WEBVTT Kind: captions Language: en 00:00:01.070 --> 00:00:11.930 align:start position:0% [Applause] 00:00:11.930 --> 00:00:11.940 align:start position:0% 00:00:11.940 --> 00:00:15.240 align:start position:0% come<00:00:12.940> in<00:00:13.090> the<00:00:13.809> native<00:00:14.110> clock<00:00:14.410> is<00:00:14.769> new 00:00:15.240 --> 00:00:15.250 align:start position:0% come in the native clock is new 00:00:15.250 --> 00:00:17.429 align:start position:0% come in the native clock is new application<00:00:16.090> design<00:00:16.359> principles<00:00:16.900> we<00:00:17.230> need 00:00:17.429 --> 00:00:17.439 align:start position:0% application design principles we need 00:00:17.439 --> 00:00:21.029 align:start position:0% application design principles we need 2.0<00:00:18.630> but<00:00:19.630> the<00:00:19.779> structure<00:00:20.169> this<00:00:20.289> talk<00:00:20.560> first 00:00:21.029 --> 00:00:21.039 align:start position:0% 2.0 but the structure this talk first 00:00:21.039 --> 00:00:22.380 align:start position:0% 2.0 but the structure this talk first I'm<00:00:21.250> going<00:00:21.369> to<00:00:21.460> talk<00:00:21.579> about<00:00:21.610> some<00:00:22.239> of<00:00:22.329> the 00:00:22.380 --> 00:00:22.390 align:start position:0% I'm going to talk about some of the 00:00:22.390 --> 00:00:24.990 align:start position:0% I'm going to talk about some of the technical<00:00:22.720> organizations<00:00:23.380> that<00:00:24.189> application 00:00:24.990 --> 00:00:25.000 align:start position:0% technical organizations that application 00:00:25.000 --> 00:00:28.290 align:start position:0% technical organizations that application vault<00:00:25.240> for<00:00:25.390> space<00:00:25.740> and<00:00:26.740> I<00:00:26.859> think<00:00:27.130> I'm<00:00:28.119> gonna 00:00:28.290 --> 00:00:28.300 align:start position:0% vault for space and I think I'm gonna 00:00:28.300 --> 00:00:30.679 align:start position:0% vault for space and I think I'm gonna try<00:00:28.539> and<00:00:28.599> talk<00:00:28.720> about<00:00:28.960> it<00:00:29.199> in<00:00:29.230> a<00:00:29.349> way<00:00:29.470> that 00:00:30.679 --> 00:00:30.689 align:start position:0% try and talk about it in a way that 00:00:30.689 --> 00:00:33.270 align:start position:0% try and talk about it in a way that Ellie's<00:00:31.689> time<00:00:31.869> you<00:00:31.990> can<00:00:32.110> granularity<00:00:32.800> yeah<00:00:33.129> is 00:00:33.270 --> 00:00:33.280 align:start position:0% Ellie's time you can granularity yeah is 00:00:33.280 --> 00:00:35.520 align:start position:0% Ellie's time you can granularity yeah is it<00:00:33.460> usually<00:00:33.910> puffed<00:00:34.150> up<00:00:34.360> and<00:00:34.690> then<00:00:35.140> the<00:00:35.230> second 00:00:35.520 --> 00:00:35.530 align:start position:0% it usually puffed up and then the second 00:00:35.530 --> 00:00:37.500 align:start position:0% it usually puffed up and then the second half<00:00:35.680> will<00:00:35.829> focus<00:00:36.160> on<00:00:36.400> kind<00:00:36.820> of<00:00:36.879> solutions 00:00:37.500 --> 00:00:37.510 align:start position:0% half will focus on kind of solutions 00:00:37.510 --> 00:00:39.720 align:start position:0% half will focus on kind of solutions that<00:00:37.839> we're<00:00:38.320> seeing<00:00:38.530> in<00:00:38.650> space<00:00:38.949> right<00:00:39.190> now<00:00:39.309> and 00:00:39.720 --> 00:00:39.730 align:start position:0% that we're seeing in space right now and 00:00:39.730 --> 00:00:42.240 align:start position:0% that we're seeing in space right now and then<00:00:40.269> what<00:00:41.260> we're<00:00:41.379> gonna<00:00:41.500> see<00:00:41.770> in<00:00:41.829> terms<00:00:42.100> of 00:00:42.240 --> 00:00:42.250 align:start position:0% then what we're gonna see in terms of 00:00:42.250 --> 00:00:45.240 align:start position:0% then what we're gonna see in terms of trends<00:00:42.520> especially<00:00:43.390> as<00:00:43.660> you<00:00:44.110> start<00:00:44.890> scrolling 00:00:45.240 --> 00:00:45.250 align:start position:0% trends especially as you start scrolling 00:00:45.250 --> 00:00:49.799 align:start position:0% trends especially as you start scrolling around<00:00:46.770> so<00:00:47.770> what<00:00:48.520> are<00:00:48.640> the<00:00:48.730> big<00:00:49.120> technical 00:00:49.799 --> 00:00:49.809 align:start position:0% around so what are the big technical 00:00:49.809 --> 00:00:51.389 align:start position:0% around so what are the big technical challenges 00:00:51.389 --> 00:00:51.399 align:start position:0% challenges 00:00:51.399 --> 00:00:53.939 align:start position:0% challenges the<00:00:51.699> first<00:00:51.910> one<00:00:52.149> is<00:00:52.660> transact<00:00:53.320> transaction 00:00:53.939 --> 00:00:53.949 align:start position:0% the first one is transact transaction 00:00:53.949 --> 00:00:56.810 align:start position:0% the first one is transact transaction latency<00:00:54.309> so<00:00:54.850> it's<00:00:55.059> what<00:00:55.210> is<00:00:55.329> fairly<00:00:55.539> obvious 00:00:56.810 --> 00:00:56.820 align:start position:0% latency so it's what is fairly obvious 00:00:56.820 --> 00:01:01.229 align:start position:0% latency so it's what is fairly obvious but<00:00:57.960> with<00:00:58.960> the<00:00:59.440> theory<00:00:59.739> on<00:00:59.890> 1.0<00:01:00.429> main<00:01:00.640> chain<00:01:00.910> we 00:01:01.229 --> 00:01:01.239 align:start position:0% but with the theory on 1.0 main chain we 00:01:01.239 --> 00:01:03.930 align:start position:0% but with the theory on 1.0 main chain we block<00:01:01.539> their<00:01:01.719> balls<00:01:01.899> eight<00:01:02.079> seconds<00:01:02.940> even 00:01:03.930 --> 00:01:03.940 align:start position:0% block their balls eight seconds even 00:01:03.940 --> 00:01:06.870 align:start position:0% block their balls eight seconds even with<00:01:04.300> e<00:01:04.539> 2.0<00:01:05.170> the<00:01:05.679> block<00:01:06.190> interval<00:01:06.580> is<00:01:06.700> going 00:01:06.870 --> 00:01:06.880 align:start position:0% with e 2.0 the block interval is going 00:01:06.880 --> 00:01:08.880 align:start position:0% with e 2.0 the block interval is going to<00:01:06.940> be<00:01:07.060> at<00:01:07.660> least<00:01:07.810> some<00:01:07.960> target<00:01:08.320> is<00:01:08.410> from<00:01:08.590> three 00:01:08.880 --> 00:01:08.890 align:start position:0% to be at least some target is from three 00:01:08.890 --> 00:01:11.430 align:start position:0% to be at least some target is from three to<00:01:08.979> six<00:01:09.100> seconds<00:01:09.520> in<00:01:10.509> three<00:01:10.750> to<00:01:10.899> six<00:01:10.929> seconds 00:01:11.430 --> 00:01:11.440 align:start position:0% to six seconds in three to six seconds 00:01:11.440 --> 00:01:14.699 align:start position:0% to six seconds in three to six seconds it's<00:01:12.190> good<00:01:12.630> compared<00:01:13.630> to<00:01:13.720> eight<00:01:13.899> the<00:01:14.289> natives 00:01:14.699 --> 00:01:14.709 align:start position:0% it's good compared to eight the natives 00:01:14.709 --> 00:01:17.309 align:start position:0% it's good compared to eight the natives of<00:01:14.800> alligator<00:01:15.220> compared<00:01:15.610> to<00:01:15.880> say<00:01:16.750> ten<00:01:17.020> minutes 00:01:17.309 --> 00:01:17.319 align:start position:0% of alligator compared to say ten minutes 00:01:17.319 --> 00:01:19.710 align:start position:0% of alligator compared to say ten minutes but<00:01:18.130> I<00:01:18.160> would<00:01:18.520> argue<00:01:18.670> that<00:01:18.849> users<00:01:19.479> are 00:01:19.710 --> 00:01:19.720 align:start position:0% but I would argue that users are 00:01:19.720 --> 00:01:22.260 align:start position:0% but I would argue that users are accustomed<00:01:19.929> to<00:01:20.410> responsibly<00:01:21.369> and<00:01:21.520> see 00:01:22.260 --> 00:01:22.270 align:start position:0% accustomed to responsibly and see 00:01:22.270 --> 00:01:25.020 align:start position:0% accustomed to responsibly and see hundreds<00:01:22.600> of<00:01:22.659> all<00:01:22.810> sizes<00:01:23.250> so<00:01:24.250> there<00:01:24.609> is<00:01:24.700> a<00:01:24.729> coke 00:01:25.020 --> 00:01:25.030 align:start position:0% hundreds of all sizes so there is a coke 00:01:25.030 --> 00:01:30.149 align:start position:0% hundreds of all sizes so there is a coke but<00:01:25.299> around<00:01:25.479> saying<00:01:27.240> or<00:01:28.240> Amazon<00:01:28.960> every<00:01:29.560> 100 00:01:30.149 --> 00:01:30.159 align:start position:0% but around saying or Amazon every 100 00:01:30.159 --> 00:01:31.649 align:start position:0% but around saying or Amazon every 100 milliseconds<00:01:30.610> of<00:01:30.640> latency<00:01:30.729> a<00:01:31.119> possible 00:01:31.649 --> 00:01:31.659 align:start position:0% milliseconds of latency a possible 00:01:31.659 --> 00:01:35.309 align:start position:0% milliseconds of latency a possible percent<00:01:31.990> profit<00:01:32.670> come<00:01:33.670> to<00:01:33.909> the<00:01:33.969> same<00:01:34.210> thing<00:01:34.420> to 00:01:35.309 --> 00:01:35.319 align:start position:0% percent profit come to the same thing to 00:01:35.319 --> 00:01:37.529 align:start position:0% percent profit come to the same thing to say<00:01:35.740> web<00:01:36.280> search<00:01:36.520> queries<00:01:36.969> and<00:01:37.299> their 00:01:37.529 --> 00:01:37.539 align:start position:0% say web search queries and their 00:01:37.539 --> 00:01:40.289 align:start position:0% say web search queries and their correlation<00:01:37.899> a<00:01:38.380> trek<00:01:38.619> views<00:01:38.829> or<00:01:39.429> even<00:01:39.850> mobile 00:01:40.289 --> 00:01:40.299 align:start position:0% correlation a trek views or even mobile 00:01:40.299 --> 00:01:42.120 align:start position:0% correlation a trek views or even mobile apps<00:01:40.450> and<00:01:40.840> a<00:01:40.929> response<00:01:41.319> latency<00:01:41.799> in<00:01:41.979> their 00:01:42.120 --> 00:01:42.130 align:start position:0% apps