WEBVTT Kind: captions Language: en 00:00:04.620 --> 00:00:09.110 align:start position:0% how's<00:00:05.430> it<00:00:05.460> going<00:00:05.730> guys<00:00:06.740> konnichiwa<00:00:08.120> it's 00:00:09.110 --> 00:00:09.120 align:start position:0% how's it going guys konnichiwa it's 00:00:09.120 --> 00:00:11.629 align:start position:0% how's it going guys konnichiwa it's really<00:00:09.840> nice<00:00:10.020> to<00:00:10.200> be<00:00:10.230> here<00:00:10.320> in<00:00:10.440> Japan<00:00:10.740> thank 00:00:11.629 --> 00:00:11.639 align:start position:0% really nice to be here in Japan thank 00:00:11.639 --> 00:00:13.970 align:start position:0% really nice to be here in Japan thank you<00:00:11.730> for<00:00:11.910> coming<00:00:12.180> I'm<00:00:13.139> gonna<00:00:13.410> talk<00:00:13.740> about 00:00:13.970 --> 00:00:13.980 align:start position:0% you for coming I'm gonna talk about 00:00:13.980 --> 00:00:16.550 align:start position:0% you for coming I'm gonna talk about aligning<00:00:14.820> ascent<00:00:15.389> incentives<00:00:16.049> around 00:00:16.550 --> 00:00:16.560 align:start position:0% aligning ascent incentives around 00:00:16.560 --> 00:00:19.970 align:start position:0% aligning ascent incentives around funding<00:00:16.890> open<00:00:17.220> source<00:00:17.460> I<00:00:18.470> have<00:00:19.470> been 00:00:19.970 --> 00:00:19.980 align:start position:0% funding open source I have been 00:00:19.980 --> 00:00:22.310 align:start position:0% funding open source I have been committed<00:00:20.789> by<00:00:21.539> the<00:00:21.570> way<00:00:21.750> my<00:00:21.900> name<00:00:22.050> is<00:00:22.140> Griff 00:00:22.310 --> 00:00:22.320 align:start position:0% committed by the way my name is Griff 00:00:22.320 --> 00:00:24.109 align:start position:0% committed by the way my name is Griff green<00:00:22.589> and<00:00:22.800> I've<00:00:23.220> been<00:00:23.429> committed<00:00:23.820> to<00:00:23.849> the 00:00:24.109 --> 00:00:24.119 align:start position:0% green and I've been committed to the 00:00:24.119 --> 00:00:26.650 align:start position:0% green and I've been committed to the etherium<00:00:24.480> Commons<00:00:24.900> for<00:00:25.169> about<00:00:25.589> three<00:00:25.890> years<00:00:25.919> I 00:00:26.650 --> 00:00:26.660 align:start position:0% etherium Commons for about three years I 00:00:26.660 --> 00:00:29.060 align:start position:0% etherium Commons for about three years I focused<00:00:27.660> almost<00:00:27.839> all<00:00:28.169> of<00:00:28.289> my<00:00:28.380> efforts<00:00:28.769> on 00:00:29.060 --> 00:00:29.070 align:start position:0% focused almost all of my efforts on 00:00:29.070 --> 00:00:31.040 align:start position:0% focused almost all of my efforts on contributing<00:00:29.910> to<00:00:29.970> the<00:00:30.060> shared<00:00:30.300> resources<00:00:30.810> of 00:00:31.040 --> 00:00:31.050 align:start position:0% contributing to the shared resources of 00:00:31.050 --> 00:00:34.700 align:start position:0% contributing to the shared resources of this<00:00:31.199> economy<00:00:31.710> and<00:00:32.520> it's<00:00:33.270> really<00:00:33.540> fun<00:00:33.870> but 00:00:34.700 --> 00:00:34.710 align:start position:0% this economy and it's really fun but 00:00:34.710 --> 00:00:36.020 align:start position:0% this economy and it's really fun but it's<00:00:34.860> also<00:00:34.980> really<00:00:35.190> difficult<00:00:35.310> it's<00:00:35.940> really 00:00:36.020 --> 00:00:36.030 align:start position:0% it's also really difficult it's really 00:00:36.030 --> 00:00:38.270 align:start position:0% it's also really difficult it's really hard<00:00:36.390> to<00:00:36.540> find<00:00:36.750> sustainable<00:00:37.140> funding<00:00:37.920> for 00:00:38.270 --> 00:00:38.280 align:start position:0% hard to find sustainable funding for 00:00:38.280 --> 00:00:41.590 align:start position:0% hard to find sustainable funding for open<00:00:38.580> source<00:00:38.820> projects<00:00:39.360> in<00:00:39.660> general<00:00:40.140> and 00:00:41.590 --> 00:00:41.600 align:start position:0% open source projects in general and 00:00:41.600 --> 00:00:44.030 align:start position:0% open source projects in general and that's<00:00:42.600> why<00:00:42.810> I'm<00:00:42.960> kind<00:00:43.260> of<00:00:43.410> putting<00:00:43.620> all<00:00:43.830> these 00:00:44.030 --> 00:00:44.040 align:start position:0% that's why I'm kind of putting all these 00:00:44.040 --> 00:00:47.780 align:start position:0% that's why I'm kind of putting all these projects<00:00:44.550> on<00:00:44.670> hold<00:00:45.330> of<00:00:45.570> I<00:00:46.320> got<00:00:47.250> too<00:00:47.430> much<00:00:47.520> on<00:00:47.670> my 00:00:47.780 --> 00:00:47.790 align:start position:0% projects on hold of I got too much on my 00:00:47.790 --> 00:00:49.910 align:start position:0% projects on hold of I got too much on my plate<00:00:47.820> and<00:00:48.330> I'm<00:00:48.720> really<00:00:49.020> trying<00:00:49.200> to<00:00:49.260> put<00:00:49.710> it<00:00:49.830> on 00:00:49.910 --> 00:00:49.920 align:start position:0% plate and I'm really trying to put it on 00:00:49.920 --> 00:00:51.830 align:start position:0% plate and I'm really trying to put it on pause<00:00:50.160> so<00:00:50.490> I<00:00:50.520> can<00:00:50.700> focus<00:00:50.910> on<00:00:51.210> the<00:00:51.300> common<00:00:51.510> stack 00:00:51.830 --> 00:00:51.840 align:start position:0% pause so I can focus on the common stack 00:00:51.840 --> 00:00:54.410 align:start position:0% pause so I can focus on the common stack because<00:00:52.620> the<00:00:53.340> mission<00:00:53.730> behind<00:00:53.880> the<00:00:54.090> common 00:00:54.410 --> 00:00:54.420 align:start position:0% because the mission behind the common 00:00:54.420 --> 00:00:56.420 align:start position:0% because the mission behind the common stack<00:00:54.630> I<00:00:54.780> think<00:00:54.990> can<00:00:55.140> help<00:00:55.170> all<00:00:55.740> of<00:00:56.040> us<00:00:56.160> on<00:00:56.400> our 00:00:56.420 --> 00:00:56.430 align:start position:0% stack I think can help all of us on our 00:00:56.430 --> 00:00:59.300 align:start position:0% stack I think can help all of us on our open-source<00:00:57.360> endeavors<00:00:57.800> the<00:00:58.800> goal<00:00:58.980> is<00:00:59.160> to 00:00:59.300 --> 00:00:59.310 align:start position:0% open-source endeavors the goal is to 00:00:59.310 --> 00:01:01.010 align:start position:0% open-source endeavors the goal is to bring<00:00:59.490> continuous<00:01:00.090> funding<00:01:00.480> to<00:01:00.570> open<00:01:00.690> source 00:01:01.010 --> 00:01:01.020 align:start position:0% bring continuous funding to open source 00:01:01.020 --> 00:01:04.009 align:start position:0% bring continuous funding to open source projects<00:01:01.620> we<00:01:02.190> want<00:01:02.400> to<00:01:02.490> build<00:01:02.700> a<00:01:03.120> foundation 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solve their own unique situations<00:01:11.749> because<00:01:12.749> open<00:01:13.020> source<00:01:13.259> is 00:01:13.429 --> 00:01:13.439 align:start position:0% situations because open source is 00:01:13.439 --> 00:01:15.830 align:start position:0% situations because open source is actually<00:01:13.890> the<00:01:14.340> same<00:01:14.579> as<00:01:14.689> nonprofits<00:01:15.689> they 00:01:15.830 --> 00:01:15.840 align:start position:0% actually the same as nonprofits they 00:01:15.840 --> 00:01:17.929 align:start position:0% actually the same as nonprofits they have<00:01:15.929> the<00:01:16.020> same<00:01:16.200> issues<00:01:16.710> there<00:01:17.280> it's<00:01:17.549> a 00:01:17.929 --> 00:01:17.939 align:start position:0% have the same issues there it's a 00:01:17.939 --> 00:01:19.730 align:start position:0% have the same issues there it's a tragedy<00:01:18.420> that<00:01:18.479> comments<00:01:19.049> everyone<00:01:19.590> is 00:01:19.730 --> 00:01:19.740 align:start position:0% tragedy that comments everyone is 00:01:19.740 --> 00:01:23.779 align:start position:0% tragedy that comments everyone is working<00:01:19.979> really<00:01:20.429> hard<00:01:20.579> to<00:01:21.420> find<00:01:21.810> a<00:01:22.520> reason<00:01:23.520> for 00:01:23.779 --> 00:01:23.789 align:start position:0% working really hard to find a reason for 00:01:23.789 --> 00:01:25.190 align:start position:0% working really hard to find a reason for people<00:01:23.850> to<00:01:24.149> give<00:01:24.299> them<00:01:24.509> money<00:01:24.689> so<00:01:24.780> they<00:01:25.049> can 00:01:25.190 --> 00:01:25.200 align:start position:0% people to give them money so they can 00:01:25.200 --> 00:01:28.520 align:start position:0% people to give them money so they can produce<00:01:25.380> value<00:01:26.689> and<00:01:27.689> it's<00:01:27.899> it's<00:01:28.319> almost 00:01:28.520 --> 00:01:28.530 align:start position:0% produce value and it's it's almost 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beg for grants<00:01:35.069> find<00:01:35.399> donors<00:01:35.880> who<00:01:36.149> are<00:01:36.179> acting<00:01:36.929> out 00:01:37.039 --> 00:01:37.049 align:start position:0% grants find donors who are acting out 00:01:37.049 --> 00:01:38.840 align:start position:0% grants find donors who are acting out their<00:01:37.170> own<00:01:37.319> best<00:01:37.579> against<00:01:38.579> their<00:01:38.700> own<00:01:38.819> best 00:01:38.840 --> 00:01:38.850 align:start position:0% their own best against their own best 00:01:38.850 --> 00:01:41.919 align:start position:0% their own best against their own best interest<00:01:39.479> to<00:01:39.990> fund<00:01:40.350> the<00:01:40.679> common<00:01:41.069> good 00:01:41.919 --> 00:01:41.929 align:start position:0% interest to fund the common good 00:01:41.929 --> 00:01:43.940 align:start position:0% interest to fund the common good contributors<00:01:42.929> are<00:01:43.170> overworked<00:01:43.770> and 00:01:43.940 --> 00:01:43.950 align:start position:0% contributors are overworked and 00:01:43.950 --> 00:01:46.819 align:start position:0% contributors are overworked and underpaid<00:01:44.159> and<00:01:44.609> in<00:01:45.539> the<00:01:45.749> end<00:01:45.899> if<00:01:46.319> you<00:01:46.590> actually 00:01:46.819 --> 00:01:46.829 align:start position:0% underpaid and in the end if you actually 00:01:46.829 --> 00:01:48.770 align:start position:0% underpaid and in the end if you actually want<00:01:47.310> to<00:01:47.399> create<00:01:47.639> a<00:01:47.819> business<00:01:48.240> model<00:01:48.450> you 00:01:48.770 --> 00:01:48.780 align:start position:0% want to create a business model you 00:01:48.780 --> 00:01:51.080 align:start position:0% want to create a business model you usually<00:01:49.109> have<00:01:49.409> to<00:01:49.560> sacrifice<00:01:50.159> your<00:01:50.670> ideals 00:01:51.080 --> 00:01:51.090 align:start position:0% usually have to sacrifice your ideals 00:01:51.090 --> 00:01:54.169 align:start position:0% usually have to sacrifice your ideals and<00:01:51.679> sellout<00:01:52.679> you<00:01:53.100> know<00:01:53.219> create<00:01:53.579> some<00:01:53.969> piece 00:01:54.169 --> 00:01:54.179 align:start position:0% and sellout you know create some piece 00:01:54.179 --> 00:01:57.739 align:start position:0% and sellout you know create some piece of<00:01:54.209> closed-source<00:01:54.899> software<00:01:56.420> that<00:01:57.420> you<00:01:57.539> can 00:01:57.739 --> 00:01:57.749 align:start position:0% of closed-source software that you can 00:01:57.749 --> 00:01:59.899 align:start position:0% of closed-source software that you can sell<00:01:58.170> to<00:01:58.469> an<00:01:58.560> individual<00:01:59.159> or<00:01:59.340> provide<00:01:59.880> a 00:01:59.899 --> 00:01:59.909 align:start position:0% sell to an individual or provide a 00:01:59.909 --> 00:02:03.440 align:start position:0% sell to an individual or provide a service<00:02:00.209> for<00:02:00.389> someone<00:02:00.749> and<00:02:01.850> this<00:02:02.850> is<00:02:02.999> the<00:02:03.149> same 00:02:03.440 --> 00:02:03.450 align:start position:0% service for someone and this is the same 00:02:03.450 --> 00:02:04.940 align:start position:0% service for someone and this is the same situation<00:02:03.810> that<00:02:04.319> happens<00:02:04.590> in<00:02:04.679> the<00:02:04.770> nonprofit 00:02:04.940 --> 00:02:04.950 align:start position:0% situation that happens in the nonprofit 00:02:04.950 --> 00:02:07.969 align:start position:0% situation that happens in the nonprofit space<00:02:05.369> because<00:02:05.880> well<00:02:06.240> you<00:02:07.139> know<00:02:07.259> open<00:02:07.709> source 00:02:07.969 --> 00:02:07.979 align:start position:0% space because well you know open source 00:02:07.979 --> 00:02:11.780 align:start position:0% space because well you know open source is<00:02:08.280> a<00:02:08.789> non-profit<00:02:09.500> and<00:02:10.500> what's<00:02:11.400> interesting 00:02:11.780 --> 00:02:11.790 align:start position:0% is a non-profit and what's interesting 00:02:11.790 --> 00:02:14.030 align:start position:0% is a non-profit and what's interesting is<00:02:12.300> what<00:02:12.930> is<00:02:13.049> the<00:02:13.230> difference<00:02:13.680> between<00:02:13.739> a 00:02:14.030 --> 00:02:14.040 align:start position:0% is what is the difference between a 00:02:14.040 --> 00:02:15.949 align:start position:0% is what is the difference between a non-profit<00:02:14.700> and<00:02:14.819> the<00:02:14.879> for-profit<00:02:15.629> anyway 00:02:15.949 --> 00:02:15.959 align:start position:0% non-profit and the for-profit anyway 00:02:15.959 --> 00:02:18.500 align:start position:0% non-profit and the for-profit anyway they<00:02:16.439> all<00:02:16.470> like<00:02:17.310> a<00:02:17.519> large<00:02:17.819> nonprofit 00:02:18.500 --> 00:02:18.510 align:start position:0% they all like a large nonprofit 00:02:18.510 --> 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together<00:02:27.299> to<00:02:27.569> produce<00:02:28.319> value<00:02:28.950> for<00:02:29.220> everyone 00:02:29.600 --> 00:02:29.610 align:start position:0% together to produce value for everyone 00:02:29.610 --> 00:02:31.699 align:start position:0% together to produce value for everyone right<00:02:29.970> and<00:02:30.209> that's<00:02:30.720> where<00:02:30.959> it's<00:02:31.140> a<00:02:31.230> little<00:02:31.439> bit 00:02:31.699 --> 00:02:31.709 align:start position:0% right and that's where it's a little bit 00:02:31.709 --> 00:02:34.520 align:start position:0% right and that's where it's a little bit different<00:02:32.390> nonprofits<00:02:33.390> are<00:02:33.569> producing<00:02:34.170> value 00:02:34.520 --> 00:02:34.530 align:start position:0% different nonprofits are producing value 00:02:34.530 --> 00:02:36.440 align:start position:0% different nonprofits are producing value for<00:02:34.799> shared<00:02:35.099> resources<00:02:35.700> they're<00:02:36.060> producing 00:02:36.440 --> 00:02:36.450 align:start position:0% for shared resources they're producing 00:02:36.450 --> 00:02:38.690 align:start position:0% for shared resources they're producing value<00:02:36.750> for<00:02:37.019> a<00:02:37.049> community<00:02:37.590> whereas<00:02:38.400> for 00:02:38.690 --> 00:02:38.700 align:start position:0% value for a community whereas for 00:02:38.700 --> 00:02:41.059 align:start position:0% value for a community whereas for profits<00:02:39.209> can<00:02:39.659> find<00:02:39.959> a<00:02:40.079> way<00:02:40.200> to<00:02:40.230> satisfy<00:02:40.650> an 00:02:41.059 --> 00:02:41.069 align:start position:0% profits can find a way to satisfy an 00:02:41.069 --> 00:02:44.210 align:start position:0% profits can find a way to satisfy an individual<00:02:41.849> want<00:02:42.090> or<00:02:42.360> need<00:02:42.569> and<00:02:42.840> this<00:02:43.739> is<00:02:44.010> a 00:02:44.210 --> 00:02:44.220 align:start position:0% individual want or need and this is a 00:02:44.220 --> 00:02:46.160 align:start position:0% individual want or need and this is a problem<00:02:44.760> with<00:02:44.909> our<00:02:45.060> current<00:02:45.269> economic<00:02:45.480> models 00:02:46.160 --> 00:02:46.170 align:start position:0% problem with our current economic models 00:02:46.170 --> 00:02:48.229 align:start position:0% problem with our current economic models the<00:02:46.500> default<00:02:46.950> economic<00:02:47.459> model<00:02:47.760> as<00:02:47.879> it<00:02:48.000> stands 00:02:48.229 --> 00:02:48.239 align:start position:0% the default economic model as it stands 00:02:48.239 --> 00:02:50.960 align:start position:0% the default economic model as it stands today<00:02:48.329> only<00:02:49.260> values<00:02:49.799> people<00:02:50.129> who<00:02:50.400> satisfy 00:02:50.960 --> 00:02:50.970 align:start position:0% today only values people who satisfy 00:02:50.970 --> 00:02:54.009 align:start position:0% today only values people who satisfy individual<00:02:51.599> wants<00:02:51.900> and<00:02:52.049> needs<00:02:52.170> and<00:02:52.970> that 00:02:54.009 --> 00:02:54.019 align:start position:0% individual wants and needs and that 00:02:54.019 --> 00:02:57.890 align:start position:0% individual wants and needs and that means<00:02:55.019> that<00:02:55.530> if<00:02:55.970> you<00:02:56.970> are<00:02:57.299> providing 00:02:57.890 --> 00:02:57.900 align:start position:0% means that if you are providing 00:02:57.900 --> 00:03:00.530 align:start position:0% means that if you are providing something<00:02:58.680> for<00:02:59.040> the<00:02:59.099> common<00:02:59.459> good<00:02:59.639> or<00:02:59.879> just 00:03:00.530 --> 00:03:00.540 align:start position:0% something for the common good or just 00:03:00.540 --> 00:03:02.660 align:start position:0% something for the common good or just writing<00:03:00.989> open<00:03:01.379> source<00:03:01.590> code<00:03:01.829> that<00:03:02.040> anyone<00:03:02.459> can 00:03:02.660 --> 00:03:02.670 align:start position:0% writing open source code that anyone can 00:03:02.670 --> 00:03:05.660 align:start position:0% writing open source code that anyone can fork<00:03:03.000> in<00:03:03.629> a<00:03:03.750> permission<00:03:04.049> this<00:03:04.290> way<00:03:04.440> you<00:03:05.099> suffer 00:03:05.660 --> 00:03:05.670 align:start position:0% fork in a permission this way you suffer 00:03:05.670 --> 00:03:08.539 align:start position:0% fork in a permission this way you suffer from<00:03:05.879> free-rider<00:03:06.389> problems<00:03:06.900> people<00:03:07.739> can<00:03:08.159> get 00:03:08.539 --> 00:03:08.549 align:start position:0% from free-rider problems people can get 00:03:08.549 --> 00:03:11.869 align:start position:0% from free-rider problems people can get the<00:03:08.790> value<00:03:09.209> without<00:03:09.540> contributing<00:03:10.139> and<00:03:10.879> that 00:03:11.869 --> 00:03:11.879 align:start position:0% the value without contributing and that 00:03:11.879 --> 00:03:14.539 align:start position:0% the value without contributing and that sucks<00:03:12.209> you<00:03:12.659> know<00:03:12.780> and<00:03:13.650> what's<00:03:14.099> even<00:03:14.190> worse 00:03:14.539 --> 00:03:14.549 align:start position:0% sucks you know and what's even worse 00:03:14.549 --> 00:03:17.420 align:start position:0% sucks you know and what's even worse though<00:03:14.940> is<00:03:15.150> that<00:03:15.359> for<00:03:15.569> profits<00:03:16.409> have<00:03:17.069> an 00:03:17.420 --> 00:03:17.430 align:start position:0% though is that for profits have an 00:03:17.430 --> 00:03:20.599 align:start position:0% though is that for profits have an incentive<00:03:18.060> to<00:03:18.349> exploit<00:03:19.349> the<00:03:19.769> externalities 00:03:20.599 --> 00:03:20.609 align:start position:0% incentive to exploit the externalities 00:03:20.609 --> 00:03:23.360 align:start position:0% incentive to exploit the externalities of<00:03:20.879> our<00:03:20.970> economic<00:03:21.389> models<00:03:21.720> as<00:03:21.930> in<00:03:22.319> for<00:03:22.829> profits 00:03:23.360 --> 00:03:23.370 align:start position:0% of our economic models as in for profits 00:03:23.370 --> 00:03:25.520 align:start position:0% of our economic models as in for profits have<00:03:23.819> a<00:03:23.849> huge<00:03:24.269> incentive<00:03:24.449> to<00:03:24.930> take<00:03:25.109> your<00:03:25.319> code 00:03:25.520 --> 00:03:25.530 align:start position:0% have a huge incentive to take your code 00:03:25.530 --> 00:03:26.780 align:start position:0% have a huge incentive to take your code and<00:03:25.769> run<00:03:25.919> with<00:03:26.099> it<00:03:26.220> and<00:03:26.250> make<00:03:26.400> a<00:03:26.430> bunch<00:03:26.699> of 00:03:26.780 --> 00:03:26.790 align:start position:0% and run with it and make a bunch of 00:03:26.790 --> 00:03:28.759 align:start position:0% and run with it and make a bunch of money<00:03:26.970> and<00:03:27.150> not<00:03:27.480> even<00:03:27.750> contribute<00:03:28.260> upstream 00:03:28.759 --> 00:03:28.769 align:start position:0% money and not even contribute upstream 00:03:28.769 --> 00:03:30.890 align:start position:0% money and not even contribute upstream changes<00:03:29.310> like<00:03:29.519> they<00:03:29.699> don't<00:03:29.879> even<00:03:29.970> like<00:03:30.569> add 00:03:30.890 --> 00:03:30.900 align:start position:0% changes like they don't even like