WEBVTT Kind: captions Language: en 00:00:00.820 --> 00:00:01.300 align:start position:0% [Applause] 00:00:01.300 --> 00:00:01.310 align:start position:0% [Applause] 00:00:01.310 --> 00:00:07.810 align:start position:0% [Applause] okay<00:00:02.310> hello<00:00:03.030> everyone<00:00:03.600> how<00:00:04.290> are<00:00:04.319> you 00:00:07.810 --> 00:00:07.820 align:start position:0% 00:00:07.820 --> 00:00:11.060 align:start position:0% happy<00:00:08.820> anniversary<00:00:09.570> of<00:00:09.750> the<00:00:09.960> satoshis<00:00:10.830> white 00:00:11.060 --> 00:00:11.070 align:start position:0% happy anniversary of the satoshis white 00:00:11.070 --> 00:00:19.790 align:start position:0% happy anniversary of the satoshis white paper<00:00:11.340> ten<00:00:11.880> years<00:00:17.570> yeah<00:00:18.570> they<00:00:19.109> are<00:00:19.260> 10<00:00:19.650> in 00:00:19.790 --> 00:00:19.800 align:start position:0% paper ten years yeah they are 10 in 00:00:19.800 --> 00:00:24.470 align:start position:0% paper ten years yeah they are 10 in binary<00:00:19.980> counting<00:00:21.710> okay<00:00:22.710> so<00:00:22.769> today<00:00:23.580> I'm<00:00:24.090> going 00:00:24.470 --> 00:00:24.480 align:start position:0% binary counting okay so today I'm going 00:00:24.480 --> 00:00:28.040 align:start position:0% binary counting okay so today I'm going to<00:00:25.939> basically<00:00:26.939> talk<00:00:27.240> about<00:00:27.300> a<00:00:27.630> ton<00:00:27.869> of<00:00:27.900> a 00:00:28.040 --> 00:00:28.050 align:start position:0% to basically talk about a ton of a 00:00:28.050 --> 00:00:31.790 align:start position:0% to basically talk about a ton of a theory<00:00:28.289> I'm<00:00:28.439> 2.0<00:00:28.980> but<00:00:29.250> I'm<00:00:29.849> not<00:00:30.240> just<00:00:30.689> from<00:00:31.619> a 00:00:31.790 --> 00:00:31.800 align:start position:0% theory I'm 2.0 but I'm not just from a 00:00:31.800 --> 00:00:33.650 align:start position:0% theory I'm 2.0 but I'm not just from a technical<00:00:32.160> point<00:00:32.579> of<00:00:32.820> view<00:00:33.000> but<00:00:33.180> more<00:00:33.450> from 00:00:33.650 --> 00:00:33.660 align:start position:0% technical point of view but more from 00:00:33.660 --> 00:00:36.770 align:start position:0% technical point of view but more from the<00:00:33.840> point<00:00:34.050> of<00:00:34.170> view<00:00:34.380> of<00:00:34.640> why<00:00:35.640> aetherium<00:00:36.239> 2.0 00:00:36.770 --> 00:00:36.780 align:start position:0% the point of view of why aetherium 2.0 00:00:36.780 --> 00:00:39.500 align:start position:0% the point of view of why aetherium 2.0 what<00:00:37.110> is<00:00:37.200> a<00:00:37.380> theorem<00:00:37.739> 2.0<00:00:38.280> and<00:00:38.640> kind<00:00:39.239> of<00:00:39.329> how<00:00:39.450> we 00:00:39.500 --> 00:00:39.510 align:start position:0% what is a theorem 2.0 and kind of how we 00:00:39.510 --> 00:00:43.220 align:start position:0% what is a theorem 2.0 and kind of how we got<00:00:39.660> here<00:00:40.110> right<00:00:40.260> so<00:00:41.070> what<00:00:42.059> is<00:00:42.210> a<00:00:42.300> theorem<00:00:42.719> 2.0 00:00:43.220 --> 00:00:43.230 align:start position:0% got here right so what is a theorem 2.0 00:00:43.230 --> 00:00:46.459 align:start position:0% got here right so what is a theorem 2.0 first<00:00:43.469> of<00:00:43.680> all<00:00:43.800> if<00:00:44.100> the<00:00:44.280> arrium<00:00:44.520> 2.0<00:00:45.210> is<00:00:45.690> this 00:00:46.459 --> 00:00:46.469 align:start position:0% first of all if the arrium 2.0 is this 00:00:46.469 --> 00:00:49.369 align:start position:0% first of all if the arrium 2.0 is this kind<00:00:47.070> of<00:00:47.129> combination<00:00:47.940> of<00:00:48.210> a<00:00:48.570> bunch<00:00:49.230> of 00:00:49.369 --> 00:00:49.379 align:start position:0% kind of combination of a bunch of 00:00:49.379 --> 00:00:51.830 align:start position:0% kind of combination of a bunch of different<00:00:49.800> features<00:00:50.149> that<00:00:51.149> we've<00:00:51.570> been 00:00:51.830 --> 00:00:51.840 align:start position:0% different features that we've been 00:00:51.840 --> 00:00:53.750 align:start position:0% different features that we've been talking<00:00:52.649> about<00:00:52.710> for<00:00:53.039> several<00:00:53.430> years 00:00:53.750 --> 00:00:53.760 align:start position:0% talking about for several years 00:00:53.760 --> 00:00:56.450 align:start position:0% talking about for several years researching<00:00:54.449> for<00:00:54.780> several<00:00:55.170> years<00:00:55.500> actively 00:00:56.450 --> 00:00:56.460 align:start position:0% researching for several years actively 00:00:56.460 --> 00:00:58.430 align:start position:0% researching for several years actively building<00:00:56.789> for<00:00:57.000> several<00:00:57.390> years<00:00:57.719> that<00:00:58.320> are 00:00:58.430 --> 00:00:58.440 align:start position:0% building for several years that are 00:00:58.440 --> 00:01:00.619 align:start position:0% building for several years that are finally<00:00:58.949> going<00:00:59.129> to<00:00:59.219> come<00:00:59.340> together<00:00:59.670> into<00:01:00.149> this 00:01:00.619 --> 00:01:00.629 align:start position:0% finally going to come together into this 00:01:00.629 --> 00:01:02.959 align:start position:0% finally going to come together into this one<00:01:00.690> coherent<00:01:01.590> whole<00:01:01.770> and<00:01:02.190> these<00:01:02.730> features 00:01:02.959 --> 00:01:02.969 align:start position:0% one coherent whole and these features 00:01:02.969 --> 00:01:08.950 align:start position:0% one coherent whole and these features include<00:01:03.439> proof<00:01:04.439> of<00:01:04.559> stake<00:01:05.119> Kaspar 00:01:08.950 --> 00:01:08.960 align:start position:0% 00:01:08.960 --> 00:01:13.580 align:start position:0% scalability<00:01:10.070> sharding<00:01:12.320> virtual<00:01:13.320> machine 00:01:13.580 --> 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list<00:01:22.890> goes<00:01:23.070> on<00:01:23.250> and<00:01:23.430> on<00:01:23.490> and 00:01:23.539 --> 00:01:23.549 align:start position:0% so really the list goes on and on and 00:01:23.549 --> 00:01:25.580 align:start position:0% so really the list goes on and on and there<00:01:23.820> is<00:01:23.850> some<00:01:24.090> power<00:01:24.240> law<00:01:24.450> distribution<00:01:25.170> so 00:01:25.580 --> 00:01:25.590 align:start position:0% there is some power law distribution so 00:01:25.590 --> 00:01:29.090 align:start position:0% there is some power law distribution so lots<00:01:26.100> of<00:01:26.250> great<00:01:26.460> stuff<00:01:26.700> now<00:01:27.619> how<00:01:28.619> did<00:01:28.770> we<00:01:28.920> get 00:01:29.090 --> 00:01:29.100 align:start position:0% lots of great stuff now how did we get 00:01:29.100 --> 00:01:31.700 align:start position:0% lots of great stuff now how did we get here<00:01:29.430> right<00:01:29.790> so<00:01:30.119> the<00:01:30.780> road<00:01:30.960> to<00:01:31.170> proof<00:01:31.350> of<00:01:31.470> stake 00:01:31.700 --> 00:01:31.710 align:start position:0% here right so the road to proof of stake 00:01:31.710 --> 00:01:34.520 align:start position:0% here right so the road to proof of stake actually<00:01:32.250> started<00:01:32.729> way<00:01:32.939> back<00:01:33.150> in<00:01:33.210> 2014<00:01:33.900> with 00:01:34.520 --> 00:01:34.530 align:start position:0% actually started way back in 2014 with 00:01:34.530 --> 00:01:36.109 align:start position:0% actually started way back in 2014 with this<00:01:34.740> blog<00:01:35.040> post<00:01:35.310> that<00:01:35.430> I<00:01:35.520> published<00:01:35.939> in 00:01:36.109 --> 00:01:36.119 align:start position:0% this blog post that I published in 00:01:36.119 --> 00:01:38.870 align:start position:0% this blog post that I published in January<00:01:36.920> describing<00:01:37.920> this<00:01:38.009> algorithm<00:01:38.670> called 00:01:38.870 --> 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steak algorithms which is this 00:01:46.200 --> 00:01:48.800 align:start position:0% proof of steak algorithms which is this idea<00:01:46.710> that<00:01:47.159> if<00:01:47.700> you<00:01:48.030> get<00:01:48.240> caught<00:01:48.540> doing 00:01:48.800 --> 00:01:48.810 align:start position:0% idea that if you get caught doing 00:01:48.810 --> 00:01:50.660 align:start position:0% idea that if you get caught doing something<00:01:48.960> wrong<00:01:49.560> then<00:01:49.890> this<00:01:50.070> can<00:01:50.250> be<00:01:50.369> proven 00:01:50.660 --> 00:01:50.670 align:start position:0% something wrong then this can be proven 00:01:50.670 --> 00:01:53.840 align:start position:0% something wrong then this can be proven and<00:01:51.060> you<00:01:51.869> can<00:01:52.049> be<00:01:52.170> penalized<00:01:52.619> for<00:01:52.770> it<00:01:52.920> and<00:01:53.189> this 00:01:53.840 --> 00:01:53.850 align:start position:0% and you can be penalized for it and this 00:01:53.850 --> 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that quote Salah<00:02:00.899> sure<00:02:01.079> is<00:02:01.200> a<00:02:01.229> useful<00:02:01.530> construct<00:02:02.189> to<00:02:02.310> have 00:02:02.450 --> 00:02:02.460 align:start position:0% Salah sure is a useful construct to have 00:02:02.460 --> 00:02:04.310 align:start position:0% Salah sure is a useful construct to have in<00:02:02.610> our<00:02:02.700> war<00:02:02.909> chest<00:02:03.240> in<00:02:03.420> case<00:02:03.689> proof<00:02:03.960> of<00:02:04.110> steak 00:02:04.310 --> 00:02:04.320 align:start position:0% in our war chest in case proof of steak 00:02:04.320 --> 00:02:06.440 align:start position:0% in our war chest in case proof of steak mining<00:02:04.920> becomes<00:02:05.670> substantially<00:02:06.299> more 00:02:06.440 --> 00:02:06.450 align:start position:0% mining becomes substantially more 00:02:06.450 --> 00:02:08.359 align:start position:0% mining becomes substantially more popular<00:02:06.930> or<00:02:07.170> a<00:02:07.200> compelling<00:02:07.560> reason<00:02:07.860> to<00:02:08.039> switch 00:02:08.359 --> 00:02:08.369 align:start position:0% popular or a compelling reason to switch 00:02:08.369 --> 00:02:11.960 align:start position:0% popular or a compelling reason to switch but<00:02:08.910> we're<00:02:09.629> not<00:02:09.780> doing<00:02:09.929> that<00:02:10.080> yet<00:02:10.440> so<00:02:10.649> at<00:02:11.610> the 00:02:11.960 --> 00:02:11.970 align:start position:0% but we're not doing that yet so at the 00:02:11.970 --> 00:02:13.670 align:start position:0% but we're not doing that yet so at the time<00:02:12.150> it<00:02:12.209> was<00:02:12.450> not<00:02:12.599> even<00:02:12.750> clear<00:02:13.110> yet<00:02:13.379> that 00:02:13.670 --> 00:02:13.680 align:start position:0% time it was not even clear yet that 00:02:13.680 --> 00:02:15.050 align:start position:0% time it was not even clear yet that of<00:02:13.799> steak<00:02:14.040> is<00:02:14.189> even<00:02:14.430> the<00:02:14.519> direction<00:02:14.670> that 00:02:15.050 --> 00:02:15.060 align:start position:0% of steak is even the direction that 00:02:15.060 --> 00:02:17.690 align:start position:0% of steak is even the direction that we're<00:02:15.209> going<00:02:15.239> but<00:02:16.200> as<00:02:16.439> we<00:02:16.650> know<00:02:16.799> now<00:02:17.010> over<00:02:17.489> time 00:02:17.690 --> 00:02:17.700 align:start position:0% we're going but as we know now over time 00:02:17.700 --> 00:02:20.000 align:start position:0% we're going but as we know now over time that<00:02:18.030> changed<00:02:18.359> quite<00:02:18.540> a<00:02:18.599> lot<00:02:18.829> so<00:02:19.829> what 00:02:20.000 --> 00:02:20.010 align:start position:0% that changed quite a lot so what 00:02:20.010 --> 00:02:22.640 align:start position:0% that changed quite a lot so what happened<00:02:20.340> in<00:02:20.459> 2014<00:02:20.790> so<00:02:21.780> first<00:02:22.079> of<00:02:22.290> all<00:02:22.379> went 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position:0% was this kind of suggestion to try to 00:02:28.590 --> 00:02:31.339 align:start position:0% was this kind of suggestion to try to improve<00:02:28.950> scalability<00:02:29.640> hub-and-spoke<00:02:30.599> chains 00:02:31.339 --> 00:02:31.349 align:start position:0% improve scalability hub-and-spoke chains 00:02:31.349 --> 00:02:33.740 align:start position:0% improve scalability hub-and-spoke chains so<00:02:32.069> basically<00:02:32.639> you<00:02:32.819> kind<00:02:33.030> of<00:02:33.150> have<00:02:33.269> one<00:02:33.540> chain 00:02:33.740 --> 00:02:33.750 align:start position:0% so basically you kind of have one chain 00:02:33.750 --> 00:02:35.599 align:start position:0% so basically you kind of have one chain in<00:02:33.900> the<00:02:33.989> middle<00:02:34.260> and<00:02:34.560> a<00:02:34.799> bunch<00:02:35.010> of<00:02:35.129> chains<00:02:35.400> on 00:02:35.599 --> 00:02:35.609 align:start position:0% in the middle and a bunch of chains on 00:02:35.609 --> 00:02:39.319 align:start position:0% in the middle and a bunch of chains on the<00:02:35.730> edges<00:02:36.120> um<00:02:37.049> this<00:02:37.560> was<00:02:38.370> a<00:02:38.670> kind<00:02:38.879> of<00:02:39.030> very 00:02:39.319 --> 00:02:39.329 align:start position:0% the edges um this was a kind of very 00:02:39.329 --> 00:02:41.660 align:start position:0% the edges um this was a kind of very early<00:02:39.659> scalability<00:02:40.620> and<00:02:40.739> sharding<00:02:41.129> proposal 00:02:41.660 --> 00:02:41.670 align:start position:0% early scalability and sharding proposal 00:02:41.670 --> 00:02:44.059 align:start position:0% early scalability and sharding proposal that<00:02:41.939> tried<00:02:42.569> to<00:02:42.599> improve<00:02:43.200> scalability<00:02:44.040> for 00:02:44.059 --> 00:02:44.069 align:start position:0% that tried to improve scalability for 00:02:44.069 --> 00:02:45.979 align:start position:0% that tried to improve scalability for local<00:02:44.549> transactions<00:02:45.239> but<00:02:45.450> not<00:02:45.689> for 00:02:45.979 --> 00:02:45.989 align:start position:0% local transactions but not for 00:02:45.989 --> 00:02:47.809 align:start position:0% local transactions but not for transactions<00:02:46.680> that<00:02:46.769> are<00:02:46.829> global<00:02:47.280> so<00:02:47.459> not<00:02:47.639> for 00:02:47.809 --> 00:02:47.819 align:start position:0% transactions that are global so not for 00:02:47.819 --> 00:02:49.369 align:start position:0% transactions that are global so not for transactions<00:02:48.389> that<00:02:48.540> jump<00:02:48.780> from<00:02:48.959> one<00:02:49.109> car<00:02:49.349> to 00:02:49.369 --> 00:02:49.379 align:start position:0% transactions that jump from one car to 00:02:49.379 --> 00:02:51.409 align:start position:0% transactions that jump from one car to another<00:02:50.299> hypercubes 00:02:51.409 --> 00:02:51.419 align:start position:0% another hypercubes 00:02:51.419 --> 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with<00:02:59.280> hubs<00:02:59.549> and<00:02:59.669> spokes<00:02:59.909> by<00:03:00.120> going<00:03:00.389> with<00:03:00.510> hyper 00:03:00.679 --> 00:03:00.689 align:start position:0% with hubs and spokes by going with hyper 00:03:00.689 --> 00:03:03.589 align:start position:0% with hubs and spokes by going with hyper cubes<00:03:01.079> now<00:03:01.639> unfortunately<00:03:02.639> for<00:03:03.060> various 00:03:03.589 --> 00:03:03.599 align:start position:0% cubes now unfortunately for various 00:03:03.599 --> 00:03:04.940 align:start position:0% cubes now unfortunately for various reasons<00:03:04.019> the<00:03:04.169> sides<00:03:04.349> he<00:03:04.439> ended<00:03:04.680> up<00:03:04.799> getting 00:03:04.940 --> 00:03:04.950 align:start position:0% reasons the sides he ended up getting 00:03:04.950 --> 00:03:07.970 align:start position:0% reasons the sides he ended up getting abandoned<00:03:05.579> but<00:03:06.150> someone<00:03:07.019> else<00:03:07.169> has<00:03:07.379> a<00:03:07.409> big<00:03:07.650> ICO 00:03:07.970 --> 00:03:07.980 align:start position:0% abandoned but someone else has a big ICO 00:03:07.980 --> 00:03:09.949 align:start position:0% abandoned but someone else has a big ICO to<00:03:08.099> make<00:03:08.280> it<00:03:08.459> work<00:03:08.639> so<00:03:08.939> happy<00:03:09.629> someone's 00:03:09.949 --> 00:03:09.959 align:start position:0% to make it work so happy someone's 00:03:09.959 --> 00:03:15.649 align:start position:0% to make it work so happy someone's trying<00:03:10.230> it<00:03:10.379> out<00:03:12.260> so<00:03:13.260> in<00:03:14.219> 2014<00:03:15.000> there<00:03:15.359> was<00:03:15.419> still 00:03:15.649 --> 00:03:15.659 align:start position:0% trying it out so in 2014 there was still 00:03:15.659 --> 00:03:17.689 align:start position:0% trying it out so in 2014 there was still some<00:03:15.840> progress<00:03:16.290> right<00:03:16.620> so<00:03:16.889> there<00:03:17.430> was<00:03:17.549> this 00:03:17.689 --> 00:03:17.699 align:start position:0% some progress right so there was this 00:03:17.699 --> 00:03:19.610 align:start position:0% some progress right so there was this concept<00:03:18.180> of<00:03:18.329> weak<00:03:18.569> subjectivity<00:03:19.139> that<00:03:19.379> we 00:03:19.610 --> 00:03:19.620 align:start position:0% concept of weak subjectivity that we 00:03:19.620 --> 00:03:21.770 align:start position:0% concept of weak subjectivity that we came<00:03:19.769> up<00:03:19.949> with<00:03:20.010> which<00:03:20.400> was<00:03:20.459> this<00:03:20.729> kind<00:03:21.000> of<00:03:21.150> semi 00:03:21.770 --> 00:03:21.780 align:start position:0% came up with which was this kind of semi 00:03:21.780 --> 00:03:24.349 align:start position:0% came up with which was this kind of semi formal<00:03:22.169> security<00:03:22.650> model<00:03:23.250> that<00:03:23.489> tries<00:03:24.329> to 00:03:24.349 --> 00:03:24.359 align:start position:0% formal security model that tries to 00:03:24.359 --> 00:03:27.020 align:start position:0% formal security model that tries to capture<00:03:24.750> the<00:03:25.199> idea<00:03:25.530> of<00:03:25.859> kind<00:03:26.159> of<00:03:26.489> under<00:03:26.790> what 00:03:27.020 --> 00:03:27.030 align:start position:0% capture the idea of kind of under what 00:03:27.030 --> 00:03:30.349 align:start position:0% capture the idea of kind of under what conditions<00:03:27.629> are<00:03:28.400> proof<00:03:29.400> of<00:03:29.519> stake<00:03:29.760> deposits 00:03:30.349 --> 00:03:30.359 align:start position:0% conditions are proof of stake deposits 00:03:30.359 --> 00:03:31.969 align:start position:0% conditions are proof of stake deposits and<00:03:30.540> slashing<00:03:31.079> and<00:03:31.169> all<00:03:31.290> of<00:03:31.409> these<00:03:31.530> concepts 00:03:31.969 --> 00:03:31.979 align:start position:0% and slashing and all of these concepts 00:03:31.979 --> 00:03:36.289 align:start position:0% and slashing and all of these concepts actually<00:03:32.159> secure<00:03:33.349> also<00:03:34.349> I<00:03:34.799> know<00:03:35.370> we<00:03:35.849> got<00:03:36.060> more 00:03:36.289 --> 00:03:36.299 align:start position:0% actually secure also I know we got more 00:03:36.299 --> 00:03:38.210 align:start position:0% actually secure also I know we got more and<00:03:36.449> more<00:03:36.540> certain<00:03:37.109> that<00:03:37.139> algorithms<00:03:38.010> which 00:03:38.210 --> 00:03:38.220 align:start position:0% and more certain that algorithms which 00:03:38.220 --> 00:03:40.429 align:start position:0% and more certain that algorithms which much<00:03:38.459> with<00:03:38.939> much<00:03:39.209> stronger<00:03:39.510> properties<00:03:40.199> than 00:03:40.429 --> 00:03:40.439 align:start position:0% much with much stronger properties than 00:03:40.439 --> 00:03:41.750 align:start position:0% much with much stronger properties than the<00:03:40.470> proof<00:03:40.680> of<00:03:40.769> stake<00:03:40.979> algorithms<00:03:41.609> that 00:03:41.750 --> 00:03:41.760 align:start position:0% the proof of stake algorithms that 00:03:41.760 --> 00:03:44.179 align:start position:0% the proof of stake algorithms that existed<00:03:42.209> at<00:03:42.329> the<00:03:42.449> time<00:03:42.479> so<00:03:43.019> things<00:03:43.680> like<00:03:43.919> pure 00:03:44.179 --> 00:03:44.189 align:start position:0% existed at the time so things like pure 00:03:44.189 --> 00:03:45.890 align:start position:0% existed at the time so things like pure coin<00:03:44.519> and<00:03:44.699> all<00:03:44.759> of<00:03:44.879> its<00:03:45.030> derivatives<00:03:45.569> were 00:03:45.890 --> 00:03:45.900 align:start position:0% coin and all of its derivatives were 00:03:45.900 --> 00:03:49.309 align:start position:0% coin and all of its derivatives were actually<00:03:46.409> possible<00:03:46.889> and<00:03:47.959> kind<00:03:48.959> of<00:03:49.049> growing 00:03:49.309 --> 00:03:49.319 align:start position:0% actually possible and kind of growing 00:03:49.319 --> 00:03:51.080 align:start position:0% actually possible and kind of growing understanding<00:03:49.739> that<00:03:50.250> there<00:03:50.430> was<00:03:50.519> some<00:03:50.790> kind 00:03:51.080 --> 00:03:51.090 align:start position:0% understanding that there was some kind 00:03:51.090 --> 00:03:53.179 align:start position:0% understanding that there was some kind of<00:03:51.239> proof<00:03:51.479> of<00:03:51.599> state<00:03:51.840> scalability<00:03:52.620> strategy 00:03:53.179 --> 00:03:53.189 align:start position:0% of proof of state scalability strategy 00:03:53.189 --> 00:03:54.860 align:start position:0% of proof of state scalability strategy that<00:03:53.400> you<00:03:53.459> could<00:03:53.699> somehow<00:03:54.030> do<00:03:54.239> is<00:03:54.629> through 00:03:54.860 --> 00:03:54.870 align:start position:0% that you could somehow do is through 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00:04:07.399 align:start position:0% nice blog post from Vinay grouped in March<00:04:04.109> 2015<00:04:04.709> where<00:04:05.669> he<00:04:06.299> outlines<00:04:06.810> the<00:04:07.139> four 00:04:07.399 --> 00:04:07.409 align:start position:0% March 2015 where he outlines the four 00:04:07.409 --> 00:04:09.589 align:start position:0% March 2015 where he outlines the four big<00:04:07.680> stages<00:04:08.009> of<00:04:08.400> a<00:04:08.489> theorems<00:04:08.849> roadmap<00:04:09.299> at<00:04:09.449> the 00:04:09.589 --> 00:04:09.599 align:start position:0% big stages of a theorems roadmap at the 00:04:09.599 --> 00:04:10.969 align:start position:0% big stages of a theorems roadmap at the time<00:04:09.810> Stage<00:04:10.500> one 00:04:10.969 --> 00:04:10.979 align:start position:0% time Stage one 00:04:10.979 --> 00:04:14.719 align:start position:0% time Stage one frontier<00:04:11.639> if<00:04:12.120> you<00:04:12.629> REM<00:04:12.810> launchings<00:04:13.379> yay<00:04:13.829> Stage 00:04:14.719 --> 00:04:14.729 align:start position:0% frontier if you REM launchings yay Stage 00:04:14.729 --> 00:04:16.759 align:start position:0% frontier if you REM launchings yay Stage two<00:04:14.759> Homestead<00:04:15.659> which<00:04:16.139> is<00:04:16.289> kind<00:04:16.530> of<00:04:16.590> going 00:04:16.759 --> 00:04:16.769 align:start position:0% two Homestead which is kind of going 00:04:16.769 --> 00:04:19.249 align:start position:0% two Homestead which is kind of going from<00:04:17.039> alpha<00:04:17.489> to<00:04:17.759> beta<00:04:18.030> stage<00:04:18.870> three 00:04:19.249 --> 00:04:19.259 align:start position:0% from alpha to beta stage three 00:04:19.259 --> 00:04:21.170 align:start position:0% from alpha to beta stage three metropolis<00:04:20.039> which<00:04:20.310> at<00:04:20.579> the<00:04:20.699> time<00:04:20.729> was 00:04:21.170 --> 00:04:21.180 align:start position:0% metropolis which at the time was 00:04:21.180 --> 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serenity<00:04:36.010> proof<00:04:36.730> of<00:04:36.850> stake<00:04:37.060> right 