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[Music]
 

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[Music]
so<00:00:18.470><c> first</c><00:00:18.710><c> let's</c><00:00:19.010><c> establish</c><00:00:19.220><c> some</c><00:00:19.520><c> context</c><00:00:20.120><c> by</c>

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so first let's establish some context by
 

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so first let's establish some context by
answering<00:00:20.660><c> the</c><00:00:20.840><c> question</c><00:00:21.140><c> what</c><00:00:21.440><c> is</c><00:00:21.619><c> maker</c>

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answering the question what is maker
 

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answering the question what is maker
broadly<00:00:23.660><c> speaking</c><00:00:23.810><c> makers</c><00:00:24.770><c> three</c><00:00:25.189><c> main</c>

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broadly speaking makers three main
 

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broadly speaking makers three main
components

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components
 

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components
first<00:00:27.230><c> is</c><00:00:27.560><c> a</c><00:00:27.770><c> freely</c><00:00:28.189><c> traded</c><00:00:28.550><c> token</c><00:00:28.880><c> called</c>

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first is a freely traded token called
 

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first is a freely traded token called
dye<00:00:29.410><c> which</c><00:00:30.410><c> is</c><00:00:30.560><c> meant</c><00:00:30.740><c> to</c><00:00:30.800><c> be</c><00:00:30.860><c> stable</c><00:00:31.400><c> over</c>

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dye which is meant to be stable over
 

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dye which is meant to be stable over
meet<00:00:32.090><c> short</c><00:00:32.390><c> and</c><00:00:32.599><c> medium-term</c><00:00:32.960><c> time</c>

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meet short and medium-term time
 

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meet short and medium-term time
increments<00:00:33.890><c> with</c><00:00:34.190><c> respect</c><00:00:34.700><c> to</c><00:00:35.030><c> the</c><00:00:35.450><c> SDR</c><00:00:35.810><c> a</c>

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increments with respect to the SDR a
 

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increments with respect to the SDR a
basket<00:00:37.070><c> of</c><00:00:37.160><c> common</c><00:00:37.550><c> national</c><00:00:37.730><c> currencies</c><00:00:38.420><c> all</c>

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basket of common national currencies all
 

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basket of common national currencies all
the<00:00:39.739><c> moving</c><00:00:40.010><c> pieces</c><00:00:40.160><c> of</c><00:00:40.579><c> the</c><00:00:40.880><c> maker</c><00:00:41.030><c> ecosystem</c>

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the moving pieces of the maker ecosystem
 

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the moving pieces of the maker ecosystem
work<00:00:41.900><c> together</c><00:00:42.050><c> to</c><00:00:42.530><c> achieve</c><00:00:42.650><c> this</c><00:00:43.190><c> goal</c><00:00:43.250><c> and</c>

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work together to achieve this goal and
 

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work together to achieve this goal and
it<00:00:43.910><c> is</c><00:00:44.000><c> makers</c><00:00:44.329><c> main</c><00:00:44.690><c> product</c>

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it is makers main product
 

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it is makers main product
next<00:00:47.030><c> maker</c><00:00:47.870><c> has</c><00:00:48.110><c> a</c><00:00:48.350><c> stable</c><00:00:48.830><c> coin</c><00:00:49.040><c> engine</c>

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next maker has a stable coin engine
 

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next maker has a stable coin engine
which<00:00:49.640><c> is</c><00:00:49.670><c> a</c><00:00:49.880><c> system</c><00:00:50.330><c> of</c><00:00:50.510><c> smart</c><00:00:51.170><c> contracts</c>

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which is a system of smart contracts
 

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which is a system of smart contracts
deployed<00:00:52.400><c> on</c><00:00:52.700><c> the</c><00:00:52.790><c> ethereum</c><00:00:53.210><c> blockchain</c><00:00:53.240><c> that</c>

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deployed on the ethereum blockchain that
 

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deployed on the ethereum blockchain that
will<00:00:54.290><c> manage</c><00:00:54.680><c> the</c><00:00:55.100><c> dye</c><00:00:55.280><c> lifecycle</c><00:00:55.940><c> and</c><00:00:56.120><c> hold</c>

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will manage the dye lifecycle and hold
 

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will manage the dye lifecycle and hold
the<00:00:57.200><c> capital</c><00:00:57.680><c> reserves</c><00:00:57.980><c> that</c><00:00:58.490><c> back</c><00:00:58.760><c> died</c><00:00:59.030><c> in</c>

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the capital reserves that back died in
 

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the capital reserves that back died in
excess<00:00:59.780><c> and</c><00:01:00.050><c> give</c><00:01:00.590><c> it</c><00:01:00.710><c> its</c><00:01:00.950><c> value</c><00:01:01.370><c> and</c>

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excess and give it its value and
 

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excess and give it its value and
last<00:01:03.890><c> maker</c><00:01:04.820><c> is</c><00:01:05.089><c> a</c><00:01:05.150><c> community</c><00:01:05.780><c> of</c><00:01:05.810><c> people</c><00:01:06.110><c> who</c>

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last maker is a community of people who
 

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last maker is a community of people who
work<00:01:07.700><c> together</c><00:01:07.820><c> to</c><00:01:08.659><c> launch</c><00:01:09.170><c> the</c><00:01:09.409><c> dye</c><00:01:09.560><c> and</c><00:01:09.830><c> will</c>

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work together to launch the dye and will
 

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work together to launch the dye and will
maintain<00:01:10.670><c> its</c><00:01:11.090><c> stability</c><00:01:11.240><c> over</c><00:01:12.020><c> time</c>

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maintain its stability over time
 

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maintain its stability over time
membership<00:01:13.729><c> in</c><00:01:14.060><c> this</c><00:01:14.180><c> community</c><00:01:14.570><c> is</c>

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membership in this community is
 

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membership in this community is
distinguished<00:01:15.650><c> by</c><00:01:15.860><c> possession</c><00:01:16.400><c> of</c><00:01:16.490><c> a</c><00:01:16.579><c> token</c>

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distinguished by possession of a token
 

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distinguished by possession of a token
called<00:01:17.090><c> MK</c><00:01:17.509><c> r</c><00:01:17.740><c> the</c><00:01:18.740><c> MK</c><00:01:19.010><c> r</c><00:01:19.040><c> token</c><00:01:19.520><c> empowers</c><00:01:20.330><c> its</c>

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called MK r the MK r token empowers its
 

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called MK r the MK r token empowers its
holders<00:01:20.900><c> to</c><00:01:21.440><c> manage</c><00:01:22.100><c> the</c><00:01:22.690><c> portfolio</c><00:01:23.690><c> of</c>

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holders to manage the portfolio of
 

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holders to manage the portfolio of
capital<00:01:24.770><c> reserves</c><00:01:25.070><c> and</c><00:01:25.370><c> it</c><00:01:25.940><c> absorbs</c>

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capital reserves and it absorbs
 

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capital reserves and it absorbs
unexpected<00:01:27.320><c> risk</c><00:01:27.560><c> from</c><00:01:28.100><c> that</c><00:01:28.310><c> portfolio</c>

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next<00:01:38.000><c> slide</c><00:01:38.150><c> please</c>