add 00:03:30.900 --> 00:03:33.319 align:start position:0% changes like they don't even like add any<00:03:31.560> value<00:03:32.280> to<00:03:32.310> the<00:03:32.579> underlying<00:03:32.910> good<00:03:33.150> they 00:03:33.319 --> 00:03:33.329 align:start position:0% any value to the underlying good they 00:03:33.329 --> 00:03:37.610 align:start position:0% any value to the underlying good they just<00:03:33.359> keep<00:03:33.720> a<00:03:33.870> closed<00:03:34.109> source<00:03:35.269> and<00:03:36.560> this<00:03:37.560> is 00:03:37.610 --> 00:03:37.620 align:start position:0% just keep a closed source and this is 00:03:37.620 --> 00:03:40.449 align:start position:0% just keep a closed source and this is also<00:03:38.010> present<00:03:38.639> it's<00:03:38.970> really<00:03:39.299> easy<00:03:39.510> to<00:03:39.750> see<00:03:39.989> in 00:03:40.449 --> 00:03:40.459 align:start position:0% also present it's really easy to see in 00:03:40.459 --> 00:03:44.030 align:start position:0% also present it's really easy to see in the<00:03:41.459> for-profit<00:03:41.760> space<00:03:42.419> where<00:03:43.169> it's<00:03:43.739> like<00:03:43.889> if 00:03:44.030 --> 00:03:44.040 align:start position:0% the for-profit space where it's like if 00:03:44.040 --> 00:03:46.250 align:start position:0% the for-profit space where it's like if you<00:03:44.160> have<00:03:44.280> a<00:03:44.310> factory<00:03:44.609> on<00:03:44.970> a<00:03:45.000> river<00:03:45.269> everyone 00:03:46.250 --> 00:03:46.260 align:start position:0% you have a factory on a river everyone 00:03:46.260 --> 00:03:48.229 align:start position:0% you have a factory on a river everyone wants<00:03:46.560> the<00:03:46.650> river<00:03:46.829> to<00:03:46.980> be<00:03:47.099> clean<00:03:47.310> even<00:03:47.579> the 00:03:48.229 --> 00:03:48.239 align:start position:0% wants the river to be clean even the 00:03:48.239 --> 00:03:50.659 align:start position:0% wants the river to be clean even the people<00:03:48.720> that<00:03:48.959> own<00:03:49.079> the<00:03:49.109> factory<00:03:49.680> they<00:03:50.190> want<00:03:50.489> a 00:03:50.659 --> 00:03:50.669 align:start position:0% people that own the factory they want a 00:03:50.669 --> 00:03:52.610 align:start position:0% people that own the factory they want a clean<00:03:50.879> River<00:03:51.120> no<00:03:51.720> one<00:03:51.870> wants<00:03:52.169> a<00:03:52.260> polluted 00:03:52.610 --> 00:03:52.620 align:start position:0% clean River no one wants a polluted 00:03:52.620 --> 00:03:55.909 align:start position:0% clean River no one wants a polluted river<00:03:52.849> but<00:03:54.079> the<00:03:55.079> factory<00:03:55.440> has<00:03:55.590> to<00:03:55.680> look<00:03:55.799> at 00:03:55.909 --> 00:03:55.919 align:start position:0% river but the factory has to look at 00:03:55.919 --> 00:03:58.580 align:start position:0% river but the factory has to look at their<00:03:56.040> spreadsheet<00:03:56.579> and<00:03:57.049> their<00:03:58.049> spreadsheet 00:03:58.580 --> 00:03:58.590 align:start position:0% their spreadsheet and their spreadsheet 00:03:58.590 --> 00:04:02.390 align:start position:0% their spreadsheet and their spreadsheet says<00:03:58.980> that<00:03:59.609> if<00:03:59.760> they<00:03:59.940> pay<00:04:00.510> money<00:04:00.810> to<00:04:01.220> get<00:04:02.220> rid 00:04:02.390 --> 00:04:02.400 align:start position:0% says that if they pay money to get rid 00:04:02.400 --> 00:04:04.839 align:start position:0% says that if they pay money to get rid of<00:04:02.430> their<00:04:02.579> pollution<00:04:02.790> ethically<00:04:03.590> they'll 00:04:04.839 --> 00:04:04.849 align:start position:0% of their pollution ethically they'll 00:04:04.849 --> 00:04:07.580 align:start position:0% of their pollution ethically they'll it'll<00:04:05.849> hurt<00:04:06.000> their<00:04:06.209> bottom<00:04:06.329> line<00:04:06.690> so<00:04:07.470> they 00:04:07.580 --> 00:04:07.590 align:start position:0% it'll hurt their bottom line so they 00:04:07.590 --> 00:04:10.789 align:start position:0% it'll hurt their bottom line so they actually<00:04:07.940> have<00:04:08.940> a<00:04:08.970> fiduciary<00:04:09.299> duty<00:04:09.930> to 00:04:10.789 --> 00:04:10.799 align:start position:0% actually have a fiduciary duty to 00:04:10.799 --> 00:04:13.759 align:start position:0% actually have a fiduciary duty to pollute<00:04:11.129> that<00:04:11.340> river<00:04:11.549> and<00:04:12.199> that's<00:04:13.199> just 00:04:13.759 --> 00:04:13.769 align:start position:0% pollute that river and that's just 00:04:13.769 --> 00:04:16.699 align:start position:0% pollute that river and that's just douchey<00:04:14.430> oh<00:04:15.079> and<00:04:16.079> then<00:04:16.199> to<00:04:16.349> not<00:04:16.440> drop 00:04:16.699 --> 00:04:16.709 align:start position:0% douchey oh and then to not drop 00:04:16.709 --> 00:04:20.000 align:start position:0% douchey oh and then to not drop the<00:04:16.859> f-bomb<00:04:17.010> oh<00:04:17.430> well<00:04:18.349> well<00:04:19.349> and<00:04:19.620> this<00:04:19.799> is<00:04:19.859> the 00:04:20.000 --> 00:04:20.010 align:start position:0% the f-bomb oh well well and this is the 00:04:20.010 --> 00:04:23.270 align:start position:0% the f-bomb oh well well and this is the case<00:04:20.310> with<00:04:20.579> everything<00:04:21.680> it's<00:04:22.680> whether<00:04:23.070> it's<00:04:23.130> a 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align:start position:0% you're working for Apple if you're providing<00:04:30.389> a<00:04:30.570> common 00:04:31.100 --> 00:04:31.110 align:start position:0% providing a common 00:04:31.110 --> 00:04:34.430 align:start position:0% providing a common good<00:04:31.290> you<00:04:32.420> you<00:04:33.420> are<00:04:33.570> going<00:04:33.780> to<00:04:33.870> probably<00:04:34.110> be 00:04:34.430 --> 00:04:34.440 align:start position:0% good you you are going to probably be 00:04:34.440 --> 00:04:37.160 align:start position:0% good you you are going to probably be exploited<00:04:35.070> by<00:04:35.490> a<00:04:35.520> for-profit<00:04:36.090> company<00:04:36.420> if<00:04:36.960> it 00:04:37.160 --> 00:04:37.170 align:start position:0% exploited by a for-profit company if it 00:04:37.170 --> 00:04:40.690 align:start position:0% exploited by a for-profit company if it can<00:04:37.320> work<00:04:37.500> for<00:04:37.770> their<00:04:37.860> business<00:04:38.160> model<00:04:39.230> and 00:04:40.690 --> 00:04:40.700 align:start position:0% can work for their business model and 00:04:40.700 --> 00:04:43.190 align:start position:0% can work for their business model and Bakhtin's<00:04:41.700> have<00:04:41.850> actually<00:04:42.180> solved<00:04:42.660> this 00:04:43.190 --> 00:04:43.200 align:start position:0% Bakhtin's have actually solved this 00:04:43.200 --> 00:04:45.650 align:start position:0% Bakhtin's have actually solved this I<00:04:43.230> know<00:04:44.220> Elinor<00:04:44.730> Ostrom<00:04:44.790> would<00:04:45.180> kind<00:04:45.450> of<00:04:45.510> roll 00:04:45.650 --> 00:04:45.660 align:start position:0% I know Elinor Ostrom would kind of roll 00:04:45.660 --> 00:04:47.300 align:start position:0% I know Elinor Ostrom would kind of roll her<00:04:45.810> eyes<00:04:45.840> at<00:04:45.990> me<00:04:46.410> because<00:04:46.560> you<00:04:46.920> know<00:04:47.100> the 00:04:47.300 --> 00:04:47.310 align:start position:0% her eyes at me because you know the 00:04:47.310 --> 00:04:49.070 align:start position:0% her eyes at me because you know the tragedy<00:04:47.610> Commons<00:04:48.060> isn't<00:04:48.300> that<00:04:48.420> big<00:04:48.630> of<00:04:48.690> a<00:04:48.900> deal 00:04:49.070 --> 00:04:49.080 align:start position:0% tragedy Commons isn't that big of a deal 00:04:49.080 --> 00:04:50.690 align:start position:0% tragedy Commons isn't that big of a deal there's<00:04:49.350> ways<00:04:49.620> to<00:04:49.950> get<00:04:50.070> around<00:04:50.190> it<00:04:50.490> without 00:04:50.690 --> 00:04:50.700 align:start position:0% there's ways to get around it without 00:04:50.700 --> 00:04:53.240 align:start position:0% there's ways to get around it without blockchains<00:04:51.270> but<00:04:51.780> man<00:04:51.990> the<00:04:52.740> incentive 00:04:53.240 --> 00:04:53.250 align:start position:0% blockchains but man the incentive 00:04:53.250 --> 00:04:55.970 align:start position:0% blockchains but man the incentive alignment<00:04:53.730> of<00:04:53.880> blockchain<00:04:54.660> technology<00:04:55.230> helps 00:04:55.970 --> 00:04:55.980 align:start position:0% alignment of blockchain technology helps 00:04:55.980 --> 00:04:58.520 align:start position:0% alignment of blockchain technology helps a<00:04:56.070> lot<00:04:56.250> and<00:04:56.550> if<00:04:57.480> you<00:04:57.570> look<00:04:57.870> at<00:04:58.080> Bitcoin<00:04:58.290> just 00:04:58.520 --> 00:04:58.530 align:start position:0% a lot and if you look at Bitcoin just 00:04:58.530 --> 00:05:00.620 align:start position:0% a lot and if you look at Bitcoin just right<00:04:59.160> you<00:04:59.790> can<00:04:59.940> actually<00:04:59.970> see<00:05:00.480> it's 00:05:00.620 --> 00:05:00.630 align:start position:0% right you can actually see it's 00:05:00.630 --> 00:05:02.570 align:start position:0% right you can actually see it's providing<00:05:01.260> a<00:05:01.380> common<00:05:01.650> good<00:05:01.950> for<00:05:02.340> all<00:05:02.460> of 00:05:02.570 --> 00:05:02.580 align:start position:0% providing a common good for all of 00:05:02.580 --> 00:05:03.230 align:start position:0% providing a common good for all of humanity 00:05:03.230 --> 00:05:03.240 align:start position:0% humanity 00:05:03.240 --> 00:05:05.270 align:start position:0% humanity almost<00:05:03.690> all<00:05:03.870> block<00:05:04.110> chains<00:05:04.410> are<00:05:04.620> they've 00:05:05.270 --> 00:05:05.280 align:start position:0% almost all block chains are they've 00:05:05.280 --> 00:05:09.160 align:start position:0% almost all block chains are they've created<00:05:06.090> their<00:05:06.600> own<00:05:06.630> economy<00:05:07.620> to<00:05:08.310> incentivize 00:05:09.160 --> 00:05:09.170 align:start position:0% created their own economy to incentivize 00:05:09.170 --> 00:05:11.390 align:start position:0% created their own economy to incentivize contributions<00:05:10.170> to<00:05:10.470> the<00:05:10.560> public<00:05:10.920> good<00:05:11.100> in 00:05:11.390 --> 00:05:11.400 align:start position:0% contributions to the public good in 00:05:11.400 --> 00:05:14.210 align:start position:0% contributions to the public good in Bitcoin<00:05:12.330> it's<00:05:12.510> a<00:05:12.630> global<00:05:13.260> payment<00:05:13.470> system<00:05:14.040> and 00:05:14.210 --> 00:05:14.220 align:start position:0% Bitcoin it's a global payment system and 00:05:14.220 --> 00:05:16.550 align:start position:0% Bitcoin it's a global payment system and curecoin<00:05:14.910> they're<00:05:15.450> the<00:05:15.810> proof<00:05:16.050> of<00:05:16.140> work<00:05:16.380> is 00:05:16.550 --> 00:05:16.560 align:start position:0% curecoin they're the proof of work is 00:05:16.560 --> 00:05:18.200 align:start position:0% curecoin they're the proof of work is folding<00:05:17.040> proteins<00:05:17.490> for<00:05:17.700> cancer<00:05:18.060> research 00:05:18.200 --> 00:05:18.210 align:start position:0% folding proteins for cancer research 00:05:18.210 --> 00:05:20.900 align:start position:0% folding proteins for cancer research right<00:05:19.080> this<00:05:19.290> that<00:05:19.530> there's<00:05:20.010> there's<00:05:20.550> ways 00:05:20.900 --> 00:05:20.910 align:start position:0% right this that there's there's ways 00:05:20.910 --> 00:05:23.840 align:start position:0% right this that there's there's ways that<00:05:20.940> we<00:05:21.300> can<00:05:21.480> start<00:05:21.840> using<00:05:22.830> the<00:05:23.220> incentive 00:05:23.840 --> 00:05:23.850 align:start position:0% that we can start using the incentive 00:05:23.850 --> 00:05:26.660 align:start position:0% that we can start using the incentive models<00:05:24.390> that<00:05:25.130> blockchain<00:05:26.130> technology 00:05:26.660 --> 00:05:26.670 align:start position:0% models that blockchain technology 00:05:26.670 --> 00:05:28.430 align:start position:0% models that blockchain technology provides<00:05:27.000> basically<00:05:27.510> creating<00:05:28.200> micro 00:05:28.430 --> 00:05:28.440 align:start position:0% provides basically creating micro 00:05:28.440 --> 00:05:32.440 align:start position:0% provides basically creating micro economies<00:05:29.280> that<00:05:30.090> can<00:05:30.360> incentivize<00:05:30.980> properly 00:05:32.440 --> 00:05:32.450 align:start position:0% economies that can incentivize properly 00:05:32.450 --> 00:05:35.450 align:start position:0% economies that can incentivize properly providing<00:05:33.450> value<00:05:33.840> through<00:05:34.800> shared<00:05:35.070> resources 00:05:35.450 --> 00:05:35.460 align:start position:0% providing value through shared resources 00:05:35.460 --> 00:05:38.600 align:start position:0% providing value through shared resources and<00:05:36.590> that's<00:05:37.590> what<00:05:37.890> we're<00:05:38.070> trying<00:05:38.250> to<00:05:38.340> do<00:05:38.490> with 00:05:38.600 --> 00:05:38.610 align:start position:0% and that's what we're trying to do with 00:05:38.610 --> 00:05:41.120 align:start position:0% and that's what we're trying to do with the<00:05:38.700> common<00:05:38.940> stack<00:05:39.300> we're<00:05:40.260> trying<00:05:40.530> to<00:05:40.710> create 00:05:41.120 --> 00:05:41.130 align:start position:0% the common stack we're trying to create 00:05:41.130 --> 00:05:44.990 align:start position:0% the common stack we're trying to create a<00:05:41.580> continuous<00:05:42.210> funding<00:05:42.900> stream<00:05:43.290> for<00:05:44.000> open 00:05:44.990 --> 00:05:45.000 align:start position:0% a continuous funding stream for open 00:05:45.000 --> 00:05:47.480 align:start position:0% a continuous funding stream for open source<00:05:45.270> and<00:05:45.600> we<00:05:45.660> can<00:05:46.560> use<00:05:46.770> blockchain 00:05:47.480 --> 00:05:47.490 align:start position:0% source and we can use blockchain 00:05:47.490 --> 00:05:51.070 align:start position:0% source and we can use blockchain incentives<00:05:48.420> alignment<00:05:49.380> tools<00:05:49.590> to<00:05:50.220> actually 00:05:51.070 --> 00:05:51.080 align:start position:0% incentives alignment tools to actually 00:05:51.080 --> 00:05:54.740 align:start position:0% incentives alignment tools to actually incentivize<00:05:52.700> contributions<00:05:53.700> to<00:05:54.240> physical 00:05:54.740 --> 00:05:54.750 align:start position:0% incentivize contributions to physical 00:05:54.750 --> 00:05:57.260 align:start position:0% incentivize contributions to physical world<00:05:54.960> open<00:05:55.410> source<00:05:55.620> applications<00:05:56.270> we're 00:05:57.260 --> 00:05:57.270 align:start position:0% world open source applications we're 00:05:57.270 --> 00:05:58.970 align:start position:0% world open source applications we're calling<00:05:57.540> this<00:05:57.630> the<00:05:57.810> cyber<00:05:58.050> physical<00:05:58.320> Commons 00:05:58.970 --> 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position:0% world applications now it's a little complicated<00:06:07.680> I'm<00:06:08.040> not<00:06:08.190> gonna<00:06:08.340> lie<00:06:08.550> we<00:06:09.000> have<00:06:09.210> a 00:06:09.440 --> 00:06:09.450 align:start position:0% complicated I'm not gonna lie we have a 00:06:09.450 --> 00:06:12.620 align:start position:0% complicated I'm not gonna lie we have a lot<00:06:09.840> of<00:06:09.870> work<00:06:10.350> to<00:06:10.530> do<00:06:10.790> and<00:06:11.790> let<00:06:12.210> me<00:06:12.270> go<00:06:12.330> extreme 00:06:12.620 --> 00:06:12.630 align:start position:0% lot of work to do and let me go extreme 00:06:12.630 --> 00:06:15.500 align:start position:0% lot of work to do and let me go extreme in<00:06:12.780> that<00:06:12.930> black<00:06:13.320> box<00:06:13.560> okay<00:06:14.490> we<00:06:14.820> have<00:06:14.940> a<00:06:15.000> lot<00:06:15.240> of 00:06:15.500 --> 00:06:15.510 align:start position:0% in that black box okay we have a lot of 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actually 00:06:23.550 --> 00:06:25.370 align:start position:0% and then say hey we're done we actually need<00:06:23.970> to<00:06:24.090> do<00:06:24.180> a<00:06:24.210> lot<00:06:24.450> of<00:06:24.570> simulation<00:06:24.810> work 00:06:25.370 --> 00:06:25.380 align:start position:0% need to do a lot of simulation work 00:06:25.380 --> 00:06:26.810 align:start position:0% need to do a lot of simulation work because<00:06:25.830> these<00:06:25.980> are<00:06:26.130> complex<00:06:26.550> systems 00:06:26.810 --> 00:06:26.820 align:start position:0% because these are complex systems 00:06:26.820 --> 00:06:29.270 align:start position:0% because these are complex systems they're<00:06:27.510> complex<00:06:28.020> pieces<00:06:28.380> of<00:06:28.680> infrastructure 00:06:29.270 --> 00:06:29.280 align:start position:0% they're complex pieces of infrastructure 00:06:29.280 --> 00:06:31.790 align:start position:0% they're complex pieces of infrastructure that<00:06:29.940> need<00:06:30.090> to<00:06:30.180> be<00:06:30.240> well<00:06:30.510> designed<00:06:30.720> think<00:06:31.650> of 00:06:31.790 --> 00:06:31.800 align:start position:0% that need to be well designed think of 00:06:31.800 --> 00:06:34.010 align:start position:0% that need to be well designed think of building<00:06:32.160> a<00:06:32.250> bridge<00:06:32.520> if<00:06:33.210> you<00:06:33.330> build<00:06:33.630> a<00:06:33.750> bridge 00:06:34.010 --> 00:06:34.020 align:start position:0% building a bridge if you build a bridge 00:06:34.020 --> 00:06:36.290 align:start position:0% building a bridge if you build a bridge you<00:06:34.560> need<00:06:34.710> to<00:06:34.860> do<00:06:35.010> a<00:06:35.040> lot<00:06:35.370> of<00:06:35.400> math<00:06:35.670> upfront<00:06:36.090> you 00:06:36.290 --> 00:06:36.300 align:start position:0% you need to do a lot of math upfront you 00:06:36.300 --> 00:06:38.270 align:start position:0% you need to do a lot of math upfront you need<00:06:36.450> to<00:06:36.540> simulate<00:06:36.900> that<00:06:37.170> bridge<00:06:37.650> you<00:06:38.040> need<00:06:38.160> to 00:06:38.270 --> 00:06:38.280 align:start position:0% need to simulate that bridge you need to 00:06:38.280 --> 00:06:39.980 align:start position:0% need to simulate that bridge you need to take<00:06:38.490> all<00:06:38.700> the<00:06:38.880> best<00:06:39.030> practices<00:06:39.780> and 00:06:39.980 --> 00:06:39.990 align:start position:0% take all the best practices and 00:06:39.990 --> 00:06:42.350 align:start position:0% take all the best practices and learnings<00:06:40.410> that<00:06:40.500> have<00:06:40.770> come<00:06:41.340> to<00:06:41.580> you 00:06:42.350 --> 00:06:42.360 align:start position:0% learnings that have come to you 00:06:42.360 --> 00:06:45.459 align:start position:0% learnings that have come to you actually<00:06:42.719> formalize<00:06:43.590> the<00:06:44.039> designs<00:06:44.430> and<00:06:44.669> math 00:06:45.459 --> 00:06:45.469 align:start position:0% actually formalize the designs and math 00:06:45.469 --> 00:06:49.100 align:start position:0% actually formalize the designs and math simulate<00:06:46.469> and<00:06:46.680> then<00:06:47.460> implement<00:06:48.120> feedback 00:06:49.100 --> 00:06:49.110 align:start position:0% simulate and then implement feedback 00:06:49.110 --> 00:06:50.959 align:start position:0% simulate and then implement feedback into<00:06:49.889> the<00:06:49.919> simulations<00:06:50.580> when<00:06:50.819> your 00:06:50.959 --> 00:06:50.969 align:start position:0% into the simulations when your 00:06:50.969 --> 00:06:53.240 align:start position:0% into the simulations when your implementation<00:06:51.599> tation<00:06:52.080> details<00:06:52.500> change<00:06:52.949> and 00:06:53.240 --> 00:06:53.250 align:start position:0% implementation tation details change and 00:06:53.250 --> 00:06:56.839 align:start position:0% implementation tation details change and then<00:06:54.000> build<00:06:54.479> the<00:06:54.629> bridge<00:06:54.840> right<00:06:55.610> you<00:06:56.610> can't 00:06:56.839 --> 00:06:56.849 align:start position:0% then build the bridge right you can't 00:06:56.849 --> 00:06:58.309 align:start position:0% then build the bridge right you can't just<00:06:56.939> build<00:06:57.270> the<00:06:57.509> bridge<00:06:57.750> and<00:06:58.020> then<00:06:58.139> make<00:06:58.289> a 00:06:58.309 --> 00:06:58.319 align:start position:0% just build the bridge and then make a 00:06:58.319 --> 00:07:00.260 align:start position:0% just build the bridge and then make a pull<00:06:58.620> request<00:06:58.650> and<00:06:59.400> expect<00:06:59.879> everything's 00:07:00.260 --> 00:07:00.270 align:start position:0% pull request and expect everything's 00:07:00.270 --> 00:07:02.179 align:start position:0% pull request and expect everything's gonna<00:07:00.419> work<00:07:00.509> out<00:07:00.870> right<00:07:01.439> and<00:07:01.650> that's<00:07:01.889> that's 00:07:02.179 --> 00:07:02.189 align:start