WEBVTT Kind: captions Language: en 00:00:00.060 --> 00:00:02.030 align:start position:0% okay<00:00:00.810> I<00:00:00.840> could<00:00:00.930> have<00:00:01.230> start<00:00:01.500> there<00:00:01.680> okay<00:00:01.979> so 00:00:02.030 --> 00:00:02.040 align:start position:0% okay I could have start there okay so 00:00:02.040 --> 00:00:05.059 align:start position:0% okay I could have start there okay so guys<00:00:02.340> um<00:00:02.840> my<00:00:03.840> name<00:00:04.020> is<00:00:04.110> Patrick<00:00:04.470> McCrory<00:00:04.859> I'm 00:00:05.059 --> 00:00:05.069 align:start position:0% guys um my name is Patrick McCrory I'm 00:00:05.069 --> 00:00:06.619 align:start position:0% guys um my name is Patrick McCrory I'm an<00:00:05.250> assistant<00:00:05.609> professor<00:00:05.640> at<00:00:06.270> King's<00:00:06.569> College 00:00:06.619 --> 00:00:06.629 align:start position:0% an assistant professor at King's College 00:00:06.629 --> 00:00:08.750 align:start position:0% an assistant professor at King's College London<00:00:06.960> when<00:00:07.950> I'm<00:00:08.069> gonna<00:00:08.220> present<00:00:08.400> to<00:00:08.700> you 00:00:08.750 --> 00:00:08.760 align:start position:0% London when I'm gonna present to you 00:00:08.760 --> 00:00:10.280 align:start position:0% London when I'm gonna present to you today<00:00:08.910> is<00:00:09.150> some<00:00:09.420> work<00:00:09.660> that<00:00:09.960> actually 00:00:10.280 --> 00:00:10.290 align:start position:0% today is some work that actually 00:00:10.290 --> 00:00:13.249 align:start position:0% today is some work that actually originated<00:00:11.160> from<00:00:11.250> Devcon<00:00:11.700> last<00:00:12.030> year<00:00:12.420> so<00:00:13.049> last 00:00:13.249 --> 00:00:13.259 align:start position:0% originated from Devcon last year so last 00:00:13.259 --> 00:00:14.990 align:start position:0% originated from Devcon last year so last year<00:00:13.530> me<00:00:13.679> enough<00:00:13.920> terrorists<00:00:14.309> for<00:00:14.429> Havana 00:00:14.990 --> 00:00:15.000 align:start position:0% year me enough terrorists for Havana 00:00:15.000 --> 00:00:17.420 align:start position:0% year me enough terrorists for Havana you<00:00:15.059> know<00:00:15.179> pina<00:00:15.450> coladas<00:00:16.020> and<00:00:16.230> Cancun<00:00:16.650> then<00:00:17.340> he 00:00:17.420 --> 00:00:17.430 align:start position:0% you know pina coladas and Cancun then he 00:00:17.430 --> 00:00:19.099 align:start position:0% you know pina coladas and Cancun then he was<00:00:17.550> tell<00:00:17.760> me<00:00:17.789> but<00:00:18.090> and<00:00:18.330> ridin<00:00:18.779> her<00:00:18.960> there 00:00:19.099 --> 00:00:19.109 align:start position:0% was tell me but and ridin her there 00:00:19.109 --> 00:00:21.050 align:start position:0% was tell me but and ridin her there trying<00:00:19.320> to<00:00:19.380> solve<00:00:19.560> the<00:00:19.710> monitor<00:00:20.039> problem<00:00:20.490> so 00:00:21.050 --> 00:00:21.060 align:start position:0% trying to solve the monitor problem so 00:00:21.060 --> 00:00:22.580 align:start position:0% trying to solve the monitor problem so when<00:00:21.150> I<00:00:21.210> went<00:00:21.359> back<00:00:21.480> to<00:00:21.510> England<00:00:22.050> I<00:00:22.289> got 00:00:22.580 --> 00:00:22.590 align:start position:0% when I went back to England I got 00:00:22.590 --> 00:00:23.900 align:start position:0% when I went back to England I got talking<00:00:22.769> to<00:00:22.890> some<00:00:23.130> people<00:00:23.430> from<00:00:23.519> you<00:00:23.699> why<00:00:23.850> you 00:00:23.900 --> 00:00:23.910 align:start position:0% talking to some people from you why you 00:00:23.910 --> 00:00:25.730 align:start position:0% talking to some people from you why you see<00:00:24.240> like<00:00:24.510> Siri<00:00:24.810> Bakshi<00:00:25.230> and<00:00:25.320> Andrew<00:00:25.590> Miller 00:00:25.730 --> 00:00:25.740 align:start position:0% see like Siri Bakshi and Andrew Miller 00:00:25.740 --> 00:00:27.500 align:start position:0% see like Siri Bakshi and Andrew Miller and<00:00:26.099> then<00:00:26.580> we<00:00:26.670> sort<00:00:26.910> of<00:00:26.939> start<00:00:27.210> to<00:00:27.269> come<00:00:27.390> up 00:00:27.500 --> 00:00:27.510 align:start position:0% and then we sort of start to come up 00:00:27.510 --> 00:00:29.480 align:start position:0% and then we sort of start to come up with<00:00:27.630> a<00:00:27.720> little<00:00:27.930> solution<00:00:28.439> so<00:00:28.980> first<00:00:29.220> we<00:00:29.369> did 00:00:29.480 --> 00:00:29.490 align:start position:0% with a little solution so first we did 00:00:29.490 --> 00:00:31.339 align:start position:0% with a little solution so first we did it<00:00:29.580> for<00:00:29.699> payment<00:00:30.029> channels<00:00:30.359> and<00:00:30.689> then<00:00:31.260> I 00:00:31.339 --> 00:00:31.349 align:start position:0% it for payment channels and then I 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align:start position:0% ear channels as well so that's sort of where<00:00:36.420> we<00:00:36.510> got<00:00:36.750> to<00:00:36.989> and<00:00:37.469> I<00:00:37.920> think<00:00:38.219> I<00:00:38.370> think<00:00:38.879> it's 00:00:38.990 --> 00:00:39.000 align:start position:0% where we got to and I think I think it's 00:00:39.000 --> 00:00:40.310 align:start position:0% where we got to and I think I think it's very<00:00:39.059> that<00:00:39.270> one<00:00:39.480> slide<00:00:39.719> that<00:00:39.780> isn't<00:00:40.110> going<00:00:40.260> to 00:00:40.310 --> 00:00:40.320 align:start position:0% very that one slide that isn't going to 00:00:40.320 --> 00:00:41.959 align:start position:0% very that one slide that isn't going to load<00:00:40.469> but<00:00:40.920> that's<00:00:41.070> fine<00:00:41.309> I'll<00:00:41.579> do<00:00:41.790> it<00:00:41.820> at<00:00:41.910> the 00:00:41.959 --> 00:00:41.969 align:start position:0% load but that's fine I'll do it at the 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two people in the audience crisp Oakland and<00:00:47.370> Sarah<00:00:47.550> Michael<00:00:47.820> John<00:00:48.059> they're<00:00:48.629> both<00:00:48.870> my 00:00:49.010 --> 00:00:49.020 align:start position:0% and Sarah Michael John they're both my 00:00:49.020 --> 00:00:50.990 align:start position:0% and Sarah Michael John they're both my co-authors<00:00:49.680> alongside<00:00:49.980> Andrew<00:00:50.520> Miller<00:00:50.670> on 00:00:50.990 --> 00:00:51.000 align:start position:0% co-authors alongside Andrew Miller on 00:00:51.000 --> 00:00:53.660 align:start position:0% co-authors alongside Andrew Miller on Syria<00:00:51.420> Bakshi<00:00:51.870> an<00:00:52.079> e-2<00:00:52.949> bent<00:00:53.219> off<00:00:53.399> as<00:00:53.550> well 00:00:53.660 --> 00:00:53.670 align:start position:0% Syria Bakshi an e-2 bent off as well 00:00:53.670 --> 00:00:55.850 align:start position:0% Syria Bakshi an e-2 bent off as well sounds<00:00:54.180> gonna<00:00:54.329> move<00:00:54.539> on<00:00:54.719> so<00:00:55.320> everyone<00:00:55.680> in<00:00:55.739> this 00:00:55.850 --> 00:00:55.860 align:start position:0% sounds gonna move on so everyone in this 00:00:55.860 --> 00:00:57.529 align:start position:0% sounds gonna move on so everyone in this room<00:00:56.100> pretty<00:00:56.399> much<00:00:56.489> as<00:00:56.820> aware<00:00:57.120> of<00:00:57.390> what<00:00:57.510> a 00:00:57.529 --> 00:00:57.539 align:start position:0% room pretty much as aware of what a 00:00:57.539 --> 00:00:59.450 align:start position:0% room pretty much as aware of what a steer<00:00:57.809> channels<00:00:58.170> about<00:00:58.410> you've<00:00:59.070> had<00:00:59.219> five 00:00:59.450 --> 00:00:59.460 align:start position:0% steer channels about you've had five 00:00:59.460 --> 00:01:02.180 align:start position:0% steer channels about you've had five presentations<00:01:00.300> of<00:01:00.510> hostia<00:01:00.960> channels<00:01:01.379> work<00:01:01.559> so 00:01:02.180 --> 00:01:02.190 align:start position:0% presentations of hostia channels work so 00:01:02.190 --> 00:01:03.470 align:start position:0% presentations of hostia channels work so I<00:01:02.219> just<00:01:02.340> want<00:01:02.489> to<00:01:02.579> give<00:01:02.699> you<00:01:02.789> a<00:01:02.820> very<00:01:03.059> very 00:01:03.470 --> 00:01:03.480 align:start position:0% I just want to give you a very very 00:01:03.480 --> 00:01:05.620 align:start position:0% I just want to give you a very very brief<00:01:03.840> overview<00:01:04.049> of<00:01:04.470> how<00:01:04.559> I<00:01:04.619> think<00:01:05.010> about<00:01:05.250> them 00:01:05.620 --> 00:01:05.630 align:start position:0% brief overview of how I think about them 00:01:05.630 --> 00:01:08.390 align:start position:0% brief overview of how I think about them so<00:01:06.630> basically<00:01:07.049> with<00:01:07.260> a<00:01:07.290> steer<00:01:07.530> channel<00:01:07.920> the 00:01:08.390 --> 00:01:08.400 align:start position:0% so basically with a steer channel the 00:01:08.400 --> 00:01:10.160 align:start position:0% so basically with a steer channel the idea<00:01:08.729> is<00:01:08.820> our<00:01:08.970> parties<00:01:09.360> are<00:01:09.540> coins<00:01:09.840> into<00:01:10.080> a 00:01:10.160 --> 00:01:10.170 align:start position:0% idea is our parties are coins into a 00:01:10.170 --> 00:01:12.080 align:start position:0% idea is our parties are coins into a contract<00:01:10.740> and<00:01:10.950> then<00:01:11.580> they<00:01:11.670> can<00:01:11.820> run<00:01:11.970> an 00:01:12.080 --> 00:01:12.090 align:start position:0% contract and then they can run an 00:01:12.090 --> 00:01:13.789 align:start position:0% contract and then they can run an application<00:01:12.630> of<00:01:12.840> Qi<00:01:13.080> and<00:01:13.110> locally<00:01:13.500> amongst 00:01:13.789 --> 00:01:13.799 align:start position:0% application of Qi and locally amongst 00:01:13.799 --> 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alice is<00:01:20.850> played<00:01:21.150> her<00:01:21.270> hand<00:01:21.509> on<00:01:21.840> but<00:01:22.770> the<00:01:22.890> blockchain 00:01:23.090 --> 00:01:23.100 align:start position:0% is played her hand on but the blockchain 00:01:23.100 --> 00:01:26.030 align:start position:0% is played her hand on but the blockchain gives<00:01:23.580> you<00:01:23.790> is<00:01:24.000> two<00:01:24.330> properties<00:01:24.930> so<00:01:25.680> first 00:01:26.030 --> 00:01:26.040 align:start position:0% gives you is two properties so first 00:01:26.040 --> 00:01:28.819 align:start position:0% gives you is two properties so first there's<00:01:26.790> safety<00:01:27.330> every<00:01:27.659> party<00:01:28.439> should<00:01:28.619> always 00:01:28.819 --> 00:01:28.829 align:start position:0% there's safety every party should always 00:01:28.829 --> 00:01:31.370 align:start position:0% there's safety every party should always get<00:01:29.130> the<00:01:29.220> coins<00:01:29.490> they<00:01:29.700> deserve<00:01:30.229> it<00:01:31.229> should 00:01:31.370 --> 00:01:31.380 align:start position:0% get the coins they deserve it should 00:01:31.380 --> 00:01:33.020 align:start position:0% get the coins they deserve it should also<00:01:31.530> guarantee<00:01:32.070> liveness<00:01:32.340> and<00:01:32.790> we've<00:01:32.880> had 00:01:33.020 --> 00:01:33.030 align:start position:0% also guarantee liveness and we've had 00:01:33.030 --> 00:01:34.460 align:start position:0% also guarantee liveness and we've had several<00:01:33.240> people<00:01:33.540> talk<00:01:33.810> about<00:01:33.960> that<00:01:34.170> already 00:01:34.460 --> 00:01:34.470 align:start position:0% several people talk about that already 00:01:34.470 --> 00:01:37.490 align:start position:0% several people talk about that already so<00:01:35.250> if<00:01:35.430> one<00:01:35.610> person<00:01:35.939> doesn't<00:01:36.150> cooperate<00:01:36.500> then 00:01:37.490 --> 00:01:37.500 align:start position:0% so if one person doesn't cooperate then 00:01:37.500 --> 00:01:39.200 align:start position:0% so if one person doesn't cooperate then you<00:01:37.590> could<00:01:37.740> simply<00:01:38.100> redeploy<00:01:38.640> the<00:01:38.790> up<00:01:38.939> on<00:01:39.090> the 00:01:39.200 --> 00:01:39.210 align:start position:0% you could simply redeploy the up on the 00:01:39.210 --> 00:01:41.210 align:start position:0% you could simply redeploy the up on the blockchain<00:01:39.420> and<00:01:39.869> finish<00:01:40.320> it<00:01:40.470> there<00:01:40.680> so<00:01:41.100> the 00:01:41.210 --> 00:01:41.220 align:start position:0% blockchain and finish it there so the 00:01:41.220 --> 00:01:43.490 align:start position:0% blockchain and finish it there so the application<00:01:41.850> should<00:01:42.000> always<00:01:42.180> progress<00:01:42.780> so 00:01:43.490 --> 00:01:43.500 align:start position:0% application should always progress so 00:01:43.500 --> 00:01:46.160 align:start position:0% application should always progress so what<00:01:43.590> I'm<00:01:43.740> gonna<00:01:43.890> focus<00:01:44.100> on<00:01:44.460> is<00:01:44.689> the<00:01:45.689> bad<00:01:45.869> case 00:01:46.160 --> 00:01:46.170 align:start position:0% what I'm gonna focus on is the bad case 00:01:46.170 --> 00:01:48.289 align:start position:0% what I'm gonna focus on is the bad case you<00:01:47.070> know<00:01:47.220> what<00:01:47.399> if<00:01:47.520> one<00:01:47.729> person<00:01:48.090> doesn't 00:01:48.289 --> 00:01:48.299 align:start position:0% you know what if one person doesn't 00:01:48.299 --> 00:01:50.359 align:start position:0% you know what if one person doesn't actually<00:01:48.689> cooperate<00:01:49.320> so<00:01:50.040> you<00:01:50.100> can<00:01:50.220> imagine 00:01:50.359 --> 00:01:50.369 align:start position:0% actually cooperate so you can imagine 00:01:50.369 --> 00:01:53.240 align:start position:0% actually cooperate so you can imagine Alice's<00:01:50.970> plan<00:01:51.149> poker<00:01:51.420> see<00:01:52.380> reveals<00:01:52.710> is<00:01:52.920> Royal 00:01:53.240 --> 00:01:53.250 align:start position:0% Alice's plan poker see reveals is Royal 00:01:53.250 --> 00:01:55.460 align:start position:0% Alice's plan poker see reveals is Royal Flush<00:01:53.549> she<00:01:54.000> gets<00:01:54.180> really<00:01:54.390> lucky<00:01:54.810> and<00:01:55.049> she's 00:01:55.460 --> 00:01:55.470 align:start position:0% Flush she gets really lucky and she's 00:01:55.470 --> 00:01:58.700 align:start position:0% Flush she gets really lucky and she's about<00:01:55.649> to<00:01:55.710> win<00:01:55.979> the<00:01:56.130> poker<00:01:56.399> game<00:01:57.380> Bob<00:01:58.380> says 00:01:58.700 --> 00:01:58.710 align:start position:0% about to win the poker game Bob says 00:01:58.710 --> 00:02:01.010 align:start position:0% about to win the poker game Bob says well<00:01:59.009> I'm<00:01:59.640> not<00:01:59.850> gonna<00:02:00.030> agree<00:02:00.329> to<00:02:00.420> this<00:02:00.600> Alice 00:02:01.010 --> 00:02:01.020 align:start position:0% well I'm not gonna agree to this Alice 00:02:01.020 --> 00:02:03.649 align:start position:0% well I'm not gonna agree to this Alice if<00:02:01.229> I<00:02:01.560> created<00:02:01.920> this<00:02:02.070> state<00:02:02.340> update<00:02:02.579> then<00:02:03.540> you 00:02:03.649 --> 00:02:03.659 align:start position:0% if I created this state update then you 00:02:03.659 --> 00:02:04.880 align:start position:0% if I created this state update then you know<00:02:03.780> what<00:02:03.990> you're<00:02:04.170> gonna<00:02:04.290> win<00:02:04.530> the<00:02:04.680> bat 00:02:04.880 --> 00:02:04.890 align:start position:0% know what you're gonna win the bat 00:02:04.890 --> 00:02:06.350 align:start position:0% know what you're gonna win the bat you're<00:02:05.130> gonna<00:02:05.280> take<00:02:05.490> all<00:02:05.640> of<00:02:05.670> my<00:02:05.909> money<00:02:06.119> and 00:02:06.350 --> 00:02:06.360 align:start position:0% you're gonna take all of my money and 00:02:06.360 --> 00:02:09.859 align:start position:0% you're gonna take all of my money and then<00:02:06.450> I've<00:02:07.320> lost<00:02:07.610> so<00:02:08.610> how<00:02:08.910> does<00:02:08.970> Alice<00:02:09.479> ensure 00:02:09.859 --> 00:02:09.869 align:start position:0% then I've lost so how does Alice ensure 00:02:09.869 --> 00:02:11.479 align:start position:0% then I've lost so how does Alice ensure that<00:02:10.080> she<00:02:10.229> can<00:02:10.379> actually<00:02:10.530> self<00:02:10.920> enforce<00:02:11.340> the 00:02:11.479 --> 00:02:11.489 align:start position:0% that she can actually self enforce the 00:02:11.489 --> 00:02:13.790 align:start position:0% that she can actually self enforce the correct<00:02:11.790> execution<00:02:12.090> of<00:02:12.510> the<00:02:12.599> poker<00:02:12.870> game 00:02:13.790 --> 00:02:13.800 align:start position:0% correct execution of the poker game 00:02:13.800 --> 00:02:16.670 align:start position:0% correct execution of the poker game we<00:02:14.340> use<00:02:14.520> the<00:02:14.820> dispute<00:02:15.240> process<00:02:15.360> and<00:02:16.020> several 00:02:16.670 --> 00:02:16.680 align:start position:0% we use the dispute process and several 00:02:16.680 --> 00:02:18.350 align:start position:0% we use the dispute process and several talks<00:02:16.920> already<00:02:17.100> outlined<00:02:17.670> how<00:02:17.940> dispute 00:02:18.350 --> 00:02:18.360 align:start position:0% talks already outlined how dispute 00:02:18.360 --> 00:02:20.540 align:start position:0% talks already outlined how dispute process<00:02:18.690> works<00:02:18.990> and<00:02:19.500> I'm<00:02:20.010> just<00:02:20.190> gonna<00:02:20.310> go<00:02:20.520> over 00:02:20.540 --> 00:02:20.550 align:start position:0% process works and I'm just gonna go over 00:02:20.550 --> 00:02:22.850 align:start position:0% process works and I'm just gonna go over briefly<00:02:20.760> as<00:02:21.150> well<00:02:21.360> so<00:02:22.200> what<00:02:22.350> we<00:02:22.380> have<00:02:22.680> is 00:02:22.850 --> 00:02:22.860 align:start position:0% briefly as well so what we have is 00:02:22.860 --> 00:02:24.410 align:start position:0% briefly as well so what we have is something<00:02:23.070> called<00:02:23.190> kitsune<00:02:23.760> channels<00:02:24.210> and 00:02:24.410 --> 00:02:24.420 align:start position:0% something called kitsune channels and 00:02:24.420 --> 00:02:25.970 align:start position:0% something called kitsune channels and this<00:02:24.480> would<00:02:24.660> have<00:02:24.750> came<00:02:24.930> out<00:02:25.020> recently<00:02:25.230> and 00:02:25.970 --> 00:02:25.980 align:start position:0% this would have came out recently and 00:02:25.980 --> 00:02:27.680 align:start position:0% this would have came out recently and some<00:02:26.460> people<00:02:26.700> already<00:02:26.910> adopted<00:02:27.150> it<00:02:27.450> which<00:02:27.570> is 00:02:27.680 --> 00:02:27.690 align:start position:0% some people already adopted it which is 00:02:27.690 --> 00:02:29.300 align:start position:0% some people already adopted it which is awesome<00:02:27.870> because<00:02:28.170> it<00:02:28.410> really<00:02:28.590> helps<00:02:28.800> appeaser 00:02:29.300 --> 00:02:29.310 align:start position:0% awesome because it really helps appeaser 00:02:29.310 --> 00:02:31.550 align:start position:0% awesome because it really helps appeaser but<00:02:29.880> it's<00:02:30.000> really<00:02:30.150> straightforward<00:02:30.480> we<00:02:31.470> have 00:02:31.550 --> 00:02:31.560 align:start position:0% but it's really straightforward we have 00:02:31.560 --> 00:02:33.590 align:start position:0% but it's really straightforward we have a<00:02:31.620> dedicated<00:02:31.860> contract<00:02:32.730> just<00:02:33.240> for<00:02:33.480> the 00:02:33.590 --> 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itself does a commitment to it on a state<00:02:48.570> version<00:02:49.080> and<00:02:49.280> during<00:02:50.280> the<00:02:50.370> dispute 00:02:50.570 --> 00:02:50.580 align:start position:0% state version and during the dispute 00:02:50.580 --> 00:02:53.840 align:start position:0% state version and during the dispute process<00:02:51.170> would<00:02:52.170> ever<00:02:52.440> stay<00:02:53.340> at<00:02:53.370> house<00:02:53.700> the 00:02:53.840 --> 00:02:53.850 align:start position:0% process would ever stay at house the 00:02:53.850 --> 00:02:56.000 align:start position:0% process would ever stay at house the largest<00:02:53.970> counter<00:02:54.660> will<00:02:55.290> be<00:02:55.320> considered<00:02:55.920> the 00:02:56.000 --> 00:02:56.010 align:start position:0% largest counter will be considered the 00:02:56.010 --> 00:02:58.520 align:start position:0% largest counter will be considered the most<00:02:56.220> recent<00:02:56.730> and<00:02:56.970> final<00:02:57.570> of<00:02:57.750> qi<00:02:58.140> an<00:02:58.230> agreed 00:02:58.520 --> 00:02:58.530 align:start position:0% most recent and final of qi an agreed 00:02:58.530 --> 00:03:00.860 align:start position:0% most recent and final of qi an agreed state<00:02:58.800> so<00:02:59.670> how<00:02:59.790> does<00:02:59.850> this<00:03:00.030> work<00:03:00.240> in<00:03:00.360> practice 00:03:00.860 --> 00:03:00.870 align:start position:0% state so how does this work in practice 00:03:00.870 --> 00:03:03.680 align:start position:0% state so how does this work in practice so<00:03:01.590> what<00:03:01.710> Ollis<00:03:02.040> will<00:03:02.220> do<00:03:02.400> is<00:03:02.640> that<00:03:03.240> ours<00:03:03.570> will 