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um<00:00:15.219><c> hello</c><00:00:16.219><c> that's</c><00:00:16.490><c> loud</c><00:00:16.820><c> hi</c><00:00:17.750><c> everyone</c><00:00:18.200><c> I'm</c>

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um hello that's loud hi everyone I'm
 

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um hello that's loud hi everyone I'm
Joseph<00:00:19.610><c> Cohen</c><00:00:19.850><c> I'm</c><00:00:20.780><c> here</c><00:00:20.990><c> to</c><00:00:21.110><c> talk</c><00:00:21.260><c> about</c>

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Joseph Cohen I'm here to talk about
 

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Joseph Cohen I'm here to talk about
plasma<00:00:21.830><c> and</c><00:00:22.870><c> this</c><00:00:23.870><c> is</c><00:00:23.990><c> gonna</c><00:00:24.110><c> be</c><00:00:24.320><c> sort</c><00:00:24.530><c> of</c><00:00:24.680><c> an</c>

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plasma and this is gonna be sort of an
 

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plasma and this is gonna be sort of an
overview<00:00:25.700><c> for</c><00:00:25.760><c> about</c><00:00:26.120><c> the</c><00:00:26.270><c> first</c><00:00:26.420><c> ten</c><00:00:26.690><c> minutes</c>

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overview for about the first ten minutes
 

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overview for about the first ten minutes
so<00:00:27.320><c> if</c><00:00:27.410><c> you</c><00:00:27.500><c> already</c><00:00:27.650><c> seen</c><00:00:27.890><c> the</c><00:00:28.010><c> other</c>

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so if you already seen the other
 

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so if you already seen the other
presentation<00:00:28.760><c> a</c><00:00:28.850><c> little</c><00:00:29.120><c> bit</c><00:00:29.270><c> a</c><00:00:29.300><c> little</c><00:00:29.810><c> bit</c>

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presentation a little bit a little bit
 

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presentation a little bit a little bit
of<00:00:29.990><c> this</c><00:00:30.080><c> might</c><00:00:30.290><c> be</c><00:00:30.410><c> review</c><00:00:31.059><c> so</c><00:00:32.059><c> the</c><00:00:32.180><c> second</c>

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of this might be review so the second
 

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of this might be review so the second
half<00:00:32.599><c> is</c><00:00:33.079><c> going</c><00:00:33.289><c> to</c><00:00:33.379><c> be</c><00:00:33.700><c> sort</c><00:00:34.700><c> of</c><00:00:34.760><c> exploring</c>

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half is going to be sort of exploring
 

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half is going to be sort of exploring
the<00:00:35.810><c> narratives</c><00:00:36.380><c> around</c><00:00:37.210><c> you</c><00:00:38.210><c> know</c><00:00:38.300><c> in</c><00:00:38.570><c> from</c>

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the narratives around you know in from
 

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the narratives around you know in from
data<00:00:39.050><c> availability</c><00:00:39.560><c> and</c><00:00:39.860><c> the</c><00:00:39.920><c> data</c><00:00:40.130><c> of</c>

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data availability and the data of
 

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data availability and the data of
eligibility<00:00:40.910><c> problem</c><00:00:41.350><c> you</c><00:00:42.350><c> know</c><00:00:42.440><c> Vitalik</c><00:00:42.860><c> has</c>

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eligibility problem you know Vitalik has
 

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eligibility problem you know Vitalik has
been<00:00:43.160><c> talking</c><00:00:43.370><c> about</c><00:00:43.579><c> the</c><00:00:43.790><c> state</c><00:00:43.970><c> of</c>

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been talking about the state of
 

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been talking about the state of
availability<00:00:44.450><c> problem</c><00:00:44.960><c> for</c><00:00:45.110><c> the</c><00:00:45.170><c> past</c>

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availability problem for the past
 

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availability problem for the past
several<00:00:45.560><c> years</c><00:00:45.680><c> and</c><00:00:46.190><c> is</c><00:00:46.250><c> very</c><00:00:46.570><c> critical</c><00:00:47.570><c> when</c>

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several years and is very critical when
 

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several years and is very critical when
it<00:00:48.110><c> comes</c><00:00:48.320><c> to</c><00:00:48.620><c> aetherium</c><00:00:49.310><c> base</c><00:00:49.489><c> layer</c><00:00:49.730><c> scale</c>

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it comes to aetherium base layer scale
 

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it comes to aetherium base layer scale
abilities<00:00:50.660><c> such</c><00:00:50.930><c> as</c><00:00:50.960><c> sharding</c><00:00:51.440><c> and</c><00:00:52.750><c> today</c><00:00:53.750><c> I'm</c>

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abilities such as sharding and today I'm
 

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abilities such as sharding and today I'm
gonna<00:00:54.020><c> be</c><00:00:54.110><c> talking</c><00:00:54.500><c> about</c><00:00:54.590><c> the</c><00:00:55.250><c> implications</c>

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gonna be talking about the implications
 

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gonna be talking about the implications
of<00:00:56.090><c> data</c><00:00:56.300><c> availability</c><00:00:56.809><c> when</c><00:00:57.260><c> it</c><00:00:57.380><c> comes</c><00:00:57.559><c> to</c>

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of data availability when it comes to
 

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of data availability when it comes to
building<00:00:57.829><c> transactions</c><00:00:58.640><c> when</c><00:00:59.300><c> we're</c><00:00:59.480><c> talking</c>

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building transactions when we're talking
 

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building transactions when we're talking
about<00:01:00.130><c> plasma</c><00:01:01.130><c> in</c><00:01:01.430><c> particular</c><00:01:03.129><c> so</c><00:01:04.129><c> plasma</c><00:01:04.460><c> was</c>

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about plasma in particular so plasma was
 

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about plasma in particular so plasma was
is<00:01:05.990><c> a</c><00:01:06.080><c> project</c><00:01:06.380><c> that</c><00:01:06.860><c> right</c><00:01:07.670><c> now</c><00:01:07.820><c> is</c><00:01:07.970><c> being</c>

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is a project that right now is being
 

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is a project that right now is being
architected<00:01:09.049><c> and</c><00:01:09.170><c> after</c><00:01:10.159><c> that</c><00:01:10.310><c> will</c><00:01:10.460><c> be</c>

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architected and after that will be
 

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architected and after that will be
written<00:01:11.120><c> and</c><00:01:11.620><c> it's</c><00:01:12.620><c> co-authored</c><00:01:13.549><c> by</c><00:01:13.670><c> being</c>

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written and it's co-authored by being
 

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written and it's co-authored by being
vitalik<00:01:14.360><c> and</c><00:01:15.350><c> hopefully</c><00:01:15.880><c> you</c><00:01:16.880><c> know</c><00:01:16.909><c> a</c><00:01:17.210><c> lot</c><00:01:17.540><c> of</c>

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vitalik and hopefully you know a lot of
 

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vitalik and hopefully you know a lot of
people<00:01:17.869><c> in</c><00:01:17.930><c> the</c><00:01:18.020><c> etherium</c><00:01:18.290><c> community</c><00:01:18.710><c> can</c>

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people in the etherium community can
 

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people in the etherium community can
contribute<00:01:20.180><c> because</c><00:01:20.600><c> I</c><00:01:20.750><c> think</c><00:01:21.290><c> this</c><00:01:21.530><c> can</c><00:01:21.740><c> be</c>

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contribute because I think this can be
 

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contribute because I think this can be
you<00:01:22.280><c> know</c><00:01:22.369><c> this</c><00:01:22.549><c> could</c><00:01:22.670><c> be</c><00:01:22.729><c> a</c><00:01:22.790><c> lot</c><00:01:22.940><c> of</c><00:01:22.970><c> fun</c><00:01:23.680><c> so</c>

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you know this could be a lot of fun so
 

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you know this could be a lot of fun so
plasma<00:01:24.950><c> at</c><00:01:25.520><c> its</c><00:01:25.790><c> core</c><00:01:26.090><c> is</c><00:01:26.330><c> about</c><00:01:26.440><c> building</c><00:01:27.440><c> a</c>

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plasma at its core is about building a
 

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plasma at its core is about building a
blockchain<00:01:27.770><c> on</c><00:01:28.130><c> top</c><00:01:28.310><c> of</c><00:01:28.460><c> a</c><00:01:28.520><c> blockchain</c><00:01:28.760><c> so</c><00:01:29.180><c> you</c>

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blockchain on top of a blockchain so you
 

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blockchain on top of a blockchain so you
write<00:01:29.590><c> the</c><00:01:30.590><c> smart</c><00:01:30.890><c> contract</c><00:01:31.400><c> in</c><00:01:31.700><c> it</c><00:01:32.540><c> in</c><00:01:32.840><c> inside</c>

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write the smart contract in it in inside
 

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write the smart contract in it in inside
aetherium<00:01:33.860><c> and</c><00:01:34.450><c> you</c><00:01:35.450><c> initialize</c><00:01:36.170><c> it</c><00:01:36.439><c> by</c>

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aetherium and you initialize it by
 

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aetherium and you initialize it by
basically<00:01:37.700><c> taking</c><00:01:38.000><c> a</c><00:01:38.030><c> library</c><00:01:38.420><c> and</c><00:01:38.630><c> modifying</c>

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basically taking a library and modifying
 

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basically taking a library and modifying
it<00:01:39.260><c> to</c><00:01:39.409><c> whatever's</c><00:01:39.799><c> particular</c><00:01:40.280><c> use</c><00:01:40.490><c> you</c><00:01:40.670><c> need</c>

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it to whatever's particular use you need
 

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it to whatever's particular use you need
so<00:01:42.110><c> for</c><00:01:42.260><c> example</c><00:01:42.650><c> you</c><00:01:42.770><c> can</c><00:01:42.920><c> build</c><00:01:43.189><c> you</c><00:01:43.790><c> know</c>

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so for example you can build you know
 

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so for example you can build you know
some<00:01:44.090><c> social</c><00:01:44.420><c> network</c><00:01:44.780><c> some</c><00:01:45.110><c> decentralized</c>

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some social network some decentralized
 

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some social network some decentralized
exchange<00:01:46.130><c> or</c><00:01:46.820><c> even</c><00:01:47.509><c> some</c><00:01:47.780><c> private</c><00:01:48.250><c> private</c>

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exchange or even some private private
 

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exchange or even some private private
blockchain<00:01:49.729><c> I</c><00:01:49.970><c> think</c><00:01:50.360><c> the</c><00:01:50.420><c> private</c>

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blockchain I think the private
 

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blockchain I think the private
blockchain<00:01:51.140><c> example</c><00:01:51.650><c> is</c><00:01:51.740><c> pretty</c><00:01:51.950><c> interesting</c>

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blockchain example is pretty interesting
 

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blockchain example is pretty interesting
because<00:01:52.610><c> you</c><00:01:52.880><c> can</c><00:01:53.000><c> build</c><00:01:53.270><c> a</c><00:01:53.860><c> private</c><00:01:54.860><c> system</c>

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because you can build a private system
 

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because you can build a private system
with<00:01:55.369><c> your</c><00:01:55.549><c> own</c><00:01:55.640><c> rules</c><00:01:55.970><c> with</c><00:01:56.299><c> your</c><00:01:56.420><c> own</c>

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with your own rules with your own
 

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with your own rules with your own
participants<00:01:57.110><c> with</c><00:01:57.439><c> whatever</c><00:01:57.740><c> terms</c><00:01:58.040><c> you</c>

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participants with whatever terms you
 

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participants with whatever terms you
want<00:01:58.630><c> but</c><00:01:59.630><c> also</c><00:01:59.840><c> enforceable</c><00:02:00.560><c> on</c><00:02:00.650><c> the</c><00:02:00.770><c> public</c>

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want but also enforceable on the public
 

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want but also enforceable on the public
network<00:02:01.390><c> that's</c><00:02:02.390><c> pretty</c><00:02:02.630><c> effective</c><00:02:02.750><c> because</c>

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network that's pretty effective because
 

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network that's pretty effective because
right<00:02:03.619><c> now</c><00:02:03.770><c> a</c><00:02:03.799><c> lot</c><00:02:04.040><c> of</c><00:02:04.159><c> private</c><00:02:04.460><c> blockchain</c>

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right now a lot of private blockchain
 

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right now a lot of private blockchain
systems<00:02:05.180><c> are</c><00:02:05.360><c> role-playing</c><00:02:05.780><c> right</c><00:02:06.079><c> a</c><00:02:06.110><c> lot</c><00:02:06.290><c> of</c>

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systems are role-playing right a lot of
 

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systems are role-playing right a lot of
the<00:02:06.530><c> systems</c><00:02:06.890><c> they're</c><00:02:07.070><c> building</c><00:02:07.340><c> today</c><00:02:07.610><c> can</c>

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the systems they're building today can
 

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the systems they're building today can
be<00:02:08.239><c> modified</c><00:02:08.750><c> by</c><00:02:09.079><c> the</c><00:02:09.679><c> operators</c><00:02:10.369><c> of</c><00:02:10.399><c> these</c>

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be modified by the operators of these
 

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be modified by the operators of these
systems<00:02:11.060><c> if</c><00:02:11.300><c> it's</c><00:02:11.420><c> these</c><00:02:11.660><c> five</c><00:02:11.900><c> people</c><00:02:12.380><c> then</c>

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systems if it's these five people then
 

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systems if it's these five people then
you're<00:02:13.130><c> sort</c><00:02:13.340><c> of</c><00:02:13.370><c> like</c><00:02:13.550><c> well</c><00:02:13.760><c> all</c><00:02:13.790><c> my</c><00:02:14.239><c> money</c><00:02:14.450><c> is</c>

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you're sort of like well all my money is
 

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you're sort of like well all my money is
sort<00:02:14.810><c> of</c><00:02:14.870><c> at</c><00:02:14.959><c> the</c><00:02:14.989><c> whim</c>

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sort of at the whim
 

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sort of at the whim
these<00:02:15.560><c> five</c><00:02:15.740><c> people</c><00:02:16.850><c> if</c><00:02:17.060><c> you</c><00:02:17.240><c> bond</c><00:02:17.570><c> your</c>

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these five people if you bond your
 

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these five people if you bond your
activity<00:02:18.620><c> in</c><00:02:18.710><c> a</c><00:02:18.800><c> private</c><00:02:19.190><c> chain</c><00:02:19.400><c> to</c><00:02:19.580><c> a</c><00:02:19.610><c> public</c>

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activity in a private chain to a public
 

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activity in a private chain to a public
network<00:02:20.590><c> that</c><00:02:21.590><c> allows</c><00:02:21.920><c> everybody</c><00:02:22.700><c> in</c><00:02:22.820><c> the</c>

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network that allows everybody in the
 

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network that allows everybody in the
world<00:02:23.180><c> to</c><00:02:23.720><c> sort</c><00:02:23.960><c> of</c><00:02:24.020><c> say</c><00:02:24.620><c> okay</c><00:02:25.010><c> this</c><00:02:25.310><c> allows</c>

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world to sort of say okay this allows
 

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world to sort of say okay this allows
the<00:02:25.910><c> etherium</c><00:02:26.360><c> network</c><00:02:26.750><c> to</c><00:02:27.230><c> sort</c><00:02:27.470><c> of</c><00:02:27.500><c> be</c><00:02:27.740><c> this</c>

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the etherium network to sort of be this
 

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the etherium network to sort of be this
base<00:02:28.220><c> layer</c><00:02:28.490><c> for</c><00:02:28.760><c> all</c><00:02:29.480><c> of</c><00:02:29.690><c> these</c><00:02:29.840><c> private</c>

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base layer for all of these private
 

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base layer for all of these private
chains<00:02:30.470><c> interacting</c><00:02:31.160><c> in</c><00:02:31.280><c> the</c><00:02:31.370><c> future</c><00:02:31.700><c> and</c>

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chains interacting in the future and
 

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chains interacting in the future and
that<00:02:32.930><c> could</c><00:02:33.140><c> be</c><00:02:33.260><c> an</c><00:02:33.380><c> interesting</c><00:02:33.560><c> aspect</c><00:02:33.980><c> to</c>

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that could be an interesting aspect to
 

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that could be an interesting aspect to
develop<00:02:34.790><c> on</c><00:02:35.830><c> and</c><00:02:36.830><c> the</c><00:02:37.370><c> way</c><00:02:37.550><c> this</c><00:02:37.730><c> works</c><00:02:37.940><c> is</c>

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develop on and the way this works is
 

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develop on and the way this works is
that<00:02:38.300><c> in</c><00:02:38.990><c> the</c><00:02:39.170><c> smart</c><00:02:39.470><c> contract</c><00:02:39.760><c> you</c><00:02:40.760><c> make</c><00:02:41.090><c> it</c>

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that in the smart contract you make it
 

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that in the smart contract you make it
so<00:02:41.450><c> that</c><00:02:41.630><c> the</c><00:02:41.840><c> consensus</c><00:02:42.440><c> rules</c><00:02:42.680><c> are</c><00:02:42.830><c> defined</c>

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so that the consensus rules are defined
 

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so that the consensus rules are defined
inside<00:02:44.210><c> a</c><00:02:44.840><c> theorem</c><00:02:45.350><c> itself</c><00:02:45.650><c> where</c><00:02:45.980><c> you</c><00:02:46.040><c> upload</c>

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inside a theorem itself where you upload
 

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inside a theorem itself where you upload
the<00:02:46.460><c> smart</c><00:02:46.700><c> contract</c><00:02:47.180><c> and</c><00:02:47.390><c> it's</c><00:02:47.780><c> enforceable</c>

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the smart contract and it's enforceable
 

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the smart contract and it's enforceable
via<00:02:48.620><c> fraud</c><00:02:48.920><c> proofs</c><00:02:49.660><c> and</c><00:02:50.660><c> each</c><00:02:50.960><c> individual</c>

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via fraud proofs and each individual
 

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via fraud proofs and each individual
plasma<00:02:52.040><c> chain</c><00:02:52.280><c> has</c><00:02:53.150><c> its</c><00:02:53.390><c> own</c><00:02:53.540><c> consensus</c>

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plasma chain has its own consensus
 

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plasma chain has its own consensus
mechanisms<00:02:54.650><c> defined</c><00:02:55.130><c> inside</c><00:02:55.520><c> the</c><00:02:55.670><c> smart</c>

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mechanisms defined inside the smart
 

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mechanisms defined inside the smart
contract<00:02:56.390><c> and</c><00:02:56.600><c> it</c><00:02:56.690><c> could</c><00:02:56.810><c> be</c><00:02:56.930><c> written</c><00:02:57.260><c> in</c>

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contract and it could be written in
 

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contract and it could be written in
solidity<00:02:58.280><c> or</c><00:02:58.640><c> in</c><00:02:58.760><c> the</c><00:02:58.850><c> future</c><00:02:58.970><c> more</c><00:02:59.330><c> likely</c>

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solidity or in the future more likely
 

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solidity or in the future more likely
Viper<00:03:00.190><c> and</c><00:03:01.190><c> the</c><00:03:01.490><c> goal</c><00:03:01.670><c> is</c><00:03:01.850><c> to</c><00:03:01.880><c> build</c>

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Viper and the goal is to build
 

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Viper and the goal is to build
decentralized<00:03:02.330><c> applications</c><00:03:03.020><c> at</c><00:03:03.620><c> scale</c>

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decentralized applications at scale
 

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decentralized applications at scale
where<00:03:04.160><c> you</c><00:03:04.190><c> can</c><00:03:04.400><c> create</c><00:03:04.640><c> you</c><00:03:05.030><c> know</c>

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where you can create you know
 

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where you can create you know
transaction<00:03:05.810><c> like</c><00:03:06.020><c> billions</c><00:03:06.380><c> of</c>

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transaction like billions of
 

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transaction like billions of
transactions<00:03:07.130><c> per</c><00:03:07.190><c> second</c><00:03:07.640><c> is</c><00:03:07.790><c> sort</c><00:03:08.000><c> of</c><00:03:08.060><c> the</c>

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transactions per second is sort of the
 

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transactions per second is sort of the
goal<00:03:08.770><c> you</c><00:03:09.770><c> know</c><00:03:10.040><c> given</c><00:03:10.340><c> given</c><00:03:10.640><c> certain</c>

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goal you know given given certain
 

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goal you know given given certain
security<00:03:11.420><c> constraints</c><00:03:11.930><c> the</c><00:03:12.770><c> presumption</c><00:03:13.220><c> is</c>

