WEBVTT Kind: captions Language: en 00:00:01.070 --> 00:00:10.680 align:start position:0% [Applause] 00:00:10.680 --> 00:00:10.690 align:start position:0% 00:00:10.690 --> 00:00:13.720 align:start position:0% so<00:00:11.690> the<00:00:12.020> accuracy<00:00:12.320> of<00:00:12.590> your<00:00:12.620> call<00:00:13.160> may<00:00:13.430> be<00:00:13.460> off 00:00:13.720 --> 00:00:13.730 align:start position:0% so the accuracy of your call may be off 00:00:13.730 --> 00:00:16.210 align:start position:0% so the accuracy of your call may be off when<00:00:14.210> the<00:00:14.300> network<00:00:14.540> is<00:00:14.660> congested<00:00:14.870> and<00:00:15.500> you 00:00:16.210 --> 00:00:16.220 align:start position:0% when the network is congested and you 00:00:16.220 --> 00:00:17.950 align:start position:0% when the network is congested and you know<00:00:16.309> the<00:00:16.460> Oracle<00:00:16.790> maybe<00:00:16.970> not<00:00:17.630> as<00:00:17.780> resilient 00:00:17.950 --> 00:00:17.960 align:start position:0% know the Oracle maybe not as resilient 00:00:17.960 --> 00:00:20.500 align:start position:0% know the Oracle maybe not as resilient right<00:00:18.590> maybe<00:00:19.310> you<00:00:19.550> don't<00:00:19.760> even<00:00:20.119> get<00:00:20.270> enough 00:00:20.500 --> 00:00:20.510 align:start position:0% right maybe you don't even get enough 00:00:20.510 --> 00:00:22.179 align:start position:0% right maybe you don't even get enough transactions<00:00:21.140> through<00:00:21.320> to<00:00:21.560> to<00:00:21.890> reach<00:00:22.010> each 00:00:22.179 --> 00:00:22.189 align:start position:0% transactions through to to reach each 00:00:22.189 --> 00:00:25.840 align:start position:0% transactions through to to reach each one<00:00:22.460> right<00:00:23.300> and<00:00:24.170> so<00:00:24.380> this<00:00:24.560> really<00:00:25.460> doesn't 00:00:25.840 --> 00:00:25.850 align:start position:0% one right and so this really doesn't 00:00:25.850 --> 00:00:28.330 align:start position:0% one right and so this really doesn't scale<00:00:26.240> all<00:00:26.480> that<00:00:26.690> well<00:00:26.900> right<00:00:27.560> and<00:00:27.770> it's 00:00:28.330 --> 00:00:28.340 align:start position:0% scale all that well right and it's 00:00:28.340 --> 00:00:31.120 align:start position:0% scale all that well right and it's pretty<00:00:28.520> expensive<00:00:28.789> to<00:00:29.240> run<00:00:29.420> so<00:00:30.230> but<00:00:30.980> you're 00:00:31.120 --> 00:00:31.130 align:start position:0% pretty expensive to run so but you're 00:00:31.130 --> 00:00:32.260 align:start position:0% pretty expensive to run so but you're trying<00:00:31.280> to<00:00:31.400> come<00:00:31.610> up<00:00:31.640> with<00:00:31.760> something<00:00:32.119> that 00:00:32.260 --> 00:00:32.270 align:start position:0% trying to come up with something that 00:00:32.270 --> 00:00:33.549 align:start position:0% trying to come up with something that most<00:00:32.390> like<00:00:32.570> collateral<00:00:33.020> die<00:00:33.110> we're<00:00:33.410> gonna 00:00:33.549 --> 00:00:33.559 align:start position:0% most like collateral die we're gonna 00:00:33.559 --> 00:00:35.619 align:start position:0% most like collateral die we're gonna have<00:00:33.770> many<00:00:34.070> different<00:00:34.790> kinds<00:00:34.940> of<00:00:35.150> collateral 00:00:35.619 --> 00:00:35.629 align:start position:0% have many different kinds of collateral 00:00:35.629 --> 00:00:37.780 align:start position:0% have many different kinds of collateral right<00:00:35.930> you<00:00:36.080> can<00:00:36.260> use<00:00:36.440> many<00:00:36.770> many<00:00:37.489> many 00:00:37.780 --> 00:00:37.790 align:start position:0% right you can use many many many 00:00:37.790 --> 00:00:40.750 align:start position:0% right you can use many many many Oracle's<00:00:38.800> this<00:00:39.800> kind<00:00:40.070> of<00:00:40.100> architecture<00:00:40.370> is 00:00:40.750 --> 00:00:40.760 align:start position:0% Oracle's this kind of architecture is 00:00:40.760 --> 00:00:45.880 align:start position:0% Oracle's this kind of architecture is just<00:00:40.790> not<00:00:41.090> going<00:00:41.239> to<00:00:41.330> work<00:00:41.449> so<00:00:44.770> there's<00:00:45.770> also 00:00:45.880 --> 00:00:45.890 align:start position:0% just not going to work so there's also 00:00:45.890 --> 00:00:47.800 align:start position:0% just not going to work so there's also one<00:00:46.220> huge<00:00:46.520> criticism<00:00:46.880> that<00:00:47.390> people<00:00:47.450> will 00:00:47.800 --> 00:00:47.810 align:start position:0% one huge criticism that people will 00:00:47.810 --> 00:00:50.560 align:start position:0% one huge criticism that people will usually<00:00:47.930> give<00:00:48.290> us<00:00:48.410> and<00:00:48.680> it's<00:00:48.950> why<00:00:49.640> if<00:00:50.329> you 00:00:50.560 --> 00:00:50.570 align:start position:0% usually give us and it's why if you 00:00:50.570 --> 00:00:51.520 align:start position:0% usually give us and it's why if you don't<00:00:50.720> reclaim<00:00:51.050> that<00:00:51.079> these<00:00:51.380> are 00:00:51.520 --> 00:00:51.530 align:start position:0% don't reclaim that these are 00:00:51.530 --> 00:00:53.680 align:start position:0% don't reclaim that these are decentralized<00:00:51.829> normals<00:00:52.430> why<00:00:52.790> can<00:00:53.420> we<00:00:53.450> not<00:00:53.540> use 00:00:53.680 --> 00:00:53.690 align:start position:0% decentralized normals why can we not use 00:00:53.690 --> 00:00:55.840 align:start position:0% decentralized normals why can we not use not<00:00:54.500> change<00:00:54.800> my<00:00:54.980> sources<00:00:55.430> you<00:00:55.579> know<00:00:55.670> why 00:00:55.840 --> 00:00:55.850 align:start position:0% not change my sources you know why 00:00:55.850 --> 00:00:57.850 align:start position:0% not change my sources you know why aren't<00:00:56.030> we<00:00:56.120> using<00:00:56.300> this<00:00:56.690> law<00:00:56.930> why<00:00:57.559> aren't<00:00:57.800> we 00:00:57.850 --> 00:00:57.860 align:start position:0% aren't we using this law why aren't we 00:00:57.860 --> 00:00:59.680 align:start position:0% aren't we using this law why aren't we using<00:00:57.890> way<00:00:58.730> suspects<00:00:59.180> why<00:00:59.360> aren't<00:00:59.540> we<00:00:59.660> using 00:00:59.680 --> 00:00:59.690 align:start position:0% using way suspects why aren't we using 00:00:59.690 --> 00:01:04.990 align:start position:0% using way suspects why aren't we using kyra<00:01:01.239> the<00:01:02.239> big<00:01:02.390> reason<00:01:02.690> is<00:01:02.809> liquidity<00:01:04.000> right 00:01:04.990 --> 00:01:05.000 align:start position:0% kyra the big reason is liquidity right 00:01:05.000 --> 00:01:10.150 align:start position:0% kyra the big reason is liquidity right so<00:01:06.700> often<00:01:07.700> liquidity<00:01:08.330> is<00:01:08.570> in<00:01:09.289> general<00:01:09.530> much 00:01:10.150 --> 00:01:10.160 align:start position:0% so often liquidity is in general much 00:01:10.160 --> 00:01:11.770 align:start position:0% so often liquidity is in general much much<00:01:10.460> higher<00:01:10.700> than<00:01:11.119> I'll<00:01:11.270> chain<00:01:11.570> with 00:01:11.770 --> 00:01:11.780 align:start position:0% much higher than I'll chain with 00:01:11.780 --> 00:01:14.020 align:start position:0% much higher than I'll chain with Brittany<00:01:12.080> so<00:01:12.710> it's<00:01:12.920> much<00:01:13.340> easier<00:01:13.940> to 00:01:14.020 --> 00:01:14.030 align:start position:0% Brittany so it's much easier to 00:01:14.030 --> 00:01:17.560 align:start position:0% Brittany so it's much easier to manipulate<00:01:14.600> an<00:01:15.229> order<00:01:15.799> book<00:01:16.010> on<00:01:16.820> chain<00:01:17.240> than 00:01:17.560 --> 00:01:17.570 align:start position:0% manipulate an order book on chain than 00:01:17.570 --> 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align:start position:0% of the clarity of your book it's very thin<00:01:23.330> you<00:01:23.630> can<00:01:24.049> spend<00:01:24.320> a<00:01:24.440> very<00:01:24.680> small<00:01:25.130> amount 00:01:25.330 --> 00:01:25.340 align:start position:0% thin you can spend a very small amount 00:01:25.340 --> 00:01:29.350 align:start position:0% thin you can spend a very small amount of<00:01:25.549> money<00:01:25.729> to<00:01:26.090> manipulate<00:01:26.810> the<00:01:26.930> price<00:01:27.729> a<00:01:28.729> very 00:01:29.350 --> 00:01:29.360 align:start position:0% of money to manipulate the price a very 00:01:29.360 --> 00:01:31.060 align:start position:0% of money to manipulate the price a very kind<00:01:29.780> of<00:01:29.869> good<00:01:29.990> story<00:01:30.260> that<00:01:30.439> illustrates<00:01:30.560> this 00:01:31.060 --> 00:01:31.070 align:start position:0% kind of good story that illustrates this 00:01:31.070 --> 00:01:34.080 align:start position:0% kind of good story that illustrates this is<00:01:31.400> earlier<00:01:32.299> this<00:01:32.479> year<00:01:32.590> Big<00:01:33.590> Macs 00:01:34.080 --> 00:01:34.090 align:start position:0% is earlier this year Big Macs 00:01:34.090 --> 00:01:37.240 align:start position:0% is earlier this year Big Macs effectively<00:01:35.090> got<00:01:35.299> played<00:01:35.570> and<00:01:36.010> so<00:01:37.010> for<00:01:37.159> those 00:01:37.240 --> 00:01:37.250 align:start position:0% effectively got played and so for those 00:01:37.250 --> 00:01:39.310 align:start position:0% effectively got played and so for those of<00:01:37.310> you<00:01:37.549> who<00:01:37.790> don't<00:01:37.970> know<00:01:38.000> about<00:01:38.060> happen<00:01:38.570> bit 00:01:39.310 --> 00:01:39.320 align:start position:0% of you who don't know about happen bit 00:01:39.320 --> 00:01:41.800 align:start position:0% of you who don't know about happen bit max<00:01:39.619> pulls<00:01:40.009> its<00:01:40.220> prices<00:01:40.729> by<00:01:41.330> taking<00:01:41.689> the 00:01:41.800 --> 00:01:41.810 align:start position:0% max pulls its prices by taking the 00:01:41.810 --> 00:01:46.450 align:start position:0% max pulls its prices by taking the average<00:01:41.990> of<00:01:42.320> point<00:01:42.979> base<00:01:43.159> and<00:01:44.180> name<00:01:45.460> so 00:01:46.450 --> 00:01:46.460 align:start position:0% average of point base and name so 00:01:46.460 --> 00:01:50.859 align:start position:0% average of point base and name so bitstamp<00:01:47.619> tends<00:01:48.619> to<00:01:48.830> have<00:01:49.070> about<00:01:49.759> six<00:01:50.600> times 00:01:50.859 --> 00:01:50.869 align:start position:0% bitstamp tends to have about six times 00:01:50.869 --> 00:01:54.130 align:start position:0% bitstamp tends to have about six times less<00:01:51.320> volume<00:01:51.650> than<00:01:51.890> point<00:01:52.430> base<00:01:52.610> so<00:01:53.299> when<00:01:54.020> the 00:01:54.130 --> 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of ptc on vista which crashed 00:02:06.229 --> 00:02:08.289 align:start position:0% sold a ton of ptc on vista which crashed the<00:02:06.380> price<00:02:06.619> which<00:02:07.040> caused<00:02:07.369> the<00:02:07.640> pit<00:02:08.149> mix 00:02:08.289 --> 00:02:08.299 align:start position:0% the price which caused the pit mix 00:02:08.299 --> 00:02:10.419 align:start position:0% the price which caused the pit mix oracle<00:02:08.840> rights<00:02:09.049> to<00:02:09.229> read<00:02:09.440> a<00:02:09.470> super<00:02:09.890> low<00:02:10.009> volume 00:02:10.419 --> 00:02:10.429 align:start position:0% oracle rights to read a super low volume 00:02:10.429 --> 00:02:13.270 align:start position:0% oracle rights to read a super low volume and<00:02:10.729> the<00:02:11.570> guy<00:02:11.900> made<00:02:12.290> you<00:02:12.650> know<00:02:12.739> i<00:02:12.980> think 00:02:13.270 --> 00:02:13.280 align:start position:0% and the guy made you know i think 00:02:13.280 --> 00:02:14.230 align:start position:0% and the guy made you know i think millions<00:02:13.760> of 00:02:14.230 --> 00:02:14.240 align:start position:0% millions of 00:02:14.240 --> 00:02:18.790 align:start position:0% millions of millions<00:02:14.690> of<00:02:14.780> dollars<00:02:15.880> so<00:02:17.170> that<00:02:18.170> was<00:02:18.470> not<00:02:18.620> good 00:02:18.790 --> 00:02:18.800 align:start position:0% millions of dollars so that was not good 00:02:18.800 --> 00:02:22.450 align:start position:0% millions of dollars so that was not good but<00:02:19.430> there<00:02:19.610> is<00:02:19.790> a<00:02:20.000> much<00:02:20.590> much<00:02:21.590> bigger<00:02:21.890> problem 00:02:22.450 --> 00:02:22.460 align:start position:0% but there is a much much bigger problem 00:02:22.460 --> 00:02:25.330 align:start position:0% but there is a much much bigger problem with<00:02:22.670> watching<00:02:23.210> price<00:02:23.480> forces<00:02:23.870> and<00:02:24.710> that<00:02:24.920> is 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price 00:02:44.840 --> 00:02:50.610 align:start