00:03:03.680 --> 00:03:03.690 align:start position:0% so what Ollis will do is that ours will 00:03:03.690 --> 00:03:05.960 align:start position:0% so what Ollis will do is that ours will create<00:03:03.930> a<00:03:03.990> transaction<00:03:04.760> broadcasted<00:03:05.760> to<00:03:05.850> the 00:03:05.960 --> 00:03:05.970 align:start position:0% create a transaction broadcasted to the 00:03:05.970 --> 00:03:08.810 align:start position:0% create a transaction broadcasted to the network<00:03:06.330> and<00:03:06.570> initiated<00:03:07.470> dispute<00:03:07.860> now<00:03:08.760> the 00:03:08.810 --> 00:03:08.820 align:start position:0% network and initiated dispute now the 00:03:08.820 --> 00:03:11.210 align:start position:0% network and initiated dispute now the smart<00:03:09.180> contract<00:03:09.390> will<00:03:09.780> say<00:03:09.930> okay<00:03:10.350> there<00:03:11.070> is 00:03:11.210 --> 00:03:11.220 align:start position:0% smart contract will say okay there is 00:03:11.220 --> 00:03:13.820 align:start position:0% smart contract will say okay there is now<00:03:11.370> a<00:03:11.400> fixed<00:03:11.910> time<00:03:12.180> period<00:03:12.230> for<00:03:13.230> everyone<00:03:13.650> to 00:03:13.820 --> 00:03:13.830 align:start position:0% now a fixed time period for everyone to 00:03:13.830 --> 00:03:16.550 align:start position:0% now a fixed time period for everyone to respond<00:03:14.310> with<00:03:15.000> their<00:03:15.270> latest<00:03:15.690> of<00:03:15.840> Chian<00:03:16.320> state 00:03:16.550 --> 00:03:16.560 align:start position:0% respond with their latest of Chian state 00:03:16.560 --> 00:03:18.980 align:start position:0% respond with their latest of Chian state that<00:03:16.770> they<00:03:16.890> are<00:03:17.100> aware<00:03:17.490> of<00:03:17.550> so<00:03:18.450> of<00:03:18.570> course<00:03:18.720> all 00:03:18.980 --> 00:03:18.990 align:start position:0% that they are aware of so of course all 00:03:18.990 --> 00:03:21.260 align:start position:0% that they are aware of so of course all is<00:03:19.170> its<00:03:19.320> gonna<00:03:19.500> broadcast<00:03:19.800> the<00:03:20.760> state<00:03:21.030> of<00:03:21.150> the 00:03:21.260 --> 00:03:21.270 align:start position:0% is its gonna broadcast the state of the 00:03:21.270 --> 00:03:23.690 align:start position:0% is its gonna broadcast the state of the game<00:03:21.420> where<00:03:21.930> she's<00:03:22.170> just<00:03:22.560> about<00:03:22.770> the<00:03:22.980> win<00:03:23.130> and 00:03:23.690 --> 00:03:23.700 align:start position:0% game where she's just about the win and 00:03:23.700 --> 00:03:25.520 align:start position:0% game where she's just about the win and because<00:03:24.180> this<00:03:24.300> is<00:03:24.570> the<00:03:24.750> most<00:03:24.870> recent<00:03:25.260> state<00:03:25.410> of 00:03:25.520 --> 00:03:25.530 align:start position:0% because this is the most recent state of 00:03:25.530 --> 00:03:27.290 align:start position:0% because this is the most recent state of the<00:03:25.620> game<00:03:25.800> this<00:03:26.700> should<00:03:26.880> have<00:03:27.030> the<00:03:27.120> has 00:03:27.290 --> 00:03:27.300 align:start position:0% the game this should have the has 00:03:27.300 --> 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the<00:03:35.670> dispute<00:03:35.810> so<00:03:36.810> what<00:03:36.959> the<00:03:37.050> smart 00:03:37.220 --> 00:03:37.230 align:start position:0% settle the dispute so what the smart 00:03:37.230 --> 00:03:40.010 align:start position:0% settle the dispute so what the smart contract<00:03:37.470> will<00:03:37.860> do<00:03:38.040> is<00:03:38.250> basically<00:03:38.790> say<00:03:39.330> what 00:03:40.010 --> 00:03:40.020 align:start position:0% contract will do is basically say what 00:03:40.020 --> 00:03:41.810 align:start position:0% contract will do is basically say what was<00:03:40.230> the<00:03:40.440> state<00:03:40.680> I<00:03:40.800> received<00:03:41.250> with<00:03:41.670> the 00:03:41.810 --> 00:03:41.820 align:start position:0% was the state I received with the 00:03:41.820 --> 00:03:44.600 align:start position:0% was the state I received with the largest<00:03:42.209> counter<00:03:42.770> that<00:03:43.770> is<00:03:43.920> the<00:03:44.070> final<00:03:44.400> state 00:03:44.600 --> 00:03:44.610 align:start position:0% largest counter that is the final state 00:03:44.610 --> 00:03:46.490 align:start position:0% largest counter that is the final state that<00:03:44.790> people<00:03:44.880> agreed<00:03:45.300> off<00:03:45.450> chiyan<00:03:45.780> and<00:03:46.320> that's 00:03:46.490 --> 00:03:46.500 align:start position:0% that people agreed off chiyan and that's 00:03:46.500 --> 00:03:48.500 align:start position:0% that people agreed off chiyan and that's all<00:03:46.740> our<00:03:46.950> dispute<00:03:47.310> process<00:03:47.430> cares<00:03:47.970> about<00:03:48.270> in 00:03:48.500 --> 00:03:48.510 align:start position:0% all our dispute process cares about in 00:03:48.510 --> 00:03:50.780 align:start position:0% all our dispute process cares about in this<00:03:48.930> state<00:03:49.140> channel<00:03:49.530> so<00:03:50.190> what's<00:03:50.340> really<00:03:50.520> nice 00:03:50.780 --> 00:03:50.790 align:start position:0% this state channel so what's really nice 00:03:50.790 --> 00:03:52.640 align:start position:0% this state channel so what's really nice then<00:03:51.060> is<00:03:51.209> that<00:03:51.330> Alice<00:03:51.720> can<00:03:51.900> deploy<00:03:52.260> the<00:03:52.440> poker 00:03:52.640 --> 00:03:52.650 align:start position:0% then is that Alice can deploy the poker 00:03:52.650 --> 00:03:54.800 align:start position:0% then is that Alice can deploy the poker game<00:03:53.010> so<00:03:53.760> you<00:03:53.820> can<00:03:53.940> then<00:03:54.060> deploy<00:03:54.240> the<00:03:54.570> food 00:03:54.800 --> 00:03:54.810 align:start position:0% game so you can then deploy the food 00:03:54.810 --> 00:03:57.830 align:start position:0% game so you can then deploy the food game<00:03:55.170> state<00:03:55.470> as<00:03:55.620> well<00:03:55.860> and<00:03:56.190> then<00:03:56.970> the<00:03:57.090> up<00:03:57.300> we'll 00:03:57.830 --> 00:03:57.840 align:start position:0% game state as well and then the up we'll 00:03:57.840 --> 00:03:59.840 align:start position:0% game state as well and then the up we'll look<00:03:57.990> at<00:03:58.140> the<00:03:58.230> steer<00:03:58.440> channel<00:03:58.860> grab<00:03:59.430> the<00:03:59.610> harsh 00:03:59.840 --> 00:03:59.850 align:start position:0% look at the steer channel grab the harsh 00:03:59.850 --> 00:04:02.660 align:start position:0% look at the steer channel grab the harsh compare<00:04:00.750> them<00:04:00.930> and<00:04:01.020> say<00:04:01.200> yep<00:04:01.470> that<00:04:02.160> was<00:04:02.340> indeed 00:04:02.660 --> 00:04:02.670 align:start position:0% compare them and say yep that was indeed 00:04:02.670 --> 00:04:04.820 align:start position:0% compare them and say yep that was indeed the<00:04:02.790> game<00:04:03.000> state<00:04:03.330> that<00:04:03.570> we<00:04:03.660> agreed<00:04:04.020> so<00:04:04.650> that's 00:04:04.820 --> 00:04:04.830 align:start position:0% the game state that we agreed so that's 00:04:04.830 --> 00:04:06.410 align:start position:0% the game state that we agreed so that's pretty<00:04:05.040> much<00:04:05.220> how<00:04:05.400> consumer<00:04:05.820> would<00:04:05.940> work<00:04:06.120> and 00:04:06.410 --> 00:04:06.420 align:start position:0% pretty much how consumer would work and 00:04:06.420 --> 00:04:07.760 align:start position:0% pretty much how consumer would work and that's<00:04:06.690> a<00:04:06.780> really<00:04:06.990> good<00:04:07.140> way<00:04:07.290> to<00:04:07.350> think<00:04:07.470> about 00:04:07.760 --> 00:04:07.770 align:start position:0% that's a really good way to think about 00:04:07.770 --> 00:04:11.479 align:start position:0% that's a really good way to think about the<00:04:08.040> speed<00:04:08.250> processes<00:04:09.170> so<00:04:10.170> the<00:04:10.890> promise<00:04:11.310> tier 00:04:11.479 --> 00:04:11.489 align:start position:0% the speed processes so the promise tier 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this to work both parties<00:04:18.930> have<00:04:19.080> the<00:04:19.200> MIT<00:04:19.350> roomie<00:04:19.590> and<00:04:19.709> online 00:04:20.240 --> 00:04:20.250 align:start position:0% parties have the MIT roomie and online 00:04:20.250 --> 00:04:22.250 align:start position:0% parties have the MIT roomie and online I'm<00:04:20.549> fully<00:04:21.030> synchronized<00:04:21.570> of<00:04:21.810> the<00:04:21.900> network 00:04:22.250 --> 00:04:22.260 align:start position:0% I'm fully synchronized of the network 00:04:22.260 --> 00:04:24.200 align:start position:0% I'm fully synchronized of the network they<00:04:22.860> have<00:04:22.950> the<00:04:23.070> wats<00:04:23.280> out<00:04:23.490> for<00:04:23.669> disputes<00:04:24.060> that 00:04:24.200 --> 00:04:24.210 align:start position:0% they have the wats out for disputes that 00:04:24.210 --> 00:04:26.810 align:start position:0% they have the wats out for disputes that may<00:04:24.360> occur<00:04:24.720> so<00:04:25.680> while<00:04:26.040> kuttappan<00:04:26.550> is<00:04:26.669> that 00:04:26.810 --> 00:04:26.820 align:start position:0% may occur so while kuttappan is that 00:04:26.820 --> 00:04:27.530 align:start position:0% may occur so while kuttappan is that alice<00:04:27.180> wins<00:04:27.360> the 00:04:27.530 --> 00:04:27.540 align:start position:0% alice wins the 00:04:27.540 --> 00:04:29.540 align:start position:0% alice wins the poker<00:04:27.690> game<00:04:28.230> you<00:04:28.770> knows<00:04:28.950> he's<00:04:29.160> really<00:04:29.370> wealthy 00:04:29.540 --> 00:04:29.550 align:start position:0% poker game you knows he's really wealthy 00:04:29.550 --> 00:04:31.670 align:start position:0% poker game you knows he's really wealthy now<00:04:29.880> maybe<00:04:30.120> she<00:04:30.300> can<00:04:30.420> go<00:04:30.510> buy<00:04:30.690> a<00:04:30.720> Lambo<00:04:31.170> and 00:04:31.670 --> 00:04:31.680 align:start position:0% now maybe she can go buy a Lambo and 00:04:31.680 --> 00:04:33.890 align:start position:0% now maybe she can go buy a Lambo and then<00:04:32.010> she<00:04:32.190> just<00:04:32.370> goes<00:04:32.520> to<00:04:32.700> sleep<00:04:32.850> he<00:04:33.300> knows 00:04:33.890 --> 00:04:33.900 align:start position:0% then she just goes to sleep he knows 00:04:33.900 --> 00:04:35.540 align:start position:0% then she just goes to sleep he knows he's<00:04:34.110> gonna<00:04:34.260> sleep<00:04:34.590> and<00:04:34.890> maybe<00:04:35.040> play<00:04:35.310> more 00:04:35.540 --> 00:04:35.550 align:start position:0% he's gonna sleep and maybe play more 00:04:35.550 --> 00:04:36.980 align:start position:0% he's gonna sleep and maybe play more poker<00:04:35.790> tomorrow<00:04:36.210> with<00:04:36.420> Bob<00:04:36.630> and<00:04:36.810> the<00:04:36.870> other 00:04:36.980 --> 00:04:36.990 align:start position:0% poker tomorrow with Bob and the other 00:04:36.990 --> 00:04:39.200 align:start position:0% poker tomorrow with Bob and the other and<00:04:37.170> the<00:04:37.260> rest<00:04:37.440> of<00:04:37.560> the<00:04:37.650> gang<00:04:37.860> so<00:04:38.850> while<00:04:39.000> all 00:04:39.200 --> 00:04:39.210 align:start position:0% and the rest of the gang so while all 00:04:39.210 --> 00:04:41.330 align:start position:0% and the rest of the gang so while all this<00:04:39.300> is<00:04:39.360> asleep<00:04:39.720> Bob<00:04:40.680> and<00:04:40.950> the<00:04:41.040> remaining 00:04:41.330 --> 00:04:41.340 align:start position:0% this is asleep Bob and the remaining 00:04:41.340 --> 00:04:42.860 align:start position:0% this is asleep Bob and the remaining people<00:04:41.610> in<00:04:41.820> the<00:04:41.910> state<00:04:42.090> channel<00:04:42.510> because 00:04:42.860 --> 00:04:42.870 align:start position:0% people in the state channel because 00:04:42.870 --> 00:04:44.180 align:start position:0% people in the state channel because they're<00:04:42.990> coupie<00:04:43.260> and<00:04:43.440> parties<00:04:43.920> there<00:04:44.070> could 00:04:44.180 --> 00:04:44.190 align:start position:0% they're coupie and parties there could 00:04:44.190 --> 00:04:46.310 align:start position:0% they're coupie and parties there could be<00:04:44.220> five<00:04:44.490> people<00:04:44.730> in<00:04:44.970> this<00:04:45.090> da<00:04:45.300> Channel<00:04:45.690> they 00:04:46.310 --> 00:04:46.320 align:start position:0% be five people in this da Channel they 00:04:46.320 --> 00:04:48.560 align:start position:0% be five people in this da Channel they all<00:04:46.440> collude<00:04:46.860> they<00:04:47.610> say<00:04:47.820> well<00:04:47.970> let's<00:04:48.150> just<00:04:48.420> be 00:04:48.560 --> 00:04:48.570 align:start position:0% all collude they say well let's just be 00:04:48.570 --> 00:04:50.210 align:start position:0% all collude they say well let's just be there's<00:04:48.750> a<00:04:48.810> poker<00:04:49.050> analysis<00:04:49.680> taking<00:04:49.860> MOOCs<00:04:50.100> of 00:04:50.210 --> 00:04:50.220 align:start position:0% there's a poker analysis taking MOOCs of 00:04:50.220 --> 00:04:53.420 align:start position:0% there's a poker analysis taking MOOCs of our<00:04:50.340> money<00:04:50.520> why<00:04:51.480> don't<00:04:51.540> we<00:04:51.750> get<00:04:51.900> that<00:04:51.960> back<00:04:52.430> why 00:04:53.420 --> 00:04:53.430 align:start position:0% our money why don't we get that back why 00:04:53.430 --> 00:04:56.000 align:start position:0% our money why don't we get that back why don't<00:04:53.640> we<00:04:53.700> trigger<00:04:54.060> a<00:04:54.150> dispute<00:04:54.860> broadcast<00:04:55.860> an 00:04:56.000 --> 00:04:56.010 align:start position:0% don't we trigger a dispute broadcast an 00:04:56.010 --> 00:04:58.010 align:start position:0% don't we trigger a dispute broadcast an earlier<00:04:56.400> state<00:04:56.670> of<00:04:56.790> the<00:04:56.880> game<00:04:57.030> when<00:04:57.720> in<00:04:57.870> fact 00:04:58.010 --> 00:04:58.020 align:start position:0% earlier state of the game when in fact 00:04:58.020 --> 00:05:00.710 align:start position:0% earlier state of the game when in fact the<00:04:58.200> game<00:04:58.350> hasn't<00:04:58.590> even<00:04:58.740> started<00:04:58.920> yet<00:04:59.720> resolve 00:05:00.710 --> 00:05:00.720 align:start position:0% the game hasn't even started yet resolve 00:05:00.720 --> 00:05:02.740 align:start position:0% the game hasn't even started yet resolve the<00:05:00.870> dispute<00:05:01.290> and<00:05:01.440> then<00:05:01.740> get<00:05:01.980> our<00:05:02.100> coins<00:05:02.370> out 00:05:02.740 --> 00:05:02.750 align:start position:0% the dispute and then get our coins out 00:05:02.750 --> 00:05:06.290 align:start position:0% the dispute and then get our coins out so<00:05:03.750> that's<00:05:03.930> what<00:05:04.080> they<00:05:04.260> could<00:05:04.440> do<00:05:04.820> so<00:05:05.820> Bob 00:05:06.290 --> 00:05:06.300 align:start position:0% so that's what they could do so Bob 00:05:06.300 --> 00:05:09.740 align:start position:0% so that's what they could do so Bob could<00:05:06.510> you<00:05:06.540> know<00:05:06.900> trigger<00:05:07.290> the<00:05:07.470> dispute<00:05:08.750> sand 00:05:09.740 --> 00:05:09.750 align:start position:0% could you know trigger the dispute sand 00:05:09.750 --> 00:05:12.200 align:start position:0% could you know trigger the dispute sand the<00:05:09.900> older<00:05:10.110> qiyam<00:05:10.410> state<00:05:10.710> and<00:05:11.070> then<00:05:11.880> over<00:05:12.120> the 00:05:12.200 --> 00:05:12.210 align:start position:0% the older qiyam state and then over the 00:05:12.210 --> 00:05:14.900 align:start position:0% the older qiyam state and then over the block<00:05:12.420> just<00:05:12.600> takes<00:05:12.840> away<00:05:13.110> and<00:05:13.410> takes<00:05:14.250> away<00:05:14.430> and 00:05:14.900 --> 00:05:14.910 align:start position:0% block just takes away and takes away and 00:05:14.910 --> 00:05:18.050 align:start position:0% block just takes away and takes away and of<00:05:15.750> course<00:05:16.020> if<00:05:16.140> Bob<00:05:16.350> is<00:05:16.380> successful<00:05:17.190> he<00:05:17.880> could 00:05:18.050 --> 00:05:18.060 align:start position:0% of course if Bob is successful he could 00:05:18.060 --> 00:05:20.060 align:start position:0% of course if Bob is successful he could then<00:05:18.180> deploy<00:05:18.480> the<00:05:18.630> poker<00:05:18.840> game<00:05:19.140> and<00:05:19.410> simply 00:05:20.060 --> 00:05:20.070 align:start position:0% then deploy the poker game and simply 00:05:20.070 --> 00:05:22.610 align:start position:0% then deploy the poker game and simply withdraw<00:05:20.220> his<00:05:20.670> coins<00:05:20.970> from<00:05:21.240> the<00:05:21.330> channel<00:05:21.690> now 00:05:22.610 --> 00:05:22.620 align:start position:0% withdraw his coins from the channel now 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align:start position:0% to cheat me and then broadcast the latest<00:05:30.180> state<00:05:30.330> of<00:05:30.420> the<00:05:30.510> game<00:05:30.660> where<00:05:31.320> she<00:05:31.590> in 00:05:31.670 --> 00:05:31.680 align:start position:0% latest state of the game where she in 00:05:31.680 --> 00:05:34.190 align:start position:0% latest state of the game where she in fact<00:05:31.950> had<00:05:32.250> you<00:05:32.460> know<00:05:32.610> won<00:05:33.120> the<00:05:33.270> poker<00:05:33.480> game<00:05:33.780> and 00:05:34.190 --> 00:05:34.200 align:start position:0% fact had you know won the poker game and 00:05:34.200 --> 00:05:36.050 align:start position:0% fact had you know won the poker game and that's<00:05:34.500> really<00:05:34.800> important<00:05:35.340> because<00:05:35.850> the 00:05:36.050 --> 00:05:36.060 align:start position:0% that's really important because the 00:05:36.060 --> 00:05:37.400 align:start position:0% that's really important because the problem<00:05:36.450> here<00:05:36.720> is<00:05:36.840> that<00:05:36.870> there<00:05:37.140> could<00:05:37.260> be<00:05:37.320> an 00:05:37.400 --> 00:05:37.410 align:start position:0% problem here is that there could be an 00:05:37.410 --> 00:05:40.250 align:start position:0% problem here is that there could be an execution<00:05:38.070> fork<00:05:38.430> so<00:05:39.420> whatever<00:05:39.660> the<00:05:39.990> parties 00:05:40.250 --> 00:05:40.260 align:start position:0% execution fork so whatever the parties 00:05:40.260 --> 00:05:42.770 align:start position:0% execution fork so whatever the parties agreed<00:05:40.560> off<00:05:40.710> chin<00:05:41.040> while<00:05:41.850> it's<00:05:42.060> final<00:05:42.570> if 00:05:42.770 --> 00:05:42.780 align:start position:0% agreed off chin while it's final if 00:05:42.780 --> 00:05:45.050 align:start position:0% agreed off chin while it's final if they're<00:05:43.050> online<00:05:43.200> that<00:05:44.190> execution<00:05:44.640> could<00:05:44.880> get 00:05:45.050 --> 00:05:45.060 align:start position:0% they're online that execution could get 00:05:45.060 --> 00:05:47.420 align:start position:0% they're online that execution could get reversed<00:05:45.450> if<00:05:45.750> one<00:05:46.620> party<00:05:46.950> goes<00:05:47.130> offline 00:05:47.420 --> 00:05:47.430 align:start position:0% reversed if one party goes offline 00:05:47.430 --> 00:05:49.490 align:start position:0% reversed if one party goes offline because<00:05:48.390> the<00:05:48.510> blockchain<00:05:48.720> you<00:05:49.050> know<00:05:49.140> trumps 00:05:49.490 --> 00:05:49.500 align:start position:0% because the blockchain you know trumps 00:05:49.500 --> 00:05:53.570 align:start position:0% because the blockchain you know trumps everything<00:05:50.960> so<00:05:51.960> this<00:05:52.200> isn't<00:05:52.410> grid<00:05:52.680> I<00:05:52.980> mean<00:05:53.520> we 00:05:53.570 --> 00:05:53.580 align:start position:0% everything so this isn't grid I mean we 00:05:53.580 --> 00:05:55.100 align:start position:0% everything so this isn't grid I mean we have<00:05:53.700> these<00:05:53.820> payment<00:05:54.240> network<00:05:54.570> state<00:05:54.780> channel 00:05:55.100 --> 00:05:55.110 align:start position:0% have these payment network state channel 00:05:55.110 --> 00:05:57.170 align:start position:0% have these payment network state channel networks<00:05:55.530> but<00:05:56.130> now<00:05:56.250> it<00:05:56.370> relies<00:05:56.640> in<00:05:56.670> every<00:05:57.030> one 00:05:57.170 --> 00:05:57.180 align:start position:0% networks but now it relies in every one 00:05:57.180 --> 00:05:59.210 align:start position:0% networks but now it relies in every one be<00:05:57.270> an<00:05:57.360> online<00:05:57.870> and<00:05:58.170> fully<00:05:58.500> synchronized<00:05:58.980> with 00:05:59.210 --> 00:05:59.220 align:start position:0% be an online and fully synchronized with 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money's<00:06:04.710> a<00:06:04.740> fully<00:06:05.010> synchronized<00:06:05.160> gift<00:06:05.730> here<00:06:06.000> I 00:06:06.140 --> 00:06:06.150 align:start position:0% money's a fully synchronized gift here I 00:06:06.150 --> 00:06:08.810 align:start position:0% money's a fully synchronized gift here I got<00:06:06.630> like<00:06:06.750> one<00:06:06.780> two<00:06:07.290> three<00:06:07.320> hands<00:06:08.070> that's<00:06:08.700> what 