and a response latency in their 00:01:42.130 --> 00:01:45.510 align:start position:0% apps and a response latency in their correlation<00:01:42.459> with<00:01:43.350> education<00:01:44.350> so<00:01:45.159> I'd<00:01:45.280> argue 00:01:45.510 --> 00:01:45.520 align:start position:0% correlation with education so I'd argue 00:01:45.520 --> 00:01:47.340 align:start position:0% correlation with education so I'd argue that<00:01:45.729> you<00:01:46.149> have<00:01:46.299> three<00:01:46.479> six<00:01:46.750> seconds<00:01:47.110> which<00:01:47.259> is 00:01:47.340 --> 00:01:47.350 align:start position:0% that you have three six seconds which is 00:01:47.350 --> 00:01:51.539 align:start position:0% that you have three six seconds which is not<00:01:47.409> quite<00:01:47.709> good<00:01:47.799> enough<00:01:47.979> and<00:01:50.130> it<00:01:51.130> gets<00:01:51.310> even 00:01:51.539 --> 00:01:51.549 align:start position:0% not quite good enough and it gets even 00:01:51.549 --> 00:01:51.779 align:start position:0% not quite good enough and it gets even worse 00:01:51.779 --> 00:01:51.789 align:start position:0% worse 00:01:51.789 --> 00:01:53.910 align:start position:0% worse if<00:01:52.299> you<00:01:52.869> have<00:01:53.200> to<00:01:53.350> do<00:01:53.500> sequential 00:01:53.910 --> 00:01:53.920 align:start position:0% if you have to do sequential 00:01:53.920 --> 00:01:57.120 align:start position:0% if you have to do sequential transactions<00:01:54.640> so<00:01:55.420> an<00:01:55.569> example<00:01:55.659> that<00:01:56.229> as<00:01:56.500> I'm 00:01:57.120 --> 00:01:57.130 align:start position:0% transactions so an example that as I'm 00:01:57.130 --> 00:02:01.859 align:start position:0% transactions so an example that as I'm sure<00:01:57.369> a<00:01:57.399> lot<00:01:57.549> of<00:01:57.610> you<00:01:57.789> know<00:01:57.819> the<00:02:00.689> along<00:02:01.689> with 00:02:01.859 --> 00:02:01.869 align:start position:0% sure a lot of you know the along with 00:02:01.869 --> 00:02:04.229 align:start position:0% sure a lot of you know the along with spur<00:02:02.079> DRC<00:02:02.470> a<00:02:02.500> contract<00:02:03.159> before<00:02:03.340> transferring 00:02:04.229 --> 00:02:04.239 align:start position:0% spur DRC a contract before transferring 00:02:04.239 --> 00:02:05.910 align:start position:0% spur DRC a contract before transferring your<00:02:04.599> asset<00:02:04.869> to<00:02:04.959> any<00:02:05.049> contract<00:02:05.409> for<00:02:05.679> this<00:02:05.770> one 00:02:05.910 --> 00:02:05.920 align:start position:0% your asset to any contract for this one 00:02:05.920 --> 00:02:09.779 align:start position:0% your asset to any contract for this one contract<00:02:07.649> you<00:02:08.649> have<00:02:08.799> to<00:02:09.009> do<00:02:09.190> to<00:02:09.579> support 00:02:09.779 --> 00:02:09.789 align:start position:0% contract you have to do to support 00:02:09.789 --> 00:02:12.120 align:start position:0% contract you have to do to support intersections<00:02:10.690> and<00:02:11.049> I<00:02:11.170> think<00:02:11.410> that<00:02:11.650> deep 00:02:12.120 --> 00:02:12.130 align:start position:0% intersections and I think that deep 00:02:12.130 --> 00:02:15.949 align:start position:0% intersections and I think that deep black<00:02:12.400> holes<00:02:12.760> are<00:02:12.940> not<00:02:13.180> fast<00:02:13.390> enough 00:02:15.949 --> 00:02:15.959 align:start position:0% 00:02:15.959 --> 00:02:19.890 align:start position:0% another<00:02:16.959> one<00:02:17.170> is<00:02:17.560> as<00:02:18.549> the<00:02:19.150> complexity<00:02:19.750> of<00:02:19.780> a 00:02:19.890 --> 00:02:19.900 align:start position:0% another one is as the complexity of a 00:02:19.900 --> 00:02:22.410 align:start position:0% another one is as the complexity of a smart<00:02:20.140> contract<00:02:20.319> increases<00:02:21.069> the<00:02:21.940> gas 00:02:22.410 --> 00:02:22.420 align:start position:0% smart contract increases the gas 00:02:22.420 --> 00:02:24.449 align:start position:0% smart contract increases the gas transaction<00:02:23.200> fees<00:02:23.410> also<00:02:23.680> increase<00:02:24.099> with<00:02:24.129> it 00:02:24.449 --> 00:02:24.459 align:start position:0% transaction fees also increase with it 00:02:24.459 --> 00:02:26.940 align:start position:0% transaction fees also increase with it and<00:02:24.700> from<00:02:25.629> an<00:02:25.810> engineering<00:02:26.200> perspective<00:02:26.380> it 00:02:26.940 --> 00:02:26.950 align:start position:0% and from an engineering perspective it 00:02:26.950 --> 00:02:28.440 align:start position:0% and from an engineering perspective it seems<00:02:27.100> fairly<00:02:27.400> natural<00:02:27.940> but<00:02:28.120> I<00:02:28.180> would<00:02:28.299> argue 00:02:28.440 --> 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the key reasons for 00:02:46.740 --> 00:02:49.640 align:start position:0% and I think one of the key reasons for this<00:02:46.950> dissonance<00:02:47.400> is<00:02:47.640> that<00:02:48.210> with<00:02:48.660> smart 00:02:49.640 --> 00:02:49.650 align:start position:0% this dissonance is that with smart 00:02:49.650 --> 00:02:52.460 align:start position:0% this dissonance is that with smart contract<00:02:50.070> applications<00:02:50.700> all<00:02:51.420> the<00:02:51.810> dough's<00:02:52.050> in 00:02:52.460 --> 00:02:52.470 align:start position:0% contract applications all the dough's in 00:02:52.470 --> 00:02:55.490 align:start position:0% contract applications all the dough's in that<00:02:52.650> work<00:02:52.860> can<00:02:53.160> have<00:02:53.310> to<00:02:53.640> Lou<00:02:54.500> basically 00:02:55.490 --> 00:02:55.500 align:start position:0% that work can have to Lou basically 00:02:55.500 --> 00:02:57.140 align:start position:0% that work can have to Lou basically recompute<00:02:56.190> offense<00:02:56.430> action<00:02:56.850> every<00:02:57.120> single 00:02:57.140 --> 00:02:57.150 align:start position:0% recompute offense action every single 00:02:57.150 --> 00:02:59.300 align:start position:0% recompute offense action every single time<00:02:57.510> they<00:02:57.660> want<00:02:57.840> to<00:02:57.930> verify<00:02:58.260> it<00:02:58.320> another<00:02:59.130> way 00:02:59.300 --> 00:02:59.310 align:start position:0% time they want to verify it another way 00:02:59.310 --> 00:03:01.670 align:start position:0% time they want to verify it another way of<00:02:59.430> saying<00:02:59.640> this<00:02:59.790> is<00:03:00.030> that<00:03:00.290> it's<00:03:01.290> not<00:03:01.440> possible 00:03:01.670 --> 00:03:01.680 align:start position:0% of saying this is that it's not possible 00:03:01.680 --> 00:03:05.210 align:start position:0% of saying this is that it's not possible for<00:03:02.250> a<00:03:02.670> single<00:03:03.600> computer<00:03:04.230> to<00:03:04.470> Mexican 00:03:05.210 --> 00:03:05.220 align:start position:0% for a single computer to Mexican 00:03:05.220 --> 00:03:07.280 align:start position:0% for a single computer to Mexican transaction<00:03:05.790> and<00:03:06.090> then<00:03:06.480> generate<00:03:06.900> or<00:03:07.020> prove 00:03:07.280 --> 00:03:07.290 align:start position:0% transaction and then generate or prove 00:03:07.290 --> 00:03:08.990 align:start position:0% transaction and then generate or prove that<00:03:07.710> every<00:03:08.070> other<00:03:08.160> no<00:03:08.370> time<00:03:08.550> a<00:03:08.610> network 00:03:08.990 --> 00:03:09.000 align:start position:0% that every other no time a network 00:03:09.000 --> 00:03:13.280 align:start position:0% that every other no time a network official<00:03:09.630> verify<00:03:11.750> and<00:03:12.750> then<00:03:12.780> the<00:03:12.930> third<00:03:13.080> point 00:03:13.280 --> 00:03:13.290 align:start position:0% official verify and then the third point 00:03:13.290 --> 00:03:15.560 align:start position:0% official verify and then the third point is<00:03:13.650> you<00:03:14.400> can't<00:03:14.640> really<00:03:14.670> do<00:03:14.970> transaction 00:03:15.560 --> 00:03:15.570 align:start position:0% is you can't really do transaction 00:03:15.570 --> 00:03:17.840 align:start position:0% is you can't really do transaction valuation<00:03:16.110> with<00:03:16.980> the<00:03:17.160> tools<00:03:17.430> that<00:03:17.490> are<00:03:17.610> given 00:03:17.840 --> 00:03:17.850 align:start position:0% valuation with the tools that are given 00:03:17.850 --> 00:03:21.190 align:start position:0% valuation with the tools that are given to<00:03:17.880> us<00:03:18.150> right<00:03:18.420> now<00:03:19.010> and<00:03:20.010> one<00:03:20.220> consequence<00:03:20.760> here 00:03:21.190 --> 00:03:21.200 align:start position:0% to us right now and one consequence here 00:03:21.200 --> 00:03:23.810 align:start position:0% to us right now and one consequence here electrolyzer<00:03:22.200> you're<00:03:22.470> familiar<00:03:22.620> with<00:03:23.040> is<00:03:23.250> a 00:03:23.810 --> 00:03:23.820 align:start position:0% electrolyzer you're familiar with is a 00:03:23.820 --> 00:03:26.930 align:start position:0% electrolyzer you're familiar with is a user<00:03:24.420> and<00:03:25.020> submit<00:03:25.920> a<00:03:25.950> transaction<00:03:26.640> without 00:03:26.930 --> 00:03:26.940 align:start position:0% user and submit a transaction without 00:03:26.940 --> 00:03:27.650 align:start position:0% user and submit a transaction without paying<00:03:27.210> for<00:03:27.270> it 00:03:27.650 --> 00:03:27.660 align:start position:0% paying for it 00:03:27.660 --> 00:03:30.650 align:start position:0% paying for it great<00:03:28.160> they<00:03:29.160> have<00:03:29.340> to<00:03:29.520> have<00:03:29.700> Eve<00:03:30.120> under 00:03:30.650 --> 00:03:30.660 align:start position:0% great they have to have Eve under 00:03:30.660 --> 00:03:32.890 align:start position:0% great they have to have Eve under account<00:03:31.020> in<00:03:31.320> order<00:03:31.440> to<00:03:31.590> submit<00:03:31.830> a<00:03:31.920> transaction 