00:04:37.800 --> 00:04:37.810 align:start position:0% stage for serenity proof of stake right 00:04:37.810 --> 00:04:40.710 align:start position:0% stage for serenity proof of stake right so<00:04:38.590> from<00:04:39.580> now<00:04:39.730> on<00:04:39.940> we're<00:04:40.180> not<00:04:40.300> going<00:04:40.480> to<00:04:40.510> call 00:04:40.710 --> 00:04:40.720 align:start position:0% so from now on we're not going to call 00:04:40.720 --> 00:04:43.440 align:start position:0% so from now on we're not going to call it<00:04:40.840> a<00:04:40.900> theorem<00:04:41.230> 2.0<00:04:41.740> I<00:04:42.010> also<00:04:42.400> refuse<00:04:43.240> to<00:04:43.360> use 00:04:43.440 --> 00:04:43.450 align:start position:0% it a theorem 2.0 I also refuse to use 00:04:43.450 --> 00:04:44.940 align:start position:0% it a theorem 2.0 I also refuse to use the<00:04:43.510> word<00:04:43.690> chaste<00:04:44.110> because<00:04:44.500> I<00:04:44.590> find<00:04:44.830> an 00:04:44.940 --> 00:04:44.950 align:start position:0% the word chaste because I find an 00:04:44.950 --> 00:04:47.810 align:start position:0% the word chaste because I find an insanely<00:04:45.250> lame<00:04:45.640> we'll<00:04:46.150> call<00:04:46.330> it<00:04:46.450> serenity 00:04:47.810 --> 00:04:47.820 align:start position:0% insanely lame we'll call it serenity 00:04:47.820 --> 00:04:56.100 align:start position:0% insanely lame we'll call it serenity so<00:04:53.400> after<00:04:54.400> this<00:04:54.610> came<00:04:54.970> a<00:04:55.000> bit<00:04:55.240> of<00:04:55.360> a<00:04:55.420> winter<00:04:55.810> so 00:04:56.100 --> 00:04:56.110 align:start position:0% so after this came a bit of a winter so 00:04:56.110 --> 00:04:58.020 align:start position:0% so after this came a bit of a winter so we<00:04:56.260> had<00:04:56.440> a<00:04:56.710> bunch<00:04:57.070> of<00:04:57.310> different<00:04:57.730> kind<00:04:57.910> of 00:04:58.020 --> 00:04:58.030 align:start position:0% we had a bunch of different kind of 00:04:58.030 --> 00:05:00.360 align:start position:0% we had a bunch of different kind of abortive<00:04:58.510> attempts<00:04:58.930> at<00:04:59.080> solving<00:04:59.380> some<00:05:00.130> of<00:05:00.250> the 00:05:00.360 --> 00:05:00.370 align:start position:0% abortive attempts at solving some of the 00:05:00.370 --> 00:05:02.010 align:start position:0% abortive attempts at solving some of the core<00:05:00.550> problems<00:05:00.970> and<00:05:01.180> proof<00:05:01.330> of<00:05:01.390> steak<00:05:01.660> some<00:05:01.930> of 00:05:02.010 --> 00:05:02.020 align:start position:0% core problems and proof of steak some of 00:05:02.020 --> 00:05:03.380 align:start position:0% core problems and proof of steak some of the<00:05:02.110> core<00:05:02.290> problems<00:05:02.470> and<00:05:02.860> scalability 00:05:03.380 --> 00:05:03.390 align:start position:0% the core problems and scalability 00:05:03.390 --> 00:05:06.720 align:start position:0% the core problems and scalability research<00:05:04.390> on<00:05:04.600> Casper<00:05:05.080> quietly<00:05:05.440> began<00:05:05.730> Vlad 00:05:06.720 --> 00:05:06.730 align:start position:0% research on Casper quietly began Vlad 00:05:06.730 --> 00:05:08.730 align:start position:0% research on Casper quietly began Vlad kind<00:05:07.240> of<00:05:07.330> quietly<00:05:07.630> began<00:05:08.020> to<00:05:08.230> hang<00:05:08.380> all<00:05:08.500> of<00:05:08.620> his 00:05:08.730 --> 00:05:08.740 align:start position:0% kind of quietly began to hang all of his 00:05:08.740 --> 00:05:11.970 align:start position:0% kind of quietly began to hang all of his work<00:05:08.950> on<00:05:09.190> Casper<00:05:09.610> CBC<00:05:10.180> one<00:05:11.140> of<00:05:11.260> the<00:05:11.350> first 00:05:11.970 --> 00:05:11.980 align:start position:0% work on Casper CBC one of the first 00:05:11.980 --> 00:05:14.190 align:start position:0% work on Casper CBC one of the first interesting<00:05:12.310> ideas<00:05:12.910> was<00:05:13.180> this<00:05:13.420> kind<00:05:13.870> of<00:05:13.930> idea 00:05:14.190 --> 00:05:14.200 align:start position:0% interesting ideas was this kind of idea 00:05:14.200 --> 00:05:16.050 align:start position:0% interesting ideas was this kind of idea of<00:05:14.290> consensus<00:05:14.860> by<00:05:15.040> bet<00:05:15.340> where<00:05:15.670> basically 00:05:16.050 --> 00:05:16.060 align:start position:0% of consensus by bet where basically 00:05:16.060 --> 00:05:18.450 align:start position:0% of consensus by bet where basically people<00:05:16.390> would<00:05:17.110> kind<00:05:17.320> of<00:05:17.410> bet<00:05:17.710> on<00:05:17.890> which<00:05:18.100> block 00:05:18.450 --> 00:05:18.460 align:start position:0% people would kind of bet on which block 00:05:18.460 --> 00:05:20.760 align:start position:0% people would kind of bet on which block becomes<00:05:18.790> finalized<00:05:19.360> next<00:05:19.630> and<00:05:19.990> then<00:05:20.470> once 00:05:20.760 --> 00:05:20.770 align:start position:0% becomes finalized next and then once 00:05:20.770 --> 00:05:22.620 align:start position:0% becomes finalized next and then once more<00:05:20.950> people<00:05:21.310> bet<00:05:21.460> on<00:05:21.490> a<00:05:21.610> block<00:05:21.910> that<00:05:21.940> itself 00:05:22.620 --> 00:05:22.630 align:start position:0% more people bet on a block that itself 00:05:22.630 --> 00:05:24.210 align:start position:0% more people bet on a block that itself becomes<00:05:23.020> information<00:05:23.350> that<00:05:23.770> gets<00:05:23.890> fed<00:05:24.190> into 00:05:24.210 --> 00:05:24.220 align:start position:0% becomes information that gets fed into 00:05:24.220 --> 00:05:26.850 align:start position:0% becomes information that gets fed into other<00:05:24.580> people's<00:05:24.940> bets<00:05:25.240> and<00:05:25.510> so<00:05:26.080> the<00:05:26.380> idea<00:05:26.650> is 00:05:26.850 --> 00:05:26.860 align:start position:0% other people's bets and so the idea is 00:05:26.860 --> 00:05:27.960 align:start position:0% other people's bets and so the idea is that<00:05:26.890> you<00:05:27.130> would<00:05:27.250> have<00:05:27.430> this<00:05:27.610> kind<00:05:27.790> of 00:05:27.960 --> 00:05:27.970 align:start position:0% that you would have this kind of 00:05:27.970 --> 00:05:30.000 align:start position:0% that you would have this kind of recursive<00:05:28.660> formula<00:05:29.350> or<00:05:29.470> and<00:05:29.590> more<00:05:29.740> and<00:05:29.890> more 00:05:30.000 --> 00:05:30.010 align:start position:0% recursive formula or and more and more 00:05:30.010 --> 00:05:31.590 align:start position:0% recursive formula or and more and more people<00:05:30.370> would<00:05:30.490> bet<00:05:30.670> more<00:05:30.910> and<00:05:31.030> more<00:05:31.180> strongly 00:05:31.590 --> 00:05:31.600 align:start position:0% people would bet more and more strongly 00:05:31.600 --> 00:05:34.230 align:start position:0% people would bet more and more strongly on<00:05:31.690> a<00:05:31.870> block<00:05:32.050> at<00:05:32.230> a<00:05:32.260> on<00:05:32.770> a<00:05:32.830> block<00:05:33.190> over<00:05:33.460> time<00:05:33.730> and 00:05:34.230 --> 00:05:34.240 align:start position:0% on a block at a on a block over time and 00:05:34.240 --> 00:05:36.630 align:start position:0% on a block at a on a block over time and after<00:05:35.200> a<00:05:35.230> logarithmic<00:05:35.620> number<00:05:35.890> of<00:05:36.280> rounds 00:05:36.630 --> 00:05:36.640 align:start position:0% after a logarithmic number of rounds 00:05:36.640 --> 00:05:37.950 align:start position:0% after a logarithmic number of rounds everyone<00:05:37.030> would<00:05:37.210> be<00:05:37.300> betting<00:05:37.570> their<00:05:37.720> entire 00:05:37.950 --> 00:05:37.960 align:start position:0% everyone would be betting their entire 00:05:37.960 --> 00:05:39.120 align:start position:0% everyone would be betting their entire money<00:05:38.200> on<00:05:38.350> a<00:05:38.380> block<00:05:38.650> and<00:05:38.800> that<00:05:38.950> would<00:05:39.040> be 00:05:39.120 --> 00:05:39.130 align:start position:0% money on a block and that would be 00:05:39.130 --> 00:05:41.760 align:start position:0% money on a block and that would be called<00:05:39.310> finality<00:05:39.640> that<00:05:40.120> so<00:05:40.810> we<00:05:41.230> actually<00:05:41.380> took 00:05:41.760 --> 00:05:41.770 align:start position:0% called finality that so we actually took 00:05:41.770 --> 00:05:43.530 align:start position:0% called finality that so we actually took this<00:05:41.950> idea<00:05:42.130> really<00:05:42.640> far<00:05:42.880> we<00:05:43.090> created<00:05:43.419> an 00:05:43.530 --> 00:05:43.540 align:start position:0% this idea really far we created an 00:05:43.540 --> 00:05:46.050 align:start position:0% this idea really far we created an entire<00:05:43.960> proof<00:05:44.410> of<00:05:44.590> concept<00:05:45.100> for<00:05:45.370> it<00:05:45.400> and<00:05:45.910> you 00:05:46.050 --> 00:05:46.060 align:start position:0% entire proof of concept for it and you 00:05:46.060 --> 00:05:47.940 align:start position:0% entire proof of concept for it and you could<00:05:46.240> see<00:05:46.450> it<00:05:46.570> finalizing<00:05:47.260> you<00:05:47.380> can<00:05:47.530> see<00:05:47.710> here 00:05:47.940 --> 00:05:47.950 align:start position:0% could see it finalizing you can see here 00:05:47.950 --> 00:05:49.170 align:start position:0% could see it finalizing you can see here is<00:05:48.010> a<00:05:48.040> signature<00:05:48.430> function 00:05:49.170 --> 00:05:49.180 align:start position:0% is a signature function 00:05:49.180 --> 00:05:51.450 align:start position:0% is a signature function I<00:05:49.210> mean<00:05:49.570> burns<00:05:50.230> most<00:05:50.560> of<00:05:50.740> our<00:05:50.830> time<00:05:51.040> on<00:05:51.100> this 00:05:51.450 --> 00:05:51.460 align:start position:0% I mean burns most of our time on this 00:05:51.460 --> 00:05:55.890 align:start position:0% I mean burns most of our time on this but<00:05:51.700> then<00:05:52.020> that<00:05:53.020> in<00:05:53.430> whole<00:05:54.430> idea<00:05:55.090> kind<00:05:55.690> of 00:05:55.890 --> 00:05:55.900 align:start position:0% but then that in whole idea kind of 00:05:55.900 --> 00:05:58.740 align:start position:0% but then that in whole idea kind of ended<00:05:56.350> up<00:05:56.470> going<00:05:56.650> away<00:05:57.040> basically<00:05:57.880> once<00:05:58.630> we 00:05:58.740 --> 00:05:58.750 align:start position:0% ended up going away basically once we 00:05:58.750 --> 00:06:01.200 align:start position:0% ended up going away basically once we realized<00:05:59.320> how<00:05:59.590> to<00:05:59.650> make<00:05:59.919> kind<00:06:00.250> of<00:06:00.340> proper<00:06:00.760> BFT 00:06:01.200 --> 00:06:01.210 align:start position:0% realized how to make kind of proper BFT 00:06:01.210 --> 00:06:03.120 align:start position:0% realized how to make kind of proper BFT inspired<00:06:01.660> consensus<00:06:02.260> actually<00:06:02.650> work<00:06:02.800> sanely 00:06:03.120 --> 00:06:03.130 align:start position:0% inspired consensus actually work sanely 00:06:03.130 --> 00:06:07.380 align:start position:0% inspired consensus actually work sanely um<00:06:04.440> rent<00:06:05.440> so<00:06:05.919> this<00:06:06.160> is<00:06:06.310> the<00:06:06.460> idea<00:06:06.790> that<00:06:06.880> instead 00:06:07.380 --> 00:06:07.390 align:start position:0% um rent so this is the idea that instead 00:06:07.390 --> 00:06:10.140 align:start position:0% um rent so this is the idea that instead of<00:06:07.450> charging<00:06:08.440> a<00:06:08.770> big<00:06:09.040> one-time<00:06:09.640> fee<00:06:09.910> for 00:06:10.140 --> 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whatever that some 00:06:17.050 --> 00:06:19.230 align:start position:0% day or every block or whatever that some storage<00:06:17.350> slot<00:06:17.770> is<00:06:17.919> filled<00:06:18.100> you<00:06:18.700> would<00:06:18.850> have<00:06:19.090> to 00:06:19.230 --> 00:06:19.240 align:start position:0% storage slot is filled you would have to 00:06:19.240 --> 00:06:21.090 align:start position:0% storage slot is filled you would have to kind<00:06:19.510> of<00:06:19.570> pay<00:06:19.810> some<00:06:20.140> amount<00:06:20.260> of<00:06:20.470> ether<00:06:20.770> for<00:06:20.980> it 00:06:21.090 --> 00:06:21.100 align:start position:0% kind of pay some amount of ether for it 00:06:21.100 --> 00:06:25.290 align:start position:0% kind of pay some amount of ether for it there<00:06:22.060> was<00:06:22.150> this<00:06:22.360> one<00:06:22.440> I'm<00:06:23.440> ap<00:06:24.160> number<00:06:24.490> number 00:06:25.290 --> 00:06:25.300 align:start position:0% there was this one I'm ap number number 00:06:25.300 --> 00:06:28.350 align:start position:0% there was this one I'm ap number number 35<00:06:25.870> that<00:06:26.290> I<00:06:26.350> tried<00:06:26.860> to<00:06:26.890> call<00:06:27.220> EAP<00:06:27.610> 103<00:06:28.120> but 00:06:28.350 --> 00:06:28.360 align:start position:0% 35 that I tried to call EAP 103 but 00:06:28.360 --> 00:06:30.330 align:start position:0% 35 that I tried to call EAP 103 but really<00:06:28.600> it<00:06:28.750> was<00:06:28.870> a<00:06:29.020> IP<00:06:29.169> number<00:06:29.560> 35<00:06:30.010> because 00:06:30.330 --> 00:06:30.340 align:start position:0% really it was a IP number 35 because 00:06:30.340 --> 00:06:31.890 align:start position:0% really it was a IP number 35 because that<00:06:30.640> was<00:06:30.790> the<00:06:30.910> issue<00:06:31.030> number<00:06:31.300> that<00:06:31.660> takes 00:06:31.890 --> 00:06:31.900 align:start position:0% that was the issue number that takes 00:06:31.900 --> 00:06:33.950 align:start position:0% that was the issue number that takes precedence<00:06:32.110> and 00:06:33.950 --> 00:06:33.960 align:start position:0% precedence and 00:06:33.960 --> 00:06:36.409 align:start position:0% precedence and this<00:06:34.650> was<00:06:34.830> one<00:06:35.039> of<00:06:35.130> the<00:06:35.250> really<00:06:35.699> early<00:06:35.729> ideas 00:06:36.409 --> 00:06:36.419 align:start position:0% this was one of the really early ideas 00:06:36.419 --> 00:06:37.760 align:start position:0% this was one of the really early ideas are<00:06:36.600> trying<00:06:36.810> to<00:06:36.930> kind<00:06:37.110> of<00:06:37.169> formalize<00:06:37.590> this 00:06:37.760 --> 00:06:37.770 align:start position:0% are trying to kind of formalize this 00:06:37.770 --> 00:06:41.180 align:start position:0% are trying to kind of formalize this concept<00:06:38.280> and<00:06:38.550> we've<00:06:39.210> had<00:06:39.509> many<00:06:40.259> iterations<00:06:40.470> on 00:06:41.180 --> 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quadratic sharding<00:06:59.240> but<00:07:00.240> it<00:07:00.479> was<00:07:00.630> very<00:07:00.810> complicated<00:07:01.199> it 00:07:01.879 --> 00:07:01.889 align:start position:0% sharding but it was very complicated it 00:07:01.889 --> 00:07:03.499 align:start position:0% sharding but it was very complicated it had<00:07:02.099> these<00:07:02.280> kind<00:07:02.610> of<00:07:02.669> very<00:07:02.789> complicated 00:07:03.499 --> 00:07:03.509 align:start position:0% had these kind of very complicated 00:07:03.509 --> 00:07:07.159 align:start position:0% had these kind of very complicated escalation<00:07:04.199> games<00:07:04.470> it<00:07:05.039> had<00:07:05.340> the<00:07:05.690> a<00:07:06.690> lot<00:07:07.050> of 00:07:07.159 --> 00:07:07.169 align:start position:0% escalation games it had the a lot of 00:07:07.169 --> 00:07:09.830 align:start position:0% escalation games it had the a lot of them<00:07:07.349> were<00:07:07.500> kind<00:07:07.680> of<00:07:07.860> inspired<00:07:08.729> by<00:07:09.060> ideas<00:07:09.270> of 00:07:09.830 --> 00:07:09.840 align:start position:0% them were kind of inspired by ideas of 00:07:09.840 --> 00:07:12.260 align:start position:0% them were kind of inspired by ideas of how<00:07:09.990> escalation<00:07:10.860> works<00:07:11.130> in<00:07:11.310> court<00:07:11.550> systems<00:07:12.000> an 00:07:12.260 --> 00:07:12.270 align:start position:0% how escalation works in court systems an 00:07:12.270 --> 00:07:14.029 align:start position:0% how escalation works in court systems an analogy<00:07:12.720> that<00:07:12.750> I<00:07:12.900> know<00:07:13.050> Joseph<00:07:13.530> with 00:07:14.029 --> 00:07:14.039 align:start position:0% analogy that I know Joseph with 00:07:14.039 --> 00:07:15.770 align:start position:0% analogy that I know Joseph with philosopher<00:07:14.669> Roy<00:07:14.789> lobster<00:07:15.240> Hughes<00:07:15.389> as<00:07:15.570> well 00:07:15.770 --> 00:07:15.780 align:start position:0% philosopher Roy lobster Hughes as well 00:07:15.780 --> 00:07:17.570 align:start position:0% philosopher Roy lobster Hughes as well but<00:07:16.349> we<00:07:16.530> tried<00:07:16.800> to<00:07:16.919> use<00:07:17.039> it<00:07:17.220> for<00:07:17.370> the<00:07:17.430> base 00:07:17.570 --> 00:07:17.580 align:start position:0% but we tried to use it for the base 00:07:17.580 --> 00:07:21.379 align:start position:0% but we tried to use it for the base layer<00:07:17.960> deep<00:07:18.960> state<00:07:19.259> reversions<00:07:19.860> so<00:07:20.580> basically 00:07:21.379 --> 00:07:21.389 align:start position:0% layer deep state reversions so basically 00:07:21.389 --> 00:07:23.900 align:start position:0% layer deep state reversions so basically if<00:07:21.840> something<00:07:22.410> goes<00:07:22.710> wrong<00:07:22.830> then<00:07:23.280> potentially 00:07:23.900 --> 00:07:23.910 align:start position:0% if something goes wrong then potentially 00:07:23.910 --> 00:07:25.999 align:start position:0% if something goes wrong then potentially large<00:07:24.180> portions<00:07:24.690> of<00:07:24.780> the<00:07:24.930> state<00:07:25.169> could<00:07:25.409> and<00:07:25.680> if 00:07:25.999 --> 00:07:26.009 align:start position:0% large portions of the state could and if 00:07:26.009 --> 00:07:28.159 align:start position:0% large portions of the state could and if get<00:07:26.190> reverted<00:07:26.639> even<00:07:26.880> fairly<00:07:27.630> far<00:07:27.780> into<00:07:27.990> the 00:07:28.159 --> 00:07:28.169 align:start position:0% get reverted even fairly far into the 00:07:28.169 --> 00:07:30.290 align:start position:0% get reverted even fairly far into the future<00:07:28.320> so<00:07:29.099> there<00:07:29.759> was<00:07:29.909> a<00:07:29.940> bunch<00:07:30.120> of 00:07:30.290 --> 00:07:30.300 align:start position:0% future so there was a bunch of 00:07:30.300 --> 00:07:33.589 align:start position:0% future so there was a bunch of complexity<00:07:30.990> right<00:07:31.169> now<00:07:32.330> one<00:07:33.330> of<00:07:33.479> the 00:07:33.589 --> 00:07:33.599 align:start position:0% complexity right now one of the 00:07:33.599 --> 00:07:35.210 align:start position:0% complexity right now one of the fundamental<00:07:34.110> problems<00:07:34.319> that<00:07:34.710> we<00:07:34.919> couldn't 00:07:35.210 --> 00:07:35.220 align:start position:0% fundamental problems that we couldn't 00:07:35.220 --> 00:07:37.689 align:start position:0% fundamental problems that we couldn't quite<00:07:35.580> capture<00:07:36.150> but<00:07:36.599> that<00:07:36.750> we<00:07:36.870> were<00:07:37.050> kind<00:07:37.409> of 00:07:37.689 --> 00:07:37.699 align:start position:0% quite capture but that we were kind of 00:07:37.699 --> 00:07:40.430 align:start position:0% quite capture but that we were kind of event<00:07:38.699> slowly<00:07:39.240> inching<00:07:39.690> towards<00:07:40.110> was<00:07:40.320> this 00:07:40.430 --> 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position:0% concept in shorting research that basically<00:07:48.840> describes<00:07:49.289> the<00:07:49.500> big<00:07:49.680> difference 00:07:50.120 --> 00:07:50.130 align:start position:0% basically describes the big difference 00:07:50.130 --> 00:07:53.540 align:start position:0% basically describes the big difference between<00:07:50.630> scaling<00:07:51.800> execution<00:07:52.800> of<00:07:53.009> state<00:07:53.310> and 00:07:53.540 --> 00:07:53.550 align:start position:0% between scaling execution of state and 00:07:53.550 --> 00:07:55.760 align:start position:0% between scaling execution of state and scale<00:07:53.820> and<00:07:54.030> execution<00:07:54.509> of<00:07:54.630> programs<00:07:54.810> versus 00:07:55.760 --> 00:07:55.770 align:start position:0% scale and execution of programs versus 00:07:55.770 --> 00:07:58.850 align:start position:0% scale and execution of programs versus scaling<00:07:56.759> availability<00:07:57.630> of<00:07:57.719> data<00:07:57.960> and<00:07:58.320> the 00:07:58.850 --> 00:07:58.860 align:start position:0% scaling availability of data and the 00:07:58.860 --> 00:08:00.980 align:start position:0% scaling availability of data and the problem<00:07:59.280> basically<00:07:59.460> is<00:07:59.969> that<00:08:00.000> with<00:08:00.690> an 00:08:00.980 --> 00:08:00.990 align:start position:0% problem basically is that with an 00:08:00.990 --> 00:08:02.810 align:start position:0% problem basically is that with an execution<00:08:01.650> of<00:08:01.740> programs<00:08:02.190> you<00:08:02.370> can<00:08:02.550> have 00:08:02.810 --> 00:08:02.820 align:start position:0% execution of programs you can have 00:08:02.820 --> 00:08:04.790 align:start position:0% execution of programs you can have people<00:08:03.060> commit<00:08:03.630> to<00:08:03.780> what<00:08:03.930> the<00:08:04.020> answer<00:08:04.320> is<00:08:04.349> and 00:08:04.790 --> 00:08:04.800 align:start position:0% people commit to what the answer is and 00:08:04.800 --> 00:08:07.279 align:start position:0% people commit to what the answer is and you<00:08:05.130> can<00:08:05.310> later<00:08:05.550> kind<00:08:06.270> of<00:08:06.389> play<00:08:06.659> a<00:08:06.690> game<00:08:07.020> and 00:08:07.279 --> 00:08:07.289 align:start position:0% you can later kind of play a game and 00:08:07.289 --> 00:08:08.959 align:start position:0% you can later kind of play a game and try<00:08:07.500> it's<00:08:07.650> a<00:08:07.770> kind<00:08:08.009> of<00:08:08.070> binary<00:08:08.310> search<00:08:08.699> your 00:08:08.959 --> 00:08:08.969 align:start position:0% try it's a kind of binary search your 00:08:08.969 --> 00:08:10.399 align:start position:0% try it's a kind of binary search your weights<00:08:09.150> or<00:08:09.300> who<00:08:09.419> actually<00:08:09.570> made<00:08:09.960> a<00:08:09.990> mistake 00:08:10.399 --> 00:08:10.409 align:start position:0% weights or who actually made a mistake 00:08:10.409 --> 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availability is that whatever the game<00:08:17.520> is<00:08:17.820> you<00:08:18.090> can<00:08:18.150> cheat<00:08:18.509> the<00:08:18.539> game<00:08:18.870> because 00:08:19.310 --> 00:08:19.320 align:start position:0% game is you can cheat the game because 00:08:19.320 --> 00:08:22.279 align:start position:0% game is you can cheat the game because you<00:08:19.500> can<00:08:19.680> just<00:08:19.889> not<00:08:20.400> publish<00:08:20.940> the<00:08:21.150> any<00:08:21.690> data<00:08:22.050> at 00:08:22.279 --> 00:08:22.289 align:start position:0% you can just not publish the any data at 00:08:22.289 --> 00:08:25.159 align:start position:0% you can just not publish the any data at all<00:08:22.440> until<00:08:23.370> the<00:08:23.909> mechanism<00:08:24.509> tries<00:08:24.780> to<00:08:24.960> check 00:08:25.159 --> 00:08:25.169 align:start position:0% all until the mechanism tries to check 00:08:25.169 --> 00:08:27.050 align:start position:0% all until the mechanism tries to check if<00:08:25.289> you<00:08:25.380> published<00:08:25.800> it<00:08:25.919> and<00:08:26.099> only<00:08:26.610> then<00:08:26.849> do<00:08:27.030> you 00:08:27.050 --> 00:08:27.060 align:start position:0% if you published it and only then do you 00:08:27.060 --> 