WEBVTT Kind: captions Language: en 00:00:04.640 --> 00:00:06.550 align:start position:0% so<00:00:05.360> today<00:00:05.660> I<00:00:05.690> want<00:00:05.990> to<00:00:06.080> talk<00:00:06.200> to<00:00:06.350> you<00:00:06.440> about 00:00:06.550 --> 00:00:06.560 align:start position:0% so today I want to talk to you about 00:00:06.560 --> 00:00:09.570 align:start position:0% so today I want to talk to you about proof<00:00:06.920> of<00:00:07.040> stake<00:00:07.310> proof<00:00:07.610> of<00:00:07.760> work<00:00:07.940> and<00:00:08.350> some 00:00:09.570 --> 00:00:09.580 align:start position:0% proof of stake proof of work and some 00:00:09.580 --> 00:00:13.000 align:start position:0% proof of stake proof of work and some fun<00:00:10.580> ideas<00:00:10.969> that<00:00:11.900> we<00:00:12.080> should<00:00:12.320> all<00:00:12.440> consider<00:00:12.680> as 00:00:13.000 --> 00:00:13.010 align:start position:0% fun ideas that we should all consider as 00:00:13.010 --> 00:00:15.940 align:start position:0% fun ideas that we should all consider as a<00:00:13.039> community<00:00:13.520> so<00:00:14.410> I've<00:00:15.410> been<00:00:15.620> thinking<00:00:15.889> about 00:00:15.940 --> 00:00:15.950 align:start position:0% a community so I've been thinking about 00:00:15.950 --> 00:00:17.830 align:start position:0% a community so I've been thinking about this<00:00:16.160> topic<00:00:16.369> of<00:00:16.640> course<00:00:16.789> for<00:00:17.030> a<00:00:17.060> long<00:00:17.360> long 00:00:17.830 --> 00:00:17.840 align:start position:0% this topic of course for a long long 00:00:17.840 --> 00:00:20.830 align:start position:0% this topic of course for a long long time<00:00:18.200> and<00:00:18.440> and<00:00:19.340> it<00:00:19.880> started<00:00:20.330> out<00:00:20.449> by<00:00:20.660> us 00:00:20.830 --> 00:00:20.840 align:start position:0% time and and it started out by us 00:00:20.840 --> 00:00:24.040 align:start position:0% time and and it started out by us looking<00:00:21.200> into<00:00:21.530> this<00:00:21.770> much<00:00:22.430> vaulted<00:00:23.090> you<00:00:23.930> know 00:00:24.040 --> 00:00:24.050 align:start position:0% looking into this much vaulted you know 00:00:24.050 --> 00:00:25.840 align:start position:0% looking into this much vaulted you know this<00:00:24.230> this<00:00:24.560> thing<00:00:24.980> that<00:00:25.010> has<00:00:25.280> become<00:00:25.400> almost 00:00:25.840 --> 00:00:25.850 align:start position:0% this this thing that has become almost 00:00:25.850 --> 00:00:27.040 align:start position:0% this this thing that has become almost religious<00:00:26.330> this<00:00:26.510> notion<00:00:26.780> of 00:00:27.040 --> 00:00:27.050 align:start position:0% religious this notion of 00:00:27.050 --> 00:00:29.170 align:start position:0% religious this notion of decentralization<00:00:27.920> that's<00:00:28.640> at<00:00:28.820> the<00:00:28.910> core<00:00:29.150> of 00:00:29.170 --> 00:00:29.180 align:start position:0% decentralization that's at the core of 00:00:29.180 --> 00:00:31.030 align:start position:0% decentralization that's at the core of many<00:00:29.720> decisions<00:00:30.320> made<00:00:30.560> today<00:00:30.770> in 00:00:31.030 --> 00:00:31.040 align:start position:0% many decisions made today in 00:00:31.040 --> 00:00:33.280 align:start position:0% many decisions made today in cryptocurrencies<00:00:31.550> so<00:00:32.480> we<00:00:32.599> started<00:00:33.050> to<00:00:33.140> look 00:00:33.280 --> 00:00:33.290 align:start position:0% cryptocurrencies so we started to look 00:00:33.290 --> 00:00:35.619 align:start position:0% cryptocurrencies so we started to look at<00:00:33.440> this<00:00:33.620> scientific<00:00:34.309> thing<00:00:34.520> just<00:00:35.090> how<00:00:35.300> much 00:00:35.619 --> 00:00:35.629 align:start position:0% at this scientific thing just how much 00:00:35.629 --> 00:00:37.540 align:start position:0% at this scientific thing just how much these<00:00:36.079> cent<00:00:36.379> relation<00:00:36.829> this<00:00:37.100> centralization 00:00:37.540 --> 00:00:37.550 align:start position:0% these cent relation this centralization 00:00:37.550 --> 00:00:40.600 align:start position:0% these cent relation this centralization is<00:00:38.030> there<00:00:38.300> out<00:00:38.510> there<00:00:38.780> and<00:00:39.079> what<00:00:40.010> exactly<00:00:40.400> are 00:00:40.600 --> 00:00:40.610 align:start position:0% is there out there and what exactly are 00:00:40.610 --> 00:00:45.130 align:start position:0% is there out there and what exactly are we<00:00:40.850> paying<00:00:41.150> to<00:00:41.750> get<00:00:41.930> to<00:00:42.290> that<00:00:42.500> level<00:00:42.860> and<00:00:44.140> so 00:00:45.130 --> 00:00:45.140 align:start position:0% we paying to get to that level and so 00:00:45.140 --> 00:00:47.350 align:start position:0% we paying to get to that level and so and<00:00:45.650> my<00:00:45.800> thesis<00:00:46.340> here<00:00:46.640> is<00:00:46.670> going<00:00:46.970> to<00:00:47.090> be<00:00:47.210> very 00:00:47.350 --> 00:00:47.360 align:start position:0% and my thesis here is going to be very 00:00:47.360 --> 00:00:49.540 align:start position:0% and my thesis here is going to be very very<00:00:47.720> simple<00:00:48.200> proof<00:00:48.470> of<00:00:48.620> work<00:00:48.860> and<00:00:49.100> the 00:00:49.540 --> 00:00:49.550 align:start position:0% very simple proof of work and the 00:00:49.550 --> 00:00:51.130 align:start position:0% very simple proof of work and the decentralization<00:00:50.239> that<00:00:50.540> it<00:00:50.660> brings<00:00:50.930> is 00:00:51.130 --> 00:00:51.140 align:start position:0% decentralization that it brings is 00:00:51.140 --> 00:00:54.130 align:start position:0% decentralization that it brings is incredibly<00:00:51.920> limited<00:00:52.280> we<00:00:53.120> have<00:00:53.329> to<00:00:53.750> move<00:00:53.899> to 00:00:54.130 --> 00:00:54.140 align:start position:0% incredibly limited we have to move to 00:00:54.140 --> 00:00:57.069 align:start position:0% incredibly limited we have to move to proof<00:00:54.350> of<00:00:54.470> stake<00:00:54.770> and<00:00:55.070> on<00:00:55.970> that<00:00:56.300> front<00:00:56.600> I<00:00:56.840> have 00:00:57.069 --> 00:00:57.079 align:start position:0% proof of stake and on that front I have 00:00:57.079 --> 00:00:58.780 align:start position:0% proof of stake and on that front I have a<00:00:57.110> suggestion<00:00:57.590> for<00:00:57.770> this<00:00:58.370> particular 00:00:58.780 --> 00:00:58.790 align:start position:0% a suggestion for this particular 00:00:58.790 --> 00:01:01.389 align:start position:0% a suggestion for this particular audience<00:00:59.059> and<00:00:59.510> in<00:01:00.079> an<00:01:00.200> offer<00:01:00.380> and<00:01:01.010> I<00:01:01.100> want<00:01:01.309> to 00:01:01.389 --> 00:01:01.399 align:start position:0% audience and in an offer and I want to 00:01:01.399 --> 00:01:03.010 align:start position:0% audience and in an offer and I want to talk<00:01:01.579> about<00:01:01.730> it<00:01:02.000> very<00:01:02.210> openly<00:01:02.600> and<00:01:02.840> put 00:01:03.010 --> 00:01:03.020 align:start position:0% talk about it very openly and put 00:01:03.020 --> 00:01:04.450 align:start position:0% talk about it very openly and put certain<00:01:03.230> topics<00:01:03.800> some<00:01:03.950> of<00:01:04.040> them<00:01:04.189> might<00:01:04.339> be 00:01:04.450 --> 00:01:04.460 align:start position:0% certain topics some of them might be 00:01:04.460 --> 00:01:06.490 align:start position:0% certain topics some of them might be difficult<00:01:04.670> for<00:01:05.000> some<00:01:05.210> people<00:01:05.239> on<00:01:05.750> the<00:01:06.170> table 00:01:06.490 --> 00:01:06.500 align:start position:0% difficult for some people on the table 00:01:06.500 --> 00:01:09.940 align:start position:0% difficult for some people on the table so<00:01:07.189> one<00:01:08.000> of<00:01:08.030> the<00:01:08.210> things<00:01:08.390> we<00:01:08.509> did<00:01:08.720> was<00:01:09.049> starting 00:01:09.940 --> 00:01:09.950 align:start position:0% so one of the things we did was starting 00:01:09.950 --> 00:01:13.060 align:start position:0% so one of the things we did was starting in<00:01:10.040> 2015<00:01:10.670> we<00:01:11.120> did<00:01:11.270> a<00:01:11.360> very<00:01:11.540> long<00:01:12.070> longitudinal 00:01:13.060 --> 00:01:13.070 align:start position:0% in 2015 we did a very long longitudinal 00:01:13.070 --> 00:01:15.430 align:start position:0% in 2015 we did a very long longitudinal study<00:01:13.490> of<00:01:13.700> proof-of-work<00:01:14.570> networks<00:01:15.229> we 00:01:15.430 --> 00:01:15.440 align:start position:0% study of proof-of-work networks we 00:01:15.440 --> 00:01:17.950 align:start position:0% study of proof-of-work networks we looked<00:01:15.680> at<00:01:15.830> Bitcoin<00:01:16.340> and<00:01:16.580> aetherium<00:01:17.420> and<00:01:17.840> we 00:01:17.950 --> 00:01:17.960 align:start position:0% looked at Bitcoin and aetherium and we 00:01:17.960 --> 00:01:20.620 align:start position:0% looked at Bitcoin and aetherium and we discovered<00:01:18.440> a<00:01:18.530> few<00:01:18.680> things<00:01:19.180> so<00:01:20.180> this<00:01:20.390> graph 00:01:20.620 --> 00:01:20.630 align:start position:0% discovered a few things so this graph 00:01:20.630 --> 00:01:24.390 align:start position:0% discovered a few things so this graph shows<00:01:20.659> the<00:01:21.650> bandwidth<00:01:22.570> available<00:01:23.570> to<00:01:24.049> unknown 00:01:24.390 --> 00:01:24.400 align:start position:0% shows the bandwidth available to unknown 00:01:24.400 --> 00:01:27.100 align:start position:0% shows the bandwidth available to unknown to<00:01:25.400> a<00:01:25.430> Bitcoin<00:01:25.909> node<00:01:26.119> versus<00:01:26.570> an<00:01:26.659> aetherium 00:01:27.100 --> 00:01:27.110 align:start position:0% to a Bitcoin node versus an aetherium 00:01:27.110 --> 00:01:29.859 align:start position:0% to a Bitcoin node versus an aetherium node<00:01:27.290> okay<00:01:27.860> so<00:01:28.369> and<00:01:28.850> then<00:01:28.880> of<00:01:29.119> course<00:01:29.330> there's 00:01:29.859 --> 00:01:29.869 align:start position:0% node okay so and then of course there's 00:01:29.869 --> 00:01:33.130 align:start position:0% node okay so and then of course there's one<00:01:30.110> line<00:01:30.350> that's<00:01:30.560> for<00:01:30.830> tor<00:01:31.340> so<00:01:32.330> it's<00:01:32.840> better 00:01:33.130 --> 00:01:33.140 align:start position:0% one line that's for tor so it's better 00:01:33.140 --> 00:01:35.469 align:start position:0% one line that's for tor so it's better to<00:01:33.290> be<00:01:33.560> to<00:01:33.710> the<00:01:33.860> right<00:01:34.159> and<00:01:34.520> you<00:01:35.000> can<00:01:35.150> see<00:01:35.330> that 00:01:35.469 --> 00:01:35.479 align:start position:0% to be to the right and you can see that 00:01:35.479 --> 00:01:37.390 align:start position:0% to be to the right and you can see that tor<00:01:35.780> nodes<00:01:36.020> have<00:01:36.229> very<00:01:36.439> low<00:01:36.619> bandwidth<00:01:37.070> as<00:01:37.220> you 00:01:37.390 --> 00:01:37.400 align:start position:0% tor nodes have very low bandwidth as you 00:01:37.400 --> 00:01:38.710 align:start position:0% tor nodes have very low bandwidth as you would<00:01:37.549> expect<00:01:37.670> because<00:01:38.150> they<00:01:38.420> get<00:01:38.600> the 00:01:38.710 --> 00:01:38.720 align:start position:0% would expect because they get the 00:01:38.720 --> 00:01:41.469 align:start position:0% would expect because they get the unanimity<00:01:39.310> you<00:01:40.310> can<00:01:40.460> see<00:01:40.640> where<00:01:40.820> bitcoin<00:01:41.270> is 00:01:41.469 --> 00:01:41.479 align:start position:0% unanimity you can see where bitcoin is 00:01:41.479 --> 00:01:44.530 align:start position:0% unanimity you can see where bitcoin is and<00:01:41.780> you<00:01:42.740> can<00:01:42.860> also<00:01:43.010> see<00:01:43.310> that<00:01:43.549> aetherium 00:01:44.530 --> 00:01:44.540 align:start position:0% and you can also see that aetherium 00:01:44.540 --> 00:01:47.890 align:start position:0% and you can also see that aetherium nodes<00:01:44.830> are<00:01:45.830> actually<00:01:46.820> doing<00:01:46.970> fairly<00:01:47.299> well<00:01:47.509> as 00:01:47.890 --> 00:01:47.900 align:start position:0% nodes are actually doing fairly well as 00:01:47.900 --> 00:01:49.870 align:start position:0% nodes are actually doing fairly well as well<00:01:48.290> so<00:01:48.890> there's<00:01:49.070> a<00:01:49.159> lot<00:01:49.369> of<00:01:49.400> bandwidth 00:01:49.870 --> 00:01:49.880 align:start position:0% well so there's a lot of bandwidth 00:01:49.880 --> 00:01:51.280 align:start position:0% well so there's a lot of bandwidth available<00:01:50.330> there<00:01:50.540> there's<00:01:50.780> a<00:01:50.840> big<00:01:51.080> big 00:01:51.280 --> 00:01:51.290 align:start position:0% available there there's a big big 00:01:51.290 --> 00:01:53.679 align:start position:0% available there there's a big big network<00:01:51.830> when<00:01:52.820> we<00:01:52.909> look<00:01:53.090> at<00:01:53.180> the<00:01:53.360> network 00:01:53.679 --> 00:01:53.689 align:start position:0% network when we look at the network 00:01:53.689 --> 00:01:55.090 align:start position:0% network when we look at the network location<00:01:53.900> we<00:01:54.320> discovered<00:01:54.770> some<00:01:54.920> interesting 00:01:55.090 --> 00:01:55.100 align:start position:0% location we discovered some interesting 00:01:55.100 --> 00:01:57.429 align:start position:0% location we discovered some interesting factoids<00:01:55.970> about<00:01:56.210> both<00:01:56.420> Bitcoin<00:01:56.900> any<00:01:57.110> theory 00:01:57.429 --> 00:01:57.439 align:start position:0% factoids about both Bitcoin any theory 00:01:57.439 --> 00:01:59.890 align:start position:0% factoids about both Bitcoin any theory on<00:01:57.560> Bitcoin<00:01:58.340> turns<00:01:58.909> out<00:01:59.090> to<00:01:59.270> have<00:01:59.299> the 00:01:59.890 --> 00:01:59.900 align:start position:0% on Bitcoin turns out to have the 00:01:59.900 --> 00:02:03.160 align:start position:0% on Bitcoin turns out to have the majority<00:02:00.650> of<00:02:00.680> its<00:02:00.950> nodes<00:02:01.220> housed<00:02:02.000> in<00:02:02.450> data 00:02:03.160 --> 00:02:03.170 align:start position:0% majority of its nodes housed in data 00:02:03.170 --> 00:02:06.249 align:start position:0% majority of its nodes housed in data centers<00:02:03.740> 58<00:02:04.520> percent<00:02:05.000> of<00:02:05.119> Bitcoin<00:02:05.509> nodes<00:02:05.810> at 00:02:06.249 --> 00:02:06.259 align:start position:0% centers 58 percent of Bitcoin nodes at 00:02:06.259 --> 00:02:08.050 align:start position:0% centers 58 percent of Bitcoin nodes at the<00:02:06.380> time<00:02:06.619> of<00:02:06.770> our<00:02:06.890> study<00:02:07.220> were<00:02:07.670> in<00:02:07.850> data 00:02:08.050 --> 00:02:08.060 align:start position:0% the time of our study were in data 00:02:08.060 --> 00:02:10.779 align:start position:0% the time of our study were in data centers<00:02:08.569> the<00:02:09.470> etherium<00:02:09.920> nodes<00:02:10.159> tended<00:02:10.610> to<00:02:10.700> be 00:02:10.779 --> 00:02:10.789 align:start position:0% centers the etherium nodes tended to be 00:02:10.789 --> 00:02:12.490 align:start position:0% centers the etherium nodes tended to be geographically<00:02:11.480> more<00:02:11.689> distributed<00:02:12.290> there 00:02:12.490 --> 00:02:12.500 align:start position:0% geographically more distributed there 00:02:12.500 --> 00:02:14.170 align:start position:0% geographically more distributed there are<00:02:12.590> many<00:02:12.860> many<00:02:13.130> more<00:02:13.459> of<00:02:13.610> them<00:02:13.730> at<00:02:13.910> the<00:02:14.000> time 00:02:14.170 --> 00:02:14.180 align:start position:0% are many many more of them at the time 00:02:14.180 --> 00:02:14.880 align:start position:0% are many many more of them at the time we<00:02:14.330> did<00:02:14.480> this 00:02:14.880 --> 00:02:14.890 align:start position:0% we did this 00:02:14.890 --> 00:02:16.380 align:start position:0% we did this there<00:02:15.069> were<00:02:15.130> about<00:02:15.250> slightly<00:02:15.970> less<00:02:16.150> than 00:02:16.380 --> 00:02:16.390 align:start position:0% there were about slightly less than 00:02:16.390 --> 00:02:19.110 align:start position:0% there were about slightly less than 10,000<00:02:17.200> Bitcoin<00:02:17.530> nodes<00:02:17.830> and<00:02:18.130> slightly<00:02:18.910> more 00:02:19.110 --> 00:02:19.120 align:start position:0% 10,000 Bitcoin nodes and slightly more 00:02:19.120 --> 00:02:21.690 align:start position:0% 10,000 Bitcoin nodes and slightly more than<00:02:19.440> 25,000<00:02:20.440> aetherium<00:02:20.920> notes<00:02:21.160> this 00:02:21.690 --> 00:02:21.700 align:start position:0% than 25,000 aetherium notes this 00:02:21.700 --> 00:02:24.690 align:start position:0% than 25,000 aetherium notes this community<00:02:22.270> is<00:02:22.360> strong<00:02:22.840> its<00:02:23.290> large<00:02:23.860> it's<00:02:24.220> huge 00:02:24.690 --> 00:02:24.700 align:start position:0% community is strong its large it's huge 00:02:24.700 --> 00:02:27.510 align:start position:0% community is strong its large it's huge and<00:02:25.000> it's<00:02:25.480> globally<00:02:26.260> distributed<00:02:26.470> and<00:02:27.160> that's 00:02:27.510 --> 00:02:27.520 align:start position:0% and it's globally distributed and that's 00:02:27.520 --> 00:02:28.500 align:start position:0% and it's globally distributed and that's fantastic 00:02:28.500 --> 00:02:28.510 align:start position:0% fantastic 00:02:28.510 --> 00:02:30.150 align:start position:0% fantastic that<00:02:28.900> does<00:02:29.110> mean<00:02:29.380> that<00:02:29.410> the<00:02:29.740> node<00:02:29.920> to<00:02:30.130> node 00:02:30.150 --> 00:02:30.160 align:start position:0% that does mean that the node to node 00:02:30.160 --> 00:02:31.949 align:start position:0% that does mean that the node to node communication<00:02:30.910> latencies<00:02:31.390> are<00:02:31.450> a<00:02:31.600> little 00:02:31.949 --> 00:02:31.959 align:start position:0% communication latencies are a little 00:02:31.959 --> 00:02:33.750 align:start position:0% communication latencies are a little higher<00:02:32.140> as<00:02:32.440> you<00:02:32.470> can<00:02:32.740> see<00:02:32.920> on<00:02:33.040> this<00:02:33.220> graph<00:02:33.310> the 00:02:33.750 --> 00:02:33.760 align:start position:0% higher as you can see on this graph the 00:02:33.760 --> 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but regardless it's not so bad their<00:02:40.090> communication<00:02:40.690> latencies<00:02:41.050> are<00:02:41.110> about 00:02:41.370 --> 00:02:41.380 align:start position:0% their communication latencies are about 00:02:41.380 --> 00:02:43.860 align:start position:0% their communication latencies are about 100<00:02:41.770> milliseconds<00:02:42.400> not<00:02:42.910> that<00:02:43.090> bad<00:02:43.270> there<00:02:43.690> are 00:02:43.860 --> 00:02:43.870 align:start position:0% 100 milliseconds not that bad there are 00:02:43.870 --> 00:02:45.300 align:start position:0% 100 milliseconds not that bad there are many<00:02:44.050> many<00:02:44.260> many<00:02:44.470> of<00:02:44.709> us<00:02:44.890> and<00:02:45.100> that's 00:02:45.300 --> 00:02:45.310 align:start position:0% many many many of us and that's 00:02:45.310 --> 00:02:48.660 align:start position:0% many many many of us and that's fantastic<00:02:46.110> now<00:02:47.110> the<00:02:47.170> problem<00:02:47.709> is<00:02:47.860> when<00:02:48.550> it 00:02:48.660 --> 00:02:48.670 align:start position:0% fantastic now the problem is when it 00:02:48.670 --> 00:02:51.240 align:start position:0% fantastic now the problem is when it comes<00:02:48.850> to<00:02:49.120> making<00:02:49.300> decisions<00:02:49.830> those<00:02:50.830> nodes 00:02:51.240 --> 00:02:51.250 align:start position:0% comes to making decisions those nodes 00:02:51.250 --> 00:02:55.170 align:start position:0% comes to making decisions those nodes that<00:02:51.580> we<00:02:51.820> run<00:02:52.090> bring<00:02:52.720> no<00:02:53.050> value<00:02:53.650> okay<00:02:54.550> the 00:02:55.170 --> 00:02:55.180 align:start position:0% that we run bring no value okay the 00:02:55.180 --> 00:02:57.960 align:start position:0% that we run bring no value okay the entirety<00:02:55.959> of<00:02:56.110> the<00:02:56.260> blockchain<00:02:56.530> is<00:02:57.040> created 00:02:57.960 --> 00:02:57.970 align:start position:0% entirety of the blockchain is created 00:02:57.970 --> 00:03:00.900 align:start position:0% entirety of the blockchain is created and<00:02:58.150> controlled<00:02:58.840> by<00:02:59.500> a<00:02:59.530> very<00:02:59.980> small<00:03:00.430> number<00:03:00.730> of 00:03:00.900 --> 00:03:00.910 align:start position:0% and controlled by a very small number of 00:03:00.910 --> 00:03:03.870 align:start position:0% and controlled by a very small number of mining<00:03:01.420> pool<00:03:01.660> operators<00:03:02.290> at<00:03:03.190> the<00:03:03.340> time<00:03:03.580> we<00:03:03.730> did 00:03:03.870 --> 00:03:03.880 align:start position:0% mining pool operators at the time we did 00:03:03.880 --> 00:03:06.860 align:start position:0% mining pool operators at the time we did our<00:03:04.030> study<00:03:04.150> the<00:03:04.750> Bitcoin<00:03:05.400> the<00:03:06.400> Bitcoin 00:03:06.860 --> 00:03:06.870 align:start position:0% our study the Bitcoin the Bitcoin 00:03:06.870 --> 00:03:10.170 align:start position:0% our study the Bitcoin the Bitcoin blockchain<00:03:07.870> was<00:03:08.530> being<00:03:08.800> created<00:03:09.370> by<00:03:09.519> 19 00:03:10.170 --> 00:03:10.180 align:start position:0% blockchain was being created by 19 00:03:10.180 --> 00:03:12.810 align:start position:0% blockchain was being created by 19 mining<00:03:10.690> pools<00:03:10.930> the<00:03:11.739> etherium<00:03:12.310> block<00:03:12.580> chain 00:03:12.810 --> 00:03:12.820 align:start position:0% mining pools the etherium block chain 00:03:12.820 --> 00:03:14.880 align:start position:0% mining pools the etherium block chain was<00:03:13.000> being<00:03:13.180> created<00:03:13.660> 99<00:03:14.110> percent<00:03:14.500> of<00:03:14.620> it<00:03:14.739> was 00:03:14.880 --> 00:03:14.890 align:start position:0% was being created 99 percent of it was 00:03:14.890 --> 00:03:17.759 align:start position:0% was being created 99 percent of it was being<00:03:15.070> created<00:03:15.310> at<00:03:15.670> the<00:03:15.790> time<00:03:15.970> by<00:03:16.450> 11<00:03:17.140> mining 00:03:17.759 --> 00:03:17.769 align:start position:0% being created at the time by 11 mining 00:03:17.769 --> 00:03:19.289 align:start position:0% being created at the time by 11 mining pools<00:03:18.010> that's<00:03:18.519> gotten<00:03:18.820> a<00:03:18.880> little<00:03:19.030> better 00:03:19.289 --> 00:03:19.299 align:start position:0% pools that's gotten a little better 00:03:19.299 --> 00:03:21.390 align:start position:0% pools that's gotten a little better today<00:03:19.540> I<00:03:19.690> just<00:03:20.170> checked<00:03:20.410> and<00:03:20.620> there<00:03:21.280> are<00:03:21.340> about 00:03:21.390 --> 00:03:21.400 align:start position:0% today I just checked and there are about 00:03:21.400 --> 00:03:25.289 align:start position:0% today I just checked and there are about 37<00:03:22.150> of<00:03:22.420> them<00:03:22.600> that's<00:03:23.200> kinda<00:03:23.650> nice<00:03:23.829> if<00:03:24.549> you<00:03:25.120> look 00:03:25.289 --> 00:03:25.299 align:start position:0% 37 of them that's kinda nice if you look 00:03:25.299 --> 00:03:27.000 align:start position:0% 37 of them that's kinda nice if you look at<00:03:25.420> the<00:03:25.540> field<00:03:25.870> that<00:03:26.079> actually<00:03:26.530> control<00:03:26.890> the 00:03:27.000 --> 00:03:27.010 align:start position:0% at the field that actually control the 00:03:27.010 --> 00:03:28.710 align:start position:0% at the field that actually control the hash<00:03:27.220> power<00:03:27.519> it's<00:03:27.850> tiny 00:03:28.710 --> 00:03:28.720 align:start position:0% hash power it's tiny 00:03:28.720 --> 00:03:32.009 align:start position:0% hash power it's tiny so<00:03:29.230> Bitcoin<00:03:29.829> you<00:03:30.070> could<00:03:30.220> launch<00:03:30.489> a<00:03:30.760> 51%<00:03:31.540> attack 00:03:32.009 --> 00:03:32.019 align:start position:0% so Bitcoin you could launch a 51% attack 00:03:32.019 --> 00:03:33.780 align:start position:0% so Bitcoin you could launch a 51% attack on<00:03:32.380> Bitcoin<00:03:32.560> you<00:03:32.829> could<00:03:32.980> revert<00:03:33.370> the<00:03:33.549> chain 00:03:33.780 --> 00:03:33.790 align:start position:0% on Bitcoin you could revert the chain 00:03:33.790 --> 00:03:34.770 align:start position:0% on Bitcoin you could revert the chain you<00:03:33.970> could<00:03:34.090> rewrite<00:03:34.510> it 00:03:34.770 --> 00:03:34.780 align:start position:0% you could rewrite it 00:03:34.780 --> 00:03:37.289 align:start position:0% you could rewrite it after<00:03:35.470> making<00:03:35.709> three<00:03:36.220> to<00:03:36.400> four<00:03:36.670> phone<00:03:37.000> calls 00:03:37.289 --> 00:03:37.299 align:start position:0% after making three to four phone calls 00:03:37.299 --> 00:03:40.229 align:start position:0% after making three to four phone calls and<00:03:37.600> the<00:03:38.079> same<00:03:38.290> is<00:03:38.440> also<00:03:38.530> true<00:03:38.769> for<00:03:39.239> aetherium 00:03:40.229 --> 00:03:40.239 align:start position:0% and the same is also true for aetherium 00:03:40.239 --> 00:03:44.220 align:start position:0% and the same is also true for aetherium so<00:03:41.019> all<00:03:41.350> of<00:03:41.920> that<00:03:41.950> that<00:03:42.880> anxiety<00:03:43.120> all<00:03:43.900> of<00:03:44.110> those 00:03:44.220 --> 00:03:44.230 align:start position:0% so all of that that anxiety all of those 00:03:44.230 --> 00:03:46.440 align:start position:0% so all of that that anxiety all of those internet<00:03:44.799> attacks<00:03:45.190> all<00:03:45.400> of<00:03:45.670> those<00:03:45.820> decisions 00:03:46.440 --> 00:03:46.450 align:start position:0% internet attacks all of those decisions 00:03:46.450 --> 00:03:48.240 align:start position:0% internet attacks all of those decisions and<00:03:46.630> compromises<00:03:47.380> made<00:03:47.650> in<00:03:47.920> the<00:03:48.070> name<00:03:48.220> of 00:03:48.240 --> 00:03:48.250 align:start position:0% and compromises made in the name of 00:03:48.250 --> 00:03:51.390 align:start position:0% and compromises made in the name of decentralization<00:03:49.150> come<00:03:50.019> down<00:03:50.320> to<00:03:50.620> a<00:03:50.829> tiny 00:03:51.390 --> 00:03:51.400 align:start position:0% decentralization come down to a tiny 00:03:51.400 --> 00:03:53.430 align:start position:0% decentralization come down to a tiny amount<00:03:51.700> of<00:03:51.910> decentralization<00:03:52.600> a<00:03:52.780> tiny<00:03:53.110> amount 00:03:53.430 --> 00:03:53.440 align:start position:0% amount of decentralization a tiny amount 00:03:53.440 --> 00:03:55.430 align:start position:0% amount of decentralization a tiny amount of<00:03:53.620> distribution<00:03:53.950> three<00:03:54.790> to<00:03:54.970> four<00:03:55.180> people 00:03:55.430 --> 00:03:55.440 align:start position:0% of distribution three to four people 