00:03:32.890 --> 00:03:32.900 align:start position:0% account in order to submit a transaction 00:03:32.900 --> 00:03:36.170 align:start position:0% account in order to submit a transaction they're<00:03:33.900> not<00:03:34.050> allowed<00:03:34.410> to<00:03:34.880> delegate<00:03:35.880> from 00:03:36.170 --> 00:03:36.180 align:start position:0% they're not allowed to delegate from 00:03:36.180 --> 00:03:38.690 align:start position:0% they're not allowed to delegate from Haven<00:03:36.510> to<00:03:37.020> someone<00:03:37.260> else<00:03:37.410> and<00:03:38.370> I<00:03:38.520> think 00:03:38.690 --> 00:03:38.700 align:start position:0% Haven to someone else and I think 00:03:38.700 --> 00:03:40.820 align:start position:0% Haven to someone else and I think another<00:03:38.820> consequence<00:03:39.480> that<00:03:39.630> we<00:03:40.500> talk<00:03:40.710> about 00:03:40.820 --> 00:03:40.830 align:start position:0% another consequence that we talk about 00:03:40.830 --> 00:03:42.980 align:start position:0% another consequence that we talk about so<00:03:41.130> often<00:03:41.520> is<00:03:41.700> that<00:03:41.940> contracts<00:03:42.420> themselves 00:03:42.980 --> 00:03:42.990 align:start position:0% so often is that contracts themselves 00:03:42.990 --> 00:03:46.610 align:start position:0% so often is that contracts themselves can't<00:03:43.260> really<00:03:43.470> initiate<00:03:43.800> transactions<00:03:45.620> if 00:03:46.610 --> 00:03:46.620 align:start position:0% can't really initiate transactions if 00:03:46.620 --> 00:03:48.230 align:start position:0% can't really initiate transactions if you<00:03:47.130> think<00:03:47.400> about<00:03:47.520> a<00:03:47.970> traditional 00:03:48.230 --> 00:03:48.240 align:start position:0% you think about a traditional 00:03:48.240 --> 00:03:51.170 align:start position:0% you think about a traditional application<00:03:49.820> developers<00:03:50.820> are<00:03:51.000> pretty 00:03:51.170 --> 00:03:51.180 align:start position:0% application developers are pretty 00:03:51.180 --> 00:03:53.210 align:start position:0% application developers are pretty accustomed<00:03:51.660> to<00:03:51.840> things<00:03:52.140> like<00:03:52.230> cron<00:03:52.590> jobs<00:03:52.860> that 00:03:53.210 --> 00:03:53.220 align:start position:0% accustomed to things like cron jobs that 00:03:53.220 --> 00:03:57.410 align:start position:0% accustomed to things like cron jobs that are<00:03:53.340> able<00:03:53.580> to<00:03:54.200> execute<00:03:55.200> a<00:03:55.350> transaction<00:03:56.420> on 00:03:57.410 --> 00:03:57.420 align:start position:0% are able to execute a transaction on 00:03:57.420 --> 00:03:59.660 align:start position:0% are able to execute a transaction on some<00:03:57.720> kind<00:03:57.900> of<00:03:57.959> set<00:03:58.140> interval<00:03:58.530> to<00:03:59.070> maintain 00:03:59.660 --> 00:03:59.670 align:start position:0% some kind of set interval to maintain 00:03:59.670 --> 00:04:01.430 align:start position:0% some kind of set interval to maintain the<00:03:59.820> state<00:04:00.060> of<00:04:00.209> the<00:04:00.270> server<00:04:00.510> you<00:04:01.080> can't<00:04:01.320> really 00:04:01.430 --> 00:04:01.440 align:start position:0% the state of the server you can't really 00:04:01.440 --> 00:04:04.310 align:start position:0% the state of the server you can't really do<00:04:01.620> that<00:04:01.650> with<00:04:01.830> smart<00:04:02.160> contracts<00:04:02.640> or<00:04:02.730> them<00:04:03.320> and 00:04:04.310 --> 00:04:04.320 align:start position:0% do that with smart contracts or them and 00:04:04.320 --> 00:04:06.260 align:start position:0% do that with smart contracts or them and then<00:04:04.590> the<00:04:04.680> last<00:04:04.860> one<00:04:05.130> is<00:04:05.160> that<00:04:05.940> it's<00:04:06.120> just 00:04:06.260 --> 00:04:06.270 align:start position:0% then the last one is that it's just 00:04:06.270 --> 00:04:10.970 align:start position:0% then the last one is that it's just difficult<00:04:06.480> to<00:04:07.020> have<00:04:07.620> two<00:04:07.950> users<00:04:08.330> that<00:04:09.800> get<00:04:10.800> the 00:04:10.970 --> 00:04:10.980 align:start position:0% difficult to have two users that get the 00:04:10.980 --> 00:04:14.270 align:start position:0% difficult to have two users that get the other<00:04:11.959> side<00:04:12.959> of<00:04:13.110> the<00:04:13.200> transaction<00:04:13.410> and<00:04:14.070> then 00:04:14.270 --> 00:04:14.280 align:start position:0% other side of the transaction and then 00:04:14.280 --> 00:04:14.559 align:start position:0% other side of the transaction and then how 00:04:14.559 --> 00:04:14.569 align:start position:0% how 00:04:14.569 --> 00:04:17.259 align:start position:0% how a<00:04:14.599> contract<00:04:15.469> it's<00:04:16.160> a<00:04:16.220> lot<00:04:16.370> more<00:04:16.519> natural<00:04:16.579> right 00:04:17.259 --> 00:04:17.269 align:start position:0% a contract it's a lot more natural right 00:04:17.269 --> 00:04:21.009 align:start position:0% a contract it's a lot more natural right now<00:04:17.449> with<00:04:17.930> what's<00:04:18.470> available<00:04:18.620> or<00:04:19.579> a<00:04:20.209> user<00:04:20.449> to 00:04:21.009 --> 00:04:21.019 align:start position:0% now with what's available or a user to 00:04:21.019 --> 00:04:23.260 align:start position:0% now with what's available or a user to only<00:04:21.530> settle<00:04:22.100> transaction<00:04:22.789> with<00:04:22.940> a<00:04:22.970> smart 00:04:23.260 --> 00:04:23.270 align:start position:0% only settle transaction with a smart 00:04:23.270 --> 00:04:25.390 align:start position:0% only settle transaction with a smart contract<00:04:23.449> directly<00:04:23.960> and<00:04:24.560> I<00:04:25.009> think<00:04:25.220> a<00:04:25.250> pretty 00:04:25.390 --> 00:04:25.400 align:start position:0% contract directly and I think a pretty 00:04:25.400 --> 00:04:27.180 align:start position:0% contract directly and I think a pretty good<00:04:25.520> example<00:04:26.030> this<00:04:26.240> would<00:04:26.509> be<00:04:26.660> you<00:04:26.840> swap 00:04:27.180 --> 00:04:27.190 align:start position:0% good example this would be you swap 00:04:27.190 --> 00:04:30.040 align:start position:0% good example this would be you swap where<00:04:28.240> despite<00:04:29.240> the<00:04:29.419> fact<00:04:29.630> that<00:04:29.720> it's<00:04:29.960> an 00:04:30.040 --> 00:04:30.050 align:start position:0% where despite the fact that it's an 00:04:30.050 --> 00:04:32.260 align:start position:0% where despite the fact that it's an exchange<00:04:30.229> and<00:04:30.860> I<00:04:31.280> think<00:04:31.490> it's<00:04:31.580> fairly<00:04:31.789> natural 00:04:32.260 --> 00:04:32.270 align:start position:0% exchange and I think it's fairly natural 00:04:32.270 --> 00:04:35.260 align:start position:0% exchange and I think it's fairly natural to<00:04:32.360> think<00:04:32.539> about<00:04:32.720> exchange<00:04:33.199> in<00:04:33.380> terms<00:04:33.680> of<00:04:34.270> sale 00:04:35.260 --> 00:04:35.270 align:start position:0% to think about exchange in terms of sale 00:04:35.270 --> 00:04:37.480 align:start position:0% to think about exchange in terms of sale like<00:04:35.449> a<00:04:35.479> decentralized<00:04:36.169> border<00:04:36.440> book<00:04:36.620> where 00:04:37.480 --> 00:04:37.490 align:start position:0% like a decentralized border book where 00:04:37.490 --> 00:04:39.760 align:start position:0% like a decentralized border book where you<00:04:37.520> find<00:04:38.120> a<00:04:38.270> counterparty<00:04:39.050> and<00:04:39.289> then<00:04:39.500> you 00:04:39.760 --> 00:04:39.770 align:start position:0% you find a counterparty and then you 00:04:39.770 --> 00:04:41.890 align:start position:0% you find a counterparty and then you sell<00:04:40.070> the<00:04:40.099> counterparty<00:04:40.880> they<00:04:41.449> figured<00:04:41.750> out<00:04:41.870> a 00:04:41.890 --> 00:04:41.900 align:start position:0% sell the counterparty they figured out a 00:04:41.900 --> 00:04:43.810 align:start position:0% sell the counterparty they figured out a way<00:04:42.110> to<00:04:42.169> create<00:04:42.620> exchange<00:04:43.130> where<00:04:43.430> you<00:04:43.580> only 00:04:43.810 --> 00:04:43.820 align:start position:0% way to create exchange where you only 00:04:43.820 --> 00:04:46.629 align:start position:0% way to create exchange where you only sell<00:04:44.120> with<00:04:44.300> smart<00:04:44.570> contract<00:04:45.050> and<00:04:45.500> that<00:04:46.220> leads 00:04:46.629 --> 00:04:46.639 align:start position:0% sell with smart contract and that leads 00:04:46.639 --> 00:04:49.749 align:start position:0% sell with smart contract and that leads to<00:04:46.820> a<00:04:47.570> better<00:04:48.500> user<00:04:48.860> experience<00:04:49.340> but<00:04:49.639> then 00:04:49.749 --> 00:04:49.759 align:start position:0% to a better user experience but then 00:04:49.759 --> 00:04:53.529 align:start position:0% to a better user experience but then unfortunately<00:04:50.060> most<00:04:50.870> applications<00:04:52.539> you 00:04:53.529 --> 00:04:53.539 align:start position:0% unfortunately most applications you 00:04:53.539 --> 00:04:55.089 align:start position:0% unfortunately most applications you can't<00:04:53.750> really<00:04:53.990> design<00:04:54.590> a<00:04:54.620> smart<00:04:54.949> contract 00:04:55.089 --> 00:04:55.099 align:start position:0% can't really design a smart contract 00:04:55.099 --> 00:05:00.520 align:start position:0% can't really design a smart contract that<00:04:55.490> way<00:04:58.180> so<00:04:59.180> yeah<00:04:59.300> those<00:04:59.720> are<00:05:00.080> kind<00:05:00.349> of<00:05:00.410> like 00:05:00.520 --> 00:05:00.530 align:start position:0% that way so yeah those are kind of like 00:05:00.530 --> 00:05:02.320 align:start position:0% that way so yeah those are kind of like