WEBVTT Kind: captions Language: en 00:00:04.760 --> 00:00:06.700 align:start position:0% thank<00:00:05.330> you<00:00:05.450> all<00:00:05.570> for<00:00:05.600> braving<00:00:06.110> the<00:00:06.350> tsunami 00:00:06.700 --> 00:00:06.710 align:start position:0% thank you all for braving the tsunami 00:00:06.710 --> 00:00:09.190 align:start position:0% thank you all for braving the tsunami for<00:00:07.070> one<00:00:07.190> of<00:00:07.310> the<00:00:07.520> best<00:00:08.270> last<00:00:08.540> talks<00:00:08.930> at<00:00:09.110> the 00:00:09.190 --> 00:00:09.200 align:start position:0% for one of the best last talks at the 00:00:09.200 --> 00:00:11.680 align:start position:0% for one of the best last talks at the conference<00:00:09.650> this<00:00:09.980> is<00:00:10.040> the<00:00:10.280> talk<00:00:10.490> on<00:00:10.760> Satoshi 00:00:11.680 --> 00:00:11.690 align:start position:0% conference this is the talk on Satoshi 00:00:11.690 --> 00:00:12.580 align:start position:0% conference this is the talk on Satoshi she<00:00:11.750> has<00:00:11.900> no<00:00:12.020> clothes 00:00:12.580 --> 00:00:12.590 align:start position:0% she has no clothes 00:00:12.590 --> 00:00:15.190 align:start position:0% she has no clothes what<00:00:13.100> about<00:00:13.190> Szabo<00:00:13.670> so<00:00:14.090> do<00:00:14.480> we<00:00:14.600> need<00:00:14.750> privacy 00:00:15.190 --> 00:00:15.200 align:start position:0% what about Szabo so do we need privacy 00:00:15.200 --> 00:00:19.660 align:start position:0% what about Szabo so do we need privacy for<00:00:15.320> smart<00:00:15.980> contracts<00:00:16.930> I<00:00:18.250> sort<00:00:19.250> of<00:00:19.340> started 00:00:19.660 --> 00:00:19.670 align:start position:0% for smart contracts I sort of started 00:00:19.670 --> 00:00:21.300 align:start position:0% for smart contracts I sort of started about<00:00:19.850> thinking<00:00:20.270> about<00:00:20.480> this<00:00:20.660> because 00:00:21.300 --> 00:00:21.310 align:start position:0% about thinking about this because 00:00:21.310 --> 00:00:24.820 align:start position:0% about thinking about this because everyone<00:00:22.600> sort<00:00:23.600> of<00:00:23.660> understands<00:00:24.350> that<00:00:24.530> you 00:00:24.820 --> 00:00:24.830 align:start position:0% everyone sort of understands that you 00:00:24.830 --> 00:00:26.710 align:start position:0% everyone sort of understands that you want<00:00:25.190> privacy<00:00:25.640> for<00:00:25.820> money<00:00:26.000> for<00:00:26.210> some<00:00:26.390> reasons 00:00:26.710 --> 00:00:26.720 align:start position:0% want privacy for money for some reasons 00:00:26.720 --> 00:00:28.180 align:start position:0% want privacy for money for some reasons that's<00:00:26.870> the<00:00:26.960> problem<00:00:27.260> for<00:00:27.440> cryptocurrencies 00:00:28.180 --> 00:00:28.190 align:start position:0% that's the problem for cryptocurrencies 00:00:28.190 --> 00:00:30.760 align:start position:0% that's the problem for cryptocurrencies is<00:00:28.760> that<00:00:29.510> they<00:00:29.660> are<00:00:29.720> basically<00:00:29.930> Twitter<00:00:30.530> for 00:00:30.760 --> 00:00:30.770 align:start position:0% is that they are basically Twitter for 00:00:30.770 --> 00:00:32.709 align:start position:0% is that they are basically Twitter for your<00:00:30.890> bank<00:00:31.070> account<00:00:31.400> they<00:00:31.610> expose<00:00:32.210> all<00:00:32.570> of 00:00:32.709 --> 00:00:32.719 align:start position:0% your bank account they expose all of 00:00:32.719 --> 00:00:34.660 align:start position:0% your bank account they expose all of your<00:00:32.870> spending<00:00:33.230> details<00:00:33.620> to<00:00:33.980> everybody 00:00:34.660 --> 00:00:34.670 align:start position:0% your spending details to everybody 00:00:34.670 --> 00:00:36.279 align:start position:0% your spending details to everybody your<00:00:35.270> creepy<00:00:35.450> ex<00:00:35.719> girlfriend<00:00:36.170> or<00:00:36.260> boyfriend 00:00:36.279 --> 00:00:36.289 align:start position:0% your creepy ex girlfriend or boyfriend 00:00:36.289 --> 00:00:38.530 align:start position:0% your creepy ex girlfriend or boyfriend do<00:00:36.740> your<00:00:36.829> business<00:00:37.130> competitor<00:00:37.640> is<00:00:37.820> literally 00:00:38.530 --> 00:00:38.540 align:start position:0% do your business competitor is literally 00:00:38.540 --> 00:00:40.390 align:start position:0% do your business competitor is literally everybody<00:00:38.780> so<00:00:39.590> this<00:00:39.740> is<00:00:39.890> the<00:00:40.040> thing<00:00:40.190> that 00:00:40.390 --> 00:00:40.400 align:start position:0% everybody so this is the thing that 00:00:40.400 --> 00:00:42.150 align:start position:0% everybody so this is the thing that we're<00:00:40.550> starting<00:00:40.730> to<00:00:41.030> understand<00:00:41.480> these<00:00:41.690> days 00:00:42.150 --> 00:00:42.160 align:start position:0% we're starting to understand these days 00:00:42.160 --> 00:00:45.310 align:start position:0% we're starting to understand these days but<00:00:43.160> it's<00:00:43.460> not<00:00:43.700> clear<00:00:44.090> what<00:00:44.450> the<00:00:44.480> analogy<00:00:45.140> we 00:00:45.310 --> 00:00:45.320 align:start position:0% but it's not clear what the analogy we 00:00:45.320 --> 00:00:47.350 align:start position:0% but it's not clear what the analogy we should<00:00:45.500> draw<00:00:45.710> for<00:00:46.160> smart<00:00:46.430> contracts<00:00:46.880> is<00:00:47.090> it's 00:00:47.350 --> 00:00:47.360 align:start position:0% should draw for smart contracts is it's 00:00:47.360 --> 00:00:49.090 align:start position:0% should draw for smart contracts is it's not<00:00:47.510> exactly<00:00:47.900> clear<00:00:47.989> what<00:00:48.739> we<00:00:48.860> mean<00:00:48.890> by 00:00:49.090 --> 00:00:49.100 align:start position:0% not exactly clear what we mean by 00:00:49.100 --> 00:00:52.270 align:start position:0% not exactly clear what we mean by privacy<00:00:49.790> and<00:00:50.000> it's<00:00:50.480> not<00:00:50.690> clear<00:00:51.230> how<00:00:51.950> we<00:00:52.010> could 00:00:52.270 --> 00:00:52.280 align:start position:0% privacy and it's not clear how we could 00:00:52.280 --> 00:00:54.310 align:start position:0% privacy and it's not clear how we could possibly<00:00:52.399> get<00:00:52.850> it<00:00:53.030> right<00:00:53.660> so<00:00:53.899> if<00:00:54.020> you<00:00:54.230> know 00:00:54.310 --> 00:00:54.320 align:start position:0% possibly get it right so if you know 00:00:54.320 --> 00:00:55.780 align:start position:0% possibly get it right so if you know cryptocurrencies<00:00:54.770> Twitter<00:00:55.310> for<00:00:55.489> your<00:00:55.610> bank 00:00:55.780 --> 00:00:55.790 align:start position:0% cryptocurrencies Twitter for your bank 00:00:55.790 --> 00:00:57.340 align:start position:0% cryptocurrencies Twitter for your bank account<00:00:56.149> you<00:00:56.630> know<00:00:56.720> what<00:00:56.989> is<00:00:57.079> a<00:00:57.110> smart 00:00:57.340 --> 00:00:57.350 align:start position:0% account you know what is a smart 00:00:57.350 --> 00:01:00.400 align:start position:0% account you know what is a smart contract<00:00:58.300> well<00:00:59.300> it<00:00:59.480> could<00:00:59.660> be<00:00:59.780> Twitter<00:01:00.079> for 00:01:00.400 --> 00:01:00.410 align:start position:0% contract well it could be Twitter for 00:01:00.410 --> 00:01:03.010 align:start position:0% contract well it could be Twitter for you<00:01:00.530> easy<00:01:00.710> to<00:01:00.860> account<00:01:01.370> but<00:01:01.730> easy<00:01:02.450> to<00:01:02.660> already 00:01:03.010 --> 00:01:03.020 align:start position:0% you easy to account but easy to already 00:01:03.020 --> 00:01:05.469 align:start position:0% you easy to account but easy to already has<00:01:03.350> that<00:01:03.649> that's<00:01:04.040> Amazon<00:01:04.549> s3<00:01:04.729> that<00:01:05.149> everyone 00:01:05.469 --> 00:01:05.479 align:start position:0% has that that's Amazon s3 that everyone 00:01:05.479 --> 00:01:07.389 align:start position:0% has that that's Amazon s3 that everyone fails<00:01:05.719> to<00:01:05.899> secure<00:01:06.049> and<00:01:06.380> like<00:01:06.500> leaks<00:01:07.040> all<00:01:07.250> the 00:01:07.389 --> 00:01:07.399 align:start position:0% fails to secure and like leaks all the 00:01:07.399 --> 00:01:09.520 align:start position:0% fails to secure and like leaks all the credit<00:01:07.670> card<00:01:07.820> databases<00:01:08.360> and<00:01:08.509> such<00:01:08.630> so<00:01:08.990> it's 00:01:09.520 --> 00:01:09.530 align:start position:0% credit card databases and such so it's 00:01:09.530 --> 00:01:11.649 align:start position:0% credit card databases and such so it's not<00:01:09.650> that<00:01:10.120> squared<00:01:11.120> over<00:01:11.299> your<00:01:11.450> Tamagotchi 00:01:11.649 --> 00:01:11.659 align:start position:0% not that squared over your Tamagotchi 00:01:11.659 --> 00:01:14.140 align:start position:0% not that squared over your Tamagotchi clone<00:01:12.290> is<00:01:12.530> a<00:01:12.560> nice<00:01:12.799> description<00:01:13.190> of<00:01:13.460> crypto 00:01:14.140 --> 00:01:14.150 align:start position:0% clone is a nice description of crypto 00:01:14.150 --> 00:01:15.670 align:start position:0% clone is a nice description of crypto kitties<00:01:14.450> but<00:01:14.720> doesn't<00:01:15.290> tell<00:01:15.409> you<00:01:15.500> why<00:01:15.620> you 00:01:15.670 --> 00:01:15.680 align:start position:0% kitties but doesn't tell you why you 00:01:15.680 --> 00:01:18.190 align:start position:0% kitties but doesn't tell you why you care<00:01:15.979> about<00:01:16.159> privacy<00:01:16.549> and<00:01:16.880> similarly<00:01:17.780> twitter 00:01:18.190 --> 00:01:18.200 align:start position:0% care about privacy and similarly twitter 00:01:18.200 --> 00:01:20.770 align:start position:0% care about privacy and similarly twitter for<00:01:18.409> your<00:01:18.500> ponzi<00:01:18.860> scheme<00:01:19.159> well<00:01:19.610> that<00:01:20.600> doesn't 00:01:20.770 --> 00:01:20.780 align:start position:0% for your ponzi scheme well that doesn't 00:01:20.780 --> 00:01:23.050 align:start position:0% for your ponzi scheme well that doesn't work<00:01:20.930> either<00:01:21.170> so<00:01:21.920> we<00:01:22.070> don't<00:01:22.220> have<00:01:22.460> that<00:01:22.520> kind 00:01:23.050 --> 00:01:23.060 align:start position:0% work either so we don't have that kind 00:01:23.060 --> 00:01:25.120 align:start position:0% work either so we don't have that kind of<00:01:23.210> analogy<00:01:23.780> but<00:01:24.530> there<00:01:24.650> is<00:01:24.740> an<00:01:24.890> interesting 00:01:25.120 --> 00:01:25.130 align:start position:0% of analogy but there is an interesting 00:01:25.130 --> 00:01:26.200 align:start position:0% of analogy but there is an interesting one<00:01:25.490> that<00:01:25.549> I<00:01:25.700> think<00:01:25.790> is<00:01:26.000> worth<00:01:26.150> mentioning 00:01:26.200 --> 00:01:26.210 align:start position:0% one that I think is worth mentioning 00:01:26.210 --> 00:01:28.780 align:start position:0% one that I think is worth mentioning because<00:01:26.840> it's<00:01:27.080> linked<00:01:27.470> to<00:01:27.680> privacy<00:01:28.070> which<00:01:28.760> is 00:01:28.780 --> 00:01:28.790 align:start position:0% because it's linked to privacy which is 00:01:28.790 --> 00:01:31.960 align:start position:0% because it's linked to privacy which is a<00:01:29.180> you<00:01:29.869> know<00:01:30.250> small<00:01:31.250> contracts<00:01:31.760> are<00:01:31.850> like 00:01:31.960 --> 00:01:31.970 align:start position:0% a you know small contracts are like 00:01:31.970 --> 00:01:33.640 align:start position:0% a you know small contracts are like privacy<00:01:32.270> in<00:01:32.420> a<00:01:32.479> different<00:01:32.750> way<00:01:32.869> right<00:01:33.320> we<00:01:33.500> have 00:01:33.640 --> 00:01:33.650 align:start position:0% privacy in a different way right we have 00:01:33.650 --> 00:01:35.740 align:start position:0% privacy in a different way right we have this<00:01:33.830> fail<00:01:34.070> whale<00:01:34.400> problem<00:01:34.970> right<00:01:35.270> so<00:01:35.299> for 00:01:35.740 --> 00:01:35.750 align:start position:0% this fail whale problem right so for 00:01:35.750 --> 00:01:37.149 align:start position:0% this fail whale problem right so for those<00:01:35.840> of<00:01:35.900> you<00:01:36.049> who<00:01:36.320> you<00:01:36.590> know<00:01:36.680> use<00:01:36.860> Twitter 00:01:37.149 --> 00:01:37.159 align:start position:0% those of you who you know use Twitter 00:01:37.159 --> 00:01:39.370 align:start position:0% those of you who you know use Twitter back<00:01:37.369> in<00:01:37.520> the<00:01:37.610> day<00:01:37.760> Twitter<00:01:38.659> broadcasts<00:01:39.290> all 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of data that was 00:01:44.420 --> 00:01:47.590 align:start position:0% the massive amount of data that was public<00:01:44.869> and<00:01:45.110> so<00:01:45.950> it<00:01:46.130> turns<00:01:46.369> out<00:01:46.580> that<00:01:46.880> if<00:01:47.299> you 00:01:47.590 --> 00:01:47.600 align:start position:0% public and so it turns out that if you 00:01:47.600 --> 00:01:49.600 align:start position:0% public and so it turns out that if you could<00:01:47.750> solve<00:01:47.990> whatever<00:01:48.560> it<00:01:48.860> is<00:01:48.950> about<00:01:49.189> privacy 00:01:49.600 --> 00:01:49.610 align:start position:0% could solve whatever it is about privacy 00:01:49.610 --> 00:01:52.510 align:start position:0% could solve whatever it is about privacy and<00:01:49.850> some<00:01:50.060> worry<00:01:50.270> for<00:01:50.540> payments<00:01:51.380> and<00:01:52.310> you<00:01:52.430> do 00:01:52.510 --> 00:01:52.520 align:start position:0% and some worry for payments and you do 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right<00:01:58.430> so<00:01:58.640> something<00:01:59.090> vaguely<00:01:59.330> before 00:01:59.890 --> 00:01:59.900 align:start position:0% right so something vaguely before 00:01:59.900 --> 00:02:02.050 align:start position:0% right so something vaguely before figuring<00:02:00.080> out<00:02:00.350> what<00:02:00.530> privacy<00:02:00.860> is<00:02:01.070> these<00:02:01.850> two 00:02:02.050 --> 00:02:02.060 align:start position:0% figuring out what privacy is these two 00:02:02.060 --> 00:02:03.700 align:start position:0% figuring out what privacy is these two things<00:02:02.270> are<00:02:02.360> linked<00:02:02.659> right<00:02:02.810> if<00:02:02.930> you<00:02:02.990> reduce 00:02:03.700 --> 00:02:03.710 align:start position:0% things are linked right if you reduce 00:02:03.710 --> 00:02:04.929 align:start position:0% things are linked right if you reduce the<00:02:03.860> amount<00:02:03.890> of<00:02:04.159> information<00:02:04.310> that's<00:02:04.759> out 00:02:04.929 --> 00:02:04.939 align:start position:0% the amount of information that's out 00:02:04.939 --> 00:02:06.730 align:start position:0% the amount of information that's out there<00:02:05.000> for<00:02:05.540> everyone<00:02:05.720> to<00:02:05.840> see<00:02:06.049> about<00:02:06.140> you<00:02:06.470> you 00:02:06.730 --> 00:02:06.740 align:start position:0% there for everyone to see about you you 00:02:06.740 --> 00:02:08.229 align:start position:0% there for everyone to see about you you also<00:02:07.040> reduce<00:02:07.280> the<00:02:07.310> amount<00:02:07.490> of<00:02:07.729> information 00:02:08.229 --> 00:02:08.239 align:start position:0% also reduce the amount of information 00:02:08.239 --> 00:02:11.589 align:start position:0% also reduce the amount of information the<00:02:08.360> network<00:02:08.599> has<00:02:08.810> to<00:02:08.840> deal<00:02:09.049> with<00:02:09.939> so<00:02:10.939> okay 00:02:11.589 --> 00:02:11.599 align:start position:0% the network has to deal with so okay 00:02:11.599 --> 00:02:14.320 align:start position:0% the network has to deal with so okay well<00:02:11.810> what's<00:02:12.170> a<00:02:12.260> smart<00:02:12.500> contract<00:02:12.680> well<00:02:13.400> okay 00:02:14.320 --> 00:02:14.330 align:start position:0% well what's a smart contract well okay 00:02:14.330 --> 00:02:15.970 align:start position:0% well what's a smart contract well okay I'm<00:02:14.599> a<00:02:14.630> computer<00:02:14.989> scientist<00:02:15.349> I'm<00:02:15.590> about<00:02:15.739> to<00:02:15.890> be 00:02:15.970 --> 00:02:15.980 align:start position:0% I'm a computer scientist I'm about to be 00:02:15.980 --> 00:02:16.960 align:start position:0% I'm a computer scientist I'm about to be a<00:02:16.010> professor<00:02:16.370> at<00:02:16.459> the<00:02:16.520> University<00:02:16.940> of 00:02:16.960 --> 00:02:16.970 align:start position:0% a professor at the University of 00:02:16.970 --> 00:02:17.949 align:start position:0% a professor at the University of Maryland 00:02:17.949 --> 00:02:17.959 align:start position:0% Maryland 00:02:17.959 --> 00:02:20.920 align:start position:0% Maryland next<00:02:18.409> year<00:02:18.620> found<00:02:19.040> excited<00:02:19.489> Z<00:02:19.760> cash<00:02:20.000> you<00:02:20.840> know 00:02:20.920 --> 00:02:20.930 align:start position:0% next year found excited Z cash you know 00:02:20.930 --> 00:02:22.630 align:start position:0% next year found excited Z cash you know I<00:02:21.170> tend<00:02:21.500> to<00:02:21.560> try<00:02:21.709> to<00:02:21.739> define<00:02:22.069> things<00:02:22.280> so<00:02:22.579> you 00:02:22.630 --> 00:02:22.640 align:start position:0% I tend to try to define things so you 00:02:22.640 --> 00:02:24.610 align:start position:0% I tend to try to define things so you can<00:02:22.849> look<00:02:22.969> at<00:02:23.150> a<00:02:23.269> small<00:02:23.959> contract<00:02:24.409> as<00:02:24.590> a 00:02:24.610 --> 00:02:24.620 align:start position:0% can look at a small contract as a 00:02:24.620 --> 00:02:28.240 align:start position:0% can look at a small contract as a function<00:02:25.010> f<00:02:25.189> on<00:02:25.549> some<00:02:25.879> state<00:02:26.209> AK<00:02:26.810> s<00:02:27.140> and<00:02:27.709> it 00:02:28.240 --> 00:02:28.250 align:start position:0% function f on some state AK s and it 00:02:28.250 --> 00:02:30.550 align:start position:0% function f on some state AK s and it takes<00:02:28.430> inputs<00:02:28.819> you<00:02:29.420> know<00:02:29.510> X<00:02:29.750> and<00:02:30.079> it<00:02:30.170> does<00:02:30.439> an 00:02:30.550 --> 00:02:30.560 align:start position:0% takes inputs you know X and it does an 00:02:30.560 --> 00:02:31.800 align:start position:0% takes inputs you know X and it does an update<00:02:30.799> to<00:02:30.890> get<00:02:31.010> you<00:02:31.099> a<00:02:31.129> new<00:02:31.310> state<00:02:31.549> the 00:02:31.800 --> 00:02:31.810 align:start position:0% update to get you a new state the 00:02:31.810 --> 00:02:34.119 align:start position:0% update to get you a new state the blockchain<00:02:32.810> checks<00:02:33.319> that<00:02:33.469> all<00:02:33.620> this<00:02:33.799> stuff<00:02:34.010> is 00:02:34.119 --> 00:02:34.129 align:start position:0% blockchain checks that