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there<00:01:45.909><c> we</c><00:01:45.969><c> go</c><00:01:46.390><c> so</c><00:01:47.579><c> what's</c><00:01:48.579><c> been</c><00:01:48.729><c> done</c><00:01:48.909><c> in</c><00:01:48.939><c> the</c>

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there we go so what's been done in the
 

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there we go so what's been done in the
last<00:01:49.270><c> year</c><00:01:49.420><c> to</c><00:01:50.079><c> build</c><00:01:50.289><c> out</c><00:01:50.439><c> this</c><00:01:50.619><c> project</c>

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last year to build out this project
 

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last year to build out this project
first<00:01:52.960><c> the</c><00:01:53.859><c> community</c><00:01:54.310><c> of</c><00:01:54.399><c> mkr</c><00:01:54.880><c> holders</c><00:01:55.179><c> that</c>

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first the community of mkr holders that
 

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first the community of mkr holders that
has<00:01:55.479><c> formed</c><00:01:55.750><c> around</c><00:01:55.810><c> the</c><00:01:56.020><c> project</c><00:01:56.469><c> has</c><00:01:56.679><c> become</c>

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has formed around the project has become
 

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has formed around the project has become
quite<00:01:57.219><c> strong</c><00:01:57.579><c> and</c><00:01:57.880><c> dependable</c>

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quite strong and dependable
 

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quite strong and dependable
we<00:01:59.649><c> meet</c><00:01:59.799><c> every</c><00:02:00.159><c> week</c><00:02:00.310><c> for</c><00:02:00.819><c> a</c><00:02:00.850><c> public</c>

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we meet every week for a public
 

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we meet every week for a public
conference<00:02:02.079><c> call</c><00:02:02.259><c> where</c><00:02:02.709><c> we</c><00:02:02.740><c> discuss</c>

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conference call where we discuss
 

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conference call where we discuss
high-level<00:02:03.969><c> objectives</c><00:02:04.479><c> and</c><00:02:04.689><c> allocate</c>

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high-level objectives and allocate
 

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high-level objectives and allocate
resources<00:02:05.350><c> towards</c><00:02:06.219><c> the</c><00:02:06.340><c> development</c><00:02:06.549><c> of</c><00:02:06.909><c> the</c>

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resources towards the development of the
 

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resources towards the development of the
stable<00:02:07.360><c> coin</c><00:02:07.479><c> engine</c><00:02:08.069><c> it</c><00:02:09.069><c> is</c><00:02:09.190><c> my</c><00:02:09.340><c> opinion</c><00:02:09.459><c> that</c>

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stable coin engine it is my opinion that
 

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stable coin engine it is my opinion that
their<00:02:10.269><c> competence</c><00:02:10.780><c> and</c><00:02:10.929><c> enthusiasm</c><00:02:11.590><c> is</c>

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their competence and enthusiasm is
 

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their competence and enthusiasm is
makers<00:02:12.069><c> greatest</c><00:02:12.459><c> asset</c><00:02:12.819><c> because</c><00:02:13.569><c> of</c><00:02:13.840><c> the</c>

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makers greatest asset because of the
 

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makers greatest asset because of the
importance<00:02:14.860><c> that</c><00:02:14.950><c> they</c><00:02:15.190><c> have</c><00:02:15.340><c> in</c><00:02:15.610><c> maintaining</c>

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importance that they have in maintaining
 

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importance that they have in maintaining
the<00:02:16.540><c> stability</c><00:02:16.989><c> of</c><00:02:17.019><c> the</c><00:02:17.200><c> die</c>

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because<00:02:20.620><c> ethereum</c><00:02:21.190><c> development</c><00:02:21.760><c> is</c><00:02:21.880><c> so</c><00:02:22.209><c> new</c>

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because ethereum development is so new
 

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because ethereum development is so new
our<00:02:23.290><c> dev</c><00:02:23.590><c> team</c><00:02:23.860><c> started</c><00:02:24.340><c> from</c><00:02:24.489><c> first</c>

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our dev team started from first
 

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our dev team started from first
principles<00:02:25.269><c> when</c><00:02:25.930><c> building</c><00:02:26.319><c> out</c><00:02:26.440><c> makers</c><00:02:26.920><c> core</c>

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principles when building out makers core
 

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principles when building out makers core
technology

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technology
 

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technology
first<00:02:29.739><c> a</c><00:02:30.040><c> build</c><00:02:30.640><c> tool</c><00:02:30.849><c> was</c><00:02:31.090><c> created</c><00:02:31.480><c> called</c>

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first a build tool was created called
 

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first a build tool was created called
dapple<00:02:32.379><c> which</c><00:02:33.010><c> is</c><00:02:33.190><c> meant</c><00:02:33.370><c> to</c><00:02:33.549><c> manage</c><00:02:34.030><c> multi</c>

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dapple which is meant to manage multi
 

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dapple which is meant to manage multi
contract<00:02:35.280><c> multi</c><00:02:36.280><c> contract</c><00:02:36.700><c> systems</c><00:02:37.060><c> like</c>

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contract multi contract systems like
 

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contract multi contract systems like
what<00:02:37.870><c> is</c><00:02:37.989><c> intended</c><00:02:38.260><c> for</c><00:02:38.410><c> the</c><00:02:38.620><c> maker</c><00:02:38.799><c> ecosystem</c>

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what is intended for the maker ecosystem
 

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what is intended for the maker ecosystem
after<00:02:41.170><c> it</c><00:02:41.290><c> was</c><00:02:41.379><c> working</c><00:02:41.769><c> it</c><00:02:42.220><c> was</c><00:02:42.370><c> used</c><00:02:42.640><c> to</c>

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after it was working it was used to
 

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after it was working it was used to
create<00:02:43.000><c> a</c><00:02:43.360><c> composable</c><00:02:44.319><c> smart</c><00:02:44.890><c> contract</c>

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create a composable smart contract
 

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create a composable smart contract
framework<00:02:45.760><c> called</c><00:02:46.299><c> DAB</c><00:02:46.510><c> sis</c><00:02:46.780><c> which</c><00:02:47.620><c> solves</c>

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framework called DAB sis which solves
 

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framework called DAB sis which solves
the<00:02:48.220><c> problem</c><00:02:48.640><c> of</c><00:02:48.790><c> access</c><00:02:49.060><c> control</c><00:02:49.660><c> in</c><00:02:49.870><c> a</c><00:02:50.350><c> multi</c>

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the problem of access control in a multi
 

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the problem of access control in a multi
contract<00:02:51.130><c> ecosystem</c><00:02:51.760><c> in</c><00:02:51.940><c> a</c><00:02:52.030><c> generalized</c><00:02:52.480><c> way</c>

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contract ecosystem in a generalized way
 

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contract ecosystem in a generalized way
and<00:02:53.079><c> establishes</c><00:02:53.980><c> many</c><00:02:54.220><c> useful</c><00:02:54.489><c> ethereum</c>

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and establishes many useful ethereum
 

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and establishes many useful ethereum
development<00:02:55.690><c> patterns</c><00:02:56.310><c> both</c><00:02:57.310><c> of</c><00:02:57.489><c> these</c><00:02:57.579><c> tools</c>