00:03:55.440 --> 00:03:58.680 align:start position:0% of distribution three to four people define<00:03:56.440> this<00:03:56.680> thing<00:03:56.739> and<00:03:57.190> that's<00:03:57.610> it<00:03:57.940> so 00:03:58.680 --> 00:03:58.690 align:start position:0% define this thing and that's it so 00:03:58.690 --> 00:04:00.690 align:start position:0% define this thing and that's it so that's<00:03:58.900> a<00:03:59.049> crazy<00:03:59.350> crazy<00:03:59.709> thing<00:04:00.130> to<00:04:00.250> be<00:04:00.370> doing 00:04:00.690 --> 00:04:00.700 align:start position:0% that's a crazy crazy thing to be doing 00:04:00.700 --> 00:04:02.789 align:start position:0% that's a crazy crazy thing to be doing not<00:04:01.450> to<00:04:01.660> mention<00:04:01.840> the<00:04:02.140> environmental 00:04:02.789 --> 00:04:02.799 align:start position:0% not to mention the environmental 00:04:02.799 --> 00:04:06.300 align:start position:0% not to mention the environmental disaster<00:04:03.400> that<00:04:03.880> is<00:04:04.239> proof-of-work<00:04:05.040> so 00:04:06.300 --> 00:04:06.310 align:start position:0% disaster that is proof-of-work so 00:04:06.310 --> 00:04:08.460 align:start position:0% disaster that is proof-of-work so Nakamoto<00:04:06.700> consensus<00:04:07.390> consumes<00:04:07.870> an<00:04:08.079> immense 00:04:08.460 --> 00:04:08.470 align:start position:0% Nakamoto consensus consumes an immense 00:04:08.470 --> 00:04:10.350 align:start position:0% Nakamoto consensus consumes an immense amount<00:04:08.650> of<00:04:08.920> energy<00:04:09.340> just<00:04:09.880> so<00:04:10.090> we<00:04:10.209> can 00:04:10.350 --> 00:04:10.360 align:start position:0% amount of energy just so we can 00:04:10.360 --> 00:04:12.120 align:start position:0% amount of energy just so we can visualize<00:04:10.540> this<00:04:11.019> it's<00:04:11.260> about<00:04:11.620> the<00:04:11.920> equivalent 00:04:12.120 --> 00:04:12.130 align:start position:0% visualize this it's about the equivalent 00:04:12.130 --> 00:04:16.259 align:start position:0% visualize this it's about the equivalent of<00:04:13.019> the<00:04:14.019> entire<00:04:14.470> energy<00:04:14.970> consumption<00:04:15.970> of 00:04:16.259 --> 00:04:16.269 align:start position:0% of the entire energy consumption of 00:04:16.269 --> 00:04:18.870 align:start position:0% of the entire energy consumption of Austria<00:04:16.950> it's<00:04:17.950> the<00:04:18.039> equivalent<00:04:18.250> of<00:04:18.579> - 00:04:18.870 --> 00:04:18.880 align:start position:0% Austria it's the equivalent of - 00:04:18.880 --> 00:04:21.840 align:start position:0% Austria it's the equivalent of - Denmark's<00:04:19.539> 3<00:04:20.260> Ireland's<00:04:20.979> and<00:04:21.130> if<00:04:21.519> you<00:04:21.579> want<00:04:21.760> to 00:04:21.840 --> 00:04:21.850 align:start position:0% Denmark's 3 Ireland's and if you want to 00:04:21.850 --> 00:04:23.430 align:start position:0% Denmark's 3 Ireland's and if you want to think<00:04:22.000> about<00:04:22.210> those<00:04:22.360> cooling<00:04:22.690> stacks<00:04:23.080> and<00:04:23.260> so 00:04:23.430 --> 00:04:23.440 align:start position:0% think about those cooling stacks and so 00:04:23.440 --> 00:04:24.600 align:start position:0% think about those cooling stacks and so forth<00:04:23.710> that<00:04:23.770> you<00:04:23.890> see<00:04:24.190> when<00:04:24.340> you<00:04:24.430> see<00:04:24.580> a 00:04:24.600 --> 00:04:24.610 align:start position:0% forth that you see when you see a 00:04:24.610 --> 00:04:27.150 align:start position:0% forth that you see when you see a nuclear<00:04:25.300> power<00:04:25.510> station<00:04:25.660> before<00:04:26.349> nuclear 00:04:27.150 --> 00:04:27.160 align:start position:0% nuclear power station before nuclear 00:04:27.160 --> 00:04:27.530 align:start position:0% nuclear power station before nuclear power 00:04:27.530 --> 00:04:27.540 align:start position:0% power 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inherently<00:04:36.600> concerned<00:04:37.560> about<00:04:37.770> this 00:04:37.940 --> 00:04:37.950 align:start position:0% are inherently concerned about this 00:04:37.950 --> 00:04:39.950 align:start position:0% are inherently concerned about this because<00:04:38.130> it<00:04:38.430> melts<00:04:38.850> the<00:04:39.000> polar<00:04:39.240> icecaps 00:04:39.950 --> 00:04:39.960 align:start position:0% because it melts the polar icecaps 00:04:39.960 --> 00:04:42.020 align:start position:0% because it melts the polar icecaps it<00:04:40.080> literally<00:04:40.740> kills<00:04:41.010> the<00:04:41.190> polar<00:04:41.370> bears<00:04:41.700> I'm 00:04:42.020 --> 00:04:42.030 align:start position:0% it literally kills the polar bears I'm 00:04:42.030 --> 00:04:43.970 align:start position:0% it literally kills the polar bears I'm in<00:04:42.180> that<00:04:42.360> camp<00:04:42.630> it's<00:04:42.960> really<00:04:43.290> really<00:04:43.680> bad<00:04:43.830> when 00:04:43.970 --> 00:04:43.980 align:start position:0% in that camp it's really really bad when 00:04:43.980 --> 00:04:45.800 align:start position:0% in that camp it's really really bad when I<00:04:44.010> think<00:04:44.310> about<00:04:44.370> what<00:04:45.000> I'm<00:04:45.180> doing<00:04:45.210> and<00:04:45.660> what 00:04:45.800 --> 00:04:45.810 align:start position:0% I think about what I'm doing and what 00:04:45.810 --> 00:04:47.630 align:start position:0% I think about what I'm doing and what that's<00:04:46.050> helping<00:04:46.470> the<00:04:46.830> world<00:04:47.040> you<00:04:47.190> know<00:04:47.280> where 00:04:47.630 --> 00:04:47.640 align:start position:0% that's helping the world you know where 00:04:47.640 --> 00:04:49.700 align:start position:0% that's helping the world you know where that<00:04:47.850> stake<00:04:48.090> in<00:04:48.210> the<00:04:48.300> world<00:04:48.480> I<00:04:48.690> feel<00:04:48.870> terrible 00:04:49.700 --> 00:04:49.710 align:start position:0% that stake in the world I feel terrible 00:04:49.710 --> 00:04:51.890 align:start position:0% that stake in the world I feel terrible about<00:04:49.800> myself<00:04:50.100> other<00:04:51.000> people<00:04:51.390> are<00:04:51.480> more<00:04:51.660> like 00:04:51.890 --> 00:04:51.900 align:start position:0% about myself other people are more like 00:04:51.900 --> 00:04:54.170 align:start position:0% about myself other people are more like well<00:04:52.320> I<00:04:52.350> got<00:04:52.620> mine<00:04:52.890> you<00:04:53.250> know<00:04:53.370> screw<00:04:53.880> everybody 00:04:54.170 --> 00:04:54.180 align:start position:0% well I got mine you know screw everybody 00:04:54.180 --> 00:04:56.630 align:start position:0% well I got mine you know screw everybody else<00:04:54.420> kind<00:04:54.870> of<00:04:54.930> mode<00:04:55.140> and<00:04:55.410> you<00:04:56.250> know<00:04:56.370> there<00:04:56.580> are 00:04:56.630 --> 00:04:56.640 align:start position:0% else kind of mode and you know there are 00:04:56.640 --> 00:04:58.220 align:start position:0% else kind of mode and you know there are many<00:04:56.790> other<00:04:56.970> sort<00:04:57.270> of<00:04:57.300> justifications<00:04:58.140> they 00:04:58.220 --> 00:04:58.230 align:start position:0% many other sort of justifications they 00:04:58.230 --> 00:05:00.110 align:start position:0% many other sort of justifications they use<00:04:58.380> that's<00:04:58.860> okay<00:04:59.280> and<00:04:59.550> to<00:04:59.700> them<00:04:59.910> you<00:05:00.030> know 00:05:00.110 --> 00:05:00.120 align:start position:0% use that's okay and to them you know 00:05:00.120 --> 00:05:02.120 align:start position:0% use that's okay and to them you know especially<00:05:00.360> the<00:05:00.600> store<00:05:00.990> of<00:05:01.200> value<00:05:01.230> crowd<00:05:01.830> and 00:05:02.120 --> 00:05:02.130 align:start position:0% especially the store of value crowd and 00:05:02.130 --> 00:05:05.660 align:start position:0% especially the store of value crowd and to<00:05:02.640> them<00:05:02.880> I<00:05:03.150> say<00:05:04.080> well<00:05:04.380> look<00:05:04.560> you're<00:05:04.890> leaking<00:05:05.220> a 00:05:05.660 --> 00:05:05.670 align:start position:0% to them I say well look you're leaking a 00:05:05.670 --> 00:05:09.200 align:start position:0% to them I say well look you're leaking a lot<00:05:06.150> of<00:05:06.300> value<00:05:06.750> out<00:05:06.960> of<00:05:07.320> your<00:05:07.710> system<00:05:08.310> so<00:05:08.490> to<00:05:09.030> be 00:05:09.200 --> 00:05:09.210 align:start position:0% lot of value out of your system so to be 00:05:09.210 --> 00:05:11.420 align:start position:0% lot of value out of your system so to be able<00:05:09.300> to<00:05:09.450> construct<00:05:09.960> your<00:05:10.080> your<00:05:10.800> blockchain 00:05:11.420 --> 00:05:11.430 align:start position:0% able to construct your your blockchain 00:05:11.430 --> 00:05:13.490 align:start position:0% able to construct your your blockchain with<00:05:11.820> the<00:05:12.210> help<00:05:12.390> of<00:05:12.540> these<00:05:12.750> you<00:05:13.200> know<00:05:13.320> whatever 00:05:13.490 --> 00:05:13.500 align:start position:0% with the help of these you know whatever 00:05:13.500 --> 00:05:15.560 align:start position:0% with the help of these you know whatever you<00:05:13.770> want<00:05:13.950> to<00:05:14.010> call<00:05:14.130> you<00:05:14.250> the<00:05:14.370> 11<00:05:14.730> to<00:05:14.850> 19<00:05:15.060> minus 00:05:15.560 --> 00:05:15.570 align:start position:0% you want to call you the 11 to 19 minus 00:05:15.570 --> 00:05:18.410 align:start position:0% you want to call you the 11 to 19 minus 3/7<00:05:16.260> miners<00:05:16.620> whatever<00:05:16.920> they<00:05:17.040> are<00:05:17.070> you<00:05:17.430> are 00:05:18.410 --> 00:05:18.420 align:start position:0% 3/7 miners whatever they are you are 00:05:18.420 --> 00:05:21.260 align:start position:0% 3/7 miners whatever they are you are paying<00:05:18.660> an<00:05:18.870> immense<00:05:19.260> cost<00:05:19.650> there<00:05:20.340> was<00:05:20.520> a<00:05:20.550> very 00:05:21.260 --> 00:05:21.270 align:start position:0% paying an immense cost there was a very 00:05:21.270 --> 00:05:23.270 align:start position:0% paying an immense cost there was a very recent<00:05:21.540> study<00:05:21.930> that<00:05:22.020> was<00:05:22.290> issued<00:05:22.650> just<00:05:22.680> maybe 00:05:23.270 --> 00:05:23.280 align:start position:0% recent study that was issued just maybe 00:05:23.280 --> 00:05:25.490 align:start position:0% recent study that was issued just maybe last<00:05:23.610> week<00:05:23.790> that<00:05:24.510> looked<00:05:24.870> at<00:05:25.050> the 00:05:25.490 --> 00:05:25.500 align:start position:0% last week that looked at the 00:05:25.500 --> 00:05:27.860 align:start position:0% last week that looked at the environmental<00:05:26.250> the<00:05:26.400> externalized<00:05:27.090> costs<00:05:27.240> of 00:05:27.860 --> 00:05:27.870 align:start position:0% environmental the externalized costs of 00:05:27.870 --> 00:05:30.830 align:start position:0% environmental the externalized costs of mining<00:05:28.560> and<00:05:28.800> they<00:05:29.520> found<00:05:29.760> that<00:05:29.970> for<00:05:30.240> every<00:05:30.570> one 00:05:30.830 --> 00:05:30.840 align:start position:0% mining and they found that for every one 00:05:30.840 --> 00:05:33.530 align:start position:0% mining and they found that for every one dollar<00:05:31.110> of<00:05:31.290> Bitcoin<00:05:31.890> value<00:05:32.250> created<00:05:32.850> there 00:05:33.530 --> 00:05:33.540 align:start position:0% dollar of Bitcoin value created there 00:05:33.540 --> 00:05:36.200 align:start position:0% dollar of Bitcoin value created there was<00:05:33.570> an<00:05:33.870> external<00:05:34.200> cost<00:05:34.650> of<00:05:34.920> forty<00:05:35.520> nine<00:05:35.550> cents 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position:0% something we can stand behind this 00:05:43.800 --> 00:05:45.650 align:start position:0% something we can stand behind this anybody<00:05:44.220> with<00:05:44.400> the<00:05:44.460> conscience<00:05:44.940> should<00:05:45.510> be 00:05:45.650 --> 00:05:45.660 align:start position:0% anybody with the conscience should be 00:05:45.660 --> 00:05:47.480 align:start position:0% anybody with the conscience should be able<00:05:45.750> to<00:05:45.900> say<00:05:46.080> look<00:05:46.320> this<00:05:46.590> is<00:05:46.800> really<00:05:47.070> really 00:05:47.480 --> 00:05:47.490 align:start position:0% able to say look this is really really 00:05:47.490 --> 00:05:49.520 align:start position:0% able to say look this is really really bad<00:05:47.910> we<00:05:48.210> should<00:05:48.420> not<00:05:48.600> stand<00:05:48.870> for<00:05:49.020> this 00:05:49.520 --> 00:05:49.530 align:start position:0% bad we should not stand for this 00:05:49.530 --> 00:05:52.640 align:start position:0% bad we should not stand for this and<00:05:50.150> when<00:05:51.150> it<00:05:51.240> comes<00:05:51.390> to<00:05:51.630> the<00:05:51.750> security<00:05:52.410> or 00:05:52.640 --> 00:05:52.650 align:start position:0% and when it comes to the security or 00:05:52.650 --> 00:05:55.310 align:start position:0% and when it comes to the security or what's<00:05:52.860> going<00:05:53.190> on<00:05:53.340> the<00:05:53.790> security<00:05:54.540> of<00:05:54.570> the<00:05:54.960> coin 00:05:55.310 --> 00:05:55.320 align:start position:0% what's going on the security of the coin 00:05:55.320 --> 00:05:58.910 align:start position:0% what's going on the security of the coin is<00:05:55.680> being<00:05:56.250> secured<00:05:56.940> by<00:05:57.450> an<00:05:57.720> investment<00:05:58.710> in 00:05:58.910 --> 00:05:58.920 align:start position:0% is being secured by an investment in 00:05:58.920 --> 00:06:02.240 align:start position:0% is being secured by an investment in mining<00:05:59.490> rigs<00:05:59.780> that<00:06:00.780> is<00:06:00.930> a<00:06:00.960> cool<00:06:01.200> equivalent<00:06:02.130> to 00:06:02.240 --> 00:06:02.250 align:start position:0% mining rigs that is a cool equivalent to 00:06:02.250 --> 00:06:04.400 align:start position:0% mining rigs that is a cool equivalent to about<00:06:02.340> two<00:06:02.760> to<00:06:02.790> three<00:06:03.030> percent<00:06:03.300> of<00:06:03.990> the<00:06:04.110> market 00:06:04.400 --> 00:06:04.410 align:start position:0% about two to three percent of the market 00:06:04.410 --> 00:06:06.260 align:start position:0% about two to three percent of the market cap<00:06:04.590> of<00:06:04.740> the<00:06:04.830> coin<00:06:05.060> okay 00:06:06.260 --> 00:06:06.270 align:start position:0% cap of the coin okay 00:06:06.270 --> 00:06:09.080 align:start position:0% cap of the coin okay so<00:06:06.630> if<00:06:06.870> I<00:06:06.990> keep<00:06:07.890> in<00:06:08.040> mind<00:06:08.220> that<00:06:08.400> a<00:06:08.430> mining<00:06:08.910> rig 00:06:09.080 --> 00:06:09.090 align:start position:0% so if I keep in mind that a mining rig 00:06:09.090 --> 00:06:11.270 align:start position:0% so if I keep in mind that a mining rig is<00:06:09.240> some<00:06:09.510> kind<00:06:09.750> of<00:06:09.840> a<00:06:09.930> stake<00:06:10.290> it's<00:06:10.800> the<00:06:10.980> stake 00:06:11.270 --> 00:06:11.280 align:start position:0% is some kind of a stake it's the stake 00:06:11.280 --> 00:06:13.100 align:start position:0% is some kind of a stake it's the stake in<00:06:11.460> that<00:06:11.490> hash<00:06:11.850> function<00:06:12.360> somebody<00:06:12.750> decides 00:06:13.100 --> 00:06:13.110 align:start position:0% in that hash function somebody decides 00:06:13.110 --> 00:06:15.830 align:start position:0% in that hash function somebody decides that<00:06:13.200> I<00:06:13.320> would<00:06:13.500> rather<00:06:14.120> mobilize<00:06:15.120> my<00:06:15.360> capital 00:06:15.830 --> 00:06:15.840 align:start position:0% that I would rather mobilize my capital 00:06:15.840 --> 00:06:18.680 align:start position:0% that I would rather mobilize my capital and<00:06:16.140> and<00:06:16.770> turn<00:06:16.980> it<00:06:17.160> into<00:06:17.310> this<00:06:17.550> format<00:06:18.060> which 00:06:18.680 --> 00:06:18.690 align:start position:0% and and turn it into this format which 00:06:18.690 --> 00:06:21.650 align:start position:0% and and turn it into this format which is<00:06:18.720> this<00:06:19.380> mining<00:06:19.830> rig<00:06:20.010> and<00:06:20.250> and<00:06:21.000> the<00:06:21.210> amount<00:06:21.540> of 00:06:21.650 --> 00:06:21.660 align:start position:0% is this mining rig and and the amount of 00:06:21.660 --> 00:06:24.500 align:start position:0% is this mining rig and and the amount of money<00:06:21.930> that<00:06:22.020> went<00:06:22.350> into<00:06:22.530> that<00:06:22.650> is<00:06:22.920> is<00:06:23.100> only<00:06:23.910> two 00:06:24.500 --> 00:06:24.510 align:start position:0% money that went into that is is only two 00:06:24.510 --> 00:06:27.710 align:start position:0% money that went into that is is only two to<00:06:24.750> three<00:06:25.050> percent<00:06:25.320> of<00:06:25.770> the<00:06:26.310> sum<00:06:26.550> total<00:06:26.760> that's 00:06:27.710 --> 00:06:27.720 align:start position:0% to three percent of the sum total that's 00:06:27.720 --> 00:06:31.090 align:start position:0% to three percent of the sum total that's tiny<00:06:28.140> that<00:06:29.130> is<00:06:29.280> not<00:06:29.520> much<00:06:29.940> at<00:06:30.180> all<00:06:30.540> and<00:06:30.810> that 00:06:31.090 --> 00:06:31.100 align:start position:0% tiny that is not much at all and that 00:06:31.100 --> 00:06:34.520 align:start position:0% tiny that is not much at all and that those<00:06:32.100> rigs<00:06:32.520> do<00:06:33.060> not<00:06:33.270> are<00:06:33.420> not<00:06:33.510> specific<00:06:34.320> to<00:06:34.350> a 00:06:34.520 --> 00:06:34.530 align:start position:0% those rigs do not are not specific to a 00:06:34.530 --> 00:06:37.100 align:start position:0% those rigs do not are not specific to a coin<00:06:34.860> for<00:06:35.669> example<00:06:36.150> if<00:06:36.240> you<00:06:36.360> own<00:06:36.510> a<00:06:36.540> Bitcoin 00:06:37.100 --> 00:06:37.110 align:start position:0% coin for example if you own a Bitcoin 00:06:37.110 --> 00:06:39.440 align:start position:0% coin for example if you own a Bitcoin mining<00:06:37.470> rig<00:06:37.650> today<00:06:37.980> you<00:06:38.550> could<00:06:38.760> take<00:06:38.970> that<00:06:39.000> rig 00:06:39.440 --> 00:06:39.450 align:start position:0% mining rig today you could take that rig 00:06:39.450 --> 00:06:41.390 align:start position:0% mining rig today you could take that rig use<00:06:40.169> it<00:06:40.440> to<00:06:40.560> attack 00:06:41.390 --> 00:06:41.400 align:start position:0% use it to attack 00:06:41.400 --> 00:06:43.719 align:start position:0% use it to attack what<00:06:41.520> every<00:06:41.759> other<00:06:41.790> coin<00:06:42.210> that<00:06:42.389> shares<00:06:42.780> bsv 00:06:43.719 --> 00:06:43.729 align:start position:0% what every other coin that shares bsv 00:06:43.729 --> 00:06:47.570 align:start position:0% what every other coin that shares bsv crash<00:06:44.729> bsv<00:06:45.530> rewrite<00:06:46.530> their<00:06:46.740> China<00:06:47.009> as<00:06:47.250> well<00:06:47.400> as 00:06:47.570 --> 00:06:47.580 align:start position:0% crash bsv rewrite their China as well as 00:06:47.580 --> 00:06:49.159 align:start position:0% crash bsv rewrite their China as well as much<00:06:47.729> as<00:06:47.880> you<00:06:47.970> like<00:06:48.150> and<00:06:48.389> then<00:06:48.690> after<00:06:49.020> you've 00:06:49.159 --> 00:06:49.169 align:start position:0% much as you like and then after you've 00:06:49.169 --> 00:06:50.960 align:start position:0% much as you like and then after you've completely<00:06:49.680> screwed<00:06:50.009> over<00:06:50.130> BS<00:06:50.520> Li<00:06:50.699> you<00:06:50.820> could 00:06:50.960 --> 00:06:50.970 align:start position:0% completely screwed over BS Li you could 00:06:50.970 --> 00:06:52.749 align:start position:0% completely screwed over BS Li you could go<00:06:51.120> back<00:06:51.389> to<00:06:51.419> your<00:06:51.750> Bitcoin<00:06:52.350> mining 00:06:52.749 --> 00:06:52.759 align:start position:0% go back to your Bitcoin mining 00:06:52.759 --> 00:06:56.029 align:start position:0% go back to your Bitcoin mining unaffected<00:06:53.759> you<00:06:54.720> simply<00:06:55.169> gave<00:06:55.380> up<00:06:55.410> the 00:06:56.029 --> 00:06:56.039 align:start position:0% unaffected you simply gave up the 00:06:56.039 --> 00:06:58.490 align:start position:0% unaffected you simply gave up the opportunity<00:06:56.639> cost<00:06:56.880> of<00:06:57.060> mining<00:06:57.479> on<00:06:57.600> BTC<00:06:58.110> but 00:06:58.490 --> 00:06:58.500 align:start position:0% opportunity cost of mining on BTC but 00:06:58.500 --> 00:07:00.409 align:start position:0% opportunity cost of mining on BTC but you<00:06:58.560> did<00:06:58.740> not<00:06:58.949> lose<00:06:59.280> your<00:06:59.580> stake<00:06:59.940> that<00:07:00.240> your 00:07:00.409 --> 00:07:00.419 align:start position:0% you did not lose your stake that your 00:07:00.419 --> 00:07:03.620 align:start position:0% you did not lose your stake that your hardware<00:07:00.930> was<00:07:01.410> usable<00:07:01.889> afterwards<00:07:02.729> now 00:07:03.620 --> 00:07:03.630 align:start position:0% hardware was usable afterwards now 00:07:03.630 --> 00:07:05.840 align:start position:0% hardware was usable afterwards now compare<00:07:04.139> that<00:07:04.169> to<00:07:04.500> proof<00:07:04.710> of<00:07:04.860> stake<00:07:05.160> where<00:07:05.729> an 00:07:05.840 --> 00:07:05.850 align:start position:0% compare that to proof of stake where an 00:07:05.850 --> 00:07:08.870 align:start position:0% compare that to proof of stake where an attack<00:07:06.240> a<00:07:06.479> successful<00:07:07.199> attack<00:07:07.500> will<00:07:08.070> burn<00:07:08.400> the 00:07:08.870 --> 00:07:08.880 align:start position:0% attack a successful attack will burn the 00:07:08.880 --> 00:07:11.200 align:start position:0% attack a successful attack will burn the cash<00:07:09.120> that<00:07:09.479> you<00:07:09.630> put<00:07:09.840> into<00:07:09.990> the<00:07:10.229> system<00:07:10.259> and 00:07:11.200 --> 00:07:11.210 align:start position:0% cash that you put into the system and 00:07:11.210 --> 00:07:13.969 align:start position:0% cash that you put into the system and compare<00:07:12.210> that<00:07:12.240> again<00:07:12.720> to<00:07:13.229> proof<00:07:13.590> of<00:07:13.710> stake 00:07:13.969 --> 00:07:13.979 align:start position:0% compare that again to proof of stake 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align:start position:0% security the amount of money you would have<00:07:22.680> to<00:07:22.860> burn<00:07:23.039> to<00:07:23.250> attack<00:07:23.580> is<00:07:23.850> much<00:07:24.419> much 00:07:24.830 --> 00:07:24.840 align:start position:0% have to burn to attack is much much 00:07:24.840 --> 00:07:28.040 align:start position:0% have to burn to attack is much much higher<00:07:25.199> than<00:07:25.260> proof-of-work<00:07:25.949> systems<00:07:26.669> I<00:07:27.050> hope 00:07:28.040 --> 00:07:28.050 align:start position:0% higher than proof-of-work systems I hope 00:07:28.050 --> 00:07:29.810 align:start position:0% higher than proof-of-work systems I hope these<00:07:28.229> points<00:07:28.560> are<00:07:28.680> somehow<00:07:29.280> sort<00:07:29.580> of<00:07:29.669> make 00:07:29.810 --> 00:07:29.820 align:start position:0% these points are somehow sort of make 00:07:29.820 --> 00:07:32.659 align:start position:0% these points are somehow sort of make the<00:07:29.970> point<00:07:30.180> that<00:07:30.800> that<00:07:31.800> you<00:07:32.400> know<00:07:32.520> the 00:07:32.659 --> 00:07:32.669 align:start position:0% the point that that you know the 00:07:32.669 --> 00:07:33.980 align:start position:0% the point that that you know the narrative<00:07:33.060> that<00:07:33.090> you<00:07:33.300> get<00:07:33.479> from<00:07:33.690> the<00:07:33.810> Bitcoin 00:07:33.980 --> 00:07:33.990 align:start position:0% narrative that you get from the Bitcoin 00:07:33.990 --> 00:07:37.070 align:start position:0% narrative that you get from the Bitcoin loudmouths<00:07:34.949> is<00:07:35.849> essentially<00:07:36.360> just<00:07:36.479> a<00:07:36.870> whole 00:07:37.070 --> 00:07:37.080 align:start position:0% loudmouths is essentially just a whole 00:07:37.080 --> 00:07:38.870 align:start position:0% loudmouths is essentially just a whole bunch<00:07:37.320> of<00:07:37.470> security<00:07:37.770> theater<00:07:38.250> a<00:07:38.490> whole<00:07:38.669> bunch 00:07:38.870 --> 00:07:38.880 align:start position:0% bunch of security theater a whole bunch 00:07:38.880 --> 00:07:42.560 align:start position:0% bunch of security theater a whole bunch of<00:07:39.000> decentralization<00:07:39.690> theater<00:07:40.729> so<00:07:41.729> what<00:07:42.360> can 00:07:42.560 --> 00:07:42.570 align:start position:0% of decentralization theater so what can 00:07:42.570 --> 00:07:46.250 align:start position:0% of decentralization theater so what can we<00:07:42.750> do<00:07:43.160> well<00:07:44.160> so<00:07:44.789> to<00:07:45.419> sort<00:07:45.780> of<00:07:45.900> think<00:07:46.139> about 00:07:46.250 --> 00:07:46.260 align:start position:0% we do well so to sort of think about 00:07:46.260 --> 00:07:48.740 align:start position:0% we do well so to sort of think about what<00:07:46.650> one<00:07:46.860> could<00:07:47.039> do<00:07:47.250> one<00:07:47.789> has<00:07:48.060> to<00:07:48.270> understand 00:07:48.740 --> 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work 00:07:54.300 --> 00:07:55.969 align:start position:0% about well ok let's ditch proof of work that<00:07:54.599> sounds<00:07:54.930> like<00:07:55.020> a<00:07:55.080> sensible<00:07:55.470> thing<00:07:55.740> to<00:07:55.770> do 00:07:55.969 --> 00:07:55.979 align:start position:0% that sounds like a sensible thing to do 00:07:55.979 --> 00:07:57.670 align:start position:0% that sounds like a sensible thing to do why<00:07:56.220> we<00:07:56.490> are<00:07:56.610> all<00:07:56.760> people<00:07:56.970> with<00:07:57.180> consciences 00:07:57.670 --> 00:07:57.680 align:start position:0% why we are all people with consciences 00:07:57.680 --> 00:08:00.529 align:start position:0% why we are all people with consciences but<00:07:58.680> how<00:07:58.919> are<00:07:59.070> we<00:07:59.130> going<00:07:59.310> to<00:07:59.370> do<00:07:59.520> that<00:07:59.729> well<00:08:00.419> we 00:08:00.529 --> 00:08:00.539 align:start position:0% but how are we going to do that well we 00:08:00.539 --> 00:08:03.170 align:start position:0% but how are we going to do that well we have<00:08:00.710> until<00:08:01.710> recently<00:08:02.220> we<00:08:02.460> had<00:08:02.639> just<00:08:02.909> one 00:08:03.170 --> 00:08:03.180 align:start position:0% have until recently we had just one 00:08:03.180 --> 00:08:05.689 align:start position:0% have until recently we had just one choice<00:08:03.479> because<00:08:04.320> of<00:08:04.349> the<00:08:04.620> particular<00:08:05.250> history 00:08:05.689 --> 00:08:05.699 align:start position:0% choice because of the particular history 00:08:05.699 --> 00:08:08.300 align:start position:0% choice because of the particular history this<00:08:05.849> is<00:08:06.060> what<00:08:06.240> we<00:08:06.389> had<00:08:06.770> this<00:08:07.770> area<00:08:08.190> of 00:08:08.300 --> 00:08:08.310 align:start