all this stuff is 00:02:34.129 --> 00:02:36.069 align:start position:0% blockchain checks that all this stuff is enforced<00:02:34.639> this<00:02:34.849> is<00:02:35.000> really<00:02:35.269> just<00:02:35.299> formalism 00:02:36.069 --> 00:02:36.079 align:start position:0% enforced this is really just formalism 00:02:36.079 --> 00:02:37.479 align:start position:0% enforced this is really just formalism so<00:02:36.290> you<00:02:36.349> start<00:02:36.620> thinking<00:02:36.680> through<00:02:37.159> this<00:02:37.280> and 00:02:37.479 --> 00:02:37.489 align:start position:0% so you start thinking through this and 00:02:37.489 --> 00:02:39.369 align:start position:0% so you start thinking through this and you<00:02:37.549> start<00:02:37.790> thinking<00:02:37.939> about<00:02:38.239> well<00:02:38.989> what<00:02:39.019> can 00:02:39.369 --> 00:02:39.379 align:start position:0% you start thinking about well what can 00:02:39.379 --> 00:02:41.349 align:start position:0% you start thinking about well what can we<00:02:39.530> hide<00:02:39.709> right<00:02:40.069> we<00:02:40.250> can<00:02:40.430> hide<00:02:40.459> the<00:02:41.000> inputs 00:02:41.349 --> 00:02:41.359 align:start position:0% we hide right we can hide the inputs 00:02:41.359 --> 00:02:42.849 align:start position:0% we hide right we can hide the inputs that<00:02:41.450> you're<00:02:41.629> calling<00:02:42.170> the<00:02:42.260> smart<00:02:42.500> contract 00:02:42.849 --> 00:02:42.859 align:start position:0% that you're calling the smart contract 00:02:42.859 --> 00:02:45.940 align:start position:0% that you're calling the smart contract on<00:02:43.010> that's<00:02:43.700> one<00:02:44.299> thing<00:02:44.510> we<00:02:44.989> could<00:02:45.109> hide<00:02:45.590> the 00:02:45.940 --> 00:02:45.950 align:start position:0% on that's one thing we could hide the 00:02:45.950 --> 00:02:47.550 align:start position:0% on that's one thing we could hide the actual<00:02:46.310> state<00:02:46.549> of<00:02:46.700> the<00:02:46.760> smart<00:02:47.030> contract 00:02:47.550 --> 00:02:47.560 align:start position:0% actual state of the smart contract 00:02:47.560 --> 00:02:49.390 align:start position:0% actual state of the smart contract that's<00:02:48.560> another<00:02:48.859> thing<00:02:49.099> and<00:02:49.280> then 00:02:49.390 --> 00:02:49.400 align:start position:0% that's another thing and then 00:02:49.400 --> 00:02:50.740 align:start position:0% that's another thing and then importantly<00:02:49.790> we<00:02:49.970> could<00:02:50.120> hide<00:02:50.299> what<00:02:50.599> the 00:02:50.740 --> 00:02:50.750 align:start position:0% importantly we could hide what the 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about<00:02:57.500> it<00:02:57.650> in<00:02:57.799> this<00:02:57.919> way<00:02:58.159> in<00:02:58.280> this<00:02:58.370> sort<00:02:58.579> of<00:02:58.639> dry 00:02:58.960 --> 00:02:58.970 align:start position:0% about it in this way in this sort of dry 00:02:58.970 --> 00:03:03.759 align:start position:0% about it in this way in this sort of dry academic<00:03:00.430> approach<00:03:01.659> we<00:03:02.659> just<00:03:02.810> go<00:03:02.900> whoa<00:03:03.049> what 00:03:03.759 --> 00:03:03.769 align:start position:0% academic approach we just go whoa what 00:03:03.769 --> 00:03:05.110 align:start position:0% academic approach we just go whoa what are<00:03:03.799> we<00:03:03.919> even<00:03:04.040> trying<00:03:04.250> to<00:03:04.400> do<00:03:04.519> here<00:03:04.700> again<00:03:04.909> like 00:03:05.110 --> 00:03:05.120 align:start position:0% are we even trying to do here again like 00:03:05.120 --> 00:03:06.729 align:start position:0% are we even trying to do here again like this<00:03:05.299> formalism<00:03:05.719> doesn't<00:03:06.139> sort<00:03:06.290> of<00:03:06.409> reflect 00:03:06.729 --> 00:03:06.739 align:start position:0% this formalism doesn't sort of reflect 00:03:06.739 --> 00:03:08.500 align:start position:0% this formalism doesn't sort of reflect real<00:03:06.919> life<00:03:06.980> it's<00:03:07.639> not<00:03:07.819> clear<00:03:08.120> what<00:03:08.269> to<00:03:08.389> think 00:03:08.500 --> 00:03:08.510 align:start position:0% real life it's not clear what to think 00:03:08.510 --> 00:03:09.789 align:start position:0% real life it's not clear what to think about<00:03:08.659> this<00:03:08.959> is<00:03:09.079> not<00:03:09.200> the<00:03:09.379> way<00:03:09.469> you<00:03:09.500> should<00:03:09.769> go 00:03:09.789 --> 00:03:09.799 align:start position:0% about this is not the way you should go 00:03:09.799 --> 00:03:12.339 align:start position:0% about this is not the way you should go about<00:03:10.010> this<00:03:10.340> right<00:03:11.299> so<00:03:11.540> the<00:03:11.810> first<00:03:11.930> questions 00:03:12.339 --> 00:03:12.349 align:start position:0% about this right so the first questions 00:03:12.349 --> 00:03:14.110 align:start position:0% about this right so the first questions like<00:03:12.500> why<00:03:12.769> does<00:03:13.040> privacy<00:03:13.430> matter<00:03:13.730> for 00:03:14.110 --> 00:03:14.120 align:start position:0% like why does privacy matter for 00:03:14.120 --> 00:03:16.629 align:start position:0% like why does privacy matter for contracts<00:03:14.629> at<00:03:14.780> all<00:03:14.900> right<00:03:15.739> and<00:03:15.980> it's<00:03:16.189> hard<00:03:16.519> to 00:03:16.629 --> 00:03:16.639 align:start position:0% contracts at all right and it's hard to 00:03:16.639 --> 00:03:19.959 align:start position:0% contracts at all right and it's hard to give<00:03:16.969> just<00:03:17.389> one<00:03:17.480> reason<00:03:17.900> because<00:03:18.739> unlike<00:03:19.639> you 00:03:19.959 --> 00:03:19.969 align:start position:0% give just one reason because unlike you 00:03:19.969 --> 00:03:21.789 align:start position:0% give just one reason because unlike you know<00:03:20.090> peanuts<00:03:20.599> right<00:03:20.930> well<00:03:21.139> we<00:03:21.260> all<00:03:21.379> know<00:03:21.620> what 00:03:21.789 --> 00:03:21.799 align:start position:0% know peanuts right well we all know what 00:03:21.799 --> 00:03:23.289 align:start position:0% know peanuts right well we all know what payments<00:03:22.220> are<00:03:22.310> on<00:03:22.400> a<00:03:22.459> day<00:03:22.579> to<00:03:22.639> day<00:03:22.849> life<00:03:23.060> we 00:03:23.289 --> 00:03:23.299 align:start position:0% payments are on a day to day life we 00:03:23.299 --> 00:03:25.809 align:start position:0% payments are on a day to day life we know<00:03:23.419> what<00:03:23.629> bitcoin<00:03:23.810> was<00:03:24.109> trying<00:03:24.379> to<00:03:24.530> do<00:03:24.819> smart 00:03:25.809 --> 00:03:25.819 align:start position:0% know what bitcoin was trying to do smart 00:03:25.819 --> 00:03:27.250 align:start position:0% know what bitcoin was trying to do smart contracts<00:03:26.359> are<00:03:26.510> everything<00:03:26.780> to<00:03:26.989> everybody 00:03:27.250 --> 00:03:27.260 align:start position:0% contracts are everything to everybody 00:03:27.260 --> 00:03:29.199 align:start position:0% contracts are everything to everybody right<00:03:27.650> there<00:03:27.799> is<00:03:27.919> no<00:03:28.190> one<00:03:28.400> use<00:03:28.609> case<00:03:28.729> there<00:03:29.120> is 00:03:29.199 --> 00:03:29.209 align:start position:0% right there is no one use case there is 00:03:29.209 --> 00:03:31.149 align:start position:0% right there is no one use case there is no<00:03:29.449> one<00:03:29.720> privacy<00:03:30.290> story<00:03:30.530> I<00:03:30.590> can<00:03:30.829> tell<00:03:31.010> you 00:03:31.149 --> 00:03:31.159 align:start position:0% no one privacy story I can tell you 00:03:31.159 --> 00:03:34.179 align:start position:0% no one privacy story I can tell you right<00:03:32.030> for<00:03:33.019> things<00:03:33.260> like<00:03:33.379> actual<00:03:33.979> legal 00:03:34.179 --> 00:03:34.189 align:start position:0% right for things like actual legal 00:03:34.189 --> 00:03:35.920 align:start position:0% right for things like actual legal contracts<00:03:34.909> going<00:03:35.150> back<00:03:35.329> to<00:03:35.479> like<00:03:35.629> the<00:03:35.780> nick 00:03:35.920 --> 00:03:35.930 align:start position:0% contracts going back to like the nick 00:03:35.930 --> 00:03:37.899 align:start position:0% contracts going back to like the nick szabo<00:03:36.290> ideas<00:03:36.650> of<00:03:36.799> these<00:03:36.889> things<00:03:37.189> right<00:03:37.849> you 00:03:37.899 --> 00:03:37.909 align:start position:0% szabo ideas of these things right you 00:03:37.909 --> 00:03:39.460 align:start position:0% szabo ideas of these things right you have<00:03:38.180> some<00:03:38.359> kind<00:03:38.569> of<00:03:38.599> settlement<00:03:38.810> mechanism 00:03:39.460 --> 00:03:39.470 align:start position:0% have some kind of settlement mechanism 00:03:39.470 --> 00:03:41.259 align:start position:0% have some kind of settlement mechanism for<00:03:39.620> it<00:03:39.739> an<00:03:39.859> actual<00:03:40.189> like<00:03:40.489> agreement<00:03:41.060> you<00:03:41.120> made 00:03:41.259 --> 00:03:41.269 align:start position:0% for it an actual like agreement you made 00:03:41.269 --> 00:03:43.839 align:start position:0% for it an actual like agreement you made between<00:03:41.900> parties<00:03:42.409> it's<00:03:43.310> kind<00:03:43.579> of<00:03:43.669> obvious 00:03:43.839 --> 00:03:43.849 align:start position:0% between parties it's kind of obvious 00:03:43.849 --> 00:03:45.280 align:start position:0% between parties it's kind of obvious that<00:03:44.180> you<00:03:44.299> need<00:03:44.479> some<00:03:44.900> form<00:03:45.199> of 00:03:45.280 --> 00:03:45.290 align:start position:0% that you need some form of 00:03:45.290 --> 00:03:47.110 align:start position:0% that you need some form of confidentiality<00:03:45.739> because<00:03:46.340> when<00:03:46.669> businesses 00:03:47.110 --> 00:03:47.120 align:start position:0% confidentiality because when businesses 00:03:47.120 --> 00:03:48.729 align:start position:0% confidentiality because when businesses sign<00:03:47.389> contractual<00:03:48.019> relationships<00:03:48.560> between 00:03:48.729 --> 00:03:48.739 align:start position:0% sign contractual relationships between 00:03:48.739 --> 00:03:50.770 align:start position:0% sign contractual relationships between each<00:03:49.009> other<00:03:49.189> they<00:03:49.579> don't<00:03:49.759> publish<00:03:50.030> them<00:03:50.509> too 00:03:50.770 --> 00:03:50.780 align:start position:0% each other they don't publish them too 00:03:50.780 --> 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then all of a company's<00:03:57.590> business<00:03:57.709> relationships<00:03:58.459> would 00:03:58.539 --> 00:03:58.549 align:start position:0% company's business relationships would 00:03:58.549 --> 00:04:00.909 align:start position:0% company's business relationships would be<00:03:58.699> public<00:03:59.120> and<00:03:59.329> no<00:04:00.109> business<00:04:00.319> will<00:04:00.620> do<00:04:00.739> that 00:04:00.909 --> 00:04:00.919 align:start position:0% be public and no business will do that 00:04:00.919 --> 00:04:02.409 align:start position:0% be public and no business will do that because<00:04:01.099> we<00:04:01.280> won't<00:04:01.400> use<00:04:01.639> these<00:04:01.849> tools<00:04:02.120> that 00:04:02.409 --> 00:04:02.419 align:start position:0% because we won't use these tools that 00:04:02.419 --> 00:04:04.960 align:start position:0% because we won't use these tools that prefer<00:04:02.659> to<00:04:02.780> pay<00:04:02.930> lawyers<00:04:03.139> $400<00:04:04.069> an<00:04:04.189> hour<00:04:04.310> to<00:04:04.849> do 00:04:04.960 --> 00:04:04.970 align:start position:0% prefer to pay lawyers $400 an hour to do 00:04:04.970 --> 00:04:06.509 align:start position:0% prefer to pay lawyers $400 an hour to do actual<00:04:05.299> contracts<00:04:05.840> that<00:04:05.959> are<00:04:06.079> confidential 00:04:06.509 --> 00:04:06.519 align:start position:0% actual contracts that are confidential 00:04:06.519 --> 00:04:09.780 align:start position:0% actual contracts that are confidential all<00:04:07.519> right<00:04:07.609> so<00:04:07.909> that's<00:04:08.030> one<00:04:08.900> use<00:04:09.139> case<00:04:09.409> right 00:04:09.780 --> 00:04:09.790 align:start position:0% all right so that's one use case right 00:04:09.790 --> 00:04:12.009 align:start position:0% all right so that's one use case right another<00:04:10.790> one<00:04:11.030> if<00:04:11.150> you're<00:04:11.239> trying<00:04:11.419> to<00:04:11.509> do<00:04:11.629> defy 00:04:12.009 --> 00:04:12.019 align:start position:0% another one if you're trying to do defy 00:04:12.019 --> 00:04:14.559 align:start position:0% another one if you're trying to do defy right<00:04:12.530> well<00:04:13.310> you<00:04:13.879> don't<00:04:13.970> want<00:04:14.239> trading 00:04:14.559 --> 00:04:14.569 align:start position:0% right well you don't want trading 00:04:14.569 --> 00:04:15.939 align:start position:0% right well you don't want trading strategies<00:04:14.959> to<00:04:15.109> be<00:04:15.199> public<00:04:15.500> you<00:04:15.620> don't<00:04:15.769> want 00:04:15.939 --> 00:04:15.949 align:start position:0% strategies to be public you don't want 00:04:15.949 --> 00:04:17.680 align:start position:0% strategies to be public you don't want all<00:04:16.099> the<00:04:16.310> information<00:04:16.759> about<00:04:16.849> how<00:04:17.090> you're 00:04:17.680 --> 00:04:17.690 align:start position:0% all the information about how you're 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compelling use cases<00:04:22.370> for<00:04:22.639> privacy<00:04:23.030> on<00:04:23.120> the<00:04:23.180> blockchain 00:04:23.439 --> 00:04:23.449 align:start position:0% cases for privacy on the blockchain 00:04:23.449 --> 00:04:26.620 align:start position:0% cases for privacy on the blockchain because<00:04:24.320> we<00:04:24.440> know<00:04:24.680> that<00:04:25.190> finance<00:04:25.759> firms<00:04:26.060> try 00:04:26.620 --> 00:04:26.630 align:start position:0% because we know that finance firms try 00:04:26.630 --> 00:04:28.680 align:start position:0% because we know that finance firms try to<00:04:26.690> get<00:04:26.870> any<00:04:27.080> edge<00:04:27.349> they<00:04:27.620> possibly<00:04:28.039> can<00:04:28.340> right 00:04:28.680 --> 00:04:28.690 align:start position:0% to get any edge they possibly can right 00:04:28.690 --> 00:04:31.659 align:start position:0% to get any edge they possibly can right so<00:04:29.690> if<00:04:29.779> you've<00:04:29.930> used<00:04:30.139> Google<00:04:30.770> Maps 00:04:31.659 --> 00:04:31.669 align:start position:0% so if you've used Google Maps 00:04:31.669 --> 00:04:32.890 align:start position:0% so if you've used Google Maps you<00:04:31.759> know<00:04:31.879> that<00:04:32.030> there's<00:04:32.210> a<00:04:32.300> satellite<00:04:32.599> photo 00:04:32.890 --> 00:04:32.900 align:start position:0% you know that there's a satellite photo 00:04:32.900 --> 00:04:34.659 align:start position:0% you know that there's a satellite photo button<00:04:33.199> that<00:04:33.499> you<00:04:33.590> can<00:04:33.740> get<00:04:33.919> satellite<00:04:34.400> photos 00:04:34.659 --> 00:04:34.669 align:start position:0% button that you can get satellite photos 00:04:34.669 --> 00:04:36.640 align:start position:0% button that you can get satellite photos of<00:04:34.759> the<00:04:34.849> entire<00:04:35.030> Earth<00:04:35.240> right<00:04:35.930> Google<00:04:36.349> is<00:04:36.469> not 00:04:36.640 --> 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principal<00:04:41.419> clients<00:04:41.870> is<00:04:41.990> hedge<00:04:42.379> funds<00:04:42.729> because 00:04:43.719 --> 00:04:43.729 align:start position:0% principal clients is hedge funds because 00:04:43.729 --> 00:04:45.850 align:start position:0% principal clients is hedge funds because they<00:04:43.849> buy<00:04:44.029> overhead<00:04:44.599> and<00:04:44.749> he'll<00:04:44.930> of<00:04:45.110> photos<00:04:45.469> to 00:04:45.850 --> 00:04:45.860 align:start position:0% they buy overhead and he'll of photos to 00:04:45.860 --> 00:04:47.559 align:start position:0% they buy overhead and he'll of photos to be<00:04:45.889> able<00:04:46.099> to<00:04:46.159> figure<00:04:46.279> out<00:04:46.520> how<00:04:46.849> much<00:04:47.029> forming 00:04:47.559 --> 00:04:47.569 align:start position:0% be able to figure out how much forming 00:04:47.569 --> 00:04:48.959 align:start position:0% be able to figure out how much forming someone's<00:04:47.900> doing<00:04:48.110> how<00:04:48.199> much<00:04:48.349> business<00:04:48.680> our 00:04:48.959 --> 00:04:48.969 align:start position:0% someone's doing how much business our 00:04:48.969 --> 00:04:50.860 align:start position:0% someone's doing how much business our factory<00:04:49.969> is<00:04:50.120> making<00:04:50.389> how<00:04:50.509> many<00:04:50.659> employees 00:04:50.860 --> 00:04:50.870 align:start position:0% factory is making how many employees 00:04:50.870 --> 00:04:52.179 align:start position:0% factory is making how many employees someone<00:04:51.379> has<00:04:51.529> based<00:04:51.770> on<00:04:51.889> who's<00:04:52.009> in<00:04:52.129> the 00:04:52.179 --> 00:04:52.189 align:start position:0% someone has based on who's in the 00:04:52.189 --> 00:04:54.369 align:start position:0% someone has based on who's in the parking<00:04:52.520> lot<00:04:52.699> right<00:04:53.509> so<00:04:53.749> these<00:04:54.080> are<00:04:54.139> guys<00:04:54.349> who 00:04:54.369 --> 00:04:54.379 align:start position:0% parking lot right so these are guys who 00:04:54.379 --> 00:04:56.320 align:start position:0% parking lot right so these are guys who are<00:04:54.680> willing<00:04:54.800> to<00:04:54.979> build<00:04:55.279> spy<00:04:55.639> satellites<00:04:56.180> to 00:04:56.320 --> 00:04:56.330 align:start position:0% are willing to build spy satellites to 00:04:56.330 --> 00:04:57.279 align:start position:0% are willing to build spy satellites to get<00:04:56.449> information<00:04:56.629> about<00:04:56.900> what<00:04:57.050> they're<00:04:57.259> doing 00:04:57.279 --> 00:04:57.289 align:start position:0% get information about what they're doing 00:04:57.289 --> 00:04:58.869 align:start position:0% get information about what they're doing on<00:04:57.499> a<00:04:57.529> market<00:04:57.919> so<00:04:58.430> compared<00:04:58.759> to<00:04:58.789> that 00:04:58.869 --> 00:04:58.879 align:start position:0% on a market so compared to that 00:04:58.879 --> 00:05:00.700 align:start position:0% on a market so compared to that downloading<00:04:59.599> your<00:04:59.689> blockchain<00:05:00.259> and<00:05:00.439> doing<00:05:00.620> a 00:05:00.700 --> 00:05:00.710 align:start position:0% downloading your blockchain and doing a 00:05:00.710 --> 00:05:02.350 align:start position:0% downloading your blockchain and doing a bunch<00:05:00.800> of<00:05:00.919> analysis<00:05:01.490> it's<00:05:01.879> a<00:05:01.939> really<00:05:02.180> easy 00:05:02.350 --> 00:05:02.360 align:start position:0% bunch of analysis