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development patterns both of these tools
 

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development patterns both of these tools
are<00:02:57.970><c> open-source</c><00:02:58.269><c> so</c><00:02:58.959><c> anybody</c><00:02:59.230><c> involved</c><00:02:59.709><c> in</c>

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are open-source so anybody involved in
 

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are open-source so anybody involved in
aetherium<00:03:00.579><c> development</c><00:03:01.090><c> can</c><00:03:01.450><c> benefit</c><00:03:01.810><c> from</c>

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aetherium development can benefit from
 

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aetherium development can benefit from
the<00:03:02.109><c> hard</c><00:03:02.319><c> work</c><00:03:02.380><c> that</c><00:03:02.769><c> we</c><00:03:02.980><c> put</c><00:03:03.190><c> in</c><00:03:03.340><c> over</c><00:03:03.609><c> the</c>

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the hard work that we put in over the
 

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the hard work that we put in over the
past<00:03:03.940><c> year</c>

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past year
 

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past year
once<00:03:06.819><c> dab</c><00:03:07.120><c> sis</c><00:03:07.329><c> was</c><00:03:07.510><c> completed</c><00:03:07.959><c> the</c>

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once dab sis was completed the
 

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once dab sis was completed the
components<00:03:09.430><c> were</c><00:03:09.700><c> assembled</c><00:03:10.450><c> into</c><00:03:10.660><c> the</c><00:03:10.930><c> MK</c><00:03:11.290><c> r</c>

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components were assembled into the MK r
 

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components were assembled into the MK r
token<00:03:11.829><c> which</c><00:03:12.459><c> was</c><00:03:12.930><c> launched</c><00:03:13.930><c> last</c><00:03:14.079><c> February</c>

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token which was launched last February
 

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token which was launched last February
and<00:03:15.010><c> audited</c><00:03:15.579><c> by</c><00:03:15.819><c> Piper</c><00:03:16.090><c> Mariam</c>

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and audited by Piper Mariam
 

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and audited by Piper Mariam
since<00:03:18.400><c> it</c><00:03:18.609><c> was</c><00:03:18.760><c> launched</c><00:03:19.120><c> it</c><00:03:19.359><c> was</c><00:03:19.510><c> audited</c>

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since it was launched it was audited
 

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since it was launched it was audited
again<00:03:20.139><c> last</c><00:03:20.950><c> August</c><00:03:21.430><c> by</c><00:03:21.819><c> Peter</c><00:03:22.090><c> vasanas</c>

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again last August by Peter vasanas
 

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again last August by Peter vasanas
because<00:03:24.310><c> both</c><00:03:24.700><c> of</c><00:03:24.880><c> these</c><00:03:24.940><c> come</c><00:03:25.380><c> catch</c><00:03:26.380><c> Oken</c><00:03:26.889><c> is</c>

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because both of these come catch Oken is
 

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because both of these come catch Oken is
primarily<00:03:27.609><c> made</c><00:03:27.819><c> up</c><00:03:27.970><c> of</c><00:03:28.000><c> DAB</c><00:03:28.450><c> sis</c><00:03:28.630><c> components</c>

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primarily made up of DAB sis components
 

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primarily made up of DAB sis components
if<00:03:29.650><c> you're</c><00:03:29.859><c> interested</c><00:03:30.310><c> in</c><00:03:30.459><c> using</c><00:03:30.760><c> the</c>

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if you're interested in using the
 

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if you're interested in using the
daftest<00:03:31.359><c> framework</c><00:03:31.780><c> I</c><00:03:31.989><c> encourage</c><00:03:32.590><c> you</c><00:03:32.769><c> to</c>

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daftest framework I encourage you to
 

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daftest framework I encourage you to
read<00:03:33.459><c> these</c><00:03:33.700><c> two</c><00:03:33.760><c> reports</c>

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thanks<00:03:39.280><c> to</c><00:03:39.430><c> the</c><00:03:39.569><c> because</c><00:03:40.569><c> we</c><00:03:40.690><c> laid</c><00:03:40.930><c> down</c><00:03:40.959><c> a</c>

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thanks to the because we laid down a
 

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thanks to the because we laid down a
unified<00:03:42.639><c> development</c><00:03:42.819><c> environment</c><00:03:43.660><c> and</c>

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unified development environment and
 

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unified development environment and
laid<00:03:45.310><c> such</c><00:03:45.579><c> a</c><00:03:45.609><c> strong</c><00:03:45.970><c> technical</c><00:03:46.569><c> foundation</c>

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laid such a strong technical foundation
 

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laid such a strong technical foundation
after<00:03:47.799><c> launching</c><00:03:48.310><c> the</c><00:03:48.400><c> MK</c><00:03:48.730><c> r</c><00:03:48.760><c> token</c><00:03:49.209><c> we</c><00:03:49.419><c> were</c>

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after launching the MK r token we were
 

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after launching the MK r token we were
able<00:03:49.750><c> to</c><00:03:49.780><c> fast</c><00:03:50.079><c> follow</c><00:03:50.440><c> with</c><00:03:51.099><c> maker</c><00:03:51.340><c> market</c>

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able to fast follow with maker market
 

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able to fast follow with maker market
which<00:03:52.359><c> is</c><00:03:52.510><c> a</c><00:03:52.540><c> decentralized</c><00:03:52.930><c> exchange</c><00:03:53.379><c> where</c>

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which is a decentralized exchange where
 

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which is a decentralized exchange where
the<00:03:54.189><c> MK</c><00:03:54.489><c> r</c><00:03:54.519><c> token</c><00:03:54.969><c> can</c><00:03:55.150><c> be</c><00:03:55.269><c> traded</c><00:03:55.510><c> for</c><00:03:55.810><c> ether</c>

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the MK r token can be traded for ether
 

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the MK r token can be traded for ether
and<00:03:56.560><c> soon</c><00:03:56.920><c> other</c><00:03:57.189><c> ERC</c><00:03:57.730><c> 20</c><00:03:58.030><c> compatible</c><00:03:58.750><c> and</c><00:03:59.110><c> the</c>

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and soon other ERC 20 compatible and the
 

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and soon other ERC 20 compatible and the
initial<00:04:00.100><c> test</c><00:04:00.340><c> launch</c><00:04:00.580><c> of</c><00:04:00.670><c> the</c><00:04:00.970><c> maker</c><00:04:01.180><c> auction</c>

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initial test launch of the maker auction
 

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initial test launch of the maker auction
contracts<00:04:02.140><c> which</c><00:04:02.920><c> are</c><00:04:03.070><c> make</c><00:04:03.490><c> up</c><00:04:03.670><c> a</c><00:04:03.850><c> critical</c>

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contracts which are make up a critical
 

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contracts which are make up a critical
component<00:04:04.510><c> of</c><00:04:04.930><c> the</c><00:04:05.020><c> stable</c><00:04:05.500><c> point</c><00:04:05.650><c> engine</c>

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component of the stable point engine
 

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component of the stable point engine
infrastructure

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throughout<00:04:10.510><c> all</c><00:04:10.690><c> of</c><00:04:10.720><c> this</c><00:04:10.990><c> our</c><00:04:11.800><c> main</c><00:04:12.070><c> focus</c>