00:08:29.060 align:start position:0% if you published it and only then do you publish<00:08:27.330> just<00:08:27.960> the<00:08:28.080> data<00:08:28.289> that<00:08:28.469> the<00:08:28.590> mechanism 00:08:29.060 --> 00:08:29.070 align:start position:0% publish just the data that the mechanism 00:08:29.070 --> 00:08:32.930 align:start position:0% publish just the data that the mechanism checked<00:08:29.310> for<00:08:29.520> and<00:08:31.010> this<00:08:32.010> turns<00:08:32.370> out<00:08:32.579> to<00:08:32.820> be<00:08:32.849> a 00:08:32.930 --> 00:08:32.940 align:start position:0% checked for and this turns out to be a 00:08:32.940 --> 00:08:34.670 align:start position:0% checked for and this turns out to be a fairly<00:08:33.240> large<00:08:33.539> flaw<00:08:33.959> in<00:08:34.200> a<00:08:34.289> fairly<00:08:34.560> large 00:08:34.670 --> 00:08:34.680 align:start position:0% fairly large flaw in a fairly large 00:08:34.680 --> 00:08:38.569 align:start position:0% fairly large flaw in a fairly large class<00:08:35.339> of<00:08:35.669> the<00:08:36.589> scalability<00:08:37.589> algorithms<00:08:38.279> and 00:08:38.569 --> 00:08:38.579 align:start position:0% class of the scalability algorithms and 00:08:38.579 --> 00:08:41.000 align:start position:0% class of the scalability algorithms and I<00:08:39.089> wrote<00:08:39.570> this<00:08:39.779> a<00:08:39.810> blog<00:08:40.140> post<00:08:40.409> if<00:08:40.649> you<00:08:40.680> want<00:08:40.770> to 00:08:41.000 --> 00:08:41.010 align:start position:0% I wrote this a blog post if you want to 00:08:41.010 --> 00:08:42.439 align:start position:0% I wrote this a blog post if you want to search<00:08:41.159> for<00:08:41.190> it<00:08:41.550> you<00:08:41.640> can<00:08:41.820> call<00:08:41.969> it<00:08:42.209> it's 00:08:42.439 --> 00:08:42.449 align:start position:0% search for it you can call it it's 00:08:42.449 --> 00:08:44.480 align:start position:0% search for it you can call it it's called<00:08:42.750> a<00:08:42.959> note<00:08:43.409> on<00:08:43.440> a<00:08:43.620> racial<00:08:44.010> coding<00:08:44.250> and 00:08:44.480 --> 00:08:44.490 align:start position:0% called a note on a racial coding and 00:08:44.490 --> 00:08:46.819 align:start position:0% called a note on a racial coding and data<00:08:44.699> availability<00:08:45.120> that<00:08:45.600> describes<00:08:46.470> some<00:08:46.740> of 00:08:46.819 --> 00:08:46.829 align:start position:0% data availability that describes some of 00:08:46.829 --> 00:08:48.080 align:start position:0% data availability that describes some of the<00:08:46.949> issues<00:08:47.190> and<00:08:47.339> more<00:08:47.490> deets 00:08:48.080 --> 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align:start position:0% happily making progress aetherium was moving<00:08:54.570> forward<00:08:54.810> we<00:08:55.050> were<00:08:55.170> on<00:08:55.320> our<00:08:55.530> way 00:08:56.140 --> 00:08:56.150 align:start position:0% moving forward we were on our way 00:08:56.150 --> 00:09:01.490 align:start position:0% moving forward we were on our way wait<00:08:57.150> then<00:08:57.540> this<00:08:57.720> happened<00:09:00.230> okay 00:09:01.490 --> 00:09:01.500 align:start position:0% wait then this happened okay 00:09:01.500 --> 00:09:03.650 align:start position:0% wait then this happened okay no<00:09:01.860> more<00:09:02.040> problems<00:09:02.490> oh<00:09:02.670> wait<00:09:03.210> then<00:09:03.450> this 00:09:03.650 --> 00:09:03.660 align:start position:0% no more problems oh wait then this 00:09:03.660 --> 00:09:09.020 align:start position:0% no more problems oh wait then this happened<00:09:06.260> so<00:09:07.260> the<00:09:08.010> dow<00:09:08.190> hack<00:09:08.550> the<00:09:08.850> daus 00:09:09.020 --> 00:09:09.030 align:start position:0% happened so the dow hack the daus 00:09:09.030 --> 00:09:12.050 align:start position:0% happened so the dow hack the daus attacks<00:09:09.450> all<00:09:09.840> of<00:09:09.990> that<00:09:10.170> ended<00:09:10.530> up<00:09:10.760> delaying<00:09:11.760> a 00:09:12.050 --> 00:09:12.060 align:start position:0% attacks all of that ended up delaying a 00:09:12.060 --> 00:09:14.180 align:start position:0% attacks all of that ended up delaying a lot<00:09:12.240> of<00:09:12.390> people's<00:09:12.720> time<00:09:13.320> and<00:09:13.380> attention<00:09:14.040> by 00:09:14.180 --> 00:09:14.190 align:start position:0% lot of people's time and attention by 00:09:14.190 --> 00:09:17.780 align:start position:0% lot of people's time and attention by potentially<00:09:14.970> up<00:09:15.090> to<00:09:15.240> six<00:09:15.450> months<00:09:15.660> but<00:09:16.790> even 00:09:17.780 --> 00:09:17.790 align:start position:0% potentially up to six months but even 00:09:17.790 --> 00:09:20.870 align:start position:0% potentially up to six months but even still<00:09:17.940> work<00:09:18.810> move<00:09:19.080> forward<00:09:19.560> he<00:09:20.160> wasa<00:09:20.490> moved 00:09:20.870 --> 00:09:20.880 align:start position:0% still work move forward he wasa moved 00:09:20.880 --> 00:09:23.450 align:start position:0% still work move forward he wasa moved forward<00:09:21.360> the<00:09:21.530> work<00:09:22.530> on<00:09:22.740> the<00:09:22.890> virtual<00:09:23.190> machine 00:09:23.450 --> 00:09:23.460 align:start position:0% forward the work on the virtual machine 00:09:23.460 --> 00:09:25.490 align:start position:0% forward the work on the virtual machine moved<00:09:23.700> forward<00:09:24.150> and<00:09:24.510> work<00:09:24.870> on<00:09:25.110> the<00:09:25.320> end<00:09:25.440> of 00:09:25.490 --> 00:09:25.500 align:start position:0% moved forward and work on the end of 00:09:25.500 --> 00:09:27.740 align:start position:0% moved forward and work on the end of alternatives<00:09:26.100> things<00:09:26.340> like<00:09:26.520> EVM<00:09:26.880> 1.5<00:09:27.450> moved 00:09:27.740 --> 00:09:27.750 align:start position:0% alternatives things like EVM 1.5 moved 00:09:27.750 --> 00:09:30.710 align:start position:0% alternatives things like EVM 1.5 moved forward<00:09:28.170> and<00:09:28.850> people<00:09:29.850> were<00:09:30.120> still<00:09:30.450> continuing 00:09:30.710 --> 00:09:30.720 align:start position:0% forward and people were still continuing 00:09:30.720 --> 00:09:33.140 align:start position:0% forward and people were still continuing to<00:09:31.350> kind<00:09:31.590> of<00:09:31.740> get<00:09:31.980> a<00:09:32.010> better<00:09:32.280> and<00:09:32.550> better<00:09:32.580> idea 00:09:33.140 --> 00:09:33.150 align:start position:0% to kind of get a better and better idea 00:09:33.150 --> 00:09:37.430 align:start position:0% to kind of get a better and better idea of<00:09:33.560> look<00:09:34.560> basically<00:09:35.250> what<00:09:35.880> a<00:09:36.090> more<00:09:36.780> optimal 00:09:37.430 --> 00:09:37.440 align:start position:0% of look basically what a more optimal 00:09:37.440 --> 00:09:39.830 align:start position:0% of look basically what a more optimal blockchain<00:09:38.130> Algar 00:09:39.830 --> 00:09:39.840 align:start position:0% blockchain Algar 00:09:39.840 --> 00:09:43.450 align:start position:0% blockchain Algar from<00:09:40.230> many<00:09:40.590> different<00:09:40.980> angles<00:09:41.390> so<00:09:42.390> after<00:09:42.900> this 00:09:43.450 --> 00:09:43.460 align:start position:0% from many different angles so after this 00:09:43.460 --> 00:09:46.640 align:start position:0% from many different angles so after this that<00:09:44.460> we<00:09:44.610> started<00:09:45.000> making<00:09:45.360> huge<00:09:45.840> progress<00:09:46.110> and 00:09:46.640 --> 00:09:46.650 align:start position:0% that we started making huge progress and 00:09:46.650 --> 00:09:49.490 align:start position:0% that we started making huge progress and very<00:09:47.040> quickly<00:09:47.340> right<00:09:47.880> so<00:09:48.210> during<00:09:49.080> all<00:09:49.200> of<00:09:49.260> this 00:09:49.490 --> 00:09:49.500 align:start position:0% very quickly right so during all of this 00:09:49.500 --> 00:09:51.530 align:start position:0% very quickly right so during all of this time<00:09:49.560> there<00:09:50.100> were<00:09:50.160> these<00:09:50.280> different<00:09:50.790> strands 00:09:51.530 --> 00:09:51.540 align:start position:0% time there were these different strands 00:09:51.540 --> 00:09:54.170 align:start position:0% time there were these different strands of<00:09:51.750> research<00:09:52.110> that<00:09:52.350> we're<00:09:52.470> going<00:09:52.590> on<00:09:53.000> some<00:09:54.000> of 00:09:54.170 --> 00:09:54.180 align:start position:0% of research that we're going on some of 00:09:54.180 --> 00:09:57.560 align:start position:0% of research that we're going on some of them<00:09:54.710> around<00:09:55.710> proof<00:09:56.220> of<00:09:56.340> stake<00:09:56.610> and<00:09:57.030> trying<00:09:57.420> to 00:09:57.560 --> 00:09:57.570 align:start position:0% them around proof of stake and trying to 00:09:57.570 --> 00:09:59.420 align:start position:0% them around proof of stake and trying to do<00:09:57.690> base<00:09:57.900> layer<00:09:58.110> consensus<00:09:58.740> more<00:09:58.950> efficiently 00:09:59.420 --> 00:09:59.430 align:start position:0% do base layer consensus more efficiently 00:09:59.430 --> 00:10:01.850 align:start position:0% do base layer consensus more efficiently some<00:10:00.180> of<00:10:00.330> them<00:10:00.510> were<00:10:00.660> around<00:10:00.900> scalability<00:10:01.740> in 00:10:01.850 --> 00:10:01.860 align:start position:0% some of them were around scalability in 00:10:01.860 --> 00:10:04.370 align:start position:0% some of them were around scalability in trying<00:10:02.160> a<00:10:02.280> shard<00:10:02.550> base<00:10:02.790> layer<00:10:03.000> consensus<00:10:03.750> some 00:10:04.370 --> 00:10:04.380 align:start position:0% trying a shard base layer consensus some 00:10:04.380 --> 00:10:05.990 align:start position:0% trying a shard base layer consensus some of<00:10:04.530> them<00:10:04.680> were<00:10:04.800> around<00:10:05.040> improving<00:10:05.670> the 00:10:05.990 --> 00:10:06.000 align:start position:0% of them were around improving the 00:10:06.000 --> 00:10:08.300 align:start position:0% of them were around improving the efficiency<00:10:06.630> of<00:10:06.660> the<00:10:06.870> virtual<00:10:07.200> machine<00:10:07.560> some 00:10:08.300 --> 00:10:08.310 align:start position:0% efficiency of the virtual machine some 00:10:08.310 --> 00:10:09.320 align:start position:0% efficiency of the virtual machine some of<00:10:08.430> them<00:10:08.580> were<00:10:08.670> around<00:10:08.910> things<00:10:09.240> like 00:10:09.320 --> 00:10:09.330 align:start position:0% of them were around things like 00:10:09.330 --> 00:10:11.630 align:start position:0% of them were around things like abstraction<00:10:10.170> that<00:10:10.350> would<00:10:10.740> allow<00:10:10.980> people<00:10:11.220> to 00:10:11.630 --> 00:10:11.640 align:start position:0% abstraction that would allow people to 00:10:11.640 --> 00:10:14.780 align:start position:0% abstraction that would allow people to use<00:10:12.480> whatever<00:10:13.010> signature<00:10:14.010> algorithms<00:10:14.610> they 00:10:14.780 --> 00:10:14.790 align:start position:0% use whatever signature algorithms they 00:10:14.790 --> 00:10:16.340 align:start position:0% use whatever signature algorithms they wanted<00:10:15.150> for<00:10:15.330> their<00:10:15.450> accounts<00:10:15.930> which<00:10:16.140> could 00:10:16.340 --> 00:10:16.350 align:start position:0% wanted for their accounts which could 00:10:16.350 --> 00:10:18.560 align:start position:0% wanted for their accounts which could provide<00:10:16.680> post<00:10:17.340> quantum<00:10:17.760> security<00:10:18.330> it<00:10:18.450> would 00:10:18.560 --> 00:10:18.570 align:start position:0% provide post quantum security it would 00:10:18.570 --> 00:10:20.660 align:start position:0% provide post quantum security it would make<00:10:18.750> it<00:10:18.870> easier<00:10:19.230> to<00:10:19.470> make<00:10:19.590> privacy<00:10:20.100> solutions 00:10:20.660 --> 00:10:20.670 align:start position:0% make it easier to make privacy solutions 00:10:20.670 --> 00:10:23.570 align:start position:0% make it easier to make privacy solutions among<00:10:21.420> a<00:10:21.450> bunch<00:10:21.750> of<00:10:21.930> other<00:10:22.080> benefits<00:10:22.580> protocol 00:10:23.570 --> 00:10:23.580 align:start position:0% among a bunch of other benefits protocol 00:10:23.580 --> 00:10:25.730 align:start position:0% among a bunch of other benefits protocol economic<00:10:24.060> improvements<00:10:24.690> and<00:10:24.990> really<00:10:25.590> all 00:10:25.730 --> 00:10:25.740 align:start position:0% economic improvements and really all 00:10:25.740 --> 00:10:27.380 align:start position:0% economic improvements and really all these<00:10:25.890> things<00:10:26.160> were<00:10:26.460> still<00:10:26.790> happening<00:10:27.270> all 00:10:27.380 --> 00:10:27.390 align:start position:0% these things were still happening all 00:10:27.390 --> 00:10:31.490 align:start position:0% these things were still happening all the<00:10:27.420> way<00:10:27.630> through<00:10:27.900> so<00:10:29.360> at<00:10:30.360> some<00:10:30.780> point<00:10:30.840> around 00:10:31.490 --> 00:10:31.500 align:start position:0% the way through so at some point around 00:10:31.500 --> 00:10:35.510 align:start position:0% the way through so at some point around the<00:10:31.830> beginning<00:10:32.340> of<00:10:32.610> 2017<00:10:33.260> we<00:10:34.260> finally<00:10:34.800> came<00:10:35.460> up 00:10:35.510 --> 00:10:35.520 align:start position:0% the beginning of 2017 we finally came up 00:10:35.520 --> 00:10:38.960 align:start position:0% the beginning of 2017 we finally came up with<00:10:35.700> this<00:10:36.390> con<00:10:36.660> the<00:10:37.020> sum<00:10:37.640> protocol<00:10:38.640> that<00:10:38.820> we 00:10:38.960 --> 00:10:38.970 align:start position:0% with this con the sum protocol that we 00:10:38.970 --> 00:10:41.900 align:start position:0% with this con the sum protocol that we gave<00:10:39.690> this<00:10:40.080> very<00:10:40.650> kind<00:10:40.950> of<00:10:41.040> unambitious<00:10:41.460> name 00:10:41.900 --> 00:10:41.910 align:start position:0% gave this very kind of unambitious name 00:10:41.910 --> 00:10:44.360 align:start position:0% gave this very kind of unambitious name of<00:10:42.210> a<00:10:42.330> minimal<00:10:42.750> swashing<00:10:43.170> conditions<00:10:43.680> and 00:10:44.360 --> 00:10:44.370 align:start position:0% of a minimal swashing conditions and 00:10:44.370 --> 00:10:46.400 align:start position:0% of a minimal swashing conditions and minimal<00:10:44.910> swashy<00:10:45.150> conditions<00:10:45.810> was<00:10:45.990> basically 00:10:46.400 --> 00:10:46.410 align:start position:0% minimal swashy conditions was basically 00:10:46.410 --> 00:10:49.940 align:start position:0% minimal swashy conditions was basically a<00:10:46.560> kind<00:10:47.400> of<00:10:47.490> translation<00:10:48.180> of<00:10:48.660> pbft<00:10:49.410> style 00:10:49.940 --> 00:10:49.950 align:start position:0% a kind of translation of pbft style 00:10:49.950 --> 00:10:52.610 align:start position:0% a kind of translation of pbft style traditional<00:10:50.760> Byzantine<00:10:50.940> consensus<00:10:51.840> so<00:10:52.410> the 00:10:52.610 --> 00:10:52.620 align:start position:0% traditional Byzantine consensus so the 00:10:52.620 --> 00:10:54.380 align:start position:0% traditional Byzantine consensus so the same<00:10:52.830> sort<00:10:53.130> of<00:10:53.190> stuff<00:10:53.370> that<00:10:53.610> was<00:10:53.730> agreed<00:10:54.030> on<00:10:54.180> by 00:10:54.380 --> 00:10:54.390 align:start position:0% same sort of stuff that was agreed on by 00:10:54.390 --> 00:10:56.870 align:start position:0% same sort of stuff that was agreed on by a<00:10:54.420> lamp<00:10:55.230> or<00:10:55.440> work<00:10:55.800> wench<00:10:56.070> stockmeyer<00:10:56.550> and<00:10:56.790> all 00:10:56.870 --> 00:10:56.880 align:start position:0% a lamp or work wench stockmeyer and all 00:10:56.880 --> 00:10:58.010 align:start position:0% a lamp or work wench stockmeyer and all those<00:10:57.030> fate<00:10:57.210> and<00:10:57.390> all<00:10:57.510> those<00:10:57.660> wonderful 00:10:58.010 --> 00:10:58.020 align:start position:0% those fate and all those wonderful 00:10:58.020 --> 00:11:01.160 align:start position:0% those fate and all those wonderful people<00:10:58.140> back<00:10:58.530> in<00:10:58.710> the<00:10:58.770> 1980s<00:10:59.460> but<00:11:00.210> sim 00:11:01.160 --> 00:11:01.170 align:start position:0% people back in the 1980s but sim 00:11:01.170 --> 00:11:03.980 align:start position:0% people back in the 1980s but sim flying<00:11:01.500> it<00:11:01.860> and<00:11:02.029> kind<00:11:03.029> of<00:11:03.149> carrying<00:11:03.540> it<00:11:03.720> for 00:11:03.980 --> 00:11:03.990 align:start position:0% flying it and kind of carrying it for 00:11:03.990 --> 00:11:06.110 align:start position:0% flying it and kind of carrying it for forward<00:11:04.950> into<00:11:05.370> more<00:11:05.670> of<00:11:05.700> a<00:11:05.850> blockchain 00:11:06.110 --> 00:11:06.120 align:start position:0% forward into more of a blockchain 00:11:06.120 --> 00:11:07.940 align:start position:0% forward into more of a blockchain context<00:11:06.930> right<00:11:07.230> so<00:11:07.410> the<00:11:07.529> idea<00:11:07.800> basically 00:11:07.940 --> 00:11:07.950 align:start position:0% context right so the idea basically 00:11:07.950 --> 00:11:11.150 align:start position:0% context right so the idea basically basically<00:11:08.880> is<00:11:09.389> that<00:11:09.839> in<00:11:10.380> a<00:11:10.500> blockchain<00:11:10.740> you 00:11:11.150 --> 00:11:11.160 align:start position:0% basically is that in a blockchain you 00:11:11.160 --> 00:11:13.069 align:start position:0% basically is that in a blockchain you just<00:11:11.519> keep<00:11:11.910> on<00:11:12.029> having<00:11:12.300> these<00:11:12.540> new<00:11:12.750> blocks 00:11:13.069 --> 00:11:13.079 align:start position:0% just keep on having these new blocks 00:11:13.079 --> 00:11:15.410 align:start position:0% just keep on having these new blocks appear<00:11:13.410> over<00:11:13.680> time<00:11:13.950> and<00:11:14.310> you<00:11:14.790> can<00:11:14.970> gain<00:11:15.180> these 00:11:15.410 --> 00:11:15.420 align:start position:0% appear over time and you can gain these 00:11:15.420 --> 00:11:17.750 align:start position:0% appear over time and you can gain these nice<00:11:15.839> kind<00:11:16.200> of<00:11:16.260> pipelining<00:11:16.740> efficiencies<00:11:17.490> by 00:11:17.750 --> 00:11:17.760 align:start position:0% nice kind of pipelining efficiencies by 00:11:17.760 --> 00:11:20.030 align:start position:0% nice kind of pipelining efficiencies by merging<00:11:18.750> sequence<00:11:19.170> numbers<00:11:19.500> and<00:11:19.680> viewers 00:11:20.030 --> 00:11:20.040 align:start position:0% merging sequence numbers and viewers 00:11:20.040 --> 00:11:22.040 align:start position:0% merging sequence numbers and viewers every<00:11:20.639> time<00:11:20.820> a<00:11:20.850> new<00:11:21.060> round<00:11:21.269> starts<00:11:21.779> you<00:11:21.930> would 00:11:22.040 --> 00:11:22.050 align:start position:0% every time a new round starts you would 00:11:22.050 --> 00:11:24.139 align:start position:0% every time a new round starts you would add<00:11:22.199> new<00:11:22.410> data<00:11:22.620> into<00:11:22.920> the<00:11:23.100> round<00:11:23.310> you<00:11:23.820> can<00:11:24.000> also 00:11:24.139 --> 00:11:24.149 align:start position:0% add new data into the round you can also 00:11:24.149 --> 00:11:26.720 align:start position:0% add new data into the round you can also have<00:11:24.480> the<00:11:24.660> second<00:11:25.250> kind<00:11:26.250> of<00:11:26.339> round<00:11:26.610> of 00:11:26.720 --> 00:11:26.730 align:start position:0% have the second kind of round of 00:11:26.730 --> 00:11:28.639 align:start position:0% have the second kind of round of confirmation<00:11:27.360> for<00:11:27.630> one<00:11:27.870> piece<00:11:28.079> of<00:11:28.260> data<00:11:28.290> be 00:11:28.639 --> 00:11:28.649 align:start position:0% confirmation for one piece of data be 00:11:28.649 --> 00:11:30.110 align:start position:0% confirmation for one piece of data be the<00:11:28.769> first<00:11:29.010> round<00:11:29.250> of<00:11:29.310> confirmation<00:11:29.910> for<00:11:30.060> the 00:11:30.110 --> 00:11:30.120 align:start position:0% the first round of confirmation for the 00:11:30.120 --> 00:11:32.030 align:start position:0% the first round of confirmation for the next<00:11:30.360> piece<00:11:30.510> of<00:11:30.540> data<00:11:30.720> and<00:11:31.170> you<00:11:31.529> can<00:11:31.709> really 00:11:32.030 --> 00:11:32.040 align:start position:0% next piece of data and you can really 00:11:32.040 --> 00:11:34.100 align:start position:0% next piece of data and you can really kind<00:11:32.279> of<00:11:32.639> get<00:11:32.850> experiment<00:11:33.600> amount<00:11:34.019> of 00:11:34.100 --> 00:11:34.110 align:start position:0% kind of get experiment amount of 00:11:34.110 --> 00:11:37.310 align:start position:0% kind of get experiment amount of efficiency<00:11:34.290> and<00:11:34.889> out<00:11:34.980> of<00:11:35.130> all<00:11:35.250> of<00:11:35.279> that<00:11:35.370> so<00:11:36.320> the 00:11:37.310 --> 00:11:37.320 align:start position:0% efficiency and out of all of that so the 00:11:37.320 --> 00:11:39.170 align:start position:0% efficiency and out of all of that so the first<00:11:37.560> part<00:11:37.800> was<00:11:37.949> step<00:11:38.250> was<00:11:38.430> minimal<00:11:38.790> swashing 00:11:39.170 --> 00:11:39.180 align:start position:0% first part was step was minimal swashing 00:11:39.180 --> 00:11:41.300 align:start position:0% first part was step was minimal swashing additions<00:11:39.630> which<00:11:39.839> had<00:11:40.019> six<00:11:40.410> /e<00:11:40.740> conditions 00:11:41.300 --> 00:11:41.310 align:start position:0% additions which had six /e conditions 00:11:41.310 --> 00:11:44.120 align:start position:0% additions which had six /e conditions then<00:11:41.940> it<00:11:42.060> went<00:11:42.180> down<00:11:42.329> to<00:11:42.480> four<00:11:42.720> and<00:11:43.130> finally 00:11:44.120 --> 00:11:44.130 align:start position:0% then it went down to four and finally 00:11:44.130 --> 00:11:46.100 align:start position:0% then it went down to four and finally about<00:11:44.370> half<00:11:44.610> a<00:11:44.730> year<00:11:44.760> later<00:11:45.149> we<00:11:45.690> ended<00:11:45.990> up 00:11:46.100 --> 00:11:46.110 align:start position:0% about half a year later we ended up 00:11:46.110 --> 00:11:48.829 align:start position:0% about half a year later we ended up merging<00:11:46.410> prepares<00:11:46.980> that<00:11:47.160> commits<00:11:47.550> and<00:11:47.880> this 00:11:48.829 --> 00:11:48.839 align:start position:0% merging prepares that commits and this 00:11:48.839 --> 00:11:50.810 align:start position:0% merging prepares that commits and this gave<00:11:49.139> us<00:11:49.170> Casper<00:11:50.100> the<00:11:50.190> Friendly<00:11:50.220> finality 00:11:50.810 --> 00:11:50.820 align:start position:0% gave us Casper the Friendly finality 00:11:50.820 --> 00:11:57.199 align:start position:0% gave us Casper the Friendly finality gadget<00:11:51.449> Casper<00:11:52.110> FFG<00:11:53.810> so<00:11:55.730> last<00:11:56.730> year<00:11:56.970> at<00:11:57.060> Def 00:11:57.199 --> 00:11:57.209 align:start position:0% gadget Casper FFG so last year at Def 00:11:57.209 --> 00:11:59.150 align:start position:0% gadget Casper FFG so last year at Def Con<00:11:57.449> I<00:11:57.480> presented<00:11:57.899> this<00:11:58.199> new<00:11:58.380> shorting<00:11:58.800> design 00:11:59.150 --> 00:11:59.160 align:start position:0% Con I presented this new shorting design 00:11:59.160 --> 