WEBVTT Kind: captions Language: en 00:00:01.080 --> 00:00:03.870 align:start position:0% [Music] 00:00:03.870 --> 00:00:03.880 align:start position:0% [Music] 00:00:03.880 --> 00:00:06.150 align:start position:0% [Music] hello<00:00:04.880> thank<00:00:05.040> you<00:00:05.279> thank<00:00:05.440> you<00:00:05.560> all<00:00:05.680> for<00:00:05.839> being 00:00:06.150 --> 00:00:06.160 align:start position:0% hello thank you thank you all for being 00:00:06.160 --> 00:00:08.430 align:start position:0% hello thank you thank you all for being here<00:00:07.000> thank<00:00:07.160> you<00:00:07.279> all<00:00:07.399> for 00:00:08.430 --> 00:00:08.440 align:start position:0% here thank you all for 00:00:08.440 --> 00:00:13.509 align:start position:0% here thank you all for coming<00:00:09.440> um<00:00:10.360> I<00:00:11.120> uh<00:00:11.960> I<00:00:12.040> saw<00:00:12.320> the<00:00:12.559> presentation<00:00:13.280> by 00:00:13.509 --> 00:00:13.519 align:start position:0% coming um I uh I saw the presentation by 00:00:13.519 --> 00:00:16.230 align:start position:0% coming um I uh I saw the presentation by Amber<00:00:13.839> B<00:00:14.240> and<00:00:14.400> Patrick<00:00:14.679> neelen<00:00:15.200> yesterday<00:00:16.119> and 00:00:16.230 --> 00:00:16.240 align:start position:0% Amber B and Patrick neelen yesterday and 00:00:16.240 --> 00:00:18.750 align:start position:0% Amber B and Patrick neelen yesterday and there<00:00:16.320> was<00:00:16.440> a<00:00:16.600> really<00:00:16.800> good<00:00:17.080> joke<00:00:18.080> when<00:00:18.560> they 00:00:18.750 --> 00:00:18.760 align:start position:0% there was a really good joke when they 00:00:18.760 --> 00:00:20.870 align:start position:0% there was a really good joke when they got<00:00:18.960> to<00:00:19.199> the<00:00:19.439> part<00:00:19.680> of<00:00:19.840> their<00:00:20.119> presentation 00:00:20.870 --> 00:00:20.880 align:start position:0% got to the part of their presentation 00:00:20.880 --> 00:00:23.470 align:start position:0% got to the part of their presentation was<00:00:21.119> that<00:00:21.240> was<00:00:21.439> about<00:00:21.800> their<00:00:22.039> own<00:00:22.519> project 00:00:23.470 --> 00:00:23.480 align:start position:0% was that was about their own project 00:00:23.480 --> 00:00:26.070 align:start position:0% was that was about their own project Amber<00:00:23.840> was<00:00:24.199> talking<00:00:25.160> and<00:00:25.400> Patrick<00:00:25.760> stopped 00:00:26.070 --> 00:00:26.080 align:start position:0% Amber was talking and Patrick stopped 00:00:26.080 --> 00:00:28.750 align:start position:0% Amber was talking and Patrick stopped her<00:00:26.679> and<00:00:26.840> interrupted<00:00:27.359> and<00:00:27.560> said<00:00:28.359> have<00:00:28.560> we 00:00:28.750 --> 00:00:28.760 align:start position:0% her and interrupted and said have we 00:00:28.760 --> 00:00:32.869 align:start position:0% her and interrupted and said have we reached<00:00:29.400> the<00:00:29.519> Shilling 00:00:32.869 --> 00:00:32.879 align:start position:0% 00:00:32.879 --> 00:00:37.430 align:start position:0% Point<00:00:33.879> uh<00:00:34.480> so<00:00:35.120> my<00:00:35.399> talk<00:00:35.640> today<00:00:36.120> is<00:00:36.600> 100%<00:00:37.239> about 00:00:37.430 --> 00:00:37.440 align:start position:0% Point uh so my talk today is 100% about 00:00:37.440 --> 00:00:40.590 align:start position:0% Point uh so my talk today is 100% about zcash<00:00:38.040> so<00:00:38.200> it's<00:00:38.399> like<00:00:38.640> all<00:00:39.000> Shilling 00:00:40.590 --> 00:00:40.600 align:start position:0% zcash so it's like all Shilling 00:00:40.600 --> 00:00:43.709 align:start position:0% zcash so it's like all Shilling Point<00:00:41.600> um<00:00:42.000> but<00:00:42.160> not<00:00:42.360> in<00:00:42.520> the<00:00:42.680> sense<00:00:43.000> of<00:00:43.480> uh 00:00:43.709 --> 00:00:43.719 align:start position:0% Point um but not in the sense of uh 00:00:43.719 --> 00:00:45.869 align:start position:0% Point um but not in the sense of uh asking<00:00:44.000> you<00:00:44.160> to<00:00:44.320> buy<00:00:44.480> more<00:00:44.719> to<00:00:44.920> pump<00:00:45.160> the<00:00:45.320> price 00:00:45.869 --> 00:00:45.879 align:start position:0% asking you to buy more to pump the price 00:00:45.879 --> 00:00:48.150 align:start position:0% asking you to buy more to pump the price but<00:00:46.480> uh<00:00:46.559> to<00:00:46.680> share<00:00:47.079> a<00:00:47.199> bunch<00:00:47.399> of<00:00:47.760> stuff<00:00:48.000> that 00:00:48.150 --> 00:00:48.160 align:start position:0% but uh to share a bunch of stuff that 00:00:48.160 --> 00:00:50.590 align:start position:0% but uh to share a bunch of stuff that we've<00:00:48.360> learned<00:00:48.920> recently<00:00:49.559> in<00:00:49.920> cryptography 00:00:50.590 --> 00:00:50.600 align:start position:0% we've learned recently in cryptography 00:00:50.600 --> 00:00:53.029 align:start position:0% we've learned recently in cryptography and<00:00:50.719> in<00:00:50.920> regulation<00:00:51.600> that<00:00:51.879> everyone<00:00:52.199> else<00:00:52.719> can 00:00:53.029 --> 00:00:53.039 align:start position:0% and in regulation that everyone else can 00:00:53.039 --> 00:00:56.549 align:start position:0% and in regulation that everyone else can hopefully<00:00:53.440> reuse<00:00:53.800> and<00:00:54.000> benefit<00:00:54.600> from<00:00:55.600> okay 00:00:56.549 --> 00:00:56.559 align:start position:0% hopefully reuse and benefit from okay 00:00:56.559 --> 00:00:58.549 align:start position:0% hopefully reuse and benefit from okay first<00:00:56.800> of<00:00:57.000> all<00:00:57.760> uh<00:00:57.879> can<00:00:58.000> we<00:00:58.160> bring<00:00:58.320> up<00:00:58.440> the 00:00:58.549 --> 00:00:58.559 align:start position:0% first of all uh can we bring up the 00:00:58.559 --> 00:01:02.830 align:start position:0% first of all uh can we bring up the house<00:00:58.760> lights<00:00:59.120> so<00:00:59.280> I<00:00:59.359> can<00:00:59.480> see<00:00:59.640> you<00:00:59.760> better 00:01:02.830 --> 00:01:02.840 align:start position:0% 00:01:02.840 --> 00:01:05.070 align:start position:0% I<00:01:02.920> can<00:01:03.079> see<00:01:03.399> these<00:01:03.640> people<00:01:04.320> all<00:01:04.479> right<00:01:04.839> will 00:01:05.070 --> 00:01:05.080 align:start position:0% I can see these people all right will 00:01:05.080 --> 00:01:06.670 align:start position:0% I can see these people all right will everyone<00:01:05.400> please<00:01:05.640> put<00:01:05.840> down<00:01:06.000> your<00:01:06.200> phone<00:01:06.439> and 00:01:06.670 --> 00:01:06.680 align:start position:0% everyone please put down your phone and 00:01:06.680 --> 00:01:09.230 align:start position:0% everyone please put down your phone and stand<00:01:06.960> up<00:01:07.159> for<00:01:07.280> a 00:01:09.230 --> 00:01:09.240 align:start position:0% stand up for a 00:01:09.240 --> 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align:start position:0% minute okay everyone except that guy 00:01:18.320 --> 00:01:21.749 align:start position:0% minute okay everyone except that guy have<00:01:18.479> stood<00:01:18.759> up<00:01:19.119> okay<00:01:19.320> good<00:01:20.240> uh<00:01:21.200> if<00:01:21.320> you<00:01:21.520> have 00:01:21.749 --> 00:01:21.759 align:start position:0% have stood up okay good uh if you have 00:01:21.759 --> 00:01:24.429 align:start position:0% have stood up okay good uh if you have never<00:01:22.079> heard<00:01:22.320> of<00:01:22.479> zcash<00:01:23.119> will<00:01:23.240> you<00:01:23.520> please<00:01:23.720> sit 00:01:24.429 --> 00:01:24.439 align:start position:0% never heard of zcash will you please sit 00:01:24.439 --> 00:01:27.190 align:start position:0% never heard of zcash will you please sit down<00:01:25.439> okay<00:01:25.720> great<00:01:26.079> wow<00:01:26.560> okay<00:01:26.720> so<00:01:26.880> if<00:01:27.000> you've 00:01:27.190 --> 00:01:27.200 align:start position:0% down okay great wow okay so if you've 00:01:27.200 --> 00:01:28.630 align:start position:0% down okay great wow okay so if you've heard<00:01:27.360> of<00:01:27.520> it<00:01:27.759> but<00:01:27.960> that's<00:01:28.159> really<00:01:28.520> like 00:01:28.630 --> 00:01:28.640 align:start position:0% heard of it but that's really like 00:01:28.640 --> 00:01:29.510 align:start position:0% heard of it but that's really like you've<00:01:28.799> just<00:01:28.920> heard<00:01:29.079> of<00:01:29.159> it<00:01:29.280> but<00:01:29.360> you<00:01:29.400> don't 00:01:29.510 --> 00:01:29.520 align:start position:0% you've just heard of it but you don't 00:01:29.520 --> 00:01:30.830 align:start position:0% you've just heard of it but you don't know<00:01:29.680> any<00:01:29.920> anything<00:01:30.240> about<00:01:30.400> it<00:01:30.600> would<00:01:30.680> you 00:01:30.830 --> 00:01:30.840 align:start position:0% know any anything about it would you 00:01:30.840 --> 00:01:32.069 align:start position:0% know any anything about it would you please<00:01:31.040> sit 00:01:32.069 --> 00:01:32.079 align:start position:0% please sit 00:01:32.079 --> 00:01:36.710 align:start position:0% please sit down<00:01:33.079> so<00:01:33.240> it's<00:01:33.520> like<00:01:33.799> a<00:01:34.240> 10th<00:01:34.920> okay<00:01:35.280> sweet<00:01:35.840> so 00:01:36.710 --> 00:01:36.720 align:start position:0% down so it's like a 10th okay sweet so 00:01:36.720 --> 00:01:38.230 align:start position:0% down so it's like a 10th okay sweet so uh<00:01:36.840> then<00:01:36.960> I<00:01:37.079> can<00:01:37.240> skip<00:01:37.560> that<00:01:37.680> part<00:01:37.960> which<00:01:38.040> is 00:01:38.230 --> 00:01:38.240 align:start position:0% uh then I can skip that part which is 00:01:38.240 --> 00:01:40.429 align:start position:0% uh then I can skip that part which is good<00:01:38.439> because<00:01:38.640> I<00:01:38.720> was<00:01:38.920> practicing<00:01:39.680> my<00:01:39.920> talk 00:01:40.429 --> 00:01:40.439 align:start position:0% good because I was practicing my talk 00:01:40.439 --> 00:01:42.069 align:start position:0% good because I was practicing my talk this<00:01:40.560> morning<00:01:40.880> and<00:01:41.000> I<00:01:41.119> found<00:01:41.360> out<00:01:41.600> oh<00:01:41.840> like<00:01:42.000> the 00:01:42.069 --> 00:01:42.079 align:start position:0% this morning and I found out oh like the 00:01:42.079 --> 00:01:43.630 align:start position:0% this morning and I found out oh like the rest<00:01:42.200> of<00:01:42.320> you<00:01:42.439> can<00:01:42.520> sit<00:01:42.680> down<00:01:42.840> too<00:01:43.119> thanks<00:01:43.520> but 00:01:43.630 --> 00:01:43.640 align:start position:0% rest of you can sit down too thanks but 00:01:43.640 --> 00:01:46.149 align:start position:0% rest of you can sit down too thanks but don't<00:01:43.880> get<00:01:44.040> your<00:01:44.200> phones<00:01:44.719> out<00:01:45.719> leave<00:01:46.040> the 00:01:46.149 --> 00:01:46.159 align:start position:0% don't get your phones out leave the 00:01:46.159 --> 00:01:48.749 align:start position:0% don't get your phones out leave the phones<00:01:46.520> out<00:01:46.920> away<00:01:47.920> uh<00:01:48.079> yeah<00:01:48.200> I<00:01:48.280> was<00:01:48.399> practicing 00:01:48.749 --> 00:01:48.759 align:start position:0% phones out away uh yeah I was practicing 00:01:48.759 --> 00:01:50.429 align:start position:0% phones out away uh yeah I was practicing my<00:01:48.960> talk<00:01:49.119> and<00:01:49.280> I<00:01:49.360> realized<00:01:49.759> that<00:01:49.880> I<00:01:50.040> put<00:01:50.280> like 00:01:50.429 --> 00:01:50.439 align:start position:0% my talk and I realized that I put like 00:01:50.439 --> 00:01:52.149 align:start position:0% my talk and I realized that I put like an<00:01:50.600> hour's<00:01:50.960> worth<00:01:51.200> of<00:01:51.399> content<00:01:51.759> into<00:01:52.040> the 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of 00:01:58.630 --> 00:01:58.640 align:start position:0% going to talk too fast and skip a lot of 00:01:58.640 --> 00:02:00.469 align:start position:0% going to talk too fast and skip a lot of the<00:01:58.880> technical<00:01:59.360> content 00:02:00.469 --> 00:02:00.479 align:start position:0% the technical content 00:02:00.479 --> 00:02:03.429 align:start position:0% the technical content but<00:02:00.600> the<00:02:00.719> goal<00:02:00.880> is<00:02:01.039> to<00:02:01.640> say<00:02:02.640> uh<00:02:03.079> what<00:02:03.240> we've 00:02:03.429 --> 00:02:03.439 align:start position:0% but the goal is to say uh what we've 00:02:03.439 --> 00:02:04.590 align:start position:0% but the goal is to say uh what we've just<00:02:03.600> recently<00:02:04.000> accomplished<00:02:04.399> in 00:02:04.590 --> 00:02:04.600 align:start position:0% just recently accomplished in 00:02:04.600 --> 00:02:07.469 align:start position:0% just recently accomplished in cryptography<00:02:05.600> a<00:02:05.719> couple<00:02:06.479> pointers<00:02:06.960> to 00:02:07.469 --> 00:02:07.479 align:start position:0% cryptography a couple pointers to 00:02:07.479 --> 00:02:09.389 align:start position:0% cryptography a couple pointers to possible<00:02:07.960> future<00:02:08.479> work<00:02:08.800> that<00:02:08.959> other<00:02:09.160> people 00:02:09.389 --> 00:02:09.399 align:start position:0% possible future work that other people 00:02:09.399 --> 00:02:11.270 align:start position:0% possible future work that other people might<00:02:09.640> also<00:02:10.160> want<00:02:10.440> and<00:02:10.560> then<00:02:10.720> talk<00:02:10.879> about<00:02:11.120> the 00:02:11.270 --> 00:02:11.280 align:start position:0% might also want and then talk about the 00:02:11.280 --> 00:02:12.430 align:start position:0% might also want and then talk about the regulatory 00:02:12.430 --> 00:02:12.440 align:start position:0% regulatory 00:02:12.440 --> 00:02:14.790 align:start position:0% regulatory situation<00:02:13.440> so<00:02:13.959> what<00:02:14.080> we've<00:02:14.360> just<00:02:14.560> now 00:02:14.790 --> 00:02:14.800 align:start position:0% situation so what we've just now 00:02:14.800 --> 00:02:16.830 align:start position:0% situation so what we've just now accomplished<00:02:15.200> zcash<00:02:15.800> as<00:02:15.959> you<00:02:16.200> all<00:02:16.480> know 00:02:16.830 --> 00:02:16.840 align:start position:0% accomplished zcash as you all know 00:02:16.840 --> 00:02:18.710 align:start position:0% accomplished zcash as you all know except<00:02:17.040> for<00:02:17.360> that<00:02:17.599> guy<00:02:17.800> and<00:02:17.959> like<00:02:18.120> 10%<00:02:18.560> of 00:02:18.710 --> 00:02:18.720 align:start position:0% except for that guy and like 10% of 00:02:18.720 --> 00:02:21.750 align:start position:0% except for that guy and like 10% of these<00:02:18.959> guys<00:02:19.840> is<00:02:20.400> a<00:02:20.800> separate 00:02:21.750 --> 00:02:21.760 align:start position:0% these guys is a separate 00:02:21.760 --> 00:02:24.830 align:start position:0% these guys is a separate cryptocurrency<00:02:22.760> that<00:02:23.640> uh<00:02:24.120> includes 00:02:24.830 --> 00:02:24.840 align:start position:0% cryptocurrency that uh includes 00:02:24.840 --> 00:02:26.509 align:start position:0% cryptocurrency that uh includes encryption<00:02:25.319> and<00:02:25.480> cryptography<00:02:26.080> to<00:02:26.239> make<00:02:26.400> all 00:02:26.509 --> 00:02:26.519 align:start position:0% encryption and cryptography to make all 00:02:26.519 --> 00:02:28.630 align:start position:0% encryption and cryptography to make all the<00:02:26.680> transactions<00:02:27.319> private<00:02:28.120> and<00:02:28.319> it<00:02:28.480> was 00:02:28.630 --> 00:02:28.640 align:start position:0% the transactions private and it was 00:02:28.640 --> 00:02:31.070 align:start position:0% the transactions private and it was launched<00:02:29.160> 2<00:02:29.360> years<00:02:29.560> in<00:02:29.920> 4<00:02:30.160> days<00:02:30.400> ago<00:02:30.879> on 00:02:31.070 --> 00:02:31.080 align:start position:0% launched 2 years in 4 days ago on 00:02:31.080 --> 00:02:34.509 align:start position:0% launched 2 years in 4 days ago on October<00:02:31.680> 28th<00:02:32.680> so<00:02:32.879> zcash<00:02:33.400> is<00:02:33.519> 2<00:02:33.720> years<00:02:33.920> old<00:02:34.360> and 00:02:34.509 --> 00:02:34.519 align:start position:0% October 28th so zcash is 2 years old and 00:02:34.519 --> 00:02:36.790 align:start position:0% October 28th so zcash is 2 years old and that<00:02:34.680> makes<00:02:34.920> it<00:02:35.319> like<00:02:35.599> ethereum<00:02:36.120> a<00:02:36.239> grizzled 00:02:36.790 --> 00:02:36.800 align:start position:0% that makes it like ethereum a grizzled 00:02:36.800 --> 00:02:42.110 align:start position:0% that makes it like ethereum a grizzled veteran<00:02:37.200> of<00:02:37.360> the<00:02:37.800> space<00:02:39.040> um<00:02:40.040> and<00:02:40.800> uh<00:02:41.319> and<00:02:41.680> four 00:02:42.110 --> 00:02:42.120 align:start position:0% veteran of the space um and uh and four 00:02:42.120 --> 00:02:44.830 align:start position:0% veteran of the space um and uh and four days<00:02:42.400> ago<00:02:42.800> on<00:02:42.959> Zach's<00:02:43.720> second<00:02:44.040> birthday<00:02:44.680> we 00:02:44.830 --> 00:02:44.840 align:start position:0% days ago on Zach's second birthday we 00:02:44.840 --> 00:02:47.190 align:start position:0% days ago on Zach's second birthday we introduced<00:02:45.440> the<00:02:45.599> first<00:02:46.120> major<00:02:46.599> upgrade<00:02:47.080> which 00:02:47.190 --> 00:02:47.200 align:start position:0% introduced the first major upgrade which 00:02:47.200 --> 00:02:50.630 align:start position:0% introduced the first major upgrade which is<00:02:47.400> called<00:02:47.640> sapling<00:02:48.159> or<00:02:48.319> zcash<00:02:49.000> 2.0<00:02:50.000> and<00:02:50.239> the 00:02:50.630 --> 00:02:50.640 align:start position:0% is called sapling or zcash 2.0 and the 00:02:50.640 --> 00:02:52.430 align:start position:0% is called sapling or zcash 2.0 and the Improvement<00:02:51.319> so<00:02:51.519> the<00:02:51.640> first<00:02:51.879> thing<00:02:52.040> we<00:02:52.159> did 00:02:52.430 --> 00:02:52.440 align:start position:0% Improvement so the first thing we did 00:02:52.440 --> 00:02:54.509 align:start position:0% Improvement so the first thing we did which<00:02:52.640> most<00:02:52.800> of<00:02:52.920> you<00:02:53.120> probably<00:02:53.440> kind<00:02:53.560> of<00:02:53.680> know 00:02:54.509 --> 00:02:54.519 align:start position:0% which most of you probably kind of know 00:02:54.519 --> 00:02:56.509 align:start position:0% which most of you probably kind of know is<00:02:55.120> we<00:02:55.480> pioneered<00:02:55.920> the<00:02:56.000> use<00:02:56.120> of<00:02:56.239> zero 00:02:56.509 --> 00:02:56.519 align:start position:0% is we pioneered the use of zero 00:02:56.519 --> 00:02:58.830 align:start position:0% is we pioneered the use of zero knowledge<00:02:57.159> proofs<00:02:58.159> just<00:02:58.319> real<00:02:58.519> quick<00:02:58.680> raise 00:02:58.830 --> 00:02:58.840 align:start position:0% knowledge proofs just real quick raise 00:02:58.840 --> 00:02:59.509 align:start position:0% knowledge proofs just real quick raise your<00:02:58.920> hand<00:02:59.080> you<00:02:59.159> know<00:02:59.239> what<00:02:59.280> is<00:02:59.360> zero 00:02:59.509 --> 00:02:59.519 align:start position:0% your hand you know what is zero 00:02:59.519 --> 00:03:00.910 align:start position:0% your hand you know what is zero knowledge<00:02:59.879> proof<00:03:00.159> is<00:03:00.280> or<00:03:00.400> you've<00:03:00.560> heard<00:03:00.720> of<00:03:00.800> it 00:03:00.910 --> 00:03:00.920 align:start position:0% knowledge proof is or you've heard of it 00:03:00.920 --> 00:03:02.270 align:start position:0% knowledge proof is or you've heard of it or<00:03:01.040> whatever<00:03:01.360> great<00:03:01.599> this<00:03:01.680> is<00:03:01.879> great<00:03:02.080> what<00:03:02.159> a 00:03:02.270 --> 00:03:02.280 align:start position:0% or whatever great this is great what a 00:03:02.280 --> 00:03:04.270 align:start position:0% or whatever great this is great what a great<00:03:02.440> audience 00:03:04.270 --> 00:03:04.280 align:start position:0% great audience 00:03:04.280 --> 00:03:06.750 align:start position:0% great audience um<00:03:05.280> so<00:03:05.640> I'm<00:03:05.799> really<00:03:06.040> proud<00:03:06.360> that<00:03:06.480> zero 00:03:06.750 --> 00:03:06.760 align:start position:0% um so I'm really proud that zero 00:03:06.760 --> 00:03:08.430 align:start position:0% um so I'm really proud that zero knowledge<00:03:07.000> proofs<00:03:07.280> are<00:03:07.440> so<00:03:08.040> widely 00:03:08.430 --> 00:03:08.440 align:start position:0% knowledge proofs are so widely 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world<00:03:15.440> as<00:03:15.560> far<00:03:15.680> as<00:03:15.840> I 00:03:16.270 --> 00:03:16.280 align:start position:0% anything in the real world as far as I 00:03:16.280 --> 00:03:18.350 align:start position:0% anything in the real world as far as I know<00:03:17.280> that<00:03:17.360> was<00:03:17.480> two<00:03:17.640> years<00:03:17.799> ago<00:03:18.080> but<00:03:18.239> the 00:03:18.350 --> 00:03:18.360 align:start position:0% know that was two years ago but the 00:03:18.360 --> 00:03:20.910 align:start position:0% know that was two years ago but the first<00:03:18.599> version<00:03:18.959> we<00:03:19.120> put<00:03:19.319> out<00:03:19.480> two<00:03:19.680> years<00:03:19.879> ago 00:03:20.910 --> 00:03:20.920 align:start position:0% first version we put out two years ago 00:03:20.920 --> 00:03:24.309 align:start position:0% first version we put out two years ago was<00:03:21.920> not<00:03:22.440> efficient<00:03:22.920> enough<00:03:23.159> it<00:03:23.280> took<00:03:23.519> 37 00:03:24.309 --> 00:03:24.319 align:start position:0% was not efficient enough it took 37 00:03:24.319 --> 00:03:27.589 align:start position:0% was not efficient enough it took 37 seconds<00:03:24.760> on<00:03:24.920> a<00:03:25.360> like<00:03:25.519> supercomputer<00:03:26.599> laptop 00:03:27.589 --> 00:03:27.599 align:start position:0% seconds on a like supercomputer laptop 00:03:27.599 --> 00:03:29.789 align:start position:0% seconds on a like supercomputer laptop and<00:03:27.760> it<00:03:27.879> was<00:03:28.080> not<00:03:28.239> even<00:03:28.599> possible<00:03:29.239> on<00:03:29.319> a<00:03:29.439> mobile 00:03:29.789 --> 00:03:29.799 align:start position:0% and it was not even possible on a mobile 00:03:29.799 --> 00:03:31.630 align:start position:0% and it was not even possible on a mobile phone<00:03:30.040> to<00:03:30.280> generate<00:03:30.720> the<00:03:30.840> zero<00:03:31.200> knowledge 00:03:31.630 --> 00:03:31.640 align:start position:0% phone to generate the zero knowledge 00:03:31.640 --> 00:03:34.070 align:start position:0% phone to generate the zero knowledge proof<00:03:32.480> necessary<00:03:32.959> to<00:03:33.159> protect<00:03:33.560> a<00:03:33.680> single 00:03:34.070 --> 00:03:34.080 align:start position:0% proof necessary to protect a single 00:03:34.080 --> 00:03:35.869 align:start position:0% proof necessary to protect a single zcash 00:03:35.869 --> 00:03:35.879 align:start position:0% zcash 00:03:35.879 --> 00:03:38.869 align:start position:0% zcash transaction<00:03:36.879> uh<00:03:37.040> so<00:03:37.280> what<00:03:37.400> we've<00:03:37.879> just 00:03:38.869 --> 00:03:38.879 align:start position:0% transaction uh so what we've just 00:03:38.879 --> 00:03:41.429 align:start position:0% transaction uh so what we've just activated<00:03:39.319> on<00:03:39.439> mainnet<00:03:39.879> 4<00:03:40.080> days<00:03:40.280> ago<00:03:40.599> is<00:03:40.720> zcash 00:03:41.429 --> 00:03:41.439 align:start position:0% activated on mainnet 4 days ago is zcash 00:03:41.439 --> 00:03:45.990 align:start position:0% activated on mainnet 4 days ago is zcash 2.0<00:03:42.439> and<00:03:42.599> we've<00:03:42.879> reduced<00:03:43.599> the<00:03:44.599> time<00:03:45.159> from<00:03:45.360> 37 00:03:45.990 --> 00:03:46.000 align:start position:0% 2.0 and we've reduced the time from 37 00:03:46.000 --> 00:03:48.710 align:start position:0% 2.0 and we've reduced the time from 37 seconds<00:03:46.239> in<00:03:46.400> the<00:03:46.519> first<00:03:46.720> version<00:03:47.319> to<00:03:47.720> 2.3 00:03:48.710 --> 00:03:48.720 align:start position:0% seconds in the first version to 2.3 00:03:48.720 --> 00:03:50.630 align:start position:0% seconds in the first version to 2.3 seconds<00:03:49.040> in<00:03:49.159> the<00:03:49.239> new 00:03:50.630 --> 00:03:50.640 align:start position:0% seconds in the new 00:03:50.640 --> 00:03:53.750 align:start position:0% seconds in the new version<00:03:51.760> thanks<00:03:52.760> yeah<00:03:52.879> so<00:03:53.040> that's<00:03:53.319> really 00:03:53.750 --> 00:03:53.760 align:start position:0% version thanks yeah so that's really 00:03:53.760 --> 00:03:57.229 align:start position:0% version thanks yeah so that's really great<00:03:54.120> because<00:03:54.480> now<00:03:55.319> it's<00:03:55.720> possible<00:03:56.680> for 00:03:57.229 --> 00:03:57.239 align:start position:0% great because now it's possible for 00:03:57.239 --> 00:03:59.949 align:start position:0% great because now it's possible for people<00:03:57.920> to<00:03:58.319> generate<00:03:58.760> these<00:03:58.959> on<00:03:59.120> their<00:03:59.319> mobile 00:03:59.949 --> 00:03:59.959 align:start position:0% people to generate these on their mobile 00:03:59.959 --> 00:04:01.710 align:start position:0% people to generate these on their mobile now<00:04:00.280> no<00:04:00.360> one's<00:04:00.680> actually<00:04:00.959> implemented<00:04:01.439> it<00:04:01.560> and 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the cryptography has made it possible to 00:04:08.920 --> 00:04:11.149 align:start position:0% the cryptography has made it possible to implement<00:04:09.360> that<00:04:09.519> client<00:04:10.400> and<00:04:10.519> for<00:04:10.840> every 00:04:11.149 --> 00:04:11.159 align:start position:0% implement that client and for every 00:04:11.159 --> 00:04:13.670 align:start position:0% implement that client and for every exchange<00:04:11.760> everywhere<00:04:12.280> to<00:04:12.680> support<00:04:13.200> these 00:04:13.670 --> 00:04:13.680 align:start position:0% exchange everywhere to support these 00:04:13.680 --> 00:04:15.429 align:start position:0% exchange everywhere to support these zero<00:04:14.079> knowledge<00:04:14.360> proof<00:04:14.599> based<00:04:14.920> transactions 00:04:15.429 --> 00:04:15.439 align:start position:0% zero knowledge proof based transactions 00:04:15.439 --> 00:04:18.949 align:start position:0% zero knowledge proof based transactions and<00:04:15.560> so<00:04:15.760> forth<00:04:16.040> bye<00:04:16.199> Corey<00:04:17.000> and 00:04:18.949 --> 00:04:18.959 align:start position:0% and so forth bye Corey and 00:04:18.959 --> 00:04:20.990 align:start position:0% and so forth bye Corey and um<00:04:19.959> oh<00:04:20.120> Cory's<00:04:20.440> just<00:04:20.519> getting<00:04:20.680> ready<00:04:20.880> because 00:04:20.990 --> 00:04:21.000 align:start position:0% um oh Cory's just getting ready because 00:04:21.000 --> 00:04:22.950 align:start position:0% um oh Cory's just getting ready because he's<00:04:21.199> next 00:04:22.950 --> 00:04:22.960 align:start position:0% he's next 00:04:22.960 --> 00:04:27.469 align:start position:0% he's next um<00:04:23.960> so<00:04:24.400> real<00:04:24.680> quick<00:04:25.199> the<00:04:25.720> there<00:04:25.880> are<00:04:26.639> basically 00:04:27.469 --> 00:04:27.479 align:start position:0% um so real quick the there are basically 00:04:27.479 --> 00:04:31.029 align:start position:0% um so real quick the there are basically three<00:04:27.960> components<00:04:28.800> of<00:04:29.000> the<00:04:29.240> cryptog<00:04:30.039> graphy 00:04:31.029 --> 00:04:31.039 align:start position:0% three components of the cryptog graphy 00:04:31.039 --> 00:04:32.870 align:start position:0% three components of the cryptog graphy uh<00:04:31.199> that<00:04:31.360> we<00:04:31.720> have<00:04:32.039> worked<00:04:32.280> on<00:04:32.440> for<00:04:32.560> the<00:04:32.720> last 00:04:32.870 --> 00:04:32.880 align:start position:0% uh that we have worked on for the last 00:04:32.880 --> 00:04:34.670 align:start position:0% uh that we have worked on for the last two<00:04:33.080> years<00:04:33.320> we<00:04:33.400> have<00:04:33.520> a<00:04:33.759> really<00:04:34.199> really<00:04:34.440> great 00:04:34.670 --> 00:04:34.680 align:start position:0% two years we have a really really great 00:04:34.680 --> 00:04:36.629 align:start position:0% two years we have a really really great team<00:04:34.919> of<00:04:35.080> cryptographers<00:04:36.039> and<00:04:36.199> Engineers 00:04:36.629 --> 00:04:36.639 align:start position:0% team of cryptographers and Engineers 00:04:36.639 --> 00:04:38.189 align:start position:0% team of cryptographers and Engineers who've<00:04:36.840> been<00:04:37.039> working<00:04:37.320> on<00:04:37.479> this<00:04:37.680> really<00:04:37.919> hard 00:04:38.189 --> 00:04:38.199 align:start position:0% who've been working on this really hard 00:04:38.199 --> 00:04:40.070 align:start position:0% who've been working on this really hard for<00:04:38.440> two<00:04:38.720> years<00:04:38.960> straight<00:04:39.320> to<00:04:39.520> get<00:04:39.639> us<00:04:39.919> this 00:04:40.070 --> 00:04:40.080 align:start position:0% for two years straight to get us this 00:04:40.080 --> 00:04:43.029 align:start position:0% for two years straight to get us this far<00:04:40.360> so<00:04:40.520> it's<00:04:41.039> really<00:04:42.039> uh<00:04:42.240> a<00:04:42.440> substantial 00:04:43.029 --> 00:04:43.039 align:start position:0% far so it's really uh a substantial 00:04:43.039 --> 00:04:44.710 align:start position:0% far so it's really uh a substantial advance<00:04:43.520> that<00:04:43.680> everyone<00:04:43.960> else<00:04:44.160> can<00:04:44.320> benefit 00:04:44.710 --> 00:04:44.720 align:start position:0% advance that everyone else can benefit 00:04:44.720 --> 00:04:47.870 align:start position:0% advance that everyone else can benefit from<00:04:45.520> because<00:04:46.520> it's<00:04:46.680> all<00:04:46.880> open<00:04:47.240> source<00:04:47.720> all 00:04:47.870 --> 00:04:47.880 align:start position:0% from because it's all open source all 00:04:47.880 --> 00:04:50.469 align:start position:0% from because it's all open source all the<00:04:48.080> science<00:04:49.000> results<00:04:49.479> we<00:04:49.720> had<00:04:49.880> to<00:04:50.120> come<00:04:50.320> up 00:04:50.469 --> 00:04:50.479 align:start position:0% the science results we had to come up 00:04:50.479 --> 00:04:51.670 align:start position:0% the science results we had to come up with<00:04:50.600> have<00:04:50.759> been<00:04:50.919> published<00:04:51.240> in 00:04:51.670 --> 00:04:51.680 align:start position:0% with have been published in 00:04:51.680 --> 00:04:53.749 align:start position:0% with have been published in peer-reviewed<00:04:52.240> science<00:04:52.560> papers<00:04:53.520> uh<00:04:53.680> we 00:04:53.749 --> 00:04:53.759 align:start position:0% peer-reviewed science papers uh we 00:04:53.759 --> 00:04:55.550 align:start position:0% peer-reviewed science papers uh we didn't<00:04:53.960> apply<00:04:54.199> for<00:04:54.360> any<00:04:54.639> patents<00:04:55.199> and<00:04:55.320> there's 00:04:55.550 --> 00:04:55.560 align:start position:0% didn't apply for any patents and there's 00:04:55.560 --> 00:04:57.710 align:start position:0% didn't apply for any patents and there's no<00:04:55.800> barriers<00:04:56.240> to<00:04:56.440> anyone<00:04:56.720> else<00:04:56.919> reusing<00:04:57.560> this 00:04:57.710 --> 00:04:57.720 align:start position:0% no barriers to anyone else reusing this 00:04:57.720 --> 00:05:01.469 align:start position:0% no barriers to anyone else reusing this for<00:04:57.960> any<00:04:58.160> other<00:04:58.720> purpose<00:04:59.520> um<00:04:59.840> um<00:05:00.840> okay<00:05:01.120> the 00:05:01.469 --> 00:05:01.479 align:start position:0% for any other purpose um um okay the 00:05:01.479 --> 00:05:05.029 align:start position:0% for any other purpose um um okay the three<00:05:01.880> major<00:05:02.600> advances<00:05:03.360> we<00:05:03.600> had<00:05:03.759> to<00:05:03.960> do<00:05:04.800> uh<00:05:04.880> the 00:05:05.029 --> 00:05:05.039 align:start position:0% three major advances we had to do uh the 00:05:05.039 --> 00:05:08.590 align:start position:0% three major advances we had to do uh the first<00:05:05.240> one<00:05:05.560> is<00:05:05.800> replacing<00:05:06.479> the<00:05:07.160> hash<00:05:07.600> function 00:05:08.590 --> 00:05:08.600 align:start position:0% first one is replacing the hash function 00:05:08.600 --> 00:05:10.870 align:start position:0% first one is replacing the hash function inside<00:05:09.320> the<00:05:09.639> so-called<00:05:10.160> circuit<00:05:10.600> that<00:05:10.720> you 00:05:10.870 --> 00:05:10.880 align:start position:0% inside the so-called circuit that you 00:05:10.880 --> 00:05:12.710 align:start position:0% inside the so-called circuit that you have<00:05:10.960> to<00:05:11.120> prove<00:05:11.800> when<00:05:11.960> you<00:05:12.240> make<00:05:12.400> a 00:05:12.710 --> 00:05:12.720 align:start position:0% have to prove when you make a 00:05:12.720 --> 00:05:17.270 align:start position:0% have to prove when you make a transaction<00:05:13.720> and<00:05:14.880> um<00:05:15.880> this<00:05:16.160> is<00:05:16.880> potentially 00:05:17.270 --> 00:05:17.280 align:start position:0% transaction