position:0% gonna work out right and that's that's 00:07:02.189 --> 00:07:06.619 align:start position:0% gonna work out right and that's that's how<00:07:02.340> we<00:07:03.560> often<00:07:04.560> fall<00:07:04.889> into<00:07:05.460> designing<00:07:06.270> and 00:07:06.619 --> 00:07:06.629 align:start position:0% how we often fall into designing and 00:07:06.629 --> 00:07:09.200 align:start position:0% how we often fall into designing and working<00:07:06.990> with<00:07:07.110> blockchain<00:07:07.560> systems<00:07:08.370> we<00:07:08.610> write 00:07:09.200 --> 00:07:09.210 align:start position:0% working with blockchain systems we write 00:07:09.210 --> 00:07:11.450 align:start position:0% working with blockchain systems we write a<00:07:09.240> white<00:07:09.419> paper<00:07:09.479> and<00:07:10.020> we<00:07:10.199> just<00:07:10.770> go<00:07:10.949> for<00:07:11.189> it<00:07:11.219> and 00:07:11.450 --> 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position:0% pull request for but it doesn't work for 00:07:17.219 --> 00:07:19.100 align:start position:0% pull request for but it doesn't work for a<00:07:17.400> public<00:07:17.490> infrastructure<00:07:18.210> and<00:07:18.509> so<00:07:18.900> we're 00:07:19.100 --> 00:07:19.110 align:start position:0% a public infrastructure and so we're 00:07:19.110 --> 00:07:21.140 align:start position:0% a public infrastructure and so we're really<00:07:19.229> excited<00:07:19.379> about<00:07:19.770> using<00:07:20.159> CAD<00:07:20.370> cad<00:07:20.639> to 00:07:21.140 --> 00:07:21.150 align:start position:0% really excited about using CAD cad to 00:07:21.150 --> 00:07:25.580 align:start position:0% really excited about using CAD cad to design<00:07:21.509> our<00:07:21.779> system<00:07:22.199> and<00:07:22.379> use<00:07:23.419> use<00:07:24.419> the<00:07:24.900> open 00:07:25.580 --> 00:07:25.590 align:start position:0% design our system and use use the open 00:07:25.590 --> 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if they'll work for their<00:07:33.629> application<00:07:34.229> I<00:07:34.469> wish<00:07:34.860> I<00:07:34.979> had<00:07:35.069> more<00:07:35.189> time 00:07:35.390 --> 00:07:35.400 align:start position:0% their application I wish I had more time 00:07:35.400 --> 00:07:36.890 align:start position:0% their application I wish I had more time to<00:07:35.460> talk<00:07:35.699> about<00:07:35.819> CAD<00:07:36.090> cad<00:07:36.330> it's<00:07:36.539> a<00:07:36.629> really 00:07:36.890 --> 00:07:36.900 align:start position:0% to talk about CAD cad it's a really 00:07:36.900 --> 00:07:39.800 align:start position:0% to talk about CAD cad it's a really powerful<00:07:37.080> tool<00:07:37.500> really<00:07:38.370> if<00:07:38.849> you<00:07:39.120> have<00:07:39.389> any 00:07:39.800 --> 00:07:39.810 align:start position:0% powerful tool really if you have any 00:07:39.810 --> 00:07:43.490 align:start position:0% powerful tool really if you have any desires<00:07:40.529> to<00:07:40.889> simulate<00:07:41.159> your<00:07:42.229> systems<00:07:43.229> and 00:07:43.490 --> 00:07:43.500 align:start position:0% desires to simulate your systems and 00:07:43.500 --> 00:07:47.959 align:start position:0% desires to simulate your systems and actually<00:07:44.490> allow<00:07:45.330> other<00:07:45.689> people<00:07:45.840> to<00:07:46.430> use<00:07:47.430> your 00:07:47.959 --> 00:07:47.969 align:start position:0% actually allow other people to use your 00:07:47.969 --> 00:07:50.240 align:start position:0% actually allow other people to use your simulations<00:07:48.599> and<00:07:48.930> design<00:07:49.589> their<00:07:49.770> own<00:07:49.800> systems 00:07:50.240 --> 00:07:50.250 align:start position:0% simulations and design their own systems 00:07:50.250 --> 00:07:51.559 align:start position:0% simulations and design their own systems CAD<00:07:50.550> CAD<00:07:50.819> is<00:07:50.969> the<00:07:51.089> answer 00:07:51.559 --> 00:07:51.569 align:start position:0% CAD CAD is the answer 00:07:51.569 --> 00:07:53.149 align:start position:0% CAD CAD is the answer so<00:07:51.839> check<00:07:52.050> out<00:07:52.169> block<00:07:52.409> science<00:07:52.800> and<00:07:52.949> all<00:07:53.039> their 00:07:53.149 --> 00:07:53.159 align:start position:0% so check out block science and all their 00:07:53.159 --> 00:07:56.360 align:start position:0% so check out block science and all their work<00:07:53.279> there<00:07:54.050> but<00:07:55.050> what<00:07:55.650> we're<00:07:55.830> using<00:07:56.039> it<00:07:56.339> for 00:07:56.360 --> 00:07:56.370 align:start position:0% work there but what we're using it for 00:07:56.370 --> 00:08:00.170 align:start position:0% work there but what we're using it for is<00:07:56.759> to<00:07:56.849> build<00:07:57.449> a<00:07:58.110> four<00:07:58.860> layer<00:07:59.219> system<00:07:59.610> that 00:08:00.170 --> 00:08:00.180 align:start position:0% is to build a four layer system that 00:08:00.180 --> 00:08:03.200 align:start position:0% is to build a four layer system that will<00:08:00.360> solve<00:08:00.770> the<00:08:01.770> continuous<00:08:02.490> funding<00:08:02.669> issues 00:08:03.200 --> 00:08:03.210 align:start position:0% will solve the continuous funding issues 00:08:03.210 --> 00:08:05.709 align:start position:0% will solve the continuous funding issues that<00:08:03.509> open-source<00:08:04.080> projects<00:08:04.529> often<00:08:04.680> have<00:08:04.949> and 00:08:05.709 --> 00:08:05.719 align:start position:0% that open-source projects often have and 00:08:05.719 --> 00:08:08.510 align:start position:0% that open-source projects often have and I'm<00:08:06.719> gonna<00:08:06.990> I'm<00:08:07.319> a<00:08:07.560> little<00:08:07.830> behind<00:08:08.129> so<00:08:08.310> I<00:08:08.339> need 00:08:08.510 --> 00:08:08.520 align:start position:0% I'm gonna I'm a little behind so I need 00:08:08.520 --> 00:08:10.820 align:start position:0% I'm gonna I'm a little behind so I need to<00:08:08.610> just<00:08:08.789> speed<00:08:09.029> through<00:08:09.210> this<00:08:09.419> but<00:08:09.960> in<00:08:10.589> the 00:08:10.820 --> 00:08:10.830 align:start position:0% to just speed through this but in the 00:08:10.830 --> 00:08:12.649 align:start position:0% to just speed through this but in the end<00:08:10.860> we're<00:08:11.400> taking<00:08:11.849> these<00:08:12.000> different<00:08:12.479> tools 00:08:12.649 --> 00:08:12.659 align:start position:0% end we're taking these different tools 00:08:12.659 --> 00:08:15.709 align:start position:0% end we're taking these different tools and<00:08:13.080> we're<00:08:13.819> we're<00:08:14.819> going<00:08:14.969> to<00:08:15.029> take<00:08:15.210> one<00:08:15.539> at<00:08:15.689> a 00:08:15.709 --> 00:08:15.719 align:start position:0% and we're we're going to take one at a 00:08:15.719 --> 00:08:18.409 align:start position:0% and we're we're going to take one at a time<00:08:15.990> and<00:08:16.319> implement<00:08:17.279> and<00:08:17.460> design<00:08:17.729> them<00:08:17.909> but 00:08:18.409 --> 00:08:18.419 align:start position:0% time and implement and design them but 00:08:18.419 --> 00:08:21.409 align:start position:0% time and implement and design them but we<00:08:19.259> want<00:08:19.469> to<00:08:19.680> build<00:08:20.279> the<00:08:20.580> community<00:08:21.060> around 00:08:21.409 --> 00:08:21.419 align:start position:0% we want to build the community around 00:08:21.419 --> 00:08:24.230 align:start position:0% we want to build the community around having<00:08:21.990> lots<00:08:22.409> of<00:08:22.620> different<00:08:23.009> options<00:08:23.520> on<00:08:23.819> the 00:08:24.230 --> 00:08:24.240 align:start position:0% having lots of different options on the 00:08:24.240 --> 00:08:26.209 align:start position:0% having lots of different options on the shelf<00:08:24.479> because<00:08:24.659> there's<00:08:24.990> not<00:08:25.169> one<00:08:25.560> size<00:08:26.189> fits 00:08:26.209 --> 00:08:26.219 align:start position:0% shelf because there's not one size fits 00:08:26.219 --> 00:08:28.790 align:start position:0% shelf because there's not one size fits all<00:08:26.699> governance<00:08:27.240> solution<00:08:27.750> there's<00:08:28.289> you<00:08:28.770> know 00:08:28.790 --> 00:08:28.800 align:start position:0% all governance solution there's you know 00:08:28.800 --> 00:08:30.950 align:start position:0% all governance solution there's you know between<00:08:29.159> conviction<00:08:29.699> voting<00:08:30.270> which<00:08:30.750> is 00:08:30.950 --> 00:08:30.960 align:start position:0% between conviction voting which is 00:08:30.960 --> 00:08:33.019 align:start position:0% between conviction voting which is designed<00:08:31.439> specifically<00:08:32.039> for<00:08:32.159> a<00:08:32.430> proposal 00:08:33.019 --> 00:08:33.029 align:start position:0% designed specifically for a proposal 00:08:33.029 --> 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so<00:08:40.019> the<00:08:40.140> comments<00:08:40.469> tax<00:08:40.620> hopes<00:08:40.860> to<00:08:41.039> module 00:08:41.540 --> 00:08:41.550 align:start position:0% so the comments tax hopes to module 00:08:41.550 --> 00:08:43.939 align:start position:0% so the comments tax hopes to module module<00:08:42.029> lies<00:08:42.630> all<00:08:43.140> these<00:08:43.560> different 00:08:43.939 --> 00:08:43.949 align:start position:0% module lies all these different 00:08:43.949 --> 00:08:45.620 align:start position:0% module lies all these different components<00:08:44.490> so<00:08:44.640> you<00:08:44.790> can<00:08:44.970> kind<00:08:45.209> of<00:08:45.300> plug<00:08:45.449> and 00:08:45.620 --> 00:08:45.630 align:start position:0% components so you can kind of plug and 00:08:45.630 --> 00:08:50.750 align:start position:0% components so you can kind of plug and play<00:08:47.480> we<00:08:48.480> are<00:08:48.839> really<00:08:49.649> loving<00:08:50.310> what's<00:08:50.520> going 00:08:50.750 --> 00:08:50.760 align:start position:0% play we are really loving what's going 00:08:50.760 --> 00:08:53.240 align:start position:0% play we are really loving what's going on<00:08:50.880> with<00:08:51.120> mullick<00:08:51.449> and<00:08:51.720> meta<00:08:51.870> cartel<00:08:52.290> they're 00:08:53.240 --> 00:08:53.250 align:start position:0% on with mullick and meta cartel they're 00:08:53.250 --> 00:08:55.250 align:start position:0% on with mullick and meta cartel they're trying<00:08:53.730> to<00:08:53.819> address<00:08:54.180> the<00:08:54.480> same<00:08:54.690> problems<00:08:55.170> that 00:08:55.250 --> 00:08:55.260 align:start position:0% trying to address the same problems that 00:08:55.260 --> 00:08:55.910 align:start position:0% trying to address the same problems that we<00:08:55.529> are 00:08:55.910 --> 00:08:55.920 align:start position:0% we are 00:08:55.920 --> 00:08:58.400 align:start position:0% we are they<00:08:56.130> want<00:08:56.459> to<00:08:56.730> bring<00:08:57.360> they<00:08:57.810> want<00:08:57.990> to<00:08:58.110> solve 00:08:58.400 --> 00:08:58.410 align:start position:0% they want to bring they want to solve 00:08:58.410 --> 00:09:01.699 align:start position:0% they want to bring they want to solve the<00:08:59.339> issues<00:08:59.820> of<00:09:00.000> funding<00:09:00.240> for<00:09:00.990> open<00:09:01.470> source 00:09:01.699 --> 00:09:01.709 align:start position:0% the issues of funding for open source 00:09:01.709 --> 00:09:04.160 align:start position:0% the issues of funding for open source development<00:09:02.279> into<00:09:02.610> the<00:09:02.700> theorem<00:09:03.000> space<00:09:03.269> the 00:09:04.160 --> 00:09:04.170 align:start position:0% development into the theorem space the 00:09:04.170 --> 00:09:05.660 align:start position:0% development into the theorem space the problem<00:09:04.620> is<00:09:04.769> that<00:09:04.950> they're<00:09:05.070> not<00:09:05.100> sustainable 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donors to be self-sacrificing and lose money<00:09:13.130> to<00:09:14.130> support<00:09:14.550> the<00:09:14.670> common<00:09:14.970> good<00:09:15.120> and 00:09:16.300 --> 00:09:16.310 align:start position:0% money to support the common good and 00:09:16.310 --> 00:09:18.530 align:start position:0% money to support the common good and that<00:09:17.310> but<00:09:17.550> there's<00:09:17.730> there<00:09:18.120> we're<00:09:18.269> heading<00:09:18.480> in 00:09:18.530 --> 00:09:18.540 align:start position:0% that but there's there we're heading in 00:09:18.540 --> 00:09:19.340 align:start position:0% that but there's there we're heading in the<00:09:18.570> right<00:09:18.720> direction<00:09:18.779> especially 00:09:19.340 --> 00:09:19.350 align:start position:0% the right direction especially 00:09:19.350 --> 00:09:22.850 align:start position:0% the right direction especially culturally<00:09:20.220> I<00:09:20.399> have<00:09:20.940> to<00:09:21.089> give<00:09:21.269> it<00:09:21.390> to<00:09:21.649> Amin<00:09:22.649> and 00:09:22.850 --> 00:09:22.860 align:start position:0% culturally I have to give it to Amin and 00:09:22.860 --> 00:09:25.340 align:start position:0% culturally I have to give it to Amin and Peter<00:09:23.130> and<00:09:23.430> the<00:09:24.149> other<00:09:24.300> of<00:09:24.480> McDowell<00:09:24.959> leaders 00:09:25.340 --> 00:09:25.350 align:start position:0% Peter and the other of McDowell leaders 00:09:25.350 --> 00:09:28.250 align:start position:0% Peter and the other of McDowell leaders they<00:09:25.620> have<00:09:25.700> really<00:09:26.700> nailed<00:09:26.910> the<00:09:27.570> way<00:09:27.720> that<00:09:28.050> you 00:09:28.250 --> 00:09:28.260 align:start position:0% they have really nailed the way that you 00:09:28.260 --> 00:09:32.470 align:start position:0% they have really nailed the way that you bring<00:09:29.130> a<00:09:29.339> community<00:09:29.550> together<00:09:30.920> there's<00:09:31.920> a<00:09:32.339> lot 00:09:32.470 --> 00:09:32.480 align:start position:0% bring a community together there's a lot 00:09:32.480 --> 00:09:35.509 align:start position:0% bring a community together there's a lot of<00:09:33.480> a<00:09:33.750> lot<00:09:34.230> of<00:09:34.350> us<00:09:34.500> we're<00:09:35.070> building 00:09:35.509 --> 00:09:35.519 align:start position:0% of a lot of us we're building 00:09:35.519 --> 00:09:38.569 align:start position:0% of a lot of us we're building revolutionary<00:09:36.180> tech<00:09:36.480> we<00:09:37.350> don't<00:09:37.529> know<00:09:37.800> the 00:09:38.569 --> 00:09:38.579 align:start position:0% revolutionary tech we don't know the 00:09:38.579 --> 00:09:40.310 align:start position:0% revolutionary tech we don't know the right<00:09:39.029> way<00:09:39.240> to<00:09:39.269> do<00:09:39.480> it<00:09:39.540> we<00:09:39.660> really<00:09:39.690> have<00:09:40.170> to 00:09:40.310 --> 00:09:40.320 align:start position:0% right way to do it we really have to 00:09:40.320 --> 00:09:44.000 align:start position:0% right way to do it we really have to reinvent<00:09:40.860> some<00:09:41.339> things<00:09:41.610> for<00:09:42.050> boxing<00:09:43.050> tech<00:09:43.290> but 00:09:44.000 --> 00:09:44.010 align:start position:0% reinvent some things for boxing tech but 00:09:44.010 --> 00:09:46.400 align:start position:0% reinvent some things for boxing tech but we<00:09:44.160> probably<00:09:45.060> don't<00:09:45.390> need<00:09:45.720> to<00:09:45.930> reinvent<00:09:46.170> the 00:09:46.400 --> 00:09:46.410 align:start position:0% we probably don't need to reinvent the 00:09:46.410 --> 00:09:50.000 align:start position:0% we probably don't need to reinvent the wheel<00:09:46.500> for<00:09:47.430> how<00:09:48.360> we<00:09:48.420> order<00:09:49.290> organize 00:09:50.000 --> 00:09:50.010 align:start position:0% wheel for how we order organize 00:09:50.010 --> 00:09:54.829 align:start position:0% wheel for how we order organize ourselves<00:09:50.720> this<00:09:51.720> is<00:09:51.899> a<00:09:52.519> quote<00:09:53.519> I<00:09:53.820> used<00:09:54.300> to<00:09:54.450> hear 00:09:54.829 --> 00:09:54.839 align:start position:0% ourselves this is a quote I used to hear 00:09:54.839 --> 00:09:56.540 align:start position:0% ourselves this is a quote I used to hear vacuum<00:09:55.350> the<00:09:55.410> chemical<00:09:55.769> engineering<00:09:56.100> days<00:09:56.310> a 00:09:56.540 --> 00:09:56.550 align:start position:0% vacuum the chemical engineering days a 00:09:56.550 --> 00:09:58.519 align:start position:0% vacuum the chemical engineering days a couple<00:09:57.300> of<00:09:57.360> months<00:09:57.540> in<00:09:57.750> the<00:09:57.839> laboratory<00:09:58.320> can 00:09:58.519 --> 00:09:58.529 align:start position:0% couple of months in the laboratory can 00:09:58.529 --> 00:10:00.680 align:start position:0% couple of months in the laboratory can frequently<00:09:59.040> save<00:09:59.550> a<00:09:59.790> couple<00:10:00.120> hours<00:10:00.420> in<00:10:00.600> the 00:10:00.680 --> 00:10:00.690 align:start position:0% frequently save a couple hours in the 00:10:00.690 --> 00:10:02.900 align:start position:0% frequently save a couple hours in the library<00:10:00.810> and<00:10:01.560> that's<00:10:02.279> pretty<00:10:02.490> much<00:10:02.610> how<00:10:02.880> we 00:10:02.900 --> 00:10:02.910 align:start position:0% library and that's pretty much how we 00:10:02.910 --> 00:10:04.670 align:start position:0% library and that's pretty much how we organize<00:10:03.449> ourselves<00:10:03.630> in<00:10:04.019> the<00:10:04.079> blocking<00:10:04.410> space 00:10:04.670 --> 00:10:04.680 align:start position:0% organize ourselves in the blocking space 00:10:04.680 --> 00:10:06.560 align:start position:0% organize ourselves in the blocking space and<00:10:04.920> we<00:10:05.310> can<00:10:05.490> do<00:10:05.579> better<00:10:05.730> there's<00:10:06.029> so<00:10:06.329> many 00:10:06.560 --> 00:10:06.570 align:start position:0% and we can do better there's so many 00:10:06.570 --> 00:10:10.040 align:start position:0% and we can do better there's so many there's<00:10:07.199> so<00:10:07.290> many<00:10:07.440> opportunities<00:10:08.220> to<00:10:09.050> learn 00:10:10.040 --> 00:10:10.050 align:start position:0% there's so many opportunities to learn 00:10:10.050 --> 00:10:13.699 align:start position:0% there's so many opportunities to learn from<00:10:10.470> other<00:10:10.829> people's<00:10:11.279> research<00:10:11.640> and<00:10:12.709> insider 00:10:13.699 --> 00:10:13.709 align:start position:0% from other people's research and insider 00:10:13.709 --> 00:10:16.280 align:start position:0% from other people's research and insider outside<00:10:14.430> our<00:10:14.610> organizations<00:10:15.300> or<00:10:15.630> outside<00:10:16.260> our 00:10:16.280 --> 00:10:16.290 align:start position:0% outside our organizations or outside our 00:10:16.290 --> 00:10:20.240 align:start position:0% outside our organizations or outside our normal<00:10:16.560> community<00:10:17.449> just<00:10:18.449> a<00:10:18.570> few<00:10:18.839> like<00:10:19.250> things 00:10:20.240 --> 00:10:20.250 align:start position:0% normal community just a few like things 00:10:20.250 --> 00:10:22.400 align:start position:0% normal community just a few like things that<00:10:20.459> you<00:10:20.550> guys<00:10:20.670> can<00:10:20.730> look<00:10:21.029> up<00:10:21.209> and<00:10:21.540> then<00:10:22.290> of 00:10:22.400 --> 00:10:22.410 align:start position:0% that you guys can look up and then of 00:10:22.410 --> 00:10:23.900 align:start position:0% that you guys can look up and then of course<00:10:22.649> inside<00:10:23.010> our<00:10:23.130> community<00:10:23.250> we<00:10:23.610> really 00:10:23.900 --> 00:10:23.910 align:start position:0% course inside our community we really 00:10:23.910 --> 00:10:25.610 align:start position:0% course inside our community we really need<00:10:24.060> to<00:10:24.180> also<00:10:24.329> especially<00:10:25.199> look<00:10:25.350> at<00:10:25.470> the 00:10:25.610 --> 00:10:25.620 align:start position:0% need to also especially look at the 00:10:25.620 --> 00:10:27.800 align:start position:0% need to also especially look at the fails<00:10:25.890> the<00:10:26.370> failures<00:10:26.790> the<00:10:26.820> Dowell<00:10:27.209> argon 00:10:27.800 --> 00:10:27.810 align:start position:0% fails the failures the Dowell argon 00:10:27.810 --> 00:10:31.160 align:start position:0% fails the failures the Dowell argon co-op<00:10:28.199> and<00:10:28.440> other<00:10:28.820> ways<00:10:29.820> that<00:10:30.170> these 00:10:31.160 --> 00:10:31.170 align:start position:0% co-op and other ways that these 00:10:31.170 --> 00:10:33.800 align:start position:0% co-op and other ways that these communities<00:10:31.740> have<00:10:31.949> like<00:10:32.699> collapsed<00:10:33.600> on 00:10:33.800 --> 00:10:33.810 align:start position:0% communities have like collapsed on 00:10:33.810 --> 00:10:40.280 align:start position:0% communities have like collapsed on themselves<00:10:37.519> the<00:10:38.519> common<00:10:39.029> stack<00:10:39.240> is<00:10:39.570> excited 00:10:40.280 --> 00:10:40.290 align:start position:0% themselves the common stack is excited 00:10:40.290 --> 00:10:43.240 align:start position:0% themselves the common stack is excited