WEBVTT Kind: captions Language: en 00:00:09.190 --> 00:00:15.679 align:start position:0% [Music] 00:00:15.679 --> 00:00:15.689 align:start position:0% [Music] 00:00:15.689 --> 00:00:19.800 align:start position:0% [Music] okay<00:00:17.070> all<00:00:18.070> right<00:00:18.130> hi<00:00:18.460> everyone 00:00:19.800 --> 00:00:19.810 align:start position:0% okay all right hi everyone 00:00:19.810 --> 00:00:21.359 align:start position:0% okay all right hi everyone so<00:00:20.230> yeah<00:00:20.380> I'm<00:00:20.589> Andrew<00:00:20.890> Miller<00:00:21.009> I'm<00:00:21.249> a 00:00:21.359 --> 00:00:21.369 align:start position:0% so yeah I'm Andrew Miller I'm a 00:00:21.369 --> 00:00:23.640 align:start position:0% so yeah I'm Andrew Miller I'm a professor<00:00:21.759> at<00:00:21.999> the<00:00:22.089> University<00:00:22.659> of<00:00:23.109> Illinois 00:00:23.640 --> 00:00:23.650 align:start position:0% professor at the University of Illinois 00:00:23.650 --> 00:00:25.019 align:start position:0% professor at the University of Illinois at<00:00:23.859> urbana-champaign 00:00:25.019 --> 00:00:25.029 align:start position:0% at urbana-champaign 00:00:25.029 --> 00:00:26.729 align:start position:0% at urbana-champaign I'm<00:00:25.359> also<00:00:25.509> a<00:00:25.630> member<00:00:25.779> of<00:00:25.869> the<00:00:26.169> research 00:00:26.729 --> 00:00:26.739 align:start position:0% I'm also a member of the research 00:00:26.739 --> 00:00:29.159 align:start position:0% I'm also a member of the research initiative<00:00:27.640> ic3<00:00:28.119> the<00:00:28.509> initiative<00:00:28.929> for 00:00:29.159 --> 00:00:29.169 align:start position:0% initiative ic3 the initiative for 00:00:29.169 --> 00:00:32.040 align:start position:0% initiative ic3 the initiative for cryptocurrencies<00:00:29.829> and<00:00:30.130> contracts<00:00:30.869> I'm<00:00:31.869> also 00:00:32.040 --> 00:00:32.050 align:start position:0% cryptocurrencies and contracts I'm also 00:00:32.050 --> 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of aetherium<00:00:39.460> related<00:00:40.230> projects<00:00:41.230> for<00:00:41.350> example 00:00:41.400 --> 00:00:41.410 align:start position:0% aetherium related projects for example 00:00:41.410 --> 00:00:43.080 align:start position:0% aetherium related projects for example chain-linked<00:00:42.130> which<00:00:42.310> I<00:00:42.430> know<00:00:42.490> was<00:00:42.670> talked 00:00:43.080 --> 00:00:43.090 align:start position:0% chain-linked which I know was talked 00:00:43.090 --> 00:00:46.380 align:start position:0% chain-linked which I know was talked about<00:00:43.300> earlier<00:00:43.920> and<00:00:45.000> what<00:00:46.000> I<00:00:46.030> want<00:00:46.210> to<00:00:46.270> tell 00:00:46.380 --> 00:00:46.390 align:start position:0% about earlier and what I want to tell 00:00:46.390 --> 00:00:48.110 align:start position:0% about earlier and what I want to tell you<00:00:46.480> about<00:00:46.570> today<00:00:46.960> is<00:00:46.990> basically<00:00:47.530> a 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programming that I've been doing I've been<00:00:54.220> doing<00:00:54.490> research<00:00:54.760> and<00:00:54.970> cryptocurrencies 00:00:55.470 --> 00:00:55.480 align:start position:0% been doing research and cryptocurrencies 00:00:55.480 --> 00:00:58.350 align:start position:0% been doing research and cryptocurrencies since<00:00:56.079> prior<00:00:56.320> to<00:00:56.530> aetherium<00:00:56.940> back<00:00:57.940> in<00:00:58.150> the 00:00:58.350 --> 00:00:58.360 align:start position:0% since prior to aetherium back in the 00:00:58.360 --> 00:01:00.840 align:start position:0% since prior to aetherium back in the Bitcoin<00:00:58.690> times<00:00:59.140> and<00:00:59.440> have<00:01:00.400> been<00:01:00.550> trying<00:01:00.700> to 00:01:00.840 --> 00:01:00.850 align:start position:0% Bitcoin times and have been trying to 00:01:00.850 --> 00:01:02.970 align:start position:0% Bitcoin times and have been trying to include<00:01:01.260> etherium<00:01:02.260> smart<00:01:02.560> contract 00:01:02.970 --> 00:01:02.980 align:start position:0% include etherium smart contract 00:01:02.980 --> 00:01:05.520 align:start position:0% include etherium smart contract programming<00:01:03.520> in<00:01:03.820> things<00:01:04.689> like<00:01:04.750> assignments 00:01:05.520 --> 00:01:05.530 align:start position:0% programming in things like assignments 00:01:05.530 --> 00:01:07.950 align:start position:0% programming in things like assignments at<00:01:06.159> the<00:01:06.249> University<00:01:06.789> of<00:01:06.819> Maryland<00:01:07.359> and<00:01:07.749> like 00:01:07.950 --> 00:01:07.960 align:start position:0% at the University of Maryland and like 00:01:07.960 --> 00:01:10.469 align:start position:0% at the University of Maryland and like computer<00:01:08.710> security<00:01:09.189> courses<00:01:09.609> since<00:01:09.850> as<00:01:10.359> early 00:01:10.469 --> 00:01:10.479 align:start position:0% computer security courses since as early 00:01:10.479 --> 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we evaluate the languages<00:01:20.229> that<00:01:20.259> we<00:01:20.829> use<00:01:20.859> to<00:01:21.460> write<00:01:21.819> smart 00:01:22.139 --> 00:01:22.149 align:start position:0% languages that we use to write smart 00:01:22.149 --> 00:01:24.209 align:start position:0% languages that we use to write smart contracts<00:01:22.630> in<00:01:22.799> so<00:01:23.799> you<00:01:23.889> all<00:01:23.979> know<00:01:24.100> the<00:01:24.189> story 00:01:24.209 --> 00:01:24.219 align:start position:0% contracts in so you all know the story 00:01:24.219 --> 00:01:26.550 align:start position:0% contracts in so you all know the story that<00:01:24.729> we<00:01:24.880> now<00:01:24.999> think<00:01:25.210> about<00:01:25.560> crypto 00:01:26.550 --> 00:01:26.560 align:start position:0% that we now think about crypto 00:01:26.560 --> 00:01:29.129 align:start position:0% that we now think about crypto currencies<00:01:26.979> as<00:01:27.219> not<00:01:27.399> just<00:01:27.670> on<00:01:27.880> a<00:01:28.479> place<00:01:28.929> where 00:01:29.129 --> 00:01:29.139 align:start position:0% currencies as not just on a place where 00:01:29.139 --> 00:01:30.929 align:start position:0% currencies as not just on a place where money<00:01:29.319> goes<00:01:29.859> and<00:01:30.130> you<00:01:30.249> can<00:01:30.399> transfer<00:01:30.789> money 00:01:30.929 --> 00:01:30.939 align:start position:0% money goes and you can transfer money 00:01:30.939 --> 00:01:32.520 align:start position:0% money goes and you can transfer money from<00:01:31.030> one<00:01:31.299> person<00:01:31.659> to<00:01:31.689> another<00:01:31.810> we<00:01:32.200> think<00:01:32.409> more 00:01:32.520 --> 00:01:32.530 align:start position:0% from one person to another we think more 00:01:32.530 --> 00:01:34.319 align:start position:0% from one person to another we think more generally<00:01:32.560> about<00:01:33.130> writing<00:01:33.579> programs<00:01:34.060> that 00:01:34.319 --> 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style<00:01:48.670> programming<00:01:49.179> language<00:01:49.689> which<00:01:49.869> is<00:01:50.020> not 00:01:50.219 --> 00:01:50.229 align:start position:0% style programming language which is not 00:01:50.229 --> 00:01:52.019 align:start position:0% style programming language which is not turing-complete<00:01:50.529> all<00:01:51.459> right<00:01:51.579> and<00:01:51.759> you've<00:01:51.850> got 00:01:52.019 --> 00:01:52.029 align:start position:0% turing-complete all right and you've got 00:01:52.029 --> 00:01:53.249 align:start position:0% turing-complete all right and you've got your<00:01:52.119> aetherium<00:01:52.509> style<00:01:52.810> programming 00:01:53.249 --> 00:01:53.259 align:start position:0% your aetherium style programming 00:01:53.259 --> 00:01:54.899 align:start position:0% your aetherium style programming languages<00:01:53.770> which<00:01:53.920> are<00:01:54.069> turing-complete<00:01:54.399> ins 00:01:54.899 --> 00:01:54.909 align:start position:0% languages which are turing-complete ins 00:01:54.909 --> 00:01:56.789 align:start position:0% languages which are turing-complete ins so<00:01:55.090> you<00:01:55.149> probably<00:01:55.420> you<00:01:56.229> know<00:01:56.319> at<00:01:56.469> least<00:01:56.619> seen 00:01:56.789 --> 00:01:56.799 align:start position:0% so you probably you know at least seen 00:01:56.799 --> 00:01:58.769 align:start position:0% so you probably you know at least seen this<00:01:57.069> kind<00:01:57.340> of<00:01:57.459> idea<00:01:58.090> this<00:01:58.329> is<00:01:58.389> the<00:01:58.539> main 00:01:58.769 --> 00:01:58.779 align:start position:0% this kind of idea this is the main 00:01:58.779 --> 00:02:00.359 align:start position:0% this kind of idea this is the main difference<00:01:59.139> between<00:01:59.319> these<00:01:59.649> two<00:01:59.889> programming 00:02:00.359 --> 00:02:00.369 align:start position:0% difference between these two programming 00:02:00.369 --> 00:02:02.399 align:start position:0% difference between these two programming styles<00:02:00.819> on<00:02:01.060> the<00:02:01.090> right<00:02:01.810> you've<00:02:01.959> got<00:02:02.170> more 00:02:02.399 --> 00:02:02.409 align:start position:0% styles on the right you've got more 00:02:02.409 --> 00:02:04.440 align:start position:0% styles on the right you've got more complicated<00:02:02.859> control<00:02:03.520> flow<00:02:03.819> maybe<00:02:04.090> these<00:02:04.329> are 00:02:04.440 --> 00:02:04.450 align:start position:0% complicated control flow maybe these are 00:02:04.450 --> 00:02:05.879 align:start position:0% complicated control flow maybe these are going<00:02:04.539> to<00:02:04.599> be<00:02:04.749> more<00:02:04.899> difficult<00:02:05.079> to<00:02:05.349> analyze 00:02:05.879 --> 00:02:05.889 align:start position:0% going to be more difficult to analyze 00:02:05.889 --> 00:02:08.040 align:start position:0% going to be more difficult to analyze and<00:02:06.219> maybe<00:02:06.369> the<00:02:06.549> simplified<00:02:07.119> Bitcoin<00:02:07.630> scripts 00:02:08.040 --> 00:02:08.050 align:start position:0% and maybe the simplified Bitcoin scripts 00:02:08.050 --> 00:02:10.650 align:start position:0% and maybe the simplified Bitcoin scripts more<00:02:08.200> rigid<00:02:08.649> less<00:02:09.160> expressive<00:02:09.660> hopefully 00:02:10.650 --> 00:02:10.660 align:start position:0% more rigid less expressive hopefully 00:02:10.660 --> 00:02:14.880 align:start position:0% more rigid less expressive hopefully easier<00:02:11.050> to<00:02:11.200> analyze<00:02:12.720> now<00:02:13.720> there's<00:02:14.650> a<00:02:14.710> version 00:02:14.880 --> 00:02:14.890 align:start position:0% easier to analyze now there's a version 00:02:14.890 --> 00:02:15.540 align:start position:0% easier to analyze now there's a version of<00:02:15.070> this<00:02:15.220> talk 00:02:15.540 --> 00:02:15.550 align:start position:0% of this talk 00:02:15.550 --> 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between<00:02:20.470> smart<00:02:21.010> contract<00:02:21.460> programming 00:02:21.930 --> 00:02:21.940 align:start position:0% between smart contract programming 00:02:21.940 --> 00:02:23.700 align:start position:0% between smart contract programming languages<00:02:22.420> turing<00:02:22.750> completeness<00:02:23.110> is<00:02:23.440> really 00:02:23.700 --> 00:02:23.710 align:start position:0% languages turing completeness is really 00:02:23.710 --> 00:02:25.890 align:start position:0% languages turing completeness is really a<00:02:23.740> red<00:02:23.980> herring<00:02:24.310> it's<00:02:24.610> just<00:02:24.820> not<00:02:25.000> uh<00:02:25.030> it's<00:02:25.810> not 00:02:25.890 --> 00:02:25.900 align:start position:0% a red herring it's just not uh it's not 00:02:25.900 --> 00:02:28.230 align:start position:0% a red herring it's just not uh it's not the<00:02:26.080> real<00:02:26.230> point<00:02:26.670> you<00:02:27.670> know<00:02:27.790> the<00:02:27.880> compressed 00:02:28.230 --> 00:02:28.240 align:start position:0% the real point you know the compressed 00:02:28.240 --> 00:02:30.090 align:start position:0% the real point you know the compressed version<00:02:28.300> of<00:02:28.690> this<00:02:28.780> I'll<00:02:28.990> just<00:02:29.140> list<00:02:29.440> the<00:02:29.680> the 00:02:30.090 --> 00:02:30.100 align:start position:0% version of this I'll just list the the 00:02:30.100 --> 00:02:31.860 align:start position:0% version of this I'll just list the the kind<00:02:30.280> of<00:02:30.340> summaries<00:02:30.700> of<00:02:30.910> this<00:02:31.120> all<00:02:31.600> right<00:02:31.690> it's 00:02:31.860 --> 00:02:31.870 align:start position:0% kind of summaries of this all right it's 00:02:31.870 --> 00:02:33.330 align:start position:0% kind of summaries of this all right it's not<00:02:32.020> really<00:02:32.260> the<00:02:32.530> case<00:02:32.680> that<00:02:32.830> aetherium<00:02:33.250> is 00:02:33.330 --> 00:02:33.340 align:start position:0% not really the case that aetherium is 00:02:33.340 --> 00:02:34.890 align:start position:0% not really the case that aetherium is Turing<00:02:33.640> complete<00:02:34.090> all<00:02:34.300> of<00:02:34.420> the<00:02:34.510> things<00:02:34.720> about 00:02:34.890 --> 00:02:34.900 align:start position:0% Turing complete all of the things about 00:02:34.900 --> 00:02:36.960 align:start position:0% Turing complete all of the things about halting<00:02:35.410> problem<00:02:35.680> in<00:02:36.010> infinite<00:02:36.430> loops<00:02:36.640> being 00:02:36.960 --> 00:02:36.970 align:start position:0% halting problem in infinite loops being 00:02:36.970 --> 00:02:38.670 align:start position:0% halting problem in infinite loops being undecidable<00:02:37.660> they<00:02:37.810> don't<00:02:37.990> apply<00:02:38.200> because<00:02:38.530> of 00:02:38.670 --> 00:02:38.680 align:start position:0% undecidable they don't apply because of 00:02:38.680 --> 00:02:40.440 align:start position:0% undecidable they don't apply because of the<00:02:38.830> gasps<00:02:39.100> limit<00:02:39.580> that<00:02:39.730> effectively<00:02:40.240> makes 00:02:40.440 --> 00:02:40.450 align:start position:0% the gasps limit that effectively makes 00:02:40.450 --> 00:02:42.360 align:start position:0% the gasps limit that effectively makes etherion<00:02:41.140> programming<00:02:41.560> not<00:02:41.710> Turing<00:02:42.010> complete 00:02:42.360 --> 00:02:42.370 align:start position:0% etherion programming not Turing complete 00:02:42.370 --> 00:02:43.620 align:start position:0% etherion programming not Turing complete you<00:02:42.490> know<00:02:42.640> how<00:02:42.760> long<00:02:42.940> something's<00:02:43.360> going<00:02:43.570> to 00:02:43.620 --> 00:02:43.630 align:start position:0% you know how long something's going to 00:02:43.630 --> 00:02:45.870 align:start position:0% you know how long something's going to run<00:02:43.840> at<00:02:43.990> most<00:02:44.230> all<00:02:45.160> right<00:02:45.280> and<00:02:45.460> it's<00:02:45.580> not<00:02:45.640> the 00:02:45.870 --> 00:02:45.880 align:start position:0% run at most all right and it's not the 00:02:45.880 --> 00:02:47.190 align:start position:0% run at most all right and it's not the case<00:02:46.030> that<00:02:46.060> you'd<00:02:46.360> ever<00:02:46.510> need<00:02:46.810> Turing 00:02:47.190 --> 00:02:47.200 align:start position:0% case that you'd ever need Turing 00:02:47.200 --> 00:02:48.930 align:start position:0% case that you'd ever need Turing completeness<00:02:47.650> so<00:02:47.920> it's<00:02:48.070> not<00:02:48.190> necessarily<00:02:48.820> the 00:02:48.930 --> 00:02:48.940 align:start position:0% completeness so it's not necessarily the 00:02:48.940 --> 00:02:49.920 align:start position:0% completeness so it's not necessarily the most<00:02:49.030> important<00:02:49.510> thing<00:02:49.660> that<00:02:49.690> you<00:02:49.900> want 00:02:49.920 --> 00:02:49.930 align:start position:0% most important thing that you want 00:02:49.930 --> 00:02:53.490 align:start position:0% most important thing that you want anyway<00:02:50.680> and<00:02:51.570> if<00:02:52.570> you<00:02:52.750> have<00:02:52.870> a<00:02:52.900> Turing<00:02:53.200> complete 00:02:53.490 --> 00:02:53.500 align:start position:0% anyway and if you have a Turing complete 00:02:53.500 --> 00:02:54.990 align:start position:0% anyway and if you have a Turing complete language<00:02:53.530> it<00:02:53.950> doesn't<00:02:54.190> necessarily<00:02:54.730> mean<00:02:54.850> you 00:02:54.990 --> 00:02:55.000 align:start position:0% language it doesn't necessarily mean you 00:02:55.000 --> 00:02:56.760 align:start position:0% language it doesn't necessarily mean you can<00:02:55.180> do<00:02:55.300> everything<00:02:55.570> you<00:02:55.720> want<00:02:56.020> to<00:02:56.200> in<00:02:56.440> it<00:02:56.620> all 00:02:56.760 --> 00:02:56.770 align:start position:0% can do everything you want to in it all 00:02:56.770 --> 00:02:58.290 align:start position:0% can do everything you want to in it all right<00:02:56.890> it's<00:02:57.040> not<00:02:57.160> just<00:02:57.220> what<00:02:57.580> you<00:02:57.670> can<00:02:57.700> compute 00:02:58.290 --> 00:02:58.300 align:start position:0% right it's not just what you can compute 00:02:58.300 --> 00:03:00.990 align:start position:0% right it's not just what you can compute that<00:02:58.450> matters<00:02:58.840> but<00:02:59.170> um<00:02:59.380> how<00:03:00.010> input<00:03:00.520> and<00:03:00.670> output 00:03:00.990 --> 00:03:01.000 align:start position:0% that matters but um how input and output 00:03:01.000 --> 00:03:02.910 align:start position:0% that matters but um how input and output are<00:03:01.120> handled<00:03:01.540> concurrency<00:03:02.230> things<00:03:02.500> like<00:03:02.710> that 00:03:02.910 --> 00:03:02.920 align:start position:0% are handled concurrency things like that 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--> 00:03:11.490 align:start position:0% true it's not the case that Turing complete<00:03:09.100> languages<00:03:09.760> are<00:03:10.060> not<00:03:10.570> possible<00:03:11.380> to 00:03:11.490 --> 00:03:11.500 align:start position:0% complete languages are not possible to 00:03:11.500 --> 00:03:13.290 align:start position:0% complete languages are not possible to apply<00:03:11.710> formal<00:03:12.130> validation<00:03:12.670> to<00:03:12.880> it's<00:03:13.060> really 00:03:13.290 --> 00:03:13.300 align:start position:0% apply formal validation to it's really 00:03:13.300 --> 00:03:14.730 align:start position:0% apply formal validation to it's really awesome<00:03:13.450> that<00:03:13.660> the<00:03:13.840> etherium<00:03:14.230> community's 00:03:14.730 --> 00:03:14.740 align:start position:0% awesome that the etherium community's 00:03:14.740 --> 00:03:16.710 align:start position:0% awesome that the etherium community's moving<00:03:15.190> full<00:03:15.940> ahead<00:03:16.060> and<00:03:16.330> caring<00:03:16.600> about 00:03:16.710 --> 00:03:16.720 align:start position:0% moving full ahead and caring about 00:03:16.720 --> 00:03:18.510 align:start position:0% moving full ahead and caring about formal<00:03:17.200> methods<00:03:17.500> and<00:03:17.710> it's<00:03:18.250> the<00:03:18.340> case<00:03:18.490> that 00:03:18.510 --> 00:03:18.520 align:start position:0% formal methods and it's the case that 00:03:18.520 --> 00:03:21.600 align:start position:0% formal methods and it's the case that formal<00:03:18.970> methods<00:03:19.270> can<00:03:19.420> also<00:03:19.510> apply<00:03:19.989> to<00:03:20.610> you 00:03:21.600 --> 00:03:21.610 align:start position:0% formal methods can also apply to you 00:03:21.610 --> 00:03:22.620 align:start position:0% formal methods can also apply to you know<00:03:21.700> programs<00:03:22.120> written<00:03:22.300> in<00:03:22.510> a 00:03:22.620 --> 00:03:22.630 align:start position:0% know programs written in a 00:03:22.630 --> 00:03:24.870 align:start position:0% know programs written in a turing-complete<00:03:22.900> language<00:03:23.560> as<00:03:23.739> well<00:03:23.890> maybe 00:03:24.870 --> 00:03:24.880 align:start position:0% turing-complete language as well maybe 00:03:24.880 --> 00:03:26.430 align:start position:0% turing-complete language as well maybe it's<00:03:25.060> not<00:03:25.209> decidable<00:03:25.660> maybe<00:03:25.930> you<00:03:26.080> can't<00:03:26.290> do 00:03:26.430 --> 00:03:26.440 align:start position:0% it's not decidable maybe you can't do 00:03:26.440 --> 00:03:28.260 align:start position:0% it's not decidable maybe you can't do all<00:03:26.590> analysis<00:03:27.190> for<00:03:27.370> all<00:03:27.489> programs<00:03:27.970> but<00:03:28.209> you 00:03:28.260 --> 00:03:28.270 align:start position:0% all analysis for all programs but you 00:03:28.270 --> 00:03:30.510 align:start position:0% all analysis for all programs but you can<00:03:28.480> still<00:03:28.720> have<00:03:29.530> very<00:03:29.709> effective<00:03:29.980> formal 00:03:30.510 --> 00:03:30.520 align:start position:0% can still have very effective formal 00:03:30.520 --> 00:03:33.360 align:start position:0% can still have very effective formal verification<00:03:30.670> methods<00:03:31.560> alright<00:03:32.560> so<00:03:32.739> if<00:03:33.280> you 00:03:33.360 --> 00:03:33.370 align:start position:0% verification methods alright so if you 00:03:33.370 --> 00:03:35.100 align:start position:0% verification methods alright so if you buy<00:03:33.640> this<00:03:33.850> premise<00:03:34.209> and<00:03:34.390> you<00:03:34.450> say<00:03:34.600> ok<00:03:34.810> turing 00:03:35.100 --> 00:03:35.110 align:start position:0% buy this premise and you say ok turing 00:03:35.110 --> 00:03:38.010 align:start position:0% buy this premise and you say ok turing completeness<00:03:35.500> is<00:03:35.800> a<00:03:35.830> red<00:03:36.070> herring<00:03:36.780> how<00:03:37.780> else 00:03:38.010 --> 00:03:38.020 align:start position:0% completeness is a red herring how else 00:03:38.020 --> 00:03:39.420 align:start position:0% completeness is a red herring how else should<00:03:38.080> we<00:03:38.320> go<00:03:38.440> about<00:03:38.560> evaluating<00:03:39.100> the 00:03:39.420 --> 00:03:39.430 align:start position:0% should we go about evaluating the 00:03:39.430 --> 00:03:40.920 align:start position:0% should we go about evaluating the difference<00:03:39.730> between<00:03:39.940> smart<00:03:40.480> contract 00:03:40.920 --> 00:03:40.930 align:start position:0% difference between smart contract 00:03:40.930 --> 00:03:42.360 align:start position:0% difference between smart contract programming<00:03:41.410> languages<00:03:41.860> and<00:03:42.010> what<00:03:42.130> do<00:03:42.250> we 00:03:42.360 --> 00:03:42.370 align:start position:0% programming languages and what do we 00:03:42.370 --> 00:03:46.890 align:start position:0% programming languages and what do we want<00:03:42.580> from<00:03:42.730> one<00:03:43.920> so<00:03:45.390> the<00:03:46.390> approach<00:03:46.630> that<00:03:46.660> i've 00:03:46.890 --> 00:03:46.900 align:start position:0% want from one so the approach that i've 00:03:46.900 --> 00:03:48.600 align:start position:0% want from one so the approach that i've been<00:03:47.020> taking<00:03:47.170> in<00:03:47.470> my<00:03:47.590> research<00:03:47.980> i<00:03:48.310> should<00:03:48.520> also 00:03:48.600 --> 00:03:48.610 align:start position:0% been taking in my research i should also 00:03:48.610 --> 00:03:50.070 align:start position:0% been taking in my research i should also say<00:03:48.760> what<00:03:49.150> i'm<00:03:49.270> gonna<00:03:49.390> talk<00:03:49.630> about<00:03:49.690> a<00:03:49.900> couple 00:03:50.070 --> 00:03:50.080 align:start position:0% say what i'm gonna talk about a couple 00:03:50.080 --> 00:03:51.690 align:start position:0% say what i'm gonna talk about a couple of<00:03:50.350> different<00:03:50.680> research<00:03:50.950> projects<00:03:51.459> that<00:03:51.520> are 00:03:51.690 --> 00:03:51.700 align:start position:0% of different research projects that are 00:03:51.700 --> 00:03:53.910 align:start position:0% of different research projects that are joint<00:03:51.940> work<00:03:52.209> with<00:03:52.239> some<00:03:53.080> collaborators<00:03:53.500> of<00:03:53.770> my 00:03:53.910 --> 00:03:53.920 align:start position:0% joint work with some collaborators of my 00:03:53.920 --> 00:03:55.800 align:start position:0% joint work with some collaborators of my anudo<00:03:54.190> benta<00:03:54.610> of<00:03:54.820> Ranjit<00:03:55.209> Kumar<00:03:55.360> asan<00:03:55.780> and 00:03:55.800 --> 00:03:55.810 align:start position:0% anudo benta of Ranjit Kumar asan and 00:03:55.810 --> 00:03:57.600 align:start position:0% anudo benta of Ranjit Kumar asan and Patrick<00:03:56.590> McCrory<00:03:56.920> who<00:03:57.190> you<00:03:57.310> would<00:03:57.400> have<00:03:57.489> heard 00:03:57.600 --> 00:03:57.610 align:start position:0% Patrick McCrory who you would have heard 00:03:57.610 --> 00:04:00.120 align:start position:0% Patrick McCrory who you would have heard talked<00:03:57.790> earlier<00:03:58.120> and<00:03:58.450> uh<00:03:58.980> one<00:03:59.980> of<00:04:00.070> the 00:04:00.120 --> 00:04:00.130 align:start position:0% talked earlier and uh one of the 00:04:00.130 --> 00:04:02.970 align:start position:0% talked earlier and uh one of the breakout<00:04:00.430> sessions<00:04:01.140> and<00:04:02.140> the<00:04:02.530> approach<00:04:02.830> that 00:04:02.970 --> 00:04:02.980 align:start position:0% breakout sessions and the approach that 00:04:02.980 --> 00:04:04.979 align:start position:0% breakout sessions and the approach that we've<00:04:03.100> been<00:04:03.190> taking<00:04:03.370> is<00:04:03.640> basically<00:04:04.209> to<00:04:04.480> come 00:04:04.979 --> 00:04:04.989 align:start position:0% we've been taking is basically to come 00:04:04.989 --> 00:04:06.900 align:start position:0% we've been taking is basically to come up<00:04:05.080> with<00:04:05.170> interesting<00:04:05.470> applications<00:04:06.340> and<00:04:06.700> try 00:04:06.900 --> 00:04:06.910 align:start position:0% up with interesting applications and try 00:04:06.910 --> 00:04:08.790 align:start position:0% up with interesting applications and try to<00:04:06.970> refine<00:04:07.420> them<00:04:07.690> over<00:04:07.930> time<00:04:08.170> to<00:04:08.230> get<00:04:08.500> them<00:04:08.680> as 00:04:08.790 --> 00:04:08.800 align:start position:0% to refine them over time to get them as 00:04:08.800 --> 00:04:10.740 align:start position:0% to refine them over time to get them as efficient<00:04:09.280> or<00:04:09.430> as<00:04:09.520> effective<00:04:09.730> as<00:04:10.060> we<00:04:10.239> can<00:04:10.510> in 00:04:10.740 --> 00:04:10.750 align:start position:0% efficient or as effective as we can in 00:04:10.750 --> 00:04:12.780 align:start position:0% efficient or as effective as we can in some<00:04:10.900> kind<00:04:11.110> of<00:04:11.170> quantitative<00:04:11.650> way<00:04:11.950> and<00:04:12.220> to<00:04:12.640> see 00:04:12.780 --> 00:04:12.790 align:start position:0% some kind of quantitative way and to see 00:04:12.790 --> 00:04:14.400 align:start position:0% some kind of quantitative way and to see how<00:04:12.940> far<00:04:13.150> we<00:04:13.360> can<00:04:13.480> go<00:04:13.630> by<00:04:13.780> implementing<00:04:14.290> these 00:04:14.400 --> 00:04:14.410 align:start position:0% how far we can go by implementing these 00:04:14.410 --> 00:04:16.560 align:start position:0% how far we can go by implementing these applications<00:04:15.130> in<00:04:15.459> the<00:04:15.820> different<00:04:16.239> smart 00:04:16.560 --> 00:04:16.570 align:start position:0% applications in the different smart 00:04:16.570 --> 00:04:19.020 align:start position:0% applications in the different smart contract<00:04:16.989> programming<00:04:17.560> languages<00:04:18.070> now 00:04:19.020 --> 00:04:19.030 align:start position:0% contract programming languages now 00:04:19.030 --> 00:04:21.449 align:start position:0% contract programming languages now there's<00:04:19.209> a<00:04:19.299> common<00:04:19.630> theme<00:04:20.070> that<00:04:21.070> you<00:04:21.220> all<00:04:21.340> this 00:04:21.449 --> 00:04:21.459 align:start position:0% there's a common theme that you all this 00:04:21.459 --> 00:04:23.670 align:start position:0% there's a common theme that you all this aetherium<00:04:21.910> audience<00:04:22.270> might<00:04:22.510> find<00:04:23.230> heartening 00:04:23.670 --> 00:04:23.680 align:start position:0% aetherium audience might find heartening 00:04:23.680 --> 00:04:26.610 align:start position:0% aetherium audience might find heartening that<00:04:23.950> this<00:04:24.520> common<00:04:24.850> theme<00:04:25.030> runs<00:04:25.330> through<00:04:25.720> all 00:04:26.610 --> 00:04:26.620 align:start position:0% that this common theme runs through all 00:04:26.620 --> 00:04:28.170 align:start position:0% that this common theme runs through all of<00:04:26.740> these<00:04:26.890> applications<00:04:27.340> that<00:04:27.700> we've<00:04:27.880> tried 00:04:28.170 --> 00:04:28.180 align:start position:0% of these applications that we've tried 00:04:28.180 --> 00:04:29.550 align:start position:0% of these applications that we've tried which<00:04:28.810> is<00:04:29.020> that 00:04:29.550 --> 00:04:29.560 align:start position:0% which is that 00:04:29.560 --> 00:04:32.430 align:start position:0% which is that there's<00:04:29.710> some<00:04:30.280> quantitative<00:04:30.850> reason<00:04:31.450> where 00:04:32.430 --> 00:04:32.440 align:start position:0% there's some quantitative reason where 00:04:32.440 --> 00:04:34.379 align:start position:0% there's some quantitative reason where we<00:04:32.889> can<00:04:33.070> do<00:04:33.190> a<00:04:33.220> better<00:04:33.370> job<00:04:33.520> of<00:04:33.940> implementing 00:04:34.379 --> 00:04:34.389 align:start position:0% we can do a better job of implementing 00:04:34.389 --> 00:04:36.330 align:start position:0% we can do a better job of implementing these<00:04:34.570> applications<00:04:35.290> in<00:04:35.470> aetherium<00:04:35.980> than<00:04:36.190> we 00:04:36.330 --> 00:04:36.340 align:start position:0% these applications in aetherium than we 00:04:36.340 --> 00:04:38.220 align:start position:0% these applications in aetherium than we can<00:04:36.550> in<00:04:36.910> the<00:04:37.060> Bitcoin<00:04:37.240> style<00:04:37.720> programming 00:04:38.220 --> 00:04:38.230 align:start position:0% can in the Bitcoin style programming 00:04:38.230 --> 00:04:39.840 align:start position:0% can in the Bitcoin style programming language<00:04:38.710> alright<00:04:39.400> and<00:04:39.520> that's<00:04:39.580> what<00:04:39.760> I'm 00:04:39.840 --> 00:04:39.850 align:start position:0% language alright and that's what I'm 00:04:39.850 --> 00:04:42.150 align:start position:0% language alright and that's what I'm gonna<00:04:39.970> try<00:04:40.060> to<00:04:40.270> explain<00:04:40.780> just<00:04:41.080> to<00:04:42.010> give<00:04:42.130> a 00:04:42.150 --> 00:04:42.160 align:start position:0% gonna try to explain just to give a 00:04:42.160 --> 00:04:44.190 align:start position:0% gonna try to explain just to give a quick<00:04:42.400> preview<00:04:42.580> of<00:04:42.850> these<00:04:43.000> three<00:04:43.270> things<00:04:43.510> I'll 00:04:44.190 --> 00:04:44.200 align:start position:0% quick preview of these three things I'll 00:04:44.200 --> 00:04:45.390 align:start position:0% quick preview of these three things I'll tell<00:04:44.410> you<00:04:44.530> a<00:04:44.560> little<00:04:44.680> bit<00:04:44.889> about<00:04:44.980> lottery 00:04:45.390 --> 00:04:45.400 align:start position:0% tell you a little bit about lottery 00:04:45.400 --> 00:04:48.180 align:start position:0% tell you a little bit about lottery applications<00:04:46.210> in<00:04:46.510> aetherium<00:04:47.080> and<00:04:47.290> to<00:04:48.040> do<00:04:48.160> a 00:04:48.180 --> 00:04:48.190 align:start position:0% applications in aetherium and to do a 00:04:48.190 --> 00:04:50.850 align:start position:0% applications in aetherium and to do a coin<00:04:48.520> flip<00:04:48.669> lottery<00:04:49.150> in<00:04:49.330> aetherium<00:04:49.870> you<00:04:50.710> can 00:04:50.850 --> 00:04:50.860 align:start position:0% coin flip lottery in aetherium you can 00:04:50.860 --> 00:04:52.500 align:start position:0% coin flip lottery in aetherium you can do<00:04:50.980> quite<00:04:51.250> simply<00:04:51.700> and<00:04:51.820> quite<00:04:52.030> efficiently 00:04:52.500 --> 00:04:52.510 align:start position:0% do quite simply and quite efficiently 00:04:52.510 --> 00:04:54.360 align:start position:0% do quite simply and quite efficiently whereas<00:04:52.990> to<00:04:53.260> try<00:04:53.440> to<00:04:53.500> do<00:04:53.650> the<00:04:53.770> same<00:04:53.950> thing<00:04:54.250> in 00:04:54.360 --> 00:04:54.370 align:start position:0% whereas to try to do the same thing in 00:04:54.370 --> 00:04:56.970 align:start position:0% whereas to try to do the same thing in Bitcoin<00:04:54.730> you<00:04:54.910> require<00:04:55.300> this<00:04:55.870> kind<00:04:56.860> of 00:04:56.970 --> 00:04:56.980 align:start position:0% Bitcoin you require this kind of 00:04:56.980 --> 00:04:58.830 align:start position:0% Bitcoin you require this kind of trade-off<00:04:57.280> of<00:04:57.580> either<00:04:57.760> an<00:04:57.970> exponential 00:04:58.830 --> 00:04:58.840 align:start position:0% trade-off of either an exponential 00:04:58.840 --> 00:05:00.390 align:start position:0% trade-off of either an exponential amount<00:04:58.960> of<00:04:59.200> computation<00:04:59.860> in<00:05:00.040> the<00:05:00.130> number<00:05:00.370> of 00:05:00.390 --> 00:05:00.400 align:start position:0% amount of computation in the number of 00:05:00.400 --> 00:05:02.159 align:start position:0% amount of computation in the number of parties<00:05:00.730> that<00:05:00.910> are<00:05:01.030> playing<00:05:01.240> or<00:05:01.540> else<00:05:01.690> you 00:05:02.159 --> 00:05:02.169 align:start position:0% parties that are playing or else you 00:05:02.169 --> 00:05:03.990 align:start position:0% parties that are playing or else you have<00:05:02.320> to<00:05:02.470> lock<00:05:02.830> up<00:05:02.860> a<00:05:03.160> bunch<00:05:03.340> of<00:05:03.430> extra<00:05:03.790> money 00:05:03.990 --> 00:05:04.000 align:start position:0% have to lock up a bunch of extra money 00:05:04.000 --> 00:05:06.690 align:start position:0% have to lock up a bunch of extra money as<00:05:04.270> security<00:05:05.260> deposits<00:05:05.800> that<00:05:06.310> you<00:05:06.400> don't<00:05:06.550> have 00:05:06.690 --> 00:05:06.700 align:start position:0% as security deposits that you don't have 00:05:06.700 --> 00:05:09.330 align:start position:0% as security deposits that you don't have to<00:05:06.880> in<00:05:07.000> the<00:05:07.090> etherium<00:05:07.479> case<00:05:07.720> and<00:05:08.440> then<00:05:09.190> I'll 00:05:09.330 --> 00:05:09.340 align:start position:0% to in the etherium case and then I'll 00:05:09.340 --> 00:05:10.580 align:start position:0% to in the etherium case and then I'll tell<00:05:09.490> you<00:05:09.550> a<00:05:09.639> little<00:05:09.850> bit<00:05:09.940> later<00:05:10.060> about 00:05:10.580 --> 00:05:10.590 align:start position:0% tell you a little bit later about 00:05:10.590 --> 00:05:12.840 align:start position:0% tell you a little bit later about payment<00:05:11.590> channels<00:05:12.040> and<00:05:12.340> things<00:05:12.460> like<00:05:12.700> the 00:05:12.840 --> 00:05:12.850 align:start position:0% payment channels and things like the 00:05:12.850 --> 00:05:14.190 align:start position:0% payment channels and things like the lightning<00:05:13.180> or<00:05:13.330> rated<00:05:13.600> Network<00:05:13.870> and<00:05:14.080> there's 00:05:14.190 --> 00:05:14.200 align:start position:0% lightning or rated Network and there's 00:05:14.200 --> 00:05:15.659 align:start position:0% lightning or rated Network and there's an<00:05:14.350> optimization<00:05:14.979> that<00:05:15.010> you<00:05:15.190> can<00:05:15.370> make<00:05:15.520> in 00:05:15.659 --> 00:05:15.669 align:start position:0% an optimization that you can make in 00:05:15.669 --> 00:05:17.909 align:start position:0% an optimization that you can make in etherium<00:05:16.120> that<00:05:16.690> reduces<00:05:17.380> the<00:05:17.560> amount<00:05:17.740> of 00:05:17.909 --> 00:05:17.919 align:start position:0% etherium that reduces the amount of 00:05:17.919 --> 00:05:20.100 align:start position:0% etherium that reduces the amount of money<00:05:18.550> that<00:05:18.639> you<00:05:19.000> have<00:05:19.150> to<00:05:19.330> have<00:05:19.510> locked<00:05:19.900> up 00:05:20.100 --> 00:05:20.110 align:start position:0% money that you have to have locked up 00:05:20.110 --> 00:05:22.170 align:start position:0% money that you have to have locked up for<00:05:20.350> a<00:05:20.380> certain<00:05:20.590> amount<00:05:20.800> of<00:05:20.979> time<00:05:21.250> in<00:05:21.580> these 00:05:22.170 --> 00:05:22.180 align:start position:0% for a certain amount of time in these 00:05:22.180 --> 00:05:24.540 align:start position:0% for a certain amount of time in these payment<00:05:22.780> channels<00:05:23.160> that<00:05:24.160> we<00:05:24.250> can't<00:05:24.430> figure 00:05:24.540 --> 00:05:24.550 align:start position:0% payment channels that we can't figure 00:05:24.550 --> 00:05:27.060 align:start position:0% payment channels that we can't figure out<00:05:24.790> how<00:05:24.940> to<00:05:25.000> get<00:05:25.690> this<00:05:25.900> benefit<00:05:26.350> in<00:05:26.590> in 00:05:27.060 --> 00:05:27.070 align:start position:0% out how to get this benefit in in 00:05:27.070 --> 00:05:28.590 align:start position:0% out how to get this benefit in in Bitcoin<00:05:27.490> this<00:05:27.729> trick<00:05:28.000> only<00:05:28.120> works<00:05:28.419> in 00:05:28.590 --> 00:05:28.600 align:start position:0% Bitcoin this trick only works in 00:05:28.600 --> 00:05:30.570 align:start position:0% Bitcoin this trick only works in aetherium<00:05:28.919> all<00:05:29.919> right<00:05:30.040> and<00:05:30.130> then<00:05:30.220> finally<00:05:30.550> all 00:05:30.570 --> 00:05:30.580 align:start position:0% aetherium all right and then finally all 00:05:30.580 --> 00:05:32.760 align:start position:0% aetherium all right and then finally all and<00:05:31.180> by<00:05:31.300> telling<00:05:31.600> you<00:05:31.690> a<00:05:31.720> little<00:05:31.780> bit<00:05:31.960> about<00:05:32.229> a 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can't get both of 00:05:38.800 --> 00:05:40.200 align:start position:0% would want and you can't get both of them<00:05:38.919> at<00:05:39.039> the<00:05:39.130> same<00:05:39.160> time<00:05:39.370> with<00:05:39.760> Bitcoin 00:05:40.200 --> 00:05:40.210 align:start position:0% them at the same time with Bitcoin 00:05:40.210 --> 00:05:42.830 align:start position:0% them at the same time with Bitcoin whereas<00:05:40.630> you<00:05:40.750> can<00:05:40.900> do<00:05:41.020> that<00:05:41.169> in<00:05:41.320> aetherium 00:05:42.830 --> 00:05:42.840 align:start position:0% whereas you can do that in aetherium 00:05:42.840 --> 00:05:45.300 align:start position:0% whereas you can do that in aetherium all<00:05:43.840> right<00:05:44.020> so<00:05:44.229> let<00:05:44.770> me<00:05:44.830> start<00:05:45.010> by<00:05:45.100> just 00:05:45.300 --> 00:05:45.310 align:start position:0% all right so let me start by just 00:05:45.310 --> 00:05:46.950 align:start position:0% all right so let me start by just introducing<00:05:45.490> this<00:05:45.940> lottery<00:05:46.150> application<00:05:46.840> and 00:05:46.950 --> 00:05:46.960 align:start position:0% introducing this lottery application and 00:05:46.960 --> 00:05:48.510 align:start position:0% introducing this lottery application and let<00:05:47.050> me<00:05:47.110> explain<00:05:47.350> to<00:05:47.530> you<00:05:47.560> how<00:05:47.710> this<00:05:47.890> goes<00:05:48.160> so 00:05:48.510 --> 00:05:48.520 align:start position:0% let me explain to you how this goes so 00:05:48.520 --> 00:05:50.190 align:start position:0% let me explain to you how this goes so you<00:05:48.970> all<00:05:49.090> know<00:05:49.210> the<00:05:49.330> lottery<00:05:49.510> application 00:05:50.190 --> 00:05:50.200 align:start position:0% you all know the lottery application 00:05:50.200 --> 00:05:51.779 align:start position:0% you all know the lottery application it's<00:05:50.350> perfectly<00:05:50.710> simple<00:05:51.010> you<00:05:51.310> have<00:05:51.340> n<00:05:51.520> players 00:05:51.779 --> 00:05:51.789 align:start position:0% it's perfectly simple you have n players 00:05:51.789 --> 00:05:54.120 align:start position:0% it's perfectly simple you have n players they<00:05:52.150> each<00:05:52.300> put<00:05:52.539> in<00:05:52.690> one<00:05:52.870> coin<00:05:53.140> all<00:05:53.860> right<00:05:54.010> and 00:05:54.120 --> 00:05:54.130 align:start position:0% they each put in one coin all right and 00:05:54.130 --> 00:05:56.040 align:start position:0% they each put in one coin all right and then<00:05:54.220> some<00:05:54.430> random<00:05:54.600> selection<00:05:55.600> process 00:05:56.040 --> 00:05:56.050 align:start position:0% then some random selection process 00:05:56.050 --> 00:05:57.960 align:start position:0% then some random selection process happens<00:05:56.500> and<00:05:56.770> then<00:05:56.950> one<00:05:57.400> of<00:05:57.490> them<00:05:57.640> walks<00:05:57.820> away 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align:start position:0% you would probably think of using the 00:06:03.850 --> 00:06:05.310 align:start position:0% you would probably think of using the block<00:06:04.060> hash<00:06:04.300> for<00:06:04.539> this<00:06:04.750> let's<00:06:04.960> just<00:06:05.200> say 00:06:05.310 --> 00:06:05.320 align:start position:0% block hash for this let's just say 00:06:05.320 --> 00:06:06.870 align:start position:0% block hash for this let's just say that's<00:06:05.560> out<00:06:05.710> of<00:06:05.740> bounds<00:06:06.070> what<00:06:06.460> we<00:06:06.550> care<00:06:06.760> about 00:06:06.870 --> 00:06:06.880 align:start position:0% that's out of bounds what we care about 00:06:06.880 --> 00:06:09.270 align:start position:0% that's out of bounds what we care about is<00:06:07.120> the<00:06:07.300> fair<00:06:07.539> cryptographic<00:06:08.020> on<00:06:08.590> committin 00:06:09.270 --> 00:06:09.280 align:start position:0% is the fair cryptographic on committin 00:06:09.280 --> 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so the way that<00:06:16.660> this<00:06:16.930> works<00:06:17.229> the<00:06:17.590> coin<00:06:17.830> flip<00:06:18.100> lottery 00:06:18.450 --> 00:06:18.460 align:start position:0% that this works the coin flip lottery 00:06:18.460 --> 00:06:20.250 align:start position:0% that this works the coin flip lottery you've<00:06:19.090> probably<00:06:19.240> seen<00:06:19.630> this<00:06:19.750> in<00:06:19.810> some<00:06:20.080> kind 00:06:20.250 --> 00:06:20.260 align:start position:0% you've probably seen this in some kind 00:06:20.260 --> 00:06:22.200 align:start position:0% you've probably seen this in some kind of<00:06:20.410> form<00:06:20.590> it's<00:06:20.830> similar<00:06:21.010> to<00:06:21.160> what<00:06:21.430> um<00:06:21.639> theory 00:06:22.200 --> 00:06:22.210 align:start position:0% of form it's similar to what um theory 00:06:22.210 --> 00:06:24.870 align:start position:0% of form it's similar to what um theory emmm<00:06:22.330> name<00:06:22.479> services<00:06:23.020> bidding<00:06:23.320> does<00:06:23.700> all<00:06:24.700> of 00:06:24.870 --> 00:06:24.880 align:start position:0% emmm name services bidding does all of 00:06:24.880 --> 00:06:25.770 align:start position:0% emmm name services bidding does all of the<00:06:24.940> parties<00:06:25.180> are<00:06:25.240> going<00:06:25.300> to<00:06:25.419> pick<00:06:25.570> some 00:06:25.770 --> 00:06:25.780 align:start position:0% the parties are going to pick some 00:06:25.780 --> 00:06:27.690 align:start position:0% the parties are going to pick some random<00:06:25.810> value<00:06:26.440> and<00:06:26.650> they're<00:06:26.950> going<00:06:27.160> to<00:06:27.370> before 00:06:27.690 --> 00:06:27.700 align:start position:0% random value and they're going to before 00:06:27.700 --> 00:06:30.300 align:start position:0% random value and they're going to before some<00:06:27.910> time<00:06:28.210> limit<00:06:28.539> they're<00:06:28.660> going<00:06:28.870> to<00:06:29.310> place 00:06:30.300 --> 00:06:30.310 align:start position:0% some time limit they're going to place 00:06:30.310 --> 00:06:31.980 align:start position:0% some time limit they're going to place the<00:06:30.490> hash<00:06:30.669> of<00:06:30.850> this<00:06:31.000> random<00:06:31.270> value<00:06:31.750> on<00:06:31.870> the 00:06:31.980 --> 00:06:31.990 align:start position:0% the hash of this random value on the 00:06:31.990 --> 00:06:34.320 align:start position:0% the hash of this random value on the blockchain<00:06:32.200> and<00:06:32.620> then<00:06:33.340> they<00:06:33.639> have<00:06:33.820> up<00:06:33.970> to<00:06:34.120> some 00:06:34.320 --> 00:06:34.330 align:start position:0% blockchain and then they have up to some 00:06:34.330 --> 00:06:35.909 align:start position:0% blockchain and then they have up to some time<00:06:34.360> limit<00:06:34.930> after<00:06:35.200> all<00:06:35.320> of<00:06:35.500> the<00:06:35.680> The 00:06:35.909 --> 00:06:35.919 align:start position:0% time limit after all of the The 00:06:35.919 --> 00:06:37.800 align:start position:0% time limit after all of the The Commitments<00:06:36.190> are<00:06:36.580> in<00:06:36.700> to<00:06:36.940> reveal<00:06:37.300> what<00:06:37.630> those 00:06:37.800 --> 00:06:37.810 align:start position:0% Commitments are in to reveal what those 00:06:37.810 --> 00:06:39.480 align:start position:0% Commitments are in to reveal what those random<00:06:38.050> values<00:06:38.530> were<00:06:38.740> that<00:06:38.979> they<00:06:39.099> committed 00:06:39.480 --> 00:06:39.490 align:start position:0% random values were that they committed 00:06:39.490 --> 00:06:41.700 align:start position:0% random values were that they committed to<00:06:39.640> right<00:06:40.479> and<00:06:40.659> then<00:06:40.810> the<00:06:40.960> random<00:06:41.110> winner<00:06:41.500> is 00:06:41.700 --> 00:06:41.710 align:start position:0% to right and then the random winner is 00:06:41.710 --> 00:06:43.800 align:start position:0% to right and then the random winner is some<00:06:41.950> you<00:06:42.550> know<00:06:42.669> decided<00:06:43.030> somehow<00:06:43.360> by 00:06:43.800 --> 00:06:43.810 align:start position:0% some you know decided somehow by 00:06:43.810 --> 00:06:45.659 align:start position:0% some you know decided somehow by adding<00:06:44.169> up<00:06:44.290> all<00:06:44.410> of<00:06:44.470> these<00:06:44.740> secret<00:06:45.370> values 00:06:45.659 --> 00:06:45.669 align:start position:0% adding up all of these secret values 00:06:45.669 --> 00:06:47.190 align:start position:0% adding up all of these secret values that<00:06:45.850> are<00:06:45.970> revealed<00:06:46.300> and<00:06:46.570> then<00:06:46.630> hashing<00:06:47.050> them 00:06:47.190 --> 00:06:47.200 align:start position:0% that are revealed and then hashing them 00:06:47.200 --> 00:06:49.620 align:start position:0% that are revealed and then hashing them and<00:06:47.350> that<00:06:47.440> picks<00:06:47.650> one<00:06:47.800> of<00:06:47.889> the<00:06:48.010> winners<00:06:48.630> right 00:06:49.620 --> 00:06:49.630 align:start position:0% and that picks one of the winners right 00:06:49.630 --> 00:06:52.320 align:start position:0% and that picks one of the winners right now<00:06:49.750> this<00:06:49.930> is<00:06:50.080> simple<00:06:50.730> in<00:06:51.730> order<00:06:51.880> to<00:06:52.090> make<00:06:52.210> it 00:06:52.320 --> 00:06:52.330 align:start position:0% now this is simple in order to make it 00:06:52.330 --> 00:06:53.700 align:start position:0% now this is simple in order to make it secure<00:06:52.720> though<00:06:52.900> you<00:06:52.960> want<00:06:53.230> to<00:06:53.290> have<00:06:53.380> this<00:06:53.530> or 00:06:53.700 --> 00:06:53.710 align:start position:0% secure though you want to have this or 00:06:53.710 --> 00:06:55.590 align:start position:0% secure though you want to have this or that<00:06:53.740> it's<00:06:53.919> a<00:06:54.010> fair<00:06:54.310> lottery<00:06:54.700> so<00:06:54.970> that<00:06:55.120> even<00:06:55.300> if 00:06:55.590 --> 00:06:55.600 align:start position:0% that it's a fair lottery so that even if 00:06:55.600 --> 00:06:58.080 align:start position:0% that it's a fair lottery so that even if n<00:06:55.870> minus<00:06:56.680> one<00:06:56.860> of<00:06:56.889> the<00:06:57.040> parties<00:06:57.400> are<00:06:57.580> bad<00:06:57.790> they 00:06:58.080 --> 00:06:58.090 align:start position:0% n minus one of the parties are bad they 00:06:58.090 --> 00:06:59.730 align:start position:0% n minus one of the parties are bad they can't<00:06:58.360> get<00:06:58.600> they<00:06:58.810> can't<00:06:59.050> cheat<00:06:59.290> against<00:06:59.650> the 00:06:59.730 --> 00:06:59.740 align:start position:0% can't get they can't cheat against the 00:06:59.740 --> 00:07:02.129 align:start position:0% can't get they can't cheat against the one<00:06:59.860> remaining<00:07:00.100> honest<00:07:00.580> party<00:07:00.880> and<00:07:01.630> where<00:07:02.020> the 00:07:02.129 --> 00:07:02.139 align:start position:0% one remaining honest party and where the 00:07:02.139 --> 00:07:03.360 align:start position:0% one remaining honest party and where the problem<00:07:02.410> ends<00:07:02.530> up<00:07:02.650> happening<00:07:02.800> that<00:07:03.130> you<00:07:03.160> need 00:07:03.360 --> 00:07:03.370 align:start position:0% problem ends up happening that you need 00:07:03.370 --> 00:07:05.940 align:start position:0% problem ends up happening that you need a<00:07:03.400> technical<00:07:03.820> solution<00:07:04.000> to<00:07:04.540> is<00:07:04.750> what<00:07:05.560> happens 00:07:05.940 --> 00:07:05.950 align:start position:0% a technical solution to is what happens 00:07:05.950 --> 00:07:07.440 align:start position:0% a technical solution to is what happens if<00:07:06.100> one<00:07:06.220> of<00:07:06.340> these<00:07:06.460> players<00:07:06.760> just<00:07:07.090> doesn't 00:07:07.440 --> 00:07:07.450 align:start position:0% if one of these players just doesn't 00:07:07.450 --> 00:07:09.810 align:start position:0% if one of these players just doesn't show<00:07:07.510> up<00:07:07.840> and<00:07:08.110> doesn't<00:07:09.010> reveal<00:07:09.250> their<00:07:09.460> secret 00:07:09.810 --> 00:07:09.820 align:start position:0% show up and doesn't reveal their secret 00:07:09.820 --> 00:07:11.100 align:start position:0% show up and doesn't reveal their secret value<00:07:10.120> that<00:07:10.240> they<00:07:10.360> committed<00:07:10.750> to<00:07:10.870> in<00:07:11.020> the 00:07:11.100 --> 00:07:11.110 align:start position:0% value that they committed to in the 00:07:11.110 --> 00:07:12.540 align:start position:0% value that they committed to in the earlier<00:07:11.380> round<00:07:11.650> all<00:07:12.160> right<00:07:12.280> you<00:07:12.340> have<00:07:12.460> to<00:07:12.520> have 00:07:12.540 --> 00:07:12.550 align:start position:0% earlier round all right you have to have 00:07:12.550 --> 00:07:16.320 align:start position:0% earlier round all right you have to have some<00:07:12.790> way<00:07:12.910> of<00:07:12.940> handling<00:07:13.330> this<00:07:13.630> case<00:07:15.150> maybe<00:07:16.150> the 00:07:16.320 --> 00:07:16.330 align:start position:0% some way of handling this case maybe the 00:07:16.330 --> 00:07:17.430 align:start position:0% some way of handling this case maybe the first<00:07:16.450> thing<00:07:16.570> that<00:07:16.690> you<00:07:16.870> would<00:07:16.960> think<00:07:17.200> of<00:07:17.320> is 00:07:17.430 --> 00:07:17.440 align:start position:0% first thing that you would think of is 00:07:17.440 --> 00:07:19.440 align:start position:0% first thing that you would think of is just<00:07:17.680> to<00:07:17.770> take<00:07:17.979> a<00:07:18.010> security<00:07:18.639> deposit<00:07:18.790> like<00:07:19.300> you 00:07:19.440 --> 00:07:19.450 align:start position:0% just to take a security deposit like you 00:07:19.450 --> 00:07:21.090 align:start position:0% just to take a security deposit like you have<00:07:19.630> an<00:07:19.750> extra<00:07:20.139> coin<00:07:20.350> that<00:07:20.530> each<00:07:20.650> party<00:07:20.979> has 00:07:21.090 --> 00:07:21.100 align:start position:0% have an extra coin that each party has 00:07:21.100 --> 00:07:22.800 align:start position:0% have an extra coin that each party has to<00:07:21.280> put<00:07:21.460> in<00:07:21.610> and<00:07:21.820> if<00:07:21.880> they<00:07:22.000> don't<00:07:22.150> reveal<00:07:22.389> their 00:07:22.800 --> 00:07:22.810 align:start position:0% to put in and if they don't reveal their 00:07:22.810 --> 00:07:25.500 align:start position:0% to put in and if they don't reveal their value<00:07:23.260> then<00:07:23.500> they<00:07:23.740> lose<00:07:23.950> that<00:07:23.979> coin<00:07:24.460> all<00:07:25.389> right 00:07:25.500 --> 00:07:25.510 align:start position:0% value then they lose that coin all right 00:07:25.510 --> 00:07:27.060 align:start position:0% value then they lose that coin all right so<00:07:25.690> this<00:07:25.840> makes<00:07:26.080> sense<00:07:26.380> but<00:07:26.710> it<00:07:26.800> doesn't 00:07:27.060 --> 00:07:27.070 align:start position:0% so this makes sense but it doesn't 00:07:27.070 --> 00:07:28.950 align:start position:0% so this makes sense but it doesn't actually<00:07:27.160> solve<00:07:27.520> the<00:07:27.729> problem<00:07:27.760> because<00:07:28.300> if 00:07:28.950 --> 00:07:28.960 align:start position:0% actually solve the problem because if 00:07:28.960 --> 00:07:30.680 align:start position:0% actually solve the problem because if there<00:07:29.169> are<00:07:29.290> more<00:07:29.560> than<00:07:29.680> one<00:07:29.950> player<00:07:30.280> that 00:07:30.680 --> 00:07:30.690 align:start position:0% there are more than one player that 00:07:30.690 --> 00:07:33.540 align:start position:0% there are more than one player that collude<00:07:31.690> against<00:07:32.440> you<00:07:32.979> know<00:07:33.070> even<00:07:33.280> the<00:07:33.370> one 00:07:33.540 --> 00:07:33.550 align:start position:0% collude against you know even the one 00:07:33.550 --> 00:07:36.150 align:start position:0% collude against you know even the one remaining<00:07:33.910> honest<00:07:34.389> party<00:07:34.720> then<00:07:35.440> just<00:07:35.889> doing 00:07:36.150 --> 00:07:36.160 align:start position:0% remaining honest party then just doing 00:07:36.160 --> 00:07:36.659 align:start position:0% remaining honest party then just doing this 00:07:36.659 --> 00:07:36.669 align:start position:0% this 00:07:36.669 --> 00:07:39.150 align:start position:0% this still<00:07:37.450> penalize<00:07:38.050> --is<00:07:38.320> the<00:07:38.530> honest<00:07:38.830> parties 00:07:39.150 --> 00:07:39.160 align:start position:0% still penalize --is the honest parties 00:07:39.160 --> 00:07:40.710 align:start position:0% still penalize --is the honest parties that<00:07:39.280> are<00:07:39.340> remaining<00:07:39.910> all<00:07:40.360> right<00:07:40.479> the<00:07:40.570> simple 00:07:40.710 --> 00:07:40.720 align:start position:0% that are remaining all right the simple 00:07:40.720 --> 00:07:43.490 align:start position:0% that are remaining all right the simple solution<00:07:41.260> doesn't<00:07:41.440> give<00:07:41.650> you<00:07:41.800> a<00:07:41.830> fair<00:07:42.100> lottery 00:07:43.490 --> 00:07:43.500 align:start position:0% solution doesn't give you a fair lottery 00:07:43.500 --> 00:07:47.219 align:start position:0% solution doesn't give you a fair lottery now<00:07:44.970> this<00:07:45.970> idea<00:07:46.120> of<00:07:46.300> a<00:07:46.389> coin<00:07:46.600> flip<00:07:46.750> lottery<00:07:47.110> has 00:07:47.219 --> 00:07:47.229 align:start position:0% now this idea of a coin flip lottery has 00:07:47.229 --> 00:07:48.870 align:start position:0% now this idea of a coin flip lottery has been<00:07:47.410> an<00:07:47.500> interesting<00:07:47.740> test<00:07:48.160> case<00:07:48.430> it<00:07:48.640> was<00:07:48.729> one 00:07:48.870 --> 00:07:48.880 align:start position:0% been an interesting test case it was one 00:07:48.880 --> 00:07:51.390 align:start position:0% been an interesting test case it was one of<00:07:48.910> the<00:07:49.120> first<00:07:49.470> smart<00:07:50.470> contracts<00:07:50.890> examples 00:07:51.390 --> 00:07:51.400 align:start position:0% of the first smart contracts examples 00:07:51.400 --> 00:07:52.950 align:start position:0% of the first smart contracts examples that<00:07:51.520> people<00:07:51.760> tried<00:07:51.970> to<00:07:52.000> work<00:07:52.210> out<00:07:52.330> how<00:07:52.539> to<00:07:52.570> do 00:07:52.950 --> 00:07:52.960 align:start position:0% that people tried to work out how to do 00:07:52.960 --> 00:07:56.250 align:start position:0% that people tried to work out how to do in<00:07:53.289> Bitcoin<00:07:53.770> and<00:07:54.630> what<00:07:55.630> I'm<00:07:55.750> gonna<00:07:55.900> describe 00:07:56.250 --> 00:07:56.260 align:start position:0% in Bitcoin and what I'm gonna describe 00:07:56.260 --> 00:07:57.750 align:start position:0% in Bitcoin and what I'm gonna describe is<00:07:56.500> that<00:07:56.530> the<00:07:56.800> version<00:07:56.979> that<00:07:57.220> you<00:07:57.340> can<00:07:57.520> do<00:07:57.640> in 00:07:57.750 --> 00:07:57.760 align:start position:0% is that the version that you can do in 00:07:57.760 --> 00:07:59.580 align:start position:0% is that the version that you can do in Bitcoin<00:07:58.150> still<00:07:58.419> has<00:07:58.600> this<00:07:58.810> trade<00:07:59.080> off<00:07:59.110> like<00:07:59.440> I 00:07:59.580 --> 00:07:59.590 align:start position:0% Bitcoin still has this trade off like I 00:07:59.590 --> 00:08:00.870 align:start position:0% Bitcoin still has this trade off like I mentioned<00:07:59.979> you<00:08:00.010> either<00:08:00.190> have<00:08:00.430> to<00:08:00.550> collect 00:08:00.870 --> 00:08:00.880 align:start position:0% mentioned you either have to collect 00:08:00.880 --> 00:08:03.060 align:start position:0% mentioned you either have to collect really<00:08:01.180> big<00:08:01.330> security<00:08:01.630> deposits<00:08:02.289> or<00:08:02.530> you<00:08:02.950> have 00:08:03.060 --> 00:08:03.070 align:start position:0% really big security deposits or you have 00:08:03.070 --> 00:08:05.010 align:start position:0% really big security deposits or you have to<00:08:03.190> do<00:08:03.640> a<00:08:03.940> kind<00:08:04.150> of<00:08:04.240> ridiculous<00:08:04.510> amount<00:08:04.930> of 00:08:05.010 --> 00:08:05.020 align:start position:0% to do a kind of ridiculous amount of 00:08:05.020 --> 00:08:07.560 align:start position:0% to do a kind of ridiculous amount of extra<00:08:05.289> computation<00:08:05.560> whereas<00:08:06.280> in<00:08:07.210> aetherium 00:08:07.560 --> 00:08:07.570 align:start position:0% extra computation whereas in aetherium 00:08:07.570 --> 00:08:08.940 align:start position:0% extra computation whereas in aetherium there's<00:08:07.930> a<00:08:07.990> way<00:08:08.080> of<00:08:08.200> doing<00:08:08.289> a<00:08:08.470> lottery<00:08:08.710> quite 00:08:08.940 --> 00:08:08.950 align:start position:0% there's a way of doing a lottery quite 00:08:08.950 --> 00:08:10.620 align:start position:0% there's a way of doing a lottery quite simply<00:08:09.370> that<00:08:09.400> doesn't<00:08:09.820> require<00:08:10.030> any<00:08:10.360> of<00:08:10.479> this 00:08:10.620 --> 00:08:10.630 align:start position:0% simply that doesn't require any of this 00:08:10.630 --> 00:08:13.230 align:start position:0% simply that doesn't require any of this extra<00:08:10.990> collateral<00:08:11.729> so<00:08:12.729> to<00:08:12.820> start<00:08:13.000> let<00:08:13.150> me 00:08:13.230 --> 00:08:13.240 align:start position:0% extra collateral so to start let me 00:08:13.240 --> 00:08:15.180 align:start