position:0% these online apps and online services in the<00:09:57.970> web<00:09:58.150> 2.0<00:09:58.690> era<00:09:58.930> but<00:09:59.830> we're<00:10:00.190> finally<00:10:00.430> seeing 00:10:00.810 --> 00:10:00.820 align:start position:0% the web 2.0 era but we're finally seeing 00:10:00.820 --> 00:10:03.390 align:start position:0% the web 2.0 era but we're finally seeing in<00:10:01.000> 2019<00:10:01.750> is<00:10:02.020> people<00:10:02.440> are<00:10:02.530> realizing<00:10:03.220> that 00:10:03.390 --> 00:10:03.400 align:start position:0% in 2019 is people are realizing that 00:10:03.400 --> 00:10:05.310 align:start position:0% in 2019 is people are realizing that maybe<00:10:03.820> that<00:10:04.030> wasn't<00:10:04.240> such<00:10:04.480> a<00:10:04.510> great<00:10:04.660> idea 00:10:05.310 --> 00:10:05.320 align:start position:0% maybe that wasn't such a great idea 00:10:05.320 --> 00:10:07.650 align:start position:0% maybe that wasn't such a great idea maybe<00:10:06.010> trust<00:10:06.370> in<00:10:06.490> Google<00:10:06.820> may<00:10:07.150> be<00:10:07.210> trusting 00:10:07.650 --> 00:10:07.660 align:start position:0% maybe trust in Google may be trusting 00:10:07.660 --> 00:10:09.720 align:start position:0% maybe trust in Google may be trusting Facebook<00:10:08.080> with<00:10:08.230> all<00:10:08.440> this<00:10:08.650> data<00:10:08.890> wasn't 00:10:09.720 --> 00:10:09.730 align:start position:0% Facebook with all this data wasn't 00:10:09.730 --> 00:10:11.520 align:start position:0% Facebook with all this data wasn't wasn't<00:10:10.240> what<00:10:11.080> we<00:10:11.200> needed 00:10:11.520 --> 00:10:11.530 align:start position:0% wasn't what we needed 00:10:11.530 --> 00:10:13.980 align:start position:0% wasn't what we needed when<00:10:12.400> Snowden<00:10:12.880> revealed<00:10:13.000> that<00:10:13.360> that<00:10:13.660> even<00:10:13.900> if 00:10:13.980 --> 00:10:13.990 align:start position:0% when Snowden revealed that that even if 00:10:13.990 --> 00:10:16.140 align:start position:0% when Snowden revealed that that even if we<00:10:14.110> use<00:10:14.140> things<00:10:14.440> like<00:10:14.560> HTTPS<00:10:15.460> when<00:10:16.060> the 00:10:16.140 --> 00:10:16.150 align:start position:0% we use things like HTTPS when the 00:10:16.150 --> 00:10:17.910 align:start position:0% we use things like HTTPS when the government<00:10:16.510> inserts<00:10:16.780> themselves<00:10:17.260> in<00:10:17.350> between 00:10:17.910 --> 00:10:17.920 align:start position:0% government inserts themselves in between 00:10:17.920 --> 00:10:21.030 align:start position:0% government inserts themselves in between servers<00:10:18.660> we<00:10:19.660> can't<00:10:19.900> trust<00:10:20.200> that<00:10:20.470> our<00:10:20.620> data<00:10:20.950> is 00:10:21.030 --> 00:10:21.040 align:start position:0% servers we can't trust that our data is 00:10:21.040 --> 00:10:23.370 align:start position:0% servers we can't trust that our data is not<00:10:21.220> being<00:10:21.280> spied<00:10:21.730> on<00:10:21.839> now<00:10:22.839> everyone<00:10:23.200> in<00:10:23.290> this 00:10:23.370 --> 00:10:23.380 align:start position:0% not being spied on now everyone in this 00:10:23.380 --> 00:10:24.990 align:start position:0% not being spied on now everyone in this room<00:10:23.560> knows<00:10:23.620> about<00:10:24.190> this<00:10:24.430> and<00:10:24.700> we're<00:10:24.940> all 00:10:24.990 --> 00:10:25.000 align:start position:0% room knows about this and we're all 00:10:25.000 --> 00:10:27.390 align:start position:0% room knows about this and we're all working<00:10:25.240> to<00:10:25.510> solve<00:10:25.720> this<00:10:25.839> problem<00:10:26.280> but<00:10:27.280> if 00:10:27.390 --> 00:10:27.400 align:start position:0% working to solve this problem but if 00:10:27.400 --> 00:10:29.310 align:start position:0% working to solve this problem but if people<00:10:27.610> can't<00:10:28.030> store<00:10:28.330> their<00:10:28.480> keys<00:10:28.750> in<00:10:28.780> a<00:10:29.170> way 00:10:29.310 --> 00:10:29.320 align:start position:0% people can't store their keys in a way 00:10:29.320 --> 00:10:30.270 align:start position:0% people can't store their keys in a way that's<00:10:29.530> understandable 00:10:30.270 --> 00:10:30.280 align:start position:0% that's understandable 00:10:30.280 --> 00:10:33.060 align:start position:0% that's understandable then<00:10:31.000> how<00:10:31.320> how<00:10:32.320> are<00:10:32.410> they<00:10:32.500> not<00:10:32.650> just<00:10:32.680> going<00:10:33.010> to 00:10:33.060 --> 00:10:33.070 align:start position:0% then how how are they not just going to 00:10:33.070 --> 00:10:34.560 align:start position:0% then how how are they not just going to go<00:10:33.190> again<00:10:33.550> and<00:10:33.580> delegate<00:10:34.089> it<00:10:34.180> to<00:10:34.300> a<00:10:34.330> third 00:10:34.560 --> 00:10:34.570 align:start position:0% go again and delegate it to a third 00:10:34.570 --> 00:10:35.940 align:start position:0% go again and delegate it to a third party<00:10:34.900> in<00:10:35.110> the<00:10:35.200> same<00:10:35.380> way<00:10:35.530> that<00:10:35.650> they're<00:10:35.770> using 00:10:35.940 --> 00:10:35.950 align:start position:0% party in the same way that they're using 00:10:35.950 --> 00:10:42.870 align:start position:0% party in the same way that they're using exchanges<00:10:40.560> this<00:10:41.560> brings<00:10:41.830> us<00:10:41.950> to<00:10:41.980> a<00:10:42.370> few<00:10:42.670> simple 00:10:42.870 --> 00:10:42.880 align:start position:0% exchanges this brings us to a few simple 00:10:42.880 --> 00:10:45.510 align:start position:0% exchanges this brings us to a few simple conclusions<00:10:43.500> the<00:10:44.500> first<00:10:44.800> is<00:10:45.040> that<00:10:45.339> we<00:10:45.490> need 00:10:45.510 --> 00:10:45.520 align:start position:0% conclusions the first is that we need 00:10:45.520 --> 00:10:48.870 align:start position:0% conclusions the first is that we need usable<00:10:46.150> self<00:10:46.660> sovereign<00:10:47.110> crypto<00:10:47.880> people 00:10:48.870 --> 00:10:48.880 align:start position:0% usable self sovereign crypto people 00:10:48.880 --> 00:10:51.510 align:start position:0% usable self sovereign crypto people storing<00:10:49.210> crypto<00:10:49.600> on<00:10:49.720> exchanges<00:10:50.380> is<00:10:50.589> not<00:10:51.250> the 00:10:51.510 --> 00:10:51.520 align:start position:0% storing crypto on exchanges is not the 00:10:51.520 --> 00:10:54.240 align:start position:0% storing crypto on exchanges is not the way<00:10:51.700> that<00:10:51.730> we<00:10:52.180> intended<00:10:52.810> for<00:10:52.990> it<00:10:53.080> to<00:10:53.110> work<00:10:53.350> if 00:10:54.240 --> 00:10:54.250 align:start position:0% way that we intended for it to work if 00:10:54.250 --> 00:10:55.770 align:start position:0% way that we intended for it to work if people<00:10:54.370> continue<00:10:55.030> to<00:10:55.060> do<00:10:55.300> that<00:10:55.420> where<00:10:55.660> we're 00:10:55.770 --> 00:10:55.780 align:start position:0% people continue to do that where we're 00:10:55.780 --> 00:10:57.360 align:start position:0% people continue to do that where we're just<00:10:55.810> gonna<00:10:55.960> have<00:10:56.200> more<00:10:56.410> breaches<00:10:56.920> and<00:10:57.100> more 00:10:57.360 --> 00:10:57.370 align:start position:0% just gonna have more breaches and more 00:10:57.370 --> 