position:0% this is what we had this area of 00:08:08.310 --> 00:08:10.159 align:start position:0% this is what we had this area of distributed<00:08:08.820> systems<00:08:09.210> has<00:08:09.419> been<00:08:09.630> around<00:08:09.810> for 00:08:10.159 --> 00:08:10.169 align:start position:0% distributed systems has been around for 00:08:10.169 --> 00:08:13.730 align:start position:0% distributed systems has been around for about<00:08:10.289> 45<00:08:11.070> years<00:08:11.099> and<00:08:11.669> for<00:08:12.389> the<00:08:12.539> first<00:08:12.810> 35<00:08:13.349> of 00:08:13.730 --> 00:08:13.740 align:start position:0% about 45 years and for the first 35 of 00:08:13.740 --> 00:08:15.950 align:start position:0% about 45 years and for the first 35 of those<00:08:13.889> years<00:08:14.280> we<00:08:15.060> were<00:08:15.090> always<00:08:15.479> in<00:08:15.810> this 00:08:15.950 --> 00:08:15.960 align:start position:0% those years we were always in this 00:08:15.960 --> 00:08:17.779 align:start position:0% those years we were always in this framework<00:08:16.320> that<00:08:16.560> we<00:08:16.830> call<00:08:17.010> the<00:08:17.159> classical 00:08:17.779 --> 00:08:17.789 align:start position:0% framework that we call the classical 00:08:17.789 --> 00:08:19.909 align:start position:0% framework that we call the classical framework<00:08:18.270> the<00:08:18.780> two<00:08:18.990> people<00:08:19.380> who<00:08:19.500> came<00:08:19.710> up 00:08:19.909 --> 00:08:19.919 align:start position:0% framework the two people who came up 00:08:19.919 --> 00:08:21.589 align:start position:0% framework the two people who came up with<00:08:20.099> that<00:08:20.250> framework<00:08:20.520> Leslie<00:08:21.090> Lamport 00:08:21.589 --> 00:08:21.599 align:start position:0% with that framework Leslie Lamport 00:08:21.599 --> 00:08:23.770 align:start position:0% with that framework Leslie Lamport and<00:08:21.750> Barbara<00:08:22.080> Liskov<00:08:22.729> independently 00:08:23.770 --> 00:08:23.780 align:start position:0% and Barbara Liskov independently 00:08:23.780 --> 00:08:25.700 align:start position:0% and Barbara Liskov independently received<00:08:24.780> touring<00:08:25.139> awards<00:08:25.500> they're 00:08:25.700 --> 00:08:25.710 align:start position:0% received touring awards they're 00:08:25.710 --> 00:08:27.550 align:start position:0% received touring awards they're brilliant<00:08:26.130> and<00:08:26.340> within<00:08:26.880> that<00:08:27.180> framework 00:08:27.550 --> 00:08:27.560 align:start position:0% brilliant and within that framework 00:08:27.560 --> 00:08:30.050 align:start position:0% brilliant and within that framework hundreds<00:08:28.560> maybe<00:08:28.710> thousands<00:08:29.370> of<00:08:29.520> different 00:08:30.050 --> 00:08:30.060 align:start position:0% hundreds maybe thousands of different 00:08:30.060 --> 00:08:31.990 align:start position:0% hundreds maybe thousands of different consensus<00:08:30.750> protocols<00:08:31.199> have<00:08:31.349> been<00:08:31.409> proposed 00:08:31.990 --> 00:08:32.000 align:start position:0% consensus protocols have been proposed 00:08:32.000 --> 00:08:34.850 align:start position:0% consensus protocols have been proposed we<00:08:33.000> knew<00:08:33.240> about<00:08:33.360> all<00:08:33.719> these<00:08:33.900> protocols<00:08:34.169> 10 00:08:34.850 --> 00:08:34.860 align:start position:0% we knew about all these protocols 10 00:08:34.860 --> 00:08:37.850 align:start position:0% we knew about all these protocols 10 years<00:08:35.099> ago<00:08:35.279> in<00:08:35.490> 2009<00:08:36.380> Satoshi<00:08:37.380> knew<00:08:37.709> about 00:08:37.850 --> 00:08:37.860 align:start position:0% years ago in 2009 Satoshi knew about 00:08:37.860 --> 00:08:40.100 align:start position:0% years ago in 2009 Satoshi knew about those<00:08:38.190> protocols<00:08:38.760> he<00:08:39.300> looked<00:08:39.570> at<00:08:39.719> them<00:08:39.930> and<00:08:40.050> he 00:08:40.100 --> 00:08:40.110 align:start position:0% those protocols he looked at them and he 00:08:40.110 --> 00:08:42.800 align:start position:0% those protocols he looked at them and he said<00:08:40.349> these<00:08:40.620> protocols<00:08:41.099> are<00:08:41.490> no<00:08:41.789> good<00:08:42.150> they're 00:08:42.800 --> 00:08:42.810 align:start position:0% said these protocols are no good they're 00:08:42.810 --> 00:08:45.320 align:start position:0% said these protocols are no good they're very<00:08:43.169> very<00:08:43.500> fragile<00:08:43.919> they<00:08:44.760> don't<00:08:45.089> lend 00:08:45.320 --> 00:08:45.330 align:start position:0% very very fragile they don't lend 00:08:45.330 --> 00:08:47.360 align:start position:0% very very fragile they don't lend themselves<00:08:45.450> to<00:08:46.110> an<00:08:46.410> open<00:08:46.830> permissionless 00:08:47.360 --> 00:08:47.370 align:start position:0% themselves to an open permissionless 00:08:47.370 --> 00:08:49.970 align:start position:0% themselves to an open permissionless system<00:08:47.910> and<00:08:48.120> that's<00:08:48.870> why<00:08:49.110> he<00:08:49.320> came<00:08:49.560> up<00:08:49.770> with 00:08:49.970 --> 00:08:49.980 align:start position:0% system and that's why he came up with 00:08:49.980 --> 00:08:52.790 align:start position:0% system and that's why he came up with his<00:08:50.579> Nakamoto<00:08:51.180> consensus<00:08:51.810> protocol<00:08:52.290> which 00:08:52.790 --> 00:08:52.800 align:start position:0% his Nakamoto consensus protocol which 00:08:52.800 --> 00:08:54.110 align:start position:0% his Nakamoto consensus protocol which showed<00:08:53.100> the<00:08:53.310> world<00:08:53.490> what<00:08:53.670> was 00:08:54.110 --> 00:08:54.120 align:start position:0% showed the world what was 00:08:54.120 --> 00:08:57.890 align:start position:0% showed the world what was what<00:08:54.300> what<00:08:55.260> one<00:08:55.470> can<00:08:55.680> do<00:08:55.890> with<00:08:55.920> bft<00:08:56.880> systems<00:08:57.330> we 00:08:57.890 --> 00:08:57.900 align:start position:0% what what one can do with bft systems we 00:08:57.900 --> 00:08:59.570 align:start position:0% what what one can do with bft systems we showed<00:08:58.260> the<00:08:58.410> world<00:08:58.440> what<00:08:58.710> the<00:08:58.920> coin<00:08:59.160> could<00:08:59.400> do 00:08:59.570 --> 00:08:59.580 align:start position:0% showed the world what the coin could do 00:08:59.580 --> 00:09:01.280 align:start position:0% showed the world what the coin could do what<00:09:00.000> the<00:09:00.120> permissionless<00:09:00.600> coin<00:09:00.930> could<00:09:01.110> look 00:09:01.280 --> 00:09:01.290 align:start position:0% what the permissionless coin could look 00:09:01.290 --> 00:09:02.510 align:start position:0% what the permissionless coin could look like<00:09:01.350> so<00:09:01.950> it<00:09:02.040> was<00:09:02.160> a<00:09:02.190> fascinating 00:09:02.510 --> 00:09:02.520 align:start position:0% like so it was a fascinating 00:09:02.520 --> 00:09:05.300 align:start position:0% like so it was a fascinating proof-of-concept<00:09:03.710> but<00:09:04.710> we<00:09:04.950> are<00:09:05.100> now 00:09:05.300 --> 00:09:05.310 align:start position:0% proof-of-concept but we are now 00:09:05.310 --> 00:09:07.790 align:start position:0% proof-of-concept but we are now beginning<00:09:05.580> to<00:09:05.820> see<00:09:05.970> its<00:09:06.330> shortcomings<00:09:06.810> it<00:09:07.620> is 00:09:07.790 --> 00:09:07.800 align:start position:0% beginning to see its shortcomings it is 00:09:07.800 --> 00:09:09.860 align:start position:0% beginning to see its shortcomings it is not<00:09:08.070> as<00:09:08.400> decentralized<00:09:09.180> as<00:09:09.390> it<00:09:09.540> could<00:09:09.720> be 00:09:09.860 --> 00:09:09.870 align:start position:0% not as decentralized as it could be 00:09:09.870 --> 00:09:12.710 align:start position:0% not as decentralized as it could be there<00:09:10.350> is<00:09:10.440> natural<00:09:11.420> monopolistic<00:09:12.420> effects 00:09:12.710 --> 00:09:12.720 align:start position:0% there is natural monopolistic effects 00:09:12.720 --> 00:09:14.630 align:start position:0% there is natural monopolistic effects where<00:09:12.930> one<00:09:13.200> miner<00:09:13.470> becomes<00:09:13.950> dominant<00:09:14.550> over 00:09:14.630 --> 00:09:14.640 align:start position:0% where one miner becomes dominant over 00:09:14.640 --> 00:09:17.420 align:start position:0% where one miner becomes dominant over time<00:09:15.150> and<00:09:15.450> the<00:09:16.230> amount<00:09:16.350> of<00:09:16.620> energy<00:09:16.800> going<00:09:17.160> into 00:09:17.420 --> 00:09:17.430 align:start position:0% time and the amount of energy going into 00:09:17.430 --> 00:09:19.130 align:start position:0% time and the amount of energy going into it<00:09:17.640> is<00:09:17.760> enormous<00:09:18.089> and<00:09:18.420> so<00:09:18.570> on<00:09:18.630> and<00:09:18.779> so<00:09:18.900> forth 00:09:19.130 --> 00:09:19.140 align:start position:0% it is enormous and so on and so forth 00:09:19.140 --> 00:09:21.980 align:start position:0% it is enormous and so on and so forth now<00:09:19.350> what<00:09:20.160> can<00:09:20.279> we<00:09:20.339> do<00:09:20.580> we<00:09:21.210> can<00:09:21.360> go<00:09:21.450> back<00:09:21.690> to<00:09:21.870> the 00:09:21.980 --> 00:09:21.990 align:start position:0% now what can we do we can go back to the 00:09:21.990 --> 00:09:24.590 align:start position:0% now what can we do we can go back to the 70s<00:09:22.500> the<00:09:22.740> 80s<00:09:22.770> the<00:09:23.250> 90s<00:09:23.430> and<00:09:23.910> dust<00:09:24.150> up<00:09:24.360> old 00:09:24.590 --> 00:09:24.600 align:start position:0% 70s the 80s the 90s and dust up old 00:09:24.600 --> 00:09:28.160 align:start position:0% 70s the 80s the 90s and dust up old papers<00:09:25.080> and<00:09:25.320> put<00:09:25.710> new<00:09:25.920> lipstick<00:09:26.460> on<00:09:26.900> on<00:09:27.900> old 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--> 00:09:35.520 align:start position:0% to our current context no matter what we 00:09:35.520 --> 00:09:38.000 align:start position:0% to our current context no matter what we do<00:09:35.670> around<00:09:35.820> that<00:09:36.089> topic<00:09:36.480> we<00:09:37.170> will<00:09:37.350> find<00:09:37.650> that 00:09:38.000 --> 00:09:38.010 align:start position:0% do around that topic we will find that 00:09:38.010 --> 00:09:40.519 align:start position:0% do around that topic we will find that those<00:09:38.279> protocols<00:09:38.670> are<00:09:39.120> incredibly<00:09:39.839> fragile 00:09:40.519 --> 00:09:40.529 align:start position:0% those protocols are incredibly fragile 00:09:40.529 --> 00:09:42.710 align:start position:0% those protocols are incredibly fragile we<00:09:41.130> knew<00:09:41.339> this<00:09:41.580> at<00:09:41.730> that<00:09:41.850> time<00:09:41.910> we<00:09:42.450> knew<00:09:42.570> this 00:09:42.710 --> 00:09:42.720 align:start position:0% we knew this at that time we knew this 00:09:42.720 --> 00:09:45.350 align:start position:0% we knew this at that time we knew this ten<00:09:42.900> years<00:09:43.140> ago<00:09:43.200> we<00:09:43.830> know<00:09:44.040> it<00:09:44.190> now<00:09:44.370> if<00:09:44.910> you<00:09:45.120> talk 00:09:45.350 --> 00:09:45.360 align:start position:0% ten years ago we know it now if you talk 00:09:45.360 --> 00:09:46.790 align:start position:0% ten years ago we know it now if you talk to<00:09:45.570> various<00:09:45.960> different<00:09:46.260> people<00:09:46.380> who<00:09:46.560> talk<00:09:46.680> to 00:09:46.790 --> 00:09:46.800 align:start position:0% to various different people who talk to 00:09:46.800 --> 00:09:48.980 align:start position:0% to various different people who talk to blades<00:09:47.070> and<00:09:47.279> here<00:09:47.430> for<00:09:48.000> example<00:09:48.060> about<00:09:48.810> his 00:09:48.980 --> 00:09:48.990 align:start position:0% blades and here for example about his 00:09:48.990 --> 00:09:52.280 align:start position:0% blades and here for example about his expectations<00:09:49.320> of<00:09:49.920> e<00:09:50.070> -<00:09:50.370> oh<00:09:50.720> he<00:09:51.720> will<00:09:51.839> tell<00:09:52.080> you 00:09:52.280 --> 00:09:52.290 align:start position:0% expectations of e - oh he will tell you 00:09:52.290 --> 00:09:54.650 align:start position:0% expectations of e - oh he will tell you that<00:09:52.740> he<00:09:52.920> fully<00:09:53.100> expects<00:09:53.700> consensus<00:09:54.240> failures 00:09:54.650 --> 00:09:54.660 align:start position:0% that he fully expects consensus failures 00:09:54.660 --> 00:09:58.100 align:start position:0% that he fully expects consensus failures and<00:09:54.900> that's<00:09:55.890> not<00:09:56.160> that's<00:09:56.730> because<00:09:57.060> of<00:09:57.360> of<00:09:57.779> the 00:09:58.100 --> 00:09:58.110 align:start position:0% and that's not that's because of of the 00:09:58.110 --> 00:10:00.079 align:start position:0% and that's not that's because of of the fact<00:09:58.470> that<00:09:58.589> these<00:09:58.800> protocols<00:09:59.070> are<00:09:59.520> very<00:09:59.550> very 00:10:00.079 --> 00:10:00.089 align:start position:0% fact that these protocols are very very 00:10:00.089 --> 00:10:02.449 align:start position:0% fact that these protocols are very very fragile<00:10:00.709> something<00:10:01.709> interesting<00:10:02.130> happened 00:10:02.449 --> 00:10:02.459 align:start position:0% fragile something interesting happened 00:10:02.459 --> 00:10:04.820 align:start position:0% fragile something interesting happened last<00:10:02.640> year<00:10:02.959> there<00:10:03.959> was<00:10:04.050> a<00:10:04.110> new<00:10:04.380> protocol 00:10:04.820 --> 00:10:04.830 align:start position:0% last year there was a new protocol 00:10:04.830 --> 00:10:07.160 align:start position:0% last year there was a new protocol family<00:10:05.070> launched<00:10:05.730> its<00:10:06.180> called<00:10:06.240> Avalanche<00:10:06.930> and 00:10:07.160 --> 00:10:07.170 align:start position:0% family launched its called Avalanche and 00:10:07.170 --> 00:10:09.769 align:start position:0% family launched its called Avalanche and it<00:10:08.040> works<00:10:08.339> differently<00:10:08.910> from<00:10:09.120> the<00:10:09.330> others<00:10:09.600> it 00:10:09.769 --> 00:10:09.779 align:start position:0% it works differently from the others it 00:10:09.779 --> 00:10:13.040 align:start position:0% it works differently from the others it is<00:10:09.900> not<00:10:10.050> based<00:10:10.320> on<00:10:10.589> voting<00:10:11.459> it<00:10:12.060> is<00:10:12.540> not<00:10:12.690> based 00:10:13.040 --> 00:10:13.050 align:start position:0% is not based on voting it is not based 00:10:13.050 --> 00:10:15.320 align:start position:0% is not based on voting it is not based on<00:10:13.380> a<00:10:13.440> single<00:10:13.620> round<00:10:14.130> or<00:10:14.370> just<00:10:14.880> a<00:10:15.000> few<00:10:15.180> rounds 00:10:15.320 --> 00:10:15.330 align:start position:0% on a single round or just a few rounds 00:10:15.330 --> 00:10:18.190 align:start position:0% on a single round or just a few rounds was<00:10:15.990> based<00:10:16.200> on<00:10:16.380> repeated<00:10:16.770> rounds<00:10:17.220> of<00:10:17.610> sampled 00:10:18.190 --> 00:10:18.200 align:start position:0% was based on repeated rounds of sampled 00:10:18.200 --> 00:10:21.890 align:start position:0% was based on repeated rounds of sampled sampling<00:10:19.200> an<00:10:19.350> audience<00:10:19.740> and<00:10:20.240> that<00:10:21.240> gives<00:10:21.570> us 00:10:21.890 --> 00:10:21.900 align:start position:0% sampling an audience and that gives us 00:10:21.900 --> 00:10:24.710 align:start position:0% sampling an audience and that gives us an<00:10:22.529> incredible<00:10:23.010> incredibly<00:10:23.970> different<00:10:24.240> set 00:10:24.710 --> 00:10:24.720 align:start position:0% an incredible incredibly different set 00:10:24.720 --> 00:10:28.220 align:start position:0% an incredible incredibly different set of<00:10:26.000> of<00:10:27.000> properties<00:10:27.630> and<00:10:27.779> I<00:10:27.870> want<00:10:28.020> to<00:10:28.080> talk 00:10:28.220 --> 00:10:28.230 align:start position:0% of of properties and I want to talk 00:10:28.230 --> 00:10:30.410 align:start position:0% of of properties and I want to talk about<00:10:28.380> that<00:10:28.740> and<00:10:29.160> what<00:10:29.730> I<00:10:29.790> really<00:10:30.180> wanted<00:10:30.360> to 00:10:30.410 --> 00:10:30.420 align:start position:0% about that and what I really wanted to 00:10:30.420 --> 00:10:32.360 align:start position:0% about that and what I really wanted to talk<00:10:30.600> to<00:10:30.750> you<00:10:30.839> about<00:10:30.930> today<00:10:31.350> is<00:10:31.560> something<00:10:32.100> we 00:10:32.360 --> 00:10:32.370 align:start position:0% talk to you about today is something we 00:10:32.370 --> 00:10:34.940 align:start position:0% talk to you about today is something we built<00:10:32.610> using<00:10:33.300> that<00:10:33.720> protocol<00:10:34.230> it's<00:10:34.589> called<00:10:34.800> a 00:10:34.940 --> 00:10:34.950 align:start position:0% built using that protocol it's called a 00:10:34.950 --> 00:10:37.790 align:start position:0% built using that protocol it's called a theorem<00:10:35.520> and<00:10:35.970> it's<00:10:36.930> a<00:10:37.050> test<00:10:37.320> net<00:10:37.560> for 00:10:37.790 --> 00:10:37.800 align:start position:0% theorem and it's a test net for 00:10:37.800 --> 00:10:40.250 align:start position:0% theorem and it's a test net for aetherium<00:10:38.430> okay<00:10:39.029> so<00:10:39.510> you<00:10:39.600> can<00:10:39.750> use<00:10:39.900> it<00:10:40.110> today 00:10:40.250 --> 00:10:40.260 align:start position:0% aetherium okay so you can use it today 00:10:40.260 --> 00:10:42.920 align:start position:0% aetherium okay so you can use it today and<00:10:40.700> I'll<00:10:41.700> show<00:10:41.970> you<00:10:42.029> maybe<00:10:42.360> I<00:10:42.510> was<00:10:42.660> trying<00:10:42.779> to 00:10:42.920 --> 00:10:42.930 align:start position:0% and I'll show you maybe I was trying to 00:10:42.930 --> 00:10:45.380 align:start position:0% and I'll show you maybe I was trying to show<00:10:43.110> you<00:10:43.170> a<00:10:43.800> video<00:10:44.190> we<00:10:44.940> came<00:10:45.150> up<00:10:45.270> with<00:10:45.360> a 00:10:45.380 --> 00:10:45.390 align:start position:0% show you a video we came up with a 00:10:45.390 --> 00:10:48.079 align:start position:0% show you a video we came up with a school<00:10:45.630> logo<00:10:45.900> it's<00:10:46.589> alpha<00:10:47.160> plus<00:10:47.459> aetherium 00:10:48.079 --> 00:10:48.089 align:start position:0% school logo it's alpha plus aetherium 00:10:48.089 --> 00:10:49.610 align:start position:0% school logo it's alpha plus aetherium and<00:10:48.270> you<00:10:48.330> combine<00:10:48.540> the<00:10:48.839> two<00:10:48.990> and<00:10:49.170> you've<00:10:49.290> got<00:10:49.440> a 00:10:49.610 --> 00:10:49.620 align:start position:0% and you combine the two and you've got a 00:10:49.620 --> 00:10:52.880 align:start position:0% and you combine the two and you've got a theory<00:10:50.040> and<00:10:50.540> and<00:10:51.540> at<00:10:51.690> the<00:10:51.720> core<00:10:52.020> of<00:10:52.170> it<00:10:52.350> lies<00:10:52.860> a 00:10:52.880 --> 00:10:52.890 align:start position:0% theory and and at the core of it lies a 00:10:52.890 --> 00:10:55.460 align:start position:0% theory and and at the core of it lies a very<00:10:53.279> simple<00:10:53.700> idea<00:10:53.820> okay<00:10:54.450> the<00:10:54.779> idea<00:10:54.930> is<00:10:55.290> to 00:10:55.460 --> 00:10:55.470 align:start position:0% very simple idea okay the idea is to 00:10:55.470 --> 00:10:57.740 align:start position:0% very simple idea okay the idea is to take<00:10:55.620> the<00:10:55.830> the<00:10:56.310> Avalanche<00:10:57.000> consensus 00:10:57.740 --> 00:10:57.750 align:start position:0% take the the Avalanche consensus 00:10:57.750 --> 00:11:01.030 align:start position:0% take the the Avalanche consensus protocol<00:10:57.990> and<00:10:58.529> to<00:10:59.250> adapt<00:10:59.700> it<00:10:59.940> for<00:10:59.970> use<00:11:00.450> with 00:11:01.030 --> 00:11:01.040 align:start position:0% protocol and to adapt it for use with 00:11:01.040 --> 00:11:03.770 align:start position:0% protocol and to adapt it for use with aetherium<00:11:02.070> and<00:11:02.300> just<00:11:03.300> like<00:11:03.480> you<00:11:03.630> have 00:11:03.770 --> 00:11:03.780 align:start position:0% aetherium and just like you have 00:11:03.780 --> 00:11:05.480 align:start position:0% aetherium and just like you have multiple<00:11:04.290> test<00:11:04.530> nests<00:11:04.740> for<00:11:04.920> aetherium 00:11:05.480 --> 00:11:05.490 align:start position:0% multiple test nests for aetherium 00:11:05.490 --> 00:11:06.269 align:start position:0% multiple test nests for aetherium there's<00:11:05.790> the<00:11:05.970> runs 00:11:06.269 --> 00:11:06.279 align:start position:0% there's the runs 00:11:06.279 --> 00:11:10.590 align:start position:0% there's the runs this<00:11:06.939> is<00:11:07.120> that<00:11:07.300> we<00:11:08.199> can<00:11:08.379> also<00:11:08.529> have<00:11:09.329> the<00:11:10.329> a 00:11:10.590 --> 00:11:10.600 align:start position:0% this is that we can also have the a 00:11:10.600 --> 00:11:12.600 align:start position:0% this is that we can also have the a theorem<00:11:11.199> test<00:11:11.560> net<00:11:11.769> that<00:11:11.949> people<00:11:12.279> could<00:11:12.430> use 00:11:12.600 --> 00:11:12.610 align:start position:0% theorem test net that people could use 00:11:12.610 --> 00:11:14.850 align:start position:0% theorem test net that people could use now<00:11:13.420> the<00:11:13.480> properties<00:11:14.019> of<00:11:14.050> this<00:11:14.290> test<00:11:14.529> net<00:11:14.709> are 00:11:14.850 --> 00:11:14.860 align:start position:0% now the properties of this test net are 00:11:14.860 --> 00:11:17.550 align:start position:0% now the properties of this test net are interesting<00:11:15.339> it<00:11:15.939> is<00:11:16.120> very<00:11:16.449> very<00:11:16.779> very<00:11:17.110> fast 00:11:17.550 --> 00:11:17.560 align:start position:0% interesting it is very very very fast 00:11:17.560 --> 00:11:19.559 align:start position:0% interesting it is very very very fast these<00:11:17.860> protocols<00:11:18.279> are<00:11:18.670> incredibly<00:11:19.240> fast 00:11:19.559 --> 00:11:19.569 align:start position:0% these protocols are incredibly fast 00:11:19.569 --> 00:11:22.050 align:start position:0% these protocols are incredibly fast we're<00:11:20.139> getting<00:11:20.470> three<00:11:21.009> thousand<00:11:21.579> decisions 00:11:22.050 --> 00:11:22.060 align:start position:0% we're getting three thousand decisions 00:11:22.060 --> 00:11:24.869 align:start position:0% we're getting three thousand decisions per<00:11:22.269> second<00:11:22.779> on<00:11:23.199> the<00:11:23.410> a<00:11:23.439> theorem<00:11:24.100> test<00:11:24.459> net<00:11:24.670> on 00:11:24.869 --> 00:11:24.879 align:start position:0% per second on the a theorem test net on 00:11:24.879 --> 00:11:26.759 align:start position:0% per second on the a theorem test net on the<00:11:25.120> linear<00:11:25.540> chain<00:11:25.930> that<00:11:26.170> we<00:11:26.350> built<00:11:26.589> it's 00:11:26.759 --> 00:11:26.769 align:start position:0% the linear chain that we built it's 00:11:26.769 --> 00:11:28.619 align:start position:0% the linear chain that we built it's totally<00:11:27.279> ordered<00:11:27.639> we're<00:11:28.149> getting<00:11:28.420> higher 00:11:28.619 --> 00:11:28.629 align:start position:0% totally ordered we're getting higher 00:11:28.629 --> 00:11:30.689 align:start position:0% totally ordered we're getting higher numbers<00:11:29.139> you<00:11:29.829> might<00:11:29.980> have<00:11:30.160> some<00:11:30.370> of<00:11:30.459> you<00:11:30.550> might 00:11:30.689 --> 00:11:30.699 align:start position:0% numbers you might have some of you might 00:11:30.699 --> 00:11:33.150 align:start position:0% numbers you might have some of you might have<00:11:30.730> heard<00:11:30.910> me<00:11:31.180> talk<00:11:31.749> about<00:11:31.779> avalanche<00:11:32.470> we 00:11:33.150 --> 00:11:33.160 align:start position:0% have heard me talk about avalanche we 00:11:33.160 --> 00:11:34.829 align:start position:0% have heard me talk about avalanche we have<00:11:33.279> much<00:11:33.459> higher<00:11:33.670> numbers<00:11:34.120> for<00:11:34.329> avalanche 00:11:34.829 --> 00:11:34.839 align:start position:0% have much higher numbers for avalanche 00:11:34.839 --> 00:11:36.869 align:start position:0% have much higher numbers for avalanche but<00:11:35.529> that's<00:11:35.680> a<00:11:35.800> different<00:11:36.189> kind<00:11:36.370> of<00:11:36.430> a<00:11:36.519> system 00:11:36.869 --> 00:11:36.879 align:start position:0% but that's a different kind of a system 00:11:36.879 --> 00:11:39.090 align:start position:0% but that's a different kind of a system that<00:11:36.910> has<00:11:37.120> partial<00:11:37.779> order<00:11:38.050> and<00:11:38.740> asset 00:11:39.090 --> 00:11:39.100 align:start position:0% that has partial order and asset 00:11:39.100 --> 00:11:40.379 align:start position:0% that has partial order and asset management<00:11:39.459> and<00:11:39.639> so<00:11:39.850> forth<00:11:39.879> that's<00:11:40.269> a 00:11:40.379 --> 00:11:40.389 align:start position:0% management and so forth that's a 00:11:40.389 --> 00:11:42.150 align:start position:0% management and so forth that's a different<00:11:40.809> different<00:11:40.959> thing<00:11:41.259> this<00:11:41.980> is<00:11:42.129> a 00:11:42.150 --> 00:11:42.160 align:start position:0% different different thing this is a 00:11:42.160 --> 00:11:43.739 align:start position:0% different different thing this is a little<00:11:42.519> slower<00:11:42.790> because<00:11:43.029> we're<00:11:43.329> creating<00:11:43.480> a 00:11:43.739 --> 00:11:43.749 align:start position:0% little slower because we're creating a 00:11:43.749 --> 00:11:46.049 align:start position:0% little slower because we're creating a totally<00:11:44.110> order<00:11:44.350> chain<00:11:44.620> and<00:11:44.860> yet<00:11:45.339> it's<00:11:45.579> three 00:11:46.049 --> 00:11:46.059 align:start position:0% totally order chain and yet it's three 00:11:46.059 --> 00:11:48.360 align:start position:0% totally order chain and yet it's three thousand<00:11:46.629> decisions<00:11:47.110> per<00:11:47.259> second<00:11:47.620> now<00:11:48.129> by<00:11:48.309> the 00:11:48.360 --> 00:11:48.370 align:start position:0% thousand decisions per second now by the 00:11:48.370 --> 00:11:50.429 align:start position:0% thousand decisions per second now by the time<00:11:48.490> you<00:11:48.790> put<00:11:48.970> it<00:11:49.059> through<00:11:49.209> the<00:11:49.360> EVM<00:11:49.839> that 00:11:50.429 --> 00:11:50.439 align:start position:0% time you put it through the EVM that 00:11:50.439 --> 00:11:52.290 align:start position:0% time you put it through the EVM that goes<00:11:50.680> down<00:11:50.889> drastically<00:11:51.220> and<00:11:51.730> the<00:11:51.999> numbers 00:11:52.290 --> 00:11:52.300 align:start position:0% goes down drastically and the numbers 00:11:52.300 --> 00:11:54.319 align:start position:0% goes down drastically and the numbers that<00:11:52.420> we're<00:11:52.600> seeing<00:11:52.809> today<00:11:53.139> are<00:11:53.170> about<00:11:53.499> 200 00:11:54.319 --> 