and um this is potentially 00:05:17.280 --> 00:05:18.870 align:start position:0% transaction and um this is potentially useful<00:05:17.600> for<00:05:17.720> a<00:05:17.800> lot<00:05:17.919> of<00:05:18.039> other<00:05:18.240> people<00:05:18.560> because 00:05:18.870 --> 00:05:18.880 align:start position:0% useful for a lot of other people because 00:05:18.880 --> 00:05:21.230 align:start position:0% useful for a lot of other people because hash<00:05:19.160> functions<00:05:19.479> are<00:05:19.639> used<00:05:20.039> everywhere<00:05:21.039> a 00:05:21.230 --> 00:05:21.240 align:start position:0% hash functions are used everywhere a 00:05:21.240 --> 00:05:23.110 align:start position:0% hash functions are used everywhere a great<00:05:21.440> cryptographer<00:05:22.080> once<00:05:22.319> said<00:05:22.639> that<00:05:22.840> hash 00:05:23.110 --> 00:05:23.120 align:start position:0% great cryptographer once said that hash 00:05:23.120 --> 00:05:25.230 align:start position:0% great cryptographer once said that hash functions<00:05:23.440> are<00:05:23.680> like<00:05:23.919> the<00:05:24.080> nails<00:05:24.840> of<00:05:25.080> the 00:05:25.230 --> 00:05:25.240 align:start position:0% functions are like the nails of the 00:05:25.240 --> 00:05:26.990 align:start position:0% functions are like the nails of the internet<00:05:25.639> they're<00:05:25.800> used<00:05:26.039> to<00:05:26.160> hold<00:05:26.479> everything 00:05:26.990 --> 00:05:27.000 align:start position:0% internet they're used to hold everything 00:05:27.000 --> 00:05:29.029 align:start position:0% internet they're used to hold everything together<00:05:27.960> uh<00:05:28.080> there's<00:05:28.360> nothing<00:05:28.639> you<00:05:28.800> do<00:05:28.960> that 00:05:29.029 --> 00:05:29.039 align:start position:0% together uh there's nothing you do that 00:05:29.039 --> 00:05:30.749 align:start position:0% together uh there's nothing you do that doesn't<00:05:29.280> have<00:05:29.360> at<00:05:29.479> Le<00:05:29.880> one<00:05:30.039> hash<00:05:30.280> function 00:05:30.749 --> 00:05:30.759 align:start position:0% doesn't have at Le one hash function 00:05:30.759 --> 00:05:33.990 align:start position:0% doesn't have at Le one hash function inside<00:05:31.759> um<00:05:32.360> well<00:05:32.960> two<00:05:33.120> of<00:05:33.199> our<00:05:33.360> cryptographers 00:05:33.990 --> 00:05:34.000 align:start position:0% inside um well two of our cryptographers 00:05:34.000 --> 00:05:37.590 align:start position:0% inside um well two of our cryptographers came<00:05:34.240> up<00:05:34.479> with<00:05:34.960> uh<00:05:35.600> a<00:05:36.080> more<00:05:36.479> efficient<00:05:37.000> way<00:05:37.360> to 00:05:37.590 --> 00:05:37.600 align:start position:0% came up with uh a more efficient way to 00:05:37.600 --> 00:05:39.309 align:start position:0% came up with uh a more efficient way to make<00:05:37.840> to<00:05:38.000> implement<00:05:38.400> a<00:05:38.520> certain<00:05:38.800> kind<00:05:38.960> of<00:05:39.080> hash 00:05:39.309 --> 00:05:39.319 align:start position:0% make to implement a certain kind of hash 00:05:39.319 --> 00:05:41.350 align:start position:0% make to implement a certain kind of hash function<00:05:39.600> called<00:05:39.720> a<00:05:39.840> Peterson<00:05:40.600> hash<00:05:41.080> inside 00:05:41.350 --> 00:05:41.360 align:start position:0% function called a Peterson hash inside 00:05:41.360 --> 00:05:43.150 align:start position:0% function called a Peterson hash inside of<00:05:41.520> zero<00:05:41.800> knowledge<00:05:42.080> proofs<00:05:42.680> and<00:05:42.800> all<00:05:42.960> by 00:05:43.150 --> 00:05:43.160 align:start position:0% of zero knowledge proofs and all by 00:05:43.160 --> 00:05:47.510 align:start position:0% of zero knowledge proofs and all by itself<00:05:43.960> this<00:05:44.960> reduced<00:05:45.520> the<00:05:45.720> runtime<00:05:46.560> by<00:05:46.720> 75% 00:05:47.510 --> 00:05:47.520 align:start position:0% itself this reduced the runtime by 75% 00:05:47.520 --> 00:05:49.189 align:start position:0% itself this reduced the runtime by 75% which<00:05:47.639> is<00:05:47.720> a<00:05:47.919> really<00:05:48.120> great 00:05:49.189 --> 00:05:49.199 align:start position:0% which is a really great 00:05:49.199 --> 00:05:51.230 align:start position:0% which is a really great Improvement<00:05:50.199> uh<00:05:50.400> you<00:05:50.520> might<00:05:50.680> be<00:05:50.800> able<00:05:50.960> to<00:05:51.039> use 00:05:51.230 --> 00:05:51.240 align:start position:0% Improvement uh you might be able to use 00:05:51.240 --> 00:05:53.070 align:start position:0% Improvement uh you might be able to use this<00:05:51.440> yourself<00:05:52.120> but<00:05:52.240> you<00:05:52.360> have<00:05:52.479> to<00:05:52.560> be<00:05:52.720> careful 00:05:53.070 --> 00:05:53.080 align:start position:0% this yourself but you have to be careful 00:05:53.080 --> 00:05:54.749 align:start position:0% this yourself but you have to be careful because<00:05:53.280> shot<00:05:53.680> 56<00:05:54.039> and<00:05:54.199> Peterson<00:05:54.639> have 00:05:54.749 --> 00:05:54.759 align:start position:0% because shot 56 and Peterson have 00:05:54.759 --> 00:05:55.990 align:start position:0% because shot 56 and Peterson have slightly<00:05:55.080> different<00:05:55.360> properties<00:05:55.759> so<00:05:55.880> it's 00:05:55.990 --> 00:05:56.000 align:start position:0% slightly different properties so it's 00:05:56.000 --> 00:05:57.909 align:start position:0% slightly different properties so it's not<00:05:56.160> just<00:05:56.280> a<00:05:56.440> simple<00:05:56.720> dropin<00:05:57.120> replacement<00:05:57.720> for 00:05:57.909 --> 00:05:57.919 align:start position:0% not just a simple dropin replacement for 00:05:57.919 --> 00:06:02.150 align:start position:0% not just a simple dropin replacement for every<00:05:58.360> use<00:05:59.360> uh<00:05:59.759> and<00:06:00.039> the<00:06:00.240> result<00:06:00.720> of<00:06:01.440> uh<00:06:01.600> like<00:06:01.759> 9 00:06:02.150 --> 00:06:02.160 align:start position:0% every use uh and the result of uh like 9 00:06:02.160 --> 00:06:05.430 align:start position:0% every use uh and the result of uh like 9 seconds<00:06:02.759> per<00:06:03.560> like<00:06:03.919> per<00:06:04.160> payment<00:06:04.600> is<00:06:04.960> still 00:06:05.430 --> 00:06:05.440 align:start position:0% seconds per like per payment is still 00:06:05.440 --> 00:06:07.430 align:start position:0% seconds per like per payment is still not<00:06:05.720> quite<00:06:05.919> good<00:06:06.120> enough<00:06:06.639> so<00:06:06.800> we<00:06:06.960> kept<00:06:07.160> looking 00:06:07.430 --> 00:06:07.440 align:start position:0% not quite good enough so we kept looking 00:06:07.440 --> 00:06:10.150 align:start position:0% not quite good enough so we kept looking for<00:06:07.680> a<00:06:07.840> couple<00:06:08.039> of<00:06:08.319> other<00:06:08.880> innovations<00:06:09.720> that 00:06:10.150 --> 00:06:10.160 align:start position:0% for a couple of other innovations that 00:06:10.160 --> 00:06:13.430 align:start position:0% for a couple of other innovations that would<00:06:11.160> improve<00:06:11.560> the<00:06:11.840> performance<00:06:12.840> uh<00:06:13.240> while 00:06:13.430 --> 00:06:13.440 align:start position:0% would improve the performance uh while 00:06:13.440 --> 00:06:14.990 align:start position:0% would improve the performance uh while being<00:06:13.720> safe<00:06:14.039> enough 00:06:14.990 --> 00:06:15.000 align:start position:0% being safe enough 00:06:15.000 --> 00:06:17.070 align:start position:0% being safe enough and<00:06:16.000> practical<00:06:16.400> enough<00:06:16.599> that<00:06:16.720> we<00:06:16.800> would<00:06:16.960> be 00:06:17.070 --> 00:06:17.080 align:start position:0% and practical enough that we would be 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position:0% to gloss over this but this is a bundle of<00:06:25.479> a<00:06:25.759> proving<00:06:26.440> system<00:06:26.880> which<00:06:27.000> is<00:06:27.080> a<00:06:27.240> snark 00:06:28.150 --> 00:06:28.160 align:start position:0% of a proving system which is a snark 00:06:28.160 --> 00:06:30.430 align:start position:0% of a proving system which is a snark that's<00:06:28.479> bctv<00:06:29.080> 14<00:06:29.599> which<00:06:29.720> we<00:06:29.880> upgraded<00:06:30.319> to 00:06:30.430 --> 00:06:30.440 align:start position:0% that's bctv 14 which we upgraded to 00:06:30.440 --> 00:06:34.150 align:start position:0% that's bctv 14 which we upgraded to Groth<00:06:30.840> 16<00:06:31.599> 14<00:06:32.280> 2014<00:06:33.000> and<00:06:33.160> 2016<00:06:33.759> are<00:06:33.880> the<00:06:34.000> years 00:06:34.150 --> 00:06:34.160 align:start position:0% Groth 16 14 2014 and 2016 are the years 00:06:34.160 --> 00:06:36.510 align:start position:0% Groth 16 14 2014 and 2016 are the years that<00:06:34.319> these<00:06:34.440> science<00:06:34.720> papers<00:06:35.000> were<00:06:35.520> published 00:06:36.510 --> 00:06:36.520 align:start position:0% that these science papers were published 00:06:36.520 --> 00:06:38.710 align:start position:0% that these science papers were published um<00:06:36.960> there's<00:06:37.120> an<00:06:37.280> elliptic<00:06:37.759> curve<00:06:38.120> it's<00:06:38.360> B<00:06:38.520> and 00:06:38.710 --> 00:06:38.720 align:start position:0% um there's an elliptic curve it's B and 00:06:38.720 --> 00:06:41.990 align:start position:0% um there's an elliptic curve it's B and 128<00:06:39.720> that<00:06:39.800> we<00:06:39.960> upgraded<00:06:40.319> to<00:06:40.479> bls2 00:06:41.990 --> 00:06:42.000 align:start position:0% 128 that we upgraded to bls2 00:06:42.000 --> 00:06:46.430 align:start position:0% 128 that we upgraded to bls2 381<00:06:43.000> and<00:06:43.479> um<00:06:44.479> by<00:06:44.639> the<00:06:44.759> way<00:06:44.960> we<00:06:45.120> helped<00:06:45.840> ethereum 00:06:46.430 --> 00:06:46.440 align:start position:0% 381 and um by the way we helped ethereum 00:06:46.440 --> 00:06:49.830 align:start position:0% 381 and um by the way we helped ethereum ad<00:06:46.680> bn18<00:06:47.680> into<00:06:48.160> ethereum<00:06:48.560> and<00:06:48.680> the<00:06:48.800> Metropolis 00:06:49.830 --> 00:06:49.840 align:start position:0% ad bn18 into ethereum and the Metropolis 00:06:49.840 --> 00:06:52.150 align:start position:0% ad bn18 into ethereum and the Metropolis upgrade<00:06:50.840> uh<00:06:51.360> so<00:06:51.560> now<00:06:51.680> we<00:06:51.800> have<00:06:51.919> different 00:06:52.150 --> 00:06:52.160 align:start position:0% upgrade uh so now we have different 00:06:52.160 --> 00:06:54.029 align:start position:0% upgrade uh so now we have different elliptic<00:06:52.520> curves<00:06:52.759> from<00:06:52.960> each<00:06:53.080> other<00:06:53.840> but 00:06:54.029 --> 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00:07:01.430 align:start position:0% just open source library that anyone can use<00:06:59.800> there<00:07:00.199> older<00:07:00.520> implementation<00:07:01.080> is<00:07:01.280> called 00:07:01.430 --> 00:07:01.440 align:start position:0% use there older implementation is called 00:07:01.440 --> 00:07:04.029 align:start position:0% use there older implementation is called lib<00:07:01.720> snark<00:07:02.599> and<00:07:02.720> the<00:07:02.879> new<00:07:03.479> implementation 00:07:04.029 --> 00:07:04.039 align:start position:0% lib snark and the new implementation 00:07:04.039 --> 00:07:05.469 align:start position:0% lib snark and the new implementation that<00:07:04.120> we<00:07:04.280> wrote<00:07:04.560> over<00:07:04.720> the<00:07:04.840> last<00:07:05.039> two<00:07:05.240> years 00:07:05.469 --> 00:07:05.479 align:start position:0% that we wrote over the last two years 00:07:05.479 --> 00:07:08.189 align:start position:0% that we wrote over the last two years and<00:07:05.680> we've<00:07:05.840> now<00:07:06.000> deployed<00:07:06.360> is<00:07:06.479> called<00:07:07.199> Bellman 00:07:08.189 --> 00:07:08.199 align:start position:0% and we've now deployed is called Bellman 00:07:08.199 --> 00:07:10.189 align:start position:0% and we've now deployed is called Bellman uh<00:07:08.319> the<00:07:08.400> Old<00:07:08.560> One's<00:07:08.800> written<00:07:09.039> in<00:07:09.479> in<00:07:09.639> C<00:07:10.000> and 00:07:10.189 --> 00:07:10.199 align:start position:0% uh the Old One's written in in C and 00:07:10.199 --> 00:07:11.510 align:start position:0% uh the Old One's written in in C and assembly<00:07:10.639> except<00:07:10.879> we<00:07:11.000> never<00:07:11.160> use<00:07:11.400> the 00:07:11.510 --> 00:07:11.520 align:start position:0% assembly except we never use the 00:07:11.520 --> 00:07:12.990 align:start position:0% assembly except we never use the assembly<00:07:11.879> because<00:07:12.039> assembly<00:07:12.360> is 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position:0% all of this stuff is reusable for any 00:07:20.520 --> 00:07:23.029 align:start position:0% all of this stuff is reusable for any zero<00:07:20.800> knowledge<00:07:21.080> proof<00:07:21.319> system<00:07:22.039> and<00:07:22.280> all 00:07:23.029 --> 00:07:23.039 align:start position:0% zero knowledge proof system and all 00:07:23.039 --> 00:07:25.430 align:start position:0% zero knowledge proof system and all bundled<00:07:23.520> together<00:07:23.840> it<00:07:24.000> gives<00:07:24.240> you<00:07:24.919> twice<00:07:25.240> as 00:07:25.430 --> 00:07:25.440 align:start position:0% bundled together it gives you twice as 00:07:25.440 --> 00:07:28.230 align:start position:0% bundled together it gives you twice as fast<00:07:26.319> uh<00:07:26.440> which<00:07:26.560> can<00:07:26.720> be<00:07:27.479> necessary<00:07:27.919> for<00:07:28.080> some 00:07:28.230 --> 00:07:28.240 align:start position:0% fast uh which can be necessary for some 00:07:28.240 --> 00:07:29.869 align:start position:0% fast uh which can be necessary for some uses 00:07:29.869 --> 00:07:29.879 align:start position:0% uses 00:07:29.879 --> 00:07:30.909 align:start position:0% uses and<00:07:29.960> then<00:07:30.120> the<00:07:30.240> last<00:07:30.400> thing<00:07:30.560> is<00:07:30.639> I<00:07:30.759> think 00:07:30.909 --> 00:07:30.919 align:start position:0% and then the last thing is I think 00:07:30.919 --> 00:07:33.029 align:start position:0% and then the last thing is I think called<00:07:31.039> a<00:07:31.160> split<00:07:31.440> circuit<00:07:31.800> design<00:07:32.280> which<00:07:32.599> I 00:07:33.029 --> 00:07:33.039 align:start position:0% called a split circuit design which I 00:07:33.039 --> 00:07:34.469 align:start position:0% called a split circuit design which I probably<00:07:33.280> don't<00:07:33.479> have<00:07:33.639> time<00:07:33.800> to<00:07:34.000> explain<00:07:34.360> but 00:07:34.469 --> 00:07:34.479 align:start position:0% probably don't have time to explain but 00:07:34.479 --> 00:07:37.070 align:start position:0% probably don't have time to explain but it<00:07:34.599> gives<00:07:34.840> us<00:07:35.400> another<00:07:35.879> 50%<00:07:36.479> Improvement<00:07:36.960> and 00:07:37.070 --> 00:07:37.080 align:start position:0% it gives us another 50% Improvement and 00:07:37.080 --> 00:07:38.869 align:start position:0% it gives us another 50% Improvement and that's<00:07:37.240> how<00:07:37.400> we<00:07:37.560> get<00:07:37.680> down<00:07:37.840> to<00:07:37.960> 2.3<00:07:38.560> seconds 00:07:38.869 --> 00:07:38.879 align:start position:0% that's how we get down to 2.3 seconds 00:07:38.879 --> 00:07:41.430 align:start position:0% that's how we get down to 2.3 seconds for<00:07:39.039> a<00:07:39.199> typical<00:07:40.160> transaction<00:07:41.160> that's<00:07:41.319> where 00:07:41.430 --> 00:07:41.440 align:start position:0% for a typical transaction that's where 00:07:41.440 --> 00:07:44.149 align:start position:0% for a typical transaction that's where we're<00:07:41.599> at<00:07:41.720> today<00:07:42.280> okay 00:07:44.149 --> 00:07:44.159 align:start position:0% we're at today okay 00:07:44.159 --> 00:07:48.149 align:start position:0% we're at today okay next<00:07:45.159> um<00:07:46.039> where<00:07:46.199> would<00:07:46.400> we<00:07:46.599> like<00:07:46.800> to<00:07:47.039> go<00:07:47.440> next 00:07:48.149 --> 00:07:48.159 align:start position:0% next um where would we like to go next 00:07:48.159 --> 00:07:51.550 align:start position:0% next um where would we like to go next well<00:07:48.879> zcash<00:07:49.879> 2.0 00:07:51.550 --> 00:07:51.560 align:start position:0% well zcash 2.0 00:07:51.560 --> 00:07:53.430 align:start position:0% well zcash 2.0 sapling 00:07:53.430 --> 00:07:53.440 align:start position:0% sapling 00:07:53.440 --> 00:07:57.070 align:start position:0% sapling um<00:07:54.440> it's<00:07:54.680> really<00:07:55.159> fantastic<00:07:56.159> uh<00:07:56.319> it<00:07:56.599> might<00:07:56.840> be 00:07:57.070 --> 00:07:57.080 align:start position:0% um it's really fantastic uh it might be 00:07:57.080 --> 00:07:59.589 align:start position:0% um it's really fantastic uh it might be good<00:07:57.319> enough<00:07:57.879> for<00:07:58.400> the<00:07:58.560> foreseeable<00:07:59.039> future 00:07:59.589 --> 00:07:59.599 align:start position:0% good enough for the foreseeable future 00:07:59.599 --> 00:08:00.990 align:start position:0% good enough for the foreseeable future but<00:07:59.879> there's<00:08:00.080> at<00:08:00.199> least<00:08:00.440> one<00:08:00.639> thing<00:08:00.840> that 00:08:00.990 --> 00:08:01.000 align:start position:0% but there's at least one thing that 00:08:01.000 --> 00:08:04.149 align:start position:0% but there's at least one thing that bothers<00:08:01.479> me<00:08:02.479> uh<00:08:02.919> the<00:08:03.120> snarks<00:08:03.800> which<00:08:03.919> is<00:08:04.039> the 00:08:04.149 --> 00:08:04.159 align:start position:0% bothers me uh the snarks which is the 00:08:04.159 --> 00:08:06.390 align:start position:0% bothers me uh the snarks which is the proving<00:08:04.560> system<00:08:05.120> that<00:08:05.280> we've<00:08:05.800> started<00:08:06.199> with 00:08:06.390 --> 00:08:06.400 align:start position:0% proving system that we've started with 00:08:06.400 --> 00:08:09.230 align:start position:0% proving system that we've started with all<00:08:06.560> along<00:08:07.199> it<00:08:07.360> has<00:08:07.680> this<00:08:08.120> thing<00:08:08.400> called<00:08:08.759> toxic 00:08:09.230 --> 00:08:09.240 align:start position:0% all along it has this thing called toxic 00:08:09.240 --> 00:08:12.270 align:start position:0% all along it has this thing called toxic waste<00:08:09.840> which<00:08:10.039> why<00:08:10.159> I<00:08:10.280> call<00:08:10.520> toxic<00:08:11.120> waste<00:08:12.120> uh 00:08:12.270 --> 00:08:12.280 align:start position:0% waste which why I call toxic waste uh 00:08:12.280 --> 00:08:13.869 align:start position:0% waste which why I call toxic waste uh cryptographers<00:08:12.919> call<00:08:13.080> it<00:08:13.240> a<00:08:13.360> structured 00:08:13.869 --> 00:08:13.879 align:start position:0% cryptographers call it a structured 00:08:13.879 --> 00:08:16.749 align:start position:0% cryptographers call it a structured reference<00:08:14.440> string<00:08:15.440> uh<00:08:15.800> but<00:08:15.960> toxic<00:08:16.280> waste<00:08:16.520> is<00:08:16.639> a 00:08:16.749 --> 00:08:16.759 align:start position:0% reference string uh but toxic waste is a 00:08:16.759 --> 00:08:17.950 align:start position:0% reference string uh but toxic waste is a much<00:08:16.919> better<00:08:17.120> word<00:08:17.400> because<00:08:17.560> it<00:08:17.639> makes<00:08:17.800> it 00:08:17.950 --> 00:08:17.960 align:start position:0% much better word because it makes it 00:08:17.960 --> 00:08:19.070 align:start position:0% much better word because it makes it clear<00:08:18.159> to<00:08:18.280> you<00:08:18.400> that<00:08:18.560> this<00:08:18.639> is<00:08:18.720> a<00:08:18.879> thing<00:08:19.000> you 00:08:19.070 --> 00:08:19.080 align:start position:0% clear to you that this is a thing you 00:08:19.080 --> 00:08:21.990 align:start position:0% clear to you that this is a thing you should<00:08:19.280> worry<00:08:20.039> about 00:08:21.990 --> 00:08:22.000 align:start position:0% should worry about 00:08:22.000 --> 00:08:27.469 align:start position:0% should worry about um<00:08:23.120> if<00:08:24.120> the<00:08:24.319> toxic<00:08:24.720> waste<00:08:25.440> is<00:08:26.039> a<00:08:26.759> unguessable 00:08:27.469 --> 00:08:27.479 align:start position:0% um if the toxic waste is a unguessable 00:08:27.479 --> 00:08:29.149 align:start position:0% um if the toxic waste is a unguessable long<00:08:27.800> random<00:08:28.159> number<00:08:28.440> it's<00:08:28.560> like<00:08:28.680> a<00:08:28.840> private 00:08:29.149 --> 00:08:29.159 align:start position:0% long random number it's like a private 00:08:29.159 --> 00:08:30.029 align:start position:0% long random number it's like a private key 00:08:30.029 --> 00:08:30.039 align:start position:0% key 00:08:30.039 --> 00:08:32.670 align:start position:0% key and<00:08:30.400> if<00:08:30.560> you<00:08:30.759> knew<00:08:31.039> it<00:08:31.280> you<00:08:31.440> could<00:08:31.680> Forge<00:08:32.159> zcash 00:08:32.670 --> 00:08:32.680 align:start position:0% and if you knew it you could Forge zcash 00:08:32.680 --> 00:08:34.029 align:start position:0% and if you knew it you could Forge zcash out<00:08:32.760> of<00:08:32.919> thin 00:08:34.029 --> 00:08:34.039 align:start position:0% out of thin 00:08:34.039 --> 00:08:38.269 align:start position:0% out of thin air<00:08:35.039> now<00:08:35.959> that's<00:08:36.159> terrible<00:08:37.159> uh<00:08:37.320> but<00:08:37.839> but<00:08:38.120> even 00:08:38.269 --> 00:08:38.279 align:start position:0% air now that's terrible uh but but even 00:08:38.279 --> 00:08:39.750 align:start position:0% air now that's terrible uh but but even if<00:08:38.399> you<00:08:38.479> knew<00:08:38.680> the<00:08:38.800> toxic<00:08:39.120> waste<00:08:39.360> you<00:08:39.519> can't 00:08:39.750 --> 00:08:39.760 align:start position:0% if you knew the toxic waste you can't 00:08:39.760 --> 00:08:41.750 align:start position:0% if you knew the toxic waste you can't violate<00:08:40.159> anyone<00:08:40.479> else's<00:08:41.039> privacy<00:08:41.519> you<00:08:41.640> can 00:08:41.750 --> 00:08:41.760 align:start position:0% violate anyone else's privacy you can 00:08:41.760 --> 00:08:43.709 align:start position:0% violate anyone else's privacy you can forge<00:08:42.120> new<00:08:42.320> zcash<00:08:42.800> for<00:08:42.959> yourself<00:08:43.399> but<00:08:43.519> you 00:08:43.709 --> 00:08:43.719 align:start position:0% forge new zcash for yourself but you 00:08:43.719 --> 00:08:46.630 align:start position:0% forge new zcash for yourself but you cannot<00:08:44.200> see<00:08:44.839> or<00:08:45.120> manipulate<00:08:45.760> anyone<00:08:46.080> else<00:08:46.480> or 00:08:46.630 --> 00:08:46.640 align:start position:0% cannot see or manipulate anyone else or 00:08:46.640 --> 00:08:48.829 align:start position:0% cannot see or manipulate anyone else or anyone<00:08:46.880> else's<00:08:47.839> zcash<00:08:48.279> so<00:08:48.360> there's<00:08:48.480> a<00:08:48.600> limit 00:08:48.829 --> 00:08:48.839 align:start position:0% anyone else's zcash so there's a limit 00:08:48.839 --> 00:08:50.190 align:start position:0% anyone else's zcash so there's a limit to<00:08:48.959> how<00:08:49.120> bad<00:08:49.240> it<00:08:49.360> is<00:08:49.519> but<00:08:49.600> it's<00:08:49.760> still<00:08:49.959> pretty 00:08:50.190 --> 00:08:50.200 align:start position:0% to how bad it is but it's still pretty 00:08:50.200 --> 00:08:52.389 align:start position:0% to how bad it is but it's still pretty damn<00:08:50.519> bad<00:08:50.800> if<00:08:51.120> you<00:08:51.240> could<00:08:51.399> Forge<00:08:51.760> zcash<00:08:52.279> that 00:08:52.389 --> 00:08:52.399 align:start position:0% damn bad if you could Forge zcash that 00:08:52.399 --> 00:08:56.230 align:start position:0% damn bad if you could Forge zcash that would<00:08:52.880> ruin<00:08:53.200> the<00:08:53.320> whole<00:08:54.320> point<00:08:55.320> um<00:08:55.680> so<00:08:56.000> we<00:08:56.120> went 00:08:56.230 --> 00:08:56.240 align:start position:0% would ruin the whole point um so we went 00:08:56.240 --> 00:08:58.949 align:start position:0% would ruin the whole point um so we went to<00:08:56.440> this<00:08:56.720> extravagant<00:08:57.720> effort<00:08:58.079> and<00:08:58.279> did<00:08:58.720> I'm 00:08:58.949 --> 00:08:58.959 align:start position:0% to this extravagant effort and did I'm 00:08:58.959 --> 00:09:01.829 align:start position:0% to this extravagant effort and did I'm pretty<00:08:59.519> sure<00:09:00.519> the 00:09:01.829 --> 00:09:01.839 align:start position:0% pretty sure the 00:09:01.839 --> 00:09:05.550 align:start position:0% pretty sure the most<00:09:02.920> secure<00:09:03.920> sophisticated<00:09:04.800> cryptographic 00:09:05.550 --> 00:09:05.560 align:start position:0% most secure sophisticated cryptographic 00:09:05.560 --> 00:09:07.990 align:start position:0% most secure sophisticated cryptographic ceremony<00:09:06.279> ever<00:09:06.920> in 00:09:07.990 --> 00:09:08.000 align:start position:0% ceremony ever in 00:09:08.000 --> 00:09:11.870 align:start position:0% ceremony ever in 2016<00:09:09.000> to<00:09:09.959> set<00:09:10.160> up<00:09:10.360> the<00:09:10.560> system<00:09:11.480> while 00:09:11.870 --> 00:09:11.880 align:start position:0% 2016 to set up the system while 00:09:11.880 --> 00:09:13.829 align:start position:0% 2016 to set up the system while preventing<00:09:12.600> the<00:09:12.800> toxic<00:09:13.160> waste<00:09:13.440> from<00:09:13.600> ever 00:09:13.829 --> 00:09:13.839 align:start position:0% preventing the toxic waste from ever 00:09:13.839 --> 00:09:16.230 align:start position:0% preventing the toxic waste from ever coming<00:09:14.120> into<00:09:14.440> existence<00:09:14.880> while<00:09:15.040> making<00:09:15.560> it 00:09:16.230 --> 00:09:16.240 align:start position:0% coming into existence while making it 00:09:16.240 --> 00:09:18.670 align:start position:0% coming into existence while making it making<00:09:16.480> sure<00:09:16.760> that<00:09:17.040> nobody<00:09:17.720> at<00:09:17.920> any<00:09:18.200> moment 00:09:18.670 --> 00:09:18.680 align:start position:0% making sure that nobody at any moment 00:09:18.680 --> 00:09:21.550 align:start position:0% making sure that nobody at any moment ever<00:09:19.040> had<00:09:19.600> a<00:09:19.839> chance<00:09:20.320> to<00:09:20.600> generate<00:09:21.079> that 00:09:21.550 --> 00:09:21.560 align:start position:0% ever had a chance to generate that 00:09:21.560 --> 00:09:25.310 align:start position:0% ever had a chance to generate that number<00:09:22.560> and<00:09:22.760> then<00:09:23.040> we<00:09:23.200> did<00:09:24.079> a<00:09:24.320> way<00:09:24.640> way<00:09:24.920> more 00:09:25.310 --> 00:09:25.320 align:start position:0% number and then we did a way way more 00:09:25.320 --> 00:09:28.150 align:start position:0% number and then we did a way way more sophisticated<00:09:26.000> and<00:09:26.240> secure<00:09:26.920> ceremony<00:09:27.920> uh 00:09:28.150 --> 00:09:28.160 align:start position:0% sophisticated and secure ceremony uh 00:09:28.160 --> 00:09:31.030 align:start position:0% sophisticated and secure ceremony uh last<00:09:28.720> this<00:09:29.560> recently<00:09:30.240> this 00:09:31.030 --> 00:09:31.040 align:start position:0% last this recently this 00:09:31.040 --> 00:09:34.949 align:start position:0% last this recently this year<00:09:32.040> uh<00:09:32.240> for<00:09:32.440> the<00:09:32.640> new<00:09:33.320> version<00:09:33.760> so<00:09:34.680> I'm 00:09:34.949 --> 00:09:34.959 align:start position:0% year uh for the new version so I'm 00:09:34.959 --> 00:09:36.870 align:start position:0% year uh for the new version so I'm really<00:09:35.240> sure<00:09:35.680> that<00:09:35.839> the<00:09:36.000> toxic<00:09:36.279> waste<00:09:36.600> can't 00:09:36.870 --> 00:09:36.880 align:start position:0% really sure that the toxic waste can't 00:09:36.880 --> 00:09:38.870 align:start position:0% really sure that the toxic waste can't possibly<00:09:37.279> exist<00:09:37.880> and<00:09:38.000> a<00:09:38.120> lot<00:09:38.200> of<00:09:38.360> people<00:09:38.720> in 00:09:38.870 --> 00:09:38.880 align:start position:0% possibly exist and a lot of people in 00:09:38.880 --> 00:09:41.310 align:start position:0% possibly exist and a lot of people in this<00:09:39.040> room<00:09:39.360> actually<00:09:40.160> contributed<00:09:40.839> to<00:09:41.079> that 00:09:41.310 --> 00:09:41.320 align:start position:0% this room actually contributed to that 00:09:41.320 --> 00:09:44.389 align:start position:0% this room actually contributed to that process<00:09:41.680> to<00:09:41.880> make<00:09:42.040> sure<00:09:42.320> that<00:09:42.519> even<00:09:42.760> if<00:09:43.000> I<00:09:43.399> were 00:09:44.389 --> 00:09:44.399 align:start position:0% process to make sure that even if I were 00:09:44.399 --> 00:09:46.750 align:start position:0% process to make sure that even if I were cheating<00:09:44.760> and<00:09:44.920> trying<00:09:45.160> to<00:09:45.600> steal<00:09:46.000> a<00:09:46.200> copy<00:09:46.600> of 00:09:46.750 --> 00:09:46.760 align:start position:0% cheating and trying to steal a copy of 00:09:46.760 --> 00:09:49.110 align:start position:0% cheating and trying to steal a copy of the<00:09:46.920> toxic<00:09:47.240> waste<00:09:47.760> they're<00:09:48.320> they<00:09:48.480> would<00:09:48.720> have 00:09:49.110 --> 00:09:49.120 align:start position:0% the toxic waste they're they would have 00:09:49.120 --> 00:09:51.670 align:start position:0% the toxic waste they're they would have prevented<00:09:49.600> me<00:09:49.800> from<00:09:50.120> doing<00:09:50.399> that<00:09:50.560> and<00:09:50.680> vice 00:09:51.670 --> 00:09:51.680 align:start position:0% prevented me from doing that and vice 00:09:51.680 --> 00:09:53.790 align:start position:0% prevented me from doing that and vice versa<00:09:52.680> however<00:09:52.959> this<00:09:53.079> still<00:09:53.360> bothers<00:09:53.640> me 00:09:53.790 --> 00:09:53.800 align:start position:0% versa however this still bothers me 00:09:53.800 --> 00:09:55.269 align:start position:0% versa however this still bothers me because<00:09:53.959> for<00:09:54.120> one<00:09:54.279> thing<00:09:54.640> I<00:09:54.760> can't<00:09:54.959> convince 00:09:55.269 --> 00:09:55.279 align:start position:0% because for one thing I can't convince 00:09:55.279 --> 00:09:56.670 align:start position:0% because for one thing I can't convince everyone<00:09:55.560> else<00:09:55.760> in<00:09:55.880> the<00:09:55.959> world<00:09:56.160> of<00:09:56.360> this<00:09:56.600> they 00:09:56.670 --> 00:09:56.680 align:start position:0% everyone else in the world of this they 00:09:56.680 --> 00:09:58.470 align:start position:0% everyone else in the world of this they can<00:09:56.880> there<00:09:56.959> can<00:09:57.120> still<00:09:57.320> be<00:09:57.480> a<00:09:57.680> fud<00:09:58.320> where 00:09:58.470 --> 00:09:58.480 align:start position:0% can there can still be a fud where 00:09:58.480 --> 00:10:00.030 align:start position:0% can there can still be a fud where someone<00:09:58.800> says<00:09:59.120> I'm<00:09:59.399> I<00:09:59.480> don't<00:09:59.600> know<00:09:59.800> I<00:09:59.880> think 00:10:00.030 --> 00:10:00.040 align:start position:0% someone says I'm I don't know I think 00:10:00.040 --> 00:10:02.350 align:start position:0% someone says I'm I don't know I think maybe<00:10:00.279> Zuko<00:10:00.920> is<00:10:01.160> saying<00:10:01.560> that<00:10:01.760> but<00:10:01.920> he<00:10:02.040> and<00:10:02.200> a 00:10:02.350 --> 00:10:02.360 align:start position:0% maybe Zuko is saying that but he and a 00:10:02.360 --> 00:10:04.069 align:start position:0% maybe Zuko is saying that but he and a hundred<00:10:02.640> other<00:10:03.120> random<00:10:03.560> people<00:10:03.800> around<00:10:04.000> the 00:10:04.069 --> 00:10:04.079 align:start position:0% hundred other random people around the 00:10:04.079 --> 00:10:06.910 align:start position:0% hundred other random people around the world<00:10:04.320> were<00:10:04.560> actually<00:10:04.880> secretly<00:10:05.480> in<00:10:05.920> cahoots 00:10:06.910 --> 00:10:06.920 align:start position:0% world were actually secretly in cahoots 00:10:06.920 --> 00:10:09.230 align:start position:0% world were actually secretly in cahoots uh<00:10:07.040> so<00:10:07.360> it<00:10:07.440> would<00:10:07.600> be<00:10:07.760> cool<00:10:08.040> for<00:10:08.240> zcash<00:10:08.880> as<00:10:09.040> well 00:10:09.230 --> 00:10:09.240 align:start position:0% uh so it would be cool for zcash as well 00:10:09.240 --> 00:10:10.670 align:start position:0% uh so it would be cool for zcash as well as<00:10:09.360> for<00:10:09.560> other<00:10:09.720> uses<00:10:10.040> of<00:10:10.160> zero<00:10:10.440> knowledge 00:10:10.670 --> 00:10:10.680 align:start position:0% as for other uses of zero knowledge 00:10:10.680 --> 00:10:12.910 align:start position:0% as for other uses of zero knowledge proofs<00:10:11.040> if<00:10:11.160> you<00:10:11.279> could<00:10:11.519> use<00:10:11.800> one<00:10:11.920> of<00:10:12.079> the<00:10:12.240> newer 00:10:12.910 --> 00:10:12.920 align:start position:0% proofs if you could use one of the newer 00:10:12.920 --> 00:10:15.710 align:start position:0% proofs if you could use one of the newer proving<00:10:13.399> systems<00:10:13.920> which<00:10:14.120> have<00:10:14.680> no<00:10:15.120> toxic 00:10:15.710 --> 00:10:15.720 align:start