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throughout all of this our main focus
 

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throughout all of this our main focus
has<00:04:12.640><c> been</c><00:04:12.670><c> on</c><00:04:12.850><c> safety</c><00:04:13.630><c> and</c><00:04:13.810><c> responsibility</c>

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has been on safety and responsibility
 

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has been on safety and responsibility
even<00:04:15.520><c> when</c><00:04:15.670><c> that</c><00:04:15.760><c> means</c><00:04:15.820><c> trading</c><00:04:16.390><c> off</c><00:04:16.630><c> on</c>

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even when that means trading off on
 

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even when that means trading off on
developer<00:04:17.350><c> velocity</c><00:04:17.859><c> and</c><00:04:18.310><c> we</c><00:04:18.519><c> will</c><00:04:18.670><c> continue</c>

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developer velocity and we will continue
 

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developer velocity and we will continue
with<00:04:19.150><c> that</c><00:04:19.209><c> divine</c><00:04:19.570><c> design</c><00:04:20.320><c> philosophy</c><00:04:20.859><c> going</c>

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with that divine design philosophy going
 

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with that divine design philosophy going
forward<00:04:21.760><c> what</c><00:04:22.600><c> that</c><00:04:22.750><c> means</c><00:04:22.960><c> is</c><00:04:23.170><c> it</c><00:04:23.770><c> will</c><00:04:23.800><c> be</c><00:04:23.950><c> a</c>

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forward what that means is it will be a
 

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forward what that means is it will be a
long<00:04:24.220><c> time</c><00:04:24.520><c> before</c><00:04:25.030><c> a</c><00:04:25.420><c> robust</c><00:04:26.050><c> production</c>

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long time before a robust production
 

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long time before a robust production
ready<00:04:27.000><c> formally</c><00:04:28.000><c> proven</c><00:04:28.450><c> stable</c><00:04:28.990><c> coin</c><00:04:29.170><c> engine</c>

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ready formally proven stable coin engine
 

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ready formally proven stable coin engine
is<00:04:29.890><c> deployed</c><00:04:30.340><c> onto</c><00:04:30.610><c> the</c><00:04:30.850><c> blockchain</c><00:04:31.060><c> and</c><00:04:31.510><c> in</c>

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is deployed onto the blockchain and in
 

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is deployed onto the blockchain and in
the<00:04:32.170><c> meantime</c><00:04:32.380><c> we</c><00:04:33.130><c> want</c><00:04:33.370><c> to</c><00:04:33.520><c> meet</c><00:04:33.700><c> the</c>

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the meantime we want to meet the
 

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the meantime we want to meet the
etherium<00:04:34.360><c> community's</c><00:04:34.840><c> needs</c><00:04:35.170><c> for</c><00:04:35.620><c> stable</c>

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etherium community's needs for stable
 

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etherium community's needs for stable
coins<00:04:36.220><c> that's</c><00:04:37.000><c> why</c><00:04:37.120><c> I'm</c><00:04:37.210><c> excited</c><00:04:37.570><c> to</c><00:04:37.660><c> announce</c>

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coins that's why I'm excited to announce
 

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coins that's why I'm excited to announce
makers<00:04:38.770><c> newest</c><00:04:39.370><c> project</c>

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next<00:04:44.710><c> slide</c><00:04:44.890><c> please</c>

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next slide please
 

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next slide please
it's<00:04:47.560><c> called</c><00:04:47.710><c> the</c><00:04:47.830><c> simple</c><00:04:48.130><c> coin</c><00:04:48.310><c> project</c><00:04:49.020><c> what</c>

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it's called the simple coin project what
 

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it's called the simple coin project what
it<00:04:50.110><c> is</c><00:04:50.200><c> at</c><00:04:50.350><c> its</c><00:04:50.500><c> core</c><00:04:50.770><c> is</c><00:04:51.010><c> an</c><00:04:51.520><c> independent</c>

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it is at its core is an independent
 

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it is at its core is an independent
platform<00:04:52.660><c> made</c><00:04:53.140><c> up</c><00:04:53.290><c> also</c><00:04:53.560><c> of</c><00:04:53.800><c> daps</c><00:04:54.010><c> as</c>

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platform made up also of daps as
 

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platform made up also of daps as
components<00:04:54.700><c> which</c><00:04:55.570><c> will</c><00:04:55.750><c> allow</c><00:04:56.050><c> anybody</c><00:04:56.410><c> to</c>

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components which will allow anybody to
 

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components which will allow anybody to
create<00:04:57.070><c> their</c><00:04:57.250><c> own</c><00:04:57.280><c> centrally</c><00:04:58.210><c> administered</c>

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create their own centrally administered
 

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create their own centrally administered
stable<00:04:59.620><c> coin</c><00:04:59.800><c> controller</c>

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that<00:05:03.490><c> means</c><00:05:03.730><c> that</c><00:05:03.910><c> you</c><00:05:04.000><c> will</c><00:05:04.090><c> be</c><00:05:04.150><c> able</c><00:05:04.419><c> to</c><00:05:04.510><c> go</c>

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that means that you will be able to go
 

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that means that you will be able to go
to<00:05:05.200><c> the</c><00:05:05.320><c> simple</c><00:05:05.590><c> coin</c><00:05:05.770><c> website</c><00:05:06.220><c> and</c><00:05:06.400><c> create</c>

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to the simple coin website and create
 

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to the simple coin website and create
your<00:05:07.390><c> own</c><00:05:07.450><c> rule</c><00:05:07.990><c> set</c><00:05:08.260><c> such</c><00:05:08.830><c> as</c><00:05:09.040><c> feed</c><00:05:09.580><c> providers</c>

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your own rule set such as feed providers
 

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your own rule set such as feed providers
accepted<00:05:11.500><c> forms</c><00:05:11.800><c> of</c><00:05:11.919><c> collateral</c><00:05:12.370><c> and</c>

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accepted forms of collateral and
 

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accepted forms of collateral and
who<00:05:14.140><c> can</c><00:05:14.350><c> be</c><00:05:14.500><c> holders</c><00:05:15.070><c> or</c><00:05:15.310><c> issuers</c><00:05:15.760><c> of</c><00:05:15.940><c> the</c>

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who can be holders or issuers of the
 

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who can be holders or issuers of the
simple<00:05:16.479><c> coin</c><00:05:16.630><c> deploy</c><00:05:17.560><c> it</c><00:05:17.770><c> and</c><00:05:17.919><c> use</c><00:05:18.580><c> it</c><00:05:18.729><c> to</c>

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simple coin deploy it and use it to
 

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simple coin deploy it and use it to
start<00:05:19.120><c> meeting</c><00:05:19.330><c> your</c><00:05:19.780><c> or</c><00:05:19.990><c> the</c><00:05:20.080><c> etherium</c>

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start meeting your or the etherium
 

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start meeting your or the etherium
community's<00:05:20.860><c> needs</c><00:05:21.190><c> right</c><00:05:21.610><c> away</c>

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community's needs right away
 