00:11:54.329 align:start position:0% that we're seeing today are about 200 00:11:54.329 --> 00:11:56.699 align:start position:0% that we're seeing today are about 200 transactions<00:11:55.329> per<00:11:55.480> second<00:11:55.839> but<00:11:56.259> that's<00:11:56.410> due 00:11:56.699 --> 00:11:56.709 align:start position:0% transactions per second but that's due 00:11:56.709 --> 00:12:00.090 align:start position:0% transactions per second but that's due to<00:11:56.980> our<00:11:57.910> view<00:11:58.329> the<00:11:58.480> current<00:11:58.720> EVM<00:11:59.589> design<00:11:59.949> that 00:12:00.090 --> 00:12:00.100 align:start position:0% to our view the current EVM design that 00:12:00.100 --> 00:12:02.730 align:start position:0% to our view the current EVM design that we're<00:12:00.220> using<00:12:00.459> which<00:12:01.059> we<00:12:01.360> stole<00:12:01.660> entirely<00:12:02.079> from 00:12:02.730 --> 00:12:02.740 align:start position:0% we're using which we stole entirely from 00:12:02.740 --> 00:12:07.319 align:start position:0% we're using which we stole entirely from get<00:12:03.600> so<00:12:04.600> it's<00:12:05.589> not<00:12:05.769> only<00:12:06.249> high<00:12:06.730> throughput<00:12:07.120> I 00:12:07.319 --> 00:12:07.329 align:start position:0% get so it's not only high throughput I 00:12:07.329 --> 00:12:10.049 align:start position:0% get so it's not only high throughput I think<00:12:08.019> the<00:12:08.439> a<00:12:08.680> lot<00:12:09.009> of<00:12:09.160> this<00:12:09.309> game<00:12:09.519> turns<00:12:09.790> out 00:12:10.049 --> 00:12:10.059 align:start position:0% think the a lot of this game turns out 00:12:10.059 --> 00:12:12.720 align:start position:0% think the a lot of this game turns out to<00:12:10.209> be<00:12:10.240> centered<00:12:10.779> around<00:12:10.899> TPS<00:12:11.529> numbers<00:12:11.949> TPS 00:12:12.720 --> 00:12:12.730 align:start position:0% to be centered around TPS numbers TPS 00:12:12.730 --> 00:12:14.610 align:start position:0% to be centered around TPS numbers TPS numbers<00:12:13.089> are<00:12:13.240> incredibly<00:12:13.689> easy<00:12:13.899> to<00:12:14.019> fake<00:12:14.379> and 00:12:14.610 --> 00:12:14.620 align:start position:0% numbers are incredibly easy to fake and 00:12:14.620 --> 00:12:16.350 align:start position:0% numbers are incredibly easy to fake and if<00:12:15.009> you<00:12:15.129> want<00:12:15.339> to<00:12:15.459> sort<00:12:15.670> of<00:12:15.730> look<00:12:16.059> for<00:12:16.240> an 00:12:16.350 --> 00:12:16.360 align:start position:0% if you want to sort of look for an 00:12:16.360 --> 00:12:19.049 align:start position:0% if you want to sort of look for an example<00:12:16.660> of<00:12:16.899> this<00:12:17.050> ask<00:12:17.350> as<00:12:17.949> the<00:12:18.490> header<00:12:18.670> hash 00:12:19.049 --> 00:12:19.059 align:start position:0% example of this ask as the header hash 00:12:19.059 --> 00:12:22.470 align:start position:0% example of this ask as the header hash graph<00:12:19.300> people<00:12:19.689> for<00:12:19.899> a<00:12:19.930> demo<00:12:20.579> so<00:12:21.579> the<00:12:22.209> thing 00:12:22.470 --> 00:12:22.480 align:start position:0% graph people for a demo so the thing 00:12:22.480 --> 00:12:24.960 align:start position:0% graph people for a demo so the thing that's<00:12:22.689> really<00:12:22.959> important<00:12:23.649> is<00:12:23.889> finality<00:12:24.730> and 00:12:24.960 --> 00:12:24.970 align:start position:0% that's really important is finality and 00:12:24.970 --> 00:12:28.139 align:start position:0% that's really important is finality and I<00:12:25.689> suspect<00:12:26.620> that<00:12:26.709> most<00:12:27.250> people<00:12:27.790> have<00:12:27.939> not<00:12:28.089> seen 00:12:28.139 --> 00:12:28.149 align:start position:0% I suspect that most people have not seen 00:12:28.149 --> 00:12:30.439 align:start position:0% I suspect that most people have not seen just<00:12:28.629> how<00:12:28.720> awesome<00:12:29.259> these<00:12:29.410> systems<00:12:29.889> can<00:12:30.100> be 00:12:30.439 --> 00:12:30.449 align:start position:0% just how awesome these systems can be 00:12:30.449 --> 00:12:33.119 align:start position:0% just how awesome these systems can be when<00:12:31.449> they<00:12:31.689> when<00:12:32.199> they<00:12:32.319> operate<00:12:32.680> with<00:12:32.889> quic 00:12:33.119 --> 00:12:33.129 align:start position:0% when they when they operate with quic 00:12:33.129 --> 00:12:35.189 align:start position:0% when they when they operate with quic finality<00:12:33.670> so<00:12:34.029> the<00:12:34.120> avalanche<00:12:34.569> family<00:12:34.990> gives 00:12:35.189 --> 00:12:35.199 align:start position:0% finality so the avalanche family gives 00:12:35.199 --> 00:12:37.799 align:start position:0% finality so the avalanche family gives us<00:12:35.319> finality<00:12:35.920> I<00:12:36.129> can't<00:12:36.639> give<00:12:36.790> us<00:12:36.879> finality<00:12:37.449> in 00:12:37.799 --> 00:12:37.809 align:start position:0% us finality I can't give us finality in 00:12:37.809 --> 00:12:39.929 align:start position:0% us finality I can't give us finality in less<00:12:38.319> than<00:12:38.559> a<00:12:38.620> second<00:12:39.129> range<00:12:39.370> that's<00:12:39.759> our 00:12:39.929 --> 00:12:39.939 align:start position:0% less than a second range that's our 00:12:39.939 --> 00:12:41.999 align:start position:0% less than a second range that's our target<00:12:40.149> on<00:12:41.110> our<00:12:41.199> current<00:12:41.529> test<00:12:41.709> net<00:12:41.860> we're 00:12:41.999 --> 00:12:42.009 align:start position:0% target on our current test net we're 00:12:42.009 --> 00:12:44.360 align:start position:0% target on our current test net we're getting<00:12:42.189> 90<00:12:42.490> milliseconds<00:12:42.759> super<00:12:43.689> fast<00:12:43.930> and 00:12:44.360 --> 00:12:44.370 align:start position:0% getting 90 milliseconds super fast and 00:12:44.370 --> 00:12:47.249 align:start position:0% getting 90 milliseconds super fast and the<00:12:45.370> most<00:12:45.699> important<00:12:46.269> feature<00:12:46.509> of<00:12:46.839> this 00:12:47.249 --> 00:12:47.259 align:start position:0% the most important feature of this 00:12:47.259 --> 00:12:49.949 align:start position:0% the most important feature of this protocol<00:12:47.829> is<00:12:48.189> that<00:12:48.309> it<00:12:48.970> can<00:12:49.209> incorporate<00:12:49.540> any 00:12:49.949 --> 00:12:49.959 align:start position:0% protocol is that it can incorporate any 00:12:49.959 --> 00:12:52.650 align:start position:0% protocol is that it can incorporate any number<00:12:50.589> of<00:12:50.769> participants<00:12:51.459> so<00:12:52.059> if<00:12:52.209> you<00:12:52.360> want<00:12:52.540> to 00:12:52.650 --> 00:12:52.660 align:start position:0% number of participants so if you want to 00:12:52.660 --> 00:12:54.840 align:start position:0% number of participants so if you want to add<00:12:52.779> a<00:12:52.809> thousand<00:12:53.529> more<00:12:53.709> people<00:12:53.949> to<00:12:54.309> directly 00:12:54.840 --> 00:12:54.850 align:start position:0% add a thousand more people to directly 00:12:54.850 --> 00:12:56.910 align:start position:0% add a thousand more people to directly participate<00:12:55.059> in<00:12:55.660> the<00:12:55.750> protocol<00:12:56.259> it<00:12:56.620> can 00:12:56.910 --> 00:12:56.920 align:start position:0% participate in the protocol it can 00:12:56.920 --> 00:12:59.340 align:start position:0% participate in the protocol it can absorb<00:12:57.069> those<00:12:57.610> thousands<00:12:58.209> this<00:12:58.750> is<00:12:58.959> something 00:12:59.340 --> 00:12:59.350 align:start position:0% absorb those thousands this is something 00:12:59.350 --> 00:13:01.919 align:start position:0% absorb those thousands this is something that<00:12:59.379> nobody<00:12:59.889> else<00:12:59.949> can<00:13:00.279> say<00:13:00.720> Libre<00:13:01.720> for 00:13:01.919 --> 00:13:01.929 align:start position:0% that nobody else can say Libre for 00:13:01.929 --> 00:13:03.780 align:start position:0% that nobody else can say Libre for example<00:13:02.410> is<00:13:02.529> a<00:13:02.559> classical<00:13:03.160> protocol<00:13:03.579> it's 00:13:03.780 --> 00:13:03.790 align:start position:0% example is a classical protocol it's 00:13:03.790 --> 00:13:05.309 align:start position:0% example is a classical protocol it's using<00:13:04.120> the<00:13:04.240> fastest<00:13:04.779> known<00:13:04.990> classical 00:13:05.309 --> 00:13:05.319 align:start position:0% using the fastest known classical 00:13:05.319 --> 00:13:07.470 align:start position:0% using the fastest known classical protocol<00:13:06.100> designed<00:13:06.699> by<00:13:06.819> my<00:13:06.970> student<00:13:07.300> by<00:13:07.420> the 00:13:07.470 --> 00:13:07.480 align:start position:0% protocol designed by my student by the 00:13:07.480 --> 00:13:10.530 align:start position:0% protocol designed by my student by the way<00:13:07.660> who<00:13:08.290> now<00:13:08.470> works<00:13:08.679> another<00:13:09.029> and<00:13:10.029> they're 00:13:10.530 --> 00:13:10.540 align:start position:0% way who now works another and they're 00:13:10.540 --> 00:13:12.210 align:start position:0% way who now works another and they're getting<00:13:10.779> they're<00:13:11.050> targeting<00:13:11.559> a<00:13:11.679> hundred 00:13:12.210 --> 00:13:12.220 align:start position:0% getting they're targeting a hundred 00:13:12.220 --> 00:13:14.490 align:start position:0% getting they're targeting a hundred validators<00:13:12.939> that's<00:13:13.509> the<00:13:13.720> best<00:13:13.959> they<00:13:14.139> can<00:13:14.199> do 00:13:14.490 --> 00:13:14.500 align:start position:0% validators that's the best they can do 00:13:14.500 --> 00:13:16.470 align:start position:0% validators that's the best they can do more<00:13:14.740> than<00:13:14.889> a<00:13:15.009> hundred<00:13:15.220> then<00:13:15.759> the<00:13:15.939> N<00:13:16.059> squared 00:13:16.470 --> 00:13:16.480 align:start position:0% more than a hundred then the N squared 00:13:16.480 --> 00:13:19.240 align:start position:0% more than a hundred then the N squared starts<00:13:16.839> to<00:13:16.959> bite<00:13:17.110> them<00:13:17.379> so<00:13:18.250> the 00:13:19.240 --> 00:13:19.250 align:start position:0% starts to bite them so the 00:13:19.250 --> 00:13:20.680 align:start position:0% starts to bite them so the further<00:13:19.550> calls<00:13:19.730> work<00:13:19.910> differently<00:13:20.420> and<00:13:20.570> they 00:13:20.680 --> 00:13:20.690 align:start position:0% further calls work differently and they 00:13:20.690 --> 00:13:22.630 align:start position:0% further calls work differently and they can<00:13:20.870> accommodate<00:13:21.200> as<00:13:21.560> I<00:13:21.680> said<00:13:21.890> thousands<00:13:22.490> to 00:13:22.630 --> 00:13:22.640 align:start position:0% can accommodate as I said thousands to 00:13:22.640 --> 00:13:25.270 align:start position:0% can accommodate as I said thousands to millions<00:13:22.850> of<00:13:23.210> participants<00:13:23.570> you<00:13:24.200> and<00:13:24.470> I<00:13:24.950> and 00:13:25.270 --> 00:13:25.280 align:start position:0% millions of participants you and I and 00:13:25.280 --> 00:13:26.800 align:start position:0% millions of participants you and I and all<00:13:25.370> of<00:13:25.430> those<00:13:25.670> existing<00:13:26.300> nodes<00:13:26.540> that<00:13:26.750> I 00:13:26.800 --> 00:13:26.810 align:start position:0% all of those existing nodes that I 00:13:26.810 --> 00:13:28.540 align:start position:0% all of those existing nodes that I counted<00:13:27.290> before<00:13:27.440> that<00:13:27.920> we<00:13:28.040> looked<00:13:28.280> at<00:13:28.400> before 00:13:28.540 --> 00:13:28.550 align:start position:0% counted before that we looked at before 00:13:28.550 --> 00:13:31.090 align:start position:0% counted before that we looked at before they<00:13:29.300> can<00:13:29.510> be<00:13:29.630> part<00:13:29.930> of<00:13:30.110> the<00:13:30.260> network<00:13:30.650> they<00:13:30.920> can 00:13:31.090 --> 00:13:31.100 align:start position:0% they can be part of the network they can 00:13:31.100 --> 00:13:33.520 align:start position:0% they can be part of the network they can help<00:13:31.340> the<00:13:31.580> network<00:13:32.000> make<00:13:32.270> decisions<00:13:32.870> they<00:13:33.350> can 00:13:33.520 --> 00:13:33.530 align:start position:0% help the network make decisions they can 00:13:33.530 --> 00:13:36.070 align:start position:0% help the network make decisions they can help<00:13:33.800> secure<00:13:34.100> the<00:13:34.400> network<00:13:34.550> law<00:13:35.420> enforcement 00:13:36.070 --> 00:13:36.080 align:start position:0% help secure the network law enforcement 00:13:36.080 --> 00:13:38.350 align:start position:0% help secure the network law enforcement can<00:13:36.260> send<00:13:36.590> a<00:13:36.740> hundred<00:13:36.950> subpoenas<00:13:37.730> in<00:13:37.910> the<00:13:38.120> same 00:13:38.350 --> 00:13:38.360 align:start position:0% can send a hundred subpoenas in the same 00:13:38.360 --> 00:13:42.330 align:start position:0% can send a hundred subpoenas in the same day<00:13:38.600> no<00:13:39.050> problem<00:13:39.590> they<00:13:40.190> cannot<00:13:40.670> send<00:13:41.110> 25,000 00:13:42.330 --> 00:13:42.340 align:start position:0% day no problem they cannot send 25,000 00:13:42.340 --> 00:13:47.380 align:start position:0% day no problem they cannot send 25,000 subpoenas<00:13:43.340> to<00:13:43.790> all<00:13:43.970> 25,000<00:13:44.960> of<00:13:45.050> us<00:13:45.200> and<00:13:46.390> and 00:13:47.380 --> 00:13:47.390 align:start position:0% subpoenas to all 25,000 of us and and 00:13:47.390 --> 00:13:49.750 align:start position:0% subpoenas to all 25,000 of us and and finally<00:13:47.710> the<00:13:48.710> implementation<00:13:49.370> that<00:13:49.460> we<00:13:49.610> have 00:13:49.750 --> 00:13:49.760 align:start position:0% finally the implementation that we have 00:13:49.760 --> 00:13:51.610 align:start position:0% finally the implementation that we have is<00:13:49.910> byte<00:13:50.090> by<00:13:50.270> byte<00:13:50.300> compatible<00:13:51.050> with<00:13:51.170> the<00:13:51.260> EVM 00:13:51.610 --> 00:13:51.620 align:start position:0% is byte by byte compatible with the EVM 00:13:51.620 --> 00:13:53.830 align:start position:0% is byte by byte compatible with the EVM so<00:13:51.920> everything<00:13:52.460> that<00:13:52.490> we<00:13:52.730> know<00:13:52.940> we<00:13:53.480> can<00:13:53.660> just 00:13:53.830 --> 00:13:53.840 align:start position:0% so everything that we know we can just 00:13:53.840 --> 00:13:55.420 align:start position:0% so everything that we know we can just take<00:13:54.020> and<00:13:54.260> run<00:13:54.590> on<00:13:54.830> top<00:13:55.040> of<00:13:55.190> this<00:13:55.280> new 00:13:55.420 --> 00:13:55.430 align:start position:0% take and run on top of this new 00:13:55.430 --> 00:13:59.350 align:start position:0% take and run on top of this new infrastructure<00:13:56.560> so<00:13:57.560> the<00:13:58.460> plan<00:13:58.670> here<00:13:58.700> or<00:13:59.210> the 00:13:59.350 --> 00:13:59.360 align:start position:0% infrastructure so the plan here or the 00:13:59.360 --> 00:14:02.050 align:start position:0% infrastructure so the plan here or the idea<00:13:59.660> here<00:14:00.050> is<00:14:00.080> the<00:14:00.350> spoon<00:14:00.680> etherium<00:14:01.550> over<00:14:01.910> to 00:14:02.050 --> 00:14:02.060 align:start position:0% idea here is the spoon etherium over to 00:14:02.060 --> 00:14:04.960 align:start position:0% idea here is the spoon etherium over to over<00:14:02.390> to<00:14:02.540> the<00:14:02.660> oven<00:14:02.810> network<00:14:03.350> and<00:14:03.620> so<00:14:04.190> some<00:14:04.640> of 00:14:04.960 --> 00:14:04.970 align:start position:0% over to the oven network and so some of 00:14:04.970 --> 00:14:06.490 align:start position:0% over to the oven network and so some of you<00:14:05.090> might<00:14:05.210> not<00:14:05.420> have<00:14:05.540> heard<00:14:05.690> the<00:14:05.930> word<00:14:06.080> spoon 00:14:06.490 --> 00:14:06.500 align:start position:0% you might not have heard the word spoon 00:14:06.500 --> 00:14:08.680 align:start position:0% you might not have heard the word spoon before<00:14:06.770> a<00:14:07.040> spoon<00:14:07.430> is<00:14:07.670> a<00:14:07.700> fork<00:14:08.090> that's<00:14:08.330> friendly 00:14:08.680 --> 00:14:08.690 align:start position:0% before a spoon is a fork that's friendly 00:14:08.690 --> 00:14:10.480 align:start position:0% before a spoon is a fork that's friendly I'll<00:14:09.140> talk<00:14:09.350> about<00:14:09.380> why<00:14:09.740> this<00:14:09.800> is<00:14:10.130> friendly<00:14:10.400> and 00:14:10.480 --> 00:14:10.490 align:start position:0% I'll talk about why this is friendly and 00:14:10.490 --> 00:14:12.250 align:start position:0% I'll talk about why this is friendly and why<00:14:10.670> this<00:14:10.730> is<00:14:10.940> good<00:14:11.120> in<00:14:11.210> a<00:14:11.270> second<00:14:11.630> and<00:14:12.080> that 00:14:12.250 --> 00:14:12.260 align:start position:0% why this is good in a second and that 00:14:12.260 --> 00:14:15.730 align:start position:0% why this is good in a second and that creates<00:14:12.620> a<00:14:12.860> theorem<00:14:13.430> for<00:14:13.670> us<00:14:13.820> in<00:14:14.810> doing<00:14:15.260> so<00:14:15.500> we 00:14:15.730 --> 00:14:15.740 align:start position:0% creates a theorem for us in doing so we 00:14:15.740 --> 00:14:18.490 align:start position:0% creates a theorem for us in doing so we plan<00:14:15.980> to<00:14:16.130> of<00:14:16.250> course<00:14:16.490> preserve<00:14:17.300> all<00:14:17.600> balances 00:14:18.490 --> 00:14:18.500 align:start position:0% plan to of course preserve all balances 00:14:18.500 --> 00:14:21.580 align:start position:0% plan to of course preserve all balances okay<00:14:19.250> and<00:14:19.490> in<00:14:20.240> doing<00:14:20.540> so<00:14:20.690> we<00:14:20.990> plan<00:14:21.230> to<00:14:21.410> preserve 00:14:21.580 --> 00:14:21.590 align:start position:0% okay and in doing so we plan to preserve 00:14:21.590 --> 00:14:24.760 align:start position:0% okay and in doing so we plan to preserve all<00:14:22.150> community<00:14:23.150> tooling<00:14:23.660> so<00:14:24.170> things<00:14:24.560> like 00:14:24.760 --> 00:14:24.770 align:start position:0% all community tooling so things like 00:14:24.770 --> 00:14:28.420 align:start position:0% all community tooling so things like solidity<00:14:25.339> meta<00:14:25.820> mask<00:14:26.210> remix<00:14:26.960> all<00:14:27.710> layer<00:14:28.130> two 00:14:28.420 --> 00:14:28.430 align:start position:0% solidity meta mask remix all layer two 00:14:28.430 --> 00:14:30.370 align:start position:0% solidity meta mask remix all layer two solutions<00:14:29.030> they<00:14:29.330> should<00:14:29.660> continue<00:14:29.900> to<00:14:30.200> work 00:14:30.370 --> 00:14:30.380 align:start position:0% solutions they should continue to work 00:14:30.380 --> 00:14:32.470 align:start position:0% solutions they should continue to work untouched<00:14:31.220> I'll<00:14:31.580> talk<00:14:31.790> about<00:14:31.820> the<00:14:32.240> slight 00:14:32.470 --> 00:14:32.480 align:start position:0% untouched I'll talk about the slight 00:14:32.480 --> 00:14:33.970 align:start position:0% untouched I'll talk about the slight exceptions<00:14:32.990> and<00:14:33.110> the<00:14:33.200> things<00:14:33.380> we<00:14:33.530> discovered 00:14:33.970 --> 00:14:33.980 align:start position:0% exceptions and the things we discovered 00:14:33.980 --> 00:14:36.700 align:start position:0% exceptions and the things we discovered along<00:14:34.220> this<00:14:34.370> path<00:14:34.580> in<00:14:35.000> a<00:14:35.240> second<00:14:35.690> but<00:14:36.380> the<00:14:36.500> core 00:14:36.700 --> 00:14:36.710 align:start position:0% along this path in a second but the core 00:14:36.710 --> 00:14:38.530 align:start position:0% along this path in a second but the core idea<00:14:36.860> is<00:14:37.250> to<00:14:37.460> preserve<00:14:37.820> everything<00:14:38.150> that<00:14:38.450> we 00:14:38.530 --> 00:14:38.540 align:start position:0% idea is to preserve everything that we 00:14:38.540 --> 00:14:42.400 align:start position:0% idea is to preserve everything that we know<00:14:38.690> to<00:14:38.750> do<00:14:39.050> except<00:14:39.980> move<00:14:40.550> it<00:14:40.730> to<00:14:41.080> move<00:14:42.080> it<00:14:42.260> but 00:14:42.400 --> 00:14:42.410 align:start position:0% know to do except move it to move it but 00:14:42.410 --> 00:14:44.440 align:start position:0% know to do except move it to move it but give<00:14:42.589> you<00:14:42.710> a<00:14:42.770> platform<00:14:43.280> where<00:14:44.030> you<00:14:44.060> can<00:14:44.180> do<00:14:44.420> it 00:14:44.440 --> 00:14:44.450 align:start position:0% give you a platform where you can do it 00:14:44.450 --> 00:14:47.620 align:start position:0% give you a platform where you can do it much<00:14:44.810> much<00:14:45.080> much<00:14:45.380> faster<00:14:45.620> not<00:14:46.100> move<00:14:46.430> just<00:14:47.030> just 00:14:47.620 --> 00:14:47.630 align:start position:0% much much much faster not move just just 00:14:47.630 --> 00:14:50.850 align:start position:0% much much much faster not move just just give<00:14:47.810> you<00:14:47.900> an<00:14:48.020> additional<00:14:48.440> alternative<00:14:49.780> so 00:14:50.850 --> 00:14:50.860 align:start position:0% give you an additional alternative so 00:14:50.860 --> 00:14:53.050 align:start position:0% give you an additional alternative so some<00:14:51.860> things<00:14:51.890> that<00:14:52.220> there's<00:14:52.520> a<00:14:52.640> lot<00:14:52.670> of<00:14:52.910> noise 00:14:53.050 --> 00:14:53.060 align:start position:0% some things that there's a lot of noise 00:14:53.060 --> 00:14:55.140 align:start position:0% some things that there's a lot of noise out<00:14:53.300> there<00:14:53.360> so<00:14:53.870> it's<00:14:54.020> been<00:14:54.200> about<00:14:54.320> a<00:14:54.440> year<00:14:54.920> and 00:14:55.140 --> 00:14:55.150 align:start position:0% out there so it's been about a year and 00:14:55.150 --> 00:14:57.670 align:start position:0% out there so it's been about a year and there's<00:14:56.150> been<00:14:56.330> some<00:14:56.510> some<00:14:57.140> discussion<00:14:57.589> around 00:14:57.670 --> 00:14:57.680 align:start position:0% there's been some some discussion around 00:14:57.680 --> 00:14:59.710 align:start position:0% there's been some some discussion around this<00:14:57.980> I<00:14:58.160> want<00:14:58.670> to<00:14:58.790> make<00:14:58.940> sure<00:14:58.970> that<00:14:59.300> everybody 00:14:59.710 --> 00:14:59.720 align:start position:0% this I want to make sure that everybody 00:14:59.720 --> 00:15:01.810 align:start position:0% this I want to make sure that everybody understands<00:15:00.200> the<00:15:00.350> basics<00:15:00.740> we're<00:15:01.460> talking 00:15:01.810 --> 00:15:01.820 align:start position:0% understands the basics we're talking 00:15:01.820 --> 00:15:04.180 align:start position:0% understands the basics we're talking about<00:15:02.000> a<00:15:02.030> totally<00:15:02.570> ordered<00:15:02.839> chain<00:15:03.170> you<00:15:04.130> know 00:15:04.180 --> 00:15:04.190 align:start position:0% about a totally ordered chain you know 00:15:04.190 --> 00:15:05.980 align:start position:0% about a totally ordered chain you know as<00:15:04.370> I<00:15:04.460> mentioned<00:15:04.490> before<00:15:04.940> avalanche<00:15:05.600> builds<00:15:05.900> a 00:15:05.980 --> 00:15:05.990 align:start position:0% as I mentioned before avalanche builds a 00:15:05.990 --> 00:15:08.140 align:start position:0% as I mentioned before avalanche builds a partially<00:15:06.380> ordered<00:15:06.530> dag<00:15:06.920> but<00:15:07.460> within<00:15:07.670> the<00:15:07.940> dag 00:15:08.140 --> 00:15:08.150 align:start position:0% partially ordered dag but within the dag 00:15:08.150 --> 00:15:10.930 align:start position:0% partially ordered dag but within the dag we<00:15:08.390> create<00:15:08.750> an<00:15:08.900> actual<00:15:09.350> straight-up<00:15:10.310> in<00:15:10.880> a 00:15:10.930 --> 00:15:10.940 align:start position:0% we create an actual straight-up in a 00:15:10.940 --> 00:15:13.240 align:start position:0% we create an actual straight-up in a regular<00:15:11.330> chain<00:15:11.690> that<00:15:12.350> looks<00:15:12.530> exactly<00:15:13.040> like 00:15:13.240 --> 00:15:13.250 align:start position:0% regular chain that looks exactly like 00:15:13.250 --> 00:15:15.700 align:start position:0% regular chain that looks exactly like the<00:15:13.520> current<00:15:13.850> blockchain<00:15:14.480> today<00:15:14.750> it's 00:15:15.700 --> 00:15:15.710 align:start position:0% the current blockchain today it's 00:15:15.710 --> 00:15:17.590 align:start position:0% the current blockchain today it's asynchronous<00:15:16.010> there<00:15:16.790> are<00:15:16.910> no<00:15:17.120> baked<00:15:17.420> in 00:15:17.590 --> 00:15:17.600 align:start position:0% asynchronous there are no baked in 00:15:17.600 --> 00:15:19.590 align:start position:0% asynchronous there are no baked in assumptions<00:15:18.140> related<00:15:18.350> to<00:15:18.770> timing<00:15:19.070> or 00:15:19.590 --> 00:15:19.600 align:start position:0% assumptions related to timing or 00:15:19.600 --> 00:15:22.720 align:start position:0% assumptions related to timing or delivery<00:15:20.600> of<00:15:20.660> message<00:15:21.650> of<00:15:21.830> message<00:15:22.190> latencies 00:15:22.720 --> 00:15:22.730 align:start position:0% delivery of message of message latencies 00:15:22.730 --> 00:15:26.410 align:start position:0% delivery of message of message latencies okay<00:15:23.300> so<00:15:23.839> it's<00:15:24.830> robust<00:15:25.460> it<00:15:25.820> tolerates 00:15:26.410 --> 00:15:26.420 align:start position:0% okay so it's robust it tolerates 00:15:26.420 --> 00:15:28.840 align:start position:0% okay so it's robust it tolerates imprecise<00:15:27.050> membership<00:15:27.650> in<00:15:27.830> network<00:15:28.220> views<00:15:28.520> so 00:15:28.840 --> 00:15:28.850 align:start position:0% imprecise membership in network views so 00:15:28.850 --> 00:15:30.880 align:start position:0% imprecise membership in network views so I<00:15:29.089> could<00:15:29.600> think<00:15:29.750> that<00:15:29.990> the<00:15:30.110> network<00:15:30.440> consists 00:15:30.880 --> 00:15:30.890 align:start position:0% I could think that the network consists 00:15:30.890 --> 00:15:32.560 align:start position:0% I could think that the network consists of<00:15:30.950> this<00:15:31.130> many<00:15:31.370> people<00:15:31.490> you<00:15:32.300> could 00:15:32.560 --> 00:15:32.570 align:start position:0% of this many people you could 00:15:32.570 --> 00:15:34.090 align:start position:0% of this many people you could think<00:15:32.750> that<00:15:32.900> consist<00:15:33.320> of<00:15:33.470> that<00:15:33.620> many<00:15:33.890> people 00:15:34.090 --> 00:15:34.100 align:start position:0% think that consist of that many people 00:15:34.100 --> 00:15:36.580 align:start position:0% think that consist of that many people that's<00:15:34.670> not<00:15:34.970> exactly<00:15:35.240> the<00:15:35.480> same<00:15:35.780> that<00:15:36.320> would 00:15:36.580 --> 00:15:36.590 align:start position:0% that's not exactly the same that would 00:15:36.590 --> 00:15:38.680 align:start