WEBVTT Kind: captions Language: en 00:00:16.250 --> 00:00:22.160 align:start position:0% hello<00:00:17.250> oh<00:00:17.779> you're<00:00:18.779> tired<00:00:20.420> okay<00:00:21.420> I'll<00:00:21.539> try<00:00:22.109> to 00:00:22.160 --> 00:00:22.170 align:start position:0% hello oh you're tired okay I'll try to 00:00:22.170 --> 00:00:25.220 align:start position:0% hello oh you're tired okay I'll try to keep<00:00:22.500> it<00:00:22.619> short<00:00:23.750> rather<00:00:24.750> get<00:00:24.990> for<00:00:25.199> a 00:00:25.220 --> 00:00:25.230 align:start position:0% keep it short rather get for a 00:00:25.230 --> 00:00:27.439 align:start position:0% keep it short rather get for a high-level<00:00:25.529> overview<00:00:26.060> about<00:00:27.060> what<00:00:27.300> we're 00:00:27.439 --> 00:00:27.449 align:start position:0% high-level overview about what we're 00:00:27.449 --> 00:00:32.089 align:start position:0% high-level overview about what we're doing<00:00:27.480> so<00:00:29.119> you<00:00:30.119> heard<00:00:30.300> a<00:00:30.359> lot<00:00:31.050> about<00:00:31.109> open 00:00:32.089 --> 00:00:32.099 align:start position:0% doing so you heard a lot about open 00:00:32.099 --> 00:00:34.520 align:start position:0% doing so you heard a lot about open problems<00:00:32.489> we<00:00:32.669> have<00:00:32.850> especially<00:00:33.530> scalability 00:00:34.520 --> 00:00:34.530 align:start position:0% problems we have especially scalability 00:00:34.530 --> 00:00:36.170 align:start position:0% problems we have especially scalability we've<00:00:35.190> been<00:00:35.309> talking<00:00:35.550> about<00:00:35.670> this<00:00:35.880> today 00:00:36.170 --> 00:00:36.180 align:start position:0% we've been talking about this today 00:00:36.180 --> 00:00:39.590 align:start position:0% we've been talking about this today already<00:00:37.370> you<00:00:38.370> might<00:00:38.879> know<00:00:39.149> that<00:00:39.420> for<00:00:39.570> example 00:00:39.590 --> 00:00:39.600 align:start position:0% already you might know that for example 00:00:39.600 --> 00:00:43.490 align:start position:0% already you might know that for example visa<00:00:40.290> just<00:00:41.000> about<00:00:42.110> 50000<00:00:43.110> standard 00:00:43.490 --> 00:00:43.500 align:start position:0% visa just about 50000 standard 00:00:43.500 --> 00:00:47.330 align:start position:0% visa just about 50000 standard transactions<00:00:44.129> peak<00:00:44.430> per<00:00:44.850> second<00:00:45.239> and<00:00:46.340> we 00:00:47.330 --> 00:00:47.340 align:start position:0% transactions peak per second and we 00:00:47.340 --> 00:00:49.029 align:start position:0% transactions peak per second and we don't<00:00:47.550> come<00:00:47.730> closer 00:00:49.029 --> 00:00:49.039 align:start position:0% don't come closer 00:00:49.039 --> 00:00:51.590 align:start position:0% don't come closer transaction<00:00:50.039> penalty<00:00:50.579> is<00:00:50.879> some<00:00:51.420> nice 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00:01:07.870 align:start position:0% could we solve these problems if he'd changed<00:01:04.680> the<00:01:04.769> model<00:01:04.949> if<00:01:05.339> we<00:01:06.439> rather<00:01:07.439> have 00:01:07.870 --> 00:01:07.880 align:start position:0% changed the model if we rather have 00:01:07.880 --> 00:01:10.039 align:start position:0% changed the model if we rather have transactions<00:01:08.880> in<00:01:09.119> private<00:01:09.600> between<00:01:09.780> the 00:01:10.039 --> 00:01:10.049 align:start position:0% transactions in private between the 00:01:10.049 --> 00:01:11.359 align:start position:0% transactions in private between the participants<00:01:10.560> who<00:01:10.830> are<00:01:10.950> involved<00:01:11.189> in 00:01:11.359 --> 00:01:11.369 align:start position:0% participants who are involved in 00:01:11.369 --> 00:01:14.570 align:start position:0% participants who are involved in transactions<00:01:11.970> but<00:01:12.540> do<00:01:12.689> not<00:01:13.229> put<00:01:13.590> them<00:01:13.770> on<00:01:14.220> the 00:01:14.570 --> 00:01:14.580 align:start position:0% transactions but do not put them on the 00:01:14.580 --> 00:01:17.149 align:start position:0% transactions but do not put them on the blockchain<00:01:14.790> not<00:01:15.299> to<00:01:15.450> the<00:01:15.540> public<00:01:15.840> ledger<00:01:16.159> but 00:01:17.149 --> 00:01:17.159 align:start position:0% blockchain not to the public ledger but 00:01:17.159 --> 00:01:20.740 align:start position:0% blockchain not to the public ledger but rather<00:01:17.310> use<00:01:17.549> the<00:01:17.670> blockchain<00:01:17.960> just<00:01:19.040> to 00:01:20.740 --> 00:01:20.750 align:start position:0% rather use the blockchain just to 00:01:20.750 --> 00:01:23.600 align:start position:0% rather use the blockchain just to resolve<00:01:21.750> disputes<00:01:21.900> and<00:01:22.500> to<00:01:23.009> take<00:01:23.220> things<00:01:23.490> in 00:01:23.600 --> 00:01:23.610 align:start position:0% resolve disputes and to take things in 00:01:23.610 --> 00:01:28.730 align:start position:0% resolve disputes and to take things in escrow<00:01:26.060> so<00:01:27.060> that's<00:01:27.299> what<00:01:27.509> rain<00:01:27.750> Network<00:01:28.140> tries 00:01:28.730 --> 00:01:28.740 align:start position:0% escrow so that's what rain Network tries 00:01:28.740 --> 00:01:31.190 align:start position:0% escrow so that's what rain Network tries to<00:01:28.890> inform<00:01:29.280> it's<00:01:30.270> enough<00:01:30.570> chain<00:01:30.810> asset 00:01:31.190 --> 00:01:31.200 align:start position:0% to inform it's enough chain asset 00:01:31.200 --> 00:01:32.800 align:start position:0% to inform it's enough chain asset transfer<00:01:31.530> network<00:01:31.860> it's<00:01:32.040> quite<00:01:32.369> similar<00:01:32.729> to 00:01:32.800 --> 00:01:32.810 align:start position:0% transfer network it's quite similar to 00:01:32.810 --> 00:01:35.690 align:start position:0% transfer network it's quite similar to the<00:01:33.810> Bitcoin<00:01:34.439> lightning<00:01:34.829> Network<00:01:34.979> proposal 00:01:35.690 --> 00:01:35.700 align:start position:0% the Bitcoin lightning Network proposal 00:01:35.700 --> 00:01:40.859 align:start position:0% the Bitcoin lightning Network proposal and<00:01:36.570> this<00:01:37.200> is<00:01:37.320> work<00:01:37.500> in<00:01:37.530> progress<00:01:38.869> so 00:01:40.859 --> 00:01:40.869 align:start position:0% and this is work in progress so 00:01:40.869 --> 00:01:45.210 align:start position:0% and this is work in progress so the<00:01:41.200> features<00:01:41.590> shall<00:01:42.460> be<00:01:42.640> to<00:01:43.390> be<00:01:43.740> to<00:01:44.740> internal 00:01:45.210 --> 00:01:45.220 align:start position:0% the features shall be to be to internal 00:01:45.220 --> 00:01:47.010 align:start position:0% the features shall be to be to internal circuit<00:01:45.520> should<00:01:45.610> work<00:01:45.850> with<00:01:46.210> any<00:01:46.270> token<00:01:46.869> which 00:01:47.010 --> 00:01:47.020 align:start position:0% circuit should work with any token which 00:01:47.020 --> 00:01:49.200 align:start position:0% circuit should work with any token which supports<00:01:47.770> the<00:01:48.009> standardized<00:01:48.490> token<00:01:48.970> API 00:01:49.200 --> 00:01:49.210 align:start position:0% supports the standardized token API 00:01:49.210 --> 00:01:52.289 align:start position:0% supports the standardized token API which<00:01:49.450> we<00:01:49.630> tell<00:01:49.780> it<00:01:49.899> defined<00:01:50.229> while<00:01:50.979> ago<00:01:51.299> it 00:01:52.289 --> 00:01:52.299 align:start position:0% which we tell it defined while ago it 00:01:52.299 --> 00:01:54.120 align:start position:0% which we tell it defined while ago it should<00:01:52.689> support<00:01:52.840> instant<00:01:53.500> asset<00:01:53.740> transfers 00:01:54.120 --> 00:01:54.130 align:start position:0% should support instant asset transfers 00:01:54.130 --> 00:01:56.670 align:start position:0% should support instant asset transfers so<00:01:54.640> you<00:01:54.700> should<00:01:54.939> not<00:01:55.090> wait<00:01:55.420> for<00:01:55.780> confirmations 00:01:56.670 --> 00:01:56.680 align:start position:0% so you should not wait for confirmations 00:01:56.680 --> 00:01:59.460 align:start position:0% so you should not wait for confirmations for<00:01:56.950> say<00:01:57.610> five<00:01:57.820> blocks<00:01:58.170> but<00:01:59.170> they<00:01:59.320> should 00:01:59.460 --> 00:01:59.470 align:start position:0% for say five blocks but they should 00:01:59.470 --> 00:02:02.100 align:start position:0% for say five blocks but they should really<00:01:59.679> be<00:01:59.799> instant<00:02:00.220> support<00:02:01.119> should<00:02:01.810> support 00:02:02.100 --> 00:02:02.110 align:start position:0% really be instant support should support 00:02:02.110 --> 00:02:04.679 align:start position:0% really be instant support should support micropayments<00:02:02.729> this<00:02:03.729> only<00:02:04.090> works<00:02:04.360> if<00:02:04.659> the 00:02:04.679 --> 00:02:04.689 align:start position:0% micropayments this only works if the 00:02:04.689 --> 00:02:07.050 align:start position:0% micropayments this only works if the transaction<00:02:05.200> fees<00:02:05.619> are<00:02:05.890> way<00:02:06.189> lower<00:02:06.369> than<00:02:06.700> the 00:02:07.050 --> 00:02:07.060 align:start position:0% transaction fees are way lower than the 00:02:07.060 --> 00:02:09.990 align:start position:0% transaction fees are way lower than the values<00:02:07.360> you<00:02:07.450> want<00:02:07.539> to<00:02:07.659> transfer<00:02:08.050> and<00:02:09.000> it 00:02:09.990 --> 00:02:10.000 align:start position:0% values you want to transfer and it 00:02:10.000 --> 00:02:14.400 align:start position:0% values you want to transfer and it should<00:02:10.149> really<00:02:10.420> scale<00:02:10.780> out<00:02:11.010> to<00:02:13.080> basically<00:02:14.080> I'm 00:02:14.400 --> 00:02:14.410 align:start position:0% should really scale out to basically I'm 00:02:14.410 --> 00:02:16.680 align:start position:0% should really scale out to basically I'm at<00:02:14.739> unlimited<00:02:15.730> number<00:02:15.940> of<00:02:15.970> transfers<00:02:16.540> per 00:02:16.680 --> 00:02:16.690 align:start position:0% at unlimited number of transfers per 00:02:16.690 --> 00:02:21.229 align:start position:0% at unlimited number of transfers per second<00:02:17.790> and<00:02:19.200> we're<00:02:20.200> looking<00:02:20.410> for<00:02:20.590> transaction 00:02:21.229 --> 00:02:21.239 align:start position:0% second and we're looking for transaction 00:02:21.239 --> 00:02:26.759 align:start position:0% second and we're looking for transaction privacy<00:02:23.160> so<00:02:24.160> how<00:02:24.340> does<00:02:24.400> this<00:02:24.580> work<00:02:25.620> in<00:02:26.620> order 00:02:26.759 --> 00:02:26.769 align:start position:0% privacy so how does this work in order 00:02:26.769 --> 00:02:28.080 align:start position:0% privacy so how does this work in order to<00:02:26.890> understand<00:02:27.250> this<00:02:27.370> you<00:02:27.489> need<00:02:27.640> to<00:02:27.910> really 00:02:28.080 --> 00:02:28.090 align:start position:0% to understand