position:0% you know gain these Unchained price forces<00:02:45.310> with<00:02:46.310> very<00:02:46.730> very<00:02:47.060> very<00:02:47.240> little<00:02:47.720> risk 00:02:50.610 --> 00:02:50.620 align:start position:0% 00:02:50.620 --> 00:02:53.830 align:start position:0% so<00:02:51.620> this<00:02:52.220> leads<00:02:52.430> me<00:02:52.550> into<00:02:52.700> a<00:02:52.820> very<00:02:53.060> big<00:02:53.510> point 00:02:53.830 --> 00:02:53.840 align:start position:0% so this leads me into a very big point 00:02:53.840 --> 00:02:56.110 align:start position:0% so this leads me into a very big point that<00:02:53.990> I<00:02:54.110> want<00:02:54.350> everyone<00:02:54.680> realized<00:02:55.130> decks<00:02:55.790> as 00:02:56.110 --> 00:02:56.120 align:start position:0% that I want everyone realized decks as 00:02:56.120 --> 00:02:59.920 align:start position:0% that I want everyone realized decks as an<00:02:56.510> Oracle<00:02:56.840> is<00:02:57.320> a<00:02:57.380> huge<00:02:57.910> anti-pattern<00:02:58.930> so 00:02:59.920 --> 00:02:59.930 align:start position:0% an Oracle is a huge anti-pattern so 00:02:59.930 --> 00:03:03.630 align:start position:0% an Oracle is a huge anti-pattern so effectively<00:03:00.440> an<00:03:00.650> attacker<00:03:01.270> can<00:03:02.620> atomically 00:03:03.630 --> 00:03:03.640 align:start position:0% effectively an attacker can atomically 00:03:03.640 --> 00:03:07.420 align:start position:0% effectively an attacker can atomically execute<00:03:04.640> a<00:03:04.820> series<00:03:05.300> of<00:03:05.480> transactions<00:03:06.430> and 00:03:07.420 --> 00:03:07.430 align:start position:0% execute a series of transactions and 00:03:07.430 --> 00:03:10.570 align:start position:0% execute a series of transactions and single<00:03:07.850> block<00:03:08.030> to<00:03:08.840> manipulate<00:03:09.440> the<00:03:09.950> price<00:03:10.190> of 00:03:10.570 --> 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position:0% none so there's guy called sands easy 00:03:19.040 --> 00:03:24.370 align:start position:0% none so there's guy called sands easy son<00:03:19.310> last<00:03:19.940> week<00:03:20.270> who<00:03:21.190> released<00:03:22.190> the<00:03:22.430> paper<00:03:23.380> but 00:03:24.370 --> 00:03:24.380 align:start position:0% son last week who released the paper but 00:03:24.380 --> 00:03:27.960 align:start position:0% son last week who released the paper but I<00:03:24.410> was<00:03:24.680> kind<00:03:24.920> of<00:03:25.070> really<00:03:25.610> in<00:03:26.170> to<00:03:27.170> five<00:03:27.410> that 00:03:27.960 --> 00:03:27.970 align:start position:0% I was kind of really in to five that 00:03:27.970 --> 00:03:31.180 align:start position:0% I was kind of really in to five that before<00:03:28.970> this<00:03:29.120> paper<00:03:29.360> was<00:03:29.600> published<00:03:30.040> back<00:03:31.040> in 00:03:31.180 --> 00:03:31.190 align:start position:0% before this paper was published back in 00:03:31.190 --> 00:03:32.940 align:start position:0% before this paper was published back in February<00:03:31.910> even<00:03:32.240> a<00:03:32.300> slob 00:03:32.940 --> 00:03:32.950 align:start position:0% February even a slob 00:03:32.950 --> 00:03:35.680 align:start position:0% February even a slob tweeted<00:03:33.950> this<00:03:34.100> about<00:03:34.670> themselves<00:03:35.120> and<00:03:35.480> yet 00:03:35.680 --> 00:03:35.690 align:start position:0% tweeted this about themselves and yet 00:03:35.690 --> 00:03:38.560 align:start position:0% tweeted this about themselves and yet people<00:03:35.870> still<00:03:36.110> went<00:03:36.410> ahead<00:03:36.530> and<00:03:36.800> did<00:03:36.920> so<00:03:37.730> you 00:03:38.560 --> 00:03:38.570 align:start position:0% people still went ahead and did so you 00:03:38.570 --> 00:03:41.770 align:start position:0% people still went ahead and did so you can<00:03:38.720> read<00:03:38.960> you<00:03:39.410> know<00:03:39.530> the<00:03:39.740> attack<00:03:40.040> on<00:03:40.780> the 00:03:41.770 --> 00:03:41.780 align:start position:0% can read you know the attack on the 00:03:41.780 --> 00:03:45.070 align:start position:0% can read you know the attack on the tweet<00:03:42.020> itself<00:03:42.320> right<00:03:43.870> effectively<00:03:44.870> the 00:03:45.070 --> 00:03:45.080 align:start position:0% tweet itself right effectively the 00:03:45.080 --> 00:03:48.370 align:start position:0% tweet itself right effectively the attacker<00:03:45.380> will<00:03:45.800> just<00:03:46.340> make<00:03:46.850> a<00:03:46.880> huge<00:03:47.450> trade<00:03:48.110> on 00:03:48.370 --> 00:03:48.380 align:start position:0% attacker will just make a huge trade on 00:03:48.380 --> 00:03:51.010 align:start position:0% attacker will just make a huge trade on you<00:03:48.590> know<00:03:48.650> swamp<00:03:48.980> right<00:03:49.670> that<00:03:50.270> will<00:03:50.600> you<00:03:50.990> know 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check the price from 00:03:58.460 --> 00:04:01.390 align:start position:0% compromise right to check the price from you<00:03:58.610> know<00:03:58.670> swap<00:03:59.680> they<00:04:00.680> will<00:04:00.890> then<00:04:01.070> use<00:04:01.370> that 00:04:01.390 --> 00:04:01.400 align:start position:0% you know swap they will then use that 00:04:01.400 --> 00:04:03.580 align:start position:0% you know swap they will then use that manipulated<00:04:02.240> price<00:04:02.450> right 00:04:03.580 --> 00:04:03.590 align:start position:0% manipulated price right 00:04:03.590 --> 00:04:05.979 align:start position:0% manipulated price right some<00:04:03.800> kind<00:04:04.190> of<00:04:04.220> profitable<00:04:04.760> action<00:04:05.120> and<00:04:05.360> then 00:04:05.979 --> 00:04:05.989 align:start position:0% some kind of profitable action and then 00:04:05.989 --> 00:04:07.930 align:start position:0% some kind of profitable action and then in<00:04:06.319> the<00:04:06.410> same<00:04:06.590> transaction<00:04:06.950> we'll<00:04:07.370> go<00:04:07.550> and 00:04:07.930 --> 00:04:07.940 align:start position:0% in the same transaction we'll go and 00:04:07.940 --> 00:04:09.640 align:start position:0% in the same transaction we'll go and we'll<00:04:08.060> sell<00:04:08.330> all<00:04:08.660> the<00:04:08.810> stuff<00:04:09.019> they<00:04:09.170> bought<00:04:09.379> in 00:04:09.640 --> 00:04:09.650 align:start position:0% we'll sell all the stuff they bought in 00:04:09.650 --> 00:04:12.970 align:start position:0% we'll sell all the stuff they bought in swap<00:04:09.920> our<00:04:10.190> soul<00:04:10.400> right<00:04:11.030> back<00:04:11.239> I<00:04:11.890> until<00:04:12.890> they 00:04:12.970 --> 00:04:12.980 align:start position:0% swap our soul right back I until they 00:04:12.980 --> 00:04:15.940 align:start position:0% swap our soul right back I until they effectively<00:04:13.819> just<00:04:14.090> lose<00:04:14.450> the<00:04:15.290> sagacity<00:04:15.560> for 00:04:15.940 --> 00:04:15.950 align:start position:0% effectively just lose the sagacity for 00:04:15.950 --> 00:04:19.330 align:start position:0% effectively just lose the sagacity for that<00:04:16.070> transactions<00:04:16.639> right<00:04:17.329> as<00:04:18.079> risk-free<00:04:18.620> so 00:04:19.330 --> 00:04:19.340 align:start position:0% that transactions right as risk-free so 00:04:19.340 --> 00:04:23.219 align:start position:0% that transactions right as risk-free so in<00:04:20.060> this<00:04:20.239> paper<00:04:20.449> of<00:04:20.720> SNCC<00:04:21.109> so<00:04:21.949> I<00:04:21.979> publish 00:04:23.219 --> 00:04:23.229 align:start position:0% in this paper of SNCC so I publish 00:04:23.229 --> 00:04:27.790 align:start position:0% in this paper of SNCC so I publish effectively<00:04:24.229> way<00:04:24.470> showed<00:04:24.770> was<00:04:25.669> that<00:04:26.620> you<00:04:27.620> can 00:04:27.790 --> 00:04:27.800 align:start position:0% effectively way showed was that you can 00:04:27.800 --> 00:04:30.490 align:start position:0% effectively way showed was that you can compromise<00:04:28.190> feed<00:04:28.850> X<00:04:29.030> and<00:04:29.360> V<00:04:29.479> Z<00:04:29.540> X<00:04:29.840> which<00:04:30.199> allows 00:04:30.490 --> 00:04:30.500 align:start position:0% compromise feed X and V Z X which allows 00:04:30.500 --> 00:04:33.430 align:start position:0% compromise feed X and V Z X which allows you<00:04:30.800> to<00:04:31.070> do<00:04:32.030> that<00:04:32.180> this<00:04:32.300> case<00:04:32.540> you<00:04:32.810> know<00:04:32.900> create 00:04:33.430 --> 00:04:33.440 align:start position:0% you to do that this case you know create 00:04:33.440 --> 00:04:36.760 align:start position:0% you to do that this case you know create a<00:04:33.880> huge<00:04:34.880> leverage<00:04:35.210> position<00:04:35.720> and<00:04:35.960> easy<00:04:36.650> access 00:04:36.760 --> 00:04:36.770 align:start position:0% a huge leverage position and easy access 00:04:36.770 --> 00:04:39.310 align:start position:0% a huge leverage position and easy access pages<00:04:37.190> to<00:04:37.460> spat<00:04:37.700> borrow<00:04:38.030> against<00:04:38.660> I<00:04:39.020> guess 00:04:39.310 --> 00:04:39.320 align:start position:0% pages to spat borrow against I guess 00:04:39.320 --> 00:04:42.010 align:start position:0% pages to spat borrow against I guess plow<00:04:39.620> alright<00:04:40.310> so<00:04:40.490> if<00:04:40.610> you<00:04:40.639> can<00:04:41.030> make<00:04:41.810> your 00:04:42.010 --> 00:04:42.020 align:start position:0% plow alright so if you can make your 00:04:42.020 --> 00:04:43.750 align:start position:0% plow alright so if you can make your collateral<00:04:42.380> a<00:04:42.620> super<00:04:43.040> super<00:04:43.220> high<00:04:43.490> price 00:04:43.750 --> 00:04:43.760 align:start position:0% collateral a super super high price 00:04:43.760 --> 00:04:46.690 align:start position:0% collateral a super super high price right<00:04:44.150> that<00:04:44.360> you<00:04:44.510> can<00:04:44.720> borrow<00:04:45.020> a<00:04:45.169> die<00:04:45.770> right 00:04:46.690 --> 00:04:46.700 align:start position:0% right that you can borrow a die right 00:04:46.700 --> 00:04:49.780 align:start position:0% right that you can borrow a die right and<00:04:46.970> then<00:04:47.419> liquidate<00:04:48.380> back<00:04:48.560> that<00:04:48.770> I<00:04:48.979> made<00:04:49.669> the 00:04:49.780 --> 00:04:49.790 align:start position:0% and then liquidate back that I made the 00:04:49.790 --> 00:04:53.050 align:start position:0% and then liquidate back that I made the profit<00:04:49.970> there<00:04:50.300> and<00:04:50.990> so<00:04:51.490> I'm<00:04:52.490> just<00:04:52.729> going<00:04:52.910> to 00:04:53.050 --> 00:04:53.060 align:start position:0% profit there and so I'm just going to 00:04:53.060 --> 00:04:54.730 align:start position:0% profit there and so I'm just going to read<00:04:53.270> this<00:04:53.389> quote<00:04:53.600> from<00:04:53.780> him<00:04:54.020> because<00:04:54.200> he<00:04:54.530> can 00:04:54.730 --> 00:04:54.740 align:start position:0% read this quote from him because he can 00:04:54.740 --> 00:04:57.070 align:start position:0% read this quote from him because he can save<00:04:55.190> a<00:04:55.220> lot<00:04:55.550> better<00:04:55.789> than<00:04:56.120> I<00:04:56.389> think<00:04:56.450> rewording 00:04:57.070 --> 00:04:57.080 align:start position:0% save a lot better than I think rewording 00:04:57.080 --> 00:04:59.620 align:start position:0% save a lot better than I think rewording but<00:04:57.560> effectively<00:04:58.220> a<00:04:58.370> deed<00:04:58.550> accent<00:04:58.880> bzx<00:04:59.240> assume 00:04:59.620 --> 00:04:59.630 align:start position:0% but effectively a deed accent bzx assume 00:04:59.630 --> 00:05:01.659 align:start position:0% but effectively a deed accent bzx assume that<00:05:00.440> you<00:05:00.620> know<00:05:00.650> Slavic<00:05:01.070> Tiger<00:05:01.280> would<00:05:01.550> be<00:05:01.639> a 00:05:01.659 --> 00:05:01.669 align:start position:0% that you know Slavic Tiger would be a 00:05:01.669 --> 00:05:04.150 align:start position:0% that you know Slavic Tiger would be a source<00:05:02.030> of<00:05:02.270> accurate<00:05:02.389> price<00:05:02.870> data<00:05:03.160> however 00:05:04.150 --> 00:05:04.160 align:start position:0% source of accurate price data however 00:05:04.160 --> 00:05:06.820 align:start position:0% source of accurate price data however and<00:05:04.639> after<00:05:04.880> a<00:05:04.910> reef<00:05:05.120> red<00:05:05.360> X<00:05:05.600> just<00:05:05.810> means<00:05:06.080> that<00:05:06.470> a 00:05:06.820 --> 00:05:06.830 align:start position:0% and after a reef red X just means that a 00:05:06.830 --> 00:05:10.510 align:start position:0% and after a reef red X just means that a trade<00:05:07.490> can<00:05:07.669> be<00:05:07.729> made<00:05:08.380> at<00:05:09.380> that<00:05:09.590> rate<00:05:09.860> while 00:05:10.510 --> 00:05:10.520 align:start