position:0% that's not exactly the same that would be<00:15:36.710> catastrophic<00:15:36.920> if<00:15:37.730> we<00:15:38.120> were<00:15:38.270> using<00:15:38.450> a 00:15:38.680 --> 00:15:38.690 align:start position:0% be catastrophic if we were using a 00:15:38.690 --> 00:15:41.260 align:start position:0% be catastrophic if we were using a classical<00:15:39.140> protocol<00:15:39.620> for<00:15:40.130> avalanche<00:15:40.610> it's<00:15:40.940> no 00:15:41.260 --> 00:15:41.270 align:start position:0% classical protocol for avalanche it's no 00:15:41.270 --> 00:15:41.950 align:start position:0% classical protocol for avalanche it's no big<00:15:41.540> deal 00:15:41.950 --> 00:15:41.960 align:start position:0% big deal 00:15:41.960 --> 00:15:43.450 align:start position:0% big deal that's<00:15:42.170> totally<00:15:42.590> normal<00:15:42.740> it'll<00:15:43.280> work 00:15:43.450 --> 00:15:43.460 align:start position:0% that's totally normal it'll work 00:15:43.460 --> 00:15:45.520 align:start position:0% that's totally normal it'll work beautifully<00:15:43.970> even<00:15:44.540> in<00:15:44.660> the<00:15:44.750> present<00:15:45.140> presence 00:15:45.520 --> 00:15:45.530 align:start position:0% beautifully even in the present presence 00:15:45.530 --> 00:15:48.940 align:start position:0% beautifully even in the present presence of<00:15:45.710> differing<00:15:46.160> views<00:15:47.080> it's<00:15:48.080> secure 00:15:48.940 --> 00:15:48.950 align:start position:0% of differing views it's secure 00:15:48.950 --> 00:15:51.160 align:start position:0% of differing views it's secure unlike<00:15:49.700> most<00:15:49.910> other<00:15:50.150> protocols<00:15:50.780> you<00:15:50.990> could 00:15:51.160 --> 00:15:51.170 align:start position:0% unlike most other protocols you could 00:15:51.170 --> 00:15:54.670 align:start position:0% unlike most other protocols you could actually<00:15:51.850> tweak<00:15:52.850> or<00:15:53.090> parameterize<00:15:53.690> avalanche 00:15:54.670 --> 00:15:54.680 align:start position:0% actually tweak or parameterize avalanche 00:15:54.680 --> 00:15:56.500 align:start position:0% actually tweak or parameterize avalanche of<00:15:54.830> the<00:15:54.920> Avalanche<00:15:55.370> protocol<00:15:55.760> to<00:15:55.850> the<00:15:56.030> core 00:15:56.500 --> 00:15:56.510 align:start position:0% of the Avalanche protocol to the core 00:15:56.510 --> 00:15:58.870 align:start position:0% of the Avalanche protocol to the core protocol<00:15:56.990> underneath<00:15:57.440> to<00:15:57.920> withstand<00:15:58.130> attacks 00:15:58.870 --> 00:15:58.880 align:start position:0% protocol underneath to withstand attacks 00:15:58.880 --> 00:16:01.360 align:start position:0% protocol underneath to withstand attacks that<00:15:59.030> are<00:15:59.180> greater<00:15:59.510> than<00:15:59.830> 51%<00:16:00.830> of<00:16:00.980> the<00:16:01.100> stake 00:16:01.360 --> 00:16:01.370 align:start position:0% that are greater than 51% of the stake 00:16:01.370 --> 00:16:03.910 align:start position:0% that are greater than 51% of the stake now<00:16:02.090> the<00:16:02.480> protocol<00:16:02.870> won't<00:16:03.110> necessarily<00:16:03.320> make 00:16:03.910 --> 00:16:03.920 align:start position:0% now the protocol won't necessarily make 00:16:03.920 --> 00:16:07.240 align:start position:0% now the protocol won't necessarily make progress<00:16:04.250> we<00:16:05.060> cannot<00:16:05.420> guarantee<00:16:05.690> liveness<00:16:06.250> in 00:16:07.240 --> 00:16:07.250 align:start position:0% progress we cannot guarantee liveness in 00:16:07.250 --> 00:16:09.700 align:start position:0% progress we cannot guarantee liveness in the<00:16:07.430> presence<00:16:07.790> of<00:16:07.910> such<00:16:08.300> a<00:16:08.480> big<00:16:08.720> attacker<00:16:09.080> but 00:16:09.700 --> 00:16:09.710 align:start position:0% the presence of such a big attacker but 00:16:09.710 --> 00:16:12.130 align:start position:0% the presence of such a big attacker but it<00:16:09.860> can<00:16:10.550> guarantee<00:16:11.120> safety<00:16:11.600> in<00:16:11.720> the<00:16:11.810> presence 00:16:12.130 --> 00:16:12.140 align:start position:0% it can guarantee safety in the presence 00:16:12.140 --> 00:16:13.750 align:start position:0% it can guarantee safety in the presence of<00:16:12.230> such<00:16:12.440> a<00:16:12.470> big<00:16:12.710> attacker<00:16:13.010> this<00:16:13.640> is 00:16:13.750 --> 00:16:13.760 align:start position:0% of such a big attacker this is 00:16:13.760 --> 00:16:15.960 align:start position:0% of such a big attacker this is unprecedented 00:16:15.960 --> 00:16:15.970 align:start position:0% unprecedented 00:16:15.970 --> 00:16:20.020 align:start position:0% unprecedented it<00:16:16.970> is<00:16:17.300> a<00:16:17.620> gracefully<00:16:18.620> degrading<00:16:19.100> protocol<00:16:19.610> so 00:16:20.020 --> 00:16:20.030 align:start position:0% it is a gracefully degrading protocol so 00:16:20.030 --> 00:16:21.940 align:start position:0% it is a gracefully degrading protocol so classical<00:16:20.690> protocols<00:16:21.200> typically<00:16:21.680> I<00:16:21.710> think 00:16:21.940 --> 00:16:21.950 align:start position:0% classical protocols typically I think 00:16:21.950 --> 00:16:23.440 align:start position:0% classical protocols typically I think you've<00:16:22.070> heard<00:16:22.250> of<00:16:22.370> italic<00:16:22.700> talk<00:16:22.880> about<00:16:23.150> three 00:16:23.440 --> 00:16:23.450 align:start position:0% you've heard of italic talk about three 00:16:23.450 --> 00:16:25.570 align:start position:0% you've heard of italic talk about three F<00:16:23.600> plus<00:16:23.870> one<00:16:24.170> or<00:16:24.410> you<00:16:24.920> might<00:16:25.100> have<00:16:25.220> heard<00:16:25.430> other 00:16:25.570 --> 00:16:25.580 align:start position:0% F plus one or you might have heard other 00:16:25.580 --> 00:16:27.730 align:start position:0% F plus one or you might have heard other people<00:16:25.670> talk<00:16:25.940> about<00:16:26.120> the<00:16:26.540> one-third<00:16:27.170> cutoff 00:16:27.730 --> 00:16:27.740 align:start position:0% people talk about the one-third cutoff 00:16:27.740 --> 00:16:32.410 align:start position:0% people talk about the one-third cutoff there<00:16:28.550> typically<00:16:28.910> are<00:16:29.470> our<00:16:31.150> what<00:16:32.150> what 00:16:32.410 --> 00:16:32.420 align:start position:0% there typically are our what what 00:16:32.420 --> 00:16:34.150 align:start position:0% there typically are our what what happens<00:16:32.750> with<00:16:32.900> them<00:16:33.080> is<00:16:33.230> they<00:16:33.590> can<00:16:33.800> handle 00:16:34.150 --> 00:16:34.160 align:start position:0% happens with them is they can handle 00:16:34.160 --> 00:16:36.250 align:start position:0% happens with them is they can handle attackers<00:16:34.760> as<00:16:34.910> big<00:16:35.150> as<00:16:35.330> one-third<00:16:35.930> of<00:16:36.110> the 00:16:36.250 --> 00:16:36.260 align:start position:0% attackers as big as one-third of the 00:16:36.260 --> 00:16:38.950 align:start position:0% attackers as big as one-third of the network<00:16:36.700> 33%<00:16:37.700> and<00:16:37.940> if<00:16:38.390> the<00:16:38.480> attacker<00:16:38.780> is 00:16:38.950 --> 00:16:38.960 align:start position:0% network 33% and if the attacker is 00:16:38.960 --> 00:16:40.810 align:start position:0% network 33% and if the attacker is slightly<00:16:39.290> bigger<00:16:39.530> than<00:16:39.680> that<00:16:39.980> then<00:16:40.520> he<00:16:40.730> is 00:16:40.810 --> 00:16:40.820 align:start position:0% slightly bigger than that then he is 00:16:40.820 --> 00:16:44.080 align:start position:0% slightly bigger than that then he is guaranteed<00:16:41.510> to<00:16:41.540> win<00:16:41.870> okay<00:16:42.740> so<00:16:43.700> that's<00:16:43.910> an 00:16:44.080 --> 00:16:44.090 align:start position:0% guaranteed to win okay so that's an 00:16:44.090 --> 00:16:46.870 align:start position:0% guaranteed to win okay so that's an interesting<00:16:44.720> property<00:16:45.410> with<00:16:46.190> this<00:16:46.550> new 00:16:46.870 --> 00:16:46.880 align:start position:0% interesting property with this new 00:16:46.880 --> 00:16:49.600 align:start position:0% interesting property with this new family<00:16:47.180> of<00:16:47.390> protocols<00:16:47.720> the<00:16:48.530> the<00:16:49.070> greater<00:16:49.310> the 00:16:49.600 --> 00:16:49.610 align:start position:0% family of protocols the the greater the 00:16:49.610 --> 00:16:52.990 align:start position:0% family of protocols the the greater the the<00:16:50.060> degradation<00:16:50.960> is<00:16:51.380> graceful<00:16:51.680> if<00:16:52.460> we<00:16:52.730> gear 00:16:52.990 --> 00:16:53.000 align:start position:0% the degradation is graceful if we gear 00:16:53.000 --> 00:16:55.020 align:start position:0% the degradation is graceful if we gear up<00:16:53.030> the<00:16:53.300> network<00:16:53.510> for<00:16:53.870> an<00:16:54.020> attacker<00:16:54.470> size<00:16:54.710> of 00:16:55.020 --> 00:16:55.030 align:start position:0% up the network for an attacker size of 00:16:55.030 --> 00:16:59.200 align:start position:0% up the network for an attacker size of 33%<00:16:56.030> and<00:16:56.270> the<00:16:56.810> attacker<00:16:57.140> mobilizes<00:16:58.040> 40%<00:16:59.030> of 00:16:59.200 --> 00:16:59.210 align:start position:0% 33% and the attacker mobilizes 40% of 00:16:59.210 --> 00:17:00.880 align:start position:0% 33% and the attacker mobilizes 40% of the<00:16:59.330> stake<00:16:59.600> in<00:16:59.780> the<00:16:59.900> network<00:17:00.260> to<00:17:00.440> attack<00:17:00.740> the 00:17:00.880 --> 00:17:00.890 align:start position:0% the stake in the network to attack the 00:17:00.890 --> 00:17:02.440 align:start position:0% the stake in the network to attack the network<00:17:01.040> I<00:17:01.460> think<00:17:01.850> this<00:17:01.940> is<00:17:02.030> incredibly 00:17:02.440 --> 00:17:02.450 align:start position:0% network I think this is incredibly 00:17:02.450 --> 00:17:05.740 align:start position:0% network I think this is incredibly likely<00:17:02.720> but<00:17:02.960> suppose<00:17:03.470> it<00:17:03.740> happened<00:17:04.750> he 00:17:05.740 --> 00:17:05.750 align:start position:0% likely but suppose it happened he 00:17:05.750 --> 00:17:08.740 align:start position:0% likely but suppose it happened he doesn't<00:17:06.199> get<00:17:06.320> to<00:17:06.530> win<00:17:06.560> immediately<00:17:07.010> and<00:17:07.750> again 00:17:08.740 --> 00:17:08.750 align:start position:0% doesn't get to win immediately and again 00:17:08.750 --> 00:17:11.020 align:start position:0% doesn't get to win immediately and again this<00:17:08.900> is<00:17:09.050> unprecedented<00:17:09.380> what<00:17:10.370> happens<00:17:10.820> is 00:17:11.020 --> 00:17:11.030 align:start position:0% this is unprecedented what happens is 00:17:11.030 --> 00:17:13.210 align:start position:0% this is unprecedented what happens is sure<00:17:11.630> because<00:17:12.350> he's<00:17:12.620> bigger<00:17:12.829> than<00:17:13.070> we 00:17:13.210 --> 00:17:13.220 align:start position:0% sure because he's bigger than we 00:17:13.220 --> 00:17:15.010 align:start position:0% sure because he's bigger than we anticipated<00:17:13.850> it's<00:17:14.089> because<00:17:14.510> he's<00:17:14.750> bigger 00:17:15.010 --> 00:17:15.020 align:start position:0% anticipated it's because he's bigger 00:17:15.020 --> 00:17:17.020 align:start position:0% anticipated it's because he's bigger than<00:17:15.110> we<00:17:15.380> what<00:17:15.560> we<00:17:15.800> what<00:17:16.520> we<00:17:16.550> geared<00:17:16.939> the 00:17:17.020 --> 00:17:17.030 align:start position:0% than we what we what we geared the 00:17:17.030 --> 00:17:19.329 align:start position:0% than we what we what we geared the network<00:17:17.360> for<00:17:17.630> we<00:17:18.320> can<00:17:18.500> no<00:17:18.650> longer<00:17:18.680> make<00:17:19.189> the 00:17:19.329 --> 00:17:19.339 align:start position:0% network for we can no longer make the 00:17:19.339 --> 00:17:22.270 align:start position:0% network for we can no longer make the usual<00:17:19.820> security<00:17:20.540> guarantees<00:17:21.290> the<00:17:21.949> the 00:17:22.270 --> 00:17:22.280 align:start position:0% usual security guarantees the the 00:17:22.280 --> 00:17:24.699 align:start position:0% usual security guarantees the the probability<00:17:23.270> of<00:17:23.300> a<00:17:23.510> safety<00:17:23.780> failure<00:17:24.290> is<00:17:24.470> not 00:17:24.699 --> 00:17:24.709 align:start position:0% probability of a safety failure is not 00:17:24.709 --> 00:17:28.150 align:start position:0% probability of a safety failure is not going<00:17:25.070> to<00:17:25.160> be<00:17:25.280> once<00:17:25.820> every<00:17:26.030> 20,000<00:17:27.020> years<00:17:27.199> but 00:17:28.150 --> 00:17:28.160 align:start position:0% going to be once every 20,000 years but 00:17:28.160 --> 00:17:29.560 align:start position:0% going to be once every 20,000 years but it<00:17:28.280> also<00:17:28.310> doesn't<00:17:28.760> mean<00:17:28.940> that<00:17:29.180> he<00:17:29.390> wins 00:17:29.560 --> 00:17:29.570 align:start position:0% it also doesn't mean that he wins 00:17:29.570 --> 00:17:32.410 align:start position:0% it also doesn't mean that he wins immediately<00:17:30.200> instead<00:17:31.130> what<00:17:31.400> it<00:17:31.490> means<00:17:31.700> is<00:17:31.940> he 00:17:32.410 --> 00:17:32.420 align:start position:0% immediately instead what it means is he 00:17:32.420 --> 00:17:34.150 align:start position:0% immediately instead what it means is he might<00:17:32.630> have<00:17:32.810> to<00:17:32.990> he<00:17:33.170> might<00:17:33.350> be<00:17:33.500> able<00:17:33.620> to<00:17:33.800> create 00:17:34.150 --> 00:17:34.160 align:start position:0% might have to he might be able to create 00:17:34.160 --> 00:17:36.910 align:start position:0% might have to he might be able to create a<00:17:34.190> safety<00:17:34.700> violation<00:17:34.880> not<00:17:35.840> in<00:17:36.080> 20,000<00:17:36.800> years 00:17:36.910 --> 00:17:36.920 align:start position:0% a safety violation not in 20,000 years 00:17:36.920 --> 00:17:38.560 align:start position:0% a safety violation not in 20,000 years you<00:17:37.190> know<00:17:37.580> in<00:17:37.730> the<00:17:37.820> time<00:17:38.000> that's<00:17:38.180> a<00:17:38.360> little 00:17:38.560 --> 00:17:38.570 align:start position:0% you know in the time that's a little 00:17:38.570 --> 00:17:41.170 align:start position:0% you know in the time that's a little quicker<00:17:38.870> maybe<00:17:39.170> in<00:17:39.380> 5000<00:17:40.160> years<00:17:40.370> or<00:17:40.550> 2,000 00:17:41.170 --> 00:17:41.180 align:start position:0% quicker maybe in 5000 years or 2,000 00:17:41.180 --> 00:17:43.420 align:start position:0% quicker maybe in 5000 years or 2,000 years<00:17:41.390> and<00:17:41.630> that's<00:17:42.590> a<00:17:42.770> very<00:17:42.920> nice<00:17:43.190> situation 00:17:43.420 --> 00:17:43.430 align:start position:0% years and that's a very nice situation 00:17:43.430 --> 00:17:45.950 align:start position:0% years and that's a very nice situation to<00:17:44.000> be<00:17:44.120> in<00:17:44.150> because<00:17:44.690> one<00:17:45.170> your<00:17:45.350> assumptions 00:17:45.950 --> 00:17:45.960 align:start position:0% to be in because one your assumptions 00:17:45.960 --> 00:17:47.870 align:start position:0% to be in because one your assumptions violated<00:17:46.559> your<00:17:46.710> system<00:17:47.190> doesn't<00:17:47.520> just<00:17:47.700> keel 00:17:47.870 --> 00:17:47.880 align:start position:0% violated your system doesn't just keel 00:17:47.880 --> 00:17:52.669 align:start position:0% violated your system doesn't just keel over<00:17:49.309> so<00:17:50.309> I<00:17:50.610> was<00:17:51.149> going<00:17:51.299> to<00:17:51.450> do<00:17:51.539> a<00:17:51.570> demo<00:17:51.990> but<00:17:52.500> I 00:17:52.669 --> 00:17:52.679 align:start position:0% over so I was going to do a demo but I 00:17:52.679 --> 00:17:54.560 align:start position:0% over so I was going to do a demo but I think<00:17:52.980> what<00:17:53.130> I'm<00:17:53.279> gonna<00:17:53.429> do<00:17:53.669> well<00:17:54.059> I<00:17:54.090> can<00:17:54.390> show 00:17:54.560 --> 00:17:54.570 align:start position:0% think what I'm gonna do well I can show 00:17:54.570 --> 00:17:58.159 align:start position:0% think what I'm gonna do well I can show you<00:17:54.630> pieces<00:17:54.960> of<00:17:55.200> this<00:17:55.350> demo<00:17:56.570> let's<00:17:57.570> see<00:17:57.840> so<00:17:58.140> I 00:17:58.159 --> 00:17:58.169 align:start position:0% you pieces of this demo let's see so I 00:17:58.169 --> 00:18:00.529 align:start position:0% you pieces of this demo let's see so I don't<00:17:58.559> know<00:17:58.679> what<00:17:58.860> what<00:17:59.610> there<00:18:00.000> is<00:18:00.149> look<00:18:00.450> at 00:18:00.529 --> 00:18:00.539 align:start position:0% don't know what what there is look at 00:18:00.539 --> 00:18:02.120 align:start position:0% don't know what what there is look at all<00:18:00.690> these<00:18:00.870> demos<00:18:01.140> look<00:18:01.500> the<00:18:01.649> same<00:18:01.830> and<00:18:02.039> they 00:18:02.120 --> 00:18:02.130 align:start position:0% all these demos look the same and they 00:18:02.130 --> 00:18:04.760 align:start position:0% all these demos look the same and they look<00:18:02.279> kind<00:18:02.490> of<00:18:02.549> bad<00:18:02.750> so<00:18:03.750> you<00:18:03.870> can<00:18:04.110> see<00:18:04.320> are<00:18:04.620> we 00:18:04.760 --> 00:18:04.770 align:start position:0% look kind of bad so you can see are we 00:18:04.770 --> 00:18:06.350 align:start position:0% look kind of bad so you can see are we hearing<00:18:05.039> it<00:18:05.250> we're<00:18:05.399> not<00:18:05.549> hearing<00:18:05.820> call<00:18:06.149> and 00:18:06.350 --> 00:18:06.360 align:start position:0% hearing it we're not hearing call and 00:18:06.360 --> 00:18:10.130 align:start position:0% hearing it we're not hearing call and talk<00:18:06.799> so<00:18:07.799> in<00:18:08.010> essence<00:18:08.460> what<00:18:09.450> you<00:18:09.510> get<00:18:09.779> to<00:18:09.929> see 00:18:10.130 --> 00:18:10.140 align:start position:0% talk so in essence what you get to see 00:18:10.140 --> 00:18:11.899 align:start position:0% talk so in essence what you get to see here<00:18:10.440> is<00:18:10.590> on<00:18:10.740> the<00:18:10.890> Left<00:18:11.159> we<00:18:11.399> have<00:18:11.429> a<00:18:11.610> block 00:18:11.899 --> 00:18:11.909 align:start position:0% here is on the Left we have a block 00:18:11.909 --> 00:18:15.200 align:start position:0% here is on the Left we have a block Explorer<00:18:12.419> and<00:18:12.690> on<00:18:13.559> the<00:18:13.770> right<00:18:14.070> we<00:18:14.460> have<00:18:14.490> a 00:18:15.200 --> 00:18:15.210 align:start position:0% Explorer and on the right we have a 00:18:15.210 --> 00:18:17.899 align:start position:0% Explorer and on the right we have a screen<00:18:16.049> where<00:18:16.380> your<00:18:17.039> terminal<00:18:17.549> where<00:18:17.730> he's 00:18:17.899 --> 00:18:17.909 align:start position:0% screen where your terminal where he's 00:18:17.909 --> 00:18:21.740 align:start position:0% screen where your terminal where he's going<00:18:18.149> to<00:18:18.210> issue<00:18:18.390> 2000<00:18:19.380> transactions<00:18:20.130> and<00:18:20.750> and 00:18:21.740 --> 00:18:21.750 align:start position:0% going to issue 2000 transactions and and 00:18:21.750 --> 00:18:24.019 align:start position:0% going to issue 2000 transactions and and that's<00:18:21.990> my<00:18:22.230> ether<00:18:22.649> wallet<00:18:23.039> that<00:18:23.549> everybody 00:18:24.019 --> 00:18:24.029 align:start position:0% that's my ether wallet that everybody 00:18:24.029 --> 00:18:26.149 align:start position:0% that's my ether wallet that everybody knows<00:18:24.240> and<00:18:24.480> loves<00:18:24.539> it<00:18:25.169> took<00:18:25.500> me<00:18:25.649> five<00:18:25.919> minutes 00:18:26.149 --> 00:18:26.159 align:start position:0% knows and loves it took me five minutes 00:18:26.159 --> 00:18:28.580 align:start position:0% knows and loves it took me five minutes to<00:18:26.399> set<00:18:26.730> it<00:18:26.850> up<00:18:26.940> with<00:18:27.179> a<00:18:27.210> drop-down<00:18:27.750> so<00:18:28.260> once 00:18:28.580 --> 00:18:28.590 align:start position:0% to set it up with a drop-down so once 00:18:28.590 --> 00:18:30.470 align:start position:0% to set it up with a drop-down so once you<00:18:28.740> have<00:18:28.890> the<00:18:29.010> drop<00:18:29.250> down<00:18:29.490> you<00:18:30.000> can<00:18:30.149> say<00:18:30.299> look 00:18:30.470 --> 00:18:30.480 align:start position:0% you have the drop down you can say look 00:18:30.480 --> 00:18:31.730 align:start position:0% you have the drop down you can say look I'm<00:18:30.690> gonna<00:18:30.840> I'm<00:18:31.200> going<00:18:31.320> to<00:18:31.380> issue<00:18:31.440> some 00:18:31.730 --> 00:18:31.740 align:start position:0% I'm gonna I'm going to issue some 00:18:31.740 --> 00:18:33.740 align:start position:0% I'm gonna I'm going to issue some transactions<00:18:32.429> don't<00:18:32.549> send<00:18:32.850> them<00:18:33.000> to<00:18:33.120> the<00:18:33.210> the 00:18:33.740 --> 00:18:33.750 align:start position:0% transactions don't send them to the the 00:18:33.750 --> 00:18:36.110 align:start position:0% transactions don't send them to the the regular<00:18:34.140> main<00:18:34.409> etherium<00:18:34.950> Network<00:18:35.340> send<00:18:35.940> them 00:18:36.110 --> 00:18:36.120 align:start position:0% regular main etherium Network send them 00:18:36.120 --> 00:18:40.580 align:start position:0% regular main etherium Network send them to<00:18:36.330> the<00:18:36.720> a<00:18:36.750> theory<00:18:37.380> em<00:18:37.500> test<00:18:37.770> net<00:18:37.980> so<00:18:38.630> I<00:18:39.630> don't 00:18:40.580 --> 00:18:40.590 align:start position:0% to the a theory em test net so I don't 00:18:40.590 --> 00:18:42.169 align:start position:0% to the a theory em test net so I don't know<00:18:40.679> what's<00:18:40.860> going<00:18:41.100> on<00:18:41.190> with<00:18:41.399> this<00:18:41.549> with<00:18:42.000> this 00:18:42.169 --> 00:18:42.179 align:start position:0% know what's going on with this with this 00:18:42.179 --> 00:18:45.590 align:start position:0% know what's going on with this with this demo<00:18:43.460> stuff<00:18:44.460> is<00:18:44.640> happening<00:18:45.059> okay<00:18:45.149> now<00:18:45.390> maybe 00:18:45.590 --> 00:18:45.600 align:start position:0% demo stuff is happening okay now maybe 00:18:45.600 --> 00:18:48.139 align:start position:0% demo stuff is happening okay now maybe it<00:18:45.779> is<00:18:45.870> moving<00:18:46.289> alright<00:18:47.190> because<00:18:47.669> we<00:18:47.940> can't 00:18:48.139 --> 00:18:48.149 align:start position:0% it is moving alright because we can't 00:18:48.149 --> 00:18:52.760 align:start position:0% it is moving alright because we can't hear<00:18:48.360> the<00:18:48.510> volume<00:18:49.049> or<00:18:49.169> the<00:18:49.200> sound<00:18:51.500> we<00:18:52.500> can't 00:18:52.760 --> 00:18:52.770 align:start position:0% hear the volume or the sound we can't 00:18:52.770 --> 00:18:55.340 align:start position:0% hear the volume or the sound we can't really<00:18:52.980> tell<00:18:53.220> what's<00:18:53.490> gonna<00:18:53.610> happen<00:18:54.210> and<00:18:54.899> I 00:18:55.340 --> 00:18:55.350 align:start position:0% really tell what's gonna happen and I 00:18:55.350 --> 00:18:57.139 align:start position:0% really tell what's gonna happen and I can't<00:18:55.620> forward<00:18:56.039> this<00:18:56.190> fast<00:18:56.549> forward<00:18:56.940> through 00:18:57.139 --> 00:18:57.149 align:start position:0% can't forward this fast forward through 00:18:57.149 --> 00:18:58.760 align:start position:0% can't forward this fast forward through this<00:18:57.270> because<00:18:57.570> I<00:18:57.690> don't<00:18:57.870> have<00:18:57.990> a<00:18:58.049> keyboard<00:18:58.590> on 00:18:58.760 --> 00:18:58.770 align:start position:0% this because I don't have a keyboard on 00:18:58.770 --> 00:19:00.010 align:start position:0% this because I don't have a keyboard on up<00:18:58.980> here 00:19:00.010 --> 00:19:00.020 align:start position:0% up here 00:19:00.020 --> 00:19:03.440 align:start position:0% up here so<00:19:01.020> what<00:19:01.799> should<00:19:02.010> happen<00:19:02.070> is<00:19:02.789> you<00:19:03.120> should<00:19:03.270> see 00:19:03.440 --> 00:19:03.450 align:start position:0% so what should happen is you should see 00:19:03.450 --> 00:19:06.740 align:start position:0% so what should happen is you should see an<00:19:03.539> enormous<00:19:04.020> flurry<00:19:04.350> of<00:19:04.610> activity<00:19:05.610> as<00:19:06.419> soon 00:19:06.740 --> 00:19:06.750 align:start position:0% an enormous flurry of activity as soon 00:19:06.750 --> 00:19:13.669 align:start position:0% an enormous flurry of activity as soon as<00:19:06.929> the<00:19:07.080> issues<00:19:07.409> as<00:19:07.620> transactions<00:19:12.559> you<00:19:13.559> know 00:19:13.669 --> 00:19:13.679 align:start position:0% as the issues as transactions you know 00:19:13.679 --> 00:19:15.049 align:start position:0% as the issues as transactions you know what<00:19:13.799> I'm<00:19:13.919> going<00:19:14.039> to<00:19:14.100> do<00:19:14.220> instead<00:19:14.580> of<00:19:14.760> staring 00:19:15.049 --> 00:19:15.059 align:start position:0% what I'm going to do instead of staring 00:19:15.059 --> 00:19:17.810 align:start position:0% what I'm going to do instead of staring at<00:19:15.240> an<00:19:15.330> empty<00:19:15.419> screen<00:19:15.899> where<00:19:16.490> nothing<00:19:17.490> happens 00:19:17.810 --> 00:19:17.820 align:start position:0% at an empty screen where nothing happens 00:19:17.820 --> 00:19:19.639 align:start position:0% at an empty screen where nothing happens for<00:19:17.850> a<00:19:18.000> while<00:19:18.210> and<00:19:18.419> then<00:19:18.570> things<00:19:19.200> just<00:19:19.440> kind<00:19:19.590> of 00:19:19.639 --> 00:19:19.649 align:start position:0% for a while and then things just kind of 00:19:19.649 --> 00:19:22.100 align:start position:0% for a while and then things just kind of float<00:19:19.890> by<00:19:20.100> I'm<00:19:20.340> gonna<00:19:20.580> let<00:19:20.820> you<00:19:21.000> imagine<00:19:21.419> that 00:19:22.100 --> 00:19:22.110 align:start position:0% float by I'm gonna let you imagine that 00:19:22.110 --> 00:19:24.080 align:start position:0% float by I'm gonna let you imagine that this<00:19:22.320> thing<00:19:22.529> goes<00:19:22.649> really<00:19:23.039> really<00:19:23.279> fast<00:19:23.399> okay 00:19:24.080 --> 00:19:24.090 align:start position:0% this thing goes really really fast okay 00:19:24.090 --> 00:19:25.490 align:start position:0% this thing goes really really fast okay so<00:19:24.600> please<00:19:24.779> bear<00:19:25.080> with<00:19:25.110> me 00:19:25.490 --> 00:19:25.500 align:start position:0% so please bear with me 00:19:25.500 --> 00:19:29.060 align:start position:0% so please bear with me it<00:19:25.919> really<00:19:26.190> does<00:19:26.399> go<00:19:26.580> very<00:19:26.850> very<00:19:27.090> fast<00:19:28.070> and 00:19:29.060 --> 00:19:29.070 align:start position:0% it really does go very very fast and 00:19:29.070 --> 00:19:30.799 align:start position:0% it really does go