it's a really easy 00:05:02.360 --> 00:05:04.420 align:start position:0% bunch of analysis it's a really easy thing<00:05:02.479> right<00:05:03.319> so<00:05:03.469> you<00:05:03.590> need<00:05:03.770> privacy<00:05:04.129> in<00:05:04.310> that 00:05:04.420 --> 00:05:04.430 align:start position:0% thing right so you need privacy in that 00:05:04.430 --> 00:05:06.969 align:start position:0% thing right so you need privacy in that setting<00:05:04.789> if<00:05:05.750> you<00:05:06.050> want<00:05:06.229> to<00:05:06.319> do<00:05:06.409> some<00:05:06.680> kind<00:05:06.919> of 00:05:06.969 --> 00:05:06.979 align:start position:0% setting if you want to do some kind of 00:05:06.979 --> 00:05:09.129 align:start position:0% setting if you want to do some kind of crazy<00:05:07.250> global<00:05:07.729> computer<00:05:08.029> it's<00:05:08.719> not<00:05:08.900> clear 00:05:09.129 --> 00:05:09.139 align:start position:0% crazy global computer it's not clear 00:05:09.139 --> 00:05:10.149 align:start position:0% crazy global computer it's not clear what<00:05:09.319> you're<00:05:09.409> going<00:05:09.560> to<00:05:09.590> do<00:05:09.710> with<00:05:09.830> this<00:05:09.919> what 00:05:10.149 --> 00:05:10.159 align:start position:0% what you're going to do with this what 00:05:10.159 --> 00:05:12.670 align:start position:0% what you're going to do with this what your<00:05:10.310> access<00:05:11.180> policy<00:05:11.539> is<00:05:11.599> all<00:05:11.750> but<00:05:12.379> we<00:05:12.529> already 00:05:12.670 --> 00:05:12.680 align:start position:0% your access policy is all but we already 00:05:12.680 --> 00:05:14.080 align:start position:0% your access policy is all but we already know<00:05:12.919> that<00:05:13.099> you<00:05:13.159> don't<00:05:13.340> want<00:05:13.520> your<00:05:13.729> actual 00:05:14.080 --> 00:05:14.090 align:start position:0% know that you don't want your actual 00:05:14.090 --> 00:05:15.909 align:start position:0% know that you don't want your actual computational<00:05:14.930> stuff<00:05:15.139> to<00:05:15.259> be<00:05:15.349> public<00:05:15.710> right 00:05:15.909 --> 00:05:15.919 align:start position:0% computational stuff to be public right 00:05:15.919 --> 00:05:18.159 align:start position:0% computational stuff to be public right this<00:05:16.069> is<00:05:16.219> again<00:05:16.460> back<00:05:16.699> to<00:05:16.879> s3<00:05:17.060> right<00:05:17.659> Amazon 00:05:18.159 --> 00:05:18.169 align:start position:0% this is again back to s3 right Amazon 00:05:18.169 --> 00:05:20.050 align:start position:0% this is again back to s3 right Amazon leaking<00:05:18.680> everything<00:05:19.129> mistakes<00:05:19.580> happening 00:05:20.050 --> 00:05:20.060 align:start position:0% leaking everything mistakes happening 00:05:20.060 --> 00:05:21.670 align:start position:0% leaking everything mistakes happening things<00:05:20.689> getting<00:05:20.960> breached<00:05:21.139> you<00:05:21.349> just<00:05:21.529> you 00:05:21.670 --> 00:05:21.680 align:start position:0% things getting breached you just you 00:05:21.680 --> 00:05:23.589 align:start position:0% things getting breached you just you don't<00:05:21.889> want<00:05:22.129> your<00:05:22.219> computer<00:05:22.460> harddrive<00:05:23.000> to<00:05:23.509> be 00:05:23.589 --> 00:05:23.599 align:start position:0% don't want your computer harddrive to be 00:05:23.599 --> 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Twitter<00:05:29.150> anybody<00:05:29.689> can<00:05:29.839> read<00:05:29.960> it<00:05:30.080> right<00:05:31.240> nobody 00:05:32.230 --> 00:05:32.240 align:start position:0% Twitter anybody can read it right nobody 00:05:32.240 --> 00:05:34.869 align:start position:0% Twitter anybody can read it right nobody wants<00:05:32.449> to<00:05:32.479> do<00:05:32.599> that<00:05:32.779> all<00:05:33.289> right<00:05:33.319> so<00:05:33.610> that's<00:05:34.610> the 00:05:34.869 --> 00:05:34.879 align:start position:0% wants to do that all right so that's the 00:05:34.879 --> 00:05:36.459 align:start position:0% wants to do that all right so that's the use<00:05:34.999> case<00:05:35.210> there<00:05:35.419> the<00:05:35.629> bottom<00:05:36.020> line<00:05:36.199> is<00:05:36.379> that 00:05:36.459 --> 00:05:36.469 align:start position:0% use case there the bottom line is that 00:05:36.469 --> 00:05:38.230 align:start position:0% use case there the bottom line is that no<00:05:36.680> business<00:05:36.949> is<00:05:37.310> gonna<00:05:37.490> use<00:05:37.729> any<00:05:37.939> of<00:05:38.060> this 00:05:38.230 --> 00:05:38.240 align:start position:0% no business is gonna use any of this 00:05:38.240 --> 00:05:40.390 align:start position:0% no business is gonna use any of this stuff<00:05:38.300> that<00:05:38.539> leaks<00:05:38.930> all<00:05:39.110> this<00:05:39.229> data<00:05:39.469> so<00:05:40.310> you 00:05:40.390 --> 00:05:40.400 align:start position:0% stuff that leaks all this data so you 00:05:40.400 --> 00:05:41.649 align:start position:0% stuff that leaks all this data so you need<00:05:40.580> to<00:05:40.699> have<00:05:40.849> stories<00:05:41.300> about<00:05:41.479> how<00:05:41.599> to 00:05:41.649 --> 00:05:41.659 align:start position:0% need to have stories about how to 00:05:41.659 --> 00:05:43.629 align:start position:0% need to have stories about how to mitigate<00:05:41.930> what's<00:05:42.379> going<00:05:42.680> on<00:05:42.830> and<00:05:43.099> to<00:05:43.430> provide 00:05:43.629 --> 00:05:43.639 align:start position:0% mitigate what's going on and to provide 00:05:43.639 --> 00:05:46.240 align:start position:0% mitigate what's going on and to provide privacy<00:05:44.029> options<00:05:44.479> so<00:05:45.319> now<00:05:45.500> we're<00:05:46.039> back<00:05:46.069> to 00:05:46.240 --> 00:05:46.250 align:start position:0% privacy options so now we're back to 00:05:46.250 --> 00:05:48.429 align:start position:0% privacy options so now we're back to this<00:05:46.610> well<00:05:47.000> what<00:05:47.180> is<00:05:47.300> a<00:05:47.330> smart<00:05:47.629> contract<00:05:47.839> and 00:05:48.429 --> 00:05:48.439 align:start position:0% this well what is a smart contract and 00:05:48.439 --> 00:05:50.619 align:start position:0% this well what is a smart contract and again<00:05:48.710> it<00:05:48.919> turns<00:05:49.159> out<00:05:49.360> definition<00:05:50.360> is<00:05:50.479> useful 00:05:50.619 --> 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you actually trying to do right so 00:05:56.839 --> 00:05:59.290 align:start position:0% you actually trying to do right so though<00:05:57.080> for<00:05:57.319> questions<00:05:57.800> right<00:05:58.430> who<00:05:58.909> needs<00:05:59.060> to 00:05:59.290 --> 00:05:59.300 align:start position:0% though for questions right who needs to 00:05:59.300 --> 00:06:02.139 align:start position:0% though for questions right who needs to verify<00:05:59.659> your<00:05:59.779> data<00:05:59.930> right<00:06:00.860> where<00:06:01.580> when<00:06:02.000> do 00:06:02.139 --> 00:06:02.149 align:start position:0% verify your data right where when do 00:06:02.149 --> 00:06:04.450 align:start position:0% verify your data right where when do they<00:06:02.240> need<00:06:02.270> to<00:06:02.539> do<00:06:02.659> it<00:06:02.810> where<00:06:03.680> is<00:06:03.860> the<00:06:04.039> secrets 00:06:04.450 --> 00:06:04.460 align:start position:0% they need to do it where is the secrets 00:06:04.460 --> 00:06:05.649 align:start position:0% they need to do it where is the secrets where<00:06:04.699> are<00:06:04.819> the<00:06:04.909> secrets<00:06:05.240> in<00:06:05.360> this<00:06:05.479> system 00:06:05.649 --> 00:06:05.659 align:start position:0% where are the secrets in this system 00:06:05.659 --> 00:06:08.139 align:start position:0% where are the secrets in this system right<00:06:06.409> and<00:06:06.979> then<00:06:07.550> finally<00:06:07.909> what<00:06:08.029> are<00:06:08.089> you 00:06:08.139 --> 00:06:08.149 align:start position:0% right and then finally what are you 00:06:08.149 --> 00:06:10.059 align:start position:0% right and then finally what are you trying<00:06:08.389> to<00:06:08.419> hide<00:06:08.629> so<00:06:09.020> in<00:06:09.139> terms<00:06:09.319> of<00:06:09.409> verifying 00:06:10.059 --> 00:06:10.069 align:start position:0% trying to hide so in terms of verifying 00:06:10.069 --> 00:06:12.490 align:start position:0% trying to hide so in terms of verifying it<00:06:10.279> yeah<00:06:11.000> it<00:06:11.060> could<00:06:11.240> be<00:06:11.360> just<00:06:11.599> you<00:06:11.659> but<00:06:12.409> if 00:06:12.490 --> 00:06:12.500 align:start position:0% it yeah it could be just you but if 00:06:12.500 --> 00:06:13.719 align:start position:0% it yeah it could be just you but if you're<00:06:12.649> just<00:06:12.800> trying<00:06:12.979> to<00:06:13.189> verify<00:06:13.339> your<00:06:13.639> own 00:06:13.719 --> 00:06:13.729 align:start position:0% you're just trying to verify your own 00:06:13.729 --> 00:06:16.300 align:start position:0% you're just trying to verify your own data<00:06:14.000> well<00:06:14.569> that's<00:06:14.810> kind<00:06:15.020> of<00:06:15.080> sad<00:06:15.319> and<00:06:15.649> you 00:06:16.300 --> 00:06:16.310 align:start position:0% data well that's kind of sad and you 00:06:16.310 --> 00:06:18.339 align:start position:0% data well that's kind of sad and you really<00:06:16.669> don't<00:06:16.789> need<00:06:16.939> a<00:06:17.000> blockchain<00:06:17.240> right<00:06:18.199> if 00:06:18.339 --> 00:06:18.349 align:start position:0% really don't need a blockchain right if 00:06:18.349 --> 00:06:19.749 align:start position:0% really don't need a blockchain right if it's<00:06:18.500> the<00:06:18.620> current<00:06:18.889> participants<00:06:19.009> that's 00:06:19.749 --> 00:06:19.759 align:start position:0% it's the current participants that's 00:06:19.759 --> 00:06:21.129 align:start position:0% it's the current participants that's actually<00:06:20.089> a<00:06:20.120> thing<00:06:20.180> we<00:06:20.419> know<00:06:20.539> how<00:06:20.659> to<00:06:20.719> do<00:06:20.930> and 00:06:21.129 --> 00:06:21.139 align:start position:0% actually a thing we know how to do and 00:06:21.139 --> 00:06:23.649 align:start position:0% actually a thing we know how to do and that's<00:06:21.259> really<00:06:21.349> nice<00:06:21.649> if<00:06:22.550> you<00:06:22.849> want<00:06:23.089> anybody 00:06:23.649 --> 00:06:23.659 align:start position:0% that's really nice if you want anybody 00:06:23.659 --> 00:06:25.450 align:start position:0% that's really nice if you want anybody in<00:06:23.810> the<00:06:23.930> future<00:06:24.409> to<00:06:24.589> possibly<00:06:25.039> be<00:06:25.219> able<00:06:25.250> to 00:06:25.450 --> 00:06:25.460 align:start position:0% in the future to possibly be able to 00:06:25.460 --> 00:06:27.369 align:start position:0% in the future to possibly be able to verify<00:06:25.699> what's<00:06:26.060> going<00:06:26.360> on<00:06:26.479> things<00:06:27.199> get 00:06:27.369 --> 00:06:27.379 align:start position:0% verify what's going on things get 00:06:27.379 --> 00:06:28.029 align:start position:0% verify what's going on things get interesting 00:06:28.029 --> 00:06:28.039 align:start position:0% interesting 00:06:28.039 --> 00:06:29.409 align:start position:0% interesting and<00:06:28.279> actually<00:06:28.669> we'll<00:06:28.819> get<00:06:28.939> to<00:06:29.029> some<00:06:29.149> research 00:06:29.409 --> 00:06:29.419 align:start position:0% and actually we'll get to some research 00:06:29.419 --> 00:06:30.999 align:start position:0% and actually we'll get to some research on<00:06:29.569> that<00:06:29.599> that<00:06:30.080> solves<00:06:30.560> it<00:06:30.649> at<00:06:30.740> the<00:06:30.830> end<00:06:30.949> of 00:06:30.999 --> 00:06:31.009 align:start position:0% on that that solves it at the end of 00:06:31.009 --> 00:06:33.040 align:start position:0% on that that solves it at the end of this<00:06:31.069> talk<00:06:31.279> right<00:06:32.089> the<00:06:32.389> other<00:06:32.569> important 00:06:33.040 --> 00:06:33.050 align:start position:0% this talk right the other important 00:06:33.050 --> 00:06:34.589 align:start position:0% this talk right the other important question<00:06:33.319> is<00:06:33.439> when<00:06:33.800> do<00:06:34.009> you<00:06:34.099> need<00:06:34.279> to<00:06:34.430> verify 00:06:34.589 --> 00:06:34.599 align:start position:0% question is when do you need to verify 00:06:34.599 --> 00:06:37.209 align:start position:0% question is when do you need to verify right<00:06:35.599> if<00:06:35.870> there<00:06:36.139> was<00:06:36.229> a<00:06:36.259> smart<00:06:36.529> contract<00:06:36.740> or 00:06:37.209 --> 00:06:37.219 align:start position:0% right if there was a smart contract or 00:06:37.219 --> 00:06:38.740 align:start position:0% right if there was a smart contract or you<00:06:37.520> know<00:06:37.610> you're<00:06:37.789> doing<00:06:38.060> some<00:06:38.210> computation 00:06:38.740 --> 00:06:38.750 align:start position:0% you know you're doing some computation 00:06:38.750 --> 00:06:40.240 align:start position:0% you know you're doing some computation with<00:06:38.870> people<00:06:39.169> do<00:06:39.620> you<00:06:39.649> just<00:06:39.919> need<00:06:40.009> to<00:06:40.129> know 00:06:40.240 --> 00:06:40.250 align:start position:0% with people do you just need to know 00:06:40.250 --> 00:06:42.279 align:start position:0% with people do you just need to know it's<00:06:40.399> correct<00:06:40.669> right<00:06:41.000> now<00:06:41.209> do<00:06:41.990> you<00:06:42.019> need<00:06:42.199> to 00:06:42.279 --> 00:06:42.289 align:start position:0% it's correct right now do you need to 00:06:42.289 --> 00:06:44.559 align:start position:0% it's correct right now do you need to know<00:06:42.379> it's<00:06:42.560> correct<00:06:42.860> as<00:06:43.159> the<00:06:44.029> computation 00:06:44.559 --> 00:06:44.569 align:start position:0% know it's correct as the computation 00:06:44.569 --> 00:06:45.490 align:start position:0% know it's correct as the computation goes<00:06:44.719> on<00:06:44.930> after<00:06:45.169> you 00:06:45.490 --> 00:06:45.500 align:start position:0% goes on after you 00:06:45.500 --> 00:06:46.810 align:start position:0% goes on after you laughter<00:06:45.830> they're<00:06:45.950> no<00:06:46.070> longer<00:06:46.190> participating 00:06:46.810 --> 00:06:46.820 align:start position:0% laughter they're no longer participating 00:06:46.820 --> 00:06:48.640 align:start position:0% laughter they're no longer participating do<00:06:47.510> you<00:06:47.570> need<00:06:47.750> to<00:06:47.870> low<00:06:47.960> no<00:06:48.170> it's<00:06:48.320> correct 00:06:48.640 --> 00:06:48.650 align:start position:0% do you need to low no it's correct 00:06:48.650 --> 00:06:50.830 align:start position:0% do you need to low no it's correct before<00:06:49.370> you<00:06:49.700> even<00:06:49.880> get<00:06:50.030> started<00:06:50.090> like<00:06:50.630> you 00:06:50.830 --> 00:06:50.840 align:start position:0% before you even get started like you 00:06:50.840 --> 00:06:52.540 align:start position:0% before you even get started like you walk<00:06:51.110> into<00:06:51.320> a<00:06:51.410> room<00:06:51.650> people<00:06:52.220> have<00:06:52.430> been 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align:start position:0% even though you never saw that part of 00:06:57.290 --> 00:07:01.020 align:start position:0% even though you never saw that part of the<00:06:57.380> of<00:06:57.620> the<00:06:58.010> game<00:06:58.190> happen<00:06:58.610> it<00:06:59.390> depends<00:06:59.930> right 00:07:01.020 --> 00:07:01.030 align:start position:0% the of the game happen it depends right 00:07:01.030 --> 00:07:04.030 align:start position:0% the of the game happen it depends right the<00:07:02.030> next<00:07:02.810> question<00:07:03.140> is<00:07:03.260> where<00:07:03.560> -<00:07:03.680> secrets 00:07:04.030 --> 00:07:04.040 align:start position:0% the next question is where - secrets 00:07:04.040 --> 00:07:05.440 align:start position:0% the next question is where - secrets live<00:07:04.250> and<00:07:04.490> this<00:07:04.580> is<00:07:04.730> actually<00:07:05.030> probably<00:07:05.210> their 00:07:05.440 --> 00:07:05.450 align:start position:0% live and this is actually probably their 00:07:05.450 --> 00:07:07.150 align:start position:0% live and this is actually probably their will<00:07:05.600> got<00:07:05.930> chair<00:07:06.230> with<00:07:06.410> smart<00:07:06.710> contracts 00:07:07.150 --> 00:07:07.160 align:start position:0% will got chair with smart contracts 00:07:07.160 --> 00:07:10.240 align:start position:0% will got chair with smart contracts because<00:07:08.090> if<00:07:08.750> you<00:07:09.140> want<00:07:09.380> your<00:07:09.530> secrets<00:07:09.920> to<00:07:10.070> live 00:07:10.240 --> 00:07:10.250 align:start position:0% because if you want your secrets to live 00:07:10.250 --> 00:07:12.760 align:start position:0% because if you want your secrets to live with<00:07:10.580> random<00:07:11.480> people<00:07:11.810> off<00:07:11.990> chain<00:07:12.320> the<00:07:12.530> people 00:07:12.760 --> 00:07:12.770 align:start position:0% with random people off chain the people 00:07:12.770 --> 00:07:16.420 align:start position:0% with random people off chain the people are<00:07:12.860> participating<00:07:13.370> it's<00:07:14.030> fine<00:07:14.360> but<00:07:15.430> two 00:07:16.420 --> 00:07:16.430 align:start position:0% are participating it's fine but two 00:07:16.430 --> 00:07:17.980 align:start position:0% are participating it's fine but two people<00:07:16.730> can<00:07:16.880> share<00:07:16.910> it<00:07:17.240> can<00:07:17.390> keep<00:07:17.480> a<00:07:17.600> secret<00:07:17.750> if 00:07:17.980 --> 00:07:17.990 align:start position:0% people can share it can keep a secret if 00:07:17.990 --> 00:07:19.300 align:start position:0% people can share it can keep a secret if one<00:07:18.050> of<00:07:18.260> them<00:07:18.350> is<00:07:18.410> not<00:07:18.530> a<00:07:18.590> blockchain<00:07:18.860> right 00:07:19.300 --> 00:07:19.310 align:start position:0% one of them is not a blockchain right 00:07:19.310 --> 00:07:21.640 align:start position:0% one of them is not a blockchain right block<00:07:19.550> chains<00:07:19.820> don't<00:07:20.030> keep<00:07:20.360> secrets<00:07:20.810> and<00:07:20.990> so 00:07:21.640 --> 00:07:21.650 align:start position:0% block chains don't keep secrets and so 00:07:21.650 --> 00:07:23.830 align:start position:0% block chains don't keep secrets and so the<00:07:21.770> usual<00:07:22.190> problem<00:07:22.610> we<00:07:23.210> run<00:07:23.390> into<00:07:23.690> when 00:07:23.830 --> 00:07:23.840 align:start position:0% the usual problem we run into when 00:07:23.840 --> 00:07:24.940 align:start position:0% the usual problem we run into when people<00:07:24.080> start<00:07:24.290> thinking<00:07:24.500> about<00:07:24.590> private 00:07:24.940 --> 00:07:24.950 align:start position:0% people start thinking about private 00:07:24.950 --> 00:07:27.370 align:start position:0% people start