position:0% proving systems which have no toxic 00:10:15.720 --> 00:10:19.110 align:start position:0% proving systems which have no toxic waste<00:10:16.720> um<00:10:17.720> and<00:10:17.959> this<00:10:18.079> slide<00:10:18.360> is<00:10:18.480> all<00:10:18.640> about<00:10:18.920> how 00:10:19.110 --> 00:10:19.120 align:start position:0% waste um and this slide is all about how 00:10:19.120 --> 00:10:23.030 align:start position:0% waste um and this slide is all about how we<00:10:19.360> can't<00:10:20.160> yet<00:10:20.680> in<00:10:20.839> zcash<00:10:21.680> because<00:10:22.560> we<00:10:22.720> need 00:10:23.030 --> 00:10:23.040 align:start position:0% we can't yet in zcash because we need 00:10:23.040 --> 00:10:25.150 align:start position:0% we can't yet in zcash because we need all<00:10:23.200> of<00:10:23.399> the<00:10:23.560> fields<00:10:23.959> to<00:10:24.079> be<00:10:24.279> green<00:10:24.800> for<00:10:24.959> it<00:10:25.040> to 00:10:25.150 --> 00:10:25.160 align:start position:0% all of the fields to be green for it to 00:10:25.160 --> 00:10:27.150 align:start position:0% all of the fields to be green for it to be<00:10:25.360> efficient<00:10:25.839> enough<00:10:26.079> to<00:10:26.279> put<00:10:26.480> into<00:10:26.800> the 00:10:27.150 --> 00:10:27.160 align:start position:0% be efficient enough to put into the 00:10:27.160 --> 00:10:30.430 align:start position:0% be efficient enough to put into the Nakamoto<00:10:28.160> blockchain<00:10:28.720> design<00:10:29.519> where<00:10:30.320> like 00:10:30.430 --> 00:10:30.440 align:start position:0% Nakamoto blockchain design where like 00:10:30.440 --> 00:10:33.030 align:start position:0% Nakamoto blockchain design where like the<00:10:30.519> zcash<00:10:30.959> sapling<00:10:31.360> design<00:10:31.760> where<00:10:32.079> every 00:10:33.030 --> 00:10:33.040 align:start position:0% the zcash sapling design where every 00:10:33.040 --> 00:10:35.069 align:start position:0% the zcash sapling design where every transaction<00:10:33.680> has<00:10:33.839> to<00:10:34.320> have<00:10:34.440> a<00:10:34.560> zero<00:10:34.800> knowledge 00:10:35.069 --> 00:10:35.079 align:start position:0% transaction has to have a zero knowledge 00:10:35.079 --> 00:10:37.069 align:start position:0% transaction has to have a zero knowledge proof<00:10:35.360> generated<00:10:35.959> and<00:10:36.120> then<00:10:36.600> the<00:10:36.720> proof<00:10:36.959> has 00:10:37.069 --> 00:10:37.079 align:start position:0% proof generated and then the proof has 00:10:37.079 --> 00:10:38.550 align:start position:0% proof generated and then the proof has to<00:10:37.160> be<00:10:37.320> transmitted<00:10:37.760> with<00:10:37.880> it<00:10:37.959> and<00:10:38.200> verified 00:10:38.550 --> 00:10:38.560 align:start position:0% to be transmitted with it and verified 00:10:38.560 --> 00:10:40.030 align:start position:0% to be transmitted with it and verified by<00:10:38.680> all<00:10:38.800> the<00:10:38.880> minor<00:10:39.480> that<00:10:39.560> puts<00:10:39.760> a<00:10:39.839> lot<00:10:39.920> of 00:10:40.030 --> 00:10:40.040 align:start position:0% by all the minor that puts a lot of 00:10:40.040 --> 00:10:41.750 align:start position:0% by all the minor that puts a lot of constraints<00:10:40.480> on<00:10:40.600> the<00:10:40.760> performance<00:10:41.560> and<00:10:41.680> the 00:10:41.750 --> 00:10:41.760 align:start position:0% constraints on the performance and the 00:10:41.760 --> 00:10:44.710 align:start position:0% constraints on the performance and the new<00:10:41.959> things<00:10:42.200> like<00:10:42.360> starx<00:10:42.920> which<00:10:43.120> was<00:10:43.320> a<00:10:43.720> hugely 00:10:44.710 --> 00:10:44.720 align:start position:0% new things like starx which was a hugely 00:10:44.720 --> 00:10:47.949 align:start position:0% new things like starx which was a hugely popular<00:10:45.279> overflow<00:10:46.279> talk<00:10:46.839> Yesterday<00:10:47.360> by<00:10:47.519> Ellie 00:10:47.949 --> 00:10:47.959 align:start position:0% popular overflow talk Yesterday by Ellie 00:10:47.959 --> 00:10:49.670 align:start position:0% popular overflow talk Yesterday by Ellie bin<00:10:48.240> sasan<00:10:48.639> who's<00:10:48.839> one<00:10:48.959> of<00:10:49.079> the<00:10:49.160> zcash 00:10:49.670 --> 00:10:49.680 align:start position:0% bin sasan who's one of the zcash 00:10:49.680 --> 00:10:54.110 align:start position:0% bin sasan who's one of the zcash founders<00:10:50.680> uh<00:10:50.959> Starks<00:10:51.959> uh<00:10:52.200> take<00:10:52.560> 45<00:10:53.480> kilobytes 00:10:54.110 --> 00:10:54.120 align:start position:0% founders uh Starks uh take 45 kilobytes 00:10:54.120 --> 00:10:58.470 align:start position:0% founders uh Starks uh take 45 kilobytes at<00:10:54.440> least<00:10:55.639> per<00:10:56.639> proof<00:10:57.279> string<00:10:57.839> and<00:10:57.959> that<00:10:58.079> 45 00:10:58.470 --> 00:10:58.480 align:start position:0% at least per proof string and that 45 00:10:58.480 --> 00:11:00.269 align:start position:0% at least per proof string and that 45 kiloby<00:10:58.880> just<00:10:59.000> we<00:10:59.399> too<00:10:59.560> much<00:10:59.720> to<00:10:59.839> put<00:11:00.040> into<00:11:00.200> the 00:11:00.269 --> 00:11:00.279 align:start position:0% kiloby just we too much to put into the 00:11:00.279 --> 00:11:02.069 align:start position:0% kiloby just we too much to put into the blockchain<00:11:00.720> with<00:11:00.839> every<00:11:01.040> single<00:11:01.360> transaction 00:11:02.069 --> 00:11:02.079 align:start position:0% blockchain with every single transaction 00:11:02.079 --> 00:11:05.030 align:start position:0% blockchain with every single transaction so<00:11:02.200> that's<00:11:02.320> a<00:11:02.480> nonstarter<00:11:03.040> for<00:11:03.200> now 00:11:05.030 --> 00:11:05.040 align:start position:0% so that's a nonstarter for now 00:11:05.040 --> 00:11:07.750 align:start position:0% so that's a nonstarter for now um<00:11:06.040> bottom<00:11:06.320> line<00:11:06.519> is<00:11:06.639> there's<00:11:06.880> only<00:11:07.160> one<00:11:07.440> row 00:11:07.750 --> 00:11:07.760 align:start position:0% um bottom line is there's only one row 00:11:07.760 --> 00:11:13.069 align:start position:0% um bottom line is there's only one row so<00:11:08.000> far<00:11:08.959> uh<00:11:09.360> that<00:11:09.480> we<00:11:09.600> can<00:11:09.800> do<00:11:10.000> this<00:11:10.200> with 00:11:13.069 --> 00:11:13.079 align:start position:0% so far uh that we can do this with 00:11:13.079 --> 00:11:16.030 align:start position:0% so far uh that we can do this with um<00:11:14.079> okay<00:11:14.240> so<00:11:14.480> but<00:11:14.639> we<00:11:14.959> so<00:11:15.519> other<00:11:15.720> people<00:11:15.920> could 00:11:16.030 --> 00:11:16.040 align:start position:0% um okay so but we so other people could 00:11:16.040 --> 00:11:17.710 align:start position:0% um okay so but we so other people could use<00:11:16.200> Starks<00:11:16.560> for<00:11:16.760> other<00:11:16.959> things<00:11:17.360> that<00:11:17.560> have 00:11:17.710 --> 00:11:17.720 align:start position:0% use Starks for other things that have 00:11:17.720 --> 00:11:21.389 align:start position:0% use Starks for other things that have different<00:11:18.040> performance<00:11:18.600> constraints<00:11:19.800> um<00:11:20.800> and 00:11:21.389 --> 00:11:21.399 align:start position:0% different performance constraints um and 00:11:21.399 --> 00:11:23.110 align:start position:0% different performance constraints um and uh<00:11:21.920> and<00:11:22.079> we<00:11:22.200> could<00:11:22.399> potentially<00:11:22.800> improve 00:11:23.110 --> 00:11:23.120 align:start position:0% uh and we could potentially improve 00:11:23.120 --> 00:11:25.790 align:start position:0% uh and we could potentially improve zcash<00:11:23.720> and<00:11:23.880> like<00:11:24.040> zcash<00:11:24.440> 3.0<00:11:25.000> with<00:11:25.120> a<00:11:25.240> few 00:11:25.790 --> 00:11:25.800 align:start position:0% zcash and like zcash 3.0 with a few 00:11:25.800 --> 00:11:28.150 align:start position:0% zcash and like zcash 3.0 with a few possible<00:11:26.360> techniques<00:11:26.800> that<00:11:27.000> I'll<00:11:28.000> don't 00:11:28.150 --> 00:11:28.160 align:start position:0% possible techniques that I'll don't 00:11:28.160 --> 00:11:31.150 align:start position:0% possible techniques that I'll don't really<00:11:28.360> have<00:11:28.519> time<00:11:28.680> to<00:11:28.920> EXP<00:11:29.399> La<00:11:29.959> here<00:11:30.120> are<00:11:30.760> four 00:11:31.150 --> 00:11:31.160 align:start position:0% really have time to EXP La here are four 00:11:31.160 --> 00:11:32.389 align:start position:0% really have time to EXP La here are four things<00:11:31.399> that<00:11:31.480> you<00:11:31.560> should<00:11:31.760> take<00:11:31.839> a<00:11:31.959> picture<00:11:32.240> of 00:11:32.389 --> 00:11:32.399 align:start position:0% things that you should take a picture of 00:11:32.399 --> 00:11:33.590 align:start position:0% things that you should take a picture of because<00:11:32.519> I<00:11:32.600> don't<00:11:32.720> have<00:11:32.839> time<00:11:33.000> to<00:11:33.160> talk<00:11:33.360> about 00:11:33.590 --> 00:11:33.600 align:start position:0% because I don't have time to talk about 00:11:33.600 --> 00:11:38.310 align:start position:0% because I don't have time to talk about them<00:11:34.320> but<00:11:35.399> they<00:11:36.399> might<00:11:36.920> be<00:11:37.120> useful<00:11:37.600> for<00:11:37.800> zcash 00:11:38.310 --> 00:11:38.320 align:start position:0% them but they might be useful for zcash 00:11:38.320 --> 00:11:40.750 align:start position:0% them but they might be useful for zcash or<00:11:38.480> other<00:11:38.680> zero<00:11:39.000> knowledge<00:11:39.320> proof<00:11:39.639> systems<00:11:40.639> uh 00:11:40.750 --> 00:11:40.760 align:start position:0% or other zero knowledge proof systems uh 00:11:40.760 --> 00:11:42.310 align:start position:0% or other zero knowledge proof systems uh for<00:11:40.959> like<00:11:41.079> the<00:11:41.200> Next 00:11:42.310 --> 00:11:42.320 align:start position:0% for like the Next 00:11:42.320 --> 00:11:44.990 align:start position:0% for like the Next Generation<00:11:43.320> and<00:11:43.440> we<00:11:43.600> have<00:11:43.720> some<00:11:44.240> very<00:11:44.639> rough 00:11:44.990 --> 00:11:45.000 align:start position:0% Generation and we have some very rough 00:11:45.000 --> 00:11:47.030 align:start position:0% Generation and we have some very rough estimates<00:11:45.600> of<00:11:45.800> how<00:11:45.959> much<00:11:46.160> savings<00:11:46.639> we<00:11:46.800> could 00:11:47.030 --> 00:11:47.040 align:start position:0% estimates of how much savings we could 00:11:47.040 --> 00:11:49.790 align:start position:0% estimates of how much savings we could get<00:11:47.399> so<00:11:48.079> it's<00:11:48.480> like<00:11:49.120> it's<00:11:49.279> close<00:11:49.560> it's 00:11:49.790 --> 00:11:49.800 align:start position:0% get so it's like it's close it's 00:11:49.800 --> 00:11:51.990 align:start position:0% get so it's like it's close it's interesting<00:11:50.800> all<00:11:50.920> right<00:11:51.200> I'm<00:11:51.320> just<00:11:51.440> going<00:11:51.519> to 00:11:51.990 --> 00:11:52.000 align:start position:0% interesting all right I'm just going to 00:11:52.000 --> 00:11:55.590 align:start position:0% interesting all right I'm just going to scoot<00:11:52.560> along<00:11:53.760> um<00:11:54.760> here's<00:11:54.959> something<00:11:55.160> else<00:11:55.399> I 00:11:55.590 --> 00:11:55.600 align:start position:0% scoot along um here's something else I 00:11:55.600 --> 00:11:58.550 align:start position:0% scoot along um here's something else I totally<00:11:56.040> don't<00:11:56.680> have<00:11:57.680> time<00:11:57.880> to<00:11:58.040> talk<00:11:58.240> about 00:11:58.550 --> 00:11:58.560 align:start position:0% totally don't have time to talk about 00:11:58.560 --> 00:12:01.230 align:start position:0% totally don't have time to talk about which<00:11:58.720> is<00:11:59.639> uh<00:12:00.320> what<00:12:00.480> if<00:12:00.600> we<00:12:00.760> change<00:12:01.079> the 00:12:01.230 --> 00:12:01.240 align:start position:0% which is uh what if we change the 00:12:01.240 --> 00:12:02.829 align:start position:0% which is uh what if we change the architecture<00:12:02.079> okay<00:12:02.240> I<00:12:02.320> have<00:12:02.440> time<00:12:02.600> to<00:12:02.720> talk 00:12:02.829 --> 00:12:02.839 align:start position:0% architecture okay I have time to talk 00:12:02.839 --> 00:12:04.269 align:start position:0% architecture okay I have time to talk about<00:12:03.000> it<00:12:03.360> what<00:12:03.440> if<00:12:03.560> we<00:12:03.639> change<00:12:03.880> the 00:12:04.269 --> 00:12:04.279 align:start position:0% about it what if we change the 00:12:04.279 --> 00:12:07.829 align:start position:0% about it what if we change the architecture<00:12:05.279> so<00:12:05.519> it's<00:12:05.720> not<00:12:06.160> a<00:12:06.839> simple 00:12:07.829 --> 00:12:07.839 align:start position:0% architecture so it's not a simple 00:12:07.839 --> 00:12:10.389 align:start position:0% architecture so it's not a simple Bitcoin<00:12:08.320> inspired<00:12:08.800> Nakamoto<00:12:09.720> consensus 00:12:10.389 --> 00:12:10.399 align:start position:0% Bitcoin inspired Nakamoto consensus 00:12:10.399 --> 00:12:11.430 align:start position:0% Bitcoin inspired Nakamoto consensus where<00:12:10.519> you<00:12:10.639> have<00:12:10.720> to<00:12:10.839> generate<00:12:11.120> a<00:12:11.240> zero 00:12:11.430 --> 00:12:11.440 align:start position:0% where you have to generate a zero 00:12:11.440 --> 00:12:13.430 align:start position:0% where you have to generate a zero knowledge<00:12:11.680> proof<00:12:11.880> with<00:12:12.040> every<00:12:12.440> transaction 00:12:13.430 --> 00:12:13.440 align:start position:0% knowledge proof with every transaction 00:12:13.440 --> 00:12:15.750 align:start position:0% knowledge proof with every transaction and<00:12:13.560> then<00:12:14.079> carry<00:12:14.320> it 00:12:15.750 --> 00:12:15.760 align:start position:0% and then carry it 00:12:15.760 --> 00:12:18.069 align:start position:0% and then carry it along<00:12:16.760> and<00:12:16.880> so<00:12:17.360> what's<00:12:17.519> good<00:12:17.639> about<00:12:17.880> is<00:12:17.959> that 00:12:18.069 --> 00:12:18.079 align:start position:0% along and so what's good about is that 00:12:18.079 --> 00:12:20.949 align:start position:0% along and so what's good about is that we<00:12:18.279> separated<00:12:18.839> privacy<00:12:19.320> from<00:12:19.760> mining<00:12:20.639> all<00:12:20.800> the 00:12:20.949 --> 00:12:20.959 align:start position:0% we separated privacy from mining all the 00:12:20.959 --> 00:12:22.870 align:start position:0% we separated privacy from mining all the Privacy<00:12:21.320> happens<00:12:21.600> on<00:12:21.760> the<00:12:21.880> enduser<00:12:22.560> computer 00:12:22.870 --> 00:12:22.880 align:start position:0% Privacy happens on the enduser computer 00:12:22.880 --> 00:12:25.389 align:start position:0% Privacy happens on the enduser computer who<00:12:23.040> generates<00:12:23.920> an<00:12:24.120> encrypted<00:12:24.920> and<00:12:25.120> zero 00:12:25.389 --> 00:12:25.399 align:start position:0% who generates an encrypted and zero 00:12:25.399 --> 00:12:27.430 align:start position:0% who generates an encrypted and zero knowledge<00:12:25.800> proven<00:12:26.279> transaction<00:12:27.160> and<00:12:27.279> then 00:12:27.430 --> 00:12:27.440 align:start position:0% knowledge proven transaction and then 00:12:27.440 --> 00:12:28.910 align:start position:0% knowledge proven transaction and then all<00:12:27.560> the<00:12:27.680> rest<00:12:27.839> of<00:12:27.959> the<00:12:28.079> consensus<00:12:28.519> algorithm 00:12:28.910 --> 00:12:28.920 align:start position:0% all the rest of the consensus algorithm 00:12:28.920 --> 00:12:30.829 align:start position:0% all the rest of the consensus algorithm just<00:12:29.160> deals<00:12:29.360> with<00:12:29.480> these<00:12:29.600> encrypted 00:12:30.829 --> 00:12:30.839 align:start position:0% just deals with these encrypted 00:12:30.839 --> 00:12:34.350 align:start position:0% just deals with these encrypted blobs<00:12:31.839> but<00:12:32.079> what<00:12:32.199> if<00:12:32.320> we<00:12:32.480> changed<00:12:32.839> it<00:12:33.040> to<00:12:33.959> a<00:12:34.120> new 00:12:34.350 --> 00:12:34.360 align:start position:0% blobs but what if we changed it to a new 00:12:34.360 --> 00:12:36.550 align:start position:0% blobs but what if we changed it to a new consensus<00:12:34.880> algorithm 00:12:36.550 --> 00:12:36.560 align:start position:0% consensus algorithm 00:12:36.560 --> 00:12:38.750 align:start position:0% consensus algorithm sharding<00:12:37.560> maybe<00:12:37.920> you<00:12:38.040> can<00:12:38.199> use<00:12:38.399> zero 00:12:38.750 --> 00:12:38.760 align:start position:0% sharding maybe you can use zero 00:12:38.760 --> 00:12:40.389 align:start position:0% sharding maybe you can use zero knowledge<00:12:39.079> proofs<00:12:39.440> to<00:12:39.639> solve<00:12:39.920> some<00:12:40.040> of<00:12:40.199> the 00:12:40.389 --> 00:12:40.399 align:start position:0% knowledge proofs to solve some of the 00:12:40.399 --> 00:12:42.910 align:start position:0% knowledge proofs to solve some of the problems<00:12:41.079> in<00:12:42.000> some<00:12:42.120> of<00:12:42.240> the<00:12:42.440> currently 00:12:42.910 --> 00:12:42.920 align:start position:0% problems in some of the currently 00:12:42.920 --> 00:12:44.230 align:start position:0% problems in some of the currently unsolved<00:12:43.480> problems<00:12:43.680> in<00:12:43.800> consensus 00:12:44.230 --> 00:12:44.240 align:start position:0% unsolved problems in consensus 00:12:44.240 --> 00:12:46.509 align:start position:0% unsolved problems in consensus algorithms<00:12:44.680> in<00:12:44.760> charting<00:12:45.760> uh<00:12:45.880> anything<00:12:46.320> like 00:12:46.509 --> 00:12:46.519 align:start position:0% algorithms in charting uh anything like 00:12:46.519 --> 00:12:50.389 align:start position:0% algorithms in charting uh anything like that<00:12:46.920> would<00:12:47.440> open<00:12:47.880> up<00:12:48.320> the<00:12:49.000> uh<00:12:49.399> constraints 00:12:50.389 --> 00:12:50.399 align:start position:0% that would open up the uh constraints 00:12:50.399 --> 00:12:52.670 align:start position:0% that would open up the uh constraints back<00:12:50.680> here<00:12:50.959> so<00:12:51.199> we<00:12:51.360> could<00:12:51.639> if<00:12:51.760> we<00:12:51.920> had<00:12:52.079> a<00:12:52.440> much 00:12:52.670 --> 00:12:52.680 align:start position:0% back here so we could if we had a much 00:12:52.680 --> 00:12:54.829 align:start position:0% back here so we could if we had a much much<00:12:52.880> more<00:12:53.560> high<00:12:53.800> bandwidth<00:12:54.399> consensus 00:12:54.829 --> 00:12:54.839 align:start position:0% much more high bandwidth consensus 00:12:54.839 --> 00:12:56.829 align:start position:0% much more high bandwidth consensus algorithm<00:12:55.360> then<00:12:55.480> we<00:12:55.600> could<00:12:55.800> use<00:12:56.000> Starks<00:12:56.600> even 00:12:56.829 --> 00:12:56.839 align:start position:0% algorithm then we could use Starks even 00:12:56.839 --> 00:12:58.110 align:start position:0% algorithm then we could use Starks even though<00:12:57.040> they<00:12:57.240> have 00:12:58.110 --> 00:12:58.120 align:start position:0% though they have 00:12:58.120 --> 00:13:01.710 align:start position:0% though they have like<00:12:59.199> two<00:12:59.320> orders<00:12:59.600> of<00:12:59.760> magnitude<00:13:00.320> greater<00:13:01.320> uh 00:13:01.710 --> 00:13:01.720 align:start position:0% like two orders of magnitude greater uh 00:13:01.720 --> 00:13:03.230 align:start position:0% like two orders of magnitude greater uh bandwidth<00:13:02.160> requirements<00:13:02.600> and<00:13:02.720> stuff<00:13:02.920> like 00:13:03.230 --> 00:13:03.240 align:start position:0% bandwidth requirements and stuff like 00:13:03.240 --> 00:13:08.870 align:start position:0% bandwidth requirements and stuff like that<00:13:04.480> okay<00:13:05.560> um<00:13:06.560> possible<00:13:07.279> changes<00:13:08.279> uh<00:13:08.480> not 00:13:08.870 --> 00:13:08.880 align:start position:0% that okay um possible changes uh not 00:13:08.880 --> 00:13:11.550 align:start position:0% that okay um possible changes uh not coming<00:13:09.240> anytime<00:13:09.680> soon<00:13:09.920> to<00:13:10.079> zcash<00:13:10.839> because 00:13:11.550 --> 00:13:11.560 align:start position:0% coming anytime soon to zcash because 00:13:11.560 --> 00:13:13.430 align:start position:0% coming anytime soon to zcash because we're<00:13:12.000> conservative<00:13:12.600> and<00:13:12.720> it<00:13:12.880> took<00:13:13.040> us<00:13:13.199> two 00:13:13.430 --> 00:13:13.440 align:start position:0% we're conservative and it took us two 00:13:13.440 --> 00:13:15.470 align:start position:0% we're conservative and it took us two years<00:13:13.760> to<00:13:14.279> upgrade<00:13:14.639> the<00:13:14.720> cryptography<00:13:15.279> it'll 00:13:15.470 --> 00:13:15.480 align:start position:0% years to upgrade the cryptography it'll 00:13:15.480 --> 00:13:16.750 align:start position:0% years to upgrade the cryptography it'll probably<00:13:15.680> take<00:13:15.880> another<00:13:16.120> two<00:13:16.279> years<00:13:16.480> to<00:13:16.600> make 00:13:16.750 --> 00:13:16.760 align:start position:0% probably take another two years to make 00:13:16.760 --> 00:13:20.829 align:start position:0% probably take another two years to make the<00:13:16.880> next 00:13:20.829 --> 00:13:20.839 align:start position:0% 00:13:20.839 --> 00:13:23.310 align:start position:0% upgrade<00:13:21.839> all<00:13:21.959> right<00:13:22.079> now<00:13:22.199> I<00:13:22.320> mentioned<00:13:23.000> back 00:13:23.310 --> 00:13:23.320 align:start position:0% upgrade all right now I mentioned back 00:13:23.320 --> 00:13:25.550 align:start position:0% upgrade all right now I mentioned back here<00:13:23.680> one<00:13:23.959> of<00:13:24.160> the<00:13:24.399> three<00:13:24.800> improvements<00:13:25.440> that 00:13:25.550 --> 00:13:25.560 align:start position:0% here one of the three improvements that 00:13:25.560 --> 00:13:29.509 align:start position:0% here one of the three improvements that we've<00:13:26.320> already<00:13:27.320> uh<00:13:27.760> vetted<00:13:28.760> and<00:13:29.199> gotten 00:13:29.509 --> 00:13:29.519 align:start position:0% we've already uh vetted and gotten 00:13:29.519 --> 00:13:31.949 align:start position:0% we've already uh vetted and gotten security<00:13:29.920> Audits<00:13:30.360> and<00:13:30.680> deployed<00:13:31.279> and<00:13:31.519> tested 00:13:31.949 --> 00:13:31.959 align:start position:0% security Audits and deployed and tested 00:13:31.959 --> 00:13:33.430 align:start position:0% security Audits and deployed and tested and<00:13:32.079> then<00:13:32.240> activated<00:13:32.600> on<00:13:32.720> mainnet<00:13:33.199> and<00:13:33.320> now 00:13:33.430 --> 00:13:33.440 align:start position:0% and then activated on mainnet and now 00:13:33.440 --> 00:13:35.069 align:start position:0% and then activated on mainnet and now people<00:13:33.639> are<00:13:33.760> using<00:13:34.000> it<00:13:34.160> today<00:13:34.600> the<00:13:34.720> third<00:13:34.920> one 00:13:35.069 --> 00:13:35.079 align:start position:0% people are using it today the third one 00:13:35.079 --> 00:13:37.670 align:start position:0% people are using it today the third one is<00:13:35.240> split<00:13:35.600> circuit<00:13:36.199> design<00:13:37.199> and<00:13:37.320> it's 00:13:37.670 --> 00:13:37.680 align:start position:0% is split circuit design and it's 00:13:37.680 --> 00:13:38.949 align:start position:0% is split circuit design and it's specific 00:13:38.949 --> 00:13:38.959 align:start position:0% specific 00:13:38.959 --> 00:13:42.829 align:start position:0% specific to<00:13:39.959> a<00:13:40.160> payment<00:13:40.560> system<00:13:40.920> like<00:13:41.079> zcash<00:13:41.720> it's<00:13:41.959> not 00:13:42.829 --> 00:13:42.839 align:start position:0% to a payment system like zcash it's not 00:13:42.839 --> 00:13:44.350 align:start position:0% to a payment system like zcash it's not well<00:13:42.959> I<00:13:43.040> don't<00:13:43.160> know<00:13:43.320> if<00:13:43.440> you<00:13:43.600> could<00:13:44.199> if<00:13:44.279> you 00:13:44.350 --> 00:13:44.360 align:start position:0% well I don't know if you could if you 00:13:44.360 --> 00:13:46.189 align:start position:0% well I don't know if you could if you could<00:13:44.560> apply<00:13:44.880> the<00:13:45.079> same<00:13:45.360> kind<00:13:45.560> of<00:13:45.800> principle 00:13:46.189 --> 00:13:46.199 align:start position:0% could apply the same kind of principle 00:13:46.199 --> 00:13:48.030 align:start position:0% could apply the same kind of principle to<00:13:46.440> other<00:13:46.880> zero<00:13:47.199> knowledge<00:13:47.440> proof<00:13:47.680> systems 00:13:48.030 --> 00:13:48.040 align:start position:0% to other zero knowledge proof systems 00:13:48.040 --> 00:13:50.269 align:start position:0% to other zero knowledge proof systems but<00:13:48.160> I'll<00:13:48.320> describe<00:13:48.639> it<00:13:48.760> real 00:13:50.269 --> 00:13:50.279 align:start position:0% but I'll describe it real 00:13:50.279 --> 00:13:54.629 align:start position:0% but I'll describe it real quick<00:13:51.279> this<00:13:51.360> is<00:13:51.560> the<00:13:51.680> old<00:13:51.920> zcash<00:13:52.519> 1.0<00:13:53.639> core 00:13:54.629 --> 00:13:54.639 align:start position:0% quick this is the old zcash 1.0 core 00:13:54.639 --> 00:13:57.310 align:start position:0% quick this is the old zcash 1.0 core this<00:13:54.800> is<00:13:55.759> um<00:13:56.160> all<00:13:56.320> the<00:13:56.440> bits<00:13:56.600> of<00:13:56.759> data<00:13:57.040> coming 00:13:57.310 --> 00:13:57.320 align:start position:0% this is um all the bits of data coming 00:13:57.320 --> 00:13:59.350 align:start position:0% this is um all the bits of data coming in<00:13:57.440> and<00:13:57.600> out<00:13:57.800> that<00:13:57.920> need<00:13:58.079> to<00:13:58.240> be<00:13:58.519> proven<00:13:59.160> by<00:13:59.240> the 00:13:59.350 --> 00:13:59.360 align:start position:0% in and out that need to be proven by the 00:13:59.360 --> 00:14:01.150 align:start position:0% in and out that need to be proven by the zero<00:13:59.600> knowledge<00:13:59.880> proof<00:14:00.240> you<00:14:00.440> don't<00:14:00.680> have<00:14:00.759> to 00:14:01.150 --> 00:14:01.160 align:start position:0% zero knowledge proof you don't have to 00:14:01.160 --> 00:14:04.030 align:start position:0% zero knowledge proof you don't have to understand<00:14:01.680> any<00:14:01.839> of<00:14:01.959> it<00:14:02.120> except<00:14:02.440> for 00:14:04.030 --> 00:14:04.040 align:start position:0% understand any of it except for 00:14:04.040 --> 00:14:07.790 align:start position:0% understand any of it except for what<00:14:05.040> these<00:14:05.839> big<00:14:06.040> old<00:14:06.240> things<00:14:06.480> on<00:14:06.639> the 00:14:07.790 --> 00:14:07.800 align:start position:0% what these big old things on the 00:14:07.800 --> 00:14:11.150 align:start position:0% what these big old things on the left<00:14:08.800> zxo<00:14:09.800> that's<00:14:10.000> two<00:14:10.279> coins<00:14:10.639> that<00:14:10.720> are<00:14:10.880> being 00:14:11.150 --> 00:14:11.160 align:start position:0% left zxo that's two coins that are being 00:14:11.160 --> 00:14:12.949 align:start position:0% left zxo that's two coins that are being consumed<00:14:11.800> and<00:14:11.920> two<00:14:12.160> new<00:14:12.360> coins<00:14:12.680> that<00:14:12.800> are 00:14:12.949 --> 00:14:12.959 align:start position:0% consumed and two new coins that are 00:14:12.959 --> 00:14:16.230 align:start position:0% consumed and two new coins that are coming<00:14:13.240> out<00:14:13.880> so<00:14:14.120> if<00:14:14.320> you<00:14:15.279> are<00:14:15.480> paying<00:14:15.839> someone 00:14:16.230 --> 00:14:16.240 align:start position:0% coming out so if you are paying someone 00:14:16.240 --> 00:14:17.790 align:start position:0% coming out so if you are paying someone you're<00:14:16.440> probably<00:14:16.680> going<00:14:16.800> to<00:14:17.000> consume<00:14:17.399> a<00:14:17.560> coin 00:14:17.790 --> 00:14:17.800 align:start position:0% you're probably going to consume a coin 00:14:17.800 --> 00:14:19.230 align:start position:0% you're probably going to consume a coin that's<00:14:17.959> worth<00:14:18.160> teny<00:14:18.639> cash<00:14:18.880> and<00:14:19.000> you're<00:14:19.120> going 00:14:19.230 --> 00:14:19.240 align:start position:0% that's worth teny cash and you're going 00:14:19.240 --> 00:14:20.389 align:start position:0% that's worth teny cash and you're going to<00:14:19.360> give<00:14:19.519> them<00:14:19.759> five<00:14:20.000> and<00:14:20.120> then<00:14:20.199> you're<00:14:20.320> going 00:14:20.389 --> 00:14:20.399 align:start position:0% to give them five and then you're going 00:14:20.399 --> 00:14:23.310 align:start position:0% to give them five and then you're going to<00:14:20.519> give<00:14:20.680> yourself<00:14:21.199> change<00:14:22.199> for<00:14:22.560> five<00:14:22.959> this<00:14:23.079> is 00:14:23.310 --> 00:14:23.320 align:start position:0% to give yourself change for five this is 00:14:23.320 --> 00:14:26.069 align:start position:0% to give yourself change for five this is the<00:14:23.680> so-called<00:14:24.160> utxo<00:14:25.120> data<00:14:25.399> model<00:14:25.800> from 00:14:26.069 --> 00:14:26.079 align:start position:0% the so-called utxo data model from 00:14:26.079 --> 00:14:27.749 align:start position:0% the so-called utxo data model from Bitcoin<00:14:26.839> which<00:14:26.959> is<00:14:27.120> different<00:14:27.360> than<00:14:27.519> the 00:14:27.749 --> 00:14:27.759 align:start position:0% Bitcoin which is different than the 00:14:27.759 --> 00:14:29.910 align:start position:0% Bitcoin which is different than the Balan<00:14:28.320> data<00:14:28.560> model<00:14:28.759> from 00:14:29.910 --> 00:14:29.920 align:start position:0% Balan data model from 00:14:29.920 --> 00:14:33.069 align:start position:0% Balan data model from ethereum<00:14:30.920> so<00:14:31.079> the<00:14:31.199> zero<00:14:31.480> knowledge<00:14:31.800> proof<00:14:32.079> in 00:14:33.069 --> 00:14:33.079 align:start position:0% ethereum so the zero knowledge proof in 00:14:33.079 --> 00:14:36.189 align:start position:0% ethereum so the zero knowledge proof in the<00:14:33.240> original<00:14:33.560> zcash<00:14:33.959> 1.0<00:14:34.600> has<00:14:34.759> to<00:14:35.000> prove<00:14:35.480> the 00:14:36.189 --> 00:14:36.199 align:start position:0% the original zcash 1.0 has to prove the 00:14:36.199 --> 00:14:38.829 align:start position:0% the original zcash 1.0 has to prove the correctness<00:14:36.680> of<00:14:36.800> all<00:14:36.920> of<00:14:37.160> these<00:14:37.680> pieces<00:14:38.680> uh 00:14:38.829 --> 00:14:38.839 align:start position:0% correctness of all of these pieces uh 00:14:38.839 --> 00:14:40.749 align:start position:0% correctness of all of these pieces uh even<00:14:39.040> if<00:14:39.160> you<00:14:39.240> were<00:14:39.440> only<00:14:39.600> spending<00:14:40.040> one<00:14:40.279> coin 00:14:40.749 --> 00:14:40.759 align:start position:0% even if you were only spending one coin 00:14:40.759 --> 00:14:42.350 align:start position:0% even if you were only spending one coin you<00:14:40.920> have<00:14:41.000> to<00:14:41.160> prove<00:14:41.399> the<00:14:41.519> correctness<00:14:42.120> of 00:14:42.350 --> 00:14:42.360 align:start position:0% you have to prove the correctness of 00:14:42.360 --> 00:14:44.389 align:start position:0% you have to prove the correctness of that<00:14:42.560> coin<00:14:43.040> and<00:14:43.240> a<00:14:43.399> dummy<00:14:43.759> which<00:14:43.920> takes<00:14:44.160> twice 00:14:44.389 --> 00:14:44.399 align:start position:0% that coin and a dummy which takes twice 00:14:44.399 --> 00:14:47.749 align:start position:0% that coin and a dummy which takes twice as<00:14:44.920> long<00:14:45.920> so<00:14:46.120> the<00:14:46.240> split<00:14:46.519> circuit<00:14:46.880> design<00:14:47.279> is 00:14:47.749 --> 00:14:47.759 align:start position:0% as long so the split circuit design is 00:14:47.759 --> 00:14:49.550 align:start position:0% as long so the split circuit design is we'll<00:14:47.959> have<00:14:48.240> two<00:14:48.560> proofs<00:14:49.040> one<00:14:49.240> proof<00:14:49.480> that 00:14:49.550 --> 00:14:49.560 align:start position:0% we'll have two proofs one proof that 00:14:49.560 --> 00:14:51.069 align:start position:0% we'll have two proofs one proof that you're<00:14:49.720> consuming<00:14:50.120> a<00:14:50.320> coin<00:14:50.560> and<00:14:50.680> a<00:14:50.800> different 00:14:51.069 --> 00:14:51.079 align:start position:0% you're consuming a coin and a different 00:14:51.079 --> 00:14:53.430 align:start position:0% you're consuming a coin and a different proof<00:14:51.320> that<00:14:51.399> you're<00:14:51.560> producing<00:14:51.880> a<00:14:52.000> new<00:14:52.440> coin 00:14:53.430 --> 00:14:53.440 align:start position:0% proof that you're producing a new coin 00:14:53.440 --> 00:14:54.949 align:start position:0% proof that you're producing a new coin and<00:14:53.639> that<00:14:53.800> way<00:14:54.000> if<00:14:54.120> you're<00:14:54.279> consuming<00:14:54.720> only 00:14:54.949 --> 00:14:54.959 align:start position:0% and that way if you're consuming only 00:14:54.959 --> 