WEBVTT Kind: captions Language: en 00:00:04.630 --> 00:00:10.730 align:start position:0% hello<00:00:05.410> everybody<00:00:08.190> konnichi<00:00:09.190> WA<00:00:09.330> watashi<00:00:10.330> wa 00:00:10.730 --> 00:00:10.740 align:start position:0% hello everybody konnichi WA watashi wa 00:00:10.740 --> 00:00:15.180 align:start position:0% hello everybody konnichi WA watashi wa muhammad<00:00:11.740> us<00:00:13.980> hello 00:00:15.180 --> 00:00:15.190 align:start position:0% muhammad us hello 00:00:15.190 --> 00:00:17.720 align:start position:0% muhammad us hello de<00:00:15.700> Guiche<00:00:15.969> grim<00:00:16.480> the<00:00:16.750> beerus<00:00:17.020> annum<00:00:17.289> Dom 00:00:17.720 --> 00:00:17.730 align:start position:0% de Guiche grim the beerus annum Dom 00:00:17.730 --> 00:00:19.260 align:start position:0% de Guiche grim the beerus annum Dom hello<00:00:18.730> everybody 00:00:19.260 --> 00:00:19.270 align:start position:0% hello everybody 00:00:19.270 --> 00:00:21.720 align:start position:0% hello everybody Graham<00:00:19.539> de<00:00:19.690> Barros<00:00:19.960> my<00:00:20.140> name<00:00:20.320> I<00:00:20.560> am<00:00:20.980> the<00:00:21.279> CEO<00:00:21.550> of 00:00:21.720 --> 00:00:21.730 align:start position:0% Graham de Barros my name I am the CEO of 00:00:21.730 --> 00:00:23.759 align:start position:0% Graham de Barros my name I am the CEO of bit<00:00:22.060> cart<00:00:22.300> and<00:00:22.900> I'm<00:00:22.990> also<00:00:23.140> a<00:00:23.260> member<00:00:23.439> of<00:00:23.590> the 00:00:23.759 --> 00:00:23.769 align:start position:0% bit cart and I'm also a member of the 00:00:23.769 --> 00:00:25.589 align:start position:0% bit cart and I'm also a member of the expert<00:00:24.099> committee<00:00:24.340> on<00:00:24.609> the<00:00:24.640> Nomad<00:00:25.090> Institute 00:00:25.589 --> 00:00:25.599 align:start position:0% expert committee on the Nomad Institute 00:00:25.599 --> 00:00:27.870 align:start position:0% expert committee on the Nomad Institute my<00:00:26.560> talk<00:00:26.769> today<00:00:26.980> will<00:00:27.160> be<00:00:27.279> on<00:00:27.400> technological 00:00:27.870 --> 00:00:27.880 align:start position:0% my talk today will be on technological 00:00:27.880 --> 00:00:33.140 align:start position:0% my talk today will be on technological sovereignty<00:00:28.599> Bitcoin<00:00:29.320> and<00:00:29.560> human<00:00:30.490> dignity 00:00:33.140 --> 00:00:33.150 align:start position:0% 00:00:33.150 --> 00:00:35.880 align:start position:0% seeing<00:00:34.150> as<00:00:34.240> we're<00:00:34.360> here<00:00:34.510> situated<00:00:35.080> in<00:00:35.200> Osaka 00:00:35.880 --> 00:00:35.890 align:start position:0% seeing as we're here situated in Osaka 00:00:35.890 --> 00:00:38.690 align:start position:0% seeing as we're here situated in Osaka in<00:00:36.760> particular<00:00:37.239> the<00:00:37.360> Osaka<00:00:37.809> Bay<00:00:37.930> in<00:00:38.079> the<00:00:38.170> port 00:00:38.690 --> 00:00:38.700 align:start position:0% in particular the Osaka Bay in the port 00:00:38.700 --> 00:00:41.040 align:start position:0% in particular the Osaka Bay in the port for<00:00:39.700> what<00:00:39.879> is<00:00:40.000> essentially<00:00:40.510> a<00:00:40.539> human<00:00:40.870> rights 00:00:41.040 --> 00:00:41.050 align:start position:0% for what is essentially a human rights 00:00:41.050 --> 00:00:43.260 align:start position:0% for what is essentially a human rights convention<00:00:41.710> I<00:00:41.829> thought<00:00:42.010> it<00:00:42.129> was<00:00:42.219> pretty<00:00:43.030> apt 00:00:43.260 --> 00:00:43.270 align:start position:0% convention I thought it was pretty apt 00:00:43.270 --> 00:00:44.639 align:start position:0% convention I thought it was pretty apt that<00:00:43.539> people<00:00:43.840> start<00:00:44.079> talking<00:00:44.260> about<00:00:44.500> the 00:00:44.639 --> 00:00:44.649 align:start position:0% that people start talking about the 00:00:44.649 --> 00:00:47.040 align:start position:0% that people start talking about the human<00:00:44.949> rights<00:00:45.100> situation<00:00:45.219> here<00:00:45.850> and<00:00:45.969> in<00:00:46.600> Osaka 00:00:47.040 --> 00:00:47.050 align:start position:0% human rights situation here and in Osaka 00:00:47.050 --> 00:00:49.560 align:start position:0% human rights situation here and in Osaka if<00:00:47.500> you<00:00:48.129> don't<00:00:48.370> recognize<00:00:48.640> this<00:00:49.059> statue<00:00:49.300> this 00:00:49.560 --> 00:00:49.570 align:start position:0% if you don't recognize this statue this 00:00:49.570 --> 00:00:52.110 align:start position:0% if you don't recognize this statue this was<00:00:49.719> erected<00:00:49.930> in<00:00:50.230> San<00:00:50.469> Francisco<00:00:51.039> in<00:00:51.160> 2017 00:00:52.110 --> 00:00:52.120 align:start position:0% was erected in San Francisco in 2017 00:00:52.120 --> 00:00:54.900 align:start position:0% was erected in San Francisco in 2017 which<00:00:52.780> represents<00:00:53.320> a<00:00:53.500> Chinese<00:00:53.890> teenage<00:00:54.670> girl 00:00:54.900 --> 00:00:54.910 align:start position:0% which represents a Chinese teenage girl 00:00:54.910 --> 00:00:58.049 align:start position:0% which represents a Chinese teenage girl a<00:00:55.180> Philippines<00:00:55.629> girl<00:00:55.840> and<00:00:56.109> a<00:00:56.590> Korean<00:00:56.829> girl<00:00:57.070> due 00:00:58.049 --> 00:00:58.059 align:start position:0% a Philippines girl and a Korean girl due 00:00:58.059 --> 00:01:01.259 align:start position:0% a Philippines girl and a Korean girl due to<00:00:58.210> the<00:00:58.300> 200,000<00:00:59.430> enslaved<00:01:00.430> women<00:01:00.699> that<00:01:01.180> were 00:01:01.259 --> 00:01:01.269 align:start position:0% to the 200,000 enslaved women that were 00:01:01.269 --> 00:01:04.140 align:start position:0% to the 200,000 enslaved women that were taken<00:01:01.629> and<00:01:01.719> captive<00:01:02.170> by<00:01:02.890> Japanese<00:01:03.399> during 00:01:04.140 --> 00:01:04.150 align:start position:0% taken and captive by Japanese during 00:01:04.150 --> 00:01:08.730 align:start position:0% taken and captive by Japanese during World<00:01:04.239> War<00:01:04.480> Two<00:01:06.840> the<00:01:07.840> Asaka<00:01:08.140> mayor<00:01:08.440> doesn't 00:01:08.730 --> 00:01:08.740 align:start position:0% World War Two the Asaka mayor doesn't 00:01:08.740 --> 00:01:12.600 align:start position:0% World War Two the Asaka mayor doesn't seem<00:01:08.890> to<00:01:09.040> think<00:01:09.070> that<00:01:09.340> this<00:01:09.909> is<00:01:10.150> a<00:01:10.320> reality<00:01:11.610> but 00:01:12.600 --> 00:01:12.610 align:start position:0% seem to think that this is a reality but 00:01:12.610 --> 00:01:14.280 align:start position:0% seem to think that this is a reality but I<00:01:12.670> thought<00:01:12.880> it<00:01:13.000> was<00:01:13.090> necessary<00:01:13.810> to<00:01:13.930> share<00:01:14.110> this 00:01:14.280 --> 00:01:14.290 align:start position:0% I thought it was necessary to share this 00:01:14.290 --> 00:01:16.499 align:start position:0% I thought it was necessary to share this with<00:01:14.500> you<00:01:14.650> in<00:01:14.770> the<00:01:14.860> context<00:01:15.430> of<00:01:15.640> presenting 00:01:16.499 --> 00:01:16.509 align:start position:0% with you in the context of presenting 00:01:16.509 --> 00:01:20.940 align:start position:0% with you in the context of presenting here<00:01:16.630> in<00:01:16.720> Japan<00:01:18.900> so<00:01:19.900> what<00:01:20.079> is<00:01:20.200> technological 00:01:20.940 --> 00:01:20.950 align:start position:0% here in Japan so what is technological 00:01:20.950 --> 00:01:22.319 align:start position:0% here in Japan so what is technological sovereignty<00:01:21.430> just<00:01:21.640> to<00:01:21.729> break<00:01:21.880> it<00:01:22.000> down<00:01:22.030> for 00:01:22.319 --> 00:01:22.329 align:start position:0% sovereignty just to break it down for 00:01:22.329 --> 00:01:23.520 align:start position:0% sovereignty just to break it down for you<00:01:22.479> we're<00:01:22.720> talking<00:01:23.079> generally<00:01:23.500> about 00:01:23.520 --> 00:01:23.530 align:start position:0% you we're talking generally about 00:01:23.530 --> 00:01:24.810 align:start position:0% you we're talking generally about freedom<00:01:23.920> from<00:01:24.189> outside<00:01:24.549> interference 00:01:24.810 --> 00:01:24.820 align:start position:0% freedom from outside interference 00:01:24.820 --> 00:01:27.270 align:start position:0% freedom from outside interference whether<00:01:25.360> this<00:01:25.540> is<00:01:25.720> as<00:01:25.930> a<00:01:26.320> member<00:01:26.680> state<00:01:26.740> or<00:01:27.159> as 00:01:27.270 --> 00:01:27.280 align:start position:0% whether this is as a member state or as 00:01:27.280 --> 00:01:31.800 align:start position:0% whether this is as a member state or as an<00:01:27.430> individual<00:01:29.970> Bitcoin<00:01:30.970> which<00:01:31.390> we<00:01:31.570> all<00:01:31.689> know 00:01:31.800 --> 00:01:31.810 align:start position:0% an individual Bitcoin which we all know 00:01:31.810 --> 00:01:32.880 align:start position:0% an individual Bitcoin which we all know and<00:01:31.930> love<00:01:31.990> globally<00:01:32.590> accessible 00:01:32.880 --> 00:01:32.890 align:start position:0% and love globally accessible 00:01:32.890 --> 00:01:35.999 align:start position:0% and love globally accessible indiscriminate<00:01:33.610> and<00:01:34.180> irrefutable<00:01:34.450> and<00:01:35.140> this 00:01:35.999 --> 00:01:36.009 align:start position:0% indiscriminate and irrefutable and this 00:01:36.009 --> 00:01:37.319 align:start position:0% indiscriminate and irrefutable and this can<00:01:36.159> also<00:01:36.280> be<00:01:36.399> synonymous<00:01:36.700> with<00:01:37.030> human 00:01:37.319 --> 00:01:37.329 align:start position:0% can also be synonymous with human 00:01:37.329 --> 00:01:38.700 align:start position:0% can also be synonymous with human dignity<00:01:37.450> or<00:01:37.960> human<00:01:38.259> rights<00:01:38.380> which<00:01:38.590> is 00:01:38.700 --> 00:01:38.710 align:start position:0% dignity or human rights which is 00:01:38.710 --> 00:01:43.910 align:start position:0% dignity or human rights which is universal<00:01:39.250> in<00:01:39.820> a<00:01:40.030> Lea<00:01:40.180> belong<00:01:40.869> conditional<00:01:42.329> so 00:01:43.910 --> 00:01:43.920 align:start position:0% universal in a Lea belong conditional so 00:01:43.920 --> 00:01:46.950 align:start position:0% universal in a Lea belong conditional so colonialism<00:01:44.920> or<00:01:45.610> pre<00:01:45.939> colonialism<00:01:46.630> kind<00:01:46.899> of 00:01:46.950 --> 00:01:46.960 align:start position:0% colonialism or pre colonialism kind of 00:01:46.960 --> 00:01:48.209 align:start position:0% colonialism or pre colonialism kind of looked<00:01:47.140> a<00:01:47.259> little<00:01:47.380> bit<00:01:47.590> like<00:01:47.740> this<00:01:47.890> on<00:01:48.130> the 00:01:48.209 --> 00:01:48.219 align:start position:0% looked a little bit like this on the 00:01:48.219 --> 00:01:52.679 align:start position:0% looked a little bit like this on the left<00:01:49.409> where<00:01:51.030> generate<00:01:52.030> Great<00:01:52.360> Britain 00:01:52.679 --> 00:01:52.689 align:start position:0% left where generate Great Britain 00:01:52.689 --> 00:01:56.789 align:start position:0% left where generate Great Britain Portugal<00:01:53.320> etc<00:01:54.070> would<00:01:54.640> take<00:01:55.119> land<00:01:55.390> captive<00:01:56.259> to 00:01:56.789 --> 00:01:56.799 align:start position:0% Portugal etc would take land captive to 00:01:56.799 --> 00:01:59.370 align:start position:0% Portugal etc would take land captive to produce<00:01:56.920> products<00:01:57.909> or<00:01:58.240> spices<00:01:58.750> and<00:01:59.020> export 00:01:59.370 --> 00:01:59.380 align:start position:0% produce products or spices and export 00:01:59.380 --> 00:02:01.050 align:start position:0% produce products or spices and export them<00:01:59.469> back<00:01:59.619> home<00:01:59.799> well<00:02:00.549> today<00:02:00.850> we've 00:02:01.050 --> 00:02:01.060 align:start position:0% them back home well today we've 00:02:01.060 --> 00:02:02.219 align:start position:0% them back home well today we've basically<00:02:01.299> gone<00:02:01.659> into<00:02:01.930> a<00:02:01.960> digital 00:02:02.219 --> 00:02:02.229 align:start position:0% basically gone into a digital 00:02:02.229 --> 00:02:04.440 align:start position:0% basically gone into a digital colonialism<00:02:03.219> which<00:02:04.000> revolves<00:02:04.360> around 00:02:04.440 --> 00:02:04.450 align:start position:0% colonialism which revolves around 00:02:04.450 --> 00:02:08.279 align:start position:0% colonialism which revolves around economic<00:02:05.020> and<00:02:05.170> media<00:02:06.060> and<00:02:07.060> we<00:02:07.659> know<00:02:07.780> this<00:02:07.960> true 00:02:08.279 --> 00:02:08.289 align:start position:0% economic and media and we know this true 00:02:08.289 --> 00:02:10.290 align:start position:0% economic and media and we know this true you<00:02:08.590> know<00:02:08.710> debt<00:02:09.070> that's<00:02:09.700> essentially<00:02:10.149> what 00:02:10.290 --> 00:02:10.300 align:start position:0% you know debt that's essentially what 00:02:10.300 --> 00:02:12.380 align:start position:0% you know debt that's essentially what the<00:02:10.509> West<00:02:10.690> are<00:02:10.869> imposing<00:02:11.170> on<00:02:11.410> other<00:02:11.680> countries 00:02:12.380 --> 00:02:12.390 align:start position:0% the West are imposing on other countries 00:02:12.390 --> 00:02:16.660 align:start position:0% the West are imposing on other countries so<00:02:13.390> it's<00:02:13.510> a<00:02:13.570> form<00:02:13.750> of<00:02:13.810> us<00:02:14.050> Hashana<00:02:14.410> me 00:02:16.660 --> 00:02:16.670 align:start position:0% 00:02:16.670 --> 00:02:18.670 align:start position:0% how<00:02:17.600> do<00:02:17.660> we<00:02:17.750> protect<00:02:17.960> ourselves<00:02:18.230> from<00:02:18.470> this 00:02:18.670 --> 00:02:18.680 align:start position:0% how do we protect ourselves from this 00:02:18.680 --> 00:02:20.380 align:start position:0% how do we protect ourselves from this well<00:02:18.950> we<00:02:19.069> use<00:02:19.250> open<00:02:19.730> source<00:02:19.910> technology 00:02:20.380 --> 00:02:20.390 align:start position:0% well we use open source technology 00:02:20.390 --> 00:02:22.720 align:start position:0% well we use open source technology number<00:02:20.660> one<00:02:20.860> Bitcoin<00:02:21.860> serves<00:02:22.340> as<00:02:22.700> a 00:02:22.720 --> 00:02:22.730 align:start position:0% number one Bitcoin serves as a 00:02:22.730 --> 00:02:24.640 align:start position:0% number one Bitcoin serves as a potentiality<00:02:23.180> for<00:02:23.420> a<00:02:23.630> more<00:02:23.810> humane<00:02:24.319> approach 00:02:24.640 --> 00:02:24.650 align:start position:0% potentiality for a more humane approach 00:02:24.650 --> 00:02:28.990 align:start position:0% potentiality for a more humane approach digital<00:02:25.310> rights<00:02:25.459> duties<00:02:25.880> and<00:02:26.030> privileges<00:02:28.000> and 00:02:28.990 --> 00:02:29.000 align:start position:0% digital rights duties and privileges and 00:02:29.000 --> 00:02:30.490 align:start position:0% digital rights duties and privileges and there's<00:02:29.420> already<00:02:29.540> countries<00:02:30.110> today<00:02:30.290> that 00:02:30.490 --> 00:02:30.500 align:start position:0% there's already countries today that 00:02:30.500 --> 00:02:32.110 align:start position:0% there's already countries today that have<00:02:30.590> mandated<00:02:31.069> this<00:02:31.310> in<00:02:31.459> their<00:02:31.580> laws<00:02:31.790> that 00:02:32.110 --> 00:02:32.120 align:start position:0% have mandated this in their laws that 00:02:32.120 --> 00:02:33.580 align:start position:0% have mandated this in their laws that their<00:02:32.240> public<00:02:32.480> administration<00:02:33.200> will<00:02:33.350> only 00:02:33.580 --> 00:02:33.590 align:start position:0% their public administration will only 00:02:33.590 --> 00:02:35.830 align:start position:0% their public administration will only use<00:02:33.920> open<00:02:34.280> source<00:02:34.459> technology<00:02:35.000> this<00:02:35.510> includes 00:02:35.830 --> 00:02:35.840 align:start position:0% use open source technology this includes 00:02:35.840 --> 00:02:38.620 align:start position:0% use open source technology this includes Venezuela<00:02:36.380> Russia<00:02:36.560> and<00:02:37.010> Cuba<00:02:37.190> due<00:02:37.700> to<00:02:37.850> obvious 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neighboring country Great Britain August 00:02:49.489 --> 00:02:54.460 align:start position:0% neighboring country Great Britain August is<00:02:50.239> tiragon<00:02:51.110> Tonga<00:02:51.980> tiragon<00:02:52.520> annum<00:02:53.320> and<00:02:54.320> that 00:02:54.460 --> 00:02:54.470 align:start position:0% is tiragon Tonga tiragon annum and that 00:02:54.470 --> 00:02:55.990 align:start position:0% is tiragon Tonga tiragon annum and that roughly<00:02:54.769> translates<00:02:55.220> to<00:02:55.310> a<00:02:55.370> country<00:02:55.850> without 00:02:55.990 --> 00:02:56.000 align:start position:0% roughly translates to a country without 00:02:56.000 --> 00:02:57.430 align:start position:0% roughly translates to a country without a<00:02:56.180> language<00:02:56.540> as<00:02:56.690> a<00:02:56.720> country<00:02:57.110> without<00:02:57.260> an 00:02:57.430 --> 00:02:57.440 align:start position:0% a language as a country without an 00:02:57.440 --> 00:03:01.060 align:start position:0% a language as a country without an identity<00:02:57.610> and<00:02:58.989> despise<00:02:59.989> a<00:03:00.320> hundred<00:03:00.890> year 00:03:01.060 --> 00:03:01.070 align:start position:0% identity and despise a hundred year 00:03:01.070 --> 00:03:02.680 align:start position:0% identity and despise a hundred year revolution<00:03:01.670> where<00:03:02.120> we<00:03:02.209> have<00:03:02.360> an<00:03:02.480> independent 00:03:02.680 --> 00:03:02.690 align:start position:0% revolution where we have an independent 00:03:02.690 --> 00:03:04.150 align:start position:0% revolution where we have an independent free<00:03:03.140> state<00:03:03.410> in<00:03:03.560> Ireland 00:03:04.150 --> 00:03:04.160 align:start position:0% free state in Ireland 00:03:04.160 --> 00:03:06.910 align:start position:0% free state in Ireland I<00:03:04.780> notice<00:03:05.780> how<00:03:05.900> I<00:03:05.930> am<00:03:06.080> speaking<00:03:06.350> in<00:03:06.590> English 00:03:06.910 --> 00:03:06.920 align:start position:0% I notice how I am speaking in English 00:03:06.920 --> 00:03:09.070 align:start position:0% I notice how I am speaking in English Nate<00:03:07.459> in<00:03:07.850> English<00:03:08.330> language<00:03:08.690> which<00:03:08.870> I<00:03:08.989> am 00:03:09.070 --> 00:03:09.080 align:start position:0% Nate in English language which I am 00:03:09.080 --> 00:03:10.990 align:start position:0% Nate in English language which I am actually<00:03:09.260> an<00:03:09.440> Irish<00:03:09.769> native<00:03:10.100> my<00:03:10.610> number<00:03:10.850> one 00:03:10.990 --> 00:03:11.000 align:start position:0% actually an Irish native my number one 00:03:11.000 --> 00:03:13.090 align:start position:0% actually an Irish native my number one language<00:03:11.150> is<00:03:11.420> Irish<00:03:11.750> and<00:03:12.080> yet 00:03:13.090 --> 00:03:13.100 align:start position:0% language is Irish and yet 00:03:13.100 --> 00:03:16.810 align:start position:0% language is Irish and yet ninety<00:03:13.910> percent<00:03:13.940> of<00:03:14.360> my<00:03:14.630> population<00:03:15.820> speak 00:03:16.810 --> 00:03:16.820 align:start position:0% ninety percent of my population speak 00:03:16.820 --> 00:03:18.759 align:start position:0% ninety percent of my population speak English<00:03:17.209> they<00:03:17.690> watch<00:03:17.840> English<00:03:18.170> movies<00:03:18.200> they 00:03:18.759 --> 00:03:18.769 align:start position:0% English they watch English movies they 00:03:18.769 --> 00:03:21.490 align:start position:0% English they watch English movies they listen<00:03:18.980> to<00:03:19.010> English<00:03:19.310> music<00:03:20.209> and<00:03:20.600> they<00:03:21.110> support 00:03:21.490 --> 00:03:21.500 align:start position:0% listen to English music and they support 00:03:21.500 --> 00:03:23.199 align:start position:0% listen to English music and they support English<00:03:21.790> Tellez 00:03:23.199 --> 00:03:23.209 align:start position:0% English Tellez 00:03:23.209 --> 00:03:25.750 align:start position:0% English Tellez soccer<00:03:24.049> teams<00:03:24.470> every<00:03:25.040> Saturday<00:03:25.400> they<00:03:25.430> go<00:03:25.700> to 00:03:25.750 --> 00:03:25.760 align:start position:0% soccer teams every Saturday they go to 00:03:25.760 --> 00:03:27.970 align:start position:0% soccer teams every Saturday they go to Manchester<00:03:26.360> or<00:03:26.450> Liverpool<00:03:26.480> or<00:03:26.959> London<00:03:27.350> to 00:03:27.970 --> 00:03:27.980 align:start position:0% Manchester or Liverpool or London to 00:03:27.980 --> 00:03:29.319 align:start position:0% Manchester or Liverpool or London to support<00:03:28.280> a<00:03:28.340> team<00:03:28.549> where<00:03:28.760> they<00:03:28.880> actually<00:03:29.000> have 00:03:29.319 --> 00:03:29.329 align:start position:0% support a team where they actually have 00:03:29.329 --> 00:03:31.569 align:start position:0% support a team where they actually have this<00:03:29.510> in<00:03:29.690> their<00:03:29.810> own<00:03:29.900> country<00:03:30.370> so<00:03:31.370> you<00:03:31.430> can 00:03:31.569 --> 00:03:31.579 align:start position:0% this in their own country so you can 00:03:31.579 --> 00:03:32.650 align:start position:0% this in their own country so you can kind<00:03:31.760> of<00:03:31.790> see<00:03:31.940> this<00:03:32.030> as<00:03:32.090> an<00:03:32.269> indirect 00:03:32.650 --> 00:03:32.660 align:start position:0% kind of see this as an indirect 00:03:32.660 --> 00:03:35.530 align:start position:0% kind of see this as an indirect colonialism<00:03:33.820> which<00:03:34.820> is<00:03:34.940> which<00:03:35.239> is<00:03:35.360> prevalent 00:03:35.530 --> 00:03:35.540 align:start position:0% colonialism which is which is prevalent 00:03:35.540 --> 00:03:39.729 align:start position:0% colonialism which is which is prevalent in<00:03:35.810> many<00:03:36.079> many<00:03:36.320> countries<00:03:36.530> today<00:03:37.540> so<00:03:38.540> how<00:03:39.440> you 00:03:39.729 --> 00:03:39.739 align:start position:0% in many many countries today so how you 00:03:39.739 --> 00:03:40.960 align:start position:0% in many many countries today so how you know<00:03:39.829> how<00:03:39.980> do<00:03:40.040> we<00:03:40.100> serve<00:03:40.310> to<00:03:40.430> protect<00:03:40.760> people 00:03:40.960 --> 00:03:40.970 align:start position:0% know how do we serve to protect people 00:03:40.970 --> 00:03:42.580 align:start position:0% know how do we serve to protect people with<00:03:41.000> Bitcoin<00:03:41.450> while<00:03:41.690> we're<00:03:41.840> doing<00:03:41.930> this<00:03:42.170> with 00:03:42.580 --> 00:03:42.590 align:start position:0% with Bitcoin while we're doing this with 00:03:42.590 --> 00:03:45.610 align:start position:0% with Bitcoin while we're doing this with our<00:03:42.739> product<00:03:43.100> bit<00:03:43.459> carrot<00:03:43.730> and<00:03:44.230> it<00:03:45.230> serves<00:03:45.470> as 00:03:45.610 --> 00:03:45.620 align:start position:0% our product bit carrot and it serves as 00:03:45.620 --> 00:03:47.440 align:start position:0% our product bit carrot and it serves as an<00:03:45.739> alternative<00:03:45.829> economy<00:03:46.730> in<00:03:46.850> countries<00:03:47.420> like 00:03:47.440 --> 00:03:47.450 align:start position:0% an alternative economy in countries like 00:03:47.450 --> 00:03:49.210 align:start position:0% an alternative economy in countries like Venezuela<00:03:48.049> where<00:03:48.650> people<00:03:48.890> are<00:03:48.950> able<00:03:49.070> to 00:03:49.210 --> 00:03:49.220 align:start position:0% Venezuela where people are able to 00:03:49.220 --> 00:03:51.789 align:start position:0% Venezuela where people are able to actually<00:03:49.519> trade<00:03:49.820> in<00:03:50.239> gift<00:03:50.930> cards<00:03:50.989> using 00:03:51.789 --> 00:03:51.799 align:start position:0% actually trade in gift cards using 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for<00:03:59.239> example<00:03:59.630> so<00:04:00.350> someone<00:04:00.799> on<00:04:00.829> my<00:04:01.040> website<00:04:01.459> can 