this you need to really 00:02:28.090 --> 00:02:30.140 align:start position:0% to understand this you need to really understand<00:02:28.480> how<00:02:28.599> a<00:02:28.630> payment<00:02:29.110> channel<00:02:29.410> works 00:02:30.140 --> 00:02:30.150 align:start position:0% understand how a payment channel works 00:02:30.150 --> 00:02:34.229 align:start position:0% understand how a payment channel works so<00:02:31.150> I<00:02:31.450> try<00:02:31.750> to<00:02:31.780> explain<00:02:32.019> this<00:02:32.730> in<00:02:33.730> the<00:02:33.849> payment 00:02:34.229 --> 00:02:34.239 align:start position:0% so I try to explain this in the payment 00:02:34.239 --> 00:02:36.930 align:start position:0% so I try to explain this in the payment channel<00:02:34.510> you<00:02:34.750> would<00:02:35.110> use<00:02:35.319> that<00:02:35.590> if<00:02:35.890> one<00:02:36.549> party 00:02:36.930 --> 00:02:36.940 align:start position:0% channel you would use that if one party 00:02:36.940 --> 00:02:39.990 align:start position:0% channel you would use that if one party say<00:02:37.209> Alice<00:02:37.510> wants<00:02:37.840> to<00:02:37.900> pay<00:02:38.140> Bob<00:02:39.000> multiple 00:02:39.990 --> 00:02:40.000 align:start position:0% say Alice wants to pay Bob multiple 00:02:40.000 --> 00:02:42.120 align:start position:0% say Alice wants to pay Bob multiple times<00:02:40.269> and<00:02:40.660> she<00:02:41.140> doesn't<00:02:41.290> want<00:02:41.560> to<00:02:41.709> see<00:02:42.040> all 00:02:42.120 --> 00:02:42.130 align:start position:0% times and she doesn't want to see all 00:02:42.130 --> 00:02:44.220 align:start position:0% times and she doesn't want to see all those<00:02:42.280> transactions<00:02:42.790> on<00:02:42.940> the<00:02:43.030> blockchain<00:02:43.269> but 00:02:44.220 --> 00:02:44.230 align:start position:0% those transactions on the blockchain but 00:02:44.230 --> 00:02:47.069 align:start position:0% those transactions on the blockchain but rather<00:02:44.760> opens<00:02:45.760> a<00:02:45.970> payment<00:02:46.480> channel<00:02:46.780> on<00:02:46.930> the 00:02:47.069 --> 00:02:47.079 align:start position:0% rather opens a payment channel on the 00:02:47.079 --> 00:02:49.979 align:start position:0% rather opens a payment channel on the blockchain<00:02:47.320> and<00:02:48.390> payment<00:02:49.390> channel<00:02:49.660> would 00:02:49.979 --> 00:02:49.989 align:start position:0% blockchain and payment channel would 00:02:49.989 --> 00:02:53.190 align:start position:0% blockchain and payment channel would know<00:02:50.260> the<00:02:51.010> address<00:02:51.400> of<00:02:51.670> the<00:02:51.790> receiver<00:02:52.200> that 00:02:53.190 --> 00:02:53.200 align:start position:0% know the address of the receiver that 00:02:53.200 --> 00:02:55.319 align:start position:0% know the address of the receiver that would<00:02:53.320> be<00:02:53.440> Bob<00:02:53.590> and<00:02:53.920> address<00:02:54.400> of<00:02:54.640> the 00:02:55.319 --> 00:02:55.329 align:start position:0% would be Bob and address of the 00:02:55.329 --> 00:02:57.449 align:start position:0% would be Bob and address of the initiator<00:02:55.750> that<00:02:55.989> would<00:02:56.079> be<00:02:56.200> Alice<00:02:56.500> and<00:02:56.709> also 00:02:57.449 --> 00:02:57.459 align:start position:0% initiator that would be Alice and also 00:02:57.459 --> 00:02:59.789 align:start position:0% initiator that would be Alice and also it<00:02:57.579> would<00:02:57.790> take<00:02:58.180> an<00:02:58.329> escrow<00:02:58.600> deposit<00:02:59.140> from 00:02:59.789 --> 00:02:59.799 align:start position:0% it would take an escrow deposit from 00:02:59.799 --> 00:03:03.330 align:start position:0% it would take an escrow deposit from Alice<00:03:00.900> what<00:03:01.900> Alice<00:03:02.109> then<00:03:02.440> can<00:03:02.709> do<00:03:02.890> is<00:03:03.069> whenever 00:03:03.330 --> 00:03:03.340 align:start position:0% Alice what Alice then can do is whenever 00:03:03.340 --> 00:03:06.840 align:start position:0% Alice what Alice then can do is whenever Bob<00:03:03.850> sells<00:03:04.480> something<00:03:04.989> to<00:03:05.140> her<00:03:05.200> she<00:03:05.440> can<00:03:06.310> sign 00:03:06.840 --> 00:03:06.850 align:start position:0% Bob sells something to her she can sign 00:03:06.850 --> 00:03:09.030 align:start position:0% Bob sells something to her she can sign an<00:03:07.090> updated<00:03:07.569> balance<00:03:07.930> so<00:03:08.350> the<00:03:08.530> first<00:03:08.739> balance 00:03:09.030 --> 00:03:09.040 align:start position:0% an updated balance so the first balance 00:03:09.040 --> 00:03:13.650 align:start position:0% an updated balance so the first balance might<00:03:09.280> be<00:03:09.489> I<00:03:10.319> signed<00:03:11.319> one<00:03:11.650> say<00:03:12.430> Jeff<00:03:12.760> coin<00:03:13.060> for 00:03:13.650 --> 00:03:13.660 align:start position:0% might be I signed one say Jeff coin for 00:03:13.660 --> 00:03:16.920 align:start position:0% might be I signed one say Jeff coin for Bob<00:03:13.840> and<00:03:15.000> later<00:03:16.000> in<00:03:16.120> the<00:03:16.209> day<00:03:16.329> she<00:03:16.359> would<00:03:16.720> sign 00:03:16.920 --> 00:03:16.930 align:start position:0% Bob and later in the day she would sign 00:03:16.930 --> 00:03:20.069 align:start position:0% Bob and later in the day she would sign a<00:03:16.989> second<00:03:17.410> gift<00:03:17.650> card<00:03:17.889> to<00:03:18.100> Bob<00:03:18.310> now<00:03:18.639> Bob<00:03:19.600> can<00:03:19.930> at 00:03:20.069 --> 00:03:20.079 align:start position:0% a second gift card to Bob now Bob can at 00:03:20.079 --> 00:03:22.199 align:start position:0% a second gift card to Bob now Bob can at any<00:03:20.200> time<00:03:20.290> go<00:03:20.470> to<00:03:20.709> the<00:03:20.859> blockchain<00:03:21.190> and<00:03:21.519> claim 00:03:22.199 --> 00:03:22.209 align:start position:0% any time go to the blockchain and claim 00:03:22.209 --> 00:03:25.020 align:start position:0% any time go to the blockchain and claim to<00:03:22.569> gift<00:03:22.840> coins<00:03:23.109> because<00:03:23.400> Alice<00:03:24.400> signed<00:03:24.819> them 00:03:25.020 --> 00:03:25.030 align:start position:0% to gift coins because Alice signed them 00:03:25.030 --> 00:03:29.009 align:start position:0% to gift coins because Alice signed them and<00:03:26.220> well<00:03:27.220> he<00:03:27.370> would<00:03:27.489> make<00:03:27.639> sure<00:03:27.670> that<00:03:27.880> he<00:03:28.299> will 00:03:29.009 --> 00:03:29.019 align:start position:0% and well he would make sure that he will 00:03:29.019 --> 00:03:31.800 align:start position:0% and well he would make sure that he will not<00:03:29.109> accept<00:03:29.700> signed<00:03:30.700> balances<00:03:31.120> which<00:03:31.630> are 00:03:31.800 --> 00:03:31.810 align:start position:0% not accept signed balances which are 00:03:31.810 --> 00:03:33.330 align:start position:0% not accept signed balances which are higher<00:03:32.079> than<00:03:32.319> the<00:03:32.470> deposit<00:03:32.950> which<00:03:33.069> is<00:03:33.190> on 00:03:33.330 --> 00:03:33.340 align:start position:0% higher than the deposit which is on 00:03:33.340 --> 00:03:34.839 align:start position:0% higher than the deposit which is on Shane 00:03:34.839 --> 00:03:34.849 align:start position:0% Shane 00:03:34.849 --> 00:03:37.630 align:start position:0% Shane but<00:03:35.390> otherwise<00:03:35.599> he<00:03:36.049> can<00:03:36.230> always<00:03:36.739> be<00:03:36.980> sure<00:03:37.310> if 00:03:37.630 --> 00:03:37.640 align:start position:0% but otherwise he can always be sure if 00:03:37.640 --> 00:03:42.069 align:start position:0% but otherwise he can always be sure if he<00:03:38.180> gets<00:03:38.569> off<00:03:38.870> shyness<00:03:39.469> on<00:03:39.620> transaction<00:03:41.079> that 00:03:42.069 --> 00:03:42.079 align:start position:0% he gets off shyness on transaction that 00:03:42.079 --> 00:03:46.289 align:start position:0% he gets off shyness on transaction that he<00:03:42.260> will<00:03:42.920> be<00:03:43.040> able<00:03:43.159> to<00:03:43.400> claim<00:03:43.609> this<00:03:43.909> on<00:03:44.120> change 00:03:46.289 --> 00:03:46.299 align:start position:0% he will be able to claim this on change 00:03:46.299 --> 00:03:49.420 align:start position:0% he will be able to claim this on change to<00:03:47.299> gender<00:03:47.599> studies<00:03:48.219> because<00:03:49.219> that's 00:03:49.420 --> 00:03:49.430 align:start position:0% to gender studies because that's 00:03:49.430 --> 00:03:54.339 align:start position:0% to gender studies because that's important<00:03:49.849> yeah<00:03:52.209> okay 00:03:54.339 --> 00:03:54.349 align:start position:0% important yeah okay 00:03:54.349 --> 00:03:57.129 align:start position:0% important yeah okay so<00:03:54.799> this<00:03:55.189> is<00:03:55.310> also<00:03:55.459> simple<00:03:56.180> pension<00:03:56.540> we<00:03:56.989> also 00:03:57.129 --> 00:03:57.139 align:start position:0% so this is also simple pension we also 00:03:57.139 --> 00:03:58.690 align:start position:0% so this is also simple pension we also can<00:03:57.349> have<00:03:57.439> bi-directional<00:03:57.739> para<00:03:58.340> channels 00:03:58.690 --> 00:03:58.700 align:start position:0% can have bi-directional para channels 00:03:58.700 --> 00:04:00.369 align:start position:0% can have bi-directional para channels it's<00:03:58.819> a<00:03:58.879> nice<00:03:59.030> feature<00:03:59.209> about<00:03:59.379> bi-directional 00:04:00.369 --> 00:04:00.379 align:start position:0% it's a nice feature about bi-directional 00:04:00.379 --> 00:04:04.300 align:start position:0% it's a nice feature about bi-directional pensioners<00:04:00.829> is<00:04:01.040> that<00:04:01.280> safety<00:04:02.269> f10<00:04:02.900> if<00:04:03.310> both 00:04:04.300 --> 00:04:04.310 align:start position:0% pensioners is that safety f10 if both 00:04:04.310 --> 00:04:08.979 align:start position:0% pensioners is that safety f10 if both parties<00:04:04.760> deposit<00:04:05.299> ten<00:04:05.659> coins<00:04:06.099> on<00:04:07.099> chain<00:04:07.989> they 00:04:08.979 --> 00:04:08.989 align:start position:0% parties deposit ten coins on chain they 00:04:08.989 --> 00:04:11.470 align:start position:0% parties deposit ten coins on chain they could<00:04:09.319> have<00:04:09.889> updated<00:04:10.370> balances<00:04:10.909> which<00:04:11.180> are 00:04:11.470 --> 00:04:11.480 align:start position:0% could have updated balances which are 00:04:11.480 --> 00:04:15.990 align:start position:0% could have updated balances which are higher<00:04:12.200> than<00:04:12.739> ten<00:04:13.419> for<00:04:14.419> example<00:04:14.780> if<00:04:14.900> Ellis 00:04:15.990 --> 00:04:16.000 align:start position:0% higher than ten for example if Ellis 00:04:16.000 --> 00:04:21.009 align:start position:0% higher than ten for example if Ellis sent<00:04:17.000> nine<00:04:17.690> coins<00:04:18.139> to<00:04:18.709> Bob<00:04:18.949> but<00:04:19.729> Bob<00:04:20.030> sent<00:04:20.720> five 00:04:21.009 --> 00:04:21.019 align:start position:0% sent nine coins to Bob but Bob sent five 00:04:21.019 --> 00:04:24.640 align:start position:0% sent nine coins to Bob but Bob sent five