a<00:05:00.560> big<00:05:00.830> technical<00:05:01.370> limitation<00:05:01.940> that<00:05:01.970> I<00:05:02.150> see 00:05:02.320 --> 00:05:02.330 align:start position:0% a big technical limitation that I see 00:05:02.330 --> 00:05:03.909 align:start position:0% a big technical limitation that I see right<00:05:02.509> now<00:05:02.690> when<00:05:02.930> it<00:05:03.020> comes<00:05:03.139> to<00:05:03.349> designing 00:05:03.909 --> 00:05:03.919 align:start position:0% right now when it comes to designing 00:05:03.919 --> 00:05:07.270 align:start position:0% right now when it comes to designing applications<00:05:05.110> the<00:05:06.110> first<00:05:06.349> one<00:05:06.590> high 00:05:07.270 --> 00:05:07.280 align:start position:0% applications the first one high 00:05:07.280 --> 00:05:10.469 align:start position:0% applications the first one high transaction<00:05:07.669> latency<00:05:08.330> the<00:05:08.960> second<00:05:09.320> one<00:05:09.470> is 00:05:10.469 --> 00:05:10.479 align:start position:0% transaction latency the second one is 00:05:10.479 --> 00:05:13.900 align:start position:0% transaction latency the second one is the<00:05:11.479> gas<00:05:11.660> cause<00:05:11.960> tend<00:05:12.259> to<00:05:12.380> increase<00:05:12.800> with<00:05:13.250> the 00:05:13.900 --> 00:05:13.910 align:start position:0% the gas cause tend to increase with the 00:05:13.910 --> 00:05:15.909 align:start position:0% the gas cause tend to increase with the complexity<00:05:14.449> of<00:05:14.479> the<00:05:14.570> smart<00:05:14.840> contract<00:05:15.259> and 00:05:15.909 --> 00:05:15.919 align:start position:0% complexity of the smart contract and 00:05:15.919 --> 00:05:17.620 align:start position:0% complexity of the smart contract and then<00:05:16.099> the<00:05:16.160> third<00:05:16.340> one<00:05:16.580> is<00:05:16.639> also<00:05:17.120> that<00:05:17.599> you 00:05:17.620 --> 00:05:17.630 align:start position:0% then the third one is also that you 00:05:17.630 --> 00:05:19.540 align:start position:0% then the third one is also that you can't<00:05:18.080> really<00:05:18.169> delegate<00:05:18.710> a<00:05:18.949> submission<00:05:19.310> of<00:05:19.490> a 00:05:19.540 --> 00:05:19.550 align:start position:0% can't really delegate a submission of a 00:05:19.550 --> 00:05:24.760 align:start position:0% can't really delegate a submission of a transaction<00:05:20.060> with<00:05:20.150> someone<00:05:20.479> else<00:05:22.690> then<00:05:23.770> in 00:05:24.760 --> 00:05:24.770 align:start position:0% transaction with someone else then in 00:05:24.770 --> 00:05:26.499 align:start position:0% transaction with someone else then in terms<00:05:24.949> of<00:05:25.099> like<00:05:25.159> solution<00:05:25.580> what<00:05:26.030> we<00:05:26.150> see<00:05:26.330> right 00:05:26.499 --> 00:05:26.509 align:start position:0% terms of like solution what we see right 00:05:26.509 --> 00:05:30.520 align:start position:0% terms of like solution what we see right now<00:05:27.220> one<00:05:28.220> I<00:05:28.970> think<00:05:29.389> there<00:05:29.509> is<00:05:29.599> some<00:05:30.050> different 00:05:30.520 --> 00:05:30.530 align:start position:0% now one I think there is some different 00:05:30.530 --> 00:05:32.170 align:start position:0% now one I think there is some different names<00:05:30.680> for<00:05:30.979> this<00:05:31.070> but<00:05:31.490> I'm<00:05:31.610> just<00:05:31.639> gonna<00:05:31.909> call 00:05:32.170 --> 00:05:32.180 align:start position:0% names for this but I'm just gonna call 00:05:32.180 --> 00:05:36.370 align:start position:0% names for this but I'm just gonna call it<00:05:32.210> the<00:05:32.960> optimistic<00:05:33.530> framework<00:05:34.840> and<00:05:35.840> this<00:05:36.199> is 00:05:36.370 --> 00:05:36.380 align:start position:0% it the optimistic framework and this is 00:05:36.380 --> 00:05:38.560 align:start position:0% it the optimistic framework and this is a<00:05:36.409> partial<00:05:36.830> solutions<00:05:37.430> transaction<00:05:38.090> latency 00:05:38.560 --> 00:05:38.570 align:start position:0% a partial solutions transaction latency 00:05:38.570 --> 00:05:41.890 align:start position:0% a partial solutions transaction latency so<00:05:39.320> generally<00:05:40.009> how<00:05:40.159> it<00:05:40.190> works<00:05:40.340> is<00:05:40.820> first<00:05:41.570> the 00:05:41.890 --> 00:05:41.900 align:start position:0% so generally how it works is first the 00:05:41.900 --> 00:05:43.980 align:start position:0% so generally how it works is first the user<00:05:42.110> makes<00:05:42.530> some<00:05:42.710> kind<00:05:42.919> of<00:05:42.979> sumption 00:05:43.980 --> 00:05:43.990 align:start position:0% user makes some kind of sumption 00:05:43.990 --> 00:05:46.210 align:start position:0% user makes some kind of sumption basically<00:05:44.990> they<00:05:45.349> put<00:05:45.530> some<00:05:45.710> trust<00:05:45.979> and 00:05:46.210 --> 00:05:46.220 align:start position:0% basically they put some trust and 00:05:46.220 --> 00:05:48.909 align:start position:0% basically they put some trust and another<00:05:46.490> participant<00:05:47.090> in<00:05:47.210> the<00:05:47.270> contract<00:05:47.919> it 00:05:48.909 --> 00:05:48.919 align:start position:0% another participant in the contract it 00:05:48.919 --> 00:05:50.499 align:start position:0% another participant in the contract it once<00:05:49.190> you<00:05:49.340> make<00:05:49.490> that<00:05:49.520> assumption<00:05:49.970> then 00:05:50.499 --> 00:05:50.509 align:start position:0% once you make that assumption then 00:05:50.509 --> 00:05:53.620 align:start position:0% once you make that assumption then you're<00:05:51.470> able<00:05:51.770> to<00:05:52.190> delay<00:05:52.789> submitting<00:05:53.539> the 00:05:53.620 --> 00:05:53.630 align:start position:0% you're able to delay submitting the 00:05:53.630 --> 00:05:55.120 align:start position:0% you're able to delay submitting the transaction<00:05:54.229> because<00:05:54.409> you<00:05:54.710> don't<00:05:54.860> really 00:05:55.120 --> 00:05:55.130 align:start position:0% transaction because you don't really 00:05:55.130 --> 00:05:57.550 align:start position:0% transaction because you don't really need<00:05:55.370> the<00:05:55.520> guarantees<00:05:55.970> of<00:05:56.360> the<00:05:57.320> smart 00:05:57.550 --> 00:05:57.560 align:start position:0% need the guarantees of the smart 00:05:57.560 --> 00:06:00.760 align:start position:0% need the guarantees of the smart contract<00:05:57.740> or<00:05:58.310> sorry<00:05:58.550> the<00:05:58.759> blockchain<00:05:59.770> to 00:06:00.760 --> 00:06:00.770 align:start position:0% contract or sorry the blockchain to 00:06:00.770 --> 00:06:02.120 align:start position:0% contract or sorry the blockchain to secure<00:06:01.130> the<00:06:01.250> transaction 00:06:02.120 --> 00:06:02.130 align:start position:0% secure the transaction 00:06:02.130 --> 00:06:03.470 align:start position:0% secure the transaction and<00:06:02.340> then<00:06:02.460> once<00:06:02.760> you're<00:06:02.910> able<00:06:02.970> to<00:06:03.150> make<00:06:03.330> that 00:06:03.470 --> 00:06:03.480 align:start position:0% and then once you're able to make that 00:06:03.480 --> 00:06:08.000 align:start position:0% and then once you're able to make that assumption<00:06:03.780> you're<00:06:04.680> able<00:06:05.130> to<00:06:05.160> just<00:06:07.010> you're 00:06:08.000 --> 00:06:08.010 align:start position:0% assumption you're able to just you're 00:06:08.010 --> 00:06:10.970 align:start position:0% assumption you're able to just you're able<00:06:08.580> to<00:06:08.760> only<00:06:09.350> submit<00:06:10.350> the<00:06:10.590> most 00:06:10.970 --> 00:06:10.980 align:start position:0% able to only submit the most 00:06:10.980 --> 00:06:13.100 align:start position:0% able to only submit the most economically<00:06:11.640> relevant<00:06:11.960> transactions<00:06:12.960> on 00:06:13.100 --> 00:06:13.110 align:start position:0% economically relevant transactions on 00:06:13.110 --> 00:06:15.020 align:start position:0% economically relevant transactions on tape<00:06:13.380> and<00:06:13.890> everything<00:06:14.370> else<00:06:14.520> can<00:06:14.700> be<00:06:14.760> pushed 00:06:15.020 --> 00:06:15.030 align:start position:0% tape and everything else can be pushed 00:06:15.030 --> 00:06:17.840 align:start position:0% tape and everything else can be pushed off<00:06:15.180> shape<00:06:15.860> and<00:06:16.860> that<00:06:17.040> means<00:06:17.250> that<00:06:17.550> certain 00:06:17.840 --> 00:06:17.850 align:start position:0% off shape and that means that certain 00:06:17.850 --> 00:06:20.890 align:start position:0% off shape and that means that certain transactions<00:06:18.660> you're<00:06:19.560> not<00:06:19.740> bound<00:06:20.070> to<00:06:20.340> the 00:06:20.890 --> 00:06:20.900 align:start position:0% transactions you're not bound to the 00:06:20.900 --> 00:06:23.750 align:start position:0% transactions you're not bound to the block<00:06:21.900> your<00:06:22.080> whole<00:06:22.320> watching<00:06:22.890> and<00:06:23.160> then<00:06:23.610> it 00:06:23.750 --> 00:06:23.760 align:start position:0% block your whole watching and then it 00:06:23.760 --> 00:06:27.710 align:start position:0% block your whole watching and then it just<00:06:23.910> becomes<00:06:24.210> something<00:06:25.050> like<00:06:26.300> like<00:06:27.300> network 00:06:27.710 --> 00:06:27.720 align:start position:0% just becomes something like like network 00:06:27.720 --> 00:06:30.290 align:start position:0% just becomes something like like network round<00:06:27.960> trip<00:06:28.200> which<00:06:28.530> now<00:06:29.220> goes<00:06:29.400> back<00:06:29.670> to<00:06:29.940> like 00:06:30.290 --> 00:06:30.300 align:start position:0% round trip which now goes back to like 00:06:30.300 --> 00:06:32.330 align:start position:0% round trip which now goes back to like the<00:06:30.420> hundreds<00:06:30.780> of<00:06:30.870> milliseconds<00:06:31.440> and<00:06:31.650> now<00:06:31.770> 