very very fast and I'll<00:19:29.370> give<00:19:29.580> it<00:19:29.669> maybe<00:19:29.820> two<00:19:30.090> more<00:19:30.240> seconds<00:19:30.659> oh 00:19:30.799 --> 00:19:30.809 align:start position:0% I'll give it maybe two more seconds oh 00:19:30.809 --> 00:19:33.019 align:start position:0% I'll give it maybe two more seconds oh yeah<00:19:30.990> okay<00:19:31.320> so<00:19:31.679> um<00:19:32.190> yeah<00:19:32.640> what<00:19:32.789> we<00:19:32.909> were 00:19:33.019 --> 00:19:33.029 align:start position:0% yeah okay so um yeah what we were 00:19:33.029 --> 00:19:36.279 align:start position:0% yeah okay so um yeah what we were planning<00:19:33.419> to<00:19:33.450> do<00:19:33.630> for<00:19:33.840> this<00:19:33.990> audience<00:19:34.470> was<00:19:34.970> was 00:19:36.279 --> 00:19:36.289 align:start position:0% planning to do for this audience was was 00:19:36.289 --> 00:19:40.010 align:start position:0% planning to do for this audience was was set<00:19:37.289> up<00:19:37.470> a<00:19:37.620> lottery<00:19:38.070> okay<00:19:38.730> so<00:19:38.789> we<00:19:39.720> have<00:19:39.899> this 00:19:40.010 --> 00:19:40.020 align:start position:0% set up a lottery okay so we have this 00:19:40.020 --> 00:19:43.159 align:start position:0% set up a lottery okay so we have this lottery<00:19:40.350> contract<00:19:41.070> and<00:19:41.630> you<00:19:42.630> can<00:19:42.809> see<00:19:42.990> that 00:19:43.159 --> 00:19:43.169 align:start position:0% lottery contract and you can see that 00:19:43.169 --> 00:19:45.529 align:start position:0% lottery contract and you can see that you<00:19:43.620> know<00:19:43.740> just<00:19:44.279> for<00:19:44.399> testing<00:19:44.820> purposes<00:19:45.270> we 00:19:45.529 --> 00:19:45.539 align:start position:0% you know just for testing purposes we 00:19:45.539 --> 00:19:47.539 align:start position:0% you know just for testing purposes we ended<00:19:45.809> up<00:19:45.870> putting<00:19:46.080> 11,000<00:19:46.919> registrations 00:19:47.539 --> 00:19:47.549 align:start position:0% ended up putting 11,000 registrations 00:19:47.549 --> 00:19:50.450 align:start position:0% ended up putting 11,000 registrations there<00:19:47.730> we're<00:19:47.880> gonna<00:19:47.940> ignore<00:19:48.659> those<00:19:48.929> and<00:19:49.260> so<00:19:50.039> as 00:19:50.450 --> 00:19:50.460 align:start position:0% there we're gonna ignore those and so as 00:19:50.460 --> 00:19:52.130 align:start position:0% there we're gonna ignore those and so as of<00:19:50.760> this<00:19:50.909> moment<00:19:51.120> it's<00:19:51.510> going<00:19:51.720> to<00:19:51.809> be<00:19:51.899> checked 00:19:52.130 --> 00:19:52.140 align:start position:0% of this moment it's going to be checked 00:19:52.140 --> 00:19:55.850 align:start position:0% of this moment it's going to be checked pointed<00:19:52.590> and<00:19:52.740> you<00:19:53.549> can<00:19:53.789> just<00:19:54.659> connect<00:19:55.649> to<00:19:55.740> this 00:19:55.850 --> 00:19:55.860 align:start position:0% pointed and you can just connect to this 00:19:55.860 --> 00:19:59.290 align:start position:0% pointed and you can just connect to this network<00:19:56.100> and<00:19:56.490> and<00:19:57.480> send<00:19:57.899> any<00:19:58.350> message 00:19:59.290 --> 00:19:59.300 align:start position:0% network and and send any message 00:19:59.300 --> 00:20:02.020 align:start position:0% network and and send any message to<00:19:59.480> this<00:19:59.780> contract<00:20:00.290> okay<00:20:00.920> and<00:20:01.130> you<00:20:02.000> just 00:20:02.020 --> 00:20:02.030 align:start position:0% to this contract okay and you just 00:20:02.030 --> 00:20:04.030 align:start position:0% to this contract okay and you just register<00:20:02.660> your<00:20:02.810> public<00:20:03.140> key<00:20:03.170> will<00:20:03.830> do<00:20:04.010> a 00:20:04.030 --> 00:20:04.040 align:start position:0% register your public key will do a 00:20:04.040 --> 00:20:06.460 align:start position:0% register your public key will do a drawing<00:20:04.400> and<00:20:04.730> this<00:20:04.940> will<00:20:05.780> distribute<00:20:06.110> some 00:20:06.460 --> 00:20:06.470 align:start position:0% drawing and this will distribute some 00:20:06.470 --> 00:20:08.830 align:start position:0% drawing and this will distribute some swag<00:20:06.830> to<00:20:07.640> everybody<00:20:08.000> and<00:20:08.180> that's<00:20:08.330> calling<00:20:08.750> the 00:20:08.830 --> 00:20:08.840 align:start position:0% swag to everybody and that's calling the 00:20:08.840 --> 00:20:11.980 align:start position:0% swag to everybody and that's calling the talking<00:20:09.320> in<00:20:09.410> the<00:20:09.440> background<00:20:09.680> and<00:20:10.900> you<00:20:11.900> know 00:20:11.980 --> 00:20:11.990 align:start position:0% talking in the background and you know 00:20:11.990 --> 00:20:15.340 align:start position:0% talking in the background and you know what<00:20:12.110> I'm<00:20:12.260> gonna<00:20:12.380> do<00:20:12.560> I'm<00:20:12.770> gonna<00:20:14.290> all<00:20:15.290> right 00:20:15.340 --> 00:20:15.350 align:start position:0% what I'm gonna do I'm gonna all right 00:20:15.350 --> 00:20:16.720 align:start position:0% what I'm gonna do I'm gonna all right he's<00:20:15.560> gonna<00:20:15.710> issue<00:20:15.920> is<00:20:16.130> two<00:20:16.310> thousand 00:20:16.720 --> 00:20:16.730 align:start position:0% he's gonna issue is two thousand 00:20:16.730 --> 00:20:24.640 align:start position:0% he's gonna issue is two thousand transactions<00:20:18.970> all<00:20:19.970> right<00:20:20.150> Colin<00:20:20.930> please<00:20:23.650> okay 00:20:24.640 --> 00:20:24.650 align:start position:0% transactions all right Colin please okay 00:20:24.650 --> 00:20:26.260 align:start position:0% transactions all right Colin please okay now<00:20:24.800> you<00:20:24.860> can<00:20:25.010> see<00:20:25.250> just<00:20:25.460> how<00:20:25.580> fast<00:20:25.790> this<00:20:26.030> thing 00:20:26.260 --> 00:20:26.270 align:start position:0% now you can see just how fast this thing 00:20:26.270 --> 00:20:28.600 align:start position:0% now you can see just how fast this thing is<00:20:26.420> and<00:20:27.350> it's<00:20:27.590> kind<00:20:27.800> of<00:20:27.860> amazing<00:20:28.100> to<00:20:28.340> watch<00:20:28.550> it 00:20:28.600 --> 00:20:28.610 align:start position:0% is and it's kind of amazing to watch it 00:20:28.610 --> 00:20:32.320 align:start position:0% is and it's kind of amazing to watch it grow<00:20:29.270> and<00:20:29.600> you're<00:20:29.840> super<00:20:30.590> freaking<00:20:31.010> happy<00:20:31.330> I'm 00:20:32.320 --> 00:20:32.330 align:start position:0% grow and you're super freaking happy I'm 00:20:32.330 --> 00:20:36.160 align:start position:0% grow and you're super freaking happy I'm gonna<00:20:32.540> skip<00:20:32.780> this<00:20:32.930> okay<00:20:33.530> so<00:20:34.480> we<00:20:35.480> decided<00:20:35.960> to<00:20:36.050> do 00:20:36.160 --> 00:20:36.170 align:start position:0% gonna skip this okay so we decided to do 00:20:36.170 --> 00:20:38.440 align:start position:0% gonna skip this okay so we decided to do this<00:20:36.320> two<00:20:36.530> weeks<00:20:36.740> ago<00:20:36.980> and<00:20:37.250> much<00:20:37.880> of<00:20:37.910> my<00:20:38.090> time 00:20:38.440 --> 00:20:38.450 align:start position:0% this two weeks ago and much of my time 00:20:38.450 --> 00:20:40.270 align:start position:0% this two weeks ago and much of my time was<00:20:38.660> spent<00:20:38.720> not<00:20:39.140> on<00:20:39.320> technical<00:20:39.710> stuff<00:20:39.950> but<00:20:39.980> on 00:20:40.270 --> 00:20:40.280 align:start position:0% was spent not on technical stuff but on 00:20:40.280 --> 00:20:41.830 align:start position:0% was spent not on technical stuff but on talking<00:20:40.670> to<00:20:40.790> people<00:20:40.940> and<00:20:41.210> saying<00:20:41.420> look<00:20:41.630> this 00:20:41.830 --> 00:20:41.840 align:start position:0% talking to people and saying look this 00:20:41.840 --> 00:20:43.630 align:start position:0% talking to people and saying look this is<00:20:41.990> all<00:20:42.110> very<00:20:42.170> friendly<00:20:42.920> we<00:20:43.190> want<00:20:43.400> to<00:20:43.490> make 00:20:43.630 --> 00:20:43.640 align:start position:0% is all very friendly we want to make 00:20:43.640 --> 00:20:45.010 align:start position:0% is all very friendly we want to make sure<00:20:43.670> that<00:20:44.000> nobody's<00:20:44.360> upset<00:20:44.660> about<00:20:44.780> what 00:20:45.010 --> 00:20:45.020 align:start position:0% sure that nobody's upset about what 00:20:45.020 --> 00:20:46.920 align:start position:0% sure that nobody's upset about what we're<00:20:45.140> about<00:20:45.260> to<00:20:45.470> do<00:20:45.590> it's<00:20:45.710> a<00:20:45.830> test<00:20:46.040> net<00:20:46.250> and 00:20:46.920 --> 00:20:46.930 align:start position:0% we're about to do it's a test net and 00:20:46.930 --> 00:20:49.960 align:start position:0% we're about to do it's a test net and and<00:20:47.930> so<00:20:48.110> forth<00:20:48.380> it's<00:20:48.980> very<00:20:49.220> early<00:20:49.400> for<00:20:49.790> us 00:20:49.960 --> 00:20:49.970 align:start position:0% and so forth it's very early for us 00:20:49.970 --> 00:20:52.120 align:start position:0% and so forth it's very early for us there<00:20:50.300> are<00:20:50.330> no<00:20:50.450> no<00:20:51.170> denial<00:20:51.620> of<00:20:51.800> service 00:20:52.120 --> 00:20:52.130 align:start position:0% there are no no denial of service 00:20:52.130 --> 00:20:53.890 align:start position:0% there are no no denial of service protections<00:20:52.310> okay<00:20:53.090> we<00:20:53.240> do<00:20:53.420> have<00:20:53.570> the<00:20:53.690> gas 00:20:53.890 --> 00:20:53.900 align:start position:0% protections okay we do have the gas 00:20:53.900 --> 00:20:56.080 align:start position:0% protections okay we do have the gas logic<00:20:54.380> in<00:20:54.500> there<00:20:54.650> but<00:20:54.830> we're<00:20:54.950> not<00:20:55.070> using<00:20:55.370> it<00:20:55.700> so 00:20:56.080 --> 00:20:56.090 align:start position:0% logic in there but we're not using it so 00:20:56.090 --> 00:20:58.690 align:start position:0% logic in there but we're not using it so if<00:20:56.240> any<00:20:56.510> one<00:20:56.840> of<00:20:56.870> you<00:20:57.140> decides<00:20:57.560> to<00:20:57.770> Dass<00:20:57.980> us<00:20:58.280> you 00:20:58.690 --> 00:20:58.700 align:start position:0% if any one of you decides to Dass us you 00:20:58.700 --> 00:21:01.300 align:start position:0% if any one of you decides to Dass us you can<00:20:59.000> and<00:20:59.390> so<00:20:59.750> please<00:20:59.960> don't<00:21:00.230> okay<00:21:00.950> it<00:21:01.070> doesn't 00:21:01.300 --> 00:21:01.310 align:start position:0% can and so please don't okay it doesn't 00:21:01.310 --> 00:21:03.130 align:start position:0% can and so please don't okay it doesn't really<00:21:01.520> demonstrate<00:21:02.030> much<00:21:02.240> the<00:21:02.810> fact<00:21:03.050> that 00:21:03.130 --> 00:21:03.140 align:start position:0% really demonstrate much the fact that 00:21:03.140 --> 00:21:06.460 align:start position:0% really demonstrate much the fact that you<00:21:03.320> can<00:21:03.500> das<00:21:03.710> a<00:21:03.740> test<00:21:04.160> net<00:21:04.370> okay<00:21:04.670> big<00:21:04.880> whoop<00:21:05.470> so 00:21:06.460 --> 00:21:06.470 align:start position:0% you can das a test net okay big whoop so 00:21:06.470 --> 00:21:08.260 align:start position:0% you can das a test net okay big whoop so but<00:21:07.400> you<00:21:07.490> know<00:21:07.610> it's<00:21:07.730> a<00:21:07.790> fun<00:21:07.970> thing<00:21:08.000> to<00:21:08.150> play 00:21:08.260 --> 00:21:08.270 align:start position:0% but you know it's a fun thing to play 00:21:08.270 --> 00:21:11.650 align:start position:0% but you know it's a fun thing to play with<00:21:08.450> and<00:21:09.250> so<00:21:10.250> my<00:21:10.400> proposal<00:21:10.820> to<00:21:11.090> the<00:21:11.210> community 00:21:11.650 --> 00:21:11.660 align:start position:0% with and so my proposal to the community 00:21:11.660 --> 00:21:14.560 align:start position:0% with and so my proposal to the community is<00:21:11.870> that<00:21:12.680> we<00:21:13.010> put<00:21:13.220> up<00:21:13.370> this<00:21:13.520> test<00:21:13.760> net<00:21:13.970> make 00:21:14.560 --> 00:21:14.570 align:start position:0% is that we put up this test net make 00:21:14.570 --> 00:21:16.480 align:start position:0% is that we put up this test net make this<00:21:14.720> test<00:21:14.930> net<00:21:15.140> available<00:21:15.620> for<00:21:15.800> you<00:21:15.950> and<00:21:16.430> we 00:21:16.480 --> 00:21:16.490 align:start position:0% this test net available for you and we 00:21:16.490 --> 00:21:18.370 align:start position:0% this test net available for you and we play<00:21:16.790> around<00:21:16.910> with<00:21:17.270> it<00:21:17.450> that's<00:21:17.780> really<00:21:18.080> the 00:21:18.370 --> 00:21:18.380 align:start position:0% play around with it that's really the 00:21:18.380 --> 00:21:20.260 align:start position:0% play around with it that's really the entirety<00:21:18.950> of<00:21:18.980> the<00:21:19.130> proposal<00:21:19.610> on<00:21:19.730> the<00:21:19.760> table<00:21:19.970> as 00:21:20.260 --> 00:21:20.270 align:start position:0% entirety of the proposal on the table as 00:21:20.270 --> 00:21:22.300 align:start position:0% entirety of the proposal on the table as of<00:21:20.450> now<00:21:20.630> but<00:21:21.260> we<00:21:21.410> are<00:21:21.530> also<00:21:21.740> thinking<00:21:22.070> about 00:21:22.300 --> 00:21:22.310 align:start position:0% of now but we are also thinking about 00:21:22.310 --> 00:21:24.880 align:start position:0% of now but we are also thinking about creating<00:21:23.060> a<00:21:23.150> spoon<00:21:23.480> so<00:21:24.200> as<00:21:24.350> what's<00:21:24.530> the<00:21:24.620> spoon 00:21:24.880 --> 00:21:24.890 align:start position:0% creating a spoon so as what's the spoon 00:21:24.890 --> 00:21:26.890 align:start position:0% creating a spoon so as what's the spoon again<00:21:25.130> we're<00:21:25.580> going<00:21:25.760> to<00:21:25.880> identify<00:21:26.510> a<00:21:26.540> height 00:21:26.890 --> 00:21:26.900 align:start position:0% again we're going to identify a height 00:21:26.900 --> 00:21:29.560 align:start position:0% again we're going to identify a height in<00:21:27.440> the<00:21:27.710> future<00:21:28.100> at<00:21:28.430> which<00:21:29.060> we're<00:21:29.270> going<00:21:29.450> to 00:21:29.560 --> 00:21:29.570 align:start position:0% in the future at which we're going to 00:21:29.570 --> 00:21:31.660 align:start position:0% in the future at which we're going to duplicate<00:21:30.260> the<00:21:30.440> state<00:21:30.710> of<00:21:30.890> the<00:21:31.010> chain<00:21:31.250> at<00:21:31.460> that 00:21:31.660 --> 00:21:31.670 align:start position:0% duplicate the state of the chain at that 00:21:31.670 --> 00:21:34.450 align:start position:0% duplicate the state of the chain at that height<00:21:31.880> okay<00:21:32.900> so<00:21:33.320> that<00:21:33.470> means<00:21:33.740> all<00:21:34.010> of<00:21:34.070> the 00:21:34.450 --> 00:21:34.460 align:start position:0% height okay so that means all of the 00:21:34.460 --> 00:21:35.920 align:start position:0% height okay so that means all of the balances<00:21:35.120> are<00:21:35.300> preserved 00:21:35.920 --> 00:21:35.930 align:start position:0% balances are preserved 00:21:35.930 --> 00:21:38.200 align:start position:0% balances are preserved so<00:21:36.110> everybody<00:21:36.530> who<00:21:36.650> holds<00:21:37.010> eath<00:21:37.250> they<00:21:38.000> now 00:21:38.200 --> 00:21:38.210 align:start position:0% so everybody who holds eath they now 00:21:38.210 --> 00:21:40.810 align:start position:0% so everybody who holds eath they now hold<00:21:38.540> that<00:21:38.900> much<00:21:39.680> ether<00:21:40.220> Navas 00:21:40.810 --> 00:21:40.820 align:start position:0% hold that much ether Navas 00:21:40.820 --> 00:21:45.040 align:start position:0% hold that much ether Navas okay<00:21:41.480> eat<00:21:42.050> on<00:21:42.260> a<00:21:42.440> theory<00:21:42.800> and<00:21:43.720> all<00:21:44.720> of<00:21:44.960> the 00:21:45.040 --> 00:21:45.050 align:start position:0% okay eat on a theory and all of the 00:21:45.050 --> 00:21:46.810 align:start position:0% okay eat on a theory and all of the contracts<00:21:45.500> that<00:21:45.560> are<00:21:45.770> deployed<00:21:46.130> on<00:21:46.400> east 00:21:46.810 --> 00:21:46.820 align:start position:0% contracts that are deployed on east 00:21:46.820 --> 00:21:49.090 align:start position:0% contracts that are deployed on east today<00:21:47.180> are<00:21:47.450> going<00:21:47.750> to<00:21:47.840> be<00:21:47.990> deployed<00:21:48.380> also<00:21:48.860> on 00:21:49.090 --> 00:21:49.100 align:start position:0% today are going to be deployed also on 00:21:49.100 --> 00:21:53.170 align:start position:0% today are going to be deployed also on eath<00:21:49.970> on<00:21:50.180> a<00:21:50.300> theory<00:21:50.980> so<00:21:51.980> this<00:21:52.490> gives<00:21:52.700> us<00:21:52.820> a<00:21:52.970> very 00:21:53.170 --> 00:21:53.180 align:start position:0% eath on a theory so this gives us a very 00:21:53.180 --> 00:21:56.200 align:start position:0% eath on a theory so this gives us a very very<00:21:53.480> fast<00:21:53.900> Network<00:21:54.410> and<00:21:54.650> scalable<00:21:55.580> one<00:21:55.730> right 00:21:56.200 --> 00:21:56.210 align:start position:0% very fast Network and scalable one right 00:21:56.210 --> 00:21:58.900 align:start position:0% very fast Network and scalable one right now<00:21:56.540> that's<00:21:57.260> a<00:21:57.560> wonderful<00:21:57.950> situation<00:21:58.280> to<00:21:58.790> be 00:21:58.900 --> 00:21:58.910 align:start position:0% now that's a wonderful situation to be 00:21:58.910 --> 00:22:00.310 align:start position:0% now that's a wonderful situation to be in<00:21:59.090> there<00:21:59.390> are<00:21:59.420> lots<00:21:59.750> of<00:21:59.900> other<00:22:00.080> groups 00:22:00.310 --> 00:22:00.320 align:start position:0% in there are lots of other groups 00:22:00.320 --> 00:22:02.200 align:start position:0% in there are lots of other groups working<00:22:00.680> on<00:22:00.890> making<00:22:01.130> aetherium<00:22:01.610> fast<00:22:02.030> you 00:22:02.200 --> 00:22:02.210 align:start position:0% working on making aetherium fast you 00:22:02.210 --> 00:22:04.090 align:start position:0% working on making aetherium fast you know<00:22:02.360> about<00:22:02.570> aetherium<00:22:03.020> -<00:22:03.260> you<00:22:03.770> heard<00:22:03.980> about 00:22:04.090 --> 00:22:04.100 align:start position:0% know about aetherium - you heard about 00:22:04.100 --> 00:22:06.640 align:start position:0% know about aetherium - you heard about Vlad<00:22:04.520> CVC<00:22:05.090> casper<00:22:05.510> work<00:22:05.720> I'm<00:22:05.960> sure<00:22:06.140> there<00:22:06.590> are 00:22:06.640 --> 00:22:06.650 align:start position:0% Vlad CVC casper work I'm sure there are 00:22:06.650 --> 00:22:08.680 align:start position:0% Vlad CVC casper work I'm sure there are others<00:22:06.860> out<00:22:07.040> there<00:22:07.100> so<00:22:07.790> it's<00:22:07.940> wonderful<00:22:08.180> to<00:22:08.510> be 00:22:08.680 --> 00:22:08.690 align:start position:0% others out there so it's wonderful to be 00:22:08.690 --> 00:22:10.300 align:start position:0% others out there so it's wonderful to be in<00:22:08.720> a<00:22:08.870> community<00:22:09.380> with<00:22:09.560> so<00:22:09.770> many<00:22:09.920> people 00:22:10.300 --> 00:22:10.310 align:start position:0% in a community with so many people 00:22:10.310 --> 00:22:12.730 align:start position:0% in a community with so many people trying<00:22:10.550> to<00:22:10.640> make<00:22:10.760> the<00:22:11.120> infrastructure<00:22:11.840> better 00:22:12.730 --> 00:22:12.740 align:start position:0% trying to make the infrastructure better 00:22:12.740 --> 00:22:14.500 align:start position:0% trying to make the infrastructure better this<00:22:13.100> new<00:22:13.309> infrastructure<00:22:13.909> we're<00:22:14.149> offering 00:22:14.500 --> 00:22:14.510 align:start position:0% this new infrastructure we're offering 00:22:14.510 --> 00:22:16.090 align:start position:0% this new infrastructure we're offering is<00:22:14.630> completely<00:22:15.260> optional 00:22:16.090 --> 00:22:16.100 align:start position:0% is completely optional 00:22:16.100 --> 00:22:18.130 align:start position:0% is completely optional we're<00:22:16.520> not<00:22:16.640> asking<00:22:17.059> anybody<00:22:17.240> to<00:22:17.450> burn<00:22:17.809> their 00:22:18.130 --> 00:22:18.140 align:start position:0% we're not asking anybody to burn their 00:22:18.140 --> 00:22:20.049 align:start position:0% we're not asking anybody to burn their main<00:22:18.380> net<00:22:18.620> coins<00:22:18.919> you<00:22:19.370> don't<00:22:19.549> have<00:22:19.730> to<00:22:19.850> buy 00:22:20.049 --> 00:22:20.059 align:start position:0% main net coins you don't have to buy 00:22:20.059 --> 00:22:22.720 align:start position:0% main net coins you don't have to buy into<00:22:20.510> this<00:22:20.630> thing<00:22:20.870> you<00:22:21.080> just<00:22:21.529> get<00:22:21.830> it<00:22:22.010> all<00:22:22.159> okay 00:22:22.720 --> 00:22:22.730 align:start position:0% into this thing you just get it all okay 00:22:22.730 --> 00:22:25.240 align:start position:0% into this thing you just get it all okay and<00:22:22.940> there's<00:22:23.929> no<00:22:24.080> lock-in<00:22:24.440> and<00:22:24.890> you<00:22:25.070> don't 00:22:25.240 --> 00:22:25.250 align:start position:0% and there's no lock-in and you don't 00:22:25.250 --> 00:22:27.279 align:start position:0% and there's no lock-in and you don't have<00:22:25.399> to<00:22:25.520> change<00:22:25.789> any<00:22:26.120> piece<00:22:26.450> of<00:22:26.480> software<00:22:26.659> we 00:22:27.279 --> 00:22:27.289 align:start position:0% have to change any piece of software we 00:22:27.289 --> 00:22:29.289 align:start position:0% have to change any piece of software we don't<00:22:27.470> have<00:22:27.649> to<00:22:27.799> go<00:22:27.919> and<00:22:28.130> talk<00:22:28.549> to<00:22:28.789> anybody 00:22:29.289 --> 00:22:29.299 align:start position:0% don't have to go and talk to anybody 00:22:29.299 --> 00:22:31.240 align:start position:0% don't have to go and talk to anybody there<00:22:29.690> is<00:22:29.809> no<00:22:29.960> permissioning<00:22:30.559> step<00:22:30.830> involved 00:22:31.240 --> 00:22:31.250 align:start position:0% there is no permissioning step involved 00:22:31.250 --> 00:22:32.500 align:start position:0% there is no permissioning step involved it's<00:22:31.370> just<00:22:31.460> out<00:22:31.760> there<00:22:32.000> you<00:22:32.149> just<00:22:32.330> add<00:22:32.480> a 00:22:32.500 --> 00:22:32.510 align:start position:0% it's just out there you just add a 00:22:32.510 --> 00:22:34.960 align:start position:0% it's just out there you just add a different<00:22:33.409> interface<00:22:33.890> a<00:22:34.250> different<00:22:34.549> RTC 00:22:34.960 --> 00:22:34.970 align:start position:0% different interface a different RTC 00:22:34.970 --> 00:22:37.210 align:start position:0% different interface a different RTC endpoint<00:22:35.390> and<00:22:35.600> all<00:22:36.020> you're<00:22:36.200> off<00:22:36.380> to<00:22:36.559> the<00:22:36.590> races 00:22:37.210 --> 00:22:37.220 align:start position:0% endpoint and all you're off to the races 00:22:37.220 --> 00:22:40.240 align:start position:0% endpoint and all you're off to the races it<00:22:37.789> does<00:22:38.000> not<00:22:38.240> compete<00:22:38.659> with<00:22:38.720> each<00:22:38.990> -<00:22:39.289> OH<00:22:39.710> it<00:22:40.010> in 00:22:40.240 --> 00:22:40.250 align:start position:0% it does not compete with each - OH it in 00:22:40.250 --> 00:22:41.830 align:start position:0% it does not compete with each - OH it in fact<00:22:40.279> takes<00:22:40.640> the<00:22:40.789> pressure<00:22:40.970> off<00:22:41.149> of<00:22:41.330> each<00:22:41.600> tool 00:22:41.830 --> 00:22:41.840 align:start position:0% fact takes the pressure off of each tool 00:22:41.840 --> 00:22:43.539 align:start position:0% fact takes the pressure off of each tool because<00:22:42.320> there<00:22:42.500> is<00:22:42.590> now<00:22:42.740> at<00:22:43.039> least<00:22:43.159> a<00:22:43.340> test 00:22:43.539 --> 00:22:43.549 align:start position:0% because there is now at least a test 00:22:43.549 --> 00:22:46.029 align:start position:0% because there is now at least a test network<00:22:43.880> initially<00:22:44.270> and<00:22:44.539> perhaps<00:22:45.039> sometimes 00:22:46.029 --> 00:22:46.039 align:start position:0% network initially and perhaps sometimes 00:22:46.039 --> 00:22:48.490 align:start position:0% network initially and perhaps sometimes soon<00:22:46.490> a<00:22:46.640> real<00:22:46.760> network<00:22:47.149> that<00:22:47.899> actually<00:22:47.929> works 00:22:48.490 --> 00:22:48.500 align:start position:0% soon a real network that actually works 00:22:48.500 --> 00:22:51.580 align:start position:0% soon a real network that actually works and<00:22:48.799> works<00:22:49.220> at<00:22:49.460> scale<00:22:49.580> and<00:22:49.970> as<00:22:50.690> there<00:22:51.020> are<00:22:51.140> EVM 00:22:51.580 --> 00:22:51.590 align:start position:0% and works at scale and as there are EVM 00:22:51.590 --> 00:22:53.830 align:start position:0% and works at scale and as there are EVM improvements<00:22:52.279> we<00:22:52.820> can<00:22:52.850> incorporate<00:22:53.240> them<00:22:53.630> now 00:22:53.830 --> 00:22:53.840 align:start position:0% improvements we can incorporate them now 00:22:53.840 --> 00:22:55.720 align:start position:0% improvements we can incorporate them now we're<00:22:53.990> not<00:22:54.169> EVM<00:22:54.679> people<00:22:55.100> we're<00:22:55.279> not<00:22:55.429> going<00:22:55.669> to 00:22:55.720 --> 00:22:55.730 align:start position:0% we're not EVM people we're not going to 00:22:55.730 --> 00:22:57.460 align:start position:0% we're not EVM people we're not going to be<00:22:55.850> making<00:22:56.059> those<00:22:56.299> improvements<00:22:56.720> ourselves 00:22:57.460 --> 00:22:57.470 align:start position:0% be making those improvements ourselves 00:22:57.470 --> 00:22:59.590 align:start position:0% be making those improvements ourselves that's<00:22:57.890> still<00:22:58.220> the<00:22:58.460> dot<00:22:58.640> of<00:22:58.820> the<00:22:58.970> the<00:22:59.240> domain 00:22:59.590 --> 00:22:59.600 align:start position:0% that's still the dot of the the domain 00:22:59.600 --> 00:23:02.110 align:start position:0% that's still the dot of the the domain of<00:22:59.870> the<00:23:00.080> etherium<00:23:00.470> foundation<00:23:01.070> we<00:23:01.580> are<00:23:01.610> simply 00:23:02.110 --> 00:23:02.120 align:start position:0% of the etherium foundation we are simply 00:23:02.120 --> 00:23:04.779 align:start position:0% of the etherium foundation we are simply giving<00:23:02.450> a<00:23:02.600> new<00:23:03.169> layer<00:23:03.620> one<00:23:04.039> that<00:23:04.370> the<00:23:04.520> very 00:23:04.779 --> 00:23:04.789 align:start position:0% giving a new layer one that the very 00:23:04.789 --> 00:23:07.210 align:start position:0% giving a new layer one that the very very<00:23:05.000> lowest<00:23:05.270> layer<00:23:05.659> and<00:23:06.500> we're<00:23:06.710> relying<00:23:06.980> on 