position:0% trade can be made at that rate while 00:05:10.520 --> 00:05:13.540 align:start position:0% trade can be made at that rate while after<00:05:11.479> a<00:05:11.510> rate<00:05:11.810> for<00:05:12.289> a<00:05:12.320> defy<00:05:12.800> project<00:05:13.280> means 00:05:13.540 --> 00:05:13.550 align:start position:0% after a rate for a defy project means 00:05:13.550 --> 00:05:15.190 align:start position:0% after a rate for a defy project means that's<00:05:13.850> actually<00:05:14.270> close<00:05:14.510> to<00:05:14.539> the<00:05:14.810> fair<00:05:15.020> market 00:05:15.190 --> 00:05:15.200 align:start position:0% that's actually close to the fair market 00:05:15.200 --> 00:05:21.159 align:start position:0% that's actually close to the fair market value<00:05:18.639> okay<00:05:19.639> so<00:05:19.910> let's<00:05:20.090> talk<00:05:20.300> about<00:05:20.570> or<00:05:20.930> plus 00:05:21.159 --> 00:05:21.169 align:start position:0% value okay so let's talk about or plus 00:05:21.169 --> 00:05:24.670 align:start position:0% value okay so let's talk about or plus v2<00:05:21.550> this<00:05:22.550> is<00:05:22.789> what<00:05:23.539> we<00:05:23.870> are<00:05:24.050> going<00:05:24.260> to<00:05:24.349> be<00:05:24.440> using 00:05:24.670 --> 00:05:24.680 align:start position:0% v2 this is what we are going to be using 00:05:24.680 --> 00:05:28.480 align:start position:0% v2 this is what we are going to be using for<00:05:25.180> MCD<00:05:26.180> and<00:05:26.330> has<00:05:27.020> been<00:05:27.289> used<00:05:27.590> by<00:05:27.740> a<00:05:27.860> couple<00:05:28.220> of 00:05:28.480 --> 00:05:28.490 align:start position:0% for MCD and has been used by a couple of 00:05:28.490 --> 00:05:32.379 align:start position:0% for MCD and has been used by a couple of select<00:05:28.880> partners<00:05:29.560> since<00:05:30.560> back<00:05:31.070> in<00:05:31.210> February<00:05:32.210> I 00:05:32.379 --> 00:05:32.389 align:start position:0% select partners since back in February I 00:05:32.389 --> 00:05:36.100 align:start position:0% select partners since back in February I believe<00:05:33.490> so<00:05:34.490> our<00:05:34.580> main<00:05:34.729> goals<00:05:35.090> with<00:05:35.570> or<00:05:35.930> plus 00:05:36.100 --> 00:05:36.110 align:start position:0% believe so our main goals with or plus 00:05:36.110 --> 00:05:39.129 align:start position:0% believe so our main goals with or plus b2<00:05:36.289> was<00:05:36.979> we<00:05:37.430> want<00:05:37.669> to<00:05:37.880> make<00:05:38.060> them<00:05:38.210> saleable<00:05:38.750> we 00:05:39.129 --> 00:05:39.139 align:start position:0% b2 was we want to make them saleable we 00:05:39.139 --> 00:05:42.010 align:start position:0% b2 was we want to make them saleable we want<00:05:39.470> to<00:05:39.680> reduce<00:05:40.160> the<00:05:40.430> cost<00:05:40.460> considerably<00:05:41.210> we 00:05:42.010 --> 00:05:42.020 align:start position:0% want to reduce the cost considerably we 00:05:42.020 --> 00:05:44.529 align:start position:0% want to reduce the cost considerably we want<00:05:42.260> to<00:05:42.380> make<00:05:42.500> them<00:05:42.680> more<00:05:42.860> reliable<00:05:43.490> and<00:05:43.669> we 00:05:44.529 --> 00:05:44.539 align:start position:0% want to make them more reliable and we 00:05:44.539 --> 00:05:49.339 align:start position:0% want to make them more reliable and we want<00:05:44.720> to<00:05:44.810> reduce<00:05:44.900> the<00:05:45.200> links 00:05:49.339 --> 00:05:49.349 align:start position:0% 00:05:49.349 --> 00:05:52.350 align:start position:0% so<00:05:50.349> one<00:05:50.769> of<00:05:50.799> the<00:05:50.949> key<00:05:51.159> kind<00:05:51.639> of<00:05:51.759> technologies 00:05:52.350 --> 00:05:52.360 align:start position:0% so one of the key kind of technologies 00:05:52.360 --> 00:05:55.049 align:start position:0% so one of the key kind of technologies we're<00:05:52.959> using<00:05:53.199> a<00:05:53.409> normal<00:05:53.529> ski<00:05:53.949> -<00:05:54.129> is<00:05:54.339> secure 00:05:55.049 --> 00:05:55.059 align:start position:0% we're using a normal ski - is secure 00:05:55.059 --> 00:05:57.989 align:start position:0% we're using a normal ski - is secure stoplight<00:05:55.539> so<00:05:55.839> what<00:05:56.739> secures<00:05:57.069> table<00:05:57.429> is<00:05:57.639> is 00:05:57.989 --> 00:05:57.999 align:start position:0% stoplight so what secures table is is 00:05:57.999 --> 00:06:02.129 align:start position:0% stoplight so what secures table is is it's<00:05:58.779> a<00:05:58.899> peer-to-peer<00:05:59.349> gossip<00:06:00.189> network<00:06:01.139> you 00:06:02.129 --> 00:06:02.139 align:start position:0% it's a peer-to-peer gossip network you 00:06:02.139 --> 00:06:05.339 align:start position:0% it's a peer-to-peer gossip network you can<00:06:02.319> kind<00:06:02.649> of<00:06:02.769> think<00:06:02.829> of<00:06:03.249> it<00:06:03.429> like<00:06:03.879> Twitter<00:06:04.509> SS 00:06:05.339 --> 00:06:05.349 align:start position:0% can kind of think of it like Twitter SS 00:06:05.349 --> 00:06:08.819 align:start position:0% can kind of think of it like Twitter SS where<00:06:05.649> every<00:06:05.919> here<00:06:06.399> is<00:06:06.579> a<00:06:06.659> Twitter<00:06:07.659> user<00:06:07.829> right 00:06:08.819 --> 00:06:08.829 align:start position:0% where every here is a Twitter user right 00:06:08.829 --> 00:06:11.009 align:start position:0% where every here is a Twitter user right and<00:06:09.069> they<00:06:09.159> post<00:06:09.610> a<00:06:09.729> message<00:06:10.179> and<00:06:10.719> that<00:06:10.749> message 00:06:11.009 --> 00:06:11.019 align:start position:0% and they post a message and that message 00:06:11.019 --> 00:06:14.549 align:start position:0% and they post a message and that message goes<00:06:11.829> on<00:06:12.129> their<00:06:12.309> feet<00:06:12.549> and<00:06:12.929> anyone<00:06:13.929> following 00:06:14.549 --> 00:06:14.559 align:start position:0% goes on their feet and anyone following 00:06:14.559 --> 00:06:17.549 align:start position:0% goes on their feet and anyone following you<00:06:15.249> know<00:06:15.429> that<00:06:15.759> Twitter<00:06:16.059> user<00:06:16.329> will<00:06:16.989> repost 00:06:17.549 --> 00:06:17.559 align:start position:0% you know that Twitter user will repost 00:06:17.559 --> 00:06:19.979 align:start position:0% you know that Twitter user will repost that<00:06:17.829> on<00:06:18.069> their<00:06:18.249> feet<00:06:18.459> and<00:06:19.239> so<00:06:19.419> this<00:06:19.599> is<00:06:19.749> kind 00:06:19.979 --> 00:06:19.989 align:start position:0% that on their feet and so this is kind 00:06:19.989 --> 00:06:22.409 align:start position:0% that on their feet and so this is kind of<00:06:20.049> how<00:06:20.259> all<00:06:21.039> these<00:06:21.279> messages<00:06:21.699> can<00:06:21.849> propagate 00:06:22.409 --> 00:06:22.419 align:start position:0% of how all these messages can propagate 00:06:22.419 --> 00:06:26.369 align:start position:0% of how all these messages can propagate along<00:06:22.899> in<00:06:23.289> this<00:06:23.409> gossip<00:06:23.799> hell<00:06:24.989> it's<00:06:25.989> actually 00:06:26.369 --> 00:06:26.379 align:start position:0% along in this gossip hell it's actually 00:06:26.379 --> 00:06:28.789 align:start position:0% along in this gossip hell it's actually very<00:06:26.559> similar<00:06:26.949> for<00:06:27.309> watching<00:06:27.759> and<00:06:27.999> that's 00:06:28.789 --> 00:06:28.799 align:start position:0% very similar for watching and that's 00:06:28.799 --> 00:06:32.279 align:start position:0% very similar for watching and that's everything<00:06:29.799> is<00:06:30.309> hash<00:06:30.759> linked<00:06:31.149> so<00:06:32.079> in<00:06:32.199> that 00:06:32.279 --> 00:06:32.289 align:start position:0% everything is hash linked so in that 00:06:32.289 --> 00:06:34.319 align:start position:0% everything is hash linked so in that sense<00:06:32.589> it's<00:06:32.829> immutable<00:06:33.099> you<00:06:33.729> can't<00:06:33.969> go<00:06:34.119> back 00:06:34.319 --> 00:06:34.329 align:start position:0% sense it's immutable you can't go back 00:06:34.329 --> 00:06:35.999 align:start position:0% sense it's immutable you can't go back and<00:06:34.360> change<00:06:34.779> the<00:06:34.899> message<00:06:35.110> you<00:06:35.499> can't<00:06:35.709> go<00:06:35.829> back 00:06:35.999 --> 00:06:36.009 align:start position:0% and change the message you can't go back 00:06:36.009 --> 00:06:41.269 align:start position:0% and change the message you can't go back and<00:06:36.249> delete<00:06:36.759> a<00:06:36.819> message 00:06:41.269 --> 00:06:41.279 align:start position:0% 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align:start position:0% a slow so the fees are no longer pushing their<00:06:54.699> prices<00:06:55.239> to<00:06:55.509> a<00:06:56.110> price<00:06:56.649> new<00:06:56.829> contract 00:06:57.299 --> 00:06:57.309 align:start position:0% their prices to a price new contract 00:06:57.309 --> 00:07:00.479 align:start position:0% their prices to a price new contract right<00:06:58.089> if<00:06:58.719> you<00:06:58.899> look<00:06:59.110> at<00:06:59.289> the<00:06:59.889> two<00:07:00.129> kind<00:07:00.429> of 00:07:00.479 --> 00:07:00.489 align:start position:0% right if you look at the two kind of 00:07:00.489 --> 00:07:02.189 align:start position:0% right if you look at the two kind of sections<00:07:00.849> of<00:07:00.999> this<00:07:01.089> I've<00:07:01.329> kind<00:07:01.569> of<00:07:01.689> cordoned 00:07:02.189 --> 00:07:02.199 align:start position:0% sections of this I've kind of cordoned 00:07:02.199 --> 00:07:04.169 align:start position:0% sections of this I've kind of cordoned off<00:07:02.289> this<00:07:02.589> off<00:07:02.829> chain<00:07:03.129> process<00:07:03.699> and<00:07:03.969> the<00:07:04.059> on 00:07:04.169 --> 00:07:04.179 align:start position:0% off this off chain process and the on 00:07:04.179 --> 00:07:06.749 align:start position:0% off this off chain process and the on chain<00:07:04.449> process<00:07:04.929> the<00:07:05.679> off<00:07:05.860> chain<00:07:06.129> process<00:07:06.579> has 00:07:06.749 --> 00:07:06.759 align:start position:0% chain process the off chain process has 00:07:06.759 --> 00:07:08.669 align:start position:0% chain process the off chain process has gotten<00:07:06.999> considerably<00:07:07.300> larger<00:07:08.139> and<00:07:08.379> the<00:07:08.559> on 00:07:08.669 --> 00:07:08.679 align:start position:0% gotten considerably larger and the on 00:07:08.679 --> 00:07:10.679 align:start position:0% gotten considerably larger and the on chain<00:07:08.919> process<00:07:09.339> has<00:07:09.519> gotten<00:07:09.879> my<00:07:10.360> favorite 00:07:10.679 --> 00:07:10.689 align:start position:0% chain process has gotten my favorite 00:07:10.689 --> 00:07:13.949 align:start position:0% chain process has gotten my favorite pastas<00:07:11.050> government<00:07:11.439> service<00:07:11.769> floor<00:07:12.959> so 00:07:13.949 --> 00:07:13.959 align:start position:0% pastas government service floor so 00:07:13.959 --> 00:07:15.899 align:start position:0% pastas government service floor so effectively<00:07:14.559> now<00:07:14.679> these<00:07:15.069> will<00:07:15.429> just<00:07:15.610> push 00:07:15.899 --> 00:07:15.909 align:start position:0% effectively now these will just push 00:07:15.909 --> 00:07:18.649 align:start position:0% effectively now these will just push their<00:07:16.569> price<00:07:16.989> updates<00:07:17.409> your<00:07:17.799> stuff<00:07:18.039> up<00:07:18.309> and 00:07:18.649 --> 00:07:18.659 align:start position:0% their price updates your stuff up and 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position:0% prices at a much much lower sensitivity right<00:07:28.119> so<00:07:28.419> you're<00:07:28.869> going<00:07:29.499> to<00:07:29.589> be<00:07:29.769> much<00:07:30.099> much 00:07:30.299 --> 00:07:30.309 align:start position:0% right so you're going to be much much 00:07:30.309 --> 00:07:31.810 align:start position:0% right so you're going to be much much more<00:07:30.549> accurate<00:07:30.999> right<00:07:31.209> into<00:07:31.419> the 00:07:31.810 --> 00:07:31.820 align:start position:0% more accurate right into the 00:07:31.820 --> 00:07:34.300 align:start position:0% more accurate right into the much<00:07:32.060> less<00:07:32.360> than<00:07:32.510> 4<00:07:32.840> and<00:07:33.440> up<00:07:33.530> recent<00:07:33.920> data<00:07:34.100> to 00:07:34.300 --> 00:07:34.310 align:start position:0% much less than 4 and up recent data to 00:07:34.310 --> 00:07:38.710 align:start position:0% much less than 4 and up recent data to work<00:07:34.430> with<00:07:35.590> so<00:07:36.590> basically<00:07:37.430> then<00:07:37.730> real<00:07:38.450> layers 00:07:38.710 --> 00:07:38.720 align:start position:0% work with so basically then real layers 00:07:38.720 --> 00:07:42.940 align:start position:0% work with so basically then real layers