00:04:01.750 --> 00:04:01.760 align:start position:0% for example so someone on my website can 00:04:01.760 --> 00:04:05.229 align:start position:0% for example so someone on my website can earn<00:04:01.940> in<00:04:02.450> Venezuela<00:04:03.019> in<00:04:03.350> an<00:04:04.070> hour<00:04:04.250> five<00:04:04.910> or<00:04:05.090> ten 00:04:05.229 --> 00:04:05.239 align:start position:0% earn in Venezuela in an hour five or ten 00:04:05.239 --> 00:04:07.420 align:start position:0% earn in Venezuela in an hour five or ten dollars<00:04:05.269> which<00:04:06.170> is<00:04:06.320> the<00:04:06.410> equivalent<00:04:06.860> of<00:04:06.980> 30 00:04:07.420 --> 00:04:07.430 align:start position:0% dollars which is the equivalent of 30 00:04:07.430 --> 00:04:10.390 align:start position:0% dollars which is the equivalent of 30 days<00:04:08.260> salary<00:04:09.260> for<00:04:09.500> the<00:04:09.799> average<00:04:09.920> person<00:04:10.160> in 00:04:10.390 --> 00:04:10.400 align:start position:0% days salary for the average person in 00:04:10.400 --> 00:04:12.580 align:start position:0% days salary for the average person in Venezuela<00:04:11.030> so<00:04:11.120> there's<00:04:11.269> many<00:04:11.360> teenagers<00:04:12.110> and 00:04:12.580 --> 00:04:12.590 align:start position:0% Venezuela so there's many teenagers and 00:04:12.590 --> 00:04:14.020 align:start position:0% Venezuela so there's many teenagers and young<00:04:13.250> adults<00:04:13.280> who<00:04:13.700> are<00:04:13.730> actually<00:04:14.000> earning 00:04:14.020 --> 00:04:14.030 align:start position:0% young adults who are actually earning 00:04:14.030 --> 00:04:16.630 align:start position:0% young adults who are actually earning more<00:04:14.359> money<00:04:15.070> with<00:04:16.070> bitcoin<00:04:16.220> a<00:04:16.430> bigger 00:04:16.630 --> 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00:04:29.490 align:start position:0% encourage you to maybe check this out it's<00:04:24.530> called<00:04:24.740> Picard<00:04:25.160> Vicario<00:04:25.940> and 00:04:29.490 --> 00:04:29.500 align:start position:0% 00:04:29.500 --> 00:04:31.580 align:start position:0% yeah<00:04:29.770> I<00:04:29.800> guess<00:04:29.980> that's<00:04:30.220> kind<00:04:30.310> of<00:04:30.520> it<00:04:30.760> for<00:04:30.910> me<00:04:31.060> if 00:04:31.580 --> 00:04:31.590 align:start position:0% yeah I guess that's kind of it for me if 00:04:31.590 --> 00:04:34.110 align:start position:0% yeah I guess that's kind of it for me if if<00:04:32.590> anybody<00:04:32.800> wants<00:04:33.100> to<00:04:33.250> obviously<00:04:33.820> look<00:04:34.030> at 00:04:34.110 --> 00:04:34.120 align:start position:0% if anybody wants to obviously look at 00:04:34.120 --> 00:04:35.370 align:start position:0% if anybody wants to obviously look at this<00:04:34.240> website<00:04:34.600> please<00:04:34.750> check<00:04:34.810> it<00:04:35.080> out<00:04:35.170> but 00:04:35.370 --> 00:04:35.380 align:start position:0% this website please check it out but 00:04:35.380 --> 00:04:38.190 align:start position:0% this website please check it out but also<00:04:35.500> in<00:04:35.770> general<00:04:36.370> I<00:04:36.550> think<00:04:36.580> bitcoin<00:04:37.060> is<00:04:37.330> is<00:04:37.840> a 00:04:38.190 --> 00:04:38.200 align:start position:0% also in general I think bitcoin is is a 00:04:38.200 --> 00:04:39.690 align:start position:0% also in general I think bitcoin is is a very<00:04:38.500> very<00:04:38.710> powerful<00:04:39.100> tool<00:04:39.280> and<00:04:39.430> that's<00:04:39.580> why 00:04:39.690 --> 00:04:39.700 align:start position:0% very very powerful tool and that's why 00:04:39.700 --> 00:04:42.570 align:start position:0% very very powerful tool and that's why we're<00:04:39.850> here<00:04:39.940> to<00:04:40.090> use<00:04:40.240> it<00:04:40.950> so<00:04:41.950> yeah<00:04:42.160> that's<00:04:42.400> all 00:04:42.570 --> 00:04:42.580 align:start position:0% we're here to use it so yeah that's all 00:04:42.580 --> 00:04:45.210 align:start position:0% we're here to use it so yeah that's all for<00:04:42.820> me<00:04:42.910> I<00:04:42.940> don't<00:04:43.060> really<00:04:43.270> have<00:04:43.420> much<00:04:43.540> time<00:04:44.220> so 00:04:45.210 --> 00:04:45.220 align:start position:0% for me I don't really have much time so 00:04:45.220 --> 00:04:46.680 align:start position:0% for me I don't really have much time so hopefully<00:04:45.520> you<00:04:45.730> come<00:04:45.940> meet<00:04:46.180> me<00:04:46.270> afterwards 00:04:46.680 --> 00:04:46.690 align:start position:0% hopefully you come meet me afterwards 00:04:46.690 --> 00:04:47.850 align:start position:0% hopefully you come meet me afterwards and<00:04:46.750> you<00:04:46.870> come<00:04:47.020> chat<00:04:47.200> to<00:04:47.320> me<00:04:47.410> you<00:04:47.500> can<00:04:47.620> notice 00:04:47.850 --> 00:04:47.860 align:start position:0% and you come chat to me you can notice 00:04:47.860 --> 00:04:49.980 align:start position:0% and you come chat to me you can notice me<00:04:47.980> in<00:04:48.070> the<00:04:48.160> Irish<00:04:48.340> Jersey<00:04:48.670> so<00:04:49.330> yeah<00:04:49.690> thank<00:04:49.930> you 00:04:49.980 --> 00:04:49.990 align:start position:0% me in the Irish Jersey so yeah thank you 00:04:49.990 --> 00:04:50.940 align:start position:0% me in the Irish Jersey so yeah thank you very<00:04:50.110> much<00:04:50.290> and<00:04:50.440> enjoy<00:04:50.560> the<00:04:50.650> rest<00:04:50.770> of<00:04:50.890> your 00:04:50.940 --> 00:04:50.950 align:start position:0% very much and enjoy the rest of your 00:04:50.950 --> 00:04:53.010 align:start position:0% very much and enjoy the rest of your time<00:04:51.130> in<00:04:51.400> the<00:04:52.090> lovely<00:04:52.360> beautiful<00:04:52.480> city<00:04:52.900> of 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governance of 00:05:03.580 --> 00:05:06.090 align:start position:0% today I will talk about governance of decentralized<00:05:04.060> protocol<00:05:04.750> I<00:05:04.960> mean<00:05:05.530> as<00:05:05.770> there 00:05:06.090 --> 00:05:06.100 align:start position:0% decentralized protocol I mean as there 00:05:06.100 --> 00:05:08.400 align:start position:0% decentralized protocol I mean as there is<00:05:06.220> certain<00:05:06.610> schizophrenia<00:05:07.240> about<00:05:08.050> the<00:05:08.260> need 00:05:08.400 --> 00:05:08.410 align:start position:0% is certain schizophrenia about the need 00:05:08.410 --> 00:05:10.320 align:start position:0% is certain schizophrenia about the need for<00:05:08.440> the<00:05:08.800> government<00:05:09.160> during<00:05:09.340> its<00:05:09.640> a<00:05:09.730> life 00:05:10.320 --> 00:05:10.330 align:start position:0% for the government during its a life 00:05:10.330 --> 00:05:12.900 align:start position:0% for the government during its a life cycle<00:05:10.570> so<00:05:11.350> in<00:05:11.950> the<00:05:12.160> early<00:05:12.400> stages<00:05:12.640> the 00:05:12.900 --> 00:05:12.910 align:start position:0% cycle so in the early stages the 00:05:12.910 --> 00:05:14.850 align:start position:0% cycle so in the early stages the protocol<00:05:13.330> is<00:05:13.420> bootstrap<00:05:13.930> by<00:05:14.140> the<00:05:14.200> founders 00:05:14.850 --> 00:05:14.860 align:start position:0% protocol is bootstrap by the founders 00:05:14.860 --> 00:05:17.010 align:start position:0% protocol is bootstrap by the founders and<00:05:15.160> basically<00:05:15.460> all<00:05:15.880> the<00:05:16.300> resources 00:05:17.010 --> 00:05:17.020 align:start position:0% and basically all the resources 00:05:17.020 --> 00:05:18.810 align:start position:0% and basically all the resources including<00:05:17.680> the<00:05:17.710> team<00:05:18.010> the<00:05:18.280> roadmap<00:05:18.610> are 00:05:18.810 --> 00:05:18.820 align:start position:0% including the team the roadmap are 00:05:18.820 --> 00:05:20.760 align:start position:0% including the team the roadmap are allocated<00:05:19.600> and<00:05:19.660> control<00:05:20.080> by<00:05:20.230> the<00:05:20.260> founder 00:05:20.760 --> 00:05:20.770 align:start position:0% allocated and control by the founder 00:05:20.770 --> 00:05:24.300 align:start position:0% allocated and control by the founder however<00:05:21.460> as<00:05:21.640> the<00:05:22.630> protocol<00:05:23.080> becomes<00:05:23.500> more 00:05:24.300 --> 00:05:24.310 align:start position:0% however as the protocol becomes more 00:05:24.310 --> 00:05:26.510 align:start position:0% however as the protocol becomes more mature<00:05:24.760> and<00:05:24.970> people<00:05:25.360> become<00:05:25.660> dependent<00:05:26.020> on<00:05:26.410> it 00:05:26.510 --> 00:05:26.520 align:start position:0% mature and people become dependent on it 00:05:26.520 --> 00:05:29.600 align:start position:0% mature and people become dependent on it suddenly<00:05:27.520> the<00:05:27.960> features<00:05:28.960> of<00:05:28.990> being 00:05:29.600 --> 00:05:29.610 align:start position:0% suddenly the features of being 00:05:29.610 --> 00:05:32.220 align:start position:0% suddenly the features of being centralized<00:05:30.610> fast<00:05:30.910> flexible<00:05:31.230> becomes 00:05:32.220 --> 00:05:32.230 align:start position:0% centralized fast flexible becomes 00:05:32.230 --> 00:05:34.880 align:start position:0% centralized fast flexible becomes unwanted<00:05:32.890> I<00:05:33.070> mean<00:05:33.250> nobody<00:05:34.030> really<00:05:34.150> wants<00:05:34.540> to 00:05:34.880 --> 00:05:34.890 align:start position:0% unwanted I mean nobody really wants to 00:05:34.890 --> 00:05:38.370 align:start position:0% unwanted I mean nobody really wants to lock<00:05:35.890> in<00:05:36.100> their<00:05:36.310> future<00:05:36.820> on<00:05:37.030> a<00:05:37.210> platform<00:05:37.540> that 00:05:38.370 --> 00:05:38.380 align:start position:0% lock in their future on a platform that 00:05:38.380 --> 00:05:40.980 align:start position:0% lock in their future on a platform that is<00:05:38.530> actually<00:05:39.130> controlled<00:05:40.060> by<00:05:40.270> a<00:05:40.570> bunch<00:05:40.870> of 00:05:40.980 --> 00:05:40.990 align:start position:0% is actually controlled by a bunch of 00:05:40.990 --> 00:05:44.000 align:start position:0% is actually controlled by a bunch of guys<00:05:41.169> in<00:05:41.530> a<00:05:42.070> very<00:05:42.310> non<00:05:42.760> transparent<00:05:43.419> fashion 00:05:44.000 --> 00:05:44.010 align:start position:0% guys in a very non transparent fashion 00:05:44.010 --> 00:05:47.190 align:start position:0% guys in a very non transparent fashion so<00:05:45.010> before<00:05:45.729> we<00:05:45.850> go<00:05:46.000> further<00:05:46.360> let's<00:05:46.990> ask 00:05:47.190 --> 00:05:47.200 align:start position:0% so before we go further let's ask 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the space definitely<00:05:56.080> not<00:05:56.229> however<00:05:57.040> can<00:05:58.000> the<00:05:58.479> protocol 00:05:59.190 --> 00:05:59.200 align:start position:0% definitely not however can the protocol 00:05:59.200 --> 00:06:00.510 align:start position:0% definitely not however can the protocol succeed<00:05:59.680> in<00:05:59.890> the<00:06:00.010> long<00:06:00.130> run 00:06:00.510 --> 00:06:00.520 align:start position:0% succeed in the long run 00:06:00.520 --> 00:06:04.290 align:start position:0% succeed in the long run I<00:06:00.550> mean<00:06:01.000> success<00:06:01.930> in<00:06:02.530> a<00:06:02.710> way<00:06:02.860> that<00:06:03.250> it<00:06:03.880> will<00:06:04.120> be 00:06:04.290 --> 00:06:04.300 align:start position:0% I mean success in a way that it will be 00:06:04.300 --> 00:06:06.210 align:start position:0% I mean success in a way that it will be used<00:06:04.479> in<00:06:04.660> a<00:06:04.780> business<00:06:05.080> critical<00:06:05.530> systems<00:06:05.950> and 00:06:06.210 --> 00:06:06.220 align:start position:0% used in a business critical systems and 00:06:06.220 --> 00:06:08.760 align:start position:0% used in a business critical systems and I<00:06:06.580> also<00:06:06.760> think<00:06:07.090> it's<00:06:07.870> not<00:06:08.110> possible 00:06:08.760 --> 00:06:08.770 align:start position:0% I also think it's not possible 00:06:08.770 --> 00:06:11.969 align:start position:0% I also think it's not possible so<00:06:09.610> I<00:06:09.940> mean<00:06:10.840> looking<00:06:11.350> at<00:06:11.470> the<00:06:11.560> current<00:06:11.860> length 00:06:11.969 --> 00:06:11.979 align:start position:0% so I mean looking at the current length 00:06:11.979 --> 00:06:14.490 align:start position:0% so I mean looking at the current length landscape<00:06:12.610> of<00:06:12.850> of<00:06:13.210> project<00:06:14.020> and<00:06:14.200> I'm<00:06:14.320> an 00:06:14.490 --> 00:06:14.500 align:start position:0% landscape of of project and I'm an 00:06:14.500 --> 00:06:17.400 align:start position:0% landscape of of project and I'm an investor<00:06:14.890> so<00:06:15.070> I<00:06:15.100> see<00:06:15.400> a<00:06:15.430> lot<00:06:15.669> of<00:06:16.410> platforms 00:06:17.400 --> 00:06:17.410 align:start position:0% investor so I see a lot of platforms 00:06:17.410 --> 00:06:20.880 align:start position:0% investor so I see a lot of platforms being<00:06:17.620> created<00:06:18.190> we<00:06:19.020> expect<00:06:20.020> I<00:06:20.290> mean<00:06:20.590> the 00:06:20.880 --> 00:06:20.890 align:start position:0% being created we expect I mean the 00:06:20.890 --> 00:06:24.290 align:start position:0% being created we expect I mean the project<00:06:21.100> expected<00:06:21.580> the<00:06:22.950> transformation<00:06:23.950> from 00:06:24.290 --> 00:06:24.300 align:start position:0% project expected the transformation from 00:06:24.300 --> 00:06:26.340 align:start position:0% project expected the transformation from centralization<00:06:25.300> to<00:06:25.419> decentralization<00:06:26.020> will 00:06:26.340 --> 00:06:26.350 align:start position:0% centralization to decentralization will 00:06:26.350 --> 00:06:30.300 align:start position:0% centralization to decentralization will somehow<00:06:26.830> happen<00:06:27.760> however<00:06:28.740> usually<00:06:29.740> it's<00:06:30.190> not 00:06:30.300 --> 00:06:30.310 align:start position:0% somehow happen however usually it's not 00:06:30.310 --> 00:06:35.219 align:start position:0% somehow happen however usually it's not really<00:06:30.790> the<00:06:31.090> case<00:06:31.510> so<00:06:32.260> I<00:06:32.610> mean<00:06:33.610> again<00:06:34.229> looking 00:06:35.219 --> 00:06:35.229 align:start position:0% really the case so I mean again looking 00:06:35.229 --> 00:06:39.360 align:start position:0% really the case so I mean again looking at<00:06:35.470> the<00:06:36.539> history<00:06:37.650> figuring<00:06:38.650> out<00:06:38.800> on<00:06:39.099> the<00:06:39.250> way 00:06:39.360 --> 00:06:39.370 align:start position:0% at the history figuring out on the way 00:06:39.370 --> 00:06:42.770 align:start position:0% at the history figuring out on the way doesn't<00:06:40.330> really<00:06:40.539> work<00:06:40.720> I<00:06:40.960> mean<00:06:41.140> whatever 00:06:42.770 --> 00:06:42.780 align:start position:0% doesn't really work I mean whatever 00:06:42.780 --> 00:06:45.260 align:start position:0% doesn't really work I mean whatever foundation<00:06:43.200> you<00:06:43.560> can<00:06:43.770> you<00:06:44.490> can<00:06:44.670> put<00:06:44.880> into<00:06:45.030> the 00:06:45.260 --> 00:06:45.270 align:start position:0% foundation you can you can put into the 00:06:45.270 --> 00:06:47.810 align:start position:0% foundation you can you can put into the slide<00:06:45.510> and<00:06:45.540> it<00:06:45.900> would<00:06:46.080> actually<00:06:46.260> apply<00:06:46.650> so<00:06:47.280> how 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the decentralized one 00:06:54.990 --> 00:06:57.260 align:start position:0% central stage to the decentralized one and<00:06:55.200> I<00:06:55.560> think<00:06:55.770> it's<00:06:55.889> really<00:06:56.100> important<00:06:56.610> before 00:06:57.260 --> 00:06:57.270 align:start position:0% and I think it's really important before 00:06:57.270 --> 00:06:59.270 align:start position:0% and I think it's really important before we<00:06:57.510> come<00:06:57.750> into<00:06:57.900> the<00:06:58.110> details<00:06:58.590> to<00:06:58.800> understand 00:06:59.270 --> 00:06:59.280 align:start position:0% we come into the details to understand 00:06:59.280 --> 00:07:02.180 align:start position:0% we come into the details to understand various<00:07:00.050> actors<00:07:01.050> in<00:07:01.350> the<00:07:01.470> ecosystem<00:07:02.040> and 00:07:02.180 --> 00:07:02.190 align:start position:0% various actors in the ecosystem and 00:07:02.190 --> 00:07:06.590 align:start position:0% various actors in the ecosystem and basically<00:07:02.550> start<00:07:03.240> the<00:07:03.389> process<00:07:03.810> as<00:07:04.050> as<00:07:04.560> as<00:07:05.600> it 00:07:06.590 --> 00:07:06.600 align:start position:0% basically start the process as as as it 00:07:06.600 --> 00:07:09.860 align:start position:0% basically start the process as as as it as<00:07:07.160> first<00:07:08.160> of<00:07:08.340> the<00:07:08.490> users<00:07:08.820> get<00:07:09.030> onboard<00:07:09.270> into 00:07:09.860 --> 00:07:09.870 align:start position:0% as first of the users get onboard into 00:07:09.870 --> 00:07:12.379 align:start position:0% as first of the users get onboard into the<00:07:09.960> platform<00:07:10.139> because<00:07:10.860> before<00:07:11.370> that<00:07:11.430> it's 00:07:12.379 --> 00:07:12.389 align:start position:0% the platform because before that it's 00:07:12.389 --> 00:07:14.270 align:start position:0% the platform because before that it's perfectly<00:07:12.750> fine<00:07:12.960> if<00:07:13.020> the<00:07:13.320> protocol<00:07:13.680> is<00:07:13.860> in<00:07:14.040> the 00:07:14.270 --> 00:07:14.280 align:start position:0% perfectly fine if the protocol is in the 00:07:14.280 --> 00:07:15.860 align:start position:0% perfectly fine if the protocol is in the central<00:07:14.639> stage<00:07:14.910> being<00:07:15.390> controlled<00:07:15.750> by<00:07:15.780> the 00:07:15.860 --> 00:07:15.870 align:start position:0% central stage being controlled by the 00:07:15.870 --> 00:07:17.659 align:start position:0% central stage being controlled by the founders<00:07:16.290> investor<00:07:16.919> support<00:07:17.310> them<00:07:17.430> core 00:07:17.659 --> 00:07:17.669 align:start position:0% founders investor support them core 00:07:17.669 --> 00:07:19.520 align:start position:0% founders investor support them core developers<00:07:18.120> have<00:07:18.510> the<00:07:18.690> same<00:07:18.870> incentive<00:07:19.380> to 00:07:19.520 --> 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are<00:07:37.500> the<00:07:37.680> key<00:07:37.830> takeaways<00:07:38.550> from 00:07:38.570 --> 00:07:38.580 align:start position:0% state so what are the key takeaways from 00:07:38.580 --> 00:07:41.480 align:start position:0% state so what are the key takeaways from here<00:07:39.030> I<00:07:39.210> would<00:07:39.900> say<00:07:40.050> take<00:07:40.560> decentralization 00:07:41.480 --> 00:07:41.490 align:start position:0% here I would say take decentralization 00:07:41.490 --> 00:07:43.700 align:start position:0% here I would say take decentralization as<00:07:41.820> a<00:07:41.880> process<00:07:42.419> it's<00:07:42.870> not<00:07:42.990> a<00:07:43.139> state<00:07:43.410> is<00:07:43.650> a 00:07:43.700 --> 00:07:43.710 align:start position:0% as a process it's not a state is a 00:07:43.710 --> 00:07:46.520 align:start position:0% as a process it's not a state is a process<00:07:44.280> and<00:07:44.490> in<00:07:44.639> implemented<00:07:45.270> into<00:07:45.960> your 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position:0% switch to a protocol it has to have 00:07:58.560 --> 00:08:00.140 align:start position:0% switch to a protocol it has to have certain<00:07:58.740> confidence<00:07:59.370> that<00:07:59.640> it<00:07:59.760> will<00:07:59.789> be<00:08:00.030> here 00:08:00.140 --> 00:08:00.150 align:start position:0% certain confidence that it will be here 00:08:00.150 --> 00:08:02.900 align:start position:0% certain confidence that it will be here tomorrow<00:08:00.360> it<00:08:00.780> will<00:08:01.110> not<00:08:01.289> change<00:08:01.320> so<00:08:01.890> the<00:08:02.520> he 00:08:02.900 --> 00:08:02.910 align:start position:0% tomorrow it will not change so the he 00:08:02.910 --> 00:08:05.270 align:start position:0% tomorrow it will not change so the he can<00:08:03.120> rely<00:08:03.419> on<00:08:03.450> and<00:08:03.810> be<00:08:04.229> confident<00:08:04.770> locking<00:08:05.130> the 00:08:05.270 --> 00:08:05.280 align:start position:0% can rely on and be confident locking the 00:08:05.280 --> 00:08:07.360 align:start position:0% can rely on and be confident locking the future<00:08:05.669> with<00:08:05.789> this<00:08:05.880> platform 00:08:07.360 --> 00:08:07.370 align:start position:0% future with this platform 00:08:07.370 --> 00:08:09.950 align:start position:0% future with this platform check<00:08:08.370> out<00:08:08.490> aragon<00:08:08.940> check<00:08:09.210> out<00:08:09.330> our<00:08:09.510> stack<00:08:09.810> I 00:08:09.950 --> 00:08:09.960 align:start position:0% check out aragon check out our stack I 00:08:09.960 --> 00:08:12.170 align:start position:0% check out aragon check out our stack I really<00:08:10.229> think<00:08:10.440> these<00:08:10.950> tools<00:08:11.729> can<00:08:12.150> be 00:08:12.170 --> 00:08:12.180 align:start position:0% really think these tools can be 00:08:12.180 --> 00:08:14.029 align:start position:0% really think these tools can be implemented<00:08:12.539> to<00:08:12.870> govern<00:08:13.260> the<00:08:13.440> protocol<00:08:13.890> in 00:08:14.029 --> 00:08:14.039 align:start position:0% implemented to govern the protocol in 00:08:14.039 --> 00:08:16.460 align:start position:0% implemented to govern the protocol in the<00:08:14.130> later<00:08:14.310> stage<00:08:14.669> thanks<00:08:15.630> very<00:08:15.810> much<00:08:15.990> and 00:08:16.460 --> 00:08:16.470 align:start position:0% the later stage thanks very much and 00:08:16.470 --> 00:08:22.520 align:start position:0% the later stage thanks very much and have<00:08:17.150> a<00:08:18.150> good<00:08:18.300> day<00:08:19.880> hi<00:08:20.880> everyone<00:08:21.690> my<00:08:22.380> name<00:08:22.500> is 00:08:22.520 --> 00:08:22.530 align:start position:0% have a good day hi everyone my name is 00:08:22.530 --> 00:08:24.500 align:start position:0% have a good day hi everyone my name is Bobby<00:08:22.740> I'm<00:08:23.130> the<00:08:23.430> co-founder<00:08:23.610> coin<00:08:24.150> gecko 00:08:24.500 --> 00:08:24.510 align:start position:0% Bobby I'm the co-founder coin gecko 00:08:24.510 --> 00:08:26.900 align:start position:0% Bobby I'm the co-founder coin gecko topic<00:08:25.500> on<00:08:25.590> presentation<00:08:26.039> today<00:08:26.160> is<00:08:26.490> its 00:08:26.900 --> 00:08:26.910 align:start position:0% topic on presentation today is its 00:08:26.910 --> 00:08:29.240 align:start position:0% topic on presentation today is its market<00:08:27.210> cap<00:08:27.390> an<00:08:27.690> objective<00:08:28.289> measure<00:08:28.979> of 00:08:29.240 --> 00:08:29.250 align:start position:0% market cap an objective measure of 00:08:29.250 --> 00:08:34.370 align:start position:0% market cap an objective measure of crypto<00:08:29.520> assets<00:08:29.789> value<00:08:30.090> so<00:08:30.900> yeah<00:08:33.050> coin<00:08:34.050> gecko 00:08:34.370 --> 00:08:34.380 align:start position:0% crypto assets value so yeah coin gecko 00:08:34.380 --> 00:08:35.600 align:start position:0% crypto assets value so yeah coin gecko for<00:08:34.500> those<00:08:34.620> of<00:08:34.740> you<00:08:34.830> who<00:08:34.919> do<00:08:35.039> not<00:08:35.159> know<00:08:35.219> what<00:08:35.520> we 00:08:35.600 --> 00:08:35.610 align:start position:0% for those of you who do not know what we 00:08:35.610 --> 00:08:37.279 align:start position:0% for those of you who do not know what we do<00:08:35.760> we<00:08:35.969> are<00:08:36.000> crypto<00:08:36.330> data<00:08:36.479> aggregator<00:08:36.930> we 00:08:37.279 --> 00:08:37.289 align:start position:0% do we are crypto data aggregator we 00:08:37.289 --> 00:08:39.320 align:start position:0% do we are crypto data aggregator we track<00:08:37.589> price<00:08:38.070> market<00:08:38.370> cap<00:08:38.520> trading<00:08:38.969> volume 00:08:39.320 --> 00:08:39.330 align:start position:0% track price market cap trading volume 00:08:39.330 --> 00:08:41.029 align:start position:0% track price market