00:23:07.210 --> 00:23:07.220 align:start position:0% very lowest layer and we're relying on 00:23:07.220 --> 00:23:08.560 align:start position:0% very lowest layer and we're relying on the<00:23:07.370> etherion<00:23:07.669> foundation<00:23:08.240> for<00:23:08.450> the 00:23:08.560 --> 00:23:08.570 align:start position:0% the etherion foundation for the 00:23:08.570 --> 00:23:10.419 align:start position:0% the etherion foundation for the development<00:23:08.600> of<00:23:09.140> the<00:23:09.260> EVM<00:23:09.620> itself<00:23:10.010> that's<00:23:10.250> I 00:23:10.419 --> 00:23:10.429 align:start position:0% development of the EVM itself that's I 00:23:10.429 --> 00:23:13.000 align:start position:0% development of the EVM itself that's I think<00:23:10.490> the<00:23:10.730> core<00:23:10.940> intellectual<00:23:11.950> sort<00:23:12.950> of 00:23:13.000 --> 00:23:13.010 align:start position:0% think the core intellectual sort of 00:23:13.010 --> 00:23:15.399 align:start position:0% think the core intellectual sort of thrust<00:23:13.490> of<00:23:13.760> this<00:23:13.909> this<00:23:14.240> endeavor<00:23:14.929> here 00:23:15.399 --> 00:23:15.409 align:start position:0% thrust of this this endeavor here 00:23:15.409 --> 00:23:18.279 align:start position:0% thrust of this this endeavor here I<00:23:15.850> mean<00:23:16.850> demonstrates<00:23:17.419> as<00:23:17.539> I<00:23:17.630> said<00:23:17.840> that<00:23:18.020> it's 00:23:18.279 --> 00:23:18.289 align:start position:0% I mean demonstrates as I said that it's 00:23:18.289 --> 00:23:21.010 align:start position:0% I mean demonstrates as I said that it's possible<00:23:18.679> for<00:23:18.830> easter<00:23:19.190> scale<00:23:19.429> today<00:23:19.730> and<00:23:20.020> and 00:23:21.010 --> 00:23:21.020 align:start position:0% possible for easter scale today and and 00:23:21.020 --> 00:23:22.899 align:start position:0% possible for easter scale today and and it<00:23:21.200> preserves<00:23:21.710> everything<00:23:21.919> that's<00:23:22.490> at<00:23:22.700> least 00:23:22.899 --> 00:23:22.909 align:start position:0% it preserves everything that's at least 00:23:22.909 --> 00:23:24.880 align:start position:0% it preserves everything that's at least to<00:23:23.059> me<00:23:23.179> quintessentially<00:23:24.020> aetherium<00:23:24.529> so<00:23:24.710> all 00:23:24.880 --> 00:23:24.890 align:start position:0% to me quintessentially aetherium so all 00:23:24.890 --> 00:23:27.279 align:start position:0% to me quintessentially aetherium so all balances<00:23:25.490> all<00:23:25.700> contracts<00:23:26.270> all<00:23:26.480> tooling<00:23:27.080> and 00:23:27.279 --> 00:23:27.289 align:start position:0% balances all contracts all tooling and 00:23:27.289 --> 00:23:29.110 align:start position:0% balances all contracts all tooling and of<00:23:27.679> course<00:23:27.890> all<00:23:28.190> of<00:23:28.340> the<00:23:28.429> colourful<00:23:28.820> shorts 00:23:29.110 --> 00:23:29.120 align:start position:0% of course all of the colourful shorts 00:23:29.120 --> 00:23:31.120 align:start position:0% of course all of the colourful shorts and<00:23:29.240> so<00:23:29.390> forth<00:23:29.750> they<00:23:30.080> all<00:23:30.230> remain<00:23:30.590> aetherium 00:23:31.120 --> 00:23:31.130 align:start position:0% and so forth they all remain aetherium 00:23:31.130 --> 00:23:33.430 align:start position:0% and so forth they all remain aetherium it's<00:23:31.909> just<00:23:32.149> that<00:23:32.330> one<00:23:32.539> layer<00:23:32.779> gets<00:23:33.049> a<00:23:33.230> little 00:23:33.430 --> 00:23:33.440 align:start position:0% it's just that one layer gets a little 00:23:33.440 --> 00:23:37.510 align:start position:0% it's just that one layer gets a little faster<00:23:34.120> so<00:23:35.120> spoons<00:23:35.419> are<00:23:35.630> nice<00:23:35.950> and<00:23:36.950> the<00:23:37.159> one<00:23:37.399> of 00:23:37.510 --> 00:23:37.520 align:start position:0% faster so spoons are nice and the one of 00:23:37.520 --> 00:23:38.649 align:start position:0% faster so spoons are nice and the one of the<00:23:37.610> things<00:23:37.760> that<00:23:37.970> they<00:23:38.090> help<00:23:38.240> us<00:23:38.419> do<00:23:38.600> is 00:23:38.649 --> 00:23:38.659 align:start position:0% the things that they help us do is 00:23:38.659 --> 00:23:40.539 align:start position:0% the things that they help us do is identify<00:23:38.870> future<00:23:39.559> problems<00:23:40.220> currently 00:23:40.539 --> 00:23:40.549 align:start position:0% identify future problems currently 00:23:40.549 --> 00:23:42.580 align:start position:0% identify future problems currently brewing<00:23:41.210> on<00:23:41.360> chain<00:23:41.690> one<00:23:41.960> of<00:23:42.049> the<00:23:42.140> main<00:23:42.320> things 00:23:42.580 --> 00:23:42.590 align:start position:0% brewing on chain one of the main things 00:23:42.590 --> 00:23:45.250 align:start position:0% brewing on chain one of the main things we<00:23:42.649> discovered<00:23:43.190> immediately<00:23:43.760> is<00:23:43.940> there<00:23:44.570> the 00:23:45.250 --> 00:23:45.260 align:start position:0% we discovered immediately is there the 00:23:45.260 --> 00:23:46.990 align:start position:0% we discovered immediately is there the the<00:23:45.529> tooling<00:23:45.890> itself<00:23:46.220> is<00:23:46.399> not<00:23:46.580> currently 00:23:46.990 --> 00:23:47.000 align:start position:0% the tooling itself is not currently 00:23:47.000 --> 00:23:49.870 align:start position:0% the tooling itself is not currently geared<00:23:47.360> for<00:23:47.980> blocks<00:23:48.980> that<00:23:49.220> are<00:23:49.279> lightning 00:23:49.870 --> 00:23:49.880 align:start position:0% geared for blocks that are lightning 00:23:49.880 --> 00:23:52.180 align:start position:0% geared for blocks that are lightning fast<00:23:50.120> so<00:23:50.809> we're<00:23:51.020> getting<00:23:51.200> block<00:23:51.559> times<00:23:51.830> that 00:23:52.180 --> 00:23:52.190 align:start position:0% fast so we're getting block times that 00:23:52.190 --> 00:23:54.820 align:start position:0% fast so we're getting block times that are<00:23:52.370> about<00:23:52.549> 90<00:23:52.970> milliseconds<00:23:53.500> the<00:23:54.500> tooling 00:23:54.820 --> 00:23:54.830 align:start position:0% are about 90 milliseconds the tooling 00:23:54.830 --> 00:23:57.100 align:start position:0% are about 90 milliseconds the tooling assumes<00:23:55.130> that<00:23:55.309> you're<00:23:55.760> getting<00:23:56.059> at<00:23:56.210> most<00:23:56.570> one 00:23:57.100 --> 00:23:57.110 align:start position:0% assumes that you're getting at most one 00:23:57.110 --> 00:23:59.529 align:start position:0% assumes that you're getting at most one block<00:23:57.470> per<00:23:57.710> second<00:23:58.190> so<00:23:58.850> that's<00:23:58.970> a<00:23:59.210> bit<00:23:59.330> of<00:23:59.419> an 00:23:59.529 --> 00:23:59.539 align:start position:0% block per second so that's a bit of an 00:23:59.539 --> 00:24:02.139 align:start position:0% block per second so that's a bit of an issue<00:23:59.929> that<00:24:00.320> we<00:24:01.070> have<00:24:01.220> to<00:24:01.250> keep<00:24:01.789> in<00:24:01.970> mind 00:24:02.139 --> 00:24:02.149 align:start position:0% issue that we have to keep in mind 00:24:02.149 --> 00:24:03.519 align:start position:0% issue that we have to keep in mind because<00:24:02.330> that<00:24:02.450> might<00:24:02.809> no<00:24:02.960> longer<00:24:02.990> be<00:24:03.289> true 00:24:03.519 --> 00:24:03.529 align:start position:0% because that might no longer be true 00:24:03.529 --> 00:24:05.769 align:start position:0% because that might no longer be true we're<00:24:04.130> also<00:24:04.309> identifying<00:24:04.520> a<00:24:05.270> bunch<00:24:05.450> of<00:24:05.600> smart 00:24:05.769 --> 00:24:05.779 align:start position:0% we're also identifying a bunch of smart 00:24:05.779 --> 00:24:08.049 align:start position:0% we're also identifying a bunch of smart contracts<00:24:06.289> that<00:24:06.470> assume<00:24:06.860> a<00:24:07.100> certain<00:24:07.789> block 00:24:08.049 --> 00:24:08.059 align:start position:0% contracts that assume a certain block 00:24:08.059 --> 00:24:10.389 align:start position:0% contracts that assume a certain block interval<00:24:08.659> somewhere<00:24:09.200> between<00:24:09.350> 12<00:24:09.740> to<00:24:09.830> 15 00:24:10.389 --> 00:24:10.399 align:start position:0% interval somewhere between 12 to 15 00:24:10.399 --> 00:24:12.490 align:start position:0% interval somewhere between 12 to 15 seconds<00:24:10.880> between<00:24:11.029> blocks<00:24:11.539> that's<00:24:12.049> no<00:24:12.320> longer 00:24:12.490 --> 00:24:12.500 align:start position:0% seconds between blocks that's no longer 00:24:12.500 --> 00:24:13.600 align:start position:0% seconds between blocks that's no longer going<00:24:12.860> to<00:24:12.980> be<00:24:13.130> true 00:24:13.600 --> 00:24:13.610 align:start position:0% going to be true 00:24:13.610 --> 00:24:15.970 align:start position:0% going to be true now<00:24:13.880> even<00:24:14.149> no<00:24:14.630> matter<00:24:14.779> what<00:24:15.110> happens<00:24:15.500> with<00:24:15.710> the 00:24:15.970 --> 00:24:15.980 align:start position:0% now even no matter what happens with the 00:24:15.980 --> 00:24:18.220 align:start position:0% now even no matter what happens with the switch<00:24:16.250> the<00:24:16.429> pls<00:24:16.880> those<00:24:17.419> contracts<00:24:17.960> will<00:24:18.080> have 00:24:18.220 --> 00:24:18.230 align:start position:0% switch the pls those contracts will have 00:24:18.230 --> 00:24:20.049 align:start position:0% switch the pls those contracts will have to<00:24:18.350> be<00:24:18.440> rewritten<00:24:18.649> and<00:24:19.340> if<00:24:19.460> they<00:24:19.580> cannot<00:24:19.880> be 00:24:20.049 --> 00:24:20.059 align:start position:0% to be rewritten and if they cannot be 00:24:20.059 --> 00:24:22.149 align:start position:0% to be rewritten and if they cannot be rewritten<00:24:20.419> they<00:24:20.659> will<00:24:20.809> be<00:24:20.929> broken<00:24:21.200> so<00:24:21.919> keep 00:24:22.149 --> 00:24:22.159 align:start position:0% rewritten they will be broken so keep 00:24:22.159 --> 00:24:24.220 align:start position:0% rewritten they will be broken so keep that<00:24:22.309> in<00:24:22.370> mind<00:24:22.730> because<00:24:23.179> this<00:24:23.510> is<00:24:23.690> coming<00:24:24.049> and 00:24:24.220 --> 00:24:24.230 align:start position:0% that in mind because this is coming and 00:24:24.230 --> 00:24:25.810 align:start position:0% that in mind because this is coming and this<00:24:24.529> is<00:24:24.620> a<00:24:24.649> good<00:24:24.860> way<00:24:25.100> your<00:24:25.279> test<00:24:25.490> net<00:24:25.669> is<00:24:25.789> a 00:24:25.810 --> 00:24:25.820 align:start position:0% this is a good way your test net is a 00:24:25.820 --> 00:24:26.380 align:start position:0% this is a good way your test net is a good<00:24:26.059> way<00:24:26.179> to 00:24:26.380 --> 00:24:26.390 align:start position:0% good way to 00:24:26.390 --> 00:24:28.510 align:start position:0% good way to explore<00:24:26.750> these<00:24:27.440> problems<00:24:27.980> before<00:24:28.160> they 00:24:28.510 --> 00:24:28.520 align:start position:0% explore these problems before they 00:24:28.520 --> 00:24:31.570 align:start position:0% explore these problems before they happen<00:24:29.530> much<00:24:30.530> more<00:24:30.800> importantly<00:24:31.340> and<00:24:31.490> the 00:24:31.570 --> 00:24:31.580 align:start position:0% happen much more importantly and the 00:24:31.580 --> 00:24:33.400 align:start position:0% happen much more importantly and the thing<00:24:31.730> that<00:24:31.910> I'm<00:24:32.030> most<00:24:32.300> excited<00:24:32.510> about<00:24:32.870> is 00:24:33.400 --> 00:24:33.410 align:start position:0% thing that I'm most excited about is 00:24:33.410 --> 00:24:35.200 align:start position:0% thing that I'm most excited about is that<00:24:33.470> a<00:24:33.800> theorem<00:24:34.310> would<00:24:34.460> help<00:24:34.790> bring<00:24:35.120> more 00:24:35.200 --> 00:24:35.210 align:start position:0% that a theorem would help bring more 00:24:35.210 --> 00:24:37.930 align:start position:0% that a theorem would help bring more people<00:24:35.810> into<00:24:36.350> the<00:24:36.500> infrastructure<00:24:37.160> we<00:24:37.790> are 00:24:37.930 --> 00:24:37.940 align:start position:0% people into the infrastructure we are 00:24:37.940 --> 00:24:40.210 align:start position:0% people into the infrastructure we are all<00:24:38.180> cut<00:24:38.570> out<00:24:38.810> unless<00:24:39.290> you<00:24:39.350> own<00:24:39.590> some<00:24:39.890> mining 00:24:40.210 --> 00:24:40.220 align:start position:0% all cut out unless you own some mining 00:24:40.220 --> 00:24:41.620 align:start position:0% all cut out unless you own some mining rigs<00:24:40.430> and<00:24:40.610> I'm<00:24:40.670> sure<00:24:40.850> some<00:24:41.090> of<00:24:41.120> you<00:24:41.270> do 00:24:41.620 --> 00:24:41.630 align:start position:0% rigs and I'm sure some of you do 00:24:41.630 --> 00:24:43.570 align:start position:0% rigs and I'm sure some of you do we're<00:24:42.140> cut<00:24:42.380> out<00:24:42.590> from<00:24:42.800> the<00:24:43.010> infrastructure 00:24:43.570 --> 00:24:43.580 align:start position:0% we're cut out from the infrastructure 00:24:43.580 --> 00:24:45.850 align:start position:0% we're cut out from the infrastructure we're<00:24:43.850> not<00:24:44.030> participating<00:24:45.020> all<00:24:45.350> of<00:24:45.680> that 00:24:45.850 --> 00:24:45.860 align:start position:0% we're not participating all of that 00:24:45.860 --> 00:24:48.160 align:start position:0% we're not participating all of that diversity<00:24:46.550> at<00:24:46.670> the<00:24:46.700> network<00:24:47.180> layer<00:24:47.390> is<00:24:47.810> not 00:24:48.160 --> 00:24:48.170 align:start position:0% diversity at the network layer is not 00:24:48.170 --> 00:24:51.010 align:start position:0% diversity at the network layer is not reflected<00:24:48.860> during<00:24:49.310> consensus<00:24:49.970> we<00:24:50.390> have<00:24:50.750> no 00:24:51.010 --> 00:24:51.020 align:start position:0% reflected during consensus we have no 00:24:51.020 --> 00:24:54.130 align:start position:0% reflected during consensus we have no voice<00:24:51.350> only<00:24:51.830> the<00:24:52.550> miners<00:24:52.940> get<00:24:53.150> to<00:24:53.300> produce<00:24:53.810> the 00:24:54.130 --> 00:24:54.140 align:start position:0% voice only the miners get to produce the 00:24:54.140 --> 00:24:56.290 align:start position:0% voice only the miners get to produce the blockchain<00:24:54.380> and<00:24:54.710> now<00:24:55.400> we<00:24:55.850> can<00:24:56.120> all 00:24:56.290 --> 00:24:56.300 align:start position:0% blockchain and now we can all 00:24:56.300 --> 00:24:58.870 align:start position:0% blockchain and now we can all participate<00:24:57.190> that's<00:24:58.190> an<00:24:58.400> interesting 00:24:58.870 --> 00:24:58.880 align:start position:0% participate that's an interesting 00:24:58.880 --> 00:25:00.430 align:start position:0% participate that's an interesting situation<00:24:59.480> to<00:24:59.960> begin 00:25:00.430 --> 00:25:00.440 align:start position:0% situation to begin 00:25:00.440 --> 00:25:02.530 align:start position:0% situation to begin there's<00:25:01.160> no<00:25:01.310> cabal<00:25:01.700> formation<00:25:02.270> because 00:25:02.530 --> 00:25:02.540 align:start position:0% there's no cabal formation because 00:25:02.540 --> 00:25:04.450 align:start position:0% there's no cabal formation because there's<00:25:02.720> no<00:25:02.870> committee<00:25:03.320> selection<00:25:03.860> it's<00:25:04.280> not 00:25:04.450 --> 00:25:04.460 align:start position:0% there's no committee selection it's not 00:25:04.460 --> 00:25:06.280 align:start position:0% there's no committee selection it's not like<00:25:04.700> this<00:25:04.880> protocol<00:25:05.330> is<00:25:05.510> going<00:25:05.750> to<00:25:05.840> be<00:25:05.960> sub 00:25:06.280 --> 00:25:06.290 align:start position:0% like this protocol is going to be sub 00:25:06.290 --> 00:25:08.320 align:start position:0% like this protocol is going to be sub selecting<00:25:06.890> a<00:25:06.980> small<00:25:07.250> group<00:25:07.550> it's<00:25:07.760> not<00:25:07.820> like<00:25:08.090> a 00:25:08.320 --> 00:25:08.330 align:start position:0% selecting a small group it's not like a 00:25:08.330 --> 00:25:10.990 align:start position:0% selecting a small group it's not like a OS<00:25:08.450> where<00:25:08.930> we<00:25:09.050> vote<00:25:09.290> on<00:25:09.320> each<00:25:09.590> other<00:25:09.830> and<00:25:10.070> us<00:25:10.370> 21 00:25:10.990 --> 00:25:11.000 align:start position:0% OS where we vote on each other and us 21 00:25:11.000 --> 00:25:13.060 align:start position:0% OS where we vote on each other and us 21 people<00:25:11.450> are<00:25:11.540> in<00:25:11.750> and<00:25:12.020> then<00:25:12.380> we<00:25:12.560> vote<00:25:12.740> on<00:25:12.920> the 00:25:13.060 --> 00:25:13.070 align:start position:0% people are in and then we vote on the 00:25:13.070 --> 00:25:14.950 align:start position:0% people are in and then we vote on the next<00:25:13.310> person<00:25:13.670> to<00:25:13.790> come<00:25:13.910> in<00:25:14.060> etc<00:25:14.180> there<00:25:14.660> is<00:25:14.750> none 00:25:14.950 --> 00:25:14.960 align:start position:0% next person to come in etc there is none 00:25:14.960 --> 00:25:17.050 align:start position:0% next person to come in etc there is none of<00:25:15.110> that<00:25:15.140> happening<00:25:15.770> everyone<00:25:16.490> gets<00:25:16.760> to<00:25:16.880> come 00:25:17.050 --> 00:25:17.060 align:start position:0% of that happening everyone gets to come 00:25:17.060 --> 00:25:18.970 align:start position:0% of that happening everyone gets to come in<00:25:17.180> and<00:25:17.330> participate<00:25:17.530> because<00:25:18.530> of<00:25:18.710> the<00:25:18.800> way 00:25:18.970 --> 00:25:18.980 align:start position:0% in and participate because of the way 00:25:18.980 --> 00:25:20.860 align:start position:0% in and participate because of the way the<00:25:19.400> efficient<00:25:19.820> way<00:25:19.940> that<00:25:20.120> this<00:25:20.210> protocol<00:25:20.600> can 00:25:20.860 --> 00:25:20.870 align:start position:0% the efficient way that this protocol can 00:25:20.870 --> 00:25:23.470 align:start position:0% the efficient way that this protocol can work<00:25:21.190> so<00:25:22.190> some<00:25:22.400> people<00:25:22.700> might<00:25:22.850> object<00:25:23.030> to<00:25:23.360> this 00:25:23.470 --> 00:25:23.480 align:start position:0% work so some people might object to this 00:25:23.480 --> 00:25:25.060 align:start position:0% work so some people might object to this I<00:25:23.630> worry<00:25:23.840> a<00:25:23.930> lot<00:25:23.990> about<00:25:24.140> this<00:25:24.590> because<00:25:24.770> you 00:25:25.060 --> 00:25:25.070 align:start position:0% I worry a lot about this because you 00:25:25.070 --> 00:25:27.340 align:start position:0% I worry a lot about this because you know<00:25:25.220> I<00:25:25.250> did<00:25:25.730> right<00:25:26.360> I've<00:25:26.600> been<00:25:26.810> there<00:25:26.960> for<00:25:27.200> the 00:25:27.340 --> 00:25:27.350 align:start position:0% know I did right I've been there for the 00:25:27.350 --> 00:25:29.800 align:start position:0% know I did right I've been there for the the<00:25:28.250> Dow<00:25:28.430> fork<00:25:28.820> I've<00:25:29.030> been<00:25:29.240> there<00:25:29.420> for<00:25:29.690> the 00:25:29.800 --> 00:25:29.810 align:start position:0% the Dow fork I've been there for the 00:25:29.810 --> 00:25:31.630 align:start position:0% the Dow fork I've been there for the Bitcoin<00:25:30.290> cash<00:25:30.530> fork<00:25:30.920> I've<00:25:31.100> been<00:25:31.310> there<00:25:31.460> for 00:25:31.630 --> 00:25:31.640 align:start position:0% Bitcoin cash fork I've been there for 00:25:31.640 --> 00:25:34.690 align:start position:0% Bitcoin cash fork I've been there for the<00:25:31.820> bsv<00:25:32.300> fork<00:25:32.600> and<00:25:32.780> so<00:25:32.930> forth<00:25:33.310> one<00:25:34.310> thing<00:25:34.550> to 00:25:34.690 --> 00:25:34.700 align:start position:0% the bsv fork and so forth one thing to 00:25:34.700 --> 00:25:36.070 align:start position:0% the bsv fork and so forth one thing to keep<00:25:34.820> in<00:25:34.970> mind<00:25:35.030> one<00:25:35.390> of<00:25:35.420> the<00:25:35.540> things<00:25:35.810> that<00:25:35.960> they 00:25:36.070 --> 00:25:36.080 align:start position:0% keep in mind one of the things that they 00:25:36.080 --> 00:25:38.260 align:start position:0% keep in mind one of the things that they might<00:25:36.260> object<00:25:36.470> to<00:25:36.740> is<00:25:36.980> hey<00:25:37.370> this<00:25:37.610> eighth<00:25:37.850> on<00:25:38.060> a 00:25:38.260 --> 00:25:38.270 align:start position:0% might object to is hey this eighth on a 00:25:38.270 --> 00:25:40.450 align:start position:0% might object to is hey this eighth on a theorem<00:25:38.780> is<00:25:39.020> not<00:25:39.470> the<00:25:39.650> same<00:25:39.860> as<00:25:40.040> you<00:25:40.220> and 00:25:40.450 --> 00:25:40.460 align:start position:0% theorem is not the same as you and 00:25:40.460 --> 00:25:43.900 align:start position:0% theorem is not the same as you and that's<00:25:41.330> true<00:25:41.740> but<00:25:42.740> this<00:25:42.920> is<00:25:43.130> not<00:25:43.340> a<00:25:43.370> zero-sum 00:25:43.900 --> 00:25:43.910 align:start position:0% that's true but this is not a zero-sum 00:25:43.910 --> 00:25:46.810 align:start position:0% that's true but this is not a zero-sum game<00:25:44.150> that<00:25:44.720> is<00:25:45.110> we<00:25:45.530> can<00:25:45.680> create<00:25:45.890> excess<00:25:46.580> value 00:25:46.810 --> 00:25:46.820 align:start position:0% game that is we can create excess value 00:25:46.820 --> 00:25:48.130 align:start position:0% game that is we can create excess value for<00:25:47.360> everyone 00:25:48.130 --> 00:25:48.140 align:start position:0% for everyone 00:25:48.140 --> 00:25:49.930 align:start position:0% for everyone the<00:25:48.650> fact<00:25:48.920> that<00:25:49.040> we're<00:25:49.250> now<00:25:49.400> introducing 00:25:49.930 --> 00:25:49.940 align:start position:0% the fact that we're now introducing 00:25:49.940 --> 00:25:51.760 align:start position:0% the fact that we're now introducing something<00:25:50.210> else<00:25:50.480> should<00:25:50.810> or<00:25:51.140> the<00:25:51.470> fact<00:25:51.680> that 00:25:51.760 --> 00:25:51.770 align:start position:0% something else should or the fact that 00:25:51.770 --> 00:25:53.410 align:start position:0% something else should or the fact that we're<00:25:51.980> showing<00:25:52.310> to<00:25:52.430> the<00:25:52.460> world<00:25:52.700> that<00:25:52.880> it<00:25:53.120> can 00:25:53.410 --> 00:25:53.420 align:start position:0% we're showing to the world that it can 00:25:53.420 --> 00:25:55.630 align:start position:0% we're showing to the world that it can actually<00:25:53.750> scale<00:25:54.050> should<00:25:55.040> indeed<00:25:55.370> make 00:25:55.630 --> 00:25:55.640 align:start position:0% actually scale should indeed make 00:25:55.640 --> 00:25:58.420 align:start position:0% actually scale should indeed make everybody<00:25:56.300> -<00:25:56.480> all<00:25:56.600> the<00:25:56.780> boats<00:25:56.960> go<00:25:57.230> up<00:25:57.410> and<00:25:57.950> it's 00:25:58.420 --> 00:25:58.430 align:start position:0% everybody - all the boats go up and it's 00:25:58.430 --> 00:26:00.310 align:start position:0% everybody - all the boats go up and it's much<00:25:58.610> better<00:25:58.790> than<00:25:59.030> a<00:25:59.150> burn<00:25:59.360> or<00:25:59.600> a<00:25:59.660> lock<00:25:59.930> or<00:26:00.170> an 00:26:00.310 --> 00:26:00.320 align:start position:0% much better than a burn or a lock or an 00:26:00.320 --> 00:26:04.180 align:start position:0% much better than a burn or a lock or an explicit<00:26:00.620> transfer<00:26:02.800> let's<00:26:03.800> see<00:26:03.950> there<00:26:04.130> are 00:26:04.180 --> 00:26:04.190 align:start position:0% explicit transfer let's see there are 00:26:04.190 --> 00:26:05.740 align:start position:0% explicit transfer let's see there are existing<00:26:04.430> miners<00:26:04.910> that<00:26:05.120> made<00:26:05.270> an<00:26:05.420> investment 00:26:05.740 --> 00:26:05.750 align:start position:0% existing miners that made an investment 00:26:05.750 --> 00:26:07.780 align:start position:0% existing miners that made an investment in<00:26:05.930> mining<00:26:06.290> rigs<00:26:06.470> they<00:26:06.710> won<00:26:07.160> I<00:26:07.190> think<00:26:07.370> very 00:26:07.780 --> 00:26:07.790 align:start position:0% in mining rigs they won I think very 00:26:07.790 --> 00:26:09.760 align:start position:0% in mining rigs they won I think very vociferously<00:26:08.420> be<00:26:08.630> against<00:26:08.990> any<00:26:09.200> push<00:26:09.530> like 00:26:09.760 --> 00:26:09.770 align:start position:0% vociferously be against any push like 00:26:09.770 --> 00:26:12.550 align:start position:0% vociferously be against any push like this<00:26:09.940> and<00:26:10.940> I<00:26:11.420> don't<00:26:12.020> know<00:26:12.080> what<00:26:12.230> to<00:26:12.350> say<00:26:12.500> to 00:26:12.550 --> 00:26:12.560 align:start position:0% this and I don't know what to say to 00:26:12.560 --> 00:26:14.860 align:start position:0% this and I don't know what to say to them<00:26:12.830> but<00:26:13.640> there<00:26:13.850> was<00:26:14.000> very<00:26:14.030> clear<00:26:14.600> guidance 00:26:14.860 --> 00:26:14.870 align:start position:0% them but there was very clear guidance 00:26:14.870 --> 00:26:16.930 align:start position:0% them but there was very clear guidance from<00:26:15.110> everybody<00:26:15.710> that<00:26:15.950> mining<00:26:16.400> was<00:26:16.580> going<00:26:16.820> to 00:26:16.930 --> 00:26:16.940 align:start position:0% from everybody that mining was going to 00:26:16.940 --> 00:26:19.510 align:start position:0% from everybody that mining was going to end<00:26:17.120> for<00:26:17.420> aetherium<00:26:17.780> at<00:26:17.990> some<00:26:18.260> point<00:26:18.500> so<00:26:19.160> so 00:26:19.510 --> 00:26:19.520 align:start position:0% end for aetherium at some point so so 00:26:19.520 --> 00:26:21.670 align:start position:0% end for aetherium at some point so so they<00:26:19.640> took<00:26:19.790> a<00:26:19.910> big<00:26:20.060> risk<00:26:20.170> so<00:26:21.170> I<00:26:21.200> expect<00:26:21.470> them<00:26:21.650> to 00:26:21.670 --> 00:26:21.680 align:start position:0% they took a big risk so I expect them to 00:26:21.680 --> 00:26:24.070 align:start position:0% they took a big risk so I expect them to be<00:26:21.830> vocally<00:26:22.190> against<00:26:22.520> this<00:26:22.580> idea<00:26:22.840> but<00:26:23.840> I<00:26:23.900> do 00:26:24.070 --> 00:26:24.080 align:start position:0% be vocally against this idea but I do 00:26:24.080 --> 00:26:25.570 align:start position:0% be vocally against this idea but I do know<00:26:24.320> but<00:26:24.530> then<00:26:24.650> again<00:26:24.740> they<00:26:25.040> took<00:26:25.220> that<00:26:25.400> risk 00:26:25.570 --> 00:26:25.580 align:start position:0% know but then again they took that risk 00:26:25.580 --> 00:26:27.730 align:start position:0% know but then again they took that risk