to<00:10:40.490> kind<00:10:41.490> of<00:10:41.670> lead<00:10:42.120> the<00:10:42.390> community<00:10:42.570> around 00:10:43.240 --> 00:10:43.250 align:start position:0% to kind of lead the community around 00:10:43.250 --> 00:10:45.470 align:start position:0% to kind of lead the community around putting<00:10:44.250> all<00:10:44.519> this<00:10:44.730> information<00:10:45.329> in<00:10:45.449> one 00:10:45.470 --> 00:10:45.480 align:start position:0% putting all this information in one 00:10:45.480 --> 00:10:48.259 align:start position:0% putting all this information in one place<00:10:46.250> creating<00:10:47.250> an<00:10:47.399> open-source<00:10:47.880> weekly<00:10:48.180> of 00:10:48.259 --> 00:10:48.269 align:start position:0% place creating an open-source weekly of 00:10:48.269 --> 00:10:50.269 align:start position:0% place creating an open-source weekly of how<00:10:48.420> to<00:10:48.480> Dowe<00:10:48.720> and<00:10:48.990> really<00:10:49.529> nail<00:10:49.769> down<00:10:49.800> the 00:10:50.269 --> 00:10:50.279 align:start position:0% how to Dowe and really nail down the 00:10:50.279 --> 00:10:52.960 align:start position:0% how to Dowe and really nail down the cultural<00:10:50.880> needs<00:10:51.329> of<00:10:51.750> these<00:10:52.079> communities 00:10:52.960 --> 00:10:52.970 align:start position:0% cultural needs of these communities 00:10:52.970 --> 00:10:56.389 align:start position:0% cultural needs of these communities there's<00:10:53.970> a<00:10:54.180> lot<00:10:54.449> of<00:10:54.570> issues<00:10:54.750> that<00:10:55.410> need<00:10:56.250> to<00:10:56.279> be 00:10:56.389 --> 00:10:56.399 align:start position:0% there's a lot of issues that need to be 00:10:56.399 --> 00:10:59.630 align:start position:0% there's a lot of issues that need to be addressed<00:10:56.640> and<00:10:57.000> need<00:10:57.149> to<00:10:57.240> be<00:10:57.740> explicitly<00:10:58.740> told 00:10:59.630 --> 00:10:59.640 align:start position:0% addressed and need to be explicitly told 00:10:59.640 --> 00:11:03.050 align:start position:0% addressed and need to be explicitly told to<00:11:00.000> community<00:11:00.630> leaders<00:11:01.550> but<00:11:02.550> I'm<00:11:02.699> going<00:11:02.970> to 00:11:03.050 --> 00:11:03.060 align:start position:0% to community leaders but I'm going to 00:11:03.060 --> 00:11:05.240 align:start position:0% to community leaders but I'm going to focus<00:11:03.360> on<00:11:03.660> one<00:11:03.990> that's<00:11:04.199> that<00:11:04.589> I<00:11:04.860> think<00:11:05.069> is 00:11:05.240 --> 00:11:05.250 align:start position:0% focus on one that's that I think is 00:11:05.250 --> 00:11:08.630 align:start position:0% focus on one that's that I think is sadly<00:11:06.140> mmm<00:11:07.230> not<00:11:07.709> really<00:11:07.949> on<00:11:08.069> the<00:11:08.160> forefront<00:11:08.520> of 00:11:08.630 --> 00:11:08.640 align:start position:0% sadly mmm not really on the forefront of 00:11:08.640 --> 00:11:09.759 align:start position:0% sadly mmm not really on the forefront of our<00:11:08.760> minds<00:11:09.000> called<00:11:09.300> the<00:11:09.390> trust 00:11:09.759 --> 00:11:09.769 align:start position:0% our minds called the trust 00:11:09.769 --> 00:11:14.019 align:start position:0% our minds called the trust see<00:11:11.439> every<00:11:12.439> decentralized<00:11:13.129> network<00:11:13.550> that<00:11:13.850> has 00:11:14.019 --> 00:11:14.029 align:start position:0% see every decentralized network that has 00:11:14.029 --> 00:11:15.759 align:start position:0% see every decentralized network that has succeeded<00:11:14.389> has<00:11:14.749> actually<00:11:15.079> started<00:11:15.589> with<00:11:15.709> a 00:11:15.759 --> 00:11:15.769 align:start position:0% succeeded has actually started with a 00:11:15.769 --> 00:11:18.669 align:start position:0% succeeded has actually started with a trusted<00:11:16.249> seed<00:11:16.489> and<00:11:16.759> that<00:11:17.420> may<00:11:17.809> be<00:11:17.869> like 00:11:18.669 --> 00:11:18.679 align:start position:0% trusted seed and that may be like 00:11:18.679 --> 00:11:21.009 align:start position:0% trusted seed and that may be like surprising<00:11:19.639> because<00:11:19.999> you<00:11:20.329> think<00:11:20.509> oh<00:11:20.720> it's<00:11:20.929> a 00:11:21.009 --> 00:11:21.019 align:start position:0% surprising because you think oh it's a 00:11:21.019 --> 00:11:23.799 align:start position:0% surprising because you think oh it's a decentralized<00:11:21.619> network<00:11:21.709> right<00:11:22.369> well<00:11:23.179> these 00:11:23.799 --> 00:11:23.809 align:start position:0% decentralized network right well these 00:11:23.809 --> 00:11:26.919 align:start position:0% decentralized network right well these decentralized<00:11:24.589> economies<00:11:25.220> don't<00:11:26.089> will<00:11:26.720> not 00:11:26.919 --> 00:11:26.929 align:start position:0% decentralized economies don't will not 00:11:26.929 --> 00:11:30.519 align:start position:0% decentralized economies don't will not work<00:11:27.290> without<00:11:27.529> the<00:11:28.160> initial<00:11:28.459> the<00:11:29.410> people<00:11:30.410> who 00:11:30.519 --> 00:11:30.529 align:start position:0% work without the initial the people who 00:11:30.529 --> 00:11:32.710 align:start position:0% work without the initial the people who are<00:11:30.679> starting<00:11:31.100> them<00:11:31.399> carry<00:11:31.970> more<00:11:32.269> about<00:11:32.569> the 00:11:32.710 --> 00:11:32.720 align:start position:0% are starting them carry more about the 00:11:32.720 --> 00:11:34.960 align:start position:0% are starting them carry more about the value<00:11:33.199> that<00:11:33.230> the<00:11:33.529> network<00:11:33.799> is<00:11:33.920> producing<00:11:34.519> then 00:11:34.960 --> 00:11:34.970 align:start position:0% value that the network is producing then 00:11:34.970 --> 00:11:37.660 align:start position:0% value that the network is producing then short<00:11:35.299> term<00:11:35.480> profits<00:11:35.899> if<00:11:36.139> if<00:11:37.040> all<00:11:37.279> they<00:11:37.429> care 00:11:37.660 --> 00:11:37.670 align:start position:0% short term profits if if all they care 00:11:37.670 --> 00:11:39.699 align:start position:0% short term profits if if all they care about<00:11:37.699> is<00:11:37.910> making<00:11:38.149> money<00:11:38.360> they'll<00:11:39.170> just<00:11:39.410> dump 00:11:39.699 --> 00:11:39.709 align:start position:0% about is making money they'll just dump 00:11:39.709 --> 00:11:42.400 align:start position:0% about is making money they'll just dump their<00:11:40.069> coin<00:11:40.389> obviously<00:11:41.389> right<00:11:41.629> like<00:11:41.869> if 00:11:42.400 --> 00:11:42.410 align:start position:0% their coin obviously right like if 00:11:42.410 --> 00:11:44.379 align:start position:0% their coin obviously right like if Satoshi<00:11:42.829> wasn't<00:11:43.309> a<00:11:43.399> benevolent<00:11:43.759> trusted 00:11:44.379 --> 00:11:44.389 align:start position:0% Satoshi wasn't a benevolent trusted 00:11:44.389 --> 00:11:46.780 align:start position:0% Satoshi wasn't a benevolent trusted whale<00:11:44.600> bitcoin<00:11:45.470> would<00:11:45.649> have<00:11:45.739> failed<00:11:45.949> in<00:11:46.160> 2011 00:11:46.780 --> 00:11:46.790 align:start position:0% whale bitcoin would have failed in 2011 00:11:46.790 --> 00:11:48.910 align:start position:0% whale bitcoin would have failed in 2011 he<00:11:46.910> would<00:11:46.999> have<00:11:47.089> cashed<00:11:47.299> out<00:11:47.540> made<00:11:48.350> a<00:11:48.559> million 00:11:48.910 --> 00:11:48.920 align:start position:0% he would have cashed out made a million 00:11:48.920 --> 00:11:50.590 align:start position:0% he would have cashed out made a million dollars<00:11:49.279> and<00:11:49.579> it<00:11:49.699> would<00:11:49.790> have<00:11:49.910> been<00:11:49.999> done<00:11:50.209> we 00:11:50.590 --> 00:11:50.600 align:start position:0% dollars and it would have been done we 00:11:50.600 --> 00:11:52.689 align:start position:0% dollars and it would have been done we wouldn't<00:11:50.839> be<00:11:50.899> here<00:11:51.079> today<00:11:51.309> the<00:11:52.309> etherium 00:11:52.689 --> 00:11:52.699 align:start position:0% wouldn't be here today the etherium 00:11:52.699 --> 00:11:55.239 align:start position:0% wouldn't be here today the etherium foundation<00:11:53.209> same<00:11:53.540> thing<00:11:53.809> right<00:11:54.290> they<00:11:54.529> we<00:11:54.949> know 00:11:55.239 --> 00:11:55.249 align:start position:0% foundation same thing right they we know 00:11:55.249 --> 00:11:57.429 align:start position:0% foundation same thing right they we know they<00:11:55.549> have<00:11:55.699> a<00:11:55.730> mandate<00:11:56.269> to<00:11:56.720> actually<00:11:57.079> provide 00:11:57.429 --> 00:11:57.439 align:start position:0% they have a mandate to actually provide 00:11:57.439 --> 00:12:00.189 align:start position:0% they have a mandate to actually provide value<00:11:57.889> to<00:11:57.920> the<00:11:58.129> theorem<00:11:58.369> community<00:11:58.819> and<00:11:59.199> the 00:12:00.189 --> 00:12:00.199 align:start position:0% value to the theorem community and the 00:12:00.199 --> 00:12:02.919 align:start position:0% value to the theorem community and the countless<00:12:00.559> failed<00:12:01.249> coins<00:12:01.749> they're<00:12:02.749> the 00:12:02.919 --> 00:12:02.929 align:start position:0% countless failed coins they're the 00:12:02.929 --> 00:12:05.439 align:start position:0% countless failed coins they're the exact<00:12:03.259> opposite<00:12:03.739> you<00:12:03.920> know<00:12:04.339> they<00:12:04.910> don't<00:12:05.059> care 00:12:05.439 --> 00:12:05.449 align:start position:0% exact opposite you know they don't care 00:12:05.449 --> 00:12:06.699 align:start position:0% exact opposite you know they don't care about<00:12:05.569> the<00:12:05.779> underlying<00:12:06.019> value<00:12:06.499> of<00:12:06.589> the 00:12:06.699 --> 00:12:06.709 align:start position:0% about the underlying value of the 00:12:06.709 --> 00:12:08.289 align:start position:0% about the underlying value of the community<00:12:07.279> that's<00:12:07.429> why<00:12:07.579> you<00:12:07.639> don't<00:12:07.759> buy<00:12:08.029> them 00:12:08.289 --> 00:12:08.299 align:start position:0% community that's why you don't buy them 00:12:08.299 --> 00:12:10.900 align:start position:0% community that's why you don't buy them because<00:12:09.049> you<00:12:09.829> can<00:12:10.040> see<00:12:10.249> they're<00:12:10.489> just<00:12:10.670> trying 00:12:10.900 --> 00:12:10.910 align:start position:0% because you can see they're just trying 00:12:10.910 --> 00:12:13.269 align:start position:0% because you can see they're just trying to<00:12:10.939> make<00:12:11.119> money<00:12:11.269> and<00:12:11.569> so<00:12:12.139> if<00:12:12.439> you<00:12:12.739> if<00:12:13.009> they 00:12:13.269 --> 00:12:13.279 align:start position:0% to make money and so if you if they 00:12:13.279 --> 00:12:15.069 align:start position:0% to make money and so if you if they don't<00:12:13.459> care<00:12:13.730> about<00:12:13.879> the<00:12:14.119> value<00:12:14.449> the<00:12:14.809> network 00:12:15.069 --> 00:12:15.079 align:start position:0% don't care about the value the network 00:12:15.079 --> 00:12:17.470 align:start position:0% don't care about the value the network is<00:12:15.230> producing<00:12:15.829> their<00:12:16.189> economy<00:12:16.699> isn't<00:12:17.179> going 00:12:17.470 --> 00:12:17.480 align:start position:0% is producing their economy isn't going 00:12:17.480 --> 00:12:21.039 align:start position:0% is producing their economy isn't going to<00:12:17.540> thrive<00:12:19.179> but<00:12:20.179> the<00:12:20.329> trusted<00:12:20.689> seed<00:12:20.869> doesn't 00:12:21.039 --> 00:12:21.049 align:start position:0% to thrive but the trusted seed doesn't 00:12:21.049 --> 00:12:24.519 align:start position:0% to thrive but the trusted seed doesn't have<00:12:21.319> to<00:12:21.470> last<00:12:21.649> forever<00:12:21.920> if<00:12:22.399> you<00:12:23.119> once<00:12:24.110> you<00:12:24.290> get 00:12:24.519 --> 00:12:24.529 align:start position:0% have to last forever if you once you get 00:12:24.529 --> 00:12:26.319 align:start position:0% have to last forever if you once you get to<00:12:24.709> the<00:12:24.829> point<00:12:25.100> like<00:12:25.429> if<00:12:25.549> Satoshi<00:12:25.879> sold<00:12:26.209> all 00:12:26.319 --> 00:12:26.329 align:start position:0% to the point like if Satoshi sold all 00:12:26.329 --> 00:12:28.569 align:start position:0% to the point like if Satoshi sold all his<00:12:26.449> bitcoins<00:12:26.899> now<00:12:27.019> Bitcoin<00:12:27.949> would<00:12:28.100> it<00:12:28.459> would 00:12:28.569 --> 00:12:28.579 align:start position:0% his bitcoins now Bitcoin would it would 00:12:28.579 --> 00:12:30.639 align:start position:0% his bitcoins now Bitcoin would it would it<00:12:28.759> would<00:12:28.910> go<00:12:29.059> on<00:12:29.089> yeah<00:12:29.509> the<00:12:29.809> price<00:12:30.049> of<00:12:30.230> tank<00:12:30.470> or 00:12:30.639 --> 00:12:30.649 align:start position:0% it would go on yeah the price of tank or 00:12:30.649 --> 00:12:33.340 align:start position:0% it would go on yeah the price of tank or whatever<00:12:30.889> but<00:12:31.549> they've<00:12:32.119> they've<00:12:32.629> had<00:12:33.139> they 00:12:33.340 --> 00:12:33.350 align:start position:0% whatever but they've they've had they 00:12:33.350 --> 00:12:35.230 align:start position:0% whatever but they've they've had they have<00:12:33.499> a<00:12:33.529> clear<00:12:33.829> direction<00:12:34.009> Bitcoin<00:12:34.790> is<00:12:35.029> a 00:12:35.230 --> 00:12:35.240 align:start position:0% have a clear direction Bitcoin is a 00:12:35.240 --> 00:12:39.039 align:start position:0% have a clear direction Bitcoin is a store<00:12:35.660> of<00:12:35.689> value<00:12:35.949> but<00:12:36.949> a<00:12:37.189> few<00:12:37.879> years<00:12:38.029> ago<00:12:38.149> they 00:12:39.039 --> 00:12:39.049 align:start position:0% store of value but a few years ago they 00:12:39.049 --> 00:12:41.019 align:start position:0% store of value but a few years ago they didn't<00:12:39.470> really<00:12:39.679> have<00:12:40.129> a<00:12:40.160> well-defined 00:12:41.019 --> 00:12:41.029 align:start position:0% didn't really have a well-defined 00:12:41.029 --> 00:12:43.210 align:start position:0% didn't really have a well-defined mission<00:12:41.329> in<00:12:41.689> scope<00:12:41.990> there<00:12:42.559> were<00:12:42.709> some<00:12:43.069> people 00:12:43.210 --> 00:12:43.220 align:start position:0% mission in scope there were some people 00:12:43.220 --> 00:12:44.410 align:start position:0% mission in scope there were some people that<00:12:43.369> said<00:12:43.610> it<00:12:43.759> was<00:12:43.850> a<00:12:43.879> medium<00:12:44.209> of<00:12:44.360> exchange 00:12:44.410 --> 00:12:44.420 align:start position:0% that said it was a medium of exchange 00:12:44.420 --> 00:12:46.269 align:start position:0% that said it was a medium of exchange some<00:12:45.170> people<00:12:45.439> that<00:12:45.559> said<00:12:45.740> it<00:12:45.829> was<00:12:45.860> a<00:12:46.009> store<00:12:46.189> of 00:12:46.269 --> 00:12:46.279 align:start position:0% some people that said it was a store of 00:12:46.279 --> 00:12:49.389 align:start position:0% some people that said it was a store of value<00:12:46.309> and<00:12:46.899> when<00:12:47.899> it<00:12:48.019> came<00:12:48.170> down<00:12:48.379> to<00:12:48.559> it<00:12:48.829> they 00:12:49.389 --> 00:12:49.399 align:start position:0% value and when it came down to it they 00:12:49.399 --> 00:12:51.789 align:start position:0% value and when it came down to it they had<00:12:49.579> to<00:12:49.699> fork<00:12:49.970> because<00:12:50.839> that<00:12:51.079> wasn't<00:12:51.499> clearly 00:12:51.789 --> 00:12:51.799 align:start position:0% had to fork because that wasn't clearly 00:12:51.799 --> 00:12:53.289 align:start position:0% had to fork because that wasn't clearly defined<00:12:52.279> for<00:12:52.459> the<00:12:52.519> community<00:12:52.879> and<00:12:53.059> that's 00:12:53.289 --> 00:12:53.299 align:start position:0% defined for the community and that's 00:12:53.299 --> 00:12:57.039 align:start position:0% defined for the community and that's that's<00:12:53.720> a<00:12:53.839> huge<00:12:54.199> problem<00:12:55.059> but<00:12:56.059> so<00:12:56.360> if<00:12:56.629> but<00:12:56.929> if 00:12:57.039 --> 00:12:57.049 align:start position:0% that's a huge problem but so if but if 00:12:57.049 --> 00:12:58.659 align:start position:0% that's a huge problem but so if but if Satoshi<00:12:57.559> was<00:12:57.679> around<00:12:58.069> he<00:12:58.309> would<00:12:58.429> have<00:12:58.519> just 00:12:58.659 --> 00:12:58.669 align:start position:0% Satoshi was around he would have just 00:12:58.669 --> 00:13:00.340 align:start position:0% Satoshi was around he would have just said<00:12:58.879> won<00:12:59.149> and<00:12:59.329> everyone<00:12:59.389> would<00:12:59.809> have<00:12:59.929> went 00:13:00.340 --> 00:13:00.350 align:start position:0% said won and everyone would have went 00:13:00.350 --> 00:13:02.980 align:start position:0% said won and everyone would have went with<00:13:00.499> it<00:13:00.740> and<00:13:00.889> so<00:13:01.519> you<00:13:01.579> have<00:13:01.970> to<00:13:02.240> for<00:13:02.929> the 00:13:02.980 --> 00:13:02.990 align:start position:0% with it and so you have to for the 00:13:02.990 --> 00:13:06.340 align:start position:0% with it and so you have to for the trusted<00:13:03.350> seed<00:13:03.649> to<00:13:04.509> exit<00:13:05.509> and<00:13:05.720> for<00:13:06.230> the 00:13:06.340 --> 00:13:06.350 align:start position:0% trusted seed to exit and for the 00:13:06.350 --> 00:13:08.409 align:start position:0% trusted seed to exit and for the community<00:13:06.860> to<00:13:06.889> continue<00:13:07.429> on<00:13:07.730> you<00:13:08.089> just<00:13:08.269> have 00:13:08.409 --> 00:13:08.419 align:start position:0% community to continue on you just have 00:13:08.419 --> 00:13:10.419 align:start position:0% community to continue on you just have to<00:13:08.540> define<00:13:08.959> these<00:13:09.259> certain<00:13:09.589> things<00:13:09.799> I<00:13:10.040> don't 00:13:10.419 --> 00:13:10.429 align:start position:0% to define these certain things I don't 00:13:10.429 --> 00:13:11.889 align:start position:0% to define these certain things I don't have<00:13:10.579> enough<00:13:10.759> time<00:13:10.910> to<00:13:11.089> really<00:13:11.209> dive<00:13:11.509> into<00:13:11.720> it 00:13:11.889 --> 00:13:11.899 align:start position:0% have enough time to really dive into it 00:13:11.899 --> 00:13:15.720 align:start position:0% have enough time to really dive into it because<00:13:11.989> I<00:13:12.110> do<00:13:12.169> want<00:13:12.499> some<00:13:12.709> questions<00:13:14.110> but 00:13:15.720 --> 00:13:15.730 align:start position:0% because I do want some questions but 00:13:15.730 --> 00:13:18.909 align:start position:0% because I do want some questions but that's<00:13:16.730> the<00:13:16.999> cultural<00:13:17.389> side<00:13:17.629> if<00:13:18.110> we<00:13:18.649> want<00:13:18.860> to 00:13:18.909 --> 00:13:18.919 align:start position:0% that's the cultural side if we want to 00:13:18.919 --> 00:13:20.319 align:start position:0% that's the cultural side if we want to do<00:13:19.069> this<00:13:19.189> there's<00:13:19.399> also<00:13:19.549> the<00:13:19.759> technical<00:13:20.059> side 00:13:20.319 --> 00:13:20.329 align:start position:0% do this there's also the technical side 00:13:20.329 --> 00:13:21.699 align:start position:0% do this there's also the technical side and<00:13:20.360> we're<00:13:20.629> a<00:13:20.660> hair<00:13:20.929> at<00:13:21.079> DEFCON<00:13:21.499> that's 00:13:21.699 --> 00:13:21.709 align:start position:0% and we're a hair at DEFCON that's 00:13:21.709 --> 00:13:22.090 align:start position:0% and we're a hair at DEFCON that's probably 00:13:22.090 --> 00:13:22.100 align:start position:0% probably 00:13:22.100 --> 00:13:23.740 align:start position:0% probably people<00:13:22.399> want<00:13:22.579> to<00:13:22.639> hear<00:13:22.790> about<00:13:22.910> the<00:13:23.149> cool<00:13:23.449> like 00:13:23.740 --> 00:13:23.750 align:start position:0% people want to hear about the cool like 00:13:23.750 --> 00:13:25.509 align:start position:0% people want to hear about the cool like incentive<00:13:24.290> alignment<00:13:24.709> tools<00:13:24.920> that<00:13:25.190> we<00:13:25.310> have 00:13:25.509 --> 00:13:25.519 align:start position:0% incentive alignment tools that we have 00:13:25.519 --> 00:13:30.699 align:start position:0% incentive alignment tools that we have at<00:13:25.880> our<00:13:25.910> disposal<00:13:26.089> today<00:13:27.430> so<00:13:29.350> camp<00:13:30.350> you<00:13:30.560> have 00:13:30.699 --> 00:13:30.709 align:start position:0% at our disposal today so camp you have 00:13:30.709 --> 00:13:32.949 align:start position:0% at our disposal today so camp you have to<00:13:30.860> remember<00:13:31.130> incentive<00:13:31.819> alignment<00:13:31.959> doesn't 00:13:32.949 --> 00:13:32.959 align:start position:0% to remember incentive alignment doesn't 00:13:32.959 --> 00:13:34.780 