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security constraints the presumption is
 

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security constraints the presumption is
that<00:03:13.490><c> you're</c><00:03:13.610><c> not</c><00:03:13.760><c> really</c><00:03:14.000><c> trusting</c><00:03:14.390><c> them</c><00:03:14.600><c> and</c>

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that you're not really trusting them and
 

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that you're not really trusting them and
the<00:03:15.410><c> way</c><00:03:15.560><c> you</c><00:03:15.620><c> do</c><00:03:15.950><c> that</c><00:03:16.190><c> is</c><00:03:16.430><c> that</c><00:03:16.910><c> let's</c><00:03:17.840><c> say</c>

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the way you do that is that let's say
 

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the way you do that is that let's say
your<00:03:18.140><c> Alice</c><00:03:18.500><c> you</c><00:03:19.459><c> have</c><00:03:19.489><c> 1/8</c><00:03:20.440><c> held</c><00:03:21.440><c> inside</c><00:03:21.770><c> this</c>

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your Alice you have 1/8 held inside this
 

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your Alice you have 1/8 held inside this
plasma<00:03:22.340><c> chain</c><00:03:22.580><c> and</c><00:03:22.880><c> this</c><00:03:22.940><c> plasma</c><00:03:23.360><c> block</c>

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plasma chain and this plasma block
 

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plasma chain and this plasma block
periodically<00:03:24.290><c> commits</c><00:03:24.680><c> block</c><00:03:24.920><c> hashes</c><00:03:25.400><c> on</c><00:03:26.300><c> to</c>

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periodically commits block hashes on to
 

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periodically commits block hashes on to
aetherium<00:03:27.110><c> so</c><00:03:27.560><c> it's</c><00:03:27.680><c> you</c><00:03:27.800><c> know</c><00:03:27.890><c> very</c><00:03:27.920><c> very</c>

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aetherium so it's you know very very
 

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aetherium so it's you know very very
small<00:03:28.640><c> measured</c><00:03:29.060><c> in</c><00:03:29.180><c> hundreds</c><00:03:29.570><c> of</c><00:03:29.660><c> bytes</c><00:03:29.860><c> and</c>

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small measured in hundreds of bytes and
 

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small measured in hundreds of bytes and
which<00:03:31.459><c> can</c><00:03:31.670><c> encompass</c><00:03:31.940><c> perhaps</c><00:03:32.450><c> two</c>

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which can encompass perhaps two
 

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which can encompass perhaps two
gigabytes<00:03:33.080><c> of</c><00:03:33.260><c> data</c><00:03:33.489><c> this</c><00:03:34.489><c> is</c><00:03:34.700><c> not</c><00:03:35.000><c> proof</c><00:03:35.330><c> of</c>

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gigabytes of data this is not proof of
 

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gigabytes of data this is not proof of
existence<00:03:35.830><c> proof</c><00:03:36.830><c> of</c><00:03:36.950><c> existence</c><00:03:37.040><c> is</c><00:03:37.610><c> another</c>

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existence proof of existence is another
 

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existence proof of existence is another
form<00:03:38.330><c> of</c><00:03:38.630><c> like</c><00:03:38.930><c> role-playing</c><00:03:39.380><c> that</c><00:03:39.680><c> people</c>

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form of like role-playing that people
 

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form of like role-playing that people
use<00:03:40.130><c> when</c><00:03:40.400><c> it</c><00:03:40.489><c> comes</c><00:03:40.670><c> to</c><00:03:40.820><c> building</c><00:03:41.120><c> block</c>

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use when it comes to building block
 

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use when it comes to building block
chains<00:03:41.510><c> inside</c><00:03:41.780><c> block</c><00:03:41.989><c> chains</c><00:03:42.230><c> this</c><00:03:42.890><c> is</c>

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chains inside block chains this is
 

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chains inside block chains this is
actually<00:03:43.489><c> enforceable</c><00:03:44.200><c> the</c><00:03:45.200><c> notion</c><00:03:45.560><c> is</c><00:03:45.680><c> is</c><00:03:45.830><c> if</c>

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actually enforceable the notion is is if
 

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actually enforceable the notion is is if
you<00:03:46.040><c> create</c><00:03:46.220><c> an</c><00:03:46.519><c> invalid</c><00:03:46.970><c> block</c><00:03:47.209><c> if</c><00:03:47.510><c> a</c><00:03:47.780><c> block</c>

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you create an invalid block if a block
 

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you create an invalid block if a block
is<00:03:48.170><c> invalid</c><00:03:48.650><c> it</c><00:03:49.100><c> can</c><00:03:49.280><c> be</c><00:03:49.400><c> penalized</c><00:03:49.880><c> and</c>

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is invalid it can be penalized and
 

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is invalid it can be penalized and
rolled<00:03:50.330><c> back</c><00:03:50.830><c> and</c><00:03:51.830><c> what</c><00:03:52.400><c> this</c><00:03:52.580><c> allows</c><00:03:52.940><c> you</c><00:03:53.150><c> to</c>

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rolled back and what this allows you to
 

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rolled back and what this allows you to
do<00:03:53.420><c> is</c><00:03:53.630><c> allows</c><00:03:53.930><c> you</c><00:03:54.110><c> to</c><00:03:54.230><c> create</c><00:03:54.470><c> a</c><00:03:54.739><c> lot</c><00:03:55.220><c> of</c>

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do is allows you to create a lot of
 

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do is allows you to create a lot of
transactions<00:03:55.940><c> inside</c><00:03:56.330><c> a</c><00:03:56.360><c> system</c><00:03:56.840><c> this</c><00:03:57.800><c> is</c><00:03:58.010><c> of</c>

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transactions inside a system this is of
 

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transactions inside a system this is of
course<00:03:58.250><c> assuming</c><00:03:58.670><c> data</c><00:03:58.910><c> availability</c><00:03:59.630><c> and</c>

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course assuming data availability and
 

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course assuming data availability and
data<00:03:59.930><c> availability</c><00:04:00.440><c> is</c><00:04:00.769><c> an</c><00:04:00.920><c> interesting</c>

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data availability is an interesting
 

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data availability is an interesting
problem<00:04:01.670><c> that</c><00:04:01.700><c> we'll</c><00:04:01.970><c> get</c><00:04:02.090><c> into</c><00:04:02.269><c> in</c><00:04:02.510><c> greater</c>

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problem that we'll get into in greater
 

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problem that we'll get into in greater
detail<00:04:03.110><c> later</c><00:04:04.420><c> and</c><00:04:05.739><c> essentially</c><00:04:06.739><c> this</c><00:04:06.860><c> is</c><00:04:07.010><c> an</c>

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detail later and essentially this is an
 

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detail later and essentially this is an
example<00:04:07.550><c> if</c><00:04:07.760><c> someone</c><00:04:08.690><c> submits</c><00:04:09.019><c> an</c><00:04:09.140><c> incorrect</c>

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example if someone submits an incorrect
 

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example if someone submits an incorrect
transaction<00:04:10.190><c> an</c><00:04:10.400><c> incorrect</c><00:04:10.730><c> block</c><00:04:10.970><c> rather</c>

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transaction an incorrect block rather
 

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transaction an incorrect block rather
and<00:04:12.440><c> then</c><00:04:12.920><c> what</c><00:04:13.160><c> happened</c><00:04:13.459><c> this</c><00:04:13.519><c> is</c><00:04:13.580><c> someone</c>

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and then what happened this is someone
 

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and then what happened this is someone
submits<00:04:14.300><c> a</c><00:04:14.420><c> proof</c><00:04:14.660><c> onto</c><00:04:15.110><c> aetherium</c><00:04:15.620><c> and</c><00:04:15.769><c> you</c>

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submits a proof onto aetherium and you
 

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submits a proof onto aetherium and you
can<00:04:16.609><c> submit</c><00:04:16.790><c> a</c><00:04:16.880><c> mark</c><00:04:17.180><c> lies</c><00:04:17.390><c> proof</c><00:04:17.780><c> and</c><00:04:18.260><c> it's</c>

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can submit a mark lies proof and it's
 

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can submit a mark lies proof and it's
actually<00:04:19.190><c> very</c><00:04:19.310><c> similar</c><00:04:19.700><c> to</c><00:04:20.209><c> the</c><00:04:20.870><c> previous</c>

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actually very similar to the previous
 

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actually very similar to the previous
presentation<00:04:21.890><c> about</c><00:04:21.980><c> true--but</c><00:04:22.550><c> where</c><00:04:23.240><c> you</c>

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presentation about true--but where you
 

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presentation about true--but where you
know<00:04:23.690><c> you</c><00:04:23.750><c> have</c><00:04:24.020><c> merck</c><00:04:24.350><c> alized</c><00:04:24.680><c> enforcement</c>

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know you have merck alized enforcement
 

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know you have merck alized enforcement
and<00:04:25.490><c> Merkel</c><00:04:25.760><c> eyes</c><00:04:25.880><c> data</c><00:04:26.270><c> station</c><00:04:26.830><c> and</c><00:04:27.830><c> by</c>

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and Merkel eyes data station and by
 

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and Merkel eyes data station and by
having

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having
 

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having
Our<00:04:29.450><c> client</c><00:04:29.510><c> Stata</c><00:04:30.080><c> station</c><00:04:30.530><c> you</c><00:04:31.040><c> can</c><00:04:31.310><c> you</c><00:04:31.820><c> can</c>

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Our client Stata station you can you can
 

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Our client Stata station you can you can
represent<00:04:33.380><c> information</c><00:04:33.560><c> a</c><00:04:34.010><c> very</c><00:04:34.250><c> very</c>

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represent information a very very
 

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represent information a very very
compact<00:04:34.910><c> way</c><00:04:35.180><c> so</c><00:04:35.240><c> for</c><00:04:35.570><c> example</c><00:04:35.990><c> if</c><00:04:36.170><c> you</c><00:04:36.650><c> know</c>

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compact way so for example if you know
 

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compact way so for example if you know
the<00:04:37.280><c> this</c><00:04:37.820><c> very</c><00:04:38.150><c> very</c><00:04:38.420><c> specific</c><00:04:38.930><c> let's</c><00:04:39.170><c> say</c>

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the this very very specific let's say
 

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the this very very specific let's say
hundred<00:04:39.650><c> bytes</c><00:04:39.830><c> within</c><00:04:40.280><c> a</c><00:04:40.340><c> block</c><00:04:40.580><c> inside</c><00:04:40.850><c> this</c>

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hundred bytes within a block inside this
 

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hundred bytes within a block inside this
plasma<00:04:41.510><c> block</c><00:04:41.720><c> is</c><00:04:41.870><c> invalid</c><00:04:42.380><c> you</c><00:04:42.860><c> just</c><00:04:43.070><c> say</c>

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plasma block is invalid you just say
 

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plasma block is invalid you just say
okay<00:04:43.520><c> these</c><00:04:44.060><c> hundred</c><00:04:44.450><c> bytes</c><00:04:44.600><c> are</c><00:04:44.750><c> invalid</c>

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okay these hundred bytes are invalid
 

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okay these hundred bytes are invalid
here's<00:04:45.590><c> a</c><00:04:45.650><c> proof</c><00:04:45.890><c> that</c><00:04:45.950><c> these</c><00:04:46.220><c> 100</c><00:04:46.640><c> bytes</c><00:04:46.790><c> were</c>

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here's a proof that these 100 bytes were
 

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here's a proof that these 100 bytes were
inside<00:04:47.330><c> this</c><00:04:47.510><c> plasma</c><00:04:48.140><c> block</c><00:04:48.380><c> and</c><00:04:48.650><c> then</c><00:04:48.950><c> you</c>

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inside this plasma block and then you
 

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inside this plasma block and then you
submit<00:04:49.310><c> that</c><00:04:49.580><c> inside</c><00:04:49.880><c> aetherium</c><00:04:50.330><c> and</c><00:04:50.480><c> it's</c>

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submit that inside aetherium and it's
 

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submit that inside aetherium and it's
very<00:04:50.750><c> very</c><00:04:50.960><c> compact</c><00:04:51.440><c> that</c><00:04:52.070><c> allows</c><00:04:52.370><c> you</c><00:04:52.550><c> to</c><00:04:52.640><c> say</c>

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very very compact that allows you to say
 

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very very compact that allows you to say
okay<00:04:53.210><c> one</c><00:04:53.960><c> piece</c><00:04:54.230><c> of</c><00:04:54.410><c> this</c><00:04:54.530><c> entire</c><00:04:54.950><c> block</c><00:04:55.310><c> is</c>

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okay one piece of this entire block is
 

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okay one piece of this entire block is
broken<00:04:55.760><c> let's</c><00:04:56.420><c> roll</c><00:04:56.630><c> it</c><00:04:56.660><c> all</c><00:04:56.930><c> back</c><00:04:57.140><c> and</c><00:04:57.440><c> then</c>

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broken let's roll it all back and then
 

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broken let's roll it all back and then
in<00:04:58.550><c> that</c><00:04:58.730><c> moment</c><00:04:59.000><c> that</c><00:04:59.840><c> individual</c><00:05:00.710><c> that</c><00:05:00.980><c> the</c>

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in that moment that individual that the
 

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in that moment that individual that the
individuals<00:05:02.660><c> that</c><00:05:03.050><c> created</c><00:05:03.410><c> that</c><00:05:03.440><c> block</c><00:05:03.770><c> get</c>

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individuals that created that block get
 

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individuals that created that block get
penalized<00:05:04.850><c> and</c><00:05:05.210><c> that</c><00:05:05.570><c> allows</c><00:05:05.870><c> you</c><00:05:06.530><c> know</c><00:05:06.650><c> some</c>

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penalized and that allows you know some
 

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penalized and that allows you know some
measure<00:05:07.130><c> of</c><00:05:07.460><c> honesty</c><00:05:08.300><c> and</c><00:05:08.330><c> when</c><00:05:08.510><c> it</c><00:05:08.600><c> comes</c><00:05:08.780><c> to</c>

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measure of honesty and when it comes to
 

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measure of honesty and when it comes to
propagation<00:05:11.260><c> but</c><00:05:12.260><c> the</c><00:05:12.410><c> core</c><00:05:12.680><c> notion</c><00:05:12.980><c> of</c>

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propagation but the core notion of
 

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propagation but the core notion of
plasma<00:05:13.760><c> is</c><00:05:13.910><c> not</c><00:05:14.300><c> around</c><00:05:14.890><c> the</c><00:05:15.890><c> notion</c><00:05:16.100><c> of</c>

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plasma is not around the notion of
 

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plasma is not around the notion of
Merkle<00:05:17.090><c> ization</c><00:05:17.390><c> of</c><00:05:17.630><c> information</c><00:05:18.200><c> the</c><00:05:18.830><c> core</c>

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Merkle ization of information the core
 

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Merkle ization of information the core
notion<00:05:19.310><c> is</c><00:05:19.730><c> about</c><00:05:20.620><c> exiting</c><00:05:21.620><c> in</c><00:05:21.740><c> the</c><00:05:21.860><c> event</c><00:05:22.130><c> of</c>

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notion is about exiting in the event of
 

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notion is about exiting in the event of
data<00:05:23.300><c> unavailability</c><00:05:24.050><c> data</c><00:05:24.980><c> unavailability</c>

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data unavailability data unavailability
 

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data unavailability data unavailability
is<00:05:26.000><c> an</c><00:05:26.150><c> interesting</c><00:05:26.390><c> problem</c><00:05:26.780><c> because</c><00:05:26.990><c> you</c>

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is an interesting problem because you
 

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is an interesting problem because you
can't<00:05:27.770><c> prove</c><00:05:28.300><c> when</c><00:05:29.300><c> someone</c><00:05:29.840><c> produced</c><00:05:30.550><c> when</c>

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can't prove when someone produced when
 

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can't prove when someone produced when
someone<00:05:31.850><c> is</c><00:05:31.970><c> withholding</c><00:05:32.270><c> data</c><00:05:32.660><c> it's</c><00:05:32.930><c> sort</c><00:05:33.170><c> of</c>

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someone is withholding data it's sort of
 

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someone is withholding data it's sort of
like<00:05:33.380><c> if</c><00:05:33.650><c> Alice</c><00:05:34.190><c> and</c><00:05:34.310><c> Bob</c><00:05:34.520><c> says</c><00:05:34.910><c> Alice</c><00:05:35.600><c> says</c><00:05:35.780><c> oh</c>

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like if Alice and Bob says Alice says oh
 

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like if Alice and Bob says Alice says oh
I<00:05:36.350><c> gave</c><00:05:36.530><c> the</c><00:05:36.650><c> data</c><00:05:36.830><c> to</c><00:05:36.980><c> Bob</c><00:05:37.160><c> and</c><00:05:37.370><c> Bob</c><00:05:37.520><c> says</c><00:05:37.760><c> no</c>

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I gave the data to Bob and Bob says no
 

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I gave the data to Bob and Bob says no
Alice<00:05:38.330><c> didn't</c><00:05:38.540><c> give</c><00:05:38.690><c> it</c><00:05:38.810><c> to</c><00:05:38.840><c> me</c><00:05:38.930><c> who</c><00:05:39.830><c> do</c><00:05:39.920><c> you</c>

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Alice didn't give it to me who do you
 

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Alice didn't give it to me who do you
know<00:05:40.130><c> is</c><00:05:40.280><c> right</c><00:05:40.490><c> you</c><00:05:40.640><c> really</c><00:05:40.970><c> can't</c><00:05:41.300><c> be</c><00:05:41.570><c> on</c>

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know is right you really can't be on
 

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know is right you really can't be on
like<00:05:41.900><c> having</c><00:05:42.110><c> trusted</c><00:05:42.590><c> this</c><00:05:42.980><c> trusted</c><00:05:43.400><c> third</c>

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like having trusted this trusted third
 

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like having trusted this trusted third
party<00:05:43.880><c> and</c><00:05:44.000><c> then</c><00:05:44.180><c> you</c><00:05:44.690><c> know</c><00:05:44.810><c> in</c><00:05:44.930><c> aetherium</c><00:05:45.230><c> we</c>

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party and then you know in aetherium we
 

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party and then you know in aetherium we
try<00:05:45.650><c> to</c><00:05:45.710><c> like</c><00:05:45.920><c> reduce</c><00:05:46.430><c> that</c><00:05:46.640><c> as</c><00:05:46.730><c> much</c><00:05:46.880><c> as</c>

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try to like reduce that as much as
 

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try to like reduce that as much as
possible<00:05:47.620><c> and</c><00:05:48.620><c> what</c><00:05:49.610><c> you</c><00:05:49.730><c> can</c><00:05:49.910><c> do</c><00:05:50.150><c> in</c><00:05:50.390><c> plasma</c>

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possible and what you can do in plasma
 

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possible and what you can do in plasma
and<00:05:50.900><c> this</c><00:05:51.200><c> core</c><00:05:51.560><c> of</c><00:05:51.590><c> plasmas</c><00:05:52.100><c> construction</c><00:05:52.700><c> is</c>

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and this core of plasmas construction is
 

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and this core of plasmas construction is
this<00:05:53.390><c> allows</c><00:05:53.690><c> you</c><00:05:53.870><c> to</c><00:05:53.960><c> exit</c><00:05:54.440><c> in</c><00:05:54.620><c> the</c><00:05:55.100><c> event</c>

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this allows you to exit in the event
 

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this allows you to exit in the event
blocks<00:05:55.730><c> are</c><00:05:55.880><c> withheld</c><00:05:56.530><c> so</c><00:05:57.530><c> plasma</c><00:05:57.950><c> blocks</c><00:05:58.400><c> in</c>

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blocks are withheld so plasma blocks in
 

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blocks are withheld so plasma blocks in
this<00:05:58.700><c> case</c><00:05:59.140><c> so</c><00:06:00.140><c> it's</c><00:06:00.410><c> saying</c><00:06:00.620><c> that</c><00:06:00.860><c> if</c><00:06:01.130><c> you</c><00:06:01.370><c> if</c>

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this case so it's saying that if you if
 

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this case so it's saying that if you if
let's<00:06:02.090><c> say</c><00:06:02.180><c> block</c><00:06:02.780><c> number</c><00:06:02.810><c> four</c><00:06:03.350><c> is</c><00:06:03.650><c> is</c>

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let's say block number four is is
 

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let's say block number four is is
committed<00:06:04.910><c> so</c><00:06:05.240><c> this</c><00:06:05.450><c> hundred</c><00:06:05.810><c> plus</c><00:06:05.990><c> bytes</c><00:06:06.260><c> is</c>