36 00:06:32.330 --> 00:06:32.340 align:start position:0% the hundreds of milliseconds and now 36 00:06:32.340 --> 00:06:36.070 align:start position:0% the hundreds of milliseconds and now 36 seconds<00:06:32.700> or<00:06:32.880> eight<00:06:32.970> seconds 00:06:36.070 --> 00:06:36.080 align:start position:0% 00:06:36.080 --> 00:06:40.070 align:start position:0% another<00:06:37.080> one<00:06:37.260> is<00:06:37.620> meta<00:06:38.580> transactions<00:06:39.240> so<00:06:39.660> I 00:06:40.070 --> 00:06:40.080 align:start position:0% another one is meta transactions so I 00:06:40.080 --> 00:06:42.950 align:start position:0% another one is meta transactions so I pronounced<00:06:41.010> Malay<00:06:41.220> what<00:06:41.430> these<00:06:41.610> are<00:06:41.820> so<00:06:42.810> the 00:06:42.950 --> 00:06:42.960 align:start position:0% pronounced Malay what these are so the 00:06:42.960 --> 00:06:45.440 align:start position:0% pronounced Malay what these are so the gas<00:06:43.110> station<00:06:43.530> network<00:06:43.680> is<00:06:44.430> pretty<00:06:44.760> good<00:06:44.940> or<00:06:45.420> a 00:06:45.440 --> 00:06:45.450 align:start position:0% gas station network is pretty good or a 00:06:45.450 --> 00:06:47.030 align:start position:0% gas station network is pretty good or a well-known<00:06:45.870> implementation<00:06:46.560> that's<00:06:46.710> live 00:06:47.030 --> 00:06:47.040 align:start position:0% well-known implementation that's live 00:06:47.040 --> 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issue<00:06:56.280> where<00:06:56.970> users 00:06:57.760 --> 00:06:57.770 align:start position:0% attacking the issue where users 00:06:57.770 --> 00:07:00.590 align:start position:0% attacking the issue where users sometimes<00:06:58.770> don't<00:06:59.220> want<00:06:59.490> to<00:06:59.730> or<00:07:00.060> can't<00:07:00.090> be 00:07:00.590 --> 00:07:00.600 align:start position:0% sometimes don't want to or can't be 00:07:00.600 --> 00:07:02.780 align:start position:0% sometimes don't want to or can't be every<00:07:00.810> transaction<00:07:01.230> and<00:07:02.190> the<00:07:02.280> general<00:07:02.580> flow 00:07:02.780 --> 00:07:02.790 align:start position:0% every transaction and the general flow 00:07:02.790 --> 00:07:05.000 align:start position:0% every transaction and the general flow here<00:07:03.030> really<00:07:03.360> is<00:07:03.600> that<00:07:03.630> user<00:07:04.590> sends<00:07:04.920> a 00:07:05.000 --> 00:07:05.010 align:start position:0% here really is that user sends a 00:07:05.010 --> 00:07:07.370 align:start position:0% here really is that user sends a transaction<00:07:05.640> and<00:07:06.030> then<00:07:06.780> instead<00:07:07.320> of 00:07:07.370 --> 00:07:07.380 align:start position:0% transaction and then instead of 00:07:07.380 --> 00:07:09.020 align:start position:0% transaction and then instead of submitting<00:07:07.620> that<00:07:07.950> directly<00:07:08.280> to<00:07:08.490> the<00:07:08.580> mempool 00:07:09.020 --> 00:07:09.030 align:start position:0% submitting that directly to the mempool 00:07:09.030 --> 00:07:10.910 align:start position:0% submitting that directly to the mempool and<00:07:09.360> what<00:07:09.780> amendable<00:07:10.170> I'm<00:07:10.380> just<00:07:10.590> talking 00:07:10.910 --> 00:07:10.920 align:start position:0% and what amendable I'm just talking 00:07:10.920 --> 00:07:13.640 align:start position:0% and what amendable I'm just talking about<00:07:11.090> a<00:07:12.090> set<00:07:12.720> of<00:07:12.750> transactions<00:07:13.440> that<00:07:13.530> are 00:07:13.640 --> 00:07:13.650 align:start position:0% about a set of transactions that are 00:07:13.650 --> 00:07:15.920 align:start position:0% about a set of transactions that are pending<00:07:13.890> into<00:07:14.580> their<00:07:14.820> network<00:07:15.240> or<00:07:15.690> it's<00:07:15.810> a 00:07:15.920 --> 00:07:15.930 align:start position:0% pending into their network or it's a 00:07:15.930 --> 00:07:18.620 align:start position:0% pending into their network or it's a submitted<00:07:16.320> the<00:07:16.500> blockchain<00:07:17.540> instead<00:07:18.540> of 00:07:18.620 --> 00:07:18.630 align:start position:0% submitted the blockchain instead of 00:07:18.630 --> 00:07:21.200 align:start position:0% submitted the blockchain instead of somebody<00:07:19.020> well<00:07:19.710> first<00:07:20.340> they<00:07:20.580> submit<00:07:20.880> it<00:07:20.910> or 00:07:21.200 --> 00:07:21.210 align:start position:0% somebody well first they submit it or 00:07:21.210 --> 00:07:23.660 align:start position:0% somebody well first they submit it or send<00:07:21.720> it<00:07:21.870> to<00:07:21.930> a<00:07:22.200> relay<00:07:22.560> and<00:07:23.010> they<00:07:23.490> exist 00:07:23.660 --> 00:07:23.670 align:start position:0% send it to a relay and they exist 00:07:23.670 --> 00:07:26.570 align:start position:0% send it to a relay and they exist outside<00:07:24.030> of<00:07:24.210> the<00:07:24.360> network<00:07:24.450> point<00:07:24.900> right<00:07:25.580> and 00:07:26.570 --> 00:07:26.580 align:start position:0% outside of the network point right and 00:07:26.580 --> 00:07:29.030 align:start position:0% outside of the network point right and then<00:07:26.730> the<00:07:26.850> relay<00:07:27.180> er<00:07:27.620> does<00:07:28.620> some<00:07:28.830> kind<00:07:28.950> of 00:07:29.030 --> 00:07:29.040 align:start position:0% then the relay er does some kind of 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transaction<00:07:37.440> to<00:07:37.680> the<00:07:37.770> network<00:07:38.130> and 00:07:38.420 --> 00:07:38.430 align:start position:0% the transaction to the network and 00:07:38.430 --> 00:07:41.020 align:start position:0% the transaction to the network and they're<00:07:38.910> the<00:07:39.060> ones<00:07:39.240> that<00:07:39.480> make<00:07:39.660> the<00:07:39.690> videos 00:07:41.020 --> 00:07:41.030 align:start position:0% they're the ones that make the videos 00:07:41.030 --> 00:07:44.120 align:start position:0% they're the ones that make the videos and<00:07:42.030> they're<00:07:42.570> the<00:07:43.140> reason<00:07:43.260> why<00:07:43.530> they<00:07:43.650> do<00:07:43.800> it<00:07:43.830> is 00:07:44.120 --> 00:07:44.130 align:start position:0% and they're the reason why they do it is 00:07:44.130 --> 00:07:45.830 align:start position:0% and they're the reason why they do it is because<00:07:44.430> they're<00:07:44.580> compensated<00:07:45.240> through<00:07:45.270> some 00:07:45.830 --> 00:07:45.840 align:start position:0% because they're compensated through some 00:07:45.840 --> 00:07:47.930 align:start position:0% because they're compensated through some pre-funded<00:07:46.410> account<00:07:46.710> and<00:07:47.160> usually<00:07:47.669> every 00:07:47.930 --> 00:07:47.940 align:start position:0% pre-funded account and usually every 00:07:47.940 --> 00:07:50.450 align:start position:0% pre-funded account and usually every funding<00:07:48.210> account<00:07:48.510> is<00:07:48.810> paid<00:07:49.290> for<00:07:49.680> by<00:07:50.040> maybe<00:07:50.310> the 00:07:50.450 --> 00:07:50.460 align:start position:0% funding account is paid for by maybe the 00:07:50.460 --> 00:07:53.180 align:start position:0% funding account is paid for by maybe the operators<00:07:51.000> smart<00:07:51.300> contract<00:07:51.720> so<00:07:52.710> again<00:07:52.919> this 00:07:53.180 --> 00:07:53.190 align:start position:0% operators smart contract so again this 00:07:53.190 --> 00:07:55.250 align:start position:0% operators smart contract so again this is<00:07:53.460> kind<00:07:53.550> of<00:07:53.790> partial<00:07:54.180> solution<00:07:54.600> to<00:07:54.990> the 00:07:55.250 --> 00:07:55.260 align:start position:0% is kind of partial solution to the 00:07:55.260 --> 00:08:01.909 align:start position:0% is kind of partial solution to the evaluation<00:07:55.680> problem<00:07:58.699> somehow<00:07:59.699> I<00:08:00.590> I'm<00:08:01.590> not 00:08:01.909 --> 00:08:01.919 align:start position:0% evaluation problem somehow I I'm not 00:08:01.919 --> 00:08:03.500 align:start position:0% evaluation problem somehow I I'm not going<00:08:02.070> to<00:08:02.130> go<00:08:02.190> through<00:08:02.400> all<00:08:02.490> these<00:08:02.639> but<00:08:03.330> the 00:08:03.500 --> 00:08:03.510 align:start position:0% going to go through all these but the 00:08:03.510 --> 00:08:04.909 align:start position:0% going to go through all these but the point<00:08:03.720> that<00:08:03.750> I'm<00:08:03.930> trying<00:08:03.960> to<00:08:04.169> make<00:08:04.229> by<00:08:04.680> the<00:08:04.710> way 00:08:04.909 --> 00:08:04.919 align:start position:0% point that I'm trying to make by the way 00:08:04.919 --> 00:08:06.320 align:start position:0% point that I'm trying to make by the way if<00:08:05.280> some<00:08:05.520> of<00:08:05.580> these<00:08:05.669> words<00:08:05.910> don't<00:08:06.180> make<00:08:06.270> sense 00:08:06.320 --> 00:08:06.330 align:start position:0% if some of these words don't make sense 00:08:06.330 --> 00:08:09.290 align:start position:0% if some of these words don't make sense that's<00:08:07.199> okay<00:08:07.699> but<00:08:08.699> the<00:08:08.760> point<00:08:08.970> I'm<00:08:09.060> trying<00:08:09.090> to 00:08:09.290 --> 00:08:09.300 align:start position:0% that's okay but the point I'm trying to 00:08:09.300 --> 00:08:10.730 align:start position:0% that's okay but the point I'm trying to make<00:08:09.360> is<00:08:09.750> that<00:08:09.810> there<00:08:10.470> are<00:08:10.590> all<00:08:10.710> these 00:08:10.730 --> 00:08:10.740 align:start position:0% make is that there are all these 00:08:10.740 --> 00:08:15.770 align:start position:0% make is that there are all these solutions<00:08:11.130> are<00:08:11.460> popping<00:08:11.820> up<00:08:14.000> that<00:08:15.000> are<00:08:15.389> kind 00:08:15.770 --> 00:08:15.780 