WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:05.269 align:start position:0% I<00:00:00.199> want<00:00:01.199> to<00:00:01.290> talk<00:00:01.410> about<00:00:01.560> i<00:00:03.350> SEOs<00:00:04.350> you<00:00:04.920> know<00:00:05.040> it 00:00:05.269 --> 00:00:05.279 align:start position:0% I want to talk about i SEOs you know it 00:00:05.279 --> 00:00:07.160 align:start position:0% I want to talk about i SEOs you know it was<00:00:05.430> it's<00:00:05.670> a<00:00:05.759> big<00:00:05.970> part<00:00:06.299> of<00:00:06.480> the<00:00:06.810> interim 00:00:07.160 --> 00:00:07.170 align:start position:0% was it's a big part of the interim 00:00:07.170 --> 00:00:13.039 align:start position:0% was it's a big part of the interim ecosystem<00:00:07.799> now<00:00:11.059> that<00:00:12.059> was<00:00:12.210> not<00:00:12.240> planned<00:00:12.599> you 00:00:13.039 --> 00:00:13.049 align:start position:0% ecosystem now that was not planned you 00:00:13.049 --> 00:00:14.660 align:start position:0% ecosystem now that was not planned you know<00:00:13.080> I<00:00:13.349> was<00:00:13.469> not<00:00:13.650> planned<00:00:13.889> to<00:00:14.070> be<00:00:14.219> that<00:00:14.460> like 00:00:14.660 --> 00:00:14.670 align:start position:0% know I was not planned to be that like 00:00:14.670 --> 00:00:16.730 align:start position:0% know I was not planned to be that like such<00:00:15.030> an<00:00:15.150> important<00:00:15.690> thing<00:00:15.960> in<00:00:16.230> the<00:00:16.320> theorem 00:00:16.730 --> 00:00:16.740 align:start position:0% such an important thing in the theorem 00:00:16.740 --> 00:00:18.410 align:start position:0% such an important thing in the theorem it<00:00:17.190> was<00:00:17.340> more<00:00:17.520> about<00:00:17.609> the<00:00:17.850> decentralized 00:00:18.410 --> 00:00:18.420 align:start position:0% it was more about the decentralized 00:00:18.420 --> 00:00:20.960 align:start position:0% it was more about the decentralized future<00:00:18.869> and<00:00:19.140> I<00:00:19.529> co<00:00:19.920> became<00:00:20.220> a<00:00:20.250> very<00:00:20.490> big<00:00:20.699> part 00:00:20.960 --> 00:00:20.970 align:start position:0% future and I co became a very big part 00:00:20.970 --> 00:00:24.080 align:start position:0% future and I co became a very big part at<00:00:21.660> least<00:00:21.840> in<00:00:21.990> the<00:00:22.050> last<00:00:22.199> year<00:00:22.650> for<00:00:22.910> the<00:00:23.910> ones 00:00:24.080 --> 00:00:24.090 align:start position:0% at least in the last year for the ones 00:00:24.090 --> 00:00:28.419 align:start position:0% at least in the last year for the ones who<00:00:24.240> don't<00:00:24.420> know<00:00:24.570> me<00:00:24.930> I<00:00:26.269> build<00:00:27.269> a<00:00:27.390> few<00:00:27.630> things 00:00:28.419 --> 00:00:28.429 align:start position:0% who don't know me I build a few things 00:00:28.429 --> 00:00:31.130 align:start position:0% who don't know me I build a few things which<00:00:29.429> were<00:00:29.670> relevant<00:00:30.060> in<00:00:30.269> this<00:00:30.420> space<00:00:30.660> and 00:00:31.130 --> 00:00:31.140 align:start position:0% which were relevant in this space and 00:00:31.140 --> 00:00:34.520 align:start position:0% which were relevant in this space and did<00:00:32.070> a<00:00:32.099> few<00:00:32.309> things<00:00:32.610> which<00:00:33.140> you<00:00:34.140> know<00:00:34.230> kind<00:00:34.410> of 00:00:34.520 --> 00:00:34.530 align:start position:0% did a few things which you know kind of 00:00:34.530 --> 00:00:37.880 align:start position:0% did a few things which you know kind of a<00:00:34.620> cost<00:00:35.180> that<00:00:36.180> thing<00:00:36.450> by<00:00:36.690> accident<00:00:36.890> especially 00:00:37.880 --> 00:00:37.890 align:start position:0% a cost that thing by accident especially 00:00:37.890 --> 00:00:41.240 align:start position:0% a cost that thing by accident especially the<00:00:38.489> ICO<00:00:38.820> that's<00:00:39.540> why<00:00:39.660> I<00:00:39.690> feel<00:00:40.079> obligated<00:00:40.469> now 00:00:41.240 --> 00:00:41.250 align:start position:0% the ICO that's why I feel obligated now 00:00:41.250 --> 00:00:43.250 align:start position:0% the ICO that's why I feel obligated now to<00:00:41.329> you<00:00:42.329> know<00:00:42.390> come<00:00:42.600> up<00:00:42.719> with<00:00:42.870> something 00:00:43.250 --> 00:00:43.260 align:start position:0% to you know come up with something 00:00:43.260 --> 00:00:47.869 align:start position:0% to you know come up with something better<00:00:44.270> proof<00:00:45.270> on<00:00:45.510> on<00:00:46.170> what<00:00:46.350> we<00:00:46.530> had<00:00:46.879> already 00:00:47.869 --> 00:00:47.879 align:start position:0% better proof on on what we had already 00:00:47.879 --> 00:00:51.160 align:start position:0% better proof on on what we had already what<00:00:48.360> we<00:00:48.390> have<00:00:48.770> so<00:00:49.770> we<00:00:49.920> think<00:00:50.070> about<00:00:50.219> how<00:00:50.550> a 00:00:51.160 --> 00:00:51.170 align:start position:0% what we have so we think about how a 00:00:51.170 --> 00:00:54.680 align:start position:0% what we have so we think about how a token<00:00:52.170> work<00:00:53.129> right<00:00:53.430> tokens<00:00:53.969> are<00:00:54.120> a<00:00:54.149> simple 00:00:54.680 --> 00:00:54.690 align:start position:0% token work right tokens are a simple 00:00:54.690 --> 00:00:56.990 align:start position:0% token work right tokens are a simple smart<00:00:54.960> contract<00:00:55.530> with<00:00:56.070> an<00:00:56.190> account<00:00:56.489> balance 00:00:56.990 --> 00:00:57.000 align:start position:0% smart contract with an account balance 00:00:57.000 --> 00:00:59.360 align:start position:0% smart contract with an account balance in<00:00:57.480> it<00:00:57.719> and<00:00:58.199> you<00:00:58.500> simply<00:00:58.680> ask<00:00:58.949> the<00:00:59.129> smart 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align:start position:0% so this is how tokens work which is also 00:01:12.030 --> 00:01:14.539 align:start position:0% so this is how tokens work which is also for<00:01:12.420> many<00:01:12.570> people<00:01:12.990> outside<00:01:13.770> of<00:01:14.070> the<00:01:14.369> same 00:01:14.539 --> 00:01:14.549 align:start position:0% for many people outside of the same 00:01:14.549 --> 00:01:16.340 align:start position:0% for many people outside of the same ecosystem<00:01:14.700> in<00:01:15.210> mystery<00:01:15.600> by<00:01:15.780> the<00:01:15.840> way<00:01:15.990> you<00:01:16.200> know 00:01:16.340 --> 00:01:16.350 align:start position:0% ecosystem in mystery by the way you know 00:01:16.350 --> 00:01:19.310 align:start position:0% ecosystem in mystery by the way you know like<00:01:16.710> things<00:01:17.310> are<00:01:17.580> very<00:01:17.880> mixed<00:01:18.090> up<00:01:18.390> here<00:01:18.780> with 00:01:19.310 --> 00:01:19.320 align:start position:0% like things are very mixed up here with 00:01:19.320 --> 00:01:20.780 align:start position:0% like things are very mixed up here with terminologies<00:01:20.040> and<00:01:20.369> what<00:01:20.580> is<00:01:20.759> a 00:01:20.780 --> 00:01:20.790 align:start position:0% terminologies and what is a 00:01:20.790 --> 00:01:22.850 align:start position:0% terminologies and what is a cryptocurrency<00:01:21.090> what<00:01:21.810> is<00:01:21.930> a<00:01:21.960> token<00:01:22.259> and<00:01:22.590> and 00:01:22.850 --> 00:01:22.860 align:start position:0% cryptocurrency what is a token and and 00:01:22.860 --> 00:01:24.050 align:start position:0% cryptocurrency what is a token and and how<00:01:22.979> these<00:01:23.189> things<00:01:23.250> work 00:01:24.050 --> 00:01:24.060 align:start position:0% how these things work 00:01:24.060 --> 00:01:27.410 align:start position:0% how these things work so<00:01:24.659> yeah<00:01:25.140> the<00:01:25.380> basic<00:01:25.920> with<00:01:26.580> tokens<00:01:27.240> and 00:01:27.410 --> 00:01:27.420 align:start position:0% so yeah the basic with tokens and 00:01:27.420 --> 00:01:30.770 align:start position:0% so yeah the basic with tokens and aetherium<00:01:28.100> you'll<00:01:29.100> see<00:01:29.250> 20<00:01:29.640> tokens<00:01:30.090> there<00:01:30.540> are 00:01:30.770 --> 00:01:30.780 align:start position:0% aetherium you'll see 20 tokens there are 00:01:30.780 --> 00:01:33.020 align:start position:0% aetherium you'll see 20 tokens there are in<00:01:30.990> smart<00:01:31.229> contract<00:01:31.740> and<00:01:32.009> they<00:01:32.460> have<00:01:32.729> an 00:01:33.020 --> 00:01:33.030 align:start position:0% in smart contract and they have an 00:01:33.030 --> 00:01:36.590 align:start position:0% in smart contract and they have an internal<00:01:33.659> account<00:01:34.049> balance<00:01:34.439> list<00:01:35.360> the<00:01:36.360> great 00:01:36.590 --> 00:01:36.600 align:start position:0% internal account balance list the great 00:01:36.600 --> 00:01:38.450 align:start position:0% internal account balance list the great thing<00:01:36.840> with<00:01:36.990> this<00:01:37.200> is<00:01:37.259> and<00:01:37.710> that<00:01:38.009> really<00:01:38.250> what 00:01:38.450 --> 00:01:38.460 align:start position:0% thing with this is and that really what 00:01:38.460 --> 00:01:41.990 align:start position:0% thing with this is and that really what led<00:01:38.640> to<00:01:38.700> the<00:01:39.090> ICO<00:01:39.600> boom<00:01:40.020> is<00:01:40.380> that<00:01:41.159> this<00:01:41.670> smart 00:01:41.990 --> 00:01:42.000 align:start position:0% led to the ICO boom is that this smart 00:01:42.000 --> 00:01:43.429 align:start position:0% led to the ICO boom is that this smart contract<00:01:42.420> can<00:01:42.659> talk<00:01:42.869> to<00:01:42.990> other<00:01:43.079> smart 00:01:43.429 --> 00:01:43.439 align:start position:0% contract can talk to other smart 00:01:43.439 --> 00:01:46.130 align:start position:0% contract can talk to other smart contracts<00:01:43.950> or<00:01:44.420> another<00:01:45.420> smart<00:01:45.689> gonna<00:01:45.840> con 00:01:46.130 --> 00:01:46.140 align:start position:0% contracts or another smart gonna con 00:01:46.140 --> 00:01:47.780 align:start position:0% contracts or another smart gonna con talk<00:01:46.320> to<00:01:46.470> this<00:01:46.590> token<00:01:46.920> smart<00:01:47.159> contract<00:01:47.549> and 00:01:47.780 --> 00:01:47.790 align:start position:0% talk to this token smart contract and 00:01:47.790 --> 00:01:49.969 align:start position:0% talk to this token smart contract and really<00:01:48.630> this<00:01:48.840> is<00:01:48.990> on<00:01:49.110> the<00:01:49.229> end<00:01:49.350> what<00:01:49.530> made<00:01:49.770> i 00:01:49.969 --> 00:01:49.979 align:start position:0% really this is on the end what made i 00:01:49.979 --> 00:01:54.260 align:start position:0% really this is on the end what made i ciose<00:01:50.399> a<00:01:51.470> thing<00:01:52.470> really<00:01:53.100> because<00:01:53.640> we<00:01:53.939> had<00:01:54.119> an 00:01:54.260 --> 00:01:54.270 align:start position:0% ciose a thing really because we had an 00:01:54.270 --> 00:01:57.080 align:start position:0% ciose a thing really because we had an automated<00:01:54.960> way<00:01:55.229> of<00:01:55.439> how<00:01:55.590> we<00:01:55.649> can<00:01:56.090> receive 00:01:57.080 --> 00:01:57.090 align:start position:0% automated way of how we can receive 00:01:57.090 --> 00:02:00.139 align:start position:0% automated way of how we can receive funds<00:01:57.450> and<00:01:57.840> allocate<00:01:58.560> ownership<00:01:59.219> in<00:01:59.790> the<00:02:00.000> same 00:02:00.139 --> 00:02:00.149 align:start position:0% funds and allocate ownership in the same 00:02:00.149 --> 00:02:03.230 align:start position:0% funds and allocate ownership in the same process<00:02:00.689> and<00:02:01.070> that<00:02:02.070> could<00:02:02.310> be<00:02:02.460> as<00:02:02.610> simple<00:02:02.820> as 00:02:03.230 --> 00:02:03.240 align:start position:0% process and that could be as simple as 00:02:03.240 --> 00:02:06.639 align:start position:0% process and that could be as simple as one<00:02:03.570> transaction<00:02:04.369> and<00:02:05.369> that<00:02:05.549> really<00:02:05.850> what<00:02:06.360> led 00:02:06.639 --> 00:02:06.649 align:start position:0% one transaction and that really what led 00:02:06.649 --> 00:02:11.059 align:start position:0% one transaction and that really what led people<00:02:07.649> to<00:02:07.890> make<00:02:08.099> icos<00:02:09.030> and<00:02:09.509> in<00:02:09.780> 2017<00:02:10.709> a<00:02:10.739> lot<00:02:10.950> of 00:02:11.059 --> 00:02:11.069 align:start position:0% people to make icos and in 2017 a lot of 00:02:11.069 --> 00:02:13.610 align:start position:0% people to make icos and in 2017 a lot of projects<00:02:11.580> who<00:02:12.420> are<00:02:12.540> not<00:02:12.720> necessarily<00:02:12.840> any 00:02:13.610 --> 00:02:13.620 align:start position:0% projects who are not necessarily any 00:02:13.620 --> 00:02:18.920 align:start position:0% projects who are not necessarily any more<00:02:14.840> decentralized<00:02:15.950> let's<00:02:16.950> say<00:02:17.659> for<00:02:18.659> better 00:02:18.920 --> 00:02:18.930 align:start position:0% more decentralized let's say for better 00:02:18.930 --> 00:02:21.320 align:start position:0% more decentralized let's say for better for<00:02:19.170> worse<00:02:19.230> but<00:02:19.830> it<00:02:20.549> also<00:02:20.730> made<00:02:21.000> a<00:02:21.030> lot<00:02:21.209> of 00:02:21.320 --> 00:02:21.330 align:start position:0% for worse but it also made a lot of 00:02:21.330 --> 00:02:23.479 align:start position:0% for worse but it also made a lot of people<00:02:21.629> think<00:02:21.900> now<00:02:22.110> about<00:02:22.140> toka<00:02:22.860> economics 00:02:23.479 --> 00:02:23.489 align:start position:0% people think now about toka economics 00:02:23.489 --> 00:02:26.270 align:start position:0% people think now about toka economics you<00:02:24.150> know<00:02:24.269> we<00:02:24.420> have<00:02:24.569> now<00:02:24.750> academia<00:02:25.590> token 00:02:26.270 --> 00:02:26.280 align:start position:0% you know we have now academia token 00:02:26.280 --> 00:02:28.130 align:start position:0% you know we have now academia token engineering<00:02:26.970> there<00:02:27.269> we<00:02:27.330> have<00:02:27.420> a<00:02:27.450> new<00:02:27.659> field<00:02:28.019> of 00:02:28.130 --> 00:02:28.140 align:start position:0% engineering there we have a new field of 00:02:28.140 --> 00:02:31.250 align:start position:0% engineering there we have a new field of research<00:02:28.489> and<00:02:29.489> all<00:02:29.640> of<00:02:29.790> those<00:02:29.909> things<00:02:30.299> and<00:02:31.200> we 00:02:31.250 --> 00:02:31.260 align:start position:0% research and all of those things and we 00:02:31.260 --> 00:02:33.559 align:start position:0% research and all of those things and we also<00:02:31.739> have<00:02:31.950> a<00:02:31.980> complete<00:02:32.370> you<00:02:32.549> know<00:02:32.670> business 00:02:33.559 --> 00:02:33.569 align:start position:0% also have a complete you know business 00:02:33.569 --> 00:02:36.649 align:start position:0% also have a complete you know business world<00:02:33.900> of<00:02:34.190> IC<00:02:35.190> or<00:02:35.340> food<00:02:35.610> service<00:02:35.879> agencies<00:02:36.629> and 00:02:36.649 --> 00:02:36.659 align:start position:0% world of IC or food service agencies and 00:02:36.659 --> 00:02:38.539 align:start position:0% world of IC or food service agencies and all<00:02:37.019> of<00:02:37.170> these<00:02:37.290> things<00:02:37.590> so<00:02:37.829> a<00:02:37.860> lot<00:02:38.190> of<00:02:38.310> things 00:02:38.539 --> 00:02:38.549 align:start position:0% all of these things so a lot of things 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problem with the I SEOs is<00:02:53.840> did<00:02:54.840> you<00:02:54.959> know<00:02:55.079> a<00:02:55.290> lot<00:02:55.560> of<00:02:55.680> people 00:02:55.910 --> 00:02:55.920 align:start position:0% is did you know a lot of people 00:02:55.920 --> 00:02:57.650 align:start position:0% is did you know a lot of people collected<00:02:56.250> a<00:02:56.280> lot<00:02:56.400> of<00:02:56.459> money<00:02:56.519> and<00:02:57.390> they<00:02:57.569> were 00:02:57.650 --> 00:02:57.660 align:start position:0% collected a lot of money and they were 00:02:57.660 --> 00:02:59.539 align:start position:0% collected a lot of money and they were very<00:02:57.989> happy<00:02:58.349> after<00:02:58.739> they<00:02:59.099> collected<00:02:59.489> the 00:02:59.539 --> 00:02:59.549 align:start position:0% very happy after they collected the 00:02:59.549 --> 00:03:02.539 align:start position:0% very happy after they collected the money<00:02:59.640> and<00:03:00.450> after<00:03:00.870> they<00:03:00.989> thought<00:03:01.319> okay<00:03:01.549> what 00:03:02.539 --> 00:03:02.549 align:start position:0% money and after they thought okay what 00:03:02.549 --> 00:03:04.729 align:start position:0% money and after they thought okay what exactly<00:03:02.670> are<00:03:03.209> the<00:03:03.390> economy<00:03:03.900> what<00:03:04.470> is<00:03:04.620> the 