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committed so this hundred plus bytes is
 

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committed so this hundred plus bytes is
committed<00:06:07.190><c> on</c><00:06:07.280><c> to</c><00:06:07.460><c> aetherium</c><00:06:07.790><c> and</c><00:06:08.150><c> it's</c><00:06:08.240><c> like</c>

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committed on to aetherium and it's like
 

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committed on to aetherium and it's like
wait<00:06:08.600><c> I</c><00:06:08.840><c> don't</c><00:06:09.020><c> have</c><00:06:09.320><c> this</c><00:06:09.440><c> data</c><00:06:09.680><c> I</c><00:06:09.950><c> can't</c>

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wait I don't have this data I can't
 

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wait I don't have this data I can't
prove<00:06:10.910><c> this</c><00:06:11.120><c> as</c><00:06:11.300><c> false</c><00:06:11.540><c> I</c><00:06:11.810><c> can't</c><00:06:12.020><c> prove</c><00:06:12.230><c> this</c>

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prove this as false I can't prove this
 

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prove this as false I can't prove this
invalid<00:06:13.070><c> so</c><00:06:13.610><c> then</c><00:06:13.730><c> what</c><00:06:13.880><c> you</c><00:06:13.970><c> do</c><00:06:14.060><c> is</c><00:06:14.150><c> you</c><00:06:14.270><c> then</c>

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invalid so then what you do is you then
 

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invalid so then what you do is you then
to<00:06:14.660><c> submit</c><00:06:14.930><c> it</c><00:06:15.050><c> and</c><00:06:16.040><c> then</c><00:06:16.630><c> when</c><00:06:17.630><c> you</c><00:06:17.750><c> when</c><00:06:17.960><c> you</c>

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to submit it and then when you when you
 

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to submit it and then when you when you
are<00:06:18.470><c> not</c><00:06:18.860><c> submit</c><00:06:19.100><c> it</c><00:06:19.190><c> you</c><00:06:19.280><c> exit</c><00:06:19.700><c> and</c><00:06:19.910><c> basically</c>

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are not submit it you exit and basically
 

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are not submit it you exit and basically
you<00:06:21.110><c> exit</c><00:06:21.500><c> from</c><00:06:21.680><c> that</c><00:06:21.740><c> chain</c><00:06:22.130><c> because</c><00:06:22.760><c> you're</c>

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you exit from that chain because you're
 

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you exit from that chain because you're
like<00:06:23.060><c> well</c><00:06:23.270><c> someone's</c><00:06:23.660><c> not</c><00:06:23.780><c> giving</c><00:06:24.020><c> me</c><00:06:24.110><c> the</c>

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like well someone's not giving me the
 

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like well someone's not giving me the
data<00:06:24.380><c> there</c><00:06:24.650><c> could</c><00:06:24.770><c> be</c><00:06:24.800><c> bad</c><00:06:25.010><c> data</c><00:06:25.250><c> in</c><00:06:25.430><c> there</c>

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data there could be bad data in there
 

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data there could be bad data in there
there<00:06:25.820><c> could</c><00:06:25.940><c> be</c><00:06:26.000><c> bad</c><00:06:26.150><c> state</c><00:06:26.420><c> transitions</c>

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there could be bad state transitions
 

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there could be bad state transitions
it's<00:06:27.560><c> sort</c><00:06:27.740><c> of</c><00:06:27.770><c> like</c><00:06:27.920><c> if</c><00:06:28.070><c> a</c><00:06:28.160><c> party</c><00:06:28.430><c> starts</c>

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it's sort of like if a party starts
 

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it's sort of like if a party starts
sucking<00:06:28.880><c> you</c><00:06:29.450><c> just</c><00:06:29.660><c> leave</c><00:06:29.870><c> you</c><00:06:30.170><c> don't</c><00:06:30.320><c> try</c><00:06:30.470><c> to</c>

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sucking you just leave you don't try to
 

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sucking you just leave you don't try to
make<00:06:30.680><c> you</c><00:06:30.920><c> know</c><00:06:31.040><c> like</c><00:06:31.070><c> it's</c><00:06:31.850><c> like</c><00:06:32.090><c> a</c><00:06:32.240><c> party's</c><00:06:32.570><c> a</c>

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make you know like it's like a party's a
 

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make you know like it's like a party's a
disaster<00:06:32.690><c> you're</c><00:06:33.350><c> just</c><00:06:33.500><c> like</c><00:06:33.650><c> well</c><00:06:33.860><c> you</c><00:06:33.920><c> can</c>

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disaster you're just like well you can
 

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disaster you're just like well you can
try<00:06:34.550><c> to</c><00:06:34.610><c> make</c><00:06:34.790><c> it</c><00:06:34.940><c> better</c><00:06:35.060><c> but</c><00:06:35.870><c> you</c><00:06:36.200><c> could</c><00:06:36.350><c> just</c>

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try to make it better but you could just
 

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try to make it better but you could just
leave<00:06:36.680><c> and</c><00:06:37.100><c> join</c><00:06:37.310><c> another</c><00:06:37.430><c> party</c><00:06:37.640><c> and</c><00:06:38.060><c> it's</c>

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leave and join another party and it's
 

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leave and join another party and it's
much<00:06:38.300><c> more</c><00:06:38.360><c> fun</c><00:06:38.600><c> that</c><00:06:38.810><c> way</c><00:06:38.930><c> for</c><00:06:39.110><c> everybody</c><00:06:40.030><c> and</c>

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much more fun that way for everybody and
 

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much more fun that way for everybody and
the<00:06:42.050><c> fun</c><00:06:42.290><c> part</c><00:06:42.530><c> is</c><00:06:42.590><c> when</c><00:06:42.650><c> you</c><00:06:42.860><c> do</c><00:06:42.980><c> blocks</c>

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the fun part is when you do blocks
 

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the fun part is when you do blocks
blockchains<00:06:43.910><c> you</c><00:06:44.120><c> could</c><00:06:44.270><c> do</c><00:06:44.330><c> block</c><00:06:44.540><c> chains</c>

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blockchains you could do block chains
 

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blockchains you could do block chains
and<00:06:44.840><c> block</c><00:06:45.020><c> chains</c><00:06:45.170><c> and</c><00:06:45.290><c> block</c><00:06:45.440><c> chains</c><00:06:45.650><c> and</c>

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and block chains and block chains and
 

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and block chains and block chains and
block<00:06:45.920><c> chains</c><00:06:46.160><c> and</c><00:06:46.370><c> that</c><00:06:46.820><c> gives</c><00:06:47.000><c> you</c><00:06:47.090><c> even</c>

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block chains and that gives you even
 

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block chains and that gives you even
greater<00:06:47.510><c> scalability</c><00:06:47.780><c> where</c><00:06:48.380><c> you</c><00:06:48.470><c> could</c><00:06:48.620><c> do</c>

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greater scalability where you could do
 

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greater scalability where you could do
like<00:06:49.010><c> potentially</c><00:06:49.610><c> billions</c><00:06:49.820><c> at</c><00:06:50.150><c> this</c><00:06:50.300><c> point</c>

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like potentially billions at this point
 

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like potentially billions at this point
representing<00:06:51.470><c> a</c><00:06:51.530><c> single</c><00:06:51.740><c> use</c><00:06:52.040><c> case</c><00:06:52.310><c> for</c>

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representing a single use case for
 

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representing a single use case for
example<00:06:53.169><c> you</c><00:06:54.169><c> know</c><00:06:54.290><c> like</c><00:06:54.560><c> fun</c><00:06:54.770><c> posting</c><00:06:55.220><c> in</c>

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example you know like fun posting in
 

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example you know like fun posting in
some<00:06:55.580><c> live</c><00:06:55.760><c> chat</c><00:06:56.030><c> you</c><00:06:56.960><c> could</c><00:06:57.139><c> you</c><00:06:57.290><c> could</c><00:06:57.470><c> do</c>

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some live chat you could you could do
 

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some live chat you could you could do
that<00:06:57.740><c> and</c><00:06:58.010><c> like</c><00:06:58.370><c> you</c><00:06:58.790><c> know</c><00:06:58.910><c> build</c><00:06:59.240><c> a</c><00:06:59.360><c> system</c>

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that and like you know build a system
 

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that and like you know build a system
where<00:06:59.870><c> you</c><00:06:59.900><c> could</c><00:07:00.110><c> you</c><00:07:00.470><c> know</c><00:07:00.800><c> and</c><00:07:00.950><c> make</c><00:07:01.190><c> that</c>

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where you could you know and make that
 

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where you could you know and make that
enforceable<00:07:01.940><c> in</c><00:07:02.060><c> some</c><00:07:02.240><c> way</c><00:07:02.410><c> and</c><00:07:03.410><c> that</c><00:07:03.560><c> gives</c>

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enforceable in some way and that gives
 

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enforceable in some way and that gives
you<00:07:03.830><c> a</c><00:07:03.889><c> great</c><00:07:04.100><c> deal</c><00:07:04.130><c> of</c><00:07:04.310><c> computational</c>

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you a great deal of computational
 

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you a great deal of computational
scaling<00:07:05.419><c> this</c><00:07:05.540><c> is</c><00:07:05.690><c> not</c><00:07:05.810><c> just</c><00:07:06.020><c> computational</c>

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scaling this is not just computational
 

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scaling this is not just computational
scaling<00:07:07.070><c> of</c><00:07:07.250><c> financial</c><00:07:07.820><c> activity</c><00:07:08.240><c> but</c>

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scaling of financial activity but
 

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scaling of financial activity but
potential<00:07:09.110><c> anything</c><00:07:09.530><c> you</c><00:07:09.680><c> know</c><00:07:09.800><c> this</c><00:07:09.980><c> could</c>

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potential anything you know this could
 

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potential anything you know this could
be<00:07:10.220><c> a</c><00:07:10.250><c> system</c><00:07:10.550><c> or</c><00:07:10.730><c> you</c><00:07:10.910><c> know</c><00:07:11.000><c> you</c><00:07:11.570><c> you</c><00:07:12.200><c> move</c>

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be a system or you know you you move
 

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be a system or you know you you move
from<00:07:12.950><c> you</c><00:07:13.370><c> know</c><00:07:13.490><c> a</c><00:07:13.730><c> centralized</c><00:07:14.360><c> data</c>

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from you know a centralized data
 

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from you know a centralized data
services<00:07:15.260><c> well</c><00:07:15.530><c> you</c><00:07:15.740><c> know</c><00:07:15.830><c> like</c><00:07:16.010><c> Reddit</c><00:07:16.940><c> or</c>

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services well you know like Reddit or
 

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services well you know like Reddit or
Twitter<00:07:17.450><c> or</c><00:07:17.510><c> whatever</c><00:07:17.690><c> it</c><00:07:17.960><c> may</c><00:07:18.080><c> be</c><00:07:18.110><c> and</c><00:07:18.290><c> you</c>

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Twitter or whatever it may be and you
 

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Twitter or whatever it may be and you
could<00:07:18.680><c> credibly</c><00:07:19.070><c> decentralize</c><00:07:19.850><c> this</c><00:07:20.120><c> since</c>

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could credibly decentralize this since
 

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could credibly decentralize this since
capacity<00:07:21.290><c> is</c><00:07:21.490><c> significantly</c><00:07:22.490><c> increased</c><00:07:22.669><c> to</c>

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capacity is significantly increased to
 

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capacity is significantly increased to
an<00:07:23.540><c> incredible</c><00:07:23.900><c> degree</c><00:07:24.910><c> this</c><00:07:25.910><c> also</c><00:07:26.060><c> lets</c><00:07:26.270><c> you</c>

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an incredible degree this also lets you
 

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an incredible degree this also lets you
do<00:07:26.510><c> computation</c><00:07:27.169><c> using</c><00:07:27.380><c> MapReduce</c><00:07:27.800><c> so</c><00:07:28.520><c> you</c><00:07:28.580><c> go</c>

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do computation using MapReduce so you go
 

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do computation using MapReduce so you go
like<00:07:29.000><c> okay</c><00:07:29.300><c> map</c><00:07:29.510><c> and</c><00:07:29.870><c> you</c><00:07:30.230><c> so</c><00:07:30.380><c> map</c><00:07:30.770><c> out</c><00:07:30.950><c> all</c><00:07:31.190><c> the</c>

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like okay map and you so map out all the
 

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like okay map and you so map out all the
block<00:07:31.550><c> chains</c><00:07:31.760><c> and</c><00:07:31.850><c> block</c><00:07:32.030><c> chains</c><00:07:32.270><c> they</c><00:07:32.419><c> do</c>

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block chains and block chains they do
 

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block chains and block chains they do
computation<00:07:33.200><c> across</c><00:07:33.440><c> many</c><00:07:33.680><c> many</c><00:07:33.919><c> different</c>

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computation across many many different
 

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computation across many many different
block<00:07:34.370><c> chains</c><00:07:34.640><c> and</c><00:07:34.820><c> you</c><00:07:35.210><c> reduce</c><00:07:35.390><c> the</c><00:07:36.110><c> results</c>

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block chains and you reduce the results
 

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block chains and you reduce the results
back<00:07:36.650><c> down</c><00:07:36.919><c> is</c><00:07:37.220><c> sort</c><00:07:37.460><c> of</c><00:07:37.490><c> like</c><00:07:37.610><c> returning</c>

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back down is sort of like returning
 

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back down is sort of like returning
variables<00:07:38.479><c> so</c><00:07:39.020><c> you</c><00:07:39.080><c> just</c><00:07:39.290><c> have</c><00:07:39.440><c> one</c><00:07:39.740><c> way</c><00:07:39.890><c> of</c>

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variables so you just have one way of
 

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variables so you just have one way of
splitting<00:07:40.400><c> up</c><00:07:40.490><c> the</c><00:07:40.520><c> work</c><00:07:40.669><c> in</c><00:07:41.000><c> one</c><00:07:41.210><c> way</c><00:07:41.330><c> of</c>

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splitting up the work in one way of
 

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splitting up the work in one way of
returning<00:07:41.750><c> the</c><00:07:41.930><c> work</c><00:07:42.050><c> and</c><00:07:42.260><c> that's</c><00:07:42.680><c> sort</c><00:07:42.800><c> of</c>

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returning the work and that's sort of
 

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returning the work and that's sort of
how<00:07:42.950><c> you</c><00:07:43.160><c> reach</c><00:07:43.490><c> incredible</c><00:07:44.389><c> computational</c>

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how you reach incredible computational
 

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how you reach incredible computational
scale<00:07:46.000><c> so</c><00:07:47.000><c> the</c><00:07:47.150><c> design</c><00:07:47.419><c> goals</c><00:07:47.720><c> is</c><00:07:48.080><c> you</c><00:07:48.290><c> know</c>

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scale so the design goals is you know
 

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scale so the design goals is you know
one<00:07:48.560><c> block</c><00:07:48.770><c> chain</c><00:07:48.979><c> can</c><00:07:49.190><c> encompass</c><00:07:49.610><c> you</c><00:07:49.970><c> know</c>

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one block chain can encompass you know
 

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one block chain can encompass you know
all<00:07:50.210><c> world</c><00:07:50.479><c> wide</c><00:07:50.660><c> computation</c><00:07:51.290><c> maybe</c><00:07:51.470><c> not</c><00:07:51.650><c> all</c>

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all world wide computation maybe not all
 

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all world wide computation maybe not all
is<00:07:52.669><c> in</c><00:07:52.790><c> everything</c><00:07:53.120><c> but</c><00:07:53.750><c> all</c><00:07:53.930><c> is</c><00:07:54.140><c> in</c><00:07:54.350><c> like</c><00:07:54.530><c> you</c>

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is in everything but all is in like you
 

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is in everything but all is in like you
know<00:07:54.950><c> there's</c><00:07:55.160><c> no</c><00:07:55.300><c> necessary</c><00:07:56.300><c> constraints</c>

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know there's no necessary constraints
 

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know there's no necessary constraints
given<00:07:56.960><c> given</c><00:07:57.770><c> the</c><00:07:57.919><c> security</c><00:07:58.280><c> properties</c><00:07:58.850><c> of</c>

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given given the security properties of
 

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given given the security properties of
the<00:07:59.090><c> system</c><00:07:59.419><c> and</c><00:07:59.660><c> the</c><00:08:00.200><c> goal</c><00:08:00.350><c> is</c><00:08:00.380><c> to</c><00:08:00.530><c> do</c><00:08:00.710><c> trust</c>

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the system and the goal is to do trust
 

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the system and the goal is to do trust
minimization<00:08:01.580><c> where</c><00:08:01.700><c> you're</c><00:08:01.820><c> not</c><00:08:01.910><c> trusting</c>

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minimization where you're not trusting
 

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minimization where you're not trusting
the<00:08:02.870><c> people</c><00:08:02.990><c> operating</c><00:08:03.620><c> these</c><00:08:04.130><c> plasma</c><00:08:04.610><c> chains</c>

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the people operating these plasma chains
 

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the people operating these plasma chains
because<00:08:05.180><c> you</c><00:08:05.300><c> can</c><00:08:05.419><c> ultimately</c><00:08:05.810><c> go</c><00:08:06.020><c> to</c><00:08:06.080><c> a</c>

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because you can ultimately go to a
 

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because you can ultimately go to a
theorem<00:08:06.530><c> and</c><00:08:06.650><c> enforce</c><00:08:06.979><c> invalid</c><00:08:07.850><c> state</c>

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theorem and enforce invalid state
 

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theorem and enforce invalid state
transitions<00:08:08.570><c> and</c><00:08:08.840><c> the</c><00:08:09.350><c> goal</c><00:08:09.500><c> is</c><00:08:09.650><c> to</c><00:08:09.680><c> payment</c>

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transitions and the goal is to payment
 

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transitions and the goal is to payment
electro<00:08:10.610><c> scalability</c><00:08:11.240><c> ledger</c><00:08:11.450><c> scalability</c>

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electro scalability ledger scalability
 

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electro scalability ledger scalability
is<00:08:12.200><c> interesting</c><00:08:12.680><c> because</c><00:08:13.160><c> ultimately</c><00:08:13.820><c> you</c>

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is interesting because ultimately you
 

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is interesting because ultimately you
want<00:08:14.270><c> records</c><00:08:14.750><c> and</c><00:08:15.740><c> that's</c><00:08:16.100><c> it's</c><00:08:16.520><c> sort</c><00:08:16.729><c> of</c>

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want records and that's it's sort of
 

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want records and that's it's sort of
like<00:08:16.940><c> state</c><00:08:17.180><c> channels</c><00:08:17.510><c> gets</c><00:08:17.720><c> you</c><00:08:17.960><c> like</c><00:08:18.650><c> you</c>

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like state channels gets you like you
 

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like state channels gets you like you
know<00:08:18.950><c> an</c><00:08:19.160><c> X</c><00:08:19.400><c> percent</c><00:08:20.270><c> x</c><00:08:21.229><c> time</c><00:08:21.590><c> scalability</c>

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know an X percent x time scalability
 

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know an X percent x time scalability
this<00:08:22.729><c> can</c><00:08:22.910><c> give</c><00:08:23.060><c> you</c><00:08:23.240><c> you</c><00:08:23.450><c> know</c><00:08:23.479><c> many</c><00:08:24.080><c> many</c><00:08:24.260><c> x</c>

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this can give you you know many many x
 

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this can give you you know many many x
and<00:08:24.740><c> you</c><00:08:25.669><c> know</c><00:08:25.760><c> aetherium</c><00:08:26.060><c> Chardon</c><00:08:26.479><c> can</c><00:08:26.570><c> give</c>

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and you know aetherium Chardon can give
 

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and you know aetherium Chardon can give
you<00:08:26.840><c> many</c><00:08:27.229><c> many</c><00:08:27.410><c> other</c><00:08:27.650><c> x's</c><00:08:28.070><c> and</c><00:08:28.220><c> then</c><00:08:28.640><c> at</c><00:08:28.760><c> that</c>

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you many many other x's and then at that
 

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you many many other x's and then at that
point<00:08:29.150><c> you</c><00:08:29.270><c> can</c><00:08:29.479><c> reach</c><00:08:29.900><c> an</c><00:08:30.050><c> incredible</c><00:08:30.440><c> scale</c>

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point you can reach an incredible scale
 