00:14:56.990 align:start position:0% and that way if you're consuming only one<00:14:55.160> coin<00:14:55.440> you<00:14:55.600> only<00:14:56.199> you<00:14:56.360> don't<00:14:56.600> have<00:14:56.720> to 00:14:56.990 --> 00:14:57.000 align:start position:0% one coin you only you don't have to 00:14:57.000 --> 00:14:58.710 align:start position:0% one coin you only you don't have to prove<00:14:57.399> that<00:14:57.680> you're<00:14:57.839> consuming<00:14:58.199> two<00:14:58.399> coins 00:14:58.710 --> 00:14:58.720 align:start position:0% prove that you're consuming two coins 00:14:58.720 --> 00:15:01.629 align:start position:0% prove that you're consuming two coins and<00:14:58.839> that<00:14:59.079> all<00:14:59.199> by<00:14:59.360> itself<00:14:59.600> is<00:14:59.680> a<00:14:59.800> 50%<00:15:00.639> savings 00:15:01.629 --> 00:15:01.639 align:start position:0% and that all by itself is a 50% savings 00:15:01.639 --> 00:15:05.710 align:start position:0% and that all by itself is a 50% savings but<00:15:01.959> the<00:15:02.759> and<00:15:02.880> it's<00:15:03.279> useful<00:15:03.639> for<00:15:03.880> all<00:15:04.680> utxo 00:15:05.710 --> 00:15:05.720 align:start position:0% but the and it's useful for all utxo 00:15:05.720 --> 00:15:09.670 align:start position:0% but the and it's useful for all utxo style<00:15:06.720> uh<00:15:07.440> systems<00:15:08.440> um<00:15:08.920> earlier<00:15:09.320> I<00:15:09.399> said<00:15:09.560> it's 00:15:09.670 --> 00:15:09.680 align:start position:0% style uh systems um earlier I said it's 00:15:09.680 --> 00:15:12.069 align:start position:0% style uh systems um earlier I said it's for<00:15:09.839> transaction<00:15:10.639> systems<00:15:11.120> but<00:15:11.279> the<00:15:11.399> utxo 00:15:12.069 --> 00:15:12.079 align:start position:0% for transaction systems but the utxo 00:15:12.079 --> 00:15:16.230 align:start position:0% for transaction systems but the utxo style<00:15:12.440> might<00:15:12.639> also<00:15:12.920> be<00:15:13.480> useful<00:15:14.360> for<00:15:15.360> um 00:15:16.230 --> 00:15:16.240 align:start position:0% style might also be useful for um 00:15:16.240 --> 00:15:18.230 align:start position:0% style might also be useful for um ethereum<00:15:16.720> style<00:15:17.160> smart<00:15:17.519> contracts<00:15:17.959> there's<00:15:18.120> a 00:15:18.230 --> 00:15:18.240 align:start position:0% ethereum style smart contracts there's a 00:15:18.240 --> 00:15:20.030 align:start position:0% ethereum style smart contracts there's a new<00:15:18.440> paper<00:15:18.880> by<00:15:19.279> some<00:15:19.519> scientists<00:15:19.920> that 00:15:20.030 --> 00:15:20.040 align:start position:0% new paper by some scientists that 00:15:20.040 --> 00:15:21.550 align:start position:0% new paper by some scientists that includes<00:15:20.440> some<00:15:20.560> of<00:15:20.639> the<00:15:20.720> zcash<00:15:21.160> scientists 00:15:21.550 --> 00:15:21.560 align:start position:0% includes some of the zcash scientists 00:15:21.560 --> 00:15:23.150 align:start position:0% includes some of the zcash scientists called<00:15:21.839> zexi 00:15:23.150 --> 00:15:23.160 align:start position:0% called zexi 00:15:23.160 --> 00:15:26.189 align:start position:0% called zexi zeex<00:15:24.160> uh<00:15:24.360> which<00:15:24.639> describes<00:15:25.120> how<00:15:25.240> to<00:15:25.600> extend 00:15:26.189 --> 00:15:26.199 align:start position:0% zeex uh which describes how to extend 00:15:26.199 --> 00:15:28.710 align:start position:0% zeex uh which describes how to extend the<00:15:26.399> zcash<00:15:27.040> style<00:15:27.839> data<00:15:28.120> model<00:15:28.360> and<00:15:28.480> Zer 00:15:28.710 --> 00:15:28.720 align:start position:0% the zcash style data model and Zer 00:15:28.720 --> 00:15:31.910 align:start position:0% the zcash style data model and Zer knowledge<00:15:29.000> approving<00:15:29.279> system<00:15:29.680> to<00:15:30.680> um<00:15:31.680> prove 00:15:31.910 --> 00:15:31.920 align:start position:0% knowledge approving system to um prove 00:15:31.920 --> 00:15:33.710 align:start position:0% knowledge approving system to um prove the<00:15:32.040> validity<00:15:32.600> of<00:15:32.800> arbitrary<00:15:33.240> smart 00:15:33.710 --> 00:15:33.720 align:start position:0% the validity of arbitrary smart 00:15:33.720 --> 00:15:36.389 align:start position:0% the validity of arbitrary smart contracts<00:15:34.720> without<00:15:35.560> uh<00:15:35.839> without<00:15:36.120> having<00:15:36.319> the 00:15:36.389 --> 00:15:36.399 align:start position:0% contracts without uh without having the 00:15:36.399 --> 00:15:38.030 align:start position:0% contracts without uh without having the miners<00:15:36.759> run<00:15:37.079> all<00:15:37.160> the<00:15:37.279> smart<00:15:37.519> contracts<00:15:37.920> so 00:15:38.030 --> 00:15:38.040 align:start position:0% miners run all the smart contracts so 00:15:38.040 --> 00:15:40.790 align:start position:0% miners run all the smart contracts so instead<00:15:38.399> of<00:15:39.399> the<00:15:39.600> exec<00:15:40.160> instead<00:15:40.399> of<00:15:40.519> someone 00:15:40.790 --> 00:15:40.800 align:start position:0% instead of the exec instead of someone 00:15:40.800 --> 00:15:43.230 align:start position:0% instead of the exec instead of someone submitting<00:15:41.160> a<00:15:41.240> smart<00:15:41.639> contract<00:15:42.639> or<00:15:42.839> executing 00:15:43.230 --> 00:15:43.240 align:start position:0% submitting a smart contract or executing 00:15:43.240 --> 00:15:44.749 align:start position:0% submitting a smart contract or executing a<00:15:43.319> smart<00:15:43.600> contract<00:15:43.920> and<00:15:44.040> all<00:15:44.160> the<00:15:44.240> miners<00:15:44.600> run 00:15:44.749 --> 00:15:44.759 align:start position:0% a smart contract and all the miners run 00:15:44.759 --> 00:15:45.910 align:start position:0% a smart contract and all the miners run it<00:15:44.880> and<00:15:44.959> then<00:15:45.079> they<00:15:45.199> consense<00:15:45.600> on<00:15:45.759> the 00:15:45.910 --> 00:15:45.920 align:start position:0% it and then they consense on the 00:15:45.920 --> 00:15:48.509 align:start position:0% it and then they consense on the resulting<00:15:46.319> output<00:15:47.199> instead<00:15:48.079> the<00:15:48.240> first 00:15:48.509 --> 00:15:48.519 align:start position:0% resulting output instead the first 00:15:48.519 --> 00:15:50.590 align:start position:0% resulting output instead the first person<00:15:49.319> runs<00:15:49.600> it<00:15:49.759> and<00:15:49.880> generates<00:15:50.240> a<00:15:50.360> zero 00:15:50.590 --> 00:15:50.600 align:start position:0% person runs it and generates a zero 00:15:50.600 --> 00:15:53.069 align:start position:0% person runs it and generates a zero knowledge<00:15:51.000> proof<00:15:51.519> that<00:15:51.680> this<00:15:51.800> is<00:15:51.959> the<00:15:52.079> correct 00:15:53.069 --> 00:15:53.079 align:start position:0% knowledge proof that this is the correct 00:15:53.079 --> 00:15:55.990 align:start position:0% knowledge proof that this is the correct output<00:15:54.079> and<00:15:54.279> then<00:15:55.000> all<00:15:55.160> the<00:15:55.279> miners<00:15:55.680> just 00:15:55.990 --> 00:15:56.000 align:start position:0% output and then all the miners just 00:15:56.000 --> 00:15:57.389 align:start position:0% output and then all the miners just verify<00:15:56.519> the<00:15:56.639> validity<00:15:56.959> of<00:15:57.040> the<00:15:57.120> zero 00:15:57.389 --> 00:15:57.399 align:start position:0% verify the validity of the zero 00:15:57.399 --> 00:15:59.509 align:start position:0% verify the validity of the zero knowledge<00:15:57.680> proof<00:15:58.240> that's<00:15:58.720> uh<00:15:59.040> that's<00:15:59.160> a<00:15:59.279> new 00:15:59.509 --> 00:15:59.519 align:start position:0% knowledge proof that's uh that's a new 00:15:59.519 --> 00:16:03.990 align:start position:0% knowledge proof that's uh that's a new paper 00:16:03.990 --> 00:16:04.000 align:start position:0% 00:16:04.000 --> 00:16:07.470 align:start position:0% um<00:16:05.319> okay<00:16:06.319> oh<00:16:06.560> good<00:16:06.759> I'm<00:16:06.839> G<00:16:06.920> to<00:16:07.000> have<00:16:07.160> lots<00:16:07.319> of 00:16:07.470 --> 00:16:07.480 align:start position:0% um okay oh good I'm G to have lots of 00:16:07.480 --> 00:16:09.069 align:start position:0% um okay oh good I'm G to have lots of time<00:16:07.600> for<00:16:07.759> questions<00:16:08.120> I<00:16:08.199> hope<00:16:08.319> you<00:16:08.440> have 00:16:09.069 --> 00:16:09.079 align:start position:0% time for questions I hope you have 00:16:09.079 --> 00:16:11.670 align:start position:0% time for questions I hope you have questions<00:16:10.079> because<00:16:10.240> I<00:16:10.399> totally<00:16:11.000> lost<00:16:11.399> over 00:16:11.670 --> 00:16:11.680 align:start position:0% questions because I totally lost over 00:16:11.680 --> 00:16:13.230 align:start position:0% questions because I totally lost over all<00:16:11.839> the<00:16:12.079> complicated<00:16:12.639> stuff<00:16:12.839> in<00:16:12.959> the<00:16:13.079> last 00:16:13.230 --> 00:16:13.240 align:start position:0% all the complicated stuff in the last 00:16:13.240 --> 00:16:15.110 align:start position:0% all the complicated stuff in the last two<00:16:13.399> slides<00:16:14.000> you<00:16:14.120> can<00:16:14.279> ask<00:16:14.440> me<00:16:14.600> about<00:16:14.800> those<00:16:15.040> if 00:16:15.110 --> 00:16:15.120 align:start position:0% two slides you can ask me about those if 00:16:15.120 --> 00:16:17.629 align:start position:0% two slides you can ask me about those if you<00:16:15.279> want<00:16:16.000> all<00:16:16.160> right<00:16:16.440> finally<00:16:17.279> about<00:16:17.480> the 00:16:17.629 --> 00:16:17.639 align:start position:0% you want all right finally about the 00:16:17.639 --> 00:16:23.110 align:start position:0% you want all right finally about the regulatory<00:16:18.319> situation<00:16:19.440> so 00:16:23.110 --> 00:16:23.120 align:start position:0% 00:16:23.120 --> 00:16:27.030 align:start position:0% um<00:16:24.120> you<00:16:24.279> have<00:16:24.600> probably 00:16:27.030 --> 00:16:27.040 align:start position:0% um you have probably 00:16:27.040 --> 00:16:30.430 align:start position:0% um you have probably heard<00:16:28.040> that 00:16:30.430 --> 00:16:30.440 align:start position:0% heard that 00:16:30.440 --> 00:16:33.749 align:start position:0% heard that law<00:16:30.720> enforcement<00:16:31.480> and<00:16:31.720> regulators<00:16:32.680> and 00:16:33.749 --> 00:16:33.759 align:start position:0% law enforcement and regulators and 00:16:33.759 --> 00:16:35.389 align:start position:0% law enforcement and regulators and governments 00:16:35.389 --> 00:16:35.399 align:start position:0% governments 00:16:35.399 --> 00:16:37.749 align:start position:0% governments uh 00:16:37.749 --> 00:16:37.759 align:start position:0% uh 00:16:37.759 --> 00:16:42.509 align:start position:0% uh fear<00:16:38.759> privacy<00:16:39.600> or<00:16:40.240> that<00:16:41.240> uh<00:16:42.120> privacy 00:16:42.509 --> 00:16:42.519 align:start position:0% fear privacy or that uh privacy 00:16:42.519 --> 00:16:44.749 align:start position:0% fear privacy or that uh privacy technology<00:16:42.920> like<00:16:43.079> zcash<00:16:43.480> is<00:16:43.759> incompatible 00:16:44.749 --> 00:16:44.759 align:start position:0% technology like zcash is incompatible 00:16:44.759 --> 00:16:47.069 align:start position:0% technology like zcash is incompatible with<00:16:45.199> regulation<00:16:46.199> and<00:16:46.360> I'm<00:16:46.519> here<00:16:46.639> to<00:16:46.800> say 00:16:47.069 --> 00:16:47.079 align:start position:0% with regulation and I'm here to say 00:16:47.079 --> 00:16:49.470 align:start position:0% with regulation and I'm here to say that's<00:16:47.519> totally<00:16:48.040> wrong<00:16:48.959> it's<00:16:49.199> not 00:16:49.470 --> 00:16:49.480 align:start position:0% that's totally wrong it's not 00:16:49.480 --> 00:16:52.230 align:start position:0% that's totally wrong it's not incompatible<00:16:50.199> with<00:16:50.399> regulation<00:16:51.199> and<00:16:52.000> the 00:16:52.230 --> 00:16:52.240 align:start position:0% incompatible with regulation and the 00:16:52.240 --> 00:16:54.309 align:start position:0% incompatible with regulation and the actual<00:16:52.600> Regulators<00:16:53.319> are<00:16:53.519> not<00:16:53.720> afraid<00:16:54.000> of<00:16:54.120> it 00:16:54.309 --> 00:16:54.319 align:start position:0% actual Regulators are not afraid of it 00:16:54.319 --> 00:16:56.350 align:start position:0% actual Regulators are not afraid of it and<00:16:54.440> are<00:16:54.600> not<00:16:54.800> trying<00:16:55.079> to<00:16:55.240> prevent<00:16:55.560> it<00:16:56.079> so 00:16:56.350 --> 00:16:56.360 align:start position:0% and are not trying to prevent it so 00:16:56.360 --> 00:16:57.509 align:start position:0% and are not trying to prevent it so there's<00:16:56.600> this 00:16:57.509 --> 00:16:57.519 align:start position:0% there's this 00:16:57.519 --> 00:16:59.509 align:start position:0% there's this widespread<00:16:58.519> Miss 00:16:59.509 --> 00:16:59.519 align:start position:0% widespread Miss 00:16:59.519 --> 00:17:04.270 align:start position:0% widespread Miss like<00:17:00.680> common<00:17:02.079> myth<00:17:03.079> that<00:17:03.319> is<00:17:03.759> uh<00:17:03.920> that<00:17:04.000> is<00:17:04.160> the 00:17:04.270 --> 00:17:04.280 align:start position:0% like common myth that is uh that is the 00:17:04.280 --> 00:17:05.710 align:start position:0% like common myth that is uh that is the actual<00:17:04.600> problem<00:17:04.839> it's<00:17:04.959> not<00:17:05.079> The<00:17:05.160> Regulators 00:17:05.710 --> 00:17:05.720 align:start position:0% actual problem it's not The Regulators 00:17:05.720 --> 00:17:07.710 align:start position:0% actual problem it's not The Regulators that<00:17:05.799> are<00:17:05.959> the<00:17:06.120> actual<00:17:06.480> problem<00:17:07.360> um<00:17:07.520> here's 00:17:07.710 --> 00:17:07.720 align:start position:0% that are the actual problem um here's 00:17:07.720 --> 00:17:10.829 align:start position:0% that are the actual problem um here's the<00:17:07.959> current<00:17:08.880> very<00:17:09.280> simplified<00:17:10.280> state<00:17:10.559> of<00:17:10.679> the 00:17:10.829 --> 00:17:10.839 align:start position:0% the current very simplified state of the 00:17:10.839 --> 00:17:12.270 align:start position:0% the current very simplified state of the important<00:17:11.240> things<00:17:11.480> in<00:17:11.600> the<00:17:11.679> world<00:17:12.000> which<00:17:12.120> is 00:17:12.270 --> 00:17:12.280 align:start position:0% important things in the world which is 00:17:12.280 --> 00:17:14.750 align:start position:0% important things in the world which is that<00:17:12.839> almost<00:17:13.400> everywhere<00:17:13.880> the<00:17:14.039> legal<00:17:14.400> status 00:17:14.750 --> 00:17:14.760 align:start position:0% that almost everywhere the legal status 00:17:14.760 --> 00:17:17.630 align:start position:0% that almost everywhere the legal status of<00:17:15.679> cryptocurrencies<00:17:16.520> in<00:17:16.679> general<00:17:17.039> and<00:17:17.199> zcash 00:17:17.630 --> 00:17:17.640 align:start position:0% of cryptocurrencies in general and zcash 00:17:17.640 --> 00:17:19.510 align:start position:0% of cryptocurrencies in general and zcash in<00:17:17.839> specific<00:17:18.439> is 00:17:19.510 --> 00:17:19.520 align:start position:0% in specific is 00:17:19.520 --> 00:17:22.590 align:start position:0% in specific is ambiguous<00:17:20.520> in<00:17:20.679> China<00:17:21.039> and<00:17:21.199> in<00:17:21.360> India<00:17:22.079> it<00:17:22.199> is 00:17:22.590 --> 00:17:22.600 align:start position:0% ambiguous in China and in India it is 00:17:22.600 --> 00:17:25.270 align:start position:0% ambiguous in China and in India it is all<00:17:22.959> cryptocurrencies<00:17:23.959> zcash<00:17:24.600> Bitcoin 00:17:25.270 --> 00:17:25.280 align:start position:0% all cryptocurrencies zcash Bitcoin 00:17:25.280 --> 00:17:29.950 align:start position:0% all cryptocurrencies zcash Bitcoin ethereum<00:17:26.280> Etc<00:17:26.880> are<00:17:27.079> all<00:17:27.360> effectively<00:17:27.839> banned 00:17:29.950 --> 00:17:29.960 align:start position:0% ethereum Etc are all effectively banned 00:17:29.960 --> 00:17:33.310 align:start position:0% ethereum Etc are all effectively banned um<00:17:30.960> and<00:17:31.600> here's<00:17:31.799> a<00:17:32.080> really<00:17:32.320> interesting 00:17:33.310 --> 00:17:33.320 align:start position:0% um and here's a really interesting 00:17:33.320 --> 00:17:35.630 align:start position:0% um and here's a really interesting little<00:17:33.799> appreciated<00:17:34.440> fact<00:17:34.760> that<00:17:34.880> I<00:17:34.960> want<00:17:35.039> to 00:17:35.630 --> 00:17:35.640 align:start position:0% little appreciated fact that I want to 00:17:35.640 --> 00:17:38.150 align:start position:0% little appreciated fact that I want to tell<00:17:35.880> you<00:17:36.799> in<00:17:36.960> the<00:17:37.080> United<00:17:37.400> States<00:17:37.799> there<00:17:37.880> is<00:17:38.000> a 00:17:38.150 --> 00:17:38.160 align:start position:0% tell you in the United States there is a 00:17:38.160 --> 00:17:39.510 align:start position:0% tell you in the United States there is a regulator<00:17:38.640> called<00:17:38.799> the<00:17:38.919> New<00:17:39.039> York<00:17:39.200> Department 00:17:39.510 --> 00:17:39.520 align:start position:0% regulator called the New York Department 00:17:39.520 --> 00:17:42.549 align:start position:0% regulator called the New York Department of<00:17:39.640> Financial<00:17:40.120> Services<00:17:41.120> which<00:17:41.440> is<00:17:42.120> the<00:17:42.320> most 00:17:42.549 --> 00:17:42.559 align:start position:0% of Financial Services which is the most 00:17:42.559 --> 00:17:44.430 align:start position:0% of Financial Services which is the most important<00:17:43.320> regulator<00:17:43.760> of 00:17:44.430 --> 00:17:44.440 align:start position:0% important regulator of 00:17:44.440 --> 00:17:46.870 align:start position:0% important regulator of cryptocurrencies<00:17:45.440> because<00:17:46.400> even<00:17:46.640> though 00:17:46.870 --> 00:17:46.880 align:start position:0% cryptocurrencies because even though 00:17:46.880 --> 00:17:48.549 align:start position:0% cryptocurrencies because even though technically<00:17:47.360> they're<00:17:47.559> only<00:17:47.799> supposed<00:17:48.120> to<00:17:48.240> be 00:17:48.549 --> 00:17:48.559 align:start position:0% technically they're only supposed to be 00:17:48.559 --> 00:17:50.990 align:start position:0% technically they're only supposed to be regulating<00:17:49.039> the<00:17:49.160> state<00:17:49.360> of<00:17:49.520> New<00:17:49.679> York<00:17:50.600> but 00:17:50.990 --> 00:17:51.000 align:start position:0% regulating the state of New York but 00:17:51.000 --> 00:17:53.549 align:start position:0% regulating the state of New York but almost<00:17:51.360> every<00:17:51.600> company<00:17:51.919> who<00:17:52.080> wants<00:17:52.240> to<00:17:52.360> serve 00:17:53.549 --> 00:17:53.559 align:start position:0% almost every company who wants to serve 00:17:53.559 --> 00:17:56.350 align:start position:0% almost every company who wants to serve Americans<00:17:54.559> does<00:17:54.799> not<00:17:55.000> want<00:17:55.360> to<00:17:55.600> exclude<00:17:56.000> New 00:17:56.350 --> 00:17:56.360 align:start position:0% Americans does not want to exclude New 00:17:56.360 --> 00:17:59.750 align:start position:0% Americans does not want to exclude New York<00:17:57.360> um<00:17:58.320> and<00:17:58.600> this<00:17:58.960> this<00:17:59.120> regulator<00:17:59.600> the<00:17:59.679> New 00:17:59.750 --> 00:17:59.760 align:start position:0% York um and this this regulator the New 00:17:59.760 --> 00:18:01.149 align:start position:0% York um and this this regulator the New York<00:17:59.919> Department<00:18:00.159> of<00:18:00.240> Financial<00:18:00.600> Services 00:18:01.149 --> 00:18:01.159 align:start position:0% York Department of Financial Services 00:18:01.159 --> 00:18:04.710 align:start position:0% York Department of Financial Services set<00:18:01.720> themselves<00:18:02.240> up<00:18:02.720> as<00:18:03.360> the<00:18:04.360> uh<00:18:04.559> The 00:18:04.710 --> 00:18:04.720 align:start position:0% set themselves up as the uh The 00:18:04.720 --> 00:18:06.830 align:start position:0% set themselves up as the uh The Gatekeepers<00:18:05.320> and<00:18:05.480> the<00:18:05.640> Arbiters<00:18:06.400> of<00:18:06.559> all 00:18:06.830 --> 00:18:06.840 align:start position:0% Gatekeepers and the Arbiters of all 00:18:06.840 --> 00:18:08.830 align:start position:0% Gatekeepers and the Arbiters of all cryptocurrencies<00:18:07.679> years<00:18:07.919> ago<00:18:08.559> when<00:18:08.720> they 00:18:08.830 --> 00:18:08.840 align:start position:0% cryptocurrencies years ago when they 00:18:08.840 --> 00:18:10.750 align:start position:0% cryptocurrencies years ago when they made<00:18:09.080> this<00:18:09.200> thing<00:18:09.400> called<00:18:09.600> the<00:18:09.720> bit 00:18:10.750 --> 00:18:10.760 align:start position:0% made this thing called the bit 00:18:10.760 --> 00:18:12.710 align:start position:0% made this thing called the bit license<00:18:11.760> which 00:18:12.710 --> 00:18:12.720 align:start position:0% license which 00:18:12.720 --> 00:18:15.549 align:start position:0% license which says<00:18:13.720> if<00:18:13.799> you<00:18:13.880> want<00:18:14.000> to<00:18:14.840> if<00:18:14.960> you're<00:18:15.080> a<00:18:15.240> company 00:18:15.549 --> 00:18:15.559 align:start position:0% says if you want to if you're a company 00:18:15.559 --> 00:18:17.070 align:start position:0% says if you want to if you're a company you<00:18:15.679> want<00:18:15.760> to<00:18:15.919> sell<00:18:16.280> cryptocurrencies<00:18:16.960> like 00:18:17.070 --> 00:18:17.080 align:start position:0% you want to sell cryptocurrencies like 00:18:17.080 --> 00:18:18.510 align:start position:0% you want to sell cryptocurrencies like you're<00:18:17.200> an<00:18:17.360> exchange<00:18:17.799> or<00:18:17.960> whatever<00:18:18.320> you<00:18:18.400> want 00:18:18.510 --> 00:18:18.520 align:start position:0% you're an exchange or whatever you want 00:18:18.520 --> 00:18:20.470 align:start position:0% you're an exchange or whatever you want to<00:18:19.200> allow<00:18:19.520> people<00:18:19.720> to<00:18:19.840> trade<00:18:20.039> in 00:18:20.470 --> 00:18:20.480 align:start position:0% to allow people to trade in 00:18:20.480 --> 00:18:22.190 align:start position:0% to allow people to trade in cryptocurrencies<00:18:21.480> and<00:18:21.600> you're<00:18:21.760> serving 00:18:22.190 --> 00:18:22.200 align:start position:0% cryptocurrencies and you're serving 00:18:22.200 --> 00:18:23.710 align:start position:0% cryptocurrencies and you're serving citizens<00:18:22.559> of<00:18:22.720> New<00:18:22.880> York<00:18:23.120> regardless<00:18:23.480> of<00:18:23.600> where 00:18:23.710 --> 00:18:23.720 align:start position:0% citizens of New York regardless of where 00:18:23.720 --> 00:18:25.430 align:start position:0% citizens of New York regardless of where you're<00:18:23.960> located<00:18:24.440> if<00:18:24.600> citizens<00:18:24.960> of<00:18:25.080> New<00:18:25.240> York 00:18:25.430 --> 00:18:25.440 align:start position:0% you're located if citizens of New York 00:18:25.440 --> 00:18:27.669 align:start position:0% you're located if citizens of New York are<00:18:25.600> among<00:18:25.799> your<00:18:26.360> customers<00:18:27.360> then<00:18:27.480> you 00:18:27.669 --> 00:18:27.679 align:start position:0% are among your customers then you 00:18:27.679 --> 00:18:31.710 align:start position:0% are among your customers then you require<00:18:28.159> our<00:18:29.039> prior<00:18:29.760> permission<00:18:30.480> to<00:18:30.679> do 00:18:31.710 --> 00:18:31.720 align:start position:0% require our prior permission to do 00:18:31.720 --> 00:18:33.789 align:start position:0% require our prior permission to do anything<00:18:32.720> that's<00:18:33.240> that's<00:18:33.360> how<00:18:33.480> the<00:18:33.600> bit 00:18:33.789 --> 00:18:33.799 align:start position:0% anything that's that's how the bit 00:18:33.799 --> 00:18:37.310 align:start position:0% anything that's that's how the bit license<00:18:34.120> works<00:18:35.039> and<00:18:35.480> um<00:18:36.400> so<00:18:36.640> therefore<00:18:37.159> all 00:18:37.310 --> 00:18:37.320 align:start position:0% license works and um so therefore all 00:18:37.320 --> 00:18:38.909 align:start position:0% license works and um so therefore all the<00:18:37.440> cryptocurrency<00:18:38.120> companies<00:18:38.520> have<00:18:38.679> been 00:18:38.909 --> 00:18:38.919 align:start position:0% the cryptocurrency companies have been 00:18:38.919 --> 00:18:41.390 align:start position:0% the cryptocurrency companies have been queuing<00:18:39.440> up<00:18:39.760> to<00:18:40.039> ask<00:18:40.440> this<00:18:40.679> regulator<00:18:41.200> for 00:18:41.390 --> 00:18:41.400 align:start position:0% queuing up to ask this regulator for 00:18:41.400 --> 00:18:44.110 align:start position:0% queuing up to ask this regulator for permission<00:18:41.799> to<00:18:41.960> do<00:18:42.400> all<00:18:42.520> the<00:18:42.840> things<00:18:43.840> ever 00:18:44.110 --> 00:18:44.120 align:start position:0% permission to do all the things ever 00:18:44.120 --> 00:18:47.909 align:start position:0% permission to do all the things ever since<00:18:45.120> and<00:18:45.280> here's<00:18:45.480> the<00:18:45.559> little<00:18:45.840> understood 00:18:47.909 --> 00:18:47.919 align:start position:0% since and here's the little understood 00:18:47.919 --> 00:18:50.430 align:start position:0% since and here's the little understood fact<00:18:48.919> that<00:18:49.280> uh<00:18:49.440> that 00:18:50.430 --> 00:18:50.440 align:start position:0% fact that uh that 00:18:50.440 --> 00:18:54.110 align:start position:0% fact that uh that regulator<00:18:51.440> has<00:18:52.000> approved<00:18:53.000> like<00:18:53.159> about<00:18:53.520> seven 00:18:54.110 --> 00:18:54.120 align:start position:0% regulator has approved like about seven 00:18:54.120 --> 00:18:56.789 align:start position:0% regulator has approved like about seven different<00:18:54.480> coins<00:18:55.240> as<00:18:55.480> being<00:18:55.799> legal<00:18:56.240> for 00:18:56.789 --> 00:18:56.799 align:start position:0% different coins as being legal for 00:18:56.799 --> 00:18:58.750 align:start position:0% different coins as being legal for people<00:18:57.039> to<00:18:57.159> serve<00:18:57.559> to<00:18:57.760> the<00:18:58.039> citizens<00:18:58.440> of<00:18:58.559> new 00:18:58.750 --> 00:18:58.760 align:start position:0% people to serve to the citizens of new 00:18:58.760 --> 00:19:01.710 align:start position:0% people to serve to the citizens of new New<00:18:58.880> York<00:18:59.799> and<00:19:00.000> zcash<00:19:00.600> is<00:19:00.720> the<00:19:00.880> seventh<00:19:01.360> one 00:19:01.710 --> 00:19:01.720 align:start position:0% New York and zcash is the seventh one 00:19:01.720 --> 00:19:04.870 align:start position:0% New York and zcash is the seventh one the<00:19:01.840> most<00:19:02.080> recent<00:19:02.760> one 00:19:04.870 --> 00:19:04.880 align:start position:0% the most recent one 00:19:04.880 --> 00:19:08.070 align:start position:0% the most recent one yeah<00:19:05.880> thanks<00:19:06.320> that's<00:19:06.760> really 00:19:08.070 --> 00:19:08.080 align:start position:0% yeah thanks that's really 00:19:08.080 --> 00:19:11.270 align:start position:0% yeah thanks that's really important<00:19:09.080> and<00:19:09.640> um<00:19:10.480> and<00:19:10.640> they<00:19:10.799> explicitly 00:19:11.270 --> 00:19:11.280 align:start position:0% important and um and they explicitly 00:19:11.280 --> 00:19:12.830 align:start position:0% important and um and they explicitly went<00:19:11.480> so<00:19:11.679> far<00:19:11.919> as<00:19:12.039> to<00:19:12.159> put<00:19:12.320> out<00:19:12.480> a<00:19:12.640> press 00:19:12.830 --> 00:19:12.840 align:start position:0% went so far as to put out a press 00:19:12.840 --> 00:19:15.870 align:start position:0% went so far as to put out a press release<00:19:13.200> under<00:19:13.440> their<00:19:13.679> Like<00:19:14.240> official<00:19:15.240> logo 00:19:15.870 --> 00:19:15.880 align:start position:0% release under their Like official logo 00:19:15.880 --> 00:19:17.630 align:start position:0% release under their Like official logo and<00:19:16.039> the<00:19:16.200> name<00:19:16.400> of<00:19:16.679> their<00:19:17.000> official<00:19:17.360> leader 00:19:17.630 --> 00:19:17.640 align:start position:0% and the name of their official leader 00:19:17.640 --> 00:19:20.669 align:start position:0% and the name of their official leader and<00:19:17.799> superintendent<00:19:18.400> and<00:19:18.559> all<00:19:18.760> that<00:19:19.480> which<00:19:20.320> uh 00:19:20.669 --> 00:19:20.679 align:start position:0% and superintendent and all that which uh 00:19:20.679 --> 00:19:23.909 align:start position:0% and superintendent and all that which uh expressly<00:19:21.440> mentions<00:19:22.440> the 00:19:23.909 --> 00:19:23.919 align:start position:0% expressly mentions the 00:19:23.919 --> 00:19:26.750 align:start position:0% expressly mentions the encrypted<00:19:24.919> feature<00:19:25.559> of 00:19:26.750 --> 00:19:26.760 align:start position:0% encrypted feature of 00:19:26.760 --> 00:19:31.789 align:start position:0% encrypted feature of zcash<00:19:27.760> um 00:19:31.789 --> 00:19:31.799 align:start position:0% 00:19:31.799 --> 00:19:34.350 align:start position:0% and<00:19:32.799> when<00:19:32.960> I<00:19:33.080> tell<00:19:33.360> people<00:19:33.600> about<00:19:33.840> this<00:19:34.080> they 00:19:34.350 --> 00:19:34.360 align:start position:0% and when I tell people about this they 00:19:34.360 --> 00:19:36.549 align:start position:0% and when I tell people about this they sometimes<00:19:34.600> ask<00:19:34.760> me<00:19:35.360> you<00:19:36.000> why<00:19:36.159> did<00:19:36.280> they<00:19:36.400> do 00:19:36.549 --> 00:19:36.559 align:start position:0% sometimes ask me you why did they do 00:19:36.559 --> 00:19:38.110 align:start position:0% sometimes ask me you why did they do that<00:19:36.760> what<00:19:36.840> are<00:19:37.000> they 00:19:38.110 --> 00:19:38.120 align:start position:0% that what are they 00:19:38.120 --> 00:19:40.870 align:start position:0% that what are they thinking<00:19:39.120> um<00:19:39.440> and<00:19:40.120> I<00:19:40.200> don't<00:19:40.360> know<00:19:40.520> for<00:19:40.640> sure 00:19:40.870 --> 00:19:40.880 align:start position:0% thinking um and I don't know for sure 00:19:40.880 --> 00:19:42.710 align:start position:0% thinking um and I don't know for sure because<00:19:41.000> they<00:19:41.120> didn't<00:19:41.400> make<00:19:41.600> a<00:19:42.320> they<00:19:42.440> didn't 00:19:42.710 --> 00:19:42.720 align:start position:0% because they didn't make a they didn't 00:19:42.720 --> 00:19:44.669 align:start position:0% because they didn't make a they didn't give<00:19:42.840> a<00:19:43.000> justification<00:19:43.720> or<00:19:43.880> an<00:19:44.080> explanation 00:19:44.669 --> 00:19:44.679 align:start position:0% give a justification or an explanation 00:19:44.679 --> 00:19:46.190 align:start position:0% give a justification or an explanation of<00:19:44.799> their<00:19:44.919> decision<00:19:45.280> in<00:19:45.440> their<00:19:45.720> public<00:19:46.000> press 00:19:46.190 --> 00:19:46.200 align:start position:0% of their decision in their public press 00:19:46.200 --> 00:19:48.110 align:start position:0% of their decision in their public press release<00:19:46.880> and<00:19:47.000> I<00:19:47.120> met<00:19:47.320> with<00:19:47.440> them<00:19:47.559> in<00:19:47.760> private 00:19:48.110 --> 00:19:48.120 align:start position:0% release and I met with them in private 00:19:48.120 --> 00:19:49.110 align:start position:0% release and I met with them in private to 00:19:49.110 --> 00:19:49.120 align:start position:0% to 00:19:49.120 --> 00:19:53.310 align:start position:0% to explain<00:19:50.120> uh<00:19:50.840> cryptography<00:19:51.720> to<00:19:51.919> them<00:19:52.640> uh<00:19:53.000> many 00:19:53.310 --> 00:19:53.320 align:start position:0% explain uh cryptography to them uh many 00:19:53.320 --> 00:19:55.190 align:start position:0% explain uh cryptography to them uh many times<00:19:54.320> um<00:19:54.480> and<00:19:54.600> they<00:19:54.679> didn't<00:19:54.880> tell<00:19:55.039> me 00:19:55.190 --> 00:19:55.200 align:start position:0% times um and they didn't tell me 00:19:55.200 --> 00:19:56.430 align:start position:0% times um and they didn't tell me anything<00:19:55.400> in<00:19:55.559> private<00:19:55.880> either<00:19:56.120> because<00:19:56.320> like 00:19:56.430 --> 00:19:56.440 align:start position:0% anything in private either because like 00:19:56.440 --> 00:19:57.470 align:start position:0% anything in private either because like they're<00:19:56.679> the<00:19:56.760> government<00:19:57.120> and<00:19:57.200> they're<00:19:57.400> the 00:19:57.470 --> 00:19:57.480 align:start position:0% they're the government and they're the 00:19:57.480 --> 00:19:59.830 align:start position:0% they're the government and they're the ones<00:19:57.640> who<00:19:57.760> asked<00:19:57.960> the<00:19:58.120> questions 00:19:59.830 --> 00:19:59.840 align:start position:0% ones who asked the questions 00:19:59.840 --> 00:20:03.710 align:start position:0% ones who