position:0% extra collateral so to start let me explain<00:08:13.539> how<00:08:13.720> this<00:08:13.930> works<00:08:14.320> in<00:08:14.590> Bitcoin<00:08:14.950> again 00:08:15.180 --> 00:08:15.190 align:start position:0% explain how this works in Bitcoin again 00:08:15.190 --> 00:08:16.469 align:start position:0% explain how this works in Bitcoin again this<00:08:15.280> has<00:08:15.430> been<00:08:15.550> an<00:08:15.639> important<00:08:16.000> test<00:08:16.210> case<00:08:16.450> for 00:08:16.469 --> 00:08:16.479 align:start position:0% this has been an important test case for 00:08:16.479 --> 00:08:18.629 align:start position:0% this has been an important test case for smart<00:08:16.960> contract<00:08:17.350> programming<00:08:17.860> since<00:08:18.160> even 00:08:18.629 --> 00:08:18.639 align:start position:0% smart contract programming since even 00:08:18.639 --> 00:08:21.719 align:start position:0% smart contract programming since even prior<00:08:18.940> to<00:08:18.970> aetherium<00:08:19.979> the<00:08:20.979> main<00:08:21.160> tool<00:08:21.430> that<00:08:21.639> we 00:08:21.719 --> 00:08:21.729 align:start position:0% prior to aetherium the main tool that we 00:08:21.729 --> 00:08:25.290 align:start position:0% prior to aetherium the main tool that we have<00:08:21.760> at<00:08:22.000> our<00:08:22.090> disposal<00:08:22.919> is<00:08:23.919> this<00:08:24.850> idea<00:08:25.120> of<00:08:25.240> a 00:08:25.290 --> 00:08:25.300 align:start position:0% have at our disposal is this idea of a 00:08:25.300 --> 00:08:27.270 align:start position:0% have at our disposal is this idea of a claim<00:08:25.570> or<00:08:25.780> refund<00:08:26.169> gadget<00:08:26.650> it's<00:08:26.800> denoted<00:08:27.130> by 00:08:27.270 --> 00:08:27.280 align:start position:0% claim or refund gadget it's denoted by 00:08:27.280 --> 00:08:29.940 align:start position:0% claim or refund gadget it's denoted by this<00:08:27.970> little<00:08:28.270> arrow<00:08:28.600> which<00:08:29.440> has<00:08:29.710> some 00:08:29.940 --> 00:08:29.950 align:start position:0% this little arrow which has some 00:08:29.950 --> 00:08:33.209 align:start position:0% this little arrow which has some parameters<00:08:30.130> like<00:08:30.880> an<00:08:31.270> amount<00:08:31.600> of<00:08:31.810> money<00:08:32.050> Q<00:08:32.500> a 00:08:33.209 --> 00:08:33.219 align:start position:0% parameters like an amount of money Q a 00:08:33.219 --> 00:08:36.449 align:start position:0% parameters like an amount of money Q a hash<00:08:33.969> H<00:08:34.360> and<00:08:34.780> some<00:08:35.409> deadlines<00:08:35.860> T<00:08:36.099> and<00:08:36.310> what 00:08:36.449 --> 00:08:36.459 align:start position:0% hash H and some deadlines T and what 00:08:36.459 --> 00:08:38.279 align:start position:0% hash H and some deadlines T and what what<00:08:36.640> this<00:08:36.760> arrow<00:08:37.030> is<00:08:37.270> saying<00:08:37.510> is<00:08:37.750> that<00:08:37.780> Alice 00:08:38.279 --> 00:08:38.289 align:start position:0% what this arrow is saying is that Alice 00:08:38.289 --> 00:08:40.290 align:start position:0% what this arrow is saying is that Alice is<00:08:38.469> promising<00:08:39.039> to<00:08:39.099> Bob<00:08:39.400> that<00:08:39.700> she's<00:08:39.909> going<00:08:40.209> to 00:08:40.290 --> 00:08:40.300 align:start position:0% is promising to Bob that she's going to 00:08:40.300 --> 00:08:43.440 align:start position:0% is promising to Bob that she's going to reveal<00:08:40.659> the<00:08:41.469> preimage<00:08:41.950> of<00:08:42.339> this<00:08:42.729> hash<00:08:42.940> value 00:08:43.440 --> 00:08:43.450 align:start position:0% reveal the preimage of this hash value 00:08:43.450 --> 00:08:46.140 align:start position:0% reveal the preimage of this hash value by<00:08:43.900> some<00:08:44.200> deadline<00:08:44.589> T<00:08:44.860> and<00:08:45.130> if<00:08:45.640> she<00:08:45.790> fails<00:08:46.029> to 00:08:46.140 --> 00:08:46.150 align:start position:0% by some deadline T and if she fails to 00:08:46.150 --> 00:08:48.300 align:start position:0% by some deadline T and if she fails to reveal<00:08:46.450> that<00:08:46.600> preimage<00:08:47.110> then<00:08:47.380> Bob<00:08:47.709> gets<00:08:47.980> the<00:08:48.130> Q 00:08:48.300 --> 00:08:48.310 align:start position:0% reveal that preimage then Bob gets the Q 00:08:48.310 --> 00:08:51.210 align:start position:0% reveal that preimage then Bob gets the Q dollars<00:08:49.200> okay<00:08:50.200> so<00:08:50.709> that's<00:08:50.830> what's<00:08:50.980> meant<00:08:51.130> by 00:08:51.210 --> 00:08:51.220 align:start position:0% dollars okay so that's what's meant by 00:08:51.220 --> 00:08:54.269 align:start position:0% dollars okay so that's what's meant by this<00:08:51.339> claim<00:08:51.700> a<00:08:51.730> refund<00:08:51.970> gadget 00:08:54.269 --> 00:08:54.279 align:start position:0% this claim a refund gadget 00:08:54.279 --> 00:08:55.980 align:start position:0% this claim a refund gadget you<00:08:54.879> know<00:08:54.970> to<00:08:55.029> implement<00:08:55.269> the<00:08:55.540> claim<00:08:55.720> a<00:08:55.749> refund 00:08:55.980 --> 00:08:55.990 align:start position:0% you know to implement the claim a refund 00:08:55.990 --> 00:08:57.389 align:start position:0% you know to implement the claim a refund gadget<00:08:56.560> in<00:08:56.680> Bitcoin 00:08:57.389 --> 00:08:57.399 align:start position:0% gadget in Bitcoin 00:08:57.399 --> 00:08:58.650 align:start position:0% gadget in Bitcoin I<00:08:57.430> won't<00:08:57.699> go<00:08:57.819> all<00:08:57.939> the<00:08:58.029> way<00:08:58.060> through<00:08:58.269> this<00:08:58.449> it's 00:08:58.650 --> 00:08:58.660 align:start position:0% I won't go all the way through this it's 00:08:58.660 --> 00:09:00.090 align:start position:0% I won't go all the way through this it's something<00:08:58.930> you<00:08:59.019> can<00:08:59.199> do<00:08:59.350> with<00:08:59.529> the<00:08:59.740> the 00:09:00.090 --> 00:09:00.100 align:start position:0% something you can do with the the 00:09:00.100 --> 00:09:01.530 align:start position:0% something you can do with the the Bitcoin<00:09:00.519> scripting<00:09:01.029> language<00:09:01.360> it's 00:09:01.530 --> 00:09:01.540 align:start position:0% Bitcoin scripting language it's 00:09:01.540 --> 00:09:03.210 align:start position:0% Bitcoin scripting language it's especially<00:09:01.810> easier<00:09:02.439> now<00:09:02.620> it<00:09:02.800> used<00:09:02.980> to<00:09:03.100> be 00:09:03.210 --> 00:09:03.220 align:start position:0% especially easier now it used to be 00:09:03.220 --> 00:09:04.980 align:start position:0% especially easier now it used to be possible<00:09:03.670> but<00:09:03.850> a<00:09:03.879> lot<00:09:04.060> harder<00:09:04.300> before<00:09:04.569> I<00:09:04.810> check 00:09:04.980 --> 00:09:04.990 align:start position:0% possible but a lot harder before I check 00:09:04.990 --> 00:09:06.900 align:start position:0% possible but a lot harder before I check lock<00:09:05.199> time<00:09:05.410> verify<00:09:05.860> it's<00:09:06.040> a<00:09:06.129> lot<00:09:06.279> simpler<00:09:06.610> now 00:09:06.900 --> 00:09:06.910 align:start position:0% lock time verify it's a lot simpler now 00:09:06.910 --> 00:09:08.610 align:start position:0% lock time verify it's a lot simpler now with<00:09:07.060> the<00:09:07.149> check<00:09:07.329> lock<00:09:07.540> time<00:09:07.749> verify<00:09:08.199> opcode 00:09:08.610 --> 00:09:08.620 align:start position:0% with the check lock time verify opcode 00:09:08.620 --> 00:09:10.739 align:start position:0% with the check lock time verify opcode it's<00:09:09.160> like<00:09:09.339> you<00:09:09.459> make<00:09:09.610> a<00:09:09.639> UT<00:09:09.999> x<00:09:10.120> 0<00:09:10.329> that<00:09:10.569> has<00:09:10.600> a 00:09:10.739 --> 00:09:10.749 align:start position:0% it's like you make a UT x 0 that has a 00:09:10.749 --> 00:09:13.439 align:start position:0% it's like you make a UT x 0 that has a piece<00:09:11.019> of<00:09:11.259> you<00:09:11.980> know<00:09:12.040> script<00:09:12.459> pub<00:09:12.699> key<00:09:12.970> Bitcoin 00:09:13.439 --> 00:09:13.449 align:start position:0% piece of you know script pub key Bitcoin 00:09:13.449 --> 00:09:15.179 align:start position:0% piece of you know script pub key Bitcoin script<00:09:13.809> in<00:09:13.959> it<00:09:14.079> that<00:09:14.259> says<00:09:14.499> this<00:09:14.860> can<00:09:15.040> be 00:09:15.179 --> 00:09:15.189 align:start position:0% script in it that says this can be 00:09:15.189 --> 00:09:15.869 align:start position:0% script in it that says this can be claimed 00:09:15.869 --> 00:09:15.879 align:start position:0% claimed 00:09:15.879 --> 00:09:19.410 align:start position:0% claimed you<00:09:16.269> know<00:09:16.389> before<00:09:16.749> a<00:09:16.779> deadline<00:09:17.230> if<00:09:17.620> you<00:09:18.420> you 00:09:19.410 --> 00:09:19.420 align:start position:0% you know before a deadline if you you 00:09:19.420 --> 00:09:21.239 align:start position:0% you know before a deadline if you you know<00:09:19.509> reveal<00:09:19.899> the<00:09:20.110> preimage<00:09:20.439> of<00:09:20.769> this<00:09:20.949> hash 00:09:21.239 --> 00:09:21.249 align:start position:0% know reveal the preimage of this hash 00:09:21.249 --> 00:09:23.249 align:start position:0% know reveal the preimage of this hash then<00:09:21.759> then<00:09:22.059> alice<00:09:22.360> can<00:09:22.569> spend<00:09:22.899> it<00:09:23.050> it<00:09:23.139> comes 00:09:23.249 --> 00:09:23.259 align:start position:0% then then alice can spend it it comes 00:09:23.259 --> 00:09:25.110 align:start position:0% then then alice can spend it it comes with<00:09:23.350> a<00:09:23.470> signature<00:09:23.800> from<00:09:24.189> alice<00:09:24.519> and<00:09:24.759> the<00:09:24.939> pre 00:09:25.110 --> 00:09:25.120 align:start position:0% with a signature from alice and the pre 00:09:25.120 --> 00:09:28.949 align:start position:0% with a signature from alice and the pre image<00:09:25.360> or<00:09:25.600> if<00:09:26.259> time<00:09:26.499> t1<00:09:26.879> elapses<00:09:27.879> then<00:09:28.449> Bob<00:09:28.689> can 00:09:28.949 --> 00:09:28.959 align:start position:0% image or if time t1 elapses then Bob can 00:09:28.959 --> 00:09:30.720 align:start position:0% image or if time t1 elapses then Bob can take<00:09:29.199> the<00:09:29.379> coin<00:09:29.559> just<00:09:29.860> with<00:09:29.980> his<00:09:30.129> signature<00:09:30.370> he 00:09:30.720 --> 00:09:30.730 align:start position:0% take the coin just with his signature he 00:09:30.730 --> 00:09:32.129 align:start position:0% take the coin just with his signature he doesn't<00:09:30.999> have<00:09:31.120> to<00:09:31.240> reveal<00:09:31.480> anything<00:09:31.779> but<00:09:32.050> he 00:09:32.129 --> 00:09:32.139 align:start position:0% doesn't have to reveal anything but he 00:09:32.139 --> 00:09:33.540 align:start position:0% doesn't have to reveal anything but he can<00:09:32.259> only<00:09:32.379> do<00:09:32.559> this<00:09:32.680> after<00:09:33.009> this<00:09:33.129> deadline 00:09:33.540 --> 00:09:33.550 align:start position:0% can only do this after this deadline 00:09:33.550 --> 00:09:35.699 align:start position:0% can only do this after this deadline alright<00:09:34.389> so<00:09:34.480> there's<00:09:34.660> two<00:09:34.899> ways<00:09:35.110> to<00:09:35.139> spend 00:09:35.699 --> 00:09:35.709 align:start position:0% alright so there's two ways to spend 00:09:35.709 --> 00:09:37.379 align:start position:0% alright so there's two ways to spend this<00:09:35.980> there's<00:09:36.220> the<00:09:36.339> refund<00:09:36.759> transaction 00:09:37.379 --> 00:09:37.389 align:start position:0% this there's the refund transaction 00:09:37.389 --> 00:09:40.559 align:start position:0% this there's the refund transaction which<00:09:37.540> has<00:09:37.720> to<00:09:37.870> come<00:09:37.899> along<00:09:38.170> with<00:09:39.009> X<00:09:39.509> all<00:09:40.509> right 00:09:40.559 --> 00:09:40.569 align:start position:0% which has to come along with X all right 00:09:40.569 --> 00:09:42.600 align:start position:0% which has to come along with X all right and<00:09:40.930> so<00:09:41.170> Alice<00:09:41.439> can<00:09:41.740> make<00:09:41.889> this<00:09:42.040> by<00:09:42.220> revealing 00:09:42.600 --> 00:09:42.610 align:start position:0% and so Alice can make this by revealing 00:09:42.610 --> 00:09:45.389 align:start position:0% and so Alice can make this by revealing X<00:09:42.939> before<00:09:43.300> the<00:09:43.389> deadline<00:09:43.720> or<00:09:43.990> else<00:09:44.350> a<00:09:44.709> claimed 00:09:45.389 --> 00:09:45.399 align:start position:0% X before the deadline or else a claimed 00:09:45.399 --> 00:09:47.699 align:start position:0% X before the deadline or else a claimed transaction<00:09:46.209> means<00:09:46.360> Alice<00:09:46.809> forfeited<00:09:47.350> it<00:09:47.499> she 00:09:47.699 --> 00:09:47.709 align:start position:0% transaction means Alice forfeited it she 00:09:47.709 --> 00:09:49.290 align:start position:0% transaction means Alice forfeited it she didn't<00:09:47.949> reveal<00:09:48.189> her<00:09:48.370> pre<00:09:48.550> image<00:09:48.759> in<00:09:48.910> time<00:09:49.089> so 00:09:49.290 --> 00:09:49.300 align:start position:0% didn't reveal her pre image in time so 00:09:49.300 --> 00:09:53.040 align:start position:0% didn't reveal her pre image in time so Bob<00:09:49.509> gets<00:09:49.749> the<00:09:49.839> coins<00:09:50.139> instead<00:09:51.660> all<00:09:52.660> right<00:09:52.809> so 00:09:53.040 --> 00:09:53.050 align:start position:0% Bob gets the coins instead all right so 00:09:53.050 --> 00:09:55.739 align:start position:0% Bob gets the coins instead all right so um<00:09:53.759> it<00:09:54.759> actually<00:09:54.790> turned<00:09:55.180> out<00:09:55.240> that<00:09:55.389> a<00:09:55.449> lottery 00:09:55.739 --> 00:09:55.749 align:start position:0% um it actually turned out that a lottery 00:09:55.749 --> 00:09:57.119 align:start position:0% um it actually turned out that a lottery that<00:09:55.899> implemented<00:09:56.410> this<00:09:56.559> was<00:09:56.740> one<00:09:56.920> of<00:09:57.009> the 00:09:57.119 --> 00:09:57.129 align:start position:0% that implemented this was one of the 00:09:57.129 --> 00:09:59.009 align:start position:0% that implemented this was one of the contributions<00:09:57.490> of<00:09:58.149> a<00:09:58.480> really<00:09:58.750> interesting 00:09:59.009 --> 00:09:59.019 align:start position:0% contributions of a really interesting 00:09:59.019 --> 00:10:00.540 align:start position:0% contributions of a really interesting paper<00:09:59.439> that<00:09:59.559> actually<00:09:59.920> won<00:10:00.040> the<00:10:00.160> best<00:10:00.339> paper 00:10:00.540 --> 00:10:00.550 align:start position:0% paper that actually won the best paper 00:10:00.550 --> 00:10:03.179 align:start position:0% paper that actually won the best paper award<00:10:00.970> in<00:10:01.149> 2014<00:10:01.540> at<00:10:02.110> the<00:10:02.259> Oakland<00:10:02.649> conference 00:10:03.179 --> 00:10:03.189 align:start position:0% award in 2014 at the Oakland conference 00:10:03.189 --> 00:10:05.009 align:start position:0% award in 2014 at the Oakland conference this<00:10:03.370> is<00:10:03.430> the<00:10:03.819> the<00:10:04.389> most<00:10:04.569> prestigious 00:10:05.009 --> 00:10:05.019 align:start position:0% this is the the most prestigious 00:10:05.019 --> 00:10:06.660 align:start position:0% this is the the most prestigious computer<00:10:05.470> security<00:10:05.920> conference<00:10:05.949> and<00:10:06.579> the 00:10:06.660 --> 00:10:06.670 align:start position:0% computer security conference and the 00:10:06.670 --> 00:10:08.189 align:start position:0% computer security conference and the academic<00:10:07.449> computer<00:10:07.750> security<00:10:08.170> research 00:10:08.189 --> 00:10:08.199 align:start position:0% academic computer security research 00:10:08.199 --> 00:10:10.740 align:start position:0% academic computer security research community<00:10:09.009> and<00:10:09.550> they<00:10:10.120> came<00:10:10.269> up<00:10:10.420> with<00:10:10.540> a<00:10:10.569> way<00:10:10.720> of 00:10:10.740 --> 00:10:10.750 align:start position:0% community and they came up with a way of 00:10:10.750 --> 00:10:12.869 align:start position:0% community and they came up with a way of they<00:10:11.649> didn't<00:10:11.920> express<00:10:12.220> it<00:10:12.339> in<00:10:12.459> terms<00:10:12.490> of<00:10:12.759> the 00:10:12.869 --> 00:10:12.879 align:start position:0% they didn't express it in terms of the 00:10:12.879 --> 00:10:14.309 align:start position:0% they didn't express it in terms of the claimed<00:10:13.089> refund<00:10:13.509> that<00:10:13.600> little<00:10:13.809> abstraction 00:10:14.309 --> 00:10:14.319 align:start position:0% claimed refund that little abstraction 00:10:14.319 --> 00:10:16.499 align:start position:0% claimed refund that little abstraction came<00:10:14.559> later<00:10:14.800> from<00:10:15.370> Ito<00:10:15.639> and<00:10:15.790> Ranjith<00:10:15.970> but<00:10:16.360> um 00:10:16.499 --> 00:10:16.509 align:start position:0% came later from Ito and Ranjith but um 00:10:16.509 --> 00:10:18.900 align:start position:0% came later from Ito and Ranjith but um it<00:10:17.379> uses<00:10:17.920> this<00:10:18.069> basic<00:10:18.399> technique<00:10:18.519> but<00:10:18.879> the 00:10:18.900 --> 00:10:18.910 align:start position:0% it uses this basic technique but the 00:10:18.910 --> 00:10:20.879 align:start position:0% it uses this basic technique but the catch<00:10:19.149> is<00:10:19.300> that<00:10:19.449> it<00:10:19.540> requires<00:10:19.750> this<00:10:20.529> really 00:10:20.879 --> 00:10:20.889 align:start position:0% catch is that it requires this really 00:10:20.889 --> 00:10:24.509 align:start position:0% catch is that it requires this really large<00:10:21.189> amount<00:10:21.550> of<00:10:21.670> collateral<00:10:22.889> the<00:10:23.889> idea<00:10:24.309> is 00:10:24.509 --> 00:10:24.519 align:start position:0% large amount of collateral the idea is 00:10:24.519 --> 00:10:26.790 align:start position:0% large amount of collateral the idea is that<00:10:24.550> every<00:10:25.149> party<00:10:25.569> deposits<00:10:26.500> enough 00:10:26.790 --> 00:10:26.800 align:start position:0% that every party deposits enough 00:10:26.800 --> 00:10:28.920 align:start position:0% that every party deposits enough security<00:10:27.160> collateral<00:10:27.850> that<00:10:28.329> if<00:10:28.540> they<00:10:28.720> get 00:10:28.920 --> 00:10:28.930 align:start position:0% security collateral that if they get 00:10:28.930 --> 00:10:30.809 align:start position:0% security collateral that if they get caught<00:10:29.199> failing<00:10:29.800> to<00:10:29.949> reveal<00:10:30.220> their<00:10:30.430> committed 00:10:30.809 --> 00:10:30.819 align:start position:0% caught failing to reveal their committed 00:10:30.819 --> 00:10:33.030 align:start position:0% caught failing to reveal their committed value<00:10:31.240> they<00:10:31.689> compensate<00:10:32.170> every<00:10:32.500> other<00:10:32.620> party 00:10:33.030 --> 00:10:33.040 align:start position:0% value they compensate every other party 00:10:33.040 --> 00:10:34.740 align:start position:0% value they compensate every other party for<00:10:33.519> the<00:10:33.670> total<00:10:33.970> amount<00:10:34.209> that<00:10:34.300> any<00:10:34.480> of<00:10:34.660> the 00:10:34.740 --> 00:10:34.750 align:start position:0% for the total amount that any of the 00:10:34.750 --> 00:10:36.210 align:start position:0% for the total amount that any of the parties<00:10:35.050> could<00:10:35.259> have<00:10:35.350> won<00:10:35.559> so<00:10:35.829> it's<00:10:36.009> like 00:10:36.210 --> 00:10:36.220 align:start position:0% parties could have won so it's like 00:10:36.220 --> 00:10:38.009 align:start position:0% parties could have won so it's like whatever<00:10:36.850> is<00:10:37.149> the<00:10:37.329> total<00:10:37.629> amount<00:10:37.870> of<00:10:37.959> the 00:10:38.009 --> 00:10:38.019 align:start position:0% whatever is the total amount of the 00:10:38.019 --> 00:10:40.530 align:start position:0% whatever is the total amount of the lottery<00:10:38.379> times<00:10:39.220> the<00:10:39.459> number<00:10:39.730> of<00:10:39.970> parties 00:10:40.530 --> 00:10:40.540 align:start position:0% lottery times the number of parties 00:10:40.540 --> 00:10:42.329 align:start position:0% lottery times the number of parties there<00:10:40.809> are<00:10:40.839> that's<00:10:41.259> what<00:10:41.500> each<00:10:41.649> party<00:10:42.040> has<00:10:42.189> to 00:10:42.329 --> 00:10:42.339 align:start position:0% there are that's what each party has to 00:10:42.339 --> 00:10:44.910 align:start position:0% there are that's what each party has to put<00:10:42.519> up<00:10:42.670> as<00:10:42.819> a<00:10:42.850> security<00:10:43.179> deposit<00:10:43.509> and<00:10:44.470> the<00:10:44.829> way 00:10:44.910 --> 00:10:44.920 align:start position:0% put up as a security deposit and the way 00:10:44.920 --> 00:10:46.799 align:start position:0% put up as a security deposit and the way that<00:10:45.069> this<00:10:45.160> is<00:10:45.220> implemented<00:10:45.790> is<00:10:45.939> kind<00:10:46.179> of<00:10:46.329> um<00:10:46.509> a 00:10:46.799 --> 00:10:46.809 align:start position:0% that this is implemented is kind of um a 00:10:46.809 --> 00:10:48.689 align:start position:0% that this is implemented is kind of um a monstrosity<00:10:47.529> this<00:10:47.980> isn't<00:10:48.279> even<00:10:48.339> the<00:10:48.550> full 00:10:48.689 --> 00:10:48.699 align:start position:0% monstrosity this isn't even the full 00:10:48.699 --> 00:10:50.819 align:start position:0% monstrosity this isn't even the full transaction<00:10:49.329> graph<00:10:49.600> of<00:10:49.870> all<00:10:49.990> the<00:10:50.439> parts<00:10:50.740> that 00:10:50.819 --> 00:10:50.829 align:start position:0% transaction graph of all the parts that 00:10:50.829 --> 00:10:52.769 align:start position:0% transaction graph of all the parts that are<00:10:51.040> needed<00:10:51.370> it's<00:10:51.550> um<00:10:51.759> this<00:10:52.209> is<00:10:52.329> actually<00:10:52.449> kind 00:10:52.769 --> 00:10:52.779 align:start position:0% are needed it's um this is actually kind 00:10:52.779 --> 00:10:54.600 align:start position:0% are needed it's um this is actually kind of<00:10:52.839> the<00:10:52.899> plain<00:10:53.199> case<00:10:53.499> basically<00:10:54.129> what<00:10:54.370> happens 00:10:54.600 --> 00:10:54.610 align:start position:0% of the plain case basically what happens 00:10:54.610 --> 00:10:56.160 align:start position:0% of the plain case basically what happens is<00:10:54.699> all<00:10:54.850> of<00:10:54.970> the<00:10:55.059> parties<00:10:55.360> make<00:10:55.600> these<00:10:55.809> claim 00:10:56.160 --> 00:10:56.170 align:start position:0% is all of the parties make these claim 00:10:56.170 --> 00:10:58.710 align:start position:0% is all of the parties make these claim or<00:10:56.350> refund<00:10:56.769> commitments<00:10:57.370> to<00:10:57.550> each<00:10:57.579> other<00:10:57.999> all 00:10:58.710 --> 00:10:58.720 align:start position:0% or refund commitments to each other all 00:10:58.720 --> 00:10:59.910 align:start position:0% or refund commitments to each other all right<00:10:58.749> and<00:10:58.959> then<00:10:59.079> they'll<00:10:59.199> all<00:10:59.379> get<00:10:59.529> settled 00:10:59.910 --> 00:10:59.920 align:start position:0% right and then they'll all get settled 00:10:59.920 --> 00:11:02.369 align:start position:0% right and then they'll all get settled at<00:11:00.069> once<00:11:00.339> but<00:11:00.790> it<00:11:01.209> requires<00:11:01.629> collecting<00:11:02.259> this 00:11:02.369 --> 00:11:02.379 align:start position:0% at once but it requires collecting this 00:11:02.379 --> 00:11:04.710 align:start position:0% at once but it requires collecting this large<00:11:03.250> amount<00:11:03.550> of<00:11:03.610> security<00:11:04.120> to<00:11:04.240> deposit<00:11:04.449> up 00:11:04.710 --> 00:11:04.720 align:start position:0% large amount of security to deposit up 00:11:04.720 --> 00:11:07.230 align:start position:0% large amount of security to deposit up front<00:11:04.980> and<00:11:05.980> so<00:11:06.129> each<00:11:06.279> party<00:11:06.579> has<00:11:06.699> to<00:11:06.819> put<00:11:07.000> in<00:11:07.120> N 00:11:07.230 --> 00:11:07.240 align:start position:0% front and so each party has to put in N 00:11:07.240 --> 00:11:08.100 align:start position:0% front and so each party has to put in N squared<00:11:07.569> coin 00:11:08.100 --> 00:11:08.110 align:start position:0% squared coin 00:11:08.110 --> 00:11:10.230 align:start position:0% squared coin and<00:11:08.290> so<00:11:08.470> it's<00:11:08.620> n<00:11:08.769> cubed<00:11:09.339> in<00:11:09.490> total<00:11:09.880> is<00:11:10.209> the 00:11:10.230 --> 00:11:10.240 align:start position:0% and so it's n cubed in total is the 00:11:10.240 --> 00:11:12.120 align:start position:0% and so it's n cubed in total is the amount<00:11:10.600> of<00:11:10.660> collateral<00:11:10.990> that's<00:11:11.350> required<00:11:11.829> in 00:11:12.120 --> 00:11:12.130 align:start position:0% amount of collateral that's required in 00:11:12.130 --> 00:11:16.530 align:start position:0% amount of collateral that's required in addition<00:11:12.519> to<00:11:12.700> the<00:11:12.790> bet<00:11:14.399> now<00:11:15.399> you<00:11:16.300> know<00:11:16.420> and 00:11:16.530 --> 00:11:16.540 align:start position:0% addition to the bet now you know and 00:11:16.540 --> 00:11:18.660 align:start position:0% addition to the bet now you know and Ranjit<00:11:16.870> came<00:11:17.079> up<00:11:17.200> with<00:11:17.320> a<00:11:17.350> way<00:11:17.589> to<00:11:17.620> improve<00:11:18.490> on 00:11:18.660 --> 00:11:18.670 align:start position:0% Ranjit came up with a way to improve on 00:11:18.670 --> 00:11:20.910 align:start position:0% Ranjit came up with a way to improve on this<00:11:18.850> which<00:11:19.120> is<00:11:19.360> also<00:11:19.600> extremely<00:11:20.019> clever<00:11:20.589> and 00:11:20.910 --> 00:11:20.920 align:start position:0% this which is also extremely clever and 00:11:20.920 --> 00:11:22.110 align:start position:0% this which is also extremely clever and yet<00:11:21.040> you<00:11:21.130> also<00:11:21.250> get<00:11:21.459> the<00:11:21.550> feeling<00:11:21.670> it's<00:11:21.940> kind 00:11:22.110 --> 00:11:22.120 align:start position:0% yet you also get the feeling it's kind 00:11:22.120 --> 00:11:24.420 align:start position:0% yet you also get the feeling it's kind of<00:11:22.180> complicated<00:11:22.510> I<00:11:22.959> won't<00:11:23.380> be<00:11:23.500> able<00:11:23.649> to<00:11:23.829> you 00:11:24.420 --> 00:11:24.430 align:start position:0% of complicated I won't be able to you 00:11:24.430 --> 00:11:25.680 align:start position:0% of complicated I won't be able to you know<00:11:24.519> to<00:11:24.579> even<00:11:24.820> describe<00:11:25.060> it<00:11:25.240> in<00:11:25.360> a<00:11:25.420> way<00:11:25.510> that<00:11:25.660> I 00:11:25.680 --> 00:11:25.690 align:start position:0% know to even describe it in a way that I 00:11:25.690 --> 00:11:27.210 align:start position:0% know to even describe it in a way that I think<00:11:25.779> you'll<00:11:25.990> totally<00:11:26.170> be<00:11:26.440> comfortable<00:11:27.070> with 00:11:27.210 --> 00:11:27.220 align:start position:0% think you'll totally be comfortable with 00:11:27.220 --> 00:11:28.050 align:start position:0% think you'll totally be comfortable with it 00:11:28.050 --> 00:11:28.060 align:start position:0% it 00:11:28.060 --> 00:11:29.790 align:start position:0% it you<00:11:28.990> could<00:11:29.110> think<00:11:29.170> of<00:11:29.290> it<00:11:29.380> like<00:11:29.470> this<00:11:29.620> it 00:11:29.790 --> 00:11:29.800 align:start position:0% you could think of it like this it 00:11:29.800 --> 00:11:32.220 align:start position:0% you could think of it like this it involves<00:11:30.190> proceeding<00:11:30.790> in<00:11:31.060> sequential<00:11:31.540> rounds 00:11:32.220 --> 00:11:32.230 align:start position:0% involves proceeding in sequential rounds 00:11:32.230 --> 00:11:34.290 align:start position:0% involves proceeding in sequential rounds where<00:11:32.410> in<00:11:32.560> each<00:11:32.709> round<00:11:33.070> the<00:11:33.310> parties<00:11:33.730> make<00:11:34.060> a 00:11:34.290 --> 00:11:34.300 align:start position:0% where in each round the parties make a 00:11:34.300 --> 00:11:37.199 align:start position:0% where in each round the parties make a claim<00:11:34.870> or<00:11:34.899> refund<00:11:35.529> to<00:11:36.100> the<00:11:36.130> next<00:11:36.670> party<00:11:37.029> in 00:11:37.199 --> 00:11:37.209 align:start position:0% claim or refund to the next party in 00:11:37.209 --> 00:11:39.449 align:start position:0% claim or refund to the next party in line<00:11:37.589> all<00:11:38.589> right<00:11:38.649> and<00:11:38.980> then<00:11:39.100> there's<00:11:39.279> like<00:11:39.430> a 00:11:39.449 --> 00:11:39.459 align:start position:0% line all right and then there's like a 00:11:39.459 --> 00:11:41.490 align:start position:0% line all right and then there's like a separate<00:11:40.000> unwinding<00:11:40.660> phase<00:11:40.899> where<00:11:41.200> they<00:11:41.320> also 00:11:41.490 --> 00:11:41.500 align:start position:0% separate unwinding phase where they also 00:11:41.500 --> 00:11:44.280 align:start position:0% separate unwinding phase where they also make<00:11:42.540> commitments<00:11:43.540> they<00:11:43.690> make<00:11:43.839> these<00:11:43.959> claim 00:11:44.280 --> 00:11:44.290 align:start position:0% make commitments they make these claim 00:11:44.290 --> 00:11:47.100 align:start position:0% make commitments they make these claim or<00:11:44.440> refunds<00:11:44.920> with<00:11:45.690> that<00:11:46.690> where<00:11:46.810> you<00:11:46.899> have<00:11:47.019> to 00:11:47.100 --> 00:11:47.110 align:start position:0% or refunds with that where you have to 00:11:47.110 --> 00:11:48.990 align:start position:0% or refunds with that where you have to