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point you can reach an incredible scale
and<00:08:31.130><c> I</c><00:08:31.340><c> believe</c><00:08:31.610><c> that</c><00:08:31.640><c> you</c><00:08:32.270><c> know</c><00:08:32.360><c> this</c><00:08:32.570><c> is</c><00:08:32.690><c> very</c>

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and I believe that you know this is very
 

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and I believe that you know this is very
much<00:08:33.140><c> in</c><00:08:33.200><c> the</c><00:08:33.349><c> near</c><00:08:33.560><c> future</c>

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much in the near future
 

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much in the near future
you<00:08:34.909><c> know</c><00:08:35.000><c> measured</c><00:08:35.330><c> in</c><00:08:35.450><c> you</c><00:08:35.690><c> know</c><00:08:36.310><c> you</c><00:08:37.310><c> know</c>

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you know measured in you know you know
 

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you know measured in you know you know
very<00:08:37.880><c> short</c><00:08:38.120><c> time</c><00:08:38.300><c> frames</c><00:08:38.570><c> not</c><00:08:38.870><c> like</c><00:08:39.110><c> ten</c>

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very short time frames not like ten
 

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very short time frames not like ten
years<00:08:39.469><c> plus</c><00:08:39.770><c> but</c><00:08:40.070><c> closer</c><00:08:40.280><c> to</c><00:08:40.400><c> like</c><00:08:40.669><c> low</c><00:08:41.000><c> digits</c>

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years plus but closer to like low digits
 

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years plus but closer to like low digits
amount<00:08:41.599><c> of</c><00:08:41.690><c> years</c><00:08:42.490><c> but</c><00:08:43.490><c> you</c><00:08:43.789><c> know</c><00:08:44.030><c> transaction</c>

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amount of years but you know transaction
 

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amount of years but you know transaction
data<00:08:44.839><c> is</c><00:08:45.080><c> I</c><00:08:45.320><c> think</c><00:08:45.589><c> can</c><00:08:46.010><c> give</c><00:08:46.160><c> you</c><00:08:46.250><c> an</c><00:08:46.370><c> example</c>

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data is I think can give you an example
 

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data is I think can give you an example
of<00:08:46.970><c> the</c><00:08:47.720><c> problems</c><00:08:48.110><c> that</c><00:08:48.200><c> we're</c><00:08:48.500><c> dealing</c><00:08:48.620><c> with</c>

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of the problems that we're dealing with
 

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of the problems that we're dealing with
this<00:08:49.700><c> may</c><00:08:49.910><c> be</c><00:08:49.970><c> a</c><00:08:50.060><c> little</c><00:08:50.420><c> bit</c><00:08:50.630><c> you</c><00:08:50.690><c> know</c><00:08:50.870><c> more</c>

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this may be a little bit you know more
 

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this may be a little bit you know more
architecture<00:08:52.000><c> so</c><00:08:53.000><c> for</c><00:08:53.540><c> if</c><00:08:53.720><c> you're</c><00:08:53.900><c> a</c><00:08:53.959><c> little</c>

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architecture so for if you're a little
 

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architecture so for if you're a little
bit<00:08:54.530><c> you</c><00:08:54.770><c> know</c><00:08:54.800><c> it</c><00:08:55.160><c> may</c><00:08:55.280><c> be</c><00:08:55.310><c> a</c><00:08:55.430><c> little</c><00:08:55.610><c> bit</c>

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bit you know it may be a little bit
 

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bit you know it may be a little bit
hairy<00:08:56.000><c> this</c><00:08:56.300><c> requires</c><00:08:56.720><c> some</c>

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hairy this requires some
 

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hairy this requires some
knowledge<00:08:57.350><c> in</c><00:08:57.500><c> the</c><00:08:57.589><c> way</c><00:08:57.820><c> you</c><00:08:58.820><c> know</c><00:08:58.910><c> atomicity</c>

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knowledge in the way you know atomicity
 

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knowledge in the way you know atomicity
it<00:08:59.899><c> works</c><00:09:00.320><c> but</c><00:09:01.480><c> basically</c><00:09:02.480><c> what</c><00:09:02.750><c> we're</c>

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it works but basically what we're
 

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it works but basically what we're
talking<00:09:03.080><c> about</c><00:09:03.410><c> is</c><00:09:03.830><c> that</c><00:09:04.100><c> you</c><00:09:04.790><c> know</c><00:09:04.910><c> you</c><00:09:04.970><c> want</c>

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talking about is that you know you want
 

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talking about is that you know you want
it<00:09:05.570><c> you</c><00:09:05.720><c> want</c><00:09:05.750><c> to</c><00:09:06.019><c> create</c><00:09:06.140><c> a</c><00:09:06.230><c> transaction</c><00:09:06.620><c> and</c>

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it you want to create a transaction and
 

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it you want to create a transaction and
you<00:09:08.269><c> want</c><00:09:08.510><c> it</c><00:09:08.630><c> you</c><00:09:09.110><c> know</c><00:09:09.230><c> and</c><00:09:09.410><c> then</c><00:09:09.500><c> let's</c><00:09:09.620><c> say</c>

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you want it you know and then let's say
 

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you want it you know and then let's say
you<00:09:09.800><c> just</c><00:09:10.040><c> broadcast</c><00:09:10.220><c> it</c><00:09:10.640><c> inside</c><00:09:10.910><c> this</c><00:09:11.029><c> plasma</c>

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you just broadcast it inside this plasma
 

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you just broadcast it inside this plasma
block<00:09:11.630><c> you're</c><00:09:11.810><c> done</c><00:09:11.990><c> right</c><00:09:12.350><c> not</c><00:09:13.160><c> really</c>

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block you're done right not really
 

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block you're done right not really
you<00:09:14.690><c> can't</c><00:09:15.019><c> attest</c><00:09:15.649><c> to</c><00:09:15.800><c> this</c><00:09:16.010><c> payment</c><00:09:17.050><c> if</c><00:09:18.050><c> the</c>

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you can't attest to this payment if the
 

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you can't attest to this payment if the
block<00:09:19.190><c> is</c><00:09:19.370><c> being</c><00:09:19.550><c> withheld</c><00:09:19.730><c> remember</c><00:09:20.300><c> like</c>

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block is being withheld remember like
 

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block is being withheld remember like
that<00:09:20.630><c> block</c><00:09:20.839><c> number</c><00:09:21.170><c> four</c><00:09:21.410><c> I</c><00:09:21.620><c> was</c><00:09:21.860><c> going</c><00:09:22.100><c> over</c>

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that block number four I was going over
 

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that block number four I was going over
earlier<00:09:22.640><c> if</c><00:09:23.450><c> that</c><00:09:23.690><c> happens</c><00:09:24.140><c> then</c><00:09:24.860><c> if</c><00:09:25.610><c> you</c><00:09:26.180><c> know</c>

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earlier if that happens then if you know
 

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earlier if that happens then if you know
there's<00:09:26.510><c> you</c><00:09:26.750><c> make</c><00:09:26.899><c> a</c><00:09:26.930><c> payment</c><00:09:27.350><c> you</c><00:09:27.529><c> don't</c>

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there's you make a payment you don't
 

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there's you make a payment you don't
really<00:09:27.890><c> know</c><00:09:28.250><c> if</c><00:09:28.430><c> that</c><00:09:28.579><c> payment</c><00:09:28.880><c> is</c><00:09:28.940><c> in</c><00:09:28.970><c> there</c>

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really know if that payment is in there
 

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really know if that payment is in there
and<00:09:29.510><c> like</c><00:09:29.750><c> you</c><00:09:30.170><c> don't</c><00:09:30.320><c> know</c><00:09:30.440><c> if</c><00:09:30.529><c> the</c><00:09:30.649><c> correct</c>

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and like you don't know if the correct
 

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and like you don't know if the correct
amount<00:09:31.160><c> is</c><00:09:31.339><c> in</c><00:09:31.519><c> there</c><00:09:31.700><c> you</c><00:09:31.910><c> don't</c><00:09:32.089><c> know</c><00:09:32.180><c> if</c>

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amount is in there you don't know if
 

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amount is in there you don't know if
like<00:09:32.450><c> the</c><00:09:32.870><c> current</c><00:09:33.170><c> state</c><00:09:33.410><c> is</c><00:09:33.440><c> correct</c><00:09:33.950><c> it's</c>

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like the current state is correct it's
 

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like the current state is correct it's
just<00:09:34.610><c> being</c><00:09:34.760><c> withheld</c><00:09:35.089><c> from</c><00:09:35.240><c> you</c><00:09:35.600><c> and</c><00:09:35.959><c> you</c>

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just being withheld from you and you
 

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just being withheld from you and you
can't<00:09:36.649><c> even</c><00:09:36.860><c> prove</c><00:09:37.459><c> that</c><00:09:38.329><c> it's</c><00:09:38.540><c> invalid</c><00:09:38.899><c> it's</c>

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can't even prove that it's invalid it's
 

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can't even prove that it's invalid it's
sort<00:09:39.350><c> of</c><00:09:39.410><c> like</c><00:09:39.589><c> you</c><00:09:40.519><c> all</c><00:09:40.910><c> you</c><00:09:41.060><c> can</c><00:09:41.089><c> do</c><00:09:41.390><c> is</c><00:09:41.510><c> just</c>

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sort of like you all you can do is just
 

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sort of like you all you can do is just
say<00:09:41.810><c> well</c><00:09:42.050><c> maybe</c><00:09:42.380><c> my</c><00:09:42.680><c> payment</c><00:09:43.040><c> is</c><00:09:43.100><c> in</c><00:09:43.279><c> there</c>

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say well maybe my payment is in there
 

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say well maybe my payment is in there
maybe<00:09:43.970><c> it</c><00:09:44.149><c> isn't</c><00:09:44.540><c> in</c><00:09:44.630><c> there</c><00:09:44.810><c> or</c><00:09:45.019><c> maybe</c><00:09:45.290><c> it's</c>

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maybe it isn't in there or maybe it's
 

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maybe it isn't in there or maybe it's
wrong<00:09:45.829><c> and</c><00:09:46.310><c> if</c><00:09:47.029><c> it</c><00:09:47.209><c> isn't</c><00:09:47.630><c> there</c><00:09:47.839><c> and</c><00:09:48.110><c> you</c><00:09:48.230><c> try</c>

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wrong and if it isn't there and you try
 

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wrong and if it isn't there and you try
to<00:09:48.440><c> withdraw</c><00:09:48.860><c> an</c><00:09:48.980><c> old</c><00:09:49.190><c> state</c><00:09:49.519><c> then</c><00:09:49.850><c> you</c><00:09:49.970><c> get</c>

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to withdraw an old state then you get
 

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to withdraw an old state then you get
penalized<00:09:50.300><c> if</c><00:09:50.930><c> you</c><00:09:51.410><c> try</c><00:09:51.620><c> to</c><00:09:51.680><c> withdraw</c><00:09:52.250><c> and</c><00:09:52.610><c> it</c>

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penalized if you try to withdraw and it
 

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penalized if you try to withdraw and it
isn't<00:09:53.089><c> in</c><00:09:53.630><c> there</c><00:09:53.839><c> well</c><00:09:54.140><c> then</c><00:09:54.350><c> that</c><00:09:54.470><c> makes</c><00:09:54.680><c> no</c>

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isn't in there well then that makes no
 

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isn't in there well then that makes no
sense<00:09:54.860><c> that</c><00:09:55.310><c> won't</c><00:09:55.490><c> work</c><00:09:55.720><c> and</c><00:09:56.720><c> if</c><00:09:56.870><c> it's</c>

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sense that won't work and if it's
 

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sense that won't work and if it's
incorrect<00:09:57.380><c> well</c><00:09:57.800><c> you</c><00:09:58.250><c> have</c><00:09:58.399><c> a</c><00:09:58.430><c> big</c><00:09:58.670><c> problem</c>

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incorrect well you have a big problem
 

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incorrect well you have a big problem
right<00:09:59.300><c> and</c><00:09:59.800><c> normally</c><00:10:00.800><c> when</c><00:10:01.279><c> an</c><00:10:01.399><c> incorrect</c>

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right and normally when an incorrect
 

00:10:01.760 --> 00:10:03.699 align:start position:0%
right and normally when an incorrect
state<00:10:01.910><c> is</c><00:10:02.029><c> attested</c><00:10:02.420><c> you</c><00:10:02.540><c> you</c><00:10:02.660><c> just</c><00:10:02.839><c> exit</c><00:10:03.260><c> but</c>

00:10:03.699 --> 00:10:03.709 align:start position:0%
state is attested you you just exit but
 

00:10:03.709 --> 00:10:04.870 align:start position:0%
state is attested you you just exit but
in<00:10:03.829><c> this</c><00:10:03.920><c> case</c><00:10:04.070><c> you</c><00:10:04.250><c> may</c><00:10:04.370><c> not</c><00:10:04.490><c> have</c><00:10:04.610><c> enough</c>

00:10:04.870 --> 00:10:04.880 align:start position:0%
in this case you may not have enough
 

00:10:04.880 --> 00:10:08.230 align:start position:0%
in this case you may not have enough
information<00:10:05.060><c> to</c><00:10:05.480><c> exit</c><00:10:06.220><c> so</c><00:10:07.220><c> that's</c><00:10:07.910><c> that's</c>

00:10:08.230 --> 00:10:08.240 align:start position:0%
information to exit so that's that's
 

00:10:08.240 --> 00:10:09.550 align:start position:0%
information to exit so that's that's
sort<00:10:08.540><c> of</c><00:10:08.600><c> a</c><00:10:08.690><c> problem</c><00:10:08.930><c> that</c><00:10:09.079><c> needs</c><00:10:09.380><c> to</c><00:10:09.470><c> be</c>

00:10:09.550 --> 00:10:09.560 align:start position:0%
sort of a problem that needs to be
 

00:10:09.560 --> 00:10:11.410 align:start position:0%
sort of a problem that needs to be
addressed<00:10:09.860><c> within</c><00:10:10.520><c> the</c><00:10:10.670><c> context</c><00:10:11.180><c> of</c><00:10:11.240><c> data</c>

00:10:11.410 --> 00:10:11.420 align:start position:0%
addressed within the context of data
 

00:10:11.420 --> 00:10:15.100 align:start position:0%
addressed within the context of data
availability<00:10:12.339><c> and</c><00:10:13.480><c> you</c><00:10:14.480><c> know</c><00:10:14.600><c> you</c><00:10:14.660><c> you're</c><00:10:15.020><c> not</c>

00:10:15.100 --> 00:10:15.110 align:start position:0%
availability and you know you you're not
 

00:10:15.110 --> 00:10:19.060 align:start position:0%
availability and you know you you're not
sure<00:10:15.470><c> if</c><00:10:15.740><c> that</c><00:10:16.209><c> that</c><00:10:17.209><c> those</c><00:10:18.050><c> funds</c><00:10:18.320><c> are</c><00:10:18.560><c> even</c>

00:10:19.060 --> 00:10:19.070 align:start position:0%
sure if that that those funds are even
 

00:10:19.070 --> 00:10:21.430 align:start position:0%
sure if that that those funds are even
spent<00:10:19.700><c> even</c><00:10:19.880><c> further</c><00:10:20.209><c> right</c><00:10:20.540><c> someone</c><00:10:20.930><c> maybe</c>

00:10:21.430 --> 00:10:21.440 align:start position:0%
spent even further right someone maybe
 

00:10:21.440 --> 00:10:23.590 align:start position:0%
spent even further right someone maybe
that<00:10:21.740><c> transaction</c><00:10:22.430><c> went</c><00:10:22.610><c> in</c><00:10:22.730><c> to</c><00:10:23.120><c> this</c><00:10:23.240><c> plasma</c>

00:10:23.590 --> 00:10:23.600 align:start position:0%
that transaction went in to this plasma
 

00:10:23.600 --> 00:10:25.420 align:start position:0%
that transaction went in to this plasma
block<00:10:23.810><c> and</c><00:10:24.110><c> maybe</c><00:10:24.410><c> later</c><00:10:24.709><c> it</c><00:10:24.890><c> gets</c><00:10:24.980><c> withheld</c>

00:10:25.420 --> 00:10:25.430 align:start position:0%
block and maybe later it gets withheld
 

00:10:25.430 --> 00:10:27.340 align:start position:0%
block and maybe later it gets withheld
because<00:10:25.820><c> it</c><00:10:26.120><c> gets</c><00:10:26.240><c> spent</c><00:10:26.450><c> a</c><00:10:26.720><c> separate</c>

00:10:27.340 --> 00:10:27.350 align:start position:0%
because it gets spent a separate
 

00:10:27.350 --> 00:10:28.750 align:start position:0%
because it gets spent a separate
transaction<00:10:27.620><c> Spence's</c><00:10:28.220><c> so</c><00:10:28.370><c> that</c><00:10:28.490><c> could</c><00:10:28.610><c> be</c><00:10:28.640><c> a</c>

00:10:28.750 --> 00:10:28.760 align:start position:0%
transaction Spence's so that could be a
 

00:10:28.760 --> 00:10:33.160 align:start position:0%
transaction Spence's so that could be a
big<00:10:28.970><c> problem</c><00:10:29.560><c> and</c><00:10:31.060><c> this</c><00:10:32.060><c> problem</c><00:10:32.360><c> also</c><00:10:32.630><c> exists</c>

00:10:33.160 --> 00:10:33.170 align:start position:0%
big problem and this problem also exists
 

00:10:33.170 --> 00:10:34.990 align:start position:0%
big problem and this problem also exists
when<00:10:33.350><c> you</c><00:10:33.470><c> put</c><00:10:33.680><c> funds</c><00:10:33.890><c> into</c><00:10:34.310><c> a</c><00:10:34.339><c> plasma</c><00:10:34.790><c> block</c>

00:10:34.990 --> 00:10:35.000 align:start position:0%
when you put funds into a plasma block
 

00:10:35.000 --> 00:10:39.670 align:start position:0%
when you put funds into a plasma block
as<00:10:35.180><c> well</c><00:10:36.459><c> so</c><00:10:37.459><c> how</c><00:10:37.579><c> do</c><00:10:37.640><c> you</c><00:10:37.730><c> address</c><00:10:37.880><c> this</c><00:10:38.680><c> you</c>

00:10:39.670 --> 00:10:39.680 align:start position:0%
as well so how do you address this you
 

00:10:39.680 --> 00:10:41.230 align:start position:0%
as well so how do you address this you
address<00:10:39.980><c> this</c><00:10:40.070><c> by</c><00:10:40.220><c> creating</c><00:10:40.579><c> this</c><00:10:40.670><c> two-phase</c>

00:10:41.230 --> 00:10:41.240 align:start position:0%
address this by creating this two-phase
 

00:10:41.240 --> 00:10:43.150 align:start position:0%
address this by creating this two-phase
commit<00:10:41.510><c> process</c><00:10:41.930><c> this</c><00:10:42.350><c> is</c><00:10:42.470><c> a</c><00:10:42.500><c> very</c><00:10:42.589><c> different</c>

00:10:43.150 --> 00:10:43.160 align:start position:0%
commit process this is a very different
 

00:10:43.160 --> 00:10:44.710 align:start position:0%
commit process this is a very different
different<00:10:43.760><c> way</c><00:10:43.850><c> to</c><00:10:43.910><c> do</c><00:10:44.149><c> it</c>

00:10:44.710 --> 00:10:44.720 align:start position:0%
different way to do it
 

00:10:44.720 --> 00:10:46.689 align:start position:0%
different way to do it
this<00:10:45.020><c> is</c><00:10:45.170><c> not</c><00:10:45.350><c> a</c><00:10:45.560><c> hard</c><00:10:45.800><c> necessity</c><00:10:46.339><c> for</c><00:10:46.520><c> a</c><00:10:46.550><c> lot</c>

00:10:46.689 --> 00:10:46.699 align:start position:0%
this is not a hard necessity for a lot
 

00:10:46.699 --> 00:10:48.220 align:start position:0%
this is not a hard necessity for a lot
of<00:10:46.730><c> problems</c><00:10:47.149><c> but</c><00:10:47.660><c> if</c><00:10:47.750><c> you</c><00:10:47.839><c> want</c><00:10:48.050><c> a</c><00:10:48.110><c> hundred</c>

00:10:48.220 --> 00:10:48.230 align:start position:0%
of problems but if you want a hundred
 