00:06:08.810 --> 00:06:08.820 align:start position:0% got like one two three hands that's what 00:06:08.820 --> 00:06:09.860 align:start position:0% got like one two three hands that's what you're<00:06:08.940> all<00:06:09.000> up<00:06:09.150> against<00:06:09.540> if<00:06:09.630> you're<00:06:09.750> gonna 00:06:09.860 --> 00:06:09.870 align:start position:0% you're all up against if you're gonna 00:06:09.870 --> 00:06:10.790 align:start position:0% you're all up against if you're gonna use<00:06:10.020> tear<00:06:10.260> channels 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alleviate this new security<00:06:17.910> requirement<00:06:18.420> a<00:06:18.480> bit<00:06:18.660> I<00:06:18.930> mean<00:06:19.560> we 00:06:19.670 --> 00:06:19.680 align:start position:0% security requirement a bit I mean we 00:06:19.680 --> 00:06:21.710 align:start position:0% security requirement a bit I mean we can't<00:06:19.890> get<00:06:19.980> rid<00:06:20.040> of<00:06:20.250> it<00:06:20.460> but<00:06:21.240> we<00:06:21.330> can<00:06:21.360> alleviate 00:06:21.710 --> 00:06:21.720 align:start position:0% can't get rid of it but we can alleviate 00:06:21.720 --> 00:06:24.200 align:start position:0% can't get rid of it but we can alleviate it<00:06:22.170> so<00:06:22.560> this<00:06:22.680> is<00:06:22.740> where<00:06:22.920> Pisa<00:06:23.190> comes<00:06:23.520> in<00:06:23.700> and<00:06:24.180> I 00:06:24.200 --> 00:06:24.210 align:start position:0% it so this is where Pisa comes in and I 00:06:24.210 --> 00:06:25.580 align:start position:0% it so this is where Pisa comes in and I know<00:06:24.270> the<00:06:24.510> peas<00:06:24.720> is<00:06:24.900> like<00:06:25.020> a<00:06:25.110> leaning<00:06:25.410> tower 00:06:25.580 --> 00:06:25.590 align:start position:0% know the peas is like a leaning tower 00:06:25.590 --> 00:06:27.950 align:start position:0% know the peas is like a leaning tower and<00:06:25.950> it's<00:06:26.370> leaning<00:06:26.550> the<00:06:26.760> wrong<00:06:26.790> direction<00:06:27.120> but 00:06:27.950 --> 00:06:27.960 align:start position:0% and it's leaning the wrong direction but 00:06:27.960 --> 00:06:29.540 align:start position:0% and it's leaning the wrong direction but it's<00:06:28.110> going<00:06:28.260> to<00:06:28.320> go<00:06:28.410> to<00:06:28.470> the<00:06:28.590> moon<00:06:28.770> you<00:06:29.010> know 00:06:29.540 --> 00:06:29.550 align:start position:0% it's going to go to the moon you know 00:06:29.550 --> 00:06:30.710 align:start position:0% it's going to go to the moon you know that's<00:06:29.850> the<00:06:29.970> jerk<00:06:30.150> I'm<00:06:30.270> trying<00:06:30.450> to<00:06:30.510> make<00:06:30.600> with 00:06:30.710 --> 00:06:30.720 align:start position:0% that's the jerk I'm trying to make with 00:06:30.720 --> 00:06:33.020 align:start position:0% that's the jerk I'm trying to make with it<00:06:30.840> anyway<00:06:31.310> that's<00:06:32.310> why<00:06:32.430> as<00:06:32.490> a<00:06:32.550> leaning<00:06:32.850> tower 00:06:33.020 --> 00:06:33.030 align:start position:0% it anyway that's why as a leaning tower 00:06:33.030 --> 00:06:36.740 align:start position:0% it anyway that's why as a leaning tower but<00:06:34.160> yeah<00:06:35.160> the<00:06:35.280> motivation<00:06:35.820> behind<00:06:35.940> Pisa<00:06:36.390> is 00:06:36.740 --> 00:06:36.750 align:start position:0% but yeah the motivation behind Pisa is 00:06:36.750 --> 00:06:38.870 align:start position:0% but yeah the motivation behind Pisa is that<00:06:36.960> we<00:06:37.080> want<00:06:37.290> to<00:06:37.380> hire<00:06:37.650> on<00:06:37.980> a<00:06:38.040> countable 00:06:38.870 --> 00:06:38.880 align:start position:0% that we want to hire on a countable 00:06:38.880 --> 00:06:41.180 align:start position:0% that we want to hire on a countable third<00:06:39.360> party<00:06:39.780> to<00:06:40.260> watch<00:06:40.440> the<00:06:40.650> channel<00:06:40.860> in<00:06:41.070> our 00:06:41.180 --> 00:06:41.190 align:start position:0% third party to watch the channel in our 00:06:41.190 --> 00:06:43.400 align:start position:0% third party to watch the channel in our behalf<00:06:41.460> so<00:06:42.330> has<00:06:42.510> some<00:06:42.690> different<00:06:42.990> properties 00:06:43.400 --> 00:06:43.410 align:start position:0% behalf so has some different properties 00:06:43.410 --> 00:06:46.460 align:start position:0% behalf so has some different properties so<00:06:44.190> first<00:06:44.460> we<00:06:44.580> get<00:06:44.730> Stier<00:06:44.970> privacy<00:06:45.510> so<00:06:46.320> if<00:06:46.410> I 00:06:46.460 --> 00:06:46.470 align:start position:0% so first we get Stier privacy so if I 00:06:46.470 --> 00:06:48.710 align:start position:0% so first we get Stier privacy so if I hire<00:06:46.740> this<00:06:46.980> third<00:06:47.250> party<00:06:47.640> this<00:06:48.150> third<00:06:48.419> party 00:06:48.710 --> 00:06:48.720 align:start position:0% hire this third party this third party 00:06:48.720 --> 00:06:50.600 align:start position:0% hire this third party this third party doesn't<00:06:48.930> actually<00:06:49.169> understand<00:06:49.740> my<00:06:49.830> stint<00:06:50.100> all 00:06:50.600 --> 00:06:50.610 align:start position:0% doesn't actually understand my stint all 00:06:50.610 --> 00:06:53.480 align:start position:0% doesn't actually understand my stint all they<00:06:50.910> receive<00:06:51.240> is<00:06:51.360> a<00:06:51.390> hush<00:06:51.830> the<00:06:52.830> second<00:06:53.250> aspect 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party and at the 00:07:00.660 --> 00:07:02.960 align:start position:0% I've hired the third party and at the same<00:07:00.840> time<00:07:01.169> the<00:07:01.830> third<00:07:02.100> party<00:07:02.400> always<00:07:02.580> wants 00:07:02.960 --> 00:07:02.970 align:start position:0% same time the third party always wants 00:07:02.970 --> 00:07:05.510 align:start position:0% same time the third party always wants to<00:07:03.030> get<00:07:03.210> paired<00:07:03.510> when<00:07:04.350> they<00:07:04.500> agree<00:07:04.890> to<00:07:05.190> you 00:07:05.510 --> 00:07:05.520 align:start position:0% to get paired when they agree to you 00:07:05.520 --> 00:07:06.950 align:start position:0% to get paired when they agree to you know<00:07:05.610> the<00:07:05.730> resolve<00:07:06.060> disputes<00:07:06.210> of<00:07:06.540> my<00:07:06.660> behalf 00:07:06.950 --> 00:07:06.960 align:start position:0% know the resolve disputes of my behalf 00:07:06.960 --> 00:07:08.450 align:start position:0% know the resolve disputes of my behalf so<00:07:07.680> it<00:07:07.740> needs<00:07:07.890> to<00:07:07.919> be<00:07:07.980> a<00:07:08.040> fair<00:07:08.280> exchange 00:07:08.450 --> 00:07:08.460 align:start position:0% so it needs to be a fair exchange 00:07:08.460 --> 00:07:10.760 align:start position:0% so it needs to be a fair exchange protocol<00:07:09.150> there<00:07:09.360> the<00:07:10.110> third<00:07:10.350> part<00:07:10.680> is 00:07:10.760 --> 00:07:10.770 align:start position:0% protocol there the third part is 00:07:10.770 --> 00:07:12.770 align:start position:0% protocol there the third part is actually<00:07:10.950> order<00:07:11.340> one<00:07:11.520> storage<00:07:11.880> so<00:07:12.630> what's 00:07:12.770 --> 00:07:12.780 align:start position:0% actually order one storage so what's 00:07:12.780 --> 00:07:14.420 align:start position:0% actually order one storage so what's really<00:07:12.990> beautiful<00:07:13.140> about<00:07:13.470> this<00:07:13.770> protocol<00:07:14.250> is 00:07:14.420 --> 00:07:14.430 align:start position:0% really beautiful about this protocol is 00:07:14.430 --> 00:07:17.360 align:start position:0% really beautiful about this protocol is that<00:07:14.640> as<00:07:14.880> a<00:07:15.360> customer<00:07:15.990> if<00:07:16.530> I<00:07:16.620> hire<00:07:16.860> this<00:07:17.100> third 00:07:17.360 --> 00:07:17.370 align:start position:0% that as a customer if I hire this third 00:07:17.370 --> 00:07:20.000 align:start position:0% that as a customer if I hire this third party<00:07:17.760> and<00:07:17.970> I<00:07:18.090> give<00:07:18.300> him<00:07:18.390> 1,000<00:07:18.990> jobs<00:07:19.169> they 00:07:20.000 --> 00:07:20.010 align:start position:0% party and I give him 1,000 jobs they 00:07:20.010 --> 00:07:21.409 align:start position:0% party and I give him 1,000 jobs they only<00:07:20.130> have<00:07:20.250> the<00:07:20.370> store<00:07:20.580> the<00:07:20.700> latest<00:07:21.060> job<00:07:21.270> they 00:07:21.409 --> 00:07:21.419 align:start position:0% only have the store the latest job they 00:07:21.419 --> 00:07:23.480 align:start position:0% only have the store the latest job they received<00:07:21.780> for<00:07:22.020> me<00:07:22.140> they<00:07:22.919> don't<00:07:23.100> need<00:07:23.190> to<00:07:23.310> store 00:07:23.480 --> 00:07:23.490 align:start position:0% received for me they don't need to store 00:07:23.490 --> 00:07:25.880 align:start position:0% received for me they don't need to store all<00:07:23.610> 1,000<00:07:24.180> jobs<00:07:24.360> so<00:07:25.050> relate<00:07:25.290> 10,000 00:07:25.880 --> 00:07:25.890 align:start position:0% all 1,000 jobs so relate 10,000 00:07:25.890 --> 00:07:27.440 align:start position:0% all 1,000 jobs so relate 10,000 customers<00:07:26.340> were<00:07:26.700> actually<00:07:27.090> looking<00:07:27.180> at<00:07:27.390> a 00:07:27.440 --> 00:07:27.450 align:start position:0% customers were actually looking at a 00:07:27.450 --> 00:07:28.970 align:start position:0% customers were actually looking at a couple<00:07:27.600> of<00:07:27.720> megabytes<00:07:27.990> for<00:07:28.169> four<00:07:28.380> stories<00:07:28.740> for 00:07:28.970 --> 00:07:28.980 align:start position:0% couple of megabytes for four stories for 00:07:28.980 --> 00:07:31.880 align:start position:0% couple of megabytes for four stories for the<00:07:29.040> PISA<00:07:29.310> tower<00:07:29.550> and<00:07:30.050> finally<00:07:31.050> recourse<00:07:31.620> as<00:07:31.830> a 00:07:31.880 --> 00:07:31.890 align:start position:0% the PISA tower and finally recourse as a 00:07:31.890 --> 00:07:34.370 align:start position:0% the PISA tower and finally recourse as a friend<00:07:32.220> also<00:07:32.340> deterrent<00:07:32.970> so<00:07:33.750> piece<00:07:34.020> of<00:07:34.200> those 00:07:34.370 --> 00:07:34.380 align:start position:0% friend also deterrent so piece of those 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do something<00:07:40.770> about<00:07:40.860> that<00:07:41.010> and<00:07:41.520> financial 00:07:42.350 --> 00:07:42.360 align:start position:0% something about that and financial 00:07:42.360 --> 00:07:44.270 align:start position:0% something about that and financial financially<00:07:42.840> penalized<00:07:43.050> the<00:07:43.530> tower<00:07:43.740> for 00:07:44.270 --> 00:07:44.280 align:start position:0% financially penalized the tower for 00:07:44.280 --> 00:07:46.400 align:start position:0% financially penalized the tower for cheating<00:07:44.700> so<00:07:45.419> that's<00:07:45.540> the<00:07:45.630> idea<00:07:45.720> behind<00:07:45.930> Pisa 00:07:46.400 --> 00:07:46.410 align:start position:0% cheating so that's the idea behind Pisa 00:07:46.410 --> 00:07:49.340 align:start position:0% cheating so that's the idea behind Pisa let's<00:07:47.070> go<00:07:47.250> into<00:07:47.550> a<00:07:47.610> step<00:07:47.820> by<00:07:47.970> step<00:07:48.240> so<00:07:48.990> first<00:07:49.200> we 00:07:49.340 --> 00:07:49.350 align:start position:0% let's go into a step by step so first we 00:07:49.350 --> 00:07:51.590 align:start position:0% let's go into a step by step so first we have<00:07:49.440> two<00:07:49.650> components<00:07:50.220> we<00:07:51.210> have<00:07:51.240> this<00:07:51.450> dear 00:07:51.590 --> 00:07:51.600 align:start position:0% have two components we have this dear 00:07:51.600 --> 00:07:53.810 align:start position:0% have two components we have this dear cello<00:07:51.870> contract<00:07:52.410> that<00:07:53.160> as<00:07:53.310> I<00:07:53.460> mentioned 00:07:53.810 --> 00:07:53.820 align:start position:0% cello contract that as I mentioned 00:07:53.820 --> 00:07:56.590 align:start position:0% cello contract that as I mentioned already<00:07:53.910> it<00:07:54.390> only<00:07:55.050> cares<00:07:55.440> about<00:07:55.530> hashes 00:07:56.590 --> 00:07:56.600 align:start position:0% already it only cares about hashes 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00:08:05.160 align:start position:0% it's a compatible with most applications 00:08:05.160 --> 00:08:06.560 align:start position:0% it's a compatible with most applications you<00:08:05.250> can<00:08:05.370> think<00:08:05.550> about<00:08:05.669> forced<00:08:06.030> air<00:08:06.120> channels 00:08:06.560 --> 00:08:06.570 align:start position:0% you can think about forced air channels 00:08:06.570 --> 00:08:09.350 align:start position:0% you can think about forced air channels then<00:08:07.440> the<00:08:07.590> second<00:08:07.980> contract<00:08:08.310> is<00:08:08.640> the<00:08:09.120> PISA 00:08:09.350 --> 00:08:09.360 align:start position:0% then the second contract is the PISA 00:08:09.360 --> 00:08:11.480 align:start position:0% then the second contract is the PISA contract<00:08:09.960> itself<00:08:10.290> and<00:08:10.650> this<00:08:11.100> really<00:08:11.340> only 00:08:11.480 --> 00:08:11.490 align:start position:0% contract itself and this really only 00:08:11.490 --> 00:08:13.880 align:start position:0% contract itself and this really only does<00:08:11.700> two<00:08:11.970> things<00:08:12.000> conceptually<00:08:12.840> one<00:08:13.680> is 00:08:13.880 --> 00:08:13.890 align:start position:0% does two things conceptually one is 00:08:13.890 --> 00:08:16.130 align:start position:0% does two things conceptually one is stores<00:08:14.370> a<00:08:14.460> large<00:08:14.669> security<00:08:15.060> deposit<00:08:15.540> from<00:08:15.990> the 00:08:16.130 --> 00:08:16.140 align:start position:0% stores a large security deposit from the 00:08:16.140 --> 00:08:18.890 align:start position:0% stores a large security deposit from the third<00:08:16.320> party<00:08:16.710> other<00:08:17.010> than<00:08:17.610> two<00:08:17.970> it<00:08:18.270> simply 00:08:18.890 --> 00:08:18.900 align:start position:0% third party other than two it simply 00:08:18.900 --> 00:08:21.350 align:start position:0% third party other than two it simply does<00:08:19.050> wit's<00:08:19.290> around<00:08:19.680> for<00:08:20.400> evidence<00:08:20.940> that<00:08:21.240> the 00:08:21.350 --> 00:08:21.360 align:start position:0% does wit's around for evidence that the 00:08:21.360 --> 00:08:23.810 align:start position:0% does wit's around for evidence that the third<00:08:21.570> party<00:08:21.930> has<00:08:22.050> cheated<00:08:22.320> if<00:08:22.729> someone<00:08:23.729> could 00:08:23.810 --> 00:08:23.820 align:start position:0% third party has cheated if someone could 00:08:23.820 --> 00:08:26.000 align:start position:0% third party has cheated if someone could present<00:08:24.000> evidence<00:08:24.390> it<00:08:24.930> will<00:08:25.470> effectively 00:08:26.000 --> 00:08:26.010 align:start position:0% present evidence it will effectively 00:08:26.010 --> 00:08:28.159 align:start position:0% present evidence it will effectively freeze<00:08:26.430> the<00:08:26.580> deposit<00:08:27.090> and<00:08:27.210> punish<00:08:27.840> the<00:08:27.990> third 00:08:28.159 --> 00:08:28.169 align:start position:0% freeze the deposit and punish the third 00:08:28.169 --> 00:08:31.550 align:start position:0% freeze the deposit and punish the third party<00:08:28.560> that's<00:08:29.220> the<00:08:29.340> basis<00:08:29.790> behind<00:08:29.910> Pisa<00:08:30.560> so 00:08:31.550 --> 00:08:31.560 align:start position:0% party that's the basis behind Pisa so 00:08:31.560 --> 00:08:32.600 align:start position:0% party that's the basis behind Pisa so how<00:08:31.650> do<00:08:31.710> you<00:08:31.830> set<00:08:32.070> up<00:08:32.099> Pisa 00:08:32.600 --> 00:08:32.610 align:start position:0% how do you set up Pisa 00:08:32.610 --> 00:08:34.579 align:start position:0% how do you set up Pisa so<00:08:33.240> we<00:08:33.300> have<00:08:33.390> this<00:08:33.510> third<00:08:33.750> party<00:08:34.140> I<00:08:34.290> mean<00:08:34.500> as<00:08:34.560> a 00:08:34.579 --> 00:08:34.589 align:start position:0% so we have this third party I mean as a 00:08:34.589 --> 00:08:35.900 align:start position:0% so we have this third party I mean as a little<00:08:34.830> smiley<00:08:35.160> face<00:08:35.400> cuz<00:08:35.640> you<00:08:35.729> know<00:08:35.820> he's 00:08:35.900 --> 00:08:35.910 align:start position:0% little smiley face cuz you know he's 00:08:35.910 --> 00:08:37.909 align:start position:0% little smiley face cuz you know he's gonna<00:08:36.060> do<00:08:36.240> this<00:08:36.360> to<00:08:36.510> make<00:08:36.660> some<00:08:36.810> money<00:08:37.020> I<00:08:37.260> was 00:08:37.909 --> 00:08:37.919 align:start position:0% gonna do this to make some money I was 00:08:37.919 --> 00:08:39.620 align:start position:0% gonna do this to make some money I was only<00:08:38.070> asked<00:08:38.310> to<00:08:38.460> do<00:08:38.669> is<00:08:38.969> leave<00:08:39.240> a<00:08:39.270> smaller 00:08:39.620 --> 00:08:39.630 align:start position:0% only asked to do is leave a smaller 00:08:39.630 --> 00:08:42.200 align:start position:0% only asked to do is leave a smaller leave<00:08:40.110> a<00:08:40.140> deposit<00:08:40.380> with<00:08:41.280> the<00:08:41.339> Pisa<00:08:41.640> contract 00:08:42.200 --> 00:08:42.210 align:start position:0% leave a deposit with the Pisa contract 00:08:42.210 --> 00:08:44.930 align:start position:0% leave a deposit with the Pisa contract so<00:08:42.630> in<00:08:42.719> my<00:08:42.810> 1990<00:08:43.530> animation<00:08:44.130> is<00:08:44.310> fluent<00:08:44.640> across 00:08:44.930 --> 00:08:44.940 align:start position:0% so in my 1990 animation is fluent across 00:08:44.940 --> 00:08:47.930 align:start position:0% so in my 1990 animation is fluent across and<00:08:45.360> now<00:08:45.990> he's<00:08:46.260> signed<00:08:46.530> up<00:08:46.740> he's<00:08:47.580> left<00:08:47.820> this 00:08:47.930 --> 00:08:47.940 align:start position:0% and now he's signed up he's left this 00:08:47.940 --> 00:08:50.600 align:start position:0% and now he's signed up he's left this deposit<00:08:48.450> and<00:08:48.660> everybody<00:08:49.200> can<00:08:49.440> see<00:08:49.709> that<00:08:49.980> this 00:08:50.600 --> 00:08:50.610 align:start position:0% deposit and everybody can see that this 00:08:50.610 --> 00:08:52.670 align:start position:0% deposit and everybody can see that this third<00:08:50.880> party<00:08:51.240> now<00:08:51.570> wants<00:08:51.900> to<00:08:52.020> run<00:08:52.200> a 00:08:52.670 --> 00:08:52.680 align:start position:0% third party now wants to run a 00:08:52.680 --> 00:08:56.720 align:start position:0% third party now wants to run a a<00:08:52.710> service<00:08:54.200> so<00:08:55.200> the<00:08:55.320> next<00:08:55.500> question<00:08:55.710> is<00:08:56.130> how<00:08:56.670> do 00:08:56.720 --> 00:08:56.730 align:start position:0% a service so the next question is how do 00:08:56.730 --> 00:09:00.110 align:start position:0% a service so the next question is how do we<00:08:56.880> achieve<00:08:57.060> steer<00:08:57.570> privacy<00:08:58.170> as<00:08:58.760> I<00:08:59.760> mentioned 00:09:00.110 --> 00:09:00.120 align:start position:0% we achieve steer privacy as I mentioned 00:09:00.120 --> 00:09:01.730 align:start position:0% we achieve steer privacy as I mentioned before<00:09:00.210> because<00:09:00.870> of<00:09:01.170> the<00:09:01.260> way<00:09:01.380> the<00:09:01.529> steer 00:09:01.730 --> 00:09:01.740 align:start position:0% before because of the way the steer 00:09:01.740 --> 00:09:04.190 align:start position:0% before because of the way the steer channel<00:09:02.070> is<00:09:02.190> designed<00:09:02.580> all<00:09:03.000> the<00:09:03.660> customer<00:09:04.050> has 00:09:04.190 --> 00:09:04.200 align:start position:0% channel is designed all the customer has 00:09:04.200 --> 00:09:06.740 align:start position:0% channel is designed all the customer has the<00:09:04.350> sand<00:09:04.620> is<00:09:04.980> signatures<00:09:05.910> for<00:09:06.149> every<00:09:06.420> party 00:09:06.740 --> 00:09:06.750 align:start position:0% the sand is signatures for every party 00:09:06.750 --> 00:09:09.139 align:start position:0% the sand is signatures for every party in<00:09:06.810> the<00:09:06.899> channel<00:09:07.290> this<00:09:08.220> is<00:09:08.370> the<00:09:08.460> blindest<00:09:08.910> it 00:09:09.139 --> 00:09:09.149 align:start position:0% in the channel this is the blindest it 00:09:09.149 --> 00:09:12.410 align:start position:0% in the channel this is the blindest it hash<00:09:09.390> on<00:09:10.380> the<00:09:10.890> incremental<00:09:11.370> counter<00:09:11.700> and<00:09:11.910> they 00:09:12.410 --> 00:09:12.420 align:start position:0% hash on the incremental counter and they 00:09:12.420 --> 00:09:14.090 align:start position:0% hash on the incremental counter and they just<00:09:12.630> send<00:09:12.839> that<00:09:12.990> to<00:09:13.140> the<00:09:13.260> tower<00:09:13.440> and<00:09:13.770> that's 00:09:14.090 --> 00:09:14.100 align:start position:0% just send that to the tower and that's 00:09:14.100 --> 00:09:15.949 align:start position:0% just send that to the tower and that's basically<00:09:14.459> what<00:09:14.700> a<00:09:14.730> job<00:09:15.000> looks<00:09:15.240> like<00:09:15.450> so 00:09:15.949 --> 00:09:15.959 align:start position:0% basically what a job looks like so 00:09:15.959 --> 00:09:17.510 align:start position:0% basically what a job looks like so actually<00:09:16.230> all<00:09:16.260> this<00:09:16.529> job<00:09:16.860> -<00:09:17.040> all<00:09:17.190> the<00:09:17.339> piece 00:09:17.510 --> 00:09:17.520 align:start position:0% actually all this job - all the piece 00:09:17.520 --> 00:09:19.820 align:start position:0% actually all this job - all the piece all<00:09:17.730> this<00:09:17.850> third<00:09:18.089> party<00:09:18.420> does<00:09:18.660> is<00:09:18.959> relay 00:09:19.820 --> 00:09:19.830 align:start position:0% all this third party does is relay 00:09:19.830 --> 00:09:22.400 align:start position:0% all this third party does is relay messages<00:09:20.070> on<00:09:20.760> behalf<00:09:21.480> of<00:09:21.779> Arliss<00:09:22.170> or<00:09:22.320> the 00:09:22.400 --> 00:09:22.410 align:start position:0% messages on behalf of Arliss or the 00:09:22.410 --> 00:09:24.170 align:start position:0% messages on behalf of Arliss or the customer<00:09:22.830> they're<00:09:23.550> just<00:09:23.760> a<00:09:23.820> relay<00:09:24.149> er 00:09:24.170 --> 00:09:24.180 align:start position:0% customer they're just a relay er 00:09:24.180 --> 00:09:27.170 align:start position:0% customer they're just a relay er effectively<00:09:25.160> now<00:09:26.160> the<00:09:26.220> question<00:09:26.760> is<00:09:26.880> how<00:09:27.120> do 00:09:27.170 --> 00:09:27.180 align:start position:0% effectively now the question is how do 00:09:27.180 --> 00:09:29.810 align:start position:0% effectively now the question is how do we<00:09:27.270> get<00:09:27.420> the<00:09:27.570> fair<00:09:27.810> exchange<00:09:28.080> of<00:09:28.740> this<00:09:29.550> signed 00:09:29.810 --> 00:09:29.820 align:start position:0% we get the fair exchange of this signed 00:09:29.820 --> 00:09:34.670 align:start position:0% we get the fair exchange of this signed receipt<00:09:30.240> um<00:09:30.480> payment<00:09:32.089> so<00:09:33.260> obviously<00:09:34.260> this<00:09:34.560> is 00:09:34.670 --> 00:09:34.680 align:start position:0% receipt um payment so obviously this is 00:09:34.680 --> 00:09:37.070 align:start position:0% receipt um payment so obviously this is layer<00:09:34.860> 2<00:09:35.160> so<00:09:35.700> we<00:09:35.790> want<00:09:35.970> to<00:09:36.060> pay<00:09:36.300> the<00:09:36.540> tower<00:09:36.750> or 00:09:37.070 --> 00:09:37.080 align:start position:0% layer 2 so we want to pay the tower or 00:09:37.080 --> 00:09:39.440 align:start position:0% layer 2 so we want to pay the tower or the<00:09:37.110> third<00:09:37.410> party<00:09:37.800> off<00:09:37.980> chin<00:09:38.370> so<00:09:39.089> the<00:09:39.240> third 00:09:39.440 --> 00:09:39.450 align:start position:0% the third party off chin so the third 00:09:39.450 --> 00:09:41.540 align:start position:0% the third party off chin so the third party<00:09:39.720> to<00:09:39.899> be<00:09:40.050> paired<00:09:40.320> via<00:09:40.800> ridin<00:09:41.370> or 00:09:41.540 --> 00:09:41.550 align:start position:0% party to be paired via ridin or 00:09:41.550 --> 00:09:43.579 align:start position:0% party to be paired via ridin or lightning<00:09:42.060> and<00:09:42.630> what<00:09:42.750> you<00:09:42.870> could<00:09:43.020> also<00:09:43.200> have 00:09:43.579 --> 00:09:43.589 align:start position:0% lightning and what you could also have 00:09:43.589 --> 00:09:45.139 align:start position:0% lightning and what you could also have which<00:09:43.980> is<00:09:44.130> really<00:09:44.339> nice<00:09:44.520> actually<00:09:44.790> is<00:09:45.120> a 00:09:45.139 --> 00:09:45.149 align:start position:0% which is really nice actually is a 00:09:45.149 --> 00:09:47.510 align:start position:0% which is really nice actually is a one-way<00:09:45.630> payment<00:09:46.110> channel<00:09:46.470> with<00:09:47.130> the<00:09:47.310> third 00:09:47.510 --> 00:09:47.520 align:start position:0% one-way payment channel with the third 00:09:47.520 --> 00:09:49.610 align:start position:0% one-way payment channel with the third party<00:09:47.910> because<00:09:48.510> one-way<00:09:48.959> payment<00:09:49.380> channels 00:09:49.610 --> 00:09:49.620 align:start position:0% party because one-way payment channels 00:09:49.620 --> 00:09:51.560 align:start position:0% party because one-way payment channels off<00:09:49.770> the<00:09:49.860> property<00:09:50.220> where<00:09:50.790> the<00:09:50.940> sender<00:09:51.180> can<00:09:51.300> go 00:09:51.560 --> 00:09:51.570 align:start position:0% off the property where the sender can go 00:09:51.570 --> 00:09:53.510 align:start position:0% off the property where the sender can go offline<00:09:52.020> and<00:09:52.380> never<00:09:52.890> lose<00:09:53.130> their<00:09:53.310> coins 00:09:53.510 --> 00:09:53.520 align:start position:0% offline and never lose their coins 00:09:53.520 --> 00:09:55.730 align:start position:0% offline and never lose their coins they're<00:09:54.270> protected<00:09:54.810> against<00:09:55.140> that<00:09:55.290> fact<00:09:55.529> but 00:09:55.730 --> 00:09:55.740 align:start position:0% they're protected against that fact but 00:09:55.740 --> 00:09:56.990 align:start position:0% they're protected against that fact but that<00:09:55.830> only<00:09:55.920> works<00:09:56.190> for<00:09:56.310> one-way<00:09:56.520> payment 00:09:56.990 --> 00:09:57.000 align:start position:0% that only works for one-way payment 00:09:57.000 --> 00:09:59.810 align:start position:0% that only works for one-way payment channels<00:09:57.560> other<00:09:58.560> assumptions<00:09:59.339> will<00:09:59.459> make<00:09:59.610> for 00:09:59.810 --> 00:09:59.820 align:start position:0% channels other assumptions will make for 00:09:59.820 --> 00:10:03.380 align:start position:0% channels other assumptions will make for the<00:09:59.880> presentation<00:10:00.660> is<00:10:00.810> that<00:10:01.440> the<00:10:02.339> tower<00:10:02.640> the 00:10:03.380 --> 00:10:03.390 align:start position:0% the presentation is that the tower the 00:10:03.390 --> 00:10:05.660 align:start position:0% the presentation is that the tower the third<00:10:03.630> party<00:10:04.020> they're<00:10:04.650> already<00:10:04.860> aware<00:10:05.070> of<00:10:05.339> the 00:10:05.660 --> 00:10:05.670 align:start position:0% third party they're already aware of the 00:10:05.670 --> 00:10:07.160 align:start position:0% third party they're already aware of the steer<00:10:05.910> channel<00:10:06.300> address<00:10:06.630> on<00:10:06.839> the<00:10:06.900> on<00:10:07.020> the 00:10:07.160 --> 00:10:07.170 align:start position:0% steer channel address on the on the 00:10:07.170 --> 00:10:08.900 align:start position:0% steer channel address on the on the blockchain<00:10:07.380> they<00:10:08.010> know<00:10:08.190> were<00:10:08.400> that<00:10:08.670> you<00:10:08.760> see<00:10:08.880> a 00:10:08.900 --> 00:10:08.910 align:start position:0% blockchain they know were that you see a 00:10:08.910 --> 00:10:12.050 align:start position:0% blockchain they know were that you see a channel<00:10:09.180> exists<00:10:09.750> on<00:10:10.100> this<00:10:11.100> the<00:10:11.700> second 00:10:12.050 --> 00:10:12.060 align:start position:0% channel exists on this the second 00:10:12.060 --> 00:10:13.970 align:start position:0% channel exists on this the second assumption<00:10:12.330> will<00:10:12.570> meuk<00:10:12.810> is<00:10:12.990> that<00:10:13.529> the<00:10:13.620> payment 00:10:13.970 --> 00:10:13.980 align:start position:0% assumption will meuk is that the payment 00:10:13.980 --> 00:10:16.670 align:start position:0% assumption will meuk is that the payment information<00:10:14.100> is<00:10:14.580> pre<00:10:14.760> agreed<00:10:14.970> ie<00:10:15.839> we<00:10:16.320> know<00:10:16.500> how 00:10:16.670 --> 00:10:16.680 align:start position:0% information is pre agreed ie we know how 00:10:16.680 --> 00:10:18.769 align:start position:0% information is pre agreed ie we know how much<00:10:16.860> were<00:10:16.980> going<00:10:17.160> to<00:10:17.220> pay<00:10:17.370> the<00:10:17.520> tower<00:10:17.700> on<00:10:18.089> the 00:10:18.769 --> 00:10:18.779 align:start position:0% much were going to pay the tower on the 00:10:18.779 --> 00:10:21.380 align:start position:0% much were going to pay the tower on the the<00:10:19.260> second<00:10:19.709> point<00:10:19.860> is<00:10:20.190> basically<00:10:20.790> how<00:10:21.180> long 00:10:21.380 --> 00:10:21.390 align:start position:0% the second point is basically how long 00:10:21.390 --> 00:10:22.940 align:start position:0% the second point is basically how long is<00:10:21.570> this<00:10:21.720> third<00:10:22.020> party<00:10:22.350> gonna<00:10:22.529> watch<00:10:22.740> your 00:10:22.940 --> 00:10:22.950 align:start position:0% is this third party gonna watch your 00:10:22.950 --> 00:10:24.949 align:start position:0% is this third party gonna watch your channel<00:10:23.130> for<00:10:23.459> have<00:10:24.000> you<00:10:24.180> hired<00:10:24.420> them<00:10:24.600> for<00:10:24.630> one 00:10:24.949 --> 00:10:24.959 align:start position:0% channel for have you hired them for one 00:10:24.959 --> 00:10:27.980 align:start position:0% channel for have you hired them for one hour<00:10:25.110> three<00:10:25.709> hours<00:10:26.040> forever<00:10:26.850> we'll<00:10:27.690> assume 00:10:27.980 --> 00:10:27.990 align:start position:0% hour three hours forever we'll assume 00:10:27.990 --> 00:10:30.290 align:start position:0% hour three hours forever we'll assume that's<00:10:28.170> pre<00:10:28.380> agreed<00:10:28.560> for<00:10:28.830> now<00:10:29.150> so<00:10:30.150> how<00:10:30.240> does 00:10:30.290 --> 00:10:30.300 align:start position:0% that's pre agreed for now so how does 00:10:30.300 --> 00:10:33.440 align:start position:0% that's pre agreed for now so how does this<00:10:30.510> work<00:10:30.750> first<00:10:31.740> a<00:10:31.980> customer<00:10:32.430> will<00:10:33.089> send<00:10:33.360> the 00:10:33.440 --> 00:10:33.450 align:start position:0% this work first a customer will send the 00:10:33.450 --> 00:10:36.440 align:start position:0% this work first a customer will send the appointment<00:10:34.050> to<00:10:34.620> the<00:10:34.740> third<00:10:34.920> party<00:10:35.250> the<00:10:36.209> third 00:10:36.440 --> 00:10:36.450 align:start position:0% appointment to the third party the third 00:10:36.450 --> 00:10:37.910 align:start position:0% appointment to the third party the third party<00:10:36.810> will<00:10:36.930> do<00:10:37.050> some<00:10:37.230> sanity<00:10:37.650> checking 00:10:37.910 --> 00:10:37.920 align:start position:0% party will do some sanity checking 00:10:37.920 --> 00:10:40.220 align:start position:0% party will do some sanity checking they'll<00:10:38.700> get<00:10:39.000> the<00:10:39.150> matches<00:10:39.450> they've<00:10:39.570> received 00:10:40.220 --> 00:10:40.230 align:start position:0% they'll get the matches they've received 00:10:40.230 --> 00:10:41.930 align:start position:0% they'll get the matches they've received they'll<00:10:40.680> look<00:10:40.829> at<00:10:40.980> the<00:10:41.070> customers<00:10:41.490> th<00:10:41.700> a<00:10:41.880> no 00:10:41.930 --> 00:10:41.940 align:start position:0% they'll look at the customers th a no 00:10:41.940 --> 00:10:43.819 align:start position:0% they'll look at the customers th a no contract<00:10:42.360> on<00:10:42.600> the<00:10:42.690> blockchain<00:10:42.930> and<00:10:43.350> they'll 00:10:43.819 --> 00:10:43.829 align:start position:0% contract on the blockchain and they'll 00:10:43.829 --> 00:10:46.280 align:start position:0% contract on the blockchain and they'll say<00:10:43.980> yep<00:10:44.250> every<00:10:44.910> was<00:10:45.060> a<00:10:45.089> dispute<00:10:45.690> I<00:10:45.870> could 00:10:46.280 --> 00:10:46.290 align:start position:0% say yep every was a dispute I could 00:10:46.290 --> 00:10:48.110 align:start position:0% say yep every was a dispute I could actually<00:10:46.440> relay<00:10:46.980> this<00:10:47.190> message<00:10:47.250> on<00:10:47.910> the 00:10:48.110 --> 00:10:48.120 align:start position:0% actually relay this message on the 00:10:48.120 --> 00:10:50.900 align:start position:0% actually relay this message on the contract<00:10:48.570> we<00:10:48.690> would<00:10:48.779> accept<00:10:49.020> it<00:10:49.640> then<00:10:50.640> what 00:10:50.900 --> 00:10:50.910 align:start position:0% contract we would accept it then what 00:10:50.910 --> 00:10:53.420 align:start position:0% contract we would accept it then what the<00:10:51.120> third<00:10:51.510> party<00:10:51.839> does<00:10:52.050> is<00:10:52.380> that<00:10:53.040> they<00:10:53.220> create 00:10:53.420 --> 00:10:53.430 align:start position:0% the third party does is that they create 00:10:53.430 --> 00:10:56.030 align:start position:0% the third party does is that they create a<00:10:53.670> new<00:10:53.700> signed<00:10:54.209> receipt<00:10:54.600> this<00:10:55.410> contains<00:10:55.890> the 00:10:56.030 --> 00:10:56.040 align:start position:0% a new signed receipt this contains the 00:10:56.040 --> 00:10:58.280 align:start position:0% a new signed receipt this contains the appointment<00:10:56.579> information<00:10:57.050> but<00:10:58.050> it<00:10:58.140> also 00:10:58.280 --> 00:10:58.290 align:start position:0% appointment information but it also 00:10:58.290 --> 00:11:00.769 align:start position:0% appointment information but it also includes<00:10:58.709> this<00:10:58.890> new<00:10:59.130> hash<00:10:59.370> that<00:11:00.270> we<00:11:00.420> call<00:11:00.660> the 00:11:00.769 --> 00:11:00.779 align:start position:0% includes this new hash that we call the 00:11:00.779 --> 00:11:03.319 align:start position:0% includes this new hash that we call the receipt<00:11:01.140> hush<00:11:01.520> so<00:11:02.520> what<00:11:02.640> the<00:11:02.760> third<00:11:03.000> party 00:11:03.319 --> 00:11:03.329 align:start position:0% receipt hush so what the third party 00:11:03.329 --> 00:11:06.050 align:start position:0% receipt hush so what the third party will<00:11:03.480> do<00:11:03.660> is<00:11:03.930> generate<00:11:04.620> around<00:11:04.980> a<00:11:05.070> number 00:11:06.050 --> 00:11:06.060 align:start position:0% will do is generate around a number 00:11:06.060 --> 00:11:08.090 align:start position:0% will do is generate around a number they'll<00:11:06.240> hot<00:11:06.810> and<00:11:07.080> they'll<00:11:07.560> include<00:11:07.860> the 00:11:08.090 --> 00:11:08.100 align:start position:0% they'll hot and they'll include the 00:11:08.100 --> 00:11:10.280 align:start position:0% they'll hot and they'll include the harsh<00:11:08.370> as<00:11:08.700> part<00:11:09.270> of<00:11:09.330> the<00:11:09.450> same<00:11:09.630> receipt 00:11:10.280 --> 00:11:10.290 align:start position:0% harsh as part of the same receipt 00:11:10.290 --> 00:11:13.400 align:start position:0% harsh as part of the same receipt neither<00:11:11.160> customer<00:11:11.670> gets<00:11:11.880> this<00:11:12.090> the<00:11:13.020> customer 00:11:13.400 --> 00:11:13.410 align:start position:0% neither customer gets this the customer 00:11:13.410 --> 00:11:15.080 align:start position:0% neither customer gets this the customer does<00:11:13.590> some<00:11:13.740> sanity<00:11:14.130> checking<00:11:14.400> as<00:11:14.640> well<00:11:14.820> the 00:11:15.080 --> 00:11:15.090 align:start position:0% does some sanity checking as well the 00:11:15.090 --> 00:11:17.390 align:start position:0% does some sanity checking as well the customer<00:11:15.390> says<00:11:15.540> yep<00:11:15.780> the<00:11:16.440> tower<00:11:16.740> has<00:11:16.980> agreed 00:11:17.390 --> 00:11:17.400 align:start position:0% customer says yep the tower has agreed 00:11:17.400 --> 00:11:19.910 align:start position:0% customer says yep the tower has agreed to<00:11:17.730> watch<00:11:18.240> the<00:11:18.540> job<00:11:18.810> that<00:11:19.080> I<00:11:19.140> asked<00:11:19.560> him<00:11:19.650> to<00:11:19.770> do 00:11:19.910 --> 00:11:19.920 align:start position:0% to watch the job that I asked him to do 00:11:19.920 --> 00:11:23.390 align:start position:0% to watch the job that I asked him to do and<00:11:20.610> now<00:11:21.450> the<00:11:22.110> customer<00:11:22.650> will<00:11:23.100> send<00:11:23.340> a 00:11:23.390 --> 00:11:23.400 align:start position:0% and now the customer will send a 00:11:23.400 --> 00:11:26.030 align:start position:0% and now the customer will send a conditional<00:11:23.970> transfer<00:11:24.510> to<00:11:25.410> the<00:11:25.590> tower<00:11:25.770> to<00:11:26.010> the 00:11:26.030 --> 00:11:26.040 align:start position:0% conditional transfer to the tower to the 00:11:26.040 --> 00:11:28.130 align:start position:0% conditional transfer to the tower to the third<00:11:26.340> party<00:11:26.730> now<00:11:27.270> what<00:11:27.450> is<00:11:27.570> a<00:11:27.600> conditional 00:11:28.130 --> 00:11:28.140 align:start position:0% third party now what is a conditional 00:11:28.140 --> 00:11:31.070 align:start position:0% third party now what is a conditional transfer<00:11:28.590> and<00:11:28.860> this<00:11:29.520> kiss<00:11:29.880> the<00:11:30.480> transfer<00:11:30.930> will 00:11:31.070 --> 00:11:31.080 align:start position:0% transfer and this kiss the transfer will 00:11:31.080 --> 00:11:34.070 align:start position:0% transfer and this kiss the transfer will say<00:11:31.230> the<00:11:31.380> following<00:11:31.560> third<00:11:32.550> party<00:11:32.970> if<00:11:33.330> you 00:11:34.070 --> 00:11:34.080 align:start position:0% say the following third party if you 00:11:34.080 --> 00:11:37.160 align:start position:0% say the following third party if you reveal<00:11:34.590> the<00:11:34.860> preimage<00:11:35.640> of<00:11:36.030> the<00:11:36.600> receipt<00:11:36.960> hush 00:11:37.160 --> 00:11:37.170 align:start position:0% reveal the preimage of the receipt hush 00:11:37.170 --> 00:11:40.210 align:start position:0% reveal the preimage of the receipt hush before<00:11:38.010> time<00:11:38.280> T<00:11:38.390> you<00:11:39.390> can<00:11:39.540> get<00:11:39.720> this<00:11:39.870> payment 00:11:40.210 --> 00:11:40.220 align:start position:0% before time T you can get this payment 00:11:40.220 --> 00:11:43.190 align:start position:0% before time T you can get this payment and<00:11:41.220> that's<00:11:42.150> basically<00:11:42.540> what<00:11:42.690> the<00:11:42.810> condition 00:11:43.190 --> 00:11:43.200 align:start position:0% and that's basically what the condition 00:11:43.200 --> 00:11:45.470 align:start position:0% and that's basically what the condition of<00:11:43.290> transfer<00:11:43.650> will<00:11:43.800> say<00:11:44.010> so<00:11:44.850> then<00:11:45.030> the<00:11:45.180> third 00:11:45.470 --> 00:11:45.480 align:start position:0% of transfer will say so then the third 00:11:45.480 --> 00:11:48.080 align:start position:0% of transfer will say so then the third party<00:11:45.990> can<00:11:46.620> simply<00:11:47.010> reveal<00:11:47.250> the<00:11:47.400> preemies<00:11:47.880> ass 00:11:48.080 --> 00:11:48.090 align:start position:0% party can simply reveal the preemies ass 00:11:48.090 --> 00:11:50.930 align:start position:0% party can simply reveal the preemies ass that<00:11:48.990> if<00:11:49.140> you<00:11:49.410> know<00:11:49.530> computer<00:11:49.920> before<00:11:50.070> he 00:11:50.930 --> 00:11:50.940 align:start position:0% that if you know computer before he 00:11:50.940 --> 00:11:53.330 align:start position:0% that if you know computer before he reveals<00:11:51.270> ask<00:11:51.570> to<00:11:51.840> the<00:11:51.960> customer<00:11:52.440> and<00:11:52.650> neither 00:11:53.330 --> 00:11:53.340 align:start position:0% reveals ask to the customer and neither 00:11:53.340 --> 00:11:56.270 align:start position:0% reveals ask to the customer and neither customer<00:11:53.850> has<00:11:54.000> a<00:11:54.030> signed<00:11:54.360> receipt<00:11:54.720> and<00:11:55.410> also 00:11:56.270 --> 00:11:56.280 align:start position:0% customer has a signed receipt and also 00:11:56.280 --> 00:11:58.700 align:start position:0% customer has a signed receipt and also this<00:11:56.430> preimage<00:11:56.970> s<00:11:57.150> so<00:11:57.960> they<00:11:58.080> can<00:11:58.290> prove<00:11:58.500> the 00:11:58.700 --> 00:11:58.710 align:start position:0% this preimage s so they can prove the 00:11:58.710 --> 00:12:01.490 align:start position:0% this preimage s so they can prove the anyone<00:11:59.130> that<00:11:59.760> the<00:12:00.000> third<00:12:00.330> party<00:12:00.660> agreed<00:12:01.050> the 00:12:01.490 --> 00:12:01.500 align:start position:0% anyone that the third party agreed the 00:12:01.500 --> 00:12:03.770 align:start position:0% anyone that the third party agreed the wats<00:12:01.710> the<00:12:01.830> channel<00:12:02.190> on<00:12:02.310> their<00:12:02.460> behalf<00:12:02.760> and<00:12:03.150> the 00:12:03.770 --> 00:12:03.780 align:start position:0% wats the channel on their behalf and the 00:12:03.780 --> 00:12:06.230 align:start position:0% wats the channel on their behalf and the preemies<00:12:04.230> proves<00:12:04.620> that<00:12:05.400> this<00:12:05.640> third<00:12:05.880> party 00:12:06.230 --> 00:12:06.240 align:start