is<00:07:39.440> a<00:07:39.890> new<00:07:40.100> concept<00:07:40.610> a<00:07:41.420> real<00:07:41.960> layer<00:07:42.200> is<00:07:42.500> a<00:07:42.560> boss 00:07:42.940 --> 00:07:42.950 align:start position:0% is a new concept a real layer is a boss 00:07:42.950 --> 00:07:47.290 align:start position:0% is a new concept a real layer is a boss that<00:07:43.760> anyone<00:07:44.860> can<00:07:45.860> go<00:07:46.250> around<00:07:46.550> any<00:07:46.790> individual 00:07:47.290 --> 00:07:47.300 align:start position:0% that anyone can go around any individual 00:07:47.300 --> 00:07:50.140 align:start position:0% that anyone can go around any individual any<00:07:47.390> third<00:07:47.750> party<00:07:48.080> you<00:07:48.350> know<00:07:48.470> you<00:07:48.770> could<00:07:49.190> run<00:07:49.370> a 00:07:50.140 --> 00:07:50.150 align:start position:0% any third party you know you could run a 00:07:50.150 --> 00:07:53.080 align:start position:0% any third party you know you could run a relay<00:07:50.630> and<00:07:51.440> what<00:07:51.860> these<00:07:52.010> real<00:07:52.190> layers<00:07:52.430> do<00:07:52.670> is 00:07:53.080 --> 00:07:53.090 align:start position:0% relay and what these real layers do is 00:07:53.090 --> 00:07:55.450 align:start position:0% relay and what these real layers do is they<00:07:53.480> pick<00:07:53.840> a<00:07:54.170> bunch<00:07:54.800> of<00:07:55.010> these<00:07:55.130> crises 00:07:55.450 --> 00:07:55.460 align:start position:0% they pick a bunch of these crises 00:07:55.460 --> 00:07:59.380 align:start position:0% they pick a bunch of these crises messages<00:07:56.150> and<00:07:57.140> then<00:07:57.560> they<00:07:57.680> swarm<00:07:57.980> them<00:07:58.390> and 00:07:59.380 --> 00:07:59.390 align:start position:0% messages and then they swarm them and 00:07:59.390 --> 00:08:03.220 align:start position:0% messages and then they swarm them and then<00:08:00.350> they<00:08:00.740> put<00:08:01.010> one<00:08:01.430> transaction<00:08:02.230> through 00:08:03.220 --> 00:08:03.230 align:start position:0% then they put one transaction through 00:08:03.230 --> 00:08:06.370 align:start position:0% then they put one transaction through the<00:08:03.350> media<00:08:03.620> master<00:08:03.890> contract<00:08:04.300> so<00:08:05.320> instead<00:08:06.320> of 00:08:06.370 --> 00:08:06.380 align:start position:0% the media master contract so instead of 00:08:06.380 --> 00:08:09.610 align:start position:0% the media master contract so instead of having<00:08:06.620> any<00:08:07.160> feeds<00:08:07.610> doing<00:08:08.540> n<00:08:08.840> transactions 00:08:09.610 --> 00:08:09.620 align:start position:0% having any feeds doing n transactions 00:08:09.620 --> 00:08:11.800 align:start position:0% having any feeds doing n transactions you<00:08:09.920> now<00:08:10.100> can<00:08:10.400> have<00:08:10.550> any<00:08:10.850> fees<00:08:11.060> and<00:08:11.390> all<00:08:11.480> you<00:08:11.690> do 00:08:11.800 --> 00:08:11.810 align:start position:0% you now can have any fees and all you do 00:08:11.810 --> 00:08:13.570 align:start position:0% you now can have any fees and all you do is<00:08:12.020> one<00:08:12.260> transaction<00:08:12.650> no<00:08:13.070> matter<00:08:13.250> how<00:08:13.460> many 00:08:13.570 --> 00:08:13.580 align:start position:0% is one transaction no matter how many 00:08:13.580 --> 00:08:15.640 align:start position:0% is one transaction no matter how many feats<00:08:13.850> you<00:08:13.940> have<00:08:14.200> so<00:08:15.200> in<00:08:15.380> terms<00:08:15.560> of 00:08:15.640 --> 00:08:15.650 align:start position:0% feats you have so in terms of 00:08:15.650 --> 00:08:18.330 align:start position:0% feats you have so in terms of scalability<00:08:15.980> that's<00:08:16.610> a<00:08:16.880> huge<00:08:17.570> improvement 00:08:18.330 --> 00:08:18.340 align:start position:0% scalability that's a huge improvement 00:08:18.340 --> 00:08:20.950 align:start position:0% scalability that's a huge improvement and<00:08:19.340> effectively<00:08:20.120> the<00:08:20.240> way<00:08:20.330> that<00:08:20.510> we<00:08:20.600> do<00:08:20.750> this 00:08:20.950 --> 00:08:20.960 align:start position:0% and effectively the way that we do this 00:08:20.960 --> 00:08:23.740 align:start position:0% and effectively the way that we do this you<00:08:21.890> know<00:08:21.980> how<00:08:22.190> do<00:08:22.250> you<00:08:22.370> make<00:08:22.550> sure<00:08:22.580> that<00:08:23.150> these 00:08:23.740 --> 00:08:23.750 align:start position:0% you know how do you make sure that these 00:08:23.750 --> 00:08:25.690 align:start position:0% you know how do you make sure that these prices<00:08:24.170> are<00:08:24.260> lifted<00:08:24.590> it<00:08:24.710> is<00:08:24.890> that<00:08:25.340> the<00:08:25.460> feeds 00:08:25.690 --> 00:08:25.700 align:start position:0% prices are lifted it is that the feeds 00:08:25.700 --> 00:08:27.970 align:start position:0% prices are lifted it is that the feeds are<00:08:25.880> effectively<00:08:26.450> using<00:08:26.630> their<00:08:27.320> etherion 00:08:27.970 --> 00:08:27.980 align:start position:0% are effectively using their etherion 00:08:27.980 --> 00:08:31.510 align:start position:0% are effectively using their etherion private<00:08:28.310> key<00:08:28.460> to<00:08:29.180> sign<00:08:29.650> the<00:08:30.650> price<00:08:30.890> noodles<00:08:31.340> so 00:08:31.510 --> 00:08:31.520 align:start position:0% private key to sign the price noodles so 00:08:31.520 --> 00:08:33.969 align:start position:0% private key to sign the price noodles so they<00:08:31.640> sign<00:08:31.940> a<00:08:31.970> message<00:08:32.590> essentially<00:08:33.590> saying 00:08:33.969 --> 00:08:33.979 align:start position:0% they sign a message essentially saying 00:08:33.979 --> 00:08:37.330 align:start position:0% they sign a message essentially saying this<00:08:34.550> is<00:08:34.729> the<00:08:34.880> price<00:08:35.120> of<00:08:35.450> this<00:08:35.900> asset<00:08:36.530> at<00:08:36.800> this 00:08:37.330 --> 00:08:37.340 align:start position:0% this is the price of this asset at this 00:08:37.340 --> 00:08:39.880 align:start position:0% this is the price of this asset at this time<00:08:37.610> and<00:08:37.940> in<00:08:38.570> the<00:08:38.690> median<00:08:39.020> Iser<00:08:39.140> contract<00:08:39.710> you 00:08:39.880 --> 00:08:39.890 align:start position:0% time and in the median Iser contract you 00:08:39.890 --> 00:08:42.100 align:start position:0% time and in the median Iser contract you can<00:08:40.070> use<00:08:40.370> a<00:08:40.760> solidity<00:08:41.240> function<00:08:41.660> call<00:08:41.840> you<00:08:41.930> see 00:08:42.100 --> 00:08:42.110 align:start position:0% can use a solidity function call you see 00:08:42.110 --> 00:08:45.400 align:start position:0% can use a solidity function call you see recover<00:08:42.790> that<00:08:43.790> will<00:08:43.970> then<00:08:44.150> be<00:08:44.900> able<00:08:44.990> to<00:08:45.200> check 00:08:45.400 --> 00:08:45.410 align:start position:0% recover that will then be able to check 00:08:45.410 --> 00:08:47.350 align:start position:0% recover that will then be able to check all<00:08:45.890> that<00:08:46.220> data<00:08:46.370> and<00:08:46.640> make<00:08:46.850> sure<00:08:47.060> it<00:08:47.210> was 00:08:47.350 --> 00:08:47.360 align:start position:0% all that data and make sure it was 00:08:47.360 --> 00:08:52.420 align:start position:0% all that data and make sure it was signed<00:08:47.630> by<00:08:47.930> a<00:08:48.550> legitimate<00:08:49.550> feed<00:08:51.430> another 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00:09:02.450 align:start position:0% so for those of you who don't know an S 00:09:02.450 --> 00:09:05.410 align:start position:0% so for those of you who don't know an S store<00:09:02.840> is<00:09:03.170> just<00:09:03.740> you<00:09:04.490> know<00:09:04.550> writing<00:09:04.880> a<00:09:05.120> value 00:09:05.410 --> 00:09:05.420 align:start position:0% store is just you know writing a value 00:09:05.420 --> 00:09:08.760 align:start position:0% store is just you know writing a value to<00:09:05.570> stories<00:09:05.960> and<00:09:06.170> it's<00:09:06.650> a<00:09:06.770> very<00:09:07.070> very<00:09:07.250> very<00:09:07.610> gas 00:09:08.760 --> 00:09:08.770 align:start position:0% to stories and it's a very very very gas 00:09:08.770 --> 00:09:11.890 align:start position:0% to stories and it's a very very very gas intensive<00:09:09.770> operation<00:09:10.460> so<00:09:11.030> the<00:09:11.150> less<00:09:11.300> as 00:09:11.890 --> 00:09:11.900 align:start position:0% intensive operation so the less as 00:09:11.900 --> 00:09:15.250 align:start position:0% intensive operation so the less as stores<00:09:12.320> you<00:09:12.470> can<00:09:12.620> do<00:09:13.630> to<00:09:14.630> achieve<00:09:14.750> where<00:09:15.110> your 00:09:15.250 --> 00:09:15.260 align:start position:0% stores you can do to achieve where your 00:09:15.260 --> 00:09:17.170 align:start position:0% stores you can do to achieve where your transactions<00:09:15.860> are<00:09:15.980> going<00:09:16.010> to<00:09:16.160> be<00:09:16.250> so<00:09:16.850> we<00:09:17.000> got 00:09:17.170 --> 00:09:17.180 align:start position:0% transactions are going to be so we got 00:09:17.180 --> 00:09:19.810 align:start position:0% transactions are going to be so we got it<00:09:17.450> from<00:09:17.960> scaling<00:09:18.710> from<00:09:19.130> two<00:09:19.430> times<00:09:19.640> the 00:09:19.810 --> 00:09:19.820 align:start position:0% it from scaling from two times the 00:09:19.820 --> 00:09:24.310 align:start position:0% it from scaling from two times the number<00:09:20.030> of<00:09:20.060> fees<00:09:20.360> to<00:09:20.660> just<00:09:21.050> two<00:09:23.020> another<00:09:24.020> thing 00:09:24.310 --> 00:09:24.320 align:start position:0% number of fees to just two another thing 00:09:24.320 --> 00:09:26.620 align:start position:0% number of fees to just two another thing I<00:09:24.380> learned<00:09:24.530> well<00:09:24.770> is<00:09:25.160> that<00:09:25.790> this<00:09:26.000> architecture 00:09:26.620 --> 00:09:26.630 align:start position:0% I learned well is that this architecture 00:09:26.630 --> 00:09:30.490 align:start position:0% I learned well is that this architecture is<00:09:27.190> fairly<00:09:28.190> blocks<00:09:28.580> and<00:09:28.850> agnostic<00:09:29.360> so<00:09:30.080> if<00:09:30.350> you 00:09:30.490 --> 00:09:30.500 align:start position:0% is fairly blocks and agnostic so if you 00:09:30.500 --> 00:09:34.660 align:start position:0% is fairly blocks and agnostic so if you look<00:09:30.710> most<00:09:31.250> of<00:09:31.490> the<00:09:31.640> pieces<00:09:32.140> are<00:09:33.140> off<00:09:33.560> chain<00:09:33.860> so 00:09:34.660 --> 00:09:34.670 align:start position:0% look most of the pieces are off chain so 00:09:34.670 --> 00:09:36.160 align:start position:0% look most of the pieces are off chain so if<00:09:34.820> you<00:09:35.030> want<00:09:35.270> to<00:09:35.360> work 00:09:36.160 --> 00:09:36.170 align:start position:0% if you want to work 00:09:36.170 --> 00:09:38.680 align:start position:0% if you want to work attention<00:09:36.560> to<00:09:36.830> a<00:09:36.860> different<00:09:37.070> watching<00:09:38.000> the 00:09:38.680 --> 00:09:38.690 align:start position:0% attention to a different watching the 00:09:38.690 --> 00:09:40.680 align:start position:0% attention to a different watching the only<00:09:38.930> thing<00:09:39.140> you<00:09:39.260> have<00:09:39.470> to<00:09:39.500> do<00:09:39.740> really<00:09:39.980> is 00:09:40.680 --> 00:09:40.690 align:start position:0% only thing you have to do really is 00:09:40.690 --> 00:09:43.600 align:start position:0% only thing you have to do really is recreate<00:09:41.690> the<00:09:42.140> median<00:09:42.500> Heiser<00:09:42.650> contracts<00:09:43.190> on 00:09:43.600 --> 00:09:43.610 align:start position:0% recreate the median Heiser contracts on 00:09:43.610 --> 00:09:46.120 align:start position:0% recreate the median Heiser contracts on that<00:09:43.940> other<00:09:44.090> blockchain<00:09:44.630> and<00:09:45.350> then<00:09:45.620> you<00:09:45.860> just 00:09:46.120 --> 00:09:46.130 align:start position:0% that other blockchain and then you just 00:09:46.130 --> 00:09:48.430 align:start position:0% that other blockchain and then you just point<00:09:46.610> your<00:09:46.790> real<00:09:47.000> Ayres<00:09:47.300> to<00:09:47.690> that<00:09:48.140> other 00:09:48.430 --> 00:09:48.440 align:start position:0% point your real Ayres to that other 00:09:48.440 --> 00:09:52.810 align:start position:0% point your real Ayres to that other watching<00:09:50.110> another<00:09:51.110> thing<00:09:51.380> is<00:09:51.530> since<00:09:52.130> no<00:09:52.490> block 00:09:52.810 --> 00:09:52.820 align:start position:0% watching another thing is since no block 00:09:52.820 --> 00:09:56.680 align:start position:0% watching