00:10:48.230 --> 00:10:49.780 align:start position:0%
of problems but if you want a hundred
percent<00:10:48.470><c> certainty</c><00:10:49.010><c> this</c><00:10:49.250><c> is</c><00:10:49.399><c> sort</c><00:10:49.579><c> of</c><00:10:49.610><c> how</c>

00:10:49.780 --> 00:10:49.790 align:start position:0%
percent certainty this is sort of how
 

00:10:49.790 --> 00:10:52.210 align:start position:0%
percent certainty this is sort of how
you<00:10:49.850><c> would</c><00:10:50.089><c> do</c><00:10:50.329><c> it</c><00:10:50.360><c> in</c><00:10:50.600><c> the</c><00:10:50.870><c> event</c><00:10:51.320><c> of</c><00:10:51.529><c> data</c>

00:10:52.210 --> 00:10:52.220 align:start position:0%
you would do it in the event of data
 

00:10:52.220 --> 00:10:53.889 align:start position:0%
you would do it in the event of data
withholding<00:10:52.730><c> we</c><00:10:52.880><c> don't</c><00:10:53.029><c> have</c><00:10:53.180><c> this</c><00:10:53.360><c> problem</c>

00:10:53.889 --> 00:10:53.899 align:start position:0%
withholding we don't have this problem
 

00:10:53.899 --> 00:10:56.350 align:start position:0%
withholding we don't have this problem
on<00:10:54.079><c> the</c><00:10:54.980><c> etherium</c><00:10:55.490><c> base</c><00:10:55.670><c> chain</c><00:10:55.970><c> right</c><00:10:56.240><c> on</c>

00:10:56.350 --> 00:10:56.360 align:start position:0%
on the etherium base chain right on
 

00:10:56.360 --> 00:10:57.910 align:start position:0%
on the etherium base chain right on
aetherium<00:10:56.690><c> all</c><00:10:56.930><c> you</c><00:10:57.050><c> do</c><00:10:57.140><c> is</c><00:10:57.260><c> use</c><00:10:57.410><c> broadcast</c><00:10:57.649><c> a</c>

00:10:57.910 --> 00:10:57.920 align:start position:0%
aetherium all you do is use broadcast a
 

00:10:57.920 --> 00:11:00.069 align:start position:0%
aetherium all you do is use broadcast a
transaction<00:10:58.279><c> it</c><00:10:58.940><c> gets</c><00:10:59.149><c> confirmed</c><00:10:59.540><c> you're</c>

00:11:00.069 --> 00:11:00.079 align:start position:0%
transaction it gets confirmed you're
 

00:11:00.079 --> 00:11:02.470 align:start position:0%
transaction it gets confirmed you're
done<00:11:00.350><c> the</c><00:11:01.190><c> reason</c><00:11:01.550><c> it's</c><00:11:01.699><c> not</c><00:11:01.760><c> a</c><00:11:01.880><c> problem</c><00:11:02.209><c> in</c>

00:11:02.470 --> 00:11:02.480 align:start position:0%
done the reason it's not a problem in
 

00:11:02.480 --> 00:11:04.300 align:start position:0%
done the reason it's not a problem in
aetherium<00:11:02.810><c> is</c><00:11:03.050><c> because</c><00:11:03.440><c> it</c><00:11:03.529><c> has</c><00:11:03.709><c> presumptions</c>

00:11:04.300 --> 00:11:04.310 align:start position:0%
aetherium is because it has presumptions
 

00:11:04.310 --> 00:11:06.030 align:start position:0%
aetherium is because it has presumptions
of<00:11:04.490><c> everybody</c><00:11:04.910><c> having</c><00:11:05.209><c> the</c><00:11:05.329><c> data</c><00:11:05.510><c> available</c>

00:11:06.030 --> 00:11:06.040 align:start position:0%
of everybody having the data available
 

00:11:06.040 --> 00:11:09.670 align:start position:0%
of everybody having the data available
aetherium<00:11:07.040><c> works</c><00:11:07.339><c> by</c><00:11:07.610><c> I</c><00:11:07.959><c> receive</c><00:11:08.959><c> blocks</c><00:11:09.290><c> I</c>

00:11:09.670 --> 00:11:09.680 align:start position:0%
aetherium works by I receive blocks I
 

00:11:09.680 --> 00:11:11.470 align:start position:0%
aetherium works by I receive blocks I
don't<00:11:10.250><c> trust</c><00:11:10.430><c> anyone</c><00:11:10.820><c> else</c>

00:11:11.470 --> 00:11:11.480 align:start position:0%
don't trust anyone else
 

00:11:11.480 --> 00:11:13.650 align:start position:0%
don't trust anyone else
right<00:11:11.810><c> anyone</c><00:11:12.500><c> else</c><00:11:12.680><c> on</c><00:11:12.800><c> this</c><00:11:12.920><c> network</c><00:11:13.160><c> and</c>

00:11:13.650 --> 00:11:13.660 align:start position:0%
right anyone else on this network and
 

00:11:13.660 --> 00:11:16.300 align:start position:0%
right anyone else on this network and
when<00:11:14.660><c> I</c><00:11:14.690><c> receive</c><00:11:15.139><c> it</c><00:11:15.320><c> I</c><00:11:15.470><c> compute</c><00:11:16.040><c> it</c><00:11:16.130><c> I</c>

00:11:16.300 --> 00:11:16.310 align:start position:0%
when I receive it I compute it I
 

00:11:16.310 --> 00:11:18.730 align:start position:0%
when I receive it I compute it I
validate<00:11:16.699><c> it</c><00:11:17.120><c> and</c><00:11:17.240><c> I</c><00:11:17.810><c> just</c><00:11:18.110><c> make</c><00:11:18.320><c> sure</c><00:11:18.529><c> that</c>

00:11:18.730 --> 00:11:18.740 align:start position:0%
validate it and I just make sure that
 

00:11:18.740 --> 00:11:20.470 align:start position:0%
validate it and I just make sure that
it's<00:11:18.889><c> true</c><00:11:19.160><c> according</c><00:11:19.579><c> to</c><00:11:19.880><c> the</c><00:11:19.970><c> consensus</c>

00:11:20.470 --> 00:11:20.480 align:start position:0%
it's true according to the consensus
 

00:11:20.480 --> 00:11:23.350 align:start position:0%
it's true according to the consensus
rules<00:11:20.720><c> on</c><00:11:20.959><c> my</c><00:11:21.170><c> computer</c><00:11:21.680><c> and</c><00:11:22.579><c> what</c><00:11:22.910><c> happens</c><00:11:23.209><c> is</c>

00:11:23.350 --> 00:11:23.360 align:start position:0%
rules on my computer and what happens is
 

00:11:23.360 --> 00:11:26.680 align:start position:0%
rules on my computer and what happens is
I<00:11:23.600><c> can</c><00:11:24.050><c> process</c><00:11:24.260><c> the</c><00:11:24.769><c> current</c><00:11:25.070><c> state</c><00:11:25.310><c> but</c><00:11:26.029><c> you</c>

00:11:26.680 --> 00:11:26.690 align:start position:0%
I can process the current state but you
 

00:11:26.690 --> 00:11:28.750 align:start position:0%
I can process the current state but you
know<00:11:26.959><c> you</c><00:11:27.050><c> could</c><00:11:27.230><c> also</c><00:11:27.500><c> do</c><00:11:27.800><c> a</c><00:11:27.829><c> full</c><00:11:28.100><c> replay</c><00:11:28.550><c> of</c>

00:11:28.750 --> 00:11:28.760 align:start position:0%
know you could also do a full replay of
 

00:11:28.760 --> 00:11:31.540 align:start position:0%
know you could also do a full replay of
the<00:11:29.720><c> entire</c><00:11:30.019><c> blockchain</c><00:11:30.500><c> history</c><00:11:30.920><c> in</c><00:11:31.370><c> order</c>

00:11:31.540 --> 00:11:31.550 align:start position:0%
the entire blockchain history in order
 

00:11:31.550 --> 00:11:33.519 align:start position:0%
the entire blockchain history in order
to<00:11:31.730><c> have</c><00:11:31.880><c> you</c><00:11:32.089><c> know</c><00:11:32.180><c> 100%</c><00:11:32.720><c> assurance</c><00:11:33.199><c> that's</c>

00:11:33.519 --> 00:11:33.529 align:start position:0%
to have you know 100% assurance that's
 

00:11:33.529 --> 00:11:35.980 align:start position:0%
to have you know 100% assurance that's
not<00:11:33.680><c> necessary</c><00:11:34.279><c> but</c><00:11:34.880><c> it</c><00:11:34.940><c> you're</c><00:11:35.389><c> capable</c><00:11:35.600><c> of</c>

00:11:35.980 --> 00:11:35.990 align:start position:0%
not necessary but it you're capable of
 

00:11:35.990 --> 00:11:37.569 align:start position:0%
not necessary but it you're capable of
doing<00:11:36.170><c> that</c><00:11:36.380><c> because</c><00:11:36.800><c> you</c><00:11:36.949><c> have</c><00:11:37.160><c> the</c><00:11:37.399><c> data</c>

00:11:37.569 --> 00:11:37.579 align:start position:0%
doing that because you have the data
 

00:11:37.579 --> 00:11:40.269 align:start position:0%
doing that because you have the data
available<00:11:37.760><c> in</c><00:11:38.420><c> this</c><00:11:39.019><c> case</c><00:11:39.260><c> when</c><00:11:39.529><c> you</c><00:11:39.560><c> split</c><00:11:40.100><c> up</c>

00:11:40.269 --> 00:11:40.279 align:start position:0%
available in this case when you split up
 

00:11:40.279 --> 00:11:41.800 align:start position:0%
available in this case when you split up
into<00:11:40.519><c> all</c><00:11:40.760><c> these</c><00:11:40.940><c> different</c><00:11:41.240><c> plasma</c><00:11:41.420><c> blocks</c>

00:11:41.800 --> 00:11:41.810 align:start position:0%
into all these different plasma blocks
 

00:11:41.810 --> 00:11:43.240 align:start position:0%
into all these different plasma blocks
that<00:11:41.959><c> are</c><00:11:42.019><c> only</c><00:11:42.230><c> committing</c><00:11:42.740><c> very</c><00:11:42.949><c> small</c>

00:11:43.240 --> 00:11:43.250 align:start position:0%
that are only committing very small
 

00:11:43.250 --> 00:11:45.879 align:start position:0%
that are only committing very small
pieces<00:11:43.459><c> of</c><00:11:43.610><c> data</c><00:11:43.880><c> on</c><00:11:44.060><c> to</c><00:11:44.269><c> the</c><00:11:44.389><c> etherium</c><00:11:44.889><c> main</c>

00:11:45.879 --> 00:11:45.889 align:start position:0%
pieces of data on to the etherium main
 

00:11:45.889 --> 00:11:48.879 align:start position:0%
pieces of data on to the etherium main
chain<00:11:46.300><c> what</c><00:11:47.300><c> happens</c><00:11:47.690><c> is</c><00:11:47.899><c> is</c><00:11:48.019><c> that</c><00:11:48.050><c> in</c><00:11:48.529><c> this</c>

00:11:48.879 --> 00:11:48.889 align:start position:0%
chain what happens is is that in this
 

00:11:48.889 --> 00:11:50.410 align:start position:0%
chain what happens is is that in this
plasma<00:11:49.279><c> block</c><00:11:49.490><c> there</c><00:11:49.639><c> could</c><00:11:49.790><c> be</c><00:11:49.820><c> information</c>

00:11:50.410 --> 00:11:50.420 align:start position:0%
plasma block there could be information
 

00:11:50.420 --> 00:11:53.439 align:start position:0%
plasma block there could be information
you<00:11:50.540><c> don't</c><00:11:50.660><c> know</c><00:11:50.959><c> about</c><00:11:51.260><c> and</c><00:11:51.790><c> this</c><00:11:52.790><c> when</c><00:11:53.360><c> you</c>

00:11:53.439 --> 00:11:53.449 align:start position:0%
you don't know about and this when you
 

00:11:53.449 --> 00:11:54.699 align:start position:0%
you don't know about and this when you
when<00:11:53.720><c> someone's</c><00:11:54.019><c> withholding</c><00:11:54.470><c> you</c><00:11:54.560><c> could</c>

00:11:54.699 --> 00:11:54.709 align:start position:0%
when someone's withholding you could
 

00:11:54.709 --> 00:11:57.490 align:start position:0%
when someone's withholding you could
exit<00:11:55.160><c> but</c><00:11:55.850><c> what</c><00:11:56.180><c> happens</c><00:11:56.600><c> if</c><00:11:56.810><c> you</c><00:11:57.079><c> know</c><00:11:57.199><c> like</c>

00:11:57.490 --> 00:11:57.500 align:start position:0%
exit but what happens if you know like
 

00:11:57.500 --> 00:11:59.379 align:start position:0%
exit but what happens if you know like
you<00:11:57.980><c> don't</c><00:11:58.100><c> have</c><00:11:58.279><c> you</c><00:11:58.670><c> don't</c><00:11:58.699><c> have</c><00:11:58.850><c> all</c><00:11:59.149><c> the</c>

00:11:59.379 --> 00:11:59.389 align:start position:0%
you don't have you don't have all the
 

00:11:59.389 --> 00:12:01.840 align:start position:0%
you don't have you don't have all the
data<00:11:59.570><c> so</c><00:12:00.019><c> in</c><00:12:00.380><c> this</c><00:12:00.680><c> case</c><00:12:00.920><c> what</c><00:12:01.100><c> you</c><00:12:01.190><c> do</c><00:12:01.310><c> is</c><00:12:01.579><c> you</c>

00:12:01.840 --> 00:12:01.850 align:start position:0%
data so in this case what you do is you
 

00:12:01.850 --> 00:12:03.370 align:start position:0%
data so in this case what you do is you
create<00:12:02.209><c> and</c><00:12:02.389><c> broadcast</c><00:12:02.870><c> the</c><00:12:03.050><c> transaction</c>

00:12:03.370 --> 00:12:03.380 align:start position:0%
create and broadcast the transaction
 

00:12:03.380 --> 00:12:06.069 align:start position:0%
create and broadcast the transaction
much<00:12:03.889><c> like</c><00:12:04.100><c> you</c><00:12:04.220><c> do</c><00:12:04.339><c> normally</c><00:12:04.730><c> and</c><00:12:05.630><c> in</c><00:12:05.930><c> this</c>

00:12:06.069 --> 00:12:06.079 align:start position:0%
much like you do normally and in this
 

00:12:06.079 --> 00:12:08.500 align:start position:0%
much like you do normally and in this
case<00:12:06.399><c> the</c><00:12:07.399><c> plasma</c><00:12:07.730><c> block</c><00:12:07.910><c> it's</c><00:12:08.149><c> signed</c><00:12:08.360><c> by</c><00:12:08.480><c> a</c>

00:12:08.500 --> 00:12:08.510 align:start position:0%
case the plasma block it's signed by a
 

00:12:08.510 --> 00:12:10.060 align:start position:0%
case the plasma block it's signed by a
validator<00:12:08.990><c> so</c><00:12:09.170><c> it</c><00:12:09.230><c> gets</c><00:12:09.350><c> included</c><00:12:09.829><c> into</c><00:12:10.040><c> a</c>

00:12:10.060 --> 00:12:10.070 align:start position:0%
validator so it gets included into a
 

00:12:10.070 --> 00:12:12.340 align:start position:0%
validator so it gets included into a
plasma<00:12:10.459><c> block</c><00:12:10.670><c> and</c><00:12:11.000><c> then</c><00:12:11.720><c> step</c><00:12:12.019><c> three</c><00:12:12.290><c> is</c>

00:12:12.340 --> 00:12:12.350 align:start position:0%
plasma block and then step three is
 

00:12:12.350 --> 00:12:13.090 align:start position:0%
plasma block and then step three is
where<00:12:12.529><c> it</c><00:12:12.620><c> gets</c><00:12:12.769><c> weird</c>

00:12:13.090 --> 00:12:13.100 align:start position:0%
where it gets weird
 

00:12:13.100 --> 00:12:16.059 align:start position:0%
where it gets weird
Alice<00:12:13.670><c> commits</c><00:12:14.120><c> that</c><00:12:14.209><c> she</c><00:12:14.600><c> saw</c><00:12:15.069><c> her</c>

00:12:16.059 --> 00:12:16.069 align:start position:0%
Alice commits that she saw her
 

00:12:16.069 --> 00:12:18.340 align:start position:0%
Alice commits that she saw her
transaction<00:12:16.850><c> get</c><00:12:17.420><c> submitted</c><00:12:17.750><c> into</c><00:12:17.959><c> a</c><00:12:18.079><c> block</c>

00:12:18.340 --> 00:12:18.350 align:start position:0%
transaction get submitted into a block
 

00:12:18.350 --> 00:12:20.710 align:start position:0%
transaction get submitted into a block
and<00:12:18.649><c> she</c><00:12:19.040><c> can</c><00:12:19.190><c> give</c><00:12:19.370><c> that</c><00:12:19.519><c> to</c><00:12:19.550><c> Bob</c><00:12:19.850><c> and</c><00:12:20.149><c> or</c><00:12:20.540><c> she</c>

00:12:20.710 --> 00:12:20.720 align:start position:0%
and she can give that to Bob and or she
 

00:12:20.720 --> 00:12:22.269 align:start position:0%
and she can give that to Bob and or she
can<00:12:20.870><c> submit</c><00:12:21.170><c> it</c><00:12:21.230><c> onto</c><00:12:21.529><c> the</c><00:12:21.620><c> plasma</c><00:12:21.949><c> chain</c><00:12:22.160><c> so</c>

00:12:22.269 --> 00:12:22.279 align:start position:0%
can submit it onto the plasma chain so
 

00:12:22.279 --> 00:12:23.889 align:start position:0%
can submit it onto the plasma chain so
that<00:12:22.339><c> there's</c><00:12:22.550><c> like</c><00:12:22.670><c> a</c><00:12:22.699><c> second</c><00:12:23.060><c> record</c><00:12:23.240><c> so</c>

00:12:23.889 --> 00:12:23.899 align:start position:0%
that there's like a second record so
 

00:12:23.899 --> 00:12:25.660 align:start position:0%
that there's like a second record so
it's<00:12:24.019><c> sort</c><00:12:24.199><c> of</c><00:12:24.230><c> like</c><00:12:24.380><c> I</c><00:12:24.560><c> submit</c><00:12:25.040><c> a</c><00:12:25.069><c> transaction</c>

00:12:25.660 --> 00:12:25.670 align:start position:0%
it's sort of like I submit a transaction
 

00:12:25.670 --> 00:12:27.879 align:start position:0%
it's sort of like I submit a transaction
and<00:12:25.819><c> I</c><00:12:26.240><c> submit</c><00:12:26.510><c> another</c><00:12:27.019><c> transaction</c><00:12:27.470><c> saying</c>

00:12:27.879 --> 00:12:27.889 align:start position:0%
and I submit another transaction saying
 

00:12:27.889 --> 00:12:30.430 align:start position:0%
and I submit another transaction saying
I<00:12:27.980><c> saw</c><00:12:28.130><c> the</c><00:12:28.190><c> first</c><00:12:28.490><c> one</c><00:12:28.579><c> and</c><00:12:29.110><c> then</c><00:12:30.110><c> at</c><00:12:30.260><c> that</c>

00:12:30.430 --> 00:12:30.440 align:start position:0%
I saw the first one and then at that
 

00:12:30.440 --> 00:12:32.819 align:start position:0%
I saw the first one and then at that
point<00:12:30.740><c> when</c><00:12:31.250><c> Bob</c><00:12:31.519><c> sees</c><00:12:31.880><c> that</c><00:12:32.120><c> second</c><00:12:32.540><c> step</c>

00:12:32.819 --> 00:12:32.829 align:start position:0%
point when Bob sees that second step
 

00:12:32.829 --> 00:12:35.199 align:start position:0%
point when Bob sees that second step
whether<00:12:33.829><c> it</c><00:12:34.040><c> be</c><00:12:34.130><c> directly</c><00:12:34.550><c> from</c><00:12:34.639><c> Alice</c><00:12:35.000><c> or</c>

00:12:35.199 --> 00:12:35.209 align:start position:0%
whether it be directly from Alice or
 

00:12:35.209 --> 00:12:37.420 align:start position:0%
whether it be directly from Alice or
from<00:12:35.510><c> the</c><00:12:35.630><c> from</c><00:12:36.139><c> the</c><00:12:36.260><c> plasma</c><00:12:36.410><c> chain</c><00:12:36.800><c> Bob</c><00:12:37.190><c> now</c>