thinking about private smart<00:07:25.190> contracts<00:07:25.580> is<00:07:25.760> they<00:07:25.880> go<00:07:26.030> oh<00:07:26.180> I<00:07:26.660> want<00:07:27.290> the 00:07:27.370 --> 00:07:27.380 align:start position:0% smart contracts is they go oh I want the 00:07:27.380 --> 00:07:29.290 align:start position:0% smart contracts is they go oh I want the blockchain<00:07:27.590> to<00:07:27.860> hold<00:07:28.400> an<00:07:28.580> encryption<00:07:28.910> key<00:07:29.180> to 00:07:29.290 --> 00:07:29.300 align:start position:0% blockchain to hold an encryption key to 00:07:29.300 --> 00:07:31.150 align:start position:0% blockchain to hold an encryption key to hold<00:07:29.510> my<00:07:29.720> password<00:07:30.230> to<00:07:30.260> hold<00:07:30.500> some<00:07:30.710> data<00:07:30.890> and 00:07:31.150 --> 00:07:31.160 align:start position:0% hold my password to hold some data and 00:07:31.160 --> 00:07:33.310 align:start position:0% hold my password to hold some data and that<00:07:31.730> turns<00:07:32.060> out<00:07:32.240> to<00:07:32.270> be<00:07:32.480> incredibly<00:07:32.750> hard<00:07:33.140> to 00:07:33.310 --> 00:07:33.320 align:start position:0% that turns out to be incredibly hard to 00:07:33.320 --> 00:07:37.780 align:start position:0% that turns out to be incredibly hard to do<00:07:33.440> and<00:07:33.710> quite<00:07:34.070> problematic<00:07:35.919> so<00:07:36.919> you<00:07:36.980> you 00:07:37.780 --> 00:07:37.790 align:start position:0% do and quite problematic so you you 00:07:37.790 --> 00:07:40.360 align:start position:0% do and quite problematic so you you prefer<00:07:38.120> to<00:07:38.240> avoid<00:07:38.330> it<00:07:38.600> and<00:07:39.440> then<00:07:39.680> finally<00:07:40.100> and 00:07:40.360 --> 00:07:40.370 align:start position:0% prefer to avoid it and then finally and 00:07:40.370 --> 00:07:41.590 align:start position:0% prefer to avoid it and then finally and this<00:07:40.520> is<00:07:40.610> sort<00:07:40.880> of<00:07:40.910> the<00:07:41.000> mundane<00:07:41.330> more 00:07:41.590 --> 00:07:41.600 align:start position:0% this is sort of the mundane more 00:07:41.600 --> 00:07:43.480 align:start position:0% this is sort of the mundane more low-level<00:07:41.840> putting<00:07:42.650> my<00:07:42.740> professor<00:07:43.130> hat<00:07:43.310> on 00:07:43.480 --> 00:07:43.490 align:start position:0% low-level putting my professor hat on 00:07:43.490 --> 00:07:45.159 align:start position:0% low-level putting my professor hat on like<00:07:43.730> what<00:07:44.270> are<00:07:44.330> you<00:07:44.390> trying<00:07:44.630> to<00:07:44.690> hide<00:07:44.870> right 00:07:45.159 --> 00:07:45.169 align:start position:0% like what are you trying to hide right 00:07:45.169 --> 00:07:47.050 align:start position:0% like what are you trying to hide right are<00:07:45.380> you<00:07:45.470> trying<00:07:45.710> to<00:07:45.740> tie<00:07:45.950> the<00:07:46.010> state<00:07:46.580> of<00:07:46.910> the 00:07:47.050 --> 00:07:47.060 align:start position:0% are you trying to tie the state of the 00:07:47.060 --> 00:07:49.659 align:start position:0% are you trying to tie the state of the contract<00:07:47.510> which<00:07:48.380> the<00:07:48.830> state<00:07:49.070> metadata<00:07:49.460> like 00:07:49.659 --> 00:07:49.669 align:start position:0% contract which the state metadata like 00:07:49.669 --> 00:07:51.550 align:start position:0% contract which the state metadata like which<00:07:49.910> contracts<00:07:50.360> being<00:07:50.540> run<00:07:50.810> that<00:07:51.140> one<00:07:51.320> turns 00:07:51.550 --> 00:07:51.560 align:start position:0% which contracts being run that one turns 00:07:51.560 --> 00:07:54.219 align:start position:0% which contracts being run that one turns out<00:07:51.650> to<00:07:51.710> be<00:07:51.860> important<00:07:52.280> the<00:07:52.850> inputs<00:07:53.240> or<00:07:53.540> even 00:07:54.219 --> 00:07:54.229 align:start position:0% out to be important the inputs or even 00:07:54.229 --> 00:07:57.580 align:start position:0% out to be important the inputs or even the<00:07:54.320> actual<00:07:54.560> function<00:07:55.040> right<00:07:55.940> so<00:07:56.500> well<00:07:57.500> okay 00:07:57.580 --> 00:07:57.590 align:start position:0% the actual function right so well okay 00:07:57.590 --> 00:07:58.870 align:start position:0% the actual function right so well okay what<00:07:57.950> are<00:07:58.040> these<00:07:58.130> things<00:07:58.340> how<00:07:58.580> do<00:07:58.640> they<00:07:58.760> break 00:07:58.870 --> 00:07:58.880 align:start position:0% what are these things how do they break 00:07:58.880 --> 00:08:00.040 align:start position:0% what are these things how do they break down<00:07:58.940> well<00:07:59.270> let's<00:07:59.330> look<00:07:59.630> at<00:07:59.720> a<00:07:59.750> couple<00:07:59.900> of 00:08:00.040 --> 00:08:00.050 align:start position:0% down well let's look at a couple of 00:08:00.050 --> 00:08:01.750 align:start position:0% down well let's look at a couple of examples<00:08:00.169> I'm<00:08:00.710> going<00:08:01.130> to<00:08:01.190> go<00:08:01.280> over<00:08:01.310> three<00:08:01.669> of 00:08:01.750 --> 00:08:01.760 align:start position:0% examples I'm going to go over three of 00:08:01.760 --> 00:08:03.370 align:start position:0% examples I'm going to go over three of them<00:08:01.910> right<00:08:02.419> which<00:08:02.690> is<00:08:02.840> sort<00:08:02.990> of<00:08:03.020> common 00:08:03.370 --> 00:08:03.380 align:start position:0% them right which is sort of common 00:08:03.380 --> 00:08:05.140 align:start position:0% them right which is sort of common things<00:08:03.590> that<00:08:03.770> come<00:08:03.919> to<00:08:04.040> mind<00:08:04.220> right<00:08:04.880> one<00:08:05.060> of 00:08:05.140 --> 00:08:05.150 align:start position:0% things that come to mind right one of 00:08:05.150 --> 00:08:07.090 align:start position:0% things that come to mind right one of them<00:08:05.270> is<00:08:05.360> a<00:08:05.390> simple<00:08:05.720> game<00:08:05.870> poker<00:08:06.440> right<00:08:06.890> the 00:08:07.090 --> 00:08:07.100 align:start position:0% them is a simple game poker right the 00:08:07.100 --> 00:08:08.290 align:start position:0% them is a simple game poker right the next<00:08:07.340> one<00:08:07.490> is<00:08:07.580> let's<00:08:07.729> consider<00:08:07.970> something 00:08:08.290 --> 00:08:08.300 align:start position:0% next one is let's consider something 00:08:08.300 --> 00:08:10.540 align:start position:0% next one is let's consider something like<00:08:08.419> payments<00:08:08.990> this<00:08:09.860> could<00:08:10.070> also<00:08:10.190> be<00:08:10.370> like 00:08:10.540 --> 00:08:10.550 align:start position:0% like payments this could also be like 00:08:10.550 --> 00:08:12.400 align:start position:0% like payments this could also be like custom<00:08:10.910> tokens<00:08:11.270> custom<00:08:11.600> assets<00:08:11.960> any<00:08:12.140> of<00:08:12.290> these 00:08:12.400 --> 00:08:12.410 align:start position:0% custom tokens custom assets any of these 00:08:12.410 --> 00:08:14.260 align:start position:0% custom tokens custom assets any of these crazy<00:08:12.620> defy<00:08:13.040> projects<00:08:13.520> right<00:08:13.760> they<00:08:13.940> all<00:08:14.060> have 00:08:14.260 --> 00:08:14.270 align:start position:0% crazy defy projects right they all have 00:08:14.270 --> 00:08:16.719 align:start position:0% crazy defy projects right they all have these<00:08:14.510> like<00:08:14.780> custom<00:08:15.770> tokens<00:08:16.160> and<00:08:16.280> underlie 00:08:16.719 --> 00:08:16.729 align:start position:0% these like custom tokens and underlie 00:08:16.729 --> 00:08:18.670 align:start position:0% these like custom tokens and underlie them<00:08:16.940> right<00:08:17.150> it's<00:08:17.300> like<00:08:17.419> a<00:08:17.660> video<00:08:18.229> game<00:08:18.530> arcade 00:08:18.670 --> 00:08:18.680 align:start position:0% them right it's like a video game arcade 00:08:18.680 --> 00:08:20.260 align:start position:0% them right it's like a video game arcade at<00:08:19.010> Chucky<00:08:19.280> Cheese<00:08:19.460> right<00:08:19.729> you<00:08:19.850> built<00:08:20.120> this 00:08:20.260 --> 00:08:20.270 align:start position:0% at Chucky Cheese right you built this 00:08:20.270 --> 00:08:22.510 align:start position:0% at Chucky Cheese right you built this whole<00:08:20.479> complicated<00:08:21.200> machine<00:08:21.590> but<00:08:22.310> you<00:08:22.370> also 00:08:22.510 --> 00:08:22.520 align:start position:0% whole complicated machine but you also 00:08:22.520 --> 00:08:24.100 align:start position:0% whole complicated machine but you also have<00:08:22.820> these<00:08:22.940> custom<00:08:23.300> tokens<00:08:23.660> you<00:08:23.750> have<00:08:23.870> to<00:08:23.960> put 00:08:24.100 --> 00:08:24.110 align:start position:0% have these custom tokens you have to put 00:08:24.110 --> 00:08:26.050 align:start position:0% have these custom tokens you have to put into<00:08:24.229> it<00:08:24.350> to<00:08:24.440> power<00:08:24.680> it<00:08:24.890> and<00:08:25.040> you<00:08:25.790> might<00:08:25.940> need 00:08:26.050 --> 00:08:26.060 align:start position:0% into it to power it and you might need 00:08:26.060 --> 00:08:28.240 align:start position:0% into it to power it and you might need privacy<00:08:26.479> there<00:08:26.660> and<00:08:26.900> then<00:08:27.290> finally<00:08:27.740> a<00:08:27.770> typical 00:08:28.240 --> 00:08:28.250 align:start position:0% privacy there and then finally a typical 00:08:28.250 --> 00:08:30.490 align:start position:0% privacy there and then finally a typical thing<00:08:28.400> that<00:08:28.580> comes<00:08:28.790> up<00:08:28.970> I'm<00:08:29.810> not<00:08:30.080> really<00:08:30.260> sure 00:08:30.490 --> 00:08:30.500 align:start position:0% thing that comes up I'm not really sure 00:08:30.500 --> 00:08:31.750 align:start position:0% thing that comes up I'm not really sure why<00:08:30.740> but<00:08:30.979> it's<00:08:31.130> what<00:08:31.220> everyone<00:08:31.460> thinks<00:08:31.580> of 00:08:31.750 --> 00:08:31.760 align:start position:0% why but it's what everyone thinks of 00:08:31.760 --> 00:08:33.190 align:start position:0% why but it's what everyone thinks of it's<00:08:31.970> like<00:08:32.120> auctions<00:08:32.630> right<00:08:32.839> you<00:08:32.930> want<00:08:33.080> to<00:08:33.140> do 00:08:33.190 --> 00:08:33.200 align:start position:0% it's like auctions right you want to do 00:08:33.200 --> 00:08:35.200 align:start position:0% it's like auctions right you want to do a<00:08:33.229> sealed<00:08:33.530> bid<00:08:33.770> auction<00:08:34.159> to<00:08:34.490> price<00:08:34.729> an<00:08:34.880> asset 00:08:35.200 --> 00:08:35.210 align:start position:0% a sealed bid auction to price an asset 00:08:35.210 --> 00:08:37.209 align:start position:0% a sealed bid auction to price an asset right<00:08:35.930> and<00:08:36.140> these<00:08:36.229> all<00:08:36.469> it<00:08:36.620> turns<00:08:36.830> out<00:08:36.979> have 00:08:37.209 --> 00:08:37.219 align:start position:0% right and these all it turns out have 00:08:37.219 --> 00:08:39.610 align:start position:0% right and these all it turns out have some<00:08:37.520> privacy<00:08:37.909> goal<00:08:38.150> they<00:08:38.300> want<00:08:38.409> but<00:08:39.409> they're 00:08:39.610 --> 00:08:39.620 align:start position:0% some privacy goal they want but they're 00:08:39.620 --> 00:08:41.890 align:start position:0% some privacy goal they want but they're different<00:08:40.030> right<00:08:41.030> so<00:08:41.240> in<00:08:41.360> terms<00:08:41.539> of<00:08:41.659> poker 00:08:41.890 --> 00:08:41.900 align:start position:0% different right so in terms of poker 00:08:41.900 --> 00:08:44.680 align:start position:0% different right so in terms of poker right<00:08:42.800> who<00:08:43.520> needs<00:08:43.760> to<00:08:43.909> verify<00:08:44.240> what's<00:08:44.450> going 00:08:44.680 --> 00:08:44.690 align:start position:0% right who needs to verify what's going 00:08:44.690 --> 00:08:46.600 align:start position:0% right who needs to verify what's going on<00:08:44.870> well<00:08:45.380> it's<00:08:45.560> only<00:08:45.710> the<00:08:45.890> people<00:08:46.220> playing<00:08:46.430> the 00:08:46.600 --> 00:08:46.610 align:start position:0% on well it's only the people playing the 00:08:46.610 --> 00:08:48.820 align:start position:0% on well it's only the people playing the game<00:08:46.640> right<00:08:47.390> if<00:08:47.510> you<00:08:47.600> all<00:08:47.750> show<00:08:48.350> up<00:08:48.380> to<00:08:48.589> a<00:08:48.650> poker 00:08:48.820 --> 00:08:48.830 align:start position:0% game right if you all show up to a poker 00:08:48.830 --> 00:08:50.800 align:start position:0% game right if you all show up to a poker table<00:08:49.040> you<00:08:49.220> decide<00:08:49.460> to<00:08:49.550> do<00:08:49.670> hand<00:08:50.089> the<00:08:50.690> only 00:08:50.800 --> 00:08:50.810 align:start position:0% table you decide to do hand the only 00:08:50.810 --> 00:08:52.270 align:start position:0% table you decide to do hand the only people<00:08:51.080> who<00:08:51.230> care<00:08:51.530> what's<00:08:51.770> going<00:08:51.830> on<00:08:52.100> in<00:08:52.160> the 00:08:52.270 --> 00:08:52.280 align:start position:0% people who care what's going on in the 00:08:52.280 --> 00:08:54.100 align:start position:0% people who care what's going on in the poker<00:08:52.580> game<00:08:52.760> really<00:08:53.180> all<00:08:53.390> the<00:08:53.630> people<00:08:53.930> there 00:08:54.100 --> 00:08:54.110 align:start position:0% poker game really all the people there 00:08:54.110 --> 00:08:56.500 align:start position:0% poker game really all the people there right<00:08:54.830> and<00:08:55.040> they<00:08:55.610> only<00:08:55.730> care<00:08:56.000> about<00:08:56.030> it<00:08:56.300> for<00:08:56.420> as 00:08:56.500 --> 00:08:56.510 align:start position:0% right and they only care about it for as 00:08:56.510 --> 00:08:58.319 align:start position:0% right and they only care about it for as long<00:08:56.540> as<00:08:56.660> they're<00:08:56.900> playing<00:08:57.020> the<00:08:57.170> game<00:08:57.350> and 00:08:58.319 --> 00:08:58.329 align:start position:0% long as they're playing the game and 00:08:58.329 --> 00:09:00.869 align:start position:0% long as they're playing the game and they<00:08:58.389> get<00:08:58.540> the<00:08:58.660> money<00:08:58.809> out<00:08:58.989> after<00:08:59.499> that<00:08:59.879> nobody 00:09:00.869 --> 00:09:00.879 align:start position:0% they get the money out after that nobody 00:09:00.879 --> 00:09:01.350 align:start position:0% they get the money out after that nobody cares 00:09:01.350 --> 00:09:01.360 align:start position:0% cares 00:09:01.360 --> 00:09:03.919 align:start position:0% cares alright<00:09:01.959> so<00:09:02.259> veil<00:09:02.559> needs<00:09:02.739> verify<00:09:03.279> it<00:09:03.339> then<00:09:03.579> and 00:09:03.919 --> 00:09:03.929 align:start position:0% alright so veil needs verify it then and 00:09:03.929 --> 00:09:07.229 align:start position:0% alright so veil needs verify it then and finally<00:09:04.929> right<00:09:05.379> the<00:09:05.589> secrets<00:09:05.980> who<00:09:06.879> has<00:09:07.059> what 00:09:07.229 --> 00:09:07.239 align:start position:0% finally right the secrets who has what 00:09:07.239 --> 00:09:08.879 align:start position:0% finally right the secrets who has what card<00:09:07.540> what<00:09:07.689> hand<00:09:07.929> that's<00:09:08.290> just<00:09:08.649> shared 00:09:08.879 --> 00:09:08.889 align:start position:0% card what hand that's just shared 00:09:08.889 --> 00:09:10.590 align:start position:0% card what hand that's just shared between<00:09:09.220> them<00:09:09.369> the<00:09:09.549> blockchain<00:09:09.790> never<00:09:10.329> needs 00:09:10.590 --> 00:09:10.600 align:start position:0% between them the blockchain never needs 00:09:10.600 --> 00:09:12.299 align:start position:0% between them the blockchain never needs to<00:09:10.749> know<00:09:10.869> about<00:09:11.019> it<00:09:11.170> right<00:09:11.799> you<00:09:11.889> don't<00:09:12.069> need<00:09:12.220> to 00:09:12.299 --> 00:09:12.309 align:start position:0% to know about it right you don't need to 00:09:12.309 --> 00:09:13.799 align:start position:0% to know about it right you don't need to get<00:09:12.459> them<00:09:12.579> to<00:09:12.730> keep<00:09:12.910> something<00:09:13.239> permanently 00:09:13.799 --> 00:09:13.809 align:start position:0% get them to keep something permanently 00:09:13.809 --> 00:09:17.939 align:start position:0% get them to keep something permanently so<00:09:14.290> this<00:09:14.470> is<00:09:14.649> somewhat<00:09:15.309> easy<00:09:15.489> right<00:09:16.709> the<00:09:17.709> state 00:09:17.939 --> 00:09:17.949 align:start position:0% so this is somewhat easy right the state 00:09:17.949 --> 00:09:19.229 align:start position:0% so this is somewhat easy right the state you<00:09:18.100> want<00:09:18.189> to<00:09:18.309> keep<00:09:18.429> private<00:09:18.670> is<00:09:18.939> you<00:09:19.149> know 00:09:19.229 --> 00:09:19.239 align:start position:0% you want to keep private is you know 00:09:19.239 --> 00:09:21.030 align:start position:0% you want to keep private is you know what<00:09:19.480> people's<00:09:19.749> hands<00:09:20.049> are<00:09:20.199> the<00:09:20.649> inputs 00:09:21.030 --> 00:09:21.040 align:start position:0% what people's hands are the inputs 00:09:21.040 --> 00:09:22.829 align:start position:0% what people's hands are the inputs actually<00:09:21.220> the<00:09:21.519> bats<00:09:21.759> the<00:09:21.910> actions<00:09:22.449> that<00:09:22.689> like 00:09:22.829 --> 00:09:22.839 align:start position:0% actually the bats the actions that like 00:09:22.839 --> 00:09:25.559 align:start position:0% actually the bats the actions that like raise<00:09:23.619> call<00:09:24.040> flip<00:09:24.699> the<00:09:24.819> river<00:09:24.999> card<00:09:25.209> those 00:09:25.559 --> 00:09:25.569 align:start position:0% raise call flip the river card those 00:09:25.569 --> 00:09:28.829 align:start position:0% raise call flip the river card those actually<00:09:26.019> can<00:09:26.139> be<00:09:26.259> public<00:09:26.850> so<00:09:27.850> this<00:09:27.970> is<00:09:28.149> one 00:09:28.829 --> 00:09:28.839 align:start position:0% actually can be public so this is one 00:09:28.839 --> 00:09:32.009 align:start position:0% actually can be public so this is one setting<00:09:29.459> in<00:09:30.459> contrast<00:09:31.149> payments<00:09:31.629> get<00:09:31.839> a<00:09:31.869> lot 00:09:32.009 --> 00:09:32.019 align:start position:0% setting in contrast payments get a lot 00:09:32.019 --> 00:09:34.579 align:start position:0% setting in contrast payments get a lot harder<00:09:32.259> because<00:09:33.249> in<00:09:33.579> the<00:09:33.639> payment<00:09:33.999> system 00:09:34.579 --> 00:09:34.589 align:start position:0% harder because in the payment system 00:09:34.589 --> 00:09:36.449 align:start position:0% harder because in the payment system