another thing is since no block messages<00:09:53.180> are<00:09:53.930> just<00:09:53.980> JSON<00:09:55.030> you<00:09:56.030> can<00:09:56.270> handle 00:09:56.680 --> 00:09:56.690 align:start position:0% messages are just JSON you can handle 00:09:56.690 --> 00:09:59.260 align:start position:0% messages are just JSON you can handle all<00:09:57.020> kinds<00:09:57.440> of<00:09:57.740> data<00:09:58.220> it's<00:09:58.550> not<00:09:58.640> just<00:09:58.880> pricing 00:09:59.260 --> 00:09:59.270 align:start position:0% all kinds of data it's not just pricing 00:09:59.270 --> 00:10:01.480 align:start position:0% all kinds of data it's not just pricing table<00:09:59.570> right<00:10:00.260> you<00:10:00.440> can<00:10:00.590> handle<00:10:00.890> many<00:10:01.190> many 00:10:01.480 --> 00:10:01.490 align:start position:0% table right you can handle many many 00:10:01.490 --> 00:10:03.880 align:start position:0% table right you can handle many many many<00:10:01.790> more<00:10:02.030> types<00:10:02.330> of<00:10:02.510> data<00:10:02.720> so<00:10:03.410> it's<00:10:03.560> very 00:10:03.880 --> 00:10:03.890 align:start position:0% many more types of data so it's very 00:10:03.890 --> 00:10:09.610 align:start position:0% many more types of data so it's very very<00:10:04.310> dynamic<00:10:07.300> okay<00:10:08.300> so<00:10:09.260> let's<00:10:09.410> talk<00:10:09.560> about 00:10:09.610 --> 00:10:09.620 align:start position:0% very dynamic okay so let's talk about 00:10:09.620 --> 00:10:10.300 align:start position:0% very dynamic okay so let's talk about feats 00:10:10.300 --> 00:10:10.310 align:start position:0% feats 00:10:10.310 --> 00:10:13.630 align:start position:0% feats so<00:10:10.670> in<00:10:10.790> orbitals<00:10:11.090> b1<00:10:11.480> we<00:10:12.320> only<00:10:12.500> had<00:10:12.770> one<00:10:13.130> kind 00:10:13.630 --> 00:10:13.640 align:start position:0% so in orbitals b1 we only had one kind 00:10:13.640 --> 00:10:17.140 align:start position:0% so in orbitals b1 we only had one kind of<00:10:13.760> feed<00:10:13.940> and<00:10:14.920> we're<00:10:15.920> going<00:10:16.070> to<00:10:16.130> label<00:10:16.340> those 00:10:17.140 --> 00:10:17.150 align:start position:0% of feed and we're going to label those 00:10:17.150 --> 00:10:20.530 align:start position:0% of feed and we're going to label those types<00:10:17.510> of<00:10:17.630> feeds<00:10:17.870> dark<00:10:18.590> feeds<00:10:19.240> so<00:10:20.240> with<00:10:20.390> our 00:10:20.530 --> 00:10:20.540 align:start position:0% types of feeds dark feeds so with our 00:10:20.540 --> 00:10:23.380 align:start position:0% types of feeds dark feeds so with our fees<00:10:20.780> are<00:10:20.810> is<00:10:21.340> they're<00:10:22.340> kind<00:10:22.760> of<00:10:22.790> these<00:10:23.000> two 00:10:23.380 --> 00:10:23.390 align:start position:0% fees are is they're kind of these two 00:10:23.390 --> 00:10:25.990 align:start position:0% fees are is they're kind of these two dominant<00:10:23.930> like<00:10:24.320> Sooners<00:10:24.920> individuals<00:10:25.790> and 00:10:25.990 --> 00:10:26.000 align:start position:0% dominant like Sooners individuals and 00:10:26.000 --> 00:10:28.060 align:start position:0% dominant like Sooners individuals and organizations<00:10:26.630> right<00:10:27.500> that's<00:10:27.710> submit<00:10:27.950> this 00:10:28.060 --> 00:10:28.070 align:start position:0% organizations right that's submit this 00:10:28.070 --> 00:10:31.450 align:start position:0% organizations right that's submit this pricing<00:10:28.340> data<00:10:28.640> and<00:10:29.680> you<00:10:30.680> know<00:10:30.770> one<00:10:31.040> of<00:10:31.070> the<00:10:31.310> big 00:10:31.450 --> 00:10:31.460 align:start position:0% pricing data and you know one of the big 00:10:31.460 --> 00:10:32.830 align:start position:0% pricing data and you know one of the big criticisms<00:10:31.580> we<00:10:32.150> get<00:10:32.300> you<00:10:32.480> know<00:10:32.600> let's<00:10:32.780> not 00:10:32.830 --> 00:10:32.840 align:start position:0% criticisms we get you know let's not 00:10:32.840 --> 00:10:35.110 align:start position:0% criticisms we get you know let's not know<00:10:33.230> why<00:10:33.740> are<00:10:33.800> these<00:10:34.070> people<00:10:34.580> you<00:10:35.000> know 00:10:35.110 --> 00:10:35.120 align:start position:0% know why are these people you know 00:10:35.120 --> 00:10:38.050 align:start position:0% know why are these people you know anonymous<00:10:35.630> I<00:10:35.870> don't<00:10:36.380> know<00:10:37.130> if<00:10:37.370> I<00:10:37.520> trust<00:10:37.580> them 00:10:38.050 --> 00:10:38.060 align:start position:0% anonymous I don't know if I trust them 00:10:38.060 --> 00:10:40.450 align:start position:0% anonymous I don't know if I trust them is<00:10:38.330> it<00:10:38.450> just<00:10:38.720> a<00:10:38.840> bunch<00:10:39.080> of<00:10:39.260> maker<00:10:39.680> insiders<00:10:40.430> or 00:10:40.450 --> 00:10:40.460 align:start position:0% is it just a bunch of maker insiders or 00:10:40.460 --> 00:10:43.720 align:start position:0% is it just a bunch of maker insiders or wheels<00:10:40.910> or<00:10:41.270> whatever<00:10:41.630> right<00:10:42.460> but<00:10:43.460> the<00:10:43.580> thing 00:10:43.720 --> 00:10:43.730 align:start position:0% wheels or whatever right but the thing 00:10:43.730 --> 00:10:46.200 align:start position:0% wheels or whatever right but the thing is<00:10:43.760> they<00:10:44.390> need<00:10:44.420> to<00:10:44.600> be<00:10:44.720> honest<00:10:45.080> by<00:10:45.560> necessity 00:10:46.200 --> 00:10:46.210 align:start position:0% is they need to be honest by necessity 00:10:46.210 --> 00:10:51.910 align:start position:0% is they need to be honest by necessity right<00:10:47.210> so<00:10:49.360> if<00:10:50.360> you<00:10:50.630> if<00:10:51.020> you<00:10:51.140> are<00:10:51.170> a<00:10:51.320> public 00:10:51.910 --> 00:10:51.920 align:start position:0% right so if you if you are a public 00:10:51.920 --> 00:10:54.220 align:start position:0% right so if you if you are a public identity<00:10:52.220> right<00:10:53.000> it's<00:10:53.210> very<00:10:53.450> easy<00:10:53.780> to<00:10:53.900> target 00:10:54.220 --> 00:10:54.230 align:start position:0% identity right it's very easy to target 00:10:54.230 --> 00:10:56.830 align:start position:0% identity right it's very easy to target you<00:10:54.530> so<00:10:54.950> blackmail<00:10:55.580> when<00:10:55.790> you<00:10:55.970> export<00:10:56.630> you 00:10:56.830 --> 00:10:56.840 align:start position:0% you so blackmail when you export you 00:10:56.840 --> 00:10:59.890 align:start position:0% you so blackmail when you export you coerce<00:10:57.290> you<00:10:57.880> it's<00:10:58.880> also<00:10:59.000> very<00:10:59.240> easy<00:10:59.360> for<00:10:59.810> a 00:10:59.890 --> 00:10:59.900 align:start position:0% coerce you it's also very easy for a 00:10:59.900 --> 00:11:02.460 align:start position:0% coerce you it's also very easy for a state<00:11:00.170> after<00:11:00.470> they<00:11:00.620> kind<00:11:00.800> of<00:11:00.860> hunt<00:11:01.010> you<00:11:01.100> down 00:11:02.460 --> 00:11:02.470 align:start position:0% state after they kind of hunt you down 00:11:02.470 --> 00:11:04.840 align:start position:0% state after they kind of hunt you down by<00:11:03.470> being<00:11:03.770> you<00:11:04.220> know<00:11:04.310> by<00:11:04.430> having<00:11:04.640> this 00:11:04.840 --> 00:11:04.850 align:start position:0% by being you know by having this 00:11:04.850 --> 00:11:06.730 align:start position:0% by being you know by having this community<00:11:05.660> you<00:11:05.840> kind<00:11:06.080> of<00:11:06.140> protect<00:11:06.410> yourself 00:11:06.730 --> 00:11:06.740 align:start position:0% community you kind of protect yourself 00:11:06.740 --> 00:11:09.730 align:start position:0% community you kind of protect yourself from<00:11:06.830> that<00:11:07.070> right<00:11:07.820> but<00:11:08.720> the<00:11:08.810> downside<00:11:09.020> here<00:11:09.560> is 00:11:09.730 --> 00:11:09.740 align:start position:0% from that right but the downside here is 00:11:09.740 --> 00:11:12.160 align:start position:0% from that right but the downside here is as<00:11:10.490> we<00:11:10.550> said<00:11:10.910> you<00:11:11.420> know<00:11:11.450> there's<00:11:11.720> no<00:11:11.840> civil 00:11:12.160 --> 00:11:12.170 align:start position:0% as we said you know there's no civil 00:11:12.170 --> 00:11:16.180 align:start position:0% as we said you know there's no civil resistance<00:11:12.620> and<00:11:13.550> you<00:11:13.640> don't<00:11:13.850> know<00:11:14.120> if<00:11:14.920> all<00:11:15.920> of 00:11:16.180 --> 00:11:16.190 align:start position:0% resistance and you don't know if all of 00:11:16.190 --> 00:11:18.630 align:start position:0% resistance and you don't know if all of these<00:11:16.370> fees<00:11:16.670> are<00:11:16.700> actually<00:11:17.120> just<00:11:17.600> one<00:11:17.780> person 00:11:18.630 --> 00:11:18.640 align:start position:0% these fees are actually just one person 00:11:18.640 --> 00:11:22.120 align:start position:0% these fees are actually just one person and<00:11:19.640> people<00:11:20.090> seem<00:11:21.050> to<00:11:21.080> really<00:11:21.290> distrust<00:11:22.010> that 00:11:22.120 --> 00:11:22.130 align:start position:0% and people seem to really distrust that 00:11:22.130 --> 00:11:25.810 align:start position:0% and people seem to really distrust that kind<00:11:22.820> of<00:11:22.850> idea<00:11:23.680> so<00:11:24.680> what<00:11:25.220> we're<00:11:25.340> introducing 00:11:25.810 --> 00:11:25.820 align:start position:0% kind of idea so what we're introducing 00:11:25.820 --> 00:11:27.640 align:start position:0% kind of idea so what we're introducing in<00:11:25.880> our<00:11:26.000> world<00:11:26.150> owes<00:11:26.240> me<00:11:26.360> two<00:11:26.570> is<00:11:27.020> this<00:11:27.260> concept 00:11:27.640 --> 00:11:27.650 align:start position:0% in our world owes me two is this concept 00:11:27.650 --> 00:11:30.820 align:start position:0% in our world owes me two is this concept of<00:11:27.860> a<00:11:27.950> lengthy<00:11:28.400> so<00:11:29.270> length<00:11:29.540> feed<00:11:29.780> is<00:11:30.020> going<00:11:30.740> to 00:11:30.820 --> 00:11:30.830 align:start position:0% of a lengthy so length feed is going to 00:11:30.830 --> 00:11:34.560 align:start position:0% of a lengthy so length feed is going to be<00:11:30.980> if<00:11:31.310> a<00:11:31.550> feed<00:11:31.970> that<00:11:32.270> has<00:11:32.510> a<00:11:32.870> public<00:11:33.230> identity 00:11:34.560 --> 00:11:34.570 align:start position:0% be if a feed that has a public identity 00:11:34.570 --> 00:11:38.950 align:start position:0% be if a feed that has a public identity so<00:11:35.570> the<00:11:35.660> best<00:11:36.250> types<00:11:37.270> of<00:11:38.270> like<00:11:38.540> feeds<00:11:38.810> are 00:11:38.950 --> 00:11:38.960 align:start position:0% so the best types of like feeds are 00:11:38.960 --> 00:11:40.480 align:start position:0% so the best types of like feeds are actually<00:11:39.230> going<00:11:39.320> to<00:11:39.380> be<00:11:39.440> once<00:11:39.890> run<00:11:40.250> by 00:11:40.480 --> 00:11:40.490 align:start position:0% actually going to be once run by 00:11:40.490 --> 00:11:43.270 align:start position:0% actually going to be once run by organizations<00:11:41.300> because<00:11:41.750> organizations<00:11:42.280> you 00:11:43.270 --> 00:11:43.280 align:start position:0% organizations because organizations you 00:11:43.280 --> 00:11:43.930 align:start position:0% organizations because organizations you know<00:11:43.310> are 00:11:43.930 --> 00:11:43.940 align:start position:0% know are 00:11:43.940 --> 00:11:46.300 align:start position:0% know are of<00:11:44.210> people<00:11:44.540> they're<00:11:45.140> much<00:11:45.410> harder<00:11:45.650> to<00:11:46.040> kind<00:11:46.190> of 00:11:46.300 --> 00:11:46.310 align:start position:0% of people they're much harder to kind of 00:11:46.310 --> 00:11:47.800 align:start position:0% of people they're much harder to kind of coercive<00:11:46.850> blackmail<00:11:47.270> they<00:11:47.450> have<00:11:47.600> more 00:11:47.800 --> 00:11:47.810 align:start position:0% coercive blackmail they have more 00:11:47.810 --> 00:11:50.950 align:start position:0% coercive blackmail they have more resources<00:11:48.670> and<00:11:49.670> I'll<00:11:50.420> talk<00:11:50.600> about<00:11:50.630> that<00:11:50.810> they 00:11:50.950 --> 00:11:50.960 align:start position:0% resources and I'll talk about that they 00:11:50.960 --> 00:11:53.940 align:start position:0% resources and I'll talk about that they have<00:11:51.170> their<00:11:51.350> reputation<00:11:51.950> at<00:11:52.070> stake<00:11:52.300> right<00:11:53.300> so 00:11:53.940 --> 00:11:53.950 align:start position:0% have their reputation at stake right so 00:11:53.950 --> 00:11:56.620 align:start position:0% have their reputation at stake right