coins<00:04:21.349> to<00:04:21.620> Alice<00:04:21.889> then<00:04:22.639> she<00:04:22.849> could<00:04:23.090> still<00:04:23.650> send 00:04:24.640 --> 00:04:24.650 align:start position:0% coins to Alice then she could still send 00:04:24.650 --> 00:04:26.950 align:start position:0% coins to Alice then she could still send another<00:04:24.919> six<00:04:25.280> coins<00:04:25.550> to<00:04:25.849> Bob<00:04:26.030> so<00:04:26.509> the<00:04:26.630> balance 00:04:26.950 --> 00:04:26.960 align:start position:0% another six coins to Bob so the balance 00:04:26.960 --> 00:04:28.540 align:start position:0% another six coins to Bob so the balance that<00:04:27.199> she<00:04:27.380> would<00:04:27.530> signed<00:04:27.740> would<00:04:27.919> be<00:04:28.070> sixteen 00:04:28.540 --> 00:04:28.550 align:start position:0% that she would signed would be sixteen 00:04:28.550 --> 00:04:33.189 align:start position:0% that she would signed would be sixteen right<00:04:30.520> so<00:04:31.520> if<00:04:31.639> you<00:04:31.759> have<00:04:32.020> transfer<00:04:33.020> switch 00:04:33.189 --> 00:04:33.199 align:start position:0% right so if you have transfer switch 00:04:33.199 --> 00:04:35.379 align:start position:0% right so if you have transfer switch gear<00:04:33.410> in<00:04:33.500> both<00:04:33.680> directions<00:04:34.039> you<00:04:34.669> can<00:04:34.820> for<00:04:35.120> a 00:04:35.379 --> 00:04:35.389 align:start position:0% gear in both directions you can for a 00:04:35.389 --> 00:04:37.450 align:start position:0% gear in both directions you can for a long<00:04:35.750> lasting<00:04:36.139> channel<00:04:36.530> you<00:04:36.620> can<00:04:36.800> send<00:04:37.190> things 00:04:37.450 --> 00:04:37.460 align:start position:0% long lasting channel you can send things 00:04:37.460 --> 00:04:43.180 align:start position:0% long lasting channel you can send things back<00:04:37.699> and<00:04:38.180> forth<00:04:39.610> and<00:04:40.840> so<00:04:41.840> again<00:04:42.470> you<00:04:42.740> can 00:04:43.180 --> 00:04:43.190 align:start position:0% back and forth and so again you can 00:04:43.190 --> 00:04:44.770 align:start position:0% back and forth and so again you can settle<00:04:43.430> this<00:04:43.639> on<00:04:43.880> chain<00:04:44.090> any<00:04:44.539> of<00:04:44.659> the 00:04:44.770 --> 00:04:44.780 align:start position:0% settle this on chain any of the 00:04:44.780 --> 00:04:47.409 align:start position:0% settle this on chain any of the partisans<00:04:45.409> of<00:04:45.650> Alice<00:04:46.580> to<00:04:46.699> Bob<00:04:46.729> can<00:04:47.090> post<00:04:47.270> get 00:04:47.409 --> 00:04:47.419 align:start position:0% partisans of Alice to Bob can post get 00:04:47.419 --> 00:04:50.409 align:start position:0% partisans of Alice to Bob can post get Unchained<00:04:47.570> and<00:04:47.930> settle<00:04:48.289> this<00:04:48.409> anytime<00:04:49.419> the 00:04:50.409 --> 00:04:50.419 align:start position:0% Unchained and settle this anytime the 00:04:50.419 --> 00:04:51.969 align:start position:0% Unchained and settle this anytime the requirement<00:04:50.990> to<00:04:51.020> settle<00:04:51.380> being<00:04:51.710> able<00:04:51.800> to 00:04:51.969 --> 00:04:51.979 align:start position:0% requirement to settle being able to 00:04:51.979 --> 00:04:54.550 align:start position:0% requirement to settle being able to settle<00:04:52.340> this<00:04:52.490> at<00:04:52.639> any<00:04:52.759> time<00:04:52.970> is<00:04:53.090> because<00:04:53.780> one 00:04:54.550 --> 00:04:54.560 align:start position:0% settle this at any time is because one 00:04:54.560 --> 00:04:56.830 align:start position:0% settle this at any time is because one of<00:04:54.650> the<00:04:54.740> parties<00:04:54.979> could<00:04:55.130> vanish<00:04:55.599> they<00:04:56.599> could 00:04:56.830 --> 00:04:56.840 align:start position:0% of the parties could vanish they could 00:04:56.840 --> 00:05:00.840 align:start position:0% of the parties could vanish they could not<00:04:56.990> respond<00:04:57.320> anymore 00:05:00.840 --> 00:05:00.850 align:start position:0% 00:05:00.850 --> 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payment<00:05:09.940> channel<00:05:10.150> to<00:05:10.270> Dave<00:05:10.650> then<00:05:11.650> she<00:05:11.860> could 00:05:12.000 --> 00:05:12.010 align:start position:0% payment channel to Dave then she could 00:05:12.010 --> 00:05:15.090 align:start position:0% payment channel to Dave then she could ask<00:05:12.250> Bob<00:05:12.640> and<00:05:12.940> Charlie<00:05:13.240> to<00:05:14.110> help<00:05:14.140> to<00:05:14.680> transfer 00:05:15.090 --> 00:05:15.100 align:start position:0% ask Bob and Charlie to help to transfer 00:05:15.100 --> 00:05:17.610 align:start position:0% ask Bob and Charlie to help to transfer payments<00:05:15.670> to<00:05:15.880> Dave<00:05:16.060> so<00:05:16.420> questions<00:05:17.470> why 00:05:17.610 --> 00:05:17.620 align:start position:0% payments to Dave so questions why 00:05:17.620 --> 00:05:18.840 align:start position:0% payments to Dave so questions why wouldn't<00:05:17.800> she<00:05:17.920> have<00:05:18.070> her<00:05:18.250> payment<00:05:18.610> channel 00:05:18.840 --> 00:05:18.850 align:start position:0% wouldn't she have her payment channel 00:05:18.850 --> 00:05:20.430 align:start position:0% wouldn't she have her payment channel stay<00:05:19.030> at<00:05:19.090> the<00:05:19.210> first<00:05:19.420> place<00:05:19.660> that<00:05:20.170> is<00:05:20.290> you 00:05:20.430 --> 00:05:20.440 align:start position:0% stay at the first place that is you 00:05:20.440 --> 00:05:22.260 align:start position:0% stay at the first place that is you remember<00:05:20.650> we<00:05:21.040> have<00:05:21.190> to<00:05:21.340> deposit<00:05:21.670> something<00:05:22.030> on 00:05:22.260 --> 00:05:22.270 align:start position:0% remember we have to deposit something on 00:05:22.270 --> 00:05:25.200 align:start position:0% remember we have to deposit something on trains<00:05:22.540> if<00:05:22.750> you<00:05:22.900> walk<00:05:23.230> through<00:05:23.650> water<00:05:24.210> and 00:05:25.200 --> 00:05:25.210 align:start position:0% trains if you walk through water and 00:05:25.210 --> 00:05:27.330 align:start position:0% trains if you walk through water and have<00:05:25.780> to<00:05:25.930> do<00:05:26.050> multiple<00:05:26.470> payments<00:05:26.890> or<00:05:27.070> many 00:05:27.330 --> 00:05:27.340 align:start position:0% have to do multiple payments or many 00:05:27.340 --> 00:05:29.850 align:start position:0% have to do multiple payments or many payments<00:05:27.820> every<00:05:28.510> day<00:05:28.630> then<00:05:29.320> you<00:05:29.500> don't<00:05:29.650> want 00:05:29.850 --> 00:05:29.860 align:start position:0% payments every day then you don't want 00:05:29.860 --> 00:05:31.890 align:start position:0% payments every day then you don't want to<00:05:29.950> have<00:05:30.070> a<00:05:30.130> pension<00:05:30.580> on<00:05:30.640> this<00:05:31.210> every<00:05:31.480> receiver 00:05:31.890 --> 00:05:31.900 align:start position:0% to have a pension on this every receiver 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position:0% how<00:05:42.760> do<00:05:42.820> we<00:05:42.940> solve<00:05:43.150> that<00:05:43.270> Bob<00:05:43.600> or<00:05:43.720> Charlie<00:05:43.990> do 00:05:44.100 --> 00:05:44.110 align:start position:0% how do we solve that Bob or Charlie do 00:05:44.110 --> 00:05:45.660 align:start position:0% how do we solve that Bob or Charlie do not<00:05:44.230> run<00:05:44.440> away<00:05:44.530> with<00:05:44.860> the<00:05:45.040> transfer<00:05:45.430> which<00:05:45.550> we 00:05:45.660 --> 00:05:45.670 align:start position:0% not run away with the transfer which we 00:05:45.670 --> 00:05:48.090 align:start position:0% not run away with the transfer which we were<00:05:45.730> signed<00:05:45.970> by<00:05:46.180> Alice<00:05:46.560> but<00:05:47.560> she'll<00:05:47.950> actually 00:05:48.090 --> 00:05:48.100 align:start position:0% were signed by Alice but she'll actually 00:05:48.100 --> 00:05:51.900 align:start position:0% were signed by Alice but she'll actually go<00:05:48.430> to<00:05:48.490> Dave<00:05:48.910> we<00:05:49.780> do<00:05:49.900> that<00:05:50.050> by<00:05:50.410> using<00:05:50.910> a 00:05:51.900 --> 00:05:51.910 align:start position:0% go to Dave we do that by using a 00:05:51.910 --> 00:05:54.930 align:start position:0% go to Dave we do that by using a technique<00:05:52.060> called<00:05:52.300> hash<00:05:52.870> log<00:05:53.200> a<00:05:53.530> hash<00:05:54.430> luck<00:05:54.700> is 00:05:54.930 --> 00:05:54.940 align:start position:0% technique called hash log a hash luck is 00:05:54.940 --> 00:05:58.410 align:start position:0% technique called hash log a hash luck is when<00:05:55.870> Ellis<00:05:56.340> comes<00:05:57.340> up<00:05:57.460> with<00:05:57.580> a<00:05:57.610> random<00:05:58.000> secret 00:05:58.410 --> 00:05:58.420 align:start position:0% when Ellis comes up with a random secret 00:05:58.420 --> 00:06:00.360 align:start position:0% when Ellis comes up with a random secret which<00:05:58.660> he<00:05:58.690> does<00:05:58.930> not<00:05:59.170> yet<00:05:59.350> share<00:05:59.800> with<00:06:00.250> the 00:06:00.360 --> 00:06:00.370 align:start position:0% which he does not yet share with the 00:06:00.370 --> 00:06:03.660 align:start position:0% which he does not yet share with the other<00:06:00.490> participants<00:06:00.670> and<00:06:02.340> the<00:06:03.340> smart 00:06:03.660 --> 00:06:03.670 align:start position:0% other participants and the smart 00:06:03.670 --> 00:06:09.120 align:start position:0% other participants and the smart contract<00:06:03.940> on<00:06:04.420> sharing<00:06:06.360> will<00:06:07.360> only<00:06:07.860> settle<00:06:08.860> the 00:06:09.120 --> 00:06:09.130 align:start position:0% contract on sharing will only settle the 00:06:09.130 --> 00:06:11.940 align:start position:0% contract on sharing will only settle the transfer<00:06:09.640> if<00:06:09.850> one<00:06:10.240> also<00:06:10.450> provides<00:06:10.930> the<00:06:11.500> secret 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received<00:06:44.080> a<00:06:44.200> signal<00:06:44.740> signed<00:06:45.130> talents<00:06:45.700> update 00:06:45.990 --> 00:06:46.000 align:start position:0% received a signal signed talents update 00:06:46.000 --> 00:06:48.180 align:start position:0% received a signal signed talents update from<00:06:46.210> Dave<00:06:46.420> which<00:06:46.720> is<00:06:46.840> hash<00:06:47.020> lock<00:06:47.230> would<00:06:48.100> you 00:06:48.180 --> 00:06:48.190 align:start position:0% from Dave which is hash lock would you 00:06:48.190 --> 00:06:50.280 align:start position:0% from Dave which is hash lock would you tell<00:06:48.400> me<00:06:48.580> the<00:06:48.700> secret<00:06:48.850> so<00:06:49.270> I<00:06:49.300> can<00:06:49.750> show<00:06:50.110> you<00:06:50.170> the 00:06:50.280 --> 00:06:50.290 align:start position:0% tell me the secret so I can show you the 00:06:50.290 --> 00:06:52.350 align:start position:0% tell me the secret so I can show you the webpage<00:06:50.620> of<00:06:50.770> whatever<00:06:50.920> Alice<00:06:51.610> wants<00:06:51.850> to<00:06:51.970> buy 00:06:52.350 --> 00:06:52.360 align:start position:0% webpage of whatever Alice wants to buy 00:06:52.360 --> 00:06:55.800 align:start position:0% webpage of whatever Alice wants to buy from<00:06:52.630> Dave<00:06:53.140> and<00:06:53.830> Alice<00:06:54.700> will<00:06:54.910> eventually 00:06:55.800 --> 00:06:55.810 align:start position:0% from Dave and Alice will eventually 00:06:55.810 --> 00:07:01.740 align:start position:0% from Dave and Alice will eventually reveal<00:06:56.140> the<00:06:56.470> secret<00:06:56.890> and<00:06:58.860> now<00:06:59.860> Dave<00:07:00.220> can<00:07:00.910> claim 00:07:01.740 --> 00:07:01.750 align:start position:0% reveal the secret and now Dave can claim 00:07:01.750 --> 00:07:03.990 align:start position:0% reveal the secret and now Dave can claim those<00:07:01.960> pants<00:07:02.320> on<00:07:02.500> Shane<00:07:02.800> by<00:07:03.190> providing<00:07:03.790> the 00:07:03.990 --> 00:07:04.000 align:start position:0% those pants on Shane by providing the 00:07:04.000 --> 00:07:06.800 align:start position:0% those pants on Shane by providing the signed<00:07:04.890> balance<00:07:05.890> update<00:07:06.130> from<00:07:06.310> Charlie<00:07:06.670> and 00:07:06.800 --> 00:07:06.810 align:start position:0% signed balance update from Charlie and 00:07:06.810 --> 00:07:09.060 align:start position:0% signed balance update from Charlie and which<00:07:07.810> is<00:07:07.930> hash<00:07:08.080> lock<00:07:08.290> but<00:07:08.500> he<00:07:08.650> would<00:07:08.800> know<00:07:08.950> the 00:07:09.060 --> 00:07:09.070 align:start position:0% which is hash lock but he would know the 00:07:09.070 --> 00:07:10.420 align:start position:0% which is hash lock but he would know the secret<00:07:09.370> so<00:07:09.580> does<00:07:09.760> the 00:07:10.420 --> 00:07:10.430 align:start position:0% secret so does the 00:07:10.430 --> 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then Dave can claim<00:07:19.610> on<00:07:20.210> the<00:07:20.780> updated<00:07:21.169> balance<00:07:21.520> transfer 00:07:22.510 --> 00:07:22.520 align:start position:0% claim on the updated balance transfer 00:07:22.520 --> 00:07:24.840 align:start position:0% claim on the updated balance transfer and<00:07:22.759> same<00:07:23.000> because<00:07:23.389> then<00:07:23.600> it's<00:07:23.750> on<00:07:23.900> chain<00:07:24.169> same 00:07:24.840 --> 00:07:24.850 align:start position:0% and same because then it's on chain same 00:07:24.850 --> 00:07:29.409 align:start position:0% and same because then it's on chain same so<00:07:25.850> Charlie<00:07:26.419> and<00:07:26.600> Bob<00:07:27.410> at<00:07:28.310> latest<00:07:28.789> at<00:07:29.210> this 00:07:29.409 --> 00:07:29.419 align:start position:0% so Charlie and Bob at latest at this 00:07:29.419 --> 00:07:31.060 align:start position:0% so Charlie and Bob at latest at this time<00:07:29.660> would<00:07:29.900> learn<00:07:30.139> also<00:07:30.440> the<00:07:30.500> secret<00:07:30.740> and<00:07:30.919> all 00:07:31.060 --> 00:07:31.070 align:start position:0% time would learn also the secret and all 00:07:31.070 --> 00:07:35.140 align:start position:0% time would learn also the secret and all secured<00:07:31.370> claim<00:07:32.650> adapted<00:07:33.650> it<00:07:33.770> balances<00:07:34.150> so 00:07:35.140 --> 00:07:35.150 align:start position:0% secured claim adapted it balances so 00:07:35.150 --> 00:07:38.770 align:start position:0% secured claim adapted it balances so there's<00:07:35.419> no<00:07:35.990> trust<00:07:36.320> involved<00:07:36.770> so<00:07:36.919> far<00:07:37.780> right 00:07:38.770 --> 00:07:38.780 align:start position:0% there's no trust involved so far right 00:07:38.780 --> 00:07:40.659 align:start position:0% there's no trust involved so far right and<00:07:38.930> all<00:07:39.199> those<00:07:39.410> transactions<00:07:39.979> have<00:07:40.250> been<00:07:40.280> off 00:07:40.659 --> 00:07:40.669 align:start position:0% and all those transactions have been off 00:07:40.669 --> 00:07:42.640 align:start position:0% and all those transactions have been off chain<00:07:41.150> and<00:07:41.360> they<00:07:41.750> probably<00:07:41.990> will<00:07:42.259> stay<00:07:42.500> off 00:07:42.640 --> 00:07:42.650 align:start position:0% chain and they probably will stay off 00:07:42.650 --> 00:07:45.060 align:start position:0% chain and they probably will stay off chain<00:07:42.919> except<00:07:43.760> if<00:07:44.000> one<00:07:44.270> of<00:07:44.389> these<00:07:44.539> parties 00:07:45.060 --> 00:07:45.070 align:start position:0% chain except if one of these parties 00:07:45.070 --> 00:07:51.730 align:start position:0% chain except if one of these parties becomes<00:07:46.070> unresponsive<00:07:50.080> so<00:07:51.080> if<00:07:51.410> we<00:07:51.590> have 00:07:51.730 --> 00:07:51.740 align:start position:0% becomes unresponsive so if we have 00:07:51.740 --> 00:07:55.150 align:start position:0% becomes unresponsive so if we have change<00:07:52.370> channels<00:07:53.590> we<00:07:54.590> can<00:07:54.740> think<00:07:54.889> about<00:07:55.039> a 00:07:55.150 --> 00:07:55.160 align:start position:0% change channels we can think about a 00:07:55.160 --> 00:07:56.500 align:start position:0% change channels we can think about a network<00:07:55.400> of<00:07:55.669> channels<00:07:55.940> if<00:07:56.270> you<00:07:56.360> have<00:07:56.479> a 00:07:56.500 --> 00:07:56.510 align:start position:0% network of channels if you have a 00:07:56.510 --> 00:07:58.360 align:start position:0% network of channels if you have a contract<00:07:57.020> which<00:07:57.229> lists<00:07:57.590> all<00:07:57.800> the<00:07:57.979> payment 00:07:58.360 --> 00:07:58.370 align:start position:0% contract which lists all the payment 00:07:58.370 --> 00:08:02.080 align:start position:0% contract which lists all the payment channels<00:07:58.669> then<00:07:59.360> we<00:08:00.320> can<00:08:00.560> derive<00:08:01.250> the<00:08:01.639> network 00:08:02.080 --> 00:08:02.090 align:start position:0% channels then we can derive the network 00:08:02.090 --> 00:08:04.240 align:start position:0% channels then we can derive the network graph<00:08:02.389> from<00:08:02.870> all<00:08:03.080> the<00:08:03.229> payment<00:08:03.590> channels<00:08:03.889> so 00:08:04.240 --> 00:08:04.250 align:start position:0% graph from all the payment channels so 00:08:04.250 --> 00:08:07.629 align:start position:0% graph from all the payment channels so we<00:08:04.460> can<00:08:04.699> basically<00:08:04.910> find<00:08:05.590> for<00:08:06.590> any<00:08:06.770> two 00:08:07.629 --> 00:08:07.639 align:start position:0% we can basically find for any two 00:08:07.639 --> 00:08:10.110 align:start position:0% we can basically find for any two participants<00:08:08.000> a<00:08:08.509> route<00:08:08.810> through<00:08:09.199> the<00:08:09.229> network 00:08:10.110 --> 00:08:10.120 align:start position:0% participants a route through the network 00:08:10.120 --> 00:08:13.990 align:start position:0% participants a route through the network that<00:08:11.120> would<00:08:11.270> allow<00:08:11.479> us<00:08:11.509> to<00:08:12.139> transfer<00:08:13.000> our 00:08:13.990 --> 00:08:14.000 align:start position:0% that would allow us to transfer our 00:08:14.000 --> 00:08:17.320 align:start position:0% that would allow us to transfer our values<00:08:14.599> through<00:08:14.720> the<00:08:14.810> network<00:08:15.199> and<00:08:16.120> as<00:08:17.120> we 00:08:17.320 --> 00:08:17.330 align:start position:0% values through the network and as we 00:08:17.330 --> 00:08:19.480 align:start position:0% values through the network and as we learned<00:08:17.510> those<00:08:18.229> transfers<00:08:18.740> cancel<00:08:19.130> out<00:08:19.220> on 00:08:19.480 --> 00:08:19.490 align:start position:0% learned those transfers cancel out on 00:08:19.490 --> 00:08:26.140 align:start position:0% learned those transfers cancel out on average<00:08:19.960> or<00:08:22.750> okay<00:08:23.780> yeah<00:08:24.099> and<00:08:25.099> unchanged<00:08:26.030> that 00:08:26.140 --> 00:08:26.150 align:start position:0% average or okay yeah and unchanged that 00:08:26.150 --> 00:08:29.020 align:start position:0% average or okay yeah and unchanged that limit<00:08:26.419> is<00:08:26.449> infrequent<00:08:27.669> because<00:08:28.669> there's<00:08:28.909> no 00:08:29.020 --> 00:08:29.030 align:start position:0% limit is infrequent because there's no 00:08:29.030 --> 00:08:31.899 align:start position:0% limit is infrequent because there's no need<00:08:29.240> to<00:08:29.389> settle<00:08:30.550> except<00:08:31.550> if<00:08:31.639> someone 00:08:31.899 --> 00:08:31.909 align:start position:0% need to settle except if someone 00:08:31.909 --> 00:08:33.699 align:start position:0% need to settle except if someone uncooperative<00:08:32.450> and<00:08:32.959> break<00:08:33.349> self<00:08:33.529> does<00:08:33.680> not 00:08:33.699 --> 00:08:33.709 align:start position:0% uncooperative and break self does not 00:08:33.709 --> 00:08:40.329 align:start position:0% uncooperative and break self does not provide<00:08:34.099> the<00:08:34.849> secret<00:08:35.209> and<00:08:37.570> so<00:08:39.339> those 00:08:40.329 --> 00:08:40.339 align:start position:0% provide the secret and so those 00:08:40.339 --> 00:08:42.010 align:start position:0% provide the secret and so those transactions<00:08:41.000> which<00:08:41.120> are<00:08:41.300> offed<00:08:41.450> off<00:08:41.690> chain 00:08:42.010 --> 00:08:42.020 align:start position:0% transactions which are offed off chain 00:08:42.020 --> 00:08:44.470 align:start position:0% transactions which are offed off chain they<00:08:42.469> are<00:08:42.529> cheaper<00:08:42.979> they're<00:08:43.700> instant<00:08:44.209> because 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connected<00:09:02.779> apps<00:09:03.110> they<00:09:03.380> offer<00:09:04.070> the 00:09:04.269 --> 00:09:04.279 align:start position:0% highly connected apps they offer the 00:09:04.279 --> 00:09:06.160 align:start position:0% highly connected apps they offer the advantage<00:09:04.490> that<00:09:04.970> you<00:09:05.330> have<00:09:05.450> shorter<00:09:05.959> routes 00:09:06.160 --> 00:09:06.170 align:start position:0% advantage that you have shorter routes 00:09:06.170 --> 00:09:09.490 align:start position:0% advantage that you have shorter routes between<00:09:06.440> two<00:09:06.740> participants<00:09:07.160> and<00:09:08.440> there's<00:09:09.440> a 00:09:09.490 --> 00:09:09.500 align:start position:0% between two participants and there's a 00:09:09.500 --> 00:09:12.160 align:start position:0% between two participants and there's a motivation<00:09:09.800> to<00:09:10.100> run<00:09:10.279> these<00:09:10.430> subs<00:09:10.990> because<00:09:11.990> you 00:09:12.160 --> 00:09:12.170 align:start position:0% motivation to run these subs because you 00:09:12.170 --> 00:09:15.300 align:start position:0% motivation to run these subs because you can<00:09:12.410> earn<00:09:12.709> transaction<00:09:13.640> fees 00:09:15.300 --> 00:09:15.310 align:start position:0% can earn transaction fees 00:09:15.310 --> 00:09:18.090 align:start position:0% can earn transaction fees