align:start position:0% to remember incentive alignment doesn't solve<00:13:33.410> the<00:13:33.740> tragedy<00:13:34.069> of<00:13:34.130> the<00:13:34.190> Commons<00:13:34.220> it 00:13:34.780 --> 00:13:34.790 align:start position:0% solve the tragedy of the Commons it 00:13:34.790 --> 00:13:37.269 align:start position:0% solve the tragedy of the Commons it doesn't<00:13:35.269> fix<00:13:35.779> anything<00:13:36.019> that's<00:13:36.589> an<00:13:36.769> interface 00:13:37.269 --> 00:13:37.279 align:start position:0% doesn't fix anything that's an interface 00:13:37.279 --> 00:13:39.550 align:start position:0% doesn't fix anything that's an interface for<00:13:37.579> people<00:13:38.180> to<00:13:38.329> connect<00:13:38.720> to<00:13:38.959> your<00:13:39.319> network 00:13:39.550 --> 00:13:39.560 align:start position:0% for people to connect to your network 00:13:39.560 --> 00:13:44.350 align:start position:0% for people to connect to your network with<00:13:39.980> and<00:13:40.250> to<00:13:41.029> not<00:13:41.839> burn<00:13:42.110> out<00:13:43.120> there's<00:13:44.120> also 00:13:44.350 --> 00:13:44.360 align:start position:0% with and to not burn out there's also 00:13:44.360 --> 00:13:45.999 align:start position:0% with and to not burn out there's also the<00:13:44.600> work<00:13:44.779> layer<00:13:45.050> this<00:13:45.290> is<00:13:45.470> where<00:13:45.649> people 00:13:45.999 --> 00:13:46.009 align:start position:0% the work layer this is where people 00:13:46.009 --> 00:13:49.389 align:start position:0% the work layer this is where people actually<00:13:46.279> do<00:13:47.240> work<00:13:47.630> in<00:13:47.930> in<00:13:48.500> Bitcoin<00:13:48.980> it's<00:13:49.220> a 00:13:49.389 --> 00:13:49.399 align:start position:0% actually do work in in Bitcoin it's a 00:13:49.399 --> 00:13:50.019 align:start position:0% actually do work in in Bitcoin it's a proof-of-work 00:13:50.019 --> 00:13:50.029 align:start position:0% proof-of-work 00:13:50.029 --> 00:13:51.730 align:start position:0% proof-of-work right<00:13:50.480> they're<00:13:50.660> actually<00:13:50.990> sharing<00:13:51.620> their 00:13:51.730 --> 00:13:51.740 align:start position:0% right they're actually sharing their 00:13:51.740 --> 00:13:55.210 align:start position:0% right they're actually sharing their computing<00:13:52.160> power<00:13:52.959> in<00:13:53.959> in<00:13:54.500> the<00:13:54.709> common<00:13:55.009> stack 00:13:55.210 --> 00:13:55.220 align:start position:0% computing power in in the common stack 00:13:55.220 --> 00:13:56.199 align:start position:0% computing power in in the common stack because<00:13:55.519> we're<00:13:55.670> doing<00:13:55.880> real-world 00:13:56.199 --> 00:13:56.209 align:start position:0% because we're doing real-world 00:13:56.209 --> 00:13:57.970 align:start position:0% because we're doing real-world applications<00:13:56.870> it's<00:13:57.019> more<00:13:57.230> about<00:13:57.350> proposals 00:13:57.970 --> 00:13:57.980 align:start position:0% applications it's more about proposals 00:13:57.980 --> 00:14:00.189 align:start position:0% applications it's more about proposals and<00:13:58.160> escrows<00:13:58.639> and<00:13:58.910> accountability<00:13:59.630> so<00:14:00.170> that 00:14:00.189 --> 00:14:00.199 align:start position:0% and escrows and accountability so that 00:14:00.199 --> 00:14:01.600 align:start position:0% and escrows and accountability so that you<00:14:00.380> know<00:14:00.589> the<00:14:00.740> work<00:14:00.889> is<00:14:01.009> going<00:14:01.220> to<00:14:01.279> get<00:14:01.399> done 00:14:01.600 --> 00:14:01.610 align:start position:0% you know the work is going to get done 00:14:01.610 --> 00:14:03.699 align:start position:0% you know the work is going to get done and<00:14:02.269> then<00:14:02.420> of<00:14:02.509> course<00:14:02.720> there's<00:14:02.899> the<00:14:03.050> decision 00:14:03.699 --> 00:14:03.709 align:start position:0% and then of course there's the decision 00:14:03.709 --> 00:14:06.189 align:start position:0% and then of course there's the decision layer<00:14:04.040> the<00:14:04.310> governance<00:14:04.730> layer<00:14:04.940> where<00:14:05.690> you 00:14:06.189 --> 00:14:06.199 align:start position:0% layer the governance layer where you 00:14:06.199 --> 00:14:09.490 align:start position:0% layer the governance layer where you have<00:14:06.829> to<00:14:07.100> actually<00:14:07.910> decide<00:14:08.240> which<00:14:08.870> proposals 00:14:09.490 --> 00:14:09.500 align:start position:0% have to actually decide which proposals 00:14:09.500 --> 00:14:11.860 align:start position:0% have to actually decide which proposals are<00:14:09.620> we<00:14:09.740> going<00:14:09.889> to<00:14:09.980> choose<00:14:10.190> and<00:14:10.870> the 00:14:11.860 --> 00:14:11.870 align:start position:0% are we going to choose and the 00:14:11.870 --> 00:14:13.629 align:start position:0% are we going to choose and the monitoring<00:14:12.290> layer<00:14:12.589> which<00:14:13.040> is<00:14:13.220> where<00:14:13.459> you 00:14:13.629 --> 00:14:13.639 align:start position:0% monitoring layer which is where you 00:14:13.639 --> 00:14:14.889 align:start position:0% monitoring layer which is where you actually<00:14:13.670> can<00:14:13.970> understand<00:14:14.480> the<00:14:14.569> health<00:14:14.750> of 00:14:14.889 --> 00:14:14.899 align:start position:0% actually can understand the health of 00:14:14.899 --> 00:14:16.629 align:start position:0% actually can understand the health of the<00:14:15.019> system<00:14:15.410> where<00:14:15.560> people<00:14:15.829> can<00:14:15.980> be<00:14:16.069> informed 00:14:16.629 --> 00:14:16.639 align:start position:0% the system where people can be informed 00:14:16.639 --> 00:14:19.840 align:start position:0% the system where people can be informed about<00:14:17.500> what's<00:14:18.500> going<00:14:18.800> on<00:14:18.889> you<00:14:19.339> know<00:14:19.459> is<00:14:19.639> this 00:14:19.840 --> 00:14:19.850 align:start position:0% about what's going on you know is this 00:14:19.850 --> 00:14:21.819 align:start position:0% about what's going on you know is this is<00:14:20.120> this<00:14:20.360> thing<00:14:20.569> working<00:14:20.870> do<00:14:21.470> we<00:14:21.589> need<00:14:21.740> to 00:14:21.819 --> 00:14:21.829 align:start position:0% is this thing working do we need to 00:14:21.829 --> 00:14:23.980 align:start position:0% is this thing working do we need to change<00:14:21.860> something<00:14:22.459> we<00:14:22.940> need<00:14:23.209> constant 00:14:23.980 --> 00:14:23.990 align:start position:0% change something we need constant 00:14:23.990 --> 00:14:27.370 align:start position:0% change something we need constant monitoring<00:14:24.410> for<00:14:24.709> these<00:14:24.860> Commons<00:14:25.220> to<00:14:25.339> work<00:14:26.380> but 00:14:27.370 --> 00:14:27.380 align:start position:0% monitoring for these Commons to work but 00:14:27.380 --> 00:14:28.480 align:start position:0% monitoring for these Commons to work but I'm<00:14:27.439> going<00:14:27.589> to<00:14:27.620> focus<00:14:27.740> on<00:14:28.009> the<00:14:28.130> incentive 00:14:28.480 --> 00:14:28.490 align:start position:0% I'm going to focus on the incentive 00:14:28.490 --> 00:14:29.290 align:start position:0% I'm going to focus on the incentive layer<00:14:28.639> that's<00:14:28.759> the<00:14:28.880> whole<00:14:29.000> point<00:14:29.180> of<00:14:29.209> this 00:14:29.290 --> 00:14:29.300 align:start position:0% layer that's the whole point of this 00:14:29.300 --> 00:14:34.150 align:start position:0% layer that's the whole point of this talk<00:14:29.480> I<00:14:31.180> see<00:14:32.180> four<00:14:32.600> main<00:14:32.959> solutions<00:14:33.709> for 00:14:34.150 --> 00:14:34.160 align:start position:0% talk I see four main solutions for 00:14:34.160 --> 00:14:35.949 align:start position:0% talk I see four main solutions for incentivizing<00:14:34.880> the<00:14:34.970> Commons<00:14:35.420> within<00:14:35.870> the 00:14:35.949 --> 00:14:35.959 align:start position:0% incentivizing the Commons within the 00:14:35.959 --> 00:14:38.199 align:start position:0% incentivizing the Commons within the blockchain<00:14:36.170> space<00:14:36.639> the<00:14:37.639> one<00:14:37.819> that<00:14:38.029> most 00:14:38.199 --> 00:14:38.209 align:start position:0% blockchain space the one that most 00:14:38.209 --> 00:14:40.749 align:start position:0% blockchain space the one that most people<00:14:38.329> can<00:14:38.839> think<00:14:39.620> of<00:14:39.800> is<00:14:40.009> initial 00:14:40.749 --> 00:14:40.759 align:start position:0% people can think of is initial 00:14:40.759 --> 00:14:43.240 align:start position:0% people can think of is initial allocation<00:14:41.000> right<00:14:41.630> the<00:14:41.839> the<00:14:42.139> pre<00:14:42.350> mine<00:14:42.560> the 00:14:43.240 --> 00:14:43.250 align:start position:0% allocation right the the pre mine the 00:14:43.250 --> 00:14:46.569 align:start position:0% allocation right the the pre mine the the<00:14:43.639> founders<00:14:44.389> reward<00:14:44.990> this<00:14:45.920> is<00:14:46.100> actually 00:14:46.569 --> 00:14:46.579 align:start position:0% the founders reward this is actually 00:14:46.579 --> 00:14:49.240 align:start position:0% the founders reward this is actually it's<00:14:46.819> a<00:14:46.910> great<00:14:47.180> solution<00:14:47.480> it<00:14:47.810> works<00:14:48.319> as<00:14:48.620> long 00:14:49.240 --> 00:14:49.250 align:start position:0% it's a great solution it works as long 00:14:49.250 --> 00:14:51.699 align:start position:0% it's a great solution it works as long as<00:14:49.430> you<00:14:49.610> add<00:14:49.790> vesting<00:14:50.329> or<00:14:50.509> some<00:14:51.259> kind<00:14:51.560> of 00:14:51.699 --> 00:14:51.709 align:start position:0% as you add vesting or some kind of 00:14:51.709 --> 00:14:56.650 align:start position:0% as you add vesting or some kind of long-term<00:14:53.769> sustainable<00:14:55.389> incentivization<00:14:56.389> if 00:14:56.650 --> 00:14:56.660 align:start position:0% long-term sustainable incentivization if 00:14:56.660 --> 00:14:58.360 align:start position:0% long-term sustainable incentivization if you<00:14:56.899> just<00:14:57.079> give<00:14:57.410> them<00:14:57.680> tokens<00:14:58.100> at<00:14:58.250> the 00:14:58.360 --> 00:14:58.370 align:start position:0% you just give them tokens at the 00:14:58.370 --> 00:15:01.540 align:start position:0% you just give them tokens at the beginning<00:14:58.759> you'll<00:14:59.600> see<00:14:59.949> huge<00:15:00.949> problems 00:15:01.540 --> 00:15:01.550 align:start position:0% beginning you'll see huge problems 00:15:01.550 --> 00:15:02.860 align:start position:0% beginning you'll see huge problems because<00:15:01.790> they<00:15:01.939> will<00:15:02.060> they'll<00:15:02.480> be<00:15:02.630> in<00:15:02.720> the<00:15:02.839> same 00:15:02.860 --> 00:15:02.870 align:start position:0% because they will they'll be in the same 00:15:02.870 --> 00:15:04.960 align:start position:0% because they will they'll be in the same situation<00:15:03.829> where<00:15:03.949> they<00:15:04.100> don't<00:15:04.279> have<00:15:04.399> this 00:15:04.960 --> 00:15:04.970 align:start position:0% situation where they don't have this 00:15:04.970 --> 00:15:07.569 align:start position:0% situation where they don't have this constant<00:15:05.810> incentive<00:15:06.529> and<00:15:06.709> constant<00:15:07.189> reward 00:15:07.569 --> 00:15:07.579 align:start position:0% constant incentive and constant reward 00:15:07.579 --> 00:15:10.150 align:start position:0% constant incentive and constant reward for<00:15:07.819> doing<00:15:08.149> good<00:15:08.360> they<00:15:08.930> they'll<00:15:09.740> burn<00:15:09.980> out 00:15:10.150 --> 00:15:10.160 align:start position:0% for doing good they they'll burn out 00:15:10.160 --> 00:15:11.499 align:start position:0% for doing good they they'll burn out it's<00:15:10.459> like<00:15:10.550> hey<00:15:10.730> I<00:15:10.759> got<00:15:10.819> all<00:15:11.029> this<00:15:11.089> money<00:15:11.149> why 00:15:11.499 --> 00:15:11.509 align:start position:0% it's like hey I got all this money why 00:15:11.509 --> 00:15:13.870 align:start position:0% it's like hey I got all this money why am<00:15:11.660> I<00:15:11.750> not<00:15:11.899> enjoying<00:15:12.709> myself<00:15:12.920> in<00:15:13.279> Hawaii<00:15:13.699> or 00:15:13.870 --> 00:15:13.880 align:start position:0% am I not enjoying myself in Hawaii or 00:15:13.880 --> 00:15:16.900 align:start position:0% am I not enjoying myself in Hawaii or something<00:15:15.009> inflation<00:15:16.009> is<00:15:16.130> the<00:15:16.160> first<00:15:16.670> one 00:15:16.900 --> 00:15:16.910 align:start position:0% something inflation is the first one 00:15:16.910 --> 00:15:18.550 align:start position:0% something inflation is the first one that's<00:15:17.120> the<00:15:17.209> one<00:15:17.269> Bitcoin<00:15:17.569> uses<00:15:18.139> and<00:15:18.350> the<00:15:18.410> one 00:15:18.550 --> 00:15:18.560 align:start position:0% that's the one Bitcoin uses and the one 00:15:18.560 --> 00:15:20.920 align:start position:0% that's the one Bitcoin uses and the one most<00:15:18.920> blockchains<00:15:19.519> use<00:15:19.759> including<00:15:20.360> aetherium 00:15:20.920 --> 00:15:20.930 align:start position:0% most blockchains use including aetherium 00:15:20.930 --> 00:15:24.550 align:start position:0% most blockchains use including aetherium and<00:15:21.110> and<00:15:21.680> it's<00:15:22.069> it's<00:15:22.399> solid<00:15:22.910> but<00:15:23.810> it<00:15:23.990> doesn't 00:15:24.550 --> 00:15:24.560 align:start position:0% and and it's it's solid but it doesn't 00:15:24.560 --> 00:15:27.460 align:start position:0% and and it's it's solid but it doesn't have<00:15:24.860> that<00:15:25.279> initial<00:15:25.939> seed<00:15:26.420> fund<00:15:26.720> if<00:15:27.079> you<00:15:27.290> do<00:15:27.439> a 00:15:27.460 --> 00:15:27.470 align:start position:0% have that initial seed fund if you do a 00:15:27.470 --> 00:15:31.870 align:start position:0% have that initial seed fund if you do a what<00:15:28.279> they<00:15:28.399> call<00:15:28.430> a<00:15:28.850> fair<00:15:29.360> a<00:15:30.079> fair<00:15:30.519> release<00:15:31.519> of 00:15:31.870 --> 00:15:31.880 align:start position:0% what they call a fair a fair release of 00:15:31.880 --> 00:15:34.240 align:start position:0% what they call a fair a fair release of like<00:15:32.269> a<00:15:32.300> blockchain<00:15:32.600> like<00:15:33.290> a<00:15:33.319> aetherium 00:15:34.240 --> 00:15:34.250 align:start position:0% like a blockchain like a aetherium 00:15:34.250 --> 00:15:35.420 align:start position:0% like a blockchain like a aetherium really<00:15:34.490> nailed<00:15:34.670> it 00:15:35.420 --> 00:15:35.430 align:start position:0% really nailed it 00:15:35.430 --> 00:15:38.570 align:start position:0% really nailed it had<00:15:35.640> a<00:15:35.880> seed<00:15:36.540> funding<00:15:36.899> round<00:15:37.140> and<00:15:37.410> then<00:15:38.160> they 00:15:38.570 --> 00:15:38.580 align:start position:0% had a seed funding round and then they 00:15:38.580 --> 00:15:40.160 align:start position:0% had a seed funding round and then they had<00:15:38.730> continuous<00:15:39.390> funding<00:15:39.720> through<00:15:39.899> inflation 00:15:40.160 --> 00:15:40.170 align:start position:0% had continuous funding through inflation 00:15:40.170 --> 00:15:43.460 align:start position:0% had continuous funding through inflation and<00:15:41.360> that's<00:15:42.360> what<00:15:42.570> we<00:15:42.690> want<00:15:42.870> to<00:15:42.960> do<00:15:43.050> with<00:15:43.170> token 00:15:43.460 --> 00:15:43.470 align:start position:0% and that's what we want to do with token 00:15:43.470 --> 00:15:46.639 align:start position:0% and that's what we want to do with token bonding<00:15:43.770> curves<00:15:44.480> it<00:15:45.480> can<00:15:45.750> provide<00:15:46.110> that<00:15:46.290> same 00:15:46.639 --> 00:15:46.649 align:start position:0% bonding curves it can provide that same 00:15:46.649 --> 00:15:50.120 align:start position:0% bonding curves it can provide that same kind<00:15:47.160> of<00:15:47.370> scenario<00:15:48.350> but<00:15:49.350> before<00:15:49.620> I<00:15:49.649> get<00:15:49.890> there 00:15:50.120 --> 00:15:50.130 align:start position:0% kind of scenario but before I get there 00:15:50.130 --> 00:15:54.139 align:start position:0% kind of scenario but before I get there let's<00:15:50.640> talk<00:15:50.700> about<00:15:50.880> harberger<00:15:51.360> tax<00:15:53.149> harbor 00:15:54.139 --> 00:15:54.149 align:start position:0% let's talk about harberger tax harbor 00:15:54.149 --> 00:15:56.389 align:start position:0% let's talk about harberger tax harbor attacks<00:15:54.510> is<00:15:54.690> a<00:15:54.720> really<00:15:55.110> interesting<00:15:55.470> solution 00:15:56.389 --> 00:15:56.399 align:start position:0% attacks is a really interesting solution 00:15:56.399 --> 00:15:58.550 align:start position:0% attacks is a really interesting solution for<00:15:56.870> incentivizing<00:15:57.870> the<00:15:57.959> Commons 00:15:58.550 --> 00:15:58.560 align:start position:0% for incentivizing the Commons 00:15:58.560 --> 00:16:00.500 align:start position:0% for incentivizing the Commons how<00:15:59.520> many<00:15:59.670> people<00:15:59.880> have<00:15:59.970> actually<00:16:00.120> heard<00:16:00.420> of 00:16:00.500 --> 00:16:00.510 align:start position:0% how many people have actually heard of 00:16:00.510 --> 00:16:04.160 align:start position:0% how many people have actually heard of this<00:16:00.570> good<00:16:01.410> hand<00:16:01.770> race<00:16:01.980> okay<00:16:02.850> so<00:16:03.330> Harbor 00:16:04.160 --> 00:16:04.170 align:start position:0% this good hand race okay so Harbor 00:16:04.170 --> 00:16:05.870 align:start position:0% this good hand race okay so Harbor attack<00:16:04.500> and<00:16:04.740> not<00:16:04.830> many<00:16:05.070> people<00:16:05.130> let<00:16:05.640> me<00:16:05.700> just 00:16:05.870 --> 00:16:05.880 align:start position:0% attack and not many people let me just 00:16:05.880 --> 00:16:07.220 align:start position:0% attack and not many people let me just say<00:16:06.000> that<00:16:06.180> for<00:16:06.270> the<00:16:06.390> cameras 00:16:07.220 --> 00:16:07.230 align:start position:0% say that for the cameras 00:16:07.230 --> 00:16:09.440 align:start position:0% say that for the cameras however<00:16:08.010> attacks<00:16:08.370> is<00:16:08.610> pretty<00:16:09.180> interesting 00:16:09.440 --> 00:16:09.450 align:start position:0% however attacks is pretty interesting 00:16:09.450 --> 00:16:12.470 align:start position:0% however attacks is pretty interesting instead<00:16:10.380> of<00:16:10.529> owning<00:16:10.920> something<00:16:11.250> and<00:16:11.940> hatta 00:16:12.470 --> 00:16:12.480 align:start position:0% instead of owning something and hatta 00:16:12.480 --> 00:16:15.440 align:start position:0% instead of owning something and hatta lean<00:16:12.779> right<00:16:13.680> you<00:16:14.130> actually<00:16:14.490> if<00:16:14.820> you<00:16:15.149> want<00:16:15.330> to 00:16:15.440 --> 00:16:15.450 align:start position:0% lean right you actually if you want to 00:16:15.450 --> 00:16:18.230 align:start position:0% lean right you actually if you want to buy<00:16:15.660> this<00:16:16.260> artwork<00:16:16.589> is<00:16:16.890> always<00:16:17.190> on<00:16:17.339> sale<00:16:17.610> which 00:16:18.230 --> 00:16:18.240 align:start position:0% buy this artwork is always on sale which 00:16:18.240 --> 00:16:19.820 align:start position:0% buy this artwork is always on sale which was<00:16:18.390> the<00:16:18.510> first<00:16:18.660> implementation<00:16:18.990> of<00:16:19.529> this<00:16:19.649> on 00:16:19.820 --> 00:16:19.830 align:start position:0% was the first implementation of this on 00:16:19.830 --> 00:16:23.840 align:start position:0% was the first implementation of this on etherium<00:16:20.220> you<00:16:21.180> have<00:16:21.510> to<00:16:22.100> buy<00:16:23.100> it<00:16:23.160> from<00:16:23.339> someone 00:16:23.840 --> 00:16:23.850 align:start position:0% etherium you have to buy it from someone 00:16:23.850 --> 00:16:25.970 align:start position:0% etherium you have to buy it from someone else<00:16:23.940> who<00:16:24.180> set<00:16:24.390> the<00:16:24.510> price<00:16:24.750> and<00:16:25.050> then<00:16:25.500> you<00:16:25.680> set 00:16:25.970 --> 00:16:25.980 align:start position:0% else who set the price and then you set 00:16:25.980 --> 00:16:28.490 align:start position:0% else who set the price and then you set the<00:16:26.010> price<00:16:26.279> yourself<00:16:26.990> whatever<00:16:27.990> price<00:16:28.470> you 00:16:28.490 --> 00:16:28.500 align:start position:0% the price yourself whatever price you 00:16:28.500 --> 00:16:31.460 align:start position:0% the price yourself whatever price you set<00:16:29.040> you're<00:16:29.279> gonna<00:16:29.399> pay<00:16:29.730> a<00:16:30.170> constant<00:16:31.170> tax 00:16:31.460 --> 00:16:31.470 align:start position:0% set you're gonna pay a constant tax 00:16:31.470 --> 00:16:35.120 align:start position:0% set you're gonna pay a constant tax