on<00:26:25.730> their<00:26:25.940> own<00:26:26.060> despite<00:26:26.600> the<00:26:26.810> the<00:26:26.840> guidance<00:26:27.680> of 00:26:27.730 --> 00:26:27.740 align:start position:0% on their own despite the the guidance of 00:26:27.740 --> 00:26:30.010 align:start position:0% on their own despite the the guidance of the<00:26:27.830> counter<00:26:28.390> and<00:26:29.390> there<00:26:29.540> might<00:26:29.690> be<00:26:29.720> people 00:26:30.010 --> 00:26:30.020 align:start position:0% the counter and there might be people 00:26:30.020 --> 00:26:33.010 align:start position:0% the counter and there might be people out<00:26:30.260> there<00:26:30.290> with<00:26:30.590> ego<00:26:30.940> tied<00:26:31.940> up<00:26:32.090> in<00:26:32.240> particular 00:26:33.010 --> 00:26:33.020 align:start position:0% out there with ego tied up in particular 00:26:33.020 --> 00:26:34.960 align:start position:0% out there with ego tied up in particular solution<00:26:33.470> strategies<00:26:33.980> again<00:26:34.580> I<00:26:34.610> don't<00:26:34.760> know 00:26:34.960 --> 00:26:34.970 align:start position:0% solution strategies again I don't know 00:26:34.970 --> 00:26:36.700 align:start position:0% solution strategies again I don't know what<00:26:35.090> to<00:26:35.210> do<00:26:35.300> about<00:26:35.420> that<00:26:35.540> except<00:26:36.440> to<00:26:36.470> say<00:26:36.560> that 00:26:36.700 --> 00:26:36.710 align:start position:0% what to do about that except to say that 00:26:36.710 --> 00:26:38.620 align:start position:0% what to do about that except to say that the<00:26:36.980> etherion<00:26:37.340> community<00:26:37.730> distinguishes 00:26:38.620 --> 00:26:38.630 align:start position:0% the etherion community distinguishes 00:26:38.630 --> 00:26:39.330 align:start position:0% the etherion community distinguishes itself<00:26:38.780> the 00:26:39.330 --> 00:26:39.340 align:start position:0% itself the 00:26:39.340 --> 00:26:40.890 align:start position:0% itself the and<00:26:39.430> why<00:26:39.550> I'm<00:26:39.790> here<00:26:40.060> why<00:26:40.210> I<00:26:40.240> love<00:26:40.540> this<00:26:40.660> coming 00:26:40.890 --> 00:26:40.900 align:start position:0% and why I'm here why I love this coming 00:26:40.900 --> 00:26:42.630 align:start position:0% and why I'm here why I love this coming to<00:26:40.990> you<00:26:41.050> so<00:26:41.170> much<00:26:41.380> it's<00:26:41.830> because<00:26:42.040> of<00:26:42.520> its 00:26:42.630 --> 00:26:42.640 align:start position:0% to you so much it's because of its 00:26:42.640 --> 00:26:45.840 align:start position:0% to you so much it's because of its devotion<00:26:43.300> to<00:26:43.630> scientific<00:26:44.350> study<00:26:44.620> that<00:26:44.890> if<00:26:45.550> any 00:26:45.840 --> 00:26:45.850 align:start position:0% devotion to scientific study that if any 00:26:45.850 --> 00:26:47.850 align:start position:0% devotion to scientific study that if any any<00:26:46.210> group<00:26:46.510> of<00:26:46.630> people<00:26:47.020> are<00:26:47.140> going<00:26:47.320> to<00:26:47.440> look<00:26:47.680> at 00:26:47.850 --> 00:26:47.860 align:start position:0% any group of people are going to look at 00:26:47.860 --> 00:26:49.470 align:start position:0% any group of people are going to look at the<00:26:47.980> merits<00:26:48.400> of<00:26:48.550> different<00:26:48.700> solutions<00:26:49.180> and 00:26:49.470 --> 00:26:49.480 align:start position:0% the merits of different solutions and 00:26:49.480 --> 00:26:51.870 align:start position:0% the merits of different solutions and pick<00:26:49.690> accordingly<00:26:50.170> it's<00:26:50.440> this<00:26:50.860> community<00:26:51.400> so 00:26:51.870 --> 00:26:51.880 align:start position:0% pick accordingly it's this community so 00:26:51.880 --> 00:26:53.340 align:start position:0% pick accordingly it's this community so let's<00:26:51.910> do<00:26:52.270> it<00:26:52.300> that<00:26:52.570> way<00:26:52.750> let's<00:26:52.900> do<00:26:53.050> it<00:26:53.170> on<00:26:53.260> the 00:26:53.340 --> 00:26:53.350 align:start position:0% let's do it that way let's do it on the 00:26:53.350 --> 00:26:54.750 align:start position:0% let's do it that way let's do it on the principled<00:26:53.800> manner 00:26:54.750 --> 00:26:54.760 align:start position:0% principled manner 00:26:54.760 --> 00:26:56.640 align:start position:0% principled manner why<00:26:55.120> just<00:26:55.600> based<00:26:55.840> on<00:26:56.020> what<00:26:56.290> happened 00:26:56.640 --> 00:26:56.650 align:start position:0% why just based on what happened 00:26:56.650 --> 00:26:57.960 align:start position:0% why just based on what happened yesterday<00:26:56.830> there<00:26:57.250> were<00:26:57.310> there's<00:26:57.610> this<00:26:57.760> whole 00:26:57.960 --> 00:26:57.970 align:start position:0% yesterday there were there's this whole 00:26:57.970 --> 00:27:00.210 align:start position:0% yesterday there were there's this whole issue<00:26:58.180> about<00:26:58.420> airdrops<00:26:59.170> and<00:26:59.410> tax<00:26:59.590> obligations 00:27:00.210 --> 00:27:00.220 align:start position:0% issue about airdrops and tax obligations 00:27:00.220 --> 00:27:03.900 align:start position:0% issue about airdrops and tax obligations and<00:27:00.400> so<00:27:00.520> forth<00:27:00.960> this<00:27:01.960> kind<00:27:02.290> of<00:27:02.470> spoon<00:27:03.040> is 00:27:03.900 --> 00:27:03.910 align:start position:0% and so forth this kind of spoon is 00:27:03.910 --> 00:27:06.060 align:start position:0% and so forth this kind of spoon is explicitly<00:27:04.750> mentioned<00:27:05.230> in<00:27:05.320> that<00:27:05.500> guidance<00:27:05.860> as 00:27:06.060 --> 00:27:06.070 align:start position:0% explicitly mentioned in that guidance as 00:27:06.070 --> 00:27:08.610 align:start position:0% explicitly mentioned in that guidance as a<00:27:06.100> non<00:27:06.400> tax<00:27:06.760> reportable<00:27:07.330> event<00:27:07.630> so<00:27:07.990> it's<00:27:08.440> not 00:27:08.610 --> 00:27:08.620 align:start position:0% a non tax reportable event so it's not 00:27:08.620 --> 00:27:11.430 align:start position:0% a non tax reportable event so it's not like<00:27:08.830> you<00:27:08.950> suddenly<00:27:09.190> have<00:27:09.580> a<00:27:10.210> tax<00:27:10.720> obligation 00:27:11.430 --> 00:27:11.440 align:start position:0% like you suddenly have a tax obligation 00:27:11.440 --> 00:27:13.650 align:start position:0% like you suddenly have a tax obligation there<00:27:12.370> are<00:27:12.490> some<00:27:12.790> other<00:27:12.940> boneheaded<00:27:13.390> things 00:27:13.650 --> 00:27:13.660 align:start position:0% there are some other boneheaded things 00:27:13.660 --> 00:27:16.110 align:start position:0% there are some other boneheaded things that<00:27:13.840> are<00:27:14.020> in<00:27:14.200> that<00:27:14.230> guidance<00:27:14.800> but<00:27:15.610> at<00:27:15.820> least 00:27:16.110 --> 00:27:16.120 align:start position:0% that are in that guidance but at least 00:27:16.120 --> 00:27:18.030 align:start position:0% that are in that guidance but at least those<00:27:16.510> those<00:27:16.990> things<00:27:17.200> don't<00:27:17.530> affect<00:27:17.680> this 00:27:18.030 --> 00:27:18.040 align:start position:0% those those things don't affect this 00:27:18.040 --> 00:27:20.910 align:start position:0% those those things don't affect this particular<00:27:18.220> idea<00:27:19.170> so<00:27:20.170> then<00:27:20.560> there's<00:27:20.770> the 00:27:20.910 --> 00:27:20.920 align:start position:0% particular idea so then there's the 00:27:20.920 --> 00:27:22.260 align:start position:0% particular idea so then there's the final<00:27:21.130> thing<00:27:21.430> that<00:27:21.460> I<00:27:21.670> want<00:27:21.880> to<00:27:21.910> talk<00:27:22.120> about 00:27:22.260 --> 00:27:22.270 align:start position:0% final thing that I want to talk about 00:27:22.270 --> 00:27:24.000 align:start position:0% final thing that I want to talk about which<00:27:22.510> is<00:27:22.630> why<00:27:22.720> are<00:27:22.930> we<00:27:22.990> doing<00:27:23.140> this<00:27:23.560> right<00:27:23.830> so 00:27:24.000 --> 00:27:24.010 align:start position:0% which is why are we doing this right so 00:27:24.010 --> 00:27:25.830 align:start position:0% which is why are we doing this right so there<00:27:24.130> will<00:27:24.220> be<00:27:24.280> people<00:27:24.460> who<00:27:24.640> sort<00:27:24.940> of<00:27:25.030> are 00:27:25.830 --> 00:27:25.840 align:start position:0% there will be people who sort of are 00:27:25.840 --> 00:27:27.900 align:start position:0% there will be people who sort of are suspicious<00:27:26.530> of<00:27:26.650> my<00:27:26.830> motivations<00:27:27.520> here<00:27:27.760> I 00:27:27.900 --> 00:27:27.910 align:start position:0% suspicious of my motivations here I 00:27:27.910 --> 00:27:29.670 align:start position:0% suspicious of my motivations here I don't<00:27:28.600> know<00:27:28.690> what<00:27:28.840> to<00:27:28.960> do<00:27:29.050> about<00:27:29.110> that<00:27:29.350> I<00:27:29.410> think 00:27:29.670 --> 00:27:29.680 align:start position:0% don't know what to do about that I think 00:27:29.680 --> 00:27:31.050 align:start position:0% don't know what to do about that I think all<00:27:29.800> of<00:27:29.830> you<00:27:30.010> know<00:27:30.190> me<00:27:30.370> I've<00:27:30.490> been<00:27:30.610> around<00:27:30.790> for 00:27:31.050 --> 00:27:31.060 align:start position:0% all of you know me I've been around for 00:27:31.060 --> 00:27:34.200 align:start position:0% all of you know me I've been around for long<00:27:31.210> enough<00:27:31.510> but<00:27:32.290> let<00:27:32.470> me<00:27:32.590> try<00:27:32.770> to<00:27:33.210> enunciate 00:27:34.200 --> 00:27:34.210 align:start position:0% long enough but let me try to enunciate 00:27:34.210 --> 00:27:35.970 align:start position:0% long enough but let me try to enunciate sort<00:27:34.420> of<00:27:34.510> how<00:27:34.660> what<00:27:34.870> kind<00:27:35.020> of<00:27:35.110> a<00:27:35.200> person<00:27:35.680> I<00:27:35.950> am 00:27:35.970 --> 00:27:35.980 align:start position:0% sort of how what kind of a person I am 00:27:35.980 --> 00:27:37.620 align:start position:0% sort of how what kind of a person I am and<00:27:36.340> what<00:27:36.460> kind<00:27:36.670> of<00:27:36.730> thing<00:27:37.120> we're<00:27:37.270> trying<00:27:37.510> to 00:27:37.620 --> 00:27:37.630 align:start position:0% and what kind of thing we're trying to 00:27:37.630 --> 00:27:40.140 align:start position:0% and what kind of thing we're trying to do<00:27:37.750> here<00:27:37.780> I<00:27:38.200> am<00:27:39.070> here<00:27:39.430> and<00:27:39.580> I've<00:27:39.790> done 00:27:40.140 --> 00:27:40.150 align:start position:0% do here I am here and I've done 00:27:40.150 --> 00:27:43.230 align:start position:0% do here I am here and I've done everything<00:27:40.570> I<00:27:41.050> ever<00:27:41.260> did<00:27:41.830> to<00:27:42.610> make<00:27:42.760> the<00:27:42.970> space 00:27:43.230 --> 00:27:43.240 align:start position:0% everything I ever did to make the space 00:27:43.240 --> 00:27:45.450 align:start position:0% everything I ever did to make the space better<00:27:43.570> to<00:27:44.230> a<00:27:44.260> fault<00:27:44.560> and<00:27:44.800> I'm<00:27:44.890> proud<00:27:45.070> of<00:27:45.130> my 00:27:45.450 --> 00:27:45.460 align:start position:0% better to a fault and I'm proud of my 00:27:45.460 --> 00:27:48.210 align:start position:0% better to a fault and I'm proud of my record<00:27:45.610> on<00:27:45.940> this<00:27:46.290> many<00:27:47.290> the<00:27:47.500> applications 00:27:48.210 --> 00:27:48.220 align:start position:0% record on this many the applications 00:27:48.220 --> 00:27:50.700 align:start position:0% record on this many the applications demand<00:27:48.460> high<00:27:48.910> scale<00:27:49.270> right<00:27:49.480> now<00:27:49.540> we<00:27:50.200> do<00:27:50.440> need<00:27:50.680> a 00:27:50.700 --> 00:27:50.710 align:start position:0% demand high scale right now we do need a 00:27:50.710 --> 00:27:52.830 align:start position:0% demand high scale right now we do need a solution<00:27:51.160> and<00:27:51.730> we<00:27:51.880> do<00:27:52.030> need<00:27:52.210> to<00:27:52.240> show<00:27:52.540> to<00:27:52.600> the 00:27:52.830 --> 00:27:52.840 align:start position:0% solution and we do need to show to the 00:27:52.840 --> 00:27:54.960 align:start position:0% solution and we do need to show to the world<00:27:52.870> that<00:27:53.290> this<00:27:53.500> area<00:27:53.980> can<00:27:54.190> overtake<00:27:54.700> Wall 00:27:54.960 --> 00:27:54.970 align:start position:0% world that this area can overtake Wall 00:27:54.970 --> 00:27:56.550 align:start position:0% world that this area can overtake Wall Street<00:27:55.270> and<00:27:55.420> move<00:27:55.960> it<00:27:56.140> to<00:27:56.260> a<00:27:56.290> better 00:27:56.550 --> 00:27:56.560 align:start position:0% Street and move it to a better 00:27:56.560 --> 00:27:58.980 align:start position:0% Street and move it to a better foundation<00:27:56.800> it<00:27:57.760> can<00:27:57.850> overtake<00:27:58.390> governments 00:27:58.980 --> 00:27:58.990 align:start position:0% foundation it can overtake governments 00:27:58.990 --> 00:28:00.600 align:start position:0% foundation it can overtake governments and<00:27:59.140> move<00:27:59.290> them<00:27:59.470> to<00:27:59.500> a<00:27:59.650> better<00:27:59.860> foundation<00:28:00.460> and 00:28:00.600 --> 00:28:00.610 align:start position:0% and move them to a better foundation and 00:28:00.610 --> 00:28:02.400 align:start position:0% and move them to a better foundation and most<00:28:01.030> importantly<00:28:01.660> can<00:28:01.870> overtake 00:28:02.400 --> 00:28:02.410 align:start position:0% most importantly can overtake 00:28:02.410 --> 00:28:04.830 align:start position:0% most importantly can overtake corporations<00:28:03.220> and<00:28:03.400> business<00:28:03.760> logic<00:28:03.970> and<00:28:04.360> make 00:28:04.830 --> 00:28:04.840 align:start position:0% corporations and business logic and make 00:28:04.840 --> 00:28:07.290 align:start position:0% corporations and business logic and make them<00:28:05.020> trustworthy<00:28:05.590> again<00:28:05.860> well<00:28:06.610> so<00:28:06.790> where<00:28:07.120> is 00:28:07.290 --> 00:28:07.300 align:start position:0% them trustworthy again well so where is 00:28:07.300 --> 00:28:09.450 align:start position:0% them trustworthy again well so where is that<00:28:07.510> well<00:28:08.170> it's<00:28:08.380> not<00:28:08.470> in<00:28:08.680> Bitcoin<00:28:09.040> I<00:28:09.220> assure 00:28:09.450 --> 00:28:09.460 align:start position:0% that well it's not in Bitcoin I assure 00:28:09.460 --> 00:28:10.680 align:start position:0% that well it's not in Bitcoin I assure you<00:28:09.490> of<00:28:09.700> that<00:28:09.910> at<00:28:10.120> three<00:28:10.360> to<00:28:10.510> five 00:28:10.680 --> 00:28:10.690 align:start position:0% you of that at three to five 00:28:10.690 --> 00:28:13.200 align:start position:0% you of that at three to five transactions<00:28:11.290> per<00:28:11.440> second<00:28:11.860> and<00:28:12.040> at<00:28:13.000> the 00:28:13.200 --> 00:28:13.210 align:start position:0% transactions per second and at the 00:28:13.210 --> 00:28:15.390 align:start position:0% transactions per second and at the moment<00:28:13.570> with<00:28:13.720> 20<00:28:14.080> TPS<00:28:14.530> or<00:28:14.710> so<00:28:14.890> it's<00:28:15.040> not<00:28:15.160> any 00:28:15.390 --> 00:28:15.400 align:start position:0% moment with 20 TPS or so it's not any 00:28:15.400 --> 00:28:19.440 align:start position:0% moment with 20 TPS or so it's not any Theory<00:28:15.670> m1o<00:28:16.000> this<00:28:16.930> is<00:28:17.230> one<00:28:17.470> path<00:28:17.710> forward<00:28:18.450> of 00:28:19.440 --> 00:28:19.450 align:start position:0% Theory m1o this is one path forward of 00:28:19.450 --> 00:28:21.570 align:start position:0% Theory m1o this is one path forward of course<00:28:19.750> I<00:28:19.870> want<00:28:20.110> to<00:28:20.200> demonstrate<00:28:20.770> and<00:28:21.010> test<00:28:21.400> my 00:28:21.570 --> 00:28:21.580 align:start position:0% course I want to demonstrate and test my 00:28:21.580 --> 00:28:23.250 align:start position:0% course I want to demonstrate and test my implementation<00:28:21.850> our<00:28:22.420> implementation<00:28:23.140> of 00:28:23.250 --> 00:28:23.260 align:start position:0% implementation our implementation of 00:28:23.260 --> 00:28:25.650 align:start position:0% implementation our implementation of avalanche<00:28:23.680> underneath<00:28:24.250> and<00:28:24.850> so<00:28:25.030> that<00:28:25.270> is<00:28:25.510> one 00:28:25.650 --> 00:28:25.660 align:start position:0% avalanche underneath and so that is one 00:28:25.660 --> 00:28:27.480 align:start position:0% avalanche underneath and so that is one of<00:28:25.690> the<00:28:25.870> key<00:28:26.050> motivators<00:28:26.620> for<00:28:26.650> us<00:28:27.010> I<00:28:27.130> want<00:28:27.370> the 00:28:27.480 --> 00:28:27.490 align:start position:0% of the key motivators for us I want the 00:28:27.490 --> 00:28:30.000 align:start position:0% of the key motivators for us I want the creativity<00:28:28.180> of<00:28:28.840> this<00:28:29.080> community<00:28:29.560> coming<00:28:29.770> in 00:28:30.000 --> 00:28:30.010 align:start position:0% creativity of this community coming in 00:28:30.010 --> 00:28:32.550 align:start position:0% creativity of this community coming in and<00:28:30.220> checking<00:28:30.700> the<00:28:31.510> protocol<00:28:31.930> implementation 00:28:32.550 --> 00:28:32.560 align:start position:0% and checking the protocol implementation 00:28:32.560 --> 00:28:33.900 align:start position:0% and checking the protocol implementation that<00:28:32.650> we<00:28:32.800> have<00:28:32.950> is<00:28:33.130> it<00:28:33.280> there's<00:28:33.460> a<00:28:33.520> great<00:28:33.760> way 00:28:33.900 --> 00:28:33.910 align:start position:0% that we have is it there's a great way 00:28:33.910 --> 00:28:35.580 align:start position:0% that we have is it there's a great way to<00:28:33.940> shake<00:28:34.300> out<00:28:34.480> any<00:28:34.510> issues<00:28:35.050> we<00:28:35.200> might<00:28:35.410> have 00:28:35.580 --> 00:28:35.590 align:start position:0% to shake out any issues we might have 00:28:35.590 --> 00:28:38.610 align:start position:0% to shake out any issues we might have and<00:28:35.860> I<00:28:36.430> want<00:28:36.640> to<00:28:36.760> see<00:28:36.970> it<00:28:37.090> with<00:28:37.270> the<00:28:37.420> whole<00:28:37.620> set 00:28:38.610 --> 00:28:38.620 align:start position:0% and I want to see it with the whole set 00:28:38.620 --> 00:28:40.110 align:start position:0% and I want to see it with the whole set of<00:28:38.860> things<00:28:39.070> that<00:28:39.190> I've<00:28:39.400> ever<00:28:39.430> been<00:28:39.730> deployed 00:28:40.110 --> 00:28:40.120 align:start position:0% of things that I've ever been deployed 00:28:40.120 --> 00:28:41.910 align:start position:0% of things that I've ever been deployed on<00:28:40.270> only<00:28:40.630> theorem<00:28:40.990> that's<00:28:41.080> a<00:28:41.260> very<00:28:41.470> rich<00:28:41.710> set 00:28:41.910 --> 00:28:41.920 align:start position:0% on only theorem that's a very rich set 00:28:41.920 --> 00:28:44.190 align:start position:0% on only theorem that's a very rich set of<00:28:42.070> applications<00:28:42.700> I<00:28:42.880> want<00:28:43.360> to<00:28:43.480> see<00:28:43.660> those<00:28:43.900> and 00:28:44.190 --> 00:28:44.200 align:start position:0% of applications I want to see those and 00:28:44.200 --> 00:28:45.810 align:start position:0% of applications I want to see those and see<00:28:44.590> you<00:28:44.680> see<00:28:45.070> whether<00:28:45.220> or<00:28:45.400> not<00:28:45.430> we<00:28:45.670> can 00:28:45.810 --> 00:28:45.820 align:start position:0% see you see whether or not we can 00:28:45.820 --> 00:28:48.780 align:start position:0% see you see whether or not we can support<00:28:46.120> them<00:28:46.530> and<00:28:47.530> of<00:28:47.710> course<00:28:47.980> I<00:28:48.250> want<00:28:48.670> to 00:28:48.780 --> 00:28:48.790 align:start position:0% support them and of course I want to 00:28:48.790 --> 00:28:50.490 align:start position:0% support them and of course I want to create<00:28:49.060> awareness<00:28:49.210> for<00:28:49.600> the<00:28:49.840> underlying<00:28:50.260> our 00:28:50.490 --> 00:28:50.500 align:start position:0% create awareness for the underlying our 00:28:50.500 --> 00:28:52.530 align:start position:0% create awareness for the underlying our technology<00:28:51.250> so<00:28:51.430> you<00:28:51.730> guys<00:28:52.000> should<00:28:52.210> all<00:28:52.330> come 00:28:52.530 --> 00:28:52.540 align:start position:0% technology so you guys should all come 00:28:52.540 --> 00:28:53.100 align:start position:0% technology so you guys should all come and<00:28:52.690> check<00:28:52.780> it 00:28:53.100 --> 00:28:53.110 align:start position:0% and check it 00:28:53.110 --> 00:28:55.799 align:start position:0% and check it this<00:28:53.440> stuff<00:28:53.710> is<00:28:53.830> super<00:28:54.160> fast<00:28:54.370> maybe<00:28:55.270> use<00:28:55.600> it 00:28:55.799 --> 00:28:55.809 align:start position:0% this stuff is super fast maybe use it 00:28:55.809 --> 00:28:57.600 align:start position:0% this stuff is super fast maybe use it just<00:28:55.960> for<00:28:56.080> this<00:28:56.410> and<00:28:56.679> then<00:28:56.830> you<00:28:56.920> go<00:28:57.040> away<00:28:57.160> maybe 00:28:57.600 --> 00:28:57.610 align:start position:0% just for this and then you go away maybe 00:28:57.610 --> 00:28:59.880 align:start position:0% just for this and then you go away maybe you<00:28:57.730> don't<00:28:57.910> touch<00:28:58.120> it<00:28:58.299> that's<00:28:58.540> ok<00:28:58.870> too<00:28:58.929> but 00:28:59.880 --> 00:28:59.890 align:start position:0% you don't touch it that's ok too but 00:28:59.890 --> 00:29:02.070 align:start position:0% you don't touch it that's ok too but maybe<00:29:00.730> some<00:29:01.000> of<00:29:01.090> you<00:29:01.210> will<00:29:01.360> stay<00:29:01.600> and<00:29:01.870> check 00:29:02.070 --> 00:29:02.080 align:start position:0% maybe some of you will stay and check 00:29:02.080 --> 00:29:03.480 align:start position:0% maybe some of you will stay and check out<00:29:02.260> the<00:29:02.410> other<00:29:02.559> other<00:29:02.770> features<00:29:03.250> that<00:29:03.280> we 00:29:03.480 --> 00:29:03.490 align:start position:0% out the other other features that we 00:29:03.490 --> 00:29:06.060 align:start position:0% out the other other features that we have<00:29:03.790> we<00:29:04.270> have<00:29:04.390> a<00:29:04.420> bunch<00:29:04.720> I'm<00:29:04.990> not<00:29:05.740> going<00:29:05.890> to<00:29:05.980> go 00:29:06.060 --> 00:29:06.070 align:start position:0% have we have a bunch I'm not going to go 00:29:06.070 --> 00:29:08.250 align:start position:0% have we have a bunch I'm not going to go into<00:29:06.309> them<00:29:06.429> here<00:29:06.760> but<00:29:07.390> it's<00:29:07.510> a<00:29:07.570> cool<00:29:07.750> platform 00:29:08.250 --> 00:29:08.260 align:start position:0% into them here but it's a cool platform 00:29:08.260 --> 00:29:12.000 align:start position:0% into them here but it's a cool platform so<00:29:08.890> if<00:29:09.190> you're<00:29:09.340> interested<00:29:09.549> this<00:29:10.390> is<00:29:10.600> the<00:29:11.010> the 00:29:12.000 --> 00:29:12.010 align:start position:0% so if you're interested this is the the 00:29:12.010 --> 00:29:15.680 align:start position:0% so if you're interested this is the the link<00:29:13.410> this<00:29:14.410> is<00:29:14.620> the<00:29:14.650> link<00:29:14.799> a<00:29:15.160> theory<00:29:15.640> about 00:29:15.680 --> 00:29:15.690 align:start position:0% link this is the link a theory about 00:29:15.690 --> 00:29:18.630 align:start position:0% link this is the link a theory about network<00:29:16.690> there's<00:29:17.410> a<00:29:17.500> very<00:29:17.679> long<00:29:17.890> write-up<00:29:18.460> on 00:29:18.630 --> 00:29:18.640 align:start position:0% network there's a very long write-up on 00:29:18.640 --> 00:29:21.660 align:start position:0% network there's a very long write-up on how<00:29:19.210> to<00:29:19.270> configure<00:29:19.870> my<00:29:20.799> ether<00:29:21.130> wallet<00:29:21.520> to 00:29:21.660 --> 00:29:21.670 align:start position:0% how to configure my ether wallet to 00:29:21.670 --> 00:29:22.560 align:start position:0% how to configure my ether wallet to point<00:29:22.120> to<00:29:22.299> it 00:29:22.560 --> 00:29:22.570 align:start position:0% point to it 00:29:22.570 --> 00:29:24.990 align:start position:0% point to it we've<00:29:23.320> also<00:29:23.530> configured<00:29:24.160> meta<00:29:24.400> mask<00:29:24.670> it's 00:29:24.990 --> 00:29:25.000 align:start position:0% we've also configured meta mask it's 00:29:25.000 --> 00:29:26.370 align:start position:0% we've also configured meta mask it's just<00:29:25.270> you<00:29:25.360> don't<00:29:25.480> have<00:29:25.660> to<00:29:25.750> change<00:29:26.049> any 00:29:26.370 --> 00:29:26.380 align:start position:0% just you don't have to change any 00:29:26.380 --> 00:29:28.680 align:start position:0% just you don't have to change any binaries<00:29:27.010> you<00:29:27.429> don't<00:29:27.610> have<00:29:27.790> to<00:29:27.910> trust<00:29:28.179> any<00:29:28.480> of 00:29:28.680 --> 00:29:28.690 align:start position:0% binaries you don't have to trust any of 00:29:28.690 --> 00:29:30.570 align:start position:0% binaries you don't have to trust any of us<00:29:28.870> as<00:29:29.080> trustless<00:29:29.559> technology<00:29:30.220> from<00:29:30.429> the 00:29:30.570 --> 00:29:30.580 align:start position:0% us as trustless technology from the 00:29:30.580 --> 00:29:33.539 align:start position:0% us as trustless technology from the ground<00:29:30.790> up<00:29:31.000> you<00:29:31.210> just<00:29:31.870> add<00:29:32.080> you<00:29:32.710> know<00:29:32.890> one<00:29:33.070> RPC 00:29:33.539 --> 00:29:33.549 align:start position:0% ground up you just add you know one RPC 00:29:33.549 --> 00:29:35.190 align:start position:0% ground up you just add you know one RPC endpoint<00:29:33.940> and<00:29:34.179> you're<00:29:34.660> off<00:29:34.900> to<00:29:35.080> the<00:29:35.110> races 00:29:35.190 --> 00:29:35.200 align:start position:0% endpoint and you're off to the races 00:29:35.200 --> 00:29:38.159 align:start position:0% endpoint and you're off to the races using<00:29:36.010> this<00:29:36.100> test<00:29:36.340> net<00:29:36.580> so<00:29:37.330> with<00:29:37.540> that<00:29:37.690> thank 00:29:38.159 --> 00:29:38.169 align:start position:0% using this test net so with that thank 00:29:38.169 --> 00:29:40.680 align:start position:0% using this test net so with that thank you<00:29:38.230> very<00:29:38.320> very<00:29:38.590> much<00:29:38.970> but<00:29:39.970> thank<00:29:40.270> you<00:29:40.330> all<00:29:40.419> for 00:29:40.680 --> 00:29:40.690 align:start position:0% you very very much but thank you all for 00:29:40.690 --> 00:29:41.490 align:start position:0% you very very much but thank you all for coming<00:29:40.720> to<00:29:41.020> talk 00:29:41.490 --> 00:29:41.500 align:start position:0% coming to talk 00:29:41.500 --> 00:29:51.190 align:start position:0% coming to talk [Applause] 00:29:51.190 --> 00:29:51.200 align:start position:0% 00:29:51.200 --> 00:29:53.260 align:start position:0% you