position:0% preemies proves that this third party 00:12:06.240 --> 00:12:08.270 align:start position:0% preemies proves that this third party was<00:12:06.360> also<00:12:06.540> paired<00:12:06.960> so<00:12:07.800> they've<00:12:07.950> actually<00:12:08.070> been 00:12:08.270 --> 00:12:08.280 align:start position:0% was also paired so they've actually been 00:12:08.280 --> 00:12:10.220 align:start position:0% was also paired so they've actually been paid<00:12:08.550> for<00:12:08.730> doing<00:12:08.820> this<00:12:09.060> job<00:12:09.270> as<00:12:09.450> well<00:12:09.630> so 00:12:10.220 --> 00:12:10.230 align:start position:0% paid for doing this job as well so 00:12:10.230 --> 00:12:11.750 align:start position:0% paid for doing this job as well so that's<00:12:10.350> why<00:12:10.470> we<00:12:10.620> call<00:12:10.830> it<00:12:10.860> a<00:12:11.040> signed<00:12:11.400> on 00:12:11.750 --> 00:12:11.760 align:start position:0% that's why we call it a signed on 00:12:11.760 --> 00:12:16.760 align:start position:0% that's why we call it a signed on ratified<00:12:12.750> receipt<00:12:13.260> of<00:12:14.180> course<00:12:15.200> what<00:12:16.200> if<00:12:16.350> the 00:12:16.760 --> 00:12:16.770 align:start position:0% ratified receipt of course what if the 00:12:16.770 --> 00:12:19.640 align:start position:0% ratified receipt of course what if the customer<00:12:16.980> doesn't<00:12:17.400> cooperate<00:12:17.670> now<00:12:18.470> what<00:12:19.470> the 00:12:19.640 --> 00:12:19.650 align:start position:0% customer doesn't cooperate now what the 00:12:19.650 --> 00:12:21.500 align:start position:0% customer doesn't cooperate now what the third<00:12:19.860> party<00:12:20.220> could<00:12:20.400> do<00:12:20.580> is<00:12:20.790> get<00:12:21.390> this 00:12:21.500 --> 00:12:21.510 align:start position:0% third party could do is get this 00:12:21.510 --> 00:12:23.570 align:start position:0% third party could do is get this conditional<00:12:22.050> transfer<00:12:22.500> and<00:12:22.740> simply 00:12:23.570 --> 00:12:23.580 align:start position:0% conditional transfer and simply 00:12:23.580 --> 00:12:25.580 align:start position:0% conditional transfer and simply broadcast<00:12:23.790> it<00:12:24.210> to<00:12:24.300> the<00:12:24.420> network<00:12:24.810> and<00:12:25.110> then 00:12:25.580 --> 00:12:25.590 align:start position:0% broadcast it to the network and then 00:12:25.590 --> 00:12:27.740 align:start position:0% broadcast it to the network and then redeem<00:12:25.890> the<00:12:26.040> payment<00:12:26.400> via<00:12:26.550> the<00:12:26.700> blockchain<00:12:26.910> so 00:12:27.740 --> 00:12:27.750 align:start position:0% redeem the payment via the blockchain so 00:12:27.750 --> 00:12:29.210 align:start position:0% redeem the payment via the blockchain so the<00:12:27.870> third<00:12:28.080> party<00:12:28.410> can<00:12:28.560> always<00:12:28.920> get<00:12:29.100> the 00:12:29.210 --> 00:12:29.220 align:start position:0% the third party can always get the 00:12:29.220 --> 00:12:31.220 align:start position:0% the third party can always get the payment<00:12:29.670> as<00:12:29.850> long<00:12:30.450> as<00:12:30.600> they're<00:12:30.750> willing<00:12:30.960> to 00:12:31.220 --> 00:12:31.230 align:start position:0% payment as long as they're willing to 00:12:31.230 --> 00:12:33.260 align:start position:0% payment as long as they're willing to reveal<00:12:31.470> the<00:12:31.650> preimage<00:12:31.980> ass<00:12:32.280> so<00:12:33.000> that's<00:12:33.120> where 00:12:33.260 --> 00:12:33.270 align:start position:0% reveal the preimage ass so that's where 00:12:33.270 --> 00:12:36.650 align:start position:0% reveal the preimage ass so that's where we<00:12:33.360> get<00:12:33.510> our<00:12:33.630> fair<00:12:33.810> exchange<00:12:35.180> now<00:12:36.180> the<00:12:36.240> next 00:12:36.650 --> 00:12:36.660 align:start position:0% we get our fair exchange now the next 00:12:36.660 --> 00:12:38.750 align:start position:0% we get our fair exchange now the next question<00:12:36.780> is<00:12:37.230> you<00:12:37.440> know<00:12:37.560> what<00:12:37.830> happens<00:12:38.310> if<00:12:38.490> bob 00:12:38.750 --> 00:12:38.760 align:start position:0% question is you know what happens if bob 00:12:38.760 --> 00:12:43.970 align:start position:0% question is you know what happens if bob apisa<00:12:39.620> collude<00:12:40.620> to<00:12:41.010> cheat<00:12:41.610> Alice<00:12:42.680> she<00:12:43.680> Mazda 00:12:43.970 --> 00:12:43.980 align:start position:0% apisa collude to cheat Alice she Mazda 00:12:43.980 --> 00:12:46.310 align:start position:0% apisa collude to cheat Alice she Mazda again<00:12:44.250> Alice<00:12:45.000> goes<00:12:45.210> off<00:12:45.360> lines<00:12:45.630> he's<00:12:45.930> asleep 00:12:46.310 --> 00:12:46.320 align:start position:0% again Alice goes off lines he's asleep 00:12:46.320 --> 00:12:48.340 align:start position:0% again Alice goes off lines he's asleep dreaming<00:12:46.740> about<00:12:46.950> being<00:12:47.310> a<00:12:47.370> Lambo<00:12:47.730> bro<00:12:48.000> and 00:12:48.340 --> 00:12:48.350 align:start position:0% dreaming about being a Lambo bro and 00:12:48.350 --> 00:12:52.940 align:start position:0% dreaming about being a Lambo bro and then<00:12:49.350> Bob<00:12:50.070> triggers<00:12:50.520> a<00:12:50.610> dispute<00:12:51.590> while<00:12:52.590> alice 00:12:52.940 --> 00:12:52.950 align:start position:0% then Bob triggers a dispute while alice 00:12:52.950 --> 00:12:55.930 align:start position:0% then Bob triggers a dispute while alice is<00:12:53.070> offline<00:12:53.780> he<00:12:54.780> sends<00:12:55.140> the<00:12:55.320> state<00:12:55.560> update 00:12:55.930 --> 00:12:55.940 align:start position:0% is offline he sends the state update 00:12:55.940 --> 00:12:58.610 align:start position:0% is offline he sends the state update which<00:12:56.940> is<00:12:57.090> an<00:12:57.180> older<00:12:57.540> state<00:12:57.840> that<00:12:58.200> were<00:12:58.290> given 00:12:58.610 --> 00:12:58.620 align:start position:0% which is an older state that were given 00:12:58.620 --> 00:12:59.960 align:start position:0% which is an older state that were given more<00:12:58.770> coins<00:12:59.100> than<00:12:59.280> he<00:12:59.370> deserves 00:12:59.960 --> 00:12:59.970 align:start position:0% more coins than he deserves 00:12:59.970 --> 00:13:03.590 align:start position:0% more coins than he deserves now<00:13:00.480> Jesus<00:13:00.990> huge<00:13:01.380> step<00:13:01.710> in<00:13:02.160> I'm<00:13:02.520> Pisa<00:13:03.330> could 00:13:03.590 --> 00:13:03.600 align:start position:0% now Jesus huge step in I'm Pisa could 00:13:03.600 --> 00:13:06.200 align:start position:0% now Jesus huge step in I'm Pisa could relay<00:13:03.960> the<00:13:04.110> message<00:13:04.530> they<00:13:05.400> know<00:13:05.610> settle<00:13:06.090> this 00:13:06.200 --> 00:13:06.210 align:start position:0% relay the message they know settle this 00:13:06.210 --> 00:13:09.350 align:start position:0% relay the message they know settle this dispute<00:13:06.420> but<00:13:07.380> Pisa<00:13:07.650> doesn't<00:13:08.160> you<00:13:08.910> know<00:13:09.060> Pisa 00:13:09.350 --> 00:13:09.360 align:start position:0% dispute but Pisa doesn't you know Pisa 00:13:09.360 --> 00:13:11.840 align:start position:0% dispute but Pisa doesn't you know Pisa is<00:13:09.600> collude<00:13:09.930> him<00:13:10.050> a<00:13:10.140> Bob<00:13:10.320> oh<00:13:10.680> my<00:13:11.370> god<00:13:11.580> is 00:13:11.840 --> 00:13:11.850 align:start position:0% is collude him a Bob oh my god is 00:13:11.850 --> 00:13:15.080 align:start position:0% is collude him a Bob oh my god is happening<00:13:12.330> it's<00:13:12.660> losing<00:13:13.110> boom<00:13:13.440> Bob<00:13:14.010> wins<00:13:14.310> he 00:13:15.080 --> 00:13:15.090 align:start position:0% happening it's losing boom Bob wins he 00:13:15.090 --> 00:13:17.480 align:start position:0% happening it's losing boom Bob wins he resolves<00:13:15.540> the<00:13:15.600> dispute<00:13:15.680> he<00:13:16.680> gets<00:13:17.010> his<00:13:17.160> coins 00:13:17.480 --> 00:13:17.490 align:start position:0% resolves the dispute he gets his coins 00:13:17.490 --> 00:13:20.030 align:start position:0% resolves the dispute he gets his coins from<00:13:17.760> the<00:13:17.880> channel<00:13:18.270> on<00:13:18.590> Alice's<00:13:19.590> lost 00:13:20.030 --> 00:13:20.040 align:start position:0% from the channel on Alice's lost 00:13:20.040 --> 00:13:22.550 align:start position:0% from the channel on Alice's lost you<00:13:21.029> know<00:13:21.120> Alice<00:13:21.750> we<00:13:21.899> except<00:13:22.230> and<00:13:22.350> she's 00:13:22.550 --> 00:13:22.560 align:start position:0% you know Alice we except and she's 00:13:22.560 --> 00:13:25.100 align:start position:0% you know Alice we except and she's really<00:13:22.740> angry<00:13:23.160> you<00:13:23.430> knows<00:13:24.240> he's<00:13:24.449> AWOL<00:13:24.600> Pisa 00:13:25.100 --> 00:13:25.110 align:start position:0% really angry you knows he's AWOL Pisa 00:13:25.110 --> 00:13:27.410 align:start position:0% really angry you knows he's AWOL Pisa cheated<00:13:25.529> me<00:13:25.680> I<00:13:25.920> thought<00:13:26.550> it<00:13:26.610> was<00:13:26.759> accountable 00:13:27.410 --> 00:13:27.420 align:start position:0% cheated me I thought it was accountable 00:13:27.420 --> 00:13:30.199 align:start position:0% cheated me I thought it was accountable I<00:13:27.570> thought<00:13:28.230> Pisa<00:13:28.470> would<00:13:28.680> never<00:13:28.860> cheat<00:13:29.100> me<00:13:29.310> so 00:13:30.199 --> 00:13:30.209 align:start position:0% I thought Pisa would never cheat me so 00:13:30.209 --> 00:13:33.079 align:start position:0% I thought Pisa would never cheat me so is<00:13:30.810> it<00:13:31.079> too<00:13:31.230> late<00:13:31.410> for<00:13:31.500> Alice<00:13:31.949> I<00:13:32.220> mean<00:13:32.850> is<00:13:32.970> there 00:13:33.079 --> 00:13:33.089 align:start position:0% is it too late for Alice I mean is there 00:13:33.089 --> 00:13:35.449 align:start position:0% is it too late for Alice I mean is there anything<00:13:33.240> else<00:13:33.449> can<00:13:33.750> do<00:13:33.870> about<00:13:33.899> this<00:13:34.459> well 00:13:35.449 --> 00:13:35.459 align:start position:0% anything else can do about this well 00:13:35.459 --> 00:13:36.769 align:start position:0% anything else can do about this well there<00:13:35.730> is<00:13:35.850> I<00:13:36.180> mean<00:13:36.389> this<00:13:36.509> is<00:13:36.660> the 00:13:36.769 --> 00:13:36.779 align:start position:0% there is I mean this is the 00:13:36.779 --> 00:13:38.120 align:start position:0% there is I mean this is the accountability<00:13:37.290> part<00:13:37.769> that's<00:13:37.949> quite 00:13:38.120 --> 00:13:38.130 align:start position:0% accountability part that's quite 00:13:38.130 --> 00:13:40.900 align:start position:0% accountability part that's quite important<00:13:38.610> Alice<00:13:39.600> has<00:13:39.839> the<00:13:40.199> signed<00:13:40.470> receipt 00:13:40.900 --> 00:13:40.910 align:start position:0% important Alice has the signed receipt 00:13:40.910 --> 00:13:43.340 align:start position:0% important Alice has the signed receipt from<00:13:41.910> the<00:13:42.029> tower<00:13:42.240> or<00:13:42.600> from<00:13:42.750> the<00:13:42.870> third<00:13:43.079> party 00:13:43.340 --> 00:13:43.350 align:start position:0% from the tower or from the third party 00:13:43.350 --> 00:13:45.949 align:start position:0% from the tower or from the third party that<00:13:44.009> they<00:13:44.190> agreed<00:13:44.610> to<00:13:44.970> watch<00:13:45.240> the<00:13:45.509> child<00:13:45.690> on 00:13:45.949 --> 00:13:45.959 align:start position:0% that they agreed to watch the child on 00:13:45.959 --> 00:13:48.650 align:start position:0% that they agreed to watch the child on her<00:13:46.079> behalf<00:13:46.610> Alice<00:13:47.610> also<00:13:47.790> has<00:13:48.000> that<00:13:48.180> preimage 00:13:48.650 --> 00:13:48.660 align:start position:0% her behalf Alice also has that preimage 00:13:48.660 --> 00:13:51.410 align:start position:0% her behalf Alice also has that preimage s<00:13:48.870> the<00:13:49.769> proof<00:13:50.190> the<00:13:50.610> third<00:13:50.850> party<00:13:51.149> has<00:13:51.240> been 00:13:51.410 --> 00:13:51.420 align:start position:0% s the proof the third party has been 00:13:51.420 --> 00:13:53.960 align:start position:0% s the proof the third party has been paired<00:13:51.750> to<00:13:52.290> do<00:13:52.410> this<00:13:52.589> job<00:13:52.800> as<00:13:52.949> well<00:13:53.130> and<00:13:53.819> while 00:13:53.960 --> 00:13:53.970 align:start position:0% paired to do this job as well and while 00:13:53.970 --> 00:13:56.090 align:start position:0% paired to do this job as well and while she<00:13:54.120> also<00:13:54.300> has<00:13:54.660> it's<00:13:54.899> a<00:13:54.930> dispute<00:13:55.440> record<00:13:55.949> on 00:13:56.090 --> 00:13:56.100 align:start position:0% she also has it's a dispute record on 00:13:56.100 --> 00:13:58.009 align:start position:0% she also has it's a dispute record on the<00:13:56.190> blockchain<00:13:56.430> so<00:13:57.360> there's<00:13:57.509> a<00:13:57.569> record<00:13:57.779> of 00:13:58.009 --> 00:13:58.019 align:start position:0% the blockchain so there's a record of 00:13:58.019 --> 00:14:01.129 align:start position:0% the blockchain so there's a record of the<00:13:58.139> dispute<00:13:58.649> on<00:13:58.920> the<00:13:59.519> blockchain<00:13:59.819> that<00:14:00.810> you 00:14:01.129 --> 00:14:01.139 align:start position:0% the dispute on the blockchain that you 00:14:01.139 --> 00:14:03.050 align:start position:0% the dispute on the blockchain that you know<00:14:01.290> there<00:14:02.069> was<00:14:02.190> the<00:14:02.339> tower<00:14:02.579> could<00:14:02.880> have 00:14:03.050 --> 00:14:03.060 align:start position:0% know there was the tower could have 00:14:03.060 --> 00:14:05.930 align:start position:0% know there was the tower could have responded<00:14:03.300> to<00:14:03.930> resolve<00:14:04.370> so<00:14:05.370> what<00:14:05.519> does<00:14:05.610> Ollis 00:14:05.930 --> 00:14:05.940 align:start position:0% responded to resolve so what does Ollis 00:14:05.940 --> 00:14:08.210 align:start position:0% responded to resolve so what does Ollis do<00:14:06.380> Alice<00:14:07.380> gets<00:14:07.620> the<00:14:07.740> signed<00:14:08.009> and<00:14:08.130> ratified 00:14:08.210 --> 00:14:08.220 align:start position:0% do Alice gets the signed and ratified 00:14:08.220 --> 00:14:11.900 align:start position:0% do Alice gets the signed and ratified receipt<00:14:08.850> and<00:14:09.089> simply<00:14:09.899> sends<00:14:10.290> it<00:14:10.579> to<00:14:11.579> the<00:14:11.610> Pisa 00:14:11.900 --> 00:14:11.910 align:start position:0% receipt and simply sends it to the Pisa 00:14:11.910 --> 00:14:15.230 align:start position:0% receipt and simply sends it to the Pisa contract<00:14:12.420> the<00:14:13.319> Pisa<00:14:13.589> contract<00:14:14.160> can<00:14:14.880> request 00:14:15.230 --> 00:14:15.240 align:start position:0% contract the Pisa contract can request 00:14:15.240 --> 00:14:16.879 align:start position:0% contract the Pisa contract can request all<00:14:15.540> of<00:14:15.720> the<00:14:15.839> disputes<00:14:16.380> from<00:14:16.560> the<00:14:16.709> steer 00:14:16.879 --> 00:14:16.889 align:start position:0% all of the disputes from the steer 00:14:16.889 --> 00:14:19.579 align:start position:0% all of the disputes from the steer channel<00:14:17.279> contract<00:14:17.759> and<00:14:18.079> simply<00:14:19.079> and<00:14:19.319> then<00:14:19.500> the 00:14:19.579 --> 00:14:19.589 align:start position:0% channel contract and simply and then the 00:14:19.589 --> 00:14:21.800 align:start position:0% channel contract and simply and then the steer<00:14:19.769> channel<00:14:20.130> contract<00:14:20.550> will<00:14:20.699> return<00:14:21.089> the 00:14:21.800 --> 00:14:21.810 align:start position:0% steer channel contract will return the 00:14:21.810 --> 00:14:24.740 align:start position:0% steer channel contract will return the list<00:14:22.050> of<00:14:22.170> disputes<00:14:22.819> the<00:14:23.819> Pisa<00:14:24.060> contract<00:14:24.630> then 00:14:24.740 --> 00:14:24.750 align:start position:0% list of disputes the Pisa contract then 00:14:24.750 --> 00:14:26.530 align:start position:0% list of disputes the Pisa contract then says<00:14:24.959> okay<00:14:25.170> that's<00:14:25.529> too<00:14:25.649> good<00:14:25.769> the<00:14:25.920> disputes 00:14:26.530 --> 00:14:26.540 align:start position:0% says okay that's too good the disputes 00:14:26.540 --> 00:14:29.449 align:start position:0% says okay that's too good the disputes let's<00:14:27.540> look<00:14:27.690> at<00:14:27.810> the<00:14:27.899> receipt<00:14:28.290> was<00:14:29.220> our<00:14:29.430> a 00:14:29.449 --> 00:14:29.459 align:start position:0% let's look at the receipt was our a 00:14:29.459 --> 00:14:32.150 align:start position:0% let's look at the receipt was our a dispute<00:14:30.089> that<00:14:30.870> the<00:14:31.170> third<00:14:31.470> party<00:14:31.860> could<00:14:32.040> have 00:14:32.150 --> 00:14:32.160 align:start position:0% dispute that the third party could have 00:14:32.160 --> 00:14:35.389 align:start position:0% dispute that the third party could have resolved<00:14:32.760> yes<00:14:33.569> there<00:14:33.810> was<00:14:33.990> then<00:14:34.889> what<00:14:35.069> happens 00:14:35.389 --> 00:14:35.399 align:start position:0% resolved yes there was then what happens 00:14:35.399 --> 00:14:36.800 align:start position:0% resolved yes there was then what happens is<00:14:35.550> that<00:14:35.579> you<00:14:36.000> know<00:14:36.060> the<00:14:36.240> third<00:14:36.480> parties 00:14:36.800 --> 00:14:36.810 align:start position:0% is that you know the third parties 00:14:36.810 --> 00:14:38.569 align:start position:0% is that you know the third parties crying<00:14:37.199> because<00:14:37.470> his<00:14:37.680> deposit<00:14:38.370> has<00:14:38.430> been 00:14:38.569 --> 00:14:38.579 align:start position:0% crying because his deposit has been 00:14:38.579 --> 00:14:40.939 align:start position:0% crying because his deposit has been frozen<00:14:38.850> I<00:14:39.329> know<00:14:39.899> always<00:14:40.199> gets<00:14:40.500> a<00:14:40.589> little<00:14:40.740> bit 00:14:40.939 --> 00:14:40.949 align:start position:0% frozen I know always gets a little bit 00:14:40.949 --> 00:14:41.480 align:start position:0% frozen I know always gets a little bit revenge 00:14:41.480 --> 00:14:41.490 align:start position:0% revenge 00:14:41.490 --> 00:14:44.389 align:start position:0% revenge you<00:14:42.360> know<00:14:42.480> cease<00:14:42.779> deny<00:14:43.170> penalize<00:14:43.860> that<00:14:44.130> the 00:14:44.389 --> 00:14:44.399 align:start position:0% you know cease deny penalize that the 00:14:44.399 --> 00:14:46.850 align:start position:0% you know cease deny penalize that the third<00:14:44.639> party<00:14:44.970> for<00:14:45.089> cheating<00:14:45.480> now<00:14:46.319> there<00:14:46.560> is<00:14:46.680> an 00:14:46.850 --> 00:14:46.860 align:start position:0% third party for cheating now there is an 00:14:46.860 --> 00:14:49.069 align:start position:0% third party for cheating now there is an alternative<00:14:47.370> scheme<00:14:47.699> where<00:14:48.240> Alice<00:14:48.660> could<00:14:48.959> be 00:14:49.069 --> 00:14:49.079 align:start position:0% alternative scheme where Alice could be 00:14:49.079 --> 00:14:51.829 align:start position:0% alternative scheme where Alice could be compensated<00:14:49.470> as<00:14:49.949> well<00:14:50.190> so<00:14:51.180> instead<00:14:51.329> of<00:14:51.480> simply 00:14:51.829 --> 00:14:51.839 align:start position:0% compensated as well so instead of simply 00:14:51.839 --> 00:14:54.050 align:start position:0% compensated as well so instead of simply burning<00:14:52.170> the<00:14:52.260> deposit<00:14:52.800> you<00:14:53.010> could<00:14:53.670> compensate 00:14:54.050 --> 00:14:54.060 align:start position:0% burning the deposit you could compensate 00:14:54.060 --> 00:14:56.600 align:start position:0% burning the deposit you could compensate Alice<00:14:54.660> but<00:14:55.649> that<00:14:55.769> comes<00:14:56.069> with<00:14:56.220> some<00:14:56.399> caveats 00:14:56.600 --> 00:14:56.610 align:start position:0% Alice but that comes with some caveats 00:14:56.610 --> 00:14:58.490 align:start position:0% Alice but that comes with some caveats as<00:14:57.089> well<00:14:57.269> so<00:14:57.540> I<00:14:57.600> can<00:14:57.750> answer<00:14:57.959> that<00:14:58.110> during<00:14:58.410> the 00:14:58.490 --> 00:14:58.500 align:start position:0% as well so I can answer that during the 00:14:58.500 --> 00:15:01.970 align:start position:0% as well so I can answer that during the FAQ<00:14:59.459> of<00:14:59.550> anyone's<00:14:59.850> interested<00:15:00.470> but<00:15:01.470> basically 00:15:01.970 --> 00:15:01.980 align:start position:0% FAQ of anyone's interested but basically 00:15:01.980 --> 00:15:04.639 align:start position:0% FAQ of anyone's interested but basically the<00:15:02.190> summary<00:15:02.459> of<00:15:02.670> peas<00:15:02.880> in<00:15:03.120> a<00:15:03.149> nutshell<00:15:03.649> yes 00:15:04.639 --> 00:15:04.649 align:start position:0% the summary of peas in a nutshell yes 00:15:04.649 --> 00:15:07.400 align:start position:0% the summary