reveal<00:11:47.320> multiple<00:11:47.829> preimages<00:11:48.430> and<00:11:48.700> each<00:11:48.790> one 00:11:48.990 --> 00:11:49.000 align:start position:0% reveal multiple preimages and each one 00:11:49.000 --> 00:11:50.550 align:start position:0% reveal multiple preimages and each one of<00:11:49.029> them<00:11:49.180> one<00:11:49.360> more<00:11:49.510> preimage<00:11:49.990> than<00:11:50.200> the<00:11:50.320> last 00:11:50.550 --> 00:11:50.560 align:start position:0% of them one more preimage than the last 00:11:50.560 --> 00:11:53.190 align:start position:0% of them one more preimage than the last it's<00:11:51.310> really<00:11:51.550> hard<00:11:51.700> to<00:11:51.790> describe<00:11:52.060> it<00:11:52.269> but<00:11:52.630> it 00:11:53.190 --> 00:11:53.200 align:start position:0% it's really hard to describe it but it 00:11:53.200 --> 00:11:55.079 align:start position:0% it's really hard to describe it but it requires<00:11:53.560> now<00:11:53.829> like<00:11:54.310> a<00:11:54.339> linear<00:11:54.670> number<00:11:54.850> of 00:11:55.079 --> 00:11:55.089 align:start position:0% requires now like a linear number of 00:11:55.089 --> 00:11:56.550 align:start position:0% requires now like a linear number of rounds<00:11:55.450> like<00:11:55.570> you<00:11:55.660> have<00:11:55.810> to<00:11:55.930> do<00:11:56.019> this<00:11:56.170> one<00:11:56.380> at<00:11:56.529> a 00:11:56.550 --> 00:11:56.560 align:start position:0% rounds like you have to do this one at a 00:11:56.560 --> 00:11:58.170 align:start position:0% rounds like you have to do this one at a time<00:11:56.800> the<00:11:57.070> timeouts<00:11:57.459> get<00:11:57.670> larger<00:11:58.000> and<00:11:58.120> larger 00:11:58.170 --> 00:11:58.180 align:start position:0% time the timeouts get larger and larger 00:11:58.180 --> 00:12:00.750 align:start position:0% time the timeouts get larger and larger each<00:11:58.570> time<00:11:58.870> it's<00:11:59.560> kind<00:11:59.740> of<00:11:59.769> like<00:11:59.950> if<00:12:00.100> I'm<00:12:00.279> you 00:12:00.750 --> 00:12:00.760 align:start position:0% each time it's kind of like if I'm you 00:12:00.760 --> 00:12:02.400 align:start position:0% each time it's kind of like if I'm you know<00:12:00.850> if<00:12:00.940> any<00:12:01.060> party<00:12:01.360> fails<00:12:01.630> to<00:12:01.870> reveal<00:12:02.230> their 00:12:02.400 --> 00:12:02.410 align:start position:0% know if any party fails to reveal their 00:12:02.410 --> 00:12:05.250 align:start position:0% know if any party fails to reveal their preimage<00:12:02.890> then<00:12:03.100> the<00:12:03.220> next<00:12:03.459> party<00:12:03.790> in<00:12:03.880> line<00:12:04.260> has 00:12:05.250 --> 00:12:05.260 align:start position:0% preimage then the next party in line has 00:12:05.260 --> 00:12:06.930 align:start position:0% preimage then the next party in line has enough<00:12:05.620> money<00:12:05.769> to<00:12:05.980> compensate<00:12:06.190> them<00:12:06.670> plus 00:12:06.930 --> 00:12:06.940 align:start position:0% enough money to compensate them plus 00:12:06.940 --> 00:12:08.130 align:start position:0% enough money to compensate them plus everyone<00:12:07.300> else<00:12:07.450> after<00:12:07.779> this 00:12:08.130 --> 00:12:08.140 align:start position:0% everyone else after this 00:12:08.140 --> 00:12:10.050 align:start position:0% everyone else after this all<00:12:08.709> right<00:12:08.800> the<00:12:08.890> net<00:12:09.040> result<00:12:09.339> is<00:12:09.430> it<00:12:09.579> reduces 00:12:10.050 --> 00:12:10.060 align:start position:0% all right the net result is it reduces 00:12:10.060 --> 00:12:11.850 align:start position:0% all right the net result is it reduces the<00:12:10.209> total<00:12:10.390> amount<00:12:10.810> of<00:12:10.930> extra<00:12:11.320> security 00:12:11.850 --> 00:12:11.860 align:start position:0% the total amount of extra security 00:12:11.860 --> 00:12:13.829 align:start position:0% the total amount of extra security deposits<00:12:12.399> you<00:12:12.519> need<00:12:12.640> to<00:12:12.790> collect<00:12:12.970> down<00:12:13.390> from<00:12:13.690> n 00:12:13.829 --> 00:12:13.839 align:start position:0% deposits you need to collect down from n 00:12:13.839 --> 00:12:16.470 align:start position:0% deposits you need to collect down from n cubed<00:12:14.199> in<00:12:14.410> total<00:12:14.800> to<00:12:15.100> merely<00:12:15.490> N<00:12:15.790> squared<00:12:16.269> in 00:12:16.470 --> 00:12:16.480 align:start position:0% cubed in total to merely N squared in 00:12:16.480 --> 00:12:18.210 align:start position:0% cubed in total to merely N squared in total<00:12:16.810> all<00:12:17.320> right<00:12:17.440> but<00:12:17.529> it<00:12:17.620> also<00:12:17.740> comes<00:12:18.040> at<00:12:18.190> a 00:12:18.210 --> 00:12:18.220 align:start position:0% total all right but it also comes at a 00:12:18.220 --> 00:12:19.620 align:start position:0% total all right but it also comes at a trade-off<00:12:18.610> which<00:12:18.790> is<00:12:18.910> that<00:12:19.089> this<00:12:19.269> ends<00:12:19.570> up 00:12:19.620 --> 00:12:19.630 align:start position:0% trade-off which is that this ends up 00:12:19.630 --> 00:12:22.079 align:start position:0% trade-off which is that this ends up stretching<00:12:20.050> out<00:12:20.350> over<00:12:20.800> and<00:12:21.070> rounds<00:12:21.850> like<00:12:21.970> the 00:12:22.079 --> 00:12:22.089 align:start position:0% stretching out over and rounds like the 00:12:22.089 --> 00:12:24.269 align:start position:0% stretching out over and rounds like the lottery<00:12:22.300> takes<00:12:22.600> longer<00:12:23.140> the<00:12:23.709> more<00:12:23.920> parties 00:12:24.269 --> 00:12:24.279 align:start position:0% lottery takes longer the more parties 00:12:24.279 --> 00:12:26.069 align:start position:0% lottery takes longer the more parties that<00:12:24.430> you<00:12:24.519> have<00:12:24.550> participating<00:12:25.510> whereas<00:12:25.810> the 00:12:26.069 --> 00:12:26.079 align:start position:0% that you have participating whereas the 00:12:26.079 --> 00:12:28.079 align:start position:0% that you have participating whereas the original<00:12:26.860> one<00:12:26.980> took<00:12:27.130> more<00:12:27.339> collateral<00:12:27.880> but 00:12:28.079 --> 00:12:28.089 align:start position:0% original one took more collateral but 00:12:28.089 --> 00:12:29.430 align:start position:0% original one took more collateral but you<00:12:28.240> know<00:12:28.329> finished<00:12:28.660> in<00:12:28.779> a<00:12:28.870> constant<00:12:29.320> number 00:12:29.430 --> 00:12:29.440 align:start position:0% you know finished in a constant number 00:12:29.440 --> 00:12:31.860 align:start position:0% you know finished in a constant number of<00:12:29.709> rounds<00:12:30.160> and<00:12:30.970> it<00:12:31.060> still<00:12:31.240> has<00:12:31.329> this<00:12:31.449> quality 00:12:31.860 --> 00:12:31.870 align:start position:0% of rounds and it still has this quality 00:12:31.870 --> 00:12:32.850 align:start position:0% of rounds and it still has this quality that<00:12:31.990> I<00:12:32.019> think<00:12:32.199> it's<00:12:32.290> a<00:12:32.350> little<00:12:32.529> bit<00:12:32.620> hard<00:12:32.800> to 00:12:32.850 --> 00:12:32.860 align:start position:0% that I think it's a little bit hard to 00:12:32.860 --> 00:12:34.170 align:start position:0% that I think it's a little bit hard to wrap<00:12:33.040> your<00:12:33.070> head<00:12:33.279> around<00:12:33.310> so<00:12:33.640> I'm<00:12:33.760> not<00:12:33.880> going 00:12:34.170 --> 00:12:34.180 align:start position:0% wrap your head around so I'm not going 00:12:34.180 --> 00:12:36.720 align:start position:0% wrap your head around so I'm not going to<00:12:34.529> try<00:12:35.529> to<00:12:35.560> explain<00:12:35.949> it<00:12:36.130> any<00:12:36.250> more<00:12:36.430> clearly 00:12:36.720 --> 00:12:36.730 align:start position:0% to try to explain it any more clearly 00:12:36.730 --> 00:12:38.790 align:start position:0% to try to explain it any more clearly than<00:12:36.940> that<00:12:37.120> the<00:12:38.019> techniques<00:12:38.350> really<00:12:38.500> clever 00:12:38.790 --> 00:12:38.800 align:start position:0% than that the techniques really clever 00:12:38.800 --> 00:12:42.810 align:start position:0% than that the techniques really clever though<00:12:40.350> now<00:12:41.350> you<00:12:41.800> might<00:12:41.949> start<00:12:42.130> to<00:12:42.250> wonder<00:12:42.430> you 00:12:42.810 --> 00:12:42.820 align:start position:0% though now you might start to wonder you 00:12:42.820 --> 00:12:44.189 align:start position:0% though now you might start to wonder you know<00:12:42.970> is<00:12:43.089> there<00:12:43.240> a<00:12:43.269> simpler<00:12:43.660> way<00:12:43.810> of<00:12:43.839> doing 00:12:44.189 --> 00:12:44.199 align:start position:0% know is there a simpler way of doing 00:12:44.199 --> 00:12:46.079 align:start position:0% know is there a simpler way of doing this<00:12:44.320> and<00:12:44.529> so<00:12:44.740> I<00:12:45.070> should<00:12:45.579> say<00:12:45.699> again<00:12:45.760> all<00:12:45.940> of 00:12:46.079 --> 00:12:46.089 align:start position:0% this and so I should say again all of 00:12:46.089 --> 00:12:48.210 align:start position:0% this and so I should say again all of these<00:12:46.209> were<00:12:46.360> done<00:12:46.510> in<00:12:46.839> in<00:12:47.199> Bitcoin<00:12:47.620> prior<00:12:47.949> to 00:12:48.210 --> 00:12:48.220 align:start position:0% these were done in in Bitcoin prior to 00:12:48.220 --> 00:12:50.460 align:start position:0% these were done in in Bitcoin prior to aetherium<00:12:49.120> being<00:12:49.390> so<00:12:49.990> widely<00:12:50.199> appreciated 00:12:50.460 --> 00:12:50.470 align:start position:0% aetherium being so widely appreciated 00:12:50.470 --> 00:12:53.490 align:start position:0% aetherium being so widely appreciated anyway<00:12:51.779> we<00:12:52.779> started<00:12:53.079> to<00:12:53.140> look<00:12:53.230> at<00:12:53.320> how<00:12:53.380> you 00:12:53.490 --> 00:12:53.500 align:start position:0% anyway we started to look at how you 00:12:53.500 --> 00:12:55.350 align:start position:0% anyway we started to look at how you could<00:12:53.680> do<00:12:53.800> a<00:12:53.829> lottery<00:12:54.160> in<00:12:54.310> aetherium<00:12:54.640> and<00:12:55.029> it 00:12:55.350 --> 00:12:55.360 align:start position:0% could do a lottery in aetherium and it 00:12:55.360 --> 00:12:56.699 align:start position:0% could do a lottery in aetherium and it just<00:12:55.540> immediately<00:12:55.750> was<00:12:56.110> simple<00:12:56.380> oh<00:12:56.470> you<00:12:56.529> can 00:12:56.699 --> 00:12:56.709 align:start position:0% just immediately was simple oh you can 00:12:56.709 --> 00:12:58.769 align:start position:0% just immediately was simple oh you can do<00:12:56.769> something<00:12:57.070> a<00:12:57.130> lot<00:12:57.250> easier<00:12:57.610> than<00:12:57.760> this<00:12:57.940> what 00:12:58.769 --> 00:12:58.779 align:start position:0% do something a lot easier than this what 00:12:58.779 --> 00:13:00.210 align:start position:0% do something a lot easier than this what you<00:12:58.870> can<00:12:58.959> do<00:12:59.079> is<00:12:59.199> have<00:12:59.320> a<00:12:59.350> tournament<00:12:59.709> bracket 00:13:00.210 --> 00:13:00.220 align:start position:0% you can do is have a tournament bracket 00:13:00.220 --> 00:13:02.310 align:start position:0% you can do is have a tournament bracket where<00:13:00.730> you<00:13:01.149> always<00:13:01.300> have<00:13:01.510> two<00:13:01.720> parties<00:13:02.079> just 00:13:02.310 --> 00:13:02.320 align:start position:0% where you always have two parties just 00:13:02.320 --> 00:13:04.889 align:start position:0% where you always have two parties just playing<00:13:02.649> a<00:13:02.949> flip<00:13:03.880> game<00:13:04.120> against<00:13:04.540> each<00:13:04.690> other 00:13:04.889 --> 00:13:04.899 align:start position:0% playing a flip game against each other 00:13:04.899 --> 00:13:08.009 align:start position:0% playing a flip game against each other all<00:13:05.769> right<00:13:05.920> and<00:13:06.160> at<00:13:06.760> each<00:13:06.910> time<00:13:07.329> you<00:13:07.750> like<00:13:07.899> lay 00:13:08.009 --> 00:13:08.019 align:start position:0% all right and at each time you like lay 00:13:08.019 --> 00:13:09.389 align:start position:0% all right and at each time you like lay them<00:13:08.170> out<00:13:08.230> like<00:13:08.410> a<00:13:08.440> tournament<00:13:08.769> bracket<00:13:09.250> after 00:13:09.389 --> 00:13:09.399 align:start position:0% them out like a tournament bracket after 00:13:09.399 --> 00:13:11.519 align:start position:0% them out like a tournament bracket after the<00:13:09.850> first<00:13:10.180> two<00:13:10.329> parties<00:13:10.690> play<00:13:11.019> then<00:13:11.290> whoever 00:13:11.519 --> 00:13:11.529 align:start position:0% the first two parties play then whoever 00:13:11.529 --> 00:13:13.530 align:start position:0% the first two parties play then whoever wins<00:13:11.829> that<00:13:12.010> lottery<00:13:12.399> goes<00:13:12.790> on<00:13:13.000> to<00:13:13.240> the<00:13:13.329> next 00:13:13.530 --> 00:13:13.540 align:start position:0% wins that lottery goes on to the next 00:13:13.540 --> 00:13:16.319 align:start position:0% wins that lottery goes on to the next round<00:13:13.800> all<00:13:14.800> right<00:13:14.920> and<00:13:15.130> then<00:13:15.339> you<00:13:15.730> finally<00:13:16.270> you 00:13:16.319 --> 00:13:16.329 align:start position:0% round all right and then you finally you 00:13:16.329 --> 00:13:17.610 align:start position:0% round all right and then you finally you keep<00:13:16.449> doing<00:13:16.720> this<00:13:16.810> like<00:13:16.990> a<00:13:17.020> tournament<00:13:17.500> until 00:13:17.610 --> 00:13:17.620 align:start position:0% keep doing this like a tournament until 00:13:17.620 --> 00:13:19.110 align:start position:0% keep doing this like a tournament until you<00:13:17.800> get<00:13:17.920> to<00:13:18.010> the<00:13:18.100> final<00:13:18.430> of<00:13:18.550> the<00:13:18.579> tournament 00:13:19.110 --> 00:13:19.120 align:start position:0% you get to the final of the tournament 00:13:19.120 --> 00:13:20.970 align:start position:0% you get to the final of the tournament and<00:13:19.180> then<00:13:19.300> whoever's<00:13:19.630> there<00:13:19.839> wins<00:13:20.079> and<00:13:20.440> now 00:13:20.970 --> 00:13:20.980 align:start position:0% and then whoever's there wins and now 00:13:20.980 --> 00:13:21.810 align:start position:0% and then whoever's there wins and now the<00:13:21.040> rule<00:13:21.310> is<00:13:21.459> that<00:13:21.490> the<00:13:21.610> way 00:13:21.810 --> 00:13:21.820 align:start position:0% the rule is that the way 00:13:21.820 --> 00:13:23.970 align:start position:0% the rule is that the way you<00:13:22.030> handle<00:13:22.360> aborts<00:13:22.780> is<00:13:22.960> that<00:13:23.260> since<00:13:23.860> you're 00:13:23.970 --> 00:13:23.980 align:start position:0% you handle aborts is that since you're 00:13:23.980 --> 00:13:25.320 align:start position:0% you handle aborts is that since you're always<00:13:24.070> just<00:13:24.280> playing<00:13:24.550> with<00:13:24.640> an<00:13:24.790> opponent<00:13:25.030> if 00:13:25.320 --> 00:13:25.330 align:start position:0% always just playing with an opponent if 00:13:25.330 --> 00:13:27.900 align:start position:0% always just playing with an opponent if you<00:13:25.630> fail<00:13:26.050> to<00:13:26.080> reveal<00:13:26.590> your<00:13:26.830> secret<00:13:27.340> in<00:13:27.580> time 00:13:27.900 --> 00:13:27.910 align:start position:0% you fail to reveal your secret in time 00:13:27.910 --> 00:13:29.700 align:start position:0% you fail to reveal your secret in time then<00:13:28.330> the<00:13:28.480> other<00:13:28.600> party<00:13:28.960> wins<00:13:29.170> it's<00:13:29.440> like<00:13:29.560> you 00:13:29.700 --> 00:13:29.710 align:start position:0% then the other party wins it's like you 00:13:29.710 --> 00:13:31.440 align:start position:0% then the other party wins it's like you forfeit<00:13:30.160> the<00:13:30.250> other<00:13:30.400> party<00:13:30.730> immediately<00:13:31.270> goes 00:13:31.440 --> 00:13:31.450 align:start position:0% forfeit the other party immediately goes 00:13:31.450 --> 00:13:33.810 align:start position:0% forfeit the other party immediately goes on<00:13:31.660> to<00:13:31.840> the<00:13:31.930> next<00:13:32.200> level<00:13:32.500> and<00:13:32.800> this<00:13:33.490> is<00:13:33.610> really 00:13:33.810 --> 00:13:33.820 align:start position:0% on to the next level and this is really 00:13:33.820 --> 00:13:35.670 align:start position:0% on to the next level and this is really easy<00:13:33.970> to<00:13:34.090> do<00:13:34.360> in<00:13:34.570> aetherium<00:13:35.020> because<00:13:35.320> you<00:13:35.500> can 00:13:35.670 --> 00:13:35.680 align:start position:0% easy to do in aetherium because you can 00:13:35.680 --> 00:13:37.680 align:start position:0% easy to do in aetherium because you can keep<00:13:35.860> track<00:13:36.100> of<00:13:36.340> who<00:13:36.520> was<00:13:36.760> the<00:13:36.970> winner<00:13:37.180> at<00:13:37.480> each 00:13:37.680 --> 00:13:37.690 align:start position:0% keep track of who was the winner at each 00:13:37.690 --> 00:13:39.510 align:start position:0% keep track of who was the winner at each bracket<00:13:38.050> it's<00:13:38.380> really<00:13:38.620> easy<00:13:38.830> to<00:13:39.040> do<00:13:39.160> this<00:13:39.340> with 00:13:39.510 --> 00:13:39.520 align:start position:0% bracket it's really easy to do this with 00:13:39.520 --> 00:13:42.570 align:start position:0% bracket it's really easy to do this with um<00:13:40.080> lots<00:13:41.080> of<00:13:41.230> contracts<00:13:41.740> like<00:13:41.920> one<00:13:42.100> contract 00:13:42.570 --> 00:13:42.580 align:start position:0% um lots of contracts like one contract 00:13:42.580 --> 00:13:44.100 align:start position:0% um lots of contracts like one contract for<00:13:42.760> each<00:13:42.850> match<00:13:43.150> and<00:13:43.450> then<00:13:43.540> the<00:13:43.630> contracts 00:13:44.100 --> 00:13:44.110 align:start position:0% for each match and then the contracts 00:13:44.110 --> 00:13:45.720 align:start position:0% for each match and then the contracts talk<00:13:44.290> to<00:13:44.410> each<00:13:44.530> other<00:13:44.710> it's<00:13:44.920> also<00:13:45.070> easy<00:13:45.370> just 00:13:45.720 --> 00:13:45.730 align:start position:0% talk to each other it's also easy just 00:13:45.730 --> 00:13:48.270 align:start position:0% talk to each other it's also easy just to<00:13:45.970> unfold<00:13:46.780> it<00:13:47.020> and<00:13:47.200> write<00:13:47.350> one<00:13:47.530> big<00:13:47.710> contract 00:13:48.270 --> 00:13:48.280 align:start position:0% to unfold it and write one big contract 00:13:48.280 --> 00:13:50.040 align:start position:0% to unfold it and write one big contract that<00:13:48.400> keeps<00:13:48.670> an<00:13:48.820> array<00:13:49.060> keeping<00:13:49.540> track<00:13:49.780> of<00:13:49.810> all 00:13:50.040 --> 00:13:50.050 align:start position:0% that keeps an array keeping track of all 00:13:50.050 --> 00:13:51.480 align:start position:0% that keeps an array keeping track of all of<00:13:50.200> the<00:13:50.380> different<00:13:50.950> stages<00:13:51.160> of<00:13:51.370> the 00:13:51.480 --> 00:13:51.490 align:start position:0% of the different stages of the 00:13:51.490 --> 00:13:53.850 align:start position:0% of the different stages of the tournaments<00:13:52.140> it's<00:13:53.140> really<00:13:53.440> quickly<00:13:53.650> pretty 00:13:53.850 --> 00:13:53.860 align:start position:0% tournaments it's really quickly pretty 00:13:53.860 --> 00:13:55.170 align:start position:0% tournaments it's really quickly pretty simple<00:13:54.220> at<00:13:54.310> something<00:13:54.580> you<00:13:54.640> could<00:13:54.790> implement 00:13:55.170 --> 00:13:55.180 align:start position:0% simple at something you could implement 00:13:55.180 --> 00:13:59.340 align:start position:0% simple at something you could implement in<00:13:55.300> solidity<00:13:57.420> we<00:13:58.420> started<00:13:58.780> to<00:13:58.870> look<00:13:58.990> then<00:13:59.200> at 00:13:59.340 --> 00:13:59.350 align:start position:0% in solidity we started to look then at 00:13:59.350 --> 00:14:00.570 align:start position:0% in solidity we started to look then at okay<00:13:59.680> so<00:13:59.740> you<00:13:59.890> can<00:14:00.100> do<00:14:00.190> this<00:14:00.310> simple 00:14:00.570 --> 00:14:00.580 align:start position:0% okay so you can do this simple 00:14:00.580 --> 00:14:02.340 align:start position:0% okay so you can do this simple tournament<00:14:01.030> bracket<00:14:01.390> and<00:14:01.510> etherium<00:14:01.990> I<00:14:02.140> should 00:14:02.340 --> 00:14:02.350 align:start position:0% tournament bracket and etherium I should 00:14:02.350 --> 00:14:03.570 align:start position:0% tournament bracket and etherium I should say<00:14:02.470> also<00:14:02.620> that<00:14:02.920> um<00:14:03.070> you<00:14:03.340> know<00:14:03.430> this 00:14:03.570 --> 00:14:03.580 align:start position:0% say also that um you know this 00:14:03.580 --> 00:14:05.010 align:start position:0% say also that um you know this tournament<00:14:03.910> doesn't<00:14:04.150> require<00:14:04.330> any<00:14:04.690> extra 00:14:05.010 --> 00:14:05.020 align:start position:0% tournament doesn't require any extra 00:14:05.020 --> 00:14:06.240 align:start position:0% tournament doesn't require any extra collateral<00:14:05.530> because<00:14:05.800> you<00:14:05.890> don't<00:14:06.040> have<00:14:06.160> to 00:14:06.240 --> 00:14:06.250 align:start position:0% collateral because you don't have to 00:14:06.250 --> 00:14:08.100 align:start position:0% collateral because you don't have to take<00:14:06.460> a<00:14:06.490> security<00:14:07.060> deposit<00:14:07.210> from<00:14:07.570> someone<00:14:07.990> if 00:14:08.100 --> 00:14:08.110 align:start position:0% take a security deposit from someone if 00:14:08.110 --> 00:14:09.540 align:start position:0% take a security deposit from someone if they<00:14:08.230> forfeit<00:14:08.620> you<00:14:08.710> just<00:14:08.890> you<00:14:09.100> know<00:14:09.220> that<00:14:09.430> the 00:14:09.540 --> 00:14:09.550 align:start position:0% they forfeit you just you know that the 00:14:09.550 --> 00:14:11.150 align:start position:0% they forfeit you just you know that the other<00:14:09.700> person<00:14:10.120> goes<00:14:10.240> on<00:14:10.450> to<00:14:10.600> the<00:14:10.690> next<00:14:10.720> level 00:14:11.150 --> 00:14:11.160 align:start position:0% other person goes on to the next level 00:14:11.160 --> 00:14:13.200 align:start position:0% other person goes on to the next level so<00:14:12.160> we<00:14:12.250> looked<00:14:12.430> at<00:14:12.550> to<00:14:12.640> try<00:14:12.760> to<00:14:12.820> see<00:14:13.030> if<00:14:13.060> we 00:14:13.200 --> 00:14:13.210 align:start position:0% so we looked at to try to see if we 00:14:13.210 --> 00:14:14.970 align:start position:0% so we looked at to try to see if we could<00:14:13.360> emulate<00:14:13.630> this<00:14:13.990> tournament<00:14:14.650> structure 00:14:14.970 --> 00:14:14.980 align:start position:0% could emulate this tournament structure 00:14:14.980 --> 00:14:17.850 align:start position:0% could emulate this tournament structure rather<00:14:15.370> than<00:14:15.550> this<00:14:15.880> linear<00:14:16.360> structure<00:14:17.080> or<00:14:17.350> one 00:14:17.850 --> 00:14:17.860 align:start position:0% rather than this linear structure or one 00:14:17.860 --> 00:14:19.980 align:start position:0% rather than this linear structure or one round<00:14:18.130> expensive<00:14:18.790> structure<00:14:19.090> in<00:14:19.240> Bitcoin<00:14:19.750> and 00:14:19.980 --> 00:14:19.990 align:start position:0% round expensive structure in Bitcoin and 00:14:19.990 --> 00:14:21.780 align:start position:0% round expensive structure in Bitcoin and we<00:14:20.680> came<00:14:20.860> up<00:14:20.890> with<00:14:21.190> something<00:14:21.400> that's<00:14:21.700> a 00:14:21.780 --> 00:14:21.790 align:start position:0% we came up with something that's a 00:14:21.790 --> 00:14:23.550 align:start position:0% we came up with something that's a little<00:14:21.820> bit<00:14:22.060> unsatisfying<00:14:22.900> but<00:14:23.170> it<00:14:23.260> is<00:14:23.380> still 00:14:23.550 --> 00:14:23.560 align:start position:0% little bit unsatisfying but it is still 00:14:23.560 --> 00:14:26.550 align:start position:0% little bit unsatisfying but it is still technically<00:14:23.980> a<00:14:24.070> tournament<00:14:24.940> structure<00:14:25.560> we 00:14:26.550 --> 00:14:26.560 align:start position:0% technically a tournament structure we 00:14:26.560 --> 00:14:27.810 align:start position:0% technically a tournament structure we came<00:14:26.710> up<00:14:26.830> with<00:14:26.890> this<00:14:26.980> extension<00:14:27.580> of<00:14:27.700> the 00:14:27.810 --> 00:14:27.820 align:start position:0% came up with this extension of the 00:14:27.820 --> 00:14:29.580 align:start position:0% came up with this extension of the claimer<00:14:28.060> refund<00:14:28.540> gadget<00:14:28.960> that's<00:14:29.110> really<00:14:29.410> like 00:14:29.580 --> 00:14:29.590 align:start position:0% claimer refund gadget that's really like 00:14:29.590 --> 00:14:32.370 align:start position:0% claimer refund gadget that's really like a<00:14:29.740> two-way<00:14:30.310> claim<00:14:31.030> a<00:14:31.060> refund<00:14:31.330> gadget<00:14:32.020> it 00:14:32.370 --> 00:14:32.380 align:start position:0% a two-way claim a refund gadget it 00:14:32.380 --> 00:14:35.190 align:start position:0% a two-way claim a refund gadget it involves<00:14:32.860> a<00:14:32.950> sequence<00:14:33.340> of<00:14:33.490> two<00:14:34.200> transaction 00:14:35.190 --> 00:14:35.200 align:start position:0% involves a sequence of two transaction 00:14:35.200 --> 00:14:37.200 align:start position:0% involves a sequence of two transaction scripts<00:14:35.950> rather<00:14:36.220> than<00:14:36.460> just<00:14:36.700> one<00:14:36.940> it's<00:14:37.150> like 00:14:37.200 --> 00:14:37.210 align:start position:0% scripts rather than just one it's like 00:14:37.210 --> 00:14:39.000 align:start position:0% scripts rather than just one it's like Alice<00:14:37.630> has<00:14:37.780> a<00:14:37.810> turn<00:14:38.080> to<00:14:38.260> commit<00:14:38.560> bob<00:14:38.740> has<00:14:38.980> a 00:14:39.000 --> 00:14:39.010 align:start position:0% Alice has a turn to commit bob has a 00:14:39.010 --> 00:14:41.730 align:start position:0% Alice has a turn to commit bob has a turn<00:14:39.420> Alice<00:14:40.420> has<00:14:40.570> a<00:14:40.600> turn<00:14:40.870> to<00:14:41.020> reveal<00:14:41.260> bob<00:14:41.500> has 00:14:41.730 --> 00:14:41.740 align:start position:0% turn Alice has a turn to reveal bob has 00:14:41.740 --> 00:14:44.340 align:start position:0% turn Alice has a turn to reveal bob has a<00:14:41.770> turn<00:14:42.010> to<00:14:42.220> reveal<00:14:42.660> you<00:14:43.660> know<00:14:43.750> the<00:14:43.930> net<00:14:44.140> of<00:14:44.230> it 00:14:44.340 --> 00:14:44.350 align:start position:0% a turn to reveal you know the net of it 00:14:44.350 --> 00:14:47.070 align:start position:0% a turn to reveal you know the net of it is<00:14:44.470> that<00:14:44.650> there<00:14:44.830> are<00:14:45.420> everyone<00:14:46.420> has<00:14:46.600> two<00:14:46.780> all 00:14:47.070 --> 00:14:47.080 align:start position:0% is that there are everyone has two all 00:14:47.080 --> 00:14:48.840 align:start position:0% is that there are everyone has two all of<00:14:47.110> these<00:14:47.350> transactions<00:14:48.130> have<00:14:48.310> to<00:14:48.430> be<00:14:48.520> signed 00:14:48.840 --> 00:14:48.850 align:start position:0% of these transactions have to be signed 00:14:48.850 --> 00:14:50.760 align:start position:0% of these transactions have to be signed by<00:14:49.060> all<00:14:49.360> of<00:14:49.450> the<00:14:49.600> parties<00:14:49.900> involved<00:14:50.230> ahead<00:14:50.650> of 00:14:50.760 --> 00:14:50.770 align:start position:0% by all of the parties involved ahead of 00:14:50.770 --> 00:14:52.200 align:start position:0% by all of the parties involved ahead of time<00:14:51.010> like<00:14:51.340> all<00:14:51.490> of<00:14:51.610> the<00:14:51.700> parties<00:14:51.970> in<00:14:52.120> the 00:14:52.200 --> 00:14:52.210 align:start position:0% time like all of the parties in the 00:14:52.210 --> 00:14:54.170 align:start position:0% time like all of the parties in the tournament<00:14:52.630> have<00:14:52.810> to<00:14:52.990> sign<00:14:53.230> all<00:14:53.710> of<00:14:53.770> these 00:14:54.170 --> 00:14:54.180 align:start position:0% tournament have to sign all of these 00:14:54.180 --> 00:14:57.270 align:start position:0% tournament have to sign all of these transactions<00:14:55.180> everything<00:14:55.480> except<00:14:56.050> for<00:14:56.410> the 00:14:57.270 --> 00:14:57.280 align:start position:0% transactions everything except for the 00:14:57.280 --> 00:14:59.820 align:start position:0% transactions everything except for the the<00:14:58.030> hash<00:14:58.450> preimages<00:14:59.110> is<00:14:59.320> the<00:14:59.440> only<00:14:59.590> thing 00:14:59.820 --> 00:14:59.830 align:start position:0% the hash preimages is the only thing 00:14:59.830 --> 00:15:02.730 align:start position:0% the hash preimages is the only thing that's<00:15:00.070> left<00:15:00.280> out<00:15:00.730> of<00:15:01.150> the<00:15:01.420> signature<00:15:01.840> all 00:15:02.730 --> 00:15:02.740 align:start position:0% that's left out of the signature all 00:15:02.740 --> 00:15:06.720 align:start position:0% that's left out of the signature all right<00:15:02.890> and<00:15:04.860> you<00:15:05.860> know<00:15:05.980> no<00:15:06.100> matter<00:15:06.250> what<00:15:06.550> there 00:15:06.720 --> 00:15:06.730 align:start position:0% right and you know no matter what there 00:15:06.730 --> 00:15:08.640 align:start position:0% right and you know no matter what there will<00:15:06.790> be<00:15:06.850> like<00:15:07.450> at<00:15:07.600> least<00:15:07.720> this<00:15:07.960> transaction 