cap trading volume for<00:08:39.570> over<00:08:39.839> five<00:08:39.990> thousand<00:08:40.289> three<00:08:40.349> hundred<00:08:40.440> or 00:08:41.029 --> 00:08:41.039 align:start position:0% for over five thousand three hundred or 00:08:41.039 --> 00:08:43.399 align:start position:0% for over five thousand three hundred or generate<00:08:41.640> the<00:08:41.760> exchanges<00:08:42.240> we<00:08:42.780> are<00:08:42.839> on<00:08:42.990> top<00:08:43.169> to 00:08:43.399 --> 00:08:43.409 align:start position:0% generate the exchanges we are on top to 00:08:43.409 --> 00:08:44.960 align:start position:0% generate the exchanges we are on top to top<00:08:43.890> 10<00:08:44.070> largest<00:08:44.190> crypto<00:08:44.520> websites<00:08:44.850> in<00:08:44.910> the 00:08:44.960 --> 00:08:44.970 align:start position:0% top 10 largest crypto websites in the 00:08:44.970 --> 00:08:46.280 align:start position:0% top 10 largest crypto websites in the world<00:08:45.000> we<00:08:45.240> have<00:08:45.270> an<00:08:45.390> API<00:08:45.720> that's<00:08:45.780> used<00:08:46.230> by 00:08:46.280 --> 00:08:46.290 align:start position:0% world we have an API that's used by 00:08:46.290 --> 00:08:48.829 align:start position:0% world we have an API that's used by mighty<00:08:46.589> wallet<00:08:46.980> eaters<00:08:47.220> Kamath<00:08:47.520> amassed<00:08:47.820> reso 00:08:48.829 --> 00:08:48.839 align:start position:0% mighty wallet eaters Kamath amassed reso 00:08:48.839 --> 00:08:50.570 align:start position:0% mighty wallet eaters Kamath amassed reso every<00:08:49.380> quarter<00:08:49.620> we<00:08:49.710> publish<00:08:49.920> a<00:08:49.980> crypto<00:08:50.250> report 00:08:50.570 --> 00:08:50.580 align:start position:0% every quarter we publish a crypto report 00:08:50.580 --> 00:08:52.970 align:start position:0% every quarter we publish a crypto report today<00:08:51.060> we<00:08:51.570> just<00:08:51.690> publish<00:08:52.050> a<00:08:52.080> cute<00:08:52.380> report<00:08:52.830> you 00:08:52.970 --> 00:08:52.980 align:start position:0% today we just publish a cute report you 00:08:52.980 --> 00:08:54.290 align:start position:0% today we just publish a cute report you can<00:08:53.100> check<00:08:53.250> it<00:08:53.339> out<00:08:53.400> on<00:08:53.520> our<00:08:53.580> Twitter<00:08:53.880> at<00:08:54.060> Wayne 00:08:54.290 --> 00:08:54.300 align:start position:0% can check it out on our Twitter at Wayne 00:08:54.300 --> 00:08:55.440 align:start position:0% can check it out on our Twitter at Wayne gecko 00:08:55.440 --> 00:08:55.450 align:start position:0% gecko 00:08:55.450 --> 00:08:59.220 align:start position:0% gecko so<00:08:56.310> based<00:08:57.310> on<00:08:57.370> my<00:08:57.430> topic<00:08:57.639> its<00:08:58.450> market<00:08:58.779> cap<00:08:58.990> an 00:08:59.220 --> 00:08:59.230 align:start position:0% so based on my topic its market cap an 00:08:59.230 --> 00:09:01.170 align:start position:0% so based on my topic its market cap an objective<00:09:00.040> measure<00:09:00.279> crypto<00:09:00.670> assessed<00:09:00.970> value 00:09:01.170 --> 00:09:01.180 align:start position:0% objective measure crypto assessed value 00:09:01.180 --> 00:09:02.819 align:start position:0% objective measure crypto assessed value what<00:09:01.720> are<00:09:01.839> things<00:09:01.959> that<00:09:02.079> we<00:09:02.260> have<00:09:02.290> learned 00:09:02.819 --> 00:09:02.829 align:start position:0% what are things that we have learned 00:09:02.829 --> 00:09:04.800 align:start position:0% what are things that we have learned from<00:09:03.160> running<00:09:03.370> coin<00:09:03.670> gecko<00:09:04.060> in<00:09:04.149> the<00:09:04.209> past<00:09:04.420> five 00:09:04.800 --> 00:09:04.810 align:start position:0% from running coin gecko in the past five 00:09:04.810 --> 00:09:06.480 align:start position:0% from running coin gecko in the past five years<00:09:04.839> is<00:09:05.260> that<00:09:05.440> anything<00:09:06.250> that<00:09:06.279> gets 00:09:06.480 --> 00:09:06.490 align:start position:0% years is that anything that gets 00:09:06.490 --> 00:09:09.509 align:start position:0% years is that anything that gets measured<00:09:06.760> gets<00:09:07.170> manipulated<00:09:08.170> and<00:09:08.519> everyone's 00:09:09.509 --> 00:09:09.519 align:start position:0% measured gets manipulated and everyone's 00:09:09.519 --> 00:09:10.829 align:start position:0% measured gets manipulated and everyone's out<00:09:09.610> there<00:09:09.820> trying<00:09:10.089> to<00:09:10.120> manipulate<00:09:10.329> things<00:09:10.690> so 00:09:10.829 --> 00:09:10.839 align:start position:0% out there trying to manipulate things so 00:09:10.839 --> 00:09:12.210 align:start position:0% out there trying to manipulate things so don't<00:09:10.959> believe<00:09:11.139> everything<00:09:11.470> that<00:09:11.589> you<00:09:11.709> see<00:09:12.010> or 00:09:12.210 --> 00:09:12.220 align:start position:0% don't believe everything that you see or 00:09:12.220 --> 00:09:14.670 align:start position:0% don't believe everything that you see or read<00:09:12.399> on<00:09:12.550> the<00:09:12.639> internet<00:09:12.970> and<00:09:13.149> and<00:09:14.110> especially 00:09:14.670 --> 00:09:14.680 align:start position:0% read on the internet and and especially 00:09:14.680 --> 00:09:16.949 align:start position:0% read on the internet and and especially on<00:09:14.889> crypto<00:09:15.130> sighs<00:09:15.310> I<00:09:16.149> guess<00:09:16.540> question<00:09:16.810> are 00:09:16.949 --> 00:09:16.959 align:start position:0% on crypto sighs I guess question are 00:09:16.959 --> 00:09:18.090 align:start position:0% on crypto sighs I guess question are these<00:09:17.139> how<00:09:17.440> do<00:09:17.500> you<00:09:17.649> end<00:09:17.800> up<00:09:17.889> in<00:09:18.010> this 00:09:18.090 --> 00:09:18.100 align:start position:0% these how do you end up in this 00:09:18.100 --> 00:09:18.840 align:start position:0% these how do you end up in this situation 00:09:18.840 --> 00:09:18.850 align:start position:0% situation 00:09:18.850 --> 00:09:20.699 align:start position:0% situation why<00:09:19.120> is<00:09:19.180> everything<00:09:19.720> that<00:09:20.440> gets<00:09:20.529> measured 00:09:20.699 --> 00:09:20.709 align:start position:0% why is everything that gets measured 00:09:20.709 --> 00:09:23.250 align:start position:0% why is everything that gets measured gets<00:09:20.860> manipulated<00:09:21.550> so<00:09:22.240> I<00:09:22.269> guess<00:09:22.480> the<00:09:23.230> answer 00:09:23.250 --> 00:09:23.260 align:start position:0% gets manipulated so I guess the answer 00:09:23.260 --> 00:09:25.170 align:start position:0% gets manipulated so I guess the answer is<00:09:23.470> pretty<00:09:23.589> simple<00:09:23.680> I<00:09:24.160> call<00:09:24.670> it<00:09:24.760> a<00:09:24.790> fake<00:09:25.029> it 00:09:25.170 --> 00:09:25.180 align:start position:0% is pretty simple I call it a fake it 00:09:25.180 --> 00:09:25.740 align:start position:0% is pretty simple I call it a fake it till<00:09:25.329> you<00:09:25.360> make<00:09:25.420> it 00:09:25.740 --> 00:09:25.750 align:start position:0% till you make it 00:09:25.750 --> 00:09:28.560 align:start position:0% till you make it theory<00:09:26.820> everyone's<00:09:27.820> got<00:09:28.000> an<00:09:28.089> object<00:09:28.209> if<00:09:28.480> you 00:09:28.560 --> 00:09:28.570 align:start position:0% theory everyone's got an object if you 00:09:28.570 --> 00:09:30.269 align:start position:0% theory everyone's got an object if you run<00:09:28.720> a<00:09:28.750> coin<00:09:29.079> you<00:09:29.350> have<00:09:29.500> a<00:09:29.620> market<00:09:29.949> cap<00:09:30.100> you 00:09:30.269 --> 00:09:30.279 align:start position:0% run a coin you have a market cap you 00:09:30.279 --> 00:09:32.340 align:start position:0% run a coin you have a market cap you wanna<00:09:30.459> be<00:09:30.880> that<00:09:30.940> won't<00:09:31.570> be<00:09:31.720> known<00:09:31.930> as<00:09:32.110> the 00:09:32.340 --> 00:09:32.350 align:start position:0% wanna be that won't be known as the 00:09:32.350 --> 00:09:35.009 align:start position:0% wanna be that won't be known as the token<00:09:33.070> that<00:09:33.100> has<00:09:33.370> the<00:09:33.579> largest<00:09:33.820> group<00:09:34.060> the 00:09:35.009 --> 00:09:35.019 align:start position:0% token that has the largest group the 00:09:35.019 --> 00:09:36.629 align:start position:0% token that has the largest group the best<00:09:35.170> took<00:09:35.440> the<00:09:35.860> bet<00:09:35.980> to<00:09:36.100> be<00:09:36.160> the<00:09:36.250> best<00:09:36.370> crypto 00:09:36.629 --> 00:09:36.639 align:start position:0% best took the bet to be the best crypto 00:09:36.639 --> 00:09:38.699 align:start position:0% best took the bet to be the best crypto token<00:09:36.970> in<00:09:37.149> order<00:09:37.630> ways<00:09:37.839> that<00:09:38.139> people<00:09:38.350> measure 00:09:38.699 --> 00:09:38.709 align:start position:0% token in order ways that people measure 00:09:38.709 --> 00:09:40.230 align:start position:0% token in order ways that people measure crypto<00:09:39.130> assets<00:09:39.430> at<00:09:39.519> this<00:09:39.610> point<00:09:39.790> in<00:09:39.850> time<00:09:39.970> is 00:09:40.230 --> 00:09:40.240 align:start position:0% crypto assets at this point in time is 00:09:40.240 --> 00:09:42.509 align:start position:0% crypto assets at this point in time is using<00:09:40.870> market<00:09:41.110> cap<00:09:41.260> so<00:09:41.709> everybody<00:09:42.010> wants<00:09:42.310> to 00:09:42.509 --> 00:09:42.519 align:start position:0% using market cap so everybody wants to 00:09:42.519 --> 00:09:44.819 align:start position:0% using market cap so everybody wants to be<00:09:43.209> known<00:09:43.750> as<00:09:44.050> the<00:09:44.170> token<00:09:44.410> which<00:09:44.620> has<00:09:44.740> the 00:09:44.819 --> 00:09:44.829 align:start position:0% be known as the token which has the 00:09:44.829 --> 00:09:46.860 align:start position:0% be known as the token which has the largest<00:09:45.070> market<00:09:45.250> cap<00:09:45.550> and<00:09:45.760> do<00:09:46.029> what<00:09:46.480> I<00:09:46.510> do<00:09:46.630> is 00:09:46.860 --> 00:09:46.870 align:start position:0% largest market cap and do what I do is 00:09:46.870 --> 00:09:48.329 align:start position:0% largest market cap and do what I do is they<00:09:46.990> try<00:09:47.050> to<00:09:47.199> do<00:09:47.800> all<00:09:47.980> it<00:09:48.100> can<00:09:48.130> do<00:09:48.310> to 00:09:48.329 --> 00:09:48.339 align:start position:0% they try to do all it can do to 00:09:48.339 --> 00:09:50.699 align:start position:0% they try to do all it can do to manipulate<00:09:48.579> the<00:09:49.029> data<00:09:49.180> and<00:09:49.510> when<00:09:50.170> they<00:09:50.290> have<00:09:50.529> a 00:09:50.699 --> 00:09:50.709 align:start position:0% manipulate the data and when they have a 00:09:50.709 --> 00:09:53.009 align:start position:0% manipulate the data and when they have a large<00:09:51.040> market<00:09:51.370> cap<00:09:51.490> token<00:09:51.820> we<00:09:52.630> get<00:09:52.779> some 00:09:53.009 --> 00:09:53.019 align:start position:0% large market cap token we get some 00:09:53.019 --> 00:09:55.110 align:start position:0% large market cap token we get some positive<00:09:53.350> media<00:09:53.769> attention<00:09:53.980> and<00:09:54.430> then<00:09:54.880> some 00:09:55.110 --> 00:09:55.120 align:start position:0% positive media attention and then some 00:09:55.120 --> 00:09:56.699 align:start position:0% positive media attention and then some people<00:09:55.389> start<00:09:55.660> researching<00:09:56.170> about<00:09:56.410> this 00:09:56.699 --> 00:09:56.709 align:start position:0% people start researching about this 00:09:56.709 --> 00:09:58.980 align:start position:0% people start researching about this crypto<00:09:57.070> assets<00:09:57.519> and<00:09:57.699> then<00:09:58.269> some<00:09:58.540> people<00:09:58.779> start 00:09:58.980 --> 00:09:58.990 align:start position:0% crypto assets and then some people start 00:09:58.990 --> 00:10:00.870 align:start position:0% crypto assets and then some people start believing<00:09:59.380> that<00:09:59.410> this<00:09:59.649> token<00:10:00.459> is<00:10:00.550> actually 00:10:00.870 --> 00:10:00.880 align:start position:0% believing that this token is actually 00:10:00.880 --> 00:10:02.850 align:start position:0% believing that this token is actually reliable<00:10:01.390> and<00:10:01.660> big<00:10:01.839> and<00:10:01.990> all<00:10:02.110> and<00:10:02.320> then<00:10:02.800> some 00:10:02.850 --> 00:10:02.860 align:start position:0% reliable and big and all and then some 00:10:02.860 --> 00:10:04.560 align:start position:0% reliable and big and all and then some people<00:10:03.459> start<00:10:03.640> putting<00:10:03.790> in<00:10:04.000> orders<00:10:04.240> and<00:10:04.449> then 00:10:04.560 --> 00:10:04.570 align:start position:0% people start putting in orders and then 00:10:04.570 --> 00:10:05.819 align:start position:0% people start putting in orders and then sooner<00:10:04.870> or<00:10:04.930> later<00:10:05.019> perception<00:10:05.740> becomes 00:10:05.819 --> 00:10:05.829 align:start position:0% sooner or later perception becomes 00:10:05.829 --> 00:10:06.960 align:start position:0% sooner or later perception becomes reality<00:10:06.040> and<00:10:06.459> this<00:10:06.519> becomes<00:10:06.880> a 00:10:06.960 --> 00:10:06.970 align:start position:0% reality and this becomes a 00:10:06.970 --> 00:10:10.199 align:start position:0% reality and this becomes a self-fulfilling<00:10:07.269> virtuous<00:10:07.899> cycle<00:10:08.940> so<00:10:09.940> I 00:10:10.199 --> 00:10:10.209 align:start position:0% self-fulfilling virtuous cycle so I 00:10:10.209 --> 00:10:11.370 align:start position:0% self-fulfilling virtuous cycle so I guess<00:10:10.449> the<00:10:10.510> question<00:10:10.630> that<00:10:10.810> you<00:10:11.019> should<00:10:11.050> take 00:10:11.370 --> 00:10:11.380 align:start position:0% guess the question that you should take 00:10:11.380 --> 00:10:14.660 align:start position:0% guess the question that you should take a<00:10:11.440> look<00:10:11.620> is<00:10:11.860> how<00:10:12.279> is<00:10:12.579> market<00:10:13.180> cap<00:10:13.360> calculated 00:10:14.660 --> 00:10:14.670 align:start position:0% a look is how is market cap calculated 00:10:14.670 --> 00:10:17.250 align:start position:0% a look is how is market cap calculated so<00:10:15.670> if<00:10:15.790> you<00:10:15.850> take<00:10:16.029> a<00:10:16.060> traditional<00:10:16.570> Mac<00:10:16.990> if<00:10:17.170> you 00:10:17.250 --> 00:10:17.260 align:start position:0% so if you take a traditional Mac if you 00:10:17.260 --> 00:10:18.930 align:start position:0% so if you take a traditional Mac if you look<00:10:17.380> at<00:10:17.470> traditional<00:10:17.620> market<00:10:18.130> market<00:10:18.490> cap<00:10:18.670> is 00:10:18.930 --> 00:10:18.940 align:start position:0% look at traditional market market cap is 00:10:18.940 --> 00:10:21.449 align:start position:0% look at traditional market market cap is pretty<00:10:19.360> standardized<00:10:19.779> it's<00:10:20.260> basically<00:10:20.949> price 00:10:21.449 --> 00:10:21.459 align:start position:0% pretty standardized it's basically price 00:10:21.459 --> 00:10:23.880 align:start position:0% pretty standardized it's basically price multiplied<00:10:22.180> by<00:10:22.360> shares<00:10:22.600> outstanding<00:10:22.810> and<00:10:23.380> in 00:10:23.880 --> 00:10:23.890 align:start position:0% multiplied by shares outstanding and in 00:10:23.890 --> 00:10:25.199 align:start position:0% multiplied by shares outstanding and in traditional<00:10:24.399> market<00:10:24.640> shares<00:10:24.970> are<00:10:25.120> only 00:10:25.199 --> 00:10:25.209 align:start position:0% traditional market shares are only 00:10:25.209 --> 00:10:27.360 align:start position:0% traditional market shares are only traded<00:10:25.600> on<00:10:25.690> usually<00:10:26.019> one<00:10:26.140> exchange<00:10:26.350> and<00:10:26.680> and 00:10:27.360 --> 00:10:27.370 align:start position:0% traded on usually one exchange and and 00:10:27.370 --> 00:10:28.829 align:start position:0% traded on usually one exchange and and the<00:10:27.670> shares<00:10:27.910> outstanding<00:10:28.060> I<00:10:28.360> define<00:10:28.660> it 00:10:28.829 --> 00:10:28.839 align:start position:0% the shares outstanding I define it 00:10:28.839 --> 00:10:30.540 align:start position:0% the shares outstanding I define it basically<00:10:29.050> all<00:10:29.350> the<00:10:29.560> shares<00:10:29.829> that<00:10:30.040> have<00:10:30.370> been 00:10:30.540 --> 00:10:30.550 align:start position:0% basically all the shares that have been 00:10:30.550 --> 00:10:32.340 align:start position:0% basically all the shares that have been distributed<00:10:30.880> that<00:10:31.660> is<00:10:31.810> attributed<00:10:32.320> to 00:10:32.340 --> 00:10:32.350 align:start position:0% distributed that is attributed to 00:10:32.350 --> 00:10:34.590 align:start position:0% distributed that is attributed to shareholders<00:10:32.860> including<00:10:33.699> shares<00:10:34.120> helped<00:10:34.390> by 00:10:34.590 --> 00:10:34.600 align:start position:0% shareholders including shares helped by 00:10:34.600 --> 00:10:36.509 align:start position:0% shareholders including shares helped by in<00:10:34.839> restricted<00:10:35.320> shares<00:10:35.350> helped<00:10:35.920> by<00:10:36.100> company 00:10:36.509 --> 00:10:36.519 align:start position:0% in restricted shares helped by company 00:10:36.519 --> 00:10:40.079 align:start position:0% in restricted shares helped by company insiders<00:10:37.019> now<00:10:38.019> if<00:10:38.649> we<00:10:38.949> use<00:10:39.279> the<00:10:39.430> same<00:10:39.610> concept 00:10:40.079 --> 00:10:40.089 align:start position:0% insiders now if we use the same concept 00:10:40.089 --> 00:10:42.269 align:start position:0% insiders now if we use the same concept in<00:10:40.800> cryptocurrencies 00:10:42.269 --> 00:10:42.279 align:start position:0% in cryptocurrencies 00:10:42.279 --> 00:10:45.210 align:start position:0% in cryptocurrencies then<00:10:42.699> token<00:10:43.089> market<00:10:43.540> cap<00:10:43.720> equals<00:10:44.709> token<00:10:44.980> price 00:10:45.210 --> 00:10:45.220 align:start position:0% then token market cap equals token price 00:10:45.220 --> 00:10:46.920 align:start position:0% then token market cap equals token price multiplied<00:10:45.790> by<00:10:45.880> talk<00:10:46.000> and<00:10:46.120> supply<00:10:46.329> which<00:10:46.810> is 00:10:46.920 --> 00:10:46.930 align:start position:0% multiplied by talk and supply which is 00:10:46.930 --> 00:10:48.269 align:start position:0% multiplied by talk and supply which is actually<00:10:47.199> a<00:10:47.230> very<00:10:47.290> questionable<00:10:47.649> metric<00:10:48.190> to 00:10:48.269 --> 00:10:48.279 align:start position:0% actually a very questionable metric to 00:10:48.279 --> 00:10:49.559 align:start position:0% actually a very questionable metric to be<00:10:48.310> gave<00:10:48.519> me<00:10:48.610> but<00:10:48.790> let's<00:10:49.000> just<00:10:49.180> kind<00:10:49.480> of 00:10:49.559 --> 00:10:49.569 align:start position:0% be gave me but let's just kind of 00:10:49.569 --> 00:10:51.329 align:start position:0% be gave me but let's just kind of stretch<00:10:49.779> it<00:10:49.959> and<00:10:50.079> let's<00:10:50.709> see<00:10:50.860> so<00:10:51.010> how<00:10:51.160> do<00:10:51.220> we 00:10:51.329 --> 00:10:51.339 align:start position:0% stretch it and let's see so how do we 00:10:51.339 --> 00:10:54.780 align:start position:0% stretch it and let's see so how do we calculate<00:10:51.519> token<00:10:52.029> market<00:10:52.240> cap<00:10:52.470> so<00:10:53.470> price<00:10:54.459> is 00:10:54.780 --> 00:10:54.790 align:start position:0% calculate token market cap so price is 00:10:54.790 --> 00:10:58.259 align:start position:0% calculate token market cap so price is basically<00:10:56.010> relatively<00:10:57.010> simple<00:10:57.370> tokens<00:10:58.149> are 00:10:58.259 --> 00:10:58.269 align:start position:0% basically relatively simple tokens are 00:10:58.269 --> 00:10:59.819 align:start position:0% basically relatively simple tokens are traded<00:10:58.540> across<00:10:58.750> many<00:10:58.959> exchanges<00:10:59.410> you<00:10:59.649> take 00:10:59.819 --> 00:10:59.829 align:start position:0% traded across many exchanges you take 00:10:59.829 --> 00:11:01.259 align:start position:0% traded across many exchanges you take the<00:10:59.949> volume<00:11:00.220> multiplied<00:11:00.670> by<00:11:00.819> the<00:11:00.880> average 00:11:01.259 --> 00:11:01.269 align:start position:0% the volume multiplied by the average 00:11:01.269 --> 00:11:03.000 align:start position:0% the volume multiplied by the average price<00:11:01.600> across<00:11:01.750> our<00:11:01.990> exchanges<00:11:02.350> and<00:11:02.529> the 00:11:03.000 --> 00:11:03.010 align:start position:0% price across our exchanges and the 00:11:03.010 --> 00:11:05.009 align:start position:0% price across our exchanges and the supply<00:11:03.310> now<00:11:03.640> this<00:11:03.819> is<00:11:03.910> becomes<00:11:04.209> hot<00:11:04.449> how<00:11:04.750> do<00:11:04.810> we 00:11:05.009 --> 00:11:05.019 align:start position:0% supply now this is becomes hot how do we 00:11:05.019 --> 00:11:06.809 align:start position:0% supply now this is becomes hot how do we actually<00:11:05.230> measure<00:11:05.560> the<00:11:05.769> supply<00:11:06.010> everyone 00:11:06.809 --> 00:11:06.819 align:start position:0% actually measure the supply everyone 00:11:06.819 --> 00:11:08.490 align:start position:0% actually measure the supply everyone uses<00:11:07.149> circulating<00:11:07.660> supply<00:11:07.899> but<00:11:08.110> how<00:11:08.319> do<00:11:08.380> you 00:11:08.490 --> 00:11:08.500 align:start position:0% uses circulating supply but how do you 00:11:08.500 --> 00:11:09.129 align:start position:0% uses circulating supply but how do you actually 00:11:09.129 --> 00:11:09.139 align:start position:0% actually 00:11:09.139 --> 00:11:12.460 align:start position:0% actually supply<00:11:10.059> so<00:11:11.059> let's<00:11:11.480> see<00:11:11.629> if<00:11:11.720> your<00:11:11.959> crippled 00:11:12.460 --> 00:11:12.470 align:start position:0% supply so let's see if your crippled 00:11:12.470 --> 00:11:14.259 align:start position:0% supply so let's see if your crippled asset<00:11:12.769> token<00:11:13.160> team<00:11:13.369> and<00:11:13.549> you<00:11:13.970> want<00:11:14.149> to 00:11:14.259 --> 00:11:14.269 align:start position:0% asset token team and you want to 00:11:14.269 --> 00:11:16.569 align:start position:0% asset token team and you want to manipulate<00:11:14.720> your<00:11:15.439> market<00:11:15.739> cap<00:11:15.889> now<00:11:16.279> let's<00:11:16.459> try 00:11:16.569 --> 00:11:16.579 align:start position:0% manipulate your market cap now let's try 00:11:16.579 --> 00:11:18.519 align:start position:0% manipulate your market cap now let's try to<00:11:16.639> keep<00:11:16.759> our<00:11:16.910> X<00:11:17.089> at<00:11:17.209> a<00:11:17.299> very<00:11:17.480> high<00:11:17.689> market<00:11:18.350> cap 00:11:18.519 --> 00:11:18.529 align:start position:0% to keep our X at a very high market cap 00:11:18.529 --> 00:11:21.549 align:start position:0% to keep our X at a very high market cap so<00:11:19.459> based<00:11:20.149> on<00:11:20.239> this<00:11:20.389> formula<00:11:20.809> token<00:11:21.350> price 00:11:21.549 --> 00:11:21.559 align:start position:0% so based on this formula token price 00:11:21.559 --> 00:11:24.429 align:start position:0% so based on this formula token price times<00:11:22.009> token<00:11:22.339> supply<00:11:22.609> so<00:11:23.239> there's<00:11:24.170> support 00:11:24.429 --> 00:11:24.439 align:start position:0% times token supply so there's support 00:11:24.439 --> 00:11:25.989 align:start position:0% times token supply so there's support things<00:11:24.679> that<00:11:24.859> people<00:11:25.040> do<00:11:25.309> to<00:11:25.339> manipulate<00:11:25.939> the 00:11:25.989 --> 00:11:25.999 align:start position:0% things that people do to manipulate the 00:11:25.999 --> 00:11:27.460 align:start position:0% things that people do to manipulate the supply<00:11:26.269> and<00:11:26.509> we've<00:11:26.629> seen<00:11:26.839> this<00:11:26.929> happening 00:11:27.460 --> 00:11:27.470 align:start position:0% supply and we've seen this happening 00:11:27.470 --> 00:11:29.470 align:start position:0% supply and we've seen this happening