so in<00:11:54.950> that<00:11:55.280> sense<00:11:55.550> if<00:11:55.880> you<00:11:56.000> have<00:11:56.150> a<00:11:56.180> system<00:11:56.570> that 00:11:56.620 --> 00:11:56.630 align:start position:0% in that sense if you have a system that 00:11:56.630 --> 00:11:58.720 align:start position:0% in that sense if you have a system that has<00:11:56.810> much<00:11:57.260> length<00:11:57.560> these<00:11:57.740> right<00:11:58.070> users<00:11:58.580> are 00:11:58.720 --> 00:11:58.730 align:start position:0% has much length these right users are 00:11:58.730 --> 00:12:00.430 align:start position:0% has much length these right users are going<00:11:58.910> to<00:11:59.120> inherently<00:11:59.660> maybe<00:11:59.960> trust<00:12:00.290> that 00:12:00.430 --> 00:12:00.440 align:start position:0% going to inherently maybe trust that 00:12:00.440 --> 00:12:03.340 align:start position:0% going to inherently maybe trust that system<00:12:00.800> more<00:12:01.040> right<00:12:01.670> because<00:12:02.090> so-and-so<00:12:03.050> is 00:12:03.340 --> 00:12:03.350 align:start position:0% system more right because so-and-so is 00:12:03.350 --> 00:12:05.110 align:start position:0% system more right because so-and-so is running<00:12:03.680> like<00:12:03.800> the<00:12:04.010> Metro<00:12:04.460> stuff<00:12:04.700> right<00:12:04.910> this 00:12:05.110 --> 00:12:05.120 align:start position:0% running like the Metro stuff right this 00:12:05.120 --> 00:12:06.700 align:start position:0% running like the Metro stuff right this Bank<00:12:05.390> is<00:12:05.570> running<00:12:05.840> a<00:12:05.900> life<00:12:06.050> you<00:12:06.260> can<00:12:06.380> I<00:12:06.440> trust 00:12:06.700 --> 00:12:06.710 align:start position:0% Bank is running a life you can I trust 00:12:06.710 --> 00:12:08.380 align:start position:0% Bank is running a life you can I trust I'm<00:12:06.920> you<00:12:07.100> know<00:12:07.220> quite<00:12:07.610> basis<00:12:07.940> running<00:12:08.210> a<00:12:08.240> live 00:12:08.380 --> 00:12:08.390 align:start position:0% I'm you know quite basis running a live 00:12:08.390 --> 00:12:10.780 align:start position:0% I'm you know quite basis running a live feed<00:12:08.600> nitro<00:12:08.960> supply<00:12:09.230> base<00:12:09.610> and<00:12:10.610> so 00:12:10.780 --> 00:12:10.790 align:start position:0% feed nitro supply base and so 00:12:10.790 --> 00:12:12.640 align:start position:0% feed nitro supply base and so essentially<00:12:11.090> when<00:12:11.270> it<00:12:11.390> comes<00:12:11.600> down<00:12:11.720> to<00:12:11.780> is<00:12:12.230> you 00:12:12.640 --> 00:12:12.650 align:start position:0% essentially when it comes down to is you 00:12:12.650 --> 00:12:15.400 align:start position:0% essentially when it comes down to is you don't<00:12:12.920> want<00:12:13.250> to<00:12:13.340> have<00:12:13.520> just<00:12:13.910> our<00:12:14.870> piece<00:12:15.140> and 00:12:15.400 --> 00:12:15.410 align:start position:0% don't want to have just our piece and 00:12:15.410 --> 00:12:17.110 align:start position:0% don't want to have just our piece and you<00:12:15.770> don't<00:12:16.010> want<00:12:16.190> to<00:12:16.250> have<00:12:16.400> just<00:12:16.670> like<00:12:16.850> each 00:12:17.110 --> 00:12:17.120 align:start position:0% you don't want to have just like each 00:12:17.120 --> 00:12:18.130 align:start position:0% you don't want to have just like each wait<00:12:17.300> they<00:12:17.450> both<00:12:17.660> have<00:12:17.900> kind<00:12:18.050> of 00:12:18.130 --> 00:12:18.140 align:start position:0% wait they both have kind of 00:12:18.140 --> 00:12:21.220 align:start position:0% wait they both have kind of disadvantages<00:12:18.830> fly<00:12:19.730> there's<00:12:20.360> this<00:12:20.780> kind<00:12:21.140> of 00:12:21.220 --> 00:12:21.230 align:start position:0% disadvantages fly there's this kind of 00:12:21.230 --> 00:12:23.500 align:start position:0% disadvantages fly there's this kind of sweet<00:12:21.560> middle<00:12:21.950> where<00:12:22.370> this<00:12:22.520> hybrid<00:12:23.030> model<00:12:23.060> is 00:12:23.500 --> 00:12:23.510 align:start position:0% sweet middle where this hybrid model is 00:12:23.510 --> 00:12:25.750 align:start position:0% sweet middle where this hybrid model is kind<00:12:23.720> of<00:12:23.840> optimal<00:12:24.260> where<00:12:24.950> you<00:12:25.490> kind<00:12:25.700> of 00:12:25.750 --> 00:12:25.760 align:start position:0% kind of optimal where you kind of 00:12:25.760 --> 00:12:27.820 align:start position:0% kind of optimal where you kind of preserve<00:12:26.090> the<00:12:26.360> hardness<00:12:26.720> properties<00:12:26.960> of<00:12:27.650> dark 00:12:27.820 --> 00:12:27.830 align:start position:0% preserve the hardness properties of dark 00:12:27.830 --> 00:12:30.700 align:start position:0% preserve the hardness properties of dark feats<00:12:28.300> but<00:12:29.300> you<00:12:29.420> benefit<00:12:29.990> from<00:12:30.230> the 00:12:30.700 --> 00:12:30.710 align:start position:0% feats but you benefit from the 00:12:30.710 --> 00:12:38.680 align:start position:0% feats but you benefit from the reputation<00:12:31.220> of<00:12:31.940> the<00:12:32.900> lengthens<00:12:37.330> okay<00:12:38.330> so 00:12:38.680 --> 00:12:38.690 align:start position:0% reputation of the lengthens okay so 00:12:38.690 --> 00:12:40.060 align:start position:0% reputation of the lengthens okay so let's<00:12:39.260> talk<00:12:39.380> about<00:12:39.500> governance 00:12:40.060 --> 00:12:40.070 align:start position:0% let's talk about governance 00:12:40.070 --> 00:12:44.170 align:start position:0% let's talk about governance so<00:12:40.820> in<00:12:42.010> Oracle's<00:12:43.010> be<00:12:43.130> to<00:12:43.310> effectively 00:12:44.170 --> 00:12:44.180 align:start position:0% so in Oracle's be to effectively 00:12:44.180 --> 00:12:46.000 align:start position:0% so in Oracle's be to effectively governance<00:12:44.900> takes<00:12:45.170> over<00:12:45.500> end-to-end 00:12:46.000 --> 00:12:46.010 align:start position:0% governance takes over end-to-end 00:12:46.010 --> 00:12:48.640 align:start position:0% governance takes over end-to-end ownership<00:12:46.910> and<00:12:47.180> management<00:12:47.240> of<00:12:48.050> every 00:12:48.640 --> 00:12:48.650 align:start position:0% ownership and management of every 00:12:48.650 --> 00:12:53.620 align:start position:0% ownership and management of every aspects<00:12:49.250> of<00:12:49.370> the<00:12:49.970> Oracles<00:12:50.890> and<00:12:51.890> so<00:12:52.630> actually 00:12:53.620 --> 00:12:53.630 align:start position:0% aspects of the Oracles and so actually 00:12:53.630 --> 00:12:55.810 align:start position:0% aspects of the Oracles and so actually as<00:12:53.990> of<00:12:54.380> this<00:12:54.470> morning<00:12:54.710> and<00:12:55.220> I<00:12:55.310> was<00:12:55.430> on<00:12:55.550> a<00:12:55.580> flight 00:12:55.810 --> 00:12:55.820 align:start position:0% as of this morning and I was on a flight 00:12:55.820 --> 00:12:59.590 align:start position:0% as of this morning and I was on a flight to<00:12:56.000> Osaka<00:12:56.330> here<00:12:56.690> we<00:12:57.590> passed<00:12:58.130> four<00:12:58.700> different 00:12:59.590 --> 00:12:59.600 align:start position:0% to Osaka here we passed four different 00:12:59.600 --> 00:13:01.420 align:start position:0% to Osaka here we passed four different Oracle<00:13:00.020> proposals<00:13:00.530> so<00:13:00.740> as<00:13:00.860> at<00:13:01.040> the<00:13:01.130> spring 00:13:01.420 --> 00:13:01.430 align:start position:0% Oracle proposals so as at the spring 00:13:01.430 --> 00:13:04.240 align:start position:0% Oracle proposals so as at the spring these<00:13:02.210> are<00:13:02.390> all<00:13:02.510> official<00:13:02.930> I<00:13:03.110> can<00:13:03.260> out<00:13:03.380> talk<00:13:04.100> to 00:13:04.240 --> 00:13:04.250 align:start position:0% these are all official I can out talk to 00:13:04.250 --> 00:13:05.850 align:start position:0% these are all official I can out talk to you<00:13:04.370> about<00:13:04.460> them<00:13:04.790> without<00:13:04.910> any<00:13:05.330> risk<00:13:05.570> of 00:13:05.850 --> 00:13:05.860 align:start position:0% you about them without any risk of 00:13:05.860 --> 00:13:08.800 align:start position:0% you about them without any risk of saying<00:13:06.860> something<00:13:07.070> that's<00:13:07.220> not<00:13:07.430> true<00:13:07.640> so<00:13:08.480> what 00:13:08.800 --> 00:13:08.810 align:start position:0% saying something that's not true so what 00:13:08.810 --> 00:13:11.170 align:start position:0% saying something that's not true so what we<00:13:08.900> passed<00:13:09.110> was<00:13:09.560> and<00:13:10.040> I'll<00:13:10.700> get<00:13:10.820> into<00:13:10.940> these<00:13:11.150> a 00:13:11.170 --> 00:13:11.180 align:start position:0% we passed was and I'll get into these a 00:13:11.180 --> 00:13:14.080 align:start position:0% we passed was and I'll get into these a little<00:13:11.570> more<00:13:11.660> a<00:13:11.780> little<00:13:12.170> bit<00:13:12.290> the<00:13:13.280> d5<00:13:13.640> public 00:13:14.080 --> 00:13:14.090 align:start position:0% little more a little bit the d5 public 00:13:14.090 --> 00:13:16.750 align:start position:0% little more a little bit the d5 public feedback<00:13:14.270> Volvo<00:13:14.780> the<00:13:15.710> Oracle<00:13:16.160> incentives<00:13:16.670> for 00:13:16.750 --> 00:13:16.760 align:start position:0% feedback Volvo the Oracle incentives for 00:13:16.760 --> 00:13:19.510 align:start position:0% feedback Volvo the Oracle incentives for structuring<00:13:17.150> proposal<00:13:17.690> the<00:13:18.520> responsible 00:13:19.510 --> 00:13:19.520 align:start position:0% structuring proposal the responsible 00:13:19.520 --> 00:13:22.180 align:start position:0% structuring proposal the responsible Oracle<00:13:20.030> migration<00:13:20.480> proposal<00:13:20.990> and<00:13:21.200> the<00:13:21.680> Oracle 00:13:22.180 --> 00:13:22.190 align:start position:0% Oracle migration proposal and the Oracle 00:13:22.190 --> 00:13:28.090 align:start position:0% Oracle migration proposal and the Oracle Team<00:13:22.340> mandate<00:13:22.730> proposal<00:13:25.870> so<00:13:26.920> first<00:13:27.920> along 00:13:28.090 --> 00:13:28.100 align:start position:0% Team mandate proposal so first along 00:13:28.100 --> 00:13:33.220 align:start position:0% Team mandate proposal so first along define<00:13:28.550> light<00:13:29.000> feet<00:13:29.240> proposal<00:13:29.860> okay<00:13:31.690> so<00:13:32.690> we 00:13:33.220 --> 00:13:33.230 align:start position:0% define light feet proposal okay so we 00:13:33.230 --> 00:13:36.700 align:start position:0% define light feet proposal okay so we are<00:13:33.320> going<00:13:33.650> to<00:13:33.710> be<00:13:33.830> adding<00:13:34.220> dyd<00:13:34.790> X<00:13:35.090> 0<00:13:35.840> X<00:13:35.930> maker 00:13:36.700 --> 00:13:36.710 align:start position:0% are going to be adding dyd X 0 X maker 00:13:36.710 --> 00:13:39.519 align:start position:0% are going to be adding dyd X 0 X maker set<00:13:37.520> protocol<00:13:38.000> and<00:13:38.270> gnosis<00:13:38.720> as<00:13:38.960> the 00:13:39.519 --> 00:13:39.529 align:start position:0% set protocol and gnosis as the 00:13:39.529 --> 00:13:43.360 align:start position:0% set protocol and gnosis as the first<00:13:39.709> license<00:13:41.050> so<00:13:42.050> that's<00:13:42.319> the<00:13:42.860> super 00:13:43.360 --> 00:13:43.370 align:start position:0% first license so that's the super 00:13:43.370 --> 00:13:45.460 align:start position:0% first license so that's the super exciting<00:13:43.819> this<00:13:44.389> is<00:13:44.629> just<00:13:44.870> a<00:13:45.019> first<00:13:45.199> way 00:13:45.460 --> 00:13:45.470 align:start position:0% exciting this is just a first way 00:13:45.470 --> 00:13:48.280 align:start position:0% exciting this is just a first way there's<00:13:46.009> going<00:13:46.189> to<00:13:46.249> be<00:13:46.310> a<00:13:46.399> bunch<00:13:46.699> more<00:13:47.290> but 00:13:48.280 --> 00:13:48.290 align:start position:0% there's going to be a bunch more but 00:13:48.290 --> 00:13:51.009 align:start position:0% there's going to be a bunch more but it's<00:13:48.470> really<00:13:48.740> cool<00:13:49.069> to<00:13:49.459> have<00:13:49.490> these<00:13:49.819> guys<00:13:50.120> have 00:13:51.009 --> 00:13:51.019 align:start position:0% it's really cool to have these guys have 00:13:51.019 --> 00:13:54.999 align:start position:0% it's really cool to have these guys have these<00:13:51.110> guys<00:13:51.319> on<00:13:51.470> board<00:13:52.990> okay<00:13:53.990> number<00:13:54.199> two<00:13:54.439> the 00:13:54.999 --> 00:13:55.009 align:start position:0% these guys on board okay number two the 00:13:55.009 --> 00:13:57.069 align:start position:0% these guys on board okay number two the Oracle<00:13:55.819> incentives<00:13:56.569> for<00:13:56.689> structuring 00:13:57.069 --> 00:13:57.079 align:start position:0% Oracle