00:15:08.640 --> 00:15:08.650 align:start position:0% will be like at least this transaction 00:15:08.650 --> 00:15:10.890 align:start position:0% will be like at least this transaction on<00:15:08.800> the<00:15:08.830> blockchain<00:15:09.400> and<00:15:09.790> then<00:15:10.150> you<00:15:10.810> know 00:15:10.890 --> 00:15:10.900 align:start position:0% on the blockchain and then you know 00:15:10.900 --> 00:15:12.150 align:start position:0% on the blockchain and then you know there's<00:15:11.080> some<00:15:11.320> case<00:15:11.530> where<00:15:11.800> you<00:15:11.890> can<00:15:12.070> go 00:15:12.150 --> 00:15:12.160 align:start position:0% there's some case where you can go 00:15:12.160 --> 00:15:13.380 align:start position:0% there's some case where you can go straight<00:15:12.370> to<00:15:12.490> one<00:15:12.760> of<00:15:12.880> these<00:15:13.000> outcomes 00:15:13.380 --> 00:15:13.390 align:start position:0% straight to one of these outcomes 00:15:13.390 --> 00:15:14.610 align:start position:0% straight to one of these outcomes basically<00:15:13.810> there's<00:15:13.990> three<00:15:14.200> possible 00:15:14.610 --> 00:15:14.620 align:start position:0% basically there's three possible 00:15:14.620 --> 00:15:17.310 align:start position:0% basically there's three possible transactions<00:15:15.310> that<00:15:15.730> can<00:15:16.030> be<00:15:16.150> the<00:15:16.360> outcomes<00:15:17.110> of 00:15:17.310 --> 00:15:17.320 align:start position:0% transactions that can be the outcomes of 00:15:17.320 --> 00:15:18.780 align:start position:0% transactions that can be the outcomes of this<00:15:17.530> like<00:15:17.740> two<00:15:17.920> of<00:15:18.040> the<00:15:18.160> transactions 00:15:18.780 --> 00:15:18.790 align:start position:0% this like two of the transactions 00:15:18.790 --> 00:15:21.240 align:start position:0% this like two of the transactions involve<00:15:19.270> Bob<00:15:20.230> winning<00:15:20.620> one<00:15:20.770> of<00:15:20.800> the<00:15:20.980> the 00:15:21.240 --> 00:15:21.250 align:start position:0% involve Bob winning one of the the 00:15:21.250 --> 00:15:22.980 align:start position:0% involve Bob winning one of the the possible<00:15:21.610> output<00:15:21.970> transactions<00:15:22.630> involves 00:15:22.980 --> 00:15:22.990 align:start position:0% possible output transactions involves 00:15:22.990 --> 00:15:27.750 align:start position:0% possible output transactions involves Alice<00:15:23.350> winning<00:15:26.130> it's<00:15:27.130> a<00:15:27.220> little<00:15:27.430> bit<00:15:27.550> tricky 00:15:27.750 --> 00:15:27.760 align:start position:0% Alice winning it's a little bit tricky 00:15:27.760 --> 00:15:29.160 align:start position:0% Alice winning it's a little bit tricky to<00:15:27.790> explain<00:15:28.000> but<00:15:28.450> it's<00:15:28.540> basically<00:15:28.840> the<00:15:28.930> same 00:15:29.160 --> 00:15:29.170 align:start position:0% to explain but it's basically the same 00:15:29.170 --> 00:15:30.450 align:start position:0% to explain but it's basically the same kind<00:15:29.380> of<00:15:29.530> thing<00:15:29.740> you're<00:15:29.890> encoding<00:15:30.160> this 00:15:30.450 --> 00:15:30.460 align:start position:0% kind of thing you're encoding this 00:15:30.460 --> 00:15:32.340 align:start position:0% kind of thing you're encoding this condition<00:15:30.940> of<00:15:31.090> you<00:15:31.330> know<00:15:31.420> reveal<00:15:31.870> a<00:15:31.900> pre-image 00:15:32.340 --> 00:15:32.350 align:start position:0% condition of you know reveal a pre-image 00:15:32.350 --> 00:15:33.930 align:start position:0% condition of you know reveal a pre-image before<00:15:32.800> sometime<00:15:33.220> you<00:15:33.430> can<00:15:33.580> do<00:15:33.670> that<00:15:33.790> in 00:15:33.930 --> 00:15:33.940 align:start position:0% before sometime you can do that in 00:15:33.940 --> 00:15:35.310 align:start position:0% before sometime you can do that in Bitcoin<00:15:34.270> script<00:15:34.600> the 00:15:35.310 --> 00:15:35.320 align:start position:0% Bitcoin script the 00:15:35.320 --> 00:15:36.960 align:start position:0% Bitcoin script the and<00:15:35.620> chaining<00:15:35.829> these<00:15:36.130> things<00:15:36.399> together<00:15:36.610> by 00:15:36.960 --> 00:15:36.970 align:start position:0% and chaining these things together by 00:15:36.970 --> 00:15:38.819 align:start position:0% and chaining these things together by having<00:15:37.089> multiple<00:15:37.360> transactions<00:15:38.199> pre<00:15:38.529> signs 00:15:38.819 --> 00:15:38.829 align:start position:0% having multiple transactions pre signs 00:15:38.829 --> 00:15:41.850 align:start position:0% having multiple transactions pre signs that<00:15:39.100> all<00:15:39.250> refer<00:15:39.550> to<00:15:39.670> each<00:15:39.790> other<00:15:39.910> and<00:15:40.899> this 00:15:41.850 --> 00:15:41.860 align:start position:0% that all refer to each other and this 00:15:41.860 --> 00:15:43.860 align:start position:0% that all refer to each other and this structure<00:15:42.160> you<00:15:42.459> can<00:15:42.639> actually<00:15:42.790> combine<00:15:43.149> into 00:15:43.860 --> 00:15:43.870 align:start position:0% structure you can actually combine into 00:15:43.870 --> 00:15:46.079 align:start position:0% structure you can actually combine into a<00:15:43.899> tournament<00:15:44.199> bracket<00:15:44.829> just<00:15:45.459> like<00:15:46.000> the 00:15:46.079 --> 00:15:46.089 align:start position:0% a tournament bracket just like the 00:15:46.089 --> 00:15:48.540 align:start position:0% a tournament bracket just like the etherium<00:15:46.480> example<00:15:46.959> but<00:15:47.110> with<00:15:47.259> a<00:15:47.290> catch<00:15:47.620> all 00:15:48.540 --> 00:15:48.550 align:start position:0% etherium example but with a catch all 00:15:48.550 --> 00:15:50.220 align:start position:0% etherium example but with a catch all right<00:15:48.699> so<00:15:48.850> that<00:15:49.029> catches<00:15:49.360> that<00:15:49.480> because<00:15:49.870> in 00:15:50.220 --> 00:15:50.230 align:start position:0% right so that catches that because in 00:15:50.230 --> 00:15:52.499 align:start position:0% right so that catches that because in Bitcoin<00:15:50.829> transaction<00:15:51.459> script<00:15:51.880> even<00:15:52.149> making 00:15:52.499 --> 00:15:52.509 align:start position:0% Bitcoin transaction script even making 00:15:52.509 --> 00:15:54.120 align:start position:0% Bitcoin transaction script even making use<00:15:52.660> of<00:15:52.690> Segway<00:15:53.170> even<00:15:53.440> making<00:15:53.709> use<00:15:53.829> of<00:15:53.860> the 00:15:54.120 --> 00:15:54.130 align:start position:0% use of Segway even making use of the 00:15:54.130 --> 00:15:56.100 align:start position:0% use of Segway even making use of the most<00:15:54.310> modern<00:15:54.550> op<00:15:54.880> codes<00:15:55.180> when<00:15:55.870> you<00:15:55.959> have<00:15:56.079> a 00:15:56.100 --> 00:15:56.110 align:start position:0% most modern op codes when you have a 00:15:56.110 --> 00:15:58.860 align:start position:0% most modern op codes when you have a transaction<00:15:56.560> that<00:15:56.829> receives<00:15:57.220> inputs<00:15:57.870> you 00:15:58.860 --> 00:15:58.870 align:start position:0% transaction that receives inputs you 00:15:58.870 --> 00:16:01.980 align:start position:0% transaction that receives inputs you have<00:15:58.899> to<00:15:59.940> expressly<00:16:00.940> indicate<00:16:01.630> the 00:16:01.980 --> 00:16:01.990 align:start position:0% have to expressly indicate the 00:16:01.990 --> 00:16:04.769 align:start position:0% have to expressly indicate the transaction<00:16:02.889> ID<00:16:03.130> of<00:16:03.519> the<00:16:03.759> transaction<00:16:04.480> whose 00:16:04.769 --> 00:16:04.779 align:start position:0% transaction ID of the transaction whose 00:16:04.779 --> 00:16:06.900 align:start position:0% transaction ID of the transaction whose input<00:16:05.319> you<00:16:06.130> know<00:16:06.190> whose<00:16:06.399> outputs<00:16:06.790> you're 00:16:06.900 --> 00:16:06.910 align:start position:0% input you know whose outputs you're 00:16:06.910 --> 00:16:09.030 align:start position:0% input you know whose outputs you're spending<00:16:07.389> as<00:16:07.540> an<00:16:07.690> input<00:16:07.990> so<00:16:08.620> what<00:16:08.709> that<00:16:08.800> means 00:16:09.030 --> 00:16:09.040 align:start position:0% spending as an input so what that means 00:16:09.040 --> 00:16:10.740 align:start position:0% spending as an input so what that means is<00:16:09.250> that<00:16:09.279> if<00:16:09.519> one<00:16:09.850> of<00:16:09.880> the<00:16:10.089> matches<00:16:10.449> in<00:16:10.480> this 00:16:10.740 --> 00:16:10.750 align:start position:0% is that if one of the matches in this 00:16:10.750 --> 00:16:12.629 align:start position:0% is that if one of the matches in this first<00:16:10.990> round<00:16:11.259> has<00:16:11.500> three<00:16:11.829> possible<00:16:12.040> output 00:16:12.629 --> 00:16:12.639 align:start position:0% first round has three possible output 00:16:12.639 --> 00:16:15.180 align:start position:0% first round has three possible output transactions<00:16:13.360> alright<00:16:14.199> then<00:16:14.529> to<00:16:14.829> make<00:16:15.009> the 00:16:15.180 --> 00:16:15.190 align:start position:0% transactions alright then to make the 00:16:15.190 --> 00:16:16.590 align:start position:0% transactions alright then to make the next<00:16:15.430> round<00:16:15.699> of<00:16:15.940> the<00:16:16.060> tournament<00:16:16.240> that 00:16:16.590 --> 00:16:16.600 align:start position:0% next round of the tournament that 00:16:16.600 --> 00:16:19.379 align:start position:0% next round of the tournament that depends<00:16:16.959> on<00:16:17.079> it<00:16:17.259> it<00:16:17.410> has<00:16:17.620> to<00:16:17.649> have<00:16:18.300> you<00:16:19.300> know 00:16:19.379 --> 00:16:19.389 align:start position:0% depends on it it has to have you know 00:16:19.389 --> 00:16:21.030 align:start position:0% depends on it it has to have you know you<00:16:19.540> have<00:16:19.660> to<00:16:19.750> have<00:16:19.839> one<00:16:20.139> pre-signed 00:16:21.030 --> 00:16:21.040 align:start position:0% you have to have one pre-signed 00:16:21.040 --> 00:16:22.800 align:start position:0% you have to have one pre-signed transaction<00:16:21.759> for<00:16:21.910> each<00:16:22.060> of<00:16:22.209> those<00:16:22.329> possible 00:16:22.800 --> 00:16:22.810 align:start position:0% transaction for each of those possible 00:16:22.810 --> 00:16:24.720 align:start position:0% transaction for each of those possible inputs<00:16:23.259> and<00:16:23.529> so<00:16:24.040> if<00:16:24.100> you<00:16:24.190> have<00:16:24.310> it<00:16:24.430> the<00:16:24.519> the 00:16:24.720 --> 00:16:24.730 align:start position:0% inputs and so if you have it the the 00:16:24.730 --> 00:16:26.340 align:start position:0% inputs and so if you have it the the next<00:16:25.000> round<00:16:25.180> of<00:16:25.300> transactions<00:16:25.899> has<00:16:26.110> two 00:16:26.340 --> 00:16:26.350 align:start position:0% next round of transactions has two 00:16:26.350 --> 00:16:28.650 align:start position:0% next round of transactions has two possible<00:16:26.800> matches<00:16:27.220> two<00:16:28.000> possible<00:16:28.300> matches<00:16:28.540> it 00:16:28.650 --> 00:16:28.660 align:start position:0% possible matches two possible matches it 00:16:28.660 --> 00:16:30.180 align:start position:0% possible matches two possible matches it has<00:16:28.779> two<00:16:29.019> like<00:16:29.290> the<00:16:29.410> winner<00:16:29.589> from<00:16:29.800> each<00:16:29.980> of 00:16:30.180 --> 00:16:30.190 align:start position:0% has two like the winner from each of 00:16:30.190 --> 00:16:31.860 align:start position:0% has two like the winner from each of these<00:16:30.310> two<00:16:30.579> matches<00:16:30.970> goes<00:16:31.180> on<00:16:31.389> to<00:16:31.569> the<00:16:31.660> next 00:16:31.860 --> 00:16:31.870 align:start position:0% these two matches goes on to the next 00:16:31.870 --> 00:16:33.749 align:start position:0% these two matches goes on to the next round<00:16:32.110> you<00:16:32.440> end<00:16:32.889> up<00:16:32.980> having<00:16:33.069> to<00:16:33.310> have<00:16:33.339> three 00:16:33.749 --> 00:16:33.759 align:start position:0% round you end up having to have three 00:16:33.759 --> 00:16:36.210 align:start position:0% round you end up having to have three times<00:16:34.029> three<00:16:34.569> different<00:16:35.259> contracts<00:16:35.829> each<00:16:35.949> for 00:16:36.210 --> 00:16:36.220 align:start position:0% times three different contracts each for 00:16:36.220 --> 00:16:38.040 align:start position:0% times three different contracts each for each<00:16:36.490> combination<00:16:37.029> of<00:16:37.480> the<00:16:37.600> ways<00:16:37.750> that<00:16:37.930> that 00:16:38.040 --> 00:16:38.050 align:start position:0% each combination of the ways that that 00:16:38.050 --> 00:16:39.780 align:start position:0% each combination of the ways that that could<00:16:38.230> end<00:16:38.440> and<00:16:38.769> then<00:16:39.160> it<00:16:39.250> gets<00:16:39.339> worse<00:16:39.550> from 00:16:39.780 --> 00:16:39.790 align:start position:0% could end and then it gets worse from 00:16:39.790 --> 00:16:42.120 align:start position:0% could end and then it gets worse from there<00:16:40.000> because<00:16:40.329> now<00:16:40.510> this<00:16:40.839> you<00:16:41.560> know<00:16:41.649> stack<00:16:41.949> of 00:16:42.120 --> 00:16:42.130 align:start position:0% there because now this you know stack of 00:16:42.130 --> 00:16:44.699 align:start position:0% there because now this you know stack of transactions<00:16:42.819> has<00:16:43.060> 27<00:16:43.839> possible<00:16:44.290> outcomes 00:16:44.699 --> 00:16:44.709 align:start position:0% transactions has 27 possible outcomes 00:16:44.709 --> 00:16:46.920 align:start position:0% transactions has 27 possible outcomes all<00:16:45.490> right<00:16:45.610> and<00:16:45.730> so<00:16:45.850> the<00:16:46.000> next<00:16:46.300> layer<00:16:46.480> has<00:16:46.750> to 00:16:46.920 --> 00:16:46.930 align:start position:0% all right and so the next layer has to 00:16:46.930 --> 00:16:50.040 align:start position:0% all right and so the next layer has to have<00:16:47.110> 27<00:16:47.769> times<00:16:48.310> 27<00:16:48.550> of<00:16:49.149> those<00:16:49.360> and<00:16:49.630> it<00:16:49.720> goes<00:16:49.870> on 00:16:50.040 --> 00:16:50.050 align:start position:0% have 27 times 27 of those and it goes on 00:16:50.050 --> 00:16:52.230 align:start position:0% have 27 times 27 of those and it goes on by<00:16:50.260> the<00:16:50.319> time<00:16:50.500> you<00:16:50.649> get<00:16:50.769> to<00:16:50.920> the<00:16:51.010> end<00:16:51.240> you 00:16:52.230 --> 00:16:52.240 align:start position:0% by the time you get to the end you 00:16:52.240 --> 00:16:53.910 align:start position:0% by the time you get to the end you you've<00:16:52.660> got<00:16:52.870> this<00:16:52.990> tournament<00:16:53.470> bracket<00:16:53.800> that 00:16:53.910 --> 00:16:53.920 align:start position:0% you've got this tournament bracket that 00:16:53.920 --> 00:16:55.559 align:start position:0% you've got this tournament bracket that worked<00:16:54.220> but<00:16:54.670> you<00:16:54.910> end<00:16:55.060> up<00:16:55.180> having<00:16:55.449> an 00:16:55.559 --> 00:16:55.569 align:start position:0% worked but you end up having an 00:16:55.569 --> 00:16:57.240 align:start position:0% worked but you end up having an exponential<00:16:56.170> number<00:16:56.199> of<00:16:56.529> transactions<00:16:57.160> that 00:16:57.240 --> 00:16:57.250 align:start position:0% exponential number of transactions that 00:16:57.250 --> 00:16:59.100 align:start position:0% exponential number of transactions that everyone<00:16:57.639> has<00:16:57.790> to<00:16:57.970> sign<00:16:58.209> up<00:16:58.420> front<00:16:58.660> only<00:16:58.870> one 00:16:59.100 --> 00:16:59.110 align:start position:0% everyone has to sign up front only one 00:16:59.110 --> 00:17:00.300 align:start position:0% everyone has to sign up front only one of<00:16:59.199> them<00:16:59.290> will<00:16:59.380> end<00:16:59.529> up<00:16:59.649> getting<00:16:59.949> put<00:17:00.100> on<00:17:00.130> the 00:17:00.300 --> 00:17:00.310 align:start position:0% of them will end up getting put on the 00:17:00.310 --> 00:17:01.920 align:start position:0% of them will end up getting put on the blockchain<00:17:00.519> but<00:17:01.120> you<00:17:01.209> have<00:17:01.300> to<00:17:01.389> sign<00:17:01.600> them<00:17:01.750> all 00:17:01.920 --> 00:17:01.930 align:start position:0% blockchain but you have to sign them all 00:17:01.930 --> 00:17:03.389 align:start position:0% blockchain but you have to sign them all up<00:17:02.110> front<00:17:02.380> and<00:17:02.620> so<00:17:03.010> that's<00:17:03.190> where<00:17:03.310> this 00:17:03.389 --> 00:17:03.399 align:start position:0% up front and so that's where this 00:17:03.399 --> 00:17:05.130 align:start position:0% up front and so that's where this exponential<00:17:03.880> amount<00:17:04.240> of<00:17:04.329> computation<00:17:04.900> comes 00:17:05.130 --> 00:17:05.140 align:start position:0% exponential amount of computation comes 00:17:05.140 --> 00:17:06.990 align:start position:0% exponential amount of computation comes in<00:17:05.350> it's<00:17:05.799> kind<00:17:05.980> of<00:17:06.069> unsatisfying<00:17:06.760> it's<00:17:06.939> a 00:17:06.990 --> 00:17:07.000 align:start position:0% in it's kind of unsatisfying it's a 00:17:07.000 --> 00:17:09.270 align:start position:0% in it's kind of unsatisfying it's a little<00:17:07.209> bit<00:17:07.329> awkward<00:17:07.740> it's<00:17:08.740> kind<00:17:09.040> of<00:17:09.159> like 00:17:09.270 --> 00:17:09.280 align:start position:0% little bit awkward it's kind of like 00:17:09.280 --> 00:17:11.669 align:start position:0% little bit awkward it's kind of like having<00:17:09.520> one<00:17:09.850> hot<00:17:10.089> encoding<00:17:10.809> where<00:17:11.169> the<00:17:11.439> the 00:17:11.669 --> 00:17:11.679 align:start position:0% having one hot encoding where the the 00:17:11.679 --> 00:17:13.439 align:start position:0% having one hot encoding where the the the<00:17:11.980> one<00:17:12.309> hot<00:17:12.549> is<00:17:12.790> which<00:17:13.030> of<00:17:13.209> these 00:17:13.439 --> 00:17:13.449 align:start position:0% the one hot is which of these 00:17:13.449 --> 00:17:15.120 align:start position:0% the one hot is which of these transactions<00:17:14.230> you<00:17:14.380> sign<00:17:14.559> up<00:17:14.709> front<00:17:14.949> actually 00:17:15.120 --> 00:17:15.130 align:start position:0% transactions you sign up front actually 00:17:15.130 --> 00:17:16.860 align:start position:0% transactions you sign up front actually gets<00:17:15.429> placed<00:17:15.640> on<00:17:15.819> the<00:17:15.880> blockchain<00:17:16.390> and<00:17:16.569> you 00:17:16.860 --> 00:17:16.870 align:start position:0% gets placed on the blockchain and you 00:17:16.870 --> 00:17:18.960 align:start position:0% gets placed on the blockchain and you have<00:17:16.959> one<00:17:17.169> of<00:17:17.290> these<00:17:17.409> you<00:17:18.130> know<00:17:18.250> transactions 00:17:18.960 --> 00:17:18.970 align:start position:0% have one of these you know transactions 00:17:18.970 --> 00:17:21.539 align:start position:0% have one of these you know transactions for<00:17:19.120> every<00:17:19.390> possible<00:17:19.870> combination<00:17:20.110> of<00:17:20.770> all 00:17:21.539 --> 00:17:21.549 align:start position:0% for every possible combination of all 00:17:21.549 --> 00:17:23.039 align:start position:0% for every possible combination of all the<00:17:21.850> different<00:17:22.150> ways<00:17:22.270> the<00:17:22.569> tournament<00:17:22.990> could 00:17:23.039 --> 00:17:23.049 align:start position:0% the different ways the tournament could 00:17:23.049 --> 00:17:25.350 align:start position:0% the different ways the tournament could have<00:17:23.169> gone<00:17:23.319> up<00:17:23.380> to<00:17:23.650> that<00:17:23.799> point<00:17:24.150> all<00:17:25.150> right<00:17:25.240> is 00:17:25.350 --> 00:17:25.360 align:start position:0% have gone up to that point all right is 00:17:25.360 --> 00:17:29.970 align:start position:0% have gone up to that point all right is this<00:17:25.510> a<00:17:25.569> bit<00:17:25.750> of<00:17:25.839> a<00:17:25.900> convoluted<00:17:26.319> structure<00:17:28.980> the 00:17:29.970 --> 00:17:29.980 align:start position:0% this a bit of a convoluted structure the 00:17:29.980 --> 00:17:31.799 align:start position:0% this a bit of a convoluted structure the lesson<00:17:30.280> that<00:17:30.309> we<00:17:30.490> get<00:17:30.640> here<00:17:30.820> immediately<00:17:31.210> is<00:17:31.750> a 00:17:31.799 --> 00:17:31.809 align:start position:0% lesson that we get here immediately is a 00:17:31.809 --> 00:17:33.419 align:start position:0% lesson that we get here immediately is a qualitative<00:17:32.350> one<00:17:32.650> which<00:17:32.799> is<00:17:32.980> that<00:17:33.190> things 00:17:33.419 --> 00:17:33.429 align:start position:0% qualitative one which is that things 00:17:33.429 --> 00:17:34.799 align:start position:0% qualitative one which is that things that<00:17:33.490> are<00:17:33.610> pretty<00:17:33.790> simple<00:17:34.120> to<00:17:34.330> express<00:17:34.659> an 00:17:34.799 --> 00:17:34.809 align:start position:0% that are pretty simple to express an 00:17:34.809 --> 00:17:36.390 align:start position:0% that are pretty simple to express an ethereal<00:17:35.230> are<00:17:35.559> sometimes<00:17:36.100> really 00:17:36.390 --> 00:17:36.400 align:start position:0% ethereal are sometimes really 00:17:36.400 --> 00:17:37.980 align:start position:0% ethereal are sometimes really complicated<00:17:37.059> to<00:17:37.120> express<00:17:37.450> in<00:17:37.630> Bitcoin 00:17:37.980 --> 00:17:37.990 align:start position:0% complicated to express in Bitcoin 00:17:37.990 --> 00:17:39.600 align:start position:0% complicated to express in Bitcoin sometimes<00:17:38.500> there's<00:17:38.740> a<00:17:38.830> way<00:17:38.980> to<00:17:39.040> do<00:17:39.280> it<00:17:39.429> I'm 00:17:39.600 --> 00:17:39.610 align:start position:0% sometimes there's a way to do it I'm 00:17:39.610 --> 00:17:41.399 align:start position:0% sometimes there's a way to do it I'm surprised<00:17:40.030> at<00:17:40.210> just<00:17:40.330> how<00:17:40.450> often<00:17:40.960> there's 00:17:41.399 --> 00:17:41.409 align:start position:0% surprised at just how often there's 00:17:41.409 --> 00:17:42.539 align:start position:0% surprised at just how often there's something<00:17:41.679> that<00:17:41.710> I<00:17:41.830> thought<00:17:42.070> there'd<00:17:42.280> be<00:17:42.400> no 00:17:42.539 --> 00:17:42.549 align:start position:0% something that I thought there'd be no 00:17:42.549 --> 00:17:44.070 align:start position:0% something that I thought there'd be no way<00:17:42.700> to<00:17:42.730> do<00:17:43.030> and<00:17:43.270> yet<00:17:43.360> we<00:17:43.540> can<00:17:43.690> figure<00:17:43.870> out<00:17:43.960> a 00:17:44.070 --> 00:17:44.080 align:start position:0% way to do and yet we can figure out a 00:17:44.080 --> 00:17:46.140 align:start position:0% way to do and yet we can figure out a way<00:17:44.200> to<00:17:44.290> do<00:17:44.500> it<00:17:44.650> in<00:17:44.740> Bitcoin<00:17:45.100> script<00:17:45.460> but<00:17:46.030> it's 00:17:46.140 --> 00:17:46.150 align:start position:0% way to do it in Bitcoin script but it's 00:17:46.150 --> 00:17:48.330 align:start position:0% way to do it in Bitcoin script but it's a<00:17:46.240> little<00:17:46.390> bit<00:17:46.480> on<00:17:46.780> you<00:17:47.140> know<00:17:47.340> unsatisfying 00:17:48.330 --> 00:17:48.340 align:start position:0% a little bit on you know unsatisfying 00:17:48.340 --> 00:17:49.049 align:start position:0% a little bit on you know unsatisfying and<00:17:48.520> unnecessary 00:17:49.049 --> 00:17:49.059 align:start position:0% and unnecessary 00:17:49.059 --> 00:17:50.519 align:start position:0% and unnecessary early<00:17:49.240> convoluted<00:17:49.840> it's<00:17:49.990> a<00:17:50.049> little<00:17:50.259> bit<00:17:50.379> like 00:17:50.519 --> 00:17:50.529 align:start position:0% early convoluted it's a little bit like 00:17:50.529 --> 00:17:52.470 align:start position:0% early convoluted it's a little bit like trying<00:17:50.830> to<00:17:50.919> build<00:17:51.340> a<00:17:51.490> web<00:17:51.669> browser<00:17:51.909> inside<00:17:52.419> a 00:17:52.470 --> 00:17:52.480 align:start position:0% trying to build a web browser inside a 00:17:52.480 --> 00:17:55.710 align:start position:0% trying to build a web browser inside a ti-83<00:17:53.080> calculator<00:17:53.289> you<00:17:54.100> can<00:17:54.220> do<00:17:54.370> it<00:17:54.519> but<00:17:55.330> ti-83 00:17:55.710 --> 00:17:55.720 align:start position:0% ti-83 calculator you can do it but ti-83 00:17:55.720 --> 00:17:57.299 align:start position:0% ti-83 calculator you can do it but ti-83 basic<00:17:56.200> is<00:17:56.320> not<00:17:56.590> the<00:17:56.679> most<00:17:56.830> friendly<00:17:56.950> language 00:17:57.299 --> 00:17:57.309 align:start position:0% basic is not the most friendly language 00:17:57.309 --> 00:17:59.310 align:start position:0% basic is not the most friendly language to<00:17:57.610> be<00:17:57.730> entering<00:17:58.029> and<00:17:58.299> you<00:17:58.570> know<00:17:58.690> button<00:17:59.110> key 00:17:59.310 --> 00:17:59.320 align:start position:0% to be entering and you know button key 00:17:59.320 --> 00:18:03.899 align:start position:0% to be entering and you know button key presses<00:17:59.679> at<00:17:59.799> a<00:17:59.830> time<00:18:02.460> but<00:18:03.460> really<00:18:03.669> the<00:18:03.789> power 00:18:03.899 --> 00:18:03.909 align:start position:0% presses at a time but really the power 00:18:03.909 --> 00:18:05.310 align:start position:0% presses at a time but really the power of<00:18:04.120> this<00:18:04.269> is<00:18:04.419> that<00:18:04.570> we<00:18:04.659> have<00:18:04.840> not<00:18:04.990> just<00:18:05.139> that 00:18:05.310 --> 00:18:05.320 align:start position:0% of this is that we have not just that 00:18:05.320 --> 00:18:06.779 align:start position:0% of this is that we have not just that qualitative<00:18:05.889> statement<00:18:06.309> but<00:18:06.429> this<00:18:06.519> actually 00:18:06.779 --> 00:18:06.789 align:start position:0% qualitative statement but this actually 00:18:06.789 --> 00:18:08.249 align:start position:0% qualitative statement but this actually gives<00:18:06.940> us<00:18:07.059> a<00:18:07.179> quantitative<00:18:07.629> statement<00:18:08.139> about 00:18:08.249 --> 00:18:08.259 align:start position:0% gives us a quantitative statement about 00:18:08.259 --> 00:18:09.299 align:start position:0% gives us a quantitative statement about the<00:18:08.409> difference<00:18:08.710> between<00:18:09.009> these<00:18:09.129> two 00:18:09.299 --> 00:18:09.309 align:start position:0% the difference between these two 00:18:09.309 --> 00:18:11.159 align:start position:0% the difference between these two programming<00:18:09.820> paradigms<00:18:10.240> all<00:18:10.809> right<00:18:10.929> this<00:18:11.049> is 00:18:11.159 --> 00:18:11.169 align:start position:0% programming paradigms all right this is 00:18:11.169 --> 00:18:12.840 align:start position:0% programming paradigms all right this is like<00:18:11.259> the<00:18:11.470> scoreboard<00:18:12.009> of<00:18:12.159> how<00:18:12.279> well<00:18:12.490> we<00:18:12.669> can 00:18:12.840 --> 00:18:12.850 align:start position:0% like the scoreboard of how well we can 00:18:12.850 --> 00:18:13.919 align:start position:0% like the scoreboard of how well we can do<00:18:12.940> a<00:18:12.970> lot<00:18:13.120> of<00:18:13.179> reason<00:18:13.480> these<00:18:13.600> different 00:18:13.919 --> 00:18:13.929 align:start position:0% do a lot of reason these different 00:18:13.929 --> 00:18:15.629 align:start position:0% do a lot of reason these different environments<00:18:14.279> write<00:18:15.279> in<00:18:15.340> these<00:18:15.429> original 00:18:15.629 --> 00:18:15.639 align:start position:0% environments write in these original 00:18:15.639 --> 00:18:19.139 align:start position:0% environments write in these original Bitcoin<00:18:16.299> ones<00:18:17.049> you<00:18:18.009> know<00:18:18.100> earlier<00:18:18.490> traded<00:18:18.970> off 00:18:19.139 --> 00:18:19.149 align:start position:0% Bitcoin ones you know earlier traded off 00:18:19.149 --> 00:18:21.149 align:start position:0% Bitcoin ones you know earlier traded off this<00:18:19.360> amount<00:18:19.659> of<00:18:19.870> you<00:18:20.409> know<00:18:20.440> collateral<00:18:21.009> that 00:18:21.149 --> 00:18:21.159 align:start position:0% this amount of you know collateral that 00:18:21.159 --> 00:18:23.159 align:start position:0% this amount of you know collateral that you<00:18:21.249> had<00:18:21.399> to<00:18:21.519> take<00:18:21.700> for<00:18:22.600> varying<00:18:22.840> amounts<00:18:23.110> of 00:18:23.159 --> 00:18:23.169 align:start position:0% you had to take for varying amounts of 00:18:23.169 --> 00:18:25.109 align:start position:0% you had to take for varying amounts of computation<00:18:23.799> or<00:18:23.950> running<00:18:24.220> time<00:18:24.490> all<00:18:25.059> right 00:18:25.109 --> 00:18:25.119 align:start position:0% computation or running time all right 00:18:25.119 --> 00:18:26.639 align:start position:0% computation or running time all right and<00:18:25.240> then<00:18:25.450> this<00:18:25.600> weird<00:18:26.049> one<00:18:26.230> that<00:18:26.259> we<00:18:26.440> figured 00:18:26.639 --> 00:18:26.649 align:start position:0% and then this weird one that we figured 00:18:26.649 --> 00:18:28.230 align:start position:0% and then this weird one that we figured out<00:18:26.769> how<00:18:26.860> to<00:18:26.919> do<00:18:27.100> as<00:18:27.249> this<00:18:27.399> exponential<00:18:27.879> cost 00:18:28.230 --> 00:18:28.240 align:start position:0% out how to do as this exponential cost 00:18:28.240 --> 00:18:30.029 align:start