many<00:11:27.649> times<00:11:27.919> in<00:11:28.100> our<00:11:28.220> work<00:11:28.459> a<00:11:28.579> coin<00:11:28.819> gecko<00:11:29.089> so<00:11:29.269> a 00:11:29.470 --> 00:11:29.480 align:start position:0% many times in our work a coin gecko so a 00:11:29.480 --> 00:11:31.859 align:start position:0% many times in our work a coin gecko so a lot<00:11:29.720> of<00:11:29.779> these<00:11:29.839> guys<00:11:30.019> try<00:11:30.529> to<00:11:30.589> come<00:11:30.919> up<00:11:30.949> with<00:11:31.189> a 00:11:31.859 --> 00:11:31.869 align:start position:0% lot of these guys try to come up with a 00:11:31.869 --> 00:11:34.059 align:start position:0% lot of these guys try to come up with a token<00:11:32.869> which<00:11:33.019> have<00:11:33.139> a<00:11:33.169> large<00:11:33.410> upfront<00:11:33.649> supply 00:11:34.059 --> 00:11:34.069 align:start position:0% token which have a large upfront supply 00:11:34.069 --> 00:11:38.319 align:start position:0% token which have a large upfront supply and<00:11:35.079> what<00:11:36.079> I<00:11:36.109> do<00:11:36.199> is<00:11:36.439> they<00:11:36.649> do<00:11:36.879> pre<00:11:37.879> mind<00:11:38.119> the 00:11:38.319 --> 00:11:38.329 align:start position:0% and what I do is they do pre mind the 00:11:38.329 --> 00:11:40.119 align:start position:0% and what I do is they do pre mind the insta<00:11:38.660> mind<00:11:38.839> em<00:11:39.019> and<00:11:39.199> then<00:11:39.290> you<00:11:39.829> include 00:11:40.119 --> 00:11:40.129 align:start position:0% insta mind em and then you include 00:11:40.129 --> 00:11:41.710 align:start position:0% insta mind em and then you include exclude<00:11:40.639> them<00:11:40.790> from<00:11:40.819> the<00:11:41.119> circling<00:11:41.449> supply 00:11:41.710 --> 00:11:41.720 align:start position:0% exclude them from the circling supply 00:11:41.720 --> 00:11:43.509 align:start position:0% exclude them from the circling supply and<00:11:42.019> it's<00:11:42.410> a<00:11:42.499> debate<00:11:42.679> that<00:11:42.829> a<00:11:43.009> lot<00:11:43.189> of<00:11:43.220> people 00:11:43.509 --> 00:11:43.519 align:start position:0% and it's a debate that a lot of people 00:11:43.519 --> 00:11:45.280 align:start position:0% and it's a debate that a lot of people go<00:11:43.609> through<00:11:43.790> what<00:11:44.329> about<00:11:44.540> tokens<00:11:45.079> they<00:11:45.199> have 00:11:45.280 --> 00:11:45.290 align:start position:0% go through what about tokens they have 00:11:45.290 --> 00:11:47.289 align:start position:0% go through what about tokens they have been<00:11:45.379> issued<00:11:45.619> to<00:11:45.649> company<00:11:46.100> teams<00:11:46.609> investors 00:11:47.289 --> 00:11:47.299 align:start position:0% been issued to company teams investors 00:11:47.299 --> 00:11:49.150 align:start position:0% been issued to company teams investors token<00:11:47.660> do<00:11:47.989> you<00:11:48.079> include<00:11:48.350> them<00:11:48.589> or<00:11:48.739> you<00:11:48.799> exclude 00:11:49.150 --> 00:11:49.160 align:start position:0% token do you include them or you exclude 00:11:49.160 --> 00:11:49.569 align:start position:0% token do you include them or you exclude them 00:11:49.569 --> 00:11:49.579 align:start position:0% them 00:11:49.579 --> 00:11:51.819 align:start position:0% them arguably<00:11:50.419> you<00:11:50.569> can<00:11:50.839> say<00:11:50.989> that<00:11:51.139> tokens<00:11:51.769> that 00:11:51.819 --> 00:11:51.829 align:start position:0% arguably you can say that tokens that 00:11:51.829 --> 00:11:53.530 align:start position:0% arguably you can say that tokens that are<00:11:52.009> held<00:11:52.189> by<00:11:52.279> the<00:11:52.309> company<00:11:52.549> are<00:11:52.970> restricted 00:11:53.530 --> 00:11:53.540 align:start position:0% are held by the company are restricted 00:11:53.540 --> 00:11:55.509 align:start position:0% are held by the company are restricted tokens<00:11:53.899> and<00:11:54.079> are<00:11:54.649> therefore<00:11:54.859> like<00:11:55.069> treasury 00:11:55.509 --> 00:11:55.519 align:start position:0% tokens and are therefore like treasury 00:11:55.519 --> 00:11:57.400 align:start position:0% tokens and are therefore like treasury shares<00:11:55.549> she<00:11:56.359> should<00:11:56.509> not<00:11:56.600> be<00:11:56.660> included<00:11:56.899> to 00:11:57.400 --> 00:11:57.410 align:start position:0% shares she should not be included to 00:11:57.410 --> 00:11:58.030 align:start position:0% shares she should not be included to include<00:11:57.799> it 00:11:58.030 --> 00:11:58.040 align:start position:0% include it 00:11:58.040 --> 00:11:59.799 align:start position:0% include it what<00:11:58.609> about<00:11:58.699> tokens<00:11:59.329> have<00:11:59.419> been<00:11:59.569> issued<00:11:59.779> to 00:11:59.799 --> 00:11:59.809 align:start position:0% what about tokens have been issued to 00:11:59.809 --> 00:12:02.229 align:start position:0% what about tokens have been issued to team<00:12:00.079> the<00:12:00.379> team<00:12:00.619> if<00:12:01.519> it's<00:12:01.699> love<00:12:01.879> or<00:12:02.029> not<00:12:02.179> love 00:12:02.229 --> 00:12:02.239 align:start position:0% team the team if it's love or not love 00:12:02.239 --> 00:12:04.239 align:start position:0% team the team if it's love or not love you<00:12:02.720> wish<00:12:03.350> talking<00:12:03.679> should<00:12:03.799> be<00:12:03.859> including<00:12:04.189> the 00:12:04.239 --> 00:12:04.249 align:start position:0% you wish talking should be including the 00:12:04.249 --> 00:12:05.499 align:start position:0% you wish talking should be including the supply<00:12:04.489> and<00:12:04.730> all<00:12:04.819> this<00:12:04.970> thing<00:12:05.149> makes<00:12:05.329> a<00:12:05.389> big 00:12:05.499 --> 00:12:05.509 align:start position:0% supply and all this thing makes a big 00:12:05.509 --> 00:12:07.569 align:start position:0% supply and all this thing makes a big difference<00:12:05.839> to<00:12:05.989> the<00:12:06.199> market<00:12:06.499> cap<00:12:06.649> and<00:12:06.919> what 00:12:07.569 --> 00:12:07.579 align:start position:0% difference to the market cap and what 00:12:07.579 --> 00:12:09.220 align:start position:0% difference to the market cap and what about<00:12:07.730> airdrop<00:12:08.209> tokens<00:12:08.509> with<00:12:08.629> create<00:12:08.959> talking 00:12:09.220 --> 00:12:09.230 align:start position:0% about airdrop tokens with create talking 00:12:09.230 --> 00:12:10.900 align:start position:0% about airdrop tokens with create talking with<00:12:09.350> a<00:12:09.379> lot<00:12:09.559> of<00:12:09.589> stuff<00:12:09.829> a<00:12:10.100> lot<00:12:10.399> of<00:12:10.519> tokens<00:12:10.819> and 00:12:10.900 --> 00:12:10.910 align:start position:0% with a lot of stuff a lot of tokens and 00:12:10.910 --> 00:12:12.879 align:start position:0% with a lot of stuff a lot of tokens and just<00:12:11.119> airdrop<00:12:11.540> them<00:12:11.720> like<00:12:12.259> you<00:12:12.439> guys<00:12:12.559> all<00:12:12.739> have 00:12:12.879 --> 00:12:12.889 align:start position:0% just airdrop them like you guys all have 00:12:12.889 --> 00:12:14.199 align:start position:0% just airdrop them like you guys all have et<00:12:13.100> remodelers<00:12:13.489> and<00:12:13.519> you<00:12:13.819> know<00:12:13.939> when<00:12:14.059> you're 00:12:14.199 --> 00:12:14.209 align:start position:0% et remodelers and you know when you're 00:12:14.209 --> 00:12:16.059 align:start position:0% et remodelers and you know when you're on<00:12:14.360> either<00:12:14.509> scan<00:12:14.809> you<00:12:14.929> get<00:12:15.079> like<00:12:15.259> random<00:12:15.439> ERC 00:12:16.059 --> 00:12:16.069 align:start position:0% on either scan you get like random ERC 00:12:16.069 --> 00:12:18.400 align:start position:0% on either scan you get like random ERC 20<00:12:16.369> like<00:12:16.579> being<00:12:17.029> distributed<00:12:17.329> to<00:12:17.959> you<00:12:18.110> like 00:12:18.400 --> 00:12:18.410 align:start position:0% 20 like being distributed to you like 00:12:18.410 --> 00:12:20.470 align:start position:0% 20 like being distributed to you like all<00:12:18.559> this<00:12:18.679> does<00:12:18.919> do<00:12:19.549> you<00:12:19.669> count<00:12:19.939> them<00:12:20.059> as<00:12:20.299> a 00:12:20.470 --> 00:12:20.480 align:start position:0% all this does do you count them as a 00:12:20.480 --> 00:12:22.299 align:start position:0% all this does do you count them as a circulating<00:12:21.290> supply<00:12:21.589> but<00:12:21.799> nobody<00:12:22.069> really 00:12:22.299 --> 00:12:22.309 align:start position:0% circulating supply but nobody really 00:12:22.309 --> 00:12:24.489 align:start position:0% circulating supply but nobody really uses<00:12:22.459> them<00:12:22.759> right<00:12:23.059> but<00:12:23.689> from<00:12:24.079> the<00:12:24.199> team<00:12:24.379> you 00:12:24.489 --> 00:12:24.499 align:start position:0% uses them right but from the team you 00:12:24.499 --> 00:12:25.629 align:start position:0% uses them right but from the team you see<00:12:24.619> I've<00:12:24.769> airdrop<00:12:25.160> these<00:12:25.279> tokens<00:12:25.459> to 00:12:25.629 --> 00:12:25.639 align:start position:0% see I've airdrop these tokens to 00:12:25.639 --> 00:12:27.400 align:start position:0% see I've airdrop these tokens to everyone<00:12:25.970> everyone<00:12:26.269> with<00:12:26.449> ATM<00:12:27.049> address<00:12:27.259> have 00:12:27.400 --> 00:12:27.410 align:start position:0% everyone everyone with ATM address have 00:12:27.410 --> 00:12:30.189 align:start position:0% everyone everyone with ATM address have these<00:12:27.589> tokens<00:12:28.029> so<00:12:29.029> it<00:12:29.149> gets<00:12:29.569> populated<00:12:29.929> in<00:12:30.139> the 00:12:30.189 --> 00:12:30.199 align:start position:0% these tokens so it gets populated in the 00:12:30.199 --> 00:12:32.169 align:start position:0% these tokens so it gets populated in the security<00:12:30.499> supply<00:12:30.739> as<00:12:30.799> well<00:12:30.919> what<00:12:31.790> about<00:12:31.879> lost 00:12:32.169 --> 00:12:32.179 align:start position:0% security supply as well what about lost 00:12:32.179 --> 00:12:34.449 align:start position:0% security supply as well what about lost tokens<00:12:32.569> for<00:12:32.749> example<00:12:33.169> like<00:12:33.379> by<00:12:33.619> some<00:12:34.100> measures 00:12:34.449 --> 00:12:34.459 align:start position:0% tokens for example like by some measures 00:12:34.459 --> 00:12:35.799 align:start position:0% tokens for example like by some measures like<00:12:34.639> Bitcoin<00:12:34.970> has<00:12:35.089> two<00:12:35.329> to<00:12:35.419> three<00:12:35.600> million 00:12:35.799 --> 00:12:35.809 align:start position:0% like Bitcoin has two to three million 00:12:35.809 --> 00:12:37.179 align:start position:0% like Bitcoin has two to three million tokens<00:12:36.139> that<00:12:36.259> have<00:12:36.410> been<00:12:36.559> lost<00:12:36.739> do<00:12:37.129> you 00:12:37.179 --> 00:12:37.189 align:start position:0% tokens that have been lost do you 00:12:37.189 --> 00:12:39.220 align:start position:0% tokens that have been lost do you include<00:12:37.489> Satoshi's<00:12:38.239> coins<00:12:38.480> for<00:12:38.629> example<00:12:39.049> in 00:12:39.220 --> 00:12:39.230 align:start position:0% include Satoshi's coins for example in 00:12:39.230 --> 00:12:41.259 align:start position:0% include Satoshi's coins for example in the<00:12:39.379> second<00:12:39.649> supply<00:12:39.949> and<00:12:40.429> I<00:12:40.850> guess<00:12:41.029> the 00:12:41.259 --> 00:12:41.269 align:start position:0% the second supply and I guess the 00:12:41.269 --> 00:12:43.919 align:start position:0% the second supply and I guess the biggest<00:12:41.509> one<00:12:41.629> of<00:12:41.660> always<00:12:42.049> are<00:12:42.259> for<00:12:42.529> tokens 00:12:43.919 --> 00:12:43.929 align:start position:0% biggest one of always are for tokens 00:12:43.929 --> 00:12:46.539 align:start position:0% biggest one of always are for tokens Bitcoin<00:12:44.929> has<00:12:45.079> Bitcoin<00:12:45.290> cash<00:12:45.619> between<00:12:45.919> sv<00:12:46.339> e 00:12:46.539 --> 00:12:46.549 align:start position:0% Bitcoin has Bitcoin cash between sv e 00:12:46.549 --> 00:12:48.429 align:start position:0% Bitcoin has Bitcoin cash between sv e theorem<00:12:46.879> has<00:12:46.939> atrium<00:12:47.299> classic<00:12:47.689> it's<00:12:48.259> very 00:12:48.429 --> 00:12:48.439 align:start position:0% theorem has atrium classic it's very 00:12:48.439 --> 00:12:50.769 align:start position:0% theorem has atrium classic it's very easy<00:12:48.559> to<00:12:48.649> form<00:12:48.919> a<00:12:49.009> coin<00:12:49.249> these<00:12:49.459> days<00:12:49.669> but<00:12:49.910> do 00:12:50.769 --> 00:12:50.779 align:start position:0% easy to form a coin these days but do 00:12:50.779 --> 00:12:53.139 align:start position:0% easy to form a coin these days but do you<00:12:50.869> include<00:12:51.249> the<00:12:52.249> tokens<00:12:52.669> that<00:12:52.730> have<00:12:52.910> never 00:12:53.139 --> 00:12:53.149 align:start position:0% you include the tokens that have never 00:12:53.149 --> 00:12:55.299 align:start position:0% you include the tokens that have never been<00:12:53.360> claimed<00:12:53.629> at<00:12:53.989> the<00:12:54.679> moment<00:12:54.980> a<00:12:55.039> lot<00:12:55.189> of 00:12:55.299 --> 00:12:55.309 align:start position:0% been claimed at the moment a lot of 00:12:55.309 --> 00:12:57.159 align:start position:0% been claimed at the moment a lot of measures<00:12:55.759> of<00:12:55.850> market<00:12:56.480> cap<00:12:56.629> includes<00:12:57.049> all 00:12:57.159 --> 00:12:57.169 align:start position:0% measures of market cap includes all 00:12:57.169 --> 00:12:57.999 align:start position:0% measures of market cap includes all these<00:12:57.259> tokens<00:12:57.439> they<00:12:57.649> have<00:12:57.769> never<00:12:57.919> been 00:12:57.999 --> 00:12:58.009 align:start position:0% these tokens they have never been 00:12:58.009 --> 00:12:59.319 align:start position:0% these tokens they have never been claimed<00:12:58.279> and<00:12:58.459> actually<00:12:58.759> hardest<00:12:59.059> thing<00:12:59.209> is 00:12:59.319 --> 00:12:59.329 align:start position:0% claimed and actually hardest thing is 00:12:59.329 --> 00:13:01.749 align:start position:0% claimed and actually hardest thing is how<00:12:59.720> do<00:12:59.779> you<00:12:59.929> even<00:13:00.169> know<00:13:00.230> which<00:13:00.529> which<00:13:01.459> coins 00:13:01.749 --> 00:13:01.759 align:start position:0% how do you even know which which coins 00:13:01.759 --> 00:13:02.919 align:start position:0% how do you even know which which coins have<00:13:01.879> been<00:13:01.910> claiming<00:13:02.269> which<00:13:02.449> have<00:13:02.600> not<00:13:02.779> been 00:13:02.919 --> 00:13:02.929 align:start position:0% have been claiming which have not been 00:13:02.929 --> 00:13:05.439 align:start position:0% have been claiming which have not been claimed<00:13:03.139> at<00:13:03.230> all<00:13:03.669> so<00:13:04.669> let's<00:13:05.119> remove<00:13:05.269> some<00:13:05.419> of 00:13:05.439 --> 00:13:05.449 align:start position:0% claimed at all so let's remove some of 00:13:05.449 --> 00:13:06.669 align:start position:0% claimed at all so let's remove some of the<00:13:05.539> numbers<00:13:05.839> there<00:13:06.019> are<00:13:06.109> many<00:13:06.230> ways<00:13:06.439> how<00:13:06.649> you 00:13:06.669 --> 00:13:06.679 align:start position:0% the numbers there are many ways how you 00:13:06.679 --> 00:13:09.639 align:start position:0% the numbers there are many ways how you can<00:13:06.829> manipulate<00:13:06.980> numbers<00:13:08.049> go<00:13:09.049> out<00:13:09.199> there<00:13:09.410> try 00:13:09.639 --> 00:13:09.649 align:start position:0% can manipulate numbers go out there try 00:13:09.649 --> 00:13:11.859 align:start position:0% can manipulate numbers go out there try to<00:13:09.739> figure<00:13:09.980> out<00:13:10.160> a<00:13:10.399> lot<00:13:10.730> of<00:13:10.819> website<00:13:11.149> claims 00:13:11.859 --> 00:13:11.869 align:start position:0% to figure out a lot of website claims 00:13:11.869 --> 00:13:13.509 align:start position:0% to figure out a lot of website claims they<00:13:12.019> have<00:13:12.169> the<00:13:12.319> circulating<00:13:12.739> supply<00:13:12.980> we<00:13:13.339> try 00:13:13.509 --> 00:13:13.519 align:start position:0% they have the circulating supply we try 00:13:13.519 --> 00:13:14.919 align:start position:0% they have the circulating supply we try to<00:13:13.579> be<00:13:13.699> as<00:13:13.789> transparent<00:13:13.970> as<00:13:14.269> we<00:13:14.329> can<00:13:14.569> we<00:13:14.749> put 00:13:14.919 --> 00:13:14.929 align:start position:0% to be as transparent as we can we put 00:13:14.929 --> 00:13:16.840 align:start position:0% to be as transparent as we can we put harder<00:13:15.470> methods<00:13:15.829> so<00:13:16.100> this<00:13:16.249> is<00:13:16.369> an<00:13:16.429> example<00:13:16.669> of 00:13:16.840 --> 00:13:16.850 align:start position:0% harder methods so this is an example of 00:13:16.850 --> 00:13:19.779 align:start position:0% harder methods so this is an example of 0x<00:13:17.329> we<00:13:18.259> take<00:13:18.439> a<00:13:18.470> total<00:13:18.739> supply<00:13:18.980> -<00:13:19.459> orders 00:13:19.779 --> 00:13:19.789 align:start position:0% 0x we take a total supply - orders 00:13:19.789 --> 00:13:21.909 align:start position:0% 0x we take a total supply - orders tokens<00:13:20.419> they<00:13:20.480> unlock<00:13:20.779> but<00:13:21.289> go<00:13:21.529> out<00:13:21.589> there<00:13:21.829> and 00:13:21.909 --> 00:13:21.919 align:start position:0% tokens they unlock but go out there and 00:13:21.919 --> 00:13:23.079 align:start position:0% tokens they unlock but go out there and try<00:13:22.069> to<00:13:22.100> find<00:13:22.369> and<00:13:22.579> it's<00:13:22.699> really<00:13:22.910> hot 00:13:23.079 --> 00:13:23.089 align:start position:0% try to find and it's really hot 00:13:23.089 --> 00:13:24.280 align:start position:0% try to find and it's really hot to<00:13:23.180> try<00:13:23.329> to<00:13:23.389> reverse-engineer<00:13:23.809> all<00:13:24.170> these 00:13:24.280 --> 00:13:24.290 align:start position:0% to try to reverse-engineer all these 00:13:24.290 --> 00:13:26.379 align:start position:0% to try to reverse-engineer all these numbers<00:13:24.620> from<00:13:24.769> order<00:13:25.040> crypto<00:13:25.970> aggregators 00:13:26.379 --> 00:13:26.389 align:start position:0% numbers from order crypto aggregators 00:13:26.389 --> 00:13:29.290 align:start position:0% numbers from order crypto aggregators out<00:13:26.509> there<00:13:26.660> in<00:13:26.720> the<00:13:26.779> market<00:13:28.089> question<00:13:29.089> is<00:13:29.180> are 00:13:29.290 --> 00:13:29.300 align:start position:0% out there in the market question is are 00:13:29.300 --> 00:13:30.670 align:start position:0% out there in the market question is are there<00:13:29.389> any<00:13:29.449> other<00:13:29.749> valuation<00:13:30.350> metrics 00:13:30.670 --> 00:13:30.680 align:start position:0% there any other valuation metrics 00:13:30.680 --> 00:13:32.350 align:start position:0% there any other valuation metrics besides<00:13:31.009> market<00:13:31.309> cap<00:13:31.459> then<00:13:31.639> I<00:13:31.819> guess<00:13:32.149> some 00:13:32.350 --> 00:13:32.360 align:start position:0% besides market cap then I guess some 00:13:32.360 --> 00:13:33.160 align:start position:0% besides market cap then I guess some things<00:13:32.389> that<00:13:32.629> you<00:13:32.689> should<00:13:32.809> take<00:13:32.899> a<00:13:33.019> little 00:13:33.160 --> 00:13:33.170 align:start position:0% things that you should take a little 00:13:33.170 --> 00:13:35.369 align:start position:0% things that you should take a little consider<00:13:33.620> is<00:13:33.800> network<00:13:34.399> value<00:13:34.699> to<00:13:34.879> transaction 00:13:35.369 --> 00:13:35.379 align:start position:0% consider is network value to transaction 00:13:35.379 --> 00:13:37.660 align:start position:0% consider is network value to transaction ratio<00:13:36.379> the<00:13:36.529> nvt<00:13:36.920> ratio<00:13:37.189> popularized<00:13:37.639> by 00:13:37.660 --> 00:13:37.670 align:start position:0% ratio the nvt ratio popularized by 00:13:37.670 --> 00:13:39.790 align:start position:0% ratio the nvt ratio popularized by Crispin<00:13:38.120> insky<00:13:38.569> so<00:13:38.930> take<00:13:39.110> a<00:13:39.139> market<00:13:39.470> cap<00:13:39.620> and 00:13:39.790 --> 00:13:39.800 align:start position:0% Crispin insky so take a market cap and 00:13:39.800 --> 00:13:40.809 align:start position:0% Crispin insky so take a market cap and then<00:13:39.889> divide<00:13:40.160> it<00:13:40.279> against<00:13:40.490> number<00:13:40.670> of 00:13:40.809 --> 00:13:40.819 align:start position:0% then divide it against number of 00:13:40.819 --> 00:13:42.040 align:start position:0% then divide it against number of transactions<00:13:41.269> because<00:13:41.480> you<00:13:41.569> may<00:13:41.689> have<00:13:41.839> a<00:13:41.870> very 00:13:42.040 --> 00:13:42.050 align:start position:0% transactions because you may have a very 00:13:42.050 --> 00:13:43.480 align:start position:0% transactions because you may have a very high<00:13:42.290> market<00:13:42.559> cap<00:13:42.709> but<00:13:42.860> no<00:13:43.009> transactions 00:13:43.480 --> 00:13:43.490 align:start position:0% high market cap but no transactions 00:13:43.490 --> 00:13:45.069 align:start position:0% high market cap but no transactions going<00:13:43.639> around<00:13:43.910> you<00:13:44.480> may<00:13:44.600> want<00:13:44.749> to<00:13:44.779> take<00:13:44.870> a<00:13:44.959> look 00:13:45.069 --> 00:13:45.079 align:start position:0% going around you may want to take a look 00:13:45.079 --> 00:13:46.660 align:start position:0% going around you may want to take a look at<00:13:45.170> developer<00:13:45.559> activity<00:13:45.980> take<00:13:46.189> a<00:13:46.220> look<00:13:46.459> at<00:13:46.579> how 00:13:46.660 --> 00:13:46.670 align:start position:0% at developer activity take a look at how 00:13:46.670 --> 00:13:48.160 align:start position:0% at developer activity take a look at how many<00:13:46.819> commits<00:13:47.300> how<00:13:47.389> many<00:13:47.540> pull<00:13:47.720> requests<00:13:48.050> how 00:13:48.160 --> 00:13:48.170 align:start position:0% many commits how many pull requests how 00:13:48.170 --> 00:13:50.139 align:start position:0% many commits how many pull requests how many<00:13:48.350> stars<00:13:48.589> how<00:13:49.249> much<00:13:49.370> activity<00:13:49.639> is<00:13:49.850> going<00:13:49.970> on 00:13:50.139 --> 00:13:50.149 align:start position:0% many stars how much activity is going on 00:13:50.149 --> 00:13:52.299 align:start position:0% many stars how much activity is going on a<00:13:50.180> development<00:13:50.569> take<00:13:51.529> a<00:13:51.559> look<00:13:51.709> at<00:13:51.800> nap<00:13:51.949> total 00:13:52.299 --> 00:13:52.309 align:start position:0% a development take a look at nap total 00:13:52.309 --> 00:13:53.530 align:start position:0% a development take a look at nap total number<00:13:52.519> of<00:13:52.550> transactions<00:13:53.120> are<00:13:53.240> there<00:13:53.420> any 00:13:53.530 --> 00:13:53.540 align:start position:0% number of transactions are there any 00:13:53.540 --> 00:13:55.989 align:start position:0% number of transactions are there any transactions<00:13:54.170> going<00:13:54.949> around<00:13:55.249> any<00:13:55.639> raela's 00:13:55.989 --> 00:13:55.999 align:start position:0% transactions going around any raela's 00:13:55.999 --> 00:13:57.819 align:start position:0% transactions going around any raela's cap<00:13:56.209> and<00:13:56.480> maybe<00:13:56.930> for<00:13:57.110> exchange<00:13:57.410> based<00:13:57.529> okay<00:13:57.800> I 00:13:57.819 --> 00:13:57.829 align:start position:0% cap and maybe for exchange based okay I 00:13:57.829 --> 00:13:59.650 align:start position:0% cap and maybe for exchange based okay I want<00:13:58.069> to<00:13:58.129> take<00:13:58.220> a<00:13:58.279> look<00:13:58.430> at<00:13:58.519> any<00:13:58.670> DCF<00:13:59.120> model<00:13:59.480> to 00:13:59.650 --> 00:13:59.660 align:start position:0% want to take a look at any DCF model to 00:13:59.660 --> 00:14:01.840 align:start position:0% want to take a look at any DCF model to take<00:13:59.779> a<00:13:59.809> look<00:13:59.959> at<00:14:00.050> cash<00:14:00.230> flow<00:14:00.259> basis<00:14:00.740> so<00:14:01.309> yeah 00:14:01.840 --> 00:14:01.850 align:start position:0% take a look at cash flow basis so yeah 00:14:01.850 --> 00:14:03.900 align:start position:0% take a look