00:03:04.729 --> 00:03:04.739 align:start position:0% exactly are the economy what is the 00:03:04.739 --> 00:03:06.289 align:start position:0% exactly are the economy what is the economic<00:03:04.829> behind<00:03:05.549> my<00:03:05.670> IC<00:03:06.150> o---- 00:03:06.289 --> 00:03:06.299 align:start position:0% economic behind my IC o---- 00:03:06.299 --> 00:03:09.920 align:start position:0% economic behind my IC o---- what<00:03:07.049> is<00:03:07.200> the<00:03:07.349> token<00:03:07.859> and<00:03:08.450> the<00:03:09.450> problem<00:03:09.780> also 00:03:09.920 --> 00:03:09.930 align:start position:0% what is the token and the problem also 00:03:09.930 --> 00:03:11.660 align:start position:0% what is the token and the problem also it<00:03:10.170> led<00:03:10.319> to<00:03:10.530> that<00:03:10.709> people<00:03:10.950> got<00:03:11.159> a<00:03:11.190> lot<00:03:11.340> of<00:03:11.489> money 00:03:11.660 --> 00:03:11.670 align:start position:0% it led to that people got a lot of money 00:03:11.670 --> 00:03:13.580 align:start position:0% it led to that people got a lot of money and<00:03:11.879> it<00:03:12.000> might<00:03:12.150> change<00:03:12.180> your<00:03:12.569> mind<00:03:12.629> of<00:03:13.049> the 00:03:13.580 --> 00:03:13.590 align:start position:0% and it might change your mind of the 00:03:13.590 --> 00:03:15.080 align:start position:0% and it might change your mind of the purpose<00:03:13.980> of<00:03:14.099> the<00:03:14.190> project<00:03:14.400> or<00:03:14.760> even<00:03:14.790> the 00:03:15.080 --> 00:03:15.090 align:start position:0% purpose of the project or even the 00:03:15.090 --> 00:03:18.800 align:start position:0% purpose of the project or even the purpose<00:03:15.359> in<00:03:15.480> life<00:03:15.690> right<00:03:15.980> like<00:03:17.180> your<00:03:18.180> Lambos 00:03:18.800 --> 00:03:18.810 align:start position:0% purpose in life right like your Lambos 00:03:18.810 --> 00:03:23.259 align:start position:0% purpose in life right like your Lambos rather<00:03:19.139> than<00:03:19.410> doing<00:03:19.829> something<00:03:20.400> useful<00:03:20.849> yeah 00:03:23.259 --> 00:03:23.269 align:start position:0% rather than doing something useful yeah 00:03:23.269 --> 00:03:25.789 align:start position:0% rather than doing something useful yeah and<00:03:24.269> that's<00:03:24.419> a<00:03:24.569> problem<00:03:24.959> so<00:03:25.169> it<00:03:25.260> cannot<00:03:25.470> create 00:03:25.789 --> 00:03:25.799 align:start position:0% and that's a problem so it cannot create 00:03:25.799 --> 00:03:27.680 align:start position:0% and that's a problem so it cannot create this<00:03:26.010> imbalance<00:03:26.549> between<00:03:26.880> investors 00:03:27.680 --> 00:03:27.690 align:start position:0% this imbalance between investors 00:03:27.690 --> 00:03:29.750 align:start position:0% this imbalance between investors especially<00:03:28.169> in<00:03:28.230> 2017<00:03:28.919> where<00:03:29.099> everybody<00:03:29.489> kind 00:03:29.750 --> 00:03:29.760 align:start position:0% especially in 2017 where everybody kind 00:03:29.760 --> 00:03:32.659 align:start position:0% especially in 2017 where everybody kind of<00:03:29.819> rushed<00:03:30.060> in<00:03:30.299> any<00:03:30.510> random<00:03:30.959> IC<00:03:31.290> o----<00:03:31.669> it 00:03:32.659 --> 00:03:32.669 align:start position:0% of rushed in any random IC o---- it 00:03:32.669 --> 00:03:34.729 align:start position:0% of rushed in any random IC o---- it created<00:03:32.970> this<00:03:33.030> imbalance<00:03:33.480> of<00:03:33.810> like<00:03:34.260> investors 00:03:34.729 --> 00:03:34.739 align:start position:0% created this imbalance of like investors 00:03:34.739 --> 00:03:36.229 align:start position:0% created this imbalance of like investors giving<00:03:35.069> money<00:03:35.220> it's<00:03:35.400> just<00:03:35.430> hoping<00:03:35.730> to<00:03:35.910> get<00:03:36.090> on 00:03:36.229 --> 00:03:36.239 align:start position:0% giving money it's just hoping to get on 00:03:36.239 --> 00:03:40.490 align:start position:0% giving money it's just hoping to get on the<00:03:36.359> next<00:03:36.569> big<00:03:36.780> train<00:03:37.730> and<00:03:38.810> the<00:03:39.810> project<00:03:40.200> is 00:03:40.490 --> 00:03:40.500 align:start position:0% the next big train and the project is 00:03:40.500 --> 00:03:43.930 align:start position:0% the next big train and the project is then<00:03:41.000> funded<00:03:42.000> and<00:03:42.299> and<00:03:42.599> really<00:03:42.959> like<00:03:43.199> you<00:03:43.650> know 00:03:43.930 --> 00:03:43.940 align:start position:0% then funded and and really like you know 00:03:43.940 --> 00:03:47.349 align:start position:0% then funded and and really like you know pivots<00:03:44.940> a<00:03:45.030> lot<00:03:45.239> in<00:03:45.720> doing<00:03:46.109> away<00:03:46.379> and<00:03:46.650> like 00:03:47.349 --> 00:03:47.359 align:start position:0% pivots a lot in doing away and like 00:03:47.359 --> 00:03:50.839 align:start position:0% pivots a lot in doing away and like sometimes<00:03:48.359> maybe<00:03:48.660> it's<00:03:48.959> nowhere<00:03:49.669> so<00:03:50.669> how<00:03:50.790> can 00:03:50.839 --> 00:03:50.849 align:start position:0% sometimes maybe it's nowhere so how can 00:03:50.849 --> 00:03:53.930 align:start position:0% sometimes maybe it's nowhere so how can we<00:03:51.060> make<00:03:51.209> this<00:03:51.419> better<00:03:52.340> how<00:03:53.340> can<00:03:53.549> we<00:03:53.669> make<00:03:53.819> this 00:03:53.930 --> 00:03:53.940 align:start position:0% we make this better how can we make this 00:03:53.940 --> 00:03:55.879 align:start position:0% we make this better how can we make this more<00:03:54.150> fair<00:03:54.510> you<00:03:54.810> know<00:03:54.930> how<00:03:55.079> can<00:03:55.230> we<00:03:55.260> build<00:03:55.590> this 00:03:55.879 --> 00:03:55.889 align:start position:0% more fair you know how can we build this 00:03:55.889 --> 00:03:59.659 align:start position:0% more fair you know how can we build this in<00:03:56.160> such<00:03:56.879> a<00:03:56.910> way<00:03:57.180> that<00:03:58.250> actually<00:03:59.250> these<00:03:59.489> things 00:03:59.659 --> 00:03:59.669 align:start position:0% in such a way that actually these things 00:03:59.669 --> 00:04:01.550 align:start position:0% in such a way that actually these things can't<00:04:00.120> happen<00:04:00.269> or<00:04:00.720> are<00:04:00.959> less<00:04:01.109> likely<00:04:01.379> to 00:04:01.550 --> 00:04:01.560 align:start position:0% can't happen or are less likely to 00:04:01.560 --> 00:04:05.240 align:start position:0% can't happen or are less likely to happen<00:04:03.650> Vitalik<00:04:04.650> had<00:04:04.769> actually<00:04:05.040> an 00:04:05.240 --> 00:04:05.250 align:start position:0% happen Vitalik had actually an 00:04:05.250 --> 00:04:07.909 align:start position:0% happen Vitalik had actually an interesting<00:04:05.730> proposal<00:04:06.199> of<00:04:07.199> the<00:04:07.260> dike<00:04:07.680> hole 00:04:07.909 --> 00:04:07.919 align:start position:0% interesting proposal of the dike hole 00:04:07.919 --> 00:04:11.960 align:start position:0% interesting proposal of the dike hole where<00:04:08.849> he<00:04:09.389> combined<00:04:09.810> a<00:04:10.370> Dow<00:04:11.370> you<00:04:11.819> know<00:04:11.940> a 00:04:11.960 --> 00:04:11.970 align:start position:0% where he combined a Dow you know a 00:04:11.970 --> 00:04:14.330 align:start position:0% where he combined a Dow you know a voting<00:04:12.449> system<00:04:12.480> of<00:04:13.079> people<00:04:13.379> with<00:04:13.889> an<00:04:14.010> IC<00:04:14.310> o---- 00:04:14.330 --> 00:04:14.340 align:start position:0% voting system of people with an IC o---- 00:04:14.340 --> 00:04:18.460 align:start position:0% voting system of people with an IC o---- and<00:04:14.819> that's<00:04:15.090> a<00:04:15.239> very<00:04:15.449> interesting<00:04:16.280> idea<00:04:17.280> and 00:04:18.460 --> 00:04:18.470 align:start position:0% and that's a very interesting idea and 00:04:18.470 --> 00:04:21.459 align:start position:0% and that's a very interesting idea and when<00:04:19.470> a<00:04:19.500> solid<00:04:19.880> sound<00:04:20.880> sounded<00:04:21.269> interesting 00:04:21.459 --> 00:04:21.469 align:start position:0% when a solid sound sounded interesting 00:04:21.469 --> 00:04:23.899 align:start position:0% when a solid sound sounded interesting and<00:04:22.469> especially<00:04:22.800> it<00:04:23.039> has<00:04:23.219> this<00:04:23.400> interesting 00:04:23.899 --> 00:04:23.909 align:start position:0% and especially it has this interesting 00:04:23.909 --> 00:04:27.409 align:start position:0% and especially it has this interesting thing<00:04:24.120> of<00:04:24.270> like<00:04:25.250> flowing<00:04:26.250> funds<00:04:26.669> over<00:04:27.000> time 00:04:27.409 --> 00:04:27.419 align:start position:0% thing of like flowing funds over time 00:04:27.419 --> 00:04:29.629 align:start position:0% thing of like flowing funds over time and<00:04:27.659> you<00:04:27.900> can<00:04:28.020> increase<00:04:28.409> the<00:04:28.710> tab<00:04:28.949> based<00:04:29.400> on<00:04:29.610> a 00:04:29.629 --> 00:04:29.639 align:start position:0% and you can increase the tab based on a 00:04:29.639 --> 00:04:32.510 align:start position:0% and you can increase the tab based on a vote<00:04:29.939> and<00:04:30.300> you<00:04:30.479> can<00:04:30.629> stop<00:04:31.020> the<00:04:31.319> flow<00:04:31.979> also 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position:0% the problem of this is that people don't 00:04:49.289 --> 00:04:52.309 align:start position:0% the problem of this is that people don't vote<00:04:49.560> as<00:04:50.490> we<00:04:50.759> have<00:04:50.849> seen<00:04:51.120> in<00:04:51.300> the<00:04:51.419> Dow<00:04:51.599> and<00:04:52.020> as 00:04:52.309 --> 00:04:52.319 align:start position:0% vote as we have seen in the Dow and as 00:04:52.319 --> 00:04:53.749 align:start position:0% vote as we have seen in the Dow and as we<00:04:52.469> have<00:04:52.560> seen<00:04:52.770> of<00:04:52.860> other<00:04:53.039> things<00:04:53.400> you<00:04:53.639> know 00:04:53.749 --> 00:04:53.759 align:start position:0% we have seen of other things you know 00:04:53.759 --> 00:04:55.939 align:start position:0% we have seen of other things you know like<00:04:54.419> people<00:04:54.599> don't<00:04:54.840> read<00:04:55.050> either<00:04:55.349> you<00:04:55.770> know 00:04:55.939 --> 00:04:55.949 align:start position:0% like people don't read either you know 00:04:55.949 --> 00:04:58.730 align:start position:0% like people don't read either you know they<00:04:56.460> also<00:04:56.610> don't<00:04:56.909> vote<00:04:57.379> even<00:04:58.379> if<00:04:58.499> you<00:04:58.590> give 00:04:58.730 --> 00:04:58.740 align:start position:0% they also don't vote even if you give 00:04:58.740 --> 00:05:02.480 align:start position:0% they also don't vote even if you give them<00:04:58.949> a<00:04:58.979> lot<00:04:59.189> of<00:04:59.249> good<00:04:59.400> interfaces<00:05:01.340> still<00:05:02.340> you 00:05:02.480 --> 00:05:02.490 align:start position:0% them a lot of good interfaces still you 00:05:02.490 --> 00:05:05.149 align:start position:0% them a lot of good interfaces still you know<00:05:02.580> this<00:05:02.759> hurdle<00:05:03.180> of<00:05:03.330> you<00:05:03.569> know<00:05:03.689> like<00:05:04.159> doing 00:05:05.149 --> 00:05:05.159 align:start position:0% know this hurdle of you know like doing 00:05:05.159 --> 00:05:07.820 align:start position:0% know this hurdle of you know like doing the<00:05:05.400> action<00:05:05.819> and<00:05:06.060> if<00:05:06.180> it's<00:05:06.300> not<00:05:06.419> really<00:05:06.830> super 00:05:07.820 --> 00:05:07.830 align:start position:0% the action and if it's not really super 00:05:07.830 --> 00:05:10.159 align:start position:0% the action and if it's not really super important<00:05:08.520> then<00:05:08.819> you<00:05:09.120> get<00:05:09.449> probably<00:05:09.719> like<00:05:10.050> you 00:05:10.159 --> 00:05:10.169 align:start position:0% important then you get probably like you 00:05:10.169 --> 00:05:14.839 align:start position:0% important then you get probably like you ten<00:05:10.560> percent<00:05:10.949> of<00:05:11.189> voters<00:05:12.949> so<00:05:13.949> how<00:05:14.550> can<00:05:14.610> we<00:05:14.819> make 00:05:14.839 --> 00:05:14.849 align:start position:0% ten percent of voters so how can we make 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the 00:05:23.580 --> 00:05:26.329 align:start position:0% time and so on and I came up with the RICO<00:05:23.939> concept<00:05:24.479> which<00:05:25.379> I<00:05:25.499> later<00:05:25.680> found<00:05:25.740> out<00:05:26.099> as 00:05:26.329 --> 00:05:26.339 align:start position:0% RICO concept which I later found out as 00:05:26.339 --> 00:05:27.649 align:start position:0% RICO concept which I later found out as the<00:05:26.610> record<00:05:26.939> here<00:05:27.210> and<00:05:27.360> criminal 00:05:27.649 --> 00:05:27.659 align:start position:0% the record here and criminal 00:05:27.659 --> 00:05:34.399 align:start position:0% the record here and criminal organizations<00:05:27.689> act<00:05:31.969> but<00:05:32.969> you<00:05:33.360> know<00:05:33.449> the<00:05:34.259> whole 00:05:34.399 --> 00:05:34.409 align:start position:0% organizations act but you know the whole 00:05:34.409 --> 00:05:36.110 align:start position:0% organizations act but you know the whole world<00:05:34.620> is<00:05:34.680> not<00:05:34.770> American<00:05:35.279> so<00:05:35.400> that's<00:05:35.580> fine<00:05:35.819> I 00:05:36.110 --> 00:05:36.120 align:start position:0% world is not American so that's fine I 00:05:36.120 --> 00:05:39.159 align:start position:0% world is not American so that's fine I guess 00:05:39.159 --> 00:05:39.169 align:start position:0% 00:05:39.169 --> 00:05:43.279 align:start position:0% well<00:05:40.169> you<00:05:40.319> know<00:05:40.409> I<00:05:41.370> think<00:05:42.000> it's<00:05:42.569> great<00:05:42.870> because 00:05:43.279 --> 00:05:43.289 align:start position:0% well you know I think it's great because 00:05:43.289 --> 00:05:44.269 align:start position:0% well you know I think it's great because we<00:05:43.469> cause<00:05:43.770> short 00:05:44.269 --> 00:05:44.279 align:start position:0% we cause short 00:05:44.279 --> 00:05:48.369 align:start position:0% we cause short rico<00:05:44.939> means<00:05:45.330> tasty<00:05:45.810> in<00:05:45.870> spanish<00:05:46.379> and 00:05:48.369 --> 00:05:48.379 align:start position:0% rico means tasty in spanish and 00:05:48.379 --> 00:05:50.360 align:start position:0% rico means tasty in spanish and reversible<00:05:49.379> you<00:05:49.680> know<00:05:49.800> you<00:05:49.889> just<00:05:50.129> add 00:05:50.360 --> 00:05:50.370 align:start position:0% reversible you know you just add 00:05:50.370 --> 00:05:54.019 align:start position:0% reversible you know you just add something<00:05:50.669> in<00:05:50.879> front<00:05:51.060> of<00:05:51.180> the<00:05:51.330> ico<00:05:51.629> so<00:05:52.909> so<00:05:53.909> the 00:05:54.019 --> 00:05:54.029 align:start position:0% something in front of the ico so so the 00:05:54.029 --> 00:05:58.369 align:start position:0% something in front of the ico so so the rico<00:05:54.300> concept<00:05:55.310> is<00:05:56.310> basically<00:05:56.639> exactly<00:05:57.149> in<00:05:58.020> the 00:05:58.369 --> 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on any kind of voting 00:06:06.509 --> 00:06:08.659 align:start position:0% milestones and on any kind of voting inside<00:06:07.199> the<00:06:07.289> community<00:06:07.649> funds<00:06:08.069> flat<00:06:08.399> flow 00:06:08.659 --> 00:06:08.669 align:start position:0% inside the community funds flat flow 00:06:08.669 --> 00:06:10.790 align:start position:0% inside the community funds flat flow over<00:06:08.939> time<00:06:09.240> and<00:06:09.750> the<00:06:09.930> most<00:06:10.080> important<00:06:10.620> thing 00:06:10.790 --> 00:06:10.800 align:start position:0% over time and the most important thing 00:06:10.800 --> 00:06:14.209 align:start position:0% over time and the most important thing is<00:06:11.509> everybody<00:06:12.509> can<00:06:12.810> choose<00:06:13.199> at<00:06:13.439> any<00:06:13.589> point<00:06:14.069> in 00:06:14.209 --> 00:06:14.219 align:start position:0% is everybody can choose at any point in 00:06:14.219 --> 00:06:15.439 align:start position:0% is everybody can choose at any point in time<00:06:14.250> if<00:06:14.639> it<00:06:14.759> doesn't<00:06:14.789> believe<00:06:15.210> in<00:06:15.360> the 00:06:15.439 --> 00:06:15.449 align:start position:0% time if it doesn't believe in the 00:06:15.449 --> 00:06:17.119 align:start position:0% time if it doesn't believe in the project<00:06:15.599> anymore<00:06:16.020> and<00:06:16.560> i<00:06:16.800> think<00:06:16.979> this<00:06:17.069> is 00:06:17.119 --> 00:06:17.129 align:start position:0% project anymore and i think this is 00:06:17.129 --> 00:06:18.950 align:start position:0% project anymore and i think this is