asked the questions um<00:20:00.840> but<00:20:01.480> one<00:20:01.640> thing<00:20:01.799> I<00:20:01.919> do<00:20:02.120> know<00:20:02.600> is<00:20:03.039> that<00:20:03.600> I've 00:20:03.710 --> 00:20:03.720 align:start position:0% um but one thing I do know is that I've 00:20:03.720 --> 00:20:05.190 align:start position:0% um but one thing I do know is that I've become<00:20:04.000> very<00:20:04.200> familiar<00:20:04.559> with<00:20:04.720> all<00:20:04.840> the<00:20:04.919> rules 00:20:05.190 --> 00:20:05.200 align:start position:0% become very familiar with all the rules 00:20:05.200 --> 00:20:06.950 align:start position:0% become very familiar with all the rules and<00:20:05.400> regulations<00:20:05.919> in<00:20:06.039> the<00:20:06.120> United<00:20:06.440> States<00:20:06.799> and 00:20:06.950 --> 00:20:06.960 align:start position:0% and regulations in the United States and 00:20:06.960 --> 00:20:10.430 align:start position:0% and regulations in the United States and in<00:20:07.200> Europe<00:20:07.600> and<00:20:08.080> so<00:20:08.280> on<00:20:09.280> um<00:20:09.919> and<00:20:10.039> one<00:20:10.200> thing<00:20:10.320> I 00:20:10.430 --> 00:20:10.440 align:start position:0% in Europe and so on um and one thing I 00:20:10.440 --> 00:20:13.909 align:start position:0% in Europe and so on um and one thing I do<00:20:10.600> know<00:20:11.080> is<00:20:11.559> that<00:20:12.080> zcash<00:20:12.760> and<00:20:12.960> cryptography 00:20:13.909 --> 00:20:13.919 align:start position:0% do know is that zcash and cryptography 00:20:13.919 --> 00:20:16.230 align:start position:0% do know is that zcash and cryptography mixed<00:20:14.280> with<00:20:14.400> blockchains<00:20:15.000> in<00:20:15.159> general<00:20:15.960> is 00:20:16.230 --> 00:20:16.240 align:start position:0% mixed with blockchains in general is 00:20:16.240 --> 00:20:19.710 align:start position:0% mixed with blockchains in general is absolutely<00:20:16.919> compatible<00:20:17.919> with<00:20:18.240> the<00:20:19.120> rules<00:20:19.559> and 00:20:19.710 --> 00:20:19.720 align:start position:0% absolutely compatible with the rules and 00:20:19.720 --> 00:20:21.310 align:start position:0% absolutely compatible with the rules and regulations<00:20:20.400> as<00:20:20.520> an 00:20:21.310 --> 00:20:21.320 align:start position:0% regulations as an 00:20:21.320 --> 00:20:24.110 align:start position:0% regulations as an exchange<00:20:22.320> or<00:20:22.559> any<00:20:22.880> business<00:20:23.320> that's<00:20:23.520> dealing 00:20:24.110 --> 00:20:24.120 align:start position:0% exchange or any business that's dealing 00:20:24.120 --> 00:20:26.310 align:start position:0% exchange or any business that's dealing like<00:20:24.600> the<00:20:24.840> regulations<00:20:25.840> the<00:20:25.960> way<00:20:26.159> it's 00:20:26.310 --> 00:20:26.320 align:start position:0% like the regulations the way it's 00:20:26.320 --> 00:20:27.950 align:start position:0% like the regulations the way it's currently<00:20:26.679> done<00:20:26.919> they<00:20:27.039> apply<00:20:27.280> to<00:20:27.520> businesses 00:20:27.950 --> 00:20:27.960 align:start position:0% currently done they apply to businesses 00:20:27.960 --> 00:20:29.590 align:start position:0% currently done they apply to businesses like<00:20:28.120> exchanges<00:20:28.520> or<00:20:28.720> financial<00:20:29.080> institutions 00:20:29.590 --> 00:20:29.600 align:start position:0% like exchanges or financial institutions 00:20:29.600 --> 00:20:31.350 align:start position:0% like exchanges or financial institutions they<00:20:29.720> don't<00:20:29.880> apply<00:20:30.159> to<00:20:30.640> program<00:20:31.000> software 00:20:31.350 --> 00:20:31.360 align:start position:0% they don't apply to program software 00:20:31.360 --> 00:20:35.110 align:start position:0% they don't apply to program software developers<00:20:31.799> or<00:20:32.200> individual<00:20:32.640> users<00:20:33.080> but<00:20:34.039> um<00:20:35.039> as 00:20:35.110 --> 00:20:35.120 align:start position:0% developers or individual users but um as 00:20:35.120 --> 00:20:37.669 align:start position:0% developers or individual users but um as an<00:20:35.320> exchange<00:20:35.720> you<00:20:35.880> can<00:20:36.120> comply<00:20:36.640> with<00:20:37.000> all<00:20:37.320> of 00:20:37.669 --> 00:20:37.679 align:start position:0% an exchange you can comply with all of 00:20:37.679 --> 00:20:41.149 align:start position:0% an exchange you can comply with all of the<00:20:38.520> requirements<00:20:39.520> while<00:20:40.159> supplying 00:20:41.149 --> 00:20:41.159 align:start position:0% the requirements while supplying 00:20:41.159 --> 00:20:43.549 align:start position:0% the requirements while supplying encrypted<00:20:41.679> zcash<00:20:42.240> to<00:20:42.400> your<00:20:42.559> customers<00:20:43.159> that's 00:20:43.549 --> 00:20:43.559 align:start position:0% encrypted zcash to your customers that's 00:20:43.559 --> 00:20:45.590 align:start position:0% encrypted zcash to your customers that's that's<00:20:43.679> a<00:20:43.919> fact<00:20:44.799> um<00:20:44.919> so<00:20:45.159> that's<00:20:45.320> something 00:20:45.590 --> 00:20:45.600 align:start position:0% that's a fact um so that's something 00:20:45.600 --> 00:20:47.510 align:start position:0% that's a fact um so that's something that<00:20:45.840> the<00:20:46.080> nydfs<00:20:46.919> the<00:20:47.000> New<00:20:47.120> York<00:20:47.280> Department 00:20:47.510 --> 00:20:47.520 align:start position:0% that the nydfs the New York Department 00:20:47.520 --> 00:20:49.789 align:start position:0% that the nydfs the New York Department of<00:20:47.600> Financial<00:20:47.960> Services<00:20:48.559> and<00:20:48.760> my<00:20:48.919> team 00:20:49.789 --> 00:20:49.799 align:start position:0% of Financial Services and my team 00:20:49.799 --> 00:20:51.990 align:start position:0% of Financial Services and my team discussed<00:20:50.799> and<00:20:51.000> then<00:20:51.559> this<00:20:51.760> really 00:20:51.990 --> 00:20:52.000 align:start position:0% discussed and then this really 00:20:52.000 --> 00:20:54.510 align:start position:0% discussed and then this really interesting<00:20:52.360> thing<00:20:53.000> happened<00:20:54.000> where<00:20:54.360> they 00:20:54.510 --> 00:20:54.520 align:start position:0% interesting thing happened where they 00:20:54.520 --> 00:20:56.669 align:start position:0% interesting thing happened where they called<00:20:54.799> my<00:20:54.919> team<00:20:55.240> back<00:20:55.400> to<00:20:55.559> New<00:20:55.760> York<00:20:56.120> for 00:20:56.669 --> 00:20:56.679 align:start position:0% called my team back to New York for 00:20:56.679 --> 00:21:00.029 align:start position:0% called my team back to New York for another<00:20:57.080> meeting 00:21:00.029 --> 00:21:00.039 align:start position:0% another meeting 00:21:00.039 --> 00:21:00.950 align:start position:0% another meeting and<00:21:00.120> I've<00:21:00.280> never<00:21:00.440> talked<00:21:00.640> about<00:21:00.840> this 00:21:00.950 --> 00:21:00.960 align:start position:0% and I've never talked about this 00:21:00.960 --> 00:21:02.549 align:start position:0% and I've never talked about this publicly 00:21:02.549 --> 00:21:02.559 align:start position:0% publicly 00:21:02.559 --> 00:21:05.789 align:start position:0% publicly before<00:21:03.640> and<00:21:04.640> I<00:21:04.760> thought<00:21:04.919> to<00:21:05.080> myself<00:21:05.520> I<00:21:05.600> think 00:21:05.789 --> 00:21:05.799 align:start position:0% before and I thought to myself I think 00:21:05.799 --> 00:21:07.430 align:start position:0% before and I thought to myself I think we<00:21:06.039> covered<00:21:06.480> everything<00:21:06.880> in<00:21:07.080> all<00:21:07.240> the 00:21:07.430 --> 00:21:07.440 align:start position:0% we covered everything in all the 00:21:07.440 --> 00:21:10.350 align:start position:0% we covered everything in all the previous<00:21:07.919> meetings<00:21:08.480> so<00:21:09.440> uh<00:21:09.559> it's<00:21:09.720> not<00:21:09.960> clear 00:21:10.350 --> 00:21:10.360 align:start position:0% previous meetings so uh it's not clear 00:21:10.360 --> 00:21:12.830 align:start position:0% previous meetings so uh it's not clear what<00:21:10.520> why<00:21:10.640> they<00:21:10.760> need<00:21:11.000> another<00:21:11.640> Mee<00:21:12.640> maybe 00:21:12.830 --> 00:21:12.840 align:start position:0% what why they need another Mee maybe 00:21:12.840 --> 00:21:15.990 align:start position:0% what why they need another Mee maybe it's<00:21:12.960> to<00:21:13.159> tell<00:21:13.360> us<00:21:14.039> something<00:21:15.039> and<00:21:15.440> uh<00:21:15.640> we<00:21:15.799> all 00:21:15.990 --> 00:21:16.000 align:start position:0% it's to tell us something and uh we all 00:21:16.000 --> 00:21:18.269 align:start position:0% it's to tell us something and uh we all like<00:21:16.159> filed<00:21:16.559> into<00:21:16.960> the<00:21:17.159> official<00:21:17.679> building<00:21:18.120> in 00:21:18.269 --> 00:21:18.279 align:start position:0% like filed into the official building in 00:21:18.279 --> 00:21:20.190 align:start position:0% like filed into the official building in New<00:21:18.400> York<00:21:18.640> City<00:21:19.080> and<00:21:19.200> we<00:21:19.320> all<00:21:19.480> lined<00:21:19.799> up<00:21:19.919> on<00:21:20.080> the 00:21:20.190 --> 00:21:20.200 align:start position:0% New York City and we all lined up on the 00:21:20.200 --> 00:21:22.590 align:start position:0% New York City and we all lined up on the opposite<00:21:20.559> sides<00:21:20.760> of<00:21:20.880> the<00:21:21.039> official<00:21:21.400> table<00:21:22.120> and 00:21:22.590 --> 00:21:22.600 align:start position:0% opposite sides of the official table and 00:21:22.600 --> 00:21:26.110 align:start position:0% opposite sides of the official table and they<00:21:23.039> opened<00:21:23.400> the<00:21:23.520> meeting<00:21:24.240> by 00:21:26.110 --> 00:21:26.120 align:start position:0% they opened the meeting by 00:21:26.120 --> 00:21:28.870 align:start position:0% they opened the meeting by saying<00:21:27.120> the<00:21:27.400> the<00:21:27.559> leader<00:21:27.880> of<00:21:28.039> the<00:21:28.159> nyd<00:21:28.720> s<00:21:28.799> who 00:21:28.870 --> 00:21:28.880 align:start position:0% saying the the leader of the nyd s who 00:21:28.880 --> 00:21:30.710 align:start position:0% saying the the leader of the nyd s who was<00:21:29.039> present<00:21:29.240> in<00:21:29.320> the<00:21:29.440> room<00:21:29.760> gestured<00:21:30.279> to 00:21:30.710 --> 00:21:30.720 align:start position:0% was present in the room gestured to 00:21:30.720 --> 00:21:35.110 align:start position:0% was present in the room gestured to their<00:21:31.480> colleagues<00:21:32.480> and<00:21:33.039> said<00:21:34.039> we<00:21:34.240> all<00:21:34.520> agree 00:21:35.110 --> 00:21:35.120 align:start position:0% their colleagues and said we all agree 00:21:35.120 --> 00:21:37.110 align:start position:0% their colleagues and said we all agree that<00:21:35.240> we<00:21:35.320> don't<00:21:35.559> want<00:21:36.039> the<00:21:36.279> pocketbooks<00:21:36.960> of 00:21:37.110 --> 00:21:37.120 align:start position:0% that we don't want the pocketbooks of 00:21:37.120 --> 00:21:39.350 align:start position:0% that we don't want the pocketbooks of our<00:21:37.360> families<00:21:38.039> and<00:21:38.200> the<00:21:38.400> citizens<00:21:38.960> of<00:21:39.120> our 00:21:39.350 --> 00:21:39.360 align:start position:0% our families and the citizens of our 00:21:39.360 --> 00:21:42.230 align:start position:0% our families and the citizens of our communities<00:21:40.360> to<00:21:40.520> be<00:21:40.760> exposed<00:21:41.640> to<00:21:41.840> everyone<00:21:42.120> on 00:21:42.230 --> 00:21:42.240 align:start position:0% communities to be exposed to everyone on 00:21:42.240 --> 00:21:44.930 align:start position:0% communities to be exposed to everyone on the 00:21:44.930 --> 00:21:44.940 align:start position:0% 00:21:44.940 --> 00:21:49.909 align:start position:0% [Applause] 00:21:49.909 --> 00:21:49.919 align:start position:0% [Applause] 00:21:49.919 --> 00:21:53.870 align:start position:0% [Applause] internet<00:21:50.919> yeah<00:21:51.600> so<00:21:52.600> um<00:21:52.880> that's<00:21:53.039> all<00:21:53.200> they<00:21:53.360> ever 00:21:53.870 --> 00:21:53.880 align:start position:0% internet yeah so um that's all they ever 00:21:53.880 --> 00:21:55.950 align:start position:0% internet yeah so um that's all they ever said<00:21:54.880> that<00:21:54.960> was<00:21:55.120> it<00:21:55.279> I<00:21:55.360> think<00:21:55.480> that<00:21:55.559> was<00:21:55.720> why<00:21:55.840> we 00:21:55.950 --> 00:21:55.960 align:start position:0% said that was it I think that was why we 00:21:55.960 --> 00:21:58.750 align:start position:0% said that was it I think that was why we had<00:21:56.120> that<00:21:56.240> meeting 00:21:58.750 --> 00:21:58.760 align:start position:0% had that meeting 00:21:58.760 --> 00:22:01.990 align:start position:0% had that meeting but<00:21:58.919> I<00:21:59.039> think<00:21:59.440> it<00:21:59.640> really<00:21:59.919> shows<00:22:00.799> that<00:22:01.799> uh 00:22:01.990 --> 00:22:02.000 align:start position:0% but I think it really shows that uh 00:22:02.000 --> 00:22:05.549 align:start position:0% but I think it really shows that uh regulators<00:22:03.000> and<00:22:03.279> the<00:22:03.480> rest<00:22:03.720> of<00:22:03.919> us<00:22:04.240> in<00:22:04.520> this 00:22:05.549 --> 00:22:05.559 align:start position:0% regulators and the rest of us in this 00:22:05.559 --> 00:22:08.669 align:start position:0% regulators and the rest of us in this community<00:22:06.559> share<00:22:06.880> a<00:22:07.000> lot<00:22:07.159> of<00:22:07.360> values<00:22:08.000> we<00:22:08.159> want 00:22:08.669 --> 00:22:08.679 align:start position:0% community share a lot of values we want 00:22:08.679 --> 00:22:12.110 align:start position:0% community share a lot of values we want a<00:22:08.880> safe<00:22:09.200> and<00:22:09.440> prosperous<00:22:10.320> society<00:22:11.320> and<00:22:11.679> we<00:22:11.880> all 00:22:12.110 --> 00:22:12.120 align:start position:0% a safe and prosperous society and we all 00:22:12.120 --> 00:22:14.430 align:start position:0% a safe and prosperous society and we all want<00:22:12.400> a<00:22:12.600> society<00:22:13.159> in<00:22:13.360> which<00:22:13.799> the<00:22:13.960> citizens 00:22:14.430 --> 00:22:14.440 align:start position:0% want a society in which the citizens 00:22:14.440 --> 00:22:17.909 align:start position:0% want a society in which the citizens have<00:22:15.000> meaningful<00:22:16.000> political<00:22:16.919> participation 00:22:17.909 --> 00:22:17.919 align:start position:0% have meaningful political participation 00:22:17.919 --> 00:22:19.710 align:start position:0% have meaningful political participation and<00:22:18.039> we<00:22:18.159> want<00:22:18.360> people<00:22:18.559> to<00:22:18.679> be<00:22:18.919> protected<00:22:19.400> from 00:22:19.710 --> 00:22:19.720 align:start position:0% and we want people to be protected from 00:22:19.720 --> 00:22:24.390 align:start position:0% and we want people to be protected from crime<00:22:20.400> and<00:22:21.159> fraud<00:22:22.279> um<00:22:23.279> and<00:22:23.840> encryption 00:22:24.390 --> 00:22:24.400 align:start position:0% crime and fraud um and encryption 00:22:24.400 --> 00:22:26.310 align:start position:0% crime and fraud um and encryption technology<00:22:24.840> is<00:22:25.039> compatible<00:22:25.720> with<00:22:25.919> all<00:22:26.080> of 00:22:26.310 --> 00:22:26.320 align:start position:0% technology is compatible with all of 00:22:26.320 --> 00:22:29.070 align:start position:0% technology is compatible with all of that<00:22:26.640> I'm<00:22:26.799> reminded<00:22:27.520> of 00:22:29.070 --> 00:22:29.080 align:start position:0% that I'm reminded of 00:22:29.080 --> 00:22:31.909 align:start position:0% that I'm reminded of 25<00:22:29.720> years<00:22:29.919> ago<00:22:30.200> now<00:22:30.480> when<00:22:30.640> I<00:22:30.760> was<00:22:31.039> playing<00:22:31.360> a 00:22:31.909 --> 00:22:31.919 align:start position:0% 25 years ago now when I was playing a 00:22:31.919 --> 00:22:35.310 align:start position:0% 25 years ago now when I was playing a tiny<00:22:32.520> Niche<00:22:33.000> role<00:22:33.440> in<00:22:33.919> an<00:22:34.080> earlier<00:22:34.640> round<00:22:35.039> of 00:22:35.310 --> 00:22:35.320 align:start position:0% tiny Niche role in an earlier round of 00:22:35.320 --> 00:22:39.070 align:start position:0% tiny Niche role in an earlier round of this<00:22:36.320> drama<00:22:37.080> when<00:22:37.360> SSL<00:22:38.200> was<00:22:38.480> being<00:22:38.679> invented 00:22:39.070 --> 00:22:39.080 align:start position:0% this drama when SSL was being invented 00:22:39.080 --> 00:22:40.710 align:start position:0% this drama when SSL was being invented ssl/tls 00:22:40.710 --> 00:22:40.720 align:start position:0% ssl/tls 00:22:40.720 --> 00:22:44.190 align:start position:0% ssl/tls and<00:22:41.720> at<00:22:41.880> that<00:22:42.080> time<00:22:42.400> the<00:22:42.520> United<00:22:43.480> one<00:22:43.799> small 00:22:44.190 --> 00:22:44.200 align:start position:0% and at that time the United one small 00:22:44.200 --> 00:22:45.710 align:start position:0% and at that time the United one small faction<00:22:44.760> within<00:22:45.000> the<00:22:45.120> United<00:22:45.400> States 00:22:45.710 --> 00:22:45.720 align:start position:0% faction within the United States 00:22:45.720 --> 00:22:47.669 align:start position:0% faction within the United States government<00:22:46.080> headed<00:22:46.360> by<00:22:46.480> the<00:22:46.600> FBI<00:22:47.039> and<00:22:47.200> Al<00:22:47.480> Gore 00:22:47.669 --> 00:22:47.679 align:start position:0% government headed by the FBI and Al Gore 00:22:47.679 --> 00:22:53.390 align:start position:0% government headed by the FBI and Al Gore and<00:22:47.799> the<00:22:48.279> NSA<00:22:49.279> uh<00:22:49.919> opposed<00:22:50.679> the<00:22:50.840> invention<00:22:51.279> of 00:22:53.390 --> 00:22:53.400 align:start position:0% and the NSA uh opposed the invention of 00:22:53.400 --> 00:22:57.510 align:start position:0% and the NSA uh opposed the invention of SSL<00:22:54.400> CU<00:22:54.559> it<00:22:54.760> might<00:22:55.080> like<00:22:56.080> allow<00:22:56.559> criminals<00:22:57.159> to 00:22:57.510 --> 00:22:57.520 align:start position:0% SSL CU it might like allow criminals to 00:22:57.520 --> 00:22:59.549 align:start position:0% SSL CU it might like allow criminals to use<00:22:57.720> the<00:22:57.840> Internet<00:22:58.120> or<00:22:58.200> something 00:22:59.549 --> 00:22:59.559 align:start position:0% use the Internet or something 00:22:59.559 --> 00:23:01.430 align:start position:0% use the Internet or something and<00:22:59.919> that's<00:23:00.080> funny<00:23:00.440> now<00:23:00.640> because<00:23:00.840> 25<00:23:01.240> years 00:23:01.430 --> 00:23:01.440 align:start position:0% and that's funny now because 25 years 00:23:01.440 --> 00:23:03.310 align:start position:0% and that's funny now because 25 years later<00:23:01.720> the<00:23:01.799> US<00:23:02.039> government<00:23:02.440> requires<00:23:03.000> you<00:23:03.159> to 00:23:03.310 --> 00:23:03.320 align:start position:0% later the US government requires you to 00:23:03.320 --> 00:23:05.510 align:start position:0% later the US government requires you to use<00:23:03.600> SSL<00:23:04.240> right<00:23:04.360> there's<00:23:04.679> a<00:23:04.799> ton<00:23:05.000> of<00:23:05.200> laws 00:23:05.510 --> 00:23:05.520 align:start position:0% use SSL right there's a ton of laws 00:23:05.520 --> 00:23:07.269 align:start position:0% use SSL right there's a ton of laws which<00:23:05.679> say<00:23:05.840> if<00:23:05.919> you<00:23:06.080> do<00:23:06.240> not<00:23:06.520> use<00:23:06.720> SSL<00:23:07.159> to 00:23:07.269 --> 00:23:07.279 align:start position:0% which say if you do not use SSL to 00:23:07.279 --> 00:23:08.590 align:start position:0% which say if you do not use SSL to protect<00:23:07.520> your<00:23:07.679> customers<00:23:08.080> then<00:23:08.200> you<00:23:08.400> in 00:23:08.590 --> 00:23:08.600 align:start position:0% protect your customers then you in 00:23:08.600 --> 00:23:11.590 align:start position:0% protect your customers then you in violation<00:23:09.200> in<00:23:09.279> a<00:23:09.400> lot<00:23:09.520> of<00:23:09.760> specific<00:23:10.200> cases<00:23:11.200> and 00:23:11.590 --> 00:23:11.600 align:start position:0% violation in a lot of specific cases and 00:23:11.600 --> 00:23:13.190 align:start position:0% violation in a lot of specific cases and uh<00:23:11.760> I<00:23:11.880> kind<00:23:12.000> of<00:23:12.120> think<00:23:12.360> that's<00:23:12.600> the<00:23:12.840> same<00:23:13.039> thing 00:23:13.190 --> 00:23:13.200 align:start position:0% uh I kind of think that's the same thing 00:23:13.200 --> 00:23:14.870 align:start position:0% uh I kind of think that's the same thing that's<00:23:13.360> going<00:23:13.480> to<00:23:13.640> play<00:23:13.799> out<00:23:13.960> with<00:23:14.120> encryption 00:23:14.870 --> 00:23:14.880 align:start position:0% that's going to play out with encryption 00:23:14.880 --> 00:23:17.470 align:start position:0% that's going to play out with encryption on<00:23:15.159> blockchains<00:23:15.880> eventually<00:23:16.520> in<00:23:16.799> hopefully<00:23:17.360> a 00:23:17.470 --> 00:23:17.480 align:start position:0% on blockchains eventually in hopefully a 00:23:17.480 --> 00:23:20.630 align:start position:0% on blockchains eventually in hopefully a lot<00:23:17.720> less<00:23:17.919> than<00:23:18.080> 20<00:23:18.559> years<00:23:19.559> um<00:23:19.760> all<00:23:20.039> of<00:23:20.320> the 00:23:20.630 --> 00:23:20.640 align:start position:0% lot less than 20 years um all of the 00:23:20.640 --> 00:23:22.110 align:start position:0% lot less than 20 years um all of the good<00:23:20.960> regulators<00:23:21.440> and<00:23:21.600> all<00:23:21.720> of<00:23:21.799> the<00:23:21.919> good 00:23:22.110 --> 00:23:22.120 align:start position:0% good regulators and all of the good 00:23:22.120 --> 00:23:23.909 align:start position:0% good regulators and all of the good countries<00:23:22.559> will<00:23:22.799> require<00:23:23.520> this<00:23:23.640> kind<00:23:23.799> of 00:23:23.909 --> 00:23:23.919 align:start position:0% countries will require this kind of 00:23:23.919 --> 00:23:26.789 align:start position:0% countries will require this kind of encryption<00:23:24.400> to<00:23:24.600> protect<00:23:25.080> the<00:23:25.320> people<00:23:26.320> and 00:23:26.789 --> 00:23:26.799 align:start position:0% encryption to protect the people and 00:23:26.799 --> 00:23:29.190 align:start position:0% encryption to protect the people and lastly<00:23:27.799> I<00:23:27.880> want<00:23:28.000> to<00:23:28.120> say<00:23:28.320> that 00:23:29.190 --> 00:23:29.200 align:start position:0% lastly I want to say that 00:23:29.200 --> 00:23:32.230 align:start position:0% lastly I want to say that uh<00:23:29.440> I<00:23:29.720> myself<00:23:30.480> and<00:23:31.000> everyone<00:23:31.520> involved<00:23:32.039> in<00:23:32.120> the 00:23:32.230 --> 00:23:32.240 align:start position:0% uh I myself and everyone involved in the 00:23:32.240 --> 00:23:35.669 align:start position:0% uh I myself and everyone involved in the zcash<00:23:32.840> project<00:23:33.720> is<00:23:34.000> doing<00:23:34.440> this<00:23:35.039> just<00:23:35.320> because 00:23:35.669 --> 00:23:35.679 align:start position:0% zcash project is doing this just because 00:23:35.679 --> 00:23:38.310 align:start position:0% zcash project is doing this just because we<00:23:35.919> care<00:23:36.320> about<00:23:36.799> what<00:23:37.080> kind<00:23:37.360> of<00:23:37.640> world<00:23:38.000> we're 00:23:38.310 --> 00:23:38.320 align:start position:0% we care about what kind of world we're 00:23:38.320 --> 00:23:39.710 align:start position:0% we care about what kind of world we're building<00:23:38.760> for<00:23:39.039> our<00:23:39.240> children<00:23:39.559> and 00:23:39.710 --> 00:23:39.720 align:start position:0% building for our children and 00:23:39.720 --> 00:23:42.830 align:start position:0% building for our children and grandchildren<00:23:40.240> to<00:23:40.360> grow<00:23:40.600> up<00:23:41.080> in<00:23:42.080> um<00:23:42.360> because 00:23:42.830 --> 00:23:42.840 align:start position:0% grandchildren to grow up in um because 00:23:42.840 --> 00:23:44.630 align:start position:0% grandchildren to grow up in um because privacy<00:23:43.279> is<00:23:43.400> a<00:23:43.559> human<00:23:43.919> right<00:23:44.159> and<00:23:44.279> it's 00:23:44.630 --> 00:23:44.640 align:start position:0% privacy is a human right and it's 00:23:44.640 --> 00:23:48.310 align:start position:0% privacy is a human right and it's necessary<00:23:45.919> for<00:23:46.919> political<00:23:47.400> participation 00:23:48.310 --> 00:23:48.320 align:start position:0% necessary for political participation 00:23:48.320 --> 00:23:53.350 align:start position:0% necessary for political participation for<00:23:49.320> Morality<00:23:50.320> and<00:23:50.600> for<00:23:51.600> intimacy<00:23:52.120> and<00:23:52.320> human 00:23:53.350 --> 00:23:53.360 align:start position:0% for Morality and for intimacy and human 00:23:53.360 --> 00:23:59.390 align:start position:0% for Morality and for intimacy and human relationships<00:23:54.360> and<00:23:54.679> it<00:23:54.799> is<00:23:55.640> not<00:23:56.640> okay<00:23:57.400> for 00:23:59.390 --> 00:23:59.400 align:start position:0% relationships and it is not okay for 00:23:59.400 --> 00:24:01.909 align:start position:0% relationships and it is not okay for our<00:24:00.400> societies<00:24:01.120> to 00:24:01.909 --> 00:24:01.919 align:start position:0% our societies to 00:24:01.919 --> 00:24:04.710 align:start position:0% our societies to continue<00:24:03.080> kening 00:24:04.710 --> 00:24:04.720 align:start position:0% continue kening 00:24:04.720 --> 00:24:08.870 align:start position:0% continue kening into<00:24:05.720> a<00:24:05.960> world<00:24:06.760> where<00:24:07.000> there's<00:24:07.480> pervasive<00:24:08.480> and 00:24:08.870 --> 00:24:08.880 align:start position:0% into a world where there's pervasive and 00:24:08.880 --> 00:24:11.950 align:start position:0% into a world where there's pervasive and intimate<00:24:09.559> violation<00:24:10.120> of<00:24:10.720> everyone's<00:24:11.440> privacy 00:24:11.950 --> 00:24:11.960 align:start position:0% intimate violation of everyone's privacy 00:24:11.960 --> 00:24:15.190 align:start position:0% intimate violation of everyone's privacy by<00:24:12.200> one<00:24:12.559> or<00:24:12.919> three<00:24:13.919> centralized<00:24:14.760> actors 00:24:15.190 --> 00:24:15.200 align:start position:0% by one or three centralized actors 00:24:15.200 --> 00:24:18.630 align:start position:0% by one or three centralized actors that's<00:24:15.640> never<00:24:15.919> been<00:24:16.120> tried<00:24:16.919> before<00:24:17.919> it's 00:24:18.630 --> 00:24:18.640 align:start position:0% that's never been tried before it's 00:24:18.640 --> 00:24:21.550 align:start position:0% that's never been tried before it's wrong<00:24:19.640> and<00:24:19.840> it's<00:24:20.360> dangerous 00:24:21.550 --> 00:24:21.560 align:start position:0% wrong and it's dangerous 00:24:21.560 --> 00:24:29.070 align:start position:0% wrong and it's dangerous [Applause] 00:24:29.070 --> 00:24:29.080 align:start position:0% 00:24:29.080 --> 00:24:33.909 align:start position:0% thanks<00:24:29.600> and<00:24:30.200> and<00:24:31.000> all<00:24:31.279> of<00:24:31.520> us<00:24:32.000> are<00:24:32.360> part<00:24:32.799> of<00:24:33.080> our 00:24:33.909 --> 00:24:33.919 align:start position:0% thanks and and all of us are part of our 00:24:33.919 --> 00:24:37.310 align:start position:0% thanks and and all of us are part of our opportunity<00:24:34.919> to<00:24:35.520> change<00:24:36.080> that<00:24:36.520> and<00:24:36.640> to<00:24:36.919> make<00:24:37.120> a 00:24:37.310 --> 00:24:37.320 align:start position:0% opportunity to change that and to make a 00:24:37.320 --> 00:24:39.389 align:start position:0% opportunity to change that and to make a world<00:24:37.679> that's<00:24:38.039> safe<00:24:38.399> and<00:24:38.640> healthy<00:24:39.000> for<00:24:39.200> our 00:24:39.389 --> 00:24:39.399 align:start position:0% world that's safe and healthy for our 00:24:39.399 --> 00:24:40.950 align:start position:0% world that's safe and healthy for our children<00:24:39.720> to<00:24:39.880> grow<00:24:40.080> up 00:24:40.950 --> 00:24:40.960 align:start position:0% children to grow up 00:24:40.960 --> 00:24:48.310 align:start position:0% children to grow up in<00:24:41.960> that's<00:24:42.120> it<00:24:42.360> ready<00:24:42.520> for 00:24:48.310 --> 00:24:48.320 align:start position:0% 00:24:48.320 --> 00:24:50.590 align:start position:0% questions<00:24:49.320> you<00:24:49.440> got<00:24:49.559> to<00:24:49.720> come<00:24:49.919> down<00:24:50.120> to<00:24:50.320> the<00:24:50.480> or 00:24:50.590 --> 00:24:50.600 align:start position:0% questions you got to come down to the or 00:24:50.600 --> 00:24:52.710 align:start position:0% questions you got to come down to the or you<00:24:50.679> got<00:24:50.799> to<00:24:51.000> acquire<00:24:51.320> a<00:24:51.480> mic<00:24:52.360> so<00:24:52.480> that<00:24:52.600> the 00:24:52.710 --> 00:24:52.720 align:start position:0% you got to acquire a mic so that the 00:24:52.720 --> 00:24:54.990 align:start position:0% you got to acquire a mic so that the people<00:24:52.919> on<00:24:53.039> the<00:24:53.200> live<00:24:53.399> stream<00:24:53.679> can<00:24:53.799> hear<00:24:54.000> the 00:24:54.990 --> 00:24:55.000 align:start position:0% people on the live stream can hear the 00:24:55.000 --> 00:24:57.830 align:start position:0% people on the live stream can hear the question<00:24:56.000> thank<00:24:56.159> you<00:24:56.600> um<00:24:57.240> thanks<00:24:57.480> for<00:24:57.640> your 00:24:57.830 --> 00:24:57.840 align:start position:0% question thank you um thanks for your 00:24:57.840 --> 00:24:59.669 align:start position:0% question thank you um thanks for your thoughts<00:24:58.399> and<00:24:58.520> I<00:24:58.640> really<00:24:58.840> like<00:24:59.080> how<00:24:59.279> you 00:24:59.669 --> 00:24:59.679 align:start position:0% thoughts and I really like how you 00:24:59.679 --> 00:25:02.149 align:start position:0% thoughts and I really like how you actually<00:25:00.559> Twisted<00:25:01.039> that<00:25:01.240> whole<00:25:01.480> thing<00:25:02.000> that 00:25:02.149 --> 00:25:02.159 align:start position:0% actually Twisted that whole thing that 00:25:02.159 --> 00:25:03.590 align:start position:0% actually Twisted that whole thing that whole<00:25:02.399> thing<00:25:02.559> that<00:25:02.720> people<00:25:02.960> often<00:25:03.159> say<00:25:03.360> about 00:25:03.590 --> 00:25:03.600 align:start position:0% whole thing that people often say about 00:25:03.600 --> 00:25:05.950 align:start position:0% whole thing that people often say about like<00:25:03.760> think<00:25:03.919> of<00:25:04.080> the<00:25:04.240> children<00:25:04.840> right<00:25:05.720> yeah 00:25:05.950 --> 00:25:05.960 align:start position:0% like think of the children right yeah 00:25:05.960 --> 00:25:07.870 align:start position:0% like think of the children right yeah but<00:25:06.200> but<00:25:06.440> in<00:25:06.600> in<00:25:06.760> the<00:25:06.960> right<00:25:07.159> way<00:25:07.480> right<00:25:07.679> that's 00:25:07.870 --> 00:25:07.880 align:start position:0% but but in in the right way right that's 00:25:07.880 --> 00:25:10.630 align:start position:0% but but in in the right way right that's really<00:25:08.120> good<00:25:09.000> um<00:25:09.320> so<00:25:09.520> I<00:25:09.600> wanted<00:25:09.840> to<00:25:10.000> ask<00:25:10.240> you 00:25:10.630 --> 00:25:10.640 align:start position:0% really good um so I wanted to ask you 00:25:10.640 --> 00:25:12.350 align:start position:0% really good um so I wanted to ask you what<00:25:10.760> your<00:25:10.960> thoughts<00:25:11.200> are<00:25:11.520> on<00:25:11.880> similar 00:25:12.350 --> 00:25:12.360 align:start position:0% what your thoughts are on similar 00:25:12.360 --> 00:25:15.149 align:start position:0% what your thoughts are on similar privacy<00:25:12.840> projects<00:25:13.360> like<00:25:14.000> Monero<00:25:14.720> and<00:25:14.840> I<00:25:14.960> also 00:25:15.149 --> 00:25:15.159 align:start position:0% privacy projects like Monero and I also 00:25:15.159 --> 00:25:17.510 align:start position:0% privacy projects like Monero and I also wanted<00:25:15.399> to<00:25:15.600> ask<00:25:15.799> you<00:25:16.039> about<00:25:17.039> uh<00:25:17.159> smart 00:25:17.510 --> 00:25:17.520 align:start position:0% wanted to ask you about uh smart 00:25:17.520 --> 00:25:20.149 align:start position:0% wanted to ask you about uh smart contracts<00:25:18.080> and<00:25:18.320> other<00:25:19.159> features<00:25:19.799> that<00:25:19.960> you 00:25:20.149 --> 00:25:20.159 align:start position:0% contracts and other features that you 00:25:20.159 --> 00:25:22.510 align:start position:0% contracts and other features that you seem<00:25:20.399> to<00:25:20.679> have<00:25:21.240> uh<00:25:21.360> not<00:25:21.600> focused<00:25:22.000> on<00:25:22.200> yet<00:25:22.399> and 00:25:22.510 --> 00:25:22.520 align:start position:0% seem to have uh not focused on yet and 00:25:22.520 --> 00:25:24.310 align:start position:0% seem to have uh not focused on yet and