so<00:09:16.060> in<00:09:16.210> this<00:09:16.300> decentralized<00:09:17.260> network<00:09:17.740> there 00:09:18.090 --> 00:09:18.100 align:start position:0% so in this decentralized network there 00:09:18.100 --> 00:09:19.740 align:start position:0% so in this decentralized network there might<00:09:18.250> be<00:09:18.280> some<00:09:18.670> points<00:09:19.120> of<00:09:19.240> centralization 00:09:19.740 --> 00:09:19.750 align:start position:0% might be some points of centralization 00:09:19.750 --> 00:09:23.130 align:start position:0% might be some points of centralization but<00:09:20.200> which<00:09:20.410> are<00:09:20.590> not<00:09:21.120> necessary<00:09:22.120> and<00:09:22.450> they 00:09:23.130 --> 00:09:23.140 align:start position:0% but which are not necessary and they 00:09:23.140 --> 00:09:26.820 align:start position:0% but which are not necessary and they will<00:09:23.320> have<00:09:23.440> a<00:09:23.470> lot<00:09:23.620> of<00:09:23.680> competition<00:09:25.470> now<00:09:26.470> if<00:09:26.680> we 00:09:26.820 --> 00:09:26.830 align:start position:0% will have a lot of competition now if we 00:09:26.830 --> 00:09:28.980 align:start position:0% will have a lot of competition now if we have<00:09:26.950> this<00:09:27.100> in<00:09:27.220> place<00:09:27.250> then<00:09:27.850> something<00:09:28.780> we<00:09:28.840> get 00:09:28.980 --> 00:09:28.990 align:start position:0% have this in place then something we get 00:09:28.990 --> 00:09:30.150 align:start position:0% have this in place then something we get basically<00:09:29.140> for<00:09:29.440> free<00:09:29.470> is<00:09:29.680> decentralized 00:09:30.150 --> 00:09:30.160 align:start position:0% basically for free is decentralized 00:09:30.160 --> 00:09:31.580 align:start position:0% basically for free is decentralized exchange 00:09:31.580 --> 00:09:31.590 align:start position:0% exchange 00:09:31.590 --> 00:09:34.920 align:start position:0% exchange how<00:09:32.590> that<00:09:32.650> works<00:09:32.950> is<00:09:33.810> precondition<00:09:34.810> is<00:09:34.870> that 00:09:34.920 --> 00:09:34.930 align:start position:0% how that works is precondition is that 00:09:34.930 --> 00:09:37.560 align:start position:0% how that works is precondition is that you<00:09:35.200> have<00:09:35.350> two<00:09:35.670> different<00:09:36.670> assets<00:09:37.270> and 00:09:37.560 --> 00:09:37.570 align:start position:0% you have two different assets and 00:09:37.570 --> 00:09:39.690 align:start position:0% you have two different assets and pensions<00:09:38.350> for<00:09:38.500> two<00:09:38.680> different<00:09:38.830> assets<00:09:39.250> and 00:09:39.690 --> 00:09:39.700 align:start position:0% pensions for two different assets and 00:09:39.700 --> 00:09:41.640 align:start position:0% pensions for two different assets and then<00:09:40.360> you<00:09:40.450> could<00:09:40.630> for<00:09:40.750> example<00:09:40.780> broadcast<00:09:41.500> an 00:09:41.640 --> 00:09:41.650 align:start position:0% then you could for example broadcast an 00:09:41.650 --> 00:09:45.000 align:start position:0% then you could for example broadcast an exchange<00:09:42.070> in<00:09:42.250> chance<00:09:42.490> say<00:09:42.790> I<00:09:43.060> want<00:09:43.540> to<00:09:43.630> i<00:09:44.080> offer 00:09:45.000 --> 00:09:45.010 align:start position:0% exchange in chance say I want to i offer 00:09:45.010 --> 00:09:48.570 align:start position:0% exchange in chance say I want to i offer ten<00:09:45.760> of<00:09:46.060> asset<00:09:46.900> a<00:09:47.080> and<00:09:47.380> want<00:09:47.950> to<00:09:48.070> exchange<00:09:48.280> this 00:09:48.570 --> 00:09:48.580 align:start position:0% ten of asset a and want to exchange this 00:09:48.580 --> 00:09:52.740 align:start position:0% ten of asset a and want to exchange this for<00:09:48.850> three<00:09:49.210> of<00:09:49.390> SP<00:09:49.930> and<00:09:50.490> then<00:09:51.490> somehow<00:09:51.750> this 00:09:52.740 --> 00:09:52.750 align:start position:0% for three of SP and then somehow this 00:09:52.750 --> 00:09:54.690 align:start position:0% for three of SP and then somehow this would<00:09:52.960> be<00:09:53.080> broadcasted<00:09:53.680> to<00:09:53.710> those<00:09:54.130> interested 00:09:54.690 --> 00:09:54.700 align:start position:0% would be broadcasted to those interested 00:09:54.700 --> 00:09:58.830 align:start position:0% would be broadcasted to those interested in<00:09:54.850> this<00:09:55.060> kind<00:09:55.360> of<00:09:55.600> exchange<00:09:56.410> and<00:09:57.840> the 00:09:58.830 --> 00:09:58.840 align:start position:0% in this kind of exchange and the 00:09:58.840 --> 00:10:00.990 align:start position:0% in this kind of exchange and the initially<00:09:59.170> I<00:09:59.230> initiator<00:09:59.950> might<00:10:00.340> get<00:10:00.760> some 00:10:00.990 --> 00:10:01.000 align:start position:0% initially I initiator might get some 00:10:01.000 --> 00:10:03.360 align:start position:0% initially I initiator might get some offers<00:10:01.180> two<00:10:01.570> exchanges<00:10:01.990> and<00:10:02.370> would 00:10:03.360 --> 00:10:03.370 align:start position:0% offers two exchanges and would 00:10:03.370 --> 00:10:05.280 align:start position:0% offers two exchanges and would acknowledge<00:10:03.670> the<00:10:04.030> other<00:10:04.120> party<00:10:04.480> that<00:10:04.510> one<00:10:05.200> of 00:10:05.280 --> 00:10:05.290 align:start position:0% acknowledge the other party that one of 00:10:05.290 --> 00:10:09.360 align:start position:0% acknowledge the other party that one of those<00:10:05.470> parties<00:10:06.210> that<00:10:07.210> Chris<00:10:07.870> and<00:10:08.140> then<00:10:09.070> what 00:10:09.360 --> 00:10:09.370 align:start position:0% those parties that Chris and then what 00:10:09.370 --> 00:10:10.800 align:start position:0% those parties that Chris and then what you<00:10:09.520> would<00:10:09.610> do<00:10:09.820> is<00:10:10.000> we<00:10:10.150> would<00:10:10.180> have<00:10:10.390> two 00:10:10.800 --> 00:10:10.810 align:start position:0% you would do is we would have two 00:10:10.810 --> 00:10:14.340 align:start position:0% you would do is we would have two transfers<00:10:11.470> one<00:10:12.430> of<00:10:12.550> us<00:10:12.700> at<00:10:12.850> a<00:10:13.060> safe<00:10:13.900> from<00:10:14.080> Alice 00:10:14.340 --> 00:10:14.350 align:start position:0% transfers one of us at a safe from Alice 00:10:14.350 --> 00:10:16.200 align:start position:0% transfers one of us at a safe from Alice three<00:10:14.500> to<00:10:14.740> eight<00:10:14.860> today<00:10:15.250> and<00:10:15.670> one<00:10:15.820> from<00:10:15.940> Dave 00:10:16.200 --> 00:10:16.210 align:start position:0% three to eight today and one from Dave 00:10:16.210 --> 00:10:20.520 align:start position:0% three to eight today and one from Dave to<00:10:16.660> Alice<00:10:16.960> for<00:10:17.170> SSB<00:10:17.950> and<00:10:18.990> they<00:10:19.990> would<00:10:20.140> use<00:10:20.320> the 00:10:20.520 --> 00:10:20.530 align:start position:0% to Alice for SSB and they would use the 00:10:20.530 --> 00:10:23.550 align:start position:0% to Alice for SSB and they would use the same<00:10:20.560> hash<00:10:21.010> lock<00:10:21.280> and<00:10:21.900> if<00:10:22.900> they<00:10:23.050> used<00:10:23.230> the<00:10:23.380> same 00:10:23.550 --> 00:10:23.560 align:start position:0% same hash lock and if they used the same 00:10:23.560 --> 00:10:28.290 align:start position:0% same hash lock and if they used the same hash<00:10:23.800> lock<00:10:24.120> then<00:10:25.710> either<00:10:26.710> none<00:10:27.310> of<00:10:27.550> or<00:10:27.940> both<00:10:28.270> of 00:10:28.290 --> 00:10:28.300 align:start position:0% hash lock then either none of or both of 00:10:28.300 --> 00:10:32.340 align:start position:0% hash lock then either none of or both of those<00:10:28.600> transfers<00:10:29.790> execute<00:10:30.790> so<00:10:31.690> there's<00:10:31.990> still 00:10:32.340 --> 00:10:32.350 align:start position:0% those transfers execute so there's still 00:10:32.350 --> 00:10:35.430 align:start position:0% those transfers execute so there's still no<00:10:32.589> risk<00:10:32.950> there's<00:10:33.550> no<00:10:33.670> central<00:10:34.270> party<00:10:34.570> and<00:10:34.750> you 00:10:35.430 --> 00:10:35.440 align:start position:0% no risk there's no central party and you 00:10:35.440 --> 00:10:37.530 align:start position:0% no risk there's no central party and you can<00:10:35.560> be<00:10:35.680> sure<00:10:35.830> that<00:10:36.070> this<00:10:36.330> option<00:10:37.330> as<00:10:37.510> a 00:10:37.530 --> 00:10:37.540 align:start position:0% can be sure that this option as a 00:10:37.540 --> 00:10:41.010 align:start position:0% can be sure that this option as a transfer<00:10:38.110> of<00:10:38.560> chain<00:10:39.100> asset<00:10:39.580> exchange<00:10:40.180> just 00:10:41.010 --> 00:10:41.020 align:start position:0% transfer of chain asset exchange just 00:10:41.020 --> 00:10:46.960 align:start position:0% transfer of chain asset exchange just works<00:10:43.589> okay 00:10:46.960 --> 00:10:46.970 align:start position:0% 00:10:46.970 --> 00:10:50.540 align:start position:0% okay<00:10:47.970> and<00:10:48.920> then<00:10:49.920> we're<00:10:50.220> talking<00:10:50.370> about 00:10:50.540 --> 00:10:50.550 align:start position:0% okay and then we're talking about 00:10:50.550 --> 00:10:54.379 align:start position:0% okay and then we're talking about etherium<00:10:51.120> so<00:10:51.720> there's<00:10:51.990> a<00:10:52.230> bonus<00:10:52.880> we<00:10:53.880> can<00:10:54.120> lock 00:10:54.379 --> 00:10:54.389 align:start position:0% etherium so there's a bonus we can lock 00:10:54.389 --> 00:10:57.250 align:start position:0% etherium so there's a bonus we can lock these<00:10:54.630> transfers<00:10:55.230> to<00:10:55.560> unchain<00:10:56.010> conditions 00:10:57.250 --> 00:10:57.260 align:start position:0% these transfers to unchain conditions 00:10:57.260 --> 00:10:59.960 align:start position:0% these transfers to unchain conditions this<00:10:58.260> is<00:10:58.320> similar<00:10:58.620> like<00:10:58.980> an<00:10:59.399> acid<00:10:59.790> exchange 00:10:59.960 --> 00:10:59.970 align:start position:0% this is similar like an acid exchange 00:10:59.970 --> 00:11:03.019 align:start position:0% this is similar like an acid exchange but<00:11:00.870> we<00:11:01.139> would<00:11:01.410> lock<00:11:01.649> one<00:11:02.160> of<00:11:02.190> those<00:11:02.490> transfers 00:11:03.019 --> 00:11:03.029 align:start position:0% but we would lock one of those transfers 00:11:03.029 --> 00:11:06.079 align:start position:0% but we would lock one of those transfers the<00:11:03.720> second<00:11:04.050> one<00:11:04.230> also<00:11:04.860> to<00:11:04.920> condition<00:11:05.670> on<00:11:05.880> the 00:11:06.079 --> 00:11:06.089 align:start position:0% the second one also to condition on the 00:11:06.089 --> 00:11:10.280 align:start position:0% the second one also to condition on the chain<00:11:06.329> and<00:11:06.980> well<00:11:07.980> we<00:11:08.160> would<00:11:08.519> not<00:11:08.639> write<00:11:09.290> the 00:11:10.280 --> 00:11:10.290 align:start position:0% chain and well we would not write the 00:11:10.290 --> 00:11:11.930 align:start position:0% chain and well we would not write the complete<00:11:10.560> condition<00:11:10.949> but<00:11:11.070> just<00:11:11.279> provide<00:11:11.910> a 00:11:11.930 --> 00:11:11.940 align:start position:0% complete condition but just provide a 00:11:11.940 --> 00:11:16.040 align:start position:0% complete condition but just provide a hash<00:11:12.180> of<00:11:12.329> it<00:11:13.070> and<00:11:14.070> you<00:11:14.160> can<00:11:14.339> see<00:11:14.930> let's<00:11:15.930> say 00:11:16.040 --> 00:11:16.050 align:start position:0% hash of it and you can see let's say 00:11:16.050 --> 00:11:18.889 align:start position:0% hash of it and you can see let's say let's<00:11:16.350> look<00:11:16.500> at<00:11:16.620> examples<00:11:17.300> say<00:11:18.300> off<00:11:18.540> chain 00:11:18.889 --> 00:11:18.899 align:start position:0% let's look at examples say off chain 00:11:18.899 --> 00:11:22.090 align:start position:0% let's look at examples say off chain betting<00:11:19.310> would<00:11:20.310> say<00:11:20.570> Alice<00:11:21.570> could<00:11:21.690> say<00:11:21.839> I 00:11:22.090 --> 00:11:22.100 align:start position:0% betting would say Alice could say I 00:11:22.100 --> 00:11:27.259 align:start position:0% betting would say Alice could say I transfer<00:11:24.889> of<00:11:25.889> the<00:11:26.130> same<00:11:26.339> asset<00:11:26.699> now<00:11:26.820> let's<00:11:27.120> say 00:11:27.259 --> 00:11:27.269 align:start position:0% transfer of the same asset now let's say 00:11:27.269 --> 00:11:30.439 align:start position:0% transfer of the same asset now let's say that's<00:11:27.449> u.s.