really<00:06:17.460> the<00:06:17.639> most<00:06:17.819> crucial<00:06:18.089> part<00:06:18.509> of<00:06:18.719> that 00:06:18.950 --> 00:06:18.960 align:start position:0% really the most crucial part of that 00:06:18.960 --> 00:06:21.409 align:start position:0% really the most crucial part of that concept<00:06:19.439> and<00:06:19.979> why<00:06:20.370> i<00:06:20.399> think<00:06:20.550> it<00:06:20.849> will<00:06:20.939> succeed 00:06:21.409 --> 00:06:21.419 align:start position:0% concept and why i think it will succeed 00:06:21.419 --> 00:06:22.999 align:start position:0% concept and why i think it will succeed is<00:06:21.689> because<00:06:22.050> the<00:06:22.199> power<00:06:22.439> lies<00:06:22.740> within 00:06:22.999 --> 00:06:23.009 align:start position:0% is because the power lies within 00:06:23.009 --> 00:06:25.790 align:start position:0% is because the power lies within everybody<00:06:23.849> themselves<00:06:24.719> without<00:06:25.409> that<00:06:25.710> they 00:06:25.790 --> 00:06:25.800 align:start position:0% everybody themselves without that they 00:06:25.800 --> 00:06:27.350 align:start position:0% everybody themselves without that they have<00:06:25.919> to<00:06:26.039> agree<00:06:26.279> with<00:06:26.310> you<00:06:26.759> know<00:06:26.849> that<00:06:27.060> peers 00:06:27.350 --> 00:06:27.360 align:start position:0% have to agree with you know that peers 00:06:27.360 --> 00:06:31.579 align:start position:0% have to agree with you know that peers or<00:06:27.599> a<00:06:27.629> bunch<00:06:28.620> of<00:06:28.740> strangers<00:06:29.899> if<00:06:30.899> like<00:06:31.229> this<00:06:31.409> is 00:06:31.579 --> 00:06:31.589 align:start position:0% or a bunch of strangers if like this is 00:06:31.589 --> 00:06:34.309 align:start position:0% or a bunch of strangers if like this is a<00:06:31.620> good<00:06:31.830> idea<00:06:32.039> now<00:06:32.189> or<00:06:32.370> not<00:06:32.899> because<00:06:33.899> agreement 00:06:34.309 --> 00:06:34.319 align:start position:0% a good idea now or not because agreement 00:06:34.319 --> 00:06:36.050 align:start position:0% a good idea now or not because agreement you<00:06:34.409> know<00:06:34.500> that's<00:06:34.740> like<00:06:34.919> almost<00:06:35.519> the<00:06:35.879> most 00:06:36.050 --> 00:06:36.060 align:start position:0% you know that's like almost the most 00:06:36.060 --> 00:06:39.019 align:start position:0% you know that's like almost the most difficult<00:06:36.479> thing<00:06:36.659> most<00:06:37.500> of<00:06:37.649> the<00:06:37.709> time<00:06:37.919> in<00:06:38.879> a 00:06:39.019 --> 00:06:39.029 align:start position:0% difficult thing most of the time in a 00:06:39.029 --> 00:06:40.610 align:start position:0% difficult thing most of the time in a very<00:06:39.149> loose<00:06:39.389> community 00:06:40.610 --> 00:06:40.620 align:start position:0% very loose community 00:06:40.620 --> 00:06:43.280 align:start position:0% very loose community so<00:06:41.310> in<00:06:41.610> this<00:06:41.790> idea<00:06:42.120> everybody<00:06:42.540> can<00:06:42.990> really 00:06:43.280 --> 00:06:43.290 align:start position:0% so in this idea everybody can really 00:06:43.290 --> 00:06:46.310 align:start position:0% so in this idea everybody can really just<00:06:43.620> stop<00:06:43.950> his<00:06:44.910> committed<00:06:45.480> funds<00:06:45.750> from 00:06:46.310 --> 00:06:46.320 align:start position:0% just stop his committed funds from 00:06:46.320 --> 00:06:48.230 align:start position:0% just stop his committed funds from flowing<00:06:46.560> to<00:06:46.680> the<00:06:46.860> project<00:06:47.250> this<00:06:47.550> could<00:06:47.850> be<00:06:48.030> an 00:06:48.230 --> 00:06:48.240 align:start position:0% flowing to the project this could be an 00:06:48.240 --> 00:06:49.970 align:start position:0% flowing to the project this could be an hour<00:06:48.360> like<00:06:48.600> that<00:06:48.660> the<00:06:49.050> project<00:06:49.620> turned<00:06:49.800> out 00:06:49.970 --> 00:06:49.980 align:start position:0% hour like that the project turned out 00:06:49.980 --> 00:06:52.670 align:start position:0% hour like that the project turned out not<00:06:50.160> to<00:06:50.340> be<00:06:50.370> as<00:06:50.640> good<00:06:50.880> as<00:06:51.060> you<00:06:51.360> thought<00:06:51.600> or<00:06:52.140> you 00:06:52.670 --> 00:06:52.680 align:start position:0% not to be as good as you thought or you 00:06:52.680 --> 00:06:55.490 align:start position:0% not to be as good as you thought or you actually<00:06:53.480> sent<00:06:54.480> your<00:06:54.630> funds<00:06:54.870> and<00:06:55.170> then<00:06:55.380> you 00:06:55.490 --> 00:06:55.500 align:start position:0% actually sent your funds and then you 00:06:55.500 --> 00:06:57.560 align:start position:0% actually sent your funds and then you started<00:06:56.460> scrolling<00:06:56.730> down<00:06:56.970> the<00:06:57.120> website<00:06:57.450> and 00:06:57.560 --> 00:06:57.570 align:start position:0% started scrolling down the website and 00:06:57.570 --> 00:06:59.180 align:start position:0% started scrolling down the website and realized<00:06:57.990> oh<00:06:58.200> that<00:06:58.560> is<00:06:58.710> a<00:06:58.740> very<00:06:58.980> different 00:06:59.180 --> 00:06:59.190 align:start position:0% realized oh that is a very different 00:06:59.190 --> 00:07:00.290 align:start position:0% realized oh that is a very different thing<00:06:59.340> than<00:06:59.460> what<00:06:59.670> I<00:06:59.700> thought<00:06:59.940> you<00:07:00.240> know 00:07:00.290 --> 00:07:00.300 align:start position:0% thing than what I thought you know 00:07:00.300 --> 00:07:03.110 align:start position:0% thing than what I thought you know especially<00:07:01.290> in<00:07:01.650> the<00:07:01.740> formal<00:07:02.130> times<00:07:02.400> we<00:07:02.790> kind 00:07:03.110 --> 00:07:03.120 align:start position:0% especially in the formal times we kind 00:07:03.120 --> 00:07:04.730 align:start position:0% especially in the formal times we kind of<00:07:03.270> had<00:07:03.450> that<00:07:03.600> situation<00:07:03.780> probably<00:07:04.260> a<00:07:04.410> lot<00:07:04.590> of 00:07:04.730 --> 00:07:04.740 align:start position:0% of had that situation probably a lot of 00:07:04.740 --> 00:07:08.870 align:start position:0% of had that situation probably a lot of it<00:07:06.020> so<00:07:07.020> you<00:07:07.080> always<00:07:07.320> are<00:07:07.590> in<00:07:07.620> control<00:07:08.010> of<00:07:08.370> if 00:07:08.870 --> 00:07:08.880 align:start position:0% it so you always are in control of if 00:07:08.880 --> 00:07:10.490 align:start position:0% it so you always are in control of if you<00:07:09.000> really<00:07:09.300> support<00:07:09.660> the<00:07:09.720> project<00:07:10.200> and<00:07:10.320> this 00:07:10.490 --> 00:07:10.500 align:start position:0% you really support the project and this 00:07:10.500 --> 00:07:13.280 align:start position:0% you really support the project and this makes<00:07:10.800> on<00:07:11.520> the<00:07:11.580> end<00:07:11.940> the<00:07:12.690> people<00:07:12.900> really 00:07:13.280 --> 00:07:13.290 align:start position:0% makes on the end the people really 00:07:13.290 --> 00:07:14.900 align:start position:0% makes on the end the people really believe<00:07:13.590> in<00:07:13.710> the<00:07:13.770> project<00:07:13.950> stay<00:07:14.490> in<00:07:14.760> the 00:07:14.900 --> 00:07:14.910 align:start position:0% believe in the project stay in the 00:07:14.910 --> 00:07:16.550 align:start position:0% believe in the project stay in the project<00:07:15.330> and<00:07:15.510> everybody<00:07:15.870> else<00:07:16.050> you<00:07:16.170> know<00:07:16.260> can 00:07:16.550 --> 00:07:16.560 align:start position:0% project and everybody else you know can 00:07:16.560 --> 00:07:18.230 align:start position:0% project and everybody else you know can leave<00:07:16.740> early<00:07:16.920> and<00:07:17.220> somebody<00:07:17.790> else<00:07:17.910> can<00:07:18.060> come 00:07:18.230 --> 00:07:18.240 align:start position:0% leave early and somebody else can come 00:07:18.240 --> 00:07:20.300 align:start position:0% leave early and somebody else can come in<00:07:18.390> and<00:07:18.600> if<00:07:19.470> you<00:07:19.620> still<00:07:19.980> believe<00:07:20.010> in<00:07:20.250> the 00:07:20.300 --> 00:07:20.310 align:start position:0% in and if you still believe in the 00:07:20.310 --> 00:07:23.060 align:start position:0% in and if you still believe in the project<00:07:20.460> so<00:07:21.420> this<00:07:21.630> this<00:07:21.930> I<00:07:21.990> this<00:07:22.440> principle<00:07:22.950> is 00:07:23.060 --> 00:07:23.070 align:start position:0% project so this this I this principle is 00:07:23.070 --> 00:07:27.590 align:start position:0% project so this this I this principle is like<00:07:23.870> based<00:07:24.870> in<00:07:25.110> three<00:07:25.350> phases<00:07:26.270> it<00:07:27.270> can<00:07:27.480> be 00:07:27.590 --> 00:07:27.600 align:start position:0% like based in three phases it can be 00:07:27.600 --> 00:07:31.010 align:start position:0% like based in three phases it can be actually<00:07:27.750> only<00:07:28.110> one<00:07:28.410> phase<00:07:28.650> really<00:07:29.010> but<00:07:29.190> I<00:07:30.020> put 00:07:31.010 --> 00:07:31.020 align:start position:0% actually only one phase really but I put 00:07:31.020 --> 00:07:32.900 align:start position:0% actually only one phase really but I put it<00:07:31.110> in<00:07:31.200> three<00:07:31.410> phases<00:07:31.680> or<00:07:32.100> in<00:07:32.220> two<00:07:32.640> phases 00:07:32.900 --> 00:07:32.910 align:start position:0% it in three phases or in two phases 00:07:32.910 --> 00:07:36.050 align:start position:0% it in three phases or in two phases mainly<00:07:33.420> in<00:07:33.750> different<00:07:34.500> stages<00:07:34.950> so<00:07:35.850> this<00:07:36.000> is 00:07:36.050 --> 00:07:36.060 align:start position:0% mainly in different stages so this is 00:07:36.060 --> 00:07:37.820 align:start position:0% mainly in different stages so this is the<00:07:36.120> allocation<00:07:36.510> phase<00:07:36.900> the<00:07:37.200> allocation<00:07:37.710> face 00:07:37.820 --> 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they're 00:07:43.890 --> 00:07:47.060 align:start position:0% not giving it to the project yet they're committing<00:07:44.430> funds<00:07:44.940> to<00:07:45.210> the<00:07:45.300> project<00:07:45.750> and<00:07:46.500> this 00:07:47.060 --> 00:07:47.070 align:start position:0% committing funds to the project and this 00:07:47.070 --> 00:07:48.890 align:start position:0% committing funds to the project and this point<00:07:47.370> in<00:07:47.490> time<00:07:47.670> you<00:07:48.060> know<00:07:48.180> let's<00:07:48.420> say<00:07:48.600> let's 00:07:48.890 --> 00:07:48.900 align:start position:0% point in time you know let's say let's 00:07:48.900 --> 00:07:50.780 align:start position:0% point in time you know let's say let's say<00:07:49.050> it's<00:07:49.230> twenty<00:07:49.680> days 00:07:50.780 --> 00:07:50.790 align:start position:0% say it's twenty days 00:07:50.790 --> 00:07:53.420 align:start position:0% say it's twenty days pay<00:07:51.120> so<00:07:51.180> you<00:07:51.540> can<00:07:51.780> commit<00:07:52.050> your<00:07:52.200> funds<00:07:52.440> but<00:07:53.370> you 00:07:53.420 --> 00:07:53.430 align:start position:0% pay so you can commit your funds but you 00:07:53.430 --> 00:07:55.730 align:start position:0% pay so you can commit your funds but you can<00:07:53.550> always<00:07:53.790> send<00:07:54.570> back<00:07:54.780> your<00:07:54.810> tokens<00:07:55.320> reverse 00:07:55.730 --> 00:07:55.740 align:start position:0% can always send back your tokens reverse 00:07:55.740 --> 00:07:57.650 align:start position:0% can always send back your tokens reverse your<00:07:56.100> commitment<00:07:56.550> basically<00:07:56.910> always<00:07:57.150> get<00:07:57.330> go 00:07:57.650 --> 00:07:57.660 align:start position:0% your commitment basically always get go 00:07:57.660 --> 00:08:00.110 align:start position:0% your commitment basically always get go out<00:07:57.810> with<00:07:58.050> like<00:07:58.230> zero<00:07:58.560> risk<00:07:58.800> except<00:07:59.790> your<00:07:59.910> gas 00:08:00.110 --> 00:08:00.120 align:start position:0% out with like zero risk except your gas 00:08:00.120 --> 00:08:03.950 align:start position:0% out with like zero risk except your gas cost<00:08:00.480> right<00:08:01.020> risk<00:08:01.940> and<00:08:02.940> probably<00:08:03.480> had<00:08:03.600> to<00:08:03.720> fill 00:08:03.950 --> 00:08:03.960 align:start position:0% cost right risk and probably had to fill 00:08:03.960 --> 00:08:06.380 align:start position:0% cost right risk and probably had to fill out<00:08:04.080> some<00:08:04.200> kyc<00:08:04.770> and<00:08:05.190> upload<00:08:05.670> some<00:08:05.820> documents 00:08:06.380 --> 00:08:06.390 align:start position:0% out some kyc and upload some documents 00:08:06.390 --> 00:08:09.020 align:start position:0% out some kyc and upload some documents which<00:08:07.200> we<00:08:07.320> hopefully<00:08:07.530> solve<00:08:07.950> of<00:08:08.130> identity<00:08:08.760> and 00:08:09.020 --> 00:08:09.030 align:start position:0% which we hopefully solve of identity and 00:08:09.030 --> 00:08:11.330 align:start position:0% which we hopefully solve of identity and an<00:08:09.300> automation<00:08:09.780> to<00:08:10.050> so<00:08:10.740> we're<00:08:10.860> back<00:08:11.070> to<00:08:11.250> the 00:08:11.330 --> 00:08:11.340 align:start position:0% an automation to so we're back to the 00:08:11.340 --> 00:08:15.080 align:start position:0% an automation to so we're back to the one<00:08:11.490> transaction<00:08:12.470> participation<00:08:13.970> so<00:08:14.970> this 00:08:15.080 --> 00:08:15.090 align:start position:0% one transaction participation so this 00:08:15.090 --> 00:08:16.670 align:start position:0% one transaction participation so this the<00:08:15.180> allocation<00:08:15.660> phase<00:08:15.840> people<00:08:16.020> participate 00:08:16.670 --> 00:08:16.680 align:start position:0% the allocation phase people participate 00:08:16.680 --> 00:08:20.120 align:start position:0% the allocation phase people participate by<00:08:17.030> sending<00:08:18.030> or<00:08:18.270> committing<00:08:18.810> funds<00:08:19.130> locking 00:08:20.120 --> 00:08:20.130 align:start position:0% by sending or committing funds locking 00:08:20.130 --> 00:08:23.360 align:start position:0% by sending or committing funds locking them<00:08:20.280> in<00:08:20.430> a<00:08:20.520> smart<00:08:20.850> contract<00:08:22.010> and<00:08:23.010> then 00:08:23.360 --> 00:08:23.370 align:start position:0% them in a smart contract and then 00:08:23.370 --> 00:08:24.770 align:start position:0% them in a smart contract and then there's<00:08:23.550> the<00:08:23.670> distribution<00:08:24.270> phase<00:08:24.420> and<00:08:24.720> this 00:08:24.770 --> 00:08:24.780 align:start position:0% there's the distribution phase and this 00:08:24.780 --> 00:08:26.690 align:start position:0% there's the distribution phase and this is<00:08:24.840> the<00:08:24.960> phase<00:08:25.290> where<00:08:25.320> the<00:08:25.710> funds<00:08:26.010> flow<00:08:26.340> over 00:08:26.690 --> 00:08:26.700 align:start position:0% is the phase where the funds flow over 00:08:26.700 --> 00:08:28.790 align:start position:0% is the phase where the funds flow over time<00:08:26.970> to<00:08:27.360> the<00:08:27.390> actual<00:08:27.900> project<00:08:28.350> which<00:08:28.530> you 00:08:28.790 --> 00:08:28.800 align:start position:0% time to the actual project which you 00:08:28.800 --> 00:08:32.870 align:start position:0% time to the actual project which you know<00:08:28.920> that<00:08:28.950> the<00:08:29.610> ICO<00:08:29.940> and<00:08:31.550> the<00:08:32.550> good<00:08:32.700> thing 00:08:32.870 --> 00:08:32.880 align:start position:0% know that the ICO and the good thing 00:08:32.880 --> 00:08:35.710 align:start position:0% know that the ICO and the good thing here<00:08:33.150> is<00:08:33.300> there's<00:08:34.080> time<00:08:34.500> you<00:08:35.100> know<00:08:35.220> in<00:08:35.400> time 00:08:35.710 --> 00:08:35.720 align:start position:0% here is there's time you know in time 00:08:35.720 --> 00:08:38.360 align:start position:0% here is there's time you know in time solves<00:08:36.720> most<00:08:36.900> of<00:08:37.140> time<00:08:37.320> a<00:08:37.350> lot<00:08:37.530> of<00:08:37.590> things<00:08:37.920> and 00:08:38.360 --> 00:08:38.370 align:start position:0% solves most of time a lot of things and 00:08:38.370 --> 00:08:41.740 align:start position:0% solves most of time a lot of things and it<00:08:38.520> gets<00:08:38.670> more<00:08:38.940> clarity<00:08:39.300> along<00:08:39.690> the<00:08:39.840> way<00:08:39.960> and 00:08:41.740 --> 00:08:41.750 align:start position:0% it gets more clarity along the way and 00:08:41.750 --> 00:08:43.910 align:start position:0% it gets more clarity along the way and it's<00:08:42.750> a<00:08:42.810> rather<00:08:42.960> straightforward<00:08:43.410> thing 00:08:43.910 --> 00:08:43.920 align:start