WEBVTT Kind: captions Language: en 00:00:04.650 --> 00:00:07.620 align:start position:0% thank<00:00:05.650> you<00:00:05.740> very<00:00:05.770> much<00:00:06.040> for<00:00:06.340> coming<00:00:06.640> so<00:00:07.300> today 00:00:07.620 --> 00:00:07.630 align:start position:0% thank you very much for coming so today 00:00:07.630 --> 00:00:08.940 align:start position:0% thank you very much for coming so today we're<00:00:07.810> going<00:00:07.899> to<00:00:08.020> talk<00:00:08.139> about<00:00:08.260> side<00:00:08.680> chains 00:00:08.940 --> 00:00:08.950 align:start position:0% we're going to talk about side chains 00:00:08.950 --> 00:00:11.970 align:start position:0% we're going to talk about side chains and<00:00:09.190> layer<00:00:09.760> two<00:00:09.969> and<00:00:10.150> the<00:00:10.870> talk<00:00:11.020> is<00:00:11.440> about<00:00:11.650> like 00:00:11.970 --> 00:00:11.980 align:start position:0% and layer two and the talk is about like 00:00:11.980 --> 00:00:14.520 align:start position:0% and layer two and the talk is about like how<00:00:12.459> they're<00:00:12.730> different<00:00:12.940> yet<00:00:13.870> very<00:00:14.110> similar 00:00:14.520 --> 00:00:14.530 align:start position:0% how they're different yet very similar 00:00:14.530 --> 00:00:15.209 align:start position:0% how they're different yet very similar in<00:00:14.650> some<00:00:14.800> ways 00:00:15.209 --> 00:00:15.219 align:start position:0% in some ways 00:00:15.219 --> 00:00:17.970 align:start position:0% in some ways my<00:00:16.150> name<00:00:16.270> is<00:00:16.390> georges<00:00:16.750> i<00:00:16.930> do<00:00:16.990> consulting<00:00:17.710> and 00:00:17.970 --> 00:00:17.980 align:start position:0% my name is georges i do consulting and 00:00:17.980 --> 00:00:20.429 align:start position:0% my name is georges i do consulting and research<00:00:18.340> on<00:00:18.550> off<00:00:18.849> chain<00:00:19.090> protocols<00:00:19.810> and<00:00:20.110> my 00:00:20.429 --> 00:00:20.439 align:start position:0% research on off chain protocols and my 00:00:20.439 --> 00:00:22.080 align:start position:0% research on off chain protocols and my main<00:00:20.619> focus<00:00:20.950> on<00:00:21.070> interoperability<00:00:21.759> and 00:00:22.080 --> 00:00:22.090 align:start position:0% main focus on interoperability and 00:00:22.090 --> 00:00:25.290 align:start position:0% main focus on interoperability and scalability<00:00:23.430> so<00:00:24.430> the<00:00:24.520> big<00:00:24.669> question<00:00:25.029> is<00:00:25.060> like 00:00:25.290 --> 00:00:25.300 align:start position:0% scalability so the big question is like 00:00:25.300 --> 00:00:27.960 align:start position:0% scalability so the big question is like why<00:00:25.480> do<00:00:25.540> we<00:00:25.750> want<00:00:25.930> to<00:00:26.020> interoperate<00:00:26.320> and<00:00:26.970> this 00:00:27.960 --> 00:00:27.970 align:start position:0% why do we want to interoperate and this 00:00:27.970 --> 00:00:29.310 align:start position:0% why do we want to interoperate and this is<00:00:28.119> the<00:00:28.210> answer<00:00:28.509> there's<00:00:28.989> a<00:00:29.050> lot<00:00:29.230> of 00:00:29.310 --> 00:00:29.320 align:start position:0% is the answer there's a lot of 00:00:29.320 --> 00:00:31.019 align:start position:0% is the answer there's a lot of currencies<00:00:29.770> like<00:00:30.250> they<00:00:30.430> all<00:00:30.550> want<00:00:30.759> to<00:00:30.820> talk 00:00:31.019 --> 00:00:31.029 align:start position:0% currencies like they all want to talk 00:00:31.029 --> 00:00:32.429 align:start position:0% currencies like they all want to talk with<00:00:31.210> each<00:00:31.239> other<00:00:31.540> and<00:00:31.750> if<00:00:31.869> the<00:00:32.020> multi<00:00:32.290> chain 00:00:32.429 --> 00:00:32.439 align:start position:0% with each other and if the multi chain 00:00:32.439 --> 00:00:34.350 align:start position:0% with each other and if the multi chain thesis<00:00:32.829> is<00:00:33.040> to<00:00:33.250> like<00:00:33.489> survive<00:00:33.940> in<00:00:34.090> the<00:00:34.180> long 