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community's needs right away
we<00:05:24.070><c> want</c><00:05:24.220><c> to</c><00:05:24.280><c> do</c><00:05:24.370><c> this</c><00:05:24.490><c> for</c><00:05:24.850><c> a</c><00:05:24.880><c> few</c><00:05:25.090><c> different</c>

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we want to do this for a few different
 

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we want to do this for a few different
reasons<00:05:25.350><c> like</c><00:05:26.350><c> I</c><00:05:26.470><c> said</c><00:05:26.710><c> the</c><00:05:27.280><c> main</c><00:05:27.520><c> reason</c><00:05:27.910><c> is</c>

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reasons like I said the main reason is
 

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reasons like I said the main reason is
that<00:05:28.150><c> we</c><00:05:28.419><c> want</c><00:05:28.630><c> to</c><00:05:28.720><c> meet</c><00:05:28.930><c> the</c><00:05:29.050><c> ethereum</c>

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that we want to meet the ethereum
 

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that we want to meet the ethereum
community's<00:05:29.860><c> needs</c><00:05:30.100><c> for</c><00:05:30.310><c> a</c><00:05:30.340><c> stable</c><00:05:30.550><c> coin</c><00:05:30.850><c> it's</c>

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community's needs for a stable coin it's
 

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community's needs for a stable coin it's
basically<00:05:31.720><c> impossible</c><00:05:31.900><c> to</c><00:05:32.800><c> do</c><00:05:32.950><c> to</c><00:05:33.160><c> run</c><00:05:33.310><c> a</c>

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basically impossible to do to run a
 

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basically impossible to do to run a
business<00:05:33.610><c> or</c><00:05:33.940><c> decentralize</c><00:05:34.690><c> project</c><00:05:35.229><c> without</c>

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business or decentralize project without
 

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business or decentralize project without
a<00:05:35.979><c> stable</c><00:05:36.520><c> form</c><00:05:36.910><c> of</c><00:05:37.090><c> value</c><00:05:37.479><c> transfer</c>

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a stable form of value transfer
 

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a stable form of value transfer
the<00:05:39.850><c> next</c><00:05:40.090><c> reason</c>

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the<00:05:47.840><c> next</c><00:05:48.050><c> reason</c><00:05:48.200><c> is</c><00:05:48.650><c> we</c><00:05:48.860><c> want</c><00:05:49.040><c> to</c><00:05:49.100><c> create</c><00:05:49.220><c> an</c>

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the next reason is we want to create an
 

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the next reason is we want to create an
incentive<00:05:49.810><c> to</c><00:05:50.810><c> create</c><00:05:51.050><c> the</c><00:05:51.440><c> off</c><00:05:51.710><c> chain</c>

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incentive to create the off chain
 

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incentive to create the off chain
automated<00:05:53.630><c> market</c><00:05:53.960><c> making</c><00:05:54.140><c> components</c><00:05:54.770><c> that</c>

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automated market making components that
 

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automated market making components that
are<00:05:55.460><c> necessary</c><00:05:55.610><c> for</c><00:05:56.060><c> keeping</c><00:05:56.690><c> a</c><00:05:56.810><c> stable</c><00:05:56.990><c> coin</c>

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are necessary for keeping a stable coin
 

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are necessary for keeping a stable coin
stable<00:05:57.740><c> such</c><00:05:58.280><c> as</c><00:05:58.490><c> trading</c><00:05:59.300><c> BOTS</c><00:05:59.480><c> arbitrage</c>

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stable such as trading BOTS arbitrage
 

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stable such as trading BOTS arbitrage
BOTS<00:06:00.320><c> really</c><00:06:01.220><c> want</c><00:06:01.370><c> to</c><00:06:01.430><c> get</c><00:06:01.490><c> feed</c><00:06:01.700><c> prey</c><00:06:01.880><c> feed</c>

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BOTS really want to get feed prey feed
 

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BOTS really want to get feed prey feed
providers<00:06:03.020><c> online</c><00:06:03.320><c> and</c>

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providers online and
 

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providers online and
just<00:06:06.050><c> any</c><00:06:06.800><c> any</c><00:06:07.040><c> other</c><00:06:07.130><c> type</c><00:06:07.400><c> of</c><00:06:07.430><c> trading</c><00:06:07.790><c> BOTS</c>

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just any any other type of trading BOTS
 

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just any any other type of trading BOTS
and<00:06:08.930><c> we</c><00:06:09.050><c> think</c><00:06:09.230><c> that</c><00:06:09.320><c> creating</c><00:06:09.620><c> a</c><00:06:09.770><c> market</c><00:06:10.130><c> will</c>

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and we think that creating a market will
 

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and we think that creating a market will
be<00:06:11.420><c> an</c><00:06:11.690><c> appropriate</c><00:06:11.930><c> profit</c><00:06:12.590><c> incentive</c><00:06:12.860><c> to</c>

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be an appropriate profit incentive to
 

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be an appropriate profit incentive to
get<00:06:13.790><c> these</c><00:06:14.200><c> these</c><00:06:15.200><c> pieces</c><00:06:15.500><c> of</c><00:06:15.800><c> critical</c>

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get these these pieces of critical
 

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get these these pieces of critical
infrastructure<00:06:16.670><c> critical</c><00:06:17.120><c> off</c><00:06:17.270><c> chain</c>

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infrastructure critical off chain
 

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infrastructure critical off chain
infrastructure<00:06:18.320><c> online</c><00:06:18.920><c> and</c>

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infrastructure online and
 

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infrastructure online and
last<00:06:20.960><c> the</c><00:06:21.860><c> MKR</c><00:06:22.310><c> holders</c><00:06:22.640><c> want</c><00:06:22.970><c> to</c><00:06:23.060><c> create</c><00:06:23.300><c> an</c>

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last the MKR holders want to create an
 

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last the MKR holders want to create an
environment<00:06:23.810><c> where</c><00:06:24.080><c> we</c><00:06:24.260><c> can</c><00:06:24.470><c> see</c><00:06:24.740><c> different</c>

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environment where we can see different
 

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environment where we can see different
stable<00:06:25.820><c> coins</c><00:06:26.090><c> in</c><00:06:26.240><c> the</c><00:06:26.390><c> wild</c><00:06:26.780><c> and</c><00:06:26.990><c> judge</c><00:06:27.590><c> for</c>

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stable coins in the wild and judge for
 

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stable coins in the wild and judge for
ourselves<00:06:27.890><c> what</c><00:06:28.460><c> works</c><00:06:28.700><c> best</c><00:06:29.020><c> before</c><00:06:30.020><c> we</c>

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ourselves what works best before we
 

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ourselves what works best before we
launch<00:06:30.590><c> the</c><00:06:30.950><c> stable</c><00:06:31.280><c> contingent</c><00:06:31.670><c> we</c><00:06:32.450><c> want</c><00:06:32.630><c> to</c>

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launch the stable contingent we want to
 

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launch the stable contingent we want to
create<00:06:32.870><c> a</c><00:06:32.900><c> rich</c><00:06:33.170><c> token</c><00:06:33.620><c> eco</c><00:06:33.950><c> we</c><00:06:34.490><c> want</c><00:06:34.610><c> to</c>

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create a rich token eco we want to
 