position:0% it's a rather straightforward thing 00:08:43.920 --> 00:08:46.700 align:start position:0% it's a rather straightforward thing because<00:08:44.310> you<00:08:44.460> know<00:08:44.640> how<00:08:44.940> a<00:08:44.970> long<00:08:45.270> time<00:08:45.710> you 00:08:46.700 --> 00:08:46.710 align:start position:0% because you know how a long time you 00:08:46.710 --> 00:08:48.230 align:start position:0% because you know how a long time you know<00:08:46.800> how<00:08:47.040> long<00:08:47.220> it's<00:08:47.580> like<00:08:47.640> for<00:08:47.880> example<00:08:48.150> two 00:08:48.230 --> 00:08:48.240 align:start position:0% know how long it's like for example two 00:08:48.240 --> 00:08:50.630 align:start position:0% know how long it's like for example two years<00:08:48.540> you<00:08:49.140> can<00:08:49.290> really<00:08:49.530> count<00:08:49.710> with<00:08:50.010> that<00:08:50.220> as 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the time flows in the same manner<00:08:56.450> so<00:08:57.450> in<00:08:57.600> inside<00:08:58.080> the<00:08:58.110> distribution 00:08:58.910 --> 00:08:58.920 align:start position:0% manner so in inside the distribution 00:08:58.920 --> 00:09:01.960 align:start position:0% manner so in inside the distribution phase<00:08:59.040> and<00:08:59.280> this<00:08:59.340> is<00:08:59.400> the<00:08:59.520> interesting<00:08:59.850> part 00:09:01.960 --> 00:09:01.970 align:start position:0% phase and this is the interesting part 00:09:01.970 --> 00:09:07.370 align:start position:0% phase and this is the interesting part you<00:09:02.970> are<00:09:03.090> able<00:09:03.330> to<00:09:04.490> reverse<00:09:05.490> or<00:09:05.970> your<00:09:06.570> fund 00:09:07.370 --> 00:09:07.380 align:start position:0% you are able to reverse or your fund 00:09:07.380 --> 00:09:09.200 align:start position:0% you are able to reverse or your fund funding<00:09:07.950> new<00:09:08.100> commitment<00:09:08.610> so<00:09:08.730> basically<00:09:09.000> you 00:09:09.200 --> 00:09:09.210 align:start position:0% funding new commitment so basically you 00:09:09.210 --> 00:09:10.880 align:start position:0% funding new commitment so basically you are<00:09:09.240> able<00:09:09.420> to<00:09:09.630> withdraw<00:09:09.840> the<00:09:10.410> funds<00:09:10.680> you 00:09:10.880 --> 00:09:10.890 align:start position:0% are able to withdraw the funds you 00:09:10.890 --> 00:09:13.730 align:start position:0% are able to withdraw the funds you committed<00:09:11.370> at<00:09:11.610> any<00:09:12.180> point<00:09:12.570> in<00:09:12.690> time<00:09:12.720> and<00:09:13.230> you 00:09:13.730 --> 00:09:13.740 align:start position:0% committed at any point in time and you 00:09:13.740 --> 00:09:15.290 align:start position:0% committed at any point in time and you do<00:09:13.860> this<00:09:13.980> by<00:09:14.160> simply<00:09:14.400> sending<00:09:14.970> back<00:09:15.120> your 00:09:15.290 --> 00:09:15.300 align:start position:0% do this by simply sending back your 00:09:15.300 --> 00:09:19.130 align:start position:0% do this by simply sending back your tokens<00:09:16.460> and<00:09:17.460> this<00:09:17.700> can<00:09:17.910> be<00:09:18.030> as<00:09:18.150> simple<00:09:18.390> as<00:09:18.690> dump 00:09:19.130 --> 00:09:19.140 align:start position:0% tokens and this can be as simple as dump 00:09:19.140 --> 00:09:21.200 align:start position:0% tokens and this can be as simple as dump of<00:09:19.320> any<00:09:19.470> wallet<00:09:19.770> where<00:09:20.070> I<00:09:20.100> sent<00:09:20.430> my<00:09:20.610> funds<00:09:20.880> from 00:09:21.200 --> 00:09:21.210 align:start position:0% of any wallet where I sent my funds from 00:09:21.210 --> 00:09:24.050 align:start position:0% of any wallet where I sent my funds from I<00:09:21.570> can<00:09:21.990> simply<00:09:22.350> send<00:09:22.650> my<00:09:23.010> tokens<00:09:23.550> whatever<00:09:23.940> I 00:09:24.050 --> 00:09:24.060 align:start position:0% I can simply send my tokens whatever I 00:09:24.060 --> 00:09:26.900 align:start position:0% I can simply send my tokens whatever I got<00:09:24.300> back<00:09:24.570> and<00:09:24.840> I'm<00:09:25.770> like<00:09:26.190> you<00:09:26.340> know<00:09:26.400> stop 00:09:26.900 --> 00:09:26.910 align:start position:0% got back and I'm like you know stop 00:09:26.910 --> 00:09:29.810 align:start position:0% got back and I'm like you know stop committing<00:09:27.600> in<00:09:27.810> the<00:09:27.900> project<00:09:28.580> the<00:09:29.580> smart 00:09:29.810 --> 00:09:29.820 align:start position:0% committing in the project the smart 00:09:29.820 --> 00:09:31.790 align:start position:0% committing in the project the smart contact<00:09:30.120> then<00:09:30.210> has<00:09:30.360> to<00:09:30.480> calculate<00:09:30.720> of<00:09:31.320> how 00:09:31.790 --> 00:09:31.800 align:start position:0% contact then has to calculate of how 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with drawable by the<00:09:37.680> project<00:09:37.980> and<00:09:38.520> how<00:09:39.240> much<00:09:39.450> of<00:09:39.870> the<00:09:40.440> funds 00:09:41.300 --> 00:09:41.310 align:start position:0% the project and how much of the funds 00:09:41.310 --> 00:09:43.580 align:start position:0% the project and how much of the funds you<00:09:41.430> should<00:09:41.580> get<00:09:41.730> back<00:09:41.970> and<00:09:42.390> how<00:09:43.200> much<00:09:43.350> of<00:09:43.470> the 00:09:43.580 --> 00:09:43.590 align:start position:0% you should get back and how much of the 00:09:43.590 --> 00:09:45.290 align:start position:0% you should get back and how much of the tokens<00:09:43.980> you<00:09:44.040> should<00:09:44.190> keep<00:09:44.430> because<00:09:45.120> obviously 00:09:45.290 --> 00:09:45.300 align:start position:0% tokens you should keep because obviously 00:09:45.300 --> 00:09:47.270 align:start position:0% tokens you should keep because obviously if<00:09:45.780> you<00:09:45.900> waited<00:09:46.290> in<00:09:46.620> a<00:09:46.710> period<00:09:46.980> of<00:09:47.040> two<00:09:47.250> years 00:09:47.270 --> 00:09:47.280 align:start position:0% if you waited in a period of two years 00:09:47.280 --> 00:09:49.910 align:start position:0% if you waited in a period of two years you<00:09:47.670> waited<00:09:48.030> one<00:09:48.180> year<00:09:48.560> then<00:09:49.560> at<00:09:49.650> least<00:09:49.770> you 00:09:49.910 --> 00:09:49.920 align:start position:0% you waited one year then at least you 00:09:49.920 --> 00:09:51.350 align:start position:0% you waited one year then at least you should<00:09:49.950> keep<00:09:50.460> half<00:09:50.700> of<00:09:50.820> your<00:09:50.940> tokens<00:09:51.270> because 00:09:51.350 --> 00:09:51.360 align:start position:0% should keep half of your tokens because 00:09:51.360 --> 00:09:51.950 align:start position:0% should keep half of your tokens because capably 00:09:51.950 --> 00:09:51.960 align:start position:0% capably 00:09:51.960 --> 00:09:55.900 align:start position:0% capably you<00:09:52.200> get<00:09:52.320> only<00:09:52.440> half<00:09:52.560> of<00:09:52.800> your<00:09:52.950> funds<00:09:53.160> back<00:09:54.050> and 00:09:55.900 --> 00:09:55.910 align:start position:0% you get only half of your funds back and 00:09:55.910 --> 00:09:58.850 align:start position:0% you get only half of your funds back and at<00:09:56.910> some<00:09:57.120> point<00:09:57.390> either<00:09:57.960> these<00:09:58.470> are<00:09:58.650> the 00:09:58.850 --> 00:09:58.860 align:start position:0% at some point either these are the 00:09:58.860 --> 00:10:01.580 align:start position:0% at some point either these are the native<00:09:59.330> tokens<00:10:00.330> of<00:10:00.450> the<00:10:00.540> project<00:10:01.080> which<00:10:01.350> have 00:10:01.580 --> 00:10:01.590 align:start position:0% native tokens of the project which have 00:10:01.590 --> 00:10:03.440 align:start position:0% native tokens of the project which have some<00:10:01.860> kind<00:10:02.070> of<00:10:02.100> functionality<00:10:02.730> in<00:10:02.760> a<00:10:03.090> smart 00:10:03.440 --> 00:10:03.450 align:start position:0% some kind of functionality in a smart 00:10:03.450 --> 00:10:06.320 align:start position:0% some kind of functionality in a smart contract<00:10:03.660> system<00:10:04.760> maybe<00:10:05.760> they're<00:10:06.060> you<00:10:06.210> know 00:10:06.320 --> 00:10:06.330 align:start position:0% contract system maybe they're you know 00:10:06.330 --> 00:10:08.000 align:start position:0% contract system maybe they're you know security<00:10:06.780> terms<00:10:07.170> in<00:10:07.410> the<00:10:07.500> future<00:10:07.830> which<00:10:07.980> is 00:10:08.000 --> 00:10:08.010 align:start position:0% security terms in the future which is 00:10:08.010 --> 00:10:12.200 align:start position:0% security terms in the future which is like<00:10:08.250> the<00:10:08.400> big<00:10:08.580> talk<00:10:08.880> now<00:10:10.700> or<00:10:11.700> they<00:10:12.000> are 00:10:12.200 --> 00:10:12.210 align:start position:0% like the big talk now or they are 00:10:12.210 --> 00:10:14.720 align:start position:0% like the big talk now or they are swappable<00:10:13.020> to<00:10:13.350> the<00:10:13.620> actual<00:10:13.980> project<00:10:14.430> which<00:10:14.580> is 00:10:14.720 --> 00:10:14.730 align:start position:0% swappable to the actual project which is 00:10:14.730 --> 00:10:17.180 align:start position:0% swappable to the actual project which is about<00:10:14.940> to<00:10:15.270> launch<00:10:15.390> in<00:10:15.720> the<00:10:15.810> future<00:10:16.170> we<00:10:17.100> have 00:10:17.180 --> 00:10:17.190 align:start position:0% about to launch in the future we have 00:10:17.190 --> 00:10:20.180 align:start position:0% about to launch in the future we have seen<00:10:17.460> many<00:10:17.670> times<00:10:18.030> that<00:10:18.380> people<00:10:19.380> do<00:10:19.650> a 00:10:20.180 --> 00:10:20.190 align:start position:0% seen many times that people do a 00:10:20.190 --> 00:10:23.060 align:start position:0% seen many times that people do a blockchain<00:10:20.640> and<00:10:21.560> you<00:10:22.560> know<00:10:22.650> you<00:10:22.710> basically 00:10:23.060 --> 00:10:23.070 align:start position:0% blockchain and you know you basically 00:10:23.070 --> 00:10:25.940 align:start position:0% blockchain and you know you basically want<00:10:23.430> to<00:10:23.520> allocate<00:10:23.750> like<00:10:24.750> who<00:10:25.050> has<00:10:25.650> committed 00:10:25.940 --> 00:10:25.950 align:start position:0% want to allocate like who has committed 00:10:25.950 --> 00:10:28.460 align:start position:0% want to allocate like who has committed how<00:10:26.280> much<00:10:26.490> it's<00:10:26.790> kind<00:10:26.970> of<00:10:27.000> like<00:10:27.180> an<00:10:27.470> advanced 00:10:28.460 --> 00:10:28.470 align:start position:0% how much it's kind of like an advanced 00:10:28.470 --> 00:10:31.010 align:start position:0% how much it's kind of like an advanced excel<00:10:28.860> sheet<00:10:29.100> you<00:10:29.730> know<00:10:29.880> next<00:10:30.720> time<00:10:30.810> sheet 00:10:31.010 --> 00:10:31.020 align:start position:0% excel sheet you know next time sheet 00:10:31.020 --> 00:10:32.690 align:start position:0% excel sheet you know next time sheet when<00:10:31.140> nobody<00:10:31.440> even<00:10:32.190> though<00:10:32.250> the<00:10:32.370> project 00:10:32.690 --> 00:10:32.700 align:start position:0% when nobody even though the project 00:10:32.700 --> 00:10:36.680 align:start position:0% when nobody even though the project owner<00:10:32.850> can<00:10:33.180> mean<00:10:33.330> you<00:10:33.420> played<00:10:33.690> on<00:10:33.840> it<00:10:35.480> so<00:10:36.480> if 00:10:36.680 --> 00:10:36.690 align:start position:0% owner can mean you played on it so if 00:10:36.690 --> 00:10:38.090 align:start position:0% owner can mean you played on it so if you<00:10:36.780> look<00:10:36.930> at<00:10:37.020> it<00:10:37.170> from<00:10:37.650> the<00:10:37.800> outside 00:10:38.090 --> 00:10:38.100 align:start position:0% you look at it from the outside 00:10:38.100 --> 00:10:39.650 align:start position:0% you look at it from the outside perspective<00:10:38.190> it's<00:10:38.730> really<00:10:38.940> just<00:10:39.150> simple<00:10:39.480> like 00:10:39.650 --> 00:10:39.660 align:start position:0% perspective it's really just simple like 00:10:39.660 --> 00:10:41.870 align:start position:0% perspective it's really just simple like an<00:10:39.990> allocation<00:10:40.350> phase<00:10:40.740> the<00:10:41.550> distribution 00:10:41.870 --> 00:10:41.880 align:start position:0% an allocation phase the distribution 00:10:41.880 --> 00:10:43.640 align:start position:0% an allocation phase the distribution phase<00:10:42.360> and<00:10:42.750> inside<00:10:42.960> the<00:10:43.050> distribution<00:10:43.290> phase 00:10:43.640 --> 00:10:43.650 align:start position:0% phase and inside the distribution phase 00:10:43.650 --> 00:10:45.320 align:start position:0% phase and inside the distribution phase is<00:10:43.890> the<00:10:43.980> possibility<00:10:44.310> of<00:10:44.550> withdraw<00:10:45.060> and 00:10:45.320 --> 00:10:45.330 align:start position:0% is the possibility of withdraw and 00:10:45.330 --> 00:10:47.060 align:start position:0% is the possibility of withdraw and there's<00:10:45.690> also<00:10:45.960> the<00:10:46.230> possibility<00:10:46.350> of<00:10:46.800> other 00:10:47.060 --> 00:10:47.070 align:start position:0% there's also the possibility of other 00:10:47.070 --> 00:10:51.820 align:start position:0% there's also the possibility of other people<00:10:47.430> buying<00:10:47.610> in<00:10:47.910> so<00:10:48.810> let's<00:10:49.110> say<00:10:49.320> you<00:10:49.380> have<00:10:49.770> a 00:10:51.820 --> 00:10:51.830 align:start position:0% people buying in so let's say you have a 00:10:51.830 --> 00:10:54.950 align:start position:0% people buying in so let's say you have a million<00:10:52.830> tokens<00:10:53.400> reserved<00:10:54.150> for<00:10:54.390> the<00:10:54.480> process 00:10:54.950 --> 00:10:54.960 align:start position:0% million tokens reserved for the process 00:10:54.960 --> 00:10:57.890 align:start position:0% million tokens reserved for the process and<00:10:55.260> only<00:10:56.040> half<00:10:56.280> get<00:10:56.520> poured<00:10:56.850> or<00:10:57.330> let's<00:10:57.570> say<00:10:57.660> or 00:10:57.890 --> 00:10:57.900 align:start position:0% and only half get poured or let's say or 00:10:57.900 --> 00:11:00.200 align:start position:0% and only half get poured or let's say or get<00:10:58.080> bored<00:10:58.380> and<00:10:58.620> then<00:10:58.770> like<00:10:58.980> half<00:10:59.670> of<00:10:59.700> those 00:11:00.200 --> 00:11:00.210 align:start position:0% get bored and then like half of those 00:11:00.210 --> 00:11:03.680 align:start position:0% get bored and then like half of those get<00:11:00.900> returned<00:11:01.370> during<00:11:02.370> like<00:11:02.790> one<00:11:03.000> year<00:11:03.360> or<00:11:03.480> so 00:11:03.680 --> 00:11:03.690 align:start position:0% get returned during like one year or so 00:11:03.690 --> 00:11:05.570 align:start position:0% get returned during like one year or so something<00:11:03.990> there<00:11:04.350> again<00:11:04.860> for<00:11:04.890> sale<00:11:05.400> and 00:11:05.570 --> 00:11:05.580 align:start position:0% something there again for sale and 00:11:05.580 --> 00:11:07.879 align:start position:0% something there again for sale and somebody<00:11:05.790> else<00:11:05.910> could<00:11:06.090> buy<00:11:06.300> them<00:11:06.480> up 00:11:07.879 --> 00:11:07.889 align:start position:0% somebody else could buy them up 00:11:07.889 --> 00:11:10.799 align:start position:0% somebody else could buy them up what<00:11:08.889> cut<00:11:09.129> what<00:11:09.519> probably<00:11:10.149> will<00:11:10.329> happen<00:11:10.540> is 00:11:10.799 --> 00:11:10.809 align:start position:0% what cut what probably will happen is 00:11:10.809 --> 00:11:13.290 align:start position:0% what cut what probably will happen is that<00:11:10.839> during<00:11:11.680> the<00:11:11.829> almost<00:11:12.370> at<00:11:12.730> the<00:11:12.850> end<00:11:12.970> of<00:11:13.149> the 00:11:13.290 --> 00:11:13.300 align:start position:0% that during the almost at the end of the 00:11:13.300 --> 00:11:15.480 align:start position:0% that during the almost at the end of the time<00:11:13.569> people<00:11:14.230> were<00:11:14.410> all<00:11:14.559> formal<00:11:15.009> in<00:11:15.160> you<00:11:15.309> know 00:11:15.480 --> 00:11:15.490 align:start position:0% time people were all formal in you know 00:11:15.490 --> 00:11:17.790 align:start position:0% time people were all formal in you know by<00:11:15.699> whatever<00:11:16.089> is<00:11:16.300> left<00:11:16.600> there<00:11:16.930> the<00:11:17.170> browser 00:11:17.790 --> 00:11:17.800 align:start position:0% by whatever is left there the browser 00:11:17.800 --> 00:11:19.290 align:start position:0% by whatever is left there the browser gets<00:11:18.009> a<00:11:18.189> big<00:11:18.339> chunk<00:11:18.579> of<00:11:18.639> money<00:11:18.790> in<00:11:18.970> the<00:11:19.089> last 