if<00:25:22.640> you<00:25:22.760> have<00:25:22.880> any<00:25:23.080> intention<00:25:23.520> to<00:25:24.000> look<00:25:24.120> at 00:25:24.310 --> 00:25:24.320 align:start position:0% if you have any intention to look at 00:25:24.320 --> 00:25:26.310 align:start position:0% if you have any intention to look at those<00:25:24.600> well<00:25:24.720> those<00:25:24.799> are<00:25:25.000> two<00:25:25.240> big<00:25:25.559> questions 00:25:26.310 --> 00:25:26.320 align:start position:0% those well those are two big questions 00:25:26.320 --> 00:25:27.830 align:start position:0% those well those are two big questions okay<00:25:26.520> so<00:25:26.760> first<00:25:26.919> of<00:25:27.080> all<00:25:27.240> there<00:25:27.360> was<00:25:27.480> a<00:25:27.640> really 00:25:27.830 --> 00:25:27.840 align:start position:0% okay so first of all there was a really 00:25:27.840 --> 00:25:30.470 align:start position:0% okay so first of all there was a really great<00:25:28.080> talk<00:25:28.360> talk<00:25:28.679> by<00:25:28.919> zcash<00:25:29.880> founding 00:25:30.470 --> 00:25:30.480 align:start position:0% great talk talk by zcash founding 00:25:30.480 --> 00:25:33.269 align:start position:0% great talk talk by zcash founding scientist<00:25:31.120> Ian<00:25:31.480> Meyers<00:25:32.080> yesterday<00:25:33.039> in<00:25:33.159> which 00:25:33.269 --> 00:25:33.279 align:start position:0% scientist Ian Meyers yesterday in which 00:25:33.279 --> 00:25:38.710 align:start position:0% scientist Ian Meyers yesterday in which he<00:25:33.559> laid<00:25:34.000> into<00:25:35.240> Monero<00:25:36.240> um<00:25:36.760> and<00:25:37.440> all<00:25:38.440> all 00:25:38.710 --> 00:25:38.720 align:start position:0% he laid into Monero um and all all 00:25:38.720 --> 00:25:40.789 align:start position:0% he laid into Monero um and all all systems<00:25:39.159> that<00:25:39.279> use<00:25:39.559> what<00:25:39.679> he<00:25:39.840> calls<00:25:40.200> decoy 00:25:40.789 --> 00:25:40.799 align:start position:0% systems that use what he calls decoy 00:25:40.799 --> 00:25:43.430 align:start position:0% systems that use what he calls decoy based<00:25:41.880> privacy 00:25:43.430 --> 00:25:43.440 align:start position:0% based privacy 00:25:43.440 --> 00:25:46.149 align:start position:0% based privacy um<00:25:44.440> so<00:25:44.640> you<00:25:44.720> should<00:25:45.000> go<00:25:45.320> watch<00:25:45.679> the<00:25:45.960> live 00:25:46.149 --> 00:25:46.159 align:start position:0% um so you should go watch the live 00:25:46.159 --> 00:25:47.789 align:start position:0% um so you should go watch the live stream<00:25:46.440> if<00:25:46.520> you<00:25:46.640> haven't<00:25:46.880> or<00:25:47.080> the<00:25:47.360> recording 00:25:47.789 --> 00:25:47.799 align:start position:0% stream if you haven't or the recording 00:25:47.799 --> 00:25:51.630 align:start position:0% stream if you haven't or the recording if<00:25:47.880> you<00:25:48.039> haven't<00:25:48.679> seen<00:25:48.960> it 00:25:51.630 --> 00:25:51.640 align:start position:0% 00:25:51.640 --> 00:25:54.190 align:start position:0% um<00:25:52.640> now<00:25:52.840> the<00:25:53.039> zero<00:25:53.320> knowledge<00:25:53.559> based<00:25:53.840> privacy 00:25:54.190 --> 00:25:54.200 align:start position:0% um now the zero knowledge based privacy 00:25:54.200 --> 00:25:56.750 align:start position:0% um now the zero knowledge based privacy that<00:25:54.320> we<00:25:54.440> have<00:25:54.640> has<00:25:54.840> different<00:25:55.120> problems<00:25:55.760> but 00:25:56.750 --> 00:25:56.760 align:start position:0% that we have has different problems but 00:25:56.760 --> 00:26:00.070 align:start position:0% that we have has different problems but um<00:25:57.360> privacy<00:25:57.679> is<00:25:57.880> really<00:25:58.360> really<00:25:58.559> hard<00:25:59.279> and<00:25:59.840> uh 00:26:00.070 --> 00:26:00.080 align:start position:0% um privacy is really really hard and uh 00:26:00.080 --> 00:26:01.950 align:start position:0% um privacy is really really hard and uh I<00:26:00.159> wouldn't<00:26:00.399> want<00:26:00.559> it<00:26:00.760> to<00:26:01.159> look<00:26:01.399> like<00:26:01.600> we've 00:26:01.950 --> 00:26:01.960 align:start position:0% I wouldn't want it to look like we've 00:26:01.960 --> 00:26:04.070 align:start position:0% I wouldn't want it to look like we've solved<00:26:02.320> it<00:26:02.520> but<00:26:02.640> we've<00:26:02.840> made<00:26:03.039> a<00:26:03.200> substantial 00:26:04.070 --> 00:26:04.080 align:start position:0% solved it but we've made a substantial 00:26:04.080 --> 00:26:05.750 align:start position:0% solved it but we've made a substantial Improvement<00:26:04.679> that<00:26:04.840> everyone<00:26:05.159> needs<00:26:05.360> to<00:26:05.480> learn 00:26:05.750 --> 00:26:05.760 align:start position:0% Improvement that everyone needs to learn 00:26:05.760 --> 00:26:07.710 align:start position:0% Improvement that everyone needs to learn from<00:26:06.360> um<00:26:06.559> and<00:26:06.720> I<00:26:06.880> I<00:26:06.960> like<00:26:07.120> to<00:26:07.279> work<00:26:07.480> with<00:26:07.600> them 00:26:07.710 --> 00:26:07.720 align:start position:0% from um and I I like to work with them 00:26:07.720 --> 00:26:09.470 align:start position:0% from um and I I like to work with them and<00:26:07.880> arow<00:26:08.200> people<00:26:08.440> on<00:26:08.840> that<00:26:08.960> and<00:26:09.080> we<00:26:09.240> both 00:26:09.470 --> 00:26:09.480 align:start position:0% and arow people on that and we both 00:26:09.480 --> 00:26:12.630 align:start position:0% and arow people on that and we both benefit<00:26:09.840> from<00:26:10.039> each<00:26:10.320> other<00:26:11.320> um<00:26:12.159> and<00:26:12.279> the<00:26:12.399> other 00:26:12.630 --> 00:26:12.640 align:start position:0% benefit from each other um and the other 00:26:12.640 --> 00:26:16.110 align:start position:0% benefit from each other um and the other question<00:26:13.000> was<00:26:13.720> about<00:26:14.720> smart<00:26:15.039> contracts<00:26:15.880> yeah 00:26:16.110 --> 00:26:16.120 align:start position:0% question was about smart contracts yeah 00:26:16.120 --> 00:26:18.110 align:start position:0% question was about smart contracts yeah so<00:26:16.960> it's<00:26:17.159> something<00:26:17.440> that<00:26:17.640> we<00:26:17.799> I<00:26:17.919> we've 00:26:18.110 --> 00:26:18.120 align:start position:0% so it's something that we I we've 00:26:18.120 --> 00:26:20.549 align:start position:0% so it's something that we I we've deliberately<00:26:18.799> kept<00:26:19.080> out<00:26:19.240> of<00:26:19.440> zcash<00:26:20.120> and<00:26:20.320> kept 00:26:20.549 --> 00:26:20.559 align:start position:0% deliberately kept out of zcash and kept 00:26:20.559 --> 00:26:22.950 align:start position:0% deliberately kept out of zcash and kept out<00:26:20.799> of<00:26:21.039> the<00:26:21.279> public<00:26:21.720> like<00:26:21.960> discussion<00:26:22.640> of<00:26:22.799> the 00:26:22.950 --> 00:26:22.960 align:start position:0% out of the public like discussion of the 00:26:22.960 --> 00:26:24.789 align:start position:0% out of the public like discussion of the future<00:26:23.279> of<00:26:23.440> zcash<00:26:24.039> in<00:26:24.159> order<00:26:24.320> to<00:26:24.440> keep<00:26:24.600> things 00:26:24.789 --> 00:26:24.799 align:start position:0% future of zcash in order to keep things 00:26:24.799 --> 00:26:26.510 align:start position:0% future of zcash in order to keep things simple<00:26:25.240> like<00:26:25.360> in<00:26:25.520> theory<00:26:25.960> we<00:26:26.080> could<00:26:26.240> extend 00:26:26.510 --> 00:26:26.520 align:start position:0% simple like in theory we could extend 00:26:26.520 --> 00:26:28.510 align:start position:0% simple like in theory we could extend zcash<00:26:26.960> to<00:26:27.120> execute<00:26:27.480> arbitrary<00:26:27.880> smart<00:26:28.039> contra 00:26:28.510 --> 00:26:28.520 align:start position:0% zcash to execute arbitrary smart contra 00:26:28.520 --> 00:26:32.350 align:start position:0% zcash to execute arbitrary smart contra s<00:26:28.880> and<00:26:29.039> as<00:26:29.159> of<00:26:29.679> about<00:26:30.679> 3<00:26:31.039> weeks<00:26:31.399> ago<00:26:31.840> maybe<00:26:32.240> a 00:26:32.350 --> 00:26:32.360 align:start position:0% s and as of about 3 weeks ago maybe a 00:26:32.360 --> 00:26:33.750 align:start position:0% s and as of about 3 weeks ago maybe a few<00:26:32.559> scientists<00:26:32.960> that<00:26:33.080> include<00:26:33.399> some<00:26:33.520> of<00:26:33.600> our 00:26:33.750 --> 00:26:33.760 align:start position:0% few scientists that include some of our 00:26:33.760 --> 00:26:36.389 align:start position:0% few scientists that include some of our scientists<00:26:34.200> published<00:26:34.520> a<00:26:34.640> paper<00:26:35.399> describing 00:26:36.389 --> 00:26:36.399 align:start position:0% scientists published a paper describing 00:26:36.399 --> 00:26:38.230 align:start position:0% scientists published a paper describing in<00:26:36.480> a<00:26:36.600> lot<00:26:36.799> more<00:26:37.039> detail<00:26:37.679> how<00:26:37.840> that<00:26:37.919> would<00:26:38.080> work 00:26:38.230 --> 00:26:38.240 align:start position:0% in a lot more detail how that would work 00:26:38.240 --> 00:26:39.269 align:start position:0% in a lot more detail how that would work and<00:26:38.320> what<00:26:38.440> the<00:26:38.559> efficiency<00:26:38.919> would<00:26:39.039> be<00:26:39.159> and 00:26:39.269 --> 00:26:39.279 align:start position:0% and what the efficiency would be and 00:26:39.279 --> 00:26:41.909 align:start position:0% and what the efficiency would be and what<00:26:39.399> the<00:26:40.159> security<00:26:40.600> properties<00:26:41.000> would<00:26:41.200> be 00:26:41.909 --> 00:26:41.919 align:start position:0% what the security properties would be 00:26:41.919 --> 00:26:45.269 align:start position:0% what the security properties would be and<00:26:42.159> so<00:26:42.360> forth<00:26:43.080> uh<00:26:43.240> but<00:26:43.600> so<00:26:44.000> far<00:26:44.640> I<00:26:44.880> kind<00:26:45.000> of 00:26:45.269 --> 00:26:45.279 align:start position:0% and so forth uh but so far I kind of 00:26:45.279 --> 00:26:47.269 align:start position:0% and so forth uh but so far I kind of want<00:26:45.679> smart<00:26:46.039> contracts<00:26:46.480> to<00:26:46.600> keep<00:26:46.799> working<00:26:47.080> on 00:26:47.269 --> 00:26:47.279 align:start position:0% want smart contracts to keep working on 00:26:47.279 --> 00:26:50.870 align:start position:0% want smart contracts to keep working on ethereum<00:26:48.200> and<00:26:49.000> just<00:26:49.480> pure<00:26:49.919> private<00:26:50.279> payments 00:26:50.870 --> 00:26:50.880 align:start position:0% ethereum and just pure private payments 00:26:50.880 --> 00:26:53.710 align:start position:0% ethereum and just pure private payments to<00:26:51.159> be<00:26:51.440> the<00:26:51.640> focus<00:26:51.919> of<00:26:52.240> zcash<00:26:53.240> um<00:26:53.440> but<00:26:53.600> that 00:26:53.710 --> 00:26:53.720 align:start position:0% to be the focus of zcash um but that 00:26:53.720 --> 00:26:55.190 align:start position:0% to be the focus of zcash um but that could 00:26:55.190 --> 00:26:55.200 align:start position:0% could 00:26:55.200 --> 00:26:58.789 align:start position:0% could change<00:26:56.200> hey<00:26:56.600> um<00:26:57.159> so<00:26:57.520> besides<00:26:58.000> just<00:26:58.320> winning 00:26:58.789 --> 00:26:58.799 align:start position:0% change hey um so besides just winning 00:26:58.799 --> 00:27:01.990 align:start position:0% change hey um so besides just winning the<00:26:59.559> um<00:26:59.720> or<00:26:59.960> educating<00:27:00.559> users<00:27:01.279> about<00:27:01.520> shielded 00:27:01.990 --> 00:27:02.000 align:start position:0% the um or educating users about shielded 00:27:02.000 --> 00:27:03.789 align:start position:0% the um or educating users about shielded transactions<00:27:02.600> could<00:27:02.720> you<00:27:02.880> talk<00:27:03.039> a<00:27:03.159> little<00:27:03.320> bit 00:27:03.789 --> 00:27:03.799 align:start position:0% transactions could you talk a little bit 00:27:03.799 --> 00:27:05.510 align:start position:0% transactions could you talk a little bit about<00:27:04.039> the<00:27:04.200> rest<00:27:04.360> of<00:27:04.520> the<00:27:04.640> stars<00:27:05.039> that<00:27:05.159> need<00:27:05.360> to 00:27:05.510 --> 00:27:05.520 align:start position:0% about the rest of the stars that need to 00:27:05.520 --> 00:27:08.630 align:start position:0% about the rest of the stars that need to align<00:27:06.120> across<00:27:07.120> governance<00:27:07.760> business<00:27:08.320> and 00:27:08.630 --> 00:27:08.640 align:start position:0% align across governance business and 00:27:08.640 --> 00:27:10.990 align:start position:0% align across governance business and technology<00:27:09.159> to<00:27:09.320> make<00:27:09.480> that<00:27:09.600> become<00:27:09.799> a<00:27:10.000> default 00:27:10.990 --> 00:27:11.000 align:start position:0% technology to make that become a default 00:27:11.000 --> 00:27:14.029 align:start position:0% technology to make that become a default whoa<00:27:11.720> um<00:27:11.960> Amber<00:27:12.520> the<00:27:12.679> questioner<00:27:13.240> is<00:27:13.360> a<00:27:13.520> member 00:27:14.029 --> 00:27:14.039 align:start position:0% whoa um Amber the questioner is a member 00:27:14.039 --> 00:27:17.029 align:start position:0% whoa um Amber the questioner is a member of<00:27:14.320> the<00:27:14.480> board<00:27:14.840> of<00:27:14.960> the<00:27:15.080> zcash 00:27:17.029 --> 00:27:17.039 align:start position:0% of the board of the zcash 00:27:17.039 --> 00:27:19.029 align:start position:0% of the board of the zcash foundation 00:27:19.029 --> 00:27:19.039 align:start position:0% foundation 00:27:19.039 --> 00:27:22.549 align:start position:0% foundation which<00:27:20.039> is<00:27:20.480> a<00:27:21.480> a<00:27:21.640> separate<00:27:21.960> thing<00:27:22.200> from<00:27:22.399> my 00:27:22.549 --> 00:27:22.559 align:start position:0% which is a a separate thing from my 00:27:22.559 --> 00:27:24.389 align:start position:0% which is a a separate thing from my company<00:27:23.000> I'm<00:27:23.159> the<00:27:23.360> CEO<00:27:23.720> of<00:27:23.840> the<00:27:23.960> company<00:27:24.320> and 00:27:24.389 --> 00:27:24.399 align:start position:0% company I'm the CEO of the company and 00:27:24.399 --> 00:27:26.269 align:start position:0% company I'm the CEO of the company and the<00:27:24.520> zcash<00:27:24.919> foundation<00:27:25.440> that<00:27:25.559> Amber<00:27:25.840> is<00:27:25.960> a 00:27:26.269 --> 00:27:26.279 align:start position:0% the zcash foundation that Amber is a 00:27:26.279 --> 00:27:28.310 align:start position:0% the zcash foundation that Amber is a director<00:27:26.760> of<00:27:27.399> is<00:27:27.520> a<00:27:27.640> completely<00:27:27.919> sep<00:27:28.240> an 00:27:28.310 --> 00:27:28.320 align:start position:0% director of is a completely sep an 00:27:28.320 --> 00:27:30.710 align:start position:0% director of is a completely sep an independent<00:27:28.799> thing<00:27:29.799> uh<00:27:29.960> and<00:27:30.039> it<00:27:30.200> sounds<00:27:30.559> like 00:27:30.710 --> 00:27:30.720 align:start position:0% independent thing uh and it sounds like 00:27:30.720 --> 00:27:32.190 align:start position:0% independent thing uh and it sounds like a<00:27:30.880> question<00:27:31.120> that<00:27:31.279> Amber<00:27:31.600> should<00:27:31.799> answer<00:27:32.120> what 00:27:32.190 --> 00:27:32.200 align:start position:0% a question that Amber should answer what 00:27:32.200 --> 00:27:37.230 align:start position:0% a question that Amber should answer what was<00:27:32.399> that<00:27:33.360> aside<00:27:33.840> from<00:27:35.000> inp<00:27:36.000> inside<00:27:36.440> from 00:27:37.230 --> 00:27:37.240 align:start position:0% was that aside from inp inside from 00:27:37.240 --> 00:27:40.710 align:start position:0% was that aside from inp inside from educating<00:27:37.840> users<00:27:38.559> governance<00:27:39.000> and<00:27:39.440> business 00:27:40.710 --> 00:27:40.720 align:start position:0% educating users governance and business 00:27:40.720 --> 00:27:43.710 align:start position:0% educating users governance and business um<00:27:41.720> oh<00:27:41.880> can<00:27:42.000> I<00:27:42.080> have<00:27:42.240> my<00:27:42.399> slides<00:27:42.840> back<00:27:43.360> I<00:27:43.480> have<00:27:43.600> a 00:27:43.710 --> 00:27:43.720 align:start position:0% um oh can I have my slides back I have a 00:27:43.720 --> 00:27:49.310 align:start position:0% um oh can I have my slides back I have a slide<00:27:44.080> about<00:27:45.320> this<00:27:46.320> anyway<00:27:47.240> uh<00:27:48.080> a<00:27:48.279> major<00:27:49.159> the 00:27:49.310 --> 00:27:49.320 align:start position:0% slide about this anyway uh a major the 00:27:49.320 --> 00:27:51.669 align:start position:0% slide about this anyway uh a major the major<00:27:49.640> touch<00:27:49.960> point<00:27:50.279> between<00:27:51.120> oh<00:27:51.279> yeah<00:27:51.440> thanks 00:27:51.669 --> 00:27:51.679 align:start position:0% major touch point between oh yeah thanks 00:27:51.679 --> 00:27:55.710 align:start position:0% major touch point between oh yeah thanks perfect<00:27:52.519> the<00:27:53.360> the<00:27:54.360> premier<00:27:54.880> touch<00:27:55.360> point 00:27:55.710 --> 00:27:55.720 align:start position:0% perfect the the premier touch point 00:27:55.720 --> 00:27:58.549 align:start position:0% perfect the the premier touch point between<00:27:56.360> Regulators<00:27:57.039> in<00:27:57.240> the<00:27:57.399> technology<00:27:58.240> and 00:27:58.549 --> 00:27:58.559 align:start position:0% between Regulators in the technology and 00:27:58.559 --> 00:28:00.710 align:start position:0% between Regulators in the technology and between<00:27:59.200> users<00:27:59.720> in<00:27:59.880> the<00:28:00.039> technology<00:28:00.559> right 00:28:00.710 --> 00:28:00.720 align:start position:0% between users in the technology right 00:28:00.720 --> 00:28:01.549 align:start position:0% between users in the technology right now<00:28:00.840> is 00:28:01.549 --> 00:28:01.559 align:start position:0% now is 00:28:01.559 --> 00:28:04.750 align:start position:0% now is exchanges<00:28:02.559> right<00:28:03.480> this<00:28:03.600> is<00:28:03.720> a<00:28:03.960> map<00:28:04.320> of<00:28:04.519> all<00:28:04.640> of 00:28:04.750 --> 00:28:04.760 align:start position:0% exchanges right this is a map of all of 00:28:04.760 --> 00:28:07.870 align:start position:0% exchanges right this is a map of all of the<00:28:04.880> exchanges<00:28:05.399> that<00:28:05.919> already<00:28:06.919> um<00:28:07.559> provide 00:28:07.870 --> 00:28:07.880 align:start position:0% the exchanges that already um provide 00:28:07.880 --> 00:28:11.110 align:start position:0% the exchanges that already um provide zcash<00:28:08.360> to<00:28:08.559> their<00:28:09.080> users<00:28:10.080> and<00:28:10.360> so<00:28:10.679> they<00:28:10.799> are 00:28:11.110 --> 00:28:11.120 align:start position:0% zcash to their users and so they are 00:28:11.120 --> 00:28:13.710 align:start position:0% zcash to their users and so they are actually<00:28:11.640> the<00:28:12.320> most<00:28:12.799> effective<00:28:13.399> both<00:28:13.559> at 00:28:13.710 --> 00:28:13.720 align:start position:0% actually the most effective both at 00:28:13.720 --> 00:28:15.950 align:start position:0% actually the most effective both at educating<00:28:14.159> the<00:28:14.240> users<00:28:14.640> and<00:28:14.760> at<00:28:14.919> educating<00:28:15.360> The 00:28:15.950 --> 00:28:15.960 align:start position:0% educating the users and at educating The 00:28:15.960 --> 00:28:17.990 align:start position:0% educating the users and at educating The Regulators<00:28:16.960> um<00:28:17.080> note<00:28:17.320> that<00:28:17.440> there<00:28:17.559> are<00:28:17.760> none 00:28:17.990 --> 00:28:18.000 align:start position:0% Regulators um note that there are none 00:28:18.000 --> 00:28:20.350 align:start position:0% Regulators um note that there are none in<00:28:18.120> India<00:28:18.440> or<00:28:18.640> China<00:28:19.519> uh<00:28:19.600> there<00:28:19.720> are<00:28:19.880> lots<00:28:20.120> in 00:28:20.350 --> 00:28:20.360 align:start position:0% in India or China uh there are lots in 00:28:20.360 --> 00:28:22.509 align:start position:0% in India or China uh there are lots in us<00:28:20.840> and<00:28:20.960> there<00:28:21.039> are<00:28:21.200> lots<00:28:21.399> in<00:28:21.600> Singapore<00:28:22.159> Hong 00:28:22.509 --> 00:28:22.519 align:start position:0% us and there are lots in Singapore Hong 00:28:22.519 --> 00:28:24.029 align:start position:0% us and there are lots in Singapore Hong Kong 00:28:24.029 --> 00:28:24.039 align:start position:0% Kong 00:28:24.039 --> 00:28:25.669 align:start position:0% Kong Korea 00:28:25.669 --> 00:28:25.679 align:start position:0% Korea 00:28:25.679 --> 00:28:29.470 align:start position:0% Korea Etc<00:28:26.679> um 00:28:29.470 --> 00:28:29.480 align:start position:0% Etc um 00:28:29.480 --> 00:28:31.710 align:start position:0% Etc um and<00:28:30.480> one<00:28:30.640> more<00:28:30.880> thing<00:28:31.080> that<00:28:31.200> is<00:28:31.399> really 00:28:31.710 --> 00:28:31.720 align:start position:0% and one more thing that is really 00:28:31.720 --> 00:28:35.269 align:start position:0% and one more thing that is really necessary<00:28:32.399> is<00:28:32.840> better<00:28:33.440> ux<00:28:34.440> as<00:28:34.679> everyone<00:28:35.120> I 00:28:35.269 --> 00:28:35.279 align:start position:0% necessary is better ux as everyone I 00:28:35.279 --> 00:28:38.590 align:start position:0% necessary is better ux as everyone I think<00:28:36.279> has<00:28:36.480> figured<00:28:36.799> out<00:28:37.120> we've<00:28:37.440> all<00:28:38.320> done 00:28:38.590 --> 00:28:38.600 align:start position:0% think has figured out we've all done 00:28:38.600 --> 00:28:40.750 align:start position:0% think has figured out we've all done this<00:28:39.600> backwards<00:28:40.120> by<00:28:40.240> building<00:28:40.600> the 00:28:40.750 --> 00:28:40.760 align:start position:0% this backwards by building the 00:28:40.760 --> 00:28:42.190 align:start position:0% this backwards by building the technology<00:28:41.279> first<00:28:41.519> and<00:28:41.640> then<00:28:41.799> trying<00:28:42.039> to 00:28:42.190 --> 00:28:42.200 align:start position:0% technology first and then trying to 00:28:42.200 --> 00:28:43.669 align:start position:0% technology first and then trying to figure<00:28:42.440> out<00:28:42.559> how<00:28:42.679> to<00:28:42.799> put<00:28:42.919> a<00:28:43.039> user<00:28:43.320> experience 00:28:43.669 --> 00:28:43.679 align:start position:0% figure out how to put a user experience 00:28:43.679 --> 00:28:47.350 align:start position:0% figure out how to put a user experience on<00:28:43.840> top<00:28:44.000> of<00:28:44.200> it<00:28:44.679> so<00:28:45.000> now<00:28:45.240> we<00:28:45.399> have<00:28:45.880> to<00:28:46.880> fix<00:28:47.200> that 00:28:47.350 --> 00:28:47.360 align:start position:0% on top of it so now we have to fix that 00:28:47.360 --> 00:28:49.149 align:start position:0% on top of it so now we have to fix that and<00:28:47.519> make<00:28:47.720> a<00:28:47.880> really<00:28:48.039> good<00:28:48.200> user<00:28:48.559> experience 00:28:49.149 --> 00:28:49.159 align:start position:0% and make a really good user experience 00:28:49.159 --> 00:28:50.750 align:start position:0% and make a really good user experience and<00:28:49.279> then<00:28:49.480> figure<00:28:49.840> how<00:28:49.919> to<00:28:50.039> fit<00:28:50.159> it<00:28:50.240> to<00:28:50.399> the 00:28:50.750 --> 00:28:50.760 align:start position:0% and then figure how to fit it to the 00:28:50.760 --> 00:28:54.389 align:start position:0% and then figure how to fit it to the technology<00:28:51.760> that's<00:28:51.960> my<00:28:52.600> answer<00:28:53.600> any<00:28:53.760> other 00:28:54.389 --> 00:28:54.399 align:start position:0% technology that's my answer any other 00:28:54.399 --> 00:28:58.070 align:start position:0% technology that's my answer any other questions<00:28:55.519> yeah<00:28:56.519> do<00:28:56.640> you<00:28:56.840> think<00:28:57.039> a<00:28:57.240> connection 00:28:58.070 --> 00:28:58.080 align:start position:0% questions yeah do you think a connection 00:28:58.080 --> 00:29:01.310 align:start position:0% questions yeah do you think a connection between<00:28:58.360> zcash<00:28:58.919> and<00:28:59.159> ethereum<00:28:59.760> is<00:29:00.320> Possible 00:29:01.310 --> 00:29:01.320 align:start position:0% between zcash and ethereum is Possible 00:29:01.320 --> 00:29:02.830 align:start position:0% between zcash and ethereum is Possible Oh<00:29:01.559> a<00:29:01.679> connection<00:29:02.080> between<00:29:02.320> zcash<00:29:02.720> and 00:29:02.830 --> 00:29:02.840 align:start position:0% Oh a connection between zcash and 00:29:02.840 --> 00:29:05.070 align:start position:0% Oh a connection between zcash and ethereum<00:29:03.440> oh<00:29:03.559> that's<00:29:03.720> a<00:29:04.000> great<00:29:04.240> question<00:29:04.880> Hey 00:29:05.070 --> 00:29:05.080 align:start position:0% ethereum oh that's a great question Hey 00:29:05.080 --> 00:29:08.669 align:start position:0% ethereum oh that's a great question Hey listen<00:29:05.559> there's<00:29:05.840> this<00:29:06.200> EIP<00:29:07.200> for<00:29:07.519> Blake<00:29:07.960> 2<00:29:08.519> a 00:29:08.669 --> 00:29:08.679 align:start position:0% listen there's this EIP for Blake 2 a 00:29:08.679 --> 00:29:12.549 align:start position:0% listen there's this EIP for Blake 2 a secure<00:29:09.039> hash<00:29:09.720> function<00:29:10.720> uh<00:29:11.080> please<00:29:11.679> please 00:29:12.549 --> 00:29:12.559 align:start position:0% secure hash function uh please please 00:29:12.559 --> 00:29:14.389 align:start position:0% secure hash function uh please please contact<00:29:13.120> your<00:29:13.360> friendly<00:29:13.720> neighborhood 00:29:14.389 --> 00:29:14.399 align:start position:0% contact your friendly neighborhood 00:29:14.399 --> 00:29:16.430 align:start position:0% contact your friendly neighborhood ethereum<00:29:14.960> developer<00:29:15.799> and<00:29:15.919> tell<00:29:16.120> them<00:29:16.279> that 00:29:16.430 --> 00:29:16.440 align:start position:0% ethereum developer and tell them that 00:29:16.440 --> 00:29:19.310 align:start position:0% ethereum developer and tell them that you<00:29:16.600> support<00:29:17.000> the<00:29:17.159> Blake<00:29:17.640> EIP<00:29:18.480> because<00:29:19.120> that 00:29:19.310 --> 00:29:19.320 align:start position:0% you support the Blake EIP because that 00:29:19.320 --> 00:29:22.070 align:start position:0% you support the Blake EIP because that would<00:29:19.640> be<00:29:19.880> one<00:29:20.080> way<00:29:20.240> to<00:29:20.440> reduce<00:29:20.799> the<00:29:21.000> gas<00:29:21.399> costs 00:29:22.070 --> 00:29:22.080 align:start position:0% would be one way to reduce the gas costs 00:29:22.080 --> 00:29:25.990 align:start position:0% would be one way to reduce the gas costs of<00:29:23.080> um<00:29:23.960> of<00:29:24.159> ethereum<00:29:24.679> smart<00:29:25.080> contracts 00:29:25.990 --> 00:29:26.000 align:start position:0% of um of ethereum smart contracts 00:29:26.000 --> 00:29:28.630 align:start position:0% of um of ethereum smart contracts evaluating<00:29:26.880> the<00:29:27.039> zcash<00:29:27.559> proof<00:29:27.760> of<00:29:27.880> work<00:29:28.399> which 00:29:28.630 --> 00:29:28.640 align:start position:0% evaluating the zcash proof of work which 00:29:28.640 --> 00:29:30.950 align:start position:0% evaluating the zcash proof of work which might<00:29:28.880> allow<00:29:29.159> certain<00:29:29.399> kinds<00:29:29.600> of<00:29:29.960> connection 00:29:30.950 --> 00:29:30.960 align:start position:0% might allow certain kinds of connection 00:29:30.960 --> 00:29:33.430 align:start position:0% might allow certain kinds of connection um<00:29:31.080> there's<00:29:31.279> this<00:29:31.440> whole<00:29:31.679> crazy<00:29:32.120> idea<00:29:32.799> that<00:29:33.159> is 00:29:33.430 --> 00:29:33.440 align:start position:0% um there's this whole crazy idea that is 00:29:33.440 --> 00:29:36.110 align:start position:0% um there's this whole crazy idea that is not<00:29:34.080> is<00:29:34.279> purely<00:29:34.640> hypothetical<00:29:35.559> but<00:29:35.720> vitalic 00:29:36.110 --> 00:29:36.120 align:start position:0% not is purely hypothetical but vitalic 00:29:36.120 --> 00:29:38.549 align:start position:0% not is purely hypothetical but vitalic brought<00:29:36.320> it<00:29:36.399> up<00:29:36.600> first<00:29:36.960> so<00:29:37.519> I<00:29:37.600> can<00:29:37.799> say<00:29:37.960> it 00:29:38.549 --> 00:29:38.559 align:start position:0% brought it up first so I can say it 00:29:38.559 --> 00:29:41.750 align:start position:0% brought it up first so I can say it which<00:29:38.880> is<00:29:39.880> uh<00:29:40.559> zcash<00:29:41.080> and<00:29:41.200> ethereum<00:29:41.600> could 00:29:41.750 --> 00:29:41.760 align:start position:0% which is uh zcash and ethereum could 00:29:41.760 --> 00:29:45.710 align:start position:0% which is uh zcash and ethereum could just<00:29:42.360> merge<00:29:43.440> uh<00:29:44.440> so<00:29:44.720> like<00:29:45.240> I<00:29:45.320> don't<00:29:45.440> know<00:29:45.559> how 00:29:45.710 --> 00:29:45.720 align:start position:0% just merge uh so like I don't know how 00:29:45.720 --> 00:29:48.669 align:start position:0% just merge uh so like I don't know how this<00:29:45.840> would<00:29:46.159> work<00:29:47.159> yeah<00:29:47.399> thanks<00:29:48.120> I<00:29:48.240> appreciate 00:29:48.669 --> 00:29:48.679 align:start position:0% this would work yeah thanks I appreciate 00:29:48.679 --> 00:29:51.830 align:start position:0% this would work yeah thanks I appreciate the<00:29:48.840> support<00:29:49.279> but<00:29:50.200> in<00:29:50.320> the<00:29:50.480> meantime<00:29:51.000> I<00:29:51.120> think 00:29:51.830 --> 00:29:51.840 align:start position:0% the support but in the meantime I think 00:29:51.840 --> 00:29:54.389 align:start position:0% the support but in the meantime I think uh<00:29:52.760> people<00:29:53.200> using<00:29:53.640> multiple<00:29:54.159> different 00:29:54.389 --> 00:29:54.399 align:start position:0% uh people using multiple different 00:29:54.399 --> 00:29:56.310 align:start position:0% uh people using multiple different networks<00:29:54.880> and<00:29:55.240> Technologies<00:29:55.840> for<00:29:56.080> different 00:29:56.310 --> 00:29:56.320 align:start position:0% networks and Technologies for different 00:29:56.320 --> 00:29:58.590 align:start position:0% networks and Technologies for different purposes<00:29:56.919> is<00:29:57.279> the<00:29:57.559> the<00:29:57.720> practice<00:29:58.039> IAL<00:29:58.440> the 00:29:58.590 --> 00:29:58.600 align:start position:0% purposes is the the practice IAL the 00:29:58.600 --> 00:30:02.110 align:start position:0% purposes is the the practice IAL the pragmatic<00:29:59.039> thing<00:29:59.200> to<00:29:59.399> do<00:30:00.559> um<00:30:01.559> but<00:30:01.760> there<00:30:02.000> there 00:30:02.110 --> 00:30:02.120 align:start position:0% pragmatic thing to do um but there there 00:30:02.120 --> 00:30:04.029 align:start position:0% pragmatic thing to do um but there there are<00:30:02.279> a<00:30:02.360> few<00:30:02.799> technal<00:30:03.200> technical<00:30:03.559> ideas<00:30:03.880> for 00:30:04.029 --> 00:30:04.039 align:start position:0% are a few technal technical ideas for 00:30:04.039 --> 00:30:06.430 align:start position:0% are a few technal technical ideas for how<00:30:04.159> we<00:30:04.279> can<00:30:04.440> have<00:30:04.840> decentralized<00:30:05.840> trustless 00:30:06.430 --> 00:30:06.440 align:start position:0% how we can have decentralized trustless 00:30:06.440 --> 00:30:09.310 align:start position:0% how we can have decentralized trustless cross<00:30:06.760> chain<00:30:07.279> interop<00:30:08.279> um<00:30:08.440> and<00:30:08.679> one<00:30:08.960> of<00:30:09.159> the 00:30:09.310 --> 00:30:09.320 align:start position:0% cross chain interop um and one of the 00:30:09.320 --> 00:30:12.029 align:start position:0% cross chain interop um and one of the details<00:30:09.760> that<00:30:09.960> would<00:30:10.240> help<00:30:10.519> is<00:30:10.840> the<00:30:11.080> EIP<00:30:11.840> about 00:30:12.029 --> 00:30:12.039 align:start position:0% details that would help is the EIP about 00:30:12.039 --> 00:30:15.389 align:start position:0% details that would help is the EIP about Blake<00:30:12.320> 2<00:30:12.679> thanks<00:30:13.679> question<00:30:13.880> over 00:30:15.389 --> 00:30:15.399 align:start position:0% Blake 2 thanks question over 00:30:15.399 --> 00:30:18.870 align:start position:0% Blake 2 thanks question over there<00:30:16.399> Hi<00:30:17.200> um<00:30:17.640> I<00:30:17.760> heard<00:30:18.039> you<00:30:18.279> saying<00:30:18.559> a<00:30:18.679> couple 00:30:18.870 --> 00:30:18.880 align:start position:0% there Hi um I heard you saying a couple 00:30:18.880 --> 00:30:21.149 align:start position:0% there Hi um I heard you saying a couple of<00:30:18.960> months<00:30:19.200> ago<00:30:19.399> in<00:30:19.480> a<00:30:19.640> podcast<00:30:20.039> interview 00:30:21.149 --> 00:30:21.159 align:start position:0% of months ago in a podcast interview 00:30:21.159 --> 00:30:24.630 align:start position:0% of months ago in a podcast interview that<00:30:22.159> some<00:30:22.960> approximately<00:30:23.559> 7%<00:30:24.159> of<00:30:24.279> all<00:30:24.480> the 00:30:24.630 --> 