every<00:16:32.430> block<00:16:32.670> a<00:16:33.000> small<00:16:33.600> amount<00:16:33.990> of<00:16:34.140> whatever 00:16:35.120 --> 00:16:35.130 align:start position:0% every block a small amount of whatever 00:16:35.130 --> 00:16:38.600 align:start position:0% every block a small amount of whatever the<00:16:35.399> deposit<00:16:35.940> is<00:16:36.200> what<00:16:37.200> ether<00:16:37.620> or<00:16:37.649> dye<00:16:37.950> will 00:16:38.600 --> 00:16:38.610 align:start position:0% the deposit is what ether or dye will 00:16:38.610 --> 00:16:41.420 align:start position:0% the deposit is what ether or dye will end<00:16:38.850> up<00:16:39.060> being<00:16:39.450> allocated<00:16:40.080> to<00:16:40.529> the<00:16:40.980> underlying 00:16:41.420 --> 00:16:41.430 align:start position:0% end up being allocated to the underlying 00:16:41.430 --> 00:16:44.090 align:start position:0% end up being allocated to the underlying Commons<00:16:42.060> for<00:16:42.930> this<00:16:43.110> artwork<00:16:43.410> is<00:16:43.709> always<00:16:43.950> on 00:16:44.090 --> 00:16:44.100 align:start position:0% Commons for this artwork is always on 00:16:44.100 --> 00:16:46.699 align:start position:0% Commons for this artwork is always on sale<00:16:44.279> it<00:16:44.400> just<00:16:44.550> goes<00:16:44.670> to<00:16:44.850> Simon<00:16:45.380> who<00:16:46.380> is<00:16:46.410> that 00:16:46.699 --> 00:16:46.709 align:start position:0% sale it just goes to Simon who is that 00:16:46.709 --> 00:16:50.329 align:start position:0% sale it just goes to Simon who is that who's<00:16:47.160> the<00:16:47.190> artist<00:16:47.640> that<00:16:47.850> created<00:16:48.300> it<00:16:48.420> but<00:16:49.339> he 00:16:50.329 --> 00:16:50.339 align:start position:0% who's the artist that created it but he 00:16:50.339 --> 00:16:52.790 align:start position:0% who's the artist that created it but he now<00:16:50.670> has<00:16:50.940> a<00:16:51.140> constant<00:16:52.140> stream<00:16:52.470> of<00:16:52.650> funding 00:16:52.790 --> 00:16:52.800 align:start position:0% now has a constant stream of funding 00:16:52.800 --> 00:16:54.800 align:start position:0% now has a constant stream of funding that<00:16:53.130> can<00:16:53.400> incentivize<00:16:53.730> him<00:16:54.150> to<00:16:54.270> create<00:16:54.540> more 00:16:54.800 --> 00:16:54.810 align:start position:0% that can incentivize him to create more 00:16:54.810 --> 00:16:59.000 align:start position:0% that can incentivize him to create more art<00:16:55.080> and<00:16:56.570> death<00:16:57.570> is<00:16:57.870> implementing<00:16:58.470> it<00:16:58.620> so<00:16:58.650> that 00:16:59.000 --> 00:16:59.010 align:start position:0% art and death is implementing it so that 00:16:59.010 --> 00:17:02.449 align:start position:0% art and death is implementing it so that you<00:16:59.160> can<00:16:59.310> actually<00:16:59.959> be<00:17:00.959> the<00:17:01.350> the<00:17:02.070> person<00:17:02.430> who 00:17:02.449 --> 00:17:02.459 align:start position:0% you can actually be the the person who 00:17:02.459 --> 00:17:05.390 align:start position:0% you can actually be the the person who sells<00:17:02.880> the<00:17:03.750> crypto<00:17:04.230> in<00:17:04.410> a<00:17:04.500> certain<00:17:04.800> area<00:17:05.040> and 00:17:05.390 --> 00:17:05.400 align:start position:0% sells the crypto in a certain area and 00:17:05.400 --> 00:17:08.210 align:start position:0% sells the crypto in a certain area and then<00:17:06.209> if<00:17:06.569> someone<00:17:07.260> else<00:17:07.439> comes<00:17:07.740> in<00:17:07.920> and<00:17:08.069> buys 00:17:08.210 --> 00:17:08.220 align:start position:0% then if someone else comes in and buys 00:17:08.220 --> 00:17:10.340 align:start position:0% then if someone else comes in and buys it<00:17:08.490> from<00:17:08.640> you<00:17:08.850> then<00:17:09.059> they're<00:17:09.360> the<00:17:09.660> the<00:17:10.110> main 00:17:10.340 --> 00:17:10.350 align:start position:0% it from you then they're the the main 00:17:10.350 --> 00:17:12.890 align:start position:0% it from you then they're the the main producer<00:17:10.980> or<00:17:11.670> the<00:17:11.730> main<00:17:12.150> person<00:17:12.480> to<00:17:12.569> go<00:17:12.689> to<00:17:12.720> to 00:17:12.890 --> 00:17:12.900 align:start position:0% producer or the main person to go to to 00:17:12.900 --> 00:17:15.439 align:start position:0% producer or the main person to go to to buy<00:17:13.170> and<00:17:13.350> sell<00:17:13.559> crypto<00:17:13.920> with<00:17:14.160> and<00:17:14.429> that's<00:17:15.120> and 00:17:15.439 --> 00:17:15.449 align:start position:0% buy and sell crypto with and that's and 00:17:15.449 --> 00:17:18.079 align:start position:0% buy and sell crypto with and that's and and<00:17:15.900> wild<00:17:16.620> cards<00:17:16.860> is<00:17:17.160> doing<00:17:17.429> it<00:17:17.550> in<00:17:17.790> the<00:17:17.970> way 00:17:18.079 --> 00:17:18.089 align:start position:0% and wild cards is doing it in the way 00:17:18.089 --> 00:17:20.030 align:start position:0% and wild cards is doing it in the way that<00:17:18.270> we're<00:17:18.540> really<00:17:18.809> excited<00:17:19.170> about<00:17:19.410> where 00:17:20.030 --> 00:17:20.040 align:start position:0% that we're really excited about where 00:17:20.040 --> 00:17:23.360 align:start position:0% that we're really excited about where they're<00:17:20.220> funding<00:17:20.670> a<00:17:21.709> support<00:17:22.709> for<00:17:22.890> endangered 00:17:23.360 --> 00:17:23.370 align:start position:0% they're funding a support for endangered 00:17:23.370 --> 00:17:26.210 align:start position:0% they're funding a support for endangered species<00:17:23.699> by<00:17:24.569> little<00:17:25.290> tradable<00:17:25.770> collector 00:17:26.210 --> 00:17:26.220 align:start position:0% species by little tradable collector 00:17:26.220 --> 00:17:28.460 align:start position:0% species by little tradable collector cards<00:17:26.550> so<00:17:27.000> you<00:17:27.030> buy<00:17:27.329> a<00:17:27.360> collector<00:17:27.990> card<00:17:28.260> it's 00:17:28.460 --> 00:17:28.470 align:start position:0% cards so you buy a collector card it's 00:17:28.470 --> 00:17:30.230 align:start position:0% cards so you buy a collector card it's maybe<00:17:28.679> it's<00:17:28.860> a<00:17:28.920> gorilla<00:17:29.160> named<00:17:29.520> Vitalik<00:17:30.059> and 00:17:30.230 --> 00:17:30.240 align:start position:0% maybe it's a gorilla named Vitalik and 00:17:30.240 --> 00:17:33.470 align:start position:0% maybe it's a gorilla named Vitalik and then<00:17:30.840> you<00:17:31.590> set<00:17:31.860> the<00:17:32.010> price<00:17:32.250> and<00:17:32.640> you<00:17:33.120> have<00:17:33.330> a 00:17:33.470 --> 00:17:33.480 align:start position:0% then you set the price and you have a 00:17:33.480 --> 00:17:36.260 align:start position:0% then you set the price and you have a constant<00:17:34.170> stream<00:17:34.440> of<00:17:34.650> funds<00:17:35.130> going<00:17:35.910> to 00:17:36.260 --> 00:17:36.270 align:start position:0% constant stream of funds going to 00:17:36.270 --> 00:17:43.700 align:start position:0% constant stream of funds going to support<00:17:37.050> saving<00:17:37.890> the<00:17:37.980> gorillas<00:17:38.400> I<00:17:42.440> wish<00:17:43.440> I<00:17:43.530> had 00:17:43.700 --> 00:17:43.710 align:start position:0% support saving the gorillas I wish I had 00:17:43.710 --> 00:17:45.140 align:start position:0% support saving the gorillas I wish I had I<00:17:43.860> really<00:17:44.190> wish<00:17:44.309> I<00:17:44.429> had<00:17:44.580> more<00:17:44.730> time<00:17:44.850> but 00:17:45.140 --> 00:17:45.150 align:start position:0% I really wish I had more time but 00:17:45.150 --> 00:17:47.659 align:start position:0% I really wish I had more time but harberger<00:17:45.809> tax<00:17:46.080> is<00:17:46.290> an<00:17:46.530> amazing<00:17:47.220> tool<00:17:47.429> and<00:17:47.640> I 00:17:47.659 --> 00:17:47.669 align:start position:0% harberger tax is an amazing tool and I 00:17:47.669 --> 00:17:48.680 align:start position:0% harberger tax is an amazing tool and I really<00:17:47.940> I 00:17:48.680 --> 00:17:48.690 align:start position:0% really I 00:17:48.690 --> 00:17:50.659 align:start position:0% really I give<00:17:48.929> it<00:17:49.049> justice<00:17:49.409> in<00:17:49.590> the<00:17:49.710> one<00:17:50.039> minute<00:17:50.370> I<00:17:50.490> had 00:17:50.659 --> 00:17:50.669 align:start position:0% give it justice in the one minute I had 00:17:50.669 --> 00:17:53.539 align:start position:0% give it justice in the one minute I had to<00:17:50.820> do<00:17:51.059> so<00:17:51.509> go<00:17:51.720> check<00:17:51.929> it<00:17:51.990> out<00:17:52.169> there's<00:17:52.830> a<00:17:53.159> lot 00:17:53.539 --> 00:17:53.549 align:start position:0% to do so go check it out there's a lot 00:17:53.549 --> 00:17:55.759 align:start position:0% to do so go check it out there's a lot of<00:17:53.700> research<00:17:54.029> on<00:17:54.240> it<00:17:54.269> that<00:17:54.659> it's<00:17:55.559> very 00:17:55.759 --> 00:17:55.769 align:start position:0% of research on it that it's very 00:17:55.769 --> 00:17:58.249 align:start position:0% of research on it that it's very promising<00:17:56.269> but<00:17:57.269> what<00:17:57.480> most<00:17:57.870> people<00:17:58.200> are 00:17:58.249 --> 00:17:58.259 align:start position:0% promising but what most people are 00:17:58.259 --> 00:17:59.810 align:start position:0% promising but what most people are working<00:17:58.529> on<00:17:58.769> in<00:17:58.950> this<00:17:59.039> space<00:17:59.190> or<00:17:59.519> token 00:17:59.810 --> 00:17:59.820 align:start position:0% working on in this space or token 00:17:59.820 --> 00:18:01.759 align:start position:0% working on in this space or token bonding<00:18:00.120> curves<00:18:00.330> is<00:18:00.570> a<00:18:00.870> little<00:18:01.379> bit<00:18:01.529> more 00:18:01.759 --> 00:18:01.769 align:start position:0% bonding curves is a little bit more 00:18:01.769 --> 00:18:03.320 align:start position:0% bonding curves is a little bit more developed<00:18:02.039> there's<00:18:02.460> lots<00:18:02.759> of<00:18:02.940> actual 00:18:03.320 --> 00:18:03.330 align:start position:0% developed there's lots of actual 00:18:03.330 --> 00:18:05.090 align:start position:0% developed there's lots of actual implementations<00:18:04.080> the<00:18:04.350> biggest<00:18:04.919> one<00:18:05.070> being 00:18:05.090 --> 00:18:05.100 align:start position:0% implementations the biggest one being 00:18:05.100 --> 00:18:07.519 align:start position:0% implementations the biggest one being Bank<00:18:05.580> or<00:18:05.820> that's<00:18:06.809> what<00:18:07.049> a<00:18:07.080> lot<00:18:07.289> of<00:18:07.379> these 00:18:07.519 --> 00:18:07.529 align:start position:0% Bank or that's what a lot of these 00:18:07.529 --> 00:18:10.009 align:start position:0% Bank or that's what a lot of these groups<00:18:07.889> use<00:18:08.190> although<00:18:08.490> a<00:18:09.299> few<00:18:09.629> people<00:18:09.929> are 00:18:10.009 --> 00:18:10.019 align:start position:0% groups use although a few people are 00:18:10.019 --> 00:18:11.930 align:start position:0% groups use although a few people are starting<00:18:10.350> to<00:18:10.409> roll<00:18:10.559> their<00:18:10.799> own<00:18:10.980> token<00:18:11.639> bonding 00:18:11.930 --> 00:18:11.940 align:start position:0% starting to roll their own token bonding 00:18:11.940 --> 00:18:14.840 align:start position:0% starting to roll their own token bonding occurs<00:18:12.120> and<00:18:12.860> to<00:18:13.860> really<00:18:14.070> describe<00:18:14.460> what<00:18:14.580> a 00:18:14.840 --> 00:18:14.850 align:start position:0% occurs and to really describe what a 00:18:14.850 --> 00:18:16.519 align:start position:0% occurs and to really describe what a token<00:18:15.210> bonding<00:18:15.450> curve<00:18:15.629> is<00:18:15.779> I'll<00:18:15.990> use<00:18:16.230> the<00:18:16.379> one 00:18:16.519 --> 00:18:16.529 align:start position:0% token bonding curve is I'll use the one 00:18:16.529 --> 00:18:18.440 align:start position:0% token bonding curve is I'll use the one I'll<00:18:17.190> use<00:18:17.399> the<00:18:17.549> one<00:18:17.700> that<00:18:17.759> we're<00:18:18.149> actually 00:18:18.440 --> 00:18:18.450 align:start position:0% I'll use the one that we're actually 00:18:18.450 --> 00:18:21.320 align:start position:0% I'll use the one that we're actually building<00:18:19.639> which<00:18:20.639> we're<00:18:20.940> calling<00:18:21.240> the 00:18:21.320 --> 00:18:21.330 align:start position:0% building which we're calling the 00:18:21.330 --> 00:18:24.529 align:start position:0% building which we're calling the Augmented<00:18:21.840> bonding<00:18:22.139> curve<00:18:22.350> so<00:18:23.220> a<00:18:23.539> bonding 00:18:24.529 --> 00:18:24.539 align:start position:0% Augmented bonding curve so a bonding 00:18:24.539 --> 00:18:27.049 align:start position:0% Augmented bonding curve so a bonding curve<00:18:24.779> at<00:18:25.080> its<00:18:25.320> core<00:18:25.679> is<00:18:25.980> just<00:18:26.340> a<00:18:26.759> smart 00:18:27.049 --> 00:18:27.059 align:start position:0% curve at its core is just a smart 00:18:27.059 --> 00:18:30.139 align:start position:0% curve at its core is just a smart contract<00:18:27.299> and<00:18:28.070> you<00:18:29.070> could<00:18:29.250> think<00:18:29.429> of<00:18:29.700> it<00:18:30.000> as 00:18:30.139 --> 00:18:30.149 align:start position:0% contract and you could think of it as 00:18:30.149 --> 00:18:33.320 align:start position:0% contract and you could think of it as representing<00:18:31.039> ownership<00:18:32.039> in<00:18:32.370> the<00:18:32.850> community 00:18:33.320 --> 00:18:33.330 align:start position:0% representing ownership in the community 00:18:33.330 --> 00:18:36.259 align:start position:0% representing ownership in the community and<00:18:33.600> if<00:18:34.379> it's<00:18:34.559> just<00:18:34.950> a<00:18:35.129> pure<00:18:35.610> bonding<00:18:36.029> curve 00:18:36.259 --> 00:18:36.269 align:start position:0% and if it's just a pure bonding curve 00:18:36.269 --> 00:18:40.009 align:start position:0% and if it's just a pure bonding curve you<00:18:37.230> can<00:18:37.700> buy<00:18:38.700> the<00:18:38.759> tokens<00:18:39.360> whenever<00:18:39.720> you<00:18:39.840> want 00:18:40.009 --> 00:18:40.019 align:start position:0% you can buy the tokens whenever you want 00:18:40.019 --> 00:18:42.440 align:start position:0% you can buy the tokens whenever you want from<00:18:40.200> the<00:18:40.350> smart<00:18:40.620> contract<00:18:41.279> and<00:18:41.789> they<00:18:42.179> will<00:18:42.330> be 00:18:42.440 --> 00:18:42.450 align:start position:0% from the smart contract and they will be 00:18:42.450 --> 00:18:44.930 align:start position:0% from the smart contract and they will be created<00:18:43.139> and<00:18:43.320> when<00:18:44.159> you<00:18:44.279> want<00:18:44.490> to<00:18:44.549> sell<00:18:44.759> the 00:18:44.930 --> 00:18:44.940 align:start position:0% created and when you want to sell the 00:18:44.940 --> 00:18:46.909 align:start position:0% created and when you want to sell the tokens<00:18:45.330> they'll<00:18:45.899> be<00:18:46.139> destroyed<00:18:46.559> and<00:18:46.860> the 00:18:46.909 --> 00:18:46.919 align:start position:0% tokens they'll be destroyed and the 00:18:46.919 --> 00:18:50.419 align:start position:0% tokens they'll be destroyed and the price<00:18:47.789> of<00:18:47.820> that<00:18:48.240> token<00:18:48.720> is<00:18:49.279> determined<00:18:50.279> by<00:18:50.370> the 00:18:50.419 --> 00:18:50.429 align:start position:0% price of that token is determined by the 00:18:50.429 --> 00:18:52.430 align:start position:0% price of that token is determined by the amount<00:18:50.730> of<00:18:50.850> collateral<00:18:51.419> in<00:18:51.570> the<00:18:51.659> pool<00:18:51.899> this 00:18:52.430 --> 00:18:52.440 align:start position:0% amount of collateral in the pool this 00:18:52.440 --> 00:18:55.159 align:start position:0% amount of collateral in the pool this usually<00:18:53.100> correlates<00:18:53.460> the<00:18:53.909> actual<00:18:54.570> supply<00:18:54.899> of 00:18:55.159 --> 00:18:55.169 align:start position:0% usually correlates the actual supply of 00:18:55.169 --> 00:18:58.909 align:start position:0% usually correlates the actual supply of the<00:18:55.289> token<00:18:55.620> but<00:18:55.799> it<00:18:55.889> doesn't<00:18:56.159> have<00:18:56.309> to<00:18:57.200> so<00:18:58.200> when 00:18:58.909 --> 00:18:58.919 align:start position:0% the token but it doesn't have to so when 00:18:58.919 --> 00:19:02.060 align:start position:0% the token but it doesn't have to so when you<00:18:59.159> are<00:19:00.090> buying<00:19:00.509> or<00:19:00.899> selling<00:19:00.950> into<00:19:01.950> this 00:19:02.060 --> 00:19:02.070 align:start position:0% you are buying or selling into this 00:19:02.070 --> 00:19:04.340 align:start position:0% you are buying or selling into this curve<00:19:02.370> the<00:19:02.610> price<00:19:02.879> is<00:19:03.120> determined<00:19:03.659> by<00:19:03.990> how 00:19:04.340 --> 00:19:04.350 align:start position:0% curve the price is determined by how 00:19:04.350 --> 00:19:07.279 align:start position:0% curve the price is determined by how much<00:19:04.590> collateral<00:19:05.309> is<00:19:05.399> in<00:19:05.549> the<00:19:05.669> pool<00:19:05.789> and<00:19:06.289> this 00:19:07.279 --> 00:19:07.289 align:start position:0% much collateral is in the pool and this 00:19:07.289 --> 00:19:11.269 align:start position:0% much collateral is in the pool and this allows<00:19:07.710> you<00:19:08.100> to<00:19:08.309> start<00:19:09.210> this<00:19:09.870> economy<00:19:10.710> for 00:19:11.269 --> 00:19:11.279 align:start position:0% allows you to start this economy for 00:19:11.279 --> 00:19:13.220 align:start position:0% allows you to start this economy for micro<00:19:11.669> economies<00:19:12.179> there's<00:19:12.480> this<00:19:12.600> huge<00:19:12.990> issue 00:19:13.220 --> 00:19:13.230 align:start position:0% micro economies there's this huge issue 00:19:13.230 --> 00:19:16.009 align:start position:0% micro economies there's this huge issue that<00:19:13.529> token<00:19:13.830> bonding<00:19:14.070> curve<00:19:14.220> solves<00:19:14.840> which<00:19:15.840> is 00:19:16.009 --> 00:19:16.019 align:start position:0% that token bonding curve solves which is 00:19:16.019 --> 00:19:19.039 align:start position:0% that token bonding curve solves which is liquidity<00:19:17.009> within<00:19:17.639> small<00:19:17.970> market<00:19:18.330> cap<00:19:18.509> points 00:19:19.039 --> 00:19:19.049 align:start position:0% liquidity within small market cap points 00:19:19.049 --> 00:19:22.430 align:start position:0% liquidity within small market cap points if<00:19:19.370> you<00:19:20.370> have<00:19:20.610> to<00:19:20.879> if<00:19:21.659> you<00:19:21.840> want<00:19:22.019> to<00:19:22.110> create<00:19:22.320> a 00:19:22.430 --> 00:19:22.440 align:start position:0% if you have to if you want to create a 00:19:22.440 --> 00:19:26.090 align:start position:0% if you have to if you want to create a token<00:19:22.919> system<00:19:23.340> for<00:19:23.789> your<00:19:23.879> community<00:19:24.950> you<00:19:25.950> need 00:19:26.090 --> 00:19:26.100 align:start position:0% token system for your community you need 00:19:26.100 --> 00:19:28.220 align:start position:0% token system for your community you need and<00:19:26.490> you<00:19:26.970> don't<00:19:27.360> use<00:19:27.480> the<00:19:27.570> token<00:19:27.720> bonding<00:19:28.049> trip 00:19:28.220 --> 00:19:28.230 align:start position:0% and you don't use the token bonding trip 00:19:28.230 --> 00:19:29.899 align:start position:0% and you don't use the token bonding trip you<00:19:28.590> actually<00:19:28.889> have<00:19:29.070> to<00:19:29.220> sell<00:19:29.519> it<00:19:29.669> on<00:19:29.759> the<00:19:29.789> open 00:19:29.899 --> 00:19:29.909 align:start position:0% you actually have to sell it on the open 00:19:29.909 --> 00:19:31.850 align:start position:0% you actually have to sell it on the open market<00:19:30.269> you<00:19:30.539> have<00:19:30.570> to<00:19:30.690> find<00:19:31.019> someone<00:19:31.379> to<00:19:31.559> buy 00:19:31.850 --> 00:19:31.860 align:start position:0% market you have to find someone to buy 00:19:31.860 --> 00:19:34.549 align:start position:0% market you have to find someone to buy your<00:19:32.190> token<00:19:32.639> and<00:19:32.990> there's<00:19:33.990> not<00:19:34.110> always<00:19:34.409> a 00:19:34.549 --> 00:19:34.559 align:start position:0% your token and there's not always a 00:19:34.559 --> 00:19:36.889 align:start position:0% your token and there's not always a buyer<00:19:34.860> and<00:19:35.159> if<00:19:35.909> there's<00:19:36.149> not<00:19:36.299> a<00:19:36.360> buyer<00:19:36.629> the 00:19:36.889 --> 00:19:36.899 align:start position:0% buyer and if there's not a buyer the 00:19:36.899 --> 00:19:39.440 align:start position:0% buyer and if there's not a buyer the tokens<00:19:37.230> worth<00:19:37.379> nothing<00:19:37.889> and<00:19:38.070> so<00:19:38.519> if<00:19:38.879> it's<00:19:39.330> a 00:19:39.440 --> 00:19:39.450 align:start position:0% tokens worth nothing and so if it's a 00:19:39.450 --> 00:19:41.269 align:start position:0% tokens worth nothing and so if it's a small<00:19:39.809> market<00:19:40.350> thing<00:19:40.649> if<00:19:40.799> you're<00:19:40.950> trying<00:19:40.980> to 00:19:41.269 --> 00:19:41.279 align:start position:0% small market thing if you're trying to 00:19:41.279 --> 00:19:43.759 align:start position:0% small market thing if you're trying to incentivize<00:19:41.970> a<00:19:42.269> small<00:19:42.690> open<00:19:43.049> source<00:19:43.259> project 00:19:43.759 --> 00:19:43.769 align:start position:0% incentivize a small open source project 00:19:43.769 --> 00:19:45.799 align:start position:0% incentivize a small open source project you're<00:19:44.669> probably<00:19:44.940> not<00:19:45.120> going<00:19:45.240> to<00:19:45.299> have<00:19:45.539> very 00:19:45.799 --> 00:19:45.809 align:start position:0% you're probably not going to have very 00:19:45.809 --> 00:19:47.269 align:start position:0% you're probably not going to have very many<00:19:46.049> buyers<00:19:46.289> and<00:19:46.620> sellers<00:19:46.950> and<00:19:47.070> are<00:19:47.190> gonna 00:19:47.269 --> 00:19:47.279 align:start position:0% many buyers and sellers and are gonna 00:19:47.279 --> 00:19:48.860 align:start position:0% many buyers and sellers and are gonna have<00:19:47.460> a<00:19:47.490> liquid<00:19:47.759> market<00:19:47.879> well<00:19:48.450> with<00:19:48.570> the<00:19:48.659> token 00:19:48.860 --> 00:19:48.870 align:start position:0% have a liquid market well with the token 00:19:48.870 --> 00:19:52.039 align:start position:0% have a liquid market well with the token bonding<00:19:49.320> curve<00:19:49.529> you<00:19:50.129> can<00:19:50.159> have<00:19:50.789> it's<00:19:51.690> a<00:19:51.809> one 00:19:52.039 --> 00:19:52.049 align:start position:0% bonding curve you can have it's a one 00:19:52.049 --> 00:19:53.899 align:start position:0% bonding curve you can have it's a one sided<00:19:52.320> market<00:19:52.830> the<00:19:53.009> smart<00:19:53.279> contract<00:19:53.759> will 00:19:53.899 --> 00:19:53.909 align:start position:0% sided market the smart contract will 00:19:53.909 --> 00:19:56.419 align:start position:0% sided market the smart contract will always<00:19:54.480> buy<00:19:54.779> and<00:19:55.169> will<00:19:55.350> always<00:19:55.620> sell<00:19:55.980> tokens 00:19:56.419 --> 00:19:56.429 align:start position:0% always buy and will always sell tokens 00:19:56.429 --> 00:19:59.210 align:start position:0% always buy and will always sell tokens and<00:19:56.669> can<00:19:57.119> really<00:19:57.600> scale<00:19:57.929> with<00:19:58.649> the<00:19:58.799> supply<00:19:59.159> and 00:19:59.210 --> 00:19:59.220 align:start position:0% and can really scale with the supply and 00:19:59.220 --> 00:20:02.560 align:start position:0% and can really scale with the supply and demand<00:19:59.610> of<00:19:59.759> the<00:19:59.879> market<00:20:00.559> what<00:20:01.559> we<00:20:01.740> do<00:20:02.009> in 00:20:02.560 --> 00:20:02.570 align:start position:0% demand of the market what we do in 00:20:02.570 --> 00:20:05.290 align:start position:0% demand of the market what we do in music<00:20:03.050> planning<00:20:03.380> curve<00:20:03.590> is<00:20:03.800> we<00:20:04.460> take<00:20:05.030> this 00:20:05.290 --> 00:20:05.300 align:start position:0% music planning curve is we take this 00:20:05.300 --> 00:20:07.600 align:start position:0% music planning curve is we take this this<00:20:05.750> pure<00:20:06.110> bonding<00:20:06.500> curve<00:20:06.740> and<00:20:07.070> we<00:20:07.460> add 00:20:07.600 --> 00:20:07.610 align:start position:0% this pure bonding curve and we add 00:20:07.610 --> 00:20:11.280 align:start position:0% this pure bonding curve and we add another<00:20:08.350> we<00:20:09.350> basically<00:20:09.800> added<00:20:10.070> Dow<00:20:10.220> to<00:20:10.280> it<00:20:10.670> and 00:20:11.280 --> 00:20:11.290 align:start position:0% another we basically added Dow to it and 00:20:11.290 --> 00:20:15.720 align:start position:0% another we basically added Dow to it and we<00:20:12.290> it<00:20:12.650> we<00:20:13.010> implement<00:20:13.750> almost<00:20:14.750> like<00:20:14.930> taxation 00:20:15.720 --> 00:20:15.730 align:start position:0% we it we implement almost like taxation 00:20:15.730 --> 00:20:19.420 align:start position:0% we it we implement almost like taxation into<00:20:16.730> this<00:20:16.850> economy<00:20:17.420> so<00:20:18.080> you<00:20:18.140> are<00:20:18.470> opting<00:20:19.100> in 00:20:19.420 --> 00:20:19.430 align:start position:0% into this economy so you are opting in 00:20:19.430 --> 00:20:22.450 align:start position:0% into this economy so you are opting in to<00:20:20.000> supporting<00:20:20.690> the<00:20:21.080> common<00:20:21.500> good<00:20:21.650> and<00:20:21.800> you 00:20:22.450 --> 00:20:22.460 align:start position:0% to supporting the common good and you 00:20:22.460 --> 00:20:25.030 align:start position:0% to supporting the common good and you have<00:20:22.640> this<00:20:22.790> little<00:20:23.180> micro<00:20:23.780> economy<00:20:24.350> that 00:20:25.030 --> 00:20:25.040 align:start position:0% have this little micro economy that 00:20:25.040 --> 00:20:27.550 align:start position:0% have this little micro economy that really<00:20:25.910> cares<00:20:26.360> about<00:20:26.450> providing<00:20:27.290> this 00:20:27.550 --> 00:20:27.560 align:start position:0% really cares about providing this 00:20:27.560 --> 00:20:30.790 align:start position:0% really cares about providing this open-source<00:20:28.300> software<00:20:29.650> we're<00:20:30.650> actually 00:20:30.790 --> 00:20:30.800 align:start position:0% open-source software we're actually 00:20:30.800 --> 00:20:33.700 align:start position:0% open-source software we're actually going<00:20:31.130> to<00:20:31.220> use<00:20:31.400> it<00:20:31.430> first<00:20:31.760> to<00:20:32.710> incentivize 00:20:33.700 --> 00:20:33.710 align:start position:0% going to use it first to incentivize 00:20:33.710 --> 00:20:36.430 align:start position:0% going to use it first to incentivize token<00:20:34.220> engineering<00:20:34.700> research<00:20:35.090> and<00:20:35.360> unite<00:20:36.200> the 00:20:36.430 --> 00:20:36.440 align:start position:0% token engineering research and unite the 00:20:36.440 --> 00:20:38.500 align:start position:0% token engineering research and unite the community<00:20:36.950> around<00:20:37.130> developing<00:20:38.000> more<00:20:38.180> tools 00:20:38.500 --> 00:20:38.510 align:start position:0% community around developing more tools 00:20:38.510 --> 00:20:40.570 align:start position:0% community around developing more tools like<00:20:38.810> this<00:20:39.020> next<00:20:39.650> year<00:20:39.740> I<00:20:39.800> hope<00:20:40.040> that<00:20:40.280> I<00:20:40.310> don't 00:20:40.570 --> 00:20:40.580 align:start position:0% like this next year I hope that I don't 00:20:40.580 --> 00:20:42.130 align:start position:0% like this next year I hope that I don't have<00:20:40.760> to<00:20:40.910> just<00:20:41.120> talk<00:20:41.300> about<00:20:41.360> Augmented 00:20:42.130 --> 00:20:42.140 align:start position:0% have to just talk about Augmented 00:20:42.140 --> 00:20:44.350 align:start position:0% have to just talk about Augmented bonding<00:20:42.500> curves<00:20:42.710> and<00:20:42.830> harberger<00:20:43.280> tax<00:20:43.520> I<00:20:43.850> want 00:20:44.350 --> 00:20:44.360 align:start position:0% bonding curves and harberger tax I want 00:20:44.360 --> 00:20:47.740 align:start position:0% bonding curves and harberger tax I want to<00:20:44.420> see<00:20:44.630> five<00:20:45.350> ten<00:20:45.980> other<00:20:46.190> ideas<00:20:47.090> that<00:20:47.660> can 00:20:47.740 --> 00:20:47.750 align:start position:0% to see five ten other ideas that can 00:20:47.750 --> 00:20:49.840 align:start position:0% to see five ten other ideas that can come<00:20:47.930> out<00:20:48.110> and<00:20:48.560> we<00:20:48.740> just<00:20:48.950> need<00:20:49.190> these<00:20:49.400> token 00:20:49.840 --> 00:20:49.850 align:start position:0% come out and we just need these token 00:20:49.850 --> 00:20:52.330 align:start position:0% come out and we just need these token engineers<00:20:50.300> to<00:20:50.510> stop<00:20:50.780> to<00:20:51.290> be<00:20:51.500> able<00:20:51.620> to<00:20:51.800> avoid 00:20:52.330 --> 00:20:52.340 align:start position:0% engineers to stop to be able to avoid 00:20:52.340 --> 00:20:54.760 align:start position:0% engineers to stop to be able to avoid having<00:20:52.820> to<00:20:53.090> sell<00:20:53.540> out<00:20:53.720> and<00:20:53.960> do<00:20:54.080> client<00:20:54.560> work 00:20:54.760 --> 00:20:54.770 align:start position:0% having to sell out and do client work 00:20:54.770 --> 00:20:56.890 align:start position:0% having to sell out and do client work and<00:20:55.340> start<00:20:55.580> doing<00:20:55.940> the<00:20:56.030> research<00:20:56.270> that<00:20:56.780> they 00:20:56.890 --> 00:20:56.900 align:start position:0% and start doing the research that they 00:20:56.900 --> 00:20:59.380 align:start position:0% and start doing the research that they really<00:20:57.380> want<00:20:57.620> to<00:20:57.740> investigate<00:20:58.160> and<00:20:58.520> and<00:20:59.090> dive 00:20:59.380 --> 00:20:59.390 align:start position:0% really want to investigate and and dive 00:20:59.390 --> 00:21:02.290 align:start position:0% really want to investigate and and dive into<00:20:59.630> their<00:20:59.840> ideas<00:21:00.170> and<00:21:00.290> prove<00:21:00.500> them<00:21:00.650> out<00:21:01.300> so 00:21:02.290 --> 00:21:02.300 align:start position:0% into their ideas and prove them out so 00:21:02.300 --> 00:21:03.730 align:start position:0% into their ideas and prove them out so what<00:21:02.540> we're<00:21:02.720> going<00:21:02.870> to<00:21:03.020> do<00:21:03.230> is<00:21:03.380> we're<00:21:03.560> going<00:21:03.680> to 00:21:03.730 --> 00:21:03.740 align:start position:0% what we're going to do is we're going to 00:21:03.740 --> 00:21:05.830 align:start position:0% what we're going to do is we're going to build<00:21:04.040> the<00:21:04.220> trusted<00:21:04.580> seed<00:21:04.820> we're<00:21:05.630> going<00:21:05.780> to 00:21:05.830 --> 00:21:05.840 align:start position:0% build the trusted seed we're going to 00:21:05.840 --> 00:21:08.830 align:start position:0% build the trusted seed we're going to find<00:21:06.110> people<00:21:06.350> who<00:21:06.500> care<00:21:07.070> about<00:21:07.360> adding<00:21:08.360> value 00:21:08.830 --> 00:21:08.840 align:start position:0% find people who care about adding value 00:21:08.840 --> 00:21:10.510 align:start position:0% find people who care about adding value to<00:21:08.870> the<00:21:09.230> token<00:21:09.560> engineering<00:21:09.980> community<00:21:10.340> and 00:21:10.510 --> 00:21:10.520 align:start position:0% to the token engineering community and 00:21:10.520 --> 00:21:12.340 align:start position:0% to the token engineering community and we're<00:21:11.030> going<00:21:11.180> to<00:21:11.240> get<00:21:11.630> them<00:21:11.810> together<00:21:11.960> and 00:21:12.340 --> 00:21:12.350 align:start position:0% we're going to get them together and 00:21:12.350 --> 00:21:14.440 align:start position:0% we're going to get them together and we're<00:21:12.500> gonna<00:21:12.590> have<00:21:12.890> them<00:21:13.130> effectively<00:21:14.120> crowd 00:21:14.440 --> 00:21:14.450 align:start position:0% we're gonna have them effectively crowd 00:21:14.450 --> 00:21:17.880 align:start position:0% we're gonna have them effectively crowd from<00:21:14.750> themselves<00:21:14.960> to<00:21:15.830> do<00:21:16.010> their<00:21:16.220> own<00:21:16.250> research 00:21:17.880 --> 00:21:17.890 align:start position:0% from themselves to do their own research 00:21:17.890 --> 00:21:20.410 align:start position:0% from themselves to do their own research what<00:21:18.890> they'll<00:21:19.070> do<00:21:19.250> is<00:21:19.400> they<00:21:19.580> will<00:21:19.610> send<00:21:20.000> their 00:21:20.410 --> 00:21:20.420 align:start position:0% what they'll do is they will send their 00:21:20.420 --> 00:21:23.470 align:start position:0% what they'll do is they will send their funds<00:21:20.720> into<00:21:21.140> a<00:21:21.170> token<00:21:21.560> bonding<00:21:21.890> curve<00:21:22.130> and<00:21:22.480> if 00:21:23.470 --> 00:21:23.480 align:start position:0% funds into a token bonding curve and if 00:21:23.480 --> 00:21:24.940 align:start position:0% funds into a token bonding curve and if you<00:21:23.780> will<00:21:23.930> need<00:21:24.140> to<00:21:24.290> know<00:21:24.470> if<00:21:24.710> you<00:21:24.830> know 00:21:24.940 --> 00:21:24.950 align:start position:0% you will need to know if you know 00:21:24.950 --> 00:21:26.980 align:start position:0% you will need to know if you know anything<00:21:25.490> about<00:21:25.550> token<00:21:25.940> bonding<00:21:26.210> curves<00:21:26.450> you 00:21:26.980 --> 00:21:26.990 align:start position:0% anything about token bonding curves you 00:21:26.990 --> 00:21:28.690 align:start position:0% anything about token bonding curves you know<00:21:27.140> you<00:21:27.200> want<00:21:27.530> to<00:21:27.620> be<00:21:27.680> the<00:21:27.800> first<00:21:28.010> person<00:21:28.310> to 00:21:28.690 --> 00:21:28.700 align:start position:0% know you want to be the first person to 00:21:28.700 --> 00:21:30.430 align:start position:0% know you want to be the first person to buy<00:21:28.820> into<00:21:29.180> a<00:21:29.210> token<00:21:29.600> bonding<00:21:29.870> curve<00:21:30.050> because 00:21:30.430 --> 00:21:30.440 align:start position:0% buy into a token bonding curve because 00:21:30.440 --> 00:21:33.490 align:start position:0% buy into a token bonding curve because the<00:21:30.560> price<00:21:30.800> is<00:21:30.980> super<00:21:31.280> cheap<00:21:31.490> and<00:21:32.350> to<00:21:33.350> mitigate 00:21:33.490 --> 00:21:33.500 align:start position:0% the price is super cheap and to mitigate 00:21:33.500 --> 00:21:36.190 align:start position:0% the price is super cheap and to mitigate that<00:21:33.850> we<00:21:34.850> do<00:21:34.970> two<00:21:35.180> things<00:21:35.210> first<00:21:35.750> we<00:21:36.020> make 00:21:36.190 --> 00:21:36.200 align:start position:0% that we do two things first we make 00:21:36.200 --> 00:21:38.380 align:start position:0% that we do two things first we make everyone<00:21:36.590> bolt<00:21:36.830> by<00:21:37.070> so<00:21:37.700> they<00:21:37.820> all<00:21:38.000> get<00:21:38.270> the 00:21:38.380 --> 00:21:38.390 align:start position:0% everyone bolt by so they all get the 00:21:38.390 --> 00:21:42.820 align:start position:0% everyone bolt by so they all get the same<00:21:38.420> price<00:21:38.870> and<00:21:39.490> then<00:21:40.490> we<00:21:41.030> also<00:21:41.210> take<00:21:41.660> a<00:21:42.050> huge 00:21:42.820 --> 00:21:42.830 align:start position:0% same price and then we also take a huge 00:21:42.830 --> 00:21:46.270 align:start position:0% same price and then we also take a huge cut<00:21:43.100> of<00:21:43.310> that<00:21:44.060> bolt<00:21:44.450> buy<00:21:44.660> and<00:21:44.960> we<00:21:45.470> send<00:21:46.040> it<00:21:46.130> into 00:21:46.270 --> 00:21:46.280 align:start position:0% cut of that bolt buy and we send it into 00:21:46.280 --> 00:21:46.960 align:start position:0% cut of that bolt buy and we send it into a<00:21:46.460> dowel 00:21:46.960 --> 00:21:46.970 align:start position:0% a dowel 00:21:46.970 --> 00:21:48.310 align:start position:0% a dowel you<00:21:47.030> can<00:21:47.210> imagine<00:21:47.570> it<00:21:47.660> like<00:21:47.720> amalek<00:21:48.140> dowel 00:21:48.310 --> 00:21:48.320 align:start position:0% you can imagine it like amalek dowel 00:21:48.320 --> 00:21:52.050 align:start position:0% you can imagine it like amalek dowel where<00:21:49.070> it's<00:21:49.610> a<00:21:49.760> decentralized<00:21:50.450> grant<00:21:50.810> funding 00:21:52.050 --> 00:21:52.060 align:start position:0% where it's a decentralized grant funding 00:21:52.060 --> 00:21:57.580 align:start position:0% where it's a decentralized grant funding organization<00:21:53.060> in<00:21:54.130> that<00:21:55.130> way<00:21:56.110> they<00:21:57.110> know<00:21:57.350> that 00:21:57.580 --> 00:21:57.590 align:start position:0% organization in that way they know that 00:21:57.590 --> 00:21:59.380 align:start position:0% organization in that way they know that they're<00:21:57.770> donating<00:21:58.280> the<00:21:58.730> people<00:21:59.090> who<00:21:59.270> are 00:21:59.380 --> 00:21:59.390 align:start position:0% they're donating the people who are 00:21:59.390 --> 00:22:01.750 align:start position:0% they're donating the people who are buying<00:21:59.690> into<00:22:00.020> this<00:22:00.320> token<00:22:00.710> bonding<00:22:01.040> curve<00:22:01.280> and 00:22:01.750 --> 00:22:01.760 align:start position:0% buying into this token bonding curve and 00:22:01.760 --> 00:22:04.630 align:start position:0% buying into this token bonding curve and buying<00:22:02.180> into<00:22:02.420> this<00:22:02.690> Commons<00:22:03.200> they<00:22:04.040> need<00:22:04.340> to<00:22:04.490> be 00:22:04.630 --> 00:22:04.640 align:start position:0% buying into this Commons they need to be 00:22:04.640 --> 00:22:06.490 align:start position:0% buying into this Commons they need to be altruistic<00:22:05.170> because<00:22:06.170> if<00:22:06.290> they're<00:22:06.470> not 00:22:06.490 --> 00:22:06.500 align:start position:0% altruistic because if they're not 00:22:06.500 --> 00:22:08.470 align:start position:0% altruistic because if they're not altruistic<00:22:07.070> you'll<00:22:07.820> have<00:22:07.970> a<00:22:08.000> prisoner's 00:22:08.470 --> 00:22:08.480 align:start position:0% altruistic you'll have a prisoner's 00:22:08.480 --> 00:22:10.390 align:start position:0% altruistic you'll have a prisoner's dilemma<00:22:08.630> issue<00:22:09.080> and<00:22:09.440> they'll<00:22:09.800> start<00:22:10.130> to 00:22:10.390 --> 00:22:10.400 align:start position:0% dilemma issue and they'll start to 00:22:10.400 --> 00:22:12.700 align:start position:0% dilemma issue and they'll start to escape<00:22:11.240> but<00:22:11.600> if<00:22:11.720> you<00:22:11.810> know<00:22:12.050> that<00:22:12.290> they<00:22:12.440> care 00:22:12.700 --> 00:22:12.710 align:start position:0% escape but if you know that they care 00:22:12.710 --> 00:22:14.620 align:start position:0% escape but if you know that they care more<00:22:12.980> about<00:22:13.040> the<00:22:13.400> value<00:22:13.850> of<00:22:14.060> the<00:22:14.450> token 00:22:14.620 --> 00:22:14.630 align:start position:0% more about the value of the token 00:22:14.630 --> 00:22:15.490 align:start position:0% more about the value of the token engineering<00:22:15.140> commune 00:22:15.490 --> 00:22:15.500 align:start position:0% engineering commune 00:22:15.500 --> 00:22:19.210 align:start position:0% engineering commune themselves<00:22:16.840> then<00:22:17.840> it<00:22:18.289> will<00:22:18.500> actually<00:22:18.650> thrive 00:22:19.210 --> 00:22:19.220 align:start position:0% themselves then it will actually thrive 00:22:19.220 --> 00:22:24.399 align:start position:0% themselves then it will actually thrive and<00:22:21.460> they'll<00:22:22.460> have<00:22:22.850> these<00:22:23.659> tokens<00:22:23.960> that<00:22:24.230> will 00:22:24.399 --> 00:22:24.409 align:start position:0% and they'll have these tokens that will 00:22:24.409 --> 00:22:27.370 align:start position:0% and they'll have these tokens that will allow<00:22:24.679> them<00:22:24.890> to<00:22:24.919> decide<00:22:25.400> how<00:22:26.000> to<00:22:26.059> support<00:22:27.020> each 00:22:27.370 --> 00:22:27.380 align:start position:0% allow them to decide how to support each 00:22:27.380 --> 00:22:29.770 align:start position:0% allow them to decide how to support each other<00:22:27.679> and<00:22:27.950> which<00:22:28.429> grants<00:22:28.880> to<00:22:29.030> give<00:22:29.210> so<00:22:29.419> anyone 00:22:29.770 --> 00:22:29.780 align:start position:0% other and which grants to give so anyone 00:22:29.780 --> 00:22:32.409 align:start position:0% other and which grants to give so anyone who<00:22:29.900> has<00:22:30.110> the<00:22:30.559> token<00:22:30.950> will<00:22:31.669> actually<00:22:32.090> decide 00:22:32.409 --> 00:22:32.419 align:start position:0% who has the token will actually decide 00:22:32.419 --> 00:22:33.789 align:start position:0% who has the token will actually decide which<00:22:32.630> grants<00:22:33.020> to<00:22:33.110> give<00:22:33.260> and<00:22:33.409> if<00:22:33.500> they<00:22:33.650> do<00:22:33.710> a 00:22:33.789 --> 00:22:33.799 align:start position:0% which grants to give and if they do a 00:22:33.799 --> 00:22:35.980 align:start position:0% which grants to give and if they do a good<00:22:34.070> job<00:22:34.130> at<00:22:34.460> making<00:22:34.490> those<00:22:34.850> decisions<00:22:35.210> other 00:22:35.980 --> 00:22:35.990 align:start position:0% good job at making those decisions other 00:22:35.990 --> 00:22:38.230 align:start position:0% good job at making those decisions other people<00:22:36.409> will<00:22:36.590> want<00:22:36.620> to<00:22:36.919> participate<00:22:37.130> and<00:22:37.909> they 