<00:11:27.810> dollar<00:11:28.050> coins<00:11:29.329> Alice<00:11:30.329> would 00:11:30.439 --> 00:11:30.449 align:start position:0% that's u.s. dollar coins Alice would 00:11:30.449 --> 00:11:34.689 align:start position:0% that's u.s. dollar coins Alice would give<00:11:30.690> ten<00:11:31.199> coins<00:11:31.529> to<00:11:32.490> Bob<00:11:32.820> to<00:11:33.149> Dave<00:11:33.420> if<00:11:33.660> Dave 00:11:34.689 --> 00:11:34.699 align:start position:0% give ten coins to Bob to Dave if Dave 00:11:34.699 --> 00:11:38.600 align:start position:0% give ten coins to Bob to Dave if Dave transfers<00:11:35.699> a<00:11:35.940> hundred<00:11:36.600> coins<00:11:36.779> to<00:11:37.199> Ellis<00:11:37.610> in 00:11:38.600 --> 00:11:38.610 align:start position:0% transfers a hundred coins to Ellis in 00:11:38.610 --> 00:11:40.610 align:start position:0% transfers a hundred coins to Ellis in the<00:11:38.670> case<00:11:39.089> that<00:11:39.779> you're<00:11:39.959> certain<00:11:40.230> condition 00:11:40.610 --> 00:11:40.620 align:start position:0% the case that you're certain condition 00:11:40.620 --> 00:11:42.920 align:start position:0% the case that you're certain condition on<00:11:40.829> chain<00:11:41.130> is<00:11:41.250> true<00:11:41.490> for<00:11:41.670> example<00:11:41.760> that<00:11:42.660> an 00:11:42.920 --> 00:11:42.930 align:start position:0% on chain is true for example that an 00:11:42.930 --> 00:11:45.800 align:start position:0% on chain is true for example that an Oracle<00:11:43.350> confirmed<00:11:44.040> that<00:11:44.850> Lauren's<00:11:45.449> blessing 00:11:45.800 --> 00:11:45.810 align:start position:0% Oracle confirmed that Lauren's blessing 00:11:45.810 --> 00:11:51.860 align:start position:0% Oracle confirmed that Lauren's blessing one<00:11:46.050> in<00:11:46.410> the<00:11:46.529> next<00:11:46.680> elections<00:11:48.440> or<00:11:50.870> something 00:11:51.860 --> 00:11:51.870 align:start position:0% one in the next elections or something 00:11:51.870 --> 00:11:55.160 align:start position:0% one in the next elections or something similar<00:11:52.019> is<00:11:52.199> of<00:11:52.410> chain<00:11:52.709> option<00:11:53.190> through<00:11:54.170> kind 00:11:55.160 --> 00:11:55.170 align:start position:0% similar is of chain option through kind 00:11:55.170 --> 00:11:59.600 align:start position:0% similar is of chain option through kind of<00:11:55.290> options<00:11:55.740> Alice<00:11:56.430> would<00:11:57.410> give<00:11:58.410> ten<00:11:58.740> today<00:11:59.310> if 00:11:59.600 --> 00:11:59.610 align:start position:0% of options Alice would give ten today if 00:11:59.610 --> 00:12:03.500 align:start position:0% of options Alice would give ten today if Dave<00:12:00.449> gives<00:12:01.170> 100<00:12:01.560> to<00:12:01.709> Alice<00:12:02.040> if<00:12:02.850> a<00:12:03.269> certain 00:12:03.500 --> 00:12:03.510 align:start position:0% Dave gives 100 to Alice if a certain 00:12:03.510 --> 00:12:04.850 align:start position:0% Dave gives 100 to Alice if a certain condition<00:12:03.600> on<00:12:04.019> ten<00:12:04.199> is<00:12:04.319> true<00:12:04.500> in<00:12:04.589> this<00:12:04.680> case 00:12:04.850 --> 00:12:04.860 align:start position:0% condition on ten is true in this case 00:12:04.860 --> 00:12:06.829 align:start position:0% condition on ten is true in this case it's<00:12:05.250> the<00:12:05.310> price<00:12:05.490> of<00:12:05.730> for<00:12:05.940> example<00:12:06.029> US<00:12:06.600> dollar 00:12:06.829 --> 00:12:06.839 align:start position:0% it's the price of for example US dollar 00:12:06.839 --> 00:12:11.269 align:start position:0% it's the price of for example US dollar to<00:12:07.560> e<00:12:07.589> theorem<00:12:07.980> to<00:12:08.279> ether<00:12:08.430> would<00:12:09.240> be<00:12:09.420> ten<00:12:10.160> at<00:12:11.160> a 00:12:11.269 --> 00:12:11.279 align:start position:0% to e theorem to ether would be ten at a 00:12:11.279 --> 00:12:15.079 align:start position:0% to e theorem to ether would be ten at a certain<00:12:11.670> block<00:12:13.190> and<00:12:14.190> this<00:12:14.819> can<00:12:14.970> be 00:12:15.079 --> 00:12:15.089 align:start position:0% certain block and this can be 00:12:15.089 --> 00:12:16.939 align:start position:0% certain block and this can be generalized<00:12:15.240> but<00:12:16.110> you<00:12:16.199> basically<00:12:16.350> lock 00:12:16.939 --> 00:12:16.949 align:start position:0% generalized but you basically lock 00:12:16.949 --> 00:12:19.519 align:start position:0% generalized but you basically lock something<00:12:17.220> with<00:12:17.670> code<00:12:17.910> and<00:12:18.180> data<00:12:18.420> so<00:12:19.019> you<00:12:19.319> can 00:12:19.519 --> 00:12:19.529 align:start position:0% something with code and data so you can 00:12:19.529 --> 00:12:21.980 align:start position:0% something with code and data so you can create<00:12:20.130> pretty<00:12:20.430> complex<00:12:20.910> of<00:12:21.240> chain 00:12:21.980 --> 00:12:21.990 align:start position:0% create pretty complex of chain 00:12:21.990 --> 00:12:24.139 align:start position:0% create pretty complex of chain agreements<00:12:22.620> which<00:12:22.920> could<00:12:23.399> be<00:12:23.579> settled<00:12:24.000> on 00:12:24.139 --> 00:12:24.149 align:start position:0% agreements which could be settled on 00:12:24.149 --> 00:12:26.509 align:start position:0% agreements which could be settled on chain<00:12:24.420> they<00:12:25.350> don't<00:12:25.529> have<00:12:25.709> to<00:12:25.860> usually<00:12:26.190> date 00:12:26.509 --> 00:12:26.519 align:start position:0% chain they don't have to usually date 00:12:26.519 --> 00:12:28.759 align:start position:0% chain they don't have to usually date will<00:12:26.790> not<00:12:26.819> be<00:12:27.029> set<00:12:27.269> launching<00:12:27.899> because<00:12:28.560> every 00:12:28.759 --> 00:12:28.769 align:start position:0% will not be set launching because every 00:12:28.769 --> 00:12:31.069 align:start position:0% will not be set launching because every participant<00:12:29.310> will<00:12:29.760> can<00:12:30.120> evaluate<00:12:30.720> for 00:12:31.069 --> 00:12:31.079 align:start position:0% participant will can evaluate for 00:12:31.079 --> 00:12:33.350 align:start position:0% participant will can evaluate for themselves<00:12:31.579> what<00:12:32.579> would<00:12:32.760> happen<00:12:33.029> if<00:12:33.120> she's<00:12:33.240> at 00:12:33.350 --> 00:12:33.360 align:start position:0% themselves what would happen if she's at 00:12:33.360 --> 00:12:36.829 align:start position:0% themselves what would happen if she's at Lamont<00:12:33.690> chain 00:12:36.829 --> 00:12:36.839 align:start position:0% 00:12:36.839 --> 00:12:38.910 align:start position:0% okay<00:12:37.839> so<00:12:37.899> if<00:12:38.110> you<00:12:38.200> compare<00:12:38.589> this<00:12:38.680> to<00:12:38.740> the 00:12:38.910 --> 00:12:38.920 align:start position:0% okay so if you compare this to the 00:12:38.920 --> 00:12:41.370 align:start position:0% okay so if you compare this to the Lightning<00:12:39.310> Network<00:12:39.430> um<00:12:39.970> I<00:12:40.390> think<00:12:40.630> the<00:12:41.020> the 00:12:41.370 --> 00:12:41.380 align:start position:0% Lightning Network um I think the the 00:12:41.380 --> 00:12:43.290 align:start position:0% Lightning Network um I think the the implementation<00:12:42.130> is<00:12:42.220> easier<00:12:42.520> because<00:12:42.670> in<00:12:43.089> a 00:12:43.290 --> 00:12:43.300 align:start position:0% implementation is easier because in a 00:12:43.300 --> 00:12:49.160 align:start position:0% implementation is easier because in a theorem<00:12:43.630> we<00:12:43.839> have<00:12:43.870> accounts<00:12:44.589> and<00:12:44.800> we<00:12:45.040> have<00:12:45.160> DBM 00:12:49.160 --> 00:12:49.170 align:start position:0% 00:12:49.170 --> 00:12:51.930 align:start position:0% there's<00:12:50.170> an<00:12:50.410> issue<00:12:50.620> if<00:12:51.040> someone<00:12:51.580> does<00:12:51.760> not 00:12:51.930 --> 00:12:51.940 align:start position:0% there's an issue if someone does not 00:12:51.940 --> 00:12:55.190 align:start position:0% there's an issue if someone does not provide<00:12:52.240> the<00:12:53.110> secret<00:12:53.709> for<00:12:53.920> hash<00:12:54.130> lock<00:12:54.430> then<00:12:55.120> a 00:12:55.190 --> 00:12:55.200 align:start position:0% provide the secret for hash lock then a 00:12:55.200 --> 00:12:58.620 align:start position:0% provide the secret for hash lock then a channel<00:12:56.200> becomes<00:12:56.740> stale<00:12:57.120> this<00:12:58.120> is<00:12:58.240> something 00:12:58.620 --> 00:12:58.630 align:start position:0% channel becomes stale this is something 00:12:58.630 --> 00:13:02.370 align:start position:0% channel becomes stale this is something which<00:12:59.230> I<00:12:59.410> might<00:13:00.130> explain<00:13:00.459> later<00:13:01.290> something<00:13:02.290> we 00:13:02.370 --> 00:13:02.380 align:start position:0% which I might explain later something we 00:13:02.380 --> 00:13:05.790 align:start position:0% which I might explain later something we can<00:13:02.529> mitigate<00:13:02.649> also<00:13:03.250> very<00:13:03.430> good<00:13:04.380> and<00:13:05.380> then<00:13:05.649> we 00:13:05.790 --> 00:13:05.800 align:start position:0% can mitigate also very good and then we 00:13:05.800 --> 00:13:09.060 align:start position:0% can mitigate also very good and then we can<00:13:06.040> if<00:13:06.610> you<00:13:06.760> think<00:13:07.000> about<00:13:07.260> the<00:13:08.260> deposit<00:13:08.800> on 00:13:09.060 --> 00:13:09.070 align:start position:0% can if you think about the deposit on 00:13:09.070 --> 00:13:11.220 