at cash flow basis so yeah basically<00:14:02.480> that's<00:14:02.839> all<00:14:02.959> I<00:14:03.050> have<00:14:03.259> today<00:14:03.350> so 00:14:03.900 --> 00:14:03.910 align:start position:0% basically that's all I have today so 00:14:03.910 --> 00:14:05.739 align:start position:0% basically that's all I have today so thank<00:14:04.910> you<00:14:04.970> very<00:14:05.029> much<00:14:05.269> anything<00:14:05.509> that<00:14:05.689> gets 00:14:05.739 --> 00:14:05.749 align:start position:0% thank you very much anything that gets 00:14:05.749 --> 00:14:09.600 align:start position:0% thank you very much anything that gets measured<00:14:05.930> gets<00:14:06.079> manipulated<00:14:06.589> thank<00:14:07.490> you 00:14:09.600 --> 00:14:09.610 align:start position:0% measured gets manipulated thank you 00:14:09.610 --> 00:14:14.199 align:start position:0% measured gets manipulated thank you what's<00:14:10.610> up<00:14:10.759> Def<00:14:10.970> Con<00:14:11.180> how<00:14:11.870> you<00:14:11.930> dude<00:14:12.339> yes<00:14:13.339> thank 00:14:14.199 --> 00:14:14.209 align:start position:0% what's up Def Con how you dude yes thank 00:14:14.209 --> 00:14:17.110 align:start position:0% what's up Def Con how you dude yes thank you<00:14:14.300> honestly<00:14:14.809> uh<00:14:15.459> start<00:14:16.459> off<00:14:16.610> just<00:14:16.639> want<00:14:17.059> to 00:14:17.110 --> 00:14:17.120 align:start position:0% you honestly uh start off just want to 00:14:17.120 --> 00:14:18.639 align:start position:0% you honestly uh start off just want to say<00:14:17.180> thank<00:14:17.449> you<00:14:17.509> for<00:14:17.779> choosing<00:14:18.050> my<00:14:18.290> talk<00:14:18.529> to 00:14:18.639 --> 00:14:18.649 align:start position:0% say thank you for choosing my talk to 00:14:18.649 --> 00:14:20.439 align:start position:0% say thank you for choosing my talk to come<00:14:18.829> to<00:14:19.009> realize<00:14:19.790> you<00:14:19.939> guys<00:14:20.059> have<00:14:20.240> a<00:14:20.269> lot<00:14:20.389> of 00:14:20.439 --> 00:14:20.449 align:start position:0% come to realize you guys have a lot of 00:14:20.449 --> 00:14:22.389 align:start position:0% come to realize you guys have a lot of options<00:14:20.660> might<00:14:21.620> not<00:14:21.800> be<00:14:21.980> the<00:14:22.220> most 00:14:22.389 --> 00:14:22.399 align:start position:0% options might not be the most 00:14:22.399 --> 00:14:24.220 align:start position:0% options might not be the most sophisticated<00:14:22.699> talk<00:14:23.329> but<00:14:23.660> hopefully<00:14:24.110> the 00:14:24.220 --> 00:14:24.230 align:start position:0% sophisticated talk but hopefully the 00:14:24.230 --> 00:14:26.739 align:start position:0% sophisticated talk but hopefully the most<00:14:24.410> entertaining<00:14:24.800> ah<00:14:25.509> quick<00:14:26.509> shout<00:14:26.720> out 00:14:26.739 --> 00:14:26.749 align:start position:0% most entertaining ah quick shout out 00:14:26.749 --> 00:14:32.259 align:start position:0% most entertaining ah quick shout out I'll<00:14:27.790> love<00:14:28.790> you<00:14:28.910> guys<00:14:29.829> all<00:14:30.829> right<00:14:30.980> so<00:14:31.639> I'm<00:14:32.209> not 00:14:32.259 --> 00:14:32.269 align:start position:0% I'll love you guys all right so I'm not 00:14:32.269 --> 00:14:33.540 align:start position:0% I'll love you guys all right so I'm not gonna<00:14:32.480> be<00:14:32.629> talking<00:14:32.929> about<00:14:33.019> my<00:14:33.259> divorce 00:14:33.540 --> 00:14:33.550 align:start position:0% gonna be talking about my divorce 00:14:33.550 --> 00:14:35.319 align:start position:0% gonna be talking about my divorce unfortunately<00:14:34.550> for<00:14:34.759> one<00:14:34.879> of<00:14:34.910> my<00:14:35.120> co-workers 00:14:35.319 --> 00:14:35.329 align:start position:0% unfortunately for one of my co-workers 00:14:35.329 --> 00:14:38.169 align:start position:0% unfortunately for one of my co-workers who<00:14:35.839> gave<00:14:36.019> me<00:14:36.170> that<00:14:36.319> little<00:14:36.649> tip<00:14:36.949> but<00:14:37.610> will<00:14:38.059> we 00:14:38.169 --> 00:14:38.179 align:start position:0% who gave me that little tip but will we 00:14:38.179 --> 00:14:41.410 align:start position:0% who gave me that little tip but will we do<00:14:38.389> we'll<00:14:38.660> be<00:14:38.809> talking<00:14:39.019> about<00:14:39.290> how<00:14:40.120> in<00:14:41.120> school 00:14:41.410 --> 00:14:41.420 align:start position:0% do we'll be talking about how in school 00:14:41.420 --> 00:14:43.900 align:start position:0% do we'll be talking about how in school you<00:14:41.990> know<00:14:42.019> you<00:14:42.199> learn<00:14:42.439> about<00:14:42.620> how<00:14:43.279> going 00:14:43.900 --> 00:14:43.910 align:start position:0% you know you learn about how going 00:14:43.910 --> 00:14:47.319 align:start position:0% you know you learn about how going through<00:14:45.069> different<00:14:46.069> types<00:14:46.309> of<00:14:46.610> elements<00:14:47.149> when 00:14:47.319 --> 00:14:47.329 align:start position:0% through different types of elements when 00:14:47.329 --> 00:14:49.090 align:start position:0% through different types of elements when you're<00:14:47.420> thinking<00:14:47.749> through<00:14:48.050> things<00:14:48.949> are 00:14:49.090 --> 00:14:49.100 align:start position:0% you're thinking through things are 00:14:49.100 --> 00:14:51.249 align:start position:0% you're thinking through things are important<00:14:49.550> to<00:14:49.670> you<00:14:49.759> so<00:14:49.970> like<00:14:50.120> separation<00:14:50.990> of 00:14:51.249 --> 00:14:51.259 align:start position:0% important to you so like separation of 00:14:51.259 --> 00:14:52.929 align:start position:0% important to you so like separation of church<00:14:51.439> and<00:14:51.559> state<00:14:51.649> and<00:14:52.129> then<00:14:52.699> now<00:14:52.879> with 00:14:52.929 --> 00:14:52.939 align:start position:0% church and state and then now with 00:14:52.939 --> 00:14:55.090 align:start position:0% church and state and then now with crypto<00:14:53.509> currencies<00:14:53.990> how<00:14:54.319> is<00:14:54.499> possible<00:14:55.009> to 00:14:55.090 --> 00:14:55.100 align:start position:0% crypto currencies how is possible to 00:14:55.100 --> 00:14:58.989 align:start position:0% crypto currencies how is possible to separate<00:14:55.899> state<00:14:56.899> and<00:14:57.199> money<00:14:57.410> right<00:14:57.769> so<00:14:58.220> let's 00:14:58.989 --> 00:14:58.999 align:start position:0% separate state and money right so let's 00:14:58.999 --> 00:15:01.299 align:start position:0% separate state and money right so let's go<00:14:59.120> through<00:14:59.329> it<00:14:59.449> real<00:14:59.629> quick<00:14:59.870> so<00:15:00.319> give<00:15:01.100> you<00:15:01.220> an 00:15:01.299 --> 00:15:01.309 align:start position:0% go through it real quick so give you an 00:15:01.309 --> 00:15:02.910 align:start position:0% go through it real quick so give you an overview<00:15:01.610> of<00:15:01.790> what<00:15:01.999> I'm<00:15:02.089> gonna<00:15:02.209> ramble<00:15:02.480> about 00:15:02.910 --> 00:15:02.920 align:start position:0% overview of what I'm gonna ramble about 00:15:02.920 --> 00:15:05.590 align:start position:0% overview of what I'm gonna ramble about start<00:15:03.920> off<00:15:04.069> with<00:15:04.309> little<00:15:04.550> historical<00:15:04.850> context 00:15:05.590 --> 00:15:05.600 align:start position:0% start off with little historical context 00:15:05.600 --> 00:15:07.780 align:start position:0% start off with little historical context about<00:15:05.720> why<00:15:06.019> was<00:15:06.319> it<00:15:06.410> important<00:15:06.860> to<00:15:07.189> separate 00:15:07.780 --> 00:15:07.790 align:start position:0% about why was it important to separate 00:15:07.790 --> 00:15:10.059 align:start position:0% about why was it important to separate church<00:15:08.179> and<00:15:08.300> state<00:15:08.389> and<00:15:08.809> then<00:15:09.470> provide<00:15:10.040> a 00:15:10.059 --> 00:15:10.069 align:start position:0% church and state and then provide a 00:15:10.069 --> 00:15:13.929 align:start position:0% church and state and then provide a little<00:15:10.449> perspective<00:15:11.449> and<00:15:12.019> finish<00:15:12.800> with<00:15:13.309> the 00:15:13.929 --> 00:15:13.939 align:start position:0% little perspective and finish with the 00:15:13.939 --> 00:15:17.829 align:start position:0% little perspective and finish with the crypto<00:15:14.269> anthem<00:15:15.339> all<00:15:16.339> right<00:15:16.490> so<00:15:17.029> a<00:15:17.540> quick 00:15:17.829 --> 00:15:17.839 align:start position:0% crypto anthem all right so a quick 00:15:17.839 --> 00:15:20.169 align:start position:0% crypto anthem all right so a quick survey<00:15:18.019> of<00:15:18.290> the<00:15:18.379> room<00:15:18.559> don't<00:15:19.490> be<00:15:19.610> shy<00:15:19.790> who<00:15:19.850> has 00:15:20.169 --> 00:15:20.179 align:start position:0% survey of the room don't be shy who has 00:15:20.179 --> 00:15:22.449 align:start position:0% survey of the room don't be shy who has paper<00:15:20.449> money<00:15:20.720> in<00:15:20.870> their<00:15:20.990> wallets<00:15:21.370> show<00:15:22.370> of 00:15:22.449 --> 00:15:22.459 align:start position:0% paper money in their wallets show of 00:15:22.459 --> 00:15:23.790 align:start position:0% paper money in their wallets show of hands 00:15:23.790 --> 00:15:23.800 align:start position:0% hands 00:15:23.800 --> 00:15:27.579 align:start position:0% hands and<00:15:24.800> nobody<00:15:25.249> not<00:15:25.550> corners<00:15:26.319> full<00:15:27.319> of<00:15:27.439> no 00:15:27.579 --> 00:15:27.589 align:start position:0% and nobody not corners full of no 00:15:27.589 --> 00:15:30.400 align:start position:0% and nobody not corners full of no corners<00:15:28.129> uh<00:15:28.610> I<00:15:29.089> still<00:15:29.689> love<00:15:29.870> you<00:15:30.019> guys<00:15:30.170> though 00:15:30.400 --> 00:15:30.410 align:start position:0% corners uh I still love you guys though 00:15:30.410 --> 00:15:33.280 align:start position:0% corners uh I still love you guys though all<00:15:31.129> right<00:15:31.309> let's<00:15:32.059> be<00:15:32.179> serious<00:15:32.360> now<00:15:32.750> all<00:15:33.170> right 00:15:33.280 --> 00:15:33.290 align:start position:0% all right let's be serious now all right 00:15:33.290 --> 00:15:35.949 align:start position:0% all right let's be serious now all right so<00:15:34.160> why<00:15:34.639> was<00:15:34.910> there<00:15:35.089> a<00:15:35.120> need<00:15:35.179> to<00:15:35.540> separate 00:15:35.949 --> 00:15:35.959 align:start position:0% so why was there a need to separate 00:15:35.959 --> 00:15:36.910 align:start position:0% so why was there a need to separate church<00:15:36.199> and<00:15:36.290> state<00:15:36.379> right 00:15:36.910 --> 00:15:36.920 align:start position:0% church and state right 00:15:36.920 --> 00:15:40.150 align:start position:0% church and state right right<00:15:37.850> why<00:15:38.239> was<00:15:38.449> their<00:15:38.629> knees<00:15:38.809> because<00:15:39.709> life 00:15:40.150 --> 00:15:40.160 align:start position:0% right why was their knees because life 00:15:40.160 --> 00:15:42.970 align:start position:0% right why was their knees because life is<00:15:40.429> super<00:15:40.910> complex<00:15:41.359> right<00:15:42.079> I'm<00:15:42.470> trying<00:15:42.889> to 00:15:42.970 --> 00:15:42.980 align:start position:0% is super complex right I'm trying to 00:15:42.980 --> 00:15:44.799 align:start position:0% is super complex right I'm trying to figure<00:15:43.369> it<00:15:43.399> out<00:15:43.519> all<00:15:43.790> the<00:15:43.939> time<00:15:44.119> people<00:15:44.480> need<00:15:44.779> a 00:15:44.799 --> 00:15:44.809 align:start position:0% figure it out all the time people need a 00:15:44.809 --> 00:15:47.379 align:start position:0% figure it out all the time people need a good<00:15:45.019> framework<00:15:45.730> there's<00:15:46.730> a<00:15:46.759> lot<00:15:46.879> of<00:15:47.029> purpose 00:15:47.379 --> 00:15:47.389 align:start position:0% good framework there's a lot of purpose 00:15:47.389 --> 00:15:49.269 align:start position:0% good framework there's a lot of purpose in<00:15:47.569> life<00:15:47.749> that<00:15:48.019> you<00:15:48.199> need<00:15:48.379> some<00:15:48.709> guidance<00:15:48.889> on 00:15:49.269 --> 00:15:49.279 align:start position:0% in life that you need some guidance on 00:15:49.279 --> 00:15:51.729 align:start position:0% in life that you need some guidance on right<00:15:49.549> so<00:15:49.759> it<00:15:49.850> made<00:15:49.999> sense<00:15:50.359> why<00:15:51.230> would<00:15:51.589> you 00:15:51.729 --> 00:15:51.739 align:start position:0% right so it made sense why would you 00:15:51.739 --> 00:15:55.449 align:start position:0% right so it made sense why would you leave<00:15:51.920> something<00:15:52.549> so<00:15:52.910> I<00:15:53.449> guess<00:15:54.199> crucial<00:15:55.189> and 00:15:55.449 --> 00:15:55.459 align:start position:0% leave something so I guess crucial and 00:15:55.459 --> 00:15:57.789 align:start position:0% leave something so I guess crucial and important<00:15:56.029> as<00:15:56.179> an<00:15:56.389> individual<00:15:57.079> and<00:15:57.319> give<00:15:57.589> that 00:15:57.789 --> 00:15:57.799 align:start position:0% important as an individual and give that 00:15:57.799 --> 00:15:59.979 align:start position:0% important as an individual and give that to<00:15:58.160> kind<00:15:58.549> of<00:15:58.609> essential<00:15:59.089> Authority<00:15:59.509> like<00:15:59.809> to 00:15:59.979 --> 00:15:59.989 align:start position:0% to kind of essential Authority like to 00:15:59.989 --> 00:16:03.489 align:start position:0% to kind of essential Authority like to the<00:16:00.109> government<00:16:00.529> to<00:16:00.649> the<00:16:00.679> side<00:16:00.980> for<00:16:01.339> you<00:16:02.499> all 00:16:03.489 --> 00:16:03.499 align:start position:0% the government to the side for you all 00:16:03.499 --> 00:16:07.359 align:start position:0% the government to the side for you all right<00:16:03.529> so<00:16:04.040> can<00:16:04.459> we<00:16:05.139> apply<00:16:06.139> that<00:16:06.169> same<00:16:06.649> logic<00:16:06.709> to 00:16:07.359 --> 00:16:07.369 align:start position:0% right so can we apply that same logic to 00:16:07.369 --> 00:16:10.720 align:start position:0% right so can we apply that same logic to money<00:16:07.669> right<00:16:08.269> I<00:16:08.569> would<00:16:09.319> think<00:16:09.410> so<00:16:09.649> so<00:16:10.399> just 00:16:10.720 --> 00:16:10.730 align:start position:0% money right I would think so so just 00:16:10.730 --> 00:16:12.489 align:start position:0% money right I would think so so just think<00:16:10.970> about<00:16:11.029> it<00:16:11.359> money<00:16:11.809> affects<00:16:12.139> every 00:16:12.489 --> 00:16:12.499 align:start position:0% think about it money affects every 00:16:12.499 --> 00:16:15.729 align:start position:0% think about it money affects every aspect<00:16:12.949> of<00:16:13.040> your<00:16:13.129> life<00:16:13.339> who<00:16:14.209> you<00:16:14.269> date<00:16:14.739> what 00:16:15.729 --> 00:16:15.739 align:start position:0% aspect of your life who you date what 00:16:15.739 --> 00:16:17.229 align:start position:0% aspect of your life who you date what kind<00:16:15.889> of<00:16:15.919> food<00:16:16.160> you<00:16:16.189> eat<00:16:16.339> what<00:16:16.790> kind<00:16:16.939> of<00:16:16.970> health 00:16:17.229 --> 00:16:17.239 align:start position:0% kind of food you eat what kind of health 00:16:17.239 --> 00:16:20.049 align:start position:0% kind of food you eat what kind of health care<00:16:17.329> you<00:16:17.600> get<00:16:17.749> I<00:16:18.109> mean<00:16:18.589> pretty<00:16:19.100> much<00:16:19.189> just 00:16:20.049 --> 00:16:20.059 align:start position:0% care you get I mean pretty much just 00:16:20.059 --> 00:16:22.720 align:start position:0% care you get I mean pretty much just about<00:16:20.269> every<00:16:20.689> facet<00:16:21.169> of<00:16:21.499> your<00:16:21.679> life<00:16:21.889> so<00:16:22.579> why 00:16:22.720 --> 00:16:22.730 align:start position:0% about every facet of your life so why 00:16:22.730 --> 00:16:25.900 align:start position:0% about every facet of your life so why would<00:16:23.059> you<00:16:23.089> let<00:16:23.509> someone<00:16:24.230> else<00:16:24.639> choose<00:16:25.639> the 00:16:25.900 --> 00:16:25.910 align:start position:0% would you let someone else choose the 00:16:25.910 --> 00:16:28.239 align:start position:0% would you let someone else choose the type<00:16:26.089> of<00:16:26.119> money<00:16:26.480> that<00:16:26.569> you<00:16:26.899> can<00:16:27.079> use<00:16:27.379> when 00:16:28.239 --> 00:16:28.249 align:start position:0% type of money that you can use when 00:16:28.249 --> 00:16:30.819 align:start position:0% type of money that you can use when literally<00:16:29.239> anything<00:16:29.929> that<00:16:30.230> happens<00:16:30.619> to<00:16:30.679> you 00:16:30.819 --> 00:16:30.829 align:start position:0% literally anything that happens to you 00:16:30.829 --> 00:16:33.159 align:start position:0% literally anything that happens to you is<00:16:30.949> based<00:16:31.249> on<00:16:31.549> how<00:16:32.149> much<00:16:32.209> money<00:16:32.600> you<00:16:32.749> have<00:16:32.779> and 00:16:33.159 --> 00:16:33.169 align:start position:0% is based on how much money you have and 00:16:33.169 --> 00:16:34.689 align:start position:0% is based on how much money you have and what<00:16:33.439> you<00:16:33.499> can<00:16:33.649> do<00:16:33.769> about<00:16:33.889> that<00:16:34.040> through<00:16:34.519> that 00:16:34.689 --> 00:16:34.699 align:start position:0% what you can do about that through that 00:16:34.699 --> 00:16:38.679 align:start position:0% what you can do about that through that money<00:16:35.799> and<00:16:36.799> our<00:16:37.790> current<00:16:38.089> financial<00:16:38.209> system 00:16:38.679 --> 00:16:38.689 align:start position:0% money and our current financial system 00:16:38.689 --> 00:16:42.999 align:start position:0% money and our current financial system what<00:16:39.199> is<00:16:39.290> it<00:16:39.410> based<00:16:39.559> on<00:16:40.179> faith<00:16:41.769> that's<00:16:42.769> not 00:16:42.999 --> 00:16:43.009 align:start position:0% what is it based on faith that's not 00:16:43.009 --> 00:16:43.479 align:start position:0% what is it based on faith that's not good 00:16:43.479 --> 00:16:43.489 align:start position:0% good 00:16:43.489 --> 00:16:46.569 align:start position:0% good right<00:16:43.669> let's<00:16:43.939> go<00:16:44.029> through<00:16:44.089> that<00:16:44.769> all<00:16:45.769> right<00:16:45.919> so 00:16:46.569 --> 00:16:46.579 align:start position:0% right let's go through that all right so 00:16:46.579 --> 00:16:50.470 align:start position:0% right let's go through that all right so uh<00:16:47.350> basically<00:16:48.350> like<00:16:48.709> a<00:16:49.129> person<00:16:50.059> telling<00:16:50.269> you 00:16:50.470 --> 00:16:50.480 align:start position:0% uh basically like a person telling you 00:16:50.480 --> 00:16:52.840 align:start position:0% uh basically like a person telling you that<00:16:50.749> the<00:16:51.350> faith<00:16:51.619> of<00:16:51.949> your<00:16:52.220> value<00:16:52.669> of<00:16:52.759> the 00:16:52.840 --> 00:16:52.850 align:start position:0% that the faith of your value of the 00:16:52.850 --> 00:16:55.439 align:start position:0% that the faith of your value of the dollar<00:16:53.029> is<00:16:53.299> based<00:16:53.600> on<00:16:53.899> the<00:16:54.139> world<00:16:54.350> the<00:16:54.949> word<00:16:55.189> of 00:16:55.439 --> 00:16:55.449 align:start position:0% dollar is based on the world the word of 00:16:55.449 --> 00:16:59.400 align:start position:0% dollar is based on the world the word of Donald<00:16:56.449> Trump<00:16:57.339> it's<00:16:58.339> not<00:16:58.489> a<00:16:58.519> very<00:16:58.699> good<00:16:58.850> word 00:16:59.400 --> 00:16:59.410 align:start position:0% Donald Trump it's not a very good word 00:16:59.410 --> 00:17:04.059 align:start position:0% Donald Trump it's not a very good word but<00:17:00.410> uh<00:17:00.730> so<00:17:01.730> like<00:17:01.910> each<00:17:02.269> unit<00:17:02.869> of<00:17:03.019> account<00:17:03.709> in 00:17:04.059 --> 00:17:04.069 align:start position:0% but uh so like each unit of account in 00:17:04.069 --> 00:17:06.809 align:start position:0% but uh so like each unit of account in our<00:17:04.339> current<00:17:04.760> system<00:17:04.970> represents<00:17:05.929> debt<00:17:06.169> right 00:17:06.809 --> 00:17:06.819 align:start position:0% our current system represents debt right 00:17:06.819 --> 00:17:10.449 align:start position:0% our current system represents debt right so<00:17:07.819> that<00:17:08.029> is<00:17:08.299> a<00:17:08.329> promise<00:17:08.839> to<00:17:08.870> pay<00:17:08.990> back<00:17:09.459> someone 00:17:10.449 --> 00:17:10.459 align:start position:0% so that is a promise to pay back someone 00:17:10.459 --> 00:17:12.279 align:start position:0% so that is a promise to pay back someone else<00:17:10.669> down<00:17:11.029> the<00:17:11.269> line<00:17:11.299> in<00:17:11.569> the<00:17:11.630> future<00:17:12.019> right 00:17:12.279 --> 00:17:12.289 align:start position:0% else down the line in the future right 00:17:12.289 --> 00:17:15.179 align:start position:0% else down the line in the future right and<00:17:12.589> you<00:17:13.189> have<00:17:13.399> like<00:17:13.819> the<00:17:14.000> US<00:17:14.389> government 00:17:15.179 --> 00:17:15.189 align:start position:0% and you have like the US government 00:17:15.189 --> 00:17:17.769 align:start position:0% and you have like the US government president<00:17:16.189> Donald<00:17:16.459> Trump<00:17:16.730> saying<00:17:17.449> like 00:17:17.769 --> 00:17:17.779 align:start position:0% president Donald Trump saying like 00:17:17.779 --> 00:17:20.319 align:start position:0% president Donald Trump saying like listen<00:17:18.579> the<00:17:19.579> dollar<00:17:19.819> will<00:17:20.029> be<00:17:20.149> worth 00:17:20.319 --> 00:17:20.329 align:start position:0% listen the dollar will be worth 00:17:20.329 --> 00:17:22.120 align:start position:0% listen the dollar will be worth something<00:17:20.809> one<00:17:21.110> day<00:17:21.289> and<00:17:21.529> you'll<00:17:21.769> be<00:17:21.889> able<00:17:21.980> to 00:17:22.120 --> 00:17:22.130 align:start position:0% something one day and you'll be able to 00:17:22.130 --> 00:17:23.799 align:start position:0% something one day and you'll be able to pay<00:17:22.250> back<00:17:22.399> that<00:17:22.459> debt<00:17:22.669> I<00:17:23.120> don't<00:17:23.510> feel<00:17:23.630> too<00:17:23.779> good 00:17:23.799 --> 00:17:23.809 align:start position:0% pay back that debt I don't feel too good 00:17:23.809 --> 00:17:28.600 align:start position:0% pay back that debt I don't feel too good about<00:17:23.990> that<00:17:24.319> so<00:17:26.889> ensure<00:17:27.889> aetherium<00:17:28.370> has 00:17:28.600 --> 00:17:28.610 align:start position:0% about that so ensure aetherium has 00:17:28.610 --> 00:17:30.669 align:start position:0% about that so ensure aetherium has created<00:17:28.970> a<00:17:29.000> path<00:17:29.179> forward<00:17:29.480> right<00:17:29.750> you<00:17:30.500> guys 00:17:30.669 --> 00:17:30.679 align:start position:0% created a path forward right you guys 00:17:30.679 --> 00:17:33.370 align:start position:0% created a path forward right you guys know<00:17:30.919> this<00:17:31.130> it<00:17:31.940> creates<00:17:32.570> a<00:17:32.720> distributed 00:17:33.370 --> 00:17:33.380 align:start position:0% know this it creates a distributed 00:17:33.380 --> 00:17:37.629 align:start position:0% know this it creates a distributed system<00:17:33.760> where<00:17:34.779> things<00:17:35.779> are<00:17:36.049> immutable<00:17:36.639> it's 00:17:37.629 --> 00:17:37.639 align:start position:0% system where things are immutable it's 00:17:37.639 --> 00:17:39.490 align:start position:0% system where things are immutable it's just<00:17:37.760> a<00:17:37.850> perfect<00:17:38.299> environment<00:17:38.450> for<00:17:39.169> you<00:17:39.260> guys 00:17:39.490 --> 00:17:39.500 align:start position:0% just a perfect environment for you guys 00:17:39.500 --> 00:17:41.980 align:start position:0% just a perfect environment for you guys to<00:17:39.830> have<00:17:40.039> self<00:17:40.460> sovereign<00:17:40.880> money<00:17:41.059> separate 00:17:41.980 --> 00:17:41.990 align:start position:0% to have self sovereign money separate 00:17:41.990 --> 00:17:43.570 align:start position:0% to have self sovereign money separate