00:00:34.350 --> 00:00:34.360 align:start position:0% thesis is to like survive in the long 00:00:34.360 --> 00:00:37.710 align:start position:0% thesis is to like survive in the long term<00:00:34.559> we<00:00:35.559> have<00:00:35.710> to<00:00:35.829> figure<00:00:36.070> something<00:00:36.280> out<00:00:36.720> why 00:00:37.710 --> 00:00:37.720 align:start position:0% term we have to figure something out why 00:00:37.720 --> 00:00:39.870 align:start position:0% term we have to figure something out why do<00:00:37.780> we<00:00:37.990> want<00:00:38.020> to<00:00:38.200> scale<00:00:38.470> so<00:00:38.950> I<00:00:39.310> just<00:00:39.670> learned 00:00:39.870 --> 00:00:39.880 align:start position:0% do we want to scale so I just learned 00:00:39.880 --> 00:00:41.280 align:start position:0% do we want to scale so I just learned that<00:00:39.970> there<00:00:40.150> is<00:00:40.240> a<00:00:40.270> talk<00:00:40.570> by<00:00:40.960> Joel<00:00:41.140> Rubin 00:00:41.280 --> 00:00:41.290 align:start position:0% that there is a talk by Joel Rubin 00:00:41.290 --> 00:00:42.210 align:start position:0% that there is a talk by Joel Rubin happening<00:00:41.860> right<00:00:41.980> now 00:00:42.210 --> 00:00:42.220 align:start position:0% happening right now 00:00:42.220 --> 00:00:44.580 align:start position:0% happening right now like<00:00:42.550> when<00:00:42.880> 1<00:00:43.120> million<00:00:43.420> mixed<00:00:43.600> herbs<00:00:43.870> who 00:00:44.580 --> 00:00:44.590 align:start position:0% like when 1 million mixed herbs who 00:00:44.590 --> 00:00:45.720 align:start position:0% like when 1 million mixed herbs who cares<00:00:44.800> about<00:00:44.920> the<00:00:45.070> devs<00:00:45.280> what<00:00:45.460> about<00:00:45.640> the 00:00:45.720 --> 00:00:45.730 align:start position:0% cares about the devs what about the 00:00:45.730 --> 00:00:47.910 align:start position:0% cares about the devs what about the users<00:00:46.030> so<00:00:46.660> and<00:00:46.990> there<00:00:47.080> is<00:00:47.170> no<00:00:47.320> way<00:00:47.500> to<00:00:47.560> get<00:00:47.800> the 00:00:47.910 --> 00:00:47.920 align:start position:0% users so and there is no way to get the 00:00:47.920 --> 00:00:50.100 align:start position:0% users so and there is no way to get the users<00:00:48.280> like<00:00:48.910> without<00:00:49.060> being<00:00:49.480> able<00:00:49.630> to<00:00:49.780> scale 00:00:50.100 --> 00:00:50.110 align:start position:0% users like without being able to scale 00:00:50.110 --> 00:00:51.690 align:start position:0% users like without being able to scale with<00:00:50.290> like<00:00:50.530> quick<00:00:50.770> confirmation<00:00:51.130> and<00:00:51.490> quick 00:00:51.690 --> 00:00:51.700 align:start position:0% with like quick confirmation and quick 00:00:51.700 --> 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it's the first time<00:01:01.030> that<00:01:01.600> science<00:01:02.170> was<00:01:02.290> mention<00:01:02.590> of<00:01:02.710> the 00:01:02.760 --> 00:01:02.770 align:start position:0% time that science was mention of the 00:01:02.770 --> 00:01:05.399 align:start position:0% time that science was mention of the term<00:01:02.920> turns<00:01:03.610> out<00:01:03.850> I'm<00:01:04.030> wrong<00:01:04.239> like<00:01:04.809> this<00:01:05.110> never 00:01:05.399 --> 00:01:05.409 align:start position:0% term turns out I'm wrong like this never 00:01:05.409 --> 00:01:07.710 align:start position:0% term turns out I'm wrong like this never happened<00:01:05.860> the<00:01:06.220> first<00:01:06.670> mention<00:01:07.180> of<00:01:07.450> side 00:01:07.710 --> 00:01:07.720 align:start position:0% happened the first mention of side 00:01:07.720 --> 00:01:12.030 align:start position:0% happened the first mention of side chains<00:01:07.930> was<00:01:08.800> by<00:01:08.950> Satoshi<00:01:09.310> in<00:01:09.700> 2010<00:01:10.890> which<00:01:11.890> he 00:01:12.030 --> 00:01:12.040 align:start position:0% chains was by Satoshi in 2010 which he 00:01:12.040 --> 00:01:14.399 align:start position:0% chains