everybody<00:09:35.589> needs<00:09:35.860> to<00:09:35.949> be<00:09:36.009> able<00:09:36.129> to<00:09:36.249> verify 00:09:36.449 --> 00:09:36.459 align:start position:0% everybody needs to be able to verify 00:09:36.459 --> 00:09:38.160 align:start position:0% everybody needs to be able to verify what's<00:09:36.790> going<00:09:37.029> on<00:09:37.149> because<00:09:37.509> anybody<00:09:37.779> you 00:09:38.160 --> 00:09:38.170 align:start position:0% what's going on because anybody you 00:09:38.170 --> 00:09:40.049 align:start position:0% what's going on because anybody you might<00:09:38.410> pay<00:09:38.739> needs<00:09:39.189> to<00:09:39.369> know<00:09:39.519> that<00:09:39.730> your<00:09:39.850> money 00:09:40.049 --> 00:09:40.059 align:start position:0% might pay needs to know that your money 00:09:40.059 --> 00:09:44.009 align:start position:0% might pay needs to know that your money is<00:09:40.149> actually<00:09:40.449> good<00:09:41.429> so<00:09:42.629> this<00:09:43.629> process<00:09:43.809> is<00:09:43.929> a 00:09:44.009 --> 00:09:44.019 align:start position:0% is actually good so this process is a 00:09:44.019 --> 00:09:48.780 align:start position:0% is actually good so this process is a bit<00:09:44.110> of<00:09:44.199> a<00:09:44.259> problem<00:09:44.470> right<00:09:45.749> and<00:09:47.489> they<00:09:48.489> need<00:09:48.699> to 00:09:48.780 --> 00:09:48.790 align:start position:0% bit of a problem right and they need to 00:09:48.790 --> 00:09:50.850 align:start position:0% bit of a problem right and they need to verified<00:09:49.119> anytime<00:09:49.509> in<00:09:49.600> the<00:09:49.629> future<00:09:49.860> the 00:09:50.850 --> 00:09:50.860 align:start position:0% verified anytime in the future the 00:09:50.860 --> 00:09:52.710 align:start position:0% verified anytime in the future the people<00:09:50.889> who<00:09:51.160> keep<00:09:51.339> the<00:09:51.489> secrets<00:09:51.939> well<00:09:52.119> that<00:09:52.540> is 00:09:52.710 --> 00:09:52.720 align:start position:0% people who keep the secrets well that is 00:09:52.720 --> 00:09:53.999 align:start position:0% people who keep the secrets well that is simple<00:09:53.079> in<00:09:53.170> this<00:09:53.259> case<00:09:53.439> is<00:09:53.589> anyone<00:09:53.889> who's 00:09:53.999 --> 00:09:54.009 align:start position:0% simple in this case is anyone who's 00:09:54.009 --> 00:09:55.710 align:start position:0% simple in this case is anyone who's holding<00:09:54.339> the<00:09:54.399> bag<00:09:54.610> right<00:09:54.910> anybody<00:09:55.179> who<00:09:55.420> has 00:09:55.710 --> 00:09:55.720 align:start position:0% holding the bag right anybody who has 00:09:55.720 --> 00:09:57.869 align:start position:0% holding the bag right anybody who has money<00:09:56.290> he<00:09:56.410> has<00:09:56.649> crypto<00:09:57.009> tokens<00:09:57.369> those<00:09:57.670> bag 00:09:57.869 --> 00:09:57.879 align:start position:0% money he has crypto tokens those bag 00:09:57.879 --> 00:09:59.340 align:start position:0% money he has crypto tokens those bag holders<00:09:58.239> they<00:09:58.449> need<00:09:58.629> to<00:09:58.749> keep<00:09:58.899> the<00:09:59.019> secrets 00:09:59.340 --> 00:09:59.350 align:start position:0% holders they need to keep the secrets 00:09:59.350 --> 00:10:02.189 align:start position:0% holders they need to keep the secrets but<00:09:59.980> nobody<00:10:00.249> else<00:10:00.689> and<00:10:01.689> for<00:10:01.869> that<00:10:01.989> you're 00:10:02.189 --> 00:10:02.199 align:start position:0% but nobody else and for that you're 00:10:02.199 --> 00:10:04.139 align:start position:0% but nobody else and for that you're keeping<00:10:02.350> all<00:10:02.709> the<00:10:03.040> data<00:10:03.189> secret<00:10:03.579> the<00:10:03.790> balance 00:10:04.139 --> 00:10:04.149 align:start position:0% keeping all the data secret the balance 00:10:04.149 --> 00:10:07.169 align:start position:0% keeping all the data secret the balance from<00:10:04.809> the<00:10:04.929> to<00:10:05.290> everything<00:10:05.829> else<00:10:05.999> right<00:10:06.999> and 00:10:07.169 --> 00:10:07.179 align:start position:0% from the to everything else right and 00:10:07.179 --> 00:10:08.939 align:start position:0% from the to everything else right and then<00:10:07.269> finally<00:10:07.449> for<00:10:08.259> like<00:10:08.379> a<00:10:08.410> sealed<00:10:08.739> bid 00:10:08.939 --> 00:10:08.949 align:start position:0% then finally for like a sealed bid 00:10:08.949 --> 00:10:11.280 align:start position:0% then finally for like a sealed bid auction<00:10:09.749> again<00:10:10.749> we're<00:10:10.929> back<00:10:11.019> to<00:10:11.199> the 00:10:11.280 --> 00:10:11.290 align:start position:0% auction again we're back to the 00:10:11.290 --> 00:10:13.169 align:start position:0% auction again we're back to the participants<00:10:11.529> needing<00:10:12.100> to<00:10:12.189> just<00:10:12.369> know<00:10:12.999> what's 00:10:13.169 --> 00:10:13.179 align:start position:0% participants needing to just know what's 00:10:13.179 --> 00:10:15.210 align:start position:0% participants needing to just know what's going<00:10:13.449> on<00:10:13.540> only<00:10:14.019> during<00:10:14.499> the<00:10:14.589> auction<00:10:14.739> so<00:10:15.100> this 00:10:15.210 --> 00:10:15.220 align:start position:0% going on only during the auction so this 00:10:15.220 --> 00:10:17.340 align:start position:0% going on only during the auction so this is<00:10:15.339> similar<00:10:15.549> to<00:10:15.699> a<00:10:15.850> poker<00:10:16.360> game<00:10:16.480> but<00:10:17.259> the 00:10:17.340 --> 00:10:17.350 align:start position:0% is similar to a poker game but the 00:10:17.350 --> 00:10:19.139 align:start position:0% is similar to a poker game but the difference<00:10:17.619> is<00:10:17.769> that<00:10:18.069> the<00:10:18.489> secrets<00:10:18.879> are<00:10:18.970> kept 00:10:19.139 --> 00:10:19.149 align:start position:0% difference is that the secrets are kept 00:10:19.149 --> 00:10:20.780 align:start position:0% difference is that the secrets are kept with<00:10:19.299> an<00:10:19.389> auctioneer<00:10:19.869> those<00:10:20.139> are<00:10:20.259> the<00:10:20.350> bids 00:10:20.780 --> 00:10:20.790 align:start position:0% with an auctioneer those are the bids 00:10:20.790 --> 00:10:24.329 align:start position:0% with an auctioneer those are the bids and<00:10:22.619> the<00:10:23.619> bids<00:10:23.799> are<00:10:23.860> what<00:10:23.980> you<00:10:24.040> need<00:10:24.160> to<00:10:24.220> keep 00:10:24.329 --> 00:10:24.339 align:start position:0% and the bids are what you need to keep 00:10:24.339 --> 00:10:26.449 align:start position:0% and the bids are what you need to keep secret<00:10:24.699> so<00:10:25.029> what<00:10:25.540> do<00:10:25.600> we<00:10:25.689> do<00:10:25.809> about<00:10:25.929> this<00:10:26.169> well 00:10:26.449 --> 00:10:26.459 align:start position:0% secret so what do we do about this well 00:10:26.459 --> 00:10:28.139 align:start position:0% secret so what do we do about this well there<00:10:27.459> are<00:10:27.519> a<00:10:27.549> couple<00:10:27.699> of<00:10:27.879> different 00:10:28.139 --> 00:10:28.149 align:start position:0% there are a couple of different 00:10:28.149 --> 00:10:30.449 align:start position:0% there are a couple of different techniques<00:10:28.269> you<00:10:28.689> can<00:10:28.839> use<00:10:29.079> that<00:10:29.889> can<00:10:30.040> work<00:10:30.220> for 00:10:30.449 --> 00:10:30.459 align:start position:0% techniques you can use that can work for 00:10:30.459 --> 00:10:31.949 align:start position:0% techniques you can use that can work for various<00:10:30.669> things<00:10:30.759> there<00:10:31.600> were<00:10:31.660> basically 00:10:31.949 --> 00:10:31.959 align:start position:0% various things there were basically 00:10:31.959 --> 00:10:33.960 align:start position:0% various things there were basically three<00:10:32.049> on<00:10:32.529> the<00:10:33.040> first<00:10:33.249> one<00:10:33.459> is<00:10:33.549> a<00:10:33.579> thing<00:10:33.819> that's 00:10:33.960 --> 00:10:33.970 align:start position:0% three on the first one is a thing that's 00:10:33.970 --> 00:10:35.609 align:start position:0% three on the first one is a thing that's called<00:10:34.149> refereed<00:10:34.509> the<00:10:34.660> computation<00:10:35.379> this 00:10:35.609 --> 00:10:35.619 align:start position:0% called refereed the computation this 00:10:35.619 --> 00:10:39.179 align:start position:0% called refereed the computation this came<00:10:35.949> out<00:10:36.040> of<00:10:36.189> academic<00:10:36.639> work<00:10:36.669> in<00:10:37.739> 2009<00:10:38.739> him 00:10:39.179 --> 00:10:39.189 align:start position:0% came out of academic work in 2009 him 00:10:39.189 --> 00:10:40.409 align:start position:0% came out of academic work in 2009 him that<00:10:39.369> nobody<00:10:39.639> ever<00:10:39.790> heard<00:10:39.910> of<00:10:40.149> and<00:10:40.329> nobody 00:10:40.409 --> 00:10:40.419 align:start position:0% that nobody ever heard of and nobody 00:10:40.419 --> 00:10:42.929 align:start position:0% that nobody ever heard of and nobody ever<00:10:40.629> cites<00:10:41.220> but<00:10:42.220> then<00:10:42.429> got<00:10:42.639> sort<00:10:42.879> of 00:10:42.929 --> 00:10:42.939 align:start position:0% ever cites but then got sort of 00:10:42.939 --> 00:10:44.220 align:start position:0% ever cites but then got sort of reinvented<00:10:43.449> I<00:10:43.509> think<00:10:43.720> completely<00:10:44.110> by 00:10:44.220 --> 00:10:44.230 align:start position:0% reinvented I think completely by 00:10:44.230 --> 00:10:46.019 align:start position:0% reinvented I think completely by happenstance<00:10:44.769> by<00:10:45.160> things<00:10:45.459> like<00:10:45.549> true--but 00:10:46.019 --> 00:10:46.029 align:start position:0% happenstance by things like true--but 00:10:46.029 --> 00:10:48.539 align:start position:0% happenstance by things like true--but and<00:10:46.299> arbiter<00:10:46.660> manof<00:10:46.869> chain<00:10:47.110> labs<00:10:47.399> and<00:10:48.399> no 00:10:48.539 --> 00:10:48.549 align:start position:0% and arbiter manof chain labs and no 00:10:48.549 --> 00:10:49.590 align:start position:0% and arbiter manof chain labs and no doubt<00:10:48.699> other<00:10:48.819> things<00:10:49.089> I<00:10:49.179> haven't<00:10:49.449> thought<00:10:49.540> of 00:10:49.590 --> 00:10:49.600 align:start position:0% doubt other things I haven't thought of 00:10:49.600 --> 00:10:51.929 align:start position:0% doubt other things I haven't thought of this<00:10:49.929> is<00:10:50.230> sort<00:10:50.410> of<00:10:50.470> like<00:10:50.589> state<00:10:51.009> channels<00:10:51.429> in<00:10:51.850> a 00:10:51.929 --> 00:10:51.939 align:start position:0% this is sort of like state channels in a 00:10:51.939 --> 00:10:53.609 align:start position:0% this is sort of like state channels in a certain<00:10:52.209> sense<00:10:52.360> and<00:10:52.629> these<00:10:53.290> provide<00:10:53.499> a 00:10:53.609 --> 00:10:53.619 align:start position:0% certain sense and these provide a 00:10:53.619 --> 00:10:56.340 align:start position:0% certain sense and these provide a certain<00:10:53.919> kind<00:10:54.100> of<00:10:54.449> privacy<00:10:55.449> the<00:10:55.929> next<00:10:56.199> thing 00:10:56.340 --> 00:10:56.350 align:start position:0% certain kind of privacy the next thing 00:10:56.350 --> 00:10:58.319 align:start position:0% certain kind of privacy the next thing is<00:10:56.499> trusted<00:10:56.860> execution<00:10:57.100> in<00:10:57.699> the<00:10:58.059> form<00:10:58.269> of 00:10:58.319 --> 00:10:58.329 align:start position:0% is trusted execution in the form of 00:10:58.329 --> 00:11:01.019 align:start position:0% is trusted execution in the form of either<00:10:58.480> SGX<00:10:59.019> or<00:10:59.259> MPC<00:10:59.769> and<00:10:59.980> this<00:11:00.489> is<00:11:00.669> really 00:11:01.019 --> 00:11:01.029 align:start position:0% either SGX or MPC and this is really 00:11:01.029 --> 00:11:02.609 align:start position:0% either SGX or MPC and this is really sort<00:11:01.239> of<00:11:01.269> the<00:11:01.360> Holy<00:11:01.540> Grail<00:11:01.839> but<00:11:02.259> it<00:11:02.350> turns<00:11:02.529> out 00:11:02.609 --> 00:11:02.619 align:start position:0% sort of the Holy Grail but it turns out 00:11:02.619 --> 00:11:04.409 align:start position:0% sort of the Holy Grail but it turns out to<00:11:02.739> be<00:11:02.769> problematic<00:11:03.249> and<00:11:03.579> then<00:11:03.970> the<00:11:04.059> final 00:11:04.409 --> 00:11:04.419 align:start position:0% to be problematic and then the final 00:11:04.419 --> 00:11:05.789 align:start position:0% to be problematic and then the final thing<00:11:04.449> which<00:11:04.869> is<00:11:05.019> sort<00:11:05.259> of<00:11:05.290> what<00:11:05.470> my<00:11:05.589> research 00:11:05.789 --> 00:11:05.799 align:start position:0% thing which is sort of what my research 00:11:05.799 --> 00:11:07.439 align:start position:0% thing which is sort of what my research is<00:11:06.129> on<00:11:06.220> and<00:11:06.490> in<00:11:06.549> fact<00:11:06.579> I<00:11:06.819> have<00:11:06.939> a<00:11:06.970> paper 00:11:07.439 --> 00:11:07.449 align:start position:0% is on and in fact I have a paper 00:11:07.449 --> 00:11:09.230 align:start position:0% is on and in fact I have a paper appearing<00:11:07.990> this<00:11:08.169> year<00:11:08.439> on 00:11:09.230 --> 00:11:09.240 align:start position:0% appearing this year on 00:11:09.240 --> 00:11:11.000 align:start position:0% appearing this year on is<00:11:09.300> sort<00:11:10.230> of<00:11:10.290> zero<00:11:10.440> knowledge-based 00:11:11.000 --> 00:11:11.010 align:start position:0% is sort of zero knowledge-based 00:11:11.010 --> 00:11:13.220 align:start position:0% is sort of zero knowledge-based execution<00:11:11.670> protocols<00:11:12.270> and<00:11:12.600> so<00:11:12.690> this<00:11:12.839> starts 00:11:13.220 --> 00:11:13.230 align:start position:0% execution protocols and so this starts 00:11:13.230 --> 00:11:15.590 align:start position:0% execution protocols and so this starts with<00:11:13.440> Z<00:11:13.680> cash<00:11:13.890> which<00:11:14.580> does<00:11:14.820> privacy<00:11:15.149> just<00:11:15.390> for 00:11:15.590 --> 00:11:15.600 align:start position:0% with Z cash which does privacy just for 00:11:15.600 --> 00:11:17.449 align:start position:0% with Z cash which does privacy just for a<00:11:15.630> fixed<00:11:16.020> function<00:11:16.470> which<00:11:16.770> is<00:11:16.890> payments 00:11:17.449 --> 00:11:17.459 align:start position:0% a fixed function which is payments 00:11:17.459 --> 00:11:19.280 align:start position:0% a fixed function which is payments it<00:11:17.970> got<00:11:18.149> generalized<00:11:18.630> on<00:11:18.839> some<00:11:19.020> things<00:11:19.230> that 00:11:19.280 --> 00:11:19.290 align:start position:0% it got generalized on some things that 00:11:19.290 --> 00:11:20.750 align:start position:0% it got generalized on some things that say<00:11:19.470> oh<00:11:19.500> you<00:11:19.620> can<00:11:19.890> have<00:11:20.040> multiple<00:11:20.310> different 00:11:20.750 --> 00:11:20.760 align:start position:0% say oh you can have multiple different 00:11:20.760 --> 00:11:22.610 align:start position:0% say oh you can have multiple different functions<00:11:21.330> that<00:11:21.480> standalone<00:11:21.870> it's<00:11:22.230> basically 00:11:22.610 --> 00:11:22.620 align:start position:0% functions that standalone it's basically 00:11:22.620 --> 00:11:24.380 align:start position:0% functions that standalone it's basically different<00:11:22.770> block<00:11:23.100> chains<00:11:23.399> then<00:11:23.970> called<00:11:24.149> hock 00:11:24.380 --> 00:11:24.390 align:start position:0% different block chains then called hock 00:11:24.390 --> 00:11:25.940 align:start position:0% different block chains then called hock and<00:11:24.660> then<00:11:25.050> the<00:11:25.140> latest<00:11:25.410> piece<00:11:25.560> of<00:11:25.680> research 00:11:25.940 --> 00:11:25.950 align:start position:0% and then the latest piece of research 00:11:25.950 --> 00:11:27.590 align:start position:0% and then the latest piece of research which<00:11:26.160> is<00:11:26.279> by<00:11:26.399> me<00:11:26.610> and<00:11:26.850> my<00:11:27.120> co-authors 00:11:27.590 --> 00:11:27.600 align:start position:0% which is by me and my co-authors 00:11:27.600 --> 00:11:29.269 align:start position:0% which is by me and my co-authors actually<00:11:28.320> so<00:11:28.470> you<00:11:28.649> can<00:11:28.770> have<00:11:28.920> general 00:11:29.269 --> 00:11:29.279 align:start position:0% actually so you can have general 00:11:29.279 --> 00:11:31.010 align:start position:0% actually so you can have general computation<00:11:29.580> instead<00:11:30.149> of<00:11:30.240> a<00:11:30.300> composable<00:11:30.839> way 00:11:31.010 --> 00:11:31.020 align:start position:0% computation instead of a composable way 00:11:31.020 --> 00:11:32.840 align:start position:0% computation instead of a composable way right<00:11:31.950> so<00:11:32.160> I'll<00:11:32.250> give<00:11:32.370> you<00:11:32.399> a<00:11:32.520> brief<00:11:32.670> overview 00:11:32.840 --> 00:11:32.850 align:start position:0% right so I'll give you a brief overview 00:11:32.850 --> 00:11:35.660 align:start position:0% right so I'll give you a brief overview of<00:11:33.209> these<00:11:33.720> threes<00:11:33.990> that's<00:11:34.260> techniques<00:11:34.920> so 00:11:35.660 --> 00:11:35.670 align:start position:0% of these threes that's techniques so 00:11:35.670 --> 00:11:38.480 align:start position:0% of these threes that's techniques so refereed<00:11:36.149> computation<00:11:36.810> is<00:11:37.070> you<00:11:38.070> know<00:11:38.160> sort<00:11:38.459> of 00:11:38.480 --> 00:11:38.490 align:start position:0% refereed computation is you know sort of 00:11:38.490 --> 00:11:40.699 align:start position:0% refereed computation is you know sort of like<00:11:38.550> a<00:11:38.640> state<00:11:38.850> channel<00:11:39.209> and<00:11:39.390> it<00:11:40.320> actually<00:11:40.649> is 00:11:40.699 --> 00:11:40.709 align:start position:0% like a state channel and it actually is 00:11:40.709 --> 00:11:41.990 align:start position:0% like a state channel and it actually is the<00:11:40.800> closest<00:11:41.160> thing<00:11:41.339> to<00:11:41.370> a<00:11:41.550> wheel-like 00:11:41.990 --> 00:11:42.000 align:start position:0% the closest thing to a wheel-like 00:11:42.000 --> 00:11:43.610 align:start position:0% the closest thing to a wheel-like contract<00:11:42.779> in<00:11:42.959> the<00:11:43.020> sense<00:11:43.200> of<00:11:43.230> what<00:11:43.380> we<00:11:43.470> have 00:11:43.610 --> 00:11:43.620 align:start position:0% contract in the sense of what we have 00:11:43.620 --> 00:11:45.320 align:start position:0% contract in the sense of what we have under<00:11:43.830> the<00:11:43.920> law<00:11:44.100> right<00:11:44.550> you<00:11:45.000> have<00:11:45.149> some 00:11:45.320 --> 00:11:45.330 align:start position:0% under the law right you have some 00:11:45.330 --> 00:11:47.210 