00:12:37.420 --> 00:12:37.430 align:start position:0%
from the from the plasma chain Bob now
 

00:12:37.430 --> 00:12:42.309 align:start position:0%
from the from the plasma chain Bob now
has<00:12:37.639><c> assurance</c><00:12:38.060><c> that</c><00:12:38.209><c> the</c><00:12:38.360><c> money</c><00:12:38.510><c> is</c><00:12:38.660><c> his</c><00:12:41.319><c> why</c>

00:12:42.309 --> 00:12:42.319 align:start position:0%
has assurance that the money is his why
 

00:12:42.319 --> 00:12:44.319 align:start position:0%
has assurance that the money is his why
do<00:12:42.380><c> we</c><00:12:42.500><c> do</c><00:12:42.620><c> this</c><00:12:42.800><c> right</c><00:12:43.339><c> Alice</c><00:12:43.970><c> needs</c><00:12:44.149><c> to</c><00:12:44.240><c> be</c>

00:12:44.319 --> 00:12:44.329 align:start position:0%
do we do this right Alice needs to be
 

00:12:44.329 --> 00:12:46.990 align:start position:0%
do we do this right Alice needs to be
sure<00:12:44.600><c> that</c><00:12:45.260><c> the</c><00:12:46.130><c> transaction</c><00:12:46.760><c> has</c><00:12:46.970><c> occurred</c>

00:12:46.990 --> 00:12:47.000 align:start position:0%
sure that the transaction has occurred
 

00:12:47.000 --> 00:12:49.720 align:start position:0%
sure that the transaction has occurred
and<00:12:47.600><c> she's</c><00:12:48.110><c> able</c><00:12:48.290><c> to</c><00:12:48.529><c> reference</c><00:12:48.769><c> it</c><00:12:49.190><c> remember</c>

00:12:49.720 --> 00:12:49.730 align:start position:0%
and she's able to reference it remember
 

00:12:49.730 --> 00:12:52.629 align:start position:0%
and she's able to reference it remember
that<00:12:49.850><c> Merkle</c><00:12:50.240><c> eyes</c><00:12:50.329><c> proof</c><00:12:50.660><c> stuff</c><00:12:51.190><c> so</c><00:12:52.190><c> Alice</c>

00:12:52.629 --> 00:12:52.639 align:start position:0%
that Merkle eyes proof stuff so Alice
 

00:12:52.639 --> 00:12:54.009 align:start position:0%
that Merkle eyes proof stuff so Alice
now<00:12:52.880><c> is</c><00:12:53.060><c> able</c><00:12:53.209><c> to</c><00:12:53.389><c> reference</c><00:12:53.779><c> that</c><00:12:53.870><c> that</c>

00:12:54.009 --> 00:12:54.019 align:start position:0%
now is able to reference that that
 

00:12:54.019 --> 00:12:55.990 align:start position:0%
now is able to reference that that
transaction<00:12:54.529><c> existed</c><00:12:54.949><c> and</c><00:12:55.130><c> now</c><00:12:55.490><c> Alice</c><00:12:55.880><c> is</c>

00:12:55.990 --> 00:12:56.000 align:start position:0%
transaction existed and now Alice is
 

00:12:56.000 --> 00:12:57.759 align:start position:0%
transaction existed and now Alice is
able<00:12:56.240><c> to</c><00:12:56.329><c> be</c><00:12:56.449><c> assured</c><00:12:56.720><c> of</c><00:12:56.899><c> it</c><00:12:57.019><c> and</c><00:12:57.170><c> now</c><00:12:57.529><c> she's</c>

00:12:57.759 --> 00:12:57.769 align:start position:0%
able to be assured of it and now she's
 

00:12:57.769 --> 00:12:59.800 align:start position:0%
able to be assured of it and now she's
willing<00:12:57.980><c> to</c><00:12:58.100><c> prove</c><00:12:58.399><c> to</c><00:12:58.730><c> a</c><00:12:58.760><c> test</c><00:12:59.089><c> that</c><00:12:59.329><c> okay</c>

00:12:59.800 --> 00:12:59.810 align:start position:0%
willing to prove to a test that okay
 

00:12:59.810 --> 00:13:02.769 align:start position:0%
willing to prove to a test that okay
this<00:12:59.959><c> money</c><00:13:00.170><c> is</c><00:13:00.260><c> no</c><00:13:00.350><c> longer</c><00:13:00.560><c> mine</c><00:13:01.240><c> and</c><00:13:02.240><c> this</c><00:13:02.600><c> is</c>

00:13:02.769 --> 00:13:02.779 align:start position:0%
this money is no longer mine and this is
 

00:13:02.779 --> 00:13:04.600 align:start position:0%
this money is no longer mine and this is
sort<00:13:02.959><c> of</c><00:13:02.990><c> the</c><00:13:03.139><c> one</c><00:13:03.470><c> weird</c><00:13:03.800><c> trick</c><00:13:03.889><c> to</c><00:13:04.310><c> make</c><00:13:04.459><c> this</c>

00:13:04.600 --> 00:13:04.610 align:start position:0%
sort of the one weird trick to make this
 

00:13:04.610 --> 00:13:08.199 align:start position:0%
sort of the one weird trick to make this
all<00:13:04.790><c> work</c><00:13:05.319><c> and</c><00:13:06.319><c> as</c><00:13:06.769><c> Bob</c><00:13:07.430><c> you're</c><00:13:07.760><c> only</c><00:13:07.970><c> willing</c>

00:13:08.199 --> 00:13:08.209 align:start position:0%
all work and as Bob you're only willing
 

00:13:08.209 --> 00:13:10.660 align:start position:0%
all work and as Bob you're only willing
to<00:13:08.360><c> accept</c><00:13:08.779><c> the</c><00:13:08.870><c> funds</c><00:13:09.079><c> when</c><00:13:10.069><c> you</c><00:13:10.370><c> receive</c>

00:13:10.660 --> 00:13:10.670 align:start position:0%
to accept the funds when you receive
 

00:13:10.670 --> 00:13:12.400 align:start position:0%
to accept the funds when you receive
that<00:13:10.819><c> second</c><00:13:11.180><c> step</c><00:13:11.360><c> because</c><00:13:11.930><c> at</c><00:13:12.079><c> that</c><00:13:12.170><c> point</c>

00:13:12.400 --> 00:13:12.410 align:start position:0%
that second step because at that point
 

00:13:12.410 --> 00:13:14.170 align:start position:0%
that second step because at that point
alice<00:13:12.800><c> cannot</c><00:13:13.160><c> claim</c><00:13:13.339><c> the</c><00:13:13.519><c> funds</c><00:13:13.730><c> according</c>

00:13:14.170 --> 00:13:14.180 align:start position:0%
alice cannot claim the funds according
 

00:13:14.180 --> 00:13:15.939 align:start position:0%
alice cannot claim the funds according
to<00:13:14.300><c> the</c><00:13:14.389><c> consensus</c><00:13:14.899><c> rules</c><00:13:15.110><c> written</c><00:13:15.319><c> in</c><00:13:15.560><c> you</c>

00:13:15.939 --> 00:13:15.949 align:start position:0%
to the consensus rules written in you
 

00:13:15.949 --> 00:13:17.470 align:start position:0%
to the consensus rules written in you
know<00:13:16.040><c> solidity</c><00:13:16.430><c> or</c><00:13:16.579><c> viper</c><00:13:16.760><c> on</c><00:13:16.970><c> the</c><00:13:17.060><c> base</c><00:13:17.209><c> chain</c>

00:13:17.470 --> 00:13:17.480 align:start position:0%
know solidity or viper on the base chain
 

00:13:17.480 --> 00:13:20.530 align:start position:0%
know solidity or viper on the base chain
on<00:13:17.660><c> a</c><00:13:17.959><c> theorem</c><00:13:18.350><c> basically</c><00:13:18.829><c> it</c><00:13:19.819><c> says</c><00:13:20.060><c> like</c><00:13:20.240><c> okay</c>

00:13:20.530 --> 00:13:20.540 align:start position:0%
on a theorem basically it says like okay
 

00:13:20.540 --> 00:13:22.449 align:start position:0%
on a theorem basically it says like okay
once<00:13:20.810><c> the</c><00:13:21.019><c> second</c><00:13:21.290><c> signature</c><00:13:21.560><c> happens</c><00:13:21.980><c> alice</c>

00:13:22.449 --> 00:13:22.459 align:start position:0%
once the second signature happens alice
 

00:13:22.459 --> 00:13:24.630 align:start position:0%
once the second signature happens alice
no<00:13:22.640><c> longer</c><00:13:22.880><c> has</c><00:13:23.029><c> any</c><00:13:23.060><c> claim</c><00:13:23.420><c> to</c><00:13:23.600><c> the</c><00:13:23.689><c> funds</c>

00:13:24.630 --> 00:13:24.640 align:start position:0%
no longer has any claim to the funds
 

00:13:24.640 --> 00:13:25.680 align:start position:0%
no longer has any claim to the funds
essentially<00:13:25.060><c> we're</c><00:13:25.210><c> dealing</c><00:13:25.420><c> with</c><00:13:25.450><c> three</c>

00:13:25.680 --> 00:13:25.690 align:start position:0%
essentially we're dealing with three
 

00:13:25.690 --> 00:13:27.840 align:start position:0%
essentially we're dealing with three
parties<00:13:26.050><c> here</c><00:13:26.230><c> Alice</c><00:13:26.770><c> Bob</c><00:13:27.250><c> and</c><00:13:27.520><c> the</c><00:13:27.700><c> plasma</c>

00:13:27.840 --> 00:13:27.850 align:start position:0%
parties here Alice Bob and the plasma
 

00:13:27.850 --> 00:13:30.870 align:start position:0%
parties here Alice Bob and the plasma
chain<00:13:28.180><c> itself</c><00:13:28.920><c> so</c><00:13:29.920><c> let's</c><00:13:30.280><c> go</c><00:13:30.430><c> over</c><00:13:30.610><c> these</c><00:13:30.700><c> four</c>

00:13:30.870 --> 00:13:30.880 align:start position:0%
chain itself so let's go over these four
 

00:13:30.880 --> 00:13:33.200 align:start position:0%
chain itself so let's go over these four
steps

00:13:33.200 --> 00:13:33.210 align:start position:0%
 
 

00:13:33.210 --> 00:13:35.940 align:start position:0%
 
there's<00:13:34.210><c> Alice</c><00:13:34.570><c> there's</c><00:13:34.870><c> Bob</c><00:13:35.080><c> this</c><00:13:35.680><c> is</c><00:13:35.830><c> the</c>

00:13:35.940 --> 00:13:35.950 align:start position:0%
there's Alice there's Bob this is the
 

00:13:35.950 --> 00:13:37.920 align:start position:0%
there's Alice there's Bob this is the
chain<00:13:36.160><c> and</c><00:13:37.030><c> that's</c><00:13:37.210><c> sort</c><00:13:37.330><c> of</c><00:13:37.420><c> the</c><00:13:37.480><c> state</c><00:13:37.750><c> so</c>

00:13:37.920 --> 00:13:37.930 align:start position:0%
chain and that's sort of the state so
 

00:13:37.930 --> 00:13:39.000 align:start position:0%
chain and that's sort of the state so
that's<00:13:38.050><c> the</c><00:13:38.260><c> third</c><00:13:38.380><c> thing</c><00:13:38.620><c> I</c><00:13:38.680><c> was</c><00:13:38.800><c> talking</c>

00:13:39.000 --> 00:13:39.010 align:start position:0%
that's the third thing I was talking
 

00:13:39.010 --> 00:13:41.370 align:start position:0%
that's the third thing I was talking
about<00:13:39.070><c> Alice</c><00:13:39.700><c> has</c><00:13:39.850><c> 1/8</c><00:13:40.180><c> the</c><00:13:40.690><c> parent</c><00:13:41.020><c> of</c><00:13:41.110><c> the</c>

00:13:41.370 --> 00:13:41.380 align:start position:0%
about Alice has 1/8 the parent of the
 

00:13:41.380 --> 00:13:43.410 align:start position:0%
about Alice has 1/8 the parent of the
the<00:13:41.740><c> plasma</c><00:13:42.070><c> chain</c><00:13:42.220><c> is</c><00:13:42.340><c> there</c><00:13:42.520><c> and</c><00:13:42.760><c> then</c><00:13:43.150><c> in</c>

00:13:43.410 --> 00:13:43.420 align:start position:0%
the plasma chain is there and then in
 

00:13:43.420 --> 00:13:44.520 align:start position:0%
the plasma chain is there and then in
theory<00:13:43.630><c> I'm</c><00:13:43.810><c> on</c><00:13:43.900><c> the</c><00:13:43.960><c> base</c><00:13:44.110><c> layer</c><00:13:44.320><c> which</c>

00:13:44.520 --> 00:13:44.530 align:start position:0%
theory I'm on the base layer which
 

00:13:44.530 --> 00:13:46.410 align:start position:0%
theory I'm on the base layer which
periodically<00:13:44.950><c> gets</c><00:13:45.340><c> commitments</c><00:13:45.820><c> and</c><00:13:45.970><c> exits</c>

00:13:46.410 --> 00:13:46.420 align:start position:0%
periodically gets commitments and exits
 

00:13:46.420 --> 00:13:50.370 align:start position:0%
periodically gets commitments and exits
and<00:13:46.660><c> deposits</c><00:13:47.820><c> so</c><00:13:48.820><c> Alice</c><00:13:49.270><c> signs</c><00:13:49.450><c> a</c><00:13:49.600><c> payment</c><00:13:49.930><c> so</c>

00:13:50.370 --> 00:13:50.380 align:start position:0%
and deposits so Alice signs a payment so
 

00:13:50.380 --> 00:13:51.780 align:start position:0%
and deposits so Alice signs a payment so
this<00:13:50.560><c> is</c><00:13:50.680><c> like</c><00:13:50.830><c> very</c><00:13:51.100><c> similar</c><00:13:51.520><c> to</c><00:13:51.670><c> how</c>

00:13:51.780 --> 00:13:51.790 align:start position:0%
this is like very similar to how
 

00:13:51.790 --> 00:13:53.130 align:start position:0%
this is like very similar to how
aetherium<00:13:52.210><c> works</c><00:13:52.390><c> you</c><00:13:52.600><c> just</c><00:13:52.630><c> send</c><00:13:52.930><c> a</c><00:13:52.960><c> payment</c>

00:13:53.130 --> 00:13:53.140 align:start position:0%
aetherium works you just send a payment
 

00:13:53.140 --> 00:13:54.900 align:start position:0%
aetherium works you just send a payment
into<00:13:53.530><c> the</c><00:13:53.620><c> plasma</c><00:13:53.920><c> chain</c><00:13:54.100><c> ultimately</c><00:13:54.820><c> a</c>

00:13:54.900 --> 00:13:54.910 align:start position:0%
into the plasma chain ultimately a
 

00:13:54.910 --> 00:13:57.090 align:start position:0%
into the plasma chain ultimately a
plasmid<00:13:55.240><c> chain</c><00:13:55.390><c> creates</c><00:13:55.630><c> a</c><00:13:55.690><c> block</c><00:13:55.930><c> and</c><00:13:56.260><c> then</c>

00:13:57.090 --> 00:13:57.100 align:start position:0%
plasmid chain creates a block and then
 

00:13:57.100 --> 00:13:59.340 align:start position:0%
plasmid chain creates a block and then
it<00:13:57.610><c> sent</c><00:13:58.240><c> it</c><00:13:58.390><c> sends</c><00:13:58.660><c> a</c><00:13:58.690><c> commitment</c><00:13:59.080><c> onto</c>

00:13:59.340 --> 00:13:59.350 align:start position:0%
it sent it sends a commitment onto
 

00:13:59.350 --> 00:14:00.870 align:start position:0%
it sent it sends a commitment onto
etherium<00:13:59.800><c> and</c><00:13:59.920><c> it</c><00:13:59.980><c> says</c><00:14:00.130><c> hey</c><00:14:00.280><c> I</c><00:14:00.460><c> made</c><00:14:00.610><c> a</c><00:14:00.640><c> block</c>

00:14:00.870 --> 00:14:00.880 align:start position:0%
etherium and it says hey I made a block
 

00:14:00.880 --> 00:14:03.450 align:start position:0%
etherium and it says hey I made a block
here's<00:14:01.180><c> a</c><00:14:01.240><c> couple</c><00:14:01.420><c> hundred</c><00:14:01.600><c> bytes</c><00:14:02.280><c> Alice</c><00:14:03.280><c> and</c>

00:14:03.450 --> 00:14:03.460 align:start position:0%
here's a couple hundred bytes Alice and
 

00:14:03.460 --> 00:14:05.040 align:start position:0%
here's a couple hundred bytes Alice and
Bob<00:14:03.550><c> then</c><00:14:03.820><c> get</c><00:14:04.000><c> the</c><00:14:04.120><c> data</c><00:14:04.360><c> of</c><00:14:04.510><c> that</c><00:14:04.570><c> plasma</c>

00:14:05.040 --> 00:14:05.050 align:start position:0%
Bob then get the data of that plasma
 

00:14:05.050 --> 00:14:06.900 align:start position:0%
Bob then get the data of that plasma
block<00:14:05.230><c> and</c><00:14:05.470><c> it</c><00:14:05.560><c> says</c><00:14:05.680><c> like</c><00:14:05.860><c> okay</c><00:14:06.190><c> I</c><00:14:06.370><c> see</c><00:14:06.790><c> this</c>

00:14:06.900 --> 00:14:06.910 align:start position:0%
block and it says like okay I see this
 

00:14:06.910 --> 00:14:08.700 align:start position:0%
block and it says like okay I see this
block<00:14:07.120><c> is</c><00:14:07.270><c> this</c><00:14:07.660><c> legit</c><00:14:08.020><c> okay</c><00:14:08.410><c> there</c><00:14:08.590><c> is</c><00:14:08.680><c> a</c>

00:14:08.700 --> 00:14:08.710 align:start position:0%
block is this legit okay there is a
 

00:14:08.710 --> 00:14:10.530 align:start position:0%
block is this legit okay there is a
payment<00:14:09.070><c> going</c><00:14:09.190><c> on</c><00:14:09.400><c> Alice</c><00:14:09.760><c> and</c><00:14:09.910><c> Bob</c><00:14:10.000><c> both</c><00:14:10.240><c> see</c>

00:14:10.530 --> 00:14:10.540 align:start position:0%
payment going on Alice and Bob both see
 

00:14:10.540 --> 00:14:12.450 align:start position:0%
payment going on Alice and Bob both see
that<00:14:11.020><c> there</c><00:14:11.170><c> has</c><00:14:11.320><c> been</c><00:14:11.350><c> a</c><00:14:11.590><c> payment</c><00:14:11.980><c> from</c><00:14:12.130><c> Alice</c>

00:14:12.450 --> 00:14:12.460 align:start position:0%
that there has been a payment from Alice
 

00:14:12.460 --> 00:14:14.310 align:start position:0%
that there has been a payment from Alice
and<00:14:12.640><c> Bob</c><00:14:12.760><c> Alice</c><00:14:13.120><c> to</c><00:14:13.240><c> Bob</c><00:14:13.270><c> notice</c><00:14:14.080><c> on</c><00:14:14.200><c> the</c><00:14:14.290><c> top</c>

00:14:14.310 --> 00:14:14.320 align:start position:0%
and Bob Alice to Bob notice on the top
 

00:14:14.320 --> 00:14:16.740 align:start position:0%
and Bob Alice to Bob notice on the top
right<00:14:14.500><c> it</c><00:14:14.860><c> shows</c><00:14:15.100><c> Alice</c><00:14:15.520><c> or</c><00:14:15.700><c> Bob</c><00:14:15.760><c> because</c>

00:14:16.740 --> 00:14:16.750 align:start position:0%
right it shows Alice or Bob because
 

00:14:16.750 --> 00:14:18.390 align:start position:0%
right it shows Alice or Bob because
either<00:14:16.930><c> Alice</c><00:14:17.320><c> or</c><00:14:17.500><c> Bob</c><00:14:17.530><c> can</c><00:14:17.950><c> claim</c><00:14:18.190><c> this</c>

00:14:18.390 --> 00:14:18.400 align:start position:0%
either Alice or Bob can claim this
 