from<00:17:42.139> any<00:17:42.289> central<00:17:42.679> authority<00:17:42.740> to<00:17:43.340> kind<00:17:43.519> of 00:17:43.570 --> 00:17:43.580 align:start position:0% from any central authority to kind of 00:17:43.580 --> 00:17:46.180 align:start position:0% from any central authority to kind of control<00:17:43.880> that<00:17:43.909> for<00:17:44.299> you<00:17:45.010> and<00:17:46.010> that's 00:17:46.180 --> 00:17:46.190 align:start position:0% control that for you and that's 00:17:46.190 --> 00:17:49.149 align:start position:0% control that for you and that's basically<00:17:46.549> about<00:17:46.760> it<00:17:47.440> everyone<00:17:48.440> thanks<00:17:49.070> for 00:17:49.149 --> 00:17:49.159 align:start position:0% basically about it everyone thanks for 00:17:49.159 --> 00:17:50.530 align:start position:0% basically about it everyone thanks for having<00:17:49.399> me 00:17:50.530 --> 00:17:50.540 align:start position:0% having me 00:17:50.540 --> 00:17:53.650 align:start position:0% having me I'm<00:17:50.840> here<00:17:51.049> to<00:17:51.200> talk<00:17:51.350> about<00:17:51.410> defy<00:17:52.190> risk<00:17:52.760> and<00:17:53.480> how 00:17:53.650 --> 00:17:53.660 align:start position:0% I'm here to talk about defy risk and how 00:17:53.660 --> 00:17:55.030 align:start position:0% I'm here to talk about defy risk and how we<00:17:53.720> can<00:17:53.929> make<00:17:54.080> participants<00:17:54.679> make<00:17:54.830> better 00:17:55.030 --> 00:17:55.040 align:start position:0% we can make participants make better 00:17:55.040 --> 00:17:57.990 align:start position:0% we can make participants make better decisions 00:17:57.990 --> 00:17:58.000 align:start position:0% 00:17:58.000 --> 00:18:01.620 align:start position:0% so<00:17:59.000> I'm<00:17:59.090> Jack<00:17:59.360> I'm<00:17:59.660> an<00:18:00.350> engineer<00:18:00.740> at<00:18:00.919> consensus 00:18:01.620 --> 00:18:01.630 align:start position:0% so I'm Jack I'm an engineer at consensus 00:18:01.630 --> 00:18:04.270 align:start position:0% so I'm Jack I'm an engineer at consensus I've<00:18:02.630> been<00:18:02.870> working<00:18:03.140> on<00:18:03.230> d5<00:18:03.559> before<00:18:04.100> was 00:18:04.270 --> 00:18:04.280 align:start position:0% I've been working on d5 before was 00:18:04.280 --> 00:18:07.090 align:start position:0% I've been working on d5 before was called<00:18:04.490> defy<00:18:04.790> I<00:18:05.059> love<00:18:05.900> d5<00:18:06.230> because<00:18:06.650> I've 00:18:07.090 --> 00:18:07.100 align:start position:0% called defy I love d5 because I've 00:18:07.100 --> 00:18:08.560 align:start position:0% called defy I love d5 because I've always<00:18:07.370> been<00:18:07.460> interested<00:18:07.760> in<00:18:08.150> computer 00:18:08.560 --> 00:18:08.570 align:start position:0% always been interested in computer 00:18:08.570 --> 00:18:10.390 align:start position:0% always been interested in computer science<00:18:08.720> and<00:18:09.049> finance<00:18:09.410> and<00:18:09.650> is<00:18:10.130> a<00:18:10.160> longtime 00:18:10.390 --> 00:18:10.400 align:start position:0% science and finance and is a longtime 00:18:10.400 --> 00:18:13.840 align:start position:0% science and finance and is a longtime dphi<00:18:10.970> user<00:18:11.240> I've<00:18:11.620> got<00:18:12.620> to<00:18:12.770> see<00:18:12.919> how<00:18:13.070> much<00:18:13.669> the 00:18:13.840 --> 00:18:13.850 align:start position:0% dphi user I've got to see how much the 00:18:13.850 --> 00:18:15.280 align:start position:0% dphi user I've got to see how much the industry<00:18:14.090> is<00:18:14.299> growing<00:18:14.450> in<00:18:14.720> maturity<00:18:14.809> over<00:18:15.200> the 00:18:15.280 --> 00:18:15.290 align:start position:0% industry is growing in maturity over the 00:18:15.290 --> 00:18:17.470 align:start position:0% industry is growing in maturity over the last<00:18:15.470> two<00:18:15.650> years<00:18:15.970> and<00:18:16.970> when<00:18:17.059> I<00:18:17.150> think<00:18:17.330> about 00:18:17.470 --> 00:18:17.480 align:start position:0% last two years and when I think about 00:18:17.480 --> 00:18:19.600 align:start position:0% last two years and when I think about the<00:18:17.600> future<00:18:17.750> of<00:18:17.960> defy<00:18:18.290> I<00:18:18.530> get<00:18:18.980> both<00:18:19.160> excited 00:18:19.600 --> 00:18:19.610 align:start position:0% the future of defy I get both excited 00:18:19.610 --> 00:18:26.080 align:start position:0% the future of defy I get both excited and<00:18:19.700> worried<00:18:20.620> as<00:18:22.210> we<00:18:23.210> know<00:18:23.710> defy<00:18:24.710> users<00:18:25.160> are 00:18:26.080 --> 00:18:26.090 align:start position:0% and worried as we know defy users are 00:18:26.090 --> 00:18:27.880 align:start position:0% and worried as we know defy users are chasing<00:18:26.540> the<00:18:26.630> highest<00:18:26.929> rates<00:18:27.140> without<00:18:27.260> asking 00:18:27.880 --> 00:18:27.890 align:start position:0% chasing the highest rates without asking 00:18:27.890 --> 00:18:30.730 align:start position:0% chasing the highest rates without asking why<00:18:28.460> are<00:18:28.490> the<00:18:28.700> rate<00:18:28.820> so<00:18:29.030> high<00:18:29.530> there<00:18:30.530> is<00:18:30.559> no 00:18:30.730 --> 00:18:30.740 align:start position:0% why are the rate so high there is no 00:18:30.740 --> 00:18:33.310 align:start position:0% why are the rate so high there is no such<00:18:30.950> thing<00:18:31.190> as<00:18:31.220> a<00:18:31.340> free<00:18:31.580> lunch<00:18:32.230> for<00:18:33.230> an 00:18:33.310 --> 00:18:33.320 align:start position:0% such thing as a free lunch for an 00:18:33.320 --> 00:18:34.960 align:start position:0% such thing as a free lunch for an investor<00:18:33.650> to<00:18:33.770> be<00:18:33.890> rewarded<00:18:34.370> with<00:18:34.400> high<00:18:34.669> rates 00:18:34.960 --> 00:18:34.970 align:start position:0% investor to be rewarded with high rates 00:18:34.970 --> 00:18:36.520 align:start position:0% investor to be rewarded with high rates they<00:18:35.360> have<00:18:35.390> to<00:18:35.600> take<00:18:35.750> on<00:18:35.929> large<00:18:36.140> amounts<00:18:36.290> of 00:18:36.520 --> 00:18:36.530 align:start position:0% they have to take on large amounts of 00:18:36.530 --> 00:18:40.090 align:start position:0% they have to take on large amounts of risk<00:18:36.799> as<00:18:37.419> dphi<00:18:38.419> grows<00:18:38.720> how<00:18:39.410> do<00:18:39.470> we<00:18:39.620> ensure<00:18:39.919> that 00:18:40.090 --> 00:18:40.100 align:start position:0% risk as dphi grows how do we ensure that 00:18:40.100 --> 00:18:41.650 align:start position:0% risk as dphi grows how do we ensure that users<00:18:40.280> are<00:18:40.580> encouraged<00:18:40.940> to<00:18:41.059> make<00:18:41.210> optimal 00:18:41.650 --> 00:18:41.660 align:start position:0% users are encouraged to make optimal 00:18:41.660 --> 00:18:46.960 align:start position:0% users are encouraged to make optimal financial<00:18:42.169> decisions<00:18:42.559> I<00:18:45.700> couldn't<00:18:46.700> find<00:18:46.820> an 00:18:46.960 --> 00:18:46.970 align:start position:0% financial decisions I couldn't find an 00:18:46.970 --> 00:18:48.669 align:start position:0% financial decisions I couldn't find an answer<00:18:47.179> to<00:18:47.299> that<00:18:47.330> question<00:18:47.809> so<00:18:47.990> I<00:18:48.440> try<00:18:48.650> to 00:18:48.669 --> 00:18:48.679 align:start position:0% answer to that question so I try to 00:18:48.679 --> 00:18:50.650 align:start position:0% answer to that question so I try to answer<00:18:48.890> it<00:18:49.130> myself<00:18:49.250> by<00:18:49.730> creating<00:18:50.150> the<00:18:50.330> defy 00:18:50.650 --> 00:18:50.660 align:start position:0% answer it myself by creating the defy 00:18:50.660 --> 00:18:53.350 align:start position:0% answer it myself by creating the defy score<00:18:50.900> an<00:18:51.110> open<00:18:51.860> source<00:18:52.100> simple<00:18:52.700> proxy<00:18:53.120> for<00:18:53.330> a 00:18:53.350 --> 00:18:53.360 align:start position:0% score an open source simple proxy for a 00:18:53.360 --> 00:18:55.690 align:start position:0% score an open source simple proxy for a platforms<00:18:53.870> risk<00:18:54.140> level<00:18:54.500> that<00:18:55.190> users<00:18:55.520> can 00:18:55.690 --> 00:18:55.700 align:start position:0% platforms risk level that users can 00:18:55.700 --> 00:18:58.270 align:start position:0% platforms risk level that users can easily<00:18:56.000> understand<00:18:56.530> it's<00:18:57.530> based<00:18:57.740> on<00:18:57.890> a<00:18:57.950> model 00:18:58.270 --> 00:18:58.280 align:start position:0% easily understand it's based on a model 00:18:58.280 --> 00:18:59.830 align:start position:0% easily understand it's based on a model that<00:18:58.429> evaluates<00:18:58.910> several<00:18:59.240> types<00:18:59.450> of<00:18:59.600> risk 00:18:59.830 --> 00:18:59.840 align:start position:0% that evaluates several types of risk 00:18:59.840 --> 00:19:02.919 align:start position:0% that evaluates several types of risk that<00:19:00.110> are<00:19:00.230> common<00:19:00.500> in<00:19:00.559> d<00:19:00.710> phi<00:19:01.240> d<00:19:02.240> phi<00:19:02.270> platforms 00:19:02.919 --> 00:19:02.929 align:start position:0% that are common in d phi d phi platforms 00:19:02.929 --> 00:19:04.870 align:start position:0% that are common in d phi d phi platforms are<00:19:03.140> complex<00:19:03.590> and<00:19:03.919> include<00:19:04.309> new<00:19:04.460> types<00:19:04.730> of 00:19:04.870 --> 00:19:04.880 align:start position:0% are complex and include new types of 00:19:04.880 --> 00:19:05.890 align:start position:0% are complex and include new types of risk<00:19:05.120> that<00:19:05.240> differ<00:19:05.630> from<00:19:05.809> traditional 00:19:05.890 --> 00:19:05.900 align:start position:0% risk that differ from traditional 00:19:05.900 --> 00:19:08.590 align:start position:0% risk that differ from traditional financial<00:19:06.830> markets<00:19:07.190> to<00:19:07.370> launch<00:19:08.360> we'll 00:19:08.590 --> 00:19:08.600 align:start position:0% financial markets to launch we'll 00:19:08.600 --> 00:19:09.820 align:start position:0% financial markets to launch we'll consider<00:19:08.870> some<00:19:09.140> of<00:19:09.169> the<00:19:09.260> largest<00:19:09.530> and<00:19:09.799> most 00:19:09.820 --> 00:19:09.830 align:start position:0% consider some of the largest and most 00:19:09.830 --> 00:19:12.940 align:start position:0% consider some of the largest and most easily<00:19:10.250> quantifiable<00:19:10.730> risks<00:19:11.559> the<00:19:12.559> intention 00:19:12.940 --> 00:19:12.950 align:start position:0% easily quantifiable risks the intention 00:19:12.950 --> 00:19:14.740 align:start position:0% easily quantifiable risks the intention of<00:19:13.040> this<00:19:13.190> score<00:19:13.520> is<00:19:13.730> to<00:19:13.970> better<00:19:14.150> educate<00:19:14.570> users 00:19:14.740 --> 00:19:14.750 align:start position:0% of this score is to better educate users 00:19:14.750 --> 00:19:17.230 align:start position:0% of this score is to better educate users on<00:19:15.169> the<00:19:15.290> unique<00:19:15.530> nuances<00:19:16.220> of<00:19:16.429> smart<00:19:16.820> contract 00:19:17.230 --> 00:19:17.240 align:start position:0% on the unique nuances of smart contract 00:19:17.240 --> 00:19:20.080 align:start position:0% on the unique nuances of smart contract enabled<00:19:17.630> financial<00:19:18.110> markets<00:19:18.520> this<00:19:19.520> model<00:19:19.910> can 00:19:20.080 --> 00:19:20.090 align:start position:0% enabled financial markets this model can 00:19:20.090 --> 00:19:22.510 align:start position:0% enabled financial markets this model can and<00:19:20.299> should<00:19:20.450> grow<00:19:20.660> over<00:19:20.870> time<00:19:21.160> let's<00:19:22.160> dig<00:19:22.370> into 00:19:22.510 --> 00:19:22.520 align:start position:0% and should grow over time let's dig into 00:19:22.520 --> 00:19:27.220 align:start position:0% and should grow over time let's dig into some<00:19:22.730> components<00:19:23.240> of<00:19:23.360> the<00:19:23.450> score<00:19:26.230> one 00:19:27.220 --> 00:19:27.230 align:start position:0% some components of the score one 00:19:27.230 --> 00:19:29.440 align:start position:0% some components of the score one component<00:19:27.530> is<00:19:27.770> smart<00:19:27.980> contract<00:19:28.340> risk<00:19:28.580> the 00:19:29.440 --> 00:19:29.450 align:start position:0% component is smart contract risk the 00:19:29.450 --> 00:19:31.060 align:start position:0% component is smart contract risk the ecosystem<00:19:30.020> knows<00:19:30.200> this<00:19:30.350> type<00:19:30.559> of<00:19:30.590> risk<00:19:30.830> all 00:19:31.060 --> 00:19:31.070 align:start position:0% ecosystem knows this type of risk all 00:19:31.070 --> 00:19:32.980 align:start position:0% ecosystem knows this type of risk all too<00:19:31.250> well<00:19:31.400> we've<00:19:32.210> learned<00:19:32.510> a<00:19:32.540> lot<00:19:32.570> of<00:19:32.720> hard 00:19:32.980 --> 00:19:32.990 align:start position:0% too well we've learned a lot of hard 00:19:32.990 --> 00:19:35.560 align:start position:0% too well we've learned a lot of hard lessons<00:19:33.350> because<00:19:33.530> of<00:19:33.770> it<00:19:34.090> while<00:19:35.090> no<00:19:35.240> smart 00:19:35.560 --> 00:19:35.570 align:start position:0% lessons because of it while no smart 00:19:35.570 --> 00:19:37.570 align:start position:0% lessons because of it while no smart contract<00:19:35.990> can<00:19:36.140> be<00:19:36.260> guaranteed<00:19:36.710> to<00:19:37.220> be<00:19:37.309> devoid 00:19:37.570 --> 00:19:37.580 align:start position:0% contract can be guaranteed to be devoid 00:19:37.580 --> 00:19:40.419 align:start position:0% contract can be guaranteed to be devoid of<00:19:37.730> bugs<00:19:38.000> a<00:19:38.299> thorough<00:19:38.720> code<00:19:39.440> audit<00:19:39.799> and<00:19:39.950> formal 00:19:40.419 --> 00:19:40.429 align:start position:0% of bugs a thorough code audit and formal 00:19:40.429 --> 00:19:42.430 align:start position:0% of bugs a thorough code audit and formal verification<00:19:40.580> process<00:19:41.450> from<00:19:42.020> a<00:19:42.140> reputable 00:19:42.430 --> 00:19:42.440 align:start position:0% verification process from a reputable 00:19:42.440 --> 00:19:45.010 align:start position:0% verification process from a reputable security<00:19:43.130> firm<00:19:43.400> helps<00:19:44.179> uncover<00:19:44.330> critical 00:19:45.010 --> 00:19:45.020 align:start position:0% security firm helps uncover critical 00:19:45.020 --> 00:19:47.169 align:start position:0% security firm helps uncover critical high<00:19:45.230> severity<00:19:45.679> bugs<00:19:45.950> that<00:19:46.580> could<00:19:46.730> result<00:19:47.000> in 00:19:47.169 --> 00:19:47.179 align:start position:0% high severity bugs that could result in 00:19:47.179 --> 00:19:50.080 align:start position:0% high severity bugs that could result in financial<00:19:47.390> harm<00:19:47.840> to<00:19:47.990> users<00:19:48.260> an<00:19:49.090> important 00:19:50.080 --> 00:19:50.090 align:start position:0% financial harm to users an important 00:19:50.090 --> 00:19:52.330 align:start position:0% financial harm to users an important aspect<00:19:50.360> of<00:19:50.630> mid<00:19:50.870> mitigating<00:19:51.530> smart<00:19:51.950> contract 00:19:52.330 --> 00:19:52.340 align:start position:0% aspect of mid mitigating smart contract 00:19:52.340 --> 00:19:54.130 align:start position:0% aspect of mid mitigating smart contract hacks<00:19:52.549> is<00:19:52.820> ensuring<00:19:53.360> the<00:19:53.480> code<00:19:53.690> is<00:19:53.840> audible 00:19:54.130 --> 00:19:54.140 align:start position:0% hacks is ensuring the code is audible 00:19:54.140 --> 00:19:58.630 align:start position:0% hacks is ensuring the code is audible auditable<00:19:54.980> by<00:19:55.220> the<00:19:55.280> public<00:19:57.190> smart<00:19:58.190> contract 00:19:58.630 --> 00:19:58.640 align:start position:0% auditable by the public smart contract 00:19:58.640 --> 00:20:00.850 align:start position:0% auditable by the public smart contract code<00:19:58.850> isn't<00:19:59.600> restless<00:20:00.200> unless<00:20:00.620> the<00:20:00.740> public 00:20:00.850 --> 00:20:00.860 align:start position:0% code isn't restless unless the public 00:20:00.860 --> 00:20:02.950 align:start position:0% code isn't restless unless the public can<00:20:01.190> read<00:20:01.370> it<00:20:01.460> and<00:20:01.580> verify<00:20:02.000> it<00:20:02.059> it<00:20:02.540> needs<00:20:02.750> to<00:20:02.870> be 00:20:02.950 --> 00:20:02.960 align:start position:0% can read it and verify it it needs to be 00:20:02.960 --> 00:20:04.150 align:start position:0% can read it and verify it it needs to be open<00:20:03.080> sourced 00:20:04.150 --> 00:20:04.160 align:start position:0% open sourced 00:20:04.160 --> 00:20:06.130 align:start position:0% open sourced security<00:20:04.910> through<00:20:05.090> obscurity<00:20:05.120> offers<00:20:05.930> weak 00:20:06.130 --> 00:20:06.140 align:start position:0% security through obscurity offers weak 00:20:06.140 --> 00:20:09.160 align:start position:0% security through obscurity offers weak guarantees<00:20:06.590> at<00:20:06.800> best<00:20:07.040> and<00:20:07.450> at<00:20:08.450> worst<00:20:08.480> results 00:20:09.160 --> 00:20:09.170 align:start position:0% guarantees at best and at worst results 00:20:09.170 --> 00:20:10.710 align:start position:0% guarantees at best and at worst results in<00:20:09.290> delays<00:20:09.560> and<00:20:09.770> finding<00:20:10.100> critical<00:20:10.310> bugs 00:20:10.710 --> 00:20:10.720 align:start position:0% in delays and finding critical bugs 00:20:10.720 --> 00:20:13.600 align:start position:0% in delays and finding critical bugs while<00:20:11.720> bytecode<00:20:12.200> D<00:20:12.410> compilation<00:20:13.010> is<00:20:13.130> possible 00:20:13.600 --> 00:20:13.610 align:start position:0% while bytecode D compilation is possible 00:20:13.610 --> 00:20:14.860 align:start position:0% while bytecode D compilation is possible it's<00:20:14.000> a<00:20:14.120> difficult<00:20:14.390> and<00:20:14.690> time-consuming 00:20:14.860 --> 00:20:14.870 align:start position:0% it's a difficult and time-consuming 00:20:14.870 --> 00:20:17.200 align:start position:0% it's a difficult and time-consuming process<00:20:15.560> and<00:20:16.010> makes<00:20:16.280> it<00:20:16.400> hard<00:20:16.610> to<00:20:16.760> follow<00:20:16.940> the 00:20:17.200 --> 00:20:17.210 align:start position:0% process and makes it hard to follow the 00:20:17.210 --> 00:20:19.350 align:start position:0% process and makes it hard to follow the mantra<00:20:17.600> of<00:20:17.630> don't<00:20:18.020> trust<00:20:18.320> verify 00:20:19.350 --> 00:20:19.360 align:start position:0% mantra of don't trust verify 00:20:19.360 --> 00:20:22.630 align:start position:0% mantra of don't trust verify however<00:20:20.360> code<00:20:21.200> risk<00:20:21.440> is<00:20:21.620> only<00:20:21.740> one<00:20:22.010> aspect<00:20:22.430> of 00:20:22.630 --> 00:20:22.640 align:start position:0% however code risk is only one aspect of 00:20:22.640 --> 00:20:24.700 align:start position:0% however code risk is only one aspect of the<00:20:22.850> risks<00:20:23.210> one<00:20:23.480> faces<00:20:23.900> when<00:20:24.080> investing<00:20:24.500> in<00:20:24.590> D 00:20:24.700 --> 00:20:24.710 align:start position:0% the risks one faces when investing in D 00:20:24.710 --> 00:20:27.310 align:start position:0% the risks one faces when investing in D Phi<00:20:24.860> products<00:20:25.540> financial<00:20:26.540> risk<00:20:26.750> is<00:20:26.990> another 00:20:27.310 --> 00:20:27.320 align:start position:0% Phi products financial risk is another 00:20:27.320 --> 00:20:34.170 align:start position:0% Phi products financial risk is another element<00:20:32.230> sorry 00:20:34.170 --> 00:20:34.180 align:start position:0% element sorry 00:20:34.180 --> 00:20:36.610 align:start position:0% element sorry currently<00:20:35.180> the<00:20:35.360> only<00:20:35.540> method<00:20:35.870> to<00:20:36.020> mitigate 00:20:36.610 --> 00:20:36.620 align:start position:0% currently the only method to mitigate 00:20:36.620 --> 00:20:38.560 align:start position:0% currently the only method to mitigate unwanted<00:20:37.010> amounts<00:20:37.430> of<00:20:37.550> credit<00:20:37.850> risk<00:20:37.970> in<00:20:38.240> D<00:20:38.390> Phi 00:20:38.560 --> 00:20:38.570 align:start position:0% unwanted amounts of credit risk in D Phi 00:20:38.570 --> 00:20:41.950 align:start position:0% unwanted amounts of credit risk in D Phi is<00:20:38.870> to<00:20:39.110> use<00:20:39.230> over<00:20:39.560> collateralization<00:20:40.960> while 00:20:41.950 --> 00:20:41.960 align:start position:0% is to use over collateralization while 00:20:41.960 --> 00:20:43.450 align:start position:0% is to use over collateralization while current<00:20:42.290> D<00:20:42.380> Phi<00:20:42.560> platforms<00:20:43.070> use<00:20:43.220> very 00:20:43.450 --> 00:20:43.460 align:start position:0% current D Phi platforms use very 00:20:43.460 --> 00:20:45.430 align:start position:0% current D Phi platforms use very conservative<00:20:44.030> collateral<00:20:44.510> factors<00:20:44.930> the 00:20:45.430 --> 00:20:45.440 align:start position:0% conservative collateral factors the 00:20:45.440 --> 00:20:47.350 align:start position:0% conservative collateral factors the highly<00:20:45.740> volatile<00:20:46.130> nature<00:20:46.190> of<00:20:46.490> crypto<00:20:46.940> assets 00:20:47.350 --> 00:20:47.360 align:start position:0% highly volatile nature of crypto assets 00:20:47.360 --> 00:20:49.150 align:start position:0% highly volatile nature of crypto assets means<00:20:47.750> that<00:20:47.900> these<00:20:48.050> high<00:20:48.230> collateral<00:20:48.740> factors 00:20:49.150 --> 00:20:49.160 align:start position:0% means that these high collateral factors 00:20:49.160 --> 00:20:51.280 align:start position:0% means that these high collateral factors may<00:20:49.460> still<00:20:49.700> be<00:20:49.820> insufficient<00:20:50.390> over 00:20:51.280 --> 00:20:51.290 align:start position:0% may still be insufficient over 00:20:51.290 --> 00:20:52.690 align:start position:0% may still be insufficient over collateralization<00:20:51.800> is<00:20:52.340> by<00:20:52.490> no<00:20:52.550> means 00:20:52.690 --> 00:20:52.700 align:start position:0% collateralization is by no means 00:20:52.700 --> 00:20:58.600 align:start position:0% collateralization is by no means foolproof<00:20:56.740> liquidity<00:20:57.740> and<00:20:58.100> insolvency 00:20:58.600 --> 00:20:58.610 align:start position:0% foolproof liquidity and insolvency 00:20:58.610 --> 00:21:00.550 align:start position:0% foolproof liquidity and insolvency crises<00:20:59.270> often<00:20:59.690> go<00:20:59.840> hand-in-hand 00:21:00.550 --> 00:21:00.560 align:start position:0% crises often go hand-in-hand 00:21:00.560 --> 00:21:02.680 align:start position:0% crises often go hand-in-hand there<00:21:01.100> are<00:21:01.190> numerous<00:21:01.370> historical<00:21:02.240> examples 00:21:02.680 --> 00:21:02.690 align:start position:0% there are numerous historical examples 00:21:02.690 --> 00:21:05.410 align:start position:0% there are numerous historical examples of<00:21:02.900> these<00:21:03.020> types<00:21:03.290> of<00:21:03.410> crises<00:21:04.420> incentivize 00:21:05.410 --> 00:21:05.420 align:start position:0% of these types of crises incentivize 00:21:05.420 --> 00:21:07.000 align:start position:0% of these types of crises incentivize liquidity<00:21:05.900> does<00:21:06.200> not<00:21:06.350> mean<00:21:06.560> guaranteed 00:21:07.000 --> 00:21:07.010 align:start position:0% liquidity does not mean guaranteed 00:21:07.010 --> 00:21:09.370 align:start position:0% liquidity does not mean guaranteed liquidity<00:21:07.490> a<00:21:07.670> user<00:21:08.420> takes<00:21:08.750> on<00:21:08.930> the<00:21:09.050> risk<00:21:09.260> that 00:21:09.370 --> 00:21:09.380 align:start position:0% liquidity a user takes on the risk that 00:21:09.380 --> 00:21:11.160 align:start position:0% liquidity a user takes on the risk that they<00:21:09.620> will<00:21:09.740> not<00:21:09.860> be<00:21:10.040> able<00:21:10.130> to<00:21:10.280> draw<00:21:10.550> their<00:21:10.820> ass 00:21:11.160 --> 00:21:11.170 align:start position:0% they will not be able to draw their ass 00:21:11.170 --> 00:21:13.660 align:start position:0% they will not be able to draw their ass withdraw<00:21:12.170> their<00:21:12.380> assets<00:21:12.770> on<00:21:12.920> demand<00:21:13.280> because 