00:12:01.970 align:start position:0% Con I presented this new shorting design that<00:11:59.760> basically<00:12:00.240> kept<00:12:00.990> the<00:12:01.170> main<00:12:01.350> chain<00:12:01.649> and 00:12:01.970 --> 00:12:01.980 align:start position:0% that basically kept the main chain and 00:12:01.980 --> 00:12:05.480 align:start position:0% that basically kept the main chain and then<00:12:02.160> creed<00:12:02.820> did<00:12:03.240> sharding<00:12:04.139> as<00:12:04.380> a<00:12:04.889> kind<00:12:05.220> of<00:12:05.279> way 00:12:05.480 --> 00:12:05.490 align:start position:0% then creed did sharding as a kind of way 00:12:05.490 --> 00:12:07.970 align:start position:0% then creed did sharding as a kind of way all<00:12:05.699> kind<00:12:06.209> of<00:12:06.420> layer<00:12:06.630> two<00:12:06.959> system<00:12:07.440> on<00:12:07.589> top<00:12:07.829> of 00:12:07.970 --> 00:12:07.980 align:start position:0% all kind of layer two system on top of 00:12:07.980 --> 00:12:10.100 align:start position:0% all kind of layer two system on top of the<00:12:08.130> existing<00:12:08.610> main<00:12:08.760> chain<00:12:09.029> that<00:12:09.630> would<00:12:09.810> then 00:12:10.100 --> 00:12:10.110 align:start position:0% the existing main chain that would then 00:12:10.110 --> 00:12:11.990 align:start position:0% the existing main chain that would then kind<00:12:10.470> of<00:12:10.529> get<00:12:10.680> upgraded<00:12:11.160> to<00:12:11.310> being<00:12:11.699> the<00:12:11.850> layer 00:12:11.990 --> 00:12:12.000 align:start position:0% kind of get upgraded to being the layer 00:12:12.000 --> 00:12:15.650 align:start position:0% kind of get upgraded to being the layer one<00:12:12.300> once<00:12:12.540> it<00:12:12.750> gets<00:12:12.959> solid<00:12:13.470> enough<00:12:14.360> from<00:12:15.360> Vlad 00:12:15.650 --> 00:12:15.660 align:start position:0% one once it gets solid enough from Vlad 00:12:15.660 --> 00:12:25.009 align:start position:0% one once it gets solid enough from Vlad the<00:12:16.370> Casper<00:12:17.370> CBC<00:12:18.170> paper<00:12:22.910> the<00:12:23.910> Casper<00:12:24.420> FFG 00:12:25.009 --> 00:12:25.019 align:start position:0% the Casper CBC paper the Casper FFG 00:12:25.019 --> 00:12:28.900 align:start position:0% the Casper CBC paper the Casper FFG proof<00:12:25.320> of<00:12:25.500> concept<00:12:26.010> so<00:12:26.399> December<00:12:26.850> 31st<00:12:27.690> 2017 00:12:28.900 --> 00:12:28.910 align:start position:0% proof of concept so December 31st 2017 00:12:28.910 --> 00:12:31.970 align:start position:0% proof of concept so December 31st 2017 2340<00:12:30.019> bangkok<00:12:31.019> time<00:12:31.290> because<00:12:31.529> we<00:12:31.680> happen<00:12:31.949> to 00:12:31.970 --> 00:12:31.980 align:start position:0% 2340 bangkok time because we happen to 00:12:31.980 --> 00:12:34.910 align:start position:0% 2340 bangkok time because we happen to be<00:12:32.160> in<00:12:32.190> thailand<00:12:32.699> at<00:12:32.850> the<00:12:32.970> time<00:12:33.920> basically 00:12:34.910 --> 00:12:34.920 align:start position:0% be in thailand at the time basically 00:12:34.920 --> 00:12:37.550 align:start position:0% be in thailand at the time basically what<00:12:35.190> happens<00:12:35.579> here<00:12:35.910> is<00:12:36.060> we<00:12:36.440> pretty<00:12:37.440> much 00:12:37.550 --> 00:12:37.560 align:start position:0% what happens here is we pretty much 00:12:37.560 --> 00:12:41.210 align:start position:0% what happens here is we pretty much managed<00:12:38.310> to<00:12:38.519> nail<00:12:38.730> down<00:12:38.779> what<00:12:39.779> the<00:12:40.110> spec<00:12:40.470> of<00:12:40.740> a 00:12:41.210 --> 00:12:41.220 align:start position:0% managed to nail down what the spec of a 00:12:41.220 --> 00:12:43.069 align:start position:0% managed to nail down what the spec of a version<00:12:41.670> of<00:12:41.970> hybrid<00:12:42.390> proof<00:12:42.600> of<00:12:42.720> stake<00:12:42.930> would 00:12:43.069 --> 00:12:43.079 align:start position:0% version of hybrid proof of stake would 00:12:43.079 --> 00:12:44.990 align:start position:0% version of hybrid proof of stake would look<00:12:43.290> like<00:12:43.440> and<00:12:43.709> this<00:12:43.740> version<00:12:44.579> of<00:12:44.670> hybrid 00:12:44.990 --> 00:12:45.000 align:start position:0% look like and this version of hybrid 00:12:45.000 --> 00:12:47.480 align:start position:0% look like and this version of hybrid proof<00:12:45.209> of<00:12:45.329> stake<00:12:45.600> would<00:12:45.959> basically<00:12:46.589> use<00:12:47.220> the 00:12:47.480 --> 00:12:47.490 align:start position:0% proof of stake would basically use the 00:12:47.490 --> 00:12:50.509 align:start position:0% proof of stake would basically use the ideas<00:12:47.970> from<00:12:48.390> Casper<00:12:48.990> FFG<00:12:49.440> use<00:12:49.740> these<00:12:50.040> a<00:12:50.250> kind 00:12:50.509 --> 00:12:50.519 align:start position:0% ideas from Casper FFG use these a kind 00:12:50.519 --> 00:12:52.790 align:start position:0% ideas from Casper FFG use these a kind of<00:12:50.610> traditional<00:12:51.569> Byzantine<00:12:51.779> fault<00:12:52.350> tolerant 00:12:52.790 --> 00:12:52.800 align:start position:0% of traditional Byzantine fault tolerant 00:12:52.800 --> 00:12:55.040 align:start position:0% of traditional Byzantine fault tolerant consensus<00:12:53.430> inspired<00:12:54.000> ideas<00:12:54.510> of<00:12:54.720> how<00:12:54.810> to<00:12:54.870> do 00:12:55.040 --> 00:12:55.050 align:start position:0% consensus inspired ideas of how to do 00:12:55.050 --> 00:12:57.379 align:start position:0% consensus inspired ideas of how to do proof<00:12:55.260> of<00:12:55.380> stake<00:12:55.620> on<00:12:55.980> top<00:12:56.670> of<00:12:57.000> the<00:12:57.240> existing 00:12:57.379 --> 00:12:57.389 align:start position:0% proof of stake on top of the existing 00:12:57.389 --> 00:12:59.660 align:start position:0% proof of stake on top of the existing proof<00:12:57.930> of<00:12:58.050> work<00:12:58.199> chain<00:12:58.470> so<00:12:59.190> this<00:12:59.370> would<00:12:59.519> be<00:12:59.639> a 00:12:59.660 --> 00:12:59.670 align:start position:0% proof of work chain so this would be a 00:12:59.670 --> 00:13:01.730 align:start position:0% proof of work chain so this would be a mechanism<00:12:59.910> that<00:13:00.389> would<00:13:00.510> allow<00:13:00.779> us<00:13:00.810> to<00:13:01.139> get<00:13:01.380> to 00:13:01.730 --> 00:13:01.740 align:start position:0% mechanism that would allow us to get to 00:13:01.740 --> 00:13:04.280 align:start position:0% mechanism that would allow us to get to hybrid<00:13:02.670> proof<00:13:02.910> of<00:13:03.029> stake<00:13:03.300> fairly<00:13:04.050> quickly 00:13:04.280 --> 00:13:04.290 align:start position:0% hybrid proof of stake fairly quickly 00:13:04.290 --> 00:13:07.040 align:start position:0% hybrid proof of stake fairly quickly with<00:13:04.860> actually<00:13:05.459> a<00:13:05.490> fairly<00:13:05.910> minimal<00:13:06.300> level<00:13:06.930> of 00:13:07.040 --> 00:13:07.050 align:start position:0% with actually a fairly minimal level of 00:13:07.050 --> 00:13:08.750 align:start position:0% with actually a fairly minimal level of disruption<00:13:07.440> to<00:13:07.769> the<00:13:07.860> existing<00:13:08.339> blockchain 00:13:08.750 --> 00:13:08.760 align:start position:0% disruption to the existing blockchain 00:13:08.760 --> 00:13:10.910 align:start position:0% disruption to the existing blockchain and<00:13:08.970> then<00:13:09.690> the<00:13:09.870> theory<00:13:10.140> is<00:13:10.380> that<00:13:10.410> we<00:13:10.680> would<00:13:10.769> be 00:13:10.910 --> 00:13:10.920 align:start position:0% and then the theory is that we would be 00:13:10.920 --> 00:13:12.500 align:start position:0% and then the theory is that we would be able<00:13:11.010> to<00:13:11.130> upgrade<00:13:11.370> to<00:13:11.760> full<00:13:11.940> proof<00:13:12.149> of<00:13:12.269> stake 00:13:12.500 --> 00:13:12.510 align:start position:0% able to upgrade to full proof of stake 00:13:12.510 --> 00:13:14.930 align:start position:0% able to upgrade to full proof of stake over<00:13:12.810> time<00:13:13.019> and<00:13:13.319> we<00:13:13.949> got<00:13:14.160> very<00:13:14.430> far 00:13:14.930 --> 00:13:14.940 align:start position:0% over time and we got very far 00:13:14.940 --> 00:13:16.820 align:start position:0% over time and we got very far in<00:13:15.210> this<00:13:15.330> direction<00:13:15.510> and<00:13:15.990> there<00:13:16.440> was<00:13:16.530> a<00:13:16.560> test 00:13:16.820 --> 00:13:16.830 align:start position:0% in this direction and there was a test 00:13:16.830 --> 00:13:18.350 align:start position:0% in this direction and there was a test that<00:13:17.070> there<00:13:17.250> were<00:13:17.340> Python<00:13:17.700> clients<00:13:18.180> there 00:13:18.350 --> 00:13:18.360 align:start position:0% that there were Python clients there 00:13:18.360 --> 00:13:20.630 align:start position:0% that there were Python clients there there<00:13:18.930> were<00:13:19.020> messages<00:13:19.500> going<00:13:19.740> between 00:13:20.630 --> 00:13:20.640 align:start position:0% there were messages going between 00:13:20.640 --> 00:13:22.970 align:start position:0% there were messages going between different<00:13:21.120> VPSs<00:13:22.080> and<00:13:22.290> different<00:13:22.530> servers<00:13:22.860> and 00:13:22.970 --> 00:13:22.980 align:start position:0% different VPSs and different servers and 00:13:22.980 --> 00:13:25.370 align:start position:0% different VPSs and different servers and different<00:13:23.250> computers<00:13:23.670> and<00:13:23.910> it<00:13:24.720> got<00:13:24.870> very<00:13:24.900> far 00:13:25.370 --> 00:13:25.380 align:start position:0% different computers and it got very far 00:13:25.380 --> 00:13:29.480 align:start position:0% different computers and it got very far and<00:13:25.850> at<00:13:26.850> the<00:13:26.970> same<00:13:27.150> time<00:13:27.450> we<00:13:28.200> were<00:13:28.400> making<00:13:29.400> a 00:13:29.480 --> 00:13:29.490 align:start position:0% and at the same time we were making a 00:13:29.490 --> 00:13:33.850 align:start position:0% and at the same time we were making a lot<00:13:29.670> of<00:13:29.730> progress<00:13:30.060> on<00:13:30.620> sharding<00:13:31.620> so<00:13:32.460> we<00:13:33.420> Hakeem 00:13:33.850 --> 00:13:33.860 align:start position:0% lot of progress on sharding so we Hakeem 00:13:33.860 --> 00:13:36.110 align:start position:0% lot of progress on sharding so we Hakeem continued<00:13:34.860> working<00:13:35.100> on<00:13:35.340> the<00:13:35.460> shortening<00:13:35.850> SPAC 00:13:36.110 --> 00:13:36.120 align:start position:0% continued working on the shortening SPAC 00:13:36.120 --> 00:13:39.320 align:start position:0% continued working on the shortening SPAC eventually<00:13:36.750> we<00:13:36.930> had<00:13:37.110> this<00:13:37.440> retreat<00:13:38.190> in<00:13:38.460> Taipei 00:13:39.320 --> 00:13:39.330 align:start position:0% eventually we had this retreat in Taipei 00:13:39.330 --> 00:13:44.300 align:start position:0% eventually we had this retreat in Taipei in<00:13:39.600> March<00:13:40.260> and<00:13:42.200> around<00:13:43.200> here<00:13:43.620> a<00:13:43.650> lot<00:13:44.070> of<00:13:44.100> the 00:13:44.300 --> 00:13:44.310 align:start position:0% in March and around here a lot of the 00:13:44.310 --> 00:13:46.820 align:start position:0% in March and around here a lot of the ideas<00:13:44.730> around<00:13:44.970> how<00:13:45.660> to<00:13:45.720> implement<00:13:46.140> he<00:13:46.440> shorted 00:13:46.820 --> 00:13:46.830 align:start position:0% ideas around how to implement he shorted 00:13:46.830 --> 00:13:50.020 align:start position:0% ideas around how to implement he shorted blockchain<00:13:47.340> seemed<00:13:47.970> seems<00:13:48.570> to<00:13:48.810> solidify 00:13:50.020 --> 00:13:50.030 align:start position:0% blockchain seemed seems to solidify 00:13:50.030 --> 00:13:56.000 align:start position:0% blockchain seemed seems to solidify seemed<00:13:51.030> to<00:13:51.510> solidify<00:13:52.460> so<00:13:53.460> in<00:13:54.350> June<00:13:55.350> we<00:13:55.800> made 00:13:56.000 --> 00:13:56.010 align:start position:0% seemed to solidify so in June we made 00:13:56.010 --> 00:13:58.970 align:start position:0% seemed to solidify so in June we made this<00:13:56.370> kind<00:13:56.880> of<00:13:57.060> very<00:13:57.240> difficult<00:13:58.230> but<00:13:58.530> I<00:13:58.560> think 00:13:58.970 --> 00:13:58.980 align:start position:0% this kind of very difficult but I think 00:13:58.980 --> 00:14:00.950 align:start position:0% this kind of very difficult but I think in<00:13:59.310> the<00:13:59.640> long<00:13:59.820> term<00:14:00.150> really<00:14:00.480> very<00:14:00.780> beneficial 00:14:00.950 --> 00:14:00.960 align:start position:0% in the long term really very beneficial 00:14:00.960 --> 00:14:03.350 align:start position:0% in the long term really very beneficial and<00:14:01.500> valuable<00:14:01.620> decision<00:14:02.370> which<00:14:02.850> is<00:14:03.060> that<00:14:03.240> we 00:14:03.350 --> 00:14:03.360 align:start position:0% and valuable decision which is that we 00:14:03.360 --> 00:14:07.040 align:start position:0% and valuable decision which is that we said<00:14:03.600> that<00:14:03.870> hey<00:14:04.500> over<00:14:04.950> here<00:14:04.980> we<00:14:05.820> have<00:14:06.090> a<00:14:06.600> bunch 00:14:07.040 --> 00:14:07.050 align:start position:0% said that hey over here we have a bunch 00:14:07.050 --> 00:14:09.880 align:start position:0% said that hey over here we have a bunch of<00:14:07.200> teams<00:14:07.470> that<00:14:07.680> are<00:14:07.890> trying<00:14:08.190> to<00:14:08.690> implement 00:14:09.880 --> 00:14:09.890 align:start position:0% of teams that are trying to implement 00:14:09.890 --> 00:14:13.130 align:start position:0% of teams that are trying to implement hybrid<00:14:10.890> proof<00:14:11.100> of<00:14:11.220> stake<00:14:11.460> and<00:14:11.760> they're<00:14:12.750> trying 00:14:13.130 --> 00:14:13.140 align:start position:0% hybrid proof of stake and they're trying 00:14:13.140 --> 00:14:16.850 align:start position:0% hybrid proof of stake and they're trying to<00:14:13.730> do<00:14:14.730> the<00:14:14.940> do<00:14:15.330> the<00:14:15.360> Kasper<00:14:15.840> FFG<00:14:16.230> thing<00:14:16.500> build 00:14:16.850 --> 00:14:16.860 align:start position:0% to do the do the Kasper FFG thing build 00:14:16.860 --> 00:14:19.430 align:start position:0% to do the do the Kasper FFG thing build the<00:14:17.430> Kasper<00:14:18.000> effigy<00:14:18.360> implementation<00:14:19.170> as<00:14:19.410> a 00:14:19.430 --> 00:14:19.440 align:start position:0% the Kasper effigy implementation as a 00:14:19.440 --> 00:14:21.770 align:start position:0% the Kasper effigy implementation as a smart<00:14:19.950> contract<00:14:20.490> inside<00:14:20.970> of<00:14:21.150> the<00:14:21.270> existing 00:14:21.770 --> 00:14:21.780 align:start position:0% smart contract inside of the existing 00:14:21.780 --> 00:14:23.810 align:start position:0% smart contract inside of the existing blockchain<00:14:22.320> make<00:14:22.950> a<00:14:22.980> few<00:14:23.250> tweaks<00:14:23.430> to<00:14:23.670> the 00:14:23.810 --> 00:14:23.820 align:start position:0% blockchain make a few tweaks to the 00:14:23.820 --> 00:14:25.970 align:start position:0% blockchain make a few tweaks to the fortress<00:14:24.150> rule<00:14:24.540> then<00:14:25.080> over<00:14:25.320> here<00:14:25.590> we<00:14:25.770> had<00:14:25.950> a 00:14:25.970 --> 00:14:25.980 align:start position:0% fortress rule then over here we had a 00:14:25.980 --> 00:14:27.740 align:start position:0% fortress rule then over here we had a completely<00:14:26.460> separate<00:14:26.820> group<00:14:27.150> that<00:14:27.600> was 00:14:27.740 --> 00:14:27.750 align:start position:0% completely separate group that was 00:14:27.750 --> 00:14:30.620 align:start position:0% completely separate group that was trying<00:14:28.170> to<00:14:28.560> make<00:14:29.400> a<00:14:29.430> sharding<00:14:29.940> system<00:14:30.420> that 00:14:30.620 --> 00:14:30.630 align:start position:0% trying to make a sharding system that 00:14:30.630 --> 00:14:33.020 align:start position:0% trying to make a sharding system that was<00:14:30.720> trying<00:14:30.990> to<00:14:31.080> make<00:14:31.260> a<00:14:31.520> validate<00:14:32.520> or<00:14:32.670> manager 00:14:33.020 --> 00:14:33.030 align:start position:0% was trying to make a validate or manager 00:14:33.030 --> 00:14:35.090 align:start position:0% was trying to make a validate or manager contract<00:14:33.630> so<00:14:33.810> that<00:14:33.960> was<00:14:34.110> later<00:14:34.380> renamed<00:14:34.830> into 00:14:35.090 --> 00:14:35.100 align:start position:0% contract so that was later renamed into 00:14:35.100 --> 00:14:37.130 align:start position:0% contract so that was later renamed into a<00:14:35.160> shorting<00:14:35.610> manager<00:14:36.000> contract<00:14:36.540> on<00:14:36.780> the<00:14:36.960> main 00:14:37.130 --> 00:14:37.140 align:start position:0% a shorting manager contract on the main 00:14:37.140 --> 00:14:38.990 align:start position:0% a shorting manager contract on the main chain<00:14:37.410> and<00:14:37.710> that<00:14:37.740> was<00:14:38.310> trying<00:14:38.610> to<00:14:38.730> build<00:14:38.820> a 00:14:38.990 --> 00:14:39.000 align:start position:0% chain and that was trying to build a 00:14:39.000 --> 00:14:41.000 align:start position:0% chain and that was trying to build a shorting<00:14:39.330> system<00:14:39.690> on<00:14:39.810> top<00:14:40.020> of<00:14:40.170> that<00:14:40.320> these 00:14:41.000 --> 00:14:41.010 align:start position:0% shorting system on top of that these 00:14:41.010 --> 00:14:42.770 align:start position:0% shorting system on top of that these groups<00:14:41.400> were<00:14:41.610> kind<00:14:41.850> of<00:14:41.940> not<00:14:42.150> talking<00:14:42.630> to<00:14:42.720> each 00:14:42.770 --> 00:14:42.780 align:start position:0% groups were kind of not talking to each 00:14:42.780 --> 00:14:43.580 align:start position:0% groups were kind of not talking to each other<00:14:42.990> too<00:14:43.350> much 00:14:43.580 --> 00:14:43.590 align:start position:0% other too much 00:14:43.590 --> 00:14:46.220 align:start position:0% other too much then<00:14:44.430> on<00:14:44.640> the<00:14:44.760> shorting<00:14:45.150> side<00:14:45.420> it<00:14:45.900> eventually 00:14:46.220 --> 00:14:46.230 align:start position:0% then on the shorting side it eventually 00:14:46.230 --> 00:14:48.410 align:start position:0% then on the shorting side it eventually became<00:14:46.920> clear<00:14:47.310> that<00:14:47.340> we<00:14:47.580> would<00:14:47.790> get<00:14:47.940> much<00:14:48.210> more 00:14:48.410 --> 00:14:48.420 align:start position:0% became clear that we would get much more 00:14:48.420 --> 00:14:51.110 align:start position:0% became clear that we would get much more efficiency<00:14:49.050> by<00:14:49.290> making<00:14:50.130> the<00:14:50.370> kind<00:14:50.640> of<00:14:50.760> core<00:14:51.090> of 00:14:51.110 --> 00:14:51.120 align:start position:0% efficiency by making the kind of core of 00:14:51.120 --> 00:14:53.780 align:start position:0% efficiency by making the kind of core of the<00:14:51.390> shorting<00:14:51.750> system<00:14:52.170> not<00:14:52.800> be<00:14:53.010> a<00:14:53.040> contract<00:14:53.640> on 00:14:53.780 --> 00:14:53.790 align:start position:0% the shorting system not be a contract on 00:14:53.790 --> 00:14:55.340 align:start position:0% the shorting system not be a contract on the<00:14:53.880> proof<00:14:54.060> of<00:14:54.120> work<00:14:54.300> chain<00:14:54.600> but<00:14:54.780> instead<00:14:55.170> be 00:14:55.340 --> 00:14:55.350 align:start position:0% the proof of work chain but instead be 00:14:55.350 --> 00:14:57.830 align:start position:0% the proof of work chain but instead be its<00:14:55.500> own<00:14:55.650> proof<00:14:55.950> of<00:14:56.040> stake<00:14:56.250> chain<00:14:56.520> and<00:14:56.840> because 00:14:57.830 --> 00:14:57.840 align:start position:0% its own proof of stake chain and because 00:14:57.840 --> 00:15:00.350 align:start position:0% its own proof of stake chain and because that<00:14:58.080> way<00:14:58.320> we<00:14:58.500> could<00:14:58.770> make<00:14:59.460> validation<00:15:00.180> much 00:15:00.350 --> 00:15:00.360 align:start position:0% that way we could make validation much 00:15:00.360 --> 00:15:02.000 align:start position:0% that way we could make validation much more<00:15:00.600> efficient<00:15:01.050> we<00:15:01.200> did<00:15:01.350> not<00:15:01.470> have<00:15:01.680> to<00:15:01.860> deal 00:15:02.000 --> 00:15:02.010 align:start position:0% more efficient we did not have to deal 00:15:02.010 --> 00:15:03.890 align:start position:0% more efficient we did not have to deal with<00:15:02.070> EVM<00:15:02.580> overhead<00:15:03.090> we<00:15:03.270> did<00:15:03.420> not<00:15:03.510> have<00:15:03.720> to 00:15:03.890 --> 00:15:03.900 align:start position:0% with EVM overhead we did not have to 00:15:03.900 --> 00:15:05.510 align:start position:0% with EVM overhead we did not have to deal<00:15:04.020> with<00:15:04.080> gas<00:15:04.440> we<00:15:04.770> would<00:15:04.890> not<00:15:04.980> have<00:15:05.040> to<00:15:05.340> deal 00:15:05.510 --> 00:15:05.520 align:start position:0% deal with gas we would not have to deal 00:15:05.520 --> 00:15:08.000 align:start position:0% deal with gas we would not have to deal with<00:15:05.810> unpredictable<00:15:06.810> proof<00:15:07.380> of<00:15:07.500> work<00:15:07.650> block 00:15:08.000 --> 00:15:08.010 align:start position:0% with unpredictable proof of work block 00:15:08.010 --> 00:15:09.710 align:start position:0% with unpredictable proof of work block times<00:15:08.310> we<00:15:08.490> can<00:15:08.640> make<00:15:08.790> block<00:15:09.000> times<00:15:09.240> faster 00:15:09.710 --> 00:15:09.720 align:start position:0% times we can make block times faster 00:15:09.720 --> 00:15:11.780 align:start position:0% times we can make block times faster along<00:15:10.500> with<00:15:10.800> a<00:15:11.100> whole<00:15:11.340> bunch<00:15:11.550> of<00:15:11.610> other 00:15:11.780 --> 00:15:11.790 align:start position:0% along with a whole bunch of other 00:15:11.790 --> 00:15:15.080 align:start position:0% along with a whole bunch of other efficiencies<00:15:12.330> and<00:15:12.780> we<00:15:13.110> realized<00:15:13.710> hey<00:15:14.490> we're 00:15:15.080 --> 00:15:15.090 align:start position:0% efficiencies and we realized hey we're 00:15:15.090 --> 00:15:16.910 align:start position:0% efficiencies and we realized hey we're working<00:15:15.240> on<00:15:15.510> proof<00:15:15.690> of<00:15:15.810> stake<00:15:16.020> here<00:15:16.380> we're 00:15:16.910 --> 00:15:16.920 align:start position:0% working on proof of stake here we're 00:15:16.920 --> 00:15:19.310 align:start position:0% working on proof of stake here we're working<00:15:17.250> on<00:15:17.370> proof<00:15:17.580> of<00:15:17.700> stake<00:15:17.940> here<00:15:18.330> why<00:15:18.960> are 00:15:19.310 --> 00:15:19.320 align:start position:0% working on proof of stake here why are 00:15:19.320 --> 00:15:21.080 align:start position:0% working on proof of stake here why are we<00:15:19.440> doing<00:15:19.620> two<00:15:20.130> separate<00:15:20.520> proof<00:15:20.760> of<00:15:20.880> stake 00:15:21.080 --> 00:15:21.090 align:start position:0% we doing two separate proof of stake 00:15:21.090 --> 00:15:23.390 align:start position:0% we doing two separate proof of stake things<00:15:21.330> again<00:15:21.660> and<00:15:21.810> so<00:15:22.470> we<00:15:22.500> decided<00:15:22.950> to<00:15:23.100> just 00:15:23.390 --> 00:15:23.400 align:start position:0% things again and so we decided to just 00:15:23.400 --> 00:15:26.330 align:start