00:14:18.400 --> 00:14:22.560 align:start position:0%
either Alice or Bob can claim this
according<00:14:19.120><c> to</c><00:14:19.270><c> the</c><00:14:19.390><c> Shane</c><00:14:19.630><c> itself</c><00:14:20.670><c> step</c><00:14:21.670><c> 3</c>

00:14:22.560 --> 00:14:22.570 align:start position:0%
according to the Shane itself step 3
 

00:14:22.570 --> 00:14:24.300 align:start position:0%
according to the Shane itself step 3
this<00:14:22.810><c> gets</c><00:14:22.990><c> a</c><00:14:23.080><c> little</c><00:14:23.230><c> bit</c><00:14:23.380><c> tricky</c><00:14:23.800><c> but</c><00:14:24.010><c> you</c>

00:14:24.300 --> 00:14:24.310 align:start position:0%
this gets a little bit tricky but you
 

00:14:24.310 --> 00:14:26.510 align:start position:0%
this gets a little bit tricky but you
know<00:14:24.430><c> it'll</c><00:14:24.640><c> it'll</c><00:14:24.940><c> it'll</c><00:14:25.270><c> it'll</c><00:14:25.660><c> make</c><00:14:25.840><c> sense</c>

00:14:26.510 --> 00:14:26.520 align:start position:0%
know it'll it'll it'll it'll make sense
 

00:14:26.520 --> 00:14:31.830 align:start position:0%
know it'll it'll it'll it'll make sense
so<00:14:27.520><c> Alice</c><00:14:28.090><c> then</c><00:14:28.710><c> submits</c><00:14:29.710><c> a</c><00:14:30.030><c> commitment</c><00:14:31.030><c> sign</c>

00:14:31.830 --> 00:14:31.840 align:start position:0%
so Alice then submits a commitment sign
 

00:14:31.840 --> 00:14:35.550 align:start position:0%
so Alice then submits a commitment sign
by<00:14:32.380><c> herself</c><00:14:32.890><c> that</c><00:14:33.580><c> she</c><00:14:34.000><c> has</c><00:14:34.210><c> seen</c><00:14:34.630><c> that</c>

00:14:35.550 --> 00:14:35.560 align:start position:0%
by herself that she has seen that
 

00:14:35.560 --> 00:14:38.070 align:start position:0%
by herself that she has seen that
previous<00:14:35.980><c> transaction</c><00:14:36.700><c> and</c><00:14:37.080><c> essentially</c>

00:14:38.070 --> 00:14:38.080 align:start position:0%
previous transaction and essentially
 

00:14:38.080 --> 00:14:40.140 align:start position:0%
previous transaction and essentially
she's<00:14:38.260><c> able</c><00:14:38.440><c> to</c><00:14:38.620><c> prove</c><00:14:39.190><c> it</c><00:14:39.370><c> because</c><00:14:39.790><c> she's</c>

00:14:40.140 --> 00:14:40.150 align:start position:0%
she's able to prove it because she's
 

00:14:40.150 --> 00:14:42.150 align:start position:0%
she's able to prove it because she's
sort<00:14:40.360><c> of</c><00:14:40.390><c> like</c><00:14:40.450><c> can</c><00:14:41.140><c> see</c><00:14:41.380><c> the</c><00:14:41.560><c> data</c><00:14:41.740><c> there</c><00:14:41.980><c> and</c>

00:14:42.150 --> 00:14:42.160 align:start position:0%
sort of like can see the data there and
 

00:14:42.160 --> 00:14:43.860 align:start position:0%
sort of like can see the data there and
sees<00:14:42.340><c> the</c><00:14:42.520><c> Merkle</c><00:14:42.790><c> eyes</c><00:14:42.910><c> commitments</c><00:14:43.420><c> so</c>

00:14:43.860 --> 00:14:43.870 align:start position:0%
sees the Merkle eyes commitments so
 

00:14:43.870 --> 00:14:45.750 align:start position:0%
sees the Merkle eyes commitments so
she's<00:14:44.050><c> like</c><00:14:44.230><c> okay</c><00:14:44.620><c> cool</c><00:14:44.860><c> this</c><00:14:45.310><c> money's</c><00:14:45.610><c> no</c>

00:14:45.750 --> 00:14:45.760 align:start position:0%
she's like okay cool this money's no
 

00:14:45.760 --> 00:14:47.760 align:start position:0%
she's like okay cool this money's no
longer<00:14:46.030><c> mine</c><00:14:46.240><c> she</c><00:14:46.780><c> passes</c><00:14:47.230><c> it</c><00:14:47.290><c> off</c><00:14:47.380><c> into</c><00:14:47.680><c> the</c>

00:14:47.760 --> 00:14:47.770 align:start position:0%
longer mine she passes it off into the
 

00:14:47.770 --> 00:14:50.340 align:start position:0%
longer mine she passes it off into the
plasma<00:14:48.100><c> chain</c><00:14:48.310><c> and</c><00:14:48.520><c> Bob</c><00:14:49.060><c> and</c><00:14:49.300><c> now</c><00:14:49.810><c> from</c><00:14:50.200><c> her</c>

00:14:50.340 --> 00:14:50.350 align:start position:0%
plasma chain and Bob and now from her
 

00:14:50.350 --> 00:14:51.780 align:start position:0%
plasma chain and Bob and now from her
perspective<00:14:50.620><c> it's</c><00:14:51.010><c> not</c><00:14:51.160><c> her</c><00:14:51.310><c> money</c><00:14:51.460><c> anymore</c>

00:14:51.780 --> 00:14:51.790 align:start position:0%
perspective it's not her money anymore
 

00:14:51.790 --> 00:14:54.120 align:start position:0%
perspective it's not her money anymore
if<00:14:52.150><c> she</c><00:14:52.540><c> tries</c><00:14:52.750><c> to</c><00:14:52.870><c> claim</c><00:14:53.080><c> it</c><00:14:53.290><c> bad</c><00:14:53.770><c> news</c><00:14:53.920><c> for</c>

00:14:54.120 --> 00:14:54.130 align:start position:0%
if she tries to claim it bad news for
 

00:14:54.130 --> 00:14:55.830 align:start position:0%
if she tries to claim it bad news for
her<00:14:54.280><c> because</c><00:14:54.640><c> she's</c><00:14:54.910><c> not</c><00:14:54.940><c> able</c><00:14:55.210><c> to</c><00:14:55.300><c> do</c><00:14:55.510><c> that</c><00:14:55.660><c> or</c>

00:14:55.830 --> 00:14:55.840 align:start position:0%
her because she's not able to do that or
 

00:14:55.840 --> 00:14:58.440 align:start position:0%
her because she's not able to do that or
gets<00:14:56.020><c> penalized</c><00:14:56.230><c> for</c><00:14:57.190><c> Bob</c><00:14:57.340><c> it's</c><00:14:57.940><c> sort</c><00:14:58.180><c> of</c><00:14:58.240><c> like</c>

00:14:58.440 --> 00:14:58.450 align:start position:0%
gets penalized for Bob it's sort of like
 

00:14:58.450 --> 00:15:01.830 align:start position:0%
gets penalized for Bob it's sort of like
well<00:14:58.660><c> okay</c><00:14:59.190><c> if</c><00:15:00.190><c> he</c><00:15:00.850><c> hasn't</c><00:15:01.210><c> received</c><00:15:01.450><c> it</c><00:15:01.660><c> yet</c>

00:15:01.830 --> 00:15:01.840 align:start position:0%
well okay if he hasn't received it yet
 

00:15:01.840 --> 00:15:04.230 align:start position:0%
well okay if he hasn't received it yet
oh<00:15:02.050><c> there's</c><00:15:02.890><c> a</c><00:15:02.980><c> slide</c><00:15:03.550><c> skipped</c><00:15:03.880><c> oh</c><00:15:04.060><c> well</c>

00:15:04.230 --> 00:15:04.240 align:start position:0%
oh there's a slide skipped oh well
 

00:15:04.240 --> 00:15:08.310 align:start position:0%
oh there's a slide skipped oh well
anyway<00:15:04.480><c> so</c><00:15:05.260><c> for</c><00:15:06.160><c> Bob</c><00:15:06.450><c> he</c><00:15:07.450><c> let's</c><00:15:08.050><c> say</c><00:15:08.170><c> Bob</c>

00:15:08.310 --> 00:15:08.320 align:start position:0%
anyway so for Bob he let's say Bob
 

00:15:08.320 --> 00:15:11.120 align:start position:0%
anyway so for Bob he let's say Bob
hasn't<00:15:08.590><c> seen</c><00:15:08.920><c> it</c><00:15:09.040><c> yet</c><00:15:09.190><c> but</c><00:15:09.340><c> should</c><00:15:09.610><c> be</c><00:15:09.700><c> a</c><00:15:09.730><c> -</c>

00:15:11.120 --> 00:15:11.130 align:start position:0%
hasn't seen it yet but should be a -
 

00:15:11.130 --> 00:15:16.200 align:start position:0%
hasn't seen it yet but should be a -
then<00:15:12.390><c> then</c><00:15:13.390><c> Bob</c><00:15:13.750><c> doesn't</c><00:15:14.440><c> yet</c><00:15:14.620><c> know</c><00:15:15.210><c> whether</c>

00:15:16.200 --> 00:15:16.210 align:start position:0%
then then Bob doesn't yet know whether
 

00:15:16.210 --> 00:15:20.010 align:start position:0%
then then Bob doesn't yet know whether
it's<00:15:17.040><c> Alice's</c><00:15:18.040><c> or</c><00:15:18.370><c> Bob's</c><00:15:18.900><c> from</c><00:15:19.900><c> his</c>

00:15:20.010 --> 00:15:20.020 align:start position:0%
it's Alice's or Bob's from his
 

00:15:20.020 --> 00:15:21.930 align:start position:0%
it's Alice's or Bob's from his
perspective<00:15:20.260><c> it</c><00:15:20.590><c> should</c><00:15:20.770><c> be</c><00:15:20.890><c> Alice's</c><00:15:21.310><c> and</c><00:15:21.490><c> for</c>

00:15:21.930 --> 00:15:21.940 align:start position:0%
perspective it should be Alice's and for
 

00:15:21.940 --> 00:15:23.520 align:start position:0%
perspective it should be Alice's and for
the<00:15:22.000><c> chain</c><00:15:22.240><c> it</c><00:15:22.420><c> sees</c><00:15:22.600><c> it</c><00:15:22.750><c> as</c><00:15:22.870><c> Bob's</c><00:15:23.080><c> because</c>

00:15:23.520 --> 00:15:23.530 align:start position:0%
the chain it sees it as Bob's because
 

00:15:23.530 --> 00:15:24.870 align:start position:0%
the chain it sees it as Bob's because
you<00:15:23.680><c> know</c><00:15:23.770><c> it</c><00:15:23.890><c> received</c><00:15:24.190><c> that</c><00:15:24.370><c> transactions</c>

00:15:24.870 --> 00:15:24.880 align:start position:0%
you know it received that transactions
 

00:15:24.880 --> 00:15:28.080 align:start position:0%
you know it received that transactions
and<00:15:25.060><c> confirmed</c><00:15:26.040><c> in</c><00:15:27.040><c> this</c><00:15:27.340><c> case</c><00:15:27.610><c> now</c><00:15:27.820><c> that</c>

00:15:28.080 --> 00:15:28.090 align:start position:0%
and confirmed in this case now that
 

00:15:28.090 --> 00:15:30.600 align:start position:0%
and confirmed in this case now that
should<00:15:28.270><c> be</c><00:15:28.330><c> a</c><00:15:28.360><c> -</c><00:15:28.570><c> line</c><00:15:28.810><c> -</c><00:15:28.960><c> Bob</c><00:15:29.110><c> did</c><00:15:29.860><c> not</c><00:15:30.010><c> -</c><00:15:30.160><c> saw</c>

00:15:30.600 --> 00:15:30.610 align:start position:0%
should be a - line - Bob did not - saw
 

00:15:30.610 --> 00:15:32.190 align:start position:0%
should be a - line - Bob did not - saw
the<00:15:30.670><c> line</c><00:15:30.910><c> -</c><00:15:31.030><c> Bob</c><00:15:31.180><c> so</c><00:15:31.480><c> we're</c><00:15:31.630><c> correct</c><00:15:31.870><c> here</c><00:15:32.050><c> now</c>

00:15:32.190 --> 00:15:32.200 align:start position:0%
the line - Bob so we're correct here now
 

00:15:32.200 --> 00:15:35.460 align:start position:0%
the line - Bob so we're correct here now
Bob<00:15:33.040><c> now</c><00:15:33.340><c> sees</c><00:15:33.730><c> the</c><00:15:33.760><c> funds</c><00:15:34.120><c> as</c><00:15:34.300><c> his</c><00:15:34.480><c> because</c><00:15:35.200><c> he</c>

00:15:35.460 --> 00:15:35.470 align:start position:0%
Bob now sees the funds as his because he
 

00:15:35.470 --> 00:15:37.950 align:start position:0%
Bob now sees the funds as his because he
has<00:15:35.740><c> that</c><00:15:36.370><c> commitment</c><00:15:36.940><c> and</c><00:15:37.060><c> the</c><00:15:37.570><c> original</c>

00:15:37.950 --> 00:15:37.960 align:start position:0%
has that commitment and the original
 

00:15:37.960 --> 00:15:38.610 align:start position:0%
has that commitment and the original
transaction

00:15:38.610 --> 00:15:38.620 align:start position:0%
transaction
 

00:15:38.620 --> 00:15:40.770 align:start position:0%
transaction
so<00:15:39.100><c> Alice</c><00:15:39.430><c> now</c><00:15:39.640><c> has</c><00:15:39.850><c> no</c><00:15:40.030><c> claim</c><00:15:40.300><c> and</c><00:15:40.570><c> in</c><00:15:40.690><c> the</c>

00:15:40.770 --> 00:15:40.780 align:start position:0%
so Alice now has no claim and in the
 

00:15:40.780 --> 00:15:44.280 align:start position:0%
so Alice now has no claim and in the
top-ranked<00:15:41.230><c> you</c><00:15:41.290><c> now</c><00:15:41.440><c> see</c><00:15:41.650><c> Bob</c><00:15:41.920><c> as</c><00:15:42.190><c> the</c><00:15:42.310><c> 1/8</c><00:15:43.290><c> so</c>

00:15:44.280 --> 00:15:44.290 align:start position:0%
top-ranked you now see Bob as the 1/8 so
 

00:15:44.290 --> 00:15:45.540 align:start position:0%
top-ranked you now see Bob as the 1/8 so
creating<00:15:44.830><c> this</c><00:15:44.920><c> two-phase</c><00:15:45.340><c> construction</c>

00:15:45.540 --> 00:15:45.550 align:start position:0%
creating this two-phase construction
 

00:15:45.550 --> 00:15:48.810 align:start position:0%
creating this two-phase construction
allows<00:15:46.300><c> Bob</c><00:15:46.540><c> to</c><00:15:47.080><c> know</c><00:15:47.380><c> that</c><00:15:47.950><c> Alice</c><00:15:48.280><c> no</c><00:15:48.550><c> longer</c>

00:15:48.810 --> 00:15:48.820 align:start position:0%
allows Bob to know that Alice no longer
 

00:15:48.820 --> 00:15:50.700 align:start position:0%
allows Bob to know that Alice no longer
has<00:15:48.970><c> any</c><00:15:49.120><c> claimed</c><00:15:49.420><c> the</c><00:15:49.540><c> funds</c><00:15:49.780><c> and</c><00:15:50.050><c> Alice</c><00:15:50.560><c> has</c>

00:15:50.700 --> 00:15:50.710 align:start position:0%
has any claimed the funds and Alice has
 

00:15:50.710 --> 00:15:55.500 align:start position:0%
has any claimed the funds and Alice has
assurance<00:15:51.160><c> that</c><00:15:51.730><c> she</c><00:15:52.000><c> does</c><00:15:52.930><c> not</c><00:15:53.640><c> she</c><00:15:54.640><c> will</c>

00:15:55.500 --> 00:15:55.510 align:start position:0%
assurance that she does not she will
 

00:15:55.510 --> 00:15:58.590 align:start position:0%
assurance that she does not she will
have<00:15:55.750><c> the</c><00:15:56.100><c> half</c><00:15:57.100><c> the</c><00:15:57.220><c> funds</c><00:15:57.430><c> available</c><00:15:57.940><c> if</c><00:15:58.120><c> the</c>

00:15:58.590 --> 00:15:58.600 align:start position:0%
have the half the funds available if the
 

00:15:58.600 --> 00:16:01.190 align:start position:0%
have the half the funds available if the
block<00:15:58.780><c> is</c><00:15:58.810><c> withheld</c><00:15:59.260><c> at</c><00:15:59.440><c> any</c><00:15:59.680><c> point</c><00:16:00.010><c> in</c><00:16:00.160><c> time</c>

00:16:01.190 --> 00:16:01.200 align:start position:0%
block is withheld at any point in time
 

00:16:01.200 --> 00:16:04.140 align:start position:0%
block is withheld at any point in time
so<00:16:02.200><c> as</c><00:16:02.470><c> an</c><00:16:02.710><c> example</c><00:16:02.800><c> let's</c><00:16:03.520><c> say</c><00:16:03.640><c> Alice</c><00:16:03.940><c> tries</c>

00:16:04.140 --> 00:16:04.150 align:start position:0%
so as an example let's say Alice tries
 

00:16:04.150 --> 00:16:06.270 align:start position:0%
so as an example let's say Alice tries
to<00:16:04.270><c> maliciously</c><00:16:04.810><c> withdraw</c><00:16:05.260><c> the</c><00:16:05.320><c> funds</c><00:16:05.620><c> if</c>

00:16:06.270 --> 00:16:06.280 align:start position:0%
to maliciously withdraw the funds if
 

00:16:06.280 --> 00:16:08.550 align:start position:0%
to maliciously withdraw the funds if
Alice<00:16:06.730><c> tries</c><00:16:06.940><c> to</c><00:16:07.090><c> withdraw</c><00:16:07.420><c> the</c><00:16:07.480><c> funds</c><00:16:07.870><c> during</c>

00:16:08.550 --> 00:16:08.560 align:start position:0%
Alice tries to withdraw the funds during
 

00:16:08.560 --> 00:16:12.210 align:start position:0%
Alice tries to withdraw the funds during
step<00:16:08.920><c> three</c><00:16:09.310><c> what</c><00:16:10.120><c> happens</c><00:16:10.510><c> is</c><00:16:10.690><c> that</c><00:16:10.890><c> the</c><00:16:11.890><c> when</c>

00:16:12.210 --> 00:16:12.220 align:start position:0%
step three what happens is that the when
 

00:16:12.220 --> 00:16:15.480 align:start position:0%
step three what happens is that the when
it's<00:16:12.370><c> not</c><00:16:12.550><c> fully</c><00:16:12.880><c> committed</c><00:16:13.330><c> to</c><00:16:13.420><c> Bob</c><00:16:13.630><c> yet</c><00:16:14.490><c> she</c>

00:16:15.480 --> 00:16:15.490 align:start position:0%
it's not fully committed to Bob yet she
 

00:16:15.490 --> 00:16:17.400 align:start position:0%
it's not fully committed to Bob yet she
submits<00:16:15.880><c> a</c><00:16:15.970><c> transaction</c><00:16:16.540><c> on</c><00:16:16.660><c> to</c><00:16:16.810><c> the</c><00:16:16.960><c> etherium</c>

00:16:17.400 --> 00:16:17.410 align:start position:0%
submits a transaction on to the etherium
 

00:16:17.410 --> 00:16:19.710 align:start position:0%
submits a transaction on to the etherium
main<00:16:17.590><c> chain</c><00:16:17.860><c> the</c><00:16:18.220><c> etherium</c><00:16:18.610><c> root</c><00:16:18.760><c> chain</c><00:16:19.000><c> I</c><00:16:19.240><c> you</c>

00:16:19.710 --> 00:16:19.720 align:start position:0%
main chain the etherium root chain I you
 

00:16:19.720 --> 00:16:20.910 align:start position:0%
main chain the etherium root chain I you
know<00:16:19.810><c> basically</c><00:16:20.140><c> what</c><00:16:20.290><c> we</c><00:16:20.410><c> call</c><00:16:20.560><c> a</c><00:16:20.590><c> theorem</c>