position:0% out how to do as this exponential cost but<00:18:28.480> back<00:18:28.659> down<00:18:28.869> to<00:18:29.080> no<00:18:29.200> extra<00:18:29.559> collateral 00:18:30.029 --> 00:18:30.039 align:start position:0% but back down to no extra collateral 00:18:30.039 --> 00:18:31.529 align:start position:0% but back down to no extra collateral right<00:18:30.549> whereas<00:18:30.759> the<00:18:30.879> one<00:18:31.029> that<00:18:31.210> we<00:18:31.269> get<00:18:31.419> in 00:18:31.529 --> 00:18:31.539 align:start position:0% right whereas the one that we get in 00:18:31.539 --> 00:18:32.940 align:start position:0% right whereas the one that we get in etherium<00:18:31.960> is<00:18:32.110> pretty<00:18:32.350> efficient<00:18:32.740> in<00:18:32.860> the 00:18:32.940 --> 00:18:32.950 align:start position:0% etherium is pretty efficient in the 00:18:32.950 --> 00:18:34.200 align:start position:0% etherium is pretty efficient in the number<00:18:33.159> of<00:18:33.279> rounds<00:18:33.669> and<00:18:33.789> it<00:18:33.850> doesn't<00:18:34.090> require 00:18:34.200 --> 00:18:34.210 align:start position:0% number of rounds and it doesn't require 00:18:34.210 --> 00:18:36.029 align:start position:0% number of rounds and it doesn't require any<00:18:34.570> extra<00:18:34.899> collateral<00:18:35.409> or<00:18:35.559> any<00:18:35.710> unusual 00:18:36.029 --> 00:18:36.039 align:start position:0% any extra collateral or any unusual 00:18:36.039 --> 00:18:37.409 align:start position:0% any extra collateral or any unusual amount<00:18:36.610> of<00:18:36.669> computation 00:18:37.409 --> 00:18:37.419 align:start position:0% amount of computation 00:18:37.419 --> 00:18:39.060 align:start position:0% amount of computation all<00:18:37.809> right<00:18:37.929> despite<00:18:38.259> being<00:18:38.470> qualitatively 00:18:39.060 --> 00:18:39.070 align:start position:0% all right despite being qualitatively 00:18:39.070 --> 00:18:43.200 align:start position:0% all right despite being qualitatively simpler<00:18:39.549> I<00:18:41.549> want<00:18:42.549> to<00:18:42.610> switch<00:18:42.730> to<00:18:42.759> then<00:18:42.999> talking 00:18:43.200 --> 00:18:43.210 align:start position:0% simpler I want to switch to then talking 00:18:43.210 --> 00:18:44.970 align:start position:0% simpler I want to switch to then talking about<00:18:43.389> you<00:18:44.139> know<00:18:44.230> the<00:18:44.350> next<00:18:44.529> application 00:18:44.970 --> 00:18:44.980 align:start position:0% about you know the next application 00:18:44.980 --> 00:18:46.109 align:start position:0% about you know the next application maybe<00:18:45.309> you'll<00:18:45.490> find<00:18:45.669> this<00:18:45.789> one<00:18:45.850> more 00:18:46.109 --> 00:18:46.119 align:start position:0% maybe you'll find this one more 00:18:46.119 --> 00:18:47.609 align:start position:0% maybe you'll find this one more interesting<00:18:46.360> because<00:18:46.690> payment<00:18:47.200> channels<00:18:47.470> are 00:18:47.609 --> 00:18:47.619 align:start position:0% interesting because payment channels are 00:18:47.619 --> 00:18:50.700 align:start position:0% interesting because payment channels are invoked<00:18:47.889> these<00:18:48.039> days<00:18:48.720> and<00:18:49.720> this<00:18:49.840> is<00:18:49.960> a<00:18:49.990> paper 00:18:50.700 --> 00:18:50.710 align:start position:0% invoked these days and this is a paper 00:18:50.710 --> 00:18:52.560 align:start position:0% invoked these days and this is a paper called<00:18:50.980> sprites<00:18:51.399> you<00:18:51.909> can<00:18:52.059> find<00:18:52.240> this<00:18:52.360> paper 00:18:52.560 --> 00:18:52.570 align:start position:0% called sprites you can find this paper 00:18:52.570 --> 00:18:55.470 align:start position:0% called sprites you can find this paper online<00:18:53.009> all<00:18:54.009> right<00:18:54.129> and<00:18:54.249> the<00:18:54.340> upshot<00:18:55.119> of<00:18:55.179> it<00:18:55.360> is 00:18:55.470 --> 00:18:55.480 align:start position:0% online all right and the upshot of it is 00:18:55.480 --> 00:18:57.869 align:start position:0% online all right and the upshot of it is that<00:18:55.659> if<00:18:55.840> you<00:18:56.200> have<00:18:56.860> a<00:18:57.220> lightning<00:18:57.519> Network 00:18:57.869 --> 00:18:57.879 align:start position:0% that if you have a lightning Network 00:18:57.879 --> 00:18:59.970 align:start position:0% that if you have a lightning Network situation<00:18:58.720> where<00:18:59.049> you<00:18:59.200> have<00:18:59.379> payments<00:18:59.860> that 00:18:59.970 --> 00:18:59.980 align:start position:0% situation where you have payments that 00:18:59.980 --> 00:19:01.919 align:start position:0% situation where you have payments that are<00:19:00.039> going<00:19:00.399> across<00:19:00.610> you<00:19:01.149> know<00:19:01.269> some<00:19:01.480> lengths 00:19:01.919 --> 00:19:01.929 align:start position:0% are going across you know some lengths 00:19:01.929 --> 00:19:04.440 align:start position:0% are going across you know some lengths in<00:19:02.289> this<00:19:02.499> payment<00:19:03.100> channel<00:19:03.309> graph<00:19:03.490> the<00:19:04.210> amount 00:19:04.440 --> 00:19:04.450 align:start position:0% in this payment channel graph the amount 00:19:04.450 --> 00:19:05.909 align:start position:0% in this payment channel graph the amount of<00:19:04.509> collateral<00:19:04.749> cost<00:19:05.200> that<00:19:05.470> you<00:19:05.559> need<00:19:05.769> is 00:19:05.909 --> 00:19:05.919 align:start position:0% of collateral cost that you need is 00:19:05.919 --> 00:19:09.779 align:start position:0% of collateral cost that you need is quadratic<00:19:06.429> all<00:19:07.330> right<00:19:07.679> in<00:19:08.679> in<00:19:09.279> the<00:19:09.399> worst<00:19:09.549> case 00:19:09.779 --> 00:19:09.789 align:start position:0% quadratic all right in in the worst case 00:19:09.789 --> 00:19:11.999 align:start position:0% quadratic all right in in the worst case as<00:19:10.119> a<00:19:10.179> function<00:19:10.720> of<00:19:10.840> the<00:19:11.289> length<00:19:11.499> of<00:19:11.710> the<00:19:11.830> hops 00:19:11.999 --> 00:19:12.009 align:start position:0% as a function of the length of the hops 00:19:12.009 --> 00:19:13.440 align:start position:0% as a function of the length of the hops that<00:19:12.129> you<00:19:12.279> have<00:19:12.429> to<00:19:12.549> go<00:19:12.700> I'll<00:19:13.090> give<00:19:13.240> you<00:19:13.299> some 00:19:13.440 --> 00:19:13.450 align:start position:0% that you have to go I'll give you some 00:19:13.450 --> 00:19:15.149 align:start position:0% that you have to go I'll give you some explanation<00:19:13.960> of<00:19:14.049> that<00:19:14.230> whereas<00:19:14.769> in<00:19:14.889> aetherium 00:19:15.149 --> 00:19:15.159 align:start position:0% explanation of that whereas in aetherium 00:19:15.159 --> 00:19:16.590 align:start position:0% explanation of that whereas in aetherium we<00:19:15.340> can<00:19:15.460> do<00:19:15.549> something<00:19:15.759> simpler<00:19:16.269> and<00:19:16.419> we<00:19:16.450> can 00:19:16.590 --> 00:19:16.600 align:start position:0% we can do something simpler and we can 00:19:16.600 --> 00:19:18.060 align:start position:0% we can do something simpler and we can reduce<00:19:16.840> this<00:19:17.049> collateral<00:19:17.379> cost<00:19:17.830> from 00:19:18.060 --> 00:19:18.070 align:start position:0% reduce this collateral cost from 00:19:18.070 --> 00:19:20.999 align:start position:0% reduce this collateral cost from quadratic<00:19:18.669> down<00:19:18.820> to<00:19:18.999> linear<00:19:19.769> so<00:19:20.769> you<00:19:20.860> all<00:19:20.919> know 00:19:20.999 --> 00:19:21.009 align:start position:0% quadratic down to linear so you all know 00:19:21.009 --> 00:19:22.409 align:start position:0% quadratic down to linear so you all know what<00:19:21.039> a<00:19:21.159> payment<00:19:21.490> channel<00:19:21.730> is<00:19:21.879> by<00:19:22.029> now<00:19:22.210> it's 00:19:22.409 --> 00:19:22.419 align:start position:0% what a payment channel is by now it's 00:19:22.419 --> 00:19:24.239 align:start position:0% what a payment channel is by now it's where<00:19:22.600> you<00:19:22.749> make<00:19:23.320> a<00:19:23.350> smart<00:19:23.679> contract<00:19:23.830> where 00:19:24.239 --> 00:19:24.249 align:start position:0% where you make a smart contract where 00:19:24.249 --> 00:19:25.859 align:start position:0% where you make a smart contract where you<00:19:24.309> deposit<00:19:24.730> some<00:19:24.940> money<00:19:25.119> for<00:19:25.360> two<00:19:25.480> parties 00:19:25.859 --> 00:19:25.869 align:start position:0% you deposit some money for two parties 00:19:25.869 --> 00:19:27.869 align:start position:0% you deposit some money for two parties and<00:19:26.139> then<00:19:26.440> after<00:19:27.100> doing<00:19:27.249> that<00:19:27.490> initial 00:19:27.869 --> 00:19:27.879 align:start position:0% and then after doing that initial 00:19:27.879 --> 00:19:29.730 align:start position:0% and then after doing that initial deposit<00:19:28.330> you<00:19:28.389> can<00:19:28.419> do<00:19:28.600> off<00:19:28.809> chain<00:19:29.110> payments<00:19:29.590> to 00:19:29.730 --> 00:19:29.740 align:start position:0% deposit you can do off chain payments to 00:19:29.740 --> 00:19:32.609 align:start position:0% deposit you can do off chain payments to each<00:19:29.860> other<00:19:30.039> really<00:19:30.220> rapidly<00:19:31.320> all<00:19:32.320> right<00:19:32.470> and 00:19:32.609 --> 00:19:32.619 align:start position:0% each other really rapidly all right and 00:19:32.619 --> 00:19:33.899 align:start position:0% each other really rapidly all right and then<00:19:32.740> what's<00:19:32.889> really<00:19:32.950> especially<00:19:33.549> cool<00:19:33.669> about 00:19:33.899 --> 00:19:33.909 align:start position:0% then what's really especially cool about 00:19:33.909 --> 00:19:35.519 align:start position:0% then what's really especially cool about them<00:19:34.119> is<00:19:34.149> that<00:19:34.389> if<00:19:34.509> you<00:19:34.629> have<00:19:34.899> a<00:19:35.200> chain<00:19:35.499> of 00:19:35.519 --> 00:19:35.529 align:start position:0% them is that if you have a chain of 00:19:35.529 --> 00:19:36.960 align:start position:0% them is that if you have a chain of payment<00:19:36.009> channels<00:19:36.309> from<00:19:36.490> one<00:19:36.639> party<00:19:36.940> to 00:19:36.960 --> 00:19:36.970 align:start position:0% payment channels from one party to 00:19:36.970 --> 00:19:39.180 align:start position:0% payment channels from one party to another<00:19:37.090> like<00:19:38.049> you<00:19:38.139> have<00:19:38.259> Alice<00:19:38.559> and<00:19:38.769> Bob<00:19:38.919> here 00:19:39.180 --> 00:19:39.190 align:start position:0% another like you have Alice and Bob here 00:19:39.190 --> 00:19:40.680 align:start position:0% another like you have Alice and Bob here Alice<00:19:39.429> wants<00:19:39.669> to<00:19:39.700> pay<00:19:39.909> Bob<00:19:40.119> she<00:19:40.389> doesn't 00:19:40.680 --> 00:19:40.690 align:start position:0% Alice wants to pay Bob she doesn't 00:19:40.690 --> 00:19:42.029 align:start position:0% Alice wants to pay Bob she doesn't already<00:19:40.779> have<00:19:41.049> a<00:19:41.080> payment<00:19:41.499> channel<00:19:41.769> to<00:19:41.889> Bob 00:19:42.029 --> 00:19:42.039 align:start position:0% already have a payment channel to Bob 00:19:42.039 --> 00:19:43.980 align:start position:0% already have a payment channel to Bob but<00:19:42.249> she<00:19:42.460> has<00:19:42.669> a<00:19:42.700> sequence<00:19:43.299> you<00:19:43.509> know<00:19:43.629> she<00:19:43.690> has 00:19:43.980 --> 00:19:43.990 align:start position:0% but she has a sequence you know she has 00:19:43.990 --> 00:19:45.720 align:start position:0% but she has a sequence you know she has some<00:19:44.169> intermediaries<00:19:44.919> to<00:19:44.950> whom<00:19:45.309> she<00:19:45.549> does 00:19:45.720 --> 00:19:45.730 align:start position:0% some intermediaries to whom she does 00:19:45.730 --> 00:19:47.129 align:start position:0% some intermediaries to whom she does have<00:19:45.909> payment<00:19:46.299> channels<00:19:46.629> and<00:19:46.809> there's<00:19:46.929> some 00:19:47.129 --> 00:19:47.139 align:start position:0% have payment channels and there's some 00:19:47.139 --> 00:19:48.600 align:start position:0% have payment channels and there's some path<00:19:47.320> of<00:19:47.529> payment<00:19:47.830> channels<00:19:48.100> from<00:19:48.190> her<00:19:48.340> to<00:19:48.460> Bob 00:19:48.600 --> 00:19:48.610 align:start position:0% path of payment channels from her to Bob 00:19:48.610 --> 00:19:51.629 align:start position:0% path of payment channels from her to Bob you<00:19:49.539> can<00:19:49.840> do<00:19:50.110> this<00:19:50.289> linked<00:19:50.799> payment<00:19:51.369> where 00:19:51.629 --> 00:19:51.639 align:start position:0% you can do this linked payment where 00:19:51.639 --> 00:19:53.700 align:start position:0% you can do this linked payment where each<00:19:51.850> party<00:19:52.269> pays<00:19:52.659> the<00:19:52.899> next<00:19:53.139> person<00:19:53.529> down<00:19:53.679> in 00:19:53.700 --> 00:19:53.710 align:start position:0% each party pays the next person down in 00:19:53.710 --> 00:19:55.769 align:start position:0% each party pays the next person down in the<00:19:54.009> chain<00:19:54.249> and<00:19:54.669> you<00:19:54.730> do<00:19:55.240> this<00:19:55.389> in<00:19:55.509> a<00:19:55.629> way<00:19:55.749> where 00:19:55.769 --> 00:19:55.779 align:start position:0% the chain and you do this in a way where 00:19:55.779 --> 00:19:57.299 align:start position:0% the chain and you do this in a way where there's<00:19:56.230> like<00:19:56.409> an<00:19:56.529> atom<00:19:56.769> isset<00:19:57.039> II<00:19:57.100> guarantee 00:19:57.299 --> 00:19:57.309 align:start position:0% there's like an atom isset II guarantee 00:19:57.309 --> 00:19:59.070 align:start position:0% there's like an atom isset II guarantee which<00:19:57.820> means<00:19:58.090> that<00:19:58.299> these<00:19:58.419> parties<00:19:58.840> in<00:19:58.990> the 00:19:59.070 --> 00:19:59.080 align:start position:0% which means that these parties in the 00:19:59.080 --> 00:20:00.779 align:start position:0% which means that these parties in the middle<00:19:59.379> they're<00:19:59.559> not<00:19:59.740> losing<00:19:59.980> any<00:20:00.309> money<00:20:00.519> like 00:20:00.779 --> 00:20:00.789 align:start position:0% middle they're not losing any money like 00:20:00.789 --> 00:20:02.220 align:start position:0% middle they're not losing any money like they're<00:20:00.940> getting<00:20:01.119> X<00:20:01.509> from<00:20:01.750> there<00:20:01.929> and 00:20:02.220 --> 00:20:02.230 align:start position:0% they're getting X from there and 00:20:02.230 --> 00:20:03.570 align:start position:0% they're getting X from there and channel<00:20:02.620> they're<00:20:02.770> paying<00:20:03.010> Exxon<00:20:03.400> they're<00:20:03.490> out 00:20:03.570 --> 00:20:03.580 align:start position:0% channel they're paying Exxon they're out 00:20:03.580 --> 00:20:05.370 align:start position:0% channel they're paying Exxon they're out coming<00:20:03.910> channel<00:20:04.179> they<00:20:04.299> net<00:20:04.480> out<00:20:04.630> alright<00:20:05.260> and 00:20:05.370 --> 00:20:05.380 align:start position:0% coming channel they net out alright and 00:20:05.380 --> 00:20:06.840 align:start position:0% coming channel they net out alright and there's<00:20:05.500> no<00:20:05.650> risk<00:20:05.860> of<00:20:05.950> them<00:20:06.130> actually<00:20:06.490> losing 00:20:06.840 --> 00:20:06.850 align:start position:0% there's no risk of them actually losing 00:20:06.850 --> 00:20:10.169 align:start position:0% there's no risk of them actually losing their<00:20:07.000> money<00:20:08.130> now<00:20:09.130> the<00:20:09.190> fun<00:20:09.460> of<00:20:09.580> this<00:20:09.730> right 00:20:10.169 --> 00:20:10.179 align:start position:0% their money now the fun of this right 00:20:10.179 --> 00:20:11.460 align:start position:0% their money now the fun of this right this<00:20:10.330> is<00:20:10.450> this<00:20:10.600> idea<00:20:10.900> of<00:20:11.020> the<00:20:11.110> Lightning 00:20:11.460 --> 00:20:11.470 align:start position:0% this is this idea of the Lightning 00:20:11.470 --> 00:20:12.510 align:start position:0% this is this idea of the Lightning Network<00:20:11.620> that<00:20:11.980> we<00:20:12.070> can<00:20:12.220> have<00:20:12.370> with<00:20:12.490> a 00:20:12.510 --> 00:20:12.520 align:start position:0% Network that we can have with a 00:20:12.520 --> 00:20:14.250 align:start position:0% Network that we can have with a relatively<00:20:13.090> small<00:20:13.390> number<00:20:13.720> of<00:20:13.750> payment 00:20:14.250 --> 00:20:14.260 align:start position:0% relatively small number of payment 00:20:14.260 --> 00:20:16.230 align:start position:0% relatively small number of payment channels<00:20:14.620> we<00:20:14.770> can<00:20:14.799> build<00:20:15.190> paths<00:20:15.549> connecting 00:20:16.230 --> 00:20:16.240 align:start position:0% channels we can build paths connecting 00:20:16.240 --> 00:20:18.659 align:start position:0% channels we can build paths connecting any<00:20:16.390> two<00:20:16.600> parties<00:20:17.049> with<00:20:17.679> fairly<00:20:17.950> low<00:20:18.220> path 00:20:18.659 --> 00:20:18.669 align:start position:0% any two parties with fairly low path 00:20:18.669 --> 00:20:20.820 align:start position:0% any two parties with fairly low path length<00:20:19.090> between<00:20:19.419> them<00:20:19.870> while<00:20:20.140> still<00:20:20.350> each<00:20:20.559> one 00:20:20.820 --> 00:20:20.830 align:start position:0% length between them while still each one 00:20:20.830 --> 00:20:22.650 align:start position:0% length between them while still each one only<00:20:21.040> is<00:20:21.250> pretty<00:20:21.490> small<00:20:21.790> degree<00:20:22.120> like<00:20:22.390> no<00:20:22.510> one 00:20:22.650 --> 00:20:22.660 align:start position:0% only is pretty small degree like no one 00:20:22.660 --> 00:20:24.060 align:start position:0% only is pretty small degree like no one person<00:20:22.960> has<00:20:23.080> to<00:20:23.200> have<00:20:23.320> too<00:20:23.470> many<00:20:23.590> payment 00:20:24.060 --> 00:20:24.070 align:start position:0% person has to have too many payment 00:20:24.070 --> 00:20:26.549 align:start position:0% person has to have too many payment channels<00:20:24.750> now<00:20:25.750> what<00:20:25.900> you<00:20:25.990> care<00:20:26.200> about<00:20:26.230> in<00:20:26.470> this 00:20:26.549 --> 00:20:26.559 align:start position:0% channels now what you care about in this 00:20:26.559 --> 00:20:29.490 align:start position:0% channels now what you care about in this case<00:20:26.770> is<00:20:27.040> the<00:20:27.490> collateral<00:20:27.730> cost<00:20:28.210> which<00:20:29.080> is<00:20:29.320> you 00:20:29.490 --> 00:20:29.500 align:start position:0% case is the collateral cost which is you 00:20:29.500 --> 00:20:30.990 align:start position:0% case is the collateral cost which is you should<00:20:29.530> think<00:20:29.710> of<00:20:29.799> as<00:20:29.890> like<00:20:29.950> the<00:20:30.280> dollar<00:20:30.520> hours 00:20:30.990 --> 00:20:31.000 align:start position:0% should think of as like the dollar hours 00:20:31.000 --> 00:20:32.490 align:start position:0% should think of as like the dollar hours or<00:20:31.270> the<00:20:31.360> money<00:20:31.510> times<00:20:31.840> time<00:20:32.169> that<00:20:32.380> your 00:20:32.490 --> 00:20:32.500 align:start position:0% or the money times time that your 00:20:32.500 --> 00:20:34.560 align:start position:0% or the money times time that your money's<00:20:32.710> tied<00:20:32.950> up<00:20:32.980> because<00:20:33.640> the<00:20:34.030> payments<00:20:34.480> in 00:20:34.560 --> 00:20:34.570 align:start position:0% money's tied up because the payments in 00:20:34.570 --> 00:20:36.120 align:start position:0% money's tied up because the payments in a<00:20:34.630> payment<00:20:34.809> channel<00:20:35.230> don't<00:20:35.440> necessarily 00:20:36.120 --> 00:20:36.130 align:start position:0% a payment channel don't necessarily 00:20:36.130 --> 00:20:38.159 align:start position:0% a payment channel don't necessarily happen<00:20:36.280> instantaneously<00:20:37.030> especially<00:20:37.900> if<00:20:38.020> one 00:20:38.159 --> 00:20:38.169 align:start position:0% happen instantaneously especially if one 00:20:38.169 --> 00:20:40.740 align:start position:0% happen instantaneously especially if one of<00:20:38.260> the<00:20:38.380> parties<00:20:38.620> goes<00:20:38.860> offline<00:20:39.340> so<00:20:40.120> when<00:20:40.570> one 00:20:40.740 --> 00:20:40.750 align:start position:0% of the parties goes offline so when one 00:20:40.750 --> 00:20:42.690 align:start position:0% of the parties goes offline so when one of<00:20:40.840> these<00:20:40.990> payments<00:20:41.410> begins<00:20:41.860> it<00:20:42.340> doesn't<00:20:42.580> just 00:20:42.690 --> 00:20:42.700 align:start position:0% of these payments begins it doesn't just 00:20:42.700 --> 00:20:44.130 align:start position:0% of these payments begins it doesn't just happen<00:20:42.820> immediately<00:20:43.120> it's<00:20:43.570> in<00:20:43.660> a<00:20:43.750> pending 00:20:44.130 --> 00:20:44.140 align:start position:0% happen immediately it's in a pending 00:20:44.140 --> 00:20:45.990 align:start position:0% happen immediately it's in a pending state<00:20:44.380> for<00:20:44.620> a<00:20:44.650> while<00:20:44.830> until<00:20:45.160> it<00:20:45.309> settles<00:20:45.730> and 00:20:45.990 --> 00:20:46.000 align:start position:0% state for a while until it settles and 00:20:46.000 --> 00:20:48.659 align:start position:0% state for a while until it settles and so<00:20:46.870> this<00:20:47.110> guy<00:20:47.290> is<00:20:47.350> outgoing<00:20:47.799> payment<00:20:48.340> is<00:20:48.400> also 00:20:48.659 --> 00:20:48.669 align:start position:0% so this guy is outgoing payment is also 00:20:48.669 --> 00:20:52.169 align:start position:0% so this guy is outgoing payment is also in<00:20:48.790> a<00:20:48.850> pending<00:20:49.030> state<00:20:49.480> and<00:20:50.470> if<00:20:51.340> you<00:20:52.090> know 00:20:52.169 --> 00:20:52.179 align:start position:0% in a pending state and if you know 00:20:52.179 --> 00:20:53.610 align:start position:0% in a pending state and if you know something<00:20:52.600> happens<00:20:52.720> and<00:20:53.140> someone<00:20:53.350> doesn't 00:20:53.610 --> 00:20:53.620 align:start position:0% something happens and someone doesn't 00:20:53.620 --> 00:20:55.140 align:start position:0% something happens and someone doesn't send<00:20:54.010> you<00:20:54.250> know<00:20:54.370> immediately<00:20:54.669> what<00:20:55.059> they 00:20:55.140 --> 00:20:55.150 align:start position:0% send you know immediately what they 00:20:55.150 --> 00:20:56.700 align:start position:0% send you know immediately what they should<00:20:55.330> this<00:20:55.480> pending<00:20:55.840> state<00:20:56.080> might<00:20:56.260> last<00:20:56.470> for 00:20:56.700 --> 00:20:56.710 align:start position:0% should this pending state might last for 00:20:56.710 --> 00:20:59.070 align:start position:0% should this pending state might last for a<00:20:56.770> while<00:20:56.950> meanwhile<00:20:57.700> this<00:20:57.910> intermediary<00:20:58.540> node 00:20:59.070 --> 00:20:59.080 align:start position:0% a while meanwhile this intermediary node 00:20:59.080 --> 00:21:00.659 align:start position:0% a while meanwhile this intermediary node is<00:20:59.290> asking<00:20:59.650> when's<00:20:59.890> you<00:21:00.070> gonna<00:21:00.190> get<00:21:00.340> the<00:21:00.490> money 00:21:00.659 --> 00:21:00.669 align:start position:0% is asking when's you gonna get the money 00:21:00.669 --> 00:21:02.310 align:start position:0% is asking when's you gonna get the money back<00:21:00.850> how<00:21:01.059> long<00:21:01.240> is<00:21:01.360> his<00:21:01.510> extra<00:21:01.780> dollar<00:21:01.960> tied 00:21:02.310 --> 00:21:02.320 align:start position:0% back how long is his extra dollar tied 00:21:02.320 --> 00:21:04.200 align:start position:0% back how long is his extra dollar tied up<00:21:02.500> and<00:21:03.010> that's<00:21:03.280> this<00:21:03.429> money<00:21:03.669> times<00:21:03.940> time 00:21:04.200 --> 00:21:04.210 align:start position:0% up and that's this money times time 00:21:04.210 --> 00:21:06.930 align:start position:0% up and that's this money times time collateral<00:21:04.660> cost<00:21:05.309> now<00:21:06.309> the<00:21:06.549> way<00:21:06.700> that 00:21:06.930 --> 00:21:06.940 align:start position:0% collateral cost now the way that 00:21:06.940 --> 00:21:10.350 align:start position:0% collateral cost now the way that lightning<00:21:07.809> and<00:21:07.960> also<00:21:08.230> Radin<00:21:08.620> go<00:21:08.830> is<00:21:09.040> that<00:21:09.760> when 00:21:10.350 --> 00:21:10.360 align:start position:0% lightning and also Radin go is that when 00:21:10.360 --> 00:21:12.180 align:start position:0% lightning and also Radin go is that when you<00:21:10.480> establish<00:21:10.660> these<00:21:11.260> linked<00:21:11.620> payments<00:21:12.040> it's 00:21:12.180 --> 00:21:12.190 align:start position:0% you establish these linked payments it's 00:21:12.190 --> 00:21:13.680 align:start position:0% you establish these linked payments it's like<00:21:12.309> you<00:21:12.429> set<00:21:12.610> up<00:21:12.730> conditional<00:21:13.299> payments 00:21:13.680 --> 00:21:13.690 align:start position:0% like you set up conditional payments 00:21:13.690 --> 00:21:16.200 align:start position:0% like you set up conditional payments from<00:21:13.840> one<00:21:14.020> party<00:21:14.380> to<00:21:14.410> the<00:21:14.530> next<00:21:14.650> and<00:21:15.250> these<00:21:16.090> are 00:21:16.200 --> 00:21:16.210 align:start position:0% from one party to the next and these are 00:21:16.210 --> 00:21:17.730 align:start position:0% from one party to the next and these are you<00:21:16.570> know<00:21:16.600> similar<00:21:16.870> to<00:21:17.020> that<00:21:17.230> claim<00:21:17.440> a<00:21:17.500> refund 00:21:17.730 --> 00:21:17.740 align:start position:0% you know similar to that claim a refund 00:21:17.740 --> 00:21:19.200 align:start position:0% you know similar to that claim a refund thing<00:21:18.190> they<00:21:18.309> have<00:21:18.429> a<00:21:18.460> dollar<00:21:18.730> amount<00:21:18.910> they 00:21:19.200 --> 00:21:19.210 align:start position:0% thing they have a dollar amount they 00:21:19.210 --> 00:21:20.340 align:start position:0% thing they have a dollar amount they have<00:21:19.240> a<00:21:19.390> pre-image<00:21:19.809> and<00:21:20.110> they<00:21:20.169> have<00:21:20.320> a 00:21:20.340 --> 00:21:20.350 align:start position:0% have a pre-image and they have a 00:21:20.350 --> 00:21:22.320 align:start position:0% have a pre-image and they have a deadline<00:21:20.650> and<00:21:21.040> what<00:21:21.549> happens<00:21:21.850> is<00:21:22.000> that<00:21:22.030> each 00:21:22.320 --> 00:21:22.330 align:start position:0% deadline and what happens is that each 00:21:22.330 --> 00:21:24.419 align:start position:0% deadline and what happens is that each deadline<00:21:22.840> has<00:21:23.140> to<00:21:23.320> be<00:21:23.440> a<00:21:23.679> little<00:21:23.919> bit<00:21:24.070> larger 00:21:24.419 --> 00:21:24.429 align:start position:0% deadline has to be a little bit larger 00:21:24.429 --> 00:21:26.430 align:start position:0% deadline has to be a little bit larger than<00:21:24.460> the<00:21:24.730> next<00:21:25.059> it<00:21:25.630> happens<00:21:25.870> in<00:21:25.990> the<00:21:26.049> typical 00:21:26.430 --> 00:21:26.440 align:start position:0% than the next it happens in the typical 00:21:26.440 --> 00:21:28.740 align:start position:0% than the next it happens in the typical case<00:21:26.650> is<00:21:26.890> that<00:21:27.160> right<00:21:27.460> that<00:21:28.120> this<00:21:28.270> party<00:21:28.600> on 00:21:28.740 --> 00:21:28.750 align:start position:0% case is that right that this party on 00:21:28.750 --> 00:21:31.080 align:start position:0% case is that right that this party on the<00:21:28.840> right<00:21:29.020> end<00:21:29.169> has<00:21:29.440> the<00:21:29.679> preimage<00:21:29.980> ex<00:21:30.340> and<00:21:30.669> he 00:21:31.080 --> 00:21:31.090 align:start position:0% the right end has the preimage ex and he 00:21:31.090 --> 00:21:33.060 align:start position:0% the right end has the preimage ex and he waits<00:21:31.270> until<00:21:31.419> he<00:21:31.750> gets<00:21:31.990> his<00:21:32.169> incoming<00:21:32.710> payment 00:21:33.060 --> 00:21:33.070 align:start position:0% waits until he gets his incoming payment 00:21:33.070 --> 00:21:34.470 align:start position:0% waits until he gets his incoming payment and<00:21:33.160> then<00:21:33.220> he<00:21:33.340> goes<00:21:33.490> ahead<00:21:33.610> and<00:21:33.880> reveals<00:21:34.240> it 00:21:34.470 --> 00:21:34.480 align:start position:0% and then he goes ahead and reveals it 00:21:34.480 --> 00:21:36.210 align:start position:0% and then he goes ahead and reveals it you<00:21:34.900> know<00:21:34.990> anyone<00:21:35.320> who's<00:21:35.470> listening<00:21:35.650> in<00:21:36.040> the 00:21:36.210 --> 00:21:36.220 align:start position:0% you know anyone who's listening in the 00:21:36.220 --> 00:21:37.409 align:start position:0% you know anyone who's listening in the typical<00:21:36.580> case<00:21:36.730> it<00:21:36.880> just<00:21:37.000> completes 00:21:37.409 --> 00:21:37.419 align:start position:0% typical case it just completes 00:21:37.419 --> 00:21:39.120 align:start position:0% typical case it just completes immediately<00:21:37.990> after<00:21:38.290> that<00:21:38.470> it's<00:21:38.679> pretty<00:21:38.860> quick 00:21:39.120 --> 00:21:39.130 align:start position:0% immediately after that it's pretty quick 00:21:39.130 --> 00:21:41.430 align:start position:0% immediately after that it's pretty quick right<00:21:39.700> an<00:21:39.790> entirely<00:21:40.120> off<00:21:40.419> chain<00:21:40.690> but<00:21:41.320> the 00:21:41.430 --> 00:21:41.440 align:start