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create a rich token eco we want to
create<00:06:34.850><c> a</c><00:06:34.880><c> rich</c><00:06:35.090><c> token</c><00:06:35.480><c> ecosystem</c><00:06:36.290><c> where</c><00:06:36.560><c> you</c>

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create a rich token ecosystem where you
 

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create a rich token ecosystem where you
can<00:06:36.860><c> have</c><00:06:37.010><c> a</c><00:06:37.160><c> lot</c><00:06:37.370><c> of</c><00:06:37.460><c> different</c><00:06:37.730><c> stable</c><00:06:38.000><c> coins</c>

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can have a lot of different stable coins
 

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can have a lot of different stable coins
to<00:06:38.300><c> choose</c><00:06:38.480><c> from</c><00:06:38.720><c> and</c><00:06:38.930><c> then</c><00:06:39.500><c> allow</c><00:06:40.490><c> the</c><00:06:40.550><c> best</c>

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to choose from and then allow the best
 

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to choose from and then allow the best
ideas<00:06:41.270><c> to</c><00:06:41.480><c> win</c><00:06:41.660><c> in</c><00:06:41.870><c> the</c><00:06:41.960><c> marketplace</c>

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ideas to win in the marketplace
 

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ideas to win in the marketplace
to<00:06:44.720><c> that</c><00:06:44.870><c> end</c><00:06:45.050><c> I'm</c><00:06:45.260><c> gonna</c><00:06:45.380><c> give</c><00:06:45.530><c> you</c><00:06:45.590><c> an</c>

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to that end I'm gonna give you an
 

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to that end I'm gonna give you an
example<00:06:45.980><c> of</c><00:06:46.340><c> a</c><00:06:46.490><c> few</c><00:06:46.760><c> of</c><00:06:47.090><c> two</c><00:06:47.450><c> different</c>

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example of a few of two different
 

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example of a few of two different
potential<00:06:48.650><c> stable</c><00:06:49.160><c> coins</c><00:06:49.340><c> that</c><00:06:49.610><c> could</c><00:06:49.760><c> be</c>

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potential stable coins that could be
 

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potential stable coins that could be
launched

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the<00:06:56.450><c> first</c><00:06:56.660><c> one</c><00:06:56.780><c> is</c><00:06:56.870><c> called</c><00:06:56.990><c> Schrute</c><00:06:57.320><c> bucks</c>

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the first one is called Schrute bucks
 

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the first one is called Schrute bucks
the<00:06:59.690><c> owner</c><00:06:59.840><c> is</c><00:06:59.900><c> Dwight</c><00:07:00.260><c> and</c><00:07:00.500><c> the</c><00:07:01.340><c> max</c><00:07:01.550><c> total</c>

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the owner is Dwight and the max total
 

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the owner is Dwight and the max total
supply<00:07:02.720><c> is</c><00:07:03.020><c> 1</c><00:07:03.380><c> million</c><00:07:03.620><c> Troup</c><00:07:03.980><c> bucks</c><00:07:04.690><c> the</c>

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supply is 1 million Troup bucks the
 

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supply is 1 million Troup bucks the
reason<00:07:06.020><c> that</c><00:07:06.350><c> is</c><00:07:06.560><c> a</c><00:07:06.830><c> max</c><00:07:07.370><c> total</c><00:07:07.640><c> supply</c><00:07:07.850><c> of</c><00:07:07.880><c> 1</c>

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reason that is a max total supply of 1
 

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reason that is a max total supply of 1
million<00:07:08.360><c> is</c><00:07:08.630><c> because</c><00:07:08.990><c> the</c><00:07:09.080><c> only</c><00:07:09.260><c> issuers</c><00:07:09.740><c> are</c>

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million is because the only issuers are
 

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million is because the only issuers are
Dwight<00:07:10.280><c> Jim</c><00:07:10.550><c> and</c><00:07:10.700><c> Pam</c><00:07:10.730><c> and</c><00:07:11.260><c> that's</c><00:07:12.260><c> the</c><00:07:12.440><c> amount</c>

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Dwight Jim and Pam and that's the amount
 

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Dwight Jim and Pam and that's the amount
of<00:07:12.770><c> collateral</c><00:07:13.160><c> that</c><00:07:13.310><c> they're</c><00:07:13.490><c> willing</c><00:07:13.610><c> to</c>

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of collateral that they're willing to
 

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of collateral that they're willing to
put<00:07:13.970><c> forward</c><00:07:14.300><c> towards</c><00:07:14.570><c> the</c><00:07:14.660><c> project</c>

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put forward towards the project
 

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put forward towards the project
you<00:07:17.180><c> see</c><00:07:17.360><c> here</c><00:07:17.570><c> that</c><00:07:17.720><c> in</c><00:07:18.680><c> the</c><00:07:18.860><c> collateral</c>

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you see here that in the collateral
 

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you see here that in the collateral
portfolio<00:07:19.820><c> they're</c><00:07:20.510><c> backing</c><00:07:20.930><c> it</c><00:07:21.020><c> with</c><00:07:21.050><c> one</c>

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portfolio they're backing it with one
 

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portfolio they're backing it with one
third<00:07:21.710><c> ether</c><00:07:22.400><c> one</c><00:07:23.090><c> third</c><00:07:23.360><c> jiseok's</c><00:07:23.960><c> gold</c>

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third ether one third jiseok's gold
 

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third ether one third jiseok's gold
token<00:07:24.560><c> and</c><00:07:24.680><c> one</c><00:07:25.190><c> third</c><00:07:25.430><c> decentralized</c>

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token and one third decentralized
 

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token and one third decentralized
capital's<00:07:26.900><c> d</c><00:07:27.230><c> USD</c><00:07:27.680><c> token</c><00:07:28.040><c> and</c><00:07:28.190><c> that</c><00:07:28.700><c> allows</c>

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capital's d USD token and that allows
 

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capital's d USD token and that allows
them<00:07:29.180><c> to</c><00:07:29.240><c> hedge</c><00:07:29.900><c> risk</c>

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them to hedge risk
 

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them to hedge risk
regarding<00:07:31.730><c> any</c><00:07:31.880><c> of</c><00:07:32.000><c> these</c><00:07:32.090><c> 1</c><00:07:32.300><c> projects</c><00:07:32.810><c> and</c><00:07:33.140><c> it</c>

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regarding any of these 1 projects and it
 

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regarding any of these 1 projects and it
gives<00:07:33.380><c> more</c><00:07:33.530><c> confidence</c><00:07:34.040><c> to</c><00:07:34.220><c> the</c><00:07:34.580><c> users</c><00:07:34.940><c> of</c>

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gives more confidence to the users of
 

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gives more confidence to the users of
Schrute<00:07:36.170><c> bucks</c>

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Schrute bucks
 

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Schrute bucks
as<00:07:37.970><c> far</c><00:07:38.180><c> as</c><00:07:38.240><c> the</c><00:07:38.360><c> profit</c><00:07:38.720><c> incentive</c><00:07:38.930><c> goes</c><00:07:39.320><c> you</c>

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as far as the profit incentive goes you
 