00:10:59.880 align:start position:0% just gonna have more breaches and more losses<00:10:57.820> and<00:10:58.089> decrease<00:10:58.990> the<00:10:59.140> overall<00:10:59.230> trust<00:10:59.800> in 00:10:59.880 --> 00:10:59.890 align:start position:0% losses and decrease the overall trust in 00:10:59.890 --> 00:11:00.480 align:start position:0% losses and decrease the overall trust in the<00:10:59.950> system 00:11:00.480 --> 00:11:00.490 align:start position:0% the system 00:11:00.490 --> 00:11:02.850 align:start position:0% the system and<00:11:00.580> moreover<00:11:01.230> exchanges<00:11:02.230> are<00:11:02.470> really<00:11:02.680> there 00:11:02.850 --> 00:11:02.860 align:start position:0% and moreover exchanges are really there 00:11:02.860 --> 00:11:04.560 align:start position:0% and moreover exchanges are really there just<00:11:03.100> to<00:11:03.190> encourage<00:11:03.490> speculative<00:11:04.120> behavior 00:11:04.560 --> 00:11:04.570 align:start position:0% just to encourage speculative behavior 00:11:04.570 --> 00:11:06.660 align:start position:0% just to encourage speculative behavior but<00:11:05.440> if<00:11:05.530> instead<00:11:05.890> we<00:11:06.010> want<00:11:06.160> people<00:11:06.400> to<00:11:06.490> spend 00:11:06.660 --> 00:11:06.670 align:start position:0% but if instead we want people to spend 00:11:06.670 --> 00:11:08.790 align:start position:0% but if instead we want people to spend crypto<00:11:07.270> having<00:11:07.750> in<00:11:07.870> a<00:11:07.930> physical<00:11:08.320> form<00:11:08.589> that's 00:11:08.790 --> 00:11:08.800 align:start position:0% crypto having in a physical form that's 00:11:08.800 --> 00:11:10.530 align:start position:0% crypto having in a physical form that's easy<00:11:09.100> to<00:11:09.280> do<00:11:09.430> that<00:11:09.459> and<00:11:09.730> trustworthy<00:11:10.390> is 00:11:10.530 --> 00:11:10.540 align:start position:0% easy to do that and trustworthy is 00:11:10.540 --> 00:11:12.570 align:start position:0% easy to do that and trustworthy is really<00:11:10.810> important 00:11:12.570 --> 00:11:12.580 align:start position:0% really important 00:11:12.580 --> 00:11:15.120 align:start position:0% really important the<00:11:12.670> second<00:11:13.060> is<00:11:13.209> that<00:11:13.420> to<00:11:13.630> achieve<00:11:13.720> this<00:11:14.260> we 00:11:15.120 --> 00:11:15.130 align:start position:0% the second is that to achieve this we 00:11:15.130 --> 00:11:17.880 align:start position:0% the second is that to achieve this we need<00:11:15.160> an<00:11:15.519> open<00:11:15.910> hardware<00:11:16.180> stack<00:11:16.680> starting<00:11:17.680> at 00:11:17.880 --> 00:11:17.890 align:start position:0% need an open hardware stack starting at 00:11:17.890 --> 00:11:20.519 align:start position:0% need an open hardware stack starting at a<00:11:17.950> silicon<00:11:18.459> level<00:11:18.760> we<00:11:19.600> need<00:11:19.750> to<00:11:19.930> look<00:11:20.050> really 00:11:20.519 --> 00:11:20.529 align:start position:0% a silicon level we need to look really 00:11:20.529 --> 00:11:22.800 align:start position:0% a silicon level we need to look really closely<00:11:20.830> at<00:11:21.130> how<00:11:21.310> our<00:11:21.339> chips<00:11:21.730> are<00:11:21.910> made<00:11:22.120> and<00:11:22.420> we 00:11:22.800 --> 00:11:22.810 align:start position:0% closely at how our chips are made and we 00:11:22.810 --> 00:11:26.820 align:start position:0% closely at how our chips are made and we need<00:11:22.959> to<00:11:23.080> think<00:11:23.230> about<00:11:25.260> incentives<00:11:26.260> behind 00:11:26.820 --> 00:11:26.830 align:start position:0% need to think about incentives behind 00:11:26.830 --> 00:11:29.190 align:start