align:start position:0% under the law right you have some parties<00:11:45.660> they<00:11:45.930> agree<00:11:46.140> to<00:11:46.170> do<00:11:46.380> some<00:11:46.589> stuff<00:11:46.800> they 00:11:47.210 --> 00:11:47.220 align:start position:0% parties they agree to do some stuff they 00:11:47.220 --> 00:11:49.100 align:start position:0% parties they agree to do some stuff they do<00:11:47.279> whatever<00:11:47.640> it<00:11:47.790> is<00:11:47.880> off<00:11:48.029> chain<00:11:48.330> as<00:11:48.510> long<00:11:48.959> as 00:11:49.100 --> 00:11:49.110 align:start position:0% do whatever it is off chain as long as 00:11:49.110 --> 00:11:51.350 align:start position:0% do whatever it is off chain as long as everybody's<00:11:49.529> honest<00:11:50.250> right<00:11:51.029> they<00:11:51.209> don't 00:11:51.350 --> 00:11:51.360 align:start position:0% everybody's honest right they don't 00:11:51.360 --> 00:11:53.420 align:start position:0% everybody's honest right they don't disagree<00:11:51.649> nothing<00:11:52.649> happens<00:11:52.950> on<00:11:53.040> chain<00:11:53.279> you 00:11:53.420 --> 00:11:53.430 align:start position:0% disagree nothing happens on chain you 00:11:53.430 --> 00:11:55.100 align:start position:0% disagree nothing happens on chain you have<00:11:53.520> no<00:11:53.640> privacy<00:11:53.940> problems<00:11:54.330> if<00:11:54.600> there's<00:11:54.930> ever 00:11:55.100 --> 00:11:55.110 align:start position:0% have no privacy problems if there's ever 00:11:55.110 --> 00:11:57.079 align:start position:0% have no privacy problems if there's ever a<00:11:55.170> dispute<00:11:55.709> though<00:11:55.950> you<00:11:56.580> take<00:11:56.790> it<00:11:56.910> to<00:11:57.000> the 00:11:57.079 --> 00:11:57.089 align:start position:0% a dispute though you take it to the 00:11:57.089 --> 00:11:58.250 align:start position:0% a dispute though you take it to the blockchain<00:11:57.330> and<00:11:57.720> the<00:11:57.779> blockchain<00:11:57.959> is 00:11:58.250 --> 00:11:58.260 align:start position:0% blockchain and the blockchain is 00:11:58.260 --> 00:12:00.680 align:start position:0% blockchain and the blockchain is supposed<00:11:58.500> to<00:11:58.560> mediate<00:11:59.100> the<00:11:59.279> dispute<00:11:59.690> right 00:12:00.680 --> 00:12:00.690 align:start position:0% supposed to mediate the dispute right 00:12:00.690 --> 00:12:02.810 align:start position:0% supposed to mediate the dispute right and<00:12:00.899> so<00:12:01.230> this<00:12:01.490> works<00:12:02.490> quite<00:12:02.730> effectively 00:12:02.810 --> 00:12:02.820 align:start position:0% and so this works quite effectively 00:12:02.820 --> 00:12:05.750 align:start position:0% and so this works quite effectively quite<00:12:03.420> efficiently<00:12:04.310> it<00:12:05.310> doesn't<00:12:05.610> have 00:12:05.750 --> 00:12:05.760 align:start position:0% quite efficiently it doesn't have 00:12:05.760 --> 00:12:07.910 align:start position:0% quite efficiently it doesn't have privacy<00:12:06.120> inherently<00:12:06.839> when<00:12:07.140> you<00:12:07.260> resolve<00:12:07.740> it 00:12:07.910 --> 00:12:07.920 align:start position:0% privacy inherently when you resolve it 00:12:07.920 --> 00:12:09.170 align:start position:0% privacy inherently when you resolve it usually<00:12:08.310> when<00:12:08.399> you<00:12:08.490> resolve<00:12:08.760> it<00:12:08.850> on<00:12:08.970> chain 00:12:09.170 --> 00:12:09.180 align:start position:0% usually when you resolve it on chain 00:12:09.180 --> 00:12:10.760 align:start position:0% usually when you resolve it on chain everything's<00:12:09.570> public<00:12:09.959> similarly<00:12:10.380> to<00:12:10.470> a<00:12:10.529> court 00:12:10.760 --> 00:12:10.770 align:start position:0% everything's public similarly to a court 00:12:10.770 --> 00:12:12.620 align:start position:0% everything's public similarly to a court case<00:12:10.920> but<00:12:11.459> if<00:12:11.550> you<00:12:11.670> do<00:12:11.850> have<00:12:12.060> some<00:12:12.300> other<00:12:12.510> a 00:12:12.620 --> 00:12:12.630 align:start position:0% case but if you do have some other a 00:12:12.630 --> 00:12:14.240 align:start position:0% case but if you do have some other a privacy<00:12:13.140> solution<00:12:13.589> for<00:12:13.770> doing<00:12:13.860> private 00:12:14.240 --> 00:12:14.250 align:start position:0% privacy solution for doing private 00:12:14.250 --> 00:12:16.310 align:start position:0% privacy solution for doing private computation<00:12:14.880> on<00:12:15.000> chain<00:12:15.270> turns<00:12:15.990> out<00:12:16.110> you<00:12:16.200> can 00:12:16.310 --> 00:12:16.320 align:start position:0% computation on chain turns out you can 00:12:16.320 --> 00:12:18.019 align:start position:0% computation on chain turns out you can make<00:12:16.350> this<00:12:16.620> private<00:12:16.980> right<00:12:17.399> and<00:12:17.579> you<00:12:17.760> can<00:12:17.910> use 00:12:18.019 --> 00:12:18.029 align:start position:0% make this private right and you can use 00:12:18.029 --> 00:12:19.130 align:start position:0% make this private right and you can use this<00:12:18.180> for<00:12:18.390> something<00:12:18.630> like<00:12:18.720> a<00:12:18.750> poker<00:12:19.110> game 00:12:19.130 --> 00:12:19.140 align:start position:0% this for something like a poker game 00:12:19.140 --> 00:12:22.670 align:start position:0% this for something like a poker game quite<00:12:19.709> well<00:12:19.950> it<00:12:20.130> works<00:12:20.339> nicely<00:12:21.149> right<00:12:21.899> and<00:12:22.110> so 00:12:22.670 --> 00:12:22.680 align:start position:0% quite well it works nicely right and so 00:12:22.680 --> 00:12:24.560 align:start position:0% quite well it works nicely right and so in<00:12:23.040> this<00:12:23.279> case<00:12:23.520> right<00:12:23.760> this<00:12:23.970> works<00:12:24.209> for 00:12:24.560 --> 00:12:24.570 align:start position:0% in this case right this works for 00:12:24.570 --> 00:12:26.420 align:start position:0% in this case right this works for systems<00:12:25.140> where<00:12:25.380> you<00:12:25.740> know<00:12:25.980> only<00:12:26.339> the 00:12:26.420 --> 00:12:26.430 align:start position:0% systems where you know only the 00:12:26.430 --> 00:12:27.670 align:start position:0% systems where you know only the participants<00:12:26.880> care<00:12:27.029> about<00:12:27.180> the<00:12:27.270> correctness 00:12:27.670 --> 00:12:27.680 align:start position:0% participants care about the correctness 00:12:27.680 --> 00:12:29.510 align:start position:0% participants care about the correctness only<00:12:28.680> insures<00:12:28.950> correctness<00:12:29.310> well 00:12:29.510 --> 00:12:29.520 align:start position:0% only insures correctness well 00:12:29.520 --> 00:12:30.860 align:start position:0% only insures correctness well participating<00:12:30.149> because<00:12:30.360> you<00:12:30.450> actually<00:12:30.779> have 00:12:30.860 --> 00:12:30.870 align:start position:0% participating because you actually have 00:12:30.870 --> 00:12:34.780 align:start position:0% participating because you actually have to<00:12:30.990> be<00:12:31.220> moderating<00:12:32.220> with<00:12:32.490> these<00:12:32.640> people<00:12:32.990> and 00:12:34.780 --> 00:12:34.790 align:start position:0% to be moderating with these people and 00:12:34.790 --> 00:12:37.220 align:start position:0% to be moderating with these people and it<00:12:35.790> hides<00:12:36.120> pretty<00:12:36.480> much<00:12:36.630> everything<00:12:36.990> if<00:12:37.140> you 00:12:37.220 --> 00:12:37.230 align:start position:0% it hides pretty much everything if you 00:12:37.230 --> 00:12:39.519 align:start position:0% it hides pretty much everything if you get<00:12:37.350> the<00:12:37.440> dispute<00:12:37.740> process<00:12:37.770> right<00:12:38.279> so<00:12:39.240> that's 00:12:39.519 --> 00:12:39.529 align:start position:0% get the dispute process right so that's 00:12:39.529 --> 00:12:42.230 align:start position:0% get the dispute process right so that's one<00:12:40.529> option<00:12:40.709> but<00:12:41.399> it's<00:12:41.550> limited<00:12:41.970> right<00:12:42.149> it 00:12:42.230 --> 00:12:42.240 align:start position:0% one option but it's limited right it 00:12:42.240 --> 00:12:43.730 align:start position:0% one option but it's limited right it basically<00:12:42.540> works<00:12:42.870> for<00:12:43.079> these<00:12:43.140> things<00:12:43.470> where 00:12:43.730 --> 00:12:43.740 align:start position:0% basically works for these things where 00:12:43.740 --> 00:12:45.170 align:start position:0% basically works for these things where you<00:12:43.920> only<00:12:44.070> care<00:12:44.459> as<00:12:44.579> long<00:12:44.700> as<00:12:44.880> you<00:12:44.970> are<00:12:45.029> in<00:12:45.089> the 00:12:45.170 --> 00:12:45.180 align:start position:0% you only care as long as you are in the 00:12:45.180 --> 00:12:47.480 align:start position:0% you only care as long as you are in the room<00:12:45.360> right<00:12:45.540> it<00:12:46.290> doesn't<00:12:46.560> work<00:12:46.740> for<00:12:46.980> money<00:12:47.220> and 00:12:47.480 --> 00:12:47.490 align:start position:0% room right it doesn't work for money and 00:12:47.490 --> 00:12:49.160 align:start position:0% room right it doesn't work for money and the<00:12:48.000> reason<00:12:48.240> it<00:12:48.329> doesn't<00:12:48.480> work<00:12:48.600> for<00:12:48.839> money<00:12:48.990> or 00:12:49.160 --> 00:12:49.170 align:start position:0% the reason it doesn't work for money or 00:12:49.170 --> 00:12:52.730 align:start position:0% the reason it doesn't work for money or anything<00:12:49.230> like<00:12:49.620> it<00:12:49.829> is<00:12:49.920> because<00:12:50.279> a<00:12:51.529> year<00:12:52.529> ago 00:12:52.730 --> 00:12:52.740 align:start position:0% anything like it is because a year ago 00:12:52.740 --> 00:12:54.170 align:start position:0% anything like it is because a year ago when<00:12:52.950> you<00:12:52.980> weren't<00:12:53.399> part<00:12:54.029> of<00:12:54.120> the 00:12:54.170 --> 00:12:54.180 align:start position:0% when you weren't part of the 00:12:54.180 --> 00:12:56.150 align:start position:0% when you weren't part of the cryptocurrency<00:12:54.510> scene<00:12:54.899> or<00:12:55.110> whatever<00:12:55.230> twenty 00:12:56.150 --> 00:12:56.160 align:start position:0% cryptocurrency scene or whatever twenty 00:12:56.160 --> 00:12:57.350 align:start position:0% cryptocurrency scene or whatever twenty guys<00:12:56.279> could<00:12:56.520> have<00:12:56.610> gotten<00:12:56.820> together<00:12:56.910> and 00:12:57.350 --> 00:12:57.360 align:start position:0% guys could have gotten together and 00:12:57.360 --> 00:12:58.699 align:start position:0% guys could have gotten together and decided<00:12:57.899> they<00:12:57.990> were<00:12:58.079> going<00:12:58.230> to<00:12:58.290> invent<00:12:58.560> a 00:12:58.699 --> 00:12:58.709 align:start position:0% decided they were going to invent a 00:12:58.709 --> 00:13:01.100 align:start position:0% decided they were going to invent a bunch<00:12:58.920> of<00:12:59.100> extra<00:13:00.000> money<00:13:00.180> and<00:13:00.450> since<00:13:00.990> you 00:13:01.100 --> 00:13:01.110 align:start position:0% bunch of extra money and since you 00:13:01.110 --> 00:13:02.300 align:start position:0% bunch of extra money and since you weren't<00:13:01.290> in<00:13:01.380> the<00:13:01.440> room<00:13:01.470> you<00:13:01.860> didn't<00:13:02.100> see<00:13:02.190> them 00:13:02.300 --> 00:13:02.310 align:start position:0% weren't in the room you didn't see them 00:13:02.310 --> 00:13:03.889 align:start position:0% weren't in the room you didn't see them do<00:13:02.459> this<00:13:02.640> so<00:13:02.940> you<00:13:03.000> couldn't<00:13:03.329> dispute<00:13:03.540> it<00:13:03.779> on 00:13:03.889 --> 00:13:03.899 align:start position:0% do this so you couldn't dispute it on 00:13:03.899 --> 00:13:05.990 align:start position:0% do this so you couldn't dispute it on chain<00:13:04.200> and<00:13:04.529> now<00:13:05.130> you<00:13:05.190> have<00:13:05.520> no<00:13:05.670> idea<00:13:05.880> what 00:13:05.990 --> 00:13:06.000 align:start position:0% chain and now you have no idea what 00:13:06.000 --> 00:13:07.400 align:start position:0% chain and now you have no idea what happened<00:13:06.329> right<00:13:06.600> so<00:13:06.720> the<00:13:06.810> only<00:13:06.870> this<00:13:07.260> only 00:13:07.400 --> 00:13:07.410 align:start position:0% happened right so the only this only 00:13:07.410 --> 00:13:08.720 align:start position:0% happened right so the only this only works<00:13:07.709> when<00:13:07.860> you've<00:13:08.010> seen<00:13:08.220> all<00:13:08.370> the<00:13:08.550> state 00:13:08.720 --> 00:13:08.730 align:start position:0% works when you've seen all the state 00:13:08.730 --> 00:13:12.710 align:start position:0% works when you've seen all the state transitions<00:13:10.160> the<00:13:11.160> next<00:13:11.430> thing<00:13:11.579> you<00:13:11.730> can<00:13:11.910> do<00:13:12.060> is 00:13:12.710 --> 00:13:12.720 align:start position:0% transitions the next thing you can do is 00:13:12.720 --> 00:13:15.560 align:start position:0% transitions the next thing you can do is SGX<00:13:13.290> right<00:13:13.920> or<00:13:14.220> multi-party<00:13:14.880> computation<00:13:15.149> and 00:13:15.560 --> 00:13:15.570 align:start position:0% SGX right or multi-party computation and 00:13:15.570 --> 00:13:16.940 align:start position:0% SGX right or multi-party computation and these<00:13:15.660> are<00:13:15.779> actually<00:13:16.050> very<00:13:16.200> similar<00:13:16.560> from<00:13:16.890> a 00:13:16.940 --> 00:13:16.950 align:start position:0% these are actually very similar from a 00:13:16.950 --> 00:13:18.230 align:start position:0% these are actually very similar from a conceptual<00:13:17.400> point<00:13:17.520> of<00:13:17.640> view<00:13:17.760> they<00:13:17.940> basically 00:13:18.230 --> 00:13:18.240 align:start position:0% conceptual point of view they basically 00:13:18.240 --> 00:13:20.480 align:start position:0% conceptual point of view they basically both<00:13:18.510> conjure<00:13:19.110> a<00:13:19.140> trusted<00:13:19.709> third<00:13:19.740> party<00:13:20.279> out 00:13:20.480 --> 00:13:20.490 align:start position:0% both conjure a trusted third party out 00:13:20.490 --> 00:13:21.430 align:start position:0% both conjure a trusted third party out of<00:13:20.640> thin<00:13:20.880> air 00:13:21.430 --> 00:13:21.440 align:start position:0% of thin air 00:13:21.440 --> 00:13:23.319 align:start position:0% of thin air right<00:13:21.680> either<00:13:22.100> do<00:13:22.279> it<00:13:22.310> by<00:13:22.459> assuming<00:13:22.910> you<00:13:23.180> have 00:13:23.319 --> 00:13:23.329 align:start position:0% right either do it by assuming you have 00:13:23.329 --> 00:13:25.540 align:start position:0% right either do it by assuming you have hardware<00:13:23.720> that's<00:13:23.930> secure<00:13:24.319> or<00:13:24.529> by<00:13:25.040> assuming 00:13:25.540 --> 00:13:25.550 align:start position:0% hardware that's secure or by assuming 00:13:25.550 --> 00:13:28.869 align:start position:0% hardware that's secure or by assuming that<00:13:25.850> you<00:13:25.940> have<00:13:26.180> some<00:13:26.959> number<00:13:27.319> of<00:13:27.350> servers<00:13:27.879> one 00:13:28.869 --> 00:13:28.879 align:start position:0% that you have some number of servers one 00:13:28.879 --> 00:13:30.819 align:start position:0% that you have some number of servers one or<00:13:29.060> five<00:13:29.660> of<00:13:29.839> them<00:13:29.959> are<00:13:30.050> honest<00:13:30.410> and<00:13:30.589> then<00:13:30.769> you 00:13:30.819 --> 00:13:30.829 align:start position:0% or five of them are honest and then you 00:13:30.829 --> 00:13:33.730 align:start position:0% or five of them are honest and then you do<00:13:30.980> some<00:13:31.160> crazy<00:13:31.339> cryptography<00:13:32.089> and<00:13:32.740> ideally 00:13:33.730 --> 00:13:33.740 align:start position:0% do some crazy cryptography and ideally 00:13:33.740 --> 00:13:35.410 align:start position:0% do some crazy cryptography and ideally this<00:13:33.949> provides<00:13:34.399> exactly<00:13:35.060> what<00:13:35.209> you<00:13:35.300> would 00:13:35.410 --> 00:13:35.420 align:start position:0% this provides exactly what you would 00:13:35.420 --> 00:13:36.850 align:start position:0% this provides exactly what you would want<00:13:35.600> like<00:13:35.779> a<00:13:35.839> perfectly<00:13:36.259> private<00:13:36.620> smart 00:13:36.850 --> 00:13:36.860 align:start position:0% want like a perfectly private smart 00:13:36.860 --> 00:13:38.439 align:start position:0% want like a perfectly private smart contract<00:13:37.310> that<00:13:37.459> can<00:13:37.579> keep<00:13:37.730> secrets<00:13:37.970> and<00:13:38.329> do 00:13:38.439 --> 00:13:38.449 align:start position:0% contract that can keep secrets and do 00:13:38.449 --> 00:13:41.530 align:start position:0% contract that can keep secrets and do everything<00:13:39.100> in<00:13:40.100> practice<00:13:41.029> it's<00:13:41.209> a<00:13:41.269> little<00:13:41.449> bit 00:13:41.530 --> 00:13:41.540 align:start position:0% everything in practice it's a little bit 00:13:41.540 --> 00:13:43.749 align:start position:0% everything in practice it's a little bit of<00:13:41.629> a<00:13:41.720> challenge<00:13:42.339> trusted<00:13:43.339> hardware<00:13:43.670> is 00:13:43.749 --> 00:13:43.759 align:start position:0% of a challenge trusted hardware is 00:13:43.759 --> 00:13:46.480 align:start position:0% of a challenge trusted hardware is frequently<00:13:44.149> broken<00:13:44.750> right<00:13:45.529> like<00:13:45.920> Intel<00:13:46.370> has 00:13:46.480 --> 00:13:46.490 align:start position:0% frequently broken right like Intel has 00:13:46.490 --> 00:13:47.800 align:start position:0% frequently broken right like Intel has had<00:13:46.639> problems<00:13:46.910> we<00:13:47.240> don't<00:13:47.329> really<00:13:47.569> think<00:13:47.689> you 00:13:47.800 --> 00:13:47.810 align:start position:0% had problems we don't really think you 00:13:47.810 --> 00:13:49.090 align:start position:0% had problems we don't really think you can<00:13:47.959> do<00:13:48.050> this<00:13:48.170> securely<00:13:48.529> if<00:13:48.709> you're<00:13:48.860> dealing 00:13:49.090 --> 00:13:49.100 align:start position:0% can do this securely if you're dealing 00:13:49.100 --> 00:13:51.220 align:start position:0% can do this securely if you're dealing with<00:13:49.310> a<00:13:49.339> serious<00:13:49.639> attacker<00:13:49.910> and<00:13:50.180> the<00:13:50.240> MPC 00:13:51.220 --> 00:13:51.230 align:start position:0% with a serious attacker and the MPC 00:13:51.230 --> 00:13:53.170 align:start position:0% with a serious attacker and the MPC stuff<00:13:51.439> is<00:13:51.589> actually<00:13:51.740> expensive<00:13:52.490> and<00:13:52.699> in 00:13:53.170 --> 00:13:53.180 align:start position:0% stuff is actually expensive and in 00:13:53.180 --> 00:13:55.090 align:start position:0% stuff is actually expensive and in particularly<00:13:53.569> dealing<00:13:53.870> with<00:13:54.319> parties<00:13:54.829> who<00:13:54.980> go 