position:0% right an entirely off chain but the 00:21:41.440 --> 00:21:43.230 align:start position:0% right an entirely off chain but the reason<00:21:41.679> why<00:21:41.770> you<00:21:41.830> need<00:21:42.100> that<00:21:42.160> extra<00:21:42.549> delay<00:21:42.970> is 00:21:43.230 --> 00:21:43.240 align:start position:0% reason why you need that extra delay is 00:21:43.240 --> 00:21:46.560 align:start position:0% reason why you need that extra delay is because<00:21:44.230> right<00:21:45.130> what<00:21:45.400> can<00:21:45.580> happen<00:21:45.760> is<00:21:46.030> that<00:21:46.059> if 00:21:46.560 --> 00:21:46.570 align:start position:0% because right what can happen is that if 00:21:46.570 --> 00:21:48.720 align:start position:0% because right what can happen is that if say<00:21:47.260> these<00:21:47.470> two<00:21:47.620> orange<00:21:47.799> colored<00:21:48.250> parties<00:21:48.580> are 00:21:48.720 --> 00:21:48.730 align:start position:0% say these two orange colored parties are 00:21:48.730 --> 00:21:50.340 align:start position:0% say these two orange colored parties are bad<00:21:48.910> they<00:21:49.150> actually<00:21:49.570> hold<00:21:49.870> on<00:21:50.049> to<00:21:50.260> that 00:21:50.340 --> 00:21:50.350 align:start position:0% bad they actually hold on to that 00:21:50.350 --> 00:21:51.930 align:start position:0% bad they actually hold on to that preimage<00:21:50.890> ex<00:21:51.070> they<00:21:51.250> don't<00:21:51.429> just<00:21:51.549> send<00:21:51.790> it<00:21:51.910> to 00:21:51.930 --> 00:21:51.940 align:start position:0% preimage ex they don't just send it to 00:21:51.940 --> 00:21:53.400 align:start position:0% preimage ex they don't just send it to everyone<00:21:52.240> when<00:21:52.510> they<00:21:52.600> get<00:21:52.780> their<00:21:52.929> incoming 00:21:53.400 --> 00:21:53.410 align:start position:0% everyone when they get their incoming 00:21:53.410 --> 00:21:56.220 align:start position:0% everyone when they get their incoming conditional<00:21:53.919> payments<00:21:54.309> made<00:21:54.600> it<00:21:55.600> may<00:21:55.870> be<00:21:55.929> that 00:21:56.220 --> 00:21:56.230 align:start position:0% conditional payments made it may be that 00:21:56.230 --> 00:21:58.680 align:start position:0% conditional payments made it may be that this<00:21:56.380> guy<00:21:57.070> right<00:21:57.309> here<00:21:57.580> this<00:21:57.760> blue<00:21:58.059> one<00:21:58.270> only 00:21:58.680 --> 00:21:58.690 align:start position:0% this guy right here this blue one only 00:21:58.690 --> 00:22:00.480 align:start position:0% this guy right here this blue one only finds<00:21:59.020> out<00:21:59.140> about<00:21:59.260> the<00:21:59.440> preimage<00:21:59.740> X<00:22:00.100> because 00:22:00.480 --> 00:22:00.490 align:start position:0% finds out about the preimage X because 00:22:00.490 --> 00:22:03.960 align:start position:0% finds out about the preimage X because this<00:22:00.669> orange<00:22:01.059> guy<00:22:01.500> was<00:22:02.500> Petty<00:22:02.830> which<00:22:03.549> I<00:22:03.760> mean 00:22:03.960 --> 00:22:03.970 align:start position:0% this orange guy was Petty which I mean 00:22:03.970 --> 00:22:05.760 align:start position:0% this orange guy was Petty which I mean he<00:22:04.390> waits<00:22:04.809> till<00:22:05.020> the<00:22:05.140> very<00:22:05.260> last<00:22:05.380> possible 00:22:05.760 --> 00:22:05.770 align:start position:0% he waits till the very last possible 00:22:05.770 --> 00:22:07.740 align:start position:0% he waits till the very last possible moment<00:22:06.190> and<00:22:06.549> then<00:22:06.669> actually<00:22:07.030> puts<00:22:07.240> X<00:22:07.480> on<00:22:07.630> the 00:22:07.740 --> 00:22:07.750 align:start position:0% moment and then actually puts X on the 00:22:07.750 --> 00:22:10.169 align:start position:0% moment and then actually puts X on the blockchain<00:22:07.960> and<00:22:08.410> gets<00:22:08.530> his<00:22:08.740> payment<00:22:09.160> so<00:22:10.030> when 00:22:10.169 --> 00:22:10.179 align:start position:0% blockchain and gets his payment so when 00:22:10.179 --> 00:22:11.789 align:start position:0% blockchain and gets his payment so when this<00:22:10.330> happens<00:22:10.720> this<00:22:10.929> guy<00:22:11.110> gets<00:22:11.320> it<00:22:11.470> in<00:22:11.620> right 00:22:11.789 --> 00:22:11.799 align:start position:0% this happens this guy gets it in right 00:22:11.799 --> 00:22:14.220 align:start position:0% this happens this guy gets it in right at<00:22:11.950> his<00:22:12.130> deadline<00:22:12.580> t<00:22:12.790> plus<00:22:13.059> one<00:22:13.390> this<00:22:13.809> blue<00:22:14.020> guy 00:22:14.220 --> 00:22:14.230 align:start position:0% at his deadline t plus one this blue guy 00:22:14.230 --> 00:22:16.050 align:start position:0% at his deadline t plus one this blue guy here<00:22:14.559> has<00:22:14.740> to<00:22:14.919> turn<00:22:15.130> around<00:22:15.159> and<00:22:15.760> then 00:22:16.050 --> 00:22:16.060 align:start position:0% here has to turn around and then 00:22:16.060 --> 00:22:19.020 align:start position:0% here has to turn around and then put<00:22:16.210> that<00:22:16.360> Exxon<00:22:16.930> on<00:22:17.350> the<00:22:17.800> blockchain<00:22:18.220> himself 00:22:19.020 --> 00:22:19.030 align:start position:0% put that Exxon on the blockchain himself 00:22:19.030 --> 00:22:20.550 align:start position:0% put that Exxon on the blockchain himself in<00:22:19.150> order<00:22:19.360> to<00:22:19.480> get<00:22:19.630> this<00:22:19.780> payment<00:22:20.260> from<00:22:20.410> the 00:22:20.550 --> 00:22:20.560 align:start position:0% in order to get this payment from the 00:22:20.560 --> 00:22:23.010 align:start position:0% in order to get this payment from the other<00:22:20.680> guy<00:22:20.860> all<00:22:21.850> right<00:22:22.000> so<00:22:22.240> as<00:22:22.540> a<00:22:22.570> result<00:22:22.780> he 00:22:23.010 --> 00:22:23.020 align:start position:0% other guy all right so as a result he 00:22:23.020 --> 00:22:24.930 align:start position:0% other guy all right so as a result he needs<00:22:23.260> to<00:22:23.410> have<00:22:23.590> some<00:22:23.860> extra<00:22:24.070> amount<00:22:24.580> of<00:22:24.700> time 00:22:24.930 --> 00:22:24.940 align:start position:0% needs to have some extra amount of time 00:22:24.940 --> 00:22:26.460 align:start position:0% needs to have some extra amount of time he<00:22:25.060> has<00:22:25.150> to<00:22:25.270> wait<00:22:25.390> to<00:22:25.600> see<00:22:25.630> this<00:22:25.990> transaction 00:22:26.460 --> 00:22:26.470 align:start position:0% he has to wait to see this transaction 00:22:26.470 --> 00:22:27.960 align:start position:0% he has to wait to see this transaction on<00:22:26.770> the<00:22:26.800> blockchain<00:22:27.310> and<00:22:27.340> then<00:22:27.550> be<00:22:27.670> able<00:22:27.790> to 00:22:27.960 --> 00:22:27.970 align:start position:0% on the blockchain and then be able to 00:22:27.970 --> 00:22:29.550 align:start position:0% on the blockchain and then be able to get<00:22:28.120> his<00:22:28.300> transaction<00:22:28.960> in<00:22:29.110> before<00:22:29.380> his 00:22:29.550 --> 00:22:29.560 align:start position:0% get his transaction in before his 00:22:29.560 --> 00:22:31.470 align:start position:0% get his transaction in before his timeout<00:22:29.860> goes<00:22:30.280> that's<00:22:30.730> why<00:22:30.910> each<00:22:31.060> party<00:22:31.360> has 00:22:31.470 --> 00:22:31.480 align:start position:0% timeout goes that's why each party has 00:22:31.480 --> 00:22:33.540 align:start position:0% timeout goes that's why each party has to<00:22:31.600> have<00:22:31.720> a<00:22:31.750> longer<00:22:32.080> timeout<00:22:32.620> than<00:22:33.100> the<00:22:33.280> party 00:22:33.540 --> 00:22:33.550 align:start position:0% to have a longer timeout than the party 00:22:33.550 --> 00:22:35.610 align:start position:0% to have a longer timeout than the party to<00:22:33.700> their<00:22:33.820> right<00:22:34.120> all<00:22:34.960> right<00:22:35.080> so<00:22:35.230> as<00:22:35.350> a<00:22:35.380> result 00:22:35.610 --> 00:22:35.620 align:start position:0% to their right all right so as a result 00:22:35.620 --> 00:22:40.200 align:start position:0% to their right all right so as a result if<00:22:36.370> you<00:22:37.030> have<00:22:37.450> a<00:22:37.870> length<00:22:38.380> L<00:22:38.560> chain<00:22:39.520> of<00:22:39.820> payments 00:22:40.200 --> 00:22:40.210 align:start position:0% if you have a length L chain of payments 00:22:40.210 --> 00:22:42.720 align:start position:0% if you have a length L chain of payments that<00:22:40.330> you<00:22:40.390> want<00:22:40.660> to<00:22:40.720> make<00:22:40.870> then<00:22:41.740> you<00:22:42.160> have<00:22:42.580> to 00:22:42.720 --> 00:22:42.730 align:start position:0% that you want to make then you have to 00:22:42.730 --> 00:22:44.520 align:start position:0% that you want to make then you have to have<00:22:42.910> L<00:22:43.120> times<00:22:43.540> whatever's<00:22:44.020> an<00:22:44.140> appropriate 00:22:44.520 --> 00:22:44.530 align:start position:0% have L times whatever's an appropriate 00:22:44.530 --> 00:22:46.320 align:start position:0% have L times whatever's an appropriate amount<00:22:44.620> of<00:22:44.830> time<00:22:45.040> for<00:22:45.250> this<00:22:45.370> guy<00:22:45.580> to<00:22:45.640> you<00:22:46.210> know 00:22:46.320 --> 00:22:46.330 align:start position:0% amount of time for this guy to you know 00:22:46.330 --> 00:22:48.900 align:start position:0% amount of time for this guy to you know in<00:22:46.480> the<00:22:46.570> worst<00:22:46.750> case<00:22:47.020> have<00:22:47.290> to<00:22:47.530> have<00:22:48.490> his<00:22:48.700> money 00:22:48.900 --> 00:22:48.910 align:start position:0% in the worst case have to have his money 00:22:48.910 --> 00:22:51.710 align:start position:0% in the worst case have to have his money locked<00:22:49.270> up<00:22:49.740> and<00:22:50.740> this<00:22:50.830> means<00:22:51.040> that<00:22:51.160> the<00:22:51.370> total 00:22:51.710 --> 00:22:51.720 align:start position:0% locked up and this means that the total 00:22:51.720 --> 00:22:54.000 align:start position:0% locked up and this means that the total collateral<00:22:52.720> cost<00:22:52.960> in<00:22:53.170> the<00:22:53.260> worst<00:22:53.440> case<00:22:53.710> when 00:22:54.000 --> 00:22:54.010 align:start position:0% collateral cost in the worst case when 00:22:54.010 --> 00:22:56.310 align:start position:0% collateral cost in the worst case when you<00:22:54.850> know<00:22:54.970> people<00:22:55.330> other<00:22:55.750> people<00:22:56.050> in<00:22:56.200> the 00:22:56.310 --> 00:22:56.320 align:start position:0% you know people other people in the 00:22:56.320 --> 00:22:58.500 align:start position:0% you know people other people in the chain<00:22:56.530> are<00:22:56.560> delaying<00:22:57.010> in<00:22:57.280> this<00:22:57.460> way<00:22:57.640> is<00:22:57.880> you 00:22:58.500 --> 00:22:58.510 align:start position:0% chain are delaying in this way is you 00:22:58.510 --> 00:23:00.480 align:start position:0% chain are delaying in this way is you may<00:22:58.630> have<00:22:58.780> to<00:22:58.870> have<00:22:58.960> l<00:22:59.230> squared<00:22:59.650> you<00:23:00.190> know<00:23:00.310> in 00:23:00.480 --> 00:23:00.490 align:start position:0% may have to have l squared you know in 00:23:00.490 --> 00:23:01.950 align:start position:0% may have to have l squared you know in total<00:23:00.700> among<00:23:01.060> all<00:23:01.180> of<00:23:01.300> these<00:23:01.390> parties<00:23:01.780> it 00:23:01.950 --> 00:23:01.960 align:start position:0% total among all of these parties it 00:23:01.960 --> 00:23:04.530 align:start position:0% total among all of these parties it could<00:23:02.080> be<00:23:02.170> up<00:23:02.320> to<00:23:02.350> L<00:23:02.620> squared<00:23:03.010> times<00:23:03.370> X<00:23:03.610> in 00:23:04.530 --> 00:23:04.540 align:start position:0% could be up to L squared times X in 00:23:04.540 --> 00:23:07.640 align:start position:0% could be up to L squared times X in dollar<00:23:04.870> hours<00:23:05.290> right<00:23:05.560> this<00:23:05.740> collateral<00:23:06.010> cost 00:23:07.640 --> 00:23:07.650 align:start position:0% dollar hours right this collateral cost 00:23:07.650 --> 00:23:09.750 align:start position:0% dollar hours right this collateral cost now<00:23:08.650> here's<00:23:08.830> what<00:23:08.980> we<00:23:09.070> can<00:23:09.160> do<00:23:09.310> in<00:23:09.430> aetherium 00:23:09.750 --> 00:23:09.760 align:start position:0% now here's what we can do in aetherium 00:23:09.760 --> 00:23:11.520 align:start position:0% now here's what we can do in aetherium this<00:23:10.210> is<00:23:10.300> the<00:23:10.420> idea<00:23:10.690> of<00:23:10.750> sprites<00:23:11.200> it's<00:23:11.410> an 00:23:11.520 --> 00:23:11.530 align:start position:0% this is the idea of sprites it's an 00:23:11.530 --> 00:23:13.320 align:start position:0% this is the idea of sprites it's an optimization<00:23:12.220> we<00:23:12.700> actually<00:23:12.970> come<00:23:13.090> up<00:23:13.120> with<00:23:13.240> a 00:23:13.320 --> 00:23:13.330 align:start position:0% optimization we actually come up with a 00:23:13.330 --> 00:23:15.750 align:start position:0% optimization we actually come up with a way<00:23:13.540> that<00:23:14.020> you<00:23:14.260> can<00:23:14.440> have<00:23:14.650> chained<00:23:15.310> payments 00:23:15.750 --> 00:23:15.760 align:start position:0% way that you can have chained payments 00:23:15.760 --> 00:23:17.340 align:start position:0% way that you can have chained payments it<00:23:15.850> works<00:23:16.000> really<00:23:16.240> similar<00:23:16.570> to<00:23:16.810> this<00:23:16.930> except 00:23:17.340 --> 00:23:17.350 align:start position:0% it works really similar to this except 00:23:17.350 --> 00:23:19.200 align:start position:0% it works really similar to this except the<00:23:17.470> lock<00:23:17.620> times<00:23:17.950> the<00:23:18.520> deadlines<00:23:18.910> for<00:23:19.030> each 00:23:19.200 --> 00:23:19.210 align:start position:0% the lock times the deadlines for each 00:23:19.210 --> 00:23:20.430 align:start position:0% the lock times the deadlines for each one<00:23:19.360> of<00:23:19.450> these<00:23:19.510> conditional<00:23:20.050> payments<00:23:20.380> is 00:23:20.430 --> 00:23:20.440 align:start position:0% one of these conditional payments is 00:23:20.440 --> 00:23:22.530 align:start position:0% one of these conditional payments is exactly<00:23:20.830> the<00:23:21.010> same<00:23:21.190> and<00:23:21.490> the<00:23:21.880> way<00:23:21.970> it<00:23:22.090> works<00:23:22.330> is 00:23:22.530 --> 00:23:22.540 align:start position:0% exactly the same and the way it works is 00:23:22.540 --> 00:23:24.300 align:start position:0% exactly the same and the way it works is that<00:23:22.570> the<00:23:22.750> rules<00:23:23.170> for<00:23:23.470> settling<00:23:23.830> this<00:23:24.010> payment 00:23:24.300 --> 00:23:24.310 align:start position:0% that the rules for settling this payment 00:23:24.310 --> 00:23:26.850 align:start position:0% that the rules for settling this payment make<00:23:24.700> use<00:23:24.910> of<00:23:24.940> a<00:23:25.300> global<00:23:25.840> condition<00:23:26.410> not<00:23:26.650> just 00:23:26.850 --> 00:23:26.860 align:start position:0% make use of a global condition not just 00:23:26.860 --> 00:23:28.530 align:start position:0% make use of a global condition not just a<00:23:26.980> local<00:23:27.190> condition<00:23:27.790> the<00:23:27.910> way<00:23:28.030> that<00:23:28.180> you<00:23:28.270> do<00:23:28.420> it 00:23:28.530 --> 00:23:28.540 align:start position:0% a local condition the way that you do it 00:23:28.540 --> 00:23:30.270 align:start position:0% a local condition the way that you do it and<00:23:28.690> lightning<00:23:29.020> in<00:23:29.140> and<00:23:29.290> Radin<00:23:29.590> we<00:23:30.130> have<00:23:30.250> a 00:23:30.270 --> 00:23:30.280 align:start position:0% and lightning in and Radin we have a 00:23:30.280 --> 00:23:32.250 align:start position:0% and lightning in and Radin we have a single<00:23:30.940> contract<00:23:31.600> we<00:23:31.840> call<00:23:32.020> the<00:23:32.140> global 00:23:32.250 --> 00:23:32.260 align:start position:0% single contract we call the global 00:23:32.260 --> 00:23:34.440 align:start position:0% single contract we call the global preimage<00:23:32.890> manager<00:23:33.370> and<00:23:33.610> the<00:23:34.000> idea<00:23:34.270> is<00:23:34.420> that 00:23:34.440 --> 00:23:34.450 align:start position:0% preimage manager and the idea is that 00:23:34.450 --> 00:23:36.720 align:start position:0% preimage manager and the idea is that rather<00:23:34.810> than<00:23:34.930> requiring<00:23:35.440> each<00:23:35.890> value<00:23:36.310> to<00:23:36.490> be 00:23:36.720 --> 00:23:36.730 align:start position:0% rather than requiring each value to be 00:23:36.730 --> 00:23:39.330 align:start position:0% rather than requiring each value to be sent<00:23:37.690> on<00:23:37.900> each<00:23:38.110> payment<00:23:38.380> channel<00:23:38.890> the<00:23:39.130> rules 00:23:39.330 --> 00:23:39.340 align:start position:0% sent on each payment channel the rules 00:23:39.340 --> 00:23:40.890 align:start position:0% sent on each payment channel the rules for<00:23:39.550> settling<00:23:39.880> this<00:23:40.030> payment<00:23:40.270> channels<00:23:40.720> say 00:23:40.890 --> 00:23:40.900 align:start position:0% for settling this payment channels say 00:23:40.900 --> 00:23:43.050 align:start position:0% for settling this payment channels say go<00:23:41.650> to<00:23:41.710> the<00:23:42.010> global<00:23:42.310> preimage<00:23:42.670> manager 00:23:43.050 --> 00:23:43.060 align:start position:0% go to the global preimage manager 00:23:43.060 --> 00:23:45.060 align:start position:0% go to the global preimage manager contract<00:23:43.540> and<00:23:43.720> check<00:23:43.930> whether<00:23:44.140> a<00:23:44.260> value<00:23:44.500> was 00:23:45.060 --> 00:23:45.070 align:start position:0% contract and check whether a value was 00:23:45.070 --> 00:23:49.590 align:start position:0% contract and check whether a value was published<00:23:45.460> there<00:23:45.640> in<00:23:45.790> time<00:23:47.250> all<00:23:48.250> right<00:23:48.600> what 00:23:49.590 --> 00:23:49.600 align:start position:0% published there in time all right what 00:23:49.600 --> 00:23:51.000 align:start position:0% published there in time all right what it<00:23:49.690> looks<00:23:49.870> like<00:23:50.020> in<00:23:50.140> the<00:23:50.230> worst<00:23:50.410> case<00:23:50.680> is<00:23:50.890> that 00:23:51.000 --> 00:23:51.010 align:start position:0% it looks like in the worst case is that 00:23:51.010 --> 00:23:52.860 align:start position:0% it looks like in the worst case is that if<00:23:51.130> some<00:23:51.340> party<00:23:51.670> goes<00:23:51.850> and<00:23:52.180> puts<00:23:52.390> their<00:23:52.540> value 00:23:52.860 --> 00:23:52.870 align:start position:0% if some party goes and puts their value 00:23:52.870 --> 00:23:54.630 align:start position:0% if some party goes and puts their value at<00:23:52.990> the<00:23:53.080> last<00:23:53.260> possible<00:23:53.770> moment<00:23:53.980> it's<00:23:54.340> like<00:23:54.400> it 00:23:54.630 --> 00:23:54.640 align:start position:0% at the last possible moment it's like it 00:23:54.640 --> 00:23:56.910 align:start position:0% at the last possible moment it's like it sets<00:23:54.910> an<00:23:55.090> on<00:23:55.270> blockchain<00:23:55.660> event<00:23:56.410> that<00:23:56.740> then 00:23:56.910 --> 00:23:56.920 align:start position:0% sets an on blockchain event that then 00:23:56.920 --> 00:23:59.130 align:start position:0% sets an on blockchain event that then guarantees<00:23:57.460> that<00:23:57.490> all<00:23:58.240> of<00:23:58.480> the<00:23:58.600> channels<00:23:58.840> if 00:23:59.130 --> 00:23:59.140 align:start position:0% guarantees that all of the channels if 00:23:59.140 --> 00:24:00.720 align:start position:0% guarantees that all of the channels if they<00:23:59.260> go<00:23:59.410> to<00:23:59.470> this<00:23:59.680> dispute<00:24:00.100> handling<00:24:00.520> case 00:24:00.720 --> 00:24:00.730 align:start position:0% they go to this dispute handling case 00:24:00.730 --> 00:24:02.520 align:start position:0% they go to this dispute handling case are<00:24:01.150> going<00:24:01.390> to<00:24:01.450> close<00:24:01.600> in<00:24:01.810> exactly<00:24:02.140> the<00:24:02.320> same 00:24:02.520 --> 00:24:02.530 align:start position:0% are going to close in exactly the same 00:24:02.530 --> 00:24:05.370 align:start position:0% are going to close in exactly the same way<00:24:02.740> these<00:24:03.580> other<00:24:03.820> parties<00:24:04.210> upstream<00:24:04.960> in<00:24:05.260> the 00:24:05.370 --> 00:24:05.380 align:start position:0% way these other parties upstream in the 00:24:05.380 --> 00:24:06.840 align:start position:0% way these other parties upstream in the payment<00:24:05.710> channel<00:24:06.040> no<00:24:06.160> longer<00:24:06.430> have<00:24:06.550> a<00:24:06.580> burden 00:24:06.840 --> 00:24:06.850 align:start position:0% payment channel no longer have a burden 00:24:06.850 --> 00:24:08.490 align:start position:0% payment channel no longer have a burden of<00:24:07.120> responding<00:24:07.780> and<00:24:07.930> a<00:24:07.990> certain<00:24:08.260> deadline 00:24:08.490 --> 00:24:08.500 align:start position:0% of responding and a certain deadline 00:24:08.500 --> 00:24:10.200 align:start position:0% of responding and a certain deadline they<00:24:09.130> know<00:24:09.280> that<00:24:09.430> whenever<00:24:09.580> they<00:24:09.820> get<00:24:09.940> around 00:24:10.200 --> 00:24:10.210 align:start position:0% they know that whenever they get around 00:24:10.210 --> 00:24:11.910 align:start position:0% they know that whenever they get around to<00:24:10.450> it<00:24:10.480> the<00:24:10.750> channels<00:24:11.080> are<00:24:11.200> gonna<00:24:11.350> settle<00:24:11.650> in<00:24:11.860> a 00:24:11.910 --> 00:24:11.920 align:start position:0% to it the channels are gonna settle in a 00:24:11.920 --> 00:24:14.160 align:start position:0% to it the channels are gonna settle in a consistent<00:24:12.340> atomic<00:24:13.000> way<00:24:13.210> which<00:24:14.050> will 00:24:14.160 --> 00:24:14.170 align:start position:0% consistent atomic way which will 00:24:14.170 --> 00:24:15.180 align:start position:0% consistent atomic way which will guarantee<00:24:14.350> that<00:24:14.740> known<00:24:14.950> of<00:24:15.100> the 00:24:15.180 --> 00:24:15.190 align:start position:0% guarantee that known of the 00:24:15.190 --> 00:24:16.800 align:start position:0% guarantee that known of the intermediaries<00:24:15.820> lose<00:24:16.060> any<00:24:16.240> money<00:24:16.420> which<00:24:16.690> is 00:24:16.800 --> 00:24:16.810 align:start position:0% intermediaries lose any money which is 00:24:16.810 --> 00:24:18.420 align:start position:0% intermediaries lose any money which is what<00:24:16.930> we<00:24:17.080> want<00:24:17.320> all<00:24:17.950> right<00:24:18.040> the<00:24:18.130> key<00:24:18.250> to<00:24:18.280> this 00:24:18.420 --> 00:24:18.430 align:start position:0% what we want all right the key to this 00:24:18.430 --> 00:24:19.860 align:start position:0% what we want all right the key to this is<00:24:18.610> making<00:24:18.910> use<00:24:19.030> of<00:24:19.060> this<00:24:19.300> global<00:24:19.570> pretty 00:24:19.860 --> 00:24:19.870 align:start position:0% is making use of this global pretty 00:24:19.870 --> 00:24:21.060 align:start position:0% is making use of this global pretty image<00:24:20.020> manager<00:24:20.410> contract<00:24:20.890> which<00:24:21.040> is 00:24:21.060 --> 00:24:21.070 align:start position:0% image manager contract which is 00:24:21.070 --> 00:24:22.800 align:start position:0% image manager contract which is something<00:24:21.340> that's<00:24:21.630> straightforward<00:24:22.630> to<00:24:22.720> do 00:24:22.800 --> 00:24:22.810 align:start position:0% something that's straightforward to do 00:24:22.810 --> 00:24:24.060 align:start position:0% something that's straightforward to do in<00:24:22.930> aetherium<00:24:23.380> before<00:24:23.620> which<00:24:23.740> there's<00:24:23.950> no 00:24:24.060 --> 00:24:24.070 align:start position:0% in aetherium before which there's no 00:24:24.070 --> 00:24:27.690 align:start position:0% in aetherium before which there's no real<00:24:24.220> way<00:24:24.340> to<00:24:24.370> do<00:24:24.610> it<00:24:24.730> in<00:24:24.850> Bitcoin 00:24:27.690 --> 00:24:27.700 align:start position:0% 00:24:27.700 --> 00:24:29.909 align:start position:0% I'm<00:24:28.539> just<00:24:28.809> gonna<00:24:28.899> really<00:24:29.169> briefly<00:24:29.500> mention 00:24:29.909 --> 00:24:29.919 align:start position:0% I'm just gonna really briefly mention 00:24:29.919 --> 00:24:32.700 align:start position:0% I'm just gonna really briefly mention this<00:24:30.730> last<00:24:30.970> application<00:24:31.720> of<00:24:32.049> poker<00:24:32.320> I'm<00:24:32.590> not 00:24:32.700 --> 00:24:32.710 align:start position:0% this last application of poker I'm not 00:24:32.710 --> 00:24:34.139 align:start position:0% this last application of poker I'm not going<00:24:32.830> to<00:24:32.889> go<00:24:32.980> into<00:24:33.130> very<00:24:33.309> details<00:24:33.669> about<00:24:34.000> it 00:24:34.139 --> 00:24:34.149 align:start position:0% going to go into very details about it 00:24:34.149 --> 00:24:35.519 align:start position:0% going to go into very details about it although<00:24:34.269> there's<00:24:34.510> a<00:24:34.570> paper<00:24:34.779> online<00:24:35.049> that<00:24:35.440> you 00:24:35.519 --> 00:24:35.529 align:start position:0% although there's a paper online that you 00:24:35.529 --> 00:24:38.039 align:start position:0% although there's a paper online that you can<00:24:35.710> read<00:24:35.919> to<00:24:36.100> see<00:24:36.580> it<00:24:36.669> right<00:24:37.210> online<00:24:37.389> poker<00:24:37.809> is 00:24:38.039 --> 00:24:38.049 align:start position:0% can read to see it right online poker is 00:24:38.049 --> 00:24:39.120 align:start position:0% can read to see it right online poker is one<00:24:38.169> of<00:24:38.260> these<00:24:38.380> holy<00:24:38.590> grails<00:24:38.889> of 00:24:39.120 --> 00:24:39.130 align:start position:0% one of these holy grails of 00:24:39.130 --> 00:24:40.769 align:start position:0% one of these holy grails of cryptographic<00:24:39.460> applications<00:24:39.880> it's<00:24:40.570> really 00:24:40.769 --> 00:24:40.779 align:start position:0% cryptographic applications it's really 00:24:40.779 --> 00:24:42.120 align:start position:0% cryptographic applications it's really exciting<00:24:41.049> because<00:24:41.350> people<00:24:41.740> like<00:24:41.889> playing 00:24:42.120 --> 00:24:42.130 align:start position:0% exciting because people like playing 00:24:42.130 --> 00:24:43.889 align:start position:0% exciting because people like playing poker<00:24:42.399> and<00:24:42.700> it's<00:24:43.299> an<00:24:43.389> interesting<00:24:43.600> exercise 00:24:43.889 --> 00:24:43.899 align:start position:0% poker and it's an interesting exercise 00:24:43.899 --> 00:24:45.659 align:start position:0% poker and it's an interesting exercise of<00:24:44.470> your<00:24:44.500> cryptography<00:24:45.130> because<00:24:45.429> you<00:24:45.519> have 00:24:45.659 --> 00:24:45.669 align:start position:0% of your cryptography because you have 00:24:45.669 --> 00:24:47.940 align:start position:0% of your cryptography because you have private<00:24:46.210> cards<00:24:46.600> that<00:24:46.779> you<00:24:46.870> need<00:24:47.049> to<00:24:47.200> deal<00:24:47.350> and 00:24:47.940 --> 00:24:47.950 align:start position:0% private cards that you need to deal and 00:24:47.950 --> 00:24:50.909 align:start position:0% private cards that you need to deal and need<00:24:48.220> to<00:24:48.309> keep<00:24:48.460> secret<00:24:49.019> and<00:24:50.019> you<00:24:50.710> know<00:24:50.830> the 00:24:50.909 --> 00:24:50.919 align:start position:0% need to keep secret and you know the 00:24:50.919 --> 00:24:52.529 align:start position:0% need to keep secret and you know the basic<00:24:51.070> structure<00:24:51.639> of<00:24:51.789> handling<00:24:52.240> the 00:24:52.529 --> 00:24:52.539 align:start position:0% basic structure of handling the 00:24:52.539 --> 00:24:54.299 align:start position:0% basic structure of handling the housekeeping<00:24:53.350> of<00:24:53.500> keeping<00:24:53.799> track<00:24:53.950> of<00:24:54.220> like 00:24:54.299 --> 00:24:54.309 align:start position:0% housekeeping of keeping track of like 00:24:54.309 --> 00:24:55.620 align:start position:0% housekeeping of keeping track of like whose<00:24:54.519> turn<00:24:54.820> it<00:24:54.970> is<00:24:55.029> and<00:24:55.240> whether<00:24:55.330> anyone 00:24:55.620 --> 00:24:55.630 align:start position:0% whose turn it is and whether anyone 00:24:55.630 --> 00:24:57.240 align:start position:0% whose turn it is and whether anyone forfeited<00:24:56.260> a<00:24:56.350> turn<00:24:56.559> and<00:24:56.710> therefore<00:24:56.980> needs<00:24:57.159> to 00:24:57.240 --> 00:24:57.250 align:start position:0% forfeited a turn and therefore needs to 00:24:57.250 --> 00:24:58.889 align:start position:0% forfeited a turn and therefore needs to be<00:24:57.370> punished<00:24:57.700> that<00:24:57.760> can<00:24:57.970> be<00:24:58.090> handled<00:24:58.480> by<00:24:58.510> the 00:24:58.889 --> 00:24:58.899 align:start position:0% be punished that can be handled by the 00:24:58.899 --> 00:25:02.070 align:start position:0% be punished that can be handled by the state<00:24:59.409> channel<00:24:59.799> generalization<00:25:00.669> of<00:25:01.080> this 00:25:02.070 --> 00:25:02.080 align:start position:0% state channel generalization of this 00:25:02.080 --> 00:25:03.659 align:start position:0% state channel generalization of this payment<00:25:02.440> channels<00:25:02.710> idea<00:25:02.980> so<00:25:03.399> without<00:25:03.519> going 00:25:03.659 --> 00:25:03.669 align:start position:0% payment channels idea so without