position:0% need to think about incentives behind those<00:11:27.070> so<00:11:27.910> that<00:11:28.029> if<00:11:28.300> I<00:11:28.450> go<00:11:28.600> out<00:11:28.720> and<00:11:28.870> build<00:11:29.019> an 00:11:29.190 --> 00:11:29.200 align:start position:0% those so that if I go out and build an 00:11:29.200 --> 00:11:32.460 align:start position:0% those so that if I go out and build an open<00:11:29.320> chip<00:11:29.800> and<00:11:30.130> I<00:11:31.029> I<00:11:31.060> discover<00:11:31.839> after<00:11:32.350> the 00:11:32.460 --> 00:11:32.470 align:start position:0% open chip and I I discover after the 00:11:32.470 --> 00:11:34.380 align:start position:0% open chip and I I discover after the fact<00:11:32.740> that<00:11:33.010> that<00:11:33.279> chip<00:11:33.550> has<00:11:33.700> a<00:11:33.730> bug<00:11:34.000> in<00:11:34.120> it<00:11:34.240> or 00:11:34.380 --> 00:11:34.390 align:start position:0% fact that that chip has a bug in it or 00:11:34.390 --> 00:11:36.810 align:start position:0% fact that that chip has a bug in it or someone's<00:11:34.810> built<00:11:34.990> a<00:11:35.110> backdoor<00:11:35.500> into<00:11:35.860> it<00:11:35.980> then 00:11:36.810 --> 00:11:36.820 align:start position:0% someone's built a backdoor into it then 00:11:36.820 --> 00:11:38.639 align:start position:0% someone's built a backdoor into it then that<00:11:37.060> there<00:11:37.630> are<00:11:37.750> crypto<00:11:38.110> economic 00:11:38.639 --> 00:11:38.649 align:start position:0% that there are crypto economic 00:11:38.649 --> 00:11:40.620 align:start position:0% that there are crypto economic repercussions<00:11:38.860> to<00:11:39.640> that<00:11:39.790> somebody 00:11:40.620 --> 00:11:40.630 align:start position:0% repercussions to that somebody 00:11:40.630 --> 00:11:44.550 align:start position:0% repercussions to that somebody effectively<00:11:41.200> has<00:11:41.440> to<00:11:41.620> pay<00:11:41.970> so<00:11:43.440> what<00:11:44.440> this 00:11:44.550 --> 00:11:44.560 align:start position:0% effectively has to pay so what this 00:11:44.560 --> 00:11:46.860 align:start position:0% effectively has to pay so what this brings<00:11:44.740> us<00:11:44.950> to<00:11:44.980> is<00:11:45.430> that<00:11:45.910> what<00:11:46.240> we've<00:11:46.390> designed 00:11:46.860 --> 00:11:46.870 align:start position:0% brings us to is that what we've designed 00:11:46.870 --> 00:11:47.310 align:start position:0% brings us to is that what we've designed today 00:11:47.310 --> 00:11:47.320 align:start position:0% today 00:11:47.320 --> 00:11:51.269 align:start position:0% today komm<00:11:48.269> it's<00:11:49.269> physical<00:11:49.690> crypto<00:11:49.990> cache<00:11:50.200> it<00:11:50.980> works 00:11:51.269 --> 00:11:51.279 align:start position:0% komm it's physical crypto cache it works 00:11:51.279 --> 00:11:54.870 align:start position:0% komm it's physical crypto cache it works and<00:11:52.140> it's<00:11:53.140> the<00:11:53.529> first<00:11:53.769> silicon<00:11:54.220> locked<00:11:54.459> crypto 00:11:54.870 --> 00:11:54.880 align:start position:0% and it's the first silicon locked crypto 00:11:54.880 --> 00:11:56.670 align:start position:0% and it's the first silicon locked crypto but<00:11:55.630> this<00:11:55.750> is<00:11:55.899> really<00:11:56.140> just<00:11:56.170> a<00:11:56.440> demonstration 00:11:56.670 --> 00:11:56.680 align:start position:0% but this is really just a demonstration 00:11:56.680 --> 00:11:58.800 align:start position:0% but this is really just a demonstration of<00:11:57.430> what<00:11:57.640> we<00:11:57.760> can<00:11:57.910> start<00:11:58.209> to<00:11:58.360> build<00:11:58.480> for<00:11:58.750> the 00:11:58.800 --> 00:11:58.810 