00:13:55.090 --> 00:13:55.100 align:start position:0% particularly dealing with parties who go 00:13:55.100 --> 00:13:57.790 align:start position:0% particularly dealing with parties who go offline<00:13:55.519> both<00:13:55.939> for<00:13:56.209> SGX<00:13:56.600> and<00:13:56.899> for<00:13:57.079> MPC<00:13:57.439> is<00:13:57.470> hard 00:13:57.790 --> 00:13:57.800 align:start position:0% offline both for SGX and for MPC is hard 00:13:57.800 --> 00:13:59.470 align:start position:0% offline both for SGX and for MPC is hard because<00:13:58.040> if<00:13:58.189> you<00:13:58.220> have<00:13:58.519> encrypted<00:13:59.180> data<00:13:59.329> on 00:13:59.470 --> 00:13:59.480 align:start position:0% because if you have encrypted data on 00:13:59.480 --> 00:14:01.449 align:start position:0% because if you have encrypted data on your<00:13:59.600> blockchain<00:13:59.990> and<00:14:00.199> the<00:14:00.829> guy<00:14:00.949> holding<00:14:01.220> the 00:14:01.449 --> 00:14:01.459 align:start position:0% your blockchain and the guy holding the 00:14:01.459 --> 00:14:03.220 align:start position:0% your blockchain and the guy holding the key<00:14:01.670> even<00:14:02.089> if<00:14:02.180> you<00:14:02.269> trust<00:14:02.509> him<00:14:02.689> disappears 00:14:03.220 --> 00:14:03.230 align:start position:0% key even if you trust him disappears 00:14:03.230 --> 00:14:05.650 align:start position:0% key even if you trust him disappears your<00:14:03.740> data's<00:14:04.069> gone<00:14:04.250> so<00:14:05.180> you<00:14:05.269> have<00:14:05.389> to<00:14:05.509> figure 00:14:05.650 --> 00:14:05.660 align:start position:0% your data's gone so you have to figure 00:14:05.660 --> 00:14:08.619 align:start position:0% your data's gone so you have to figure out<00:14:05.779> some<00:14:06.079> way<00:14:06.110> to<00:14:06.980> you<00:14:07.519> know<00:14:07.670> share<00:14:08.149> secret 00:14:08.619 --> 00:14:08.629 align:start position:0% out some way to you know share secret 00:14:08.629 --> 00:14:10.090 align:start position:0% out some way to you know share secret share<00:14:08.779> key<00:14:09.079> and<00:14:09.319> have<00:14:09.439> a<00:14:09.470> bunch<00:14:09.709> of<00:14:09.800> people 00:14:10.090 --> 00:14:10.100 align:start position:0% share key and have a bunch of people 00:14:10.100 --> 00:14:12.730 align:start position:0% share key and have a bunch of people then<00:14:10.310> you<00:14:11.029> know<00:14:11.060> we've<00:14:11.689> refreshed<00:14:12.170> shares<00:14:12.529> and 00:14:12.730 --> 00:14:12.740 align:start position:0% then you know we've refreshed shares and 00:14:12.740 --> 00:14:14.019 align:start position:0% then you know we've refreshed shares and someone<00:14:12.949> goes<00:14:13.069> offline<00:14:13.399> you<00:14:13.730> have<00:14:13.819> to<00:14:13.910> hope 00:14:14.019 --> 00:14:14.029 align:start position:0% someone goes offline you have to hope 00:14:14.029 --> 00:14:15.910 align:start position:0% someone goes offline you have to hope people<00:14:14.209> don't<00:14:14.389> get<00:14:14.899> corrupted<00:14:15.199> if<00:14:15.589> you<00:14:15.680> screw 00:14:15.910 --> 00:14:15.920 align:start position:0% people don't get corrupted if you screw 00:14:15.920 --> 00:14:17.769 align:start position:0% people don't get corrupted if you screw this<00:14:16.069> up<00:14:16.129> and<00:14:16.550> someone<00:14:17.120> pretends<00:14:17.540> to<00:14:17.689> go 00:14:17.769 --> 00:14:17.779 align:start position:0% this up and someone pretends to go 00:14:17.779 --> 00:14:19.569 align:start position:0% this up and someone pretends to go offline<00:14:18.139> and<00:14:18.379> it<00:14:18.439> comes<00:14:18.589> back<00:14:18.680> they<00:14:19.310> can<00:14:19.459> end 00:14:19.569 --> 00:14:19.579 align:start position:0% offline and it comes back they can end 00:14:19.579 --> 00:14:21.699 align:start position:0% offline and it comes back they can end up<00:14:19.610> holding<00:14:19.939> all<00:14:20.089> the<00:14:20.269> keys<00:14:20.449> and<00:14:20.720> either<00:14:21.259> in<00:14:21.439> PC 00:14:21.699 --> 00:14:21.709 align:start position:0% up holding all the keys and either in PC 00:14:21.709 --> 00:14:23.170 align:start position:0% up holding all the keys and either in PC or<00:14:21.860> SGX<00:14:22.339> and<00:14:22.490> then<00:14:22.639> they<00:14:22.730> have<00:14:22.850> all<00:14:22.970> your<00:14:23.060> data 00:14:23.170 --> 00:14:23.180 align:start position:0% or SGX and then they have all your data 00:14:23.180 --> 00:14:25.749 align:start position:0% or SGX and then they have all your data so<00:14:23.600> it's<00:14:23.899> risky<00:14:24.290> right<00:14:24.920> but<00:14:25.370> it<00:14:25.459> does<00:14:25.550> give<00:14:25.699> you 00:14:25.749 --> 00:14:25.759 align:start position:0% so it's risky right but it does give you 00:14:25.759 --> 00:14:27.009 align:start position:0% so it's risky right but it does give you the<00:14:25.880> ideal<00:14:26.120> right 00:14:27.009 --> 00:14:27.019 align:start position:0% the ideal right 00:14:27.019 --> 00:14:30.759 align:start position:0% the ideal right so<00:14:27.170> in<00:14:27.319> SGX<00:14:27.939> NBC<00:14:28.939> what<00:14:29.180> happens<00:14:29.600> everyone<00:14:30.050> can 00:14:30.759 --> 00:14:30.769 align:start position:0% so in SGX NBC what happens everyone can 00:14:30.769 --> 00:14:31.990 align:start position:0% so in SGX NBC what happens everyone can verify<00:14:30.949> because<00:14:31.310> they<00:14:31.579> are<00:14:31.699> supposed<00:14:31.939> to 00:14:31.990 --> 00:14:32.000 align:start position:0% verify because they are supposed to 00:14:32.000 --> 00:14:34.030 align:start position:0% verify because they are supposed to trust<00:14:32.240> this<00:14:32.360> mechanism<00:14:32.709> they<00:14:33.709> can<00:14:33.860> verify 00:14:34.030 --> 00:14:34.040 align:start position:0% trust this mechanism they can verify 00:14:34.040 --> 00:14:36.879 align:start position:0% trust this mechanism they can verify forever<00:14:34.550> but<00:14:35.209> before<00:14:35.660> after<00:14:36.019> assuming<00:14:36.649> they 00:14:36.879 --> 00:14:36.889 align:start position:0% forever but before after assuming they 00:14:36.889 --> 00:14:38.879 align:start position:0% forever but before after assuming they trust<00:14:37.100> the<00:14:37.220> nodes<00:14:37.399> that<00:14:37.519> are<00:14:37.639> running<00:14:37.790> it<00:14:37.939> the 00:14:38.879 --> 00:14:38.889 align:start position:0% trust the nodes that are running it the 00:14:38.889 --> 00:14:42.160 align:start position:0% trust the nodes that are running it the MPC<00:14:39.889> or<00:14:39.920> the<00:14:40.250> SGI<00:14:41.000> can<00:14:41.240> actually<00:14:41.569> keep<00:14:41.750> secrets 00:14:42.160 --> 00:14:42.170 align:start position:0% MPC or the SGI can actually keep secrets 00:14:42.170 --> 00:14:43.329 align:start position:0% MPC or the SGI can actually keep secrets it<00:14:42.319> can<00:14:42.410> keep<00:14:42.589> encrypted<00:14:43.040> data<00:14:43.160> on<00:14:43.310> a 00:14:43.329 --> 00:14:43.339 align:start position:0% it can keep encrypted data on a 00:14:43.339 --> 00:14:47.050 align:start position:0% it can keep encrypted data on a blockchain<00:14:43.870> and<00:14:44.870> everything's<00:14:45.529> hidden<00:14:46.060> but 00:14:47.050 --> 00:14:47.060 align:start position:0% blockchain and everything's hidden but 00:14:47.060 --> 00:14:48.730 align:start position:0% blockchain and everything's hidden but at<00:14:47.269> a<00:14:47.300> very<00:14:47.389> high<00:14:47.810> cost<00:14:48.079> which<00:14:48.439> is<00:14:48.470> dis 00:14:48.730 --> 00:14:48.740 align:start position:0% at a very high cost which is dis 00:14:48.740 --> 00:14:50.230 align:start position:0% at a very high cost which is dis conceptually<00:14:49.370> this<00:14:49.519> stuff<00:14:49.670> is<00:14:49.790> incredibly 00:14:50.230 --> 00:14:50.240 align:start position:0% conceptually this stuff is incredibly 00:14:50.240 --> 00:14:52.900 align:start position:0% conceptually this stuff is incredibly brother<00:14:50.949> so<00:14:51.949> that<00:14:52.100> brings<00:14:52.279> us<00:14:52.519> to<00:14:52.670> the<00:14:52.730> zero 00:14:52.900 --> 00:14:52.910 align:start position:0% brother so that brings us to the zero 00:14:52.910 --> 00:14:55.509 align:start position:0% brother so that brings us to the zero knowledge<00:14:53.089> approach<00:14:53.509> right<00:14:54.290> in<00:14:54.680> any<00:14:54.920> idea<00:14:55.220> is 00:14:55.509 --> 00:14:55.519 align:start position:0% knowledge approach right in any idea is 00:14:55.519 --> 00:14:59.050 align:start position:0% knowledge approach right in any idea is instead<00:14:55.880> of<00:14:56.740> posting<00:14:57.740> your<00:14:58.220> input<00:14:58.670> to<00:14:58.970> the 00:14:59.050 --> 00:14:59.060 align:start position:0% instead of posting your input to the 00:14:59.060 --> 00:15:00.670 align:start position:0% instead of posting your input to the smart<00:14:59.300> contract<00:14:59.480> and<00:14:59.930> the<00:14:59.990> existing<00:15:00.319> state<00:15:00.529> on 00:15:00.670 --> 00:15:00.680 align:start position:0% smart contract and the existing state on 00:15:00.680 --> 00:15:03.249 align:start position:0% smart contract and the existing state on chain<00:15:00.980> you<00:15:01.579> just<00:15:02.029> replace<00:15:02.509> all<00:15:02.779> that<00:15:02.990> with<00:15:03.230> a 00:15:03.249 --> 00:15:03.259 align:start position:0% chain you just replace all that with a 00:15:03.259 --> 00:15:05.889 align:start position:0% chain you just replace all that with a zero<00:15:04.040> knowledge<00:15:04.189> proof<00:15:04.339> that<00:15:05.180> hey<00:15:05.420> we<00:15:05.720> did 00:15:05.889 --> 00:15:05.899 align:start position:0% zero knowledge proof that hey we did 00:15:05.899 --> 00:15:07.799 align:start position:0% zero knowledge proof that hey we did this<00:15:06.050> update<00:15:06.410> and<00:15:06.559> it's<00:15:06.740> totally<00:15:06.889> correct 00:15:07.799 --> 00:15:07.809 align:start position:0% this update and it's totally correct 00:15:07.809 --> 00:15:10.360 align:start position:0% this update and it's totally correct naively<00:15:08.809> if<00:15:09.019> you<00:15:09.110> do<00:15:09.230> this<00:15:09.410> you'd<00:15:09.620> reveal<00:15:09.800> the 00:15:10.360 --> 00:15:10.370 align:start position:0% naively if you do this you'd reveal the 00:15:10.370 --> 00:15:12.519 align:start position:0% naively if you do this you'd reveal the actual<00:15:10.970> state<00:15:11.389> so<00:15:11.630> okay<00:15:11.899> you<00:15:11.959> encrypt<00:15:12.290> that 00:15:12.519 --> 00:15:12.529 align:start position:0% actual state so okay you encrypt that 00:15:12.529 --> 00:15:13.990 align:start position:0% actual state so okay you encrypt that you<00:15:12.709> hide<00:15:12.920> that<00:15:13.100> same<00:15:13.370> thing<00:15:13.550> you<00:15:13.639> do<00:15:13.759> and<00:15:13.910> like 00:15:13.990 --> 00:15:14.000 align:start position:0% you hide that same thing you do and like 00:15:14.000 --> 00:15:16.329 align:start position:0% you hide that same thing you do and like say<00:15:14.180> Z<00:15:14.360> cache<00:15:14.680> but<00:15:15.680> they're<00:15:15.829> two<00:15:15.949> problems 00:15:16.329 --> 00:15:16.339 align:start position:0% say Z cache but they're two problems 00:15:16.339 --> 00:15:17.829 align:start position:0% say Z cache but they're two problems with<00:15:16.490> this<00:15:16.670> naively<00:15:17.209> if<00:15:17.360> you<00:15:17.449> do<00:15:17.569> this<00:15:17.689> this 00:15:17.829 --> 00:15:17.839 align:start position:0% with this naively if you do this this 00:15:17.839 --> 00:15:20.710 align:start position:0% with this naively if you do this this way<00:15:18.050> it<00:15:18.259> reveals<00:15:18.620> the<00:15:19.009> metadata<00:15:19.699> of<00:15:19.879> like<00:15:20.420> what 00:15:20.710 --> 00:15:20.720 align:start position:0% way it reveals the metadata of like what 00:15:20.720 --> 00:15:21.910 align:start position:0% way it reveals the metadata of like what program<00:15:21.290> is<00:15:21.439> being<00:15:21.589> run 00:15:21.910 --> 00:15:21.920 align:start position:0% program is being run 00:15:21.920 --> 00:15:24.730 align:start position:0% program is being run what<00:15:22.459> payments<00:15:22.910> are<00:15:23.029> being<00:15:23.120> made<00:15:23.470> and<00:15:24.470> if<00:15:24.559> you 00:15:24.730 --> 00:15:24.740 align:start position:0% what payments are being made and if you 00:15:24.740 --> 00:15:26.740 align:start position:0% what payments are being made and if you and<00:15:25.550> it<00:15:25.910> reveals<00:15:26.180> what<00:15:26.269> function<00:15:26.629> you're 00:15:26.740 --> 00:15:26.750 align:start position:0% and it reveals what function you're 00:15:26.750 --> 00:15:28.389 align:start position:0% and it reveals what function you're running<00:15:26.990> so<00:15:27.259> what<00:15:27.680> do<00:15:27.740> I<00:15:27.800> mean<00:15:27.980> by<00:15:28.009> this<00:15:28.160> well 00:15:28.389 --> 00:15:28.399 align:start position:0% running so what do I mean by this well 00:15:28.399 --> 00:15:30.699 align:start position:0% running so what do I mean by this well consider<00:15:28.730> a<00:15:28.790> basic<00:15:29.059> ERC<00:15:29.750> 20<00:15:30.050> token<00:15:30.380> write<00:15:30.559> your 00:15:30.699 --> 00:15:30.709 align:start position:0% consider a basic ERC 20 token write your 00:15:30.709 --> 00:15:32.970 align:start position:0% consider a basic ERC 20 token write your state<00:15:30.949> is<00:15:31.160> a<00:15:31.189> table<00:15:31.639> of<00:15:31.819> who<00:15:32.180> has<00:15:32.389> what<00:15:32.420> money 00:15:32.970 --> 00:15:32.980 align:start position:0% state is a table of who has what money 00:15:32.980 --> 00:15:34.530 align:start position:0% state is a table of who has what money the<00:15:33.980> function 00:15:34.530 --> 00:15:34.540 align:start position:0% the function 00:15:34.540 --> 00:15:36.540 align:start position:0% the function you<00:15:34.600> know<00:15:34.690> allows<00:15:35.380> payments<00:15:35.890> decrement<00:15:36.400> one 00:15:36.540 --> 00:15:36.550 align:start position:0% you know allows payments decrement one 00:15:36.550 --> 00:15:38.640 align:start position:0% you know allows payments decrement one row<00:15:36.760> increment<00:15:37.210> the<00:15:37.270> other<00:15:37.440> and<00:15:38.440> if<00:15:38.530> you 00:15:38.640 --> 00:15:38.650 align:start position:0% row increment the other and if you 00:15:38.650 --> 00:15:40.410 align:start position:0% row increment the other and if you naively<00:15:39.190> did<00:15:39.370> this<00:15:39.550> just<00:15:39.700> let's<00:15:39.970> prove<00:15:40.210> this 00:15:40.410 --> 00:15:40.420 align:start position:0% naively did this just let's prove this 00:15:40.420 --> 00:15:44.250 align:start position:0% naively did this just let's prove this is<00:15:40.600> correct<00:15:40.980> you'd<00:15:41.980> run<00:15:42.160> into<00:15:42.960> one<00:15:43.960> of<00:15:43.990> two 00:15:44.250 --> 00:15:44.260 align:start position:0% is correct you'd run into one of two 00:15:44.260 --> 00:15:45.870 align:start position:0% is correct you'd run into one of two problems<00:15:44.500> either<00:15:44.830> everybody<00:15:45.340> would<00:15:45.670> be<00:15:45.730> able 00:15:45.870 --> 00:15:45.880 align:start position:0% problems either everybody would be able 00:15:45.880 --> 00:15:47.550 align:start position:0% problems either everybody would be able to<00:15:45.970> view<00:15:46.120> this<00:15:46.240> table<00:15:46.600> who<00:15:46.900> is<00:15:47.020> part<00:15:47.260> of<00:15:47.350> the 00:15:47.550 --> 00:15:47.560 align:start position:0% to view this table who is part of the 00:15:47.560 --> 00:15:49.020 align:start position:0% to view this table who is part of the the<00:15:47.830> RSC<00:15:48.160> 20<00:15:48.400> dokkan<00:15:48.670> so<00:15:48.760> you'd<00:15:48.880> have<00:15:48.910> no 00:15:49.020 --> 00:15:49.030 align:start position:0% the RSC 20 dokkan so you'd have no 00:15:49.030 --> 00:15:51.660 align:start position:0% the RSC 20 dokkan so you'd have no privacy<00:15:49.560> or<00:15:50.560> you<00:15:50.830> do<00:15:50.950> something<00:15:51.160> weird<00:15:51.460> will 00:15:51.660 --> 00:15:51.670 align:start position:0% privacy or you do something weird will 00:15:51.670 --> 00:15:53.910 align:start position:0% privacy or you do something weird will you<00:15:51.760> leak<00:15:52.030> which<00:15:52.300> things<00:15:52.570> being<00:15:52.780> updated<00:15:53.050> all 00:15:53.910 --> 00:15:53.920 align:start position:0% you leak which things being updated all 00:15:53.920 --> 00:15:55.230 align:start position:0% you leak which things being updated all right<00:15:54.010> so<00:15:54.250> what<00:15:54.400> do<00:15:54.460> you<00:15:54.520> do<00:15:54.640> instead<00:15:54.790> why<00:15:55.180> you 00:15:55.230 --> 00:15:55.240 align:start position:0% right so what do you do instead why you 00:15:55.240 --> 00:15:57.540 align:start position:0% right so what do you do instead why you take<00:15:55.480> this<00:15:55.660> table<00:15:55.990> and<00:15:56.200> you<00:15:56.800> split<00:15:57.010> it<00:15:57.190> up<00:15:57.280> into 00:15:57.540 --> 00:15:57.550 align:start position:0% take this table and you split it up into 00:15:57.550 --> 00:15:59.250 align:start position:0% take this table and you split it up into little<00:15:57.850> mini<00:15:58.240> tables<00:15:58.750> which<00:15:58.900> are<00:15:59.020> kind<00:15:59.200> of 00:15:59.250 --> 00:15:59.260 align:start position:0% little mini tables which are kind of 00:15:59.260 --> 00:16:00.780 align:start position:0% little mini tables which are kind of like<00:15:59.410> UTX<00:15:59.830> those<00:16:00.010> where<00:16:00.190> each<00:16:00.280> person<00:16:00.520> has 00:16:00.780 --> 00:16:00.790 align:start position:0% like UTX those where each person has 00:16:00.790 --> 00:16:03.120 align:start position:0% like UTX those where each person has their<00:16:00.910> own<00:16:00.970> separate<00:16:01.510> state<00:16:01.780> right<00:16:02.650> and<00:16:02.830> now 00:16:03.120 --> 00:16:03.130 align:start position:0% their own separate state right and now 00:16:03.130 --> 00:16:04.710 align:start position:0% their own separate state right and now nobody<00:16:03.910> can<00:16:04.030> see<00:16:04.210> all<00:16:04.360> this<00:16:04.540> thing 00:16:04.710 --> 00:16:04.720 align:start position:0% nobody can see all this thing 00:16:04.720 --> 00:16:06.030 align:start position:0% nobody can see all this thing necessarily<00:16:05.140> when<00:16:05.410> they're<00:16:05.530> doing<00:16:05.710> an<00:16:05.770> update 00:16:06.030 --> 00:16:06.040 align:start position:0% necessarily when they're doing an update 00:16:06.040 --> 00:16:08.850 align:start position:0% necessarily when they're doing an update and<00:16:06.970> so<00:16:07.330> you<00:16:07.660> have<00:16:07.870> this<00:16:08.080> but<00:16:08.530> you<00:16:08.620> still 