align:start position:0% solutions are popping up that are kind 00:08:15.780 --> 00:08:17.689 align:start position:0% solutions are popping up that are kind of<00:08:15.810> tackling<00:08:16.229> those<00:08:16.560> technical<00:08:17.130> limitations 00:08:17.689 --> 00:08:17.699 align:start position:0% of tackling those technical limitations 00:08:17.699 --> 00:08:20.240 align:start position:0% of tackling those technical limitations that<00:08:17.880> I<00:08:18.030> was<00:08:18.180> talking<00:08:18.330> about<00:08:18.510> and<00:08:19.250> the 00:08:20.240 --> 00:08:20.250 align:start position:0% that I was talking about and the 00:08:20.250 --> 00:08:23.300 align:start position:0% that I was talking about and the critical<00:08:20.639> thing<00:08:20.820> here<00:08:20.850> is<00:08:21.419> that<00:08:22.130> no<00:08:23.130> these 00:08:23.300 --> 00:08:23.310 align:start position:0% critical thing here is that no these 00:08:23.310 --> 00:08:25.010 align:start position:0% critical thing here is that no these solutions<00:08:23.580> are<00:08:23.880> you<00:08:24.120> layer<00:08:24.330> one<00:08:24.540> solutions 00:08:25.010 --> 00:08:25.020 align:start position:0% solutions are you layer one solutions 00:08:25.020 --> 00:08:26.300 align:start position:0% solutions are you layer one solutions they're<00:08:25.560> all<00:08:25.680> going<00:08:25.800> to<00:08:25.860> be<00:08:25.919> layer<00:08:26.100> two 00:08:26.300 --> 00:08:26.310 align:start position:0% they're all going to be layer two 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that<00:08:33.960> I<00:08:34.169> want<00:08:34.380> to<00:08:34.440> take<00:08:34.860> here<00:08:35.460> which 00:08:36.170 --> 00:08:36.180 align:start position:0% takeaways that I want to take here which 00:08:36.180 --> 00:08:37.820 align:start position:0% takeaways that I want to take here which is<00:08:36.360> that<00:08:36.570> there's<00:08:36.779> going<00:08:36.870> to<00:08:37.110> be<00:08:37.260> the<00:08:37.620> merging 00:08:37.820 --> 00:08:37.830 align:start position:0% is that there's going to be the merging 00:08:37.830 --> 00:08:40.880 align:start position:0% is that there's going to be the merging of<00:08:38.010> a<00:08:38.219> target<00:08:38.490> market<00:08:39.140> and<00:08:40.140> they're<00:08:40.560> going<00:08:40.770> to 00:08:40.880 --> 00:08:40.890 align:start position:0% of a target market and they're going to 00:08:40.890 --> 00:08:42.709 align:start position:0% of a target market and they're going to be<00:08:41.010> parts<00:08:41.279> of<00:08:41.339> spins<00:08:41.640> that<00:08:41.940> are<00:08:42.000> economically 00:08:42.709 --> 00:08:42.719 align:start position:0% be parts of spins that are economically 00:08:42.719 --> 00:08:46.310 align:start position:0% be parts of spins that are economically incentivize<00:08:43.380> to<00:08:43.760> take<00:08:44.760> side<00:08:45.029> messages<00:08:45.540> and<00:08:45.810> do 00:08:46.310 --> 00:08:46.320 align:start position:0% incentivize to take side messages and do 00:08:46.320 --> 00:08:48.590 align:start position:0% incentivize to take side messages and do some<00:08:46.529> time<00:08:46.680> transformation<00:08:47.339> on<00:08:47.490> it<00:08:47.670> before<00:08:48.300> it 00:08:48.590 --> 00:08:48.600 align:start position:0% some time transformation on it before it 00:08:48.600 --> 00:08:54.380 align:start position:0% some time transformation on it before it gets<00:08:48.690> submitted<00:08:48.960> to<00:08:49.200> the<00:08:49.290> middle<00:08:51.680> and<00:08:53.209> all<00:08:54.209> of 00:08:54.380 --> 00:08:54.390 align:start position:0% gets submitted to the middle and all of 00:08:54.390 --> 00:08:56.660 align:start position:0% gets submitted to the middle and all of these<00:08:54.510> solutions<00:08:55.110> kind<00:08:55.890> of<00:08:56.010> use<00:08:56.310> the<00:08:56.459> same 00:08:56.660 --> 00:08:56.670 align:start position:0% these solutions kind of use the same 00:08:56.670 --> 00:09:00.170 align:start position:0% these solutions kind of use the same pattern<00:08:57.060> and<00:08:57.420> spot<00:08:58.080> pattern<00:08:58.740> go<00:08:58.860> quick 00:09:00.170 --> 00:09:00.180 align:start position:0% pattern and spot pattern go quick 00:09:00.180 --> 00:09:02.630 align:start position:0% pattern and spot pattern go quick the<00:09:00.600> first<00:09:00.810> step<00:09:01.020> is<00:09:01.230> the<00:09:01.529> user<00:09:01.709> signs<00:09:02.190> message 00:09:02.630 --> 00:09:02.640 align:start position:0% the first step is the user signs message 00:09:02.640 --> 00:09:04.610 align:start position:0% the first step is the user signs message and<00:09:03.300> again<00:09:03.660> instead<00:09:03.990> of<00:09:04.110> spinning<00:09:04.320> to<00:09:04.589> the 00:09:04.610 --> 00:09:04.620 align:start position:0% and again instead of spinning to the 00:09:04.620 --> 00:09:07.040 align:start position:0% and again instead of spinning to the mempool<00:09:05.100> they're<00:09:05.790> going<00:09:06.089> to<00:09:06.330> send<00:09:06.810> it<00:09:06.930> to 00:09:07.040 --> 00:09:07.050 align:start position:0% mempool they're going to send it to 00:09:07.050 --> 00:09:08.810 align:start position:0% mempool they're going to send it to every<00:09:07.230> layer<00:09:07.440> and<00:09:07.770> this<00:09:08.070> real<00:09:08.339> layer<00:09:08.490> is<00:09:08.670> going 00:09:08.810 --> 00:09:08.820 align:start position:0% every layer and this real layer is going 00:09:08.820 --> 00:09:11.600 align:start position:0% every layer and this real layer is going to<00:09:08.880> be<00:09:09.029> incentivized<00:09:09.720> to<00:09:10.190> perform<00:09:11.190> some<00:09:11.430> kind 00:09:11.600 --> 00:09:11.610 align:start position:0% to be incentivized to perform some kind 00:09:11.610 --> 00:09:14.249 align:start position:0% to be incentivized to perform some kind of<00:09:11.700> computation<00:09:12.360> and<00:09:12.630> then<00:09:13.350> submit 00:09:14.249 --> 00:09:14.259 align:start position:0% of computation and then submit 00:09:14.259 --> 00:09:16.109 align:start position:0% of computation and then submit full<00:09:14.529> and<00:09:14.829> the<00:09:15.339> third<00:09:15.549> part<00:09:15.819> is<00:09:15.970> fairly 00:09:16.109 --> 00:09:16.119 align:start position:0% full and the third part is fairly 00:09:16.119 --> 00:09:20.369 align:start position:0% full and the third part is fairly critical<00:09:16.449> and<00:09:17.639> the<00:09:18.639> smart<00:09:18.910> contract<00:09:19.389> or<00:09:19.839> maybe 00:09:20.369 --> 00:09:20.379 align:start position:0% critical and the smart contract or maybe 00:09:20.379 --> 00:09:23.159 align:start position:0% critical and the smart contract or maybe the<00:09:20.589> nose<00:09:20.799> in<00:09:21.069> the<00:09:21.100> network<00:09:21.749> they<00:09:22.749> have<00:09:22.929> to<00:09:23.079> be 00:09:23.159 --> 00:09:23.169 align:start position:0% the nose in the network they have to be 00:09:23.169 --> 00:09:24.479 align:start position:0% the nose in the network they have to be able<00:09:23.290> to<00:09:23.470> efficiently<00:09:23.859> verify<00:09:24.429> the 00:09:24.479 --> 00:09:24.489 align:start position:0% able to efficiently verify the 00:09:24.489 --> 00:09:26.369 align:start position:0% able to efficiently verify the computations<00:09:25.239> and<00:09:25.809> this<00:09:25.929> kind<00:09:26.169> of<00:09:26.199> goes<00:09:26.319> back 00:09:26.369 --> 00:09:26.379 align:start position:0% computations and this kind of goes back 00:09:26.379 --> 00:09:27.599 align:start position:0% computations and this kind of goes back to<00:09:26.619> what<00:09:26.739> I<00:09:26.859> was<00:09:26.949> talking<00:09:27.129> about<00:09:27.339> earlier 00:09:27.599 --> 00:09:27.609 align:start position:0% to what I was talking about earlier 00:09:27.609 --> 00:09:30.169 align:start position:0% to what I was talking about earlier where<00:09:28.509> one<00:09:28.749> of<00:09:28.839> the<00:09:28.899> reasons<00:09:29.290> why<00:09:29.499> the 00:09:30.169 --> 00:09:30.179 align:start position:0% where one of the reasons why the 00:09:30.179 --> 00:09:32.669 align:start position:0% where one of the reasons why the transactions<00:09:31.179> are<00:09:31.359> so<00:09:31.539> expensive<00:09:31.899> especially 00:09:32.669 --> 00:09:32.679 align:start position:0% transactions are so expensive especially 00:09:32.679 --> 00:09:35.249 align:start position:0% transactions are so expensive especially the<00:09:33.220> smart<00:09:33.579> contracts<00:09:34.059> get<00:09:34.269> more<00:09:34.449> complex<00:09:35.019> is 00:09:35.249 --> 00:09:35.259 align:start position:0% the smart contracts get more complex is 00:09:35.259 --> 00:09:38.759 align:start position:0% the smart contracts get more complex is because<00:09:35.999> right<00:09:36.999> now<00:09:37.269> everyone<00:09:38.229> has<00:09:38.499> to 00:09:38.759 --> 00:09:38.769 align:start position:0% because right now everyone has to 00:09:38.769 --> 00:09:40.919 align:start position:0% because right now everyone has to compute<00:09:39.699> the<00:09:39.850> transaction<00:09:40.479> in<00:09:40.600> order<00:09:40.809> to 00:09:40.919 --> 00:09:40.929 align:start position:0% compute the transaction in order to 00:09:40.929 --> 00:09:43.469 align:start position:0% compute the transaction in order to verify<00:09:41.289> that<00:09:41.649> everything<00:09:42.069> is<00:09:42.399> correct<00:09:42.609> but<00:09:43.359> if 00:09:43.469 --> 00:09:43.479 align:start position:0% verify that everything is correct but if 00:09:43.479 --> 00:09:46.319 align:start position:0% verify that everything is correct but if you<00:09:43.600> can<00:09:43.809> kind<00:09:44.229> of<00:09:44.319> separate<00:09:44.769> that<00:09:45.009> and<00:09:45.309> if<00:09:46.209> the 00:09:46.319 --> 00:09:46.329 align:start position:0% you can kind of separate that and if the 00:09:46.329 --> 00:09:47.879 align:start position:0% you can kind of separate that and if the verification<00:09:46.600> is<00:09:47.079> cheaper<00:09:47.559> than<00:09:47.799> the 00:09:47.879 --> 00:09:47.889 align:start position:0% verification is cheaper than the 00:09:47.889 --> 00:09:50.609 align:start position:0% verification is cheaper than the computation<00:09:48.749> that's<00:09:49.749> a<00:09:49.899> very<00:09:50.079> powerful 00:09:50.609 --> 00:09:50.619 align:start position:0% computation that's a very powerful 00:09:50.619 --> 00:09:54.329 align:start position:0% computation that's a very powerful pattern<00:09:51.839> that's<00:09:52.839> also<00:09:53.199> why<00:09:53.350> if<00:09:53.829> you've<00:09:54.100> heard 00:09:54.329 --> 00:09:54.339 align:start position:0% pattern that's also why if you've heard 00:09:54.339 --> 00:09:58.019 align:start position:0% pattern that's also why if you've heard of<00:09:54.489> like<00:09:55.019> ZK<00:09:56.019> roll-ups<00:09:56.609> that's<00:09:57.609> why<00:09:57.759> they<00:09:57.910> have 00:09:58.019 --> 00:09:58.029 align:start position:0% of like ZK roll-ups that's why they have 00:09:58.029 --> 00:09:59.999 align:start position:0% of like ZK roll-ups that's why they have so<00:09:58.179> much<00:09:58.269> potential<00:09:58.660> because<00:09:59.350> depending<00:09:59.709> on 00:09:59.999 --> 00:10:00.009 align:start position:0% so much potential because depending on 00:10:00.009 --> 00:10:03.349 align:start position:0% so much potential because depending on the<00:10:00.309> implementation<00:10:00.759> of<00:10:01.509> terminology<00:10:02.319> proof 00:10:03.349 --> 00:10:03.359 align:start position:0% the implementation of terminology proof 00:10:03.359 --> 00:10:05.909 align:start position:0% the implementation of terminology proof deep<00:10:04.359> in<00:10:04.509> the<00:10:04.569> roof<00:10:04.749> can<00:10:04.989> be<00:10:05.109> verified<00:10:05.350> and 00:10:05.909 --> 00:10:05.919 align:start position:0% deep in the roof can be verified and 00:10:05.919 --> 00:10:09.960 align:start position:0% deep in the roof can be verified and lock<00:10:06.220> n<00:10:06.660> where<00:10:07.979> n<00:10:08.979> is<00:10:09.039> like<00:10:09.489> the<00:10:09.609> number<00:10:09.879> of 00:10:09.960 --> 00:10:09.970 align:start position:0% lock n where n is like the number of 00:10:09.970 --> 00:10:13.739 align:start position:0% lock n where n is like the number of steps<00:10:10.209> to<00:10:10.629> perform<00:10:11.289> a<00:10:11.439> calculation<00:10:12.569> and<00:10:13.569> then 00:10:13.739 --> 00:10:13.749 align:start position:0% steps to perform a calculation and then 00:10:13.749 --> 00:10:15.900 align:start position:0% steps to perform a calculation and then I'll<00:10:14.109> also<00:10:14.709> comment<00:10:15.220> that<00:10:15.279> this<00:10:15.579> is<00:10:15.729> very 00:10:15.900 --> 00:10:15.910 align:start position:0% I'll also comment that this is very 00:10:15.910 --> 00:10:20.009 align:start position:0% I'll also comment that this is very relevant<00:10:16.269> for<00:10:16.539> Phase<00:10:17.049> two<00:10:17.079> of<00:10:17.559> each<00:10:18.069> to<00:10:19.019> one 00:10:20.009 --> 00:10:20.019 align:start position:0% relevant for Phase two of each to one 00:10:20.019 --> 00:10:22.439 align:start position:0% relevant for Phase two of each to one each<00:10:20.289> to<00:10:20.589> starts<00:10:21.009> executing<00:10:21.730> transactions 00:10:22.439 --> 00:10:22.449 align:start position:0% each to starts executing transactions 00:10:22.449 --> 00:10:24.869 align:start position:0% each to starts executing transactions because<00:10:23.259> Beacon<00:10:23.859> knows<00:10:24.069> have<00:10:24.369> to<00:10:24.489> be<00:10:24.609> able<00:10:24.730> to 00:10:24.869 --> 00:10:24.879 align:start position:0% because Beacon knows have to be able to 00:10:24.879 --> 00:10:26.489 align:start position:0% because Beacon knows have to be able to verify<00:10:25.179> transactions<00:10:26.079> that<00:10:26.199> are<00:10:26.259> happening 00:10:26.489 --> 00:10:26.499 align:start position:0% verify transactions that are happening 00:10:26.499 --> 00:10:29.220 align:start position:0% verify transactions that are happening on<00:10:26.859> the<00:10:27.009> char<00:10:27.220> chain<00:10:27.489> for<00:10:27.999> their<00:10:28.149> 1,024<00:10:28.959> char 00:10:29.220 --> 00:10:29.230 align:start position:0% on the char chain for their 1,024 char 00:10:29.230 --> 00:10:30.749 align:start position:0% on the char chain for their 1,024 char chains<00:10:29.559> which<00:10:29.829> means<00:10:30.069> that<00:10:30.279> there<00:10:30.429> has<00:10:30.579> to<00:10:30.609> be 00:10:30.749 --> 00:10:30.759 align:start position:0% chains which means that there has to be 00:10:30.759 --> 00:10:32.669 align:start position:0% chains which means that there has to be some<00:10:31.059> kind<00:10:31.209> of<00:10:31.329> efficiency<00:10:31.660> gain<00:10:31.989> when<00:10:32.559> we're 00:10:32.669 --> 00:10:32.679 align:start position:0% some kind of efficiency gain when we're 00:10:32.679 --> 00:10:37.499 align:start position:0% some kind of efficiency gain when we're verifying<00:10:32.859> transactions<00:10:36.149> but<00:10:37.149> on<00:10:37.239> the<00:10:37.329> flip 00:10:37.499 --> 00:10:37.509 align:start position:0% verifying transactions but on the flip 00:10:37.509 --> 00:10:39.949 align:start position:0% verifying transactions but on the flip side<00:10:37.539> or<00:10:37.989> at<00:10:38.139> least<00:10:38.350> taking<00:10:38.829> a<00:10:38.889> step<00:10:39.069> back 00:10:39.949 --> 00:10:39.959 align:start position:0% side or at least taking a step back 00:10:39.959 --> 00:10:42.840 align:start position:0% side or at least taking a step back there<00:10:40.959> is<00:10:41.109> the<00:10:41.259> reason<00:10:41.619> why 00:10:42.840 --> 00:10:42.850 align:start position:0% there is the reason why 00:10:42.850 --> 00:10:45.960 align:start position:0% there is the reason why market<00:10:43.209> doesn't<00:10:43.720> exist<00:10:44.170> and<00:10:44.610> why<00:10:45.610> it's<00:10:45.790> kind 00:10:45.960 --> 00:10:45.970 align:start position:0% market doesn't exist and why it's kind 00:10:45.970 --> 00:10:48.079 align:start position:0% market doesn't exist and why it's kind of<00:10:46.000> difficult<00:10:46.180> someone<00:10:46.959> up<00:10:47.050> right<00:10:47.259> now<00:10:47.380> the 00:10:48.079 --> 00:10:48.089 align:start position:0% of difficult someone up right now the 00:10:48.089 --> 00:10:51.780 align:start position:0% of difficult someone up right now the biggest<00:10:49.089> one<00:10:49.389> is<00:10:49.750> that<00:10:49.779> a<00:10:50.470> relayer<00:10:51.069> market<00:10:51.550> or 00:10:51.780 --> 00:10:51.790 align:start position:0% biggest one is that a relayer market or 00:10:51.790 --> 00:10:53.749 align:start position:0% biggest one is that a relayer market or some<00:10:52.120> additional<00:10:52.600> piece<00:10:52.779> of<00:10:52.810> infrastructure 00:10:53.749 --> 00:10:53.759 align:start position:0% some additional piece of infrastructure 00:10:53.759 --> 00:10:57.780 align:start position:0% some additional piece of infrastructure it's<00:10:54.759> gonna<00:10:55.290> retire<00:10:56.290> system<00:10:56.800> it's<00:10:57.069> gonna<00:10:57.310> add 00:10:57.780 --> 00:10:57.790 align:start position:0% it's gonna retire system it's gonna add 00:10:57.790 --> 00:11:00.120 align:start position:0% it's gonna retire system it's gonna add more<00:10:58.360> complexity<00:10:58.870> possibly<00:10:59.829> for<00:11:00.040> the 00:11:00.120 --> 00:11:00.130 align:start position:0% more complexity possibly for the 00:11:00.130 --> 00:11:01.920 align:start position:0% more complexity possibly for the developers<00:11:00.610> and<00:11:00.970> then<00:11:01.060> also<00:11:01.269> for<00:11:01.480> the<00:11:01.569> users 00:11:01.920 --> 00:11:01.930 align:start position:0% developers and then also for the users 00:11:01.930 --> 00:11:13.759 align:start position:0% developers and then also for the users that<00:11:02.079> we're<00:11:02.350> not<00:11:02.470> able<00:11:02.680> to<00:11:02.860> properly<00:11:03.279> absorb 00:11:13.759 --> 00:11:13.769 align:start position:0% 00:11:13.769 --> 00:11:18.960 align:start position:0% for<00:11:16.050> existing<00:11:17.050> contracts<00:11:17.529> so<00:11:18.430> the<00:11:18.850> gas 00:11:18.960 --> 00:11:18.970 align:start position:0% for existing contracts so the gas 00:11:18.970 --> 00:11:20.579 align:start position:0% for existing contracts so the gas station<00:11:19.389> networking<00:11:19.839> pretty<00:11:20.079> good<00:11:20.230> example 00:11:20.579 --> 00:11:20.589 align:start position:0% station networking pretty good example 00:11:20.589 --> 00:11:23.040 align:start position:0% station networking pretty good example this<00:11:20.740> where<00:11:21.670> right<00:11:22.420> now<00:11:22.449> if<00:11:22.690> you<00:11:22.779> want<00:11:22.959> to 00:11:23.040 --> 00:11:23.050 align:start position:0% this where right now if you want to 00:11:23.050 --> 00:11:24.509 align:start position:0% this where right now if you want to integrate<00:11:23.199> the<00:11:23.500> gas<00:11:23.620> station<00:11:23.980> network<00:11:24.130> to<00:11:24.459> an 00:11:24.509 --> 00:11:24.519 align:start position:0% integrate the gas station network to an 00:11:24.519 --> 00:11:26.730 align:start position:0% integrate the gas station network to an existing<00:11:24.940> contract<00:11:25.300> needs<00:11:26.110> set<00:11:26.440> up<00:11:26.560> some 00:11:26.730 --> 00:11:26.740 align:start position:0% existing contract needs set up some 00:11:26.740 --> 00:11:31.040 align:start position:0% existing contract needs set up some proxy<00:11:26.920> contractor<00:11:27.610> part<00:11:27.819> of<00:11:27.910> it<00:11:29.279> and<00:11:30.279> that's 00:11:31.040 --> 00:11:31.050 