00:22:38.230 --> 00:22:38.240 align:start position:0% people will want to participate and they 00:22:38.240 --> 00:22:40.980 align:start position:0% people will want to participate and they can<00:22:38.390> actually<00:22:38.539> build<00:22:39.020> an<00:22:39.380> economy<00:22:39.710> around 00:22:40.980 --> 00:22:40.990 align:start position:0% can actually build an economy around 00:22:40.990 --> 00:22:43.450 align:start position:0% can actually build an economy around supporting<00:22:41.990> token<00:22:42.350> engineering<00:22:42.799> because<00:22:43.340> if 00:22:43.450 --> 00:22:43.460 align:start position:0% supporting token engineering because if 00:22:43.460 --> 00:22:46.480 align:start position:0% supporting token engineering because if you're<00:22:43.669> a<00:22:43.700> donee<00:22:44.150> donating<00:22:45.130> if<00:22:46.130> you're<00:22:46.370> the 00:22:46.480 --> 00:22:46.490 align:start position:0% you're a donee donating if you're the 00:22:46.490 --> 00:22:48.610 align:start position:0% you're a donee donating if you're the etherium<00:22:46.970> foundation<00:22:47.480> for<00:22:47.659> instance<00:22:48.020> you 00:22:48.610 --> 00:22:48.620 align:start position:0% etherium foundation for instance you 00:22:48.620 --> 00:22:50.580 align:start position:0% etherium foundation for instance you have<00:22:48.650> two<00:22:48.950> choices<00:22:49.159> now<00:22:49.610> you<00:22:50.150> could<00:22:50.330> either 00:22:50.580 --> 00:22:50.590 align:start position:0% have two choices now you could either 00:22:50.590 --> 00:22:53.140 align:start position:0% have two choices now you could either send<00:22:51.590> money<00:22:51.830> to<00:22:51.980> the<00:22:52.309> token<00:22:52.610> engineer<00:22:53.000> that 00:22:53.140 --> 00:22:53.150 align:start position:0% send money to the token engineer that 00:22:53.150 --> 00:22:55.480 align:start position:0% send money to the token engineer that you<00:22:53.240> want<00:22:53.450> to<00:22:53.510> support<00:22:53.659> directly<00:22:54.470> and<00:22:54.710> lose<00:22:55.460> a 00:22:55.480 --> 00:22:55.490 align:start position:0% you want to support directly and lose a 00:22:55.490 --> 00:22:57.070 align:start position:0% you want to support directly and lose a hundred<00:22:55.789> percent<00:22:56.030> of<00:22:56.330> your<00:22:56.450> value<00:22:56.780> it'd<00:22:56.900> be 00:22:57.070 --> 00:22:57.080 align:start position:0% hundred percent of your value it'd be 00:22:57.080 --> 00:22:58.570 align:start position:0% hundred percent of your value it'd be completely<00:22:57.380> altruistic<00:22:58.159> and 00:22:58.570 --> 00:22:58.580 align:start position:0% completely altruistic and 00:22:58.580 --> 00:23:01.840 align:start position:0% completely altruistic and self-sacrificing<00:22:59.299> or<00:23:00.460> you<00:23:01.460> could<00:23:01.669> actually 00:23:01.840 --> 00:23:01.850 align:start position:0% self-sacrificing or you could actually 00:23:01.850 --> 00:23:04.600 align:start position:0% self-sacrificing or you could actually buy<00:23:02.510> tokens<00:23:03.110> in<00:23:03.409> the<00:23:03.470> token<00:23:04.220> engineering 00:23:04.600 --> 00:23:04.610 align:start position:0% buy tokens in the token engineering 00:23:04.610 --> 00:23:07.299 align:start position:0% buy tokens in the token engineering Commons<00:23:05.000> use<00:23:05.720> those<00:23:06.049> tokens<00:23:06.320> to<00:23:06.650> allocate 00:23:07.299 --> 00:23:07.309 align:start position:0% Commons use those tokens to allocate 00:23:07.309 --> 00:23:09.789 align:start position:0% Commons use those tokens to allocate funding<00:23:07.760> to<00:23:08.270> that<00:23:08.450> same<00:23:08.750> organization<00:23:09.020> and 00:23:09.789 --> 00:23:09.799 align:start position:0% funding to that same organization and 00:23:09.799 --> 00:23:13.510 align:start position:0% funding to that same organization and receive<00:23:10.640> a<00:23:11.000> financial<00:23:11.809> asset<00:23:12.020> in<00:23:12.289> return<00:23:12.710> you 00:23:13.510 --> 00:23:13.520 align:start position:0% receive a financial asset in return you 00:23:13.520 --> 00:23:15.850 align:start position:0% receive a financial asset in return you may<00:23:13.700> lose<00:23:14.030> money<00:23:14.299> I<00:23:14.539> mean<00:23:15.020> you're<00:23:15.200> set<00:23:15.470> to<00:23:15.679> lose 00:23:15.850 --> 00:23:15.860 align:start position:0% may lose money I mean you're set to lose 00:23:15.860 --> 00:23:19.419 align:start position:0% may lose money I mean you're set to lose money<00:23:16.100> but<00:23:16.820> you<00:23:17.030> may<00:23:17.179> also<00:23:17.390> make<00:23:17.570> money<00:23:17.929> and<00:23:18.429> oh 00:23:19.419 --> 00:23:19.429 align:start position:0% money but you may also make money and oh 00:23:19.429 --> 00:23:22.270 align:start position:0% money but you may also make money and oh the<00:23:20.390> collateral<00:23:21.080> pool<00:23:21.320> this<00:23:21.559> this<00:23:21.860> hatch 00:23:22.270 --> 00:23:22.280 align:start position:0% the collateral pool this this hatch 00:23:22.280 --> 00:23:25.090 align:start position:0% the collateral pool this this hatch tribute<00:23:22.909> as<00:23:23.120> we<00:23:23.600> call<00:23:23.809> it<00:23:23.990> the<00:23:24.590> tax<00:23:24.830> at<00:23:25.070> the 00:23:25.090 --> 00:23:25.100 align:start position:0% tribute as we call it the tax at the 00:23:25.100 --> 00:23:27.340 align:start position:0% tribute as we call it the tax at the beginning<00:23:25.549> for<00:23:25.820> the<00:23:25.909> trusted<00:23:26.299> seed<00:23:26.570> that's 00:23:27.340 --> 00:23:27.350 align:start position:0% beginning for the trusted seed that's 00:23:27.350 --> 00:23:30.210 align:start position:0% beginning for the trusted seed that's the<00:23:27.799> seed<00:23:28.100> funding<00:23:28.460> round<00:23:28.700> but<00:23:29.510> as<00:23:29.750> people 00:23:30.210 --> 00:23:30.220 align:start position:0% the seed funding round but as people 00:23:30.220 --> 00:23:33.760 align:start position:0% the seed funding round but as people sell<00:23:31.220> the<00:23:31.520> token<00:23:31.909> it<00:23:32.659> will<00:23:32.809> actually<00:23:33.020> there 00:23:33.760 --> 00:23:33.770 align:start position:0% sell the token it will actually there 00:23:33.770 --> 00:23:35.200 align:start position:0% sell the token it will actually there will<00:23:33.830> be<00:23:33.890> a<00:23:34.010> tax<00:23:34.340> there<00:23:34.700> too 00:23:35.200 --> 00:23:35.210 align:start position:0% will be a tax there too 00:23:35.210 --> 00:23:37.450 align:start position:0% will be a tax there too we<00:23:35.539> call<00:23:35.750> it<00:23:35.840> the<00:23:35.929> exit<00:23:36.289> tribute<00:23:36.710> in<00:23:37.039> homage<00:23:37.400> to 00:23:37.450 --> 00:23:37.460 align:start position:0% we call it the exit tribute in homage to 00:23:37.460 --> 00:23:39.610 align:start position:0% we call it the exit tribute in homage to Molech<00:23:37.909> who's<00:23:38.210> really<00:23:38.600> done<00:23:39.140> a<00:23:39.169> great<00:23:39.380> work 00:23:39.610 --> 00:23:39.620 align:start position:0% Molech who's really done a great work 00:23:39.620 --> 00:23:43.480 align:start position:0% Molech who's really done a great work with<00:23:39.799> their<00:23:39.919> tributes<00:23:40.750> so<00:23:41.750> when<00:23:42.650> you<00:23:42.890> sell<00:23:43.280> the 00:23:43.480 --> 00:23:43.490 align:start position:0% with their tributes so when you sell the 00:23:43.490 --> 00:23:45.700 align:start position:0% with their tributes so when you sell the token<00:23:43.820> ten<00:23:44.090> percent<00:23:44.570> is<00:23:44.809> going<00:23:45.350> to<00:23:45.559> that 00:23:45.700 --> 00:23:45.710 align:start position:0% token ten percent is going to that 00:23:45.710 --> 00:23:48.880 align:start position:0% token ten percent is going to that funding<00:23:46.340> pool<00:23:46.520> so<00:23:47.450> anytime<00:23:47.900> someone<00:23:48.409> leaves 00:23:48.880 --> 00:23:48.890 align:start position:0% funding pool so anytime someone leaves 00:23:48.890 --> 00:23:51.520 align:start position:0% funding pool so anytime someone leaves the<00:23:49.400> economy<00:23:49.970> they're<00:23:50.720> supporting<00:23:51.409> the 00:23:51.520 --> 00:23:51.530 align:start position:0% the economy they're supporting the 00:23:51.530 --> 00:23:53.620 align:start position:0% the economy they're supporting the common<00:23:51.919> good<00:23:52.070> and<00:23:52.280> that's<00:23:52.940> the<00:23:53.150> whole<00:23:53.299> point 00:23:53.620 --> 00:23:53.630 align:start position:0% common good and that's the whole point 00:23:53.630 --> 00:23:55.570 align:start position:0% common good and that's the whole point of<00:23:53.870> token<00:23:54.200> engineering<00:23:54.679> it's<00:23:55.130> to<00:23:55.250> align 00:23:55.570 --> 00:23:55.580 align:start position:0% of token engineering it's to align 00:23:55.580 --> 00:23:57.370 align:start position:0% of token engineering it's to align incentives<00:23:55.760> so<00:23:56.419> that<00:23:56.600> when<00:23:57.169> you're 00:23:57.370 --> 00:23:57.380 align:start position:0% incentives so that when you're 00:23:57.380 --> 00:23:59.919 align:start position:0% incentives so that when you're supporting<00:23:58.070> the<00:23:58.220> economy<00:23:58.490> you<00:23:59.210> are<00:23:59.360> rewarded 00:23:59.919 --> 00:23:59.929 align:start position:0% supporting the economy you are rewarded 00:23:59.929 --> 00:24:03.010 align:start position:0% supporting the economy you are rewarded and<00:24:00.110> when<00:24:00.919> you<00:24:01.100> are<00:24:01.330> when<00:24:02.330> you<00:24:02.450> are<00:24:02.570> taking 00:24:03.010 --> 00:24:03.020 align:start position:0% and when you are when you are taking 00:24:03.020 --> 00:24:06.399 align:start position:0% and when you are when you are taking from<00:24:03.200> the<00:24:03.320> economy<00:24:03.789> you<00:24:04.789> are<00:24:04.820> you<00:24:05.330> you<00:24:06.289> are 00:24:06.399 --> 00:24:06.409 align:start position:0% from the economy you are you you are 00:24:06.409 --> 00:24:07.360 align:start position:0% from the economy you are you you are disincentivized 00:24:07.360 --> 00:24:07.370 align:start position:0% disincentivized 00:24:07.370 --> 00:24:09.460 align:start position:0% disincentivized and<00:24:07.520> you<00:24:08.090> but<00:24:08.450> in<00:24:08.630> a<00:24:08.750> way<00:24:08.929> you<00:24:08.960> are<00:24:09.230> always 00:24:09.460 --> 00:24:09.470 align:start position:0% and you but in a way you are always 00:24:09.470 --> 00:24:13.779 align:start position:0% and you but in a way you are always supporting<00:24:10.309> the<00:24:10.340> economy<00:24:12.429> so<00:24:13.429> we<00:24:13.580> have<00:24:13.669> an 00:24:13.779 --> 00:24:13.789 align:start position:0% supporting the economy so we have an 00:24:13.789 --> 00:24:15.640 align:start position:0% supporting the economy so we have an amazing<00:24:14.030> team<00:24:14.299> we're<00:24:14.900> very<00:24:15.140> lucky<00:24:15.350> it's 00:24:15.640 --> 00:24:15.650 align:start position:0% amazing team we're very lucky it's 00:24:15.650 --> 00:24:17.649 align:start position:0% amazing team we're very lucky it's basically<00:24:15.980> a<00:24:16.100> giveth<00:24:16.520> plus<00:24:16.850> block<00:24:17.179> science 00:24:17.649 --> 00:24:17.659 align:start position:0% basically a giveth plus block science 00:24:17.659 --> 00:24:21.370 align:start position:0% basically a giveth plus block science endeavor<00:24:18.049> and<00:24:18.340> we<00:24:19.340> have<00:24:19.809> incredible<00:24:20.809> advisers 00:24:21.370 --> 00:24:21.380 align:start position:0% endeavor and we have incredible advisers 00:24:21.380 --> 00:24:23.750 align:start position:0% endeavor and we have incredible advisers including<00:24:22.370> Simon<00:24:23.090> daily<00:24:23.330> Rivia 00:24:23.750 --> 00:24:23.760 align:start position:0% including Simon daily Rivia 00:24:23.760 --> 00:24:26.240 align:start position:0% including Simon daily Rivia who<00:24:23.970> is<00:24:24.300> one<00:24:24.900> of<00:24:24.930> the<00:24:25.050> my<00:24:25.560> favorite<00:24:25.590> token 00:24:26.240 --> 00:24:26.250 align:start position:0% who is one of the my favorite token 00:24:26.250 --> 00:24:28.400 align:start position:0% who is one of the my favorite token engineers<00:24:26.640> of<00:24:26.790> all<00:24:26.880> time<00:24:27.120> and<00:24:27.870> Geordi<00:24:28.260> who's 00:24:28.400 --> 00:24:28.410 align:start position:0% engineers of all time and Geordi who's 00:24:28.410 --> 00:24:29.840 align:start position:0% engineers of all time and Geordi who's in<00:24:28.590> the<00:24:28.710> crowd<00:24:28.830> right<00:24:28.950> there<00:24:29.160> Thank<00:24:29.580> You<00:24:29.670> Jody 00:24:29.840 --> 00:24:29.850 align:start position:0% in the crowd right there Thank You Jody 00:24:29.850 --> 00:24:31.400 align:start position:0% in the crowd right there Thank You Jody for<00:24:30.090> coming<00:24:30.390> we<00:24:30.690> also<00:24:30.840> have<00:24:31.020> a<00:24:31.080> good<00:24:31.230> legal 00:24:31.400 --> 00:24:31.410 align:start position:0% for coming we also have a good legal 00:24:31.410 --> 00:24:33.320 align:start position:0% for coming we also have a good legal team<00:24:31.740> because<00:24:32.070> this<00:24:32.250> stuff<00:24:32.460> is<00:24:32.610> sketch<00:24:32.880> and<00:24:33.270> we 00:24:33.320 --> 00:24:33.330 align:start position:0% team because this stuff is sketch and we 00:24:33.330 --> 00:24:35.870 align:start position:0% team because this stuff is sketch and we don't<00:24:33.480> want<00:24:33.630> to<00:24:33.690> make<00:24:33.780> any<00:24:33.930> wrong<00:24:34.170> moves<00:24:34.880> but 00:24:35.870 --> 00:24:35.880 align:start position:0% don't want to make any wrong moves but 00:24:35.880 --> 00:24:39.290 align:start position:0% don't want to make any wrong moves but we're<00:24:36.750> looking<00:24:36.930> to<00:24:37.170> build<00:24:37.350> a<00:24:37.790> trusted<00:24:38.790> seed<00:24:39.060> we 00:24:39.290 --> 00:24:39.300 align:start position:0% we're looking to build a trusted seed we 00:24:39.300 --> 00:24:41.090 align:start position:0% we're looking to build a trusted seed we want<00:24:39.480> to<00:24:39.570> build<00:24:39.750> a<00:24:39.870> trusted<00:24:40.230> seed<00:24:40.500> for<00:24:40.800> all<00:24:40.920> of 00:24:41.090 --> 00:24:41.100 align:start position:0% want to build a trusted seed for all of 00:24:41.100 --> 00:24:43.160 align:start position:0% want to build a trusted seed for all of the<00:24:41.220> Commons<00:24:41.640> that<00:24:41.820> we're<00:24:41.910> producing<00:24:42.150> and<00:24:42.720> we 00:24:43.160 --> 00:24:43.170 align:start position:0% the Commons that we're producing and we 00:24:43.170 --> 00:24:45.170 align:start position:0% the Commons that we're producing and we need<00:24:43.380> people<00:24:43.560> who<00:24:43.890> are<00:24:43.920> altruistic<00:24:44.550> that 00:24:45.170 --> 00:24:45.180 align:start position:0% need people who are altruistic that 00:24:45.180 --> 00:24:47.930 align:start position:0% need people who are altruistic that actually<00:24:45.600> care<00:24:45.960> about<00:24:46.340> funding<00:24:47.340> open-source 00:24:47.930 --> 00:24:47.940 align:start position:0% actually care about funding open-source 00:24:47.940 --> 00:24:50.270 align:start position:0% actually care about funding open-source projects<00:24:48.510> and<00:24:48.800> basically<00:24:49.800> I'm<00:24:49.980> looking<00:24:50.190> at 00:24:50.270 --> 00:24:50.280 align:start position:0% projects and basically I'm looking at 00:24:50.280 --> 00:24:52.850 align:start position:0% projects and basically I'm looking at you<00:24:50.400> guys<00:24:50.580> okay<00:24:51.210> if<00:24:51.630> you<00:24:51.810> care<00:24:52.140> about<00:24:52.290> funding 00:24:52.850 --> 00:24:52.860 align:start position:0% you guys okay if you care about funding 00:24:52.860 --> 00:24:54.980 align:start position:0% you guys okay if you care about funding open-source<00:24:53.430> please<00:24:54.210> go<00:24:54.540> to<00:24:54.600> our<00:24:54.690> website 00:24:54.980 --> 00:24:54.990 align:start position:0% open-source please go to our website 00:24:54.990 --> 00:24:58.850 align:start position:0% open-source please go to our website Commons<00:24:55.620> org<00:24:56.190> and<00:24:56.520> click<00:24:57.060> apply<00:24:57.330> and<00:24:57.690> tell<00:24:58.560> and 00:24:58.850 --> 00:24:58.860 align:start position:0% Commons org and click apply and tell and 00:24:58.860 --> 00:25:00.950 align:start position:0% Commons org and click apply and tell and let<00:24:59.070> us<00:24:59.190> see<00:24:59.490> we're<00:24:59.970> gonna<00:25:00.120> filter<00:25:00.450> people 00:25:00.950 --> 00:25:00.960 align:start position:0% let us see we're gonna filter people 00:25:00.960 --> 00:25:02.210 align:start position:0% let us see we're gonna filter people because<00:25:01.230> the<00:25:01.380> trusted<00:25:01.710> seed<00:25:01.890> is<00:25:02.040> very 00:25:02.210 --> 00:25:02.220 align:start position:0% because the trusted seed is very 00:25:02.220 --> 00:25:04.430 align:start position:0% because the trusted seed is very important<00:25:02.610> and<00:25:03.060> we're<00:25:03.150> gonna<00:25:03.270> find<00:25:03.600> token 00:25:04.430 --> 00:25:04.440 align:start position:0% important and we're gonna find token 00:25:04.440 --> 00:25:06.020 align:start position:0% important and we're gonna find token engineers<00:25:04.860> and<00:25:05.160> people<00:25:05.490> that<00:25:05.610> we<00:25:05.700> can<00:25:05.880> trust 00:25:06.020 --> 00:25:06.030 align:start position:0% engineers and people that we can trust 00:25:06.030 --> 00:25:08.630 align:start position:0% engineers and people that we can trust that<00:25:06.660> really<00:25:07.050> care<00:25:07.740> about<00:25:07.770> funding<00:25:08.370> open 00:25:08.630 --> 00:25:08.640 align:start position:0% that really care about funding open 00:25:08.640 --> 00:25:10.130 align:start position:0% that really care about funding open source<00:25:08.820> projects<00:25:09.270> we're<00:25:09.630> gonna<00:25:09.780> get<00:25:09.990> them 00:25:10.130 --> 00:25:10.140 align:start position:0% source projects we're gonna get them 00:25:10.140 --> 00:25:11.780 align:start position:0% source projects we're gonna get them well<00:25:10.290> together<00:25:10.440> and<00:25:10.860> we're<00:25:11.220> gonna<00:25:11.280> start<00:25:11.640> this 00:25:11.780 --> 00:25:11.790 align:start position:0% well together and we're gonna start this 00:25:11.790 --> 00:25:12.760 align:start position:0% well together and we're gonna start this thing 00:25:12.760 --> 00:25:12.770 align:start position:0% thing 00:25:12.770 --> 00:25:15.530 align:start position:0% thing join<00:25:13.770> us<00:25:13.920> on<00:25:14.070> telegram<00:25:14.460> to<00:25:14.640> learn<00:25:14.790> more<00:25:15.060> we're 00:25:15.530 --> 00:25:15.540 align:start position:0% join us on telegram to learn more we're 00:25:15.540 --> 00:25:17.660 align:start position:0% join us on telegram to learn more we're actually<00:25:15.720> kicking<00:25:16.200> off<00:25:16.320> on<00:25:16.680> November<00:25:17.400> 5th 00:25:17.660 --> 00:25:17.670 align:start position:0% actually kicking off on November 5th 00:25:17.670 --> 00:25:19.730 align:start position:0% actually kicking off on November 5th remember<00:25:18.660> remember<00:25:19.050> the<00:25:19.230> fifth<00:25:19.590> of<00:25:19.680> November 00:25:19.730 --> 00:25:19.740 align:start position:0% remember remember the fifth of November 00:25:19.740 --> 00:25:22.160 align:start position:0% remember remember the fifth of November it's<00:25:20.370> happening<00:25:20.910> the<00:25:21.300> common<00:25:21.660> stock<00:25:21.840> is<00:25:22.050> going 00:25:22.160 --> 00:25:22.170 align:start position:0% it's happening the common stock is going 00:25:22.170 --> 00:25:23.630 align:start position:0% it's happening the common stock is going to<00:25:22.260> start<00:25:22.500> this<00:25:22.650> process<00:25:22.890> is<00:25:23.220> going<00:25:23.310> to<00:25:23.400> start 00:25:23.630 --> 00:25:23.640 align:start position:0% to start this process is going to start 00:25:23.640 --> 00:25:26.960 align:start position:0% to start this process is going to start this<00:25:24.080> chested<00:25:25.080> seed<00:25:25.320> so<00:25:25.920> become<00:25:26.520> a<00:25:26.550> member<00:25:26.820> of 00:25:26.960 --> 00:25:26.970 align:start position:0% this chested seed so become a member of 00:25:26.970 --> 00:25:29.450 align:start position:0% this chested seed so become a member of the<00:25:27.090> common<00:25:27.390> stack<00:25:27.600> and<00:25:27.950> we'll<00:25:28.950> talk<00:25:29.160> more<00:25:29.370> on 00:25:29.450 --> 00:25:29.460 align:start position:0% the common stack and we'll talk more on 00:25:29.460 --> 00:25:39.660 align:start position:0% the common stack and we'll talk more on telegram<00:25:29.880> thank<00:25:30.600> you<00:25:30.690> guys 00:25:39.660 --> 00:25:39.670 align:start position:0% 00:25:39.670 --> 00:25:41.730 align:start position:0% you