00:16:08.850 --> 00:16:08.860 align:start position:0% and so you have this but you still 00:16:08.860 --> 00:16:10.260 align:start position:0% and so you have this but you still haven't<00:16:09.070> solved<00:16:09.400> your<00:16:09.460> privacy<00:16:09.880> problem 00:16:10.260 --> 00:16:10.270 align:start position:0% haven't solved your privacy problem 00:16:10.270 --> 00:16:12.000 align:start position:0% haven't solved your privacy problem because<00:16:11.020> if<00:16:11.200> you<00:16:11.290> want<00:16:11.470> to<00:16:11.530> make<00:16:11.650> a<00:16:11.680> payment 00:16:12.000 --> 00:16:12.010 align:start position:0% because if you want to make a payment 00:16:12.010 --> 00:16:16.200 align:start position:0% because if you want to make a payment from<00:16:12.400> like<00:16:12.640> Bob<00:16:13.300> to<00:16:13.600> Charlie<00:16:14.640> you<00:16:15.640> have<00:16:15.760> to<00:16:15.910> say 00:16:16.200 --> 00:16:16.210 align:start position:0% from like Bob to Charlie you have to say 00:16:16.210 --> 00:16:18.240 align:start position:0% from like Bob to Charlie you have to say I'm<00:16:16.420> gonna<00:16:16.600> update<00:16:16.780> this<00:16:17.110> entry<00:16:17.470> this<00:16:17.740> blob 00:16:18.240 --> 00:16:18.250 align:start position:0% I'm gonna update this entry this blob 00:16:18.250 --> 00:16:20.400 align:start position:0% I'm gonna update this entry this blob and<00:16:18.520> this<00:16:18.730> blob<00:16:19.030> and<00:16:19.330> people<00:16:20.170> are<00:16:20.230> going<00:16:20.350> to 00:16:20.400 --> 00:16:20.410 align:start position:0% and this blob and people are going to 00:16:20.410 --> 00:16:23.340 align:start position:0% and this blob and people are going to know<00:16:20.500> you're<00:16:20.650> updating<00:16:21.040> those<00:16:22.140> thankfully<00:16:23.140> we 00:16:23.340 --> 00:16:23.350 align:start position:0% know you're updating those thankfully we 00:16:23.350 --> 00:16:24.630 align:start position:0% know you're updating those thankfully we know<00:16:23.470> how<00:16:23.590> to<00:16:23.650> solve<00:16:23.800> this<00:16:24.040> right<00:16:24.220> we<00:16:24.370> just<00:16:24.550> do 00:16:24.630 --> 00:16:24.640 align:start position:0% know how to solve this right we just do 00:16:24.640 --> 00:16:26.580 align:start position:0% know how to solve this right we just do the<00:16:24.760> same<00:16:24.880> thing<00:16:24.940> that<00:16:25.300> Z<00:16:25.450> cash<00:16:25.660> does<00:16:25.900> right<00:16:26.290> we 00:16:26.580 --> 00:16:26.590 align:start position:0% the same thing that Z cash does right we 00:16:26.590 --> 00:16:28.770 align:start position:0% the same thing that Z cash does right we put<00:16:27.370> everything<00:16:27.550> in<00:16:27.730> a<00:16:27.790> miracle<00:16:28.030> tree<00:16:28.240> we 00:16:28.770 --> 00:16:28.780 align:start position:0% put everything in a miracle tree we 00:16:28.780 --> 00:16:30.900 align:start position:0% put everything in a miracle tree we prove<00:16:29.020> the<00:16:29.140> new<00:16:29.230> entries<00:16:29.500> on<00:16:29.650> the<00:16:29.710> tree<00:16:29.920> and<00:16:30.160> we 00:16:30.900 --> 00:16:30.910 align:start position:0% prove the new entries on the tree and we 00:16:30.910 --> 00:16:32.940 align:start position:0% prove the new entries on the tree and we show<00:16:31.840> that<00:16:31.870> the<00:16:32.050> records<00:16:32.320> are<00:16:32.410> correct<00:16:32.620> and<00:16:32.860> we 00:16:32.940 --> 00:16:32.950 align:start position:0% show that the records are correct and we 00:16:32.950 --> 00:16:36.000 align:start position:0% show that the records are correct and we break<00:16:33.130> this<00:16:33.310> linkage<00:16:33.640> right<00:16:34.270> this<00:16:34.480> is<00:16:35.010> fairly 00:16:36.000 --> 00:16:36.010 align:start position:0% break this linkage right this is fairly 00:16:36.010 --> 00:16:37.950 align:start position:0% break this linkage right this is fairly simple<00:16:36.460> it<00:16:36.700> was<00:16:36.850> straightforward<00:16:37.240> to<00:16:37.570> do<00:16:37.690> once 00:16:37.950 --> 00:16:37.960 align:start position:0% simple it was straightforward to do once 00:16:37.960 --> 00:16:39.690 align:start position:0% simple it was straightforward to do once you<00:16:38.080> have<00:16:38.110> decency<00:16:38.560> case<00:16:38.800> snarks<00:16:39.220> the 00:16:39.690 --> 00:16:39.700 align:start position:0% you have decency case snarks the 00:16:39.700 --> 00:16:41.130 align:start position:0% you have decency case snarks the question<00:16:40.210> is<00:16:40.390> and<00:16:40.660> the<00:16:40.750> thing<00:16:40.900> we<00:16:40.990> actually 00:16:41.130 --> 00:16:41.140 align:start position:0% question is and the thing we actually 00:16:41.140 --> 00:16:42.660 align:start position:0% question is and the thing we actually really<00:16:41.470> didn't<00:16:41.740> sexy<00:16:42.040> is<00:16:42.130> you<00:16:42.250> know<00:16:42.340> how<00:16:42.610> do 00:16:42.660 --> 00:16:42.670 align:start position:0% really didn't sexy is you know how do 00:16:42.670 --> 00:16:43.860 align:start position:0% really didn't sexy is you know how do you<00:16:42.760> get<00:16:42.970> this<00:16:43.150> to<00:16:43.300> work<00:16:43.450> what's<00:16:43.720> the 00:16:43.860 --> 00:16:43.870 align:start position:0% you get this to work what's the 00:16:43.870 --> 00:16:46.380 align:start position:0% you get this to work what's the computational<00:16:44.500> model<00:16:44.800> and<00:16:45.730> so<00:16:45.970> in<00:16:46.090> this<00:16:46.210> the 00:16:46.380 --> 00:16:46.390 align:start position:0% computational model and so in this the 00:16:46.390 --> 00:16:48.000 align:start position:0% computational model and so in this the computational<00:16:46.960> model<00:16:47.020> is<00:16:47.290> you<00:16:47.530> have<00:16:47.740> a 00:16:48.000 --> 00:16:48.010 align:start position:0% computational model is you have a 00:16:48.010 --> 00:16:50.580 align:start position:0% computational model is you have a commitment<00:16:48.370> to<00:16:48.790> data<00:16:48.970> on<00:16:49.150> chain<00:16:49.470> and<00:16:50.470> the 00:16:50.580 --> 00:16:50.590 align:start position:0% commitment to data on chain and the 00:16:50.590 --> 00:16:51.990 align:start position:0% commitment to data on chain and the commitment<00:16:51.010> contains<00:16:51.370> the<00:16:51.640> code<00:16:51.820> that 00:16:51.990 --> 00:16:52.000 align:start position:0% commitment contains the code that 00:16:52.000 --> 00:16:54.000 align:start position:0% commitment contains the code that created<00:16:52.420> it<00:16:52.510> and<00:16:52.750> the<00:16:53.500> code<00:16:53.650> that's<00:16:53.830> going<00:16:53.920> to 00:16:54.000 --> 00:16:54.010 align:start position:0% created it and the code that's going to 00:16:54.010 --> 00:16:55.940 align:start position:0% created it and the code that's going to run<00:16:54.160> when<00:16:54.310> you<00:16:54.400> try<00:16:54.550> to<00:16:54.580> hit<00:16:54.760> like<00:16:54.880> update<00:16:55.300> it 00:16:55.940 --> 00:16:55.950 align:start position:0% run when you try to hit like update it 00:16:55.950 --> 00:16:58.530 align:start position:0% run when you try to hit like update it and<00:16:56.950> then<00:16:57.400> every<00:16:57.640> time<00:16:57.850> you<00:16:57.910> do<00:16:58.120> a<00:16:58.150> transaction 00:16:58.530 --> 00:16:58.540 align:start position:0% and then every time you do a transaction 00:16:58.540 --> 00:17:01.320 align:start position:0% and then every time you do a transaction all<00:16:58.930> you<00:16:59.080> do<00:16:59.290> is<00:16:59.560> prove<00:17:00.550> and<00:17:00.790> zero<00:17:00.970> knowledge 00:17:01.320 --> 00:17:01.330 align:start position:0% all you do is prove and zero knowledge 00:17:01.330 --> 00:17:03.900 align:start position:0% all you do is prove and zero knowledge that<00:17:01.690> the<00:17:02.620> code<00:17:02.830> the<00:17:02.980> Creator<00:17:03.310> that<00:17:03.400> was<00:17:03.550> valid 00:17:03.900 --> 00:17:03.910 align:start position:0% that the code the Creator that was valid 00:17:03.910 --> 00:17:06.450 align:start position:0% that the code the Creator that was valid and<00:17:03.970> actually<00:17:04.300> ran<00:17:04.770> that<00:17:05.770> your<00:17:05.920> transaction 00:17:06.450 --> 00:17:06.460 align:start position:0% and actually ran that your transaction 00:17:06.460 --> 00:17:07.800 align:start position:0% and actually ran that your transaction is<00:17:06.550> well-formed<00:17:06.910> and<00:17:07.210> that<00:17:07.300> the<00:17:07.390> code<00:17:07.600> that 00:17:07.800 --> 00:17:07.810 align:start position:0% is well-formed and that the code that 00:17:07.810 --> 00:17:09.570 align:start position:0% is well-formed and that the code that was<00:17:07.990> supposed<00:17:08.320> to<00:17:08.380> run<00:17:08.590> when<00:17:08.770> you<00:17:08.860> updated<00:17:09.430> it 00:17:09.570 --> 00:17:09.580 align:start position:0% was supposed to run when you updated it 00:17:09.580 --> 00:17:11.190 align:start position:0% was supposed to run when you updated it actually<00:17:09.940> ran<00:17:10.090> correctly<00:17:10.570> right<00:17:11.110> you 00:17:11.190 --> 00:17:11.200 align:start position:0% actually ran correctly right you 00:17:11.200 --> 00:17:12.330 align:start position:0% actually ran correctly right you actually<00:17:11.350> do<00:17:11.560> this<00:17:11.710> via<00:17:11.860> a<00:17:11.980> layer<00:17:12.160> of 00:17:12.330 --> 00:17:12.340 align:start position:0% actually do this via a layer of 00:17:12.340 --> 00:17:13.290 align:start position:0% actually do this via a layer of indirection<00:17:12.550> where<00:17:12.970> you<00:17:13.030> have<00:17:13.150> multiple 00:17:13.290 --> 00:17:13.300 align:start position:0% indirection where you have multiple 00:17:13.300 --> 00:17:16.860 align:start position:0% indirection where you have multiple different<00:17:14.370> ZK<00:17:15.370> snarks<00:17:15.760> and<00:17:15.820> the<00:17:16.330> cool<00:17:16.570> thing 00:17:16.860 --> 00:17:16.870 align:start position:0% different ZK snarks and the cool thing 00:17:16.870 --> 00:17:19.320 align:start position:0% different ZK snarks and the cool thing about<00:17:16.990> this<00:17:17.320> is<00:17:17.650> that<00:17:18.220> unlike<00:17:18.430> previous<00:17:18.670> work 00:17:19.320 --> 00:17:19.330 align:start position:0% about this is that unlike previous work 00:17:19.330 --> 00:17:21.420 align:start position:0% about this is that unlike previous work which<00:17:20.110> did<00:17:20.350> this<00:17:20.440> is<00:17:20.560> a<00:17:20.590> standalone<00:17:20.950> thing<00:17:21.070> in 00:17:21.420 --> 00:17:21.430 align:start position:0% which did this is a standalone thing in 00:17:21.430 --> 00:17:22.680 align:start position:0% which did this is a standalone thing in this<00:17:21.580> system<00:17:21.820> you<00:17:22.030> can<00:17:22.300> have<00:17:22.450> multiple 00:17:22.680 --> 00:17:22.690 align:start position:0% this system you can have multiple 00:17:22.690 --> 00:17:24.780 align:start position:0% this system you can have multiple different<00:17:23.110> assets<00:17:23.740> multiple<00:17:24.520> different 00:17:24.780 --> 00:17:24.790 align:start position:0% different assets multiple different 00:17:24.790 --> 00:17:26.220 align:start position:0% different assets multiple different custom<00:17:25.090> contracts<00:17:25.540> and<00:17:25.810> they<00:17:25.990> can<00:17:26.140> all 00:17:26.220 --> 00:17:26.230 align:start position:0% custom contracts and they can all 00:17:26.230 --> 00:17:27.660 align:start position:0% custom contracts and they can all communicate<00:17:26.440> with<00:17:26.950> each<00:17:27.070> other<00:17:27.190> privately 00:17:27.660 --> 00:17:27.670 align:start position:0% communicate with each other privately 00:17:27.670 --> 00:17:29.730 align:start position:0% communicate with each other privately and<00:17:27.940> nobody<00:17:28.900> will<00:17:29.020> know<00:17:29.140> which<00:17:29.290> ones<00:17:29.530> which 00:17:29.730 --> 00:17:29.740 align:start position:0% and nobody will know which ones which 00:17:29.740 --> 00:17:31.650 align:start position:0% and nobody will know which ones which write<00:17:30.130> versus<00:17:30.640> in<00:17:30.730> the<00:17:30.760> previous<00:17:31.120> models<00:17:31.480> you 00:17:31.650 --> 00:17:31.660 align:start position:0% write versus in the previous models you 00:17:31.660 --> 00:17:34.560 align:start position:0% write versus in the previous models you had<00:17:32.100> basically<00:17:33.100> a<00:17:33.370> version<00:17:33.820> which<00:17:34.120> was<00:17:34.210> D<00:17:34.360> cash 00:17:34.560 --> 00:17:34.570 align:start position:0% had basically a version which was D cash 00:17:34.570 --> 00:17:36.660 align:start position:0% had basically a version which was D cash a<00:17:34.660> version<00:17:34.990> that<00:17:35.140> was<00:17:35.260> some<00:17:36.160> custom<00:17:36.520> asset 00:17:36.660 --> 00:17:36.670 align:start position:0% a version that was some custom asset 00:17:36.670 --> 00:17:38.610 align:start position:0% a version that was some custom asset another<00:17:37.150> custom<00:17:37.510> asset<00:17:37.810> and<00:17:37.990> everyone<00:17:38.470> could 00:17:38.610 --> 00:17:38.620 align:start position:0% another custom asset and everyone could 00:17:38.620 --> 00:17:40.250 align:start position:0% another custom asset and everyone could tell<00:17:38.770> which<00:17:38.950> one<00:17:39.130> was<00:17:39.160> moving<00:17:39.610> back<00:17:39.730> and<00:17:39.850> forth 00:17:40.250 --> 00:17:40.260 align:start position:0% tell which one was moving back and forth 00:17:40.260 --> 00:17:43.590 align:start position:0% tell which one was moving back and forth so<00:17:41.260> in<00:17:41.380> this<00:17:41.500> model<00:17:41.740> you<00:17:42.370> can<00:17:42.790> verify<00:17:42.970> everyone 00:17:43.590 --> 00:17:43.600 align:start position:0% so in this model you can verify everyone 00:17:43.600 --> 00:17:44.940 align:start position:0% so in this model you can verify everyone can<00:17:43.780> verify<00:17:43.960> what's<00:17:44.260> going<00:17:44.500> on<00:17:44.650> because<00:17:44.830> the 00:17:44.940 --> 00:17:44.950 align:start position:0% can verify what's going on because the 00:17:44.950 --> 00:17:46.320 align:start position:0% can verify what's going on because the zero<00:17:45.130> knowledge<00:17:45.310> of<00:17:45.490> proofs<00:17:45.670> are<00:17:45.790> correct<00:17:46.060> you 00:17:46.320 --> 00:17:46.330 align:start position:0% zero knowledge of proofs are correct you 00:17:46.330 --> 00:17:48.100 align:start position:0% zero knowledge of proofs are correct you can<00:17:46.480> do<00:17:46.600> it<00:17:46.750> at<00:17:46.900> any<00:17:47.020> time 00:17:48.100 --> 00:17:48.110 align:start position:0% can do it at any time 00:17:48.110 --> 00:17:50.020 align:start position:0% can do it at any time the<00:17:48.890> secrets<00:17:49.250> however<00:17:49.490> do<00:17:49.610> have<00:17:49.760> to<00:17:49.850> remain 00:17:50.020 --> 00:17:50.030 align:start position:0% the secrets however do have to remain 00:17:50.030 --> 00:17:52.990 align:start position:0% the secrets however do have to remain off<00:17:50.210> chain<00:17:50.510> and<00:17:51.410> so<00:17:52.010> that's<00:17:52.640> a<00:17:52.760> little<00:17:52.880> bit 00:17:52.990 --> 00:17:53.000 align:start position:0% off chain and so that's a little bit 00:17:53.000 --> 00:17:55.540 align:start position:0% off chain and so that's a little bit about<00:17:53.090> a<00:17:53.150> little<00:17:53.510> bit<00:17:53.630> worse<00:17:53.950> but<00:17:54.950> this<00:17:55.190> is<00:17:55.400> I 00:17:55.540 --> 00:17:55.550 align:start position:0% about a little bit worse but this is I 00:17:55.550 --> 00:17:57.250 align:start position:0% about a little bit worse but this is I think<00:17:55.580> quite<00:17:55.820> effective<00:17:56.300> and<00:17:56.480> so<00:17:56.570> we<00:17:56.660> have<00:17:56.870> you 00:17:57.250 --> 00:17:57.260 align:start position:0% think quite effective and so we have you 00:17:57.260 --> 00:17:59.560 align:start position:0% think quite effective and so we have you know<00:17:57.350> these<00:17:57.530> kind<00:17:57.890> of<00:17:58.120> options<00:17:59.120> to<00:17:59.360> do<00:17:59.450> all 00:17:59.560 --> 00:17:59.570 align:start position:0% know these kind of options to do all 00:17:59.570 --> 00:18:00.430 align:start position:0% know these kind of options to do all this<00:17:59.690> stuff 00:18:00.430 --> 00:18:00.440 align:start position:0% this stuff 00:18:00.440 --> 00:18:02.680 align:start position:0% this stuff and<00:18:01.010> I<00:18:01.610> think<00:18:01.910> the<00:18:02.030> zero<00:18:02.210> knowledge<00:18:02.450> one<00:18:02.600> is 00:18:02.680 --> 00:18:02.690 align:start position:0% and I think the zero knowledge one is 00:18:02.690 --> 00:18:03.370 align:start position:0% and I think the zero knowledge one is actually<00:18:02.780> something<00:18:03.080> you'd<00:18:03.200> seriously 00:18:03.370 --> 00:18:03.380 align:start position:0% actually something you'd seriously 00:18:03.380 --> 00:18:05.620 align:start position:0% actually something you'd seriously consider<00:18:03.920> it<00:18:04.070> so<00:18:04.250> with<00:18:04.430> that<00:18:04.670> I'll<00:18:05.360> take 00:18:05.620 --> 00:18:05.630 align:start position:0% consider it so with that I'll take 00:18:05.630 --> 00:18:07.180 align:start position:0% consider it so with that I'll take questions<00:18:05.840> also<00:18:06.530> on<00:18:06.620> the<00:18:06.710> off<00:18:06.830> chance<00:18:06.860> that 00:18:07.180 --> 00:18:07.190 align:start position:0% questions also on the off chance that 00:18:07.190 --> 00:18:09.550 align:start position:0% questions also on the off chance that any<00:18:07.430> of<00:18:07.580> you<00:18:07.730> want<00:18:08.570> to<00:18:08.660> study<00:18:08.870> this<00:18:09.080> stuff<00:18:09.320> I'm 00:18:09.550 --> 00:18:09.560 align:start position:0% any of you want to study this stuff I'm 00:18:09.560 --> 00:18:11.410 align:start position:0% any of you want to study this stuff I'm starting<00:18:10.010> at<00:18:10.100> fall<00:18:10.370> 2020<00:18:10.880> as<00:18:10.970> a<00:18:11.000> professor 00:18:11.410 --> 00:18:11.420 align:start position:0% starting at fall 2020 as a professor 00:18:11.420 --> 00:18:13.390 align:start position:0% starting at fall 2020 as a professor when<00:18:11.480> I'm<00:18:11.630> looking<00:18:11.720> for<00:18:11.960> grad<00:18:12.110> students<00:18:12.500> thank 00:18:13.390 --> 00:18:13.400 align:start position:0% when I'm looking for grad students thank 00:18:13.400 --> 00:18:14.720 align:start position:0% when I'm looking for grad students thank you 00:18:14.720 --> 00:18:14.730 align:start position:0% you 00:18:14.730 --> 00:18:25.310 align:start position:0% you [Applause] 00:18:25.310 --> 00:18:25.320 align:start position:0% 00:18:25.320 --> 00:18:27.380 align:start position:0% you