align:start position:0% can if you think about the deposit on the<00:13:09.730> pair<00:13:09.880> mention<00:13:10.180> of<00:13:10.330> like<00:13:10.630> a<00:13:10.660> prepaid 00:13:11.220 --> 00:13:11.230 align:start position:0% the pair mention of like a prepaid 00:13:11.230 --> 00:13:13.170 align:start position:0% the pair mention of like a prepaid account<00:13:11.529> if<00:13:11.649> we<00:13:11.680> can<00:13:11.950> add<00:13:12.190> more<00:13:12.580> funds<00:13:12.880> to<00:13:13.149> that 00:13:13.170 --> 00:13:13.180 align:start position:0% account if we can add more funds to that 00:13:13.180 --> 00:13:16.440 align:start position:0% account if we can add more funds to that channel<00:13:13.630> if<00:13:13.839> you<00:13:13.959> want<00:13:14.140> to<00:13:15.209> and<00:13:16.209> then<00:13:16.390> of 00:13:16.440 --> 00:13:16.450 align:start position:0% channel if you want to and then of 00:13:16.450 --> 00:13:19.170 align:start position:0% channel if you want to and then of course<00:13:16.540> it<00:13:16.779> works<00:13:16.930> just<00:13:17.050> any<00:13:17.260> token<00:13:17.680> and<00:13:18.180> we 00:13:19.170 --> 00:13:19.180 align:start position:0% course it works just any token and we 00:13:19.180 --> 00:13:20.510 align:start position:0% course it works just any token and we have<00:13:19.330> this<00:13:19.540> smart<00:13:19.959> contract 00:13:20.510 --> 00:13:20.520 align:start position:0% have this smart contract 00:13:20.520 --> 00:13:25.650 align:start position:0% have this smart contract interoperability<00:13:23.580> so<00:13:24.580> all<00:13:25.060> we<00:13:25.209> get<00:13:25.360> from<00:13:25.540> this 00:13:25.650 --> 00:13:25.660 align:start position:0% interoperability so all we get from this 00:13:25.660 --> 00:13:28.800 align:start position:0% interoperability so all we get from this is<00:13:25.839> instant<00:13:26.380> as<00:13:26.709> a<00:13:26.770> transfers<00:13:27.600> really<00:13:28.600> they'll 00:13:28.800 --> 00:13:28.810 align:start position:0% is instant as a transfers really they'll 00:13:28.810 --> 00:13:32.220 align:start position:0% is instant as a transfers really they'll cross<00:13:29.050> transaction<00:13:29.649> costs<00:13:29.950> we<00:13:30.959> can't<00:13:31.959> scale 00:13:32.220 --> 00:13:32.230 align:start position:0% cross transaction costs we can't scale 00:13:32.230 --> 00:13:35.579 align:start position:0% cross transaction costs we can't scale out<00:13:32.440> transaction<00:13:33.310> capacity<00:13:33.850> or<00:13:34.410> at<00:13:35.410> least 00:13:35.579 --> 00:13:35.589 align:start position:0% out transaction capacity or at least 00:13:35.589 --> 00:13:38.300 align:start position:0% out transaction capacity or at least asset<00:13:35.950> transfer<00:13:36.250> capacity<00:13:36.720> we<00:13:37.720> have 00:13:38.300 --> 00:13:38.310 align:start position:0% asset transfer capacity we have 00:13:38.310 --> 00:13:40.680 align:start position:0% asset transfer capacity we have transaction<00:13:39.310> privacy<00:13:39.790> because<00:13:40.149> you<00:13:40.360> remember 00:13:40.680 --> 00:13:40.690 align:start position:0% transaction privacy because you remember 00:13:40.690 --> 00:13:42.780 align:start position:0% transaction privacy because you remember just<00:13:41.110> machine<00:13:41.380> transactions<00:13:42.010> are<00:13:42.160> only<00:13:42.370> known 00:13:42.780 --> 00:13:42.790 align:start position:0% just machine transactions are only known 00:13:42.790 --> 00:13:44.550 align:start position:0% just machine transactions are only known to<00:13:42.850> those<00:13:43.240> involved<00:13:43.750> that<00:13:43.990> might<00:13:44.140> be<00:13:44.290> two<00:13:44.529> or 00:13:44.550 --> 00:13:44.560 align:start position:0% to those involved that might be two or 00:13:44.560 --> 00:13:47.370 align:start position:0% to those involved that might be two or more<00:13:44.860> parties<00:13:45.610> the<00:13:46.450> hops<00:13:46.660> along<00:13:46.870> the<00:13:47.140> plants 00:13:47.370 --> 00:13:47.380 align:start position:0% more parties the hops along the plants 00:13:47.380 --> 00:13:51.449 align:start position:0% more parties the hops along the plants the<00:13:47.740> transfer<00:13:49.050> we<00:13:50.050> get<00:13:50.200> truly<00:13:50.800> decentralized 00:13:51.449 --> 00:13:51.459 align:start position:0% the transfer we get truly decentralized 00:13:51.459 --> 00:13:53.250 align:start position:0% the transfer we get truly decentralized after<00:13:51.700> the<00:13:51.790> change<00:13:52.060> for<00:13:52.870> free 00:13:53.250 --> 00:13:53.260 align:start position:0% after the change for free 00:13:53.260 --> 00:13:54.870 align:start position:0% after the change for free we<00:13:53.440> have<00:13:53.529> no<00:13:53.709> central<00:13:54.040> auto<00:13:54.220> book<00:13:54.399> we<00:13:54.610> have<00:13:54.730> no 00:13:54.870 --> 00:13:54.880 align:start position:0% we have no central auto book we have no 00:13:54.880 --> 00:13:58.889 align:start position:0% we have no central auto book we have no mentioning<00:13:55.209> engine<00:13:56.910> and<00:13:57.910> we<00:13:58.089> can<00:13:58.270> have<00:13:58.450> pretty 00:13:58.889 --> 00:13:58.899 align:start position:0% mentioning engine and we can have pretty 00:13:58.899 --> 00:14:05.040 align:start position:0% mentioning engine and we can have pretty complex<00:13:59.230> option<00:13:59.560> agreements<00:14:02.339> so<00:14:03.930> status<00:14:04.930> of 00:14:05.040 --> 00:14:05.050 align:start position:0% complex option agreements so status of 00:14:05.050 --> 00:14:06.450 align:start position:0% complex option agreements so status of your<00:14:05.170> project 00:14:06.450 --> 00:14:06.460 align:start position:0% your project 00:14:06.460 --> 00:14:08.460 align:start position:0% your project the<00:14:07.000> current<00:14:07.300> version<00:14:07.540> of<00:14:07.600> aetherium<00:14:08.110> brings 00:14:08.460 --> 00:14:08.470 align:start position:0% the current version of aetherium brings 00:14:08.470 --> 00:14:11.220 align:start position:0% the current version of aetherium brings everything<00:14:08.980> we<00:14:09.100> need<00:14:09.250> to<00:14:09.430> implement<00:14:09.880> this<00:14:10.230> so 00:14:11.220 --> 00:14:11.230 align:start position:0% everything we need to implement this so 00:14:11.230 --> 00:14:13.070 align:start position:0% everything we need to implement this so there<00:14:11.440> are<00:14:11.530> no<00:14:11.770> protocol<00:14:12.250> updates<00:14:12.580> needed 00:14:13.070 --> 00:14:13.080 align:start position:0% there are no protocol updates needed 00:14:13.080 --> 00:14:15.330 align:start position:0% there are no protocol updates needed this<00:14:14.080> is<00:14:14.200> currently<00:14:14.470> working<00:14:14.710> progress<00:14:15.190> in 00:14:15.330 --> 00:14:15.340 align:start position:0% this is currently working progress in 00:14:15.340 --> 00:14:17.730 align:start position:0% this is currently working progress in our<00:14:15.400> company<00:14:15.850> we<00:14:16.290> have<00:14:17.290> shown<00:14:17.470> that<00:14:17.500> we<00:14:17.710> can 00:14:17.730 --> 00:14:17.740 align:start position:0% our company we have shown that we can 00:14:17.740 --> 00:14:20.310 align:start position:0% our company we have shown that we can have<00:14:17.950> 500<00:14:18.640> transfers<00:14:19.000> on<00:14:19.210> a<00:14:19.320> standard 00:14:20.310 --> 00:14:20.320 align:start position:0% have 500 transfers on a standard 00:14:20.320 --> 00:14:23.100 align:start position:0% have 500 transfers on a standard notebook<00:14:20.500> per<00:14:21.430> second<00:14:21.820> and<00:14:22.030> so<00:14:22.840> you<00:14:22.930> can 00:14:23.100 --> 00:14:23.110 align:start position:0% notebook per second and so you can 00:14:23.110 --> 00:14:25.260 align:start position:0% notebook per second and so you can imagine<00:14:23.290> you<00:14:23.560> can<00:14:23.590> scale<00:14:23.890> this<00:14:24.010> out<00:14:24.160> to<00:14:24.400> two 00:14:25.260 --> 00:14:25.270 align:start position:0% imagine you can scale this out to two 00:14:25.270 --> 00:14:27.590 align:start position:0% imagine you can scale this out to two more<00:14:25.450> transfers<00:14:25.840> if<00:14:26.110> you<00:14:26.380> add<00:14:26.710> more<00:14:27.070> notes 00:14:27.590 --> 00:14:27.600 align:start position:0% more transfers if you add more notes 00:14:27.600 --> 00:14:31.110 align:start position:0% more transfers if you add more notes well<00:14:28.600> help<00:14:29.470> us<00:14:29.650> welcome<00:14:29.860> in<00:14:30.070> the<00:14:30.130> project<00:14:30.520> and 00:14:31.110 --> 00:14:31.120 align:start position:0% well help us welcome in the project and 00:14:31.120 --> 00:14:37.220 align:start position:0% well help us welcome in the project and the<00:14:31.650> code<00:14:32.650> is<00:14:32.830> available<00:14:32.920> on<00:14:33.250> github 00:14:37.220 --> 00:14:37.230 align:start position:0% 00:14:37.230 --> 00:14:49.939 align:start position:0% what's<00:14:38.230> fastest<00:14:38.560> right 00:14:49.939 --> 00:14:49.949 align:start position:0% 00:14:49.949 --> 00:14:54.049 align:start position:0% if<00:14:50.949> you<00:14:51.160> like<00:14:51.339> your<00:14:51.489> 5<00:14:51.759> minutes<00:14:52.179> for<00:14:52.720> questions 00:14:54.049 --> 00:14:54.059 align:start position:0% if you like your 5 minutes for questions 00:14:54.059 --> 00:15:03.919 align:start position:0% if you like your 5 minutes for questions it's<00:14:55.059> okay<00:14:55.299> it<00:14:55.509> has<00:14:55.869> it<00:14:57.899> questions<00:15:01.139> okay 00:15:03.919 --> 00:15:03.929 align:start position:0% it's okay it has it questions okay 00:15:03.929 --> 00:15:08.939 align:start position:0% it's okay it has it questions okay you're<00:15:04.929> regarding<00:15:05.439> the<00:15:06.539> anonymity<00:15:07.539> part<00:15:08.499> yeah 00:15:08.939 --> 00:15:08.949 align:start position:0% you're regarding the anonymity part yeah 00:15:08.949 --> 00:15:11.879 align:start position:0% you're regarding the anonymity part yeah so<00:15:09.909> transactions<00:15:10.659> in<00:15:11.049> a<00:15:11.139> payment<00:15:11.349> channels 00:15:11.879 --> 00:15:11.889 align:start position:0% so transactions in a payment channels 00:15:11.889 --> 00:15:13.739 align:start position:0% so transactions in a payment channels would<00:15:12.399> not<00:15:12.639> be<00:15:12.819> public<00:15:13.209> but<00:15:13.419> wouldn't<00:15:13.659> the 00:15:13.739 --> 00:15:13.749 align:start position:0% would not be public but wouldn't the 00:15:13.749 --> 00:15:17.549 align:start position:0% would not be public but wouldn't the actual<00:15:14.169> payment<00:15:14.649> channel<00:15:14.979> be<00:15:15.399> on<00:15:15.699> chain<00:15:16.559> they 00:15:17.549 --> 00:15:17.559 align:start position:0% actual payment channel be on chain they 00:15:17.559 --> 00:15:19.889 align:start position:0% actual payment channel be on chain they will<00:15:17.739> be<00:15:17.889> public<00:15:18.249> but<00:15:18.639> they<00:15:18.970> not<00:15:19.299> necessarily 00:15:19.889 --> 00:15:19.899 align:start position:0% will be public but they not necessarily 00:15:19.899 --> 00:15:21.419 