going 00:25:03.669 --> 00:25:04.950 align:start position:0% payment channels idea so without going into<00:25:03.909> any<00:25:03.970> of<00:25:04.120> the<00:25:04.240> cryptography<00:25:04.779> that's 00:25:04.950 --> 00:25:04.960 align:start position:0% into any of the cryptography that's 00:25:04.960 --> 00:25:06.360 align:start position:0% into any of the cryptography that's there<00:25:05.200> I<00:25:05.380> just<00:25:05.769> want<00:25:05.919> to<00:25:05.980> point<00:25:06.100> out<00:25:06.250> that 00:25:06.360 --> 00:25:06.370 align:start position:0% there I just want to point out that 00:25:06.370 --> 00:25:08.220 align:start position:0% there I just want to point out that there<00:25:06.519> that<00:25:06.549> we've<00:25:07.360> had<00:25:07.480> the<00:25:07.600> sequence<00:25:08.019> of 00:25:08.220 --> 00:25:08.230 align:start position:0% there that we've had the sequence of 00:25:08.230 --> 00:25:10.289 align:start position:0% there that we've had the sequence of works<00:25:08.500> mostly<00:25:09.279> just<00:25:09.519> a<00:25:09.610> Ramsey<00:25:09.940> de<00:25:10.029> niro<00:25:10.269> I 00:25:10.289 --> 00:25:10.299 align:start position:0% works mostly just a Ramsey de niro I 00:25:10.299 --> 00:25:12.299 align:start position:0% works mostly just a Ramsey de niro I only<00:25:10.539> hoped<00:25:10.840> in<00:25:10.960> this<00:25:11.139> on<00:25:11.320> last<00:25:11.529> one<00:25:11.799> there's 00:25:12.299 --> 00:25:12.309 align:start position:0% only hoped in this on last one there's 00:25:12.309 --> 00:25:14.070 align:start position:0% only hoped in this on last one there's really<00:25:12.490> like<00:25:12.669> two<00:25:12.850> parties<00:25:13.240> that<00:25:13.419> you<00:25:13.539> had<00:25:13.659> to 00:25:14.070 --> 00:25:14.080 align:start position:0% really like two parties that you had to 00:25:14.080 --> 00:25:15.389 align:start position:0% really like two parties that you had to two<00:25:14.289> properties<00:25:14.649> that<00:25:14.769> you<00:25:15.010> would<00:25:15.130> like<00:25:15.279> from 00:25:15.389 --> 00:25:15.399 align:start position:0% two properties that you would like from 00:25:15.399 --> 00:25:17.549 align:start position:0% two properties that you would like from a<00:25:15.519> good<00:25:15.669> poker<00:25:16.210> application<00:25:16.870> one<00:25:17.110> is<00:25:17.260> that<00:25:17.440> you 00:25:17.549 --> 00:25:17.559 align:start position:0% a good poker application one is that you 00:25:17.559 --> 00:25:19.590 align:start position:0% a good poker application one is that you would<00:25:17.679> like<00:25:17.830> it<00:25:18.010> to<00:25:18.039> be<00:25:18.279> off<00:25:18.549> chain<00:25:19.059> only<00:25:19.480> in 00:25:19.590 --> 00:25:19.600 align:start position:0% would like it to be off chain only in 00:25:19.600 --> 00:25:21.149 align:start position:0% would like it to be off chain only in the<00:25:19.750> typical<00:25:20.139> case<00:25:20.169> so<00:25:20.710> you<00:25:20.769> can<00:25:20.830> play<00:25:21.010> many 00:25:21.149 --> 00:25:21.159 align:start position:0% the typical case so you can play many 00:25:21.159 --> 00:25:22.830 align:start position:0% the typical case so you can play many rounds<00:25:21.580> of<00:25:21.700> poker<00:25:21.909> without<00:25:22.299> having<00:25:22.600> to<00:25:22.659> make<00:25:22.809> a 00:25:22.830 --> 00:25:22.840 align:start position:0% rounds of poker without having to make a 00:25:22.840 --> 00:25:24.899 align:start position:0% rounds of poker without having to make a non<00:25:23.019> chain<00:25:23.289> transaction<00:25:23.919> in<00:25:24.010> pay<00:25:24.190> fees<00:25:24.429> and 00:25:24.899 --> 00:25:24.909 align:start position:0% non chain transaction in pay fees and 00:25:24.909 --> 00:25:27.060 align:start position:0% non chain transaction in pay fees and you<00:25:25.570> would<00:25:25.779> also<00:25:25.929> like<00:25:26.230> the<00:25:26.380> poker<00:25:26.620> game<00:25:26.860> not 00:25:27.060 --> 00:25:27.070 align:start position:0% you would also like the poker game not 00:25:27.070 --> 00:25:28.560 align:start position:0% you would also like the poker game not just<00:25:27.279> to<00:25:27.429> end<00:25:27.580> up<00:25:27.760> telling<00:25:27.940> you<00:25:28.179> who<00:25:28.389> the 00:25:28.560 --> 00:25:28.570 align:start position:0% just to end up telling you who the 00:25:28.570 --> 00:25:31.200 align:start position:0% just to end up telling you who the winner<00:25:28.600> is<00:25:28.870> but<00:25:29.350> to<00:25:29.500> actually<00:25:29.620> like<00:25:30.070> give<00:25:31.029> you 00:25:31.200 --> 00:25:31.210 align:start position:0% winner is but to actually like give you 00:25:31.210 --> 00:25:48.010 align:start position:0% winner is but to actually like give you the<00:25:31.779> amount<00:25:32.049> of<00:25:32.200> money<00:25:32.830> that<00:25:32.980> you<00:25:33.130> want<00:25:39.510> back 00:25:48.010 --> 00:25:48.020 align:start position:0% 00:25:48.020 --> 00:25:50.919 align:start position:0% okay<00:25:48.710> my<00:25:48.860> screen<00:25:49.100> went<00:25:49.280> out<00:25:49.370> okay<00:25:50.030> so<00:25:50.090> um<00:25:50.480> well 00:25:50.919 --> 00:25:50.929 align:start position:0% okay my screen went out okay so um well 00:25:50.929 --> 00:25:52.570 align:start position:0% okay my screen went out okay so um well I<00:25:50.960> think<00:25:51.110> you<00:25:51.290> got<00:25:51.410> the<00:25:51.500> gist<00:25:51.679> of<00:25:51.830> that<00:25:52.250> end<00:25:52.429> of 00:25:52.570 --> 00:25:52.580 align:start position:0% I think you got the gist of that end of 00:25:52.580 --> 00:25:56.500 align:start position:0% I think you got the gist of that end of it<00:25:52.809> the<00:25:53.809> only<00:25:54.260> thing<00:25:55.220> that<00:25:55.640> the<00:25:56.120> only<00:25:56.330> way<00:25:56.450> to 00:25:56.500 --> 00:25:56.510 align:start position:0% it the only thing that the only way to 00:25:56.510 --> 00:25:58.600 align:start position:0% it the only thing that the only way to get<00:25:56.750> both<00:25:56.990> of<00:25:57.170> these<00:25:57.260> properties<00:25:57.650> combined<00:25:58.309> is 00:25:58.600 --> 00:25:58.610 align:start position:0% get both of these properties combined is 00:25:58.610 --> 00:26:02.080 align:start position:0% get both of these properties combined is to<00:25:58.970> have<00:25:59.679> to<00:26:00.679> make<00:26:00.830> use<00:26:01.010> of<00:26:01.040> the<00:26:01.850> the 00:26:02.080 --> 00:26:02.090 align:start position:0% to have to make use of the the 00:26:02.090 --> 00:26:04.000 align:start position:0% to have to make use of the the flexibility<00:26:02.690> and<00:26:02.990> the<00:26:03.320> etherium<00:26:03.710> smart 00:26:04.000 --> 00:26:04.010 align:start position:0% flexibility and the etherium smart 00:26:04.010 --> 00:26:05.560 align:start position:0% flexibility and the etherium smart contract<00:26:04.429> model<00:26:04.760> we<00:26:04.850> couldn't<00:26:05.090> find<00:26:05.240> any<00:26:05.420> way 00:26:05.560 --> 00:26:05.570 align:start position:0% contract model we couldn't find any way 00:26:05.570 --> 00:26:07.630 align:start position:0% contract model we couldn't find any way of<00:26:05.690> being<00:26:05.870> able<00:26:05.990> to<00:26:06.110> get<00:26:06.340> both<00:26:07.340> of<00:26:07.550> these 00:26:07.630 --> 00:26:07.640 align:start position:0% of being able to get both of these 00:26:07.640 --> 00:26:10.060 align:start position:0% of being able to get both of these desired<00:26:08.090> properties<00:26:08.600> both<00:26:09.440> having<00:26:09.710> off<00:26:09.830> train 00:26:10.060 --> 00:26:10.070 align:start position:0% desired properties both having off train 00:26:10.070 --> 00:26:11.470 align:start position:0% desired properties both having off train in<00:26:10.220> the<00:26:10.280> usual<00:26:10.610> case<00:26:10.790> and<00:26:11.030> actually<00:26:11.150> being 00:26:11.470 --> 00:26:11.480 align:start position:0% in the usual case and actually being 00:26:11.480 --> 00:26:13.090 align:start position:0% in the usual case and actually being able<00:26:11.600> to<00:26:11.720> do<00:26:11.870> a<00:26:11.900> payment<00:26:12.320> out<00:26:12.410> oh<00:26:12.590> this<00:26:12.950> just 00:26:13.090 --> 00:26:13.100 align:start position:0% able to do a payment out oh this just 00:26:13.100 --> 00:26:33.249 align:start position:0% able to do a payment out oh this just drop<00:26:13.460> okay 00:26:33.249 --> 00:26:33.259 align:start position:0% 00:26:33.259 --> 00:26:35.659 align:start position:0% no<00:26:34.259> it's<00:26:34.620> a<00:26:34.679> weirdly<00:26:34.919> next<00:26:35.220> thing<00:26:35.370> I<00:26:35.429> have<00:26:35.549> to 00:26:35.659 --> 00:26:35.669 align:start position:0% no it's a weirdly next thing I have to 00:26:35.669 --> 00:26:37.450 align:start position:0% no it's a weirdly next thing I have to open<00:26:35.789> up 00:26:37.450 --> 00:26:37.460 align:start position:0% open up 00:26:37.460 --> 00:26:46.669 align:start position:0% open up Hudson<00:26:38.460> James<00:26:38.669> and<00:26:38.880> everyone<00:26:44.990> okay<00:26:45.990> all<00:26:46.559> right 00:26:46.669 --> 00:26:46.679 align:start position:0% Hudson James and everyone okay all right 00:26:46.679 --> 00:26:47.990 align:start position:0% Hudson James and everyone okay all right yeah<00:26:46.769> the<00:26:47.070> only<00:26:47.250> point<00:26:47.639> I<00:26:47.700> wanted<00:26:47.850> to<00:26:47.909> make 00:26:47.990 --> 00:26:48.000 align:start position:0% yeah the only point I wanted to make 00:26:48.000 --> 00:26:49.249 align:start position:0% yeah the only point I wanted to make yours<00:26:48.210> we<00:26:48.360> want<00:26:48.570> to<00:26:48.659> have<00:26:48.750> both<00:26:48.960> of<00:26:48.990> these 00:26:49.249 --> 00:26:49.259 align:start position:0% yours we want to have both of these 00:26:49.259 --> 00:26:51.080 align:start position:0% yours we want to have both of these qualities<00:26:49.799> like<00:26:50.100> these<00:26:50.340> ones<00:26:50.580> here<00:26:50.669> that<00:26:50.820> say 00:26:51.080 --> 00:26:51.090 align:start position:0% qualities like these ones here that say 00:26:51.090 --> 00:26:52.789 align:start position:0% qualities like these ones here that say no<00:26:51.269> cash<00:26:51.509> distribution<00:26:52.230> what<00:26:52.380> it<00:26:52.470> means<00:26:52.649> is 00:26:52.789 --> 00:26:52.799 align:start position:0% no cash distribution what it means is 00:26:52.799 --> 00:26:54.289 align:start position:0% no cash distribution what it means is that<00:26:52.830> you<00:26:53.039> learn<00:26:53.220> who<00:26:53.399> the<00:26:53.519> winner<00:26:53.669> was<00:26:53.940> but<00:26:54.210> it 00:26:54.289 --> 00:26:54.299 align:start position:0% that you learn who the winner was but it 00:26:54.299 --> 00:26:55.610 align:start position:0% that you learn who the winner was but it doesn't<00:26:54.539> actually<00:26:54.600> make<00:26:54.929> any<00:26:55.110> money<00:26:55.259> change 00:26:55.610 --> 00:26:55.620 align:start position:0% doesn't actually make any money change 00:26:55.620 --> 00:26:57.139 align:start position:0% doesn't actually make any money change hands<00:26:55.860> at<00:26:56.039> the<00:26:56.159> end<00:26:56.309> right<00:26:56.580> you<00:26:56.909> want<00:26:57.059> to<00:26:57.090> play 00:26:57.139 --> 00:26:57.149 align:start position:0% hands at the end right you want to play 00:26:57.149 --> 00:26:59.180 align:start position:0% hands at the end right you want to play poker<00:26:57.450> for<00:26:57.539> some<00:26:57.809> kind<00:26:58.019> of<00:26:58.139> stakes<00:26:58.440> in<00:26:58.769> order 00:26:59.180 --> 00:26:59.190 align:start position:0% poker for some kind of stakes in order 00:26:59.190 --> 00:27:00.560 align:start position:0% poker for some kind of stakes in order to<00:26:59.309> get<00:26:59.429> both<00:26:59.610> of<00:26:59.759> these<00:26:59.850> qualities<00:27:00.360> where<00:27:00.509> you 00:27:00.560 --> 00:27:00.570 align:start position:0% to get both of these qualities where you 00:27:00.570 --> 00:27:02.120 align:start position:0% to get both of these qualities where you can<00:27:00.690> actually<00:27:00.929> settle<00:27:01.200> for<00:27:01.350> money<00:27:01.590> on<00:27:01.799> chain 00:27:02.120 --> 00:27:02.130 align:start position:0% can actually settle for money on chain 00:27:02.130 --> 00:27:03.830 align:start position:0% can actually settle for money on chain when<00:27:02.340> you<00:27:02.429> have<00:27:02.639> to<00:27:02.820> but<00:27:03.029> it's<00:27:03.179> off<00:27:03.330> train<00:27:03.570> only 00:27:03.830 --> 00:27:03.840 align:start position:0% when you have to but it's off train only 00:27:03.840 --> 00:27:05.749 align:start position:0% when you have to but it's off train only in<00:27:03.929> the<00:27:04.019> typical<00:27:04.440> case<00:27:04.470> all<00:27:05.220> right<00:27:05.340> we<00:27:05.549> weren't 00:27:05.749 --> 00:27:05.759 align:start position:0% in the typical case all right we weren't 00:27:05.759 --> 00:27:07.039 align:start position:0% in the typical case all right we weren't able<00:27:05.820> to<00:27:05.970> figure<00:27:06.210> out<00:27:06.299> how<00:27:06.450> to<00:27:06.509> do<00:27:06.690> that<00:27:06.840> in 00:27:07.039 --> 00:27:07.049 align:start position:0% able to figure out how to do that in 00:27:07.049 --> 00:27:08.450 align:start position:0% able to figure out how to do that in Bitcoin<00:27:07.470> whereas<00:27:07.740> all<00:27:07.889> of<00:27:07.919> these<00:27:08.129> one 00:27:08.450 --> 00:27:08.460 align:start position:0% Bitcoin whereas all of these one 00:27:08.460 --> 00:27:10.190 align:start position:0% Bitcoin whereas all of these one desirable<00:27:09.059> property<00:27:09.450> the<00:27:09.659> other<00:27:09.779> we<00:27:09.929> figured 00:27:10.190 --> 00:27:10.200 align:start position:0% desirable property the other we figured 00:27:10.200 --> 00:27:11.930 align:start position:0% desirable property the other we figured out<00:27:10.289> some<00:27:10.500> way<00:27:10.529> of<00:27:10.710> doing<00:27:10.919> it<00:27:11.039> in<00:27:11.129> Bitcoin<00:27:11.519> but 00:27:11.930 --> 00:27:11.940 align:start position:0% out some way of doing it in Bitcoin but 00:27:11.940 --> 00:27:14.539 align:start position:0% out some way of doing it in Bitcoin but to<00:27:12.059> get<00:27:12.149> both<00:27:12.480> seems<00:27:12.840> to<00:27:13.019> rely<00:27:13.289> on<00:27:13.559> the<00:27:14.460> ability 00:27:14.539 --> 00:27:14.549 align:start position:0% to get both seems to rely on the ability 00:27:14.549 --> 00:27:17.629 align:start position:0% to get both seems to rely on the ability of<00:27:14.909> having<00:27:15.000> like<00:27:15.889> references<00:27:16.889> to<00:27:17.129> dynamic 00:27:17.629 --> 00:27:17.639 align:start position:0% of having like references to dynamic 00:27:17.639 --> 00:27:19.759 align:start position:0% of having like references to dynamic transactions<00:27:18.389> rather<00:27:18.840> than<00:27:19.110> having<00:27:19.289> like<00:27:19.740> a 00:27:19.759 --> 00:27:19.769 align:start position:0% transactions rather than having like a 00:27:19.769 --> 00:27:21.950 align:start position:0% transactions rather than having like a fixed<00:27:20.279> transaction<00:27:21.059> input<00:27:21.450> which<00:27:21.629> is<00:27:21.779> what 00:27:21.950 --> 00:27:21.960 align:start position:0% fixed transaction input which is what 00:27:21.960 --> 00:27:23.690 align:start position:0% fixed transaction input which is what your<00:27:22.110> is<00:27:22.379> constrained<00:27:22.860> to<00:27:22.950> do<00:27:23.039> in<00:27:23.159> the<00:27:23.220> u<00:27:23.309> TXO 00:27:23.690 --> 00:27:23.700 align:start position:0% your is constrained to do in the u TXO 00:27:23.700 --> 00:27:27.619 align:start position:0% your is constrained to do in the u TXO model<00:27:25.100> alright<00:27:26.100> so<00:27:26.279> I<00:27:26.610> just<00:27:26.940> want<00:27:27.240> to<00:27:27.269> wrap<00:27:27.419> up 00:27:27.619 --> 00:27:27.629 align:start position:0% model alright so I just want to wrap up 00:27:27.629 --> 00:27:29.570 align:start position:0% model alright so I just want to wrap up in<00:27:27.809> here<00:27:28.049> by<00:27:28.169> saying<00:27:28.470> you<00:27:29.129> know<00:27:29.159> more<00:27:29.490> about 00:27:29.570 --> 00:27:29.580 align:start position:0% in here by saying you know more about 00:27:29.580 --> 00:27:31.009 align:start position:0% in here by saying you know more about what<00:27:29.759> I<00:27:29.789> think<00:27:30.029> is<00:27:30.149> the<00:27:30.360> the<00:27:30.389> lesson<00:27:30.870> that 00:27:31.009 --> 00:27:31.019 align:start position:0% what I think is the the lesson that 00:27:31.019 --> 00:27:32.360 align:start position:0% what I think is the the lesson that we've<00:27:31.139> learned<00:27:31.169> from<00:27:31.440> this<00:27:31.620> so<00:27:32.039> first<00:27:32.250> of<00:27:32.340> all 00:27:32.360 --> 00:27:32.370 align:start position:0% we've learned from this so first of all 00:27:32.370 --> 00:27:33.350 align:start position:0% we've learned from this so first of all I<00:27:32.429> think<00:27:32.639> this<00:27:32.730> is<00:27:32.850> a<00:27:32.879> way<00:27:33.029> to<00:27:33.090> go<00:27:33.240> about 00:27:33.350 --> 00:27:33.360 align:start position:0% I think this is a way to go about 00:27:33.360 --> 00:27:35.269 align:start position:0% I think this is a way to go about evaluating<00:27:34.049> the<00:27:34.259> expressiveness<00:27:34.769> of<00:27:35.039> smart 00:27:35.269 --> 00:27:35.279 align:start position:0% evaluating the expressiveness of smart 00:27:35.279 --> 00:27:37.009 align:start position:0% evaluating the expressiveness of smart contract<00:27:35.669> languages<00:27:36.120> I<00:27:36.269> think<00:27:36.570> that<00:27:36.929> if 00:27:37.009 --> 00:27:37.019 align:start position:0% contract languages I think that if 00:27:37.019 --> 00:27:38.840 align:start position:0% contract languages I think that if someone<00:27:37.049> proposes<00:27:37.830> a<00:27:37.980> new<00:27:38.159> smart<00:27:38.429> contract 00:27:38.840 --> 00:27:38.850 align:start position:0% someone proposes a new smart contract 00:27:38.850 --> 00:27:40.129 align:start position:0% someone proposes a new smart contract language<00:27:39.029> one<00:27:39.419> of<00:27:39.509> the<00:27:39.600> first<00:27:39.779> things<00:27:40.019> you 00:27:40.129 --> 00:27:40.139 align:start position:0% language one of the first things you 00:27:40.139 --> 00:27:41.990 align:start position:0% language one of the first things you should<00:27:40.169> try<00:27:40.470> to<00:27:40.529> do<00:27:40.710> is<00:27:40.860> to<00:27:41.039> see<00:27:41.250> can<00:27:41.850> you 00:27:41.990 --> 00:27:42.000 align:start position:0% should try to do is to see can you 00:27:42.000 --> 00:27:44.090 align:start position:0% should try to do is to see can you implement<00:27:42.269> the<00:27:42.809> the<00:27:43.110> high<00:27:43.259> score<00:27:43.679> on<00:27:43.710> the 00:27:44.090 --> 00:27:44.100 align:start position:0% implement the the high score on the 00:27:44.100 --> 00:27:45.980 align:start position:0% implement the the high score on the scoreboard<00:27:44.669> for<00:27:44.850> all<00:27:45.000> of<00:27:45.179> these<00:27:45.299> applications 00:27:45.980 --> 00:27:45.990 align:start position:0% scoreboard for all of these applications 00:27:45.990 --> 00:27:47.749 align:start position:0% scoreboard for all of these applications if<00:27:46.110> you<00:27:46.230> get<00:27:46.409> stuck<00:27:46.799> there's<00:27:47.370> a<00:27:47.460> sign<00:27:47.730> that 00:27:47.749 --> 00:27:47.759 align:start position:0% if you get stuck there's a sign that 00:27:47.759 --> 00:27:49.549 align:start position:0% if you get stuck there's a sign that there's<00:27:48.090> something<00:27:48.330> you<00:27:48.690> know<00:27:48.779> useful<00:27:49.409> that 00:27:49.549 --> 00:27:49.559 align:start position:0% there's something you know useful that 00:27:49.559 --> 00:27:50.749 align:start position:0% there's something you know useful that you<00:27:49.590> would<00:27:49.769> like<00:27:49.860> to<00:27:49.980> be<00:27:50.070> able<00:27:50.159> to<00:27:50.309> do<00:27:50.399> in<00:27:50.519> smart 00:27:50.749 --> 00:27:50.759 align:start position:0% you would like to be able to do in smart 00:27:50.759 --> 00:27:52.249 align:start position:0% you would like to be able to do in smart contract<00:27:51.149> programming<00:27:51.629> that<00:27:51.720> this<00:27:51.870> language 00:27:52.249 --> 00:27:52.259 align:start position:0% contract programming that this language 00:27:52.259 --> 00:27:54.230 align:start position:0% contract programming that this language isn't<00:27:52.440> affording<00:27:52.919> all<00:27:53.100> right<00:27:53.940> there<00:27:54.120> are 00:27:54.230 --> 00:27:54.240 align:start position:0% isn't affording all right there are 00:27:54.240 --> 00:27:55.669 align:start position:0% isn't affording all right there are other<00:27:54.419> like<00:27:54.629> trade-offs<00:27:55.169> and<00:27:55.350> so<00:27:55.500> maybe 00:27:55.669 --> 00:27:55.679 align:start position:0% other like trade-offs and so maybe 00:27:55.679 --> 00:27:57.289 align:start position:0% other like trade-offs and so maybe there's<00:27:55.980> you<00:27:56.100> know<00:27:56.190> some<00:27:56.370> justification<00:27:56.700> like 00:27:57.289 --> 00:27:57.299 align:start position:0% there's you know some justification like 00:27:57.299 --> 00:27:59.210 align:start position:0% there's you know some justification like that<00:27:57.450> so<00:27:57.659> for<00:27:57.809> example<00:27:58.289> the<00:27:58.500> the<00:27:58.710> you<00:27:58.830> TXO 00:27:59.210 --> 00:27:59.220 align:start position:0% that so for example the the you TXO 00:27:59.220 --> 00:28:01.399 align:start position:0% that so for example the the you TXO model<00:27:59.549> in<00:27:59.669> Bitcoin<00:28:00.029> supports<00:28:00.509> benign<00:28:00.899> reorg 00:28:01.399 --> 00:28:01.409 align:start position:0% model in Bitcoin supports benign reorg 00:28:01.409 --> 00:28:03.019 align:start position:0% model in Bitcoin supports benign reorg Slyke<00:28:01.740> if<00:28:01.830> there<00:28:01.980> is<00:28:02.100> a<00:28:02.129> reorg<00:28:02.610> than<00:28:02.789> all<00:28:02.909> of 00:28:03.019 --> 00:28:03.029 align:start position:0% Slyke if there is a reorg than all of 00:28:03.029 --> 00:28:05.210 align:start position:0% Slyke if there is a reorg than all of the<00:28:03.120> transactions<00:28:03.779> will<00:28:03.960> be<00:28:04.110> shortly<00:28:04.500> played 00:28:05.210 --> 00:28:05.220 align:start position:0% the transactions will be shortly played 00:28:05.220 --> 00:28:06.889 align:start position:0% the transactions will be shortly played right<00:28:05.399> after<00:28:05.759> all<00:28:06.480> right<00:28:06.600> and<00:28:06.690> there's<00:28:06.840> some 00:28:06.889 --> 00:28:06.899 align:start position:0% right after all right and there's some 00:28:06.899 --> 00:28:09.080 align:start position:0% right after all right and there's some trade-off<00:28:07.320> involving<00:28:07.740> privacy<00:28:08.279> um<00:28:08.759> with 00:28:09.080 --> 00:28:09.090 align:start position:0% trade-off involving privacy um with 00:28:09.090 --> 00:28:10.249 align:start position:0% trade-off involving privacy um with sprites<00:28:09.419> so<00:28:09.600> I'm<00:28:09.720> not<00:28:09.809> saying<00:28:10.049> that<00:28:10.169> you 00:28:10.249 --> 00:28:10.259 align:start position:0% sprites so I'm not saying that you 00:28:10.259 --> 00:28:13.549 align:start position:0% sprites so I'm not saying that you absolutely<00:28:10.470> need<00:28:10.710> to<00:28:10.860> have<00:28:10.950> this<00:28:11.220> benefit<00:28:12.559> I 00:28:13.549 --> 00:28:13.559 align:start position:0% absolutely need to have this benefit I 00:28:13.559 --> 00:28:15.200 align:start position:0% absolutely need to have this benefit I think<00:28:13.889> it's<00:28:14.159> the<00:28:14.250> case<00:28:14.370> that<00:28:14.429> doing<00:28:14.879> on<00:28:15.000> you 00:28:15.200 --> 00:28:15.210 align:start position:0% think it's the case that doing on you 00:28:15.210 --> 00:28:17.360 align:start position:0% think it's the case that doing on you TXO<00:28:15.629> prototyping<00:28:16.289> first<00:28:16.620> actually<00:28:17.070> slows 00:28:17.360 --> 00:28:17.370 align:start position:0% TXO prototyping first actually slows 00:28:17.370 --> 00:28:19.460 align:start position:0% TXO prototyping first actually slows down<00:28:17.610> research<00:28:18.059> by<00:28:18.299> obscuring<00:28:18.840> the<00:28:18.960> main<00:28:19.110> idea 00:28:19.460 --> 00:28:19.470 align:start position:0% down research by obscuring the main idea 00:28:19.470 --> 00:28:21.769 align:start position:0% down research by obscuring the main idea behind<00:28:19.529> a<00:28:19.889> smart<00:28:20.159> contract<00:28:20.279> application<00:28:21.149> all 00:28:21.769 --> 00:28:21.779 align:start position:0% behind a smart contract application all 00:28:21.779 --> 00:28:23.749 align:start position:0% behind a smart contract application all right<00:28:21.929> and<00:28:22.139> a<00:28:22.320> sort<00:28:22.830> of<00:28:22.860> obscuring<00:28:23.340> the<00:28:23.460> key 00:28:23.749 --> 00:28:23.759 align:start position:0% right and a sort of obscuring the key 00:28:23.759 --> 00:28:24.950 align:start position:0% right and a sort of obscuring the key ideas<00:28:24.090> and<00:28:24.269> I<00:28:24.330> think<00:28:24.509> that<00:28:24.629> the<00:28:24.720> fact<00:28:24.899> that 00:28:24.950 --> 00:28:24.960 align:start position:0% ideas and I think that the fact that 00:28:24.960 --> 00:28:26.629 align:start position:0% ideas and I think that the fact that Radin<00:28:25.379> was<00:28:25.559> designed<00:28:25.950> the<00:28:26.070> way<00:28:26.190> that<00:28:26.370> it<00:28:26.519> is 00:28:26.629 --> 00:28:26.639 align:start position:0% Radin was designed the way that it is 00:28:26.639 --> 00:28:28.610 align:start position:0% Radin was designed the way that it is was<00:28:26.789> because<00:28:27.059> it<00:28:27.149> was<00:28:27.269> mimicking<00:28:27.840> the<00:28:28.409> the 00:28:28.610 --> 00:28:28.620 align:start position:0% was because it was mimicking the the 00:28:28.620 --> 00:28:29.990 align:start position:0% was because it was mimicking the the design<00:28:28.950> and<00:28:29.190> bitcoin<00:28:29.549> which<00:28:29.730> was<00:28:29.850> only 00:28:29.990 --> 00:28:30.000 align:start position:0% design and bitcoin which was only 00:28:30.000 --> 00:28:32.539 align:start position:0% design and bitcoin which was only necessary<00:28:30.240> because<00:28:30.809> of<00:28:31.080> bitcoins<00:28:31.549> limited 00:28:32.539 --> 00:28:32.549 align:start position:0% necessary because of bitcoins limited 00:28:32.549 --> 00:28:34.639 align:start position:0% necessary because of bitcoins limited script<00:28:32.879> so<00:28:33.029> even<00:28:33.299> the<00:28:33.419> Radin<00:28:33.779> you<00:28:34.230> know<00:28:34.320> clone 00:28:34.639 --> 00:28:34.649 align:start position:0% script so even the Radin you know clone 00:28:34.649 --> 00:28:36.230 align:start position:0% script so even the Radin you know clone of<00:28:34.889> the<00:28:34.980> Lightning<00:28:35.309> design<00:28:35.639> fails<00:28:35.940> to<00:28:36.120> make 00:28:36.230 --> 00:28:36.240 align:start position:0% of the Lightning design fails to make 00:28:36.240 --> 00:28:37.850 align:start position:0% of the Lightning design fails to make use<00:28:36.419> of<00:28:36.600> a<00:28:36.690> theorems<00:28:37.019> full<00:28:37.230> power<00:28:37.440> even<00:28:37.799> though 00:28:37.850 --> 00:28:37.860 align:start position:0% use of a theorems full power even though 00:28:37.860 --> 00:28:41.210 align:start position:0% use of a theorems full power even though it's<00:28:38.039> in<00:28:38.450> in<00:28:39.450> the<00:28:39.629> etherium<00:28:40.019> language<00:28:40.379> so<00:28:40.950> you 00:28:41.210 --> 00:28:41.220 align:start position:0% it's in in the etherium language so you 00:28:41.220 --> 00:28:42.710 align:start position:0% it's in in the etherium language so you know<00:28:41.370> my<00:28:41.519> suggestion<00:28:42.059> is<00:28:42.210> that<00:28:42.240> you<00:28:42.389> should 00:28:42.710 --> 00:28:42.720 align:start position:0% know my suggestion is that you should 00:28:42.720 --> 00:28:44.389 align:start position:0% know my suggestion is that you should use<00:28:42.750> a<00:28:43.019> language<00:28:43.379> like<00:28:43.710> aetherium<00:28:44.070> to 00:28:44.389 --> 00:28:44.399 align:start position:0% use a language like aetherium to 00:28:44.399 --> 00:28:46.070 align:start position:0% use a language like aetherium to prototype<00:28:44.909> your<00:28:45.120> new<00:28:45.210> application<00:28:45.389> even<00:28:45.990> if 00:28:46.070 --> 00:28:46.080 align:start position:0% prototype your new application even if 00:28:46.080 --> 00:28:46.640 align:start position:0% prototype your new application even if it's<00:28:46.230> something<00:28:46.379> that 00:28:46.640 --> 00:28:46.650 align:start position:0% it's something that 00:28:46.650 --> 00:28:49.730 align:start position:0% it's something that you're<00:28:46.740> eventually<00:28:46.890> going<00:28:47.370> to<00:28:48.740> eventually 00:28:49.730 --> 00:28:49.740 align:start position:0% you're eventually going to eventually 00:28:49.740 --> 00:28:51.050 align:start position:0% you're eventually going to eventually try<00:28:49.860> to<00:28:49.920> port<00:28:50.220> to<00:28:50.340> Bitcoin<00:28:50.520> or<00:28:50.850> to<00:28:50.940> other 00:28:51.050 --> 00:28:51.060 align:start position:0% try to port to Bitcoin or to other 00:28:51.060 --> 00:29:02.670 align:start position:0% try to port to Bitcoin or to other applications<00:28:51.410> so<00:28:52.410> I'll<00:28:52.770> stop<00:28:53.370> there<00:28:53.670> Thanks 00:29:02.670 --> 00:29:02.680 align:start position:0% 00:29:02.680 --> 00:29:10.259 align:start position:0% [Music]