position:0% things again and so we decided to just merge<00:15:23.580> the<00:15:23.850> two<00:15:23.970> together<00:15:24.260> this<00:15:25.260> did<00:15:25.680> end<00:15:26.040> up 00:15:26.330 --> 00:15:26.340 align:start position:0% merge the two together this did end up 00:15:26.340 --> 00:15:28.190 align:start position:0% merge the two together this did end up kind<00:15:26.580> of<00:15:26.730> nullifying<00:15:27.270> a<00:15:27.510> lot<00:15:27.690> of<00:15:27.810> work<00:15:28.020> that 00:15:28.190 --> 00:15:28.200 align:start position:0% kind of nullifying a lot of work that 00:15:28.200 --> 00:15:28.500 align:start position:0% kind of nullifying a lot of work that came 00:15:28.500 --> 00:15:28.510 align:start position:0% came 00:15:28.510 --> 00:15:31.280 align:start position:0% came for<00:15:28.750> but<00:15:29.410> what<00:15:29.710> it<00:15:29.830> meant<00:15:30.160> is<00:15:30.460> that<00:15:30.490> instead<00:15:31.150> of 00:15:31.280 --> 00:15:31.290 align:start position:0% for but what it meant is that instead of 00:15:31.290 --> 00:15:33.780 align:start position:0% for but what it meant is that instead of have<00:15:32.290> it<00:15:32.530> working<00:15:32.890> on<00:15:33.010> these<00:15:33.190> two<00:15:33.370> separate 00:15:33.780 --> 00:15:33.790 align:start position:0% have it working on these two separate 00:15:33.790 --> 00:15:35.580 align:start position:0% have it working on these two separate implementations<00:15:33.940> we<00:15:34.810> were<00:15:34.960> working<00:15:35.410> together 00:15:35.580 --> 00:15:35.590 align:start position:0% implementations we were working together 00:15:35.590 --> 00:15:39.120 align:start position:0% implementations we were working together on<00:15:36.160> this<00:15:36.820> one<00:15:37.180> spec<00:15:37.570> this<00:15:37.840> one<00:15:38.110> protocol<00:15:38.680> that 00:15:39.120 --> 00:15:39.130 align:start position:0% on this one spec this one protocol that 00:15:39.130 --> 00:15:41.610 align:start position:0% on this one spec this one protocol that would<00:15:39.310> get<00:15:39.520> us<00:15:39.670> the<00:15:39.820> benefits<00:15:40.300> of<00:15:40.620> Casper 00:15:41.610 --> 00:15:41.620 align:start position:0% would get us the benefits of Casper 00:15:41.620 --> 00:15:44.310 align:start position:0% would get us the benefits of Casper proof<00:15:41.860> of<00:15:41.980> stake<00:15:42.220> and<00:15:42.550> sharding<00:15:43.320> essentially 00:15:44.310 --> 00:15:44.320 align:start position:0% proof of stake and sharding essentially 00:15:44.320 --> 00:15:47.730 align:start position:0% proof of stake and sharding essentially at<00:15:44.440> the<00:15:44.590> same<00:15:44.620> time<00:15:45.040> right<00:15:45.790> so<00:15:46.740> basically 00:15:47.730 --> 00:15:47.740 align:start position:0% at the same time right so basically 00:15:47.740 --> 00:15:50.100 align:start position:0% at the same time right so basically instead<00:15:48.250> of<00:15:48.460> trying<00:15:48.820> to<00:15:48.970> go<00:15:49.090> to<00:15:49.150> go<00:15:49.390> to<00:15:49.450> I<00:15:49.570> go<00:15:50.050> to 00:15:50.100 --> 00:15:50.110 align:start position:0% instead of trying to go to go to I go to 00:15:50.110 --> 00:15:51.810 align:start position:0% instead of trying to go to go to I go to one<00:15:50.350> destination<00:15:50.860> then<00:15:51.310> go<00:15:51.460> to<00:15:51.520> another 00:15:51.810 --> 00:15:51.820 align:start position:0% one destination then go to another 00:15:51.820 --> 00:15:54.510 align:start position:0% one destination then go to another destination<00:15:52.300> then<00:15:52.780> later<00:15:53.470> on<00:15:53.770> have<00:15:54.220> the<00:15:54.400> Miss 00:15:54.510 --> 00:15:54.520 align:start position:0% destination then later on have the Miss 00:15:54.520 --> 00:15:55.980 align:start position:0% destination then later on have the Miss massive<00:15:55.000> work<00:15:55.210> of<00:15:55.390> figuring<00:15:55.510> out<00:15:55.810> how<00:15:55.960> to 00:15:55.980 --> 00:15:55.990 align:start position:0% massive work of figuring out how to 00:15:55.990 --> 00:15:58.020 align:start position:0% massive work of figuring out how to merge<00:15:56.260> the<00:15:56.470> two<00:15:56.500> we<00:15:57.220> would<00:15:57.370> just<00:15:57.550> take<00:15:57.700> a<00:15:57.730> path 00:15:58.020 --> 00:15:58.030 align:start position:0% merge the two we would just take a path 00:15:58.030 --> 00:16:00.120 align:start position:0% merge the two we would just take a path which<00:15:58.390> would<00:15:58.600> take<00:15:59.140> a<00:15:59.200> little<00:15:59.410> longer<00:15:59.710> at<00:16:00.010> the 00:16:00.120 --> 00:16:00.130 align:start position:0% which would take a little longer at the 00:16:00.130 --> 00:16:02.190 align:start position:0% which would take a little longer at the beginning<00:16:00.430> but<00:16:00.970> the<00:16:01.150> place<00:16:01.390> that<00:16:01.420> it<00:16:01.720> gets<00:16:01.960> to 00:16:02.190 --> 00:16:02.200 align:start position:0% beginning but the place that it gets to 00:16:02.200 --> 00:16:05.460 align:start position:0% beginning but the place that it gets to actually<00:16:03.130> is<00:16:03.370> a<00:16:03.790> proof<00:16:04.420> of<00:16:04.510> stake<00:16:04.750> and<00:16:05.050> sharded 00:16:05.460 --> 00:16:05.470 align:start position:0% actually is a proof of stake and sharded 00:16:05.470 --> 00:16:07.500 align:start position:0% actually is a proof of stake and sharded blockchain<00:16:05.980> with<00:16:06.250> the<00:16:06.820> properties<00:16:07.300> that<00:16:07.330> we 00:16:07.500 --> 00:16:07.510 align:start position:0% blockchain with the properties that we 00:16:07.510 --> 00:16:17.340 align:start position:0% blockchain with the properties that we were<00:16:07.630> looking<00:16:07.720> for<00:16:14.790> so<00:16:15.790> in<00:16:16.060> the<00:16:16.180> meantime<00:16:16.390> we 00:16:17.340 --> 00:16:17.350 align:start position:0% were looking for so in the meantime we 00:16:17.350 --> 00:16:20.190 align:start position:0% were looking for so in the meantime we spent<00:16:18.130> a<00:16:18.220> lot<00:16:18.370> of<00:16:18.430> time<00:16:18.730> arguing<00:16:19.180> about<00:16:19.780> fork 00:16:20.190 --> 00:16:20.200 align:start position:0% spent a lot of time arguing about fork 00:16:20.200 --> 00:16:23.790 align:start position:0% spent a lot of time arguing about fork choice<00:16:20.470> rules<00:16:21.570> B's<00:16:22.570> we<00:16:22.990> ended<00:16:23.320> up<00:16:23.440> kind<00:16:23.710> of 00:16:23.790 --> 00:16:23.800 align:start position:0% choice rules B's we ended up kind of 00:16:23.800 --> 00:16:26.310 align:start position:0% choice rules B's we ended up kind of getting<00:16:24.100> closer<00:16:24.730> and<00:16:24.910> closer<00:16:25.270> and<00:16:25.750> deeper 00:16:26.310 --> 00:16:26.320 align:start position:0% getting closer and closer and deeper 00:16:26.320 --> 00:16:29.160 align:start position:0% getting closer and closer and deeper into<00:16:26.650> realizing<00:16:27.190> that<00:16:27.640> fortress<00:16:28.630> rules<00:16:28.900> based 00:16:29.160 --> 00:16:29.170 align:start position:0% into realizing that fortress rules based 00:16:29.170 --> 00:16:31.170 align:start position:0% into realizing that fortress rules based on<00:16:29.350> ghost<00:16:29.740> the<00:16:30.070> agree<00:16:30.370> D<00:16:30.430> heaviest<00:16:30.820> observed 00:16:31.170 --> 00:16:31.180 align:start position:0% on ghost the agree D heaviest observed 00:16:31.180 --> 00:16:33.480 align:start position:0% on ghost the agree D heaviest observed sub-tree<00:16:31.600> algorithm<00:16:32.170> that<00:16:32.710> was<00:16:32.860> originally 00:16:33.480 --> 00:16:33.490 align:start position:0% sub-tree algorithm that was originally 00:16:33.490 --> 00:16:34.860 align:start position:0% sub-tree algorithm that was originally intended<00:16:33.790> for<00:16:34.000> proof<00:16:34.270> of<00:16:34.420> work<00:16:34.600> but 00:16:34.860 --> 00:16:34.870 align:start position:0% intended for proof of work but 00:16:34.870 --> 00:16:37.170 align:start position:0% intended for proof of work but repurposed<00:16:35.470> by<00:16:35.620> us<00:16:35.800> for<00:16:35.980> proof<00:16:36.160> of<00:16:36.280> stake<00:16:36.520> made 00:16:37.170 --> 00:16:37.180 align:start position:0% repurposed by us for proof of stake made 00:16:37.180 --> 00:16:38.360 align:start position:0% repurposed by us for proof of stake made a<00:16:37.210> huge<00:16:37.600> amount<00:16:37.780> of<00:16:37.900> sense 00:16:38.360 --> 00:16:38.370 align:start position:0% a huge amount of sense 00:16:38.370 --> 00:16:41.910 align:start position:0% a huge amount of sense we<00:16:39.370> were<00:16:39.520> Justin<00:16:40.270> started<00:16:40.630> doing<00:16:41.350> research<00:16:41.680> on 00:16:41.910 --> 00:16:41.920 align:start position:0% we were Justin started doing research on 00:16:41.920 --> 00:16:44.490 align:start position:0% we were Justin started doing research on verifiable<00:16:42.580> delay<00:16:42.850> functions<00:16:43.390> we<00:16:44.110> had<00:16:44.290> this 00:16:44.490 --> 00:16:44.500 align:start position:0% verifiable delay functions we had this 00:16:44.500 --> 00:16:46.770 align:start position:0% verifiable delay functions we had this workshop<00:16:45.040> at<00:16:45.220> Stanford<00:16:45.760> and<00:16:46.090> we<00:16:46.150> made<00:16:46.540> a<00:16:46.570> lot 00:16:46.770 --> 00:16:46.780 align:start position:0% workshop at Stanford and we made a lot 00:16:46.780 --> 00:16:48.120 align:start position:0% workshop at Stanford and we made a lot of<00:16:46.810> progress<00:16:47.050> on<00:16:47.380> verifiable<00:16:47.860> to<00:16:47.980> wave 00:16:48.120 --> 00:16:48.130 align:start position:0% of progress on verifiable to wave 00:16:48.130 --> 00:16:49.680 align:start position:0% of progress on verifiable to wave functions<00:16:48.520> there<00:16:48.760> and<00:16:48.940> justin<00:16:49.300> is<00:16:49.480> still 00:16:49.680 --> 00:16:49.690 align:start position:0% functions there and justin is still 00:16:49.690 --> 00:16:51.720 align:start position:0% functions there and justin is still collaborating<00:16:50.410> with<00:16:50.890> a<00:16:50.920> lot<00:16:51.130> of<00:16:51.160> researchers 00:16:51.720 --> 00:16:51.730 align:start position:0% collaborating with a lot of researchers 00:16:51.730 --> 00:16:55.320 align:start position:0% collaborating with a lot of researchers from<00:16:51.790> there<00:16:52.740> more<00:16:53.740> ideas<00:16:54.280> on<00:16:54.700> how<00:16:54.760> to<00:16:55.120> do 00:16:55.320 --> 00:16:55.330 align:start position:0% from there more ideas on how to do 00:16:55.330 --> 00:16:57.710 align:start position:0% from there more ideas on how to do abstraction<00:16:56.080> how<00:16:56.260> to<00:16:56.320> do<00:16:56.500> this<00:16:56.620> idea<00:16:56.860> where 00:16:57.710 --> 00:16:57.720 align:start position:0% abstraction how to do this idea where 00:16:57.720 --> 00:16:59.880 align:start position:0% abstraction how to do this idea where individual<00:16:58.720> users<00:16:59.110> can<00:16:59.380> choose<00:16:59.560> their<00:16:59.770> own 00:16:59.880 --> 00:16:59.890 align:start position:0% individual users can choose their own 00:16:59.890 --> 00:17:02.030 align:start position:0% individual users can choose their own signature<00:17:00.070> algorithms<00:17:00.970> for<00:17:01.180> their<00:17:01.270> accounts 00:17:02.030 --> 00:17:02.040 align:start position:0% signature algorithms for their accounts 00:17:02.040 --> 00:17:05.400 align:start position:0% signature algorithms for their accounts more<00:17:03.040> ideas<00:17:03.430> on<00:17:03.550> rent<00:17:03.880> which<00:17:04.449> we<00:17:04.630> decided<00:17:05.170> to 00:17:05.400 --> 00:17:05.410 align:start position:0% more ideas on rent which we decided to 00:17:05.410 --> 00:17:07.560 align:start position:0% more ideas on rent which we decided to rename<00:17:05.860> to<00:17:05.920> storage<00:17:06.579> maintenance<00:17:07.120> fees<00:17:07.329> for 00:17:07.560 --> 00:17:07.570 align:start position:0% rename to storage maintenance fees for 00:17:07.570 --> 00:17:13.850 align:start position:0% rename to storage maintenance fees for political<00:17:08.020> reasons<00:17:08.790> and<00:17:10.680> research<00:17:11.850> so 00:17:13.850 --> 00:17:13.860 align:start position:0% political reasons and research so 00:17:13.860 --> 00:17:17.550 align:start position:0% political reasons and research so there's<00:17:14.860> a<00:17:15.130> lot<00:17:15.579> of<00:17:15.610> work<00:17:16.209> on<00:17:16.510> cross<00:17:17.320> shore 00:17:17.550 --> 00:17:17.560 align:start position:0% there's a lot of work on cross shore 00:17:17.560 --> 00:17:19.800 align:start position:0% there's a lot of work on cross shore transactions<00:17:18.280> so<00:17:18.880> for<00:17:19.089> example<00:17:19.600> there<00:17:19.780> is 00:17:19.800 --> 00:17:19.810 align:start position:0% transactions so for example there is 00:17:19.810 --> 00:17:21.510 align:start position:0% transactions so for example there is this<00:17:20.050> a<00:17:20.230> post<00:17:20.470> I<00:17:20.620> made<00:17:20.650> on<00:17:20.980> cross<00:17:21.220> shard 00:17:21.510 --> 00:17:21.520 align:start position:0% this a post I made on cross shard 00:17:21.520 --> 00:17:24.140 align:start position:0% this a post I made on cross shard contract<00:17:22.060> yanking<00:17:22.540> which<00:17:22.810> kind<00:17:23.740> of 00:17:24.140 --> 00:17:24.150 align:start position:0% contract yanking which kind of 00:17:24.150 --> 00:17:26.490 align:start position:0% contract yanking which kind of generalizes<00:17:25.150> the<00:17:25.329> traditional<00:17:25.959> distributed 00:17:26.490 --> 00:17:26.500 align:start position:0% generalizes the traditional distributed 00:17:26.500 --> 00:17:28.230 align:start position:0% generalizes the traditional distributed systems<00:17:26.890> concept<00:17:27.370> of<00:17:27.490> walking<00:17:27.970> into 00:17:28.230 --> 00:17:28.240 align:start position:0% systems concept of walking into 00:17:28.240 --> 00:17:30.900 align:start position:0% systems concept of walking into something<00:17:28.930> that<00:17:29.140> makes<00:17:29.680> sense<00:17:29.950> in<00:17:30.370> this<00:17:30.670> kind 00:17:30.900 --> 00:17:30.910 align:start position:0% something that makes sense in this kind 00:17:30.910 --> 00:17:32.960 align:start position:0% something that makes sense in this kind of<00:17:30.970> asynchronous<00:17:31.270> to<00:17:31.690> cross<00:17:31.900> short<00:17:32.170> context 00:17:32.960 --> 00:17:32.970 align:start position:0% of asynchronous to cross short context 00:17:32.970 --> 00:17:35.820 align:start position:0% of asynchronous to cross short context also<00:17:33.970> wrote<00:17:34.360> this<00:17:34.510> paper<00:17:34.720> on<00:17:35.110> resource 00:17:35.820 --> 00:17:35.830 align:start position:0% also wrote this paper on resource 00:17:35.830 --> 00:17:39.570 align:start position:0% also wrote this paper on resource pricing<00:17:36.420> which<00:17:37.420> includes<00:17:38.190> ideas<00:17:39.190> about<00:17:39.520> a 00:17:39.570 --> 00:17:39.580 align:start position:0% pricing which includes ideas about a 00:17:39.580 --> 00:17:41.550 align:start position:0% pricing which includes ideas about a kind<00:17:40.030> of<00:17:40.120> optimized<00:17:40.660> and<00:17:40.930> my<00:17:41.020> ends<00:17:41.260> up<00:17:41.380> much 00:17:41.550 --> 00:17:41.560 align:start position:0% kind of optimized and my ends up much 00:17:41.560 --> 00:17:42.090 align:start position:0% kind of optimized and my ends up much more<00:17:41.740> fish 00:17:42.090 --> 00:17:42.100 align:start position:0% more fish 00:17:42.100 --> 00:17:44.820 align:start position:0% more fish Phee<00:17:42.280> market<00:17:42.730> along<00:17:43.090> with<00:17:43.150> storage<00:17:43.929> how<00:17:44.559> to<00:17:44.620> do 00:17:44.820 --> 00:17:44.830 align:start position:0% Phee market along with storage how to do 00:17:44.830 --> 00:17:47.580 align:start position:0% Phee market along with storage how to do storage<00:17:45.190> maintenance<00:17:45.640> fees<00:17:45.850> and<00:17:46.000> why<00:17:46.390> and<00:17:46.870> the 00:17:47.580 --> 00:17:47.590 align:start position:0% storage maintenance fees and why and the 00:17:47.590 --> 00:17:48.930 align:start position:0% storage maintenance fees and why and the different<00:17:47.919> trade-offs<00:17:48.130> between<00:17:48.460> different 00:17:48.930 --> 00:17:48.940 align:start position:0% different trade-offs between different 00:17:48.940 --> 00:17:51.000 align:start position:0% different trade-offs between different ways<00:17:49.059> of<00:17:49.210> setting<00:17:49.360> them<00:17:49.690> and<00:17:49.990> I<00:17:50.620> mean<00:17:50.770> Casey 00:17:51.000 --> 00:17:51.010 align:start position:0% ways of setting them and I mean Casey 00:17:51.010 --> 00:17:53.820 align:start position:0% ways of setting them and I mean Casey here<00:17:51.429> a<00:17:51.460> de<00:17:51.760> trio<00:17:52.000> wrote<00:17:52.299> this<00:17:52.450> post<00:17:52.720> on<00:17:52.929> doing 00:17:53.820 --> 00:17:53.830 align:start position:0% here a de trio wrote this post on doing 00:17:53.830 --> 00:17:55.950 align:start position:0% here a de trio wrote this post on doing synchronous<00:17:54.309> squash<00:17:54.690> across<00:17:55.690> chart 00:17:55.950 --> 00:17:55.960 align:start position:0% synchronous squash across chart 00:17:55.960 --> 00:17:59.490 align:start position:0% synchronous squash across chart transactions<00:17:56.679> so<00:17:57.809> and<00:17:58.809> of<00:17:59.020> course<00:17:59.230> in<00:17:59.410> the 00:17:59.490 --> 00:17:59.500 align:start position:0% transactions so and of course in the 00:17:59.500 --> 00:18:03.120 align:start position:0% transactions so and of course in the meantime<00:18:00.299> Kasper<00:18:01.440> CBC<00:18:02.440> research<00:18:02.860> also 00:18:03.120 --> 00:18:03.130 align:start position:0% meantime Kasper CBC research also 00:18:03.130 --> 00:18:06.330 align:start position:0% meantime Kasper CBC research also expanded<00:18:03.910> into<00:18:04.330> and<00:18:04.929> if<00:18:05.080> Kasper<00:18:05.500> CBC<00:18:05.980> is<00:18:06.130> own 00:18:06.330 --> 00:18:06.340 align:start position:0% expanded into and if Kasper CBC is own 00:18:06.340 --> 00:18:08.610 align:start position:0% expanded into and if Kasper CBC is own brand<00:18:06.730> of<00:18:06.880> sharding<00:18:07.360> which<00:18:07.809> is<00:18:07.960> totally<00:18:08.440> not 00:18:08.610 --> 00:18:08.620 align:start position:0% brand of sharding which is totally not 00:18:08.620 --> 00:18:10.799 align:start position:0% brand of sharding which is totally not called<00:18:08.919> vlaardingen<00:18:09.330> opswat<00:18:10.330> Lee<00:18:10.419> hates<00:18:10.600> that 00:18:10.799 --> 00:18:10.809 align:start position:0% called vlaardingen opswat Lee hates that 00:18:10.809 --> 00:18:17.820 align:start position:0% called vlaardingen opswat Lee hates that term<00:18:11.820> so<00:18:14.280> development<00:18:15.280> right<00:18:15.610> so<00:18:16.440> be<00:18:17.440> there's 00:18:17.820 --> 00:18:17.830 align:start position:0% term so development right so be there's 00:18:17.830 --> 00:18:20.909 align:start position:0% term so development right so be there's one<00:18:18.669> of<00:18:18.850> the<00:18:19.030> kind<00:18:19.390> of<00:18:19.480> key<00:18:19.870> strategies<00:18:20.620> that 00:18:20.909 --> 00:18:20.919 align:start position:0% one of the kind of key strategies that 00:18:20.919 --> 00:18:23.970 align:start position:0% one of the kind of key strategies that we<00:18:21.039> tried<00:18:21.340> to<00:18:21.750> really<00:18:22.750> push<00:18:22.990> forward<00:18:23.470> in<00:18:23.710> the 00:18:23.970 --> 00:18:23.980 align:start position:0% we tried to really push forward in the 00:18:23.980 --> 00:18:26.520 align:start position:0% we tried to really push forward in the etherium<00:18:24.429> 2.0<00:18:24.909> path<00:18:25.150> is<00:18:25.539> the<00:18:25.870> idea<00:18:26.230> of 00:18:26.520 --> 00:18:26.530 align:start position:0% etherium 2.0 path is the idea of 00:18:26.530 --> 00:18:28.770 align:start position:0% etherium 2.0 path is the idea of creative<00:18:27.370> multi-client<00:18:27.970> decentralized 00:18:28.770 --> 00:18:28.780 align:start position:0% creative multi-client decentralized 00:18:28.780 --> 00:18:33.600 align:start position:0% creative multi-client decentralized development<00:18:29.380> and<00:18:30.179> this<00:18:31.179> wasn't<00:18:31.510> just<00:18:31.780> a<00:18:32.610> kind 00:18:33.600 --> 00:18:33.610 align:start position:0% development and this wasn't just a kind 00:18:33.610 --> 00:18:36.419 align:start position:0% development and this wasn't just a kind of<00:18:33.900> because<00:18:34.900> we<00:18:35.110> have<00:18:35.140> an<00:18:35.409> ideological<00:18:35.860> belief 00:18:36.419 --> 00:18:36.429 align:start position:0% of because we have an ideological belief 00:18:36.429 --> 00:18:39.299 align:start position:0% of because we have an ideological belief in<00:18:36.610> decentralization<00:18:37.360> this<00:18:37.809> was<00:18:37.990> also<00:18:38.200> a<00:18:38.440> kind 00:18:39.299 --> 00:18:39.309 align:start position:0% in decentralization this was also a kind 00:18:39.309 --> 00:18:42.320 align:start position:0% in decentralization this was also a kind of<00:18:39.490> very<00:18:39.760> pragmatic<00:18:40.419> strategy<00:18:41.020> to<00:18:41.740> not 00:18:42.320 --> 00:18:42.330 align:start position:0% of very pragmatic strategy to not 00:18:42.330 --> 00:18:44.669 align:start position:0% of very pragmatic strategy to not basically<00:18:43.330> had<00:18:43.630> your<00:18:43.840> bet<00:18:44.049> first<00:18:44.409> of<00:18:44.590> all 00:18:44.669 --> 00:18:44.679 align:start position:0% basically had your bet first of all 00:18:44.679 --> 00:18:47.010 align:start position:0% basically had your bet first of all hedge<00:18:44.919> your<00:18:45.070> bets<00:18:45.309> against<00:18:46.059> the<00:18:46.539> possibility 00:18:47.010 --> 00:18:47.020 align:start position:0% hedge your bets against the possibility 00:18:47.020 --> 00:18:48.990 align:start position:0% hedge your bets against the possibility that<00:18:47.409> any<00:18:47.590> one<00:18:47.890> software<00:18:48.400> development<00:18:48.880> team 00:18:48.990 --> 00:18:49.000 align:start position:0% that any one software development team 00:18:49.000 --> 00:18:52.590 align:start position:0% that any one software development team would<00:18:49.210> not<00:18:49.330> perform<00:18:49.750> well<00:18:50.309> second<00:18:51.309> because<00:18:52.030> we 00:18:52.590 --> 00:18:52.600 align:start position:0% would not perform well second because we 00:18:52.600 --> 00:18:54.750 align:start position:0% would not perform well second because we already<00:18:52.750> we<00:18:53.169> have<00:18:53.380> plenty<00:18:54.100> of<00:18:54.280> experience 00:18:54.750 --> 00:18:54.760 align:start position:0% already we have plenty of experience 00:18:54.760 --> 00:18:58.350 align:start position:0% already we have plenty of experience from<00:18:55.659> the<00:18:55.900> shanghai<00:18:56.409> das<00:18:56.620> attacks<00:18:57.010> of<00:18:57.340> how<00:18:57.549> you 00:18:58.350 --> 00:18:58.360 align:start position:0% from the shanghai das attacks of how you 00:18:58.360 --> 00:19:00.539 align:start position:0% from the shanghai das attacks of how you know<00:18:58.539> there<00:18:58.809> are<00:18:58.929> many<00:18:59.380> of<00:18:59.590> cases<00:19:00.039> where<00:19:00.280> if 00:19:00.539 --> 00:19:00.549 align:start position:0% know there are many of cases where if 00:19:00.549 --> 00:19:02.370 align:start position:0% know there are many of cases where if