was by Satoshi in 2010 which he mentioned<00:01:12.460> on<00:01:12.820> becoming<00:01:13.150> talk<00:01:13.360> as<00:01:13.600> usual<00:01:14.080> like 00:01:14.399 --> 00:01:14.409 align:start position:0% mentioned on becoming talk as usual like 00:01:14.409 --> 00:01:16.560 align:start position:0% mentioned on becoming talk as usual like that<00:01:14.680> side<00:01:14.920> chains<00:01:15.250> to<00:01:15.670> do<00:01:15.820> in<00:01:16.240> the<00:01:16.330> Ribera 00:01:16.560 --> 00:01:16.570 align:start position:0% that side chains to do in the Ribera 00:01:16.570 --> 00:01:18.120 align:start position:0% that side chains to do in the Ribera building<00:01:16.960> however<00:01:17.200> what<00:01:17.560> she<00:01:17.680> actually<00:01:17.830> was 00:01:18.120 --> 00:01:18.130 align:start position:0% building however what she actually was 00:01:18.130 --> 00:01:20.160 align:start position:0% building however what she actually was talking<00:01:18.280> about<00:01:18.490> was<00:01:19.120> merge<00:01:19.390> mining<00:01:19.810> which<00:01:20.020> is 00:01:20.160 --> 00:01:20.170 align:start position:0% talking about was merge mining which is 00:01:20.170 --> 00:01:23.520 align:start position:0% talking about was merge mining which is a<00:01:20.200> completely<00:01:20.740> different<00:01:20.950> technique<00:01:22.530> three 00:01:23.520 --> 00:01:23.530 align:start position:0% a completely different technique three 00:01:23.530 --> 00:01:26.010 align:start position:0% a completely different technique three years<00:01:23.740> later<00:01:23.950> we<00:01:24.370> have<00:01:24.520> Greg<00:01:24.820> Maxwell<00:01:25.270> a<00:01:25.540> very 00:01:26.010 --> 00:01:26.020 align:start position:0% years later we have Greg Maxwell a very 00:01:26.020 --> 00:01:28.350 align:start position:0% years later we have Greg Maxwell a very prominent<00:01:26.320> Bitcoin<00:01:26.890> core<00:01:27.070> contributor<00:01:27.700> who 00:01:28.350 --> 00:01:28.360 align:start position:0% prominent Bitcoin core contributor who 00:01:28.360 --> 00:01:30.360 align:start position:0% prominent Bitcoin core contributor who described<00:01:29.110> the<00:01:29.260> scheme<00:01:29.500> called<00:01:29.799> the<00:01:30.100> coin 00:01:30.360 --> 00:01:30.370 align:start position:0% described the scheme called the coin 00:01:30.370 --> 00:01:32.399 align:start position:0% described the scheme called the coin witness<00:01:30.729> which<00:01:31.060> was<00:01:31.270> very<00:01:31.570> similar<00:01:31.870> which<00:01:32.290> is 00:01:32.399 --> 00:01:32.409 align:start position:0% witness which was very similar which is 00:01:32.409 --> 00:01:33.870 align:start position:0% witness which was very similar which is very<00:01:32.560> similar<00:01:32.770> to<00:01:32.920> what<00:01:33.100> people<00:01:33.130> call<00:01:33.580> today 00:01:33.870 --> 00:01:33.880 align:start position:0% very similar to what people call today 00:01:33.880 --> 00:01:36.899 align:start position:0% very similar to what people call today is<00:01:34.119> EK<00:01:34.420> roll-up<00:01:34.750> and<00:01:35.440> then<00:01:36.220> we<00:01:36.369> have<00:01:36.549> this<00:01:36.729> guy 00:01:36.899 --> 00:01:36.909 align:start position:0% is EK roll-up and then we have this guy 00:01:36.909 --> 00:01:39.750 align:start position:0% is EK roll-up and then we have this guy called<00:01:37.210> killer<00:01:37.450> storm<00:01:38.010> who<00:01:39.010> actually 00:01:39.750 --> 00:01:39.760 align:start position:0% called killer storm who actually 00:01:39.760 --> 00:01:43.230 align:start position:0% called killer storm who actually described<00:01:40.540> the<00:01:40.720> first<00:01:40.930> like<00:01:42.240> sidechain 00:01:43.230 --> 00:01:43.240 align:start position:0% described the first like sidechain 00:01:43.240 --> 00:01:45.600 align:start position:0% described the first like sidechain construction<00:01:43.810> by<00:01:43.990> utilizing<00:01:44.650> certain<00:01:45.400> types 00:01:45.600 --> 00:01:45.610 align:start position:0% construction by