of peas in a nutshell yes dear<00:15:05.130> privacy<00:15:05.779> there's<00:15:06.779> this<00:15:06.930> fair<00:15:07.230> exchange 00:15:07.400 --> 00:15:07.410 align:start position:0% dear privacy there's this fair exchange 00:15:07.410 --> 00:15:11.120 align:start position:0% dear privacy there's this fair exchange protocol<00:15:08.189> there's<00:15:09.149> order<00:15:09.540> one<00:15:09.689> storage<00:15:10.130> and 00:15:11.120 --> 00:15:11.130 align:start position:0% protocol there's order one storage and 00:15:11.130 --> 00:15:12.559 align:start position:0% protocol there's order one storage and we<00:15:11.370> have<00:15:11.490> recourse<00:15:12.000> as<00:15:12.149> a<00:15:12.180> financial 00:15:12.559 --> 00:15:12.569 align:start position:0% we have recourse as a financial 00:15:12.569 --> 00:15:14.720 align:start position:0% we have recourse as a financial deterrent<00:15:13.199> I'm<00:15:13.889> not<00:15:14.069> sort<00:15:14.220> of<00:15:14.250> what<00:15:14.370> you<00:15:14.490> want 00:15:14.720 --> 00:15:14.730 align:start position:0% deterrent I'm not sort of what you want 00:15:14.730 --> 00:15:18.050 align:start position:0% deterrent I'm not sort of what you want out<00:15:14.880> of<00:15:14.910> this<00:15:15.209> third-party<00:15:15.720> service<00:15:16.880> now<00:15:17.880> in 00:15:18.050 --> 00:15:18.060 align:start position:0% out of this third-party service now in 00:15:18.060 --> 00:15:20.840 align:start position:0% out of this third-party service now in terms<00:15:18.300> of<00:15:18.449> really<00:15:18.750> at<00:15:18.899> work<00:15:19.579> what<00:15:20.579> I<00:15:20.610> should 00:15:20.840 --> 00:15:20.850 align:start position:0% terms of really at work what I should 00:15:20.850 --> 00:15:22.519 align:start position:0% terms of really at work what I should mention<00:15:21.060> is<00:15:21.329> that<00:15:21.360> Pisa<00:15:21.810> is<00:15:22.050> in<00:15:22.230> the<00:15:22.350> very 00:15:22.519 --> 00:15:22.529 align:start position:0% mention is that Pisa is in the very 00:15:22.529 --> 00:15:24.590 align:start position:0% mention is that Pisa is in the very first<00:15:22.829> solution<00:15:23.160> there<00:15:24.060> was<00:15:24.149> an<00:15:24.269> initial 00:15:24.590 --> 00:15:24.600 align:start position:0% first solution there was an initial 00:15:24.600 --> 00:15:26.870 align:start position:0% first solution there was an initial YouTube<00:15:25.019> video<00:15:25.319> by<00:15:25.680> Taj<00:15:26.189> it's<00:15:26.550> killing 00:15:26.870 --> 00:15:26.880 align:start position:0% YouTube video by Taj it's killing 00:15:26.880 --> 00:15:28.850 align:start position:0% YouTube video by Taj it's killing Bitcoin<00:15:27.209> a<00:15:27.240> few<00:15:27.449> years<00:15:27.660> ago<00:15:27.810> for<00:15:28.170> monitor<00:15:28.529> and 00:15:28.850 --> 00:15:28.860 align:start position:0% Bitcoin a few years ago for monitor and 00:15:28.860 --> 00:15:30.740 align:start position:0% Bitcoin a few years ago for monitor and then<00:15:29.370> you<00:15:29.459> have<00:15:29.550> the<00:15:29.670> watchtower<00:15:30.120> protocol<00:15:30.600> as 00:15:30.740 --> 00:15:30.750 align:start position:0% then you have the watchtower protocol as 00:15:30.750 --> 00:15:32.689 align:start position:0% then you have the watchtower protocol as well<00:15:30.930> that<00:15:31.170> was<00:15:31.260> presented<00:15:31.529> at<00:15:31.769> bps<00:15:32.250> earlier 00:15:32.689 --> 00:15:32.699 align:start position:0% well that was presented at bps earlier 00:15:32.699 --> 00:15:33.530 align:start position:0% well that was presented at bps earlier this 00:15:33.530 --> 00:15:33.540 align:start position:0% this 00:15:33.540 --> 00:15:34.730 align:start position:0% this they<00:15:33.660> was<00:15:33.810> earlier<00:15:34.050> this<00:15:34.170> year<00:15:34.230> maybe<00:15:34.620> you 00:15:34.730 --> 00:15:34.740 align:start position:0% they was earlier this year maybe you 00:15:34.740 --> 00:15:36.590 align:start position:0% they was earlier this year maybe you were<00:15:34.800> in<00:15:34.889> February<00:15:35.339> time<00:15:35.579> now<00:15:36.269> they're<00:15:36.420> both 00:15:36.590 --> 00:15:36.600 align:start position:0% were in February time now they're both 00:15:36.600 --> 00:15:38.720 align:start position:0% were in February time now they're both for<00:15:36.810> Bitcoin<00:15:37.230> and<00:15:37.829> what<00:15:38.009> they<00:15:38.130> mostly<00:15:38.459> focus 00:15:38.720 --> 00:15:38.730 align:start position:0% for Bitcoin and what they mostly focus 00:15:38.730 --> 00:15:42.170 align:start position:0% for Bitcoin and what they mostly focus on<00:15:39.089> is<00:15:39.360> dear<00:15:39.690> privacy<00:15:40.290> I'm<00:15:40.560> a<00:15:41.220> customer<00:15:41.699> I<00:15:41.910> get 00:15:42.170 --> 00:15:42.180 align:start position:0% on is dear privacy I'm a customer I get 00:15:42.180 --> 00:15:44.210 align:start position:0% on is dear privacy I'm a customer I get some<00:15:42.480> encrypted<00:15:42.870> blob<00:15:43.079> and<00:15:43.440> then<00:15:43.500> I<00:15:43.920> give<00:15:44.130> it 00:15:44.210 --> 00:15:44.220 align:start position:0% some encrypted blob and then I give it 00:15:44.220 --> 00:15:45.170 align:start position:0% some encrypted blob and then I give it off<00:15:44.370> to<00:15:44.519> the<00:15:44.639> tower 00:15:45.170 --> 00:15:45.180 align:start position:0% off to the tower 00:15:45.180 --> 00:15:48.800 align:start position:0% off to the tower they<00:15:45.839> never<00:15:46.110> focus<00:15:46.620> on<00:15:46.889> accountability<00:15:47.720> so<00:15:48.720> if 00:15:48.800 --> 00:15:48.810 align:start position:0% they never focus on accountability so if 00:15:48.810 --> 00:15:51.139 align:start position:0% they never focus on accountability so if I<00:15:48.899> hire<00:15:49.170> the<00:15:49.380> tower<00:15:49.620> or<00:15:49.949> the<00:15:50.130> monitor<00:15:50.519> I<00:15:50.670> have 00:15:51.139 --> 00:15:51.149 align:start position:0% I hire the tower or the monitor I have 00:15:51.149 --> 00:15:52.910 align:start position:0% I hire the tower or the monitor I have no<00:15:51.329> evidence<00:15:51.569> that<00:15:52.050> I've<00:15:52.139> ever<00:15:52.350> hired<00:15:52.649> this 00:15:52.910 --> 00:15:52.920 align:start position:0% no evidence that I've ever hired this 00:15:52.920 --> 00:15:55.370 align:start position:0% no evidence that I've ever hired this tower<00:15:53.160> so<00:15:53.819> they<00:15:54.029> cheat<00:15:54.360> I<00:15:54.630> have<00:15:55.110> no<00:15:55.259> evidence 00:15:55.370 --> 00:15:55.380 align:start position:0% tower so they cheat I have no evidence 00:15:55.380 --> 00:15:57.110 align:start position:0% tower so they cheat I have no evidence of<00:15:55.680> hiring<00:15:55.889> them<00:15:56.220> and<00:15:56.579> I<00:15:56.610> have<00:15:56.699> nowhere<00:15:56.940> to 00:15:57.110 --> 00:15:57.120 align:start position:0% of hiring them and I have nowhere to 00:15:57.120 --> 00:15:59.050 align:start position:0% of hiring them and I have nowhere to either<00:15:57.329> dummies<00:15:57.720> the<00:15:57.839> reputation<00:15:58.620> or 00:15:59.050 --> 00:15:59.060 align:start position:0% either dummies the reputation or 00:15:59.060 --> 00:16:01.699 align:start position:0% either dummies the reputation or financially<00:16:00.060> penalize<00:16:00.509> them<00:16:00.750> so<00:16:01.529> what's 00:16:01.699 --> 00:16:01.709 align:start position:0% financially penalize them so what's 00:16:01.709 --> 00:16:03.230 align:start position:0% financially penalize them so what's beautiful<00:16:01.829> about<00:16:02.190> Pease<00:16:02.579> is<00:16:02.790> out<00:16:02.910> loud<00:16:03.089> that's 00:16:03.230 --> 00:16:03.240 align:start position:0% beautiful about Pease is out loud that's 00:16:03.240 --> 00:16:04.519 align:start position:0% beautiful about Pease is out loud that's what<00:16:03.420> I<00:16:03.569> guess<00:16:04.079> that's<00:16:04.259> our<00:16:04.350> main 00:16:04.519 --> 00:16:04.529 align:start position:0% what I guess that's our main 00:16:04.529 --> 00:16:05.749 align:start position:0% what I guess that's our main contribution<00:16:05.190> that's<00:16:05.279> what<00:16:05.430> we<00:16:05.490> mostly 00:16:05.749 --> 00:16:05.759 align:start position:0% contribution that's what we mostly 00:16:05.759 --> 00:16:07.879 align:start position:0% contribution that's what we mostly focused<00:16:06.180> on<00:16:06.300> and<00:16:06.600> because<00:16:07.259> it's<00:16:07.410> design<00:16:07.680> for 00:16:07.879 --> 00:16:07.889 align:start position:0% focused on and because it's design for 00:16:07.889 --> 00:16:10.309 align:start position:0% focused on and because it's design for aetherium<00:16:08.220> is<00:16:08.639> deployable<00:16:09.449> today<00:16:10.050> and 00:16:10.309 --> 00:16:10.319 align:start position:0% aetherium is deployable today and 00:16:10.319 --> 00:16:12.650 align:start position:0% aetherium is deployable today and actually<00:16:11.220> our<00:16:11.339> protocol<00:16:11.880> is<00:16:12.060> somewhat 00:16:12.650 --> 00:16:12.660 align:start position:0% actually our protocol is somewhat 00:16:12.660 --> 00:16:13.790 align:start position:0% actually our protocol is somewhat compatible<00:16:12.959> watchtower 00:16:13.790 --> 00:16:13.800 align:start position:0% compatible watchtower 00:16:13.800 --> 00:16:15.800 align:start position:0% compatible watchtower so<00:16:14.220> we<00:16:14.310> also<00:16:14.459> improved<00:16:14.790> the<00:16:14.970> Bitcoin<00:16:15.389> protocol 00:16:15.800 --> 00:16:15.810 align:start position:0% so we also improved the Bitcoin protocol 00:16:15.810 --> 00:16:17.660 align:start position:0% so we also improved the Bitcoin protocol as<00:16:15.990> well<00:16:16.440> and<00:16:16.620> actually<00:16:17.190> think<00:16:17.399> this<00:16:17.490> is<00:16:17.550> a 00:16:17.660 --> 00:16:17.670 align:start position:0% as well and actually think this is a 00:16:17.670 --> 00:16:19.579 align:start position:0% as well and actually think this is a really<00:16:18.000> good<00:16:18.149> way<00:16:18.360> for<00:16:18.389> at<00:16:18.839> least<00:16:18.930> academic 00:16:19.579 --> 00:16:19.589 align:start position:0% really good way for at least academic 00:16:19.589 --> 00:16:22.340 align:start position:0% really good way for at least academic researchers<00:16:20.339> to<00:16:20.579> design<00:16:20.880> protocols<00:16:21.240> if<00:16:22.230> you 00:16:22.340 --> 00:16:22.350 align:start position:0% researchers to design protocols if you 00:16:22.350 --> 00:16:23.420 align:start position:0% researchers to design protocols if you design<00:16:22.620> it<00:16:22.740> for<00:16:22.860> aetherium 00:16:23.420 --> 00:16:23.430 align:start position:0% design it for aetherium 00:16:23.430 --> 00:16:25.069 align:start position:0% design it for aetherium you<00:16:23.940> most<00:16:24.180> certainly<00:16:24.269> have<00:16:24.480> to<00:16:24.569> focus<00:16:24.870> on<00:16:24.990> the 00:16:25.069 --> 00:16:25.079 align:start position:0% you most certainly have to focus on the 00:16:25.079 --> 00:16:26.990 align:start position:0% you most certainly have to focus on the concept<00:16:25.589> and<00:16:25.860> actually<00:16:26.399> when<00:16:26.670> you<00:16:26.699> design 00:16:26.990 --> 00:16:27.000 align:start position:0% concept and actually when you design 00:16:27.000 --> 00:16:29.840 align:start position:0% concept and actually when you design it's<00:16:27.180> a<00:16:27.360> smart<00:16:27.660> contract<00:16:28.399> given<00:16:29.399> the<00:16:29.459> concert 00:16:29.840 --> 00:16:29.850 align:start position:0% it's a smart contract given the concert 00:16:29.850 --> 00:16:32.389 align:start position:0% it's a smart contract given the concert given<00:16:30.269> the<00:16:30.480> Kent's<00:16:31.110> concept<00:16:31.620> it's<00:16:32.069> really 00:16:32.389 --> 00:16:32.399 align:start position:0% given the Kent's concept it's really 00:16:32.399 --> 00:16:34.400 align:start position:0% given the Kent's concept it's really easy<00:16:32.639> to<00:16:32.850> write<00:16:33.060> as<00:16:33.240> a<00:16:33.300> trusted<00:16:33.779> third<00:16:33.959> party 00:16:34.400 --> 00:16:34.410 align:start position:0% easy to write as a trusted third party 00:16:34.410 --> 00:16:36.980 align:start position:0% easy to write as a trusted third party that<00:16:34.829> is<00:16:34.889> a<00:16:35.069> smart<00:16:35.430> contract<00:16:35.940> well<00:16:36.600> normally 00:16:36.980 --> 00:16:36.990 align:start position:0% that is a smart contract well normally 00:16:36.990 --> 00:16:38.780 align:start position:0% that is a smart contract well normally when<00:16:37.110> you<00:16:37.230> focus<00:16:37.380> on<00:16:37.620> Bitcoin<00:16:37.860> you<00:16:38.610> know<00:16:38.699> you 00:16:38.780 --> 00:16:38.790 align:start position:0% when you focus on Bitcoin you know you 00:16:38.790 --> 00:16:40.009 align:start position:0% when you focus on Bitcoin you know you sort<00:16:38.910> of<00:16:38.970> try<00:16:39.060> to<00:16:39.120> punch<00:16:39.389> back<00:16:39.600> when<00:16:39.810> in<00:16:39.930> the 00:16:40.009 --> 00:16:40.019 align:start position:0% sort of try to punch back when in the 00:16:40.019 --> 00:16:41.960 align:start position:0% sort of try to punch back when in the submission<00:16:40.319> they<00:16:41.040> get<00:16:41.220> it<00:16:41.339> to<00:16:41.430> do<00:16:41.579> something 00:16:41.960 --> 00:16:41.970 align:start position:0% submission they get it to do something 00:16:41.970 --> 00:16:43.939 align:start position:0% submission they get it to do something that<00:16:42.060> really<00:16:42.240> doesn't<00:16:42.510> want<00:16:42.779> to<00:16:42.899> do<00:16:43.050> so<00:16:43.920> I 00:16:43.939 --> 00:16:43.949 align:start position:0% that really doesn't want to do so I 00:16:43.949 --> 00:16:45.170 align:start position:0% that really doesn't want to do so I mostly<00:16:44.130> focus<00:16:44.430> on<00:16:44.670> doing<00:16:44.819> stuff<00:16:45.149> for 00:16:45.170 --> 00:16:45.180 align:start position:0% mostly focus on doing stuff for 00:16:45.180 --> 00:16:47.269 align:start position:0% mostly focus on doing stuff for aetherium<00:16:45.600> now<00:16:45.899> and<00:16:46.230> then<00:16:46.529> retrospectively 00:16:47.269 --> 00:16:47.279 align:start position:0% aetherium now and then retrospectively 00:16:47.279 --> 00:16:50.509 align:start position:0% aetherium now and then retrospectively see<00:16:47.639> if<00:16:47.940> this<00:16:48.449> will<00:16:48.600> also<00:16:48.930> work<00:16:49.050> on<00:16:49.230> Bitcoin<00:16:49.519> a 00:16:50.509 --> 00:16:50.519 align:start position:0% see if this will also work on Bitcoin a 00:16:50.519 --> 00:16:51.860 align:start position:0% see if this will also work on Bitcoin a lot<00:16:50.970> of<00:16:51.029> the<00:16:51.089> time<00:16:51.240> it's<00:16:51.389> not<00:16:51.510> really<00:16:51.720> worth 00:16:51.860 --> 00:16:51.870 align:start position:0% lot of the time it's not really worth 00:16:51.870 --> 00:16:52.910 align:start position:0% lot of the time it's not really worth the<00:16:52.019> while<00:16:52.139> either<00:16:52.410> because<00:16:52.709> they<00:16:52.800> won't 00:16:52.910 --> 00:16:52.920 align:start position:0% the while either because they won't 00:16:52.920 --> 00:16:56.530 align:start position:0% the while either because they won't update<00:16:53.130> it<00:16:53.459> but<00:16:53.970> anyway<00:16:54.300> that's<00:16:54.569> my<00:16:54.720> rant<00:16:54.930> over 00:16:56.530 --> 00:16:56.540 align:start position:0% update it but anyway that's my rant over 00:16:56.540 --> 00:17:00.230 align:start position:0% update it but anyway that's my rant over so<00:16:57.540> two<00:16:58.440> years<00:16:58.709> later<00:16:58.980> you<00:16:59.760> know<00:16:59.910> see<00:17:00.209> a 00:17:00.230 --> 00:17:00.240 align:start position:0% so two years later you know see a 00:17:00.240 --> 00:17:01.730 align:start position:0% so two years later you know see a channels<00:17:00.660> have<00:17:00.839> been<00:17:00.959> an<00:17:01.079> idea<00:17:01.440> as<00:17:01.620> I 00:17:01.730 --> 00:17:01.740 align:start position:0% channels have been an idea as I 00:17:01.740 --> 00:17:03.620 align:start position:0% channels have been an idea as I mentioned<00:17:02.040> from<00:17:02.130> Jeff's<00:17:02.399> bloke<00:17:02.730> I<00:17:02.970> was<00:17:03.180> 2015 00:17:03.620 --> 00:17:03.630 align:start position:0% mentioned from Jeff's bloke I was 2015 00:17:03.630 --> 00:17:05.840 align:start position:0% mentioned from Jeff's bloke I was 2015 that's<00:17:03.990> three<00:17:04.199> years<00:17:04.439> later<00:17:04.709> I<00:17:04.980> believe<00:17:05.579> we're 00:17:05.840 --> 00:17:05.850 align:start position:0% that's three years later I believe we're 00:17:05.850 --> 00:17:07.399 align:start position:0% that's three years later I believe we're on<00:17:05.909> the<00:17:06.030> verge<00:17:06.240> of<00:17:06.510> practical<00:17:06.990> and<00:17:07.110> deployable 00:17:07.399 --> 00:17:07.409 align:start position:0% on the verge of practical and deployable 00:17:07.409 --> 00:17:10.220 align:start position:0% on the verge of practical and deployable stare<00:17:07.829> channels<00:17:08.309> as<00:17:09.059> we've<00:17:09.480> seen<00:17:09.659> today<00:17:09.900> we've 00:17:10.220 --> 00:17:10.230 align:start position:0% stare channels as we've seen today we've 00:17:10.230 --> 00:17:11.539 align:start position:0% stare channels as we've seen today we've had<00:17:10.350> lots<00:17:10.559> of<00:17:10.679> people<00:17:10.740> building<00:17:11.189> Stier 00:17:11.539 --> 00:17:11.549 align:start position:0% had lots of people building Stier 00:17:11.549 --> 00:17:13.970 align:start position:0% had lots of people building Stier channels<00:17:11.970> last<00:17:12.780> night<00:17:13.079> on<00:17:13.260> at<00:17:13.380> the<00:17:13.470> I<00:17:13.500> attended 00:17:13.970 --> 00:17:13.980 align:start position:0% channels last night on at the I attended 00:17:13.980 --> 00:17:15.679 align:start position:0% channels last night on at the I attended an<00:17:14.100> event<00:17:14.370> and<00:17:14.610> three<00:17:15.329> out<00:17:15.419> of<00:17:15.449> eight 00:17:15.679 --> 00:17:15.689 align:start position:0% an event and three out of eight 00:17:15.689 --> 00:17:17.299 align:start position:0% an event and three out of eight presentations<00:17:16.470> said<00:17:16.650> they<00:17:16.770> want<00:17:17.040> to<00:17:17.159> use 00:17:17.299 --> 00:17:17.309 align:start position:0% presentations said they want to use 00:17:17.309 --> 00:17:18.880 align:start position:0% presentations said they want to use their<00:17:17.520> channels<00:17:17.880> as<00:17:18.000> part<00:17:18.209> of<00:17:18.240> their<00:17:18.390> product 00:17:18.880 --> 00:17:18.890 align:start position:0% their channels as part of their product 00:17:18.890 --> 00:17:21.110 align:start position:0% their channels as part of their product there's<00:17:19.890> still<00:17:20.069> quite<00:17:20.429> a<00:17:20.490> bit<00:17:20.669> of<00:17:20.760> research<00:17:21.089> to 00:17:21.110 --> 00:17:21.120 align:start position:0% there's still quite a bit of research to 00:17:21.120 --> 00:17:24.199 align:start position:0% there's still quite a bit of research to do<00:17:21.449> but<00:17:22.020> I<00:17:22.049> believe<00:17:22.439> see<00:17:22.650> a<00:17:22.679> channels<00:17:23.100> are<00:17:23.220> for 00:17:24.199 --> 00:17:24.209 align:start position:0% do but I believe see a channels are for 00:17:24.209 --> 00:17:26.240 align:start position:0% do but I believe see a channels are for a<00:17:24.240> big<00:17:24.510> part<00:17:24.809> of<00:17:24.870> it<00:17:25.049> mostly<00:17:25.740> an<00:17:25.829> engineering 00:17:26.240 --> 00:17:26.250 align:start position:0% a big part of it mostly an engineering 00:17:26.250 --> 00:17:27.949 align:start position:0% a big part of it mostly an engineering challenge<00:17:26.370> to<00:17:26.909> go<00:17:27.030> build<00:17:27.299> it<00:17:27.480> and<00:17:27.630> see<00:17:27.780> how 00:17:27.949 --> 00:17:27.959 align:start position:0% challenge to go build it and see how 00:17:27.959 --> 00:17:30.140 align:start position:0% challenge to go build it and see how they<00:17:28.110> how<00:17:28.500> well<00:17:28.710> they<00:17:28.890> work<00:17:29.130> while<00:17:29.669> parameters 00:17:30.140 --> 00:17:30.150 align:start position:0% they how well they work while parameters 00:17:30.150 --> 00:17:33.500 align:start position:0% they how well they work while parameters should<00:17:30.330> be<00:17:30.450> set<00:17:30.720> etc<00:17:31.590> etc<00:17:31.650> so<00:17:32.250> basically<00:17:33.059> magic 00:17:33.500 --> 00:17:33.510 align:start position:0% should be set etc etc so basically magic 00:17:33.510 --> 00:17:35.390 align:start position:0% should be set etc etc so basically magic unicorns<00:17:34.049> need<00:17:34.260> not<00:17:34.409> apply<00:17:34.740> we<00:17:35.250> no<00:17:35.370> longer 00:17:35.390 --> 00:17:35.400 align:start position:0% unicorns need not apply we no longer 00:17:35.400 --> 00:17:37.250 align:start position:0% unicorns need not apply we no longer need<00:17:35.820> magic<00:17:35.940> unicorn<00:17:36.299> fish<00:17:36.630> dia<00:17:36.809> channels<00:17:37.140> to 00:17:37.250 --> 00:17:37.260 align:start