incentives for structuring 00:13:57.079 --> 00:14:00.519 align:start position:0% Oracle incentives for structuring proposal<00:13:57.529> so<00:13:58.930> we<00:13:59.930> don't<00:14:00.110> have<00:14:00.199> to<00:14:00.319> talk<00:14:00.499> about 00:14:00.519 --> 00:14:00.529 align:start position:0% proposal so we don't have to talk about 00:14:00.529 --> 00:14:04.179 align:start position:0% proposal so we don't have to talk about decentralized<00:14:01.370> systems<00:14:01.990> in<00:14:02.990> terms<00:14:03.860> of<00:14:03.980> for 00:14:04.179 --> 00:14:04.189 align:start position:0% decentralized systems in terms of for 00:14:04.189 --> 00:14:05.619 align:start position:0% decentralized systems in terms of for example<00:14:04.430> like<00:14:04.519> the<00:14:04.670> data<00:14:04.910> being<00:14:05.209> you<00:14:05.540> know 00:14:05.619 --> 00:14:05.629 align:start position:0% example like the data being you know 00:14:05.629 --> 00:14:08.590 align:start position:0% example like the data being you know self<00:14:05.959> dollar<00:14:06.259> right<00:14:06.889> I<00:14:07.129> think<00:14:07.759> a<00:14:07.819> key<00:14:08.029> point<00:14:08.300> a 00:14:08.590 --> 00:14:08.600 align:start position:0% self dollar right I think a key point a 00:14:08.600 --> 00:14:10.869 align:start position:0% self dollar right I think a key point a lot<00:14:08.779> of<00:14:08.839> people<00:14:08.959> miss<00:14:09.319> is<00:14:09.559> that<00:14:10.009> these<00:14:10.670> systems 00:14:10.869 --> 00:14:10.879 align:start position:0% lot of people miss is that these systems 00:14:10.879 --> 00:14:13.210 align:start position:0% lot of people miss is that these systems if<00:14:11.870> they're<00:14:12.139> going<00:14:12.319> to<00:14:12.379> succeed<00:14:12.589> they<00:14:12.980> need<00:14:13.160> to 00:14:13.210 --> 00:14:13.220 align:start position:0% if they're going to succeed they need to 00:14:13.220 --> 00:14:16.650 align:start position:0% if they're going to succeed they need to be<00:14:13.339> self<00:14:13.550> sustainable<00:14:14.259> so<00:14:15.259> in<00:14:16.040> this<00:14:16.249> diagram 00:14:16.650 --> 00:14:16.660 align:start position:0% be self sustainable so in this diagram 00:14:16.660 --> 00:14:19.530 align:start position:0% be self sustainable so in this diagram on<00:14:17.660> the<00:14:17.779> right<00:14:17.809> you<00:14:18.199> kind<00:14:18.559> of<00:14:18.620> see<00:14:18.860> this 00:14:19.530 --> 00:14:19.540 align:start position:0% on the right you kind of see this 00:14:19.540 --> 00:14:21.970 align:start position:0% on the right you kind of see this incentive<00:14:20.540> and<00:14:20.839> alignment<00:14:21.470> that<00:14:21.680> I've<00:14:21.800> come 00:14:21.970 --> 00:14:21.980 align:start position:0% incentive and alignment that I've come 00:14:21.980 --> 00:14:24.429 align:start position:0% incentive and alignment that I've come up<00:14:22.069> with<00:14:22.129> and<00:14:22.899> essentially<00:14:23.899> what's<00:14:24.199> going<00:14:24.410> to 00:14:24.429 --> 00:14:24.439 align:start position:0% up with and essentially what's going to 00:14:24.439 --> 00:14:27.280 align:start position:0% up with and essentially what's going to happen<00:14:24.800> is<00:14:25.040> that<00:14:25.069> fees<00:14:25.639> are<00:14:26.629> going<00:14:26.660> to<00:14:26.959> be<00:14:27.079> paid 00:14:27.280 --> 00:14:27.290 align:start position:0% happen is that fees are going to be paid 00:14:27.290 --> 00:14:29.739 align:start position:0% happen is that fees are going to be paid in<00:14:27.589> die<00:14:27.860> every<00:14:28.370> month<00:14:28.579> by<00:14:28.970> maker<00:14:29.360> token 00:14:29.739 --> 00:14:29.749 align:start position:0% in die every month by maker token 00:14:29.749 --> 00:14:31.749 align:start position:0% in die every month by maker token holders<00:14:30.050> right<00:14:30.499> and<00:14:30.740> this<00:14:30.829> is<00:14:31.009> a<00:14:31.040> payment<00:14:31.550> or 00:14:31.749 --> 00:14:31.759 align:start position:0% holders right and this is a payment or 00:14:31.759 --> 00:14:34.629 align:start position:0% holders right and this is a payment or the<00:14:32.449> valuable<00:14:32.809> service<00:14:33.139> they<00:14:33.290> provide<00:14:33.680> right 00:14:34.629 --> 00:14:34.639 align:start position:0% the valuable service they provide right 00:14:34.639 --> 00:14:37.449 align:start position:0% the valuable service they provide right and<00:14:35.059> kind<00:14:35.689> of<00:14:35.839> an<00:14:36.110> incentive<00:14:36.499> you<00:14:36.920> know<00:14:37.040> to<00:14:37.100> not 00:14:37.449 --> 00:14:37.459 align:start position:0% and kind of an incentive you know to not 00:14:37.459 --> 00:14:41.650 align:start position:0% and kind of an incentive you know to not be<00:14:37.999> able<00:14:38.089> to<00:14:38.269> speak<00:14:38.860> in<00:14:39.860> sermon<00:14:40.430> the<00:14:41.149> Oracles 00:14:41.650 --> 00:14:41.660 align:start position:0% be able to speak in sermon the Oracles 00:14:41.660 --> 00:14:44.530 align:start position:0% be able to speak in sermon the Oracles are<00:14:41.959> going<00:14:42.529> to<00:14:42.709> have<00:14:42.920> a<00:14:43.249> waitlist<00:14:43.670> added<00:14:44.420> to 00:14:44.530 --> 00:14:44.540 align:start position:0% are going to have a waitlist added to 00:14:44.540 --> 00:14:46.210 align:start position:0% are going to have a waitlist added to them<00:14:44.689> so<00:14:45.019> you<00:14:45.050> need<00:14:45.290> to<00:14:45.410> be<00:14:45.529> on<00:14:45.709> the<00:14:45.829> white<00:14:46.009> list 00:14:46.210 --> 00:14:46.220 align:start position:0% them so you need to be on the white list 00:14:46.220 --> 00:14:49.600 align:start position:0% them so you need to be on the white list in<00:14:46.490> order<00:14:46.730> to<00:14:47.059> access<00:14:47.389> prices<00:14:48.230> so<00:14:48.980> the<00:14:49.430> data 00:14:49.600 --> 00:14:49.610 align:start position:0% in order to access prices so the data 00:14:49.610 --> 00:14:52.900 align:start position:0% in order to access prices so the data consumers<00:14:50.209> are<00:14:50.809> going<00:14:51.079> to<00:14:51.139> have<00:14:51.230> to<00:14:51.500> pay<00:14:51.910> it 00:14:52.900 --> 00:14:52.910 align:start position:0% consumers are going to have to pay it 00:14:52.910 --> 00:14:57.670 align:start position:0% consumers are going to have to pay it monthly<00:14:53.629> and<00:14:54.110> I<00:14:54.319> to<00:14:54.769> MK<00:14:55.129> our<00:14:55.250> token<00:14:55.579> holders<00:14:56.680> in 00:14:57.670 --> 00:14:57.680 align:start position:0% monthly and I to MK our token holders in 00:14:57.680 --> 00:15:01.420 align:start position:0% monthly and I to MK our token holders in order<00:14:58.040> to<00:14:58.189> access<00:14:58.309> the<00:14:58.699> Oracle<00:14:59.000> prices<00:14:59.769> and<00:15:00.769> so 00:15:01.420 --> 00:15:01.430 align:start position:0% order to access the Oracle prices and so 00:15:01.430 --> 00:15:03.400 align:start position:0% order to access the Oracle prices and so the<00:15:01.759> I'm<00:15:02.269> not<00:15:02.420> going<00:15:02.569> to<00:15:02.629> die<00:15:02.720> right<00:15:03.170> that's 00:15:03.400 --> 00:15:03.410 align:start position:0% the I'm not going to die right that's 00:15:03.410 --> 00:15:04.900 align:start position:0% the I'm not going to die right that's going<00:15:03.559> to<00:15:03.649> be<00:15:03.740> paid<00:15:03.920> to<00:15:03.949> the<00:15:04.100> fees<00:15:04.370> right<00:15:04.759> the 00:15:04.900 --> 00:15:04.910 align:start position:0% going to be paid to the fees right the 00:15:04.910 --> 00:15:06.429 align:start position:0% going to be paid to the fees right the amount<00:15:05.120> of<00:15:05.209> dye<00:15:05.389> that's<00:15:05.779> going<00:15:06.019> to<00:15:06.110> be<00:15:06.199> charged 00:15:06.429 --> 00:15:06.439 align:start position:0% amount of dye that's going to be charged 00:15:06.439 --> 00:15:07.990 align:start position:0% amount of dye that's going to be charged bank<00:15:06.740> our<00:15:06.949> token<00:15:07.279> holders<00:15:07.550> this<00:15:07.699> is<00:15:07.850> all 00:15:07.990 --> 00:15:08.000 align:start position:0% bank our token holders this is all 00:15:08.000 --> 00:15:10.240 align:start position:0% bank our token holders this is all defined<00:15:08.360> by<00:15:08.449> governance<00:15:08.930> so<00:15:09.290> this<00:15:09.439> is<00:15:09.559> not<00:15:09.740> you 00:15:10.240 --> 00:15:10.250 align:start position:0% defined by governance so this is not you 00:15:10.250 --> 00:15:15.170 align:start position:0% defined by governance so this is not you know<00:15:10.309> set<00:15:10.699> by<00:15:11.000> like<00:15:11.689> the<00:15:11.839> maker<00:15:11.990> foundation 00:15:15.170 --> 00:15:15.180 align:start position:0% 00:15:15.180 --> 00:15:19.460 align:start position:0% and<00:15:16.310> the<00:15:17.310> last<00:15:17.460> proposal<00:15:18.000> that<00:15:18.690> I<00:15:18.750> cover<00:15:19.170> today 00:15:19.460 --> 00:15:19.470 align:start position:0% and the last proposal that I cover today 00:15:19.470 --> 00:15:22.070 align:start position:0% and the last proposal that I cover today is<00:15:19.620> the<00:15:20.280> responsible<00:15:21.090> Oracle<00:15:21.600> migration 00:15:22.070 --> 00:15:22.080 align:start position:0% is the responsible Oracle migration 00:15:22.080 --> 00:15:25.940 align:start position:0% is the responsible Oracle migration proposal<00:15:22.640> so<00:15:24.110> Orville's<00:15:25.110> be<00:15:25.260> one<00:15:25.500> that's<00:15:25.800> kind 00:15:25.940 --> 00:15:25.950 align:start position:0% proposal so Orville's be one that's kind 00:15:25.950 --> 00:15:28.400 align:start position:0% proposal so Orville's be one that's kind of<00:15:25.980> proliferated<00:15:26.520> all<00:15:26.910> around<00:15:27.300> define<00:15:27.690> and<00:15:28.350> I 00:15:28.400 --> 00:15:28.410 align:start position:0% of proliferated all around define and I 00:15:28.410 --> 00:15:30.710 align:start position:0% of proliferated all around define and I think<00:15:28.680> that's<00:15:28.920> super<00:15:29.190> super<00:15:29.550> cool<00:15:29.880> right<00:15:30.300> we 00:15:30.710 --> 00:15:30.720 align:start position:0% think that's super super cool right we 00:15:30.720 --> 00:15:32.330 align:start position:0% think that's super super cool right we built<00:15:30.930> something<00:15:31.200> and<00:15:31.500> everyone<00:15:31.860> can<00:15:32.010> use<00:15:32.160> it 00:15:32.330 --> 00:15:32.340 align:start position:0% built something and everyone can use it 00:15:32.340 --> 00:15:33.620 align:start position:0% built something and everyone can use it and<00:15:32.430> everyone's<00:15:32.790> building<00:15:33.120> really<00:15:33.420> cool 00:15:33.620 --> 00:15:33.630 align:start position:0% and everyone's building really cool 00:15:33.630 --> 00:15:37.610 align:start position:0% and everyone's building really cool stuff<00:15:33.840> on<00:15:33.960> top<00:15:34.140> of<00:15:34.290> it<00:15:35.630> but<00:15:36.630> we<00:15:37.200> don't<00:15:37.410> actually 00:15:37.610 --> 00:15:37.620 align:start position:0% stuff on top of it but we don't actually 00:15:37.620 --> 00:15:41.090 align:start position:0% stuff on top of it but we don't actually know<00:15:38.900> how<00:15:39.900> many<00:15:40.200> people<00:15:40.560> are<00:15:40.680> actually<00:15:40.800> using 00:15:41.090 --> 00:15:41.100 align:start position:0% know how many people are actually using 00:15:41.100 --> 00:15:42.530 align:start position:0% know how many people are actually using this<00:15:41.430> thing<00:15:41.610> and<00:15:41.970> it's<00:15:42.090> actually<00:15:42.180> kind<00:15:42.510> of 00:15:42.530 --> 00:15:42.540 align:start position:0% this thing and it's actually kind of 00:15:42.540 --> 00:15:45.320 align:start position:0% this thing and it's actually kind of scary<00:15:42.810> when<00:15:43.080> you<00:15:43.140> think<00:15:43.200> about<00:15:43.410> it<00:15:43.680> so<00:15:44.330> you 00:15:45.320 --> 00:15:45.330 align:start position:0% scary when you think about it so you 00:15:45.330 --> 00:15:47.000 align:start position:0% scary when you think about it so you know<00:15:45.420> some<00:15:45.630> people<00:15:45.660> are<00:15:45.990> open<00:15:46.290> about<00:15:46.470> it<00:15:46.530> it's 00:15:47.000 --> 00:15:47.010 align:start position:0% know some people are open about it it's 00:15:47.010 --> 00:15:48.590 align:start position:0% know some people are open about it it's breeding<00:15:47.310> their<00:15:47.550> complementation<00:15:48.120> that<00:15:48.450> they 00:15:48.590 --> 00:15:48.600 align:start position:0% breeding their complementation that they 00:15:48.600 --> 00:15:50.240 align:start position:0% breeding their complementation that they use<00:15:48.780> it<00:15:48.990> right<00:15:49.320> some<00:15:49.590> people<00:15:49.830> have<00:15:49.920> talked<00:15:50.130> to 