utilizing certain types 00:01:45.610 --> 00:01:48.840 align:start position:0% construction by utilizing certain types of<00:01:45.700> proofs<00:01:46.409> so<00:01:47.409> the<00:01:47.950> two-way<00:01:48.280> peg<00:01:48.549> as 00:01:48.840 --> 00:01:48.850 align:start position:0% of proofs so the two-way peg as 00:01:48.850 --> 00:01:51.330 align:start position:0% of proofs so the two-way peg as described<00:01:49.840> in<00:01:49.990> the<00:01:50.140> blockchain<00:01:50.470> paper<00:01:50.830> and<00:01:51.220> by 00:01:51.330 --> 00:01:51.340 align:start position:0% described in the blockchain paper and by 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you<00:01:58.990> create<00:01:59.260> the<00:01:59.560> same<00:01:59.770> amount<00:01:59.920> of<00:02:00.159> money<00:02:00.310> on 00:02:00.570 --> 00:02:00.580 align:start position:0% you create the same amount of money on 00:02:00.580 --> 00:02:02.280 align:start position:0% you create the same amount of money on another<00:02:00.850> chain<00:02:01.150> and<00:02:01.390> that<00:02:01.509> is<00:02:01.630> a<00:02:01.659> side<00:02:01.960> chain 00:02:02.280 --> 00:02:02.290 align:start position:0% another chain and that is a side chain 00:02:02.290 --> 00:02:04.260 align:start position:0% another chain and that is a side chain and<00:02:02.560> in<00:02:03.189> that<00:02:03.340> side<00:02:03.580> chain<00:02:03.790> you<00:02:03.970> may<00:02:04.060> have<00:02:04.240> a 00:02:04.260 --> 00:02:04.270 align:start position:0% and in that side chain you may have a 00:02:04.270 --> 00:02:05.850 align:start position:0% and in that side chain you may have a different<00:02:04.630> rule<00:02:04.750> set<00:02:05.020> like<00:02:05.229> maybe<00:02:05.470> the<00:02:05.650> chain 00:02:05.850 --> 00:02:05.860 align:start position:0% different rule set like maybe the chain 00:02:05.860 --> 00:02:07.770 align:start position:0% different rule set like maybe the chain progresses<00:02:06.340> faster<00:02:06.549> maybe<00:02:07.030> TouchSmart 00:02:07.770 --> 00:02:07.780 align:start position:0% progresses faster maybe TouchSmart 00:02:07.780 --> 00:02:09.869 align:start position:0% progresses faster maybe TouchSmart contracts<00:02:08.319> and<00:02:08.500> then<00:02:09.280> when<00:02:09.459> you<00:02:09.549> want<00:02:09.700> to<00:02:09.729> get 00:02:09.869 --> 00:02:09.879 align:start position:0% contracts and then when you want to get 00:02:09.879 --> 00:02:11.610 align:start position:0% contracts and then when you want to get your<00:02:10.090> money<00:02:10.330> out<00:02:10.420> like<00:02:10.780> you<00:02:10.899> provide<00:02:11.230> the<00:02:11.379> burn 00:02:11.610 --> 00:02:11.620 align:start position:0% your money out like you provide the burn 00:02:11.620 --> 00:02:13.890 align:start position:0% your money out like you provide the burn transaction<00:02:12.280> and<00:02:12.579> then<00:02:13.209> the<00:02:13.419> people<00:02:13.719> love 00:02:13.890 --> 00:02:13.900 align:start position:0% transaction and then the people love 00:02:13.900 --> 00:02:15.239 align:start position:0% transaction and then the people love that<00:02:14.079> side<00:02:14.319> chain<00:02:14.560> they<00:02:14.739> allow<00:02:14.950> you<00:02:15.010> to 00:02:15.239 --> 00:02:15.249 align:start position:0% that side chain they allow you to 00:02:15.249 --> 00:02:16.080 align:start position:0% that side chain they allow you to withdraw<00:02:15.400> your<00:02:15.700> money 00:02:16.080 --> 00:02:16.090 align:start position:0% withdraw your money 00:02:16.090 --> 00:02:18.210 align:start position:0% withdraw your money back<00:02:16.330> on<00:02:16.569> the<00:02:16.720> original<00:02:17.020> ESCO<00:02:17.650> and<00:02:17.860> there's 00:02:18.210 --> 00:02:18.220 align:start position:0% back on the original ESCO and there's 00:02:18.220 --> 00:02:19.500 align:start position:0% back on the original ESCO and there's multiple<00:02:18.430> ways<00:02:18.670> that<00:02:18.849> you<00:02:19.150> can<00:02:19.300> implement 00:02:19.500 --> 00:02:19.510 align:start