position:0% need magic unicorn fish dia channels to 00:17:37.260 --> 00:17:39.320 align:start position:0% need magic unicorn fish dia channels to work<00:17:37.440> so<00:17:38.429> that's<00:17:38.490> pretty<00:17:38.700> much<00:17:38.790> the<00:17:39.030> summary 00:17:39.320 --> 00:17:39.330 align:start position:0% work so that's pretty much the summary 00:17:39.330 --> 00:17:41.180 align:start position:0% work so that's pretty much the summary of<00:17:39.450> my<00:17:39.480> talk<00:17:39.870> what<00:17:40.200> I<00:17:40.230> went<00:17:40.440> over<00:17:40.679> today<00:17:40.860> was 00:17:41.180 --> 00:17:41.190 align:start position:0% of my talk what I went over today was 00:17:41.190 --> 00:17:43.669 align:start position:0% of my talk what I went over today was Pisa<00:17:41.460> was<00:17:42.240> it<00:17:42.419> the<00:17:42.540> one<00:17:42.690> in<00:17:42.809> the<00:17:42.900> middle<00:17:43.049> which 00:17:43.669 --> 00:17:43.679 align:start position:0% Pisa was it the one in the middle which 00:17:43.679 --> 00:17:45.860 align:start position:0% Pisa was it the one in the middle which is<00:17:43.830> an<00:17:43.919> accountable<00:17:44.400> third<00:17:44.669> party<00:17:45.120> in<00:17:45.299> the 00:17:45.860 --> 00:17:45.870 align:start position:0% is an accountable third party in the 00:17:45.870 --> 00:17:47.270 align:start position:0% is an accountable third party in the past<00:17:46.110> with<00:17:46.470> Andre<00:17:46.770> Miller<00:17:46.919> I 00:17:47.270 --> 00:17:47.280 align:start position:0% past with Andre Miller I 00:17:47.280 --> 00:17:49.160 align:start position:0% past with Andre Miller I worked<00:17:47.460> on<00:17:47.610> sprites<00:17:47.970> which<00:17:48.690> was<00:17:48.870> one<00:17:49.020> of<00:17:49.050> the 00:17:49.160 --> 00:17:49.170 align:start position:0% worked on sprites which was one of the 00:17:49.170 --> 00:17:51.170 align:start position:0% worked on sprites which was one of the first<00:17:49.350> dear<00:17:49.590> cello<00:17:49.860> constructions<00:17:50.520> or 00:17:51.170 --> 00:17:51.180 align:start position:0% first dear cello constructions or 00:17:51.180 --> 00:17:52.940 align:start position:0% first dear cello constructions or actually<00:17:51.660> was<00:17:51.780> mostly<00:17:52.020> command<00:17:52.470> focused 00:17:52.940 --> 00:17:52.950 align:start position:0% actually was mostly command focused 00:17:52.950 --> 00:17:55.550 align:start position:0% actually was mostly command focused during<00:17:53.580> that<00:17:53.760> dispute<00:17:54.180> process<00:17:54.350> us<00:17:55.350> you<00:17:55.530> a 00:17:55.550 --> 00:17:55.560 align:start position:0% during that dispute process us you a 00:17:55.560 --> 00:17:57.620 align:start position:0% during that dispute process us you a command<00:17:55.920> a<00:17:56.310> new<00:17:56.730> self<00:17:57.000> enforces<00:17:57.480> da 00:17:57.620 --> 00:17:57.630 align:start position:0% command a new self enforces da 00:17:57.630 --> 00:17:59.570 align:start position:0% command a new self enforces da transition<00:17:58.140> that<00:17:58.290> way<00:17:58.470> so<00:17:59.010> the<00:17:59.160> ghoul<00:17:59.340> there 00:17:59.570 --> 00:17:59.580 align:start position:0% transition that way so the ghoul there 00:17:59.580 --> 00:18:01.070 align:start position:0% transition that way so the ghoul there was<00:17:59.760> the<00:17:59.910> ensure<00:18:00.180> the<00:18:00.330> steer<00:18:00.540> channel<00:18:00.870> never 00:18:01.070 --> 00:18:01.080 align:start position:0% was the ensure the steer channel never 00:18:01.080 --> 00:18:03.740 align:start position:0% was the ensure the steer channel never closes<00:18:01.680> you<00:18:02.490> just<00:18:02.670> submit<00:18:02.940> commands<00:18:03.270> and 00:18:03.740 --> 00:18:03.750 align:start position:0% closes you just submit commands and 00:18:03.750 --> 00:18:05.390 align:start position:0% closes you just submit commands and that's<00:18:04.140> how<00:18:04.260> you<00:18:04.350> do<00:18:04.470> your<00:18:04.500> steer<00:18:04.800> transitions 00:18:05.390 --> 00:18:05.400 align:start position:0% that's how you do your steer transitions 00:18:05.400 --> 00:18:08.300 align:start position:0% that's how you do your steer transitions and<00:18:05.700> then<00:18:06.360> more<00:18:06.540> recently<00:18:06.690> I<00:18:07.050> did<00:18:07.320> I<00:18:07.800> did<00:18:08.280> a 00:18:08.300 --> 00:18:08.310 align:start position:0% and then more recently I did I did a 00:18:08.310 --> 00:18:10.970 align:start position:0% and then more recently I did I did a case<00:18:08.610> study<00:18:09.020> where<00:18:10.020> a<00:18:10.050> pretty<00:18:10.500> must<00:18:10.710> be<00:18:10.800> built 00:18:10.970 --> 00:18:10.980 align:start position:0% case study where a pretty must be built 00:18:10.980 --> 00:18:13.070 align:start position:0% case study where a pretty must be built this<00:18:11.130> two<00:18:11.340> player<00:18:11.610> bottle<00:18:12.000> ship<00:18:12.180> game<00:18:12.420> and<00:18:12.990> we 00:18:13.070 --> 00:18:13.080 align:start position:0% this two player bottle ship game and we 00:18:13.080 --> 00:18:14.570 align:start position:0% this two player bottle ship game and we really<00:18:13.290> wanted<00:18:13.470> to<00:18:13.530> empirically<00:18:14.070> evaluate 00:18:14.570 --> 00:18:14.580 align:start position:0% really wanted to empirically evaluate 00:18:14.580 --> 00:18:17.090 align:start position:0% really wanted to empirically evaluate how<00:18:14.850> well<00:18:15.090> steer<00:18:15.330> channels<00:18:15.720> work<00:18:15.900> and<00:18:16.770> we<00:18:16.950> got 00:18:17.090 --> 00:18:17.100 align:start position:0% how well steer channels work and we got 00:18:17.100 --> 00:18:18.740 align:start position:0% how well steer channels work and we got some<00:18:17.310> lessons<00:18:17.640> from<00:18:17.730> that<00:18:17.910> as<00:18:18.060> well<00:18:18.240> but 00:18:18.740 --> 00:18:18.750 align:start position:0% some lessons from that as well but 00:18:18.750 --> 00:18:20.540 align:start position:0% some lessons from that as well but welcome<00:18:19.050> Otto<00:18:19.170> that<00:18:19.380> was<00:18:19.500> kid<00:18:19.740> soon<00:18:20.010> which<00:18:20.520> is 00:18:20.540 --> 00:18:20.550 align:start position:0% welcome Otto that was kid soon which is 00:18:20.550 --> 00:18:22.580 align:start position:0% welcome Otto that was kid soon which is that<00:18:20.790> application<00:18:21.480> agnostic<00:18:21.960> state<00:18:22.170> channel 00:18:22.580 --> 00:18:22.590 align:start position:0% that application agnostic state channel 00:18:22.590 --> 00:18:24.320 align:start position:0% that application agnostic state channel where<00:18:23.100> the<00:18:23.250> steer<00:18:23.430> channel<00:18:23.730> really<00:18:23.940> doesn't 00:18:24.320 --> 00:18:24.330 align:start position:0% where the steer channel really doesn't 00:18:24.330 --> 00:18:26.450 align:start position:0% where the steer channel really doesn't care<00:18:24.510> what<00:18:24.690> the<00:18:24.810> application<00:18:25.380> is<00:18:25.530> basically 00:18:26.450 --> 00:18:26.460 align:start position:0% care what the application is basically 00:18:26.460 --> 00:18:28.490 align:start position:0% care what the application is basically you<00:18:26.730> designed<00:18:27.030> the<00:18:27.120> application<00:18:27.690> as<00:18:27.840> normal 00:18:28.490 --> 00:18:28.500 align:start position:0% you designed the application as normal 00:18:28.500 --> 00:18:30.860 align:start position:0% you designed the application as normal for<00:18:28.680> the<00:18:28.740> blockchain<00:18:28.970> you<00:18:29.970> are<00:18:30.150> this<00:18:30.360> locking 00:18:30.860 --> 00:18:30.870 align:start position:0% for the blockchain you are this locking 00:18:30.870 --> 00:18:33.500 align:start position:0% for the blockchain you are this locking and<00:18:31.050> unlocking<00:18:31.340> unlocking<00:18:32.340> mechanism<00:18:32.940> then 00:18:33.500 --> 00:18:33.510 align:start position:0% and unlocking unlocking mechanism then 00:18:33.510 --> 00:18:34.850 align:start position:0% and unlocking unlocking mechanism then you<00:18:33.600> can<00:18:33.720> lock<00:18:33.900> yourself<00:18:34.350> into<00:18:34.530> the<00:18:34.650> state 00:18:34.850 --> 00:18:34.860 align:start position:0% you can lock yourself into the state 00:18:34.860 --> 00:18:37.160 align:start position:0% you can lock yourself into the state channel<00:18:35.280> and<00:18:35.490> then<00:18:35.760> unlock<00:18:36.180> yourself<00:18:36.360> and 00:18:37.160 --> 00:18:37.170 align:start position:0% channel and then unlock yourself and 00:18:37.170 --> 00:18:39.020 align:start position:0% channel and then unlock yourself and what<00:18:37.290> you<00:18:37.410> really<00:18:37.710> learn<00:18:37.920> is<00:18:38.130> that<00:18:38.310> steer 00:18:39.020 --> 00:18:39.030 align:start position:0% what you really learn is that steer 00:18:39.030 --> 00:18:41.390 align:start position:0% what you really learn is that steer channels<00:18:39.510> are<00:18:39.750> mostly<00:18:40.410> an<00:18:40.530> optimistic<00:18:41.010> way<00:18:41.340> to 00:18:41.390 --> 00:18:41.400 align:start position:0% channels are mostly an optimistic way to 00:18:41.400 --> 00:18:44.150 align:start position:0% channels are mostly an optimistic way to scale<00:18:41.760> if<00:18:42.000> everyone<00:18:42.930> cooperates<00:18:43.110> we<00:18:44.010> can 00:18:44.150 --> 00:18:44.160 align:start position:0% scale if everyone cooperates we can 00:18:44.160 --> 00:18:47.330 align:start position:0% scale if everyone cooperates we can optimistically<00:18:44.850> run<00:18:45.150> off<00:18:45.300> Qin<00:18:45.570> if<00:18:46.050> one<00:18:47.040> person 00:18:47.330 --> 00:18:47.340 align:start position:0% optimistically run off Qin if one person 00:18:47.340 --> 00:18:49.730 align:start position:0% optimistically run off Qin if one person doesn't<00:18:47.520> cooperate<00:18:47.820> then<00:18:48.780> raises<00:18:49.050> default<00:18:49.530> to 00:18:49.730 --> 00:18:49.740 align:start position:0% doesn't cooperate then raises default to 00:18:49.740 --> 00:18:51.080 align:start position:0% doesn't cooperate then raises default to the<00:18:49.860> tour<00:18:50.070> twice<00:18:50.250> you<00:18:50.400> know<00:18:50.460> the<00:18:50.610> lower<00:18:50.820> layer 00:18:51.080 --> 00:18:51.090 align:start position:0% the tour twice you know the lower layer 00:18:51.090 --> 00:18:53.180 align:start position:0% the tour twice you know the lower layer that's<00:18:51.690> slow<00:18:51.900> and<00:18:52.020> expensive<00:18:52.200> but<00:18:52.980> we<00:18:53.070> can 00:18:53.180 --> 00:18:53.190 align:start position:0% that's slow and expensive but we can 00:18:53.190 --> 00:18:55.730 align:start position:0% that's slow and expensive but we can always<00:18:53.280> default<00:18:53.730> back<00:18:53.910> to<00:18:53.940> that<00:18:54.330> so<00:18:55.230> I'd<00:18:55.620> like 00:18:55.730 --> 00:18:55.740 align:start position:0% always default back to that so I'd like 00:18:55.740 --> 00:18:57.320 align:start position:0% always default back to that so I'd like to<00:18:55.890> thank<00:18:56.010> my<00:18:56.160> co-authors<00:18:56.400> of<00:18:56.880> course<00:18:57.090> I<00:18:57.150> put 00:18:57.320 --> 00:18:57.330 align:start position:0% to thank my co-authors of course I put 00:18:57.330 --> 00:18:59.510 align:start position:0% to thank my co-authors of course I put their<00:18:57.450> photos<00:18:57.750> up<00:18:57.930> there<00:18:57.960> and<00:18:58.500> I<00:18:58.530> also<00:18:59.220> want<00:18:59.490> to 00:18:59.510 --> 00:18:59.520 align:start position:0% their photos up there and I also want to 00:18:59.520 --> 00:19:01.310 align:start position:0% their photos up there and I also want to thank<00:18:59.700> the<00:18:59.880> Athena<00:19:00.150> foundation<00:19:00.750> the<00:19:01.080> theme 00:19:01.310 --> 00:19:01.320 align:start position:0% thank the Athena foundation the theme 00:19:01.320 --> 00:19:02.480 align:start position:0% thank the Athena foundation the theme Community<00:19:01.770> Fund<00:19:01.980> and<00:19:02.160> the<00:19:02.220> Research 00:19:02.480 --> 00:19:02.490 align:start position:0% Community Fund and the Research 00:19:02.490 --> 00:19:04.550 align:start position:0% Community Fund and the Research Institute<00:19:02.520> from<00:19:03.420> pin<00:19:03.660> sponsor<00:19:04.050> this<00:19:04.170> research 00:19:04.550 --> 00:19:04.560 align:start position:0% Institute from pin sponsor this research 00:19:04.560 --> 00:19:06.440 align:start position:0% Institute from pin sponsor this research because<00:19:04.830> with<00:19:04.980> our<00:19:05.100> sponsorship<00:19:05.520> it's<00:19:05.910> very 00:19:06.440 --> 00:19:06.450 align:start position:0% because with our sponsorship it's very 00:19:06.450 --> 00:19:08.540 align:start position:0% because with our sponsorship it's very difficult<00:19:06.840> to<00:19:06.930> get<00:19:07.020> any<00:19:07.080> research<00:19:07.530> done<00:19:07.830> so<00:19:08.520> I 00:19:08.540 --> 00:19:08.550 align:start position:0% difficult to get any research done so I 00:19:08.550 --> 00:19:10.460 align:start position:0% difficult to get any research done so I guess<00:19:08.940> that's<00:19:09.060> the<00:19:09.150> end<00:19:09.240> of<00:19:09.390> my<00:19:09.480> talk<00:19:09.720> so<00:19:10.080> thank 00:19:10.460 --> 00:19:10.470 align:start position:0% guess that's the end of my talk so thank 00:19:10.470 --> 00:19:14.810 align:start position:0% guess that's the end of my talk so thank you<00:19:10.590> guys<00:19:10.620> for<00:19:10.800> listening<00:19:13.820> minutes 00:19:14.810 --> 00:19:14.820 align:start position:0% you guys for listening minutes 00:19:14.820 --> 00:19:15.260 align:start position:0% you guys for listening minutes apparently 00:19:15.260 --> 00:19:15.270 align:start position:0% apparently 00:19:15.270 --> 00:19:33.040 align:start position:0% apparently [Applause] 00:19:33.040 --> 00:19:33.050 align:start position:0% 00:19:33.050 --> 00:19:35.480 align:start position:0% hi<00:19:34.050> thank<00:19:34.290> you<00:19:34.380> for<00:19:34.560> an<00:19:34.710> interesting<00:19:35.040> talk 00:19:35.480 --> 00:19:35.490 align:start position:0% hi thank you for an interesting talk 00:19:35.490 --> 00:19:37.460 align:start position:0% hi thank you for an interesting talk first<00:19:35.760> of<00:19:35.910> all<00:19:36.030> maybe<00:19:36.870> a<00:19:36.990> stupid<00:19:37.380> question 00:19:37.460 --> 00:19:37.470 align:start position:0% first of all maybe a stupid question 00:19:37.470 --> 00:19:42.620 align:start position:0% first of all maybe a stupid question here<00:19:37.920> but<00:19:38.100> okay<00:19:38.580> so<00:19:41.060> the<00:19:42.060> party's<00:19:42.420> in<00:19:42.540> a 00:19:42.620 --> 00:19:42.630 align:start position:0% here but okay so the party's in a 00:19:42.630 --> 00:19:45.200 align:start position:0% here but okay so the party's in a channel<00:19:42.960> submit<00:19:43.410> the<00:19:43.820> latest<00:19:44.820> version<00:19:45.060> of<00:19:45.120> the 00:19:45.200 --> 00:19:45.210 align:start position:0% channel submit the latest version of the 00:19:45.210 --> 00:19:47.570 align:start position:0% channel submit the latest version of the state<00:19:45.450> the<00:19:45.660> state<00:19:45.690> hash<00:19:46.110> and<00:19:46.460> signatures<00:19:47.460> of 00:19:47.570 --> 00:19:47.580 align:start position:0% state the state hash and signatures of 00:19:47.580 --> 00:19:49.250 align:start position:0% state the state hash and signatures of all<00:19:47.670> the<00:19:47.790> parties<00:19:48.060> to<00:19:48.240> Pisa<00:19:48.450> yeah 00:19:49.250 --> 00:19:49.260 align:start position:0% all the parties to Pisa yeah 00:19:49.260 --> 00:19:50.750 align:start position:0% all the parties to Pisa yeah but<00:19:49.530> if<00:19:49.650> one<00:19:49.800> of<00:19:49.890> the<00:19:49.980> parties<00:19:50.280> is<00:19:50.310> trying<00:19:50.640> to 00:19:50.750 --> 00:19:50.760 align:start position:0% but if one of the parties is trying to 00:19:50.760 --> 00:19:54.620 align:start position:0% but if one of the parties is trying to act<00:19:50.910> maliciously<00:19:52.100> okay<00:19:53.100> do<00:19:53.250> they<00:19:53.790> submit 00:19:54.620 --> 00:19:54.630 align:start position:0% act maliciously okay do they submit 00:19:54.630 --> 00:19:56.630 align:start position:0% act maliciously okay do they submit their<00:19:54.780> signatures<00:19:55.260> for<00:19:55.500> each<00:19:55.680> updated 00:19:56.630 --> 00:19:56.640 align:start position:0% their signatures for each updated 00:19:56.640 --> 00:19:57.860 align:start position:0% their signatures for each updated version<00:19:56.910> of<00:19:56.970> the<00:19:57.090> state<00:19:57.330> because<00:19:57.510> well<00:19:57.750> they 00:19:57.860 --> 00:19:57.870 align:start position:0% version of the state because well they 00:19:57.870 --> 00:19:59.540 align:start position:0% version of the state because well they can't<00:19:58.170> do<00:19:58.380> so<00:19:58.680> if<00:19:58.920> you<00:19:59.070> think<00:19:59.220> about<00:19:59.430> the 00:19:59.540 --> 00:19:59.550 align:start position:0% can't do so if you think about the 00:19:59.550 --> 00:20:01.520 align:start position:0% can't do so if you think about the receipt<00:19:59.940> the<00:20:00.150> receipt<00:20:00.480> will<00:20:00.570> basically<00:20:01.050> say<00:20:01.260> I 00:20:01.520 --> 00:20:01.530 align:start position:0% receipt the receipt will basically say I 00:20:01.530 --> 00:20:03.770 align:start position:0% receipt the receipt will basically say I will<00:20:02.130> relay<00:20:02.490> this<00:20:02.700> message<00:20:02.760> according<00:20:03.690> to 00:20:03.770 --> 00:20:03.780 align:start position:0% will relay this message according to 00:20:03.780 --> 00:20:06.260 align:start position:0% will relay this message according to this<00:20:03.900> version<00:20:04.140> number<00:20:04.850> spoke<00:20:05.850> with<00:20:06.000> the<00:20:06.090> peas 00:20:06.260 --> 00:20:06.270 align:start position:0% this version number spoke with the peas 00:20:06.270 --> 00:20:07.880 align:start position:0% this version number spoke with the peas at<00:20:06.420> about<00:20:06.630> the<00:20:06.750> third<00:20:06.960> party<00:20:07.140> must<00:20:07.410> do<00:20:07.620> first 00:20:07.880 --> 00:20:07.890 align:start position:0% at about the third party must do first 00:20:07.890 --> 00:20:10.550 align:start position:0% at about the third party must do first is<00:20:08.220> that<00:20:08.370> given<00:20:08.700> a<00:20:08.790> job<00:20:09.030> the<00:20:09.840> third<00:20:10.080> party<00:20:10.380> must 00:20:10.550 --> 00:20:10.560 align:start position:0% is that given a job the third party must 00:20:10.560 --> 00:20:12.680 align:start position:0% is that given a job the third party must follow<00:20:10.980> the<00:20:11.220> it<00:20:11.280> itself<00:20:11.670> that<00:20:12.120> this<00:20:12.270> actually 00:20:12.680 --> 00:20:12.690 align:start position:0% follow the it itself that this actually 00:20:12.690 --> 00:20:14.840 align:start position:0% follow the it itself that this actually works<00:20:12.900> so<00:20:13.260> they<00:20:13.860> look<00:20:14.010> at<00:20:14.130> the<00:20:14.220> steer<00:20:14.400> channel 00:20:14.840 --> 00:20:14.850 align:start position:0% works so they look at the steer channel 00:20:14.850 --> 00:20:16.430 align:start position:0% works so they look at the steer channel and<00:20:15.210> they<00:20:15.300> could<00:20:15.450> just<00:20:15.630> simulate<00:20:16.020> it<00:20:16.170> and<00:20:16.320> say 00:20:16.430 --> 00:20:16.440 align:start position:0% and they could just simulate it and say 00:20:16.440 --> 00:20:18.320 align:start position:0% and they could just simulate it and say yep<00:20:16.710> if<00:20:16.950> there<00:20:17.430> was<00:20:17.550> a<00:20:17.580> dispute<00:20:18.000> this<00:20:18.180> will 00:20:18.320 --> 00:20:18.330 align:start position:0% yep if there was a dispute this will 00:20:18.330 --> 00:20:19.910 align:start position:0% yep if there was a dispute this will always<00:20:18.510> be<00:20:18.660> accepted<00:20:19.230> by<00:20:19.320> the<00:20:19.380> steer<00:20:19.620> channel 00:20:19.910 --> 00:20:19.920 align:start position:0% always be accepted by the steer channel 00:20:19.920 --> 00:20:22.280 align:start position:0% always be accepted by the steer channel contract<00:20:20.340> I<00:20:20.930> think<00:20:21.930> that's<00:20:22.050> what<00:20:22.170> you're 00:20:22.280 --> 00:20:22.290 align:start position:0% contract I think that's what you're 00:20:22.290 --> 00:20:26.360 align:start position:0% contract I think that's what you're alluding<00:20:22.470> to<00:20:24.440> kind<00:20:25.440> of<00:20:25.500> wondering<00:20:25.860> like<00:20:25.890> if 00:20:26.360 --> 00:20:26.370 align:start position:0% alluding to kind of wondering like if 00:20:26.370 --> 00:20:28.280 align:start position:0% alluding to kind of wondering like if somebody<00:20:26.880> if<00:20:27.240> a<00:20:27.600> party<00:20:27.870> in<00:20:27.930> the<00:20:28.020> channel 00:20:28.280 --> 00:20:28.290 align:start position:0% somebody if a party in the channel 00:20:28.290 --> 00:20:31.310 align:start position:0% somebody if a party in the channel