one<00:19:00.850> client<00:19:01.179> has<00:19:01.450> a<00:19:01.480> bug<00:19:01.780> having<00:19:02.230> other 00:19:02.370 --> 00:19:02.380 align:start position:0% one client has a bug having other 00:19:02.380 --> 00:19:04.350 align:start position:0% one client has a bug having other clients<00:19:02.860> being<00:19:03.010> available<00:19:03.340> allows<00:19:04.179> the 00:19:04.350 --> 00:19:04.360 align:start position:0% clients being available allows the 00:19:04.360 --> 00:19:06.980 align:start position:0% clients being available allows the network<00:19:04.630> to<00:19:04.780> continue<00:19:05.169> running<00:19:05.350> better<00:19:05.850> also 00:19:06.980 --> 00:19:06.990 align:start position:0% network to continue running better also 00:19:06.990 --> 00:19:12.240 align:start position:0% network to continue running better also wanting<00:19:07.990> to<00:19:09.210> kind<00:19:10.210> of<00:19:10.450> make<00:19:10.780> the<00:19:11.250> development 00:19:12.240 --> 00:19:12.250 align:start position:0% wanting to kind of make the development 00:19:12.250 --> 00:19:14.460 align:start position:0% wanting to kind of make the development ecosystem<00:19:12.630> less<00:19:13.630> dependent<00:19:14.169> on<00:19:14.320> the 00:19:14.460 --> 00:19:14.470 align:start position:0% ecosystem less dependent on the 00:19:14.470 --> 00:19:17.220 align:start position:0% ecosystem less dependent on the foundation<00:19:14.980> itself<00:19:15.280> so<00:19:16.030> the<00:19:16.330> client<00:19:16.990> that<00:19:17.110> the 00:19:17.220 --> 00:19:17.230 align:start position:0% foundation itself so the client that the 00:19:17.230 --> 00:19:19.350 align:start position:0% foundation itself so the client that the etherion<00:19:17.620> foundation<00:19:18.159> works<00:19:18.400> on<00:19:18.669> is<00:19:18.940> I'm 00:19:19.350 --> 00:19:19.360 align:start position:0% etherion foundation works on is I'm 00:19:19.360 --> 00:19:22.230 align:start position:0% etherion foundation works on is I'm actually<00:19:19.510> the<00:19:19.870> Python<00:19:20.200> client<00:19:20.409> and<00:19:20.740> so<00:19:21.370> it's 00:19:22.230 --> 00:19:22.240 align:start position:0% actually the Python client and so it's 00:19:22.240 --> 00:19:25.380 align:start position:0% actually the Python client and so it's in<00:19:22.720> it<00:19:23.140> has<00:19:23.320> plenty<00:19:23.559> of<00:19:23.860> use<00:19:24.010> cases<00:19:24.309> but<00:19:24.820> in 00:19:25.380 --> 00:19:25.390 align:start position:0% in it has plenty of use cases but in 00:19:25.390 --> 00:19:27.510 align:start position:0% in it has plenty of use cases but in Python<00:19:25.659> just<00:19:26.110> as<00:19:26.289> a<00:19:26.320> language<00:19:26.590> has<00:19:27.010> inherent 00:19:27.510 --> 00:19:27.520 align:start position:0% Python just as a language has inherent 00:19:27.520 --> 00:19:29.669 align:start position:0% Python just as a language has inherent performance<00:19:28.000> limitations<00:19:28.659> and<00:19:28.900> so<00:19:29.110> there's 00:19:29.669 --> 00:19:29.679 align:start position:0% performance limitations and so there's 00:19:29.679 --> 00:19:31.890 align:start position:0% performance limitations and so there's always<00:19:29.919> going<00:19:30.220> to<00:19:30.280> be<00:19:30.370> an<00:19:30.549> incentive<00:19:30.850> to<00:19:31.270> try 00:19:31.890 --> 00:19:31.900 align:start position:0% always going to be an incentive to try 00:19:31.900 --> 00:19:33.630 align:start position:0% always going to be an incentive to try running<00:19:32.380> the<00:19:32.500> stuff<00:19:32.740> built<00:19:33.039> by<00:19:33.190> the<00:19:33.250> wonderful 00:19:33.630 --> 00:19:33.640 align:start position:0% running the stuff built by the wonderful 00:19:33.640 --> 00:19:35.520 align:start position:0% running the stuff built by the wonderful folks<00:19:34.000> at<00:19:34.210> prismatic<00:19:34.809> and<00:19:34.870> white<00:19:35.080> house<00:19:35.260> and 00:19:35.520 --> 00:19:35.530 align:start position:0% folks at prismatic and white house and 00:19:35.530 --> 00:19:38.159 align:start position:0% folks at prismatic and white house and status<00:19:35.919> and<00:19:36.330> Pegasus<00:19:37.330> and<00:19:37.659> all<00:19:37.929> the<00:19:38.049> other 00:19:38.159 --> 00:19:38.169 align:start position:0% status and Pegasus and all the other 00:19:38.169 --> 00:19:39.570 align:start position:0% status and Pegasus and all the other teams<00:19:38.470> that<00:19:38.590> are<00:19:38.770> popping<00:19:39.070> popping<00:19:39.309> up 00:19:39.570 --> 00:19:39.580 align:start position:0% teams that are popping popping up 00:19:39.580 --> 00:19:43.080 align:start position:0% teams that are popping popping up seemingly<00:19:40.000> every<00:19:40.270> month<00:19:40.559> so<00:19:41.559> soon<00:19:42.250> something 00:19:43.080 --> 00:19:43.090 align:start position:0% seemingly every month so soon something 00:19:43.090 --> 00:19:44.730 align:start position:0% seemingly every month so soon something which<00:19:43.240> is<00:19:43.450> totally<00:19:43.960> not<00:19:44.169> going<00:19:44.409> to<00:19:44.470> be<00:19:44.530> called 00:19:44.730 --> 00:19:44.740 align:start position:0% which is totally not going to be called 00:19:44.740 --> 00:19:50.170 align:start position:0% which is totally not going to be called Jasper<00:19:45.190> serenity<00:19:46.030> begins<00:19:46.470> yay 00:19:50.170 --> 00:19:50.180 align:start position:0% 00:19:50.180 --> 00:19:55.150 align:start position:0% [Applause] 00:19:55.150 --> 00:19:55.160 align:start position:0% [Applause] 00:19:55.160 --> 00:19:57.950 align:start position:0% [Applause] right<00:19:56.160> so<00:19:56.400> what<00:19:56.610> is<00:19:56.730> serenity<00:19:57.060> right<00:19:57.510> so<00:19:57.720> first 00:19:57.950 --> 00:19:57.960 align:start position:0% right so what is serenity right so first 00:19:57.960 --> 00:20:00.830 align:start position:0% right so what is serenity right so first of<00:19:58.140> all<00:19:58.260> it's<00:19:58.860> the<00:19:59.790> fourth<00:20:00.060> stage<00:20:00.330> after 00:20:00.830 --> 00:20:00.840 align:start position:0% of all it's the fourth stage after 00:20:00.840 --> 00:20:02.900 align:start position:0% of all it's the fourth stage after frontier<00:20:01.410> and<00:20:01.740> homestead<00:20:02.280> and<00:20:02.520> metropolis 00:20:02.900 --> 00:20:02.910 align:start position:0% frontier and homestead and metropolis 00:20:02.910 --> 00:20:06.350 align:start position:0% frontier and homestead and metropolis and<00:20:03.650> where<00:20:04.650> metropolis<00:20:05.400> is<00:20:05.580> broken<00:20:05.820> down<00:20:06.090> into 00:20:06.350 --> 00:20:06.360 align:start position:0% and where metropolis is broken down into 00:20:06.360 --> 00:20:08.240 align:start position:0% and where metropolis is broken down into Byzantium<00:20:07.050> in<00:20:07.140> Constantinople<00:20:08.010> with 00:20:08.240 --> 00:20:08.250 align:start position:0% Byzantium in Constantinople with 00:20:08.250 --> 00:20:10.600 align:start position:0% Byzantium in Constantinople with Constantinople<00:20:08.610> coming<00:20:09.330> very<00:20:09.450> soon<00:20:09.750> as<00:20:09.930> well 00:20:10.600 --> 00:20:10.610 align:start position:0% Constantinople coming very soon as well 00:20:10.610 --> 00:20:16.400 align:start position:0% Constantinople coming very soon as well and<00:20:12.020> that's<00:20:13.020> um<00:20:13.650> a<00:20:13.920> realization<00:20:14.850> of<00:20:15.120> all<00:20:15.930> of 00:20:16.400 --> 00:20:16.410 align:start position:0% and that's um a realization of all of 00:20:16.410 --> 00:20:18.050 align:start position:0% and that's um a realization of all of these<00:20:16.590> different<00:20:17.100> strands<00:20:17.490> of<00:20:17.670> research<00:20:18.030> that 00:20:18.050 --> 00:20:18.060 align:start position:0% these different strands of research that 00:20:18.060 --> 00:20:19.730 align:start position:0% these different strands of research that we<00:20:18.420> have<00:20:18.540> been<00:20:18.720> spending<00:20:19.140> all<00:20:19.260> of<00:20:19.320> our<00:20:19.470> time<00:20:19.530> on 00:20:19.730 --> 00:20:19.740 align:start position:0% we have been spending all of our time on 00:20:19.740 --> 00:20:21.730 align:start position:0% we have been spending all of our time on for<00:20:20.100> the<00:20:20.160> last<00:20:20.280> four<00:20:20.550> years<00:20:20.580> right<00:20:21.210> so<00:20:21.450> this 00:20:21.730 --> 00:20:21.740 align:start position:0% for the last four years right so this 00:20:21.740 --> 00:20:25.610 align:start position:0% for the last four years right so this includes<00:20:23.060> Caspar<00:20:24.060> and<00:20:24.210> not<00:20:24.960> just<00:20:25.230> hybrid 00:20:25.610 --> 00:20:25.620 align:start position:0% includes Caspar and not just hybrid 00:20:25.620 --> 00:20:31.210 align:start position:0% includes Caspar and not just hybrid Caspar<00:20:26.300> 100%<00:20:27.300> organic<00:20:27.690> genuine<00:20:28.350> pure<00:20:28.620> Caspar 00:20:31.210 --> 00:20:31.220 align:start position:0% Caspar 100% organic genuine pure Caspar 00:20:31.220 --> 00:20:36.530 align:start position:0% Caspar 100% organic genuine pure Caspar sharding<00:20:33.020> awasum<00:20:34.020> and<00:20:34.940> all<00:20:35.940> of<00:20:36.150> these<00:20:36.270> other 00:20:36.530 --> 00:20:36.540 align:start position:0% sharding awasum and all of these other 00:20:36.540 --> 00:20:39.380 align:start position:0% sharding awasum and all of these other prong<00:20:36.930> of<00:20:37.110> protocol<00:20:37.530> research<00:20:37.860> ideas<00:20:38.250> this<00:20:39.150> is 00:20:39.380 --> 00:20:39.390 align:start position:0% prong of protocol research ideas this is 00:20:39.390 --> 00:20:41.630 align:start position:0% prong of protocol research ideas this is a<00:20:39.420> new<00:20:40.170> blockchain<00:20:40.800> for<00:20:41.070> in<00:20:41.190> the<00:20:41.310> sense<00:20:41.520> of 00:20:41.630 --> 00:20:41.640 align:start position:0% a new blockchain for in the sense of 00:20:41.640 --> 00:20:43.790 align:start position:0% a new blockchain for in the sense of being<00:20:41.760> a<00:20:41.940> data<00:20:42.090> structure<00:20:42.630> but<00:20:42.810> it<00:20:43.320> has<00:20:43.530> this 00:20:43.790 --> 00:20:43.800 align:start position:0% being a data structure but it has this 00:20:43.800 --> 00:20:45.950 align:start position:0% being a data structure but it has this kind<00:20:44.250> of<00:20:44.400> link<00:20:44.760> to<00:20:45.000> the<00:20:45.150> existing<00:20:45.660> proof<00:20:45.840> of 00:20:45.950 --> 00:20:45.960 align:start position:0% kind of link to the existing proof of 00:20:45.960 --> 00:20:48.080 align:start position:0% kind of link to the existing proof of work<00:20:46.170> chain<00:20:46.380> right<00:20:46.620> so<00:20:46.740> we<00:20:46.830> be<00:20:46.980> able<00:20:47.100> to<00:20:47.160> like 00:20:48.080 --> 00:20:48.090 align:start position:0% work chain right so we be able to like 00:20:48.090 --> 00:20:50.870 align:start position:0% work chain right so we be able to like the<00:20:48.600> proof<00:20:49.500> of<00:20:49.590> stake<00:20:49.860> chain<00:20:50.160> would<00:20:50.490> be<00:20:50.610> aware 00:20:50.870 --> 00:20:50.880 align:start position:0% the proof of stake chain would be aware 00:20:50.880 --> 00:20:52.280 align:start position:0% the proof of stake chain would be aware of<00:20:50.940> the<00:20:51.210> block<00:20:51.420> cassius<00:20:51.810> of<00:20:51.900> the<00:20:52.020> proof<00:20:52.170> of 00:20:52.280 --> 00:20:52.290 align:start position:0% of the block cassius of the proof of 00:20:52.290 --> 00:20:54.170 align:start position:0% of the block cassius of the proof of work<00:20:52.410> chain<00:20:52.770> you<00:20:53.280> would<00:20:53.400> be<00:20:53.550> able<00:20:53.850> to<00:20:53.970> move 00:20:54.170 --> 00:20:54.180 align:start position:0% work chain you would be able to move 00:20:54.180 --> 00:20:55.730 align:start position:0% work chain you would be able to move ether<00:20:54.540> from<00:20:54.720> the<00:20:54.840> proof<00:20:54.990> of<00:20:55.080> work<00:20:55.290> chain<00:20:55.500> into 00:20:55.730 --> 00:20:55.740 align:start position:0% ether from the proof of work chain into 00:20:55.740 --> 00:20:57.950 align:start position:0% ether from the proof of work chain into the<00:20:55.830> into<00:20:56.400> the<00:20:56.490> proof<00:20:56.670> of<00:20:56.730> stake<00:20:56.970> chain<00:20:57.270> so 00:20:57.950 --> 00:20:57.960 align:start position:0% the into the proof of stake chain so 00:20:57.960 --> 00:21:00.710 align:start position:0% the into the proof of stake chain so it's<00:20:58.560> a<00:20:58.980> new<00:20:59.370> system<00:20:59.610> but<00:21:00.030> it's<00:21:00.150> a<00:21:00.270> connected 00:21:00.710 --> 00:21:00.720 align:start position:0% it's a new system but it's a connected 00:21:00.720 --> 00:21:03.290 align:start position:0% it's a new system but it's a connected system<00:21:00.900> and<00:21:01.350> the<00:21:02.010> kind<00:21:02.280> of<00:21:02.430> long<00:21:02.700> long-term 00:21:03.290 --> 00:21:03.300 align:start position:0% system and the kind of long long-term 00:21:03.300 --> 00:21:05.720 align:start position:0% system and the kind of long long-term goal<00:21:03.570> is<00:21:03.600> that<00:21:04.110> once<00:21:04.770> this<00:21:04.980> new<00:21:05.190> system<00:21:05.430> is 00:21:05.720 --> 00:21:05.730 align:start position:0% goal is that once this new system is 00:21:05.730 --> 00:21:08.480 align:start position:0% goal is that once this new system is stable<00:21:05.940> enough<00:21:06.360> then<00:21:07.010> basically<00:21:08.010> all<00:21:08.220> of<00:21:08.370> the 00:21:08.480 --> 00:21:08.490 align:start position:0% stable enough then basically all of the 00:21:08.490 --> 00:21:10.490 align:start position:0% stable enough then basically all of the applications<00:21:09.240> on<00:21:09.450> the<00:21:09.570> existing<00:21:10.080> blockchain 00:21:10.490 --> 00:21:10.500 align:start position:0% applications on the existing blockchain 00:21:10.500 --> 00:21:13.580 align:start position:0% applications on the existing blockchain can<00:21:10.680> be<00:21:11.070> sort<00:21:11.670> of<00:21:11.790> folded<00:21:12.150> into<00:21:12.390> a<00:21:12.600> contract<00:21:13.380> on 00:21:13.580 --> 00:21:13.590 align:start position:0% can be sort of folded into a contract on 00:21:13.590 --> 00:21:15.320 align:start position:0% can be sort of folded into a contract on one<00:21:13.770> shard<00:21:14.070> of<00:21:14.190> the<00:21:14.250> new<00:21:14.430> system<00:21:14.880> that<00:21:15.120> would 00:21:15.320 --> 00:21:15.330 align:start position:0% one shard of the new system that would 00:21:15.330 --> 00:21:17.570 align:start position:0% one shard of the new system that would kind<00:21:15.930> of<00:21:16.020> be<00:21:16.230> an<00:21:16.350> EVM<00:21:16.710> interpreter<00:21:17.250> written<00:21:17.370> in 00:21:17.570 --> 00:21:17.580 align:start position:0% kind of be an EVM interpreter written in 00:21:17.580 --> 00:21:20.450 align:start position:0% kind of be an EVM interpreter written in e<00:21:17.700> wasum<00:21:18.090> and<00:21:18.540> not<00:21:19.110> finalized<00:21:19.740> but<00:21:20.040> this<00:21:20.190> seems 00:21:20.450 --> 00:21:20.460 align:start position:0% e wasum and not finalized but this seems 00:21:20.460 --> 00:21:22.220 align:start position:0% e wasum and not finalized but this seems to<00:21:20.610> kind<00:21:20.910> of<00:21:21.000> roughly<00:21:21.360> be<00:21:21.570> where<00:21:21.780> the<00:21:21.900> road<00:21:22.050> map 00:21:22.220 --> 00:21:22.230 align:start position:0% to kind of roughly be where the road map 00:21:22.230 --> 00:21:25.430 align:start position:0% to kind of roughly be where the road map is<00:21:22.380> going<00:21:22.620> at<00:21:22.740> this<00:21:22.920> point<00:21:23.840> serenity<00:21:24.840> is<00:21:24.990> also 00:21:25.430 --> 00:21:25.440 align:start position:0% is going at this point serenity is also 00:21:25.440 --> 00:21:27.560 align:start position:0% is going at this point serenity is also the<00:21:26.040> world<00:21:26.280> computer<00:21:26.640> at<00:21:26.880> its<00:21:27.030> really<00:21:27.300> as<00:21:27.390> it's 00:21:27.560 --> 00:21:27.570 align:start position:0% the world computer at its really as it's 00:21:27.570 --> 00:21:30.290 align:start position:0% the world computer at its really as it's really<00:21:27.840> meant<00:21:28.020> to<00:21:28.110> be<00:21:28.230> not<00:21:28.620> a<00:21:28.910> smartphone<00:21:29.910> from 00:21:30.290 --> 00:21:30.300 align:start position:0% really meant to be not a smartphone from 00:21:30.300 --> 00:21:32.840 align:start position:0% really meant to be not a smartphone from 1999<00:21:31.080> that<00:21:31.320> can<00:21:31.470> process<00:21:31.680> 15<00:21:32.220> transactions 00:21:32.840 --> 00:21:32.850 align:start position:0% 1999 that can process 15 transactions 00:21:32.850 --> 00:21:35.330 align:start position:0% 1999 that can process 15 transactions per<00:21:33.030> second<00:21:33.510> and<00:21:33.720> maybe<00:21:34.350> potentially<00:21:34.830> play 00:21:35.330 --> 00:21:35.340 align:start position:0% per second and maybe potentially play 00:21:35.340 --> 00:21:39.860 align:start position:0% per second and maybe potentially play snake<00:21:37.280> and<00:21:38.280> it's<00:21:38.640> totally<00:21:38.820> centralized<00:21:39.450> and 00:21:39.860 --> 00:21:39.870 align:start position:0% snake and it's totally centralized and 00:21:39.870 --> 00:21:42.560 align:start position:0% snake and it's totally centralized and we<00:21:40.170> hope<00:21:40.410> that<00:21:40.650> on<00:21:40.920> in<00:21:41.460> many<00:21:41.790> metrics<00:21:42.300> that<00:21:42.450> can 00:21:42.560 --> 00:21:42.570 align:start position:0% we hope that on in many metrics that can 00:21:42.570 --> 00:21:45.140 align:start position:0% we hope that on in many metrics that can be<00:21:42.690> even<00:21:42.990> more<00:21:43.140> decentralized<00:21:43.860> than<00:21:44.070> today<00:21:44.340> so 00:21:45.140 --> 00:21:45.150 align:start position:0% be even more decentralized than today so 00:21:45.150 --> 00:21:47.690 align:start position:0% be even more decentralized than today so for<00:21:45.330> example<00:21:45.930> as<00:21:46.200> a<00:21:46.470> beacon<00:21:46.920> chain<00:21:47.190> validator 00:21:47.690 --> 00:21:47.700 align:start position:0% for example as a beacon chain validator 00:21:47.700 --> 00:21:49.700 align:start position:0% for example as a beacon chain validator your<00:21:48.000> storage<00:21:48.420> requirements<00:21:49.140> at<00:21:49.260> this<00:21:49.410> point 00:21:49.700 --> 00:21:49.710 align:start position:0% your storage requirements at this point 00:21:49.710 --> 00:21:51.470 align:start position:0% your storage requirements at this point seem<00:21:50.370> like<00:21:50.580> they<00:21:50.730> will<00:21:50.820> be<00:21:50.940> under<00:21:51.300> one 00:21:51.470 --> 00:21:51.480 align:start position:0% seem like they will be under one 00:21:51.480 --> 00:21:54.200 align:start position:0% seem like they will be under one gigabyte<00:21:51.900> as<00:21:52.110> compared<00:21:52.920> to<00:21:53.010> like<00:21:53.940> something 00:21:54.200 --> 00:21:54.210 align:start position:0% gigabyte as compared to like something 00:21:54.210 --> 00:21:56.330 align:start position:0% gigabyte as compared to like something like<00:21:54.510> 8<00:21:54.720> gigabytes<00:21:55.200> of<00:21:55.380> state<00:21:55.590> storage<00:21:55.860> today 00:21:56.330 --> 00:21:56.340 align:start position:0% like 8 gigabytes of state storage today 00:21:56.340 --> 00:22:00.260 align:start position:0% like 8 gigabytes of state storage today and<00:21:56.580> the<00:21:57.180> 1.8<00:21:58.080> terabytes<00:21:58.740> that<00:21:59.130> trolls<00:21:59.970> on<00:22:00.150> the 00:22:00.260 --> 00:22:00.270 align:start position:0% and the 1.8 terabytes that trolls on the 00:22:00.270 --> 00:22:01.670 align:start position:0% and the 1.8 terabytes that trolls on the internet<00:22:00.600> seems<00:22:00.810> to<00:22:00.960> thank<00:22:01.170> the<00:22:01.320> ethereum 00:22:01.670 --> 00:22:01.680 align:start position:0% internet seems to thank the ethereum 00:22:01.680 --> 00:22:02.390 align:start position:0% internet seems to thank the ethereum blockchain<00:22:01.710> require 00:22:02.390 --> 00:22:02.400 align:start position:0% blockchain require 00:22:02.400 --> 00:22:07.280 align:start position:0% blockchain require for<00:22:02.640> some<00:22:02.820> stupid<00:22:03.030> reason<00:22:05.870> expected<00:22:06.870> phases 00:22:07.280 --> 00:22:07.290 align:start position:0% for some stupid reason expected phases 00:22:07.290 --> 00:22:10.070 align:start position:0% for some stupid reason expected phases so<00:22:08.040> phase<00:22:08.700> zero<00:22:09.000> beacon<00:22:09.480> chain<00:22:09.690> proof<00:22:09.960> of 00:22:10.070 --> 00:22:10.080 align:start position:0% so phase zero beacon chain proof of 00:22:10.080 --> 00:22:12.170 align:start position:0% so phase zero beacon chain proof of stake<00:22:10.290> and<00:22:10.530> beacon<00:22:11.190> chain<00:22:11.370> proof<00:22:11.580> of<00:22:11.730> stake<00:22:11.970> is 00:22:12.170 --> 00:22:12.180 align:start position:0% stake and beacon chain proof of stake is 00:22:12.180 --> 00:22:13.460 align:start position:0% stake and beacon chain proof of stake is actually<00:22:12.540> it's<00:22:12.660> kind<00:22:12.930> of<00:22:13.080> the<00:22:13.230> blockchain 00:22:13.460 --> 00:22:13.470 align:start position:0% actually it's kind of the blockchain 00:22:13.470 --> 00:22:16.370 align:start position:0% actually it's kind of the blockchain stock<00:22:14.010> kind<00:22:14.400> of<00:22:14.520> hold<00:22:15.180> any<00:22:15.480> information<00:22:16.200> right 00:22:16.370 --> 00:22:16.380 align:start position:0% stock kind of hold any information right 00:22:16.380 --> 00:22:18.560 align:start position:0% stock kind of hold any information right it's<00:22:16.530> kind<00:22:16.770> of<00:22:16.860> like<00:22:17.010> a<00:22:17.040> dummy<00:22:17.309> chain<00:22:17.640> so<00:22:18.210> all 00:22:18.560 --> 00:22:18.570 align:start position:0% it's kind of like a dummy chain so all 00:22:18.570 --> 00:22:20.450 align:start position:0% it's kind of like a dummy chain so all that<00:22:18.809> you<00:22:18.900> have<00:22:19.110> is<00:22:19.290> you<00:22:19.380> have<00:22:19.440> validators<00:22:20.220> and 00:22:20.450 --> 00:22:20.460 align:start position:0% that you have is you have validators and 00:22:20.460 --> 00:22:22.460 align:start position:0% that you have is you have validators and these<00:22:20.910> validators<00:22:21.570> are<00:22:21.720> executing<00:22:22.320> and 00:22:22.460 --> 00:22:22.470 align:start position:0% these validators are executing and 00:22:22.470 --> 00:22:23.330 align:start position:0% these validators are executing and they're<00:22:22.559> running<00:22:22.770> the<00:22:22.890> proof<00:22:23.040> of<00:22:23.100> stake 00:22:23.330 --> 00:22:23.340 align:start position:0% they're running the proof of stake 00:22:23.340 --> 00:22:25.580 align:start position:0% they're running the proof of stake algorithm<00:22:23.940> so<00:22:24.630> this<00:22:24.809> is<00:22:24.930> kind<00:22:25.260> of<00:22:25.410> like 00:22:25.580 --> 00:22:25.590 align:start position:0% algorithm so this is kind of like 00:22:25.590 --> 00:22:28.040 align:start position:0% algorithm so this is kind of like halfway<00:22:25.860> between<00:22:26.250> a<00:22:26.460> test<00:22:26.760> at<00:22:26.940> anim<00:22:27.240> net<00:22:27.480> it's 00:22:28.040 --> 00:22:28.050 align:start position:0% halfway between a test at anim net it's 00:22:28.050 --> 00:22:30.500 align:start position:0% halfway between a test at anim net it's