00:30:24.640 align:start position:0% that some approximately 7% of all the 00:30:24.640 --> 00:30:27.630 align:start position:0% that some approximately 7% of all the transactions<00:30:25.159> on<00:30:25.320> zikes<00:30:25.720> are<00:30:26.200> shielded<00:30:27.200> um 00:30:27.630 --> 00:30:27.640 align:start position:0% transactions on zikes are shielded um 00:30:27.640 --> 00:30:29.029 align:start position:0% transactions on zikes are shielded um what's<00:30:27.840> the<00:30:28.039> the<00:30:28.159> state<00:30:28.360> of<00:30:28.519> the<00:30:28.600> shielded 00:30:29.029 --> 00:30:29.039 align:start position:0% what's the the state of the shielded 00:30:29.039 --> 00:30:30.950 align:start position:0% what's the the state of the shielded transactions<00:30:29.640> today<00:30:30.039> and<00:30:30.360> what<00:30:30.519> needs<00:30:30.720> to 00:30:30.950 --> 00:30:30.960 align:start position:0% transactions today and what needs to 00:30:30.960 --> 00:30:33.630 align:start position:0% transactions today and what needs to happen<00:30:31.760> that<00:30:32.080> technically<00:30:32.760> we<00:30:32.880> will<00:30:33.200> see<00:30:33.480> more 00:30:33.630 --> 00:30:33.640 align:start position:0% happen that technically we will see more 00:30:33.640 --> 00:30:37.950 align:start position:0% happen that technically we will see more of<00:30:33.799> them<00:30:34.360> right<00:30:34.880> so<00:30:35.880> um<00:30:36.519> very<00:30:36.960> so<00:30:37.240> zcash<00:30:37.880> I 00:30:37.950 --> 00:30:37.960 align:start position:0% of them right so um very so zcash I 00:30:37.960 --> 00:30:40.310 align:start position:0% of them right so um very so zcash I didn't<00:30:38.159> get<00:30:38.320> into<00:30:38.600> this<00:30:38.960> zcash<00:30:39.679> supported 00:30:40.310 --> 00:30:40.320 align:start position:0% didn't get into this zcash supported 00:30:40.320 --> 00:30:43.950 align:start position:0% didn't get into this zcash supported backwards<00:30:41.480> compatible<00:30:42.480> um<00:30:43.080> clear<00:30:43.399> text<00:30:43.600> mode 00:30:43.950 --> 00:30:43.960 align:start position:0% backwards compatible um clear text mode 00:30:43.960 --> 00:30:46.789 align:start position:0% backwards compatible um clear text mode it's<00:30:44.080> like<00:30:44.240> HTTP<00:30:44.919> and<00:30:45.039> https<00:30:45.880> for<00:30:46.120> for<00:30:46.279> a<00:30:46.480> long 00:30:46.789 --> 00:30:46.799 align:start position:0% it's like HTTP and https for for a long 00:30:46.799 --> 00:30:50.149 align:start position:0% it's like HTTP and https for for a long long<00:30:47.159> time<00:30:47.799> everyone<00:30:48.559> still<00:30:48.919> supported 00:30:50.149 --> 00:30:50.159 align:start position:0% long time everyone still supported 00:30:50.159 --> 00:30:52.590 align:start position:0% long time everyone still supported HTTP<00:30:51.159> uh<00:30:51.360> but<00:30:51.480> then<00:30:51.600> more<00:30:51.919> and<00:30:52.080> more<00:30:52.279> people 00:30:52.590 --> 00:30:52.600 align:start position:0% HTTP uh but then more and more people 00:30:52.600 --> 00:30:54.389 align:start position:0% HTTP uh but then more and more people started<00:30:53.080> supporting<00:30:53.519> or<00:30:53.679> even<00:30:53.919> requiring 00:30:54.389 --> 00:30:54.399 align:start position:0% started supporting or even requiring 00:30:54.399 --> 00:30:58.269 align:start position:0% started supporting or even requiring https<00:30:55.399> similarly<00:30:55.919> zcash<00:30:56.600> allows<00:30:57.240> the<00:30:57.480> old 00:30:58.269 --> 00:30:58.279 align:start position:0% https similarly zcash allows the old 00:30:58.279 --> 00:31:00.269 align:start position:0% https similarly zcash allows the old Bitcoin 00:31:00.269 --> 00:31:00.279 align:start position:0% Bitcoin 00:31:00.279 --> 00:31:03.789 align:start position:0% Bitcoin style<00:31:01.279> non-private<00:31:02.000> mode<00:31:02.840> and<00:31:03.519> the 00:31:03.789 --> 00:31:03.799 align:start position:0% style non-private mode and the 00:31:03.799 --> 00:31:07.230 align:start position:0% style non-private mode and the questioner<00:31:04.320> was<00:31:04.519> pointing<00:31:04.840> out<00:31:05.320> that<00:31:06.320> most 00:31:07.230 --> 00:31:07.240 align:start position:0% questioner was pointing out that most 00:31:07.240 --> 00:31:09.789 align:start position:0% questioner was pointing out that most transactions<00:31:08.240> use<00:31:08.760> only<00:31:09.039> the 00:31:09.789 --> 00:31:09.799 align:start position:0% transactions use only the 00:31:09.799 --> 00:31:13.110 align:start position:0% transactions use only the old<00:31:10.799> unencrypted<00:31:11.519> mode<00:31:12.519> and<00:31:12.639> What<00:31:12.760> needs<00:31:12.960> to 00:31:13.110 --> 00:31:13.120 align:start position:0% old unencrypted mode and What needs to 00:31:13.120 --> 00:31:15.750 align:start position:0% old unencrypted mode and What needs to change<00:31:13.600> so<00:31:13.799> the<00:31:14.000> first<00:31:14.760> there's<00:31:15.200> two<00:31:15.440> things 00:31:15.750 --> 00:31:15.760 align:start position:0% change so the first there's two things 00:31:15.760 --> 00:31:17.990 align:start position:0% change so the first there's two things first<00:31:15.960> of<00:31:16.080> all<00:31:16.639> well<00:31:17.039> three<00:31:17.279> things<00:31:17.639> sorry 00:31:17.990 --> 00:31:18.000 align:start position:0% first of all well three things sorry 00:31:18.000 --> 00:31:19.350 align:start position:0% first of all well three things sorry it's<00:31:18.159> a<00:31:18.279> lot<00:31:18.519> but<00:31:18.799> first<00:31:18.960> of<00:31:19.080> all<00:31:19.240> the 00:31:19.350 --> 00:31:19.360 align:start position:0% it's a lot but first of all the 00:31:19.360 --> 00:31:20.990 align:start position:0% it's a lot but first of all the cryptography<00:31:19.960> which<00:31:20.080> is<00:31:20.240> the<00:31:20.360> whole<00:31:20.600> first 00:31:20.990 --> 00:31:21.000 align:start position:0% cryptography which is the whole first 00:31:21.000 --> 00:31:22.629 align:start position:0% cryptography which is the whole first part<00:31:21.159> of<00:31:21.320> my<00:31:21.559> talk<00:31:21.799> is<00:31:22.039> that<00:31:22.159> we<00:31:22.240> needed<00:31:22.480> to 00:31:22.629 --> 00:31:22.639 align:start position:0% part of my talk is that we needed to 00:31:22.639 --> 00:31:24.990 align:start position:0% part of my talk is that we needed to reduce<00:31:23.080> the<00:31:23.519> computation<00:31:24.120> cost<00:31:24.360> from<00:31:24.480> 37 00:31:24.990 --> 00:31:25.000 align:start position:0% reduce the computation cost from 37 00:31:25.000 --> 00:31:27.190 align:start position:0% reduce the computation cost from 37 seconds<00:31:25.519> on<00:31:25.600> a<00:31:25.799> laptop<00:31:26.200> down<00:31:26.399> to<00:31:26.919> like<00:31:27.080> a 00:31:27.190 --> 00:31:27.200 align:start position:0% seconds on a laptop down to like a 00:31:27.200 --> 00:31:29.509 align:start position:0% seconds on a laptop down to like a couple<00:31:27.440> of<00:31:27.559> seconds<00:31:27.960> so<00:31:28.200> that<00:31:28.919> that<00:31:29.080> reduces 00:31:29.509 --> 00:31:29.519 align:start position:0% couple of seconds so that that reduces 00:31:29.519 --> 00:31:31.029 align:start position:0% couple of seconds so that that reduces the<00:31:29.639> barrier<00:31:30.039> by<00:31:30.159> the<00:31:30.240> way<00:31:30.399> this<00:31:30.519> also<00:31:30.720> reminds 00:31:31.029 --> 00:31:31.039 align:start position:0% the barrier by the way this also reminds 00:31:31.039 --> 00:31:34.310 align:start position:0% the barrier by the way this also reminds me<00:31:31.200> when<00:31:31.360> SSL<00:31:31.880> was<00:31:32.039> new<00:31:32.360> it<00:31:32.480> was<00:31:33.039> uh<00:31:33.320> expensive 00:31:34.310 --> 00:31:34.320 align:start position:0% me when SSL was new it was uh expensive 00:31:34.320 --> 00:31:35.990 align:start position:0% me when SSL was new it was uh expensive and<00:31:34.960> um<00:31:35.080> you<00:31:35.159> know<00:31:35.279> computers<00:31:35.600> were<00:31:35.760> a<00:31:35.880> lot 00:31:35.990 --> 00:31:36.000 align:start position:0% and um you know computers were a lot 00:31:36.000 --> 00:31:37.350 align:start position:0% and um you know computers were a lot weaker<00:31:36.320> back<00:31:36.480> then<00:31:36.639> and<00:31:36.799> that<00:31:36.880> was<00:31:37.039> one<00:31:37.159> of<00:31:37.240> the 00:31:37.350 --> 00:31:37.360 align:start position:0% weaker back then and that was one of the 00:31:37.360 --> 00:31:39.029 align:start position:0% weaker back then and that was one of the reasons<00:31:37.679> why<00:31:37.799> it<00:31:37.880> took<00:31:38.039> so<00:31:38.200> many<00:31:38.360> years<00:31:38.559> for 00:31:39.029 --> 00:31:39.039 align:start position:0% reasons why it took so many years for 00:31:39.039 --> 00:31:41.110 align:start position:0% reasons why it took so many years for SSL<00:31:39.440> to<00:31:39.519> become<00:31:39.760> ubiquitous<00:31:40.360> but<00:31:40.880> uh<00:31:41.000> the 00:31:41.110 --> 00:31:41.120 align:start position:0% SSL to become ubiquitous but uh the 00:31:41.120 --> 00:31:43.629 align:start position:0% SSL to become ubiquitous but uh the other<00:31:41.279> one<00:31:41.440> is<00:31:41.559> all<00:31:41.720> these<00:31:41.919> exchanges<00:31:42.679> need<00:31:42.960> to 00:31:43.629 --> 00:31:43.639 align:start position:0% other one is all these exchanges need to 00:31:43.639 --> 00:31:45.789 align:start position:0% other one is all these exchanges need to start<00:31:44.039> supporting<00:31:44.760> all<00:31:45.080> these<00:31:45.279> exchanges 00:31:45.789 --> 00:31:45.799 align:start position:0% start supporting all these exchanges 00:31:45.799 --> 00:31:48.590 align:start position:0% start supporting all these exchanges need<00:31:46.000> to<00:31:46.159> start<00:31:46.679> supporting<00:31:47.679> the<00:31:48.039> encrypted 00:31:48.590 --> 00:31:48.600 align:start position:0% need to start supporting the encrypted 00:31:48.600 --> 00:31:51.509 align:start position:0% need to start supporting the encrypted mode<00:31:48.880> in<00:31:49.000> order<00:31:49.240> to<00:31:49.480> protect<00:31:49.799> their<00:31:50.320> users<00:31:51.320> and 00:31:51.509 --> 00:31:51.519 align:start position:0% mode in order to protect their users and 00:31:51.519 --> 00:31:53.070 align:start position:0% mode in order to protect their users and they<00:31:51.639> need<00:31:51.919> to<00:31:52.440> understand<00:31:52.760> which<00:31:52.919> they 00:31:53.070 --> 00:31:53.080 align:start position:0% they need to understand which they 00:31:53.080 --> 00:31:55.470 align:start position:0% they need to understand which they mostly<00:31:53.519> don't<00:31:53.960> because<00:31:54.159> of<00:31:54.639> this<00:31:54.799> fud<00:31:55.320> they 00:31:55.470 --> 00:31:55.480 align:start position:0% mostly don't because of this fud they 00:31:55.480 --> 00:31:58.029 align:start position:0% mostly don't because of this fud they don't<00:31:55.960> realize<00:31:56.720> that<00:31:56.840> the<00:31:57.039> Regulators<00:31:57.600> are 00:31:58.029 --> 00:31:58.039 align:start position:0% don't realize that the Regulators are 00:31:58.039 --> 00:31:59.629 align:start position:0% don't realize that the Regulators are almost<00:31:58.240> certainly<00:31:58.720> okay<00:31:58.960> with<00:31:59.120> that<00:31:59.519> they 00:31:59.629 --> 00:31:59.639 align:start position:0% almost certainly okay with that they 00:31:59.639 --> 00:32:01.710 align:start position:0% almost certainly okay with that they just<00:31:59.799> need<00:31:59.960> to<00:32:00.519> tell<00:32:00.720> The<00:32:00.840> Regulators<00:32:01.440> this<00:32:01.559> is 00:32:01.710 --> 00:32:01.720 align:start position:0% just need to tell The Regulators this is 00:32:01.720 --> 00:32:03.710 align:start position:0% just need to tell The Regulators this is user<00:32:02.080> protection<00:32:02.559> it's<00:32:02.799> compatible<00:32:03.360> with<00:32:03.559> all 00:32:03.710 --> 00:32:03.720 align:start position:0% user protection it's compatible with all 00:32:03.720 --> 00:32:05.750 align:start position:0% user protection it's compatible with all of<00:32:03.880> the<00:32:04.080> regulations<00:32:05.080> and<00:32:05.200> we<00:32:05.320> need<00:32:05.440> to<00:32:05.519> do<00:32:05.639> it 00:32:05.750 --> 00:32:05.760 align:start position:0% of the regulations and we need to do it 00:32:05.760 --> 00:32:08.230 align:start position:0% of the regulations and we need to do it to<00:32:05.919> protect<00:32:06.159> users<00:32:06.559> so<00:32:07.279> uh<00:32:07.440> after<00:32:07.679> you<00:32:07.919> contact 00:32:08.230 --> 00:32:08.240 align:start position:0% to protect users so uh after you contact 00:32:08.240 --> 00:32:09.389 align:start position:0% to protect users so uh after you contact your<00:32:08.360> friendly<00:32:08.679> neighborhood<00:32:09.039> ethereum 00:32:09.389 --> 00:32:09.399 align:start position:0% your friendly neighborhood ethereum 00:32:09.399 --> 00:32:10.870 align:start position:0% your friendly neighborhood ethereum developer<00:32:09.799> contact<00:32:10.080> your<00:32:10.240> friendly 00:32:10.870 --> 00:32:10.880 align:start position:0% developer contact your friendly 00:32:10.880 --> 00:32:12.789 align:start position:0% developer contact your friendly neighborhood<00:32:11.600> cryptocurrency<00:32:12.240> exchange<00:32:12.639> and 00:32:12.789 --> 00:32:12.799 align:start position:0% neighborhood cryptocurrency exchange and 00:32:12.799 --> 00:32:15.470 align:start position:0% neighborhood cryptocurrency exchange and say<00:32:13.080> you<00:32:13.240> want<00:32:14.120> encrypted<00:32:14.919> shielded 00:32:15.470 --> 00:32:15.480 align:start position:0% say you want encrypted shielded 00:32:15.480 --> 00:32:18.990 align:start position:0% say you want encrypted shielded transactions<00:32:16.399> like<00:32:16.639> SSL<00:32:17.320> instead<00:32:17.600> of<00:32:17.880> HTTP<00:32:18.880> in 00:32:18.990 --> 00:32:19.000 align:start position:0% transactions like SSL instead of HTTP in 00:32:19.000 --> 00:32:20.509 align:start position:0% transactions like SSL instead of HTTP in order<00:32:19.279> to<00:32:19.519> protect 00:32:20.509 --> 00:32:20.519 align:start position:0% order to protect 00:32:20.519 --> 00:32:23.190 align:start position:0% order to protect you<00:32:21.519> uh<00:32:21.639> the<00:32:21.760> last<00:32:22.039> thing<00:32:22.200> is 00:32:23.190 --> 00:32:23.200 align:start position:0% you uh the last thing is 00:32:23.200 --> 00:32:25.389 align:start position:0% you uh the last thing is ux<00:32:24.200> like<00:32:24.320> we're<00:32:24.480> making<00:32:24.679> a<00:32:24.760> new<00:32:24.960> wallet<00:32:25.240> and 00:32:25.389 --> 00:32:25.399 align:start position:0% ux like we're making a new wallet and 00:32:25.399 --> 00:32:28.230 align:start position:0% ux like we're making a new wallet and stuff<00:32:25.760> I<00:32:25.840> didn't<00:32:25.960> have<00:32:26.080> time<00:32:26.200> to<00:32:26.320> get<00:32:26.440> into 00:32:28.230 --> 00:32:28.240 align:start position:0% stuff I didn't have time to get into 00:32:28.240 --> 00:32:29.389 align:start position:0% stuff I didn't have time to get into any<00:32:28.480> more 00:32:29.389 --> 00:32:29.399 align:start position:0% any more 00:32:29.399 --> 00:32:31.430 align:start position:0% any more questions<00:32:30.399> hi<00:32:30.600> thanks<00:32:30.799> for<00:32:31.000> moving<00:32:31.320> this 00:32:31.430 --> 00:32:31.440 align:start position:0% questions hi thanks for moving this 00:32:31.440 --> 00:32:33.789 align:start position:0% questions hi thanks for moving this project<00:32:31.720> forward<00:32:32.639> um<00:32:32.760> so<00:32:33.039> I<00:32:33.159> have<00:32:33.279> a<00:32:33.440> question 00:32:33.789 --> 00:32:33.799 align:start position:0% project forward um so I have a question 00:32:33.799 --> 00:32:36.269 align:start position:0% project forward um so I have a question about<00:32:34.360> um<00:32:34.559> so<00:32:34.919> say<00:32:35.159> you<00:32:35.240> are<00:32:35.399> doing<00:32:35.679> a<00:32:35.880> service 00:32:36.269 --> 00:32:36.279 align:start position:0% about um so say you are doing a service 00:32:36.279 --> 00:32:38.310 align:start position:0% about um so say you are doing a service for<00:32:36.440> the<00:32:36.600> business<00:32:36.960> where<00:32:37.120> the<00:32:37.279> business<00:32:38.039> um 00:32:38.310 --> 00:32:38.320 align:start position:0% for the business where the business um 00:32:38.320 --> 00:32:41.190 align:start position:0% for the business where the business um resolve<00:32:38.880> their<00:32:39.399> transactions<00:32:40.039> payments<00:32:41.039> and 00:32:41.190 --> 00:32:41.200 align:start position:0% resolve their transactions payments and 00:32:41.200 --> 00:32:42.669 align:start position:0% resolve their transactions payments and of<00:32:41.360> course<00:32:41.679> yeah<00:32:41.799> there<00:32:41.919> is<00:32:42.200> this<00:32:42.320> notion<00:32:42.559> of 00:32:42.669 --> 00:32:42.679 align:start position:0% of course yeah there is this notion of 00:32:42.679 --> 00:32:45.590 align:start position:0% of course yeah there is this notion of privacy<00:32:43.159> that<00:32:43.360> you<00:32:43.480> know<00:32:44.320> um<00:32:44.880> counterparties 00:32:45.590 --> 00:32:45.600 align:start position:0% privacy that you know um counterparties 00:32:45.600 --> 00:32:47.789 align:start position:0% privacy that you know um counterparties they<00:32:46.600> different<00:32:46.919> parties<00:32:47.200> they<00:32:47.279> don't<00:32:47.480> know 00:32:47.789 --> 00:32:47.799 align:start position:0% they different parties they don't know 00:32:47.799 --> 00:32:49.669 align:start position:0% they different parties they don't know they<00:32:47.919> don't<00:32:48.120> want<00:32:48.240> to<00:32:48.399> know<00:32:48.679> about<00:32:49.000> like<00:32:49.480> with 00:32:49.669 --> 00:32:49.679 align:start position:0% they don't want to know about like with 00:32:49.679 --> 00:32:51.789 align:start position:0% they don't want to know about like with who<00:32:49.880> the<00:32:50.039> business<00:32:50.320> is<00:32:50.440> done<00:32:51.000> so<00:32:51.240> perfect<00:32:51.519> use 00:32:51.789 --> 00:32:51.799 align:start position:0% who the business is done so perfect use 00:32:51.799 --> 00:32:56.350 align:start position:0% who the business is done so perfect use case<00:32:52.919> um<00:32:53.919> um<00:32:54.480> do<00:32:54.639> you<00:32:54.840> think<00:32:55.240> that<00:32:55.519> or<00:32:56.039> up<00:32:56.240> to 00:32:56.350 --> 00:32:56.360 align:start position:0% case um um do you think that or up to 00:32:56.360 --> 00:32:59.470 align:start position:0% case um um do you think that or up to your<00:32:56.559> knowledge<00:32:57.559> if<00:32:58.200> um<00:32:58.639> on<00:32:58.760> the<00:32:59.039> for<00:32:59.159> the<00:32:59.279> tax 00:32:59.470 --> 00:32:59.480 align:start position:0% your knowledge if um on the for the tax 00:32:59.480 --> 00:33:02.190 align:start position:0% your knowledge if um on the for the tax reasons<00:33:00.360> um<00:33:00.679> some<00:33:00.880> regulatory<00:33:01.480> or<00:33:01.799> the<00:33:01.960> tax 00:33:02.190 --> 00:33:02.200 align:start position:0% reasons um some regulatory or the tax 00:33:02.200 --> 00:33:04.310 align:start position:0% reasons um some regulatory or the tax Authority<00:33:03.159> could<00:33:03.440> come<00:33:03.679> and<00:33:03.840> ask<00:33:04.039> to<00:33:04.200> the 00:33:04.310 --> 00:33:04.320 align:start position:0% Authority could come and ask to the 00:33:04.320 --> 00:33:06.070 align:start position:0% Authority could come and ask to the service<00:33:04.679> provider<00:33:05.200> so<00:33:05.399> let's<00:33:05.559> say<00:33:05.720> in<00:33:05.919> this 00:33:06.070 --> 00:33:06.080 align:start position:0% service provider so let's say in this 00:33:06.080 --> 00:33:08.430 align:start position:0% service provider so let's say in this case<00:33:07.039> uh<00:33:07.159> which<00:33:07.279> is<00:33:07.399> built<00:33:07.639> on<00:33:07.799> top<00:33:07.919> of<00:33:08.039> the<00:33:08.200> Z 00:33:08.430 --> 00:33:08.440 align:start position:0% case uh which is built on top of the Z 00:33:08.440 --> 00:33:12.029 align:start position:0% case uh which is built on top of the Z Cas<00:33:09.000> uh<00:33:09.120> to<00:33:10.039> uh<00:33:10.399> unreveal<00:33:11.320> all<00:33:11.480> the<00:33:11.639> details 00:33:12.029 --> 00:33:12.039 align:start position:0% Cas uh to uh unreveal all the details 00:33:12.039 --> 00:33:14.509 align:start position:0% Cas uh to uh unreveal all the details about<00:33:12.399> like<00:33:12.600> a<00:33:12.799> certain<00:33:13.399> uh<00:33:13.519> entity<00:33:14.240> okay<00:33:14.440> I 00:33:14.509 --> 00:33:14.519 align:start position:0% about like a certain uh entity okay I 00:33:14.519 --> 00:33:16.509 align:start position:0% about like a certain uh entity okay I think<00:33:14.679> I<00:33:15.080> understand<00:33:15.200> the<00:33:15.360> question<00:33:16.200> um<00:33:16.399> if 00:33:16.509 --> 00:33:16.519 align:start position:0% think I understand the question um if 00:33:16.519 --> 00:33:18.990 align:start position:0% think I understand the question um if you<00:33:16.760> have<00:33:17.200> encrypted<00:33:17.760> transactions<00:33:18.559> on<00:33:18.880> a 00:33:18.990 --> 00:33:19.000 align:start position:0% you have encrypted transactions on a 00:33:19.000 --> 00:33:22.389 align:start position:0% you have encrypted transactions on a public<00:33:19.279> blockchain<00:33:19.679> like<00:33:20.279> zcash<00:33:21.279> uh<00:33:21.799> can<00:33:22.120> some 00:33:22.389 --> 00:33:22.399 align:start position:0% public blockchain like zcash uh can some 00:33:22.399 --> 00:33:25.070 align:start position:0% public blockchain like zcash uh can some party<00:33:22.679> in<00:33:22.799> your<00:33:23.000> case<00:33:23.159> it's<00:33:23.320> a<00:33:23.480> tax<00:33:24.080> Authority 00:33:25.070 --> 00:33:25.080 align:start position:0% party in your case it's a tax Authority 00:33:25.080 --> 00:33:28.389 align:start position:0% party in your case it's a tax Authority uh<00:33:25.960> come<00:33:26.279> ask<00:33:26.559> some<00:33:26.760> other<00:33:27.000> party<00:33:27.240> to<00:33:27.399> review 00:33:28.389 --> 00:33:28.399 align:start position:0% uh come ask some other party to review 00:33:28.399 --> 00:33:29.590 align:start position:0% uh come ask some other party to review some<00:33:28.519> of<00:33:28.639> the 00:33:29.590 --> 00:33:29.600 align:start position:0% some of the 00:33:29.600 --> 00:33:34.269 align:start position:0% some of the transactions<00:33:30.600> uh<00:33:31.559> yes<00:33:31.799> this<00:33:31.919> is<00:33:32.080> a 00:33:34.269 --> 00:33:34.279 align:start position:0% transactions uh yes this is a 00:33:34.279 --> 00:33:37.230 align:start position:0% transactions uh yes this is a really<00:33:35.279> ill<00:33:35.559> appreciated<00:33:36.399> fact<00:33:36.720> about 00:33:37.230 --> 00:33:37.240 align:start position:0% really ill appreciated fact about 00:33:37.240 --> 00:33:40.990 align:start position:0% really ill appreciated fact about encryption<00:33:38.240> encryption<00:33:38.840> doesn't<00:33:39.320> give<00:33:40.000> you 00:33:40.990 --> 00:33:41.000 align:start position:0% encryption encryption doesn't give you 00:33:41.000 --> 00:33:43.230 align:start position:0% encryption encryption doesn't give you all<00:33:41.320> dark<00:33:41.639> all<00:33:41.760> the<00:33:41.960> time<00:33:42.679> where<00:33:42.880> no<00:33:42.960> one<00:33:43.120> can 00:33:43.230 --> 00:33:43.240 align:start position:0% all dark all the time where no one can 00:33:43.240 --> 00:33:45.750 align:start position:0% all dark all the time where no one can see<00:33:43.440> anything<00:33:43.799> what<00:33:44.320> encryption<00:33:45.039> gives<00:33:45.440> is 00:33:45.750 --> 00:33:45.760 align:start position:0% see anything what encryption gives is 00:33:45.760 --> 00:33:50.789 align:start position:0% see anything what encryption gives is selective<00:33:46.760> disclosure<00:33:47.639> of<00:33:48.120> data<00:33:49.120> so<00:33:50.120> zcash<00:33:50.639> is 00:33:50.789 --> 00:33:50.799 align:start position:0% selective disclosure of data so zcash is 00:33:50.799 --> 00:33:53.389 align:start position:0% selective disclosure of data so zcash is the<00:33:50.960> first<00:33:51.399> ever<00:33:52.399> thing<00:33:52.639> that<00:33:52.760> it<00:33:52.919> combines 00:33:53.389 --> 00:33:53.399 align:start position:0% the first ever thing that it combines 00:33:53.399 --> 00:33:55.909 align:start position:0% the first ever thing that it combines the<00:33:53.600> blockchain<00:33:54.240> properties<00:33:54.919> of<00:33:55.279> canonical 00:33:55.909 --> 00:33:55.919 align:start position:0% the blockchain properties of canonical 00:33:55.919 --> 00:33:58.789 align:start position:0% the blockchain properties of canonical appendonly<00:33:56.519> data 00:33:58.789 --> 00:33:58.799 align:start position:0% appendonly data 00:33:58.799 --> 00:34:01.470 align:start position:0% appendonly data with<00:33:59.039> the<00:33:59.200> encryption<00:33:59.840> properties<00:34:00.440> which<00:34:00.600> is 00:34:01.470 --> 00:34:01.480 align:start position:0% with the encryption properties which is 00:34:01.480 --> 00:34:04.590 align:start position:0% with the encryption properties which is that<00:34:02.480> if<00:34:02.600> you<00:34:03.000> have<00:34:03.519> the<00:34:03.720> decryption<00:34:04.279> key<00:34:04.480> that 00:34:04.590 --> 00:34:04.600 align:start position:0% that if you have the decryption key that 00:34:04.600 --> 00:34:06.710 align:start position:0% that if you have the decryption key that lets<00:34:04.799> you<00:34:05.039> see<00:34:05.480> some<00:34:05.880> of<00:34:06.039> the<00:34:06.200> data<00:34:06.480> in<00:34:06.600> the 00:34:06.710 --> 00:34:06.720 align:start position:0% lets you see some of the data in the 00:34:06.720 --> 00:34:08.790 align:start position:0% lets you see some of the data in the blockchain<00:34:07.600> you<00:34:07.720> can<00:34:08.000> give<00:34:08.200> that<00:34:08.320> decryption 00:34:08.790 --> 00:34:08.800 align:start position:0% blockchain you can give that decryption 00:34:08.800 --> 00:34:10.510 align:start position:0% blockchain you can give that decryption key<00:34:09.000> to<00:34:09.159> a<00:34:09.280> third<00:34:09.520> party<00:34:09.839> and<00:34:09.960> then<00:34:10.200> they<00:34:10.359> can 00:34:10.510 --> 00:34:10.520 align:start position:0% key to a third party and then they can 00:34:10.520 --> 00:34:12.310 align:start position:0% key to a third party and then they can see<00:34:10.919> that<00:34:11.079> data<00:34:11.320> in<00:34:11.399> the 00:34:12.310 --> 00:34:12.320 align:start position:0% see that data in the 00:34:12.320 --> 00:34:14.270 align:start position:0% see that data in the blockchain<00:34:13.320> see<00:34:13.480> what<00:34:13.560> I<00:34:13.639> mean<00:34:13.879> that's<00:34:14.040> really 00:34:14.270 --> 00:34:14.280 align:start position:0% blockchain see what I mean that's really 00:34:14.280 --> 00:34:17.270 align:start position:0% blockchain see what I mean that's really interesting<00:34:15.280> um<00:34:15.839> yeah<00:34:16.040> so<00:34:16.240> it's<00:34:16.560> subtle<00:34:17.119> but 00:34:17.270 --> 00:34:17.280 align:start position:0% interesting um yeah so it's subtle but 00:34:17.280 --> 00:34:18.909 align:start position:0% interesting um yeah so it's subtle but the<00:34:17.399> bottom<00:34:17.679> line<00:34:17.960> is<00:34:18.119> it's<00:34:18.359> possible<00:34:18.679> to 00:34:18.909 --> 00:34:18.919 align:start position:0% the bottom line is it's possible to 00:34:18.919 --> 00:34:21.430 align:start position:0% the bottom line is it's possible to reveal<00:34:19.919> data<00:34:20.280> to<00:34:20.480> some<00:34:20.760> parties<00:34:21.200> without 00:34:21.430 --> 00:34:21.440 align:start position:0% reveal data to some parties without 00:34:21.440 --> 00:34:24.589 align:start position:0% reveal data to some parties without revealing<00:34:22.000> it<00:34:22.159> to<00:34:22.839> unauthorized<00:34:23.639> parties<00:34:24.440> in 00:34:24.589 --> 00:34:24.599 align:start position:0% revealing it to unauthorized parties in 00:34:24.599 --> 00:34:27.069 align:start position:0% revealing it to unauthorized parties in the<00:34:24.760> blockchain<00:34:25.320> which<00:34:25.440> is<00:34:26.320> good<00:34:26.720> yeah<00:34:26.839> but 00:34:27.069 --> 00:34:27.079 align:start position:0% the blockchain which is good yeah but 00:34:27.079 --> 00:34:29.109 align:start position:0% the blockchain which is good yeah but that<00:34:27.200> would<00:34:27.359> require<00:34:27.839> to<00:34:28.000> share<00:34:28.240> the<00:34:28.399> private 00:34:29.109 --> 00:34:29.119 align:start position:0% that would require to share the private 00:34:29.119 --> 00:34:31.829 align:start position:0% that would require to share the private key<00:34:30.119> no<00:34:30.480> not<00:34:30.679> the<00:34:31.040> not<00:34:31.159> the<00:34:31.320> key<00:34:31.480> that<00:34:31.599> allows 00:34:31.829 --> 00:34:31.839 align:start position:0% key no not the not the key that allows 00:34:31.839 --> 00:34:33.550 align:start position:0% key no not the not the key that allows you<00:34:31.960> to<00:34:32.119> spend<00:34:32.440> money<00:34:32.760> a<00:34:32.919> different<00:34:33.240> key<00:34:33.440> that 00:34:33.550 --> 00:34:33.560 align:start position:0% you to spend money a different key that 00:34:33.560 --> 00:34:35.510 align:start position:0% you to spend money a different key that allows<00:34:33.839> you<00:34:33.960> to<00:34:34.159> see<00:34:34.679> the 00:34:35.510 --> 00:34:35.520 align:start position:0% allows you to see the 00:34:35.520 --> 00:34:37.750 align:start position:0% allows you to see the transactions<00:34:36.520> um<00:34:36.720> but<00:34:36.839> not<00:34:36.960> to<00:34:37.119> spend<00:34:37.359> the 00:34:37.750 --> 00:34:37.760 align:start position:0% transactions um but not to spend the 00:34:37.760 --> 00:34:41.030 align:start position:0% transactions um but not to spend the money<00:34:38.760> make 00:34:41.030 --> 00:34:41.040 align:start position:0% 00:34:41.040 --> 00:34:44.149 align:start position:0% sense<00:34:42.040> hey<00:34:42.280> Zuko<00:34:42.960> you<00:34:43.119> talked<00:34:43.359> a<00:34:43.480> little<00:34:43.839> about 00:34:44.149 --> 00:34:44.159 align:start position:0% sense hey Zuko you talked a little about 00:34:44.159 --> 00:34:46.790 align:start position:0% sense hey Zuko you talked a little about the<00:34:44.320> regulatory<00:34:44.960> landscape<00:34:45.919> and<00:34:46.240> the<00:34:46.359> ban<00:34:46.639> in 00:34:46.790 --> 00:34:46.800 align:start position:0% the regulatory landscape and the ban in 00:34:46.800 --> 00:34:48.829 align:start position:0% the regulatory landscape and the ban in India<00:34:47.399> do<00:34:47.520> you<00:34:47.639> have<00:34:47.760> any<00:34:47.960> like<00:34:48.119> more<00:34:48.440> insights 00:34:48.829 --> 00:34:48.839 align:start position:0% India do you have any like more insights 00:34:48.839 --> 00:34:50.589 align:start position:0% India do you have any like more insights to<00:34:48.960> share<00:34:49.280> or<00:34:49.480> anecdotes<00:34:50.079> from<00:34:50.280> what's<00:34:50.480> going 00:34:50.589 --> 00:34:50.599 align:start position:0% to share or anecdotes from what's going 00:34:50.599 --> 00:34:54.109 align:start position:0% to share or anecdotes from what's going on<00:34:50.760> out<00:34:51.399> there<00:34:52.399> uh<00:34:53.040> from<00:34:53.159> a<00:34:53.280> regulatory<00:34:53.800> persp 00:34:54.109 --> 00:34:54.119 align:start position:0% on out there uh from a regulatory persp 00:34:54.119 --> 00:34:56.710 align:start position:0% on out there uh from a regulatory persp it's<00:34:54.280> not<00:34:54.399> too<00:34:54.599> much<00:34:54.839> my<00:34:55.079> place<00:34:55.320> to<00:34:55.639> say<00:34:56.159> I<00:34:56.240> mean 00:34:56.710 --> 00:34:56.720 align:start position:0% it's not too much my place to say I mean 00:34:56.720 --> 00:34:58.310 align:start position:0% it's not too much my place to say I mean the 00:34:58.310 --> 00:34:58.320 align:start position:0% the 00:34:58.320 --> 00:35:01.109 align:start position:0% the the<00:34:58.880> the<00:34:59.000> government<00:34:59.320> of<00:34:59.440> India<00:34:59.760> banned<00:35:00.599> um 00:35:01.109 --> 00:35:01.119 align:start position:0% the the government of India banned um 00:35:01.119 --> 00:35:04.470 align:start position:0% the the government of India banned um Banks<00:35:01.599> from<00:35:02.079> serving<00:35:03.079> Bitcoin<00:35:03.560> companies<00:35:04.320> in 00:35:04.470 --> 00:35:04.480 align:start position:0% Banks from serving Bitcoin companies in 00:35:04.480 --> 00:35:07.230 align:start position:0% Banks from serving Bitcoin companies in India<00:35:04.880> several<00:35:05.200> weeks<00:35:05.520> ago<00:35:06.520> and<00:35:06.720> then<00:35:06.960> just<00:35:07.119> a 00:35:07.230 --> 00:35:07.240 align:start position:0% India several weeks ago and then just a 00:35:07.240 --> 00:35:09.069 align:start position:0% India several weeks ago and then just a few<00:35:07.520> days<00:35:07.760> ago<00:35:08.040> the<00:35:08.160> most<00:35:08.400> terrible<00:35:08.800> thing 00:35:09.069 --> 00:35:09.079 align:start position:0% few