position:0% multiple ways that you can implement 00:02:19.510 --> 00:02:21.990 align:start position:0% multiple ways that you can implement that<00:02:19.810> so<00:02:20.080> like<00:02:20.260> let's<00:02:20.770> dive<00:02:21.310> into<00:02:21.610> it 00:02:21.990 --> 00:02:22.000 align:start position:0% that so like let's dive into it 00:02:22.000 --> 00:02:23.580 align:start position:0% that so like let's dive into it the<00:02:22.540> main<00:02:22.720> problem<00:02:23.080> that<00:02:23.110> we're<00:02:23.319> trying<00:02:23.470> to 00:02:23.580 --> 00:02:23.590 align:start position:0% the main problem that we're trying to 00:02:23.590 --> 00:02:25.830 align:start position:0% the main problem that we're trying to solve<00:02:23.830> it<00:02:24.010> like<00:02:24.160> how<00:02:24.340> we<00:02:24.400> can<00:02:24.670> observe<00:02:25.420> another 00:02:25.830 --> 00:02:25.840 align:start position:0% solve it like how we can observe another 00:02:25.840 --> 00:02:28.229 align:start position:0% solve it like how we can observe another change<00:02:26.140> state<00:02:26.410> and<00:02:26.650> convince<00:02:27.370> ourselves<00:02:27.700> that 00:02:28.229 --> 00:02:28.239 align:start position:0% change state and convince ourselves that 00:02:28.239 --> 00:02:30.210 align:start position:0% change state and convince ourselves that this<00:02:28.450> chain<00:02:29.110> that<00:02:29.140> we're<00:02:29.440> being<00:02:29.590> shown<00:02:30.040> is 00:02:30.210 --> 00:02:30.220 align:start position:0% this chain that we're being shown is 00:02:30.220 --> 00:02:34.020 align:start position:0% this chain that we're being shown is legit<00:02:31.380> in<00:02:32.380> Bitcoin<00:02:32.800> that's<00:02:33.190> very<00:02:33.370> easy<00:02:33.519> work 00:02:34.020 --> 00:02:34.030 align:start position:0% legit in Bitcoin that's very easy work 00:02:34.030 --> 00:02:35.970 align:start position:0% legit in Bitcoin that's very easy work hashes<00:02:34.720> are<00:02:34.840> very<00:02:35.019> easy<00:02:35.230> to<00:02:35.440> reason<00:02:35.769> about 00:02:35.970 --> 00:02:35.980 align:start position:0% hashes are very easy to reason about 00:02:35.980 --> 00:02:38.309 align:start position:0% hashes are very easy to reason about their<00:02:36.730> quantifiable<00:02:37.480> you<00:02:37.660> can<00:02:37.810> do<00:02:37.930> some<00:02:38.140> math 00:02:38.309 --> 00:02:38.319 align:start position:0% their quantifiable you can do some math 00:02:38.319 --> 00:02:39.960 align:start position:0% their quantifiable you can do some math and<00:02:38.349> can<00:02:38.680> figure<00:02:38.830> out<00:02:39.010> exactly<00:02:39.190> how<00:02:39.580> hard<00:02:39.790> it 00:02:39.960 --> 00:02:39.970 align:start position:0% and can figure out exactly how hard it 00:02:39.970 --> 00:02:42.900 align:start position:0% and can figure out exactly how hard it is<00:02:40.060> to<00:02:40.120> attack<00:02:40.660> the<00:02:41.580> trick<00:02:42.580> here<00:02:42.790> is<00:02:42.819> that 00:02:42.900 --> 00:02:42.910 align:start position:0% is to attack the trick here is that 00:02:42.910 --> 00:02:45.240 align:start position:0% is to attack the trick here is that however<00:02:43.840> if<00:02:44.080> the<00:02:44.230> proof-of-work<00:02:44.530> algorithm 00:02:45.240 --> 00:02:45.250 align:start position:0% however if the proof-of-work algorithm 00:02:45.250 --> 00:02:47.370 align:start position:0% however if the proof-of-work algorithm is<00:02:45.340> very<00:02:46.150> expensive<00:02:46.420> like<00:02:46.959> you<00:02:47.080> need<00:02:47.200> to<00:02:47.230> be 00:02:47.370 --> 00:02:47.380 align:start position:0% is very expensive like you need to be 00:02:47.380 --> 00:02:49.620 align:start position:0% is very expensive like you need to be able<00:02:47.470> to<00:02:47.620> verify<00:02:48.010> it<00:02:48.069> and<00:02:48.310> doing<00:02:49.209> it<00:02:49.299> with<00:02:49.480> any 00:02:49.620 --> 00:02:49.630 align:start position:0% able to verify it and doing it with any 00:02:49.630 --> 00:02:51.360 align:start