00:21:13.660 --> 00:21:13.670 align:start position:0% withdraw their assets on demand because 00:21:13.670 --> 00:21:15.460 align:start position:0% withdraw their assets on demand because all<00:21:13.910> the<00:21:14.060> assets<00:21:14.390> are<00:21:14.510> currently<00:21:14.780> lent<00:21:15.290> out 00:21:15.460 --> 00:21:15.470 align:start position:0% all the assets are currently lent out 00:21:15.470 --> 00:21:18.580 align:start position:0% all the assets are currently lent out but<00:21:16.460> wait<00:21:16.640> there's<00:21:17.240> more<00:21:17.540> there<00:21:18.350> are<00:21:18.470> other 00:21:18.580 --> 00:21:18.590 align:start position:0% but wait there's more there are other 00:21:18.590 --> 00:21:23.190 align:start position:0% but wait there's more there are other types<00:21:18.890> of<00:21:19.100> risk<00:21:19.310> that<00:21:19.550> defy<00:21:19.880> platforms<00:21:20.450> face 00:21:23.190 --> 00:21:23.200 align:start position:0% 00:21:23.200 --> 00:21:25.690 align:start position:0% users<00:21:24.200> do<00:21:24.320> not<00:21:24.350> have<00:21:24.650> the<00:21:24.800> same<00:21:24.980> safeguards 00:21:25.690 --> 00:21:25.700 align:start position:0% users do not have the same safeguards 00:21:25.700 --> 00:21:27.130 align:start position:0% users do not have the same safeguards they<00:21:25.910> have<00:21:26.120> with<00:21:26.330> traditional<00:21:26.720> deposit 00:21:27.130 --> 00:21:27.140 align:start position:0% they have with traditional deposit 00:21:27.140 --> 00:21:29.200 align:start position:0% they have with traditional deposit accounts<00:21:27.580> developed<00:21:28.580> countries<00:21:28.970> bank 00:21:29.200 --> 00:21:29.210 align:start position:0% accounts developed countries bank 00:21:29.210 --> 00:21:30.760 align:start position:0% accounts developed countries bank deposit<00:21:29.660> accounts<00:21:30.020> are<00:21:30.140> regulated<00:21:30.680> and 00:21:30.760 --> 00:21:30.770 align:start position:0% deposit accounts are regulated and 00:21:30.770 --> 00:21:33.700 align:start position:0% deposit accounts are regulated and insured<00:21:31.100> up<00:21:31.280> to<00:21:31.310> large<00:21:31.610> amounts<00:21:32.710> however 00:21:33.700 --> 00:21:33.710 align:start position:0% insured up to large amounts however 00:21:33.710 --> 00:21:35.140 align:start position:0% insured up to large amounts however there<00:21:34.040> are<00:21:34.100> exciting<00:21:34.460> developments<00:21:34.970> in<00:21:35.060> this 00:21:35.140 --> 00:21:35.150 align:start position:0% there are exciting developments in this 00:21:35.150 --> 00:21:37.480 align:start position:0% there are exciting developments in this area<00:21:35.500> insurance<00:21:36.500> products<00:21:36.920> like<00:21:37.070> Nexus 00:21:37.480 --> 00:21:37.490 align:start position:0% area insurance products like Nexus 00:21:37.490 --> 00:21:39.880 align:start position:0% area insurance products like Nexus mutual<00:21:37.850> u-men<00:21:38.840> maker<00:21:39.110> developing<00:21:39.740> more 00:21:39.880 --> 00:21:39.890 align:start position:0% mutual u-men maker developing more 00:21:39.890 --> 00:21:42.220 align:start position:0% mutual u-men maker developing more occlusion<00:21:40.370> resistant<00:21:40.820> Oracle<00:21:41.180> systems<00:21:41.570> but 00:21:42.220 --> 00:21:42.230 align:start position:0% occlusion resistant Oracle systems but 00:21:42.230 --> 00:21:46.720 align:start position:0% occlusion resistant Oracle systems but we<00:21:42.320> still<00:21:42.500> have<00:21:42.650> a<00:21:42.680> long<00:21:42.860> way<00:21:43.040> to<00:21:43.100> go<00:21:45.640> here<00:21:46.640> are 00:21:46.720 --> 00:21:46.730 align:start position:0% we still have a long way to go here are 00:21:46.730 --> 00:21:49.540 align:start position:0% we still have a long way to go here are some<00:21:46.910> of<00:21:47.000> the<00:21:47.060> possible<00:21:48.250> here's<00:21:49.250> some<00:21:49.430> of<00:21:49.490> the 00:21:49.540 --> 00:21:49.550 align:start position:0% some of the possible here's some of the 00:21:49.550 --> 00:21:51.010 align:start position:0% some of the possible here's some of the possible<00:21:49.910> future<00:21:50.240> developments<00:21:50.690> for<00:21:50.810> the<00:21:50.870> D 00:21:51.010 --> 00:21:51.020 align:start position:0% possible future developments for the D 00:21:51.020 --> 00:21:53.560 align:start position:0% possible future developments for the D Phi<00:21:51.200> score<00:21:51.760> the<00:21:52.760> question<00:21:53.090> I'm<00:21:53.210> here<00:21:53.360> to<00:21:53.480> ask 00:21:53.560 --> 00:21:53.570 align:start position:0% Phi score the question I'm here to ask 00:21:53.570 --> 00:21:55.600 align:start position:0% Phi score the question I'm here to ask you<00:21:53.780> today<00:21:53.900> is<00:21:54.200> what<00:21:54.830> could<00:21:54.980> an<00:21:55.070> open<00:21:55.370> source 00:21:55.600 --> 00:21:55.610 align:start position:0% you today is what could an open source 00:21:55.610 --> 00:22:01.690 align:start position:0% you today is what could an open source financial<00:21:56.120> rating<00:21:56.390> agency<00:21:56.810> look<00:21:57.020> like<00:22:00.700> the 00:22:01.690 --> 00:22:01.700 align:start position:0% financial rating agency look like the 00:22:01.700 --> 00:22:03.550 align:start position:0% financial rating agency look like the future<00:22:02.000> of<00:22:02.120> D<00:22:02.240> Phi<00:22:02.420> is<00:22:02.450> really<00:22:02.870> exciting<00:22:03.260> if 00:22:03.550 --> 00:22:03.560 align:start position:0% future of D Phi is really exciting if 00:22:03.560 --> 00:22:05.710 align:start position:0% future of D Phi is really exciting if you're<00:22:04.340> not<00:22:04.490> involved<00:22:04.910> yet<00:22:05.090> you're<00:22:05.420> missing 00:22:05.710 --> 00:22:05.720 align:start position:0% you're not involved yet you're missing 00:22:05.720 --> 00:22:08.110 align:start position:0% you're not involved yet you're missing out<00:22:05.870> the<00:22:06.650> parallel<00:22:07.100> financial<00:22:07.610> system<00:22:07.970> is 00:22:08.110 --> 00:22:08.120 align:start position:0% out the parallel financial system is 00:22:08.120 --> 00:22:10.360 align:start position:0% out the parallel financial system is reaching<00:22:08.420> escape<00:22:08.720> velocity<00:22:09.260> we<00:22:10.070> can<00:22:10.100> hedge 00:22:10.360 --> 00:22:10.370 align:start position:0% reaching escape velocity we can hedge 00:22:10.370 --> 00:22:12.100 align:start position:0% reaching escape velocity we can hedge away<00:22:10.580> a<00:22:10.610> lot<00:22:10.820> of<00:22:10.850> this<00:22:11.060> risk<00:22:11.300> but<00:22:11.780> we<00:22:11.870> need<00:22:11.990> to 00:22:12.100 --> 00:22:12.110 align:start position:0% away a lot of this risk but we need to 00:22:12.110 --> 00:22:14.500 align:start position:0% away a lot of this risk but we need to be<00:22:12.200> aware<00:22:12.440> of<00:22:12.500> these<00:22:12.740> risks<00:22:12.980> first<00:22:13.400> let's<00:22:14.390> be 00:22:14.500 --> 00:22:14.510 align:start position:0% be aware of these risks first let's be 00:22:14.510 --> 00:22:15.910 align:start position:0% be aware of these risks first let's be responsible<00:22:15.110> when<00:22:15.230> creating<00:22:15.470> this<00:22:15.740> new 00:22:15.910 --> 00:22:15.920 align:start position:0% responsible when creating this new 00:22:15.920 --> 00:22:16.989 align:start position:0% responsible when creating this new system 00:22:16.989 --> 00:22:16.999 align:start position:0% system 00:22:16.999 --> 00:22:18.669 align:start position:0% system if<00:22:17.059> you<00:22:17.569> want<00:22:17.719> to<00:22:17.809> help<00:22:17.899> shape<00:22:18.199> the<00:22:18.349> future<00:22:18.499> of 00:22:18.669 --> 00:22:18.679 align:start position:0% if you want to help shape the future of 00:22:18.679 --> 00:22:23.199 align:start position:0% if you want to help shape the future of risk<00:22:18.949> management<00:22:19.129> please<00:22:19.909> get<00:22:20.119> involved<00:22:22.209> here 00:22:23.199 --> 00:22:23.209 align:start position:0% risk management please get involved here 00:22:23.209 --> 00:22:24.939 align:start position:0% risk management please get involved here are<00:22:23.299> some<00:22:23.449> of<00:22:23.539> the<00:22:23.599> ways<00:22:23.689> to<00:22:23.749> get<00:22:24.019> involved<00:22:24.439> we 00:22:24.939 --> 00:22:24.949 align:start position:0% are some of the ways to get involved we 00:22:24.949 --> 00:22:26.799 align:start position:0% are some of the ways to get involved we won't<00:22:25.129> feedback<00:22:25.549> if<00:22:25.849> you're<00:22:26.599> a<00:22:26.629> data 00:22:26.799 --> 00:22:26.809 align:start position:0% won't feedback if you're a data 00:22:26.809 --> 00:22:28.149 align:start position:0% won't feedback if you're a data scientist<00:22:27.379> or<00:22:27.559> a<00:22:27.619> risk<00:22:27.799> management 00:22:28.149 --> 00:22:28.159 align:start position:0% scientist or a risk management 00:22:28.159 --> 00:22:34.379 align:start position:0% scientist or a risk management professional<00:22:28.759> please<00:22:29.239> reach<00:22:29.449> out<00:22:31.029> thank<00:22:32.029> you 00:22:34.379 --> 00:22:34.389 align:start position:0% 00:22:34.389 --> 00:22:38.309 align:start position:0% the<00:22:35.389> computation<00:22:36.139> it's<00:22:36.469> for<00:22:36.739> geeks<00:22:37.009> right 00:22:38.309 --> 00:22:38.319 align:start position:0% the computation it's for geeks right 00:22:38.319 --> 00:22:40.359 align:start position:0% the computation it's for geeks right like<00:22:39.319> when<00:22:39.469> you<00:22:39.559> think<00:22:39.679> about<00:22:39.919> the<00:22:40.099> compact 00:22:40.359 --> 00:22:40.369 align:start position:0% like when you think about the compact 00:22:40.369 --> 00:22:42.369 align:start position:0% like when you think about the compact contracts<00:22:40.969> we<00:22:41.089> think<00:22:41.329> oh<00:22:41.509> like<00:22:41.869> what's<00:22:42.169> the 00:22:42.369 --> 00:22:42.379 align:start position:0% contracts we think oh like what's the 00:22:42.379 --> 00:22:44.559 align:start position:0% contracts we think oh like what's the use<00:22:42.559> of<00:22:42.829> that<00:22:43.159> for<00:22:43.699> other<00:22:44.029> people<00:22:44.119> than 00:22:44.559 --> 00:22:44.569 align:start position:0% use of that for other people than 00:22:44.569 --> 00:22:46.569 align:start position:0% use of that for other people than developers<00:22:45.079> who<00:22:45.289> want<00:22:45.439> to<00:22:45.499> see<00:22:45.829> how<00:22:46.069> contracts 00:22:46.569 --> 00:22:46.579 align:start position:0% developers who want to see how contracts 00:22:46.579 --> 00:22:49.479 align:start position:0% developers who want to see how contracts work<00:22:46.789> but<00:22:47.509> really<00:22:47.869> there<00:22:48.769> is<00:22:48.889> a<00:22:48.919> lot<00:22:49.189> of<00:22:49.219> cool 00:22:49.479 --> 00:22:49.489 align:start position:0% work but really there is a lot of cool 00:22:49.489 --> 00:22:51.399 align:start position:0% work but really there is a lot of cool uses<00:22:49.879> and<00:22:50.059> I<00:22:50.179> want<00:22:50.389> to<00:22:50.479> show<00:22:50.629> them<00:22:50.809> to<00:22:50.839> you<00:22:51.049> in 00:22:51.399 --> 00:22:51.409 align:start position:0% uses and I want to show them to you in 00:22:51.409 --> 00:22:52.389 align:start position:0% uses and I want to show them to you in five<00:22:51.889> minutes 00:22:52.389 --> 00:22:52.399 align:start position:0% five minutes 00:22:52.399 --> 00:22:56.319 align:start position:0% five minutes so<00:22:53.029> one<00:22:53.959> thing<00:22:54.199> of<00:22:54.529> course<00:22:54.769> security<00:22:55.039> and<00:22:55.519> I 00:22:56.319 --> 00:22:56.329 align:start position:0% so one thing of course security and I 00:22:56.329 --> 00:22:57.339 align:start position:0% so one thing of course security and I don't<00:22:56.479> know<00:22:56.659> if<00:22:56.779> there<00:22:56.899> are<00:22:56.929> any<00:22:57.049> security 00:22:57.339 --> 00:22:57.349 align:start position:0% don't know if there are any security 00:22:57.349 --> 00:23:00.699 align:start position:0% don't know if there are any security people<00:22:57.859> here<00:22:58.129> but<00:22:58.699> quickly<00:22:59.599> anyone<00:23:00.319> can<00:23:00.529> spot 00:23:00.699 --> 00:23:00.709 align:start position:0% people here but quickly anyone can spot 00:23:00.709 --> 00:23:02.379 align:start position:0% people here but quickly anyone can spot a<00:23:00.769> bag<00:23:00.979> here<00:23:01.369> in<00:23:01.639> this<00:23:01.849> contract 00:23:02.379 --> 00:23:02.389 align:start position:0% a bag here in this contract 00:23:02.389 --> 00:23:04.719 align:start position:0% a bag here in this contract like<00:23:03.289> some<00:23:03.469> people<00:23:03.589> analyze<00:23:04.039> so<00:23:04.489> IDT 00:23:04.719 --> 00:23:04.729 align:start position:0% like some people analyze so IDT 00:23:04.729 --> 00:23:06.399 align:start position:0% like some people analyze so IDT contracts<00:23:05.299> try<00:23:05.479> to<00:23:05.539> figure<00:23:05.719> out<00:23:05.839> what's<00:23:06.199> wrong 00:23:06.399 --> 00:23:06.409 align:start position:0% contracts try to figure out what's wrong 00:23:06.409 --> 00:23:11.319 align:start position:0% contracts try to figure out what's wrong there<00:23:07.029> anyone<00:23:08.709> know<00:23:09.709> okay<00:23:10.459> perhaps<00:23:10.759> it<00:23:11.149> just 00:23:11.319 --> 00:23:11.329 align:start position:0% there anyone know okay perhaps it just 00:23:11.329 --> 00:23:13.479 align:start position:0% there anyone know okay perhaps it just is<00:23:11.419> quiet<00:23:11.689> audience<00:23:11.989> or<00:23:12.439> perhaps<00:23:12.589> no<00:23:13.009> one<00:23:13.189> sees 00:23:13.479 --> 00:23:13.489 align:start position:0% is quiet audience or perhaps no one sees 00:23:13.489 --> 00:23:15.399 align:start position:0% is quiet audience or perhaps no one sees that<00:23:13.519> there<00:23:14.059> is<00:23:14.149> this<00:23:14.269> small<00:23:14.509> assert<00:23:15.079> at<00:23:15.289> the 00:23:15.399 --> 00:23:15.409 align:start position:0% that there is this small assert at the 00:23:15.409 --> 00:23:18.369 align:start position:0% that there is this small assert at the end<00:23:15.559> it<00:23:16.189> doesn't<00:23:16.549> have<00:23:16.759> the<00:23:17.509> brackets<00:23:17.989> which 00:23:18.369 --> 00:23:18.379 align:start position:0% end it doesn't have the brackets which 00:23:18.379 --> 00:23:21.399 align:start position:0% end it doesn't have the brackets which means<00:23:18.619> that<00:23:18.859> like<00:23:19.609> compiler<00:23:20.209> only<00:23:20.479> shows<00:23:20.719> you 00:23:21.399 --> 00:23:21.409 align:start position:0% means that like compiler only shows you 00:23:21.409 --> 00:23:24.009 align:start position:0% means that like compiler only shows you know<00:23:21.499> it's<00:23:21.679> like<00:23:21.829> saying<00:23:22.279> assert<00:23:23.239> instead<00:23:23.899> of 00:23:24.009 --> 00:23:24.019 align:start position:0% know it's like saying assert instead of 00:23:24.019 --> 00:23:25.749 align:start position:0% know it's like saying assert instead of calling<00:23:24.259> an<00:23:24.499> assert<00:23:24.769> so<00:23:25.189> it<00:23:25.309> doesn't<00:23:25.609> get 00:23:25.749 --> 00:23:25.759 align:start position:0% calling an assert so it doesn't get 00:23:25.759 --> 00:23:28.029 align:start position:0% calling an assert so it doesn't get executed<00:23:26.329> so<00:23:26.599> so<00:23:27.169> this<00:23:27.409> function<00:23:27.859> doesn't 00:23:28.029 --> 00:23:28.039 align:start position:0% executed so so this function doesn't 00:23:28.039 --> 00:23:29.649 align:start position:0% executed so so this function doesn't work<00:23:28.369> really<00:23:28.609> it<00:23:28.819> doesn't<00:23:28.939> check<00:23:29.209> anything 00:23:29.649 --> 00:23:29.659 align:start position:0% work really it doesn't check anything 00:23:29.659 --> 00:23:31.839 align:start position:0% work really it doesn't check anything anyone<00:23:29.989> can<00:23:30.169> print<00:23:30.379> any<00:23:30.679> amount<00:23:31.309> of<00:23:31.399> tokens 00:23:31.839 --> 00:23:31.849 align:start position:0% anyone can print any amount of tokens 00:23:31.849 --> 00:23:34.539 align:start position:0% anyone can print any amount of tokens from<00:23:32.089> from<00:23:32.659> that<00:23:32.809> contract<00:23:33.199> and<00:23:33.529> you<00:23:34.459> know 00:23:34.539 --> 00:23:34.549 align:start position:0% from from that contract and you know 00:23:34.549 --> 00:23:36.369 align:start position:0% from from that contract and you know it's<00:23:34.759> very<00:23:34.819> hard<00:23:34.999> to<00:23:35.239> spot<00:23:35.389> in<00:23:35.659> solidity<00:23:36.079> but 00:23:36.369 --> 00:23:36.379 align:start position:0% it's very hard to spot in solidity but 00:23:36.379 --> 00:23:38.439 align:start position:0% it's very hard to spot in solidity but when<00:23:36.529> you<00:23:36.619> work<00:23:36.799> with<00:23:36.829> decompile<00:23:37.369> sources<00:23:37.819> you 00:23:38.439 --> 00:23:38.449 align:start position:0% when you work with decompile sources you 00:23:38.449 --> 00:23:41.229 align:start position:0% when you work with decompile sources you really<00:23:38.959> see<00:23:39.679> certain<00:23:40.219> patterns<00:23:40.369> very 00:23:41.229 --> 00:23:41.239 align:start position:0% really see certain patterns very 00:23:41.239 --> 00:23:43.719 align:start position:0% really see certain patterns very obviously<00:23:41.779> and<00:23:42.139> there<00:23:42.949> is<00:23:43.039> this<00:23:43.189> intermediate 00:23:43.719 --> 00:23:43.729 align:start position:0% obviously and there is this intermediate 00:23:43.729 --> 00:23:48.159 align:start position:0% obviously and there is this intermediate form<00:23:43.999> that<00:23:44.209> also<00:23:44.389> is<00:23:44.869> available<00:23:46.149> that<00:23:47.169> that 00:23:48.159 --> 00:23:48.169 align:start position:0% form that also is available that that 00:23:48.169 --> 00:23:50.499 align:start position:0% form that also is available that that you<00:23:48.259> can<00:23:48.379> work<00:23:48.559> with<00:23:48.799> and<00:23:49.039> write<00:23:49.429> very<00:23:49.969> simple 00:23:50.499 --> 00:23:50.509 align:start position:0% you can work with and write very simple 00:23:50.509 --> 00:23:52.689 align:start position:0% you can work with and write very simple and<00:23:50.719> very<00:23:50.749> easy<00:23:51.229> analyzers<00:23:51.889> for<00:23:52.189> contracts 00:23:52.689 --> 00:23:52.699 align:start position:0% and very easy analyzers for contracts 00:23:52.699 --> 00:23:55.389 align:start position:0% and very easy analyzers for contracts and<00:23:52.879> this<00:23:53.359> is<00:23:53.479> also<00:23:53.779> awesome<00:23:53.929> because<00:23:54.289> well<00:23:55.099> I 00:23:55.389 --> 00:23:55.399 align:start position:0% and this is also awesome because well I 00:23:55.399 --> 00:23:57.939 align:start position:0% and this is also awesome because well I built<00:23:55.759> a<00:23:56.359> whole<00:23:56.839> database<00:23:57.019> of<00:23:57.589> all<00:23:57.799> the 00:23:57.939 --> 00:23:57.949 align:start position:0% built a whole database of all the 00:23:57.949 --> 00:23:59.859 align:start position:0% built a whole database of all the contracts<00:23:58.309> on<00:23:58.429> the<00:23:58.519> main<00:23:58.669> net<00:23:58.879> decompiled<00:23:59.749> I 00:23:59.859 --> 00:23:59.869 align:start position:0% contracts on the main net decompiled I 00:23:59.869 --> 00:24:02.049 align:start position:0% contracts on the main net decompiled I put<00:24:00.259> it<00:24:00.349> in<00:24:00.469> the<00:24:00.589> big<00:24:00.709> query<00:24:00.979> and<00:24:01.279> now<00:24:01.309> anyone 00:24:02.049 --> 00:24:02.059 align:start position:0% put it in the big query and now anyone 00:24:02.059 --> 00:24:04.809 align:start position:0% put it in the big query and now anyone can<00:24:02.299> ride<00:24:02.539> in<00:24:02.899> five<00:24:03.469> lines<00:24:03.829> of<00:24:03.979> JavaScript<00:24:04.579> a 00:24:04.809 --> 00:24:04.819 align:start position:0% can ride in five lines of JavaScript a 00:24:04.819 --> 00:24:07.239 align:start position:0% can ride in five lines of JavaScript a function<00:24:05.539> that<00:24:05.779> in<00:24:06.289> 20<00:24:06.529> seconds<00:24:06.919> will<00:24:07.069> show 00:24:07.239 --> 00:24:07.249 align:start position:0% function that in 20 seconds will show 00:24:07.249 --> 00:24:10.389 align:start position:0% function that in 20 seconds will show you<00:24:07.309> all<00:24:07.579> the<00:24:07.759> contracts<00:24:08.299> that<00:24:08.509> are<00:24:09.379> messed<00:24:10.189> up 00:24:10.389 --> 00:24:10.399 align:start position:0% you all the contracts that are messed up 00:24:10.399 --> 00:24:12.579 align:start position:0% you all the contracts that are messed up so<00:24:11.149> just<00:24:11.359> line<00:24:11.539> by<00:24:11.719> line<00:24:11.749> contract<00:24:12.499> by 00:24:12.579 --> 00:24:12.589 align:start position:0% so just line by line contract by 00:24:12.589 --> 00:24:14.349 align:start position:0% so just line by line contract by contract<00:24:12.859> all<00:24:13.339> the<00:24:13.369> hundred<00:24:13.729> contracts<00:24:14.239> that 00:24:14.349 --> 00:24:14.359 align:start position:0% contract all the hundred contracts that 00:24:14.359 --> 00:24:16.059 align:start position:0% contract all the hundred contracts that the<00:24:14.539> don't<00:24:14.899> check<00:24:15.079> certain<00:24:15.379> values<00:24:15.589> properly 00:24:16.059 --> 00:24:16.069 align:start position:0% the don't check certain values properly 00:24:16.069 --> 00:24:18.279 align:start position:0% the don't check certain values properly and<00:24:16.219> you<00:24:16.309> can<00:24:16.429> print<00:24:16.759> tokens<00:24:17.569> for<00:24:17.689> yourself<00:24:18.049> so 00:24:18.279 --> 00:24:18.289 align:start position:0% and you can print tokens for yourself so 00:24:18.289 --> 00:24:23.769 align:start position:0% and you can print tokens for yourself so so<00:24:18.829> that's<00:24:19.039> like<00:24:19.309> a<00:24:19.369> fun<00:24:19.639> case<00:24:22.059> like<00:24:23.059> don't 00:24:23.769 --> 00:24:23.779 align:start position:0% so that's like a fun case like don't 00:24:23.779 --> 00:24:26.199 align:start position:0% so that's like a fun case like don't worry<00:24:23.929> although<00:24:24.859> those<00:24:25.249> contracts<00:24:25.789> were<00:24:25.909> test 00:24:26.199 --> 00:24:26.209 align:start position:0% worry although those contracts were test 00:24:26.209 --> 00:24:28.509 align:start position:0% worry although those contracts were test contracts<00:24:26.749> aside<00:24:27.019> from<00:24:27.199> five<00:24:27.440> and<00:24:27.769> those<00:24:28.279> five 00:24:28.509 --> 00:24:28.519 align:start position:0% contracts aside from five and those five 00:24:28.519 --> 00:24:30.309 align:start position:0% contracts aside from five and those five were<00:24:28.909> already<00:24:29.179> exploited<00:24:29.869> and<00:24:30.109> there<00:24:30.259> are 00:24:30.309 --> 00:24:30.319 align:start position:0% were already exploited and there are 00:24:30.319 --> 00:24:30.580 align:start position:0% were already exploited and there are some 00:24:30.580 --> 00:24:30.590 align:start position:0% some 00:24:30.590 --> 00:24:32.230 align:start position:0% some like<00:24:30.710> horror<00:24:30.950> stories<00:24:31.039> but<00:24:31.789> people<00:24:32.059> didn't 00:24:32.230 --> 00:24:32.240 align:start position:0% like horror stories but people didn't 00:24:32.240 --> 00:24:35.140 align:start position:0% like horror stories but people didn't notice<00:24:32.390> that<00:24:33.279> they<00:24:34.279> could<00:24:34.429> be<00:24:34.520> exploited<00:24:34.970> so 00:24:35.140 --> 00:24:35.150 align:start position:0% notice that they could be exploited so 00:24:35.150 --> 00:24:36.490 align:start position:0% notice that they could be exploited so so<00:24:35.419> there<00:24:35.539> are<00:24:35.630> no<00:24:35.720> other<00:24:36.020> open 00:24:36.490 --> 00:24:36.500 align:start position:0% so there are no other open 00:24:36.500 --> 00:24:38.440 align:start position:0% so there are no other open vulnerabilities<00:24:37.100> like<00:24:37.250> this<00:24:37.429> but<00:24:38.029> having 00:24:38.440 --> 00:24:38.450 align:start position:0% vulnerabilities like this but having 00:24:38.450 --> 00:24:40.779 align:start position:0% vulnerabilities like this but having