00:11:19.290 --> 00:11:19.300 align:start position:0% gets a big chunk of money in the last 00:11:19.300 --> 00:11:22.920 align:start position:0% gets a big chunk of money in the last like<00:11:19.809> minute<00:11:20.559> or<00:11:20.680> so<00:11:21.389> that's<00:11:22.389> something<00:11:22.720> we 00:11:22.920 --> 00:11:22.930 align:start position:0% like minute or so that's something we 00:11:22.930 --> 00:11:26.660 align:start position:0% like minute or so that's something we have<00:11:22.959> to<00:11:23.110> see<00:11:23.379> obviously<00:11:24.149> and<00:11:25.149> how<00:11:25.509> how<00:11:26.439> I 00:11:26.660 --> 00:11:26.670 align:start position:0% have to see obviously and how how I 00:11:26.670 --> 00:11:31.590 align:start position:0% have to see obviously and how how I approach<00:11:27.670> this<00:11:27.939> here<00:11:28.360> is<00:11:29.370> that<00:11:30.389> this<00:11:31.389> is<00:11:31.569> a 00:11:31.590 --> 00:11:31.600 align:start position:0% approach this here is that this is a 00:11:31.600 --> 00:11:34.290 align:start position:0% approach this here is that this is a model<00:11:31.990> based<00:11:32.139> on<00:11:32.350> one<00:11:32.649> token<00:11:33.249> so<00:11:33.730> this<00:11:33.879> token 00:11:34.290 --> 00:11:34.300 align:start position:0% model based on one token so this token 00:11:34.300 --> 00:11:36.329 align:start position:0% model based on one token so this token is<00:11:34.389> purely<00:11:34.809> your<00:11:35.139> axis<00:11:35.589> in<00:11:35.709> your<00:11:35.829> accounting 00:11:36.329 --> 00:11:36.339 align:start position:0% is purely your axis in your accounting 00:11:36.339 --> 00:11:38.850 align:start position:0% is purely your axis in your accounting mechanism<00:11:36.899> to<00:11:37.899> see<00:11:38.079> how<00:11:38.410> much<00:11:38.589> you<00:11:38.740> have 00:11:38.850 --> 00:11:38.860 align:start position:0% mechanism to see how much you have 00:11:38.860 --> 00:11:41.579 align:start position:0% mechanism to see how much you have committed<00:11:39.279> and<00:11:39.959> you<00:11:40.959> could<00:11:41.170> technically 00:11:41.579 --> 00:11:41.589 align:start position:0% committed and you could technically 00:11:41.589 --> 00:11:43.410 align:start position:0% committed and you could technically transfer<00:11:42.220> that<00:11:42.339> commitment<00:11:42.910> or<00:11:43.120> you<00:11:43.269> could 00:11:43.410 --> 00:11:43.420 align:start position:0% transfer that commitment or you could 00:11:43.420 --> 00:11:45.319 align:start position:0% transfer that commitment or you could split<00:11:43.660> that<00:11:43.930> commitment<00:11:44.499> and<00:11:44.649> you<00:11:44.769> could<00:11:44.920> like 00:11:45.319 --> 00:11:45.329 align:start position:0% split that commitment and you could like 00:11:45.329 --> 00:11:48.179 align:start position:0% split that commitment and you could like send<00:11:46.329> any<00:11:46.540> kind<00:11:46.839> of<00:11:46.930> part<00:11:47.259> back<00:11:47.529> of<00:11:47.800> whatever 00:11:48.179 --> 00:11:48.189 align:start position:0% send any kind of part back of whatever 00:11:48.189 --> 00:11:52.559 align:start position:0% send any kind of part back of whatever your<00:11:48.990> tokens<00:11:49.990> are<00:11:50.199> and<00:11:50.759> then<00:11:51.759> keep<00:11:52.089> only<00:11:52.329> the 00:11:52.559 --> 00:11:52.569 align:start position:0% your tokens are and then keep only the 00:11:52.569 --> 00:11:55.530 align:start position:0% your tokens are and then keep only the part<00:11:52.839> which<00:11:53.709> is<00:11:53.740> which<00:11:54.699> you<00:11:54.850> sent<00:11:55.059> back<00:11:55.269> and 00:11:55.530 --> 00:11:55.540 align:start position:0% part which is which you sent back and 00:11:55.540 --> 00:11:59.009 align:start position:0% part which is which you sent back and which<00:11:55.720> is<00:11:56.730> partial<00:11:57.730> to<00:11:57.910> that<00:11:57.939> what<00:11:58.300> is<00:11:58.329> not 00:11:59.009 --> 00:11:59.019 align:start position:0% which is partial to that what is not 00:11:59.019 --> 00:12:02.610 align:start position:0% which is partial to that what is not refundable<00:11:59.709> and<00:12:00.540> there's<00:12:01.540> two<00:12:02.170> ways<00:12:02.199> of<00:12:02.499> how 00:12:02.610 --> 00:12:02.620 align:start position:0% refundable and there's two ways of how 00:12:02.620 --> 00:12:04.439 align:start position:0% refundable and there's two ways of how you<00:12:02.680> can<00:12:02.829> solve<00:12:03.009> that<00:12:03.249> either<00:12:03.579> you<00:12:04.029> create<00:12:04.269> two 00:12:04.439 --> 00:12:04.449 align:start position:0% you can solve that either you create two 00:12:04.449 --> 00:12:06.780 align:start position:0% you can solve that either you create two tokens<00:12:04.660> where<00:12:05.319> you<00:12:05.379> say<00:12:05.589> one<00:12:06.160> is<00:12:06.279> refundable 00:12:06.780 --> 00:12:06.790 align:start position:0% tokens where you say one is refundable 00:12:06.790 --> 00:12:09.660 align:start position:0% tokens where you say one is refundable no<00:12:07.629> and<00:12:07.930> once<00:12:08.139> you<00:12:08.379> swap<00:12:08.769> that<00:12:09.040> you<00:12:09.189> refund 00:12:09.660 --> 00:12:09.670 align:start position:0% no and once you swap that you refund 00:12:09.670 --> 00:12:11.579 align:start position:0% no and once you swap that you refund that<00:12:09.879> if<00:12:10.180> you<00:12:10.329> get<00:12:10.509> a<00:12:10.540> part<00:12:10.930> of<00:12:11.019> the<00:12:11.139> tokens<00:12:11.470> of 00:12:11.579 --> 00:12:11.589 align:start position:0% that if you get a part of the tokens of 00:12:11.589 --> 00:12:14.429 align:start position:0% that if you get a part of the tokens of unrefined<00:12:12.279> able<00:12:12.670> tokens<00:12:12.970> back<00:12:13.179> or<00:12:13.870> you<00:12:14.110> can<00:12:14.290> do 00:12:14.429 --> 00:12:14.439 align:start position:0% unrefined able tokens back or you can do 00:12:14.439 --> 00:12:16.530 align:start position:0% unrefined able tokens back or you can do this<00:12:14.620> that<00:12:14.889> you<00:12:15.009> actually<00:12:15.189> lock<00:12:15.999> a<00:12:16.029> part<00:12:16.420> of 00:12:16.530 --> 00:12:16.540 align:start position:0% this that you actually lock a part of 00:12:16.540 --> 00:12:18.749 align:start position:0% this that you actually lock a part of your<00:12:16.689> account<00:12:16.959> balance<00:12:17.439> inside<00:12:18.399> the<00:12:18.519> same 00:12:18.749 --> 00:12:18.759 align:start position:0% your account balance inside the same 00:12:18.759 --> 00:12:21.949 align:start position:0% your account balance inside the same token<00:12:19.209> and<00:12:19.720> the<00:12:20.290> advantage<00:12:20.740> of<00:12:20.860> this<00:12:21.069> is<00:12:21.370> that 00:12:21.949 --> 00:12:21.959 align:start position:0% token and the advantage of this is that 00:12:21.959 --> 00:12:25.410 align:start position:0% token and the advantage of this is that you<00:12:22.959> have<00:12:22.990> only<00:12:23.199> one<00:12:23.410> token<00:12:23.829> which<00:12:24.790> if<00:12:25.179> it's 00:12:25.410 --> 00:12:25.420 align:start position:0% you have only one token which if it's 00:12:25.420 --> 00:12:26.850 align:start position:0% you have only one token which if it's not<00:12:25.600> refundable<00:12:25.929> it's<00:12:26.290> actually<00:12:26.529> also<00:12:26.649> not 00:12:26.850 --> 00:12:26.860 align:start position:0% not refundable it's actually also not 00:12:26.860 --> 00:12:28.889 align:start position:0% not refundable it's actually also not transferable<00:12:27.519> so<00:12:28.120> you<00:12:28.179> would<00:12:28.360> never<00:12:28.509> end<00:12:28.809> up 00:12:28.889 --> 00:12:28.899 align:start position:0% transferable so you would never end up 00:12:28.899 --> 00:12:30.929 align:start position:0% transferable so you would never end up in<00:12:29.019> an<00:12:29.470> exchange<00:12:29.679> if<00:12:30.129> it<00:12:30.699> would<00:12:30.850> be 00:12:30.929 --> 00:12:30.939 align:start position:0% in an exchange if it would be 00:12:30.939 --> 00:12:33.689 align:start position:0% in an exchange if it would be transferable<00:12:31.480> and<00:12:32.249> it<00:12:33.249> works<00:12:33.429> actually 00:12:33.689 --> 00:12:33.699 align:start position:0% transferable and it works actually 00:12:33.699 --> 00:12:36.259 align:start position:0% transferable and it works actually technically<00:12:34.480> with<00:12:34.660> every<00:12:34.929> existing<00:12:35.319> wallet 00:12:36.259 --> 00:12:36.269 align:start position:0% technically with every existing wallet 00:12:36.269 --> 00:12:38.429 align:start position:0% technically with every existing wallet the<00:12:37.269> only<00:12:37.449> problem<00:12:37.689> is<00:12:37.720> that<00:12:37.809> these<00:12:38.050> will<00:12:38.319> not 00:12:38.429 --> 00:12:38.439 align:start position:0% the only problem is that these will not 00:12:38.439 --> 00:12:40.049 align:start position:0% the only problem is that these will not tell<00:12:38.649> you<00:12:38.860> what<00:12:39.160> is<00:12:39.220> you<00:12:39.429> locked<00:12:39.670> and<00:12:39.879> what<00:12:39.970> is 00:12:40.049 --> 00:12:40.059 align:start position:0% tell you what is you locked and what is 00:12:40.059 --> 00:12:42.720 align:start position:0% tell you what is you locked and what is your<00:12:40.240> unlock<00:12:40.870> balance<00:12:41.319> and<00:12:41.679> that's<00:12:42.339> something 00:12:42.720 --> 00:12:42.730 align:start position:0% your unlock balance and that's something 00:12:42.730 --> 00:12:43.799 align:start position:0% your unlock balance and that's something you<00:12:42.819> could<00:12:42.939> probably<00:12:43.149> look<00:12:43.360> up<00:12:43.540> then<00:12:43.689> on 00:12:43.799 --> 00:12:43.809 align:start position:0% you could probably look up then on 00:12:43.809 --> 00:12:46.470 align:start position:0% you could probably look up then on another<00:12:44.110> website<00:12:44.319> and<00:12:44.829> so<00:12:44.949> on<00:12:45.149> so<00:12:46.149> the<00:12:46.240> idea 00:12:46.470 --> 00:12:46.480 align:start position:0% another website and so on so the idea 00:12:46.480 --> 00:12:49.049 align:start position:0% another website and so on so the idea here<00:12:46.540> is<00:12:46.749> that<00:12:47.410> if<00:12:48.040> some<00:12:48.339> people<00:12:48.610> really<00:12:48.759> fund 00:12:49.049 --> 00:12:49.059 align:start position:0% here is that if some people really fund 00:12:49.059 --> 00:12:50.699 align:start position:0% here is that if some people really fund that<00:12:49.240> or<00:12:49.480> other<00:12:49.779> people<00:12:50.170> didn't<00:12:50.350> really<00:12:50.470> fund 00:12:50.699 --> 00:12:50.709 align:start position:0% that or other people didn't really fund 00:12:50.709 --> 00:12:52.019 align:start position:0% that or other people didn't really fund and<00:12:50.920> some<00:12:51.040> people<00:12:51.309> have<00:12:51.429> a<00:12:51.459> part<00:12:51.850> of<00:12:51.970> the 00:12:52.019 --> 00:12:52.029 align:start position:0% and some people have a part of the 00:12:52.029 --> 00:12:53.730 align:start position:0% and some people have a part of the balance<00:12:52.269> locked<00:12:52.720> another<00:12:53.319> part<00:12:53.529> of<00:12:53.589> the 00:12:53.730 --> 00:12:53.740 align:start position:0% balance locked another part of the 00:12:53.740 --> 00:12:56.040 align:start position:0% balance locked another part of the balance<00:12:53.889> which<00:12:54.129> you<00:12:54.249> can<00:12:54.429> move<00:12:54.639> and<00:12:55.050> obviously 00:12:56.040 --> 00:12:56.050 align:start position:0% balance which you can move and obviously 00:12:56.050 --> 00:12:57.720 align:start position:0% balance which you can move and obviously if<00:12:56.170> you<00:12:56.259> try<00:12:56.410> to<00:12:56.470> transfer<00:12:57.129> your<00:12:57.279> log<00:12:57.399> balance 00:12:57.720 --> 00:12:57.730 align:start position:0% if you try to transfer your log balance 00:12:57.730 --> 00:13:00.269 align:start position:0% if you try to transfer your log balance it<00:12:57.850> which<00:12:57.970> is<00:12:58.120> throw<00:12:58.559> if<00:12:59.559> not<00:12:59.980> you<00:13:00.100> can<00:13:00.249> just 00:13:00.269 --> 00:13:00.279 align:start position:0% it which is throw if not you can just 00:13:00.279 --> 00:13:02.730 align:start position:0% it which is throw if not you can just transfer<00:13:00.610> your<00:13:00.939> your<00:13:01.389> log<00:13:01.540> balance<00:13:01.899> your<00:13:02.470> your 00:13:02.730 --> 00:13:02.740 align:start position:0% transfer your your log balance your your 00:13:02.740 --> 00:13:05.429 align:start position:0% transfer your your log balance your your normal<00:13:03.249> balance<00:13:03.540> so<00:13:04.540> this<00:13:04.689> is<00:13:04.870> two<00:13:05.079> ways<00:13:05.259> you 00:13:05.429 --> 00:13:05.439 align:start position:0% normal balance so this is two ways you 00:13:05.439 --> 00:13:06.900 align:start position:0% normal balance so this is two ways you can<00:13:05.529> do<00:13:05.679> it<00:13:05.800> either<00:13:05.949> through<00:13:06.220> two<00:13:06.459> tokens 00:13:06.900 --> 00:13:06.910 align:start position:0% can do it either through two tokens 00:13:06.910 --> 00:13:08.280 align:start position:0% can do it either through two tokens which<00:13:07.149> can<00:13:07.329> be<00:13:07.449> confusing<00:13:07.809> for<00:13:07.929> certain 00:13:08.280 --> 00:13:08.290 align:start position:0% which can be confusing for certain 00:13:08.290 --> 00:13:09.569 align:start position:0% which can be confusing for certain project<00:13:08.679> or<00:13:08.800> you<00:13:08.889> can<00:13:09.009> do<00:13:09.129> it<00:13:09.220> to<00:13:09.309> a<00:13:09.339> lock 00:13:09.569 --> 00:13:09.579 align:start position:0% project or you can do it to a lock 00:13:09.579 --> 00:13:11.730 align:start position:0% project or you can do it to a lock balance<00:13:09.939> the<00:13:10.749> log<00:13:10.899> balance<00:13:11.259> obviously<00:13:11.620> only 00:13:11.730 --> 00:13:11.740 align:start position:0% balance the log balance obviously only 00:13:11.740 --> 00:13:13.829 align:start position:0% balance the log balance obviously only works<00:13:12.100> if<00:13:12.370> this<00:13:12.610> token<00:13:12.970> is<00:13:13.029> swappable<00:13:13.449> at<00:13:13.660> some 00:13:13.829 --> 00:13:13.839 align:start position:0% works if this token is swappable at some 00:13:13.839 --> 00:13:16.169 align:start position:0% works if this token is swappable at some point<00:13:14.110> then<00:13:14.769> it's<00:13:15.040> only<00:13:15.250> transferable<00:13:15.939> in<00:13:16.059> the 00:13:16.169 --> 00:13:16.179 align:start position:0% point then it's only transferable in the 00:13:16.179 --> 00:13:19.110 align:start position:0% point then it's only transferable in the case<00:13:16.360> of<00:13:16.509> if<00:13:16.660> there's<00:13:16.870> a<00:13:16.899> swap<00:13:18.120> event 00:13:19.110 --> 00:13:19.120 align:start position:0% case of if there's a swap event 00:13:19.120 --> 00:13:20.240 align:start position:0% case of if there's a swap event happening 00:13:20.240 --> 00:13:20.250 align:start position:0% happening 00:13:20.250 --> 00:13:22.790 align:start position:0% happening and<00:13:21.210> until<00:13:21.600> that<00:13:21.660> you<00:13:22.020> know<00:13:22.110> you<00:13:22.170> just<00:13:22.410> keep<00:13:22.650> it 00:13:22.790 --> 00:13:22.800 align:start position:0% and until that you know you just keep it 00:13:22.800 --> 00:13:25.370 align:start position:0% and until that you know you just keep it all<00:13:23.360> you<00:13:24.360> never<00:13:24.450> refund<00:13:24.930> and<00:13:25.140> you<00:13:25.170> keep 00:13:25.370 --> 00:13:25.380 align:start position:0% all you never refund and you keep 00:13:25.380 --> 00:13:27.500 align:start position:0% all you never refund and you keep yourself<00:13:25.500> the<00:13:26.010> option<00:13:26.340> open<00:13:26.670> and<00:13:26.940> then<00:13:27.480> you 00:13:27.500 --> 00:13:27.510 align:start position:0% yourself the option open and then you 00:13:27.510 --> 00:13:29.570 align:start position:0% yourself the option open and then you have<00:13:27.870> good<00:13:28.410> technically<00:13:28.980> transfer<00:13:29.430> them 00:13:29.570 --> 00:13:29.580 align:start position:0% have good technically transfer them 00:13:29.580 --> 00:13:34.490 align:start position:0% have good technically transfer them around<00:13:31.070> so<00:13:32.070> if<00:13:32.250> you<00:13:32.370> look<00:13:32.520> at<00:13:32.640> this<00:13:32.820> in<00:13:33.720> total 00:13:34.490 --> 00:13:34.500 align:start position:0% around so if you look at this in total 00:13:34.500 --> 00:13:36.350 align:start position:0% around so if you look at this in total it<00:13:34.740> kind<00:13:35.040> of<00:13:35.100> looks<00:13:35.310> like<00:13:35.370> a<00:13:35.490> Tesla<00:13:35.970> a<00:13:36.000> semi 00:13:36.350 --> 00:13:36.360 align:start position:0% it kind of looks like a Tesla a semi 00:13:36.360 --> 