position:0% able to verify it and doing it with any fancier<00:02:50.080> like<00:02:50.380> proof<00:02:50.560> of<00:02:50.680> work<00:02:50.769> algorithm 00:02:51.360 --> 00:02:51.370 align:start position:0% fancier like proof of work algorithm 00:02:51.370 --> 00:02:53.220 align:start position:0% fancier like proof of work algorithm it's<00:02:51.730> very<00:02:51.940> hard<00:02:52.150> and<00:02:52.420> you<00:02:52.510> cannot<00:02:52.750> verify<00:02:53.080> a 00:02:53.220 --> 00:02:53.230 align:start position:0% it's very hard and you cannot verify a 00:02:53.230 --> 00:02:56.850 align:start position:0% it's very hard and you cannot verify a script<00:02:53.620> for<00:02:53.739> example<00:02:54.160> on<00:02:54.310> EVM<00:02:54.910> and<00:02:55.840> the<00:02:56.709> way 00:02:56.850 --> 00:02:56.860 align:start position:0% script for example on EVM and the way 00:02:56.860 --> 00:02:58.350 align:start position:0% script for example on EVM and the way that<00:02:57.040> you<00:02:57.130> do<00:02:57.250> this<00:02:57.400> is<00:02:57.580> we<00:02:57.700> are<00:02:57.730> I<00:02:57.880> think<00:02:58.090> all 00:02:58.350 --> 00:02:58.360 align:start position:0% that you do this is we are I think all 00:02:58.360 --> 00:03:00.300 align:start position:0% that you do this is we are I think all the<00:02:58.510> SPV<00:02:58.810> proofs<00:02:59.140> the<00:02:59.530> way<00:02:59.680> that<00:02:59.860> most<00:03:00.069> light 00:03:00.300 --> 00:03:00.310 align:start position:0% the SPV proofs the way that most light 00:03:00.310 --> 00:03:02.039 align:start position:0% the SPV proofs the way that most light clients<00:03:00.790> work<00:03:01.000> and<00:03:01.299> there<00:03:01.420> is<00:03:01.450> a<00:03:01.540> very<00:03:01.780> close 00:03:02.039 --> 00:03:02.049 align:start position:0% clients work and there is a very close 00:03:02.049 --> 00:03:04.229 align:start position:0% clients work and there is a very close like<00:03:02.319> a<00:03:02.349> interaction<00:03:02.830> between<00:03:03.160> sightings<00:03:04.060> and 00:03:04.229 --> 00:03:04.239 align:start position:0% like a interaction between sightings and 00:03:04.239 --> 00:03:05.610 align:start position:0% like a interaction between sightings and light<00:03:04.360> clients<00:03:04.720> that<00:03:04.810> I<00:03:04.840> will<00:03:04.959> get<00:03:05.110> to<00:03:05.170> in 00:03:05.610 --> 00:03:05.620 align:start position:0% light clients that I will get to in 00:03:05.620 --> 00:03:06.059 align:start position:0% light clients that I will get to in there 00:03:06.059 --> 00:03:06.069 align:start position:0% there 00:03:06.069 --> 00:03:08.490 align:start position:0% there very<00:03:06.340> soon<00:03:06.549> so<00:03:07.330> instead<00:03:07.569> of<00:03:07.630> providing<00:03:08.019> like 00:03:08.490 --> 00:03:08.500 align:start position:0% very soon so instead of providing like 00:03:08.500 --> 00:03:10.259 align:start position:0% very soon so instead of providing like the<00:03:08.650> full<00:03:08.830> chain<00:03:09.190> you<00:03:09.489> provide<00:03:09.790> the<00:03:09.910> chain<00:03:10.120> of 00:03:10.259 --> 00:03:10.269 align:start position:0% the full chain you provide the chain of 00:03:10.269 --> 00:03:12.360 align:start position:0% the full chain you provide the chain of headers<00:03:10.599> along<00:03:11.049> with<00:03:11.200> Merkle<00:03:11.530> proofs<00:03:11.769> of<00:03:11.950> your 00:03:12.360 --> 00:03:12.370 align:start position:0% headers along with Merkle proofs of your 00:03:12.370 --> 00:03:14.070 align:start position:0% headers along with Merkle proofs of your transactions<00:03:13.030> and<00:03:13.239> what<00:03:13.569> you're<00:03:13.690> trying<00:03:13.810> to 00:03:14.070 --> 00:03:14.080 align:start position:0% transactions and what you're trying to 00:03:14.080 --> 00:03:15.630 align:start position:0% transactions and what you're trying to convince<00:03:14.410> is<00:03:14.709> that<00:03:15.040> the<00:03:15.160> chain<00:03:15.370> that<00:03:15.519> you're 00:03:15.630 --> 00:03:15.640 