access<00:24:39.020> to<00:24:39.289> the<00:24:39.710> compiled<00:24:40.130> versions<00:24:40.640> of 00:24:40.779 --> 00:24:40.789 align:start position:0% access to the compiled versions of 00:24:40.789 --> 00:24:42.460 align:start position:0% access to the compiled versions of contracts<00:24:41.210> really<00:24:41.360> allows<00:24:41.690> you<00:24:41.840> to<00:24:41.990> do<00:24:42.140> all 00:24:42.460 --> 00:24:42.470 align:start position:0% contracts really allows you to do all 00:24:42.470 --> 00:24:44.649 align:start position:0% contracts really allows you to do all kinds<00:24:42.529> of<00:24:43.039> fun<00:24:43.340> security<00:24:44.179> analysis<00:24:44.630> and 00:24:44.649 --> 00:24:44.659 align:start position:0% kinds of fun security analysis and 00:24:44.659 --> 00:24:46.960 align:start position:0% kinds of fun security analysis and trying<00:24:45.289> to<00:24:45.409> figure<00:24:45.559> out<00:24:45.679> what's<00:24:46.250> going<00:24:46.429> on<00:24:46.700> on 00:24:46.960 --> 00:24:46.970 align:start position:0% trying to figure out what's going on on 00:24:46.970 --> 00:24:50.320 align:start position:0% trying to figure out what's going on on the<00:24:47.120> network<00:24:47.770> another<00:24:48.770> case<00:24:49.010> was<00:24:49.340> oh<00:24:49.700> yeah<00:24:50.059> so 00:24:50.320 --> 00:24:50.330 align:start position:0% the network another case was oh yeah so 00:24:50.330 --> 00:24:53.289 align:start position:0% the network another case was oh yeah so that<00:24:50.480> this<00:24:50.630> contract<00:24:51.820> there<00:24:52.820> was<00:24:52.909> a<00:24:52.940> constant 00:24:53.289 --> 00:24:53.299 align:start position:0% that this contract there was a constant 00:24:53.299 --> 00:24:56.200 align:start position:0% that this contract there was a constant in<00:24:53.419> Apple<00:24:53.720> Park<00:24:53.960> and<00:24:54.289> the<00:24:55.220> question<00:24:55.549> was<00:24:55.700> we're 00:24:56.200 --> 00:24:56.210 align:start position:0% in Apple Park and the question was we're 00:24:56.210 --> 00:24:59.200 align:start position:0% in Apple Park and the question was we're changing<00:24:56.659> the<00:24:56.779> virtual<00:24:57.110> machine<00:24:57.440> and<00:24:58.210> there 00:24:59.200 --> 00:24:59.210 align:start position:0% changing the virtual machine and there 00:24:59.210 --> 00:25:00.519 align:start position:0% changing the virtual machine and there is<00:24:59.270> a<00:24:59.330> potential<00:24:59.600> back<00:24:59.960> in<00:25:00.140> some<00:25:00.320> of<00:25:00.409> the 00:25:00.519 --> 00:25:00.529 align:start position:0% is a potential back in some of the 00:25:00.529 --> 00:25:02.289 align:start position:0% is a potential back in some of the contracts<00:25:01.070> that<00:25:01.340> happens<00:25:01.700> because<00:25:01.850> of<00:25:02.029> the 00:25:02.289 --> 00:25:02.299 align:start position:0% contracts that happens because of the 00:25:02.299 --> 00:25:04.870 align:start position:0% contracts that happens because of the change<00:25:02.630> how<00:25:03.590> do<00:25:03.649> we<00:25:03.919> know<00:25:04.070> which<00:25:04.370> contracts 00:25:04.870 --> 00:25:04.880 align:start position:0% change how do we know which contracts 00:25:04.880 --> 00:25:06.580 align:start position:0% change how do we know which contracts could<00:25:05.000> be<00:25:05.149> affected<00:25:05.600> by<00:25:05.750> the<00:25:05.809> new<00:25:05.990> version<00:25:06.409> and 00:25:06.580 --> 00:25:06.590 align:start position:0% could be affected by the new version and 00:25:06.590 --> 00:25:09.250 align:start position:0% could be affected by the new version and in<00:25:07.429> January<00:25:07.820> when<00:25:08.120> there<00:25:08.360> was<00:25:08.480> this<00:25:08.690> this 00:25:09.250 --> 00:25:09.260 align:start position:0% in January when there was this this 00:25:09.260 --> 00:25:11.880 align:start position:0% in January when there was this this whole<00:25:09.470> whole<00:25:10.159> fork<00:25:10.460> that<00:25:10.669> was<00:25:10.850> delayed 00:25:11.880 --> 00:25:11.890 align:start position:0% whole whole fork that was delayed 00:25:11.890 --> 00:25:14.110 align:start position:0% whole whole fork that was delayed actually<00:25:12.890> this<00:25:13.190> kind<00:25:13.370> of<00:25:13.520> stuff<00:25:13.760> that<00:25:14.059> the 00:25:14.110 --> 00:25:14.120 align:start position:0% actually this kind of stuff that the 00:25:14.120 --> 00:25:16.060 align:start position:0% actually this kind of stuff that the company's<00:25:14.539> version<00:25:14.690> was<00:25:15.020> used<00:25:15.049> to<00:25:15.710> figure<00:25:15.890> out 00:25:16.060 --> 00:25:16.070 align:start position:0% company's version was used to figure out 00:25:16.070 --> 00:25:17.799 align:start position:0% company's version was used to figure out how<00:25:16.520> many<00:25:16.580> contracts<00:25:17.270> and<00:25:17.390> the<00:25:17.450> main<00:25:17.600> net 00:25:17.799 --> 00:25:17.809 align:start position:0% how many contracts and the main net 00:25:17.809 --> 00:25:19.480 align:start position:0% how many contracts and the main net would<00:25:18.020> be<00:25:18.049> affected<00:25:18.559> by<00:25:18.710> some<00:25:18.919> changes<00:25:19.279> in<00:25:19.399> the 00:25:19.480 --> 00:25:19.490 align:start position:0% would be affected by some changes in the 00:25:19.490 --> 00:25:21.070 align:start position:0% would be affected by some changes in the virtual<00:25:19.820> machine<00:25:20.120> so<00:25:20.630> this<00:25:20.750> is<00:25:20.870> so<00:25:20.960> very 00:25:21.070 --> 00:25:21.080 align:start position:0% virtual machine so this is so very 00:25:21.080 --> 00:25:22.269 align:start position:0% virtual machine so this is so very important<00:25:21.529> for<00:25:21.559> the<00:25:21.740> community 00:25:22.269 --> 00:25:22.279 align:start position:0% important for the community 00:25:22.279 --> 00:25:24.100 align:start position:0% important for the community but<00:25:22.490> again<00:25:22.700> this<00:25:22.820> is<00:25:22.880> geeky<00:25:23.450> stuff<00:25:23.510> a<00:25:23.840> little 00:25:24.100 --> 00:25:24.110 align:start position:0% but again this is geeky stuff a little 00:25:24.110 --> 00:25:27.820 align:start position:0% but again this is geeky stuff a little bit<00:25:25.240> so<00:25:26.240> there<00:25:26.390> is<00:25:26.480> more<00:25:26.720> and<00:25:26.929> it's<00:25:27.440> more<00:25:27.649> user 00:25:27.820 --> 00:25:27.830 align:start position:0% bit so there is more and it's more user 00:25:27.830 --> 00:25:30.669 align:start position:0% bit so there is more and it's more user facing<00:25:28.370> for<00:25:28.909> example<00:25:29.299> a<00:25:29.600> very<00:25:30.200> simple<00:25:30.500> thing 00:25:30.669 --> 00:25:30.679 align:start position:0% facing for example a very simple thing 00:25:30.679 --> 00:25:32.409 align:start position:0% facing for example a very simple thing that<00:25:30.710> you<00:25:30.860> can<00:25:30.950> do<00:25:31.220> and<00:25:31.460> we<00:25:31.610> did<00:25:31.760> that<00:25:31.970> during 00:25:32.409 --> 00:25:32.419 align:start position:0% that you can do and we did that during 00:25:32.419 --> 00:25:36.190 align:start position:0% that you can do and we did that during one<00:25:32.690> of<00:25:32.720> the<00:25:32.870> hackathons<00:25:33.289> is<00:25:34.750> analyzing<00:25:35.750> who 00:25:36.190 --> 00:25:36.200 align:start position:0% one of the hackathons is analyzing who 00:25:36.200 --> 00:25:38.380 align:start position:0% one of the hackathons is analyzing who are<00:25:36.409> who<00:25:36.950> has<00:25:37.190> the<00:25:37.580> access<00:25:37.940> rights<00:25:38.179> to<00:25:38.360> a 00:25:38.380 --> 00:25:38.390 align:start position:0% are who has the access rights to a 00:25:38.390 --> 00:25:40.510 align:start position:0% are who has the access rights to a contract<00:25:38.840> so<00:25:39.320> you<00:25:39.409> grab<00:25:39.620> a<00:25:39.649> contract<00:25:40.279> and<00:25:40.490> you 00:25:40.510 --> 00:25:40.520 align:start position:0% contract so you grab a contract and you 00:25:40.520 --> 00:25:42.909 align:start position:0% contract so you grab a contract and you can<00:25:41.120> analyze<00:25:41.270> the<00:25:41.600> sources<00:25:42.020> and<00:25:42.260> figure<00:25:42.799> out 00:25:42.909 --> 00:25:42.919 align:start position:0% can analyze the sources and figure out 00:25:42.919 --> 00:25:45.850 align:start position:0% can analyze the sources and figure out oh<00:25:43.179> this<00:25:44.179> storage<00:25:44.570> contains<00:25:45.260> the<00:25:45.409> address<00:25:45.500> of 00:25:45.850 --> 00:25:45.860 align:start position:0% oh this storage contains the address of 00:25:45.860 --> 00:25:47.830 align:start position:0% oh this storage contains the address of the<00:25:45.980> administrator<00:25:46.610> and<00:25:46.970> this<00:25:47.240> administrator 00:25:47.830 --> 00:25:47.840 align:start position:0% the administrator and this administrator 00:25:47.840 --> 00:25:49.480 align:start position:0% the administrator and this administrator can<00:25:48.200> be<00:25:48.350> changed<00:25:48.740> in<00:25:48.860> these<00:25:49.039> dis<00:25:49.309> and 00:25:49.480 --> 00:25:49.490 align:start position:0% can be changed in these dis and 00:25:49.490 --> 00:25:51.880 align:start position:0% can be changed in these dis and dysfunction<00:25:50.059> or<00:25:50.210> this<00:25:50.960> contract<00:25:51.440> has<00:25:51.649> some 00:25:51.880 --> 00:25:51.890 align:start position:0% dysfunction or this contract has some 00:25:51.890 --> 00:25:53.769 align:start position:0% dysfunction or this contract has some other<00:25:52.039> like<00:25:52.429> five<00:25:52.610> administrators<00:25:53.419> and<00:25:53.659> they 00:25:53.769 --> 00:25:53.779 align:start position:0% other like five administrators and they 00:25:53.779 --> 00:25:56.639 align:start position:0% other like five administrators and they can<00:25:53.990> be<00:25:54.799> accessed<00:25:54.980> by<00:25:55.429> this<00:25:55.490> and<00:25:55.970> that<00:25:56.000> so 00:25:56.639 --> 00:25:56.649 align:start position:0% can be accessed by this and that so 00:25:56.649 --> 00:25:58.779 align:start position:0% can be accessed by this and that so there<00:25:57.649> is<00:25:57.740> this<00:25:57.830> simple<00:25:58.130> tool<00:25:58.340> that<00:25:58.370> we<00:25:58.640> wrote 00:25:58.779 --> 00:25:58.789 align:start position:0% there is this simple tool that we wrote 00:25:58.789 --> 00:26:00.130 align:start position:0% there is this simple tool that we wrote into<00:25:59.000> open<00:25:59.240> source<00:25:59.390> during<00:25:59.840> one<00:25:59.990> of<00:26:00.020> the 00:26:00.130 --> 00:26:00.140 align:start position:0% into open source during one of the 00:26:00.140 --> 00:26:02.470 align:start position:0% into open source during one of the hackathons<00:26:00.409> that<00:26:00.830> allows<00:26:01.070> you<00:26:01.250> to<00:26:01.429> see<00:26:01.820> the 00:26:02.470 --> 00:26:02.480 align:start position:0% hackathons that allows you to see the 00:26:02.480 --> 00:26:05.250 align:start position:0% hackathons that allows you to see the yeah<00:26:03.230> like<00:26:03.470> all<00:26:03.740> the<00:26:03.799> all<00:26:04.520> the<00:26:04.820> possible 00:26:05.250 --> 00:26:05.260 align:start position:0% yeah like all the all the possible 00:26:05.260 --> 00:26:07.710 align:start position:0% yeah like all the all the possible actors<00:26:06.260> that<00:26:06.440> are<00:26:06.500> involved<00:26:06.919> with<00:26:07.039> a<00:26:07.100> contract 00:26:07.710 --> 00:26:07.720 align:start position:0% actors that are involved with a contract 00:26:07.720 --> 00:26:11.139 align:start position:0% actors that are involved with a contract you<00:26:08.720> could<00:26:08.809> also<00:26:08.990> use<00:26:09.770> this<00:26:10.010> to<00:26:10.279> really<00:26:10.640> build 00:26:11.139 --> 00:26:11.149 align:start position:0% you could also use this to really build 00:26:11.149 --> 00:26:13.090 align:start position:0% you could also use this to really build better<00:26:11.360> user<00:26:11.630> interfaces<00:26:12.380> and<00:26:12.620> this<00:26:12.799> is<00:26:12.919> where 00:26:13.090 --> 00:26:13.100 align:start position:0% better user interfaces and this is where 00:26:13.100 --> 00:26:15.039 align:start position:0% better user interfaces and this is where we<00:26:13.279> really<00:26:13.549> get<00:26:13.940> to<00:26:14.120> the<00:26:14.210> users<00:26:14.539> these<00:26:14.929> are 00:26:15.039 --> 00:26:15.049 align:start position:0% we really get to the users these are 00:26:15.049 --> 00:26:16.419 align:start position:0% we really get to the users these are part<00:26:15.559> of<00:26:15.649> view<00:26:15.830> because<00:26:15.980> when<00:26:16.220> you<00:26:16.279> can 00:26:16.419 --> 00:26:16.429 align:start position:0% part of view because when you can 00:26:16.429 --> 00:26:17.919 align:start position:0% part of view because when you can analyze<00:26:16.640> contracts<00:26:17.059> better<00:26:17.270> you<00:26:17.779> can 00:26:17.919 --> 00:26:17.929 align:start position:0% analyze contracts better you can 00:26:17.929 --> 00:26:19.120 align:start position:0% analyze contracts better you can understand<00:26:18.409> them<00:26:18.529> you<00:26:18.620> can<00:26:18.770> build<00:26:18.950> a<00:26:19.039> better 00:26:19.120 --> 00:26:19.130 align:start position:0% understand them you can build a better 00:26:19.130 --> 00:26:21.370 align:start position:0% understand them you can build a better user<00:26:19.399> interface<00:26:20.020> there<00:26:21.020> are<00:26:21.080> actually 00:26:21.370 --> 00:26:21.380 align:start position:0% user interface there are actually 00:26:21.380 --> 00:26:23.860 align:start position:0% user interface there are actually explorers<00:26:21.860> who<00:26:22.100> don't<00:26:22.309> show<00:26:22.700> sources<00:26:23.450> for 00:26:23.860 --> 00:26:23.870 align:start position:0% explorers who don't show sources for 00:26:23.870 --> 00:26:25.990 align:start position:0% explorers who don't show sources for many<00:26:24.080> contracts<00:26:24.500> just<00:26:24.649> yet<00:26:24.919> and<00:26:25.190> when<00:26:25.730> we<00:26:25.820> have 00:26:25.990 --> 00:26:26.000 align:start position:0% many contracts just yet and when we have 00:26:26.000 --> 00:26:27.430 align:start position:0% many contracts just yet and when we have good<00:26:26.179> the<00:26:26.419> compiled<00:26:26.720> version<00:26:27.049> we<00:26:27.140> can<00:26:27.289> show 00:26:27.430 --> 00:26:27.440 align:start position:0% good the compiled version we can show 00:26:27.440 --> 00:26:29.740 align:start position:0% good the compiled version we can show that<00:26:27.590> to<00:26:27.679> the<00:26:27.740> users<00:26:28.070> so<00:26:28.279> that's<00:26:28.970> also<00:26:29.390> quite 00:26:29.740 --> 00:26:29.750 align:start position:0% that to the users so that's also quite 00:26:29.750 --> 00:26:31.510 align:start position:0% that to the users so that's also quite cool<00:26:29.960> because<00:26:30.140> that<00:26:30.260> kind<00:26:30.590> of<00:26:30.679> levels<00:26:30.980> ground 00:26:31.510 --> 00:26:31.520 align:start position:0% cool because that kind of levels ground 00:26:31.520 --> 00:26:33.730 align:start position:0% cool because that kind of levels ground between<00:26:32.330> other<00:26:32.750> blockchains<00:26:33.230> explorers 00:26:33.730 --> 00:26:33.740 align:start position:0% between other blockchains explorers 00:26:33.740 --> 00:26:35.919 align:start position:0% between other blockchains explorers which<00:26:34.250> didn't<00:26:34.520> have<00:26:34.700> sources<00:26:35.000> because<00:26:35.840> they 00:26:35.919 --> 00:26:35.929 align:start position:0% which didn't have sources because they 00:26:35.929 --> 00:26:38.019 align:start position:0% which didn't have sources because they didn't<00:26:36.169> want<00:26:36.409> to<00:26:36.470> get<00:26:37.309> them<00:26:37.429> from<00:26:37.580> either<00:26:37.730> scan 00:26:38.019 --> 00:26:38.029 align:start position:0% didn't want to get them from either scan 00:26:38.029 --> 00:26:41.919 align:start position:0% didn't want to get them from either scan and<00:26:38.330> and<00:26:38.630> eater<00:26:38.870> scan<00:26:39.169> and<00:26:40.179> one<00:26:41.179> more<00:26:41.450> more 00:26:41.919 --> 00:26:41.929 align:start position:0% and and eater scan and one more more 00:26:41.929 --> 00:26:43.310 align:start position:0% and and eater scan and one more more cool<00:26:42.140> thing 00:26:43.310 --> 00:26:43.320 align:start position:0% cool thing 00:26:43.320 --> 00:26:46.349 align:start position:0% cool thing transactions<00:26:44.320> like<00:26:45.279> many<00:26:45.549> users<00:26:45.909> right<00:26:46.179> now 00:26:46.349 --> 00:26:46.359 align:start position:0% transactions like many users right now 00:26:46.359 --> 00:26:48.359 align:start position:0% transactions like many users right now there<00:26:46.779> is<00:26:46.839> no<00:26:47.019> good<00:26:47.200> way<00:26:47.259> to<00:26:47.889> show<00:26:48.099> to<00:26:48.159> the 00:26:48.359 --> 00:26:48.369 align:start position:0% there is no good way to show to the 00:26:48.369 --> 00:26:51.419 align:start position:0% there is no good way to show to the users<00:26:48.729> how<00:26:49.359> transactions<00:26:49.899> work<00:26:50.139> really<00:26:51.009> like 00:26:51.419 --> 00:26:51.429 align:start position:0% users how transactions work really like 00:26:51.429 --> 00:26:53.159 align:start position:0% users how transactions work really like this<00:26:51.789> is<00:26:51.909> the<00:26:52.149> state<00:26:52.389> of<00:26:52.419> the<00:26:52.629> art<00:26:52.749> I<00:26:52.960> guess 00:26:53.159 --> 00:26:53.169 align:start position:0% this is the state of the art I guess 00:26:53.169 --> 00:26:54.749 align:start position:0% this is the state of the art I guess ether<00:26:53.830> scan<00:26:54.190> right<00:26:54.339> now 00:26:54.749 --> 00:26:54.759 align:start position:0% ether scan right now 00:26:54.759 --> 00:26:57.959 align:start position:0% ether scan right now so<00:26:54.999> it<00:26:55.119> shows<00:26:55.299> you<00:26:55.450> only<00:26:55.570> like<00:26:56.529> input<00:26:56.889> data<00:26:57.099> you 00:26:57.959 --> 00:26:57.969 align:start position:0% so it shows you only like input data you 00:26:57.969 --> 00:26:59.279 align:start position:0% so it shows you only like input data you can<00:26:58.149> see<00:26:58.269> that<00:26:58.419> on<00:26:58.629> the<00:26:58.719> bottom<00:26:59.019> it<00:26:59.259> says 00:26:59.279 --> 00:26:59.289 align:start position:0% can see that on the bottom it says 00:26:59.289 --> 00:27:01.619 align:start position:0% can see that on the bottom it says transfer<00:26:59.799> function<00:27:00.339> some<00:27:00.879> parameters<00:27:01.419> and 00:27:01.619 --> 00:27:01.629 align:start position:0% transfer function some parameters and 00:27:01.629 --> 00:27:04.739 align:start position:0% transfer function some parameters and that's<00:27:01.809> it<00:27:02.019> but<00:27:02.859> when<00:27:03.039> we<00:27:03.070> have<00:27:03.429> access<00:27:04.330> to<00:27:04.599> the 00:27:04.739 --> 00:27:04.749 align:start position:0% that's it but when we have access to the 00:27:04.749 --> 00:27:07.379 align:start position:0% that's it but when we have access to the D<00:27:04.929> compiled<00:27:05.379> versions<00:27:05.950> of<00:27:06.070> the<00:27:06.190> contracts<00:27:06.700> for 00:27:07.379 --> 00:27:07.389 align:start position:0% D compiled versions of the contracts for 00:27:07.389 --> 00:27:09.329 align:start position:0% D compiled versions of the contracts for any<00:27:07.539> contract<00:27:07.989> for<00:27:08.139> any<00:27:08.289> transaction<00:27:08.799> we<00:27:09.219> can 00:27:09.329 --> 00:27:09.339 align:start position:0% any contract for any transaction we can 00:27:09.339 --> 00:27:13.200 align:start position:0% any contract for any transaction we can show<00:27:09.519> it<00:27:09.639> quite<00:27:10.119> nicely<00:27:10.299> how<00:27:11.460> and<00:27:12.460> what<00:27:12.849> every 00:27:13.200 --> 00:27:13.210 align:start position:0% show it quite nicely how and what every 00:27:13.210 --> 00:27:15.209 align:start position:0% show it quite nicely how and what every function<00:27:13.539> does<00:27:13.690> so<00:27:14.139> actually<00:27:14.769> there<00:27:14.950> is<00:27:15.039> this 00:27:15.209 --> 00:27:15.219 align:start position:0% function does so actually there is this 00:27:15.219 --> 00:27:17.430 align:start position:0% function does so actually there is this version<00:27:15.369> online<00:27:15.839> right<00:27:16.839> now<00:27:16.869> that<00:27:17.169> we<00:27:17.259> built 00:27:17.430 --> 00:27:17.440 align:start position:0% version online right now that we built 00:27:17.440 --> 00:27:20.609 align:start position:0% version online right now that we built on<00:27:17.649> top<00:27:17.830> of<00:27:17.889> that<00:27:18.210> on<00:27:19.210> top<00:27:19.839> of<00:27:19.989> those<00:27:20.109> sources 00:27:20.609 --> 00:27:20.619 align:start position:0% on top of that on top of those sources 00:27:20.619 --> 00:27:22.709 align:start position:0% on top of that on top of those sources that<00:27:20.799> shows<00:27:21.070> you<00:27:21.219> not<00:27:21.309> only<00:27:21.539> what<00:27:22.539> was 00:27:22.709 --> 00:27:22.719 align:start position:0% that shows you not only what was 00:27:22.719 --> 00:27:24.359 align:start position:0% that shows you not only what was transferred<00:27:23.200> the<00:27:23.349> amount<00:27:23.529> of<00:27:23.649> money<00:27:23.799> that<00:27:24.129> was 00:27:24.359 --> 00:27:24.369 align:start position:0% transferred the amount of money that was 00:27:24.369 --> 00:27:27.389 align:start position:0% transferred the amount of money that was transferred<00:27:24.669> but<00:27:25.119> what<00:27:25.659> is<00:27:25.809> being<00:27:25.960> used<00:27:26.399> like 00:27:27.389 --> 00:27:27.399 align:start position:0% transferred but what is being used like 00:27:27.399 --> 00:27:28.769 align:start position:0% transferred but what is being used like what<00:27:27.940> are<00:27:28.029> the<00:27:28.149> functions<00:27:28.509> that<00:27:28.599> are<00:27:28.749> called 00:27:28.769 --> 00:27:28.779 align:start position:0% what are the functions that are called 00:27:28.779 --> 00:27:31.049 align:start position:0% what are the functions that are called what<00:27:29.169> do<00:27:29.259> they<00:27:29.349> do<00:27:29.409> and<00:27:29.919> it's<00:27:30.489> still<00:27:30.729> not<00:27:30.879> super 00:27:31.049 --> 00:27:31.059 align:start position:0% what do they do and it's still not super 00:27:31.059 --> 00:27:33.659 align:start position:0% what do they do and it's still not super accessible<00:27:31.629> to<00:27:31.719> the<00:27:31.869> common<00:27:32.769> user<00:27:33.039> but<00:27:33.369> it<00:27:33.489> is 00:27:33.659 --> 00:27:33.669 align:start position:0% accessible to the common user but it is 00:27:33.669 --> 00:27:36.450 align:start position:0% accessible to the common user but it is quite<00:27:34.089> easy<00:27:34.389> so<00:27:34.979> roughly<00:27:35.979> that's<00:27:36.099> it<00:27:36.279> there 00:27:36.450 --> 00:27:36.460 align:start position:0% quite easy so roughly that's it there 00:27:36.460 --> 00:27:37.829 align:start position:0% quite easy so roughly that's it there are<00:27:36.519> many<00:27:36.700> more<00:27:36.820> use<00:27:36.999> cases<00:27:37.239> but<00:27:37.509> check<00:27:37.719> out 00:27:37.829 --> 00:27:37.839 align:start position:0% are many more use cases but check out 00:27:37.839 --> 00:27:40.349 align:start position:0% are many more use cases but check out check<00:27:38.679> out<00:27:38.859> the<00:27:39.279> compilers<00:27:39.639> in<00:27:39.759> general<00:27:40.149> and 00:27:40.349 --> 00:27:40.359 align:start position:0% check out the compilers in general and 00:27:40.359 --> 00:27:42.539 align:start position:0% check out the compilers in general and looking<00:27:40.659> to<00:27:40.749> the<00:27:40.779> fields<00:27:41.080> more<00:27:41.259> it's<00:27:42.129> quite<00:27:42.429> an 00:27:42.539 --> 00:27:42.549 align:start position:0% looking to the fields more it's quite an 00:27:42.549 --> 00:27:45.350 align:start position:0% looking to the fields more it's quite an awesome<00:27:42.639> stuff<00:27:43.149> thank<00:27:43.570> you 00:27:45.350 --> 00:27:45.360 align:start position:0% awesome stuff thank you 00:27:45.360 --> 00:27:53.510 align:start position:0% awesome stuff thank you [Applause] 00:27:53.510 --> 00:27:53.520 align:start position:0% 00:27:53.520 --> 00:27:55.580 align:start position:0% you