00:13:41.990 align:start position:0% it kind of looks like a Tesla a semi truck<00:13:37.580> and<00:13:39.680> so<00:13:40.680> most<00:13:41.070> of<00:13:41.220> the<00:13:41.610> project 00:13:41.990 --> 00:13:42.000 align:start position:0% truck and so most of the project 00:13:42.000 --> 00:13:45.020 align:start position:0% truck and so most of the project probably<00:13:42.270> will<00:13:42.840> get<00:13:42.990> a<00:13:43.190> base<00:13:44.190> funding<00:13:44.520> and<00:13:44.940> I 00:13:45.020 --> 00:13:45.030 align:start position:0% probably will get a base funding and I 00:13:45.030 --> 00:13:46.610 align:start position:0% probably will get a base funding and I do<00:13:45.180> a<00:13:45.210> private<00:13:45.540> sale<00:13:45.840> which<00:13:45.990> is<00:13:46.020> not<00:13:46.290> in<00:13:46.470> that 00:13:46.610 --> 00:13:46.620 align:start position:0% do a private sale which is not in that 00:13:46.620 --> 00:13:48.800 align:start position:0% do a private sale which is not in that process<00:13:46.890> and<00:13:47.490> the<00:13:47.910> reason<00:13:48.030> for<00:13:48.300> that<00:13:48.390> is<00:13:48.540> you 00:13:48.800 --> 00:13:48.810 align:start position:0% process and the reason for that is you 00:13:48.810 --> 00:13:50.660 align:start position:0% process and the reason for that is you have<00:13:49.020> some<00:13:49.290> sort<00:13:49.560> of<00:13:49.680> security<00:13:50.010> and<00:13:50.550> you're 00:13:50.660 --> 00:13:50.670 align:start position:0% have some sort of security and you're 00:13:50.670 --> 00:13:52.610 align:start position:0% have some sort of security and you're not<00:13:50.790> completely<00:13:51.240> reliant<00:13:51.630> on<00:13:51.840> a<00:13:51.900> fluctuating 00:13:52.610 --> 00:13:52.620 align:start position:0% not completely reliant on a fluctuating 00:13:52.620 --> 00:13:55.130 align:start position:0% not completely reliant on a fluctuating part<00:13:53.010> of<00:13:53.130> money<00:13:53.340> based<00:13:54.030> on<00:13:54.300> the<00:13:54.450> formal<00:13:54.870> and 00:13:55.130 --> 00:13:55.140 align:start position:0% part of money based on the formal and 00:13:55.140 --> 00:13:59.150 align:start position:0% part of money based on the formal and fat<00:13:55.410> in<00:13:55.590> the<00:13:55.680> crypto<00:13:55.950> space<00:13:57.830> at<00:13:58.830> the<00:13:58.920> same<00:13:59.040> that 00:13:59.150 --> 00:13:59.160 align:start position:0% fat in the crypto space at the same that 00:13:59.160 --> 00:14:00.980 align:start position:0% fat in the crypto space at the same that we<00:13:59.250> have<00:13:59.340> this<00:13:59.490> allocation<00:13:59.910> phase<00:14:00.660> where 00:14:00.980 --> 00:14:00.990 align:start position:0% we have this allocation phase where 00:14:00.990 --> 00:14:02.750 align:start position:0% we have this allocation phase where there's<00:14:01.170> like<00:14:01.320> zero<00:14:01.680> risk<00:14:02.040> because<00:14:02.520> in<00:14:02.640> this 00:14:02.750 --> 00:14:02.760 align:start position:0% there's like zero risk because in this 00:14:02.760 --> 00:14:04.400 align:start position:0% there's like zero risk because in this moment<00:14:02.940> you<00:14:03.180> can<00:14:03.210> always<00:14:03.540> get<00:14:03.690> out<00:14:03.900> and<00:14:04.230> then 00:14:04.400 --> 00:14:04.410 align:start position:0% moment you can always get out and then 00:14:04.410 --> 00:14:07.160 align:start position:0% moment you can always get out and then there<00:14:04.620> is<00:14:04.740> the<00:14:04.890> dispersion<00:14:05.900> process<00:14:06.900> and 00:14:07.160 --> 00:14:07.170 align:start position:0% there is the dispersion process and 00:14:07.170 --> 00:14:09.050 align:start position:0% there is the dispersion process and that's<00:14:07.290> for<00:14:07.410> example<00:14:07.800> is<00:14:08.220> something<00:14:08.790> which 00:14:09.050 --> 00:14:09.060 align:start position:0% that's for example is something which 00:14:09.060 --> 00:14:10.940 align:start position:0% that's for example is something which can<00:14:09.270> happen<00:14:09.420> over<00:14:09.780> two<00:14:09.990> years<00:14:10.230> time<00:14:10.590> so 00:14:10.940 --> 00:14:10.950 align:start position:0% can happen over two years time so 00:14:10.950 --> 00:14:13.160 align:start position:0% can happen over two years time so there's<00:14:11.610> a<00:14:11.700> long<00:14:11.850> enough<00:14:12.120> time<00:14:12.420> which 00:14:13.160 --> 00:14:13.170 align:start position:0% there's a long enough time which 00:14:13.170 --> 00:14:15.020 align:start position:0% there's a long enough time which probably<00:14:13.470> makes<00:14:13.980> cams<00:14:14.370> very<00:14:14.670> unlikely 00:14:15.020 --> 00:14:15.030 align:start position:0% probably makes cams very unlikely 00:14:15.030 --> 00:14:16.610 align:start position:0% probably makes cams very unlikely because<00:14:15.480> if<00:14:15.600> you<00:14:15.690> want<00:14:15.840> to<00:14:15.930> scam<00:14:16.110> in<00:14:16.230> two<00:14:16.350> years 00:14:16.610 --> 00:14:16.620 align:start position:0% because if you want to scam in two years 00:14:16.620 --> 00:14:18.440 align:start position:0% because if you want to scam in two years at<00:14:17.220> least<00:14:17.280> it<00:14:17.580> takes<00:14:17.760> a<00:14:17.880> lot<00:14:18.000> of<00:14:18.060> time<00:14:18.240> and<00:14:18.390> you 00:14:18.440 --> 00:14:18.450 align:start position:0% at least it takes a lot of time and you 00:14:18.450 --> 00:14:19.910 align:start position:0% at least it takes a lot of time and you might<00:14:18.600> have<00:14:18.720> have<00:14:18.930> build<00:14:19.290> it<00:14:19.440> on<00:14:19.560> the<00:14:19.650> end<00:14:19.770> what 00:14:19.910 --> 00:14:19.920 align:start position:0% might have have build it on the end what 00:14:19.920 --> 00:14:22.460 align:start position:0% might have have build it on the end what you<00:14:20.010> promised<00:14:20.420> so<00:14:21.420> that's<00:14:21.630> even<00:14:21.810> reversing 00:14:22.460 --> 00:14:22.470 align:start position:0% you promised so that's even reversing 00:14:22.470 --> 00:14:26.270 align:start position:0% you promised so that's even reversing than<00:14:22.590> scams<00:14:22.950> and<00:14:23.190> to<00:14:23.310> building<00:14:24.210> things<00:14:25.280> in 00:14:26.270 --> 00:14:26.280 align:start position:0% than scams and to building things in 00:14:26.280 --> 00:14:28.040 align:start position:0% than scams and to building things in otherwise<00:14:26.610> it's<00:14:26.910> also<00:14:27.089> allow<00:14:27.420> us<00:14:27.450> projects 00:14:28.040 --> 00:14:28.050 align:start position:0% otherwise it's also allow us projects 00:14:28.050 --> 00:14:30.560 align:start position:0% otherwise it's also allow us projects which<00:14:28.230> might<00:14:28.560> fail<00:14:28.920> due<00:14:29.490> to<00:14:29.670> whatever<00:14:29.940> reasons 00:14:30.560 --> 00:14:30.570 align:start position:0% which might fail due to whatever reasons 00:14:30.570 --> 00:14:32.870 align:start position:0% which might fail due to whatever reasons that<00:14:31.470> they<00:14:31.620> fail<00:14:31.890> naturally<00:14:32.490> without 00:14:32.870 --> 00:14:32.880 align:start position:0% that they fail naturally without 00:14:32.880 --> 00:14:37.780 align:start position:0% that they fail naturally without everybody<00:14:33.300> like<00:14:33.630> being<00:14:33.930> left<00:14:34.140> with<00:14:34.650> nothing 00:14:37.780 --> 00:14:37.790 align:start position:0% 00:14:37.790 --> 00:14:40.250 align:start position:0% so<00:14:38.790> that's<00:14:39.060> that's<00:14:39.360> kind<00:14:39.750> of<00:14:39.780> like<00:14:39.930> the<00:14:40.050> whole 00:14:40.250 --> 00:14:40.260 align:start position:0% so that's that's kind of like the whole 00:14:40.260 --> 00:14:41.870 align:start position:0% so that's that's kind of like the whole picture<00:14:40.560> of<00:14:40.770> how<00:14:41.040> this<00:14:41.190> can<00:14:41.400> work<00:14:41.430> and 00:14:41.870 --> 00:14:41.880 align:start position:0% picture of how this can work and 00:14:41.880 --> 00:14:45.620 align:start position:0% picture of how this can work and obviously<00:14:42.000> that's<00:14:42.930> a<00:14:43.080> very<00:14:43.290> simple<00:14:43.830> this<00:14:44.640> is<00:14:45.480> a 00:14:45.620 --> 00:14:45.630 align:start position:0% obviously that's a very simple this is a 00:14:45.630 --> 00:14:48.350 align:start position:0% obviously that's a very simple this is a very<00:14:45.870> simple<00:14:46.790> simplification<00:14:47.790> version<00:14:48.270> you 00:14:48.350 --> 00:14:48.360 align:start position:0% very simple simplification version you 00:14:48.360 --> 00:14:50.030 align:start position:0% very simple simplification version you can<00:14:48.480> make<00:14:48.630> all<00:14:48.870> kind<00:14:49.140> of<00:14:49.170> iterations<00:14:49.710> and<00:14:49.950> all 00:14:50.030 --> 00:14:50.040 align:start position:0% can make all kind of iterations and all 00:14:50.040 --> 00:14:52.070 align:start position:0% can make all kind of iterations and all kind<00:14:50.280> of<00:14:50.339> alterations<00:14:51.000> how<00:14:51.180> that<00:14:51.390> could<00:14:51.930> look 00:14:52.070 --> 00:14:52.080 align:start position:0% kind of alterations how that could look 00:14:52.080 --> 00:14:54.200 align:start position:0% kind of alterations how that could look like<00:14:52.320> and<00:14:52.980> you<00:14:53.339> know<00:14:53.430> if<00:14:53.550> you<00:14:53.640> look<00:14:53.790> into 00:14:54.200 --> 00:14:54.210 align:start position:0% like and you know if you look into 00:14:54.210 --> 00:14:57.440 align:start position:0% like and you know if you look into current<00:14:55.110> we<00:14:55.410> see<00:14:55.589> investing<00:14:56.370> and<00:14:56.700> it's<00:14:56.940> rather 00:14:57.440 --> 00:14:57.450 align:start position:0% current we see investing and it's rather 00:14:57.450 --> 00:14:59.840 align:start position:0% current we see investing and it's rather very<00:14:57.780> similar<00:14:58.260> the<00:14:58.890> difference<00:14:58.920> here<00:14:59.400> is<00:14:59.430> it's 00:14:59.840 --> 00:14:59.850 align:start position:0% very similar the difference here is it's 00:14:59.850 --> 00:15:03.230 align:start position:0% very similar the difference here is it's automated<00:15:00.210> and<00:15:00.990> it<00:15:01.140> also<00:15:01.320> has<00:15:01.560> the<00:15:02.240> ownership 00:15:03.230 --> 00:15:03.240 align:start position:0% automated and it also has the ownership 00:15:03.240 --> 00:15:04.820 align:start position:0% automated and it also has the ownership automated<00:15:03.870> and<00:15:04.080> the<00:15:04.260> good<00:15:04.410> thing<00:15:04.620> is<00:15:04.800> that 00:15:04.820 --> 00:15:04.830 align:start position:0% automated and the good thing is that 00:15:04.830 --> 00:15:06.800 align:start position:0% automated and the good thing is that everybody<00:15:05.460> can<00:15:05.640> choose<00:15:05.850> on<00:15:06.000> its<00:15:06.150> own<00:15:06.360> and<00:15:06.690> it 00:15:06.800 --> 00:15:06.810 align:start position:0% everybody can choose on its own and it 00:15:06.810 --> 00:15:08.210 align:start position:0% everybody can choose on its own and it doesn't<00:15:06.990> have<00:15:07.110> to<00:15:07.170> ask<00:15:07.350> anybody<00:15:07.680> and<00:15:08.100> he 00:15:08.210 --> 00:15:08.220 align:start position:0% doesn't have to ask anybody and he 00:15:08.220 --> 00:15:10.130 align:start position:0% doesn't have to ask anybody and he doesn't<00:15:08.400> have<00:15:08.520> to<00:15:08.610> do<00:15:08.700> anything<00:15:08.940> besides<00:15:09.420> you 00:15:10.130 --> 00:15:10.140 align:start position:0% doesn't have to do anything besides you 00:15:10.140 --> 00:15:11.720 align:start position:0% doesn't have to do anything besides you know<00:15:10.200> taking<00:15:10.920> out<00:15:10.950> his<00:15:11.130> wallet<00:15:11.310> and<00:15:11.580> you<00:15:11.670> know 00:15:11.720 --> 00:15:11.730 align:start position:0% know taking out his wallet and you know 00:15:11.730 --> 00:15:13.280 align:start position:0% know taking out his wallet and you know sending<00:15:11.970> his<00:15:12.089> tokens<00:15:12.420> back<00:15:12.600> in<00:15:12.870> the<00:15:12.990> moment 00:15:13.280 --> 00:15:13.290 align:start position:0% sending his tokens back in the moment 00:15:13.290 --> 00:15:17.329 align:start position:0% sending his tokens back in the moment when<00:15:13.380> he<00:15:13.500> stops<00:15:13.800> believing<00:15:15.770> that's<00:15:16.770> the<00:15:17.160> whole 00:15:17.329 --> 00:15:17.339 align:start position:0% when he stops believing that's the whole 00:15:17.339 --> 00:15:22.700 align:start position:0% when he stops believing that's the whole project<00:15:17.580> this<00:15:18.420> is<00:15:18.600> the<00:15:18.630> whole<00:15:20.030> idea<00:15:21.380> which<00:15:22.380> I 00:15:22.700 --> 00:15:22.710 align:start position:0% project this is the whole idea which I 00:15:22.710 --> 00:15:24.860 align:start position:0% project this is the whole idea which I would<00:15:23.190> like<00:15:23.339> to<00:15:23.580> see<00:15:23.730> be<00:15:23.880> adopted<00:15:24.570> in<00:15:24.720> this 00:15:24.860 --> 00:15:24.870 align:start position:0% would like to see be adopted in this 00:15:24.870 --> 00:15:29.870 align:start position:0% would like to see be adopted in this space<00:15:25.170> and<00:15:25.670> what<00:15:26.670> better<00:15:28.400> process<00:15:29.400> than<00:15:29.580> doing 00:15:29.870 --> 00:15:29.880 align:start position:0% space and what better process than doing 00:15:29.880 --> 00:15:31.850 align:start position:0% space and what better process than doing this<00:15:30.030> you<00:15:30.330> know<00:15:30.360> as<00:15:30.660> my<00:15:30.870> own<00:15:31.080> with<00:15:31.530> my<00:15:31.560> own 00:15:31.850 --> 00:15:31.860 align:start position:0% this you know as my own with my own 00:15:31.860 --> 00:15:33.170 align:start position:0% this you know as my own with my own project 00:15:33.170 --> 00:15:33.180 align:start position:0% project 00:15:33.180 --> 00:15:36.050 align:start position:0% project so<00:15:33.450> I'm<00:15:33.540> working<00:15:33.870> right<00:15:33.990> now<00:15:34.170> and<00:15:34.380> a<00:15:35.060> fashion 00:15:36.050 --> 00:15:36.060 align:start position:0% so I'm working right now and a fashion 00:15:36.060 --> 00:15:37.700 align:start position:0% so I'm working right now and a fashion lifestyle<00:15:36.570> blockchain<00:15:37.020> a<00:15:37.260> basically 00:15:37.700 --> 00:15:37.710 align:start position:0% lifestyle blockchain a basically 00:15:37.710 --> 00:15:39.980 align:start position:0% lifestyle blockchain a basically industry-specific<00:15:38.310> blockchain<00:15:38.970> and<00:15:39.270> we<00:15:39.660> want 00:15:39.980 --> 00:15:39.990 align:start position:0% industry-specific blockchain and we want 00:15:39.990 --> 00:15:45.590 align:start position:0% industry-specific blockchain and we want to<00:15:40.200> use<00:15:40.470> exactly<00:15:40.860> that<00:15:41.160> model<00:15:41.540> which<00:15:42.540> is<00:15:44.600> we 00:15:45.590 --> 00:15:45.600 align:start position:0% to use exactly that model which is we 00:15:45.600 --> 00:15:47.000 align:start position:0% to use exactly that model which is we have<00:15:45.630> to<00:15:45.780> obviously<00:15:46.110> get<00:15:46.230> the<00:15:46.290> allowance<00:15:46.830> you 00:15:47.000 --> 00:15:47.010 align:start position:0% have to obviously get the allowance you 00:15:47.010 --> 00:15:48.350 align:start position:0% have to obviously get the allowance you know<00:15:47.130> from<00:15:47.340> the<00:15:47.430> regulator's<00:15:47.910> if<00:15:48.060> this<00:15:48.240> is 00:15:48.350 --> 00:15:48.360 align:start position:0% know from the regulator's if this is 00:15:48.360 --> 00:15:50.810 align:start position:0% know from the regulator's if this is okay<00:15:48.900> but<00:15:49.350> I<00:15:49.380> think<00:15:49.800> the<00:15:49.980> benefit<00:15:50.430> here<00:15:50.670> is 00:15:50.810 --> 00:15:50.820 align:start position:0% okay but I think the benefit here is 00:15:50.820 --> 00:15:55.910 align:start position:0% okay but I think the benefit here is that<00:15:51.540> we<00:15:51.690> are<00:15:51.810> able<00:15:52.020> to<00:15:53.810> auto<00:15:54.810> regulate<00:15:55.680> on 00:15:55.910 --> 00:15:55.920 align:start position:0% that we are able to auto regulate on 00:15:55.920 --> 00:15:58.100 align:start position:0% that we are able to auto regulate on chain<00:15:56.370> and<00:15:56.700> build<00:15:57.090> a<00:15:57.180> system<00:15:57.360> which<00:15:57.660> is<00:15:57.810> safe 00:15:58.100 --> 00:15:58.110 align:start position:0% chain and build a system which is safe 00:15:58.110 --> 00:16:00.230 align:start position:0% chain and build a system which is safe by<00:15:58.410> design<00:15:58.860> where<00:15:59.400> people<00:15:59.730> can<00:15:59.850> actually 00:16:00.230 --> 00:16:00.240 align:start position:0% by design where people can actually 00:16:00.240 --> 00:16:02.120 