align:start position:0% convince is that the chain that you're 00:03:15.640 --> 00:03:17.720 align:start position:0% convince is that the chain that you're giving<00:03:15.940> is<00:03:16.150> actually<00:03:16.510> the<00:03:16.599> longest<00:03:16.930> chain 00:03:17.720 --> 00:03:17.730 align:start position:0% giving is actually the longest chain 00:03:17.730 --> 00:03:20.490 align:start position:0% giving is actually the longest chain this<00:03:18.730> is<00:03:18.910> too<00:03:19.150> expensive<00:03:19.480> this<00:03:19.870> is<00:03:19.930> too<00:03:20.260> long 00:03:20.490 --> 00:03:20.500 align:start position:0% this is too expensive this is too long 00:03:20.500 --> 00:03:22.740 align:start position:0% this is too expensive this is too long it's<00:03:20.799> linear<00:03:21.280> I<00:03:21.640> need<00:03:22.060> to<00:03:22.150> provide<00:03:22.420> you<00:03:22.570> like 00:03:22.740 --> 00:03:22.750 align:start position:0% it's linear I need to provide you like 00:03:22.750 --> 00:03:23.970 align:start position:0% it's linear I need to provide you like so<00:03:22.959> that<00:03:23.049> you're<00:03:23.200> guaranteed<00:03:23.709> that<00:03:23.739> I'm 00:03:23.970 --> 00:03:23.980 align:start position:0% so that you're guaranteed that I'm 00:03:23.980 --> 00:03:25.590 align:start position:0% so that you're guaranteed that I'm giving<00:03:24.250> you<00:03:24.340> the<00:03:24.459> best<00:03:24.609> chain<00:03:24.910> like<00:03:25.180> without 00:03:25.590 --> 00:03:25.600 align:start position:0% giving you the best chain like without 00:03:25.600 --> 00:03:27.420 align:start position:0% giving you the best chain like without ever<00:03:25.959> having<00:03:26.200> any<00:03:26.500> trusted<00:03:26.890> checkpoint<00:03:27.310> I 00:03:27.420 --> 00:03:27.430 align:start position:0% ever having any trusted checkpoint I 00:03:27.430 --> 00:03:29.160 align:start position:0% ever having any trusted checkpoint I need<00:03:27.640> to<00:03:27.700> give<00:03:27.850> you<00:03:27.880> Genesis<00:03:28.420> a<00:03:28.570> bunch<00:03:29.049> of 00:03:29.160 --> 00:03:29.170 align:start position:0% need to give you Genesis a bunch of 00:03:29.170 --> 00:03:30.750 align:start position:0% need to give you Genesis a bunch of miracle<00:03:29.530> proofs<00:03:29.739> and<00:03:29.950> you<00:03:30.519> should<00:03:30.670> be 00:03:30.750 --> 00:03:30.760 align:start position:0% miracle proofs and you should be 00:03:30.760 --> 00:03:32.400 align:start position:0% miracle proofs and you should be convinced<00:03:31.180> that's<00:03:31.480> way<00:03:31.600> too<00:03:31.630> expensive<00:03:31.810> so 00:03:32.400 --> 00:03:32.410 align:start position:0% convinced that's way too expensive so 00:03:32.410 --> 00:03:34.020 align:start position:0% convinced that's way too expensive so there's<00:03:32.590> some<00:03:32.829> techniques<00:03:33.190> called<00:03:33.579> nipple 00:03:34.020 --> 00:03:34.030 align:start position:0% there's some techniques called nipple 00:03:34.030 --> 00:03:36.030 align:start position:0% there's some techniques called nipple powers<00:03:34.239> the<00:03:34.959> one<00:03:35.109> technique<00:03:35.410> called<00:03:35.590> super 00:03:36.030 --> 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this area so you 00:03:41.019 --> 00:03:42.990 align:start position:0% who should be around this area so you should<00:03:41.230> talk<00:03:41.350> to<00:03:41.470> them<00:03:41.590> about<00:03:41.709> that<00:03:42.000> snarks 00:03:42.990 --> 00:03:43.000 align:start position:0% should talk to them about that snarks 00:03:43.000 --> 00:03:45.780 align:start position:0% should talk to them about that snarks which<00:03:43.450> berry-like<00:03:44.440> alluded<00:03:45.069> to<00:03:45.190> earlier<00:03:45.400> and 00:03:45.780 --> 00:03:45.790 align:start position:0% which berry-like alluded to earlier and 00:03:45.790 --> 00:03:48.030 align:start position:0% which berry-like alluded to earlier and stateless<00:03:46.450> experience<00:03:46.989> so<00:03:47.200> stateless<00:03:47.650> movies 