not<00:22:28.290> quite<00:22:28.680> a<00:22:28.710> test<00:22:29.070> net<00:22:29.309> because<00:22:29.760> you<00:22:30.360> would 00:22:30.500 --> 00:22:30.510 align:start position:0% not quite a test net because you would 00:22:30.510 --> 00:22:32.510 align:start position:0% not quite a test net because you would be<00:22:30.540> able<00:22:30.900> to<00:22:31.020> actually<00:22:31.170> stake<00:22:31.710> real<00:22:31.980> ether<00:22:32.370> and 00:22:32.510 --> 00:22:32.520 align:start position:0% be able to actually stake real ether and 00:22:32.520 --> 00:22:34.310 align:start position:0% be able to actually stake real ether and earn<00:22:32.610> real<00:22:32.850> rewards<00:22:33.300> on<00:22:33.450> it<00:22:33.600> but<00:22:34.020> it's<00:22:34.140> also 00:22:34.310 --> 00:22:34.320 align:start position:0% earn real rewards on it but it's also 00:22:34.320 --> 00:22:36.440 align:start position:0% earn real rewards on it but it's also not<00:22:34.770> quite<00:22:35.040> a<00:22:35.070> main<00:22:35.340> net<00:22:35.550> because<00:22:35.970> it<00:22:36.150> doesn't 00:22:36.440 --> 00:22:36.450 align:start position:0% not quite a main net because it doesn't 00:22:36.450 --> 00:22:38.810 align:start position:0% not quite a main net because it doesn't have<00:22:36.570> applications<00:22:37.320> and<00:22:37.650> so<00:22:37.890> if<00:22:38.250> it<00:22:38.580> breaks 00:22:38.810 --> 00:22:38.820 align:start position:0% have applications and so if it breaks 00:22:38.820 --> 00:22:40.850 align:start position:0% have applications and so if it breaks people<00:22:39.150> are<00:22:39.450> hopefully<00:22:40.110> not<00:22:40.350> going<00:22:40.590> to<00:22:40.679> cry 00:22:40.850 --> 00:22:40.860 align:start position:0% people are hopefully not going to cry 00:22:40.860 --> 00:22:43.340 align:start position:0% people are hopefully not going to cry too<00:22:40.920> badly<00:22:41.250> yes<00:22:41.550> they<00:22:41.730> were<00:22:41.940> as<00:22:42.720> they<00:22:42.870> did<00:22:43.050> when 00:22:43.340 --> 00:22:43.350 align:start position:0% too badly yes they were as they did when 00:22:43.350 --> 00:22:45.440 align:start position:0% too badly yes they were as they did when the<00:22:43.860> shanghai<00:22:44.250> das<00:22:44.460> attacks<00:22:44.790> made<00:22:45.059> everyone's 00:22:45.440 --> 00:22:45.450 align:start position:0% the shanghai das attacks made everyone's 00:22:45.450 --> 00:22:47.390 align:start position:0% the shanghai das attacks made everyone's ICS<00:22:45.870> go<00:22:46.050> slowly 00:22:47.390 --> 00:22:47.400 align:start position:0% ICS go slowly 00:22:47.400 --> 00:22:51.980 align:start position:0% ICS go slowly phase<00:22:48.300> one<00:22:49.070> shards<00:22:50.070> as<00:22:50.309> data<00:22:51.030> chains<00:22:51.360> so 00:22:51.980 --> 00:22:51.990 align:start position:0% phase one shards as data chains so 00:22:51.990 --> 00:22:54.020 align:start position:0% phase one shards as data chains so basically<00:22:52.500> the<00:22:52.740> idea<00:22:53.010> here<00:22:53.370> is<00:22:53.490> that<00:22:53.520> this<00:22:53.820> is 00:22:54.020 --> 00:22:54.030 align:start position:0% basically the idea here is that this is 00:22:54.030 --> 00:22:55.370 align:start position:0% basically the idea here is that this is where<00:22:54.210> they're<00:22:54.540> kind<00:22:54.660> of<00:22:54.780> shorting<00:22:55.170> part 00:22:55.370 --> 00:22:55.380 align:start position:0% where they're kind of shorting part 00:22:55.380 --> 00:23:00.020 align:start position:0% where they're kind of shorting part turns<00:22:55.620> on<00:22:55.830> right<00:22:56.280> so<00:22:57.350> here<00:22:58.350> it's<00:22:58.890> just<00:22:59.309> it's<00:22:59.790> a 00:23:00.020 --> 00:23:00.030 align:start position:0% turns on right so here it's just it's a 00:23:00.030 --> 00:23:01.880 align:start position:0% turns on right so here it's just it's a kind<00:23:00.360> of<00:23:00.480> simplified<00:23:00.990> version<00:23:01.470> that<00:23:01.679> doesn't 00:23:01.880 --> 00:23:01.890 align:start position:0% kind of simplified version that doesn't 00:23:01.890 --> 00:23:04.310 align:start position:0% kind of simplified version that doesn't do<00:23:02.190> shorting<00:23:02.670> of<00:23:02.760> state<00:23:03.059> it<00:23:03.300> does<00:23:03.809> shorting<00:23:04.230> of 00:23:04.310 --> 00:23:04.320 align:start position:0% do shorting of state it does shorting of 00:23:04.320 --> 00:23:06.470 align:start position:0% do shorting of state it does shorting of data<00:23:04.559> so<00:23:05.100> you<00:23:05.160> can<00:23:05.250> throw<00:23:05.520> data<00:23:05.850> on<00:23:06.090> the<00:23:06.210> chain 00:23:06.470 --> 00:23:06.480 align:start position:0% data so you can throw data on the chain 00:23:06.480 --> 00:23:09.049 align:start position:0% data so you can throw data on the chain you<00:23:07.020> could<00:23:07.320> try<00:23:07.590> to<00:23:07.650> make<00:23:07.800> just<00:23:08.340> do<00:23:08.730> a<00:23:08.760> state 00:23:09.049 --> 00:23:09.059 align:start position:0% you could try to make just do a state 00:23:09.059 --> 00:23:11.900 align:start position:0% you could try to make just do a state execution<00:23:09.690> engine<00:23:09.990> yourself<00:23:10.410> but<00:23:10.830> really<00:23:11.730> the 00:23:11.900 --> 00:23:11.910 align:start position:0% execution engine yourself but really the 00:23:11.910 --> 00:23:14.450 align:start position:0% execution engine yourself but really the simplest<00:23:12.179> thing<00:23:12.450> to<00:23:12.480> use<00:23:12.690> it<00:23:12.840> for<00:23:13.020> is<00:23:13.110> data<00:23:13.460> and 00:23:14.450 --> 00:23:14.460 align:start position:0% simplest thing to use it for is data and 00:23:14.460 --> 00:23:16.850 align:start position:0% simplest thing to use it for is data and so<00:23:14.700> if<00:23:15.210> you<00:23:15.510> wants<00:23:15.840> to<00:23:15.960> do<00:23:16.080> decentralized 00:23:16.850 --> 00:23:16.860 align:start position:0% so if you wants to do decentralized 00:23:16.860 --> 00:23:18.410 align:start position:0% so if you wants to do decentralized weather<00:23:17.160> on<00:23:17.309> a<00:23:17.340> blockchain<00:23:17.610> you'll<00:23:18.030> now<00:23:18.210> have 00:23:18.410 --> 00:23:18.420 align:start position:0% weather on a blockchain you'll now have 00:23:18.420 --> 00:23:20.960 align:start position:0% weather on a blockchain you'll now have the<00:23:18.510> scalability<00:23:19.110> to<00:23:19.230> do<00:23:19.350> this<00:23:19.559> but<00:23:19.950> you<00:23:20.700> won't 00:23:20.960 --> 00:23:20.970 align:start position:0% the scalability to do this but you won't 00:23:20.970 --> 00:23:23.780 align:start position:0% the scalability to do this but you won't really<00:23:21.240> have<00:23:21.809> the<00:23:22.200> kind<00:23:22.920> of<00:23:23.070> all<00:23:23.280> of<00:23:23.460> the<00:23:23.580> state 00:23:23.780 --> 00:23:23.790 align:start position:0% really have the kind of all of the state 00:23:23.790 --> 00:23:26.090 align:start position:0% really have the kind of all of the state execution<00:23:24.450> capability<00:23:25.080> to<00:23:25.290> build<00:23:25.530> you<00:23:26.010> know 00:23:26.090 --> 00:23:26.100 align:start position:0% execution capability to build you know 00:23:26.100 --> 00:23:28.070 align:start position:0% execution capability to build you know it's<00:23:26.250> smart<00:23:26.520> contract<00:23:26.970> applications<00:23:27.690> and<00:23:27.929> all 00:23:28.070 --> 00:23:28.080 align:start position:0% it's smart contract applications and all 00:23:28.080 --> 00:23:30.410 align:start position:0% it's smart contract applications and all of<00:23:28.170> the<00:23:28.290> really<00:23:28.530> fancy<00:23:28.740> complex<00:23:29.280> stuff<00:23:29.550> stays 00:23:30.410 --> 00:23:30.420 align:start position:0% of the really fancy complex stuff stays 00:23:30.420 --> 00:23:33.049 align:start position:0% of the really fancy complex stuff stays to<00:23:30.720> enable<00:23:31.650> state<00:23:31.890> transitions<00:23:32.490> and<00:23:32.850> this 00:23:33.049 --> 00:23:33.059 align:start position:0% to enable state transitions and this 00:23:33.059 --> 00:23:34.700 align:start position:0% to enable state transitions and this includes<00:23:33.420> enabling<00:23:33.929> the<00:23:34.050> virtual<00:23:34.350> machine 00:23:34.700 --> 00:23:34.710 align:start position:0% includes enabling the virtual machine 00:23:34.710 --> 00:23:37.580 align:start position:0% includes enabling the virtual machine enabling<00:23:35.250> accounts<00:23:35.790> contracts<00:23:36.480> ether<00:23:37.290> ether 00:23:37.580 --> 00:23:37.590 align:start position:0% enabling accounts contracts ether ether 00:23:37.590 --> 00:23:39.560 align:start position:0% enabling accounts contracts ether ether moving<00:23:38.040> between<00:23:38.160> shards<00:23:38.820> all<00:23:39.059> of<00:23:39.179> this<00:23:39.300> cool 00:23:39.560 --> 00:23:39.570 align:start position:0% moving between shards all of this cool 00:23:39.570 --> 00:23:42.169 align:start position:0% moving between shards all of this cool stuff<00:23:39.600> and<00:23:40.230> phase<00:23:41.160> three<00:23:41.460> and<00:23:41.580> beyond 00:23:42.169 --> 00:23:42.179 align:start position:0% stuff and phase three and beyond 00:23:42.179 --> 00:23:45.980 align:start position:0% stuff and phase three and beyond iterate<00:23:42.870> improve<00:23:43.350> add<00:23:43.710> technology<00:23:44.990> so 00:23:45.980 --> 00:23:45.990 align:start position:0% iterate improve add technology so 00:23:45.990 --> 00:23:48.700 align:start position:0% iterate improve add technology so expected<00:23:46.650> features<00:23:47.040> pure<00:23:47.700> proof<00:23:47.940> of<00:23:48.059> stake 00:23:48.700 --> 00:23:48.710 align:start position:0% expected features pure proof of stake 00:23:48.710 --> 00:23:51.560 align:start position:0% expected features pure proof of stake faster<00:23:49.710> times<00:23:50.040> a<00:23:50.309> synchronous<00:23:50.880> confirmation 00:23:51.560 --> 00:23:51.570 align:start position:0% faster times a synchronous confirmation 00:23:51.570 --> 00:23:54.560 align:start position:0% faster times a synchronous confirmation so<00:23:51.870> about<00:23:52.140> 8<00:23:52.320> to<00:23:52.470> 16<00:23:52.740> seconds<00:23:53.280> now<00:23:53.970> notice<00:23:54.540> that 00:23:54.560 --> 00:23:54.570 align:start position:0% so about 8 to 16 seconds now notice that 00:23:54.570 --> 00:23:58.820 align:start position:0% so about 8 to 16 seconds now notice that because<00:23:55.380> of<00:23:55.860> how<00:23:56.130> the<00:23:56.850> fork<00:23:57.420> choice<00:23:57.720> rule<00:23:58.380> and 00:23:58.820 --> 00:23:58.830 align:start position:0% because of how the fork choice rule and 00:23:58.830 --> 00:24:03.230 align:start position:0% because of how the fork choice rule and the<00:23:59.160> Outlands<00:23:59.790> the<00:24:01.130> signing<00:24:02.130> mechanism<00:24:02.910> works 00:24:03.230 --> 00:24:03.240 align:start position:0% the Outlands the signing mechanism works 00:24:03.240 --> 00:24:05.960 align:start position:0% the Outlands the signing mechanism works in<00:24:03.510> the<00:24:03.840> beacon<00:24:04.020> chain<00:24:04.380> one<00:24:05.100> confirmation<00:24:05.880> in 00:24:05.960 --> 00:24:05.970 align:start position:0% in the beacon chain one confirmation in 00:24:05.970 --> 00:24:08.120 align:start position:0% in the beacon chain one confirmation in the<00:24:06.000> beacon<00:24:06.330> chain<00:24:06.570> involves<00:24:07.410> messages<00:24:07.950> from 00:24:08.120 --> 00:24:08.130 align:start position:0% the beacon chain involves messages from 00:24:08.130 --> 00:24:10.400 align:start position:0% the beacon chain involves messages from hundreds<00:24:08.520> of<00:24:08.610> validators<00:24:09.179> and<00:24:09.360> so<00:24:09.870> for<00:24:10.380> all 00:24:10.400 --> 00:24:10.410 align:start position:0% hundreds of validators and so for all 00:24:10.410 --> 00:24:11.990 align:start position:0% hundreds of validators and so for all probabilistic<00:24:11.070> points<00:24:11.580> of<00:24:11.670> view<00:24:11.790> it's 00:24:11.990 --> 00:24:12.000 align:start position:0% probabilistic points of view it's 00:24:12.000 --> 00:24:13.640 align:start position:0% probabilistic points of view it's actually<00:24:12.420> equivalence<00:24:12.990> to<00:24:13.140> hundreds<00:24:13.560> of 00:24:13.640 --> 00:24:13.650 align:start position:0% actually equivalence to hundreds of 00:24:13.650 --> 00:24:16.190 align:start position:0% actually equivalence to hundreds of confirmations<00:24:14.370> of<00:24:14.580> say<00:24:15.390> the<00:24:15.600> etherium 00:24:16.190 --> 00:24:16.200 align:start position:0% confirmations of say the etherium 00:24:16.200 --> 00:24:19.159 align:start position:0% confirmations of say the etherium fortune<00:24:16.740> right<00:24:17.309> so<00:24:17.580> you<00:24:18.149> under<00:24:18.570> a<00:24:18.600> synchronous 00:24:19.159 --> 00:24:19.169 align:start position:0% fortune right so you under a synchronous 00:24:19.169 --> 00:24:20.899 align:start position:0% fortune right so you under a synchronous model<00:24:19.529> you<00:24:19.649> should<00:24:19.679> be<00:24:20.010> able<00:24:20.100> to<00:24:20.370> treat<00:24:20.610> one 00:24:20.899 --> 00:24:20.909 align:start position:0% model you should be able to treat one 00:24:20.909 --> 00:24:24.019 align:start position:0% model you should be able to treat one block<00:24:21.179> as<00:24:21.389> being<00:24:21.659> close<00:24:22.169> to<00:24:22.380> final<00:24:23.029> economic 00:24:24.019 --> 00:24:24.029 align:start position:0% block as being close to final economic 00:24:24.029 --> 00:24:26.360 align:start position:0% block as being close to final economic finality<00:24:24.510> and<00:24:24.750> safety<00:24:25.620> under<00:24:25.830> a<00:24:25.860> synchrony 00:24:26.360 --> 00:24:26.370 align:start position:0% finality and safety under a synchrony 00:24:26.370 --> 00:24:27.950 align:start position:0% finality and safety under a synchrony comes<00:24:26.610> after<00:24:26.970> ten<00:24:27.179> to<00:24:27.269> twenty<00:24:27.570> minutes 00:24:27.950 --> 00:24:27.960 align:start position:0% comes after ten to twenty minutes 00:24:27.960 --> 00:24:30.680 align:start position:0% comes after ten to twenty minutes and<00:24:28.190> fast<00:24:29.190> virtual<00:24:29.639> machine<00:24:29.880> execution<00:24:30.510> via 00:24:30.680 --> 00:24:30.690 align:start position:0% and fast virtual machine execution via 00:24:30.690 --> 00:24:34.250 align:start position:0% and fast virtual machine execution via awasum<00:24:31.320> and<00:24:32.539> hopefully<00:24:33.539> a<00:24:33.570> thousand<00:24:34.080> times 00:24:34.250 --> 00:24:34.260 align:start position:0% awasum and hopefully a thousand times 00:24:34.260 --> 00:24:37.070 align:start position:0% awasum and hopefully a thousand times higher<00:24:34.559> scalability<00:24:35.309> we<00:24:35.460> will<00:24:35.549> see<00:24:36.080> post 00:24:37.070 --> 00:24:37.080 align:start position:0% higher scalability we will see post 00:24:37.080 --> 00:24:39.409 align:start position:0% higher scalability we will see post serenity<00:24:37.649> innovation<00:24:38.299> improvements<00:24:39.299> in 00:24:39.409 --> 00:24:39.419 align:start position:0% serenity innovation improvements in 00:24:39.419 --> 00:24:42.710 align:start position:0% serenity innovation improvements in privacy<00:24:39.809> in<00:24:40.799> perso<00:24:41.309> there<00:24:42.059> has<00:24:42.179> already<00:24:42.389> been 00:24:42.710 --> 00:24:42.720 align:start position:0% privacy in perso there has already been 00:24:42.720 --> 00:24:45.259 align:start position:0% privacy in perso there has already been a<00:24:42.929> lot<00:24:43.320> of<00:24:43.500> work<00:24:43.740> done<00:24:44.010> so<00:24:44.070> for<00:24:44.519> example<00:24:45.000> in 00:24:45.259 --> 00:24:45.269 align:start position:0% a lot of work done so for example in 00:24:45.269 --> 00:24:48.289 align:start position:0% a lot of work done so for example in Byzantium<00:24:45.659> we<00:24:46.590> activated<00:24:47.130> the<00:24:47.429> pre<00:24:47.789> compiles 00:24:48.289 --> 00:24:48.299 align:start position:0% Byzantium we activated the pre compiles 00:24:48.299 --> 00:24:50.450 align:start position:0% Byzantium we activated the pre compiles for<00:24:48.630> elliptic<00:24:49.470> curve<00:24:49.679> operations<00:24:50.309> an 00:24:50.450 --> 00:24:50.460 align:start position:0% for elliptic curve operations an 00:24:50.460 --> 00:24:52.250 align:start position:0% for elliptic curve operations an elliptic<00:24:50.789> curve<00:24:50.940> pairings<00:24:51.419> and<00:24:51.690> Barry<00:24:51.990> White 00:24:52.250 --> 00:24:52.260 align:start position:0% elliptic curve pairings and Barry White 00:24:52.260 --> 00:24:54.710 align:start position:0% elliptic curve pairings and Barry White has<00:24:52.470> been<00:24:52.740> doing<00:24:52.889> great<00:24:53.159> work<00:24:53.519> on<00:24:53.820> building 00:24:54.710 --> 00:24:54.720 align:start position:0% has been doing great work on building 00:24:54.720 --> 00:24:57.289 align:start position:0% has been doing great work on building layer<00:24:55.260> 2<00:24:55.559> solutions<00:24:56.100> to<00:24:56.279> preserve<00:24:56.580> privacy<00:24:56.880> of 00:24:57.289 --> 00:24:57.299 align:start position:0% layer 2 solutions to preserve privacy of 00:24:57.299 --> 00:24:59.629 align:start position:0% layer 2 solutions to preserve privacy of coin<00:24:57.539> transfers<00:24:58.080> voting<00:24:58.529> reputation<00:24:59.159> systems 00:24:59.629 --> 00:24:59.639 align:start position:0% coin transfers voting reputation systems 00:24:59.639 --> 00:25:03.019 align:start position:0% coin transfers voting reputation systems and<00:24:59.960> all<00:25:00.960> of<00:25:01.380> this<00:25:01.529> work<00:25:01.860> could<00:25:02.460> be<00:25:02.639> carried 00:25:03.019 --> 00:25:03.029 align:start position:0% and all of this work could be carried 00:25:03.029 --> 00:25:07.460 align:start position:0% and all of this work could be carried over<00:25:03.500> cross<00:25:04.500> our<00:25:04.740> transactions<00:25:06.169> semi<00:25:07.169> private 00:25:07.460 --> 00:25:07.470 align:start position:0% over cross our transactions semi private 00:25:07.470 --> 00:25:09.409 align:start position:0% over cross our transactions semi private chains<00:25:07.919> so<00:25:08.220> the<00:25:08.340> idea<00:25:08.610> here<00:25:08.700> is<00:25:08.940> that<00:25:09.090> if<00:25:09.299> he 00:25:09.409 --> 00:25:09.419 align:start position:0% chains so the idea here is that if he 00:25:09.419 --> 00:25:11.810 align:start position:0% chains so the idea here is that if he wants<00:25:09.779> to<00:25:09.809> build<00:25:10.620> some<00:25:10.950> application<00:25:11.639> where 00:25:11.810 --> 00:25:11.820 align:start position:0% wants to build some application where 00:25:11.820 --> 00:25:13.340 align:start position:0% wants to build some application where the<00:25:11.880> data<00:25:12.120> is<00:25:12.240> kept<00:25:12.450> private<00:25:12.690> between<00:25:12.929> a<00:25:13.169> few 00:25:13.340 --> 00:25:13.350 align:start position:0% the data is kept private between a few 00:25:13.350 --> 00:25:15.409 align:start position:0% the data is kept private between a few users<00:25:13.710> you<00:25:14.250> could<00:25:14.399> still<00:25:14.639> dump<00:25:14.940> all<00:25:15.120> the<00:25:15.240> data 00:25:15.409 --> 00:25:15.419 align:start position:0% users you could still dump all the data 00:25:15.419 --> 00:25:16.669 align:start position:0% users you could still dump all the data on<00:25:15.600> the<00:25:15.690> public<00:25:16.019> chain<00:25:16.260> but<00:25:16.409> you<00:25:16.470> would<00:25:16.649> just 00:25:16.669 --> 00:25:16.679 align:start position:0% on the public chain but you would just 00:25:16.679 --> 00:25:19.610 align:start position:0% on the public chain but you would just dump<00:25:17.010> it<00:25:17.130> in<00:25:17.250> an<00:25:17.399> encrypted<00:25:17.700> form<00:25:18.289> or<00:25:19.289> you<00:25:19.440> can 00:25:19.610 --> 00:25:19.620 align:start position:0% dump it in an encrypted form or you can 00:25:19.620 --> 00:25:21.289 align:start position:0% dump it in an encrypted form or you can dump<00:25:19.980> hashes<00:25:20.429> of<00:25:20.580> it<00:25:20.669> and<00:25:20.789> you<00:25:20.850> zero<00:25:21.090> knowledge 00:25:21.289 --> 00:25:21.299 align:start position:0% dump hashes of it and you zero knowledge 00:25:21.299 --> 00:25:24.710 align:start position:0% dump hashes of it and you zero knowledge proof<00:25:21.419> select<00:25:22.080> your<00:25:22.289> choice<00:25:23.389> proof<00:25:24.389> of<00:25:24.510> stake 00:25:24.710 --> 00:25:24.720 align:start position:0% proof select your choice proof of stake 00:25:24.720 --> 00:25:27.230 align:start position:0% proof select your choice proof of stake improvements<00:25:25.460> there's<00:25:26.460> definitely<00:25:26.970> a<00:25:27.029> place 00:25:27.230 --> 00:25:27.240 align:start position:0% improvements there's definitely a place 00:25:27.240 --> 00:25:30.139 align:start position:0% improvements there's definitely a place in<00:25:27.720> our<00:25:28.049> heart<00:25:28.409> and<00:25:28.710> the<00:25:29.159> roadmaps<00:25:29.549> heart<00:25:29.789> for 00:25:30.139 --> 00:25:30.149 align:start position:0% in our heart and the roadmaps heart for 00:25:30.149 --> 00:25:35.240 align:start position:0% in our heart and the roadmaps heart for Kasper<00:25:31.110> CBC<00:25:32.269> when<00:25:33.269> it<00:25:34.049> becomes<00:25:34.440> it<00:25:35.070> becomes 00:25:35.240 --> 00:25:35.250 align:start position:0% Kasper CBC when it becomes it becomes 00:25:35.250 --> 00:25:39.019 align:start position:0% Kasper CBC when it becomes it becomes clear<00:25:35.820> that<00:25:36.029> it's<00:25:37.340> that<00:25:38.340> there<00:25:38.460> is<00:25:38.580> a<00:25:38.669> kind<00:25:38.880> of 00:25:39.019 --> 00:25:39.029 align:start position:0% clear that it's that there is a kind of 00:25:39.029 --> 00:25:40.519 align:start position:0% clear that it's that there is a kind of a<00:25:39.059> version<00:25:39.510> that<00:25:39.720> makes<00:25:40.019> sense<00:25:40.230> from<00:25:40.350> an 00:25:40.519 --> 00:25:40.529 align:start position:0% a version that makes sense from an 00:25:40.529 --> 00:25:43.789 align:start position:0% a version that makes sense from an overhead<00:25:40.769> point<00:25:41.130> of<00:25:41.279> view<00:25:42.289> post<00:25:43.289> serenity 00:25:43.789 --> 00:25:43.799 align:start position:0% overhead point of view post serenity 00:25:43.799 --> 00:25:46.909 align:start position:0% overhead point of view post serenity innovation<00:25:44.460> so<00:25:45.149> at<00:25:45.539> some<00:25:46.080> points<00:25:46.470> we<00:25:46.590> have<00:25:46.740> all 00:25:46.909 --> 00:25:46.919 align:start position:0% innovation so at some points we have all 00:25:46.919 --> 00:25:48.769 align:start position:0% innovation so at some points we have all what<00:25:47.130> we<00:25:47.429> wants<00:25:47.820> you<00:25:47.940> and<00:25:48.120> we<00:25:48.240> had<00:25:48.389> you<00:25:48.539> have<00:25:48.750> a 00:25:48.769 --> 00:25:48.779 align:start position:0% what we wants you and we had you have a 00:25:48.779 --> 00:25:51.049 align:start position:0% what we wants you and we had you have a door<00:25:49.019> open<00:25:49.409> to<00:25:49.440> kind<00:25:50.250> of<00:25:50.399> upgrade<00:25:50.789> everything 00:25:51.049 --> 00:25:51.059 align:start position:0% door open to kind of upgrade everything 00:25:51.059 --> 00:25:53.509 align:start position:0% door open to kind of upgrade everything that<00:25:51.419> starts<00:25:51.630> so<00:25:51.990> using<00:25:52.769> Starks<00:25:53.250> for 00:25:53.509 --> 00:25:53.519 align:start