align:start position:0% will be public but they not necessarily correspond<00:15:20.470> to<00:15:20.589> whom<00:15:20.979> you're<00:15:21.129> actually 00:15:21.419 --> 00:15:21.429 align:start position:0% correspond to whom you're actually 00:15:21.429 --> 00:15:24.059 align:start position:0% correspond to whom you're actually transacting<00:15:21.970> with<00:15:21.999> on<00:15:22.389> off<00:15:22.749> chain<00:15:22.989> so<00:15:23.919> they 00:15:24.059 --> 00:15:24.069 align:start position:0% transacting with on off chain so they 00:15:24.069 --> 00:15:27.869 align:start position:0% transacting with on off chain so they would<00:15:24.220> go<00:15:24.369> by<00:15:24.849> a<00:15:24.879> sum<00:15:25.299> payment<00:15:25.889> sir<00:15:26.889> so<00:15:27.369> they 00:15:27.869 --> 00:15:27.879 align:start position:0% would go by a sum payment sir so they 00:15:27.879 --> 00:15:30.960 align:start position:0% would go by a sum payment sir so they would<00:15:28.559> if<00:15:29.559> you<00:15:29.739> do<00:15:29.859> direct<00:15:30.309> person-to-person 00:15:30.960 --> 00:15:30.970 align:start position:0% would if you do direct person-to-person 00:15:30.970 --> 00:15:33.449 align:start position:0% would if you do direct person-to-person payments<00:15:31.449> on<00:15:31.899> of<00:15:32.049> them<00:15:32.229> be<00:15:32.470> visible<00:15:33.159> but<00:15:33.369> if 00:15:33.449 --> 00:15:33.459 align:start position:0% payments on of them be visible but if 00:15:33.459 --> 00:15:47.320 align:start position:0% payments on of them be visible but if you<00:15:33.549> go<00:15:33.729> through<00:15:34.179> some<00:15:34.749> payments<00:15:35.349> hub<00:15:35.529> yeah 00:15:47.320 --> 00:15:47.330 align:start position:0% 00:15:47.330 --> 00:15:50.970 align:start position:0% so<00:15:47.959> have<00:15:48.440> you<00:15:48.529> thought<00:15:48.709> about<00:15:48.850> general 00:15:50.970 --> 00:15:50.980 align:start position:0% so have you thought about general 00:15:50.980 --> 00:15:54.400 align:start position:0% so have you thought about general transaction<00:15:51.980> obtaining<00:15:52.850> contract<00:15:53.600> States<00:15:54.019> as 00:15:54.400 --> 00:15:54.410 align:start position:0% transaction obtaining contract States as 00:15:54.410 --> 00:15:57.730 align:start position:0% transaction obtaining contract States as si<00:15:55.130> si<00:15:56.060> version<00:15:56.510> like<00:15:57.230> you<00:15:57.380> can<00:15:57.529> have<00:15:57.709> a 00:15:57.730 --> 00:15:57.740 align:start position:0% si si version like you can have a 00:15:57.740 --> 00:16:00.940 align:start position:0% si si version like you can have a payment<00:15:58.040> channel<00:15:58.580> that<00:15:58.790> is<00:15:59.180> the<00:15:59.920> you<00:16:00.920> know 00:16:00.940 --> 00:16:00.950 align:start position:0% payment channel that is the you know 00:16:00.950 --> 00:16:02.590 align:start position:0% payment channel that is the you know you're<00:16:01.160> playing<00:16:01.430> a<00:16:01.550> game<00:16:01.760> or<00:16:01.790> something<00:16:02.420> and 00:16:02.590 --> 00:16:02.600 align:start position:0% you're playing a game or something and 00:16:02.600 --> 00:16:05.340 align:start position:0% you're playing a game or something and it's<00:16:02.720> all<00:16:02.870> off<00:16:03.110> chain<00:16:03.440> until<00:16:03.740> one<00:16:04.279> person 00:16:05.340 --> 00:16:05.350 align:start position:0% it's all off chain until one person 00:16:05.350 --> 00:16:09.069 align:start position:0% it's all off chain until one person leaves<00:16:06.350> and<00:16:06.709> then<00:16:06.860> the<00:16:07.490> other<00:16:07.640> person<00:16:07.850> can<00:16:08.180> can 00:16:09.069 --> 00:16:09.079 align:start position:0% leaves and then the other person can can 00:16:09.079 --> 00:16:11.920 align:start position:0% leaves and then the other person can can basically<00:16:09.290> submit<00:16:10.070> the<00:16:10.550> dream<00:16:11.450> of<00:16:11.630> the<00:16:11.720> state 00:16:11.920 --> 00:16:11.930 align:start position:0% basically submit the dream of the state 00:16:11.930 --> 00:16:14.620 align:start position:0% basically submit the dream of the state the<00:16:12.589> state<00:16:12.620> of<00:16:12.950> the<00:16:13.190> game<00:16:13.310> to<00:16:13.550> the<00:16:13.670> chain<00:16:13.910> have 00:16:14.620 --> 00:16:14.630 align:start position:0% the state of the game to the chain have 00:16:14.630 --> 00:16:16.680 align:start position:0% the state of the game to the chain have you<00:16:14.750> thought<00:16:14.870> anything<00:16:15.079> about<00:16:15.200> those<00:16:15.680> things 00:16:16.680 --> 00:16:16.690 align:start position:0% you thought anything about those things 00:16:16.690 --> 00:16:22.150 align:start position:0% you thought anything about those things yeah<00:16:20.110> what<00:16:21.110> you<00:16:21.230> might<00:16:21.440> need<00:16:21.589> to<00:16:21.649> do<00:16:21.860> here<00:16:22.070> is 00:16:22.150 --> 00:16:22.160 align:start position:0% yeah what you might need to do here is 00:16:22.160 --> 00:16:23.680 align:start position:0% yeah what you might need to do here is that<00:16:22.310> you<00:16:22.370> need<00:16:22.519> to<00:16:22.579> replay<00:16:23.089> all<00:16:23.329> the 00:16:23.680 --> 00:16:23.690 align:start position:0% that you need to replay all the 00:16:23.690 --> 00:16:26.019 align:start position:0% that you need to replay all the transition<00:16:24.350> steps<00:16:24.649> you<00:16:24.800> have<00:16:24.950> on<00:16:25.130> chain<00:16:25.430> which 00:16:26.019 --> 00:16:26.029 align:start position:0% transition steps you have on chain which 00:16:26.029 --> 00:16:28.990 align:start position:0% transition steps you have on chain which is<00:16:26.180> a<00:16:26.600> lot<00:16:27.500> of<00:16:27.620> data<00:16:27.860> on<00:16:28.040> which<00:16:28.490> will<00:16:28.700> be<00:16:28.820> very 00:16:28.990 --> 00:16:29.000 align:start position:0% is a lot of data on which will be very 00:16:29.000 --> 00:16:30.370 align:start position:0% is a lot of data on which will be very expensive<00:16:29.240> on<00:16:29.570> seeing<00:16:29.810> what<00:16:29.959> we<00:16:30.050> have<00:16:30.140> here's 00:16:30.370 --> 00:16:30.380 align:start position:0% expensive on seeing what we have here's 00:16:30.380 --> 00:16:33.310 align:start position:0% expensive on seeing what we have here's more<00:16:30.950> we<00:16:31.100> only<00:16:31.579> have<00:16:31.730> updated<00:16:32.360> balances<00:16:32.899> so 00:16:33.310 --> 00:16:33.320 align:start position:0% more we only have updated balances so 00:16:33.320 --> 00:16:35.650 align:start position:0% more we only have updated balances so you<00:16:33.380> would<00:16:33.649> not<00:16:34.450> settle<00:16:35.450> the<00:16:35.630> whole 00:16:35.650 --> 00:16:35.660 align:start position:0% you would not settle the whole 00:16:35.660 --> 00:16:37.329 align:start position:0% you would not settle the whole transaction<00:16:36.110> history<00:16:36.380> but<00:16:36.860> only<00:16:37.010> the<00:16:37.190> last 00:16:37.329 --> 00:16:37.339 align:start position:0% transaction history but only the last 00:16:37.339 --> 00:16:40.420 align:start position:0% transaction history but only the last updated<00:16:38.029> balance<00:16:38.180> which<00:16:39.170> is<00:16:39.430> probably 00:16:40.420 --> 00:16:40.430 align:start position:0% updated balance which is probably 00:16:40.430 --> 00:16:45.430 align:start position:0% updated balance which is probably cheaper<00:16:42.940> so<00:16:43.940> if<00:16:44.149> the<00:16:44.300> game<00:16:44.510> is<00:16:44.660> decided<00:16:44.779> this 00:16:45.430 --> 00:16:45.440 align:start position:0% cheaper so if the game is decided this 00:16:45.440 --> 00:16:47.620 align:start position:0% cheaper so if the game is decided this decides<00:16:46.010> in<00:16:46.160> a<00:16:46.220> way<00:16:46.370> that<00:16:46.550> you<00:16:46.670> only<00:16:46.820> need<00:16:47.120> the 00:16:47.620 --> 00:16:47.630 align:start position:0% decides in a way that you only need the 00:16:47.630 --> 00:16:50.259 align:start position:0% decides in a way that you only need the last<00:16:47.839> state<00:16:48.399> invalidate<00:16:49.399> that<00:16:49.430> then<00:16:49.880> that 00:16:50.259 --> 00:16:50.269 align:start position:0% last state invalidate that then that 00:16:50.269 --> 00:16:57.130 align:start position:0% last state invalidate that then that would<00:16:50.390> be<00:16:50.420> possible<00:16:50.870> -<00:16:55.209> can<00:16:56.209> you<00:16:56.300> elaborate<00:16:56.870> on 00:16:57.130 --> 00:16:57.140 align:start position:0% would be possible - can you elaborate on 00:16:57.140 --> 00:17:00.280 align:start position:0% would be possible - can you elaborate on how<00:16:58.100> it's<00:16:58.250> possible<00:16:58.399> that<00:16:59.079> payment<00:17:00.079> channel 00:17:00.280 --> 00:17:00.290 align:start position:0% how it's possible that payment channel 00:17:00.290 --> 00:17:03.069 align:start position:0% how it's possible that payment channel does<00:17:00.500> not<00:17:00.680> get<00:17:00.890> stale<00:17:01.190> if<00:17:01.779> secret<00:17:02.779> is<00:17:02.899> not 00:17:03.069 --> 00:17:03.079 align:start position:0% does not get stale if secret is not 00:17:03.079 --> 00:17:05.020 align:start position:0% does not get stale if secret is not published<00:17:03.770> yep 00:17:05.020 --> 00:17:05.030 align:start position:0% published yep 00:17:05.030 --> 00:17:08.890 align:start position:0% published yep short<00:17:05.959> answer<00:17:06.230> mirco<00:17:06.709> trees<00:17:07.660> instead<00:17:08.660> of 00:17:08.890 --> 00:17:08.900 align:start position:0% short answer mirco trees instead of 00:17:08.900 --> 00:17:11.049 align:start position:0% short answer mirco trees instead of having<00:17:09.079> the<00:17:09.260> hash<00:17:09.410> lock<00:17:09.679> in<00:17:09.949> the<00:17:10.250> updated 00:17:11.049 --> 00:17:11.059 align:start position:0% having the hash lock in the updated 00:17:11.059 --> 00:17:14.350 align:start position:0% having the hash lock in the updated balance<00:17:11.319> we<00:17:12.319> have<00:17:12.500> a<00:17:12.770> merkel<00:17:13.400> route<00:17:13.579> which<00:17:14.030> is 00:17:14.350 --> 00:17:14.360 align:start position:0% balance we have a merkel route which is 00:17:14.360 --> 00:17:16.059 align:start position:0% balance we have a merkel route which is like<00:17:14.660> a<00:17:14.689> fingerprint<00:17:15.199> of<00:17:15.439> all<00:17:15.650> pending 00:17:16.059 --> 00:17:16.069 align:start position:0% like a fingerprint of all pending 00:17:16.069 --> 00:17:18.870 align:start position:0% like a fingerprint of all pending transfers<00:17:16.520> so<00:17:17.209> you<00:17:17.270> can<00:17:17.480> have<00:17:17.600> interval<00:17:18.319> from 00:17:18.870 --> 00:17:18.880 align:start position:0% transfers so you can have interval from 00:17:18.880 --> 00:17:27.070 align:start position:0% transfers so you can have interval from asset<00:17:19.880> transfers 00:17:27.070 --> 00:17:27.080 align:start position:0% 00:17:27.080 --> 00:17:31.070 align:start position:0% all<00:17:28.080> right<00:17:28.200> thank<00:17:29.040> you