align:start position:0% by design where people can actually participate<00:16:00.480> in<00:16:00.960> something<00:16:01.230> with<00:16:01.620> less<00:16:01.890> risk 00:16:02.120 --> 00:16:02.130 align:start position:0% participate in something with less risk 00:16:02.130 --> 00:16:03.920 align:start position:0% participate in something with less risk than<00:16:02.400> they<00:16:02.520> have<00:16:02.670> today<00:16:02.850> rather<00:16:03.750> than 00:16:03.920 --> 00:16:03.930 align:start position:0% than they have today rather than 00:16:03.930 --> 00:16:06.020 align:start position:0% than they have today rather than creating<00:16:04.380> perspectives<00:16:05.220> you<00:16:05.460> know<00:16:05.580> and<00:16:05.820> in 00:16:06.020 --> 00:16:06.030 align:start position:0% creating perspectives you know and in 00:16:06.030 --> 00:16:08.420 align:start position:0% creating perspectives you know and in terms<00:16:06.420> and<00:16:06.600> agreements<00:16:07.170> and<00:16:07.380> stuff<00:16:08.160> which 00:16:08.420 --> 00:16:08.430 align:start position:0% terms and agreements and stuff which 00:16:08.430 --> 00:16:10.610 align:start position:0% terms and agreements and stuff which everybody<00:16:08.850> just<00:16:09.090> clicks<00:16:09.330> away<00:16:09.510> and<00:16:10.440> not 00:16:10.610 --> 00:16:10.620 align:start position:0% everybody just clicks away and not 00:16:10.620 --> 00:16:14.000 align:start position:0% everybody just clicks away and not smooth<00:16:11.040> anyway<00:16:11.460> and<00:16:11.730> it<00:16:12.360> doesn't<00:16:12.770> really<00:16:13.770> give 00:16:14.000 --> 00:16:14.010 align:start position:0% smooth anyway and it doesn't really give 00:16:14.010 --> 00:16:17.150 align:start position:0% smooth anyway and it doesn't really give any<00:16:14.220> kind<00:16:14.430> of<00:16:14.580> like<00:16:14.790> investor<00:16:15.560> security<00:16:16.560> for 00:16:17.150 --> 00:16:17.160 align:start position:0% any kind of like investor security for 00:16:17.160 --> 00:16:19.310 align:start position:0% any kind of like investor security for real<00:16:17.340> right<00:16:17.730> if<00:16:18.090> people<00:16:18.390> just<00:16:18.600> invent<00:16:18.870> invest 00:16:19.310 --> 00:16:19.320 align:start position:0% real right if people just invent invest 00:16:19.320 --> 00:16:21.710 align:start position:0% real right if people just invent invest in<00:16:19.560> bad<00:16:20.460> things<00:16:20.490> then<00:16:21.090> they<00:16:21.210> just<00:16:21.390> invest<00:16:21.660> in 00:16:21.710 --> 00:16:21.720 align:start position:0% in bad things then they just invest in 00:16:21.720 --> 00:16:24.140 align:start position:0% in bad things then they just invest in bad<00:16:21.900> things<00:16:22.140> this<00:16:22.920> gives<00:16:23.430> you<00:16:23.580> an<00:16:23.670> option<00:16:23.880> to 00:16:24.140 --> 00:16:24.150 align:start position:0% bad things this gives you an option to 00:16:24.150 --> 00:16:27.980 align:start position:0% bad things this gives you an option to always<00:16:25.250> choose<00:16:26.250> again<00:16:27.120> if<00:16:27.360> there<00:16:27.630> was<00:16:27.750> a<00:16:27.780> good 00:16:27.980 --> 00:16:27.990 align:start position:0% always choose again if there was a good 00:16:27.990 --> 00:16:30.770 align:start position:0% always choose again if there was a good idea<00:16:28.080> or<00:16:28.260> not<00:16:28.380> and<00:16:29.030> I'm<00:16:30.030> pretty<00:16:30.270> confident 00:16:30.770 --> 00:16:30.780 align:start position:0% idea or not and I'm pretty confident 00:16:30.780 --> 00:16:32.990 align:start position:0% idea or not and I'm pretty confident that<00:16:30.900> this<00:16:31.020> will<00:16:31.350> work<00:16:31.380> out<00:16:31.680> and<00:16:31.980> when<00:16:32.700> we<00:16:32.820> see 00:16:32.990 --> 00:16:33.000 align:start position:0% that this will work out and when we see 00:16:33.000 --> 00:16:35.420 align:start position:0% that this will work out and when we see this<00:16:33.120> work<00:16:33.390> out<00:16:33.540> once<00:16:33.870> I'm<00:16:34.290> pretty<00:16:35.070> confident 00:16:35.420 --> 00:16:35.430 align:start position:0% this work out once I'm pretty confident 00:16:35.430 --> 00:16:36.740 align:start position:0% this work out once I'm pretty confident also<00:16:35.760> that<00:16:35.880> the<00:16:35.940> other<00:16:36.030> project<00:16:36.420> will<00:16:36.510> adopt 00:16:36.740 --> 00:16:36.750 align:start position:0% also that the other project will adopt 00:16:36.750 --> 00:16:38.930 align:start position:0% also that the other project will adopt that<00:16:36.960> process<00:16:37.470> if<00:16:37.890> others<00:16:38.190> adopt<00:16:38.490> it<00:16:38.670> and<00:16:38.850> we 00:16:38.930 --> 00:16:38.940 align:start position:0% that process if others adopt it and we 00:16:38.940 --> 00:16:41.030 align:start position:0% that process if others adopt it and we are<00:16:39.060> moving<00:16:39.210> towards<00:16:39.900> a<00:16:40.020> self-regulation<00:16:40.830> in 00:16:41.030 --> 00:16:41.040 align:start position:0% are moving towards a self-regulation in 00:16:41.040 --> 00:16:43.220 align:start position:0% are moving towards a self-regulation in our<00:16:41.160> space<00:16:41.580> I<00:16:41.820> think<00:16:41.880> which<00:16:42.150> is<00:16:42.230> extremely 00:16:43.220 --> 00:16:43.230 align:start position:0% our space I think which is extremely 00:16:43.230 --> 00:16:46.040 align:start position:0% our space I think which is extremely important<00:16:43.710> that<00:16:43.980> we<00:16:44.730> show<00:16:44.940> look<00:16:45.330> things<00:16:45.750> can 00:16:46.040 --> 00:16:46.050 align:start position:0% important that we show look things can 00:16:46.050 --> 00:16:48.680 align:start position:0% important that we show look things can be<00:16:46.170> done<00:16:46.350> in<00:16:46.500> a<00:16:46.590> better<00:16:46.770> way<00:16:47.010> and<00:16:47.450> actually<00:16:48.450> it 00:16:48.680 --> 00:16:48.690 align:start position:0% be done in a better way and actually it 00:16:48.690 --> 00:16:50.810 align:start position:0% be done in a better way and actually it brings<00:16:48.810> more<00:16:49.110> safety<00:16:49.380> than<00:16:49.650> creating<00:16:50.430> huge 00:16:50.810 --> 00:16:50.820 align:start position:0% brings more safety than creating huge 00:16:50.820 --> 00:16:53.470 align:start position:0% brings more safety than creating huge liquid<00:16:51.300> regulation<00:16:51.930> froid<00:16:52.140> frameworks<00:16:52.710> and 00:16:53.470 --> 00:16:53.480 align:start position:0% liquid regulation froid frameworks and 00:16:53.480 --> 00:16:57.110 align:start position:0% liquid regulation froid frameworks and you<00:16:54.480> know<00:16:54.600> even<00:16:54.960> more<00:16:55.350> lawyer<00:16:56.070> costs<00:16:56.610> and<00:16:56.880> even 00:16:57.110 --> 00:16:57.120 align:start position:0% you know even more lawyer costs and even 00:16:57.120 --> 00:16:59.150 align:start position:0% you know even more lawyer costs and even more<00:16:57.480> slow<00:16:57.870> processes<00:16:58.500> because<00:16:58.950> the<00:16:59.040> whole 00:16:59.150 --> 00:16:59.160 align:start position:0% more slow processes because the whole 00:16:59.160 --> 00:17:01.130 align:start position:0% more slow processes because the whole point<00:16:59.430> with<00:16:59.550> the<00:16:59.700> blockchain<00:16:59.910> and<00:17:00.390> why<00:17:00.660> I<00:17:00.690> SEOs 00:17:01.130 --> 00:17:01.140 align:start position:0% point with the blockchain and why I SEOs 00:17:01.140 --> 00:17:04.610 align:start position:0% point with the blockchain and why I SEOs are<00:17:01.350> so<00:17:01.500> successful<00:17:01.710> is<00:17:02.100> because<00:17:02.250> it<00:17:02.700> is<00:17:03.620> easy 00:17:04.610 --> 00:17:04.620 align:start position:0% are so successful is because it is easy 00:17:04.620 --> 00:17:08.230 align:start position:0% are so successful is because it is easy you<00:17:05.430> know<00:17:05.520> that's<00:17:06.150> really<00:17:06.390> the<00:17:06.630> main<00:17:07.080> point 00:17:08.230 --> 00:17:08.240 align:start position:0% you know that's really the main point 00:17:08.240 --> 00:17:15.320 align:start position:0% you know that's really the main point that's<00:17:09.240> all<00:17:09.720> I<00:17:09.750> have<00:17:09.990> today<00:17:10.230> for<00:17:10.440> you<00:17:13.970> so<00:17:14.970> you 00:17:15.320 --> 00:17:15.330 align:start position:0% that's all I have today for you so you 00:17:15.330 --> 00:17:18.199 align:start position:0% that's all I have today for you so you mentioned<00:17:15.690> you<00:17:15.780> worked<00:17:16.020> on<00:17:16.290> energy<00:17:16.890> 20<00:17:17.250> so<00:17:18.030> is 00:17:18.199 --> 00:17:18.209 align:start position:0% mentioned you worked on energy 20 so is 00:17:18.209 --> 00:17:20.329 align:start position:0% mentioned you worked on energy 20 so is this<00:17:18.959> another<00:17:19.260> standard<00:17:19.709> you're<00:17:19.980> working<00:17:20.280> so 00:17:20.329 --> 00:17:20.339 align:start position:0% this another standard you're working so 00:17:20.339 --> 00:17:22.010 align:start position:0% this another standard you're working so what<00:17:20.459> if<00:17:20.580> you<00:17:20.640> want<00:17:20.820> to<00:17:20.880> use<00:17:21.000> this<00:17:21.120> now<00:17:21.300> maybe 00:17:22.010 --> 00:17:22.020 align:start position:0% what if you want to use this now maybe 00:17:22.020 --> 00:17:23.710 align:start position:0% what if you want to use this now maybe if<00:17:22.589> there's<00:17:22.800> a<00:17:22.860> standard<00:17:23.250> that<00:17:23.370> might<00:17:23.550> help 00:17:23.710 --> 00:17:23.720 align:start position:0% if there's a standard that might help 00:17:23.720 --> 00:17:28.550 align:start position:0% if there's a standard that might help yeah<00:17:26.000> so<00:17:27.000> basically<00:17:27.540> the<00:17:27.750> idea<00:17:27.780> is<00:17:28.140> that<00:17:28.170> on 00:17:28.550 --> 00:17:28.560 align:start position:0% yeah so basically the idea is that on 00:17:28.560 --> 00:17:32.120 align:start position:0% yeah so basically the idea is that on having<00:17:29.340> a<00:17:29.400> proposes<00:17:29.850> as<00:17:29.970> a<00:17:30.000> standard<00:17:30.480> yet<00:17:31.130> we 00:17:32.120 --> 00:17:32.130 align:start position:0% having a proposes as a standard yet we 00:17:32.130 --> 00:17:33.860 align:start position:0% having a proposes as a standard yet we were<00:17:32.280> obviously<00:17:32.520> in<00:17:32.970> the<00:17:33.090> process<00:17:33.510> of<00:17:33.630> when<00:17:33.750> we 00:17:33.860 --> 00:17:33.870 align:start position:0% were obviously in the process of when we 00:17:33.870 --> 00:17:37.660 align:start position:0% were obviously in the process of when we make<00:17:34.050> our<00:17:34.200> IC<00:17:34.770> or<00:17:34.950> our<00:17:35.280> Rico<00:17:35.760> we<00:17:36.090> will<00:17:36.300> like 00:17:37.660 --> 00:17:37.670 align:start position:0% make our IC or our Rico we will like 00:17:37.670 --> 00:17:40.160 align:start position:0% make our IC or our Rico we will like build<00:17:38.670> the<00:17:38.850> smart<00:17:39.090> contracts<00:17:39.480> out<00:17:39.570> test<00:17:39.990> it 00:17:40.160 --> 00:17:40.170 align:start position:0% build the smart contracts out test it 00:17:40.170 --> 00:17:42.200 align:start position:0% build the smart contracts out test it out<00:17:40.290> over<00:17:41.100> the<00:17:41.190> course<00:17:41.220> like<00:17:41.790> shorter 00:17:42.200 --> 00:17:42.210 align:start position:0% out over the course like shorter 00:17:42.210 --> 00:17:43.940 align:start position:0% out over the course like shorter specifications<00:17:42.780> we<00:17:42.870> use<00:17:43.110> and<00:17:43.410> once<00:17:43.770> we<00:17:43.920> know 00:17:43.940 --> 00:17:43.950 align:start position:0% specifications we use and once we know 00:17:43.950 --> 00:17:46.120 align:start position:0% specifications we use and once we know that<00:17:44.130> it<00:17:44.580> really<00:17:44.790> works<00:17:45.210> and<00:17:45.540> all<00:17:45.840> the 00:17:46.120 --> 00:17:46.130 align:start position:0% that it really works and all the 00:17:46.130 --> 00:17:48.550 align:start position:0% that it really works and all the math<00:17:46.280> works<00:17:46.910> well<00:17:47.180> then<00:17:47.450> maybe<00:17:47.840> I<00:17:47.990> propose<00:17:48.440> it 00:17:48.550 --> 00:17:48.560 align:start position:0% math works well then maybe I propose it 00:17:48.560 --> 00:17:52.840 align:start position:0% math works well then maybe I propose it as<00:17:48.650> a<00:17:48.680> sender's<00:17:49.150> I<00:17:50.710> mean<00:17:51.710> I<00:17:51.920> propose<00:17:52.730> New 00:17:52.840 --> 00:17:52.850 align:start position:0% as a sender's I mean I propose New 00:17:52.850 --> 00:17:55.570 align:start position:0% as a sender's I mean I propose New Year's<00:17:53.000> Eve<00:17:53.060> 20<00:17:53.420> and<00:17:53.570> other<00:17:53.720> standards<00:17:54.580> send 00:17:55.570 --> 00:17:55.580 align:start position:0% Year's Eve 20 and other standards send 00:17:55.580 --> 00:17:57.640 align:start position:0% Year's Eve 20 and other standards send us<00:17:55.700> process<00:17:56.060> are<00:17:56.150> pretty<00:17:56.360> slow<00:17:56.780> and<00:17:57.110> they<00:17:57.440> take 00:17:57.640 --> 00:17:57.650 align:start position:0% us process are pretty slow and they take 00:17:57.650 --> 00:17:59.470 align:start position:0% us process are pretty slow and they take take<00:17:57.920> time<00:17:58.250> and<00:17:58.520> so<00:17:58.640> on<00:17:58.670> I<00:17:58.910> think<00:17:58.970> like<00:17:59.240> a<00:17:59.270> good 00:17:59.470 --> 00:17:59.480 align:start position:0% take time and so on I think like a good 00:17:59.480 --> 00:18:01.540 align:start position:0% take time and so on I think like a good examples<00:17:59.930> to<00:17:59.960> show<00:18:00.200> that<00:18:00.380> it<00:18:00.470> works<00:18:00.620> you<00:18:00.980> know 00:18:01.540 --> 00:18:01.550 align:start position:0% examples to show that it works you know 00:18:01.550 --> 00:18:02.710 align:start position:0% examples to show that it works you know and<00:18:01.640> then<00:18:02.000> we<00:18:02.120> can<00:18:02.240> discuss<00:18:02.540> about 00:18:02.710 --> 00:18:02.720 align:start position:0% and then we can discuss about 00:18:02.720 --> 00:18:04.810 align:start position:0% and then we can discuss about standardizing<00:18:03.260> things<00:18:03.650> I<00:18:03.890> mean<00:18:04.430> yeah<00:18:04.580> the 00:18:04.810 --> 00:18:04.820 align:start position:0% standardizing things I mean yeah the 00:18:04.820 --> 00:18:07.630 align:start position:0% standardizing things I mean yeah the concept<00:18:05.150> it's<00:18:05.270> rather<00:18:05.660> simple<00:18:06.340> you<00:18:07.340> know<00:18:07.460> or 00:18:07.630 --> 00:18:07.640 align:start position:0% concept it's rather simple you know or 00:18:07.640 --> 00:18:09.460 align:start position:0% concept it's rather simple you know or technically<00:18:08.000> white<00:18:08.210> paper<00:18:08.510> also<00:18:08.990> explaining 00:18:09.460 --> 00:18:09.470 align:start position:0% technically white paper also explaining 00:18:09.470 --> 00:18:11.590 align:start position:0% technically white paper also explaining the<00:18:09.800> the<00:18:10.130> exact<00:18:10.460> specification<00:18:11.150> how<00:18:11.300> you<00:18:11.360> do 00:18:11.590 --> 00:18:11.600 align:start position:0% the the exact specification how you do 00:18:11.600 --> 00:18:12.820 align:start position:0% the the exact specification how you do it<00:18:11.750> but<00:18:11.960> you<00:18:12.080> know<00:18:12.170> it's<00:18:12.350> not<00:18:12.530> the<00:18:12.650> really 00:18:12.820 --> 00:18:12.830 align:start position:0% it but you know it's not the really 00:18:12.830 --> 00:18:14.890 align:start position:0% it but you know it's not the really complicated<00:18:13.130> idea<00:18:13.580> so<00:18:13.850> everybody<00:18:14.750> can 00:18:14.890 --> 00:18:14.900 align:start position:0% complicated idea so everybody can 00:18:14.900 --> 00:18:16.480 align:start position:0% complicated idea so everybody can probably<00:18:15.140> just<00:18:15.320> get<00:18:15.710> cracking<00:18:16.250> you<00:18:16.460> know 00:18:16.480 --> 00:18:16.490 align:start position:0% probably just get cracking you know 00:18:16.490 --> 00:18:21.210 align:start position:0% probably just get cracking you know building<00:18:17.090> it<00:18:17.210> himself<00:18:17.390> or<00:18:17.720> destined<00:18:18.200> self<00:18:18.500> so 00:18:21.210 --> 00:18:21.220 align:start position:0% 00:18:21.220 --> 00:18:23.890 align:start position:0% do<00:18:22.220> you<00:18:22.310> think<00:18:22.400> that<00:18:22.700> it<00:18:22.850> might<00:18:23.090> change<00:18:23.120> er<00:18:23.600> the 00:18:23.890 --> 00:18:23.900 align:start position:0% do you think that it might change er the 00:18:23.900 --> 00:18:26.200 align:start position:0% do you think that it might change er the