align:start position:0% of what we can start to build for the 00:11:58.810 --> 00:12:01.050 align:start position:0% of what we can start to build for the space<00:11:59.110> in<00:11:59.529> terms<00:11:59.860> of<00:12:00.010> all<00:12:00.250> sorts<00:12:00.579> of<00:12:00.670> silicon 00:12:01.050 --> 00:12:01.060 align:start position:0% space in terms of all sorts of silicon 00:12:01.060 --> 00:12:03.960 align:start position:0% space in terms of all sorts of silicon lock<00:12:01.240> crypto<00:12:01.660> for<00:12:01.930> things<00:12:02.410> ranging<00:12:02.890> 2nf<00:12:03.700> teas 00:12:03.960 --> 00:12:03.970 align:start position:0% lock crypto for things ranging 2nf teas 00:12:03.970 --> 00:12:06.569 align:start position:0% lock crypto for things ranging 2nf teas to<00:12:04.540> crypto<00:12:04.870> art<00:12:05.110> to<00:12:05.709> then<00:12:05.829> all<00:12:06.070> of<00:12:06.100> the<00:12:06.339> keys 00:12:06.569 --> 00:12:06.579 align:start position:0% to crypto art to then all of the keys 00:12:06.579 --> 00:12:09.300 align:start position:0% to crypto art to then all of the keys backing<00:12:07.180> our<00:12:07.300> services<00:12:07.839> so<00:12:08.620> that<00:12:08.649> our<00:12:08.860> users 00:12:09.300 --> 00:12:09.310 align:start position:0% backing our services so that our users 00:12:09.310 --> 00:12:12.449 align:start position:0% backing our services so that our users don't<00:12:10.180> delegate<00:12:10.690> them<00:12:10.930> by<00:12:11.110> accident<00:12:11.320> to<00:12:12.279> other 00:12:12.449 --> 00:12:12.459 align:start position:0% don't delegate them by accident to other 00:12:12.459 --> 00:12:16.530 align:start position:0% don't delegate them by accident to other services<00:12:13.890> which<00:12:14.890> in<00:12:15.070> turn<00:12:15.339> will<00:12:15.880> break<00:12:16.149> break 00:12:16.530 --> 00:12:16.540 align:start position:0% services which in turn will break break 00:12:16.540 --> 00:12:19.680 align:start position:0% services which in turn will break break down<00:12:16.750> the<00:12:16.899> trust<00:12:18.209> thank<00:12:19.209> you<00:12:19.300> very<00:12:19.420> much<00:12:19.540> for 00:12:19.680 --> 00:12:19.690 align:start position:0% down the trust thank you very much for 00:12:19.690 --> 00:12:22.440 align:start position:0% down the trust thank you very much for your<00:12:19.779> time<00:12:19.990> today<00:12:20.670> come<00:12:21.670> find<00:12:21.910> us<00:12:22.029> we<00:12:22.209> have<00:12:22.360> the 00:12:22.440 --> 00:12:22.450 align:start position:0% your time today come find us we have the 00:12:22.450 --> 00:12:23.970 align:start position:0% your time today come find us we have the metal<00:12:22.690> briefcases<00:12:23.110> and<00:12:23.290> we're<00:12:23.589> handing<00:12:23.860> out 00:12:23.970 --> 00:12:23.980 align:start position:0% metal briefcases and we're handing out 00:12:23.980 --> 00:12:25.889 align:start position:0% metal briefcases and we're handing out kong<00:12:24.250> and<00:12:24.579> we<00:12:24.730> love<00:12:24.940> for<00:12:25.089> everyone<00:12:25.270> to<00:12:25.480> test<00:12:25.720> it 00:12:25.889 --> 00:12:25.899 align:start position:0% kong and we love for everyone to test it 00:12:25.899 --> 00:12:29.580 align:start position:0% kong and we love for everyone to test it I'm<00:12:26.649> Cameron<00:12:27.010> Robertson<00:12:27.190> thanks<00:12:27.820> a<00:12:27.880> lot 00:12:29.580 --> 00:12:29.590 align:start position:0% I'm Cameron Robertson thanks a lot 00:12:29.590 --> 00:12:38.710 align:start position:0% I'm Cameron Robertson thanks a lot [Applause] 00:12:38.710 --> 00:12:38.720 align:start position:0% 00:12:38.720 --> 00:12:40.779 align:start position:0% you