withheld<00:20:28.620> their<00:20:28.770> signature<00:20:29.310> oh<00:20:29.720> yes<00:20:30.720> so<00:20:30.960> for 00:20:31.310 --> 00:20:31.320 align:start position:0% withheld their signature oh yes so for 00:20:31.320 --> 00:20:33.650 align:start position:0% withheld their signature oh yes so for example<00:20:31.800> the<00:20:31.950> poker<00:20:32.640> gaming<00:20:32.970> instance<00:20:33.390> so 00:20:33.650 --> 00:20:33.660 align:start position:0% example the poker gaming instance so 00:20:33.660 --> 00:20:35.090 align:start position:0% example the poker gaming instance so all's<00:20:34.260> plans<00:20:34.500> are<00:20:34.650> haand 00:20:35.090 --> 00:20:35.100 align:start position:0% all's plans are haand 00:20:35.100 --> 00:20:37.220 align:start position:0% all's plans are haand I'm<00:20:35.190> Bob<00:20:35.550> doesn't<00:20:35.850> respond<00:20:36.360> what<00:20:37.020> always 00:20:37.220 --> 00:20:37.230 align:start position:0% I'm Bob doesn't respond what always 00:20:37.230 --> 00:20:38.720 align:start position:0% I'm Bob doesn't respond what always would<00:20:37.410> have<00:20:37.470> to<00:20:37.710> do<00:20:37.830> is<00:20:37.950> send<00:20:38.130> the<00:20:38.250> previous 00:20:38.720 --> 00:20:38.730 align:start position:0% would have to do is send the previous 00:20:38.730 --> 00:20:41.420 align:start position:0% would have to do is send the previous state<00:20:39.000> or<00:20:39.720> about<00:20:39.930> everyone<00:20:40.290> agreed<00:20:40.590> upon<00:20:40.710> if 00:20:41.420 --> 00:20:41.430 align:start position:0% state or about everyone agreed upon if 00:20:41.430 --> 00:20:43.280 align:start position:0% state or about everyone agreed upon if you're<00:20:41.610> missing<00:20:41.880> a<00:20:41.970> signature<00:20:42.270> then<00:20:42.570> the<00:20:42.960> I 00:20:43.280 --> 00:20:43.290 align:start position:0% you're missing a signature then the I 00:20:43.290 --> 00:20:44.990 align:start position:0% you're missing a signature then the I won't<00:20:44.010> be<00:20:44.070> accepting<00:20:44.520> it<00:20:44.610> at<00:20:44.700> the<00:20:44.790> state 00:20:44.990 --> 00:20:45.000 align:start position:0% won't be accepting it at the state 00:20:45.000 --> 00:20:49.490 align:start position:0% won't be accepting it at the state channel<00:20:45.300> okay<00:20:46.290> thank<00:20:46.500> you<00:20:46.560> awesome<00:20:46.800> I<00:20:48.500> think 00:20:49.490 --> 00:20:49.500 align:start position:0% channel okay thank you awesome I think 00:20:49.500 --> 00:20:51.950 align:start position:0% channel okay thank you awesome I think I've<00:20:49.980> got<00:20:50.100> 19<00:20:50.460> seconds<00:20:51.000> so<00:20:51.420> I<00:20:51.450> don't<00:20:51.720> mind 00:20:51.950 --> 00:20:51.960 align:start position:0% I've got 19 seconds so I don't mind 00:20:51.960 --> 00:20:52.760 align:start position:0% I've got 19 seconds so I don't mind ending<00:20:52.320> it<00:20:52.410> here 00:20:52.760 --> 00:20:52.770 align:start position:0% ending it here 00:20:52.770 --> 00:20:54.200 align:start position:0% ending it here oh<00:20:52.920> there's<00:20:53.340> one<00:20:53.460> question<00:20:53.640> here<00:20:54.000> there's 00:20:54.200 --> 00:20:54.210 align:start position:0% oh there's one question here there's 00:20:54.210 --> 00:21:00.290 align:start position:0% oh there's one question here there's time<00:20:55.850> yeah<00:20:56.850> yeah<00:20:57.510> I<00:20:57.690> think<00:20:57.960> I<00:20:58.920> was<00:20:59.910> wondering 00:21:00.290 --> 00:21:00.300 align:start position:0% time yeah yeah I think I was wondering 00:21:00.300 --> 00:21:02.870 align:start position:0% time yeah yeah I think I was wondering if<00:21:00.810> Alice<00:21:01.290> has<00:21:01.560> a<00:21:01.590> lot<00:21:01.830> of<00:21:01.860> money<00:21:02.070> at<00:21:02.250> stake<00:21:02.400> and 00:21:02.870 --> 00:21:02.880 align:start position:0% if Alice has a lot of money at stake and 00:21:02.880 --> 00:21:06.020 align:start position:0% if Alice has a lot of money at stake and they<00:21:03.600> collude<00:21:03.930> to<00:21:03.960> get<00:21:04.230> it<00:21:04.380> out<00:21:04.820> don't<00:21:05.820> you 00:21:06.020 --> 00:21:06.030 align:start position:0% they collude to get it out don't you 00:21:06.030 --> 00:21:08.870 align:start position:0% they collude to get it out don't you require<00:21:06.540> the<00:21:06.990> the<00:21:07.230> validator<00:21:07.710> The<00:21:08.340> Watcher<00:21:08.730> to 00:21:08.870 --> 00:21:08.880 align:start position:0% require the the validator The Watcher to 00:21:08.880 --> 00:21:11.390 align:start position:0% require the the validator The Watcher to have<00:21:09.030> more<00:21:09.360> money<00:21:09.540> at<00:21:09.720> stake<00:21:09.840> you<00:21:10.290> do<00:21:10.740> yes<00:21:11.100> so 00:21:11.390 --> 00:21:11.400 align:start position:0% have more money at stake you do yes so 00:21:11.400 --> 00:21:12.350 align:start position:0% have more money at stake you do yes so there's<00:21:11.610> different<00:21:11.700> ways<00:21:11.910> to<00:21:12.090> think<00:21:12.210> about 00:21:12.350 --> 00:21:12.360 align:start position:0% there's different ways to think about 00:21:12.360 --> 00:21:15.170 align:start position:0% there's different ways to think about this<00:21:12.720> so<00:21:13.250> obviously<00:21:14.250> for<00:21:14.610> the<00:21:14.700> the<00:21:14.910> third 00:21:15.170 --> 00:21:15.180 align:start position:0% this so obviously for the the third 00:21:15.180 --> 00:21:18.290 align:start position:0% this so obviously for the the third party<00:21:15.600> if<00:21:15.870> their<00:21:16.680> collateral<00:21:17.040> is<00:21:17.430> less<00:21:18.000> than 00:21:18.290 --> 00:21:18.300 align:start position:0% party if their collateral is less than 00:21:18.300 --> 00:21:19.730 align:start position:0% party if their collateral is less than their<00:21:18.480> gonna<00:21:18.660> win<00:21:18.900> then<00:21:19.440> they're<00:21:19.590> always 00:21:19.730 --> 00:21:19.740 align:start position:0% their gonna win then they're always 00:21:19.740 --> 00:21:21.370 align:start position:0% their gonna win then they're always gonna<00:21:20.040> cheat<00:21:20.310> if<00:21:20.490> there's<00:21:20.640> a<00:21:20.700> positive<00:21:21.090> payoff 00:21:21.370 --> 00:21:21.380 align:start position:0% gonna cheat if there's a positive payoff 00:21:21.380 --> 00:21:23.780 align:start position:0% gonna cheat if there's a positive payoff so<00:21:22.380> that's<00:21:22.920> why<00:21:23.040> I<00:21:23.070> normally<00:21:23.370> say<00:21:23.490> a<00:21:23.520> large 00:21:23.780 --> 00:21:23.790 align:start position:0% so that's why I normally say a large 00:21:23.790 --> 00:21:25.550 align:start position:0% so that's why I normally say a large security<00:21:24.060> deposit<00:21:24.660> they<00:21:25.020> may<00:21:25.170> have<00:21:25.350> to<00:21:25.440> have 00:21:25.550 --> 00:21:25.560 align:start position:0% security deposit they may have to have 00:21:25.560 --> 00:21:27.950 align:start position:0% security deposit they may have to have $10,000<00:21:26.520> locked<00:21:26.730> up<00:21:26.940> and<00:21:27.420> there's<00:21:27.660> three<00:21:27.780> ways 00:21:27.950 --> 00:21:27.960 align:start position:0% $10,000 locked up and there's three ways 00:21:27.960 --> 00:21:29.900 align:start position:0% $10,000 locked up and there's three ways you<00:21:27.990> could<00:21:28.230> do<00:21:28.380> it<00:21:28.530> I<00:21:28.680> mean<00:21:28.920> you<00:21:29.520> could<00:21:29.670> do<00:21:29.760> this 00:21:29.900 --> 00:21:29.910 align:start position:0% you could do it I mean you could do this 00:21:29.910 --> 00:21:32.210 align:start position:0% you could do it I mean you could do this you<00:21:30.150> know<00:21:30.270> simple<00:21:30.900> punishment<00:21:31.140> and<00:21:31.650> that<00:21:32.100> way 00:21:32.210 --> 00:21:32.220 align:start position:0% you know simple punishment and that way 00:21:32.220 --> 00:21:34.460 align:start position:0% you know simple punishment and that way there's<00:21:32.400> always<00:21:32.520> this<00:21:32.700> constant<00:21:33.470> financial 00:21:34.460 --> 00:21:34.470 align:start position:0% there's always this constant financial 00:21:34.470 --> 00:21:37.100 align:start position:0% there's always this constant financial deterrent<00:21:35.010> one<00:21:35.730> issue<00:21:35.940> with<00:21:36.300> you<00:21:36.750> could<00:21:36.960> do 00:21:37.100 --> 00:21:37.110 align:start position:0% deterrent one issue with you could do 00:21:37.110 --> 00:21:39.440 align:start position:0% deterrent one issue with you could do compensation<00:21:37.920> so<00:21:38.520> what<00:21:38.700> the<00:21:38.820> tower<00:21:39.030> could 00:21:39.440 --> 00:21:39.450 align:start position:0% compensation so what the tower could 00:21:39.450 --> 00:21:42.560 align:start position:0% compensation so what the tower could they<00:21:40.290> could<00:21:40.470> lock<00:21:40.650> up<00:21:40.890> collateral<00:21:41.490> so<00:21:42.270> left 00:21:42.560 --> 00:21:42.570 align:start position:0% they could lock up collateral so left 00:21:42.570 --> 00:21:46.060 align:start position:0% they could lock up collateral so left $10,000<00:21:43.790> $1,000<00:21:44.790> could<00:21:45.000> be<00:21:45.180> directly 00:21:46.060 --> 00:21:46.070 align:start position:0% $10,000 $1,000 could be directly 00:21:46.070 --> 00:21:49.130 align:start position:0% $10,000 $1,000 could be directly allocated<00:21:47.070> for<00:21:47.190> Alice<00:21:47.550> sir<00:21:48.330> vollis<00:21:48.660> does<00:21:48.900> I 00:21:49.130 --> 00:21:49.140 align:start position:0% allocated for Alice sir vollis does I 00:21:49.140 --> 00:21:50.870 align:start position:0% allocated for Alice sir vollis does I mean<00:21:49.290> if<00:21:49.380> they<00:21:49.530> do<00:21:49.680> cheat<00:21:49.980> Alice<00:21:50.340> always<00:21:50.670> gets 00:21:50.870 --> 00:21:50.880 align:start position:0% mean if they do cheat Alice always gets 00:21:50.880 --> 00:21:54.350 align:start position:0% mean if they do cheat Alice always gets refunded<00:21:51.330> to<00:21:51.420> $1,000<00:21:52.430> the<00:21:53.430> issue<00:21:53.550> of<00:21:53.850> that<00:21:53.880> is 00:21:54.350 --> 00:21:54.360 align:start position:0% refunded to $1,000 the issue of that is 00:21:54.360 --> 00:21:56.000 align:start position:0% refunded to $1,000 the issue of that is that<00:21:54.600> they're<00:21:54.720> actually<00:21:54.840> strictly<00:21:55.230> weakens 00:21:56.000 --> 00:21:56.010 align:start position:0% that they're actually strictly weakens 00:21:56.010 --> 00:21:58.190 align:start position:0% that they're actually strictly weakens the<00:21:56.250> fan<00:21:56.520> also<00:21:56.640> deterrent<00:21:57.270> and<00:21:57.840> this<00:21:58.050> is<00:21:58.110> like 00:21:58.190 --> 00:21:58.200 align:start position:0% the fan also deterrent and this is like 00:21:58.200 --> 00:22:00.110 align:start position:0% the fan also deterrent and this is like a<00:21:58.290> generic<00:21:58.590> issue<00:21:58.890> of<00:21:59.100> any<00:21:59.280> protocol<00:21:59.850> that<00:21:59.970> has 00:22:00.110 --> 00:22:00.120 align:start position:0% a generic issue of any protocol that has 00:22:00.120 --> 00:22:02.210 align:start position:0% a generic issue of any protocol that has a<00:22:00.150> central<00:22:00.570> deposit<00:22:00.810> and<00:22:01.410> why<00:22:01.530> did<00:22:01.650> I<00:22:01.680> say<00:22:01.950> that 00:22:02.210 --> 00:22:02.220 align:start position:0% a central deposit and why did I say that 00:22:02.220 --> 00:22:06.230 align:start position:0% a central deposit and why did I say that so<00:22:02.850> if<00:22:03.360> $1,000<00:22:04.170> is<00:22:04.260> locked<00:22:04.440> up<00:22:04.560> for<00:22:04.740> Alice<00:22:05.240> the 00:22:06.230 --> 00:22:06.240 align:start position:0% so if $1,000 is locked up for Alice the 00:22:06.240 --> 00:22:08.450 align:start position:0% so if $1,000 is locked up for Alice the tower<00:22:06.510> could<00:22:06.720> also<00:22:06.870> lock<00:22:07.140> up<00:22:07.320> $9,000<00:22:08.250> for 00:22:08.450 --> 00:22:08.460 align:start position:0% tower could also lock up $9,000 for 00:22:08.460 --> 00:22:11.420 align:start position:0% tower could also lock up $9,000 for Siebel<00:22:08.930> and<00:22:09.930> then<00:22:10.080> Louise<00:22:10.350> get<00:22:10.500> those<00:22:10.650> $9,000 00:22:11.420 --> 00:22:11.430 align:start position:0% Siebel and then Louise get those $9,000 00:22:11.430 --> 00:22:13.280 align:start position:0% Siebel and then Louise get those $9,000 back<00:22:11.640> so<00:22:12.480> that<00:22:12.600> way<00:22:12.690> it<00:22:12.810> have<00:22:12.900> to<00:22:12.990> be<00:22:13.050> fully 00:22:13.280 --> 00:22:13.290 align:start position:0% back so that way it have to be fully 00:22:13.290 --> 00:22:15.080 align:start position:0% back so that way it have to be fully collateralized<00:22:13.620> to<00:22:14.280> make<00:22:14.460> sure<00:22:14.610> Alice<00:22:14.940> can 00:22:15.080 --> 00:22:15.090 align:start position:0% collateralized to make sure Alice can 00:22:15.090 --> 00:22:19.820 align:start position:0% collateralized to make sure Alice can never<00:22:15.240> lose<00:22:15.450> any<00:22:15.660> money<00:22:17.060> yeah<00:22:18.710> actually<00:22:19.710> have 00:22:19.820 --> 00:22:19.830 align:start position:0% never lose any money yeah actually have 00:22:19.830 --> 00:22:22.070 align:start position:0% never lose any money yeah actually have to<00:22:19.950> have<00:22:20.040> the<00:22:20.100> sum<00:22:20.550> of<00:22:20.730> what<00:22:21.240> everybody<00:22:21.720> has<00:22:21.900> at 00:22:22.070 --> 00:22:22.080 align:start position:0% to have the sum of what everybody has at 00:22:22.080 --> 00:22:24.470 align:start position:0% to have the sum of what everybody has at stake<00:22:22.200> plus<00:22:22.860> something<00:22:23.190> that<00:22:23.490> I'd<00:22:23.640> lose<00:22:23.820> it'll 00:22:24.470 --> 00:22:24.480 align:start position:0% stake plus something that I'd lose it'll 00:22:24.480 --> 00:22:26.720 align:start position:0% stake plus something that I'd lose it'll be<00:22:24.600> trustless<00:22:25.080> it<00:22:25.350> would<00:22:25.470> have<00:22:25.620> to<00:22:25.740> be<00:22:25.770> fully 00:22:26.720 --> 00:22:26.730 align:start position:0% be trustless it would have to be fully 00:22:26.730 --> 00:22:28.730 align:start position:0% be trustless it would have to be fully collateralized<00:22:27.080> but<00:22:28.080> actually<00:22:28.380> I<00:22:28.440> think<00:22:28.680> it 00:22:28.730 --> 00:22:28.740 align:start position:0% collateralized but actually I think it 00:22:28.740 --> 00:22:30.470 align:start position:0% collateralized but actually I think it worked<00:22:28.950> quite<00:22:29.070> well<00:22:29.160> and<00:22:29.430> risk<00:22:29.610> as<00:22:29.820> well<00:22:30.000> so<00:22:30.330> on 00:22:30.470 --> 00:22:30.480 align:start position:0% worked quite well and risk as well so on 00:22:30.480 --> 00:22:32.510 align:start position:0% worked quite well and risk as well so on the<00:22:30.600> at<00:22:31.170> the<00:22:31.350> end<00:22:31.380> the<00:22:31.650> appendix<00:22:32.130> of<00:22:32.220> the<00:22:32.310> paper 00:22:32.510 --> 00:22:32.520 align:start position:0% the at the end the appendix of the paper 00:22:32.520 --> 00:22:34.460 align:start position:0% the at the end the appendix of the paper we<00:22:33.060> actually<00:22:33.360> consider<00:22:33.630> the<00:22:33.810> kiyose<00:22:34.050> of<00:22:34.200> risk 00:22:34.460 --> 00:22:34.470 align:start position:0% we actually consider the kiyose of risk 00:22:34.470 --> 00:22:37.640 align:start position:0% we actually consider the kiyose of risk where<00:22:34.770> what<00:22:35.460> if<00:22:35.640> it's<00:22:36.300> over<00:22:36.630> cauterized<00:22:37.230> you 00:22:37.640 --> 00:22:37.650 align:start position:0% where what if it's over cauterized you 00:22:37.650 --> 00:22:38.990 align:start position:0% where what if it's over cauterized you know<00:22:37.770> it's<00:22:37.920> actually<00:22:38.220> somewhat<00:22:38.520> a<00:22:38.550> fractional 00:22:38.990 --> 00:22:39.000 align:start position:0% know it's actually somewhat a fractional 00:22:39.000 --> 00:22:40.580 align:start position:0% know it's actually somewhat a fractional reserve<00:22:39.330> it's<00:22:39.960> actually<00:22:40.200> still<00:22:40.380> quite 00:22:40.580 --> 00:22:40.590 align:start position:0% reserve it's actually still quite 00:22:40.590 --> 00:22:41.840 align:start position:0% reserve it's actually still quite difficult<00:22:40.770> for<00:22:41.190> the<00:22:41.280> Tower<00:22:41.430> of<00:22:41.460> the<00:22:41.610> wind 00:22:41.840 --> 00:22:41.850 align:start position:0% difficult for the Tower of the wind 00:22:41.850 --> 00:22:43.160 align:start position:0% difficult for the Tower of the wind because<00:22:42.600> you<00:22:42.660> have<00:22:42.750> to<00:22:42.840> assume<00:22:43.020> that 00:22:43.160 --> 00:22:43.170 align:start position:0% because you have to assume that 00:22:43.170 --> 00:22:45.080 align:start position:0% because you have to assume that everyone's<00:22:43.530> offline<00:22:43.950> where<00:22:44.910> I'm<00:22:44.970> actually 00:22:45.080 --> 00:22:45.090 align:start position:0% everyone's offline where I'm actually 00:22:45.090 --> 00:22:46.550 align:start position:0% everyone's offline where I'm actually maybe<00:22:45.420> only<00:22:45.660> two<00:22:45.780> parties<00:22:46.110> you're<00:22:46.260> offline 00:22:46.550 --> 00:22:46.560 align:start position:0% maybe only two parties you're offline 00:22:46.560 --> 00:22:48.890 align:start position:0% maybe only two parties you're offline and<00:22:46.680> everyone<00:22:46.890> else<00:22:47.010> is<00:22:47.130> online<00:22:47.780> when<00:22:48.780> you're 00:22:48.890 --> 00:22:48.900 align:start position:0% and everyone else is online when you're 00:22:48.900 --> 00:22:50.360 align:start position:0% and everyone else is online when you're burning<00:22:49.380> the<00:22:49.620> the<00:22:49.830> collateral<00:22:50.220> you're 00:22:50.360 --> 00:22:50.370 align:start position:0% burning the the collateral you're 00:22:50.370 --> 00:22:52.070 align:start position:0% burning the the collateral you're actually<00:22:50.640> giving<00:22:50.940> money<00:22:51.120> to<00:22:51.240> everybody<00:22:51.900> who 00:22:52.070 --> 00:22:52.080 align:start position:0% actually giving money to everybody who 00:22:52.080 --> 00:22:54.950 align:start position:0% actually giving money to everybody who has<00:22:52.320> taken<00:22:52.590> any<00:22:53.010> so<00:22:53.940> there's<00:22:54.240> three<00:22:54.420> Institute 00:22:54.950 --> 00:22:54.960 align:start position:0% has taken any so there's three Institute 00:22:54.960 --> 00:22:56.630 align:start position:0% has taken any so there's three Institute there's<00:22:55.200> burn<00:22:55.440> was<00:22:55.650> just<00:22:55.800> a<00:22:55.890> tricky<00:22:56.100> burns<00:22:56.430> it 00:22:56.630 --> 00:22:56.640 align:start position:0% there's burn was just a tricky burns it 00:22:56.640 --> 00:22:59.030 align:start position:0% there's burn was just a tricky burns it and<00:22:56.820> no<00:22:57.150> one<00:22:57.270> gets<00:22:57.420> any<00:22:57.540> coins<00:22:57.840> or<00:22:58.650> you<00:22:58.890> could 00:22:59.030 --> 00:22:59.040 align:start position:0% and no one gets any coins or you could 00:22:59.040 --> 00:23:01.580 align:start position:0% and no one gets any coins or you could do<00:22:59.130> the<00:22:59.250> compensation<00:23:00.090> where<00:23:00.330> you<00:23:00.660> reward<00:23:01.080> the 00:23:01.580 --> 00:23:01.590 align:start position:0% do the compensation where you reward the 00:23:01.590 --> 00:23:04.040 align:start position:0% do the compensation where you reward the loser<00:23:01.890> whoever<00:23:02.790> lost<00:23:03.000> their<00:23:03.240> money<00:23:03.390> so<00:23:03.960> you 00:23:04.040 --> 00:23:04.050 align:start position:0% loser whoever lost their money so you 00:23:04.050 --> 00:23:05.450 align:start position:0% loser whoever lost their money so you could<00:23:04.140> do<00:23:04.290> both<00:23:04.440> yeah 00:23:05.450 --> 00:23:05.460 align:start position:0% could do both yeah 00:23:05.460 --> 00:23:06.830 align:start position:0% could do both yeah I<00:23:05.490> always<00:23:05.820> find<00:23:06.030> the<00:23:06.090> fan<00:23:06.240> also<00:23:06.360> to<00:23:06.510> make<00:23:06.720> the 00:23:06.830 --> 00:23:06.840 align:start position:0% I always find the fan also to make the 00:23:06.840 --> 00:23:07.970 align:start position:0% I always find the fan also to make the burning<00:23:07.110> most<00:23:07.290> easier<00:23:07.590> to<00:23:07.710> think<00:23:07.830> about 00:23:07.970 --> 00:23:07.980 align:start position:0% burning most easier to think about 00:23:07.980 --> 00:23:12.350 align:start position:0% burning most easier to think about because<00:23:08.760> it's<00:23:08.910> a<00:23:08.970> constant<00:23:09.980> at<00:23:11.150> cost 00:23:12.350 --> 00:23:12.360 align:start position:0% because it's a constant at cost 00:23:12.360 --> 00:23:16.780 align:start position:0% because it's a constant at cost okay<00:23:14.630> thanks<00:23:15.630> Patrick 00:23:16.780 --> 00:23:16.790 align:start position:0% okay thanks Patrick 00:23:16.790 --> 00:23:22.940 align:start position:0% okay thanks Patrick [Applause]