life<00:18:24.470> of<00:18:24.710> the<00:18:24.860> project<00:18:25.100> because<00:18:25.700> of<00:18:25.940> like 00:18:26.200 --> 00:18:26.210 align:start position:0% life of the project because of like 00:18:26.210 --> 00:18:29.020 align:start position:0% life of the project because of like people<00:18:26.780> getting<00:18:27.740> feared<00:18:28.280> and<00:18:28.640> just<00:18:28.850> like 00:18:29.020 --> 00:18:29.030 align:start position:0% people getting feared and just like 00:18:29.030 --> 00:18:30.940 align:start position:0% people getting feared and just like taking<00:18:29.570> it<00:18:29.720> out<00:18:29.900> because<00:18:30.170> the<00:18:30.470> price<00:18:30.680> goes 00:18:30.940 --> 00:18:30.950 align:start position:0% taking it out because the price goes 00:18:30.950 --> 00:18:33.490 align:start position:0% taking it out because the price goes down<00:18:31.250> or<00:18:31.550> whatever<00:18:31.880> so<00:18:32.180> like<00:18:32.600> it<00:18:32.810> will<00:18:33.140> be<00:18:33.170> very 00:18:33.490 --> 00:18:33.500 align:start position:0% down or whatever so like it will be very 00:18:33.500 --> 00:18:36.040 align:start position:0% down or whatever so like it will be very difficult<00:18:33.740> for<00:18:34.040> project<00:18:34.550> to<00:18:34.760> kind<00:18:35.420> of<00:18:35.630> if<00:18:35.870> it 00:18:36.040 --> 00:18:36.050 align:start position:0% difficult for project to kind of if it 00:18:36.050 --> 00:18:37.780 align:start position:0% difficult for project to kind of if it will<00:18:36.200> be<00:18:36.320> milestone<00:18:36.830> based<00:18:37.070> maybe<00:18:37.370> but<00:18:37.640> if 00:18:37.780 --> 00:18:37.790 align:start position:0% will be milestone based maybe but if 00:18:37.790 --> 00:18:40.810 align:start position:0% will be milestone based maybe but if it's<00:18:37.970> just<00:18:38.240> like<00:18:38.350> time<00:18:39.350> based<00:18:39.650> so<00:18:40.430> I<00:18:40.460> probably 00:18:40.810 --> 00:18:40.820 align:start position:0% it's just like time based so I probably 00:18:40.820 --> 00:18:42.880 align:start position:0% it's just like time based so I probably it's<00:18:41.120> not<00:18:41.210> it's<00:18:41.600> not<00:18:41.810> obviously<00:18:42.590> there<00:18:42.740> can<00:18:42.830> be 00:18:42.880 --> 00:18:42.890 align:start position:0% it's not it's not obviously there can be 00:18:42.890 --> 00:18:44.770 align:start position:0% it's not it's not obviously there can be many<00:18:43.130> iterations<00:18:43.490> on<00:18:44.000> that<00:18:44.180> concept<00:18:44.570> right 00:18:44.770 --> 00:18:44.780 align:start position:0% many iterations on that concept right 00:18:44.780 --> 00:18:46.300 align:start position:0% many iterations on that concept right there<00:18:45.050> can<00:18:45.200> be<00:18:45.230> my<00:18:45.500> stone<00:18:45.770> based<00:18:45.950> but<00:18:46.100> then<00:18:46.220> you 00:18:46.300 --> 00:18:46.310 align:start position:0% there can be my stone based but then you 00:18:46.310 --> 00:18:49.350 align:start position:0% there can be my stone based but then you have<00:18:46.490> the<00:18:46.610> tricky<00:18:47.140> problem<00:18:48.140> of<00:18:48.290> voting<00:18:48.530> or 00:18:49.350 --> 00:18:49.360 align:start position:0% have the tricky problem of voting or 00:18:49.360 --> 00:18:51.430 align:start position:0% have the tricky problem of voting or Oracle<00:18:50.360> or<00:18:50.390> whoever<00:18:50.810> you<00:18:50.960> know<00:18:51.080> decides 00:18:51.430 --> 00:18:51.440 align:start position:0% Oracle or whoever you know decides 00:18:51.440 --> 00:18:54.330 align:start position:0% Oracle or whoever you know decides whatever<00:18:51.740> my<00:18:51.890> sin<00:18:52.130> was<00:18:52.220> reached<00:18:52.460> or<00:18:52.640> not<00:18:53.320> I 00:18:54.330 --> 00:18:54.340 align:start position:0% whatever my sin was reached or not I 00:18:54.340 --> 00:18:57.910 align:start position:0% whatever my sin was reached or not I think<00:18:55.340> the<00:18:55.550> the<00:18:56.480> idea<00:18:56.780> here<00:18:56.960> is<00:18:56.990> obviously<00:18:57.410> if 00:18:57.910 --> 00:18:57.920 align:start position:0% think the the idea here is obviously if 00:18:57.920 --> 00:18:59.710 align:start position:0% think the the idea here is obviously if there<00:18:58.190> is<00:18:58.250> a<00:18:58.280> private<00:18:58.700> set<00:18:58.850> in<00:18:58.970> front<00:18:59.270> that<00:18:59.510> you 00:18:59.710 --> 00:18:59.720 align:start position:0% there is a private set in front that you 00:18:59.720 --> 00:19:01.210 align:start position:0% there is a private set in front that you gives<00:18:59.930> you<00:19:00.050> base<00:19:00.440> funding<00:19:00.860> which<00:19:00.980> gives<00:19:01.160> you 00:19:01.210 --> 00:19:01.220 align:start position:0% gives you base funding which gives you 00:19:01.220 --> 00:19:02.950 align:start position:0% gives you base funding which gives you some<00:19:01.490> kind<00:19:01.730> of<00:19:01.850> like<00:19:02.030> basis<00:19:02.450> that<00:19:02.630> you<00:19:02.750> are<00:19:02.840> not 00:19:02.950 --> 00:19:02.960 align:start position:0% some kind of like basis that you are not 00:19:02.960 --> 00:19:05.650 align:start position:0% some kind of like basis that you are not completely<00:19:03.260> like<00:19:03.650> without<00:19:03.860> nothing<00:19:04.510> at<00:19:05.510> the 00:19:05.650 --> 00:19:05.660 align:start position:0% completely like without nothing at the 00:19:05.660 --> 00:19:07.690 align:start position:0% completely like without nothing at the same<00:19:05.810> time<00:19:06.080> if<00:19:06.320> you<00:19:06.440> are<00:19:06.710> a<00:19:06.740> good<00:19:07.010> project<00:19:07.280> I 00:19:07.690 --> 00:19:07.700 align:start position:0% same time if you are a good project I 00:19:07.700 --> 00:19:09.040 align:start position:0% same time if you are a good project I mean<00:19:07.850> you<00:19:08.120> know<00:19:08.210> we<00:19:08.510> have<00:19:08.630> already<00:19:08.900> brought 00:19:09.040 --> 00:19:09.050 align:start position:0% mean you know we have already brought 00:19:09.050 --> 00:19:10.900 align:start position:0% mean you know we have already brought you<00:19:09.200> in<00:19:09.290> this<00:19:09.380> space<00:19:09.560> who<00:19:09.800> basically<00:19:10.340> took<00:19:10.730> the 00:19:10.900 --> 00:19:10.910 align:start position:0% you in this space who basically took the 00:19:10.910 --> 00:19:13.780 align:start position:0% you in this space who basically took the risk<00:19:11.120> of<00:19:11.360> keeping<00:19:11.810> the<00:19:11.900> ethers<00:19:12.230> that<00:19:13.010> for<00:19:13.610> some 00:19:13.780 --> 00:19:13.790 align:start position:0% risk of keeping the ethers that for some 00:19:13.790 --> 00:19:15.400 align:start position:0% risk of keeping the ethers that for some work<00:19:14.000> really<00:19:14.180> well<00:19:14.390> for<00:19:14.450> some<00:19:14.840> life<00:19:15.020> didn't 00:19:15.400 --> 00:19:15.410 align:start position:0% work really well for some life didn't 00:19:15.410 --> 00:19:17.080 align:start position:0% work really well for some life didn't obviously<00:19:15.560> based<00:19:16.250> on<00:19:16.460> the<00:19:16.550> time<00:19:16.790> when<00:19:17.000> they 00:19:17.080 --> 00:19:17.090 align:start position:0% obviously based on the time when they 00:19:17.090 --> 00:19:19.990 align:start position:0% obviously based on the time when they did<00:19:17.270> it<00:19:17.390> I<00:19:18.200> think<00:19:19.130> we<00:19:19.370> will<00:19:19.490> see<00:19:19.730> also 00:19:19.990 --> 00:19:20.000 align:start position:0% did it I think we will see also 00:19:20.000 --> 00:19:21.790 align:start position:0% did it I think we will see also fluctuation<00:19:20.810> actually<00:19:21.140> my<00:19:21.200> gut<00:19:21.350> feeling<00:19:21.680> is 00:19:21.790 --> 00:19:21.800 align:start position:0% fluctuation actually my gut feeling is 00:19:21.800 --> 00:19:23.440 align:start position:0% fluctuation actually my gut feeling is that<00:19:21.830> probably<00:19:22.310> the<00:19:22.430> pot<00:19:22.610> would<00:19:22.760> be<00:19:22.910> or<00:19:23.030> around 00:19:23.440 --> 00:19:23.450 align:start position:0% that probably the pot would be or around 00:19:23.450 --> 00:19:27.100 align:start position:0% that probably the pot would be or around 2/3<00:19:24.490> fluctuating<00:19:25.490> maybe<00:19:26.480> there's<00:19:26.780> a<00:19:26.840> fat 00:19:27.100 --> 00:19:27.110 align:start position:0% 2/3 fluctuating maybe there's a fat 00:19:27.110 --> 00:19:28.630 align:start position:0% 2/3 fluctuating maybe there's a fat moment<00:19:27.530> where<00:19:27.650> everything<00:19:28.010> goes<00:19:28.160> down<00:19:28.460> but 00:19:28.630 --> 00:19:28.640 align:start position:0% moment where everything goes down but 00:19:28.640 --> 00:19:30.760 align:start position:0% moment where everything goes down but then<00:19:28.760> it<00:19:28.880> can<00:19:29.000> also<00:19:29.180> bounce<00:19:29.420> up<00:19:29.720> again<00:19:30.020> there 00:19:30.760 --> 00:19:30.770 align:start position:0% then it can also bounce up again there 00:19:30.770 --> 00:19:33.610 align:start position:0% then it can also bounce up again there is<00:19:30.860> a<00:19:30.890> risk<00:19:31.220> but<00:19:31.970> I<00:19:32.630> mean<00:19:32.870> entrepreneurship<00:19:33.500> is 00:19:33.610 --> 00:19:33.620 align:start position:0% is a risk but I mean entrepreneurship is 00:19:33.620 --> 00:19:37.390 align:start position:0% is a risk but I mean entrepreneurship is always<00:19:34.040> every<00:19:34.760> skin<00:19:35.030> gender<00:19:35.390> and<00:19:35.540> so<00:19:35.720> and<00:19:36.400> and 00:19:37.390 --> 00:19:37.400 align:start position:0% always every skin gender and so and and 00:19:37.400 --> 00:19:39.550 align:start position:0% always every skin gender and so and and it<00:19:37.940> brings<00:19:38.210> this<00:19:38.390> balance<00:19:38.810> back<00:19:39.050> between<00:19:39.410> the 00:19:39.550 --> 00:19:39.560 align:start position:0% it brings this balance back between the 00:19:39.560 --> 00:19:41.410 align:start position:0% it brings this balance back between the community<00:19:40.100> and<00:19:40.130> the<00:19:40.460> project<00:19:41.000> I<00:19:41.030> think<00:19:41.150> this 00:19:41.410 --> 00:19:41.420 align:start position:0% community and the project I think this 00:19:41.420 --> 00:19:43.810 align:start position:0% community and the project I think this is<00:19:41.570> very<00:19:41.810> important<00:19:42.380> and<00:19:42.500> you<00:19:43.460> can<00:19:43.610> probably 00:19:43.810 --> 00:19:43.820 align:start position:0% is very important and you can probably 00:19:43.820 --> 00:19:45.550 align:start position:0% is very important and you can probably even<00:19:44.030> have<00:19:44.270> like<00:19:44.450> a<00:19:44.480> soft<00:19:44.840> cap<00:19:45.140> of<00:19:45.350> whatever 00:19:45.550 --> 00:19:45.560 align:start position:0% even have like a soft cap of whatever 00:19:45.560 --> 00:19:47.650 align:start position:0% even have like a soft cap of whatever can<00:19:45.890> be<00:19:45.920> mean<00:19:46.220> maybe<00:19:46.430> like<00:19:46.520> you<00:19:46.880> know<00:19:46.970> 20%<00:19:47.300> of 00:19:47.650 --> 00:19:47.660 align:start position:0% can be mean maybe like you know 20% of 00:19:47.660 --> 00:19:49.030 align:start position:0% can be mean maybe like you know 20% of whatever<00:19:47.930> you<00:19:48.050> gives<00:19:48.290> immediately<00:19:48.860> not 00:19:49.030 --> 00:19:49.040 align:start position:0% whatever you gives immediately not 00:19:49.040 --> 00:19:51.430 align:start position:0% whatever you gives immediately not refundable<00:19:49.490> I<00:19:49.880> mean<00:19:50.030> could<00:19:50.930> be<00:19:50.960> any<00:19:51.200> kind<00:19:51.350> of 00:19:51.430 --> 00:19:51.440 align:start position:0% refundable I mean could be any kind of 00:19:51.440 --> 00:19:53.980 align:start position:0% refundable I mean could be any kind of alterations<00:19:52.400> based<00:19:52.730> on<00:19:53.000> what<00:19:53.240> security<00:19:53.690> the 00:19:53.980 --> 00:19:53.990 align:start position:0% alterations based on what security the 00:19:53.990 --> 00:19:56.650 align:start position:0% alterations based on what security the projects<00:19:54.440> want<00:19:54.680> on<00:19:54.860> it<00:19:55.010> and<00:19:55.850> it's<00:19:56.240> also<00:19:56.420> based 00:19:56.650 --> 00:19:56.660 align:start position:0% projects want on it and it's also based 00:19:56.660 --> 00:19:58.810 align:start position:0% projects want on it and it's also based on<00:19:56.840> the<00:19:56.990> the<00:19:57.290> size<00:19:57.560> of<00:19:57.740> the<00:19:57.830> project<00:19:58.010> for 00:19:58.810 --> 00:19:58.820 align:start position:0% on the the size of the project for 00:19:58.820 --> 00:19:59.830 align:start position:0% on the the size of the project for example<00:19:58.910> if<00:19:59.450> you 00:19:59.830 --> 00:19:59.840 align:start position:0% example if you 00:19:59.840 --> 00:20:01.149 align:start position:0% example if you start<00:20:00.049> a<00:20:00.169> whole<00:20:00.380> ecosystem<00:20:00.529> like<00:20:01.100> a 00:20:01.149 --> 00:20:01.159 align:start position:0% start a whole ecosystem like a 00:20:01.159 --> 00:20:03.789 align:start position:0% start a whole ecosystem like a blockchain<00:20:01.429> you<00:20:01.970> know<00:20:02.470> most<00:20:03.470> of<00:20:03.559> the<00:20:03.620> time 00:20:03.789 --> 00:20:03.799 align:start position:0% blockchain you know most of the time 00:20:03.799 --> 00:20:05.950 align:start position:0% blockchain you know most of the time these<00:20:04.309> projects<00:20:04.789> collect<00:20:05.059> a<00:20:05.299> lot<00:20:05.690> of<00:20:05.779> money 00:20:05.950 --> 00:20:05.960 align:start position:0% these projects collect a lot of money 00:20:05.960 --> 00:20:07.779 align:start position:0% these projects collect a lot of money because<00:20:06.140> they<00:20:06.380> can<00:20:06.559> be<00:20:06.799> very<00:20:07.070> large<00:20:07.340> you<00:20:07.669> know 00:20:07.779 --> 00:20:07.789 align:start position:0% because they can be very large you know 00:20:07.789 --> 00:20:11.140 align:start position:0% because they can be very large you know I<00:20:07.820> can<00:20:08.059> grow<00:20:08.299> to<00:20:08.990> a<00:20:09.020> huge<00:20:09.789> ecosystem<00:20:10.789> at<00:20:10.909> some 00:20:11.140 --> 00:20:11.150 align:start position:0% I can grow to a huge ecosystem at some 00:20:11.150 --> 00:20:13.090 align:start position:0% I can grow to a huge ecosystem at some point<00:20:11.419> if<00:20:11.690> it's<00:20:12.110> just<00:20:12.470> obviously<00:20:12.830> you<00:20:12.950> know<00:20:13.070> I 00:20:13.090 --> 00:20:13.100 align:start position:0% point if it's just obviously you know I 00:20:13.100 --> 00:20:14.200 align:start position:0% point if it's just obviously you know I want<00:20:13.309> to<00:20:13.370> build<00:20:13.520> this<00:20:13.610> app<00:20:13.789> and<00:20:13.909> I<00:20:13.970> want<00:20:14.090> to 00:20:14.200 --> 00:20:14.210 align:start position:0% want to build this app and I want to 00:20:14.210 --> 00:20:15.669 align:start position:0% want to build this app and I want to collect<00:20:14.390> here<00:20:14.630> a<00:20:14.659> million<00:20:15.080> and<00:20:15.230> then<00:20:15.380> on<00:20:15.559> the 00:20:15.669 --> 00:20:15.679 align:start position:0% collect here a million and then on the 00:20:15.679 --> 00:20:17.440 align:start position:0% collect here a million and then on the end<00:20:15.770> it<00:20:15.860> will<00:20:15.950> be<00:20:16.010> worth<00:20:16.130> like<00:20:16.549> 10<00:20:16.970> at<00:20:17.240> some 00:20:17.440 --> 00:20:17.450 align:start position:0% end it will be worth like 10 at some 00:20:17.450 --> 00:20:20.350 align:start position:0% end it will be worth like 10 at some point<00:20:18.130> it's<00:20:19.130> a<00:20:19.309> more<00:20:19.490> risky<00:20:19.640> model<00:20:20.179> obviously 00:20:20.350 --> 00:20:20.360 align:start position:0% point it's a more risky model obviously 00:20:20.360 --> 00:20:23.350 align:start position:0% point it's a more risky model obviously right<00:20:21.850> thanks<00:20:22.850> you<00:20:22.909> think<00:20:23.059> that's<00:20:23.179> all<00:20:23.270> the 00:20:23.350 --> 00:20:23.360 align:start position:0% right thanks you think that's all the 00:20:23.360 --> 00:20:24.610 align:start position:0% right thanks you think that's all the time<00:20:23.480> we<00:20:23.600> have<00:20:23.720> thank<00:20:23.960> you<00:20:24.020> for<00:20:24.200> having<00:20:24.380> these 00:20:24.610 --> 00:20:24.620 align:start position:0% time we have thank you for having these 00:20:24.620 --> 00:20:35.820 align:start position:0% time we have thank you for having these join<00:20:24.919> me<00:20:25.010> in<00:20:25.130> thanking<00:20:25.610> Fabien<00:20:26.000> one<00:20:26.120> more<00:20:26.210> time 00:20:35.820 --> 00:20:35.830 align:start position:0% 00:20:35.830 --> 00:20:37.890 align:start position:0% you