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as far as the profit incentive goes you
can<00:07:40.010><c> see</c><00:07:40.190><c> that</c><00:07:40.730><c> the</c><00:07:40.940><c> target</c><00:07:41.570><c> price</c><00:07:41.750><c> is</c><00:07:42.290><c> one</c><00:07:42.560><c> SDR</c>

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can see that the target price is one SDR
 

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can see that the target price is one SDR
and<00:07:43.220><c> holders</c><00:07:43.940><c> pay</c><00:07:44.300><c> a</c><00:07:44.330><c> flat</c><00:07:44.540><c> registration</c><00:07:45.320><c> fee</c>

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and holders pay a flat registration fee
 

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and holders pay a flat registration fee
this<00:07:46.220><c> would</c><00:07:46.430><c> be</c><00:07:46.550><c> a</c><00:07:46.580><c> good</c><00:07:46.880><c> stable</c><00:07:47.300><c> coin</c><00:07:47.600><c> for</c>

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this would be a good stable coin for
 

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this would be a good stable coin for
somebody<00:07:48.320><c> who</c><00:07:48.500><c> is</c><00:07:48.860><c> having</c><00:07:49.040><c> a</c><00:07:49.250><c> crowd</c><00:07:49.490><c> sale</c><00:07:49.730><c> like</c>

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somebody who is having a crowd sale like
 

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somebody who is having a crowd sale like
a<00:07:50.090><c> different</c><00:07:50.480><c> ethereum</c><00:07:50.840><c> DAP</c><00:07:51.020><c> and</c><00:07:51.170><c> then</c>

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a different ethereum DAP and then
 

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a different ethereum DAP and then
immediately<00:07:52.070><c> wants</c><00:07:52.580><c> to</c><00:07:52.730><c> hedge</c><00:07:53.120><c> risk</c><00:07:53.150><c> for</c><00:07:53.810><c> a</c>

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immediately wants to hedge risk for a
 

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immediately wants to hedge risk for a
limited<00:07:54.410><c> period</c><00:07:54.560><c> of</c><00:07:54.740><c> time</c>

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limited period of time
 

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limited period of time
it<00:07:56.570><c> wouldn't</c><00:07:56.930><c> be</c><00:07:57.050><c> one</c><00:07:57.200><c> that</c><00:07:57.590><c> would</c><00:07:57.680><c> be</c><00:07:57.770><c> good</c>

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it wouldn't be one that would be good
 

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it wouldn't be one that would be good
for

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for
 

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for
consumer<00:07:59.510><c> usage</c>

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consumer usage
 

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consumer usage
it's<00:08:01.850><c> convertible</c><00:08:02.330><c> to</c><00:08:02.420><c> eat</c><00:08:02.570><c> on</c><00:08:02.780><c> demand</c><00:08:03.110><c> and</c>

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it's convertible to eat on demand and
 

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it's convertible to eat on demand and
you<00:08:03.380><c> can</c><00:08:03.890><c> see</c><00:08:04.040><c> in</c><00:08:04.130><c> the</c><00:08:04.220><c> bottom</c><00:08:04.340><c> that</c><00:08:04.730><c> the</c>

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you can see in the bottom that the
 

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you can see in the bottom that the
collateral<00:08:05.120><c> ratios</c><00:08:05.690><c> require</c><00:08:06.140><c> 3x</c><00:08:06.950><c> e</c><00:08:07.480><c> 2x</c><00:08:08.480><c> digits</c>

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collateral ratios require 3x e 2x digits
 

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collateral ratios require 3x e 2x digits
and<00:08:09.460><c> 1.5</c><00:08:10.460><c> X</c><00:08:10.700><c> D</c><00:08:11.030><c> USD</c><00:08:11.450><c> which</c><00:08:12.110><c> reflects</c>

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and 1.5 X D USD which reflects
 

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and 1.5 X D USD which reflects
twice<00:08:14.090><c> opinion</c><00:08:14.600><c> about</c><00:08:15.020><c> potential</c><00:08:15.620><c> volatility</c>

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twice opinion about potential volatility
 

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twice opinion about potential volatility
with<00:08:16.460><c> those</c><00:08:16.640><c> different</c><00:08:17.090><c> collateral</c><00:08:17.420><c> types</c>

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the<00:08:22.250><c> next</c><00:08:22.430><c> one</c><00:08:22.550><c> is</c><00:08:22.640><c> Stanley</c><00:08:23.000><c> nickels</c>

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the next one is Stanley nickels
 

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the next one is Stanley nickels
Stanley<00:08:25.580><c> nickels</c><00:08:25.700><c> you</c><00:08:26.150><c> can</c><00:08:26.690><c> see</c>

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Stanley nickels you can see
 

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Stanley nickels you can see
has<00:08:28.520><c> a</c><00:08:28.880><c> it</c><00:08:29.210><c> doesn't</c><00:08:29.450><c> have</c><00:08:29.630><c> a</c><00:08:29.900><c> max</c><00:08:30.200><c> total</c><00:08:30.590><c> supply</c>

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has a it doesn't have a max total supply
 

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has a it doesn't have a max total supply
and<00:08:31.250><c> that's</c><00:08:32.240><c> because</c><00:08:32.599><c> the</c><00:08:33.289><c> issuer's</c><00:08:34.039><c> list</c><00:08:34.280><c> is</c>

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and that's because the issuer's list is
 

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and that's because the issuer's list is
open<00:08:34.849><c> you</c><00:08:35.630><c> can</c><00:08:35.719><c> see</c><00:08:35.840><c> in</c><00:08:35.930><c> the</c><00:08:35.990><c> bottom</c><00:08:36.110><c> that</c><00:08:36.320><c> you</c>

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open you can see in the bottom that you
 

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open you can see in the bottom that you
have<00:08:36.530><c> to</c><00:08:36.650><c> register</c><00:08:36.979><c> with</c><00:08:37.640><c> kyc</c><00:08:38.120><c> with</c><00:08:38.330><c> stanley</c>

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have to register with kyc with stanley
 

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have to register with kyc with stanley
but<00:08:39.200><c> if</c><00:08:39.349><c> you</c><00:08:39.500><c> join</c><00:08:39.770><c> Stanley's</c><00:08:40.400><c> co-operative</c>

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but if you join Stanley's co-operative
 

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but if you join Stanley's co-operative
then<00:08:41.240><c> you</c><00:08:41.419><c> can</c><00:08:41.570><c> split</c><00:08:41.780><c> the</c><00:08:41.900><c> profits</c><00:08:41.930><c> of</c><00:08:42.469><c> the</c><00:08:43.600><c> 1%</c>

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then you can split the profits of the 1%
 

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then you can split the profits of the 1%
fee<00:08:44.810><c> when</c><00:08:45.500><c> you</c><00:08:45.530><c> convert</c><00:08:45.800><c> out</c><00:08:46.190><c> of</c><00:08:46.490><c> Stanley</c>

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fee when you convert out of Stanley
 

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fee when you convert out of Stanley
nickels<00:08:47.060><c> and</c><00:08:47.450><c> into</c><00:08:47.780><c> Eve</c><00:08:47.930><c> this</c><00:08:48.830><c> is</c><00:08:48.890><c> a</c>

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nickels and into Eve this is a
 