00:16:20.910 --> 00:16:20.920 align:start position:0%
know basically what we call a theorem
 

00:16:20.920 --> 00:16:24.660 align:start position:0%
know basically what we call a theorem
today<00:16:21.250><c> and</c><00:16:23.010><c> let's</c><00:16:24.010><c> say</c><00:16:24.130><c> the</c><00:16:24.250><c> holding</c><00:16:24.550><c> period</c>

00:16:24.660 --> 00:16:24.670 align:start position:0%
today and let's say the holding period
 

00:16:24.670 --> 00:16:26.490 align:start position:0%
today and let's say the holding period
is<00:16:24.880><c> 14</c><00:16:25.090><c> days</c><00:16:25.420><c> before</c><00:16:25.930><c> she</c><00:16:26.080><c> could</c><00:16:26.200><c> correctly</c>

00:16:26.490 --> 00:16:26.500 align:start position:0%
is 14 days before she could correctly
 

00:16:26.500 --> 00:16:27.990 align:start position:0%
is 14 days before she could correctly
withdrawn<00:16:26.950><c> she</c><00:16:26.980><c> has</c><00:16:27.310><c> to</c><00:16:27.460><c> put</c><00:16:27.610><c> up</c><00:16:27.700><c> a</c><00:16:27.790><c> bond</c>

00:16:27.990 --> 00:16:28.000 align:start position:0%
withdrawn she has to put up a bond
 

00:16:28.000 --> 00:16:30.690 align:start position:0%
withdrawn she has to put up a bond
assume<00:16:28.840><c> that</c><00:16:29.050><c> Bob</c><00:16:29.290><c> believes</c><00:16:30.220><c> that</c><00:16:30.370><c> the</c><00:16:30.490><c> money</c>

00:16:30.690 --> 00:16:30.700 align:start position:0%
assume that Bob believes that the money
 

00:16:30.700 --> 00:16:33.870 align:start position:0%
assume that Bob believes that the money
is<00:16:30.850><c> his</c><00:16:31.350><c> because</c><00:16:32.350><c> he</c><00:16:32.530><c> has</c><00:16:32.800><c> the</c><00:16:33.250><c> information</c>

00:16:33.870 --> 00:16:33.880 align:start position:0%
is his because he has the information
 

00:16:33.880 --> 00:16:35.760 align:start position:0%
is his because he has the information
available<00:16:34.000><c> to</c><00:16:34.810><c> prove</c><00:16:35.050><c> that</c><00:16:35.260><c> Alice</c><00:16:35.530><c> has</c>

00:16:35.760 --> 00:16:35.770 align:start position:0%
available to prove that Alice has
 

00:16:35.770 --> 00:16:37.500 align:start position:0%
available to prove that Alice has
committed<00:16:36.310><c> to</c><00:16:36.430><c> the</c><00:16:36.550><c> fact</c><00:16:36.760><c> that</c><00:16:36.850><c> she</c><00:16:37.090><c> saw</c><00:16:37.330><c> her</c>

00:16:37.500 --> 00:16:37.510 align:start position:0%
committed to the fact that she saw her
 

00:16:37.510 --> 00:16:40.800 align:start position:0%
committed to the fact that she saw her
original<00:16:37.870><c> transaction</c><00:16:39.090><c> then</c><00:16:40.090><c> what</c><00:16:40.270><c> Bob</c><00:16:40.510><c> can</c>

00:16:40.800 --> 00:16:40.810 align:start position:0%
original transaction then what Bob can
 

00:16:40.810 --> 00:16:42.930 align:start position:0%
original transaction then what Bob can
do<00:16:41.020><c> is</c><00:16:41.260><c> take</c><00:16:41.620><c> that</c><00:16:41.680><c> proof</c><00:16:42.160><c> that</c><00:16:42.340><c> says</c><00:16:42.550><c> Alice</c>

00:16:42.930 --> 00:16:42.940 align:start position:0%
do is take that proof that says Alice
 

00:16:42.940 --> 00:16:44.280 align:start position:0%
do is take that proof that says Alice
says<00:16:43.090><c> hey</c><00:16:43.390><c> I</c><00:16:43.420><c> saw</c><00:16:43.750><c> this</c><00:16:43.930><c> transmitted</c>

00:16:44.280 --> 00:16:44.290 align:start position:0%
says hey I saw this transmitted
 

00:16:44.290 --> 00:16:46.260 align:start position:0%
says hey I saw this transmitted
transaction<00:16:44.950><c> hit</c><00:16:45.070><c> the</c><00:16:45.160><c> block</c><00:16:45.310><c> here's</c><00:16:45.970><c> a</c><00:16:46.030><c> proof</c>

00:16:46.260 --> 00:16:46.270 align:start position:0%
transaction hit the block here's a proof
 

00:16:46.270 --> 00:16:47.790 align:start position:0%
transaction hit the block here's a proof
that<00:16:46.330><c> this</c><00:16:46.570><c> transaction</c><00:16:46.930><c> hit</c><00:16:47.230><c> the</c><00:16:47.320><c> block</c><00:16:47.530><c> and</c>

00:16:47.790 --> 00:16:47.800 align:start position:0%
that this transaction hit the block and
 

00:16:47.800 --> 00:16:50.310 align:start position:0%
that this transaction hit the block and
here's<00:16:48.130><c> a</c><00:16:48.190><c> commitment</c><00:16:48.760><c> that</c><00:16:49.480><c> I</c><00:16:49.840><c> have</c>

00:16:50.310 --> 00:16:50.320 align:start position:0%
here's a commitment that I have
 

00:16:50.320 --> 00:16:51.750 align:start position:0%
here's a commitment that I have
submitted<00:16:50.590><c> this</c><00:16:50.860><c> transaction</c><00:16:51.130><c> Bob</c><00:16:51.550><c> should</c>

00:16:51.750 --> 00:16:51.760 align:start position:0%
submitted this transaction Bob should
 

00:16:51.760 --> 00:16:53.700 align:start position:0%
submitted this transaction Bob should
say<00:16:51.910><c> okay</c><00:16:52.060><c> that's</c><00:16:52.270><c> money</c><00:16:52.570><c> is</c><00:16:52.720><c> mine</c><00:16:52.930><c> now</c><00:16:53.140><c> but</c><00:16:53.620><c> if</c>

00:16:53.700 --> 00:16:53.710 align:start position:0%
say okay that's money is mine now but if
 

00:16:53.710 --> 00:16:56.040 align:start position:0%
say okay that's money is mine now but if
Alice<00:16:53.950><c> tries</c><00:16:54.160><c> to</c><00:16:54.280><c> take</c><00:16:54.430><c> that</c><00:16:54.580><c> money</c><00:16:54.790><c> Bob</c><00:16:55.750><c> can't</c>

00:16:56.040 --> 00:16:56.050 align:start position:0%
Alice tries to take that money Bob can't
 

00:16:56.050 --> 00:16:57.570 align:start position:0%
Alice tries to take that money Bob can't
submit<00:16:56.320><c> to</c><00:16:56.470><c> a</c><00:16:56.500><c> theorem</c><00:16:56.800><c> that</c><00:16:56.920><c> says</c><00:16:56.980><c> okay</c><00:16:57.430><c> I'll</c>

00:16:57.570 --> 00:16:57.580 align:start position:0%
submit to a theorem that says okay I'll
 

00:16:57.580 --> 00:16:59.370 align:start position:0%
submit to a theorem that says okay I'll
just<00:16:57.730><c> try</c><00:16:57.850><c> to</c><00:16:57.970><c> submit</c><00:16:58.270><c> this</c><00:16:58.510><c> Bob</c><00:16:58.780><c> sees</c><00:16:59.110><c> it</c><00:16:59.290><c> on</c>

00:16:59.370 --> 00:16:59.380 align:start position:0%
just try to submit this Bob sees it on
 

00:16:59.380 --> 00:17:01.680 align:start position:0%
just try to submit this Bob sees it on
the<00:16:59.470><c> blockchain</c><00:16:59.770><c> and</c><00:17:00.160><c> he</c><00:17:00.700><c> says</c><00:17:00.880><c> okay</c><00:17:01.120><c> Alice</c><00:17:01.480><c> I</c>

00:17:01.680 --> 00:17:01.690 align:start position:0%
the blockchain and he says okay Alice I
 

00:17:01.690 --> 00:17:03.630 align:start position:0%
the blockchain and he says okay Alice I
was<00:17:02.140><c> screwed</c><00:17:02.530><c> up</c><00:17:02.710><c> or</c><00:17:02.950><c> is</c><00:17:03.070><c> trying</c><00:17:03.190><c> to</c><00:17:03.340><c> take</c><00:17:03.460><c> my</c>

00:17:03.630 --> 00:17:03.640 align:start position:0%
was screwed up or is trying to take my
 

00:17:03.640 --> 00:17:06.360 align:start position:0%
was screwed up or is trying to take my
money<00:17:03.820><c> here's</c><00:17:04.510><c> a</c><00:17:04.570><c> proof</c><00:17:04.920><c> because</c><00:17:05.920><c> Alice</c><00:17:06.160><c> gave</c>

00:17:06.360 --> 00:17:06.370 align:start position:0%
money here's a proof because Alice gave
 

00:17:06.370 --> 00:17:08.040 align:start position:0%
money here's a proof because Alice gave
it<00:17:06.490><c> to</c><00:17:06.580><c> me</c><00:17:06.700><c> and</c><00:17:06.880><c> I</c><00:17:07.000><c> saw</c><00:17:07.180><c> her</c><00:17:07.240><c> on</c><00:17:07.420><c> the</c><00:17:07.510><c> chain</c><00:17:07.750><c> and</c>

00:17:08.040 --> 00:17:08.050 align:start position:0%
it to me and I saw her on the chain and
 

00:17:08.050 --> 00:17:09.870 align:start position:0%
it to me and I saw her on the chain and
now<00:17:08.709><c> what</c><00:17:08.890><c> happens</c><00:17:09.190><c> this</c><00:17:09.310><c> Bob</c><00:17:09.490><c> is</c><00:17:09.640><c> even</c>

00:17:09.870 --> 00:17:09.880 align:start position:0%
now what happens this Bob is even
 

00:17:09.880 --> 00:17:11.280 align:start position:0%
now what happens this Bob is even
happier<00:17:10.180><c> because</c><00:17:10.240><c> she</c><00:17:10.570><c> takes</c><00:17:10.750><c> her</c><00:17:10.840><c> bond</c><00:17:11.020><c> and</c>

00:17:11.280 --> 00:17:11.290 align:start position:0%
happier because she takes her bond and
 

00:17:11.290 --> 00:17:13.590 align:start position:0%
happier because she takes her bond and
it's<00:17:11.470><c> about</c><00:17:11.560><c> his</c><00:17:11.709><c> money</c><00:17:11.830><c> back</c><00:17:12.070><c> so</c><00:17:12.940><c> this</c><00:17:13.390><c> type</c>

00:17:13.590 --> 00:17:13.600 align:start position:0%
it's about his money back so this type
 

00:17:13.600 --> 00:17:15.000 align:start position:0%
it's about his money back so this type
of<00:17:13.630><c> construction</c><00:17:13.990><c> by</c><00:17:14.410><c> constructing</c><00:17:14.800><c> a</c>

00:17:15.000 --> 00:17:15.010 align:start position:0%
of construction by constructing a
 

00:17:15.010 --> 00:17:17.130 align:start position:0%
of construction by constructing a
two-phase<00:17:15.400><c> commit</c><00:17:15.610><c> process</c><00:17:16.000><c> your</c><00:17:16.720><c> Garin</c>

00:17:17.130 --> 00:17:17.140 align:start position:0%
two-phase commit process your Garin
 

00:17:17.140 --> 00:17:18.690 align:start position:0%
two-phase commit process your Garin
you're<00:17:17.350><c> basically</c><00:17:17.740><c> making</c><00:17:17.920><c> a</c><00:17:18.250><c> test</c><00:17:18.550><c> station</c>

00:17:18.690 --> 00:17:18.700 align:start position:0%
you're basically making a test station
 

00:17:18.700 --> 00:17:21.660 align:start position:0%
you're basically making a test station
on<00:17:18.940><c> information</c><00:17:19.510><c> availability</c><00:17:19.930><c> and</c><00:17:20.550><c> this</c><00:17:21.550><c> is</c>

00:17:21.660 --> 00:17:21.670 align:start position:0%
on information availability and this is
 

00:17:21.670 --> 00:17:23.400 align:start position:0%
on information availability and this is
going<00:17:21.880><c> to</c><00:17:22.000><c> be</c><00:17:22.090><c> I</c><00:17:22.120><c> believe</c><00:17:22.209><c> be</c><00:17:22.810><c> an</c><00:17:22.900><c> emerging</c>

00:17:23.400 --> 00:17:23.410 align:start position:0%
going to be I believe be an emerging
 

00:17:23.410 --> 00:17:26.660 align:start position:0%
going to be I believe be an emerging
theme<00:17:23.700><c> when</c><00:17:24.700><c> you're</c><00:17:24.940><c> dealing</c><00:17:25.150><c> with</c><00:17:25.360><c> states</c>

00:17:26.660 --> 00:17:26.670 align:start position:0%
theme when you're dealing with states
 

00:17:26.670 --> 00:17:29.670 align:start position:0%
theme when you're dealing with states
where<00:17:27.670><c> not</c><00:17:27.970><c> everybody</c><00:17:28.570><c> in</c><00:17:29.110><c> the</c><00:17:29.170><c> world</c><00:17:29.230><c> has</c>

00:17:29.670 --> 00:17:29.680 align:start position:0%
where not everybody in the world has
 

00:17:29.680 --> 00:17:31.260 align:start position:0%
where not everybody in the world has
information<00:17:29.950><c> right</c><00:17:30.490><c> we're</c><00:17:30.700><c> not</c><00:17:30.790><c> dealing</c><00:17:31.000><c> with</c>

00:17:31.260 --> 00:17:31.270 align:start position:0%
information right we're not dealing with
 

00:17:31.270 --> 00:17:32.790 align:start position:0%
information right we're not dealing with
global<00:17:31.390><c> state</c><00:17:31.840><c> anymore</c><00:17:32.080><c> how</c><00:17:32.380><c> do</c><00:17:32.440><c> we</c><00:17:32.590><c> deal</c><00:17:32.770><c> with</c>

00:17:32.790 --> 00:17:32.800 align:start position:0%
global state anymore how do we deal with
 

00:17:32.800 --> 00:17:35.070 align:start position:0%
global state anymore how do we deal with
this<00:17:33.100><c> right</c><00:17:33.370><c> in</c><00:17:33.970><c> channels</c><00:17:34.480><c> the</c><00:17:34.630><c> way</c><00:17:34.750><c> we</c><00:17:34.900><c> deal</c>

00:17:35.070 --> 00:17:35.080 align:start position:0%
this right in channels the way we deal
 

00:17:35.080 --> 00:17:36.570 align:start position:0%
this right in channels the way we deal
with<00:17:35.110><c> it</c><00:17:35.320><c> is</c><00:17:35.530><c> we</c><00:17:35.680><c> can</c><00:17:35.800><c> only</c><00:17:35.920><c> move</c><00:17:36.130><c> forward</c><00:17:36.490><c> if</c>

00:17:36.570 --> 00:17:36.580 align:start position:0%
with it is we can only move forward if
 

00:17:36.580 --> 00:17:38.790 align:start position:0%
with it is we can only move forward if
both<00:17:36.760><c> parties</c><00:17:37.120><c> have</c><00:17:37.270><c> it</c><00:17:37.390><c> available</c><00:17:37.540><c> but</c><00:17:38.500><c> you</c>

00:17:38.790 --> 00:17:38.800 align:start position:0%
both parties have it available but you
 

00:17:38.800 --> 00:17:39.900 align:start position:0%
both parties have it available but you
know<00:17:38.920><c> we're</c><00:17:39.130><c> dealing</c><00:17:39.250><c> with</c><00:17:39.490><c> perhaps</c>

00:17:39.900 --> 00:17:39.910 align:start position:0%
know we're dealing with perhaps
 

00:17:39.910 --> 00:17:41.790 align:start position:0%
know we're dealing with perhaps
thousands<00:17:40.390><c> of</c><00:17:40.510><c> parties</c><00:17:40.810><c> billions</c><00:17:41.410><c> of</c><00:17:41.500><c> parties</c>

00:17:41.790 --> 00:17:41.800 align:start position:0%
thousands of parties billions of parties
 

00:17:41.800 --> 00:17:44.190 align:start position:0%
thousands of parties billions of parties
maybe<00:17:42.010><c> eventually</c><00:17:42.310><c> and</c><00:17:42.940><c> you</c><00:17:43.810><c> know</c><00:17:43.930><c> different</c>

00:17:44.190 --> 00:17:44.200 align:start position:0%
maybe eventually and you know different
 

00:17:44.200 --> 00:17:46.320 align:start position:0%
maybe eventually and you know different
people<00:17:44.590><c> have</c><00:17:44.770><c> different</c><00:17:44.800><c> sets</c><00:17:45.190><c> of</c><00:17:45.310><c> data</c><00:17:45.430><c> so</c>

00:17:46.320 --> 00:17:46.330 align:start position:0%
people have different sets of data so
 

00:17:46.330 --> 00:17:48.510 align:start position:0%
people have different sets of data so
you<00:17:46.780><c> know</c><00:17:46.900><c> the</c><00:17:47.170><c> goal</c><00:17:47.320><c> is</c><00:17:47.590><c> to</c><00:17:47.770><c> be</c><00:17:47.860><c> able</c><00:17:48.040><c> to</c><00:17:48.160><c> make</c>

00:17:48.510 --> 00:17:48.520 align:start position:0%
you know the goal is to be able to make
 

00:17:48.520 --> 00:17:50.370 align:start position:0%
you know the goal is to be able to make
it<00:17:48.670><c> so</c><00:17:48.700><c> that</c><00:17:48.970><c> you</c><00:17:49.210><c> can</c><00:17:49.420><c> have</c><00:17:49.780><c> attestation</c>

00:17:50.370 --> 00:17:50.380 align:start position:0%
it so that you can have attestation
 

00:17:50.380 --> 00:17:52.840 align:start position:0%
it so that you can have attestation
correctly<00:17:50.950><c> and</c><00:17:51.160><c> to</c><00:17:51.730><c> scale</c>

00:17:52.840 --> 00:17:52.850 align:start position:0%
correctly and to scale
 

00:17:52.850 --> 00:17:54.850 align:start position:0%
correctly and to scale
and<00:17:53.059><c> you</c><00:17:53.990><c> know</c><00:17:54.080><c> perhaps</c><00:17:54.289><c> you</c><00:17:54.529><c> know</c><00:17:54.679><c> the</c>

00:17:54.850 --> 00:17:54.860 align:start position:0%
and you know perhaps you know the
 

00:17:54.860 --> 00:17:56.379 align:start position:0%
and you know perhaps you know the
blockchain<00:17:55.130><c> can</c><00:17:55.279><c> be</c><00:17:55.610><c> the</c><00:17:55.850><c> ultimate</c><00:17:56.240><c> arbiter</c>

00:17:56.379 --> 00:17:56.389 align:start position:0%
blockchain can be the ultimate arbiter
 

00:17:56.389 --> 00:17:58.779 align:start position:0%
blockchain can be the ultimate arbiter
in<00:17:56.779><c> this</c><00:17:56.929><c> case</c><00:17:57.110><c> aetherium</c><00:17:57.620><c> can</c><00:17:58.100><c> basically</c><00:17:58.340><c> be</c>

00:17:58.779 --> 00:17:58.789 align:start position:0%
in this case aetherium can basically be
 

00:17:58.789 --> 00:18:01.180 align:start position:0%
in this case aetherium can basically be
the<00:17:58.820><c> Supreme</c><00:17:59.330><c> Court</c><00:17:59.630><c> of</c><00:17:59.919><c> computation</c><00:18:00.919><c> across</c>

00:18:01.180 --> 00:18:01.190 align:start position:0%
the Supreme Court of computation across
 

00:18:01.190 --> 00:18:09.370 align:start position:0%
the Supreme Court of computation across
the<00:18:01.309><c> world</c><00:18:01.960><c> thank</c><00:18:02.960><c> you</c>

00:18:09.370 --> 00:18:09.380 align:start position:0%
 
 

00:18:09.380 --> 00:18:16.969 align:start position:0%
 
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