align:start position:0% proxy contractor part of it and that's 00:11:31.050 --> 00:11:34.139 align:start position:0% proxy contractor part of it and that's additional<00:11:32.050> gas<00:11:32.319> costs<00:11:32.889> and<00:11:33.149> another 00:11:34.139 --> 00:11:34.149 align:start position:0% additional gas costs and another 00:11:34.149 --> 00:11:36.569 align:start position:0% additional gas costs and another security<00:11:34.480> pool<00:11:34.810> as<00:11:34.899> well<00:11:35.370> another<00:11:36.370> third 00:11:36.569 --> 00:11:36.579 align:start position:0% security pool as well another third 00:11:36.579 --> 00:11:38.879 align:start position:0% security pool as well another third thing<00:11:36.850> is<00:11:37.060> there's<00:11:37.420> no<00:11:37.899> standardization 00:11:38.879 --> 00:11:38.889 align:start position:0% thing is there's no standardization 00:11:38.889 --> 00:11:43.079 align:start position:0% thing is there's no standardization right<00:11:39.190> now<00:11:39.310> so<00:11:40.149> I<00:11:41.100> think<00:11:42.100> this<00:11:42.279> is<00:11:42.339> okay<00:11:42.790> we're 00:11:43.079 --> 00:11:43.089 align:start position:0% right now so I think this is okay we're 00:11:43.089 --> 00:11:43.980 align:start position:0% right now so I think this is okay we're still<00:11:43.269> trying<00:11:43.449> to<00:11:43.480> figure<00:11:43.569> out<00:11:43.750> the<00:11:43.870> best 00:11:43.980 --> 00:11:43.990 align:start position:0% still trying to figure out the best 00:11:43.990 --> 00:11:46.499 align:start position:0% still trying to figure out the best solutions<00:11:44.410> all<00:11:44.560> right<00:11:44.709> now<00:11:44.880> but<00:11:45.880> I<00:11:45.910> think<00:11:46.209> as 00:11:46.499 --> 00:11:46.509 align:start position:0% solutions all right now but I think as 00:11:46.509 --> 00:11:48.900 align:start position:0% solutions all right now but I think as we<00:11:47.110> figure<00:11:47.769> out<00:11:47.800> what<00:11:48.220> the<00:11:48.310> best<00:11:48.459> solutions 00:11:48.900 --> 00:11:48.910 align:start position:0% we figure out what the best solutions 00:11:48.910 --> 00:11:50.429 align:start position:0% we figure out what the best solutions are<00:11:49.060> there<00:11:49.540> is<00:11:49.720> going<00:11:49.870> to<00:11:49.930> be<00:11:49.990> some<00:11:50.230> kind<00:11:50.410> of 00:11:50.429 --> 00:11:50.439 align:start position:0% are there is going to be some kind of 00:11:50.439 --> 00:11:51.990 align:start position:0% are there is going to be some kind of standardization<00:11:50.829> there's<00:11:51.579> probably<00:11:51.880> gonna 00:11:51.990 --> 00:11:52.000 align:start position:0% standardization there's probably gonna 00:11:52.000 --> 00:11:58.249 align:start position:0% standardization there's probably gonna be<00:11:52.089> some<00:11:52.569> general<00:11:53.199> new<00:11:53.589> labor<00:11:53.800> market<00:11:54.160> anyways 00:11:58.249 --> 00:11:58.259 align:start position:0% 00:11:58.259 --> 00:12:00.870 align:start position:0% yeah<00:11:59.259> this<00:11:59.470> is<00:11:59.620> the<00:11:59.829> last<00:12:00.009> slide<00:12:00.130> but<00:12:00.670> it's 00:12:00.870 --> 00:12:00.880 align:start position:0% yeah this is the last slide but it's 00:12:00.880 --> 00:12:02.819 align:start position:0% yeah this is the last slide but it's really<00:12:01.180> poor<00:12:01.540> the<00:12:01.870> application<00:12:02.439> developers 00:12:02.819 --> 00:12:02.829 align:start position:0% really poor the application developers 00:12:02.829 --> 00:12:04.620 align:start position:0% really poor the application developers are<00:12:03.009> thinking<00:12:03.339> about<00:12:03.430> writing<00:12:04.209> in<00:12:04.300> use<00:12:04.420> of<00:12:04.449> our 00:12:04.620 --> 00:12:04.630 align:start position:0% are thinking about writing in use of our 00:12:04.630 --> 00:12:07.650 align:start position:0% are thinking about writing in use of our contract<00:12:05.079> right<00:12:05.259> now<00:12:05.290> and<00:12:06.189> I<00:12:06.250> would<00:12:06.399> say<00:12:06.660> try 00:12:07.650 --> 00:12:07.660 align:start position:0% contract right now and I would say try 00:12:07.660 --> 00:12:09.720 align:start position:0% contract right now and I would say try and<00:12:07.899> keep<00:12:08.050> the<00:12:08.259> smart<00:12:08.500> contract<00:12:09.009> as<00:12:09.250> simple<00:12:09.670> as 00:12:09.720 --> 00:12:09.730 align:start position:0% and keep the smart contract as simple as 00:12:09.730 --> 00:12:12.150 align:start position:0% and keep the smart contract as simple as possible<00:12:09.930> but<00:12:10.930> there's<00:12:11.199> a<00:12:11.259> caveat<00:12:11.529> which<00:12:12.009> is 00:12:12.150 --> 00:12:12.160 align:start position:0% possible but there's a caveat which is 00:12:12.160 --> 00:12:14.009 align:start position:0% possible but there's a caveat which is that<00:12:12.490> writing<00:12:13.000> a<00:12:13.060> simple<00:12:13.240> contract<00:12:13.839> that's 00:12:14.009 --> 00:12:14.019 align:start position:0% that writing a simple contract that's 00:12:14.019 --> 00:12:16.170 align:start position:0% that writing a simple contract that's also<00:12:14.380> useful<00:12:14.500> is<00:12:15.040> really<00:12:15.639> really<00:12:15.880> really 00:12:16.170 --> 00:12:16.180 align:start position:0% also useful is really really really 00:12:16.180 --> 00:12:21.809 align:start position:0% also useful is really really really large<00:12:16.980> but<00:12:18.029> if<00:12:19.029> you<00:12:19.649> decide<00:12:20.649> that<00:12:20.709> or<00:12:21.430> if<00:12:21.610> you 00:12:21.809 --> 00:12:21.819 align:start position:0% large but if you decide that or if you 00:12:21.819 --> 00:12:23.460 align:start position:0% large but if you decide that or if you you<00:12:22.269> they're<00:12:22.569> convinced<00:12:23.050> that<00:12:23.139> it's 00:12:23.460 --> 00:12:23.470 align:start position:0% you they're convinced that it's 00:12:23.470 --> 00:12:25.199 align:start position:0% you they're convinced that it's impossible<00:12:24.160> it's<00:12:24.279> great<00:12:24.459> smart<00:12:24.730> contract 00:12:25.199 --> 00:12:25.209 align:start position:0% impossible it's great smart contract 00:12:25.209 --> 00:12:27.660 align:start position:0% impossible it's great smart contract look<00:12:25.720> at<00:12:25.839> layer<00:12:25.990> two<00:12:26.259> look<00:12:27.069> at<00:12:27.189> these<00:12:27.279> facing 00:12:27.660 --> 00:12:27.670 align:start position:0% look at layer two look at these facing 00:12:27.670 --> 00:12:31.710 align:start position:0% look at layer two look at these facing solutions<00:12:28.120> but<00:12:28.720> then<00:12:28.870> also<00:12:30.149> think<00:12:31.149> about<00:12:31.240> the 00:12:31.710 --> 00:12:31.720 align:start position:0% solutions but then also think about the 00:12:31.720 --> 00:12:34.050 align:start position:0% solutions but then also think about the real<00:12:31.990> a<00:12:32.110> market<00:12:32.529> in<00:12:32.860> a<00:12:33.100> way<00:12:33.130> that's<00:12:33.550> specific 00:12:34.050 --> 00:12:34.060 align:start position:0% real a market in a way that's specific 00:12:34.060 --> 00:12:35.040 align:start position:0% real a market in a way that's specific to<00:12:34.089> your<00:12:34.269> app 00:12:35.040 --> 00:12:35.050 align:start position:0% to your app 00:12:35.050 --> 00:12:36.870 align:start position:0% to your app and<00:12:35.139> see<00:12:35.680> if<00:12:35.800> there's<00:12:36.009> any<00:12:36.190> efficiency<00:12:36.579> games 00:12:36.870 --> 00:12:36.880 align:start position:0% and see if there's any efficiency games 00:12:36.880 --> 00:12:38.970 align:start position:0% and see if there's any efficiency games there<00:12:37.120> that<00:12:37.420> you<00:12:37.509> can<00:12:37.660> make<00:12:37.810> specifically<00:12:38.769> for 00:12:38.970 --> 00:12:38.980 align:start position:0% there that you can make specifically for 00:12:38.980 --> 00:12:42.449 align:start position:0% there that you can make specifically for application<00:12:39.550> I<00:12:39.850> mean<00:12:40.360> the<00:12:40.420> third<00:12:40.569> thing<00:12:40.810> is<00:12:41.459> if 00:12:42.449 --> 00:12:42.459 align:start position:0% application I mean the third thing is if 00:12:42.459 --> 00:12:44.040 align:start position:0% application I mean the third thing is if you<00:12:42.579> do<00:12:42.730> go<00:12:42.910> with<00:12:42.940> the<00:12:43.180> layer<00:12:43.329> 2<00:12:43.540> solution 00:12:44.040 --> 00:12:44.050 align:start position:0% you do go with the layer 2 solution 00:12:44.050 --> 00:12:47.850 align:start position:0% you do go with the layer 2 solution think<00:12:44.920> about<00:12:45.160> what<00:12:46.000> you<00:12:46.509> use<00:12:46.959> with<00:12:47.380> your<00:12:47.410> layer 00:12:47.850 --> 00:12:47.860 align:start position:0% think about what you use with your layer 00:12:47.860 --> 00:12:49.920 align:start position:0% think about what you use with your layer 2<00:12:48.100> solution<00:12:48.550> with<00:12:49.329> all<00:12:49.600> their<00:12:49.750> applications 00:12:49.920 --> 00:12:49.930 align:start position:0% 2 solution with all their applications 00:12:49.930 --> 00:12:52.590 align:start position:0% 2 solution with all their applications and<00:12:50.620> maybe<00:12:51.130> consider<00:12:51.399> create<00:12:52.120> some<00:12:52.300> kind<00:12:52.449> of 00:12:52.590 --> 00:12:52.600 align:start position:0% and maybe consider create some kind of 00:12:52.600 --> 00:13:00.280 align:start position:0% and maybe consider create some kind of accommodate<00:12:53.139> researcher<00:12:53.620> yeah<00:12:54.630> that's<00:12:55.630> it 00:13:00.280 --> 00:13:00.290 align:start position:0% 00:13:00.290 --> 00:13:09.800 align:start position:0% [Applause] 00:13:09.800 --> 00:13:09.810 align:start position:0% 00:13:09.810 --> 00:13:11.870 align:start position:0% you