00:15:50.240 --> 00:15:50.250 align:start position:0% use it right some people have talked to 00:15:50.250 --> 00:15:51.920 align:start position:0% use it right some people have talked to me<00:15:50.310> at<00:15:50.520> conferences<00:15:51.000> and<00:15:51.240> say<00:15:51.390> oh<00:15:51.630> you<00:15:51.690> know 00:15:51.920 --> 00:15:51.930 align:start position:0% me at conferences and say oh you know 00:15:51.930 --> 00:15:54.830 align:start position:0% me at conferences and say oh you know we're<00:15:52.200> using<00:15:52.380> the<00:15:52.590> Oracles<00:15:53.510> but<00:15:54.510> I'm<00:15:54.600> sure 00:15:54.830 --> 00:15:54.840 align:start position:0% we're using the Oracles but I'm sure 00:15:54.840 --> 00:15:57.620 align:start position:0% we're using the Oracles but I'm sure there's<00:15:55.200> dozens<00:15:55.740> and<00:15:56.250> dozens<00:15:56.310> more<00:15:56.730> that<00:15:57.330> we 00:15:57.620 --> 00:15:57.630 align:start position:0% there's dozens and dozens more that we 00:15:57.630 --> 00:16:00.290 align:start position:0% there's dozens and dozens more that we don't<00:15:57.690> know<00:15:57.840> about<00:15:58.020> and<00:15:58.410> so<00:15:58.910> it's<00:15:59.910> kind<00:16:00.090> of<00:16:00.120> our 00:16:00.290 --> 00:16:00.300 align:start position:0% don't know about and so it's kind of our 00:16:00.300 --> 00:16:02.240 align:start position:0% don't know about and so it's kind of our responsibility<00:16:00.500> to<00:16:01.500> be<00:16:01.620> kind<00:16:01.920> of<00:16:01.980> a<00:16:02.040> good 00:16:02.240 --> 00:16:02.250 align:start position:0% responsibility to be kind of a good 00:16:02.250 --> 00:16:04.010 align:start position:0% responsibility to be kind of a good citizen<00:16:02.730> of<00:16:02.820> the<00:16:02.970> ecosystem<00:16:03.570> and<00:16:03.720> make<00:16:03.870> sure 00:16:04.010 --> 00:16:04.020 align:start position:0% citizen of the ecosystem and make sure 00:16:04.020 --> 00:16:05.780 align:start position:0% citizen of the ecosystem and make sure that<00:16:04.200> this<00:16:04.350> transition<00:16:04.830> goes<00:16:05.280> extremely 00:16:05.780 --> 00:16:05.790 align:start position:0% that this transition goes extremely 00:16:05.790 --> 00:16:09.650 align:start position:0% that this transition goes extremely smoothly<00:16:07.040> so<00:16:08.040> what<00:16:08.850> we<00:16:08.940> committed<00:16:09.300> to<00:16:09.330> of<00:16:09.570> this 00:16:09.650 --> 00:16:09.660 align:start position:0% smoothly so what we committed to of this 00:16:09.660 --> 00:16:11.720 align:start position:0% smoothly so what we committed to of this proposal<00:16:09.990> is<00:16:10.410> that<00:16:10.440> orbitals<00:16:11.130> be<00:16:11.250> one<00:16:11.520> is 00:16:11.720 --> 00:16:11.730 align:start position:0% proposal is that orbitals be one is 00:16:11.730 --> 00:16:13.940 align:start position:0% proposal is that orbitals be one is going<00:16:11.910> to<00:16:11.970> Brian<00:16:12.300> parallel<00:16:12.870> with<00:16:13.320> Oracle's<00:16:13.830> T 00:16:13.940 --> 00:16:13.950 align:start position:0% going to Brian parallel with Oracle's T 00:16:13.950 --> 00:16:16.910 align:start position:0% going to Brian parallel with Oracle's T 2<00:16:14.130> until<00:16:14.850> at<00:16:15.270> least<00:16:15.570> single<00:16:16.380> collateral<00:16:16.560> die 00:16:16.910 --> 00:16:16.920 align:start position:0% 2 until at least single collateral die 00:16:16.920 --> 00:16:20.900 align:start position:0% 2 until at least single collateral die is<00:16:17.340> shut<00:16:18.330> down<00:16:18.360> and<00:16:18.930> so<00:16:19.350> that<00:16:19.380> is<00:16:19.800> at<00:16:20.340> least<00:16:20.580> six 00:16:20.900 --> 00:16:20.910 align:start position:0% is shut down and so that is at least six 00:16:20.910 --> 00:16:22.550 align:start position:0% is shut down and so that is at least six months<00:16:21.000> out<00:16:21.360> so<00:16:22.020> it<00:16:22.170> gives<00:16:22.350> these 00:16:22.550 --> 00:16:22.560 align:start position:0% months out so it gives these 00:16:22.560 --> 00:16:24.260 align:start position:0% months out so it gives these organizations<00:16:23.280> six<00:16:23.520> months<00:16:23.850> to<00:16:24.000> kind<00:16:24.150> of 00:16:24.260 --> 00:16:24.270 align:start position:0% organizations six months to kind of 00:16:24.270 --> 00:16:26.660 align:start position:0% organizations six months to kind of transition<00:16:24.570> over<00:16:24.930> to<00:16:24.960> work<00:16:25.170> will<00:16:25.320> speak<00:16:25.410> to<00:16:25.670> on 00:16:26.660 --> 00:16:26.670 align:start position:0% transition over to work will speak to on 00:16:26.670 --> 00:16:29.780 align:start position:0% transition over to work will speak to on top<00:16:26.880> of<00:16:27.030> that<00:16:27.320> we're<00:16:28.320> going<00:16:28.530> to<00:16:28.740> be<00:16:28.920> getting<00:16:29.580> a 00:16:29.780 --> 00:16:29.790 align:start position:0% top of that we're going to be getting a 00:16:29.790 --> 00:16:32.600 align:start position:0% top of that we're going to be getting a whitelist<00:16:30.150> access<00:16:30.720> to<00:16:31.320> the<00:16:31.440> Oracles<00:16:31.860> any<00:16:32.340> more 00:16:32.600 --> 00:16:32.610 align:start position:0% whitelist access to the Oracles any more 00:16:32.610 --> 00:16:34.820 align:start position:0% whitelist access to the Oracles any more moles<00:16:32.910> any<00:16:33.120> number<00:16:33.480> of<00:16:33.600> Oracle's<00:16:34.050> for<00:16:34.620> free 00:16:34.820 --> 00:16:34.830 align:start position:0% moles any number of Oracle's for free 00:16:34.830 --> 00:16:37.970 align:start position:0% moles any number of Oracle's for free for<00:16:35.190> one<00:16:35.370> year<00:16:35.640> so<00:16:35.960> this<00:16:36.960> makes<00:16:37.230> sure<00:16:37.290> that<00:16:37.740> you 00:16:37.970 --> 00:16:37.980 align:start position:0% for one year so this makes sure that you 00:16:37.980 --> 00:16:40.250 align:start position:0% for one year so this makes sure that you know<00:16:38.070> Bill<00:16:38.340> line<00:16:38.520> is<00:16:38.700> kind<00:16:38.940> of<00:16:39.000> has<00:16:39.960> the<00:16:40.080> rug 00:16:40.250 --> 00:16:40.260 align:start position:0% know Bill line is kind of has the rug 00:16:40.260 --> 00:16:42.020 align:start position:0% know Bill line is kind of has the rug pulled<00:16:40.500> out<00:16:40.590> from<00:16:40.650> under<00:16:41.010> them<00:16:41.220> right<00:16:41.880> and 00:16:42.020 --> 00:16:42.030 align:start position:0% pulled out from under them right and 00:16:42.030 --> 00:16:43.760 align:start position:0% pulled out from under them right and everyone<00:16:42.240> has<00:16:42.420> time<00:16:42.630> to<00:16:42.930> transition<00:16:43.350> to<00:16:43.560> the 00:16:43.760 --> 00:16:43.770 align:start position:0% everyone has time to transition to the 00:16:43.770 --> 00:16:46.870 align:start position:0% everyone has time to transition to the architecture<00:16:44.610> see<00:16:45.360> if<00:16:45.630> it's<00:16:45.810> what<00:16:46.050> they<00:16:46.170> like 00:16:46.870 --> 00:16:46.880 align:start position:0% architecture see if it's what they like 00:16:46.880 --> 00:16:50.030 align:start position:0% architecture see if it's what they like and<00:16:47.880> hopefully<00:16:48.870> a<00:16:49.080> year<00:16:49.170> from<00:16:49.560> now<00:16:49.650> you<00:16:49.770> know 00:16:50.030 --> 00:16:50.040 align:start position:0% and hopefully a year from now you know 00:16:50.040 --> 00:16:51.730 align:start position:0% and hopefully a year from now you know Volvo<00:16:50.790> slowing<00:16:51.180> us<00:16:51.360> down 00:16:51.730 --> 00:16:51.740 align:start position:0% Volvo slowing us down 00:16:51.740 --> 00:16:54.470 align:start position:0% Volvo slowing us down and<00:16:52.740> so<00:16:52.860> this<00:16:53.250> kind<00:16:53.490> of<00:16:53.550> allows<00:16:53.730> us<00:16:53.760> to<00:16:54.120> support 00:16:54.470 --> 00:16:54.480 align:start position:0% and so this kind of allows us to support 00:16:54.480 --> 00:16:57.320 align:start position:0% and so this kind of allows us to support innovation<00:16:54.840> right<00:16:55.350> it<00:16:55.950> lets<00:16:56.580> a<00:16:56.730> civil<00:16:57.120> support 00:16:57.320 --> 00:16:57.330 align:start position:0% innovation right it lets a civil support 00:16:57.330 --> 00:16:59.240 align:start position:0% innovation right it lets a civil support you<00:16:57.810> know<00:16:57.900> new<00:16:58.110> projects<00:16:58.680> right<00:16:58.830> I<00:16:58.890> don't<00:16:59.130> have 00:16:59.240 --> 00:16:59.250 align:start position:0% you know new projects right I don't have 00:16:59.250 --> 00:17:01.040 align:start position:0% you know new projects right I don't have any<00:16:59.430> funding<00:16:59.820> right<00:17:00.000> that's<00:17:00.240> just<00:17:00.420> a<00:17:00.510> demo<00:17:00.780> you 00:17:01.040 --> 00:17:01.050 align:start position:0% any funding right that's just a demo you 00:17:01.050 --> 00:17:02.450 align:start position:0% any funding right that's just a demo you know<00:17:01.140> that<00:17:01.290> home<00:17:01.500> building<00:17:01.980> something<00:17:02.160> cool 00:17:02.450 --> 00:17:02.460 align:start position:0% know that home building something cool 00:17:02.460 --> 00:17:04.310 align:start position:0% know that home building something cool all<00:17:02.970> right<00:17:03.060> if<00:17:03.180> you<00:17:03.270> can<00:17:03.390> still<00:17:03.630> use<00:17:03.870> Oracle's 00:17:04.310 --> 00:17:04.320 align:start position:0% all right if you can still use Oracle's 00:17:04.320 --> 00:17:06.770 align:start position:0% all right if you can still use Oracle's no<00:17:04.530> problem<00:17:04.980> and<00:17:05.190> if<00:17:05.730> it<00:17:05.850> ever<00:17:05.970> turns<00:17:06.510> into 00:17:06.770 --> 00:17:06.780 align:start position:0% no problem and if it ever turns into 00:17:06.780 --> 00:17:07.189 align:start position:0% no problem and if it ever turns into something 00:17:07.189 --> 00:17:07.199 align:start position:0% something 00:17:07.199 --> 00:17:09.289 align:start position:0% something right<00:17:07.529> then<00:17:08.029> there's<00:17:09.029> a<00:17:09.089> long-term 00:17:09.289 --> 00:17:09.299 align:start position:0% right then there's a long-term 00:17:09.299 --> 00:17:13.929 align:start position:0% right then there's a long-term management<00:17:09.720> for<00:17:10.109> the<00:17:10.169> system<00:17:12.589> okay<00:17:13.589> and 00:17:13.929 --> 00:17:13.939 align:start position:0% management for the system okay and 00:17:13.939 --> 00:17:18.229 align:start position:0% management for the system okay and that's<00:17:14.939> all<00:17:15.480> I<00:17:15.539> have<00:17:15.929> for<00:17:15.959> you<00:17:16.139> today<00:17:16.819> if<00:17:17.819> you 00:17:18.229 --> 00:17:18.239 align:start position:0% that's all I have for you today if you 00:17:18.239 --> 00:17:21.019 align:start position:0% that's all I have for you today if you want<00:17:18.509> to<00:17:18.689> find<00:17:18.869> out<00:17:19.049> more<00:17:19.379> we<00:17:19.829> have<00:17:20.369> a<00:17:20.699> bunch<00:17:20.909> of 00:17:21.019 --> 00:17:21.029 align:start position:0% want to find out more we have a bunch of 00:17:21.029 --> 00:17:22.519 align:start position:0% want to find out more we have a bunch of different<00:17:21.209> socials<00:17:21.749> you<00:17:21.929> can<00:17:22.049> find<00:17:22.259> us<00:17:22.379> on 00:17:22.519 --> 00:17:22.529 align:start position:0% different socials you can find us on 00:17:22.529 --> 00:17:22.939 align:start position:0% different socials you can find us on Twitter 00:17:22.939 --> 00:17:22.949 align:start position:0% Twitter 00:17:22.949 --> 00:17:25.819 align:start position:0% Twitter our<00:17:23.549> active<00:17:23.999> chat<00:17:24.299> really<00:17:24.899> active<00:17:25.259> forum<00:17:25.649> and 00:17:25.819 --> 00:17:25.829 align:start position:0% our active chat really active forum and 00:17:25.829 --> 00:17:28.749 align:start position:0% our active chat really active forum and active<00:17:26.100> subreddit<00:17:26.609> or<00:17:27.449> you<00:17:27.989> can<00:17:28.169> come<00:17:28.350> find<00:17:28.529> me 00:17:28.749 --> 00:17:28.759 align:start position:0% active subreddit or you can come find me 00:17:28.759 --> 00:17:31.909 align:start position:0% active subreddit or you can come find me always<00:17:29.759> happy<00:17:30.059> to<00:17:30.210> talk<00:17:30.389> about<00:17:30.629> morals<00:17:30.960> yeah 00:17:31.909 --> 00:17:31.919 align:start position:0% always happy to talk about morals yeah 00:17:31.919 --> 00:17:35.360 align:start position:0% always happy to talk about morals yeah thank<00:17:32.399> you<00:17:32.460> very<00:17:32.609> much 00:17:35.360 --> 00:17:35.370 align:start position:0% 00:17:35.370 --> 00:17:42.060 align:start position:0% [Applause]