position:0% that starts so using Starks for 00:25:53.519 --> 00:25:55.879 align:start position:0% that starts so using Starks for signature<00:25:54.029> aggregation<00:25:54.779> for<00:25:55.409> verifying 00:25:55.879 --> 00:25:55.889 align:start position:0% signature aggregation for verifying 00:25:55.889 --> 00:25:57.440 align:start position:0% signature aggregation for verifying erasure<00:25:56.220> codes<00:25:56.399> for<00:25:56.850> data<00:25:57.059> availability 00:25:57.440 --> 00:25:57.450 align:start position:0% erasure codes for data availability 00:25:57.450 --> 00:26:00.230 align:start position:0% erasure codes for data availability checks<00:25:57.960> maybe<00:25:58.950> eventually<00:25:59.340> for<00:25:59.909> checking 00:26:00.230 --> 00:26:00.240 align:start position:0% checks maybe eventually for checking 00:26:00.240 --> 00:26:03.019 align:start position:0% checks maybe eventually for checking correctness<00:26:00.600> of<00:26:00.779> state<00:26:00.990> execution<00:26:02.029> maybe 00:26:03.019 --> 00:26:03.029 align:start position:0% correctness of state execution maybe 00:26:03.029 --> 00:26:04.909 align:start position:0% correctness of state execution maybe stronger<00:26:03.870> forms<00:26:04.350> of<00:26:04.500> cross<00:26:04.679> shore 00:26:04.909 --> 00:26:04.919 align:start position:0% stronger forms of cross shore 00:26:04.919 --> 00:26:07.909 align:start position:0% stronger forms of cross shore transactions<00:26:05.669> faster<00:26:06.659> single<00:26:07.230> confirmations 00:26:07.909 --> 00:26:07.919 align:start position:0% transactions faster single confirmations 00:26:07.919 --> 00:26:09.620 align:start position:0% transactions faster single confirmations getting<00:26:08.250> the<00:26:08.340> confirmation<00:26:08.909> time<00:26:09.149> down<00:26:09.360> from 00:26:09.620 --> 00:26:09.630 align:start position:0% getting the confirmation time down from 00:26:09.630 --> 00:26:12.789 align:start position:0% getting the confirmation time down from 8<00:26:09.720> seconds<00:26:10.139> even<00:26:10.320> lower<00:26:11.120> medium-term<00:26:12.120> goals 00:26:12.789 --> 00:26:12.799 align:start position:0% 8 seconds even lower medium-term goals 00:26:12.799 --> 00:26:15.139 align:start position:0% 8 seconds even lower medium-term goals eventually<00:26:13.799> stabilize<00:26:14.010> at<00:26:14.610> least<00:26:14.789> the<00:26:15.000> kind 00:26:15.139 --> 00:26:15.149 align:start position:0% eventually stabilize at least the kind 00:26:15.149 --> 00:26:17.659 align:start position:0% eventually stabilize at least the kind of<00:26:15.269> functionality<00:26:15.720> of<00:26:15.990> layer<00:26:16.169> 1<00:26:16.429> think<00:26:17.429> about 00:26:17.659 --> 00:26:17.669 align:start position:0% of functionality of layer 1 think about 00:26:17.669 --> 00:26:21.259 align:start position:0% of functionality of layer 1 think about issuance<00:26:18.179> think<00:26:18.450> about<00:26:18.690> fees<00:26:19.639> agree<00:26:20.639> more<00:26:21.059> and 00:26:21.259 --> 00:26:21.269 align:start position:0% issuance think about fees agree more and 00:26:21.269 --> 00:26:24.230 align:start position:0% issuance think about fees agree more and more<00:26:21.480> over<00:26:21.840> time<00:26:22.110> on<00:26:22.529> kind<00:26:23.340> of<00:26:23.429> what<00:26:23.700> specific 00:26:24.230 --> 00:26:24.240 align:start position:0% more over time on kind of what specific 00:26:24.240 --> 00:26:25.940 align:start position:0% more over time on kind of what specific guarantees<00:26:24.779> people<00:26:25.110> expect<00:26:25.679> from<00:26:25.799> the 00:26:25.940 --> 00:26:25.950 align:start position:0% guarantees people expect from the 00:26:25.950 --> 00:26:27.639 align:start position:0% guarantees people expect from the protocol<00:26:26.370> and<00:26:26.519> things<00:26:26.730> that<00:26:26.909> people<00:26:27.029> expect 00:26:27.639 --> 00:26:27.649 align:start position:0% protocol and things that people expect 00:26:27.649 --> 00:26:29.990 align:start position:0% protocol and things that people expect as<00:26:28.649> features<00:26:29.129> for<00:26:29.370> the<00:26:29.460> protocols 00:26:29.990 --> 00:26:30.000 align:start position:0% as features for the protocols 00:26:30.000 --> 00:26:32.600 align:start position:0% as features for the protocols for<00:26:30.450> a<00:26:30.480> long<00:26:30.690> time<00:26:31.020> think<00:26:31.920> about<00:26:32.130> governance 00:26:32.600 --> 00:26:32.610 align:start position:0% for a long time think about governance 00:26:32.610 --> 00:26:35.810 align:start position:0% for a long time think about governance now<00:26:33.480> what's<00:26:33.930> next<00:26:34.140> immediately<00:26:34.800> so<00:26:35.100> what 00:26:35.810 --> 00:26:35.820 align:start position:0% now what's next immediately so what 00:26:35.820 --> 00:26:37.550 align:start position:0% now what's next immediately so what happens<00:26:36.210> before<00:26:36.390> kind<00:26:36.960> of<00:26:37.050> the<00:26:37.200> big<00:26:37.320> launch 00:26:37.550 --> 00:26:37.560 align:start position:0% happens before kind of the big launch 00:26:37.560 --> 00:26:40.190 align:start position:0% happens before kind of the big launch well<00:26:38.370> first<00:26:39.120> of<00:26:39.300> all<00:26:39.390> stabilizing<00:26:40.110> the 00:26:40.190 --> 00:26:40.200 align:start position:0% well first of all stabilizing the 00:26:40.200 --> 00:26:42.140 align:start position:0% well first of all stabilizing the protocols<00:26:40.620> back<00:26:40.860> so<00:26:41.400> for<00:26:41.610> those<00:26:41.760> who<00:26:42.030> have 00:26:42.140 --> 00:26:42.150 align:start position:0% protocols back so for those who have 00:26:42.150 --> 00:26:44.690 align:start position:0% protocols back so for those who have been<00:26:42.330> watching<00:26:42.540> github.com<00:26:43.410> slash<00:26:44.160> aetherium 00:26:44.690 --> 00:26:44.700 align:start position:0% been watching github.com slash aetherium 00:26:44.700 --> 00:26:48.680 align:start position:0% been watching github.com slash aetherium slash<00:26:45.090> eath<00:26:46.080> -<00:26:46.410> 2.0<00:26:47.010> or<00:26:47.580> sorry<00:26:47.760> if<00:26:47.910> 2.0<00:26:48.390> - 00:26:48.680 --> 00:26:48.690 align:start position:0% slash eath - 2.0 or sorry if 2.0 - 00:26:48.690 --> 00:26:52.400 align:start position:0% slash eath - 2.0 or sorry if 2.0 - backslash<00:26:49.320> dream<00:26:50.270> master<00:26:51.270> specs<00:26:51.930> beacon 00:26:52.400 --> 00:26:52.410 align:start position:0% backslash dream master specs beacon 00:26:52.410 --> 00:26:55.940 align:start position:0% backslash dream master specs beacon chain<00:26:52.620> md<00:26:53.250> something<00:26:53.670> like<00:26:53.820> that<00:26:54.710> this<00:26:55.710> spec 00:26:55.940 --> 00:26:55.950 align:start position:0% chain md something like that this spec 00:26:55.950 --> 00:26:57.290 align:start position:0% chain md something like that this spec has<00:26:56.100> been<00:26:56.310> kind<00:26:56.520> of<00:26:56.610> moving<00:26:56.940> fairly<00:26:57.120> quickly 00:26:57.290 --> 00:26:57.300 align:start position:0% has been kind of moving fairly quickly 00:26:57.300 --> 00:26:59.390 align:start position:0% has been kind of moving fairly quickly fairly<00:26:57.930> quickly<00:26:58.140> but<00:26:58.770> you<00:26:58.980> know<00:26:59.070> it<00:26:59.220> will 00:26:59.390 --> 00:26:59.400 align:start position:0% fairly quickly but you know it will 00:26:59.400 --> 00:27:01.520 align:start position:0% fairly quickly but you know it will stabilize<00:26:59.640> fairly<00:27:00.270> soon<00:27:00.530> continue 00:27:01.520 --> 00:27:01.530 align:start position:0% stabilize fairly soon continue 00:27:01.530 --> 00:27:02.980 align:start position:0% stabilize fairly soon continue development<00:27:02.130> and<00:27:02.250> testing<00:27:02.610> there's 00:27:02.980 --> 00:27:02.990 align:start position:0% development and testing there's 00:27:02.990 --> 00:27:05.780 align:start position:0% development and testing there's something<00:27:03.990> like<00:27:04.200> eight<00:27:04.520> implementations<00:27:05.520> of 00:27:05.780 --> 00:27:05.790 align:start position:0% something like eight implementations of 00:27:05.790 --> 00:27:08.890 align:start position:0% something like eight implementations of the<00:27:05.970> etherium<00:27:06.360> 2.0<00:27:06.780> protocol<00:27:07.230> happening<00:27:07.620> now 00:27:08.890 --> 00:27:08.900 align:start position:0% the etherium 2.0 protocol happening now 00:27:08.900 --> 00:27:13.490 align:start position:0% the etherium 2.0 protocol happening now cross<00:27:09.900> clients<00:27:10.440> test<00:27:10.680> that<00:27:10.920> so<00:27:11.340> I<00:27:11.640> believe<00:27:12.540> a 00:27:13.490 --> 00:27:13.500 align:start position:0% cross clients test that so I believe a 00:27:13.500 --> 00:27:16.700 align:start position:0% cross clients test that so I believe a free<00:27:14.160> the<00:27:14.580> madest<00:27:14.910> made<00:27:15.300> a<00:27:15.330> statement<00:27:15.960> idea<00:27:16.320> he 00:27:16.700 --> 00:27:16.710 align:start position:0% free the madest made a statement idea he 00:27:16.710 --> 00:27:18.500 align:start position:0% free the madest made a statement idea he hopes<00:27:16.920> to<00:27:17.040> see<00:27:17.250> you<00:27:17.340> cross<00:27:17.580> client<00:27:18.030> work<00:27:18.270> like 00:27:18.500 --> 00:27:18.510 align:start position:0% hopes to see you cross client work like 00:27:18.510 --> 00:27:20.870 align:start position:0% hopes to see you cross client work like really<00:27:18.810> picking<00:27:19.110> up<00:27:19.200> in<00:27:19.380> q1<00:27:19.620> next<00:27:20.070> year<00:27:20.280> I<00:27:20.490> mean 00:27:20.870 --> 00:27:20.880 align:start position:0% really picking up in q1 next year I mean 00:27:20.880 --> 00:27:23.870 align:start position:0% really picking up in q1 next year I mean we'll<00:27:21.240> see<00:27:21.270> that<00:27:21.750> would<00:27:21.900> be<00:27:22.400> definitely<00:27:23.400> nice 00:27:23.870 --> 00:27:23.880 align:start position:0% we'll see that would be definitely nice 00:27:23.880 --> 00:27:26.150 align:start position:0% we'll see that would be definitely nice to<00:27:23.910> see<00:27:24.540> a<00:27:24.570> kind<00:27:25.140> of<00:27:25.230> test<00:27:25.470> networking<00:27:26.040> between 00:27:26.150 --> 00:27:26.160 align:start position:0% to see a kind of test networking between 00:27:26.160 --> 00:27:28.490 align:start position:0% to see a kind of test networking between to<00:27:26.520> implementation<00:27:27.000> in<00:27:27.840> August<00:27:28.140> move<00:27:28.380> gonna 00:27:28.490 --> 00:27:28.500 align:start position:0% to implementation in August move gonna 00:27:28.500 --> 00:27:30.110 align:start position:0% to implementation in August move gonna be<00:27:28.620> nice<00:27:28.830> to<00:27:29.040> see<00:27:29.190> a<00:27:29.220> test<00:27:29.490> networking<00:27:30.000> between 00:27:30.110 --> 00:27:30.120 align:start position:0% be nice to see a test networking between 00:27:30.120 --> 00:27:35.590 align:start position:0% be nice to see a test networking between one<00:27:30.480> implementation<00:27:32.960> like<00:27:33.980> really<00:27:34.980> like<00:27:35.250> so 00:27:35.590 --> 00:27:35.600 align:start position:0% one implementation like really like so 00:27:35.600 --> 00:27:38.360 align:start position:0% one implementation like really like so as<00:27:36.600> I<00:27:36.810> kind<00:27:37.020> of<00:27:37.110> quick<00:27:37.350> hysteria<00:27:37.710> aside 00:27:38.360 --> 00:27:38.370 align:start position:0% as I kind of quick hysteria aside 00:27:38.370 --> 00:27:40.970 align:start position:0% as I kind of quick hysteria aside rightly<00:27:38.880> iam<00:27:39.150> aetherium<00:27:39.750> 1.0<00:27:40.380> development 00:27:40.970 --> 00:27:40.980 align:start position:0% rightly iam aetherium 1.0 development 00:27:40.980 --> 00:27:43.040 align:start position:0% rightly iam aetherium 1.0 development time<00:27:41.670> between<00:27:41.940> conception<00:27:42.720> of<00:27:42.810> the<00:27:42.900> white 00:27:43.040 --> 00:27:43.050 align:start position:0% time between conception of the white 00:27:43.050 --> 00:27:45.020 align:start position:0% time between conception of the white paper<00:27:43.320> and<00:27:43.530> launch<00:27:43.770> nineteen<00:27:44.490> months 00:27:45.020 --> 00:27:45.030 align:start position:0% paper and launch nineteen months 00:27:45.030 --> 00:27:46.970 align:start position:0% paper and launch nineteen months part<00:27:45.600> of<00:27:45.660> the<00:27:45.810> reason<00:27:46.110> why<00:27:46.230> it<00:27:46.290> took<00:27:46.440> so<00:27:46.800> long 00:27:46.970 --> 00:27:46.980 align:start position:0% part of the reason why it took so long 00:27:46.980 --> 00:27:49.940 align:start position:0% part of the reason why it took so long is<00:27:47.190> because<00:27:47.220> we<00:27:47.700> tried<00:27:48.600> to<00:27:48.960> get<00:27:49.170> kind<00:27:49.560> of<00:27:49.680> cross 00:27:49.940 --> 00:27:49.950 align:start position:0% is because we tried to get kind of cross 00:27:49.950 --> 00:27:51.950 align:start position:0% is because we tried to get kind of cross clients<00:27:50.460> compatibility<00:27:51.180> way<00:27:51.450> before<00:27:51.810> the 00:27:51.950 --> 00:27:51.960 align:start position:0% clients compatibility way before the 00:27:51.960 --> 00:27:53.720 align:start position:0% clients compatibility way before the spec<00:27:52.170> even<00:27:52.440> finished<00:27:52.770> and<00:27:52.980> so<00:27:53.430> we<00:27:53.550> had<00:27:53.700> to 00:27:53.720 --> 00:27:53.730 align:start position:0% spec even finished and so we had to 00:27:53.730 --> 00:27:56.750 align:start position:0% spec even finished and so we had to agree<00:27:54.240> test<00:27:54.780> release<00:27:55.530> test<00:27:55.830> net<00:27:56.040> a<00:27:56.190> weight 00:27:56.750 --> 00:27:56.760 align:start position:0% agree test release test net a weight 00:27:56.760 --> 00:27:58.670 align:start position:0% agree test release test net a weight protocol<00:27:57.270> changes<00:27:57.660> agree<00:27:57.960> test<00:27:58.200> release<00:27:58.530> it 00:27:58.670 --> 00:27:58.680 align:start position:0% protocol changes agree test release it 00:27:58.680 --> 00:28:00.470 align:start position:0% protocol changes agree test release it says<00:27:58.830> that<00:27:59.040> await<00:27:59.370> more<00:27:59.550> protocol<00:28:00.030> changes 00:28:00.470 --> 00:28:00.480 align:start position:0% says that await more protocol changes 00:28:00.480 --> 00:28:02.390 align:start position:0% says that await more protocol changes and<00:28:00.690> we<00:28:01.080> had<00:28:01.230> about<00:28:01.350> five<00:28:01.680> cycles<00:28:01.950> of<00:28:02.220> this 00:28:02.390 --> 00:28:02.400 align:start position:0% and we had about five cycles of this 00:28:02.400 --> 00:28:05.990 align:start position:0% and we had about five cycles of this this<00:28:03.330> time<00:28:03.660> around<00:28:03.960> we<00:28:04.410> have<00:28:04.680> the<00:28:05.430> luxury<00:28:05.850> of 00:28:05.990 --> 00:28:06.000 align:start position:0% this time around we have the luxury of 00:28:06.000 --> 00:28:08.270 align:start position:0% this time around we have the luxury of kind<00:28:06.330> of<00:28:06.420> learning<00:28:06.750> from<00:28:06.900> that<00:28:07.080> lesson<00:28:07.470> and<00:28:07.710> we 00:28:08.270 --> 00:28:08.280 align:start position:0% kind of learning from that lesson and we 00:28:08.280 --> 00:28:10.280 align:start position:0% kind of learning from that lesson and we don't<00:28:08.460> really<00:28:08.670> need<00:28:09.120> to<00:28:09.450> kind<00:28:09.720> of<00:28:09.810> focus<00:28:10.170> on 00:28:10.280 --> 00:28:10.290 align:start position:0% don't really need to kind of focus on 00:28:10.290 --> 00:28:12.860 align:start position:0% don't really need to kind of focus on cross<00:28:10.530> client<00:28:10.890> compatibility<00:28:11.550> until<00:28:11.970> we<00:28:12.660> have 00:28:12.860 --> 00:28:12.870 align:start position:0% cross client compatibility until we have 00:28:12.870 --> 00:28:14.390 align:start position:0% cross client compatibility until we have something<00:28:13.380> close<00:28:13.530> to<00:28:13.650> a<00:28:13.800> release<00:28:14.130> King<00:28:14.370> a 00:28:14.390 --> 00:28:14.400 align:start position:0% something close to a release King a 00:28:14.400 --> 00:28:16.670 align:start position:0% something close to a release King a release<00:28:15.090> candidates<00:28:15.600> of<00:28:15.720> the<00:28:15.810> spec<00:28:16.050> but<00:28:16.620> I 00:28:16.670 --> 00:28:16.680 align:start position:0% release candidates of the spec but I 00:28:16.680 --> 00:28:18.590 align:start position:0% release candidates of the spec but I think<00:28:17.190> we're<00:28:17.310> actually<00:28:17.460> not<00:28:17.820> that<00:28:17.880> far<00:28:18.270> from<00:28:18.300> a 00:28:18.590 --> 00:28:18.600 align:start position:0% think we're actually not that far from a 00:28:18.600 --> 00:28:20.150 align:start position:0% think we're actually not that far from a release<00:28:18.870> candidate<00:28:19.320> of<00:28:19.440> the<00:28:19.500> spec<00:28:19.740> at<00:28:19.950> least 00:28:20.150 --> 00:28:20.160 align:start position:0% release candidate of the spec at least 00:28:20.160 --> 00:28:23.180 align:start position:0% release candidate of the spec at least for<00:28:20.460> kind<00:28:21.090> of<00:28:21.320> limited<00:28:22.320> portions<00:28:22.770> that<00:28:22.980> don't 00:28:23.180 --> 00:28:23.190 align:start position:0% for kind of limited portions that don't 00:28:23.190 --> 00:28:25.640 align:start position:0% for kind of limited portions that don't that<00:28:23.400> don't<00:28:23.460> include<00:28:24.060> a<00:28:24.180> state<00:28:24.600> execution<00:28:25.260> so 00:28:25.640 --> 00:28:25.650 align:start position:0% that don't include a state execution so 00:28:25.650 --> 00:28:29.240 align:start position:0% that don't include a state execution so we'll<00:28:26.280> see<00:28:26.900> security<00:28:27.900> audits<00:28:28.500> who<00:28:29.040> here 00:28:29.240 --> 00:28:29.250 align:start position:0% we'll see security audits who here 00:28:29.250 --> 00:28:32.529 align:start position:0% we'll see security audits who here thinks<00:28:29.280> security<00:28:29.910> audits<00:28:30.150> are<00:28:30.300> important 00:28:32.529 --> 00:28:32.539 align:start position:0% thinks security audits are important 00:28:32.539 --> 00:28:35.079 align:start position:0% thinks security audits are important who<00:28:33.289> here<00:28:33.529> thinks<00:28:33.559> security<00:28:34.399> audits<00:28:34.729> are<00:28:34.879> not 00:28:35.079 --> 00:28:35.089 align:start position:0% who here thinks security audits are not 00:28:35.089 --> 00:28:38.499 align:start position:0% who here thinks security audits are not important<00:28:36.369> who's<00:28:37.369> here<00:28:37.519> thinks<00:28:37.849> the<00:28:37.969> world<00:28:38.209> is 00:28:38.499 --> 00:28:38.509 align:start position:0% important who's here thinks the world is 00:28:38.509 --> 00:28:42.849 align:start position:0% important who's here thinks the world is a<00:28:38.539> literally<00:28:39.169> controlled<00:28:39.589> by<00:28:39.679> Lizardman<00:28:41.859> okay 00:28:42.849 --> 00:28:42.859 align:start position:0% a literally controlled by Lizardman okay 00:28:42.859 --> 00:28:44.949 align:start position:0% a literally controlled by Lizardman okay that's<00:28:43.099> okay<00:28:43.699> so<00:28:43.909> more<00:28:44.389> people<00:28:44.749> from<00:28:44.899> the 00:28:44.949 --> 00:28:44.959 align:start position:0% that's okay so more people from the 00:28:44.959 --> 00:28:46.479 align:start position:0% that's okay so more people from the third<00:28:45.109> of<00:28:45.289> the<00:28:45.349> second<00:28:45.709> that's<00:28:45.829> good<00:28:46.009> to<00:28:46.129> hear 00:28:46.479 --> 00:28:46.489 align:start position:0% third of the second that's good to hear 00:28:46.489 --> 00:28:49.449 align:start position:0% third of the second that's good to hear and<00:28:46.989> then<00:28:47.989> what's<00:28:48.199> words<00:28:48.409> on<00:28:48.529> that<00:28:48.559> launch<00:28:49.159> uh 00:28:49.449 --> 00:28:49.459 align:start position:0% and then what's words on that launch uh 00:28:49.459 --> 00:28:50.919 align:start position:0% and then what's words on that launch uh who<00:28:49.699> here<00:28:49.879> thinks<00:28:49.909> launching<00:28:50.599> is<00:28:50.719> not 00:28:50.919 --> 00:28:50.929 align:start position:0% who here thinks launching is not 00:28:50.929 --> 00:28:56.289 align:start position:0% who here thinks launching is not important<00:28:52.479> okay<00:28:53.479> um<00:28:54.279> who<00:28:55.279> here<00:28:55.489> fix<00:28:55.820> like<00:28:56.059> your 00:28:56.289 --> 00:28:56.299 align:start position:0% important okay um who here fix like your 00:28:56.299 --> 00:28:57.789 align:start position:0% important okay um who here fix like your favorite<00:28:56.749> political<00:28:57.199> candidate<00:28:57.679> is 00:28:57.789 --> 00:28:57.799 align:start position:0% favorite political candidate is 00:28:57.799 --> 00:29:03.459 align:start position:0% favorite political candidate is literally<00:28:58.249> a<00:28:58.279> lizard<00:28:58.609> man<00:29:00.639> okay<00:29:01.639> so<00:29:02.599> launch 00:29:03.459 --> 00:29:03.469 align:start position:0% literally a lizard man okay so launch 00:29:03.469 --> 00:29:05.769 align:start position:0% literally a lizard man okay so launch there<00:29:03.859> we<00:29:03.949> go<00:29:04.129> I<00:29:04.219> mean<00:29:04.339> that's<00:29:04.579> basically<00:29:04.849> you 00:29:05.769 --> 00:29:05.779 align:start position:0% there we go I mean that's basically you 00:29:05.779 --> 00:29:08.619 align:start position:0% there we go I mean that's basically you know<00:29:06.669> the<00:29:07.669> milestone<00:29:08.119> that<00:29:08.269> we've<00:29:08.389> all<00:29:08.599> been 00:29:08.619 --> 00:29:08.629 align:start position:0% know the milestone that we've all been 00:29:08.629 --> 00:29:10.239 align:start position:0% know the milestone that we've all been waiting<00:29:08.929> for<00:29:09.139> that<00:29:09.559> we've<00:29:09.679> been<00:29:09.829> working 00:29:10.239 --> 00:29:10.249 align:start position:0% waiting for that we've been working 00:29:10.249 --> 00:29:12.339 align:start position:0% waiting for that we've been working toward<00:29:10.609> for<00:29:10.669> the<00:29:10.879> last<00:29:11.089> five<00:29:11.359> four<00:29:12.079> to<00:29:12.169> five 00:29:12.339 --> 00:29:12.349 align:start position:0% toward for the last five four to five 00:29:12.349 --> 00:29:15.309 align:start position:0% toward for the last five four to five years<00:29:12.739> and<00:29:13.009> a<00:29:13.849> milestone<00:29:14.089> which<00:29:14.629> is<00:29:14.809> really<00:29:15.169> no 00:29:15.309 --> 00:29:15.319 align:start position:0% years and a milestone which is really no 00:29:15.319 --> 00:29:19.119 align:start position:0% years and a milestone which is really no longer<00:29:15.469> so<00:29:15.799> far<00:29:16.039> away<00:29:16.179> so<00:29:17.179> thank<00:29:17.779> you<00:29:17.959> what<00:29:18.919> oh 00:29:19.119 --> 00:29:19.129 align:start position:0% longer so far away so thank you what oh 00:29:19.129 --> 00:29:20.789 align:start position:0% longer so far away so thank you what oh sorry 00:29:20.789 --> 00:29:20.799 align:start position:0% sorry 00:29:20.799 --> 00:29:22.520 align:start position:0% sorry okay<00:29:21.799> enjoy 00:29:22.520 --> 00:29:22.530 align:start position:0% okay enjoy 00:29:22.530 --> 00:29:35.020 align:start position:0% okay enjoy [Applause] 00:29:35.020 --> 00:29:35.030 align:start position:0% 00:29:35.030 --> 00:29:37.090 align:start position:0% you