days ago the most terrible thing 00:35:09.079 --> 00:35:11.190 align:start position:0% few days ago the most terrible thing happened<00:35:09.680> uh<00:35:09.800> one<00:35:09.960> of<00:35:10.119> those<00:35:10.359> Indian<00:35:10.760> Bitcoin 00:35:11.190 --> 00:35:11.200 align:start position:0% happened uh one of those Indian Bitcoin 00:35:11.200 --> 00:35:12.589 align:start position:0% happened uh one of those Indian Bitcoin exchanges<00:35:11.680> which<00:35:11.800> is<00:35:11.920> one<00:35:12.040> of<00:35:12.160> the<00:35:12.280> longest 00:35:12.589 --> 00:35:12.599 align:start position:0% exchanges which is one of the longest 00:35:12.599 --> 00:35:15.510 align:start position:0% exchanges which is one of the longest serving<00:35:12.960> Bitcoin<00:35:13.320> exchanges<00:35:13.760> in<00:35:13.880> the<00:35:14.520> world 00:35:15.510 --> 00:35:15.520 align:start position:0% serving Bitcoin exchanges in the world 00:35:15.520 --> 00:35:18.190 align:start position:0% serving Bitcoin exchanges in the world um<00:35:15.960> they<00:35:16.119> set<00:35:16.320> up<00:35:16.560> since<00:35:16.760> they<00:35:16.880> were<00:35:17.720> since<00:35:18.000> the 00:35:18.190 --> 00:35:18.200 align:start position:0% um they set up since they were since the 00:35:18.200 --> 00:35:20.670 align:start position:0% um they set up since they were since the banks<00:35:18.520> had<00:35:18.680> been<00:35:18.839> required<00:35:19.240> to<00:35:19.440> cut<00:35:19.640> them<00:35:19.839> off 00:35:20.670 --> 00:35:20.680 align:start position:0% banks had been required to cut them off 00:35:20.680 --> 00:35:23.829 align:start position:0% banks had been required to cut them off they<00:35:20.800> set<00:35:20.960> up<00:35:21.440> ATMs<00:35:22.440> that<00:35:22.599> would<00:35:22.760> take<00:35:22.960> rupees 00:35:23.829 --> 00:35:23.839 align:start position:0% they set up ATMs that would take rupees 00:35:23.839 --> 00:35:26.069 align:start position:0% they set up ATMs that would take rupees in<00:35:24.320> paper<00:35:25.040> and<00:35:25.200> give<00:35:25.359> you 00:35:26.069 --> 00:35:26.079 align:start position:0% in paper and give you 00:35:26.079 --> 00:35:28.190 align:start position:0% in paper and give you Bitcoins<00:35:27.079> okay 00:35:28.190 --> 00:35:28.200 align:start position:0% Bitcoins okay 00:35:28.200 --> 00:35:29.870 align:start position:0% Bitcoins okay uh<00:35:28.400> because<00:35:28.720> that<00:35:28.880> was<00:35:29.160> like<00:35:29.320> the<00:35:29.440> only 00:35:29.870 --> 00:35:29.880 align:start position:0% uh because that was like the only 00:35:29.880 --> 00:35:31.430 align:start position:0% uh because that was like the only remaining<00:35:30.200> legal<00:35:30.520> thing<00:35:30.680> for<00:35:30.800> them<00:35:30.920> to<00:35:31.079> do<00:35:31.320> and 00:35:31.430 --> 00:35:31.440 align:start position:0% remaining legal thing for them to do and 00:35:31.440 --> 00:35:33.069 align:start position:0% remaining legal thing for them to do and then<00:35:31.560> the<00:35:31.680> most<00:35:32.200> horrible<00:35:32.560> thing<00:35:32.760> happened 00:35:33.069 --> 00:35:33.079 align:start position:0% then the most horrible thing happened 00:35:33.079 --> 00:35:35.870 align:start position:0% then the most horrible thing happened about<00:35:33.240> two<00:35:33.440> weeks<00:35:33.680> ago<00:35:34.200> is<00:35:34.320> that<00:35:34.480> they<00:35:34.560> were 00:35:35.870 --> 00:35:35.880 align:start position:0% about two weeks ago is that they were 00:35:35.880 --> 00:35:38.430 align:start position:0% about two weeks ago is that they were arrested<00:35:36.880> which<00:35:37.480> doesn't<00:35:37.800> make<00:35:38.000> any<00:35:38.200> sense 00:35:38.430 --> 00:35:38.440 align:start position:0% arrested which doesn't make any sense 00:35:38.440 --> 00:35:40.470 align:start position:0% arrested which doesn't make any sense under<00:35:38.760> the<00:35:39.079> law<00:35:39.280> any<00:35:39.480> law<00:35:39.720> that<00:35:39.880> I've<00:35:40.040> heard<00:35:40.440> I 00:35:40.470 --> 00:35:40.480 align:start position:0% under the law any law that I've heard I 00:35:40.480 --> 00:35:43.109 align:start position:0% under the law any law that I've heard I don't<00:35:40.640> know<00:35:40.760> what's<00:35:41.000> going 00:35:43.109 --> 00:35:43.119 align:start position:0% don't know what's going 00:35:43.119 --> 00:35:46.910 align:start position:0% don't know what's going on<00:35:44.119> so<00:35:44.920> that's<00:35:45.480> uh<00:35:45.680> that's<00:35:45.920> the<00:35:46.359> last<00:35:46.599> thing<00:35:46.800> I 00:35:46.910 --> 00:35:46.920 align:start position:0% on so that's uh that's the last thing I 00:35:46.920 --> 00:35:48.670 align:start position:0% on so that's uh that's the last thing I heard<00:35:47.160> about 00:35:48.670 --> 00:35:48.680 align:start position:0% heard about 00:35:48.680 --> 00:35:52.430 align:start position:0% heard about India<00:35:49.680> thank 00:35:52.430 --> 00:35:52.440 align:start position:0% 00:35:52.440 --> 00:35:55.829 align:start position:0% you<00:35:53.440> Zuko<00:35:53.960> as<00:35:54.160> somebody<00:35:54.640> who<00:35:55.319> thinks<00:35:55.599> about 00:35:55.829 --> 00:35:55.839 align:start position:0% you Zuko as somebody who thinks about 00:35:55.839 --> 00:35:58.710 align:start position:0% you Zuko as somebody who thinks about privacy<00:35:56.280> all<00:35:56.440> the<00:35:56.599> time<00:35:57.200> um<00:35:57.680> and<00:35:58.160> can<00:35:58.359> you 00:35:58.710 --> 00:35:58.720 align:start position:0% privacy all the time um and can you 00:35:58.720 --> 00:36:02.109 align:start position:0% privacy all the time um and can you paint<00:35:58.920> a<00:35:59.119> picture<00:35:59.440> for<00:35:59.680> us<00:36:00.680> um<00:36:01.160> let's<00:36:01.400> say<00:36:02.040> you 00:36:02.109 --> 00:36:02.119 align:start position:0% paint a picture for us um let's say you 00:36:02.119 --> 00:36:04.390 align:start position:0% paint a picture for us um let's say you know<00:36:02.319> projecting<00:36:02.839> from<00:36:03.040> today<00:36:03.440> to<00:36:03.839> end<00:36:04.119> years 00:36:04.390 --> 00:36:04.400 align:start position:0% know projecting from today to end years 00:36:04.400 --> 00:36:08.470 align:start position:0% know projecting from today to end years into<00:36:04.599> the<00:36:04.760> future<00:36:05.760> how<00:36:06.160> would<00:36:07.240> decentralized 00:36:08.470 --> 00:36:08.480 align:start position:0% into the future how would decentralized 00:36:08.480 --> 00:36:10.990 align:start position:0% into the future how would decentralized applications<00:36:09.480> actually<00:36:09.880> provide<00:36:10.400> privacy 00:36:10.990 --> 00:36:11.000 align:start position:0% applications actually provide privacy 00:36:11.000 --> 00:36:13.670 align:start position:0% applications actually provide privacy for<00:36:11.280> people<00:36:11.960> not<00:36:12.240> just<00:36:12.680> on<00:36:12.800> the<00:36:12.960> transaction 00:36:13.670 --> 00:36:13.680 align:start position:0% for people not just on the transaction 00:36:13.680 --> 00:36:16.870 align:start position:0% for people not just on the transaction level<00:36:14.079> but<00:36:14.280> on<00:36:14.839> many<00:36:15.119> different<00:36:15.400> levels<00:36:16.119> yeah 00:36:16.870 --> 00:36:16.880 align:start position:0% level but on many different levels yeah 00:36:16.880 --> 00:36:18.510 align:start position:0% level but on many different levels yeah um<00:36:17.319> that's<00:36:17.599> that 00:36:18.510 --> 00:36:18.520 align:start position:0% um that's that 00:36:18.520 --> 00:36:21.390 align:start position:0% um that's that technology<00:36:19.520> it's<00:36:19.880> possible<00:36:20.400> technologically 00:36:21.390 --> 00:36:21.400 align:start position:0% technology it's possible technologically 00:36:21.400 --> 00:36:23.910 align:start position:0% technology it's possible technologically and<00:36:21.520> there's<00:36:21.760> this<00:36:21.920> thing<00:36:22.200> called<00:36:22.440> zexi<00:36:22.960> zexe 00:36:23.910 --> 00:36:23.920 align:start position:0% and there's this thing called zexi zexe 00:36:23.920 --> 00:36:25.030 align:start position:0% and there's this thing called zexi zexe which<00:36:24.040> is<00:36:24.119> a 00:36:25.030 --> 00:36:25.040 align:start position:0% which is a 00:36:25.040 --> 00:36:28.230 align:start position:0% which is a science<00:36:26.040> uh<00:36:26.160> paper<00:36:27.000> that<00:36:27.160> describes 00:36:28.230 --> 00:36:28.240 align:start position:0% science uh paper that describes 00:36:28.240 --> 00:36:29.670 align:start position:0% science uh paper that describes a<00:36:28.480> technology<00:36:29.000> that<00:36:29.119> could<00:36:29.280> accomplish 00:36:29.670 --> 00:36:29.680 align:start position:0% a technology that could accomplish 00:36:29.680 --> 00:36:32.670 align:start position:0% a technology that could accomplish something<00:36:29.920> along<00:36:30.200> those<00:36:30.560> lines<00:36:31.560> um<00:36:32.280> it's 00:36:32.670 --> 00:36:32.680 align:start position:0% something along those lines um it's 00:36:32.680 --> 00:36:36.510 align:start position:0% something along those lines um it's possible<00:36:33.680> cryptographically<00:36:34.440> speaking<00:36:35.520> to 00:36:36.510 --> 00:36:36.520 align:start position:0% possible cryptographically speaking to 00:36:36.520 --> 00:36:40.510 align:start position:0% possible cryptographically speaking to um<00:36:37.359> have<00:36:37.880> shared<00:36:38.880> you<00:36:39.000> know<00:36:39.319> distributed<00:36:39.960> apps 00:36:40.510 --> 00:36:40.520 align:start position:0% um have shared you know distributed apps 00:36:40.520 --> 00:36:43.550 align:start position:0% um have shared you know distributed apps which<00:36:40.720> you<00:36:40.960> get<00:36:41.599> the<00:36:42.599> um<00:36:42.880> the<00:36:43.079> property<00:36:43.400> you 00:36:43.550 --> 00:36:43.560 align:start position:0% which you get the um the property you 00:36:43.560 --> 00:36:44.950 align:start position:0% which you get the um the property you want<00:36:43.720> I<00:36:43.800> don't<00:36:43.920> know<00:36:44.040> the<00:36:44.160> right<00:36:44.280> word<00:36:44.480> for<00:36:44.640> it 00:36:44.950 --> 00:36:44.960 align:start position:0% want I don't know the right word for it 00:36:44.960 --> 00:36:46.750 align:start position:0% want I don't know the right word for it but<00:36:45.079> the<00:36:45.240> property<00:36:45.599> that<00:36:45.760> you<00:36:46.000> know<00:36:46.359> the<00:36:46.520> app 00:36:46.750 --> 00:36:46.760 align:start position:0% but the property that you know the app 00:36:46.760 --> 00:36:48.030 align:start position:0% but the property that you know the app is<00:36:46.920> going<00:36:47.079> to<00:36:47.200> do<00:36:47.319> the<00:36:47.480> right<00:36:47.640> thing<00:36:47.760> and<00:36:47.880> it 00:36:48.030 --> 00:36:48.040 align:start position:0% is going to do the right thing and it 00:36:48.040 --> 00:36:50.630 align:start position:0% is going to do the right thing and it can't<00:36:48.240> be<00:36:48.599> like<00:36:49.359> subverted<00:36:49.920> by<00:36:50.040> the<00:36:50.160> owner<00:36:50.520> of 00:36:50.630 --> 00:36:50.640 align:start position:0% can't be like subverted by the owner of 00:36:50.640 --> 00:36:52.710 align:start position:0% can't be like subverted by the owner of the<00:36:50.760> server<00:36:51.119> since<00:36:51.280> there's<00:36:51.560> no<00:36:51.760> server<00:36:52.640> uh 00:36:52.710 --> 00:36:52.720 align:start position:0% the server since there's no server uh 00:36:52.720 --> 00:36:54.829 align:start position:0% the server since there's no server uh you<00:36:52.800> can<00:36:52.920> have<00:36:53.000> a<00:36:53.119> distributed<00:36:53.720> app<00:36:54.160> which 00:36:54.829 --> 00:36:54.839 align:start position:0% you can have a distributed app which 00:36:54.839 --> 00:36:58.470 align:start position:0% you can have a distributed app which when<00:36:55.119> you<00:36:55.480> use<00:36:55.800> it<00:36:56.359> you<00:36:57.280> don't<00:36:57.640> don't<00:36:57.960> have<00:36:58.119> to 00:36:58.470 --> 00:36:58.480 align:start position:0% when you use it you don't don't have to 00:36:58.480 --> 00:37:00.589 align:start position:0% when you use it you don't don't have to link<00:36:58.880> what<00:36:59.000> you're<00:36:59.240> doing<00:36:59.560> to<00:36:59.800> anything<00:37:00.160> else 00:37:00.589 --> 00:37:00.599 align:start position:0% link what you're doing to anything else 00:37:00.599 --> 00:37:02.230 align:start position:0% link what you're doing to anything else about<00:37:00.920> you<00:37:01.400> you<00:37:01.520> don't<00:37:01.680> even<00:37:01.920> have<00:37:02.000> to 00:37:02.230 --> 00:37:02.240 align:start position:0% about you you don't even have to 00:37:02.240 --> 00:37:04.430 align:start position:0% about you you don't even have to necessarily<00:37:02.800> reveal<00:37:03.440> the<00:37:03.920> moves<00:37:04.240> you're 00:37:04.430 --> 00:37:04.440 align:start position:0% necessarily reveal the moves you're 00:37:04.440 --> 00:37:08.349 align:start position:0% necessarily reveal the moves you're making<00:37:04.800> within<00:37:05.079> the<00:37:05.480> app<00:37:06.839> so<00:37:07.839> it's<00:37:07.960> a<00:37:08.079> lot<00:37:08.200> of 00:37:08.349 --> 00:37:08.359 align:start position:0% making within the app so it's a lot of 00:37:08.359 --> 00:37:11.030 align:start position:0% making within the app so it's a lot of work<00:37:09.200> no<00:37:09.319> one's<00:37:09.960> actually<00:37:10.280> implemented<00:37:10.800> it 00:37:11.030 --> 00:37:11.040 align:start position:0% work no one's actually implemented it 00:37:11.040 --> 00:37:15.309 align:start position:0% work no one's actually implemented it yet<00:37:11.280> but<00:37:11.440> scientifically<00:37:12.000> it's 00:37:15.309 --> 00:37:15.319 align:start position:0% 00:37:15.319 --> 00:37:17.710 align:start position:0% possible<00:37:16.319> why<00:37:16.440> do<00:37:16.560> you<00:37:16.720> think<00:37:17.200> the<00:37:17.520> uh 00:37:17.710 --> 00:37:17.720 align:start position:0% possible why do you think the uh 00:37:17.720 --> 00:37:20.470 align:start position:0% possible why do you think the uh adoption<00:37:18.119> of<00:37:18.280> zcash<00:37:18.880> on<00:37:19.359> darket<00:37:19.880> markets<00:37:20.359> has 00:37:20.470 --> 00:37:20.480 align:start position:0% adoption of zcash on darket markets has 00:37:20.480 --> 00:37:22.270 align:start position:0% adoption of zcash on darket markets has been<00:37:20.960> almost<00:37:21.280> zero<00:37:21.680> and<00:37:21.800> is<00:37:21.920> that<00:37:22.040> something 00:37:22.270 --> 00:37:22.280 align:start position:0% been almost zero and is that something 00:37:22.280 --> 00:37:23.470 align:start position:0% been almost zero and is that something that<00:37:22.400> bothers<00:37:22.720> you<00:37:22.839> or<00:37:22.960> do<00:37:23.040> you<00:37:23.119> not<00:37:23.280> really 00:37:23.470 --> 00:37:23.480 align:start position:0% that bothers you or do you not really 00:37:23.480 --> 00:37:25.550 align:start position:0% that bothers you or do you not really care<00:37:24.119> why<00:37:24.240> do<00:37:24.359> I<00:37:24.480> think<00:37:24.640> the<00:37:24.800> adoption<00:37:25.200> of 00:37:25.550 --> 00:37:25.560 align:start position:0% care why do I think the adoption of 00:37:25.560 --> 00:37:28.069 align:start position:0% care why do I think the adoption of zcash<00:37:26.119> on<00:37:26.400> Dark<00:37:26.720> Net<00:37:26.960> markets<00:37:27.280> is<00:37:27.520> almost<00:37:27.800> zero 00:37:28.069 --> 00:37:28.079 align:start position:0% zcash on Dark Net markets is almost zero 00:37:28.079 --> 00:37:29.589 align:start position:0% zcash on Dark Net markets is almost zero and<00:37:28.160> is<00:37:28.319> that<00:37:28.440> something<00:37:28.640> that<00:37:28.760> bothers 00:37:29.589 --> 00:37:29.599 align:start position:0% and is that something that bothers 00:37:29.599 --> 00:37:32.829 align:start position:0% and is that something that bothers me<00:37:30.599> I<00:37:30.760> think<00:37:31.119> my<00:37:31.240> you<00:37:31.319> know<00:37:31.480> my<00:37:31.680> best<00:37:31.960> guess<00:37:32.400> is 00:37:32.829 --> 00:37:32.839 align:start position:0% me I think my you know my best guess is 00:37:32.839 --> 00:37:35.190 align:start position:0% me I think my you know my best guess is so<00:37:33.200> I<00:37:33.280> mean<00:37:33.480> part<00:37:33.599> of<00:37:33.720> it<00:37:33.839> is<00:37:34.000> I've<00:37:34.200> made<00:37:34.400> some 00:37:35.190 --> 00:37:35.200 align:start position:0% so I mean part of it is I've made some 00:37:35.200 --> 00:37:39.190 align:start position:0% so I mean part of it is I've made some uh<00:37:35.319> tweets<00:37:35.880> saying<00:37:36.839> uh<00:37:37.760> screw<00:37:38.280> you<00:37:38.680> criminals 00:37:39.190 --> 00:37:39.200 align:start position:0% uh tweets saying uh screw you criminals 00:37:39.200 --> 00:37:42.589 align:start position:0% uh tweets saying uh screw you criminals go<00:37:39.359> away<00:37:39.720> this<00:37:39.839> isn't<00:37:40.119> for<00:37:40.640> you<00:37:41.640> and<00:37:42.240> um<00:37:42.480> and 00:37:42.589 --> 00:37:42.599 align:start position:0% go away this isn't for you and um and 00:37:42.599 --> 00:37:43.750 align:start position:0% go away this isn't for you and um and that<00:37:42.720> doesn't 00:37:43.750 --> 00:37:43.760 align:start position:0% that doesn't 00:37:43.760 --> 00:37:46.750 align:start position:0% that doesn't really<00:37:44.760> change<00:37:45.520> the<00:37:45.800> scientific<00:37:46.400> or<00:37:46.599> the 00:37:46.750 --> 00:37:46.760 align:start position:0% really change the scientific or the 00:37:46.760 --> 00:37:50.309 align:start position:0% really change the scientific or the open-<00:37:47.119> source<00:37:47.800> code<00:37:48.800> but<00:37:49.480> I<00:37:49.640> honestly<00:37:50.079> think 00:37:50.309 --> 00:37:50.319 align:start position:0% open- source code but I honestly think 00:37:50.319 --> 00:37:51.910 align:start position:0% open- source code but I honestly think because<00:37:50.520> I<00:37:50.680> I<00:37:50.760> heard<00:37:51.000> this<00:37:51.119> from<00:37:51.319> someone<00:37:51.720> who 00:37:51.910 --> 00:37:51.920 align:start position:0% because I I heard this from someone who 00:37:51.920 --> 00:37:54.910 align:start position:0% because I I heard this from someone who studies<00:37:52.800> like<00:37:52.960> the<00:37:53.119> criminal<00:37:53.920> underground 00:37:54.910 --> 00:37:54.920 align:start position:0% studies like the criminal underground 00:37:54.920 --> 00:37:57.030 align:start position:0% studies like the criminal underground that<00:37:55.160> criminals<00:37:55.599> don't<00:37:55.800> trust<00:37:56.079> zcash<00:37:56.839> because 00:37:57.030 --> 00:37:57.040 align:start position:0% that criminals don't trust zcash because 00:37:57.040 --> 00:37:58.790 align:start position:0% that criminals don't trust zcash because they<00:37:57.160> don't<00:37:57.520> trust 00:37:58.790 --> 00:37:58.800 align:start position:0% they don't trust 00:37:58.800 --> 00:38:01.309 align:start position:0% they don't trust me<00:37:59.800> and<00:38:00.040> that<00:38:00.160> doesn't<00:38:00.520> bother<00:38:00.800> me<00:38:01.040> I<00:38:01.119> think 00:38:01.309 --> 00:38:01.319 align:start position:0% me and that doesn't bother me I think 00:38:01.319 --> 00:38:03.390 align:start position:0% me and that doesn't bother me I think that's<00:38:01.640> that's<00:38:01.960> good<00:38:02.520> it's<00:38:02.800> like<00:38:03.000> the<00:38:03.119> dark 00:38:03.390 --> 00:38:03.400 align:start position:0% that's that's good it's like the dark 00:38:03.400 --> 00:38:06.030 align:start position:0% that's that's good it's like the dark net<00:38:03.560> markets<00:38:03.839> are<00:38:04.359> a<00:38:04.480> shitty<00:38:05.319> uh<00:38:05.599> a<00:38:05.680> shitty 00:38:06.030 --> 00:38:06.040 align:start position:0% net markets are a shitty uh a shitty 00:38:06.040 --> 00:38:08.030 align:start position:0% net markets are a shitty uh a shitty early<00:38:06.480> adopter<00:38:07.000> Market<00:38:07.520> because<00:38:07.839> they're 00:38:08.030 --> 00:38:08.040 align:start position:0% early adopter Market because they're 00:38:08.040 --> 00:38:09.910 align:start position:0% early adopter Market because they're they're<00:38:08.240> small<00:38:08.720> you<00:38:08.880> you<00:38:09.000> wouldn't<00:38:09.280> make<00:38:09.800> they 00:38:09.910 --> 00:38:09.920 align:start position:0% they're small you you wouldn't make they 00:38:09.920 --> 00:38:11.950 align:start position:0% they're small you you wouldn't make they wouldn't<00:38:10.160> be<00:38:10.359> very<00:38:10.880> active<00:38:11.240> users<00:38:11.640> it's<00:38:11.800> a 00:38:11.950 --> 00:38:11.960 align:start position:0% wouldn't be very active users it's a 00:38:11.960 --> 00:38:15.829 align:start position:0% wouldn't be very active users it's a tiny<00:38:12.319> little<00:38:13.280> minority<00:38:14.079> and<00:38:14.359> then<00:38:14.520> it<00:38:14.839> would 00:38:15.829 --> 00:38:15.839 align:start position:0% tiny little minority and then it would 00:38:15.839 --> 00:38:18.230 align:start position:0% tiny little minority and then it would turn<00:38:16.319> off<00:38:16.720> the<00:38:16.880> rest<00:38:17.079> of<00:38:17.240> mainstream<00:38:17.800> Society 00:38:18.230 --> 00:38:18.240 align:start position:0% turn off the rest of mainstream Society 00:38:18.240 --> 00:38:20.990 align:start position:0% turn off the rest of mainstream Society who<00:38:18.359> would<00:38:18.640> associate<00:38:19.240> you<00:38:19.640> with<00:38:20.319> crime<00:38:20.680> and 00:38:20.990 --> 00:38:21.000 align:start position:0% who would associate you with crime and 00:38:21.000 --> 00:38:26.190 align:start position:0% who would associate you with crime and drugs<00:38:21.560> and<00:38:22.119> whatever<00:38:23.119> so<00:38:23.319> it<00:38:23.400> doesn't<00:38:23.640> bother 00:38:26.190 --> 00:38:26.200 align:start position:0% 00:38:26.200 --> 00:38:32.030 align:start position:0% me<00:38:27.200> uh<00:38:27.800> so<00:38:28.800> uh<00:38:29.240> how<00:38:29.720> how<00:38:30.640> uh<00:38:30.800> the<00:38:31.040> cas<00:38:31.359> is 00:38:32.030 --> 00:38:32.040 align:start position:0% me uh so uh how how uh the cas is 00:38:32.040 --> 00:38:34.950 align:start position:0% me uh so uh how how uh the cas is expanding<00:38:32.599> in<00:38:32.839> Japan<00:38:33.839> uh<00:38:34.440> there<00:38:34.560> are<00:38:34.720> some 00:38:34.950 --> 00:38:34.960 align:start position:0% expanding in Japan uh there are some 00:38:34.960 --> 00:38:36.990 align:start position:0% expanding in Japan uh there are some Outlets<00:38:35.560> which<00:38:35.720> can<00:38:35.960> legally<00:38:36.560> accept 00:38:36.990 --> 00:38:37.000 align:start position:0% Outlets which can legally accept 00:38:37.000 --> 00:38:39.109 align:start position:0% Outlets which can legally accept currencies<00:38:37.599> put<00:38:37.800> on<00:38:38.040> balance<00:38:38.400> sheets<00:38:38.960> are 00:38:39.109 --> 00:38:39.119 align:start position:0% currencies put on balance sheets are 00:38:39.119 --> 00:38:43.109 align:start position:0% currencies put on balance sheets are there<00:38:39.319> any<00:38:39.599> obstacles<00:38:40.440> for<00:38:41.440> uh<00:38:41.839> wide<00:38:42.640> adoption 00:38:43.109 --> 00:38:43.119 align:start position:0% there any obstacles for uh wide adoption 00:38:43.119 --> 00:38:45.950 align:start position:0% there any obstacles for uh wide adoption into<00:38:43.520> fear<00:38:44.119> world<00:38:44.560> because<00:38:44.839> of<00:38:45.040> this<00:38:45.280> privacy 00:38:45.950 --> 00:38:45.960 align:start position:0% into fear world because of this privacy 00:38:45.960 --> 00:38:47.230 align:start position:0% into fear world because of this privacy I<00:38:46.040> didn't<00:38:46.440> understand<00:38:46.520> the<00:38:46.640> beginning<00:38:46.960> of<00:38:47.079> the 00:38:47.230 --> 00:38:47.240 align:start position:0% I didn't understand the beginning of the 00:38:47.240 --> 00:38:50.069 align:start position:0% I didn't understand the beginning of the question<00:38:48.000> how<00:38:48.240> how<00:38:48.359> is<00:38:48.480> zash<00:38:49.000> what<00:38:49.480> yeah<00:38:49.680> so 00:38:50.069 --> 00:38:50.079 align:start position:0% question how how is zash what yeah so 00:38:50.079 --> 00:38:52.910 align:start position:0% question how how is zash what yeah so are<00:38:50.280> there<00:38:50.520> any<00:38:50.880> obstacles<00:38:51.560> from<00:38:51.960> regulators 00:38:52.910 --> 00:38:52.920 align:start position:0% are there any obstacles from regulators 00:38:52.920 --> 00:38:58.430 align:start position:0% are there any obstacles from regulators and<00:38:53.480> um<00:38:54.119> other<00:38:54.440> authorities<00:38:55.520> to<00:38:56.520> use<00:38:56.839> the<00:38:57.079> cash 00:38:58.430 --> 00:38:58.440 align:start position:0% and um other authorities to use the cash 00:38:58.440 --> 00:39:01.829 align:start position:0% and um other authorities to use the cash uh<00:38:58.720> in<00:38:59.040> Japan<00:39:00.040> where<00:39:00.359> Japan<00:39:00.920> yes<00:39:01.079> in 00:39:01.829 --> 00:39:01.839 align:start position:0% uh in Japan where Japan yes in 00:39:01.839 --> 00:39:05.030 align:start position:0% uh in Japan where Japan yes in Japan<00:39:02.839> uh<00:39:03.160> where<00:39:03.560> the<00:39:03.800> cryptocurrencies<00:39:04.720> are 00:39:05.030 --> 00:39:05.040 align:start position:0% Japan uh where the cryptocurrencies are 00:39:05.040 --> 00:39:09.870 align:start position:0% Japan uh where the cryptocurrencies are allowed<00:39:05.560> to<00:39:06.440> be<00:39:06.599> used<00:39:07.160> for<00:39:08.119> buy<00:39:08.319> and<00:39:08.680> sell<00:39:09.680> Lo 00:39:09.870 --> 00:39:09.880 align:start position:0% allowed to be used for buy and sell Lo 00:39:09.880 --> 00:39:12.430 align:start position:0% allowed to be used for buy and sell Lo local<00:39:10.200> Goods<00:39:11.000> there<00:39:11.319> the<00:39:11.760> there<00:39:11.920> is<00:39:12.119> an 00:39:12.430 --> 00:39:12.440 align:start position:0% local Goods there the there is an 00:39:12.440 --> 00:39:14.910 align:start position:0% local Goods there the there is an obstacle<00:39:13.160> which 00:39:14.910 --> 00:39:14.920 align:start position:0% obstacle which 00:39:14.920 --> 00:39:17.069 align:start position:0% obstacle which is 00:39:17.069 --> 00:39:17.079 align:start position:0% is 00:39:17.079 --> 00:39:20.829 align:start position:0% is the<00:39:18.079> there's<00:39:18.440> a<00:39:19.079> a<00:39:19.240> Japanese<00:39:19.839> self-regulatory 00:39:20.829 --> 00:39:20.839 align:start position:0% the there's a a Japanese self-regulatory 00:39:20.839 --> 00:39:23.790 align:start position:0% the there's a a Japanese self-regulatory organization<00:39:21.839> which<00:39:21.960> is<00:39:22.160> the<00:39:22.359> Japanese 00:39:23.790 --> 00:39:23.800 align:start position:0% organization which is the Japanese 00:39:23.800 --> 00:39:25.470 align:start position:0% organization which is the Japanese exchanges 00:39:25.470 --> 00:39:25.480 align:start position:0% exchanges 00:39:25.480 --> 00:39:27.910 align:start position:0% exchanges um<00:39:26.480> that<00:39:26.880> have 00:39:27.910 --> 00:39:27.920 align:start position:0% um that have 00:39:27.920 --> 00:39:29.069 align:start position:0% um that have published<00:39:28.280> a 00:39:29.069 --> 00:39:29.079 align:start position:0% published a 00:39:29.079 --> 00:39:31.870 align:start position:0% published a draft<00:39:30.079> uh<00:39:30.480> proposal<00:39:30.880> for<00:39:31.200> how<00:39:31.440> they<00:39:31.599> think<00:39:31.760> the 00:39:31.870 --> 00:39:31.880 align:start position:0% draft uh proposal for how they think the 00:39:31.880 --> 00:39:34.950 align:start position:0% draft uh proposal for how they think the government<00:39:32.240> ought<00:39:32.400> to<00:39:32.599> regulate<00:39:33.040> them<00:39:34.000> which 00:39:34.950 --> 00:39:34.960 align:start position:0% government ought to regulate them which 00:39:34.960 --> 00:39:36.750 align:start position:0% government ought to regulate them which uh<00:39:35.119> says<00:39:35.520> that<00:39:35.720> the<00:39:35.800> government<00:39:36.160> should 00:39:36.750 --> 00:39:36.760 align:start position:0% uh says that the government should 00:39:36.760 --> 00:39:38.990 align:start position:0% uh says that the government should require<00:39:37.240> them<00:39:37.440> not<00:39:37.640> to<00:39:38.119> supply 00:39:38.990 --> 00:39:39.000 align:start position:0% require them not to supply 00:39:39.000 --> 00:39:41.829 align:start position:0% require them not to supply zcash<00:39:40.000> and<00:39:40.160> I<00:39:40.240> think<00:39:40.400> that's<00:39:40.520> a<00:39:40.680> mistake<00:39:41.440> on 00:39:41.829 --> 00:39:41.839 align:start position:0% zcash and I think that's a mistake on 00:39:41.839 --> 00:39:44.030 align:start position:0% zcash and I think that's a mistake on their<00:39:42.079> part<00:39:42.480> is<00:39:42.640> that<00:39:42.880> they<00:39:43.400> like<00:39:43.560> a<00:39:43.680> lot<00:39:43.839> of 00:39:44.030 --> 00:39:44.040 align:start position:0% their part is that they like a lot of 00:39:44.040 --> 00:39:47.150 align:start position:0% their part is that they like a lot of people<00:39:44.400> incorrectly<00:39:45.119> think<00:39:46.000> that<00:39:46.640> encryption 00:39:47.150 --> 00:39:47.160 align:start position:0% people incorrectly think that encryption 00:39:47.160 --> 00:39:50.550 align:start position:0% people incorrectly think that encryption is<00:39:47.560> incompatible<00:39:48.560> with<00:39:49.000> consumer<00:39:49.480> protection 00:39:50.550 --> 00:39:50.560 align:start position:0% is incompatible with consumer protection 00:39:50.560 --> 00:39:56.390 align:start position:0% is incompatible with consumer protection and<00:39:51.560> um<00:39:52.079> AML<00:39:52.640> kyc<00:39:53.640> processes<00:39:54.599> and<00:39:55.599> uh<00:39:56.040> computer 00:39:56.390 --> 00:39:56.400 align:start position:0% and um AML kyc processes and uh computer 00:39:56.400 --> 00:39:58.230 align:start position:0% and um AML kyc processes and uh computer security<00:39:56.760> and<00:39:56.920> all<00:39:57.079> that 00:39:58.230 --> 00:39:58.240 align:start position:0% security and all that 00:39:58.240 --> 00:40:03.829 align:start position:0% security and all that uh<00:39:58.560> so<00:39:59.319> I'm<00:39:59.599> hoping<00:40:00.319> that<00:40:01.280> uh<00:40:01.680> they 00:40:03.829 --> 00:40:03.839 align:start position:0% uh so I'm hoping that uh they 00:40:03.839 --> 00:40:08.030 align:start position:0% uh so I'm hoping that uh they will<00:40:04.839> notice<00:40:05.640> the<00:40:05.839> example<00:40:06.640> of<00:40:06.839> nydfs<00:40:07.720> doing 00:40:08.030 --> 00:40:08.040 align:start position:0% will notice the example of nydfs doing 00:40:08.040 --> 00:40:10.870 align:start position:0% will notice the example of nydfs doing the<00:40:08.599> opposite<00:40:09.599> um<00:40:10.079> maybe<00:40:10.280> they'll<00:40:10.480> even<00:40:10.640> learn 00:40:10.870 --> 00:40:10.880 align:start position:0% the opposite um maybe they'll even learn 00:40:10.880 --> 00:40:13.630 align:start position:0% the opposite um maybe they'll even learn from<00:40:11.040> the<00:40:11.160> example<00:40:11.440> of<00:40:11.599> https<00:40:12.520> 25<00:40:12.960> years<00:40:13.119> ago 00:40:13.630 --> 00:40:13.640 align:start position:0% from the example of https 25 years ago 00:40:13.640 --> 00:40:17.109 align:start position:0% from the example of https 25 years ago but<00:40:14.480> um<00:40:15.000> that's<00:40:15.200> currently<00:40:15.560> in<00:40:15.800> play<00:40:16.400> so<00:40:16.880> so 00:40:17.109 --> 00:40:17.119 align:start position:0% but um that's currently in play so so 00:40:17.119 --> 00:40:21.589 align:start position:0% but um that's currently in play so so Japan<00:40:17.920> is<00:40:18.920> gray<00:40:19.599> on<00:40:19.839> the<00:40:20.040> map<00:40:20.680> because<00:40:21.280> it's 00:40:21.589 --> 00:40:21.599 align:start position:0% Japan is gray on the map because it's 00:40:21.599 --> 00:40:23.430 align:start position:0% Japan is gray on the map because it's not<00:40:21.960> it's<00:40:22.119> an<00:40:22.280> ongoing<00:40:22.720> conversation<00:40:23.280> right 00:40:23.430 --> 00:40:23.440 align:start position:0% not it's an ongoing conversation right 00:40:23.440 --> 00:40:31.309 align:start position:0% not it's an ongoing conversation right now<00:40:23.920> it's<00:40:24.079> not<00:40:24.240> settled 00:40:31.309 --> 00:40:31.319 align:start position:0% 00:40:31.319 --> 00:40:32.790 align:start position:0% okay<00:40:31.480> no<00:40:31.599> more<00:40:31.839> questions<00:40:32.319> thank<00:40:32.480> you<00:40:32.640> very 00:40:32.790 --> 00:40:32.800 align:start position:0% okay no more questions thank you very 00:40:32.800 --> 00:40:34.280 align:start position:0% okay no more questions thank you very much<00:40:33.000> for<00:40:33.520> being 00:40:34.280 --> 00:40:34.290 align:start position:0% much for being 00:40:34.290 --> 00:40:56.230 align:start position:0% much for being [Applause] 00:40:56.230 --> 00:40:56.240 align:start position:0% 00:40:56.240 --> 00:41:00.280 align:start position:0% here<00:40:57.280> for