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nickels and into Eve this is a
completely<00:08:49.490><c> different</c><00:08:49.610><c> approach</c><00:08:49.910><c> and</c><00:08:50.240><c> it</c>

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completely different approach and it
 

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completely different approach and it
benefits<00:08:51.170><c> holders</c><00:08:51.800><c> because</c><00:08:52.070><c> it</c><00:08:52.760><c> be</c><00:08:53.060><c> with</c><00:08:53.420><c> with</c>

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benefits holders because it be with with
 

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benefits holders because it be with with
no<00:08:54.290><c> max</c><00:08:54.500><c> total</c><00:08:54.800><c> supply</c><00:08:55.040><c> it</c><00:08:55.490><c> could</c><00:08:55.670><c> meet</c><00:08:55.820><c> as</c>

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no max total supply it could meet as
 

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no max total supply it could meet as
much<00:08:56.180><c> demand</c><00:08:56.390><c> as</c><00:08:56.720><c> there</c><00:08:57.200><c> is</c><00:08:57.320><c> for</c><00:08:57.350><c> stable</c><00:08:57.890><c> coins</c>

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much demand as there is for stable coins
 

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much demand as there is for stable coins
but<00:08:59.540><c> you</c><00:08:59.690><c> can</c><00:08:59.840><c> see</c><00:09:00.020><c> at</c><00:09:00.470><c> Stanley's</c><00:09:00.890><c> opinion</c><00:09:01.310><c> is</c>

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but you can see at Stanley's opinion is
 

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but you can see at Stanley's opinion is
that<00:09:01.850><c> he</c><00:09:02.000><c> would</c><00:09:02.120><c> rather</c><00:09:02.210><c> have</c><00:09:02.450><c> just</c><00:09:02.750><c> eath</c><00:09:03.050><c> and</c>

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that he would rather have just eath and
 

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that he would rather have just eath and
digits<00:09:03.770><c> splitting</c><00:09:04.490><c> both</c><00:09:04.700><c> 50/50</c><00:09:05.600><c> and</c><00:09:05.750><c> with</c><00:09:06.710><c> a</c>

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digits splitting both 50/50 and with a
 

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digits splitting both 50/50 and with a
2x<00:09:07.190><c> +</c><00:09:07.430><c> 3</c><00:09:07.490><c> X</c><00:09:08.050><c> ratio</c><00:09:09.339><c> two</c><00:09:10.339><c> digits</c><00:09:10.670><c> and</c><00:09:10.790><c> eath</c>

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2x + 3 X ratio two digits and eath
 

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2x + 3 X ratio two digits and eath
respectively

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we're<00:09:18.110><c> really</c><00:09:18.290><c> excited</c><00:09:18.560><c> about</c><00:09:18.770><c> the</c><00:09:18.890><c> simple</c>

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we're really excited about the simple
 

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we're really excited about the simple
coin<00:09:19.280><c> project</c><00:09:19.700><c> it's</c><00:09:19.970><c> pretty</c><00:09:20.330><c> much</c><00:09:20.450><c> ready</c><00:09:20.690><c> to</c>

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coin project it's pretty much ready to
 

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coin project it's pretty much ready to
launch<00:09:20.990><c> it's</c><00:09:21.230><c> gonna</c><00:09:21.320><c> be</c><00:09:21.500><c> up</c><00:09:21.740><c> pretty</c><00:09:22.010><c> soon</c>

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launch it's gonna be up pretty soon
 

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launch it's gonna be up pretty soon
we're<00:09:22.820><c> talking</c><00:09:23.150><c> with</c><00:09:23.240><c> partners</c><00:09:23.600><c> right</c><00:09:23.720><c> now</c>

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we're talking with partners right now
 

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we're talking with partners right now
about<00:09:24.200><c> launching</c><00:09:24.530><c> simple</c><00:09:24.950><c> coins</c><00:09:25.160><c> so</c><00:09:25.640><c> stay</c>

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about launching simple coins so stay
 

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about launching simple coins so stay
up-to-date<00:09:26.980><c> get</c><00:09:27.980><c> excited</c><00:09:28.339><c> it's</c><00:09:28.430><c> gonna</c><00:09:28.490><c> be</c>

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up-to-date get excited it's gonna be
 

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up-to-date get excited it's gonna be
cool<00:09:28.880><c> new</c><00:09:29.480><c> options</c><00:09:29.930><c> for</c><00:09:30.380><c> meeting</c><00:09:30.980><c> your</c><00:09:31.250><c> needs</c>

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cool new options for meeting your needs
 

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cool new options for meeting your needs
when<00:09:32.060><c> your</c><00:09:32.210><c> daps</c><00:09:32.600><c> and</c><00:09:32.750><c> you</c><00:09:32.900><c> needs</c><00:09:33.110><c> to</c>

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when your daps and you needs to
 

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when your daps and you needs to
financial<00:09:33.710><c> stability</c><00:09:33.830><c> if</c><00:09:34.490><c> you</c><00:09:34.670><c> want</c><00:09:34.850><c> to</c><00:09:34.910><c> know</c>

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financial stability if you want to know
 

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financial stability if you want to know
about<00:09:35.180><c> how</c><00:09:35.420><c> maker</c><00:09:35.720><c> works</c><00:09:36.050><c> I</c><00:09:36.230><c> didn't</c><00:09:36.440><c> discuss</c>

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about how maker works I didn't discuss
 

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about how maker works I didn't discuss
that<00:09:36.740><c> at</c><00:09:36.950><c> all</c><00:09:37.070><c> please</c><00:09:37.610><c> check</c><00:09:37.850><c> out</c><00:09:37.970><c> the</c><00:09:38.060><c> white</c>

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that at all please check out the white
 

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that at all please check out the white
paper<00:09:38.630><c> Doc's</c><00:09:39.170><c> maker.com</c><00:09:39.850><c> and</c><00:09:40.850><c> if</c><00:09:41.060><c> you</c><00:09:41.120><c> want</c><00:09:41.270><c> to</c>

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paper Doc's maker.com and if you want to
 

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paper Doc's maker.com and if you want to
get<00:09:41.420><c> involved</c><00:09:41.780><c> in</c><00:09:41.870><c> the</c><00:09:41.960><c> community</c><00:09:42.050><c> it</c><00:09:42.500><c> was</c><00:09:42.560><c> a</c>

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get involved in the community it was a
 

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get involved in the community it was a
very<00:09:42.890><c> tight-knit</c><00:09:43.160><c> community</c><00:09:43.640><c> but</c><00:09:43.970><c> we</c><00:09:44.120><c> love</c><00:09:44.390><c> to</c>

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very tight-knit community but we love to
 

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very tight-knit community but we love to
have<00:09:44.690><c> new</c><00:09:44.870><c> members</c><00:09:45.050><c> join</c><00:09:45.800><c> chat</c><00:09:46.370><c> maker.com</c>

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have new members join chat maker.com
 

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have new members join chat maker.com
thank<00:09:48.680><c> you</c><00:09:48.740><c> very</c><00:09:48.860><c> much</c>

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thank you very much
 

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thank you very much
[Applause]

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[Applause]
 

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[Applause]
[Music]

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you