00:03:48.030 --> 00:03:48.040 align:start position:0% stateless experience so stateless movies 00:03:48.040 --> 00:03:49.979 align:start position:0% stateless experience so stateless movies are<00:03:48.190> not<00:03:48.280> technique<00:03:48.639> by<00:03:48.790> James<00:03:49.030> Parrott<00:03:49.480> who's 00:03:49.979 --> 00:03:49.989 align:start position:0% are not technique by James Parrott who's 00:03:49.989 --> 00:03:51.509 align:start position:0% are not technique by James Parrott who's also<00:03:50.139> round<00:03:50.470> and<00:03:50.829> you<00:03:50.980> should<00:03:51.130> talk<00:03:51.250> to<00:03:51.310> him 00:03:51.509 --> 00:03:51.519 align:start position:0% also round and you should talk to him 00:03:51.519 --> 00:03:54.809 align:start position:0% also round and you should talk to him about<00:03:51.579> it<00:03:52.380> the<00:03:53.380> problem<00:03:53.709> here<00:03:53.920> is<00:03:54.040> that<00:03:54.069> all 00:03:54.809 --> 00:03:54.819 align:start position:0% about it the problem here is that all 00:03:54.819 --> 00:03:56.819 align:start position:0% about it the problem here is that all work<00:03:55.120> is<00:03:55.299> not<00:03:55.450> equal<00:03:55.780> if<00:03:55.989> I<00:03:56.139> have<00:03:56.290> the<00:03:56.440> Bitcoin 00:03:56.819 --> 00:03:56.829 align:start position:0% work is not equal if I have the Bitcoin 00:03:56.829 --> 00:03:58.680 align:start position:0% work is not equal if I have the Bitcoin chain<00:03:57.100> with<00:03:57.370> a<00:03:57.609> bunch<00:03:57.880> of<00:03:57.970> hash<00:03:58.180> rate<00:03:58.389> and<00:03:58.630> a 00:03:58.680 --> 00:03:58.690 align:start position:0% chain with a bunch of hash rate and a 00:03:58.690 --> 00:04:00.449 align:start position:0% chain with a bunch of hash rate and a bunch<00:03:58.870> of<00:03:58.989> physics<00:03:59.410> and<00:03:59.620> the<00:03:59.859> theorem<00:04:00.160> chain 00:04:00.449 --> 00:04:00.459 align:start position:0% bunch of physics and the theorem chain 00:04:00.459 --> 00:04:02.190 align:start position:0% bunch of physics and the theorem chain with<00:04:00.700> a<00:04:00.730> GPUs<00:04:01.299> and<00:04:01.540> like<00:04:01.660> a<00:04:01.690> different<00:04:02.079> hash 00:04:02.190 --> 00:04:02.200 align:start position:0% with a GPUs and like a different hash 00:04:02.200 --> 00:04:04.349 align:start position:0% with a GPUs and like a different hash rate<00:04:02.410> having<00:04:03.250> an<00:04:03.340> asset<00:04:03.700> on<00:04:03.850> the<00:04:03.880> one<00:04:04.120> chain 00:04:04.349 --> 00:04:04.359 align:start position:0% rate having an asset on the one chain 00:04:04.359 --> 00:04:06.180 align:start position:0% rate having an asset on the one chain and<00:04:04.569> on<00:04:04.870> the<00:04:04.959> other<00:04:05.049> chain<00:04:05.380> even<00:04:05.620> if<00:04:05.980> it 00:04:06.180 --> 00:04:06.190 align:start position:0% and on the other chain even if it 00:04:06.190 --> 00:04:08.129 align:start position:0% and on the other chain even if it represents<00:04:06.519> the<00:04:07.090> same<00:04:07.329> like<00:04:07.569> kind<00:04:07.870> of<00:04:07.989> like 00:04:08.129 --> 00:04:08.139 align:start position:0% represents the same like kind of like 00:04:08.139 --> 00:04:09.960 align:start position:0% represents the same like kind of like collateral<00:04:08.739> it's<00:04:09.250> not<00:04:09.459> actually<00:04:09.819> the<00:04:09.940> same 00:04:09.960 --> 00:04:09.970 align:start position:0% collateral it's not actually the same 00:04:09.970 --> 00:04:12.210 align:start position:0% collateral it's not actually the same and<00:04:10.630> I<00:04:11.230> have<00:04:11.410> developed<00:04:11.680> this<00:04:11.920> mental<00:04:12.190> model 00:04:12.210 --> 00:04:12.220 align:start position:0% and I have developed this mental model 00:04:12.220 --> 00:04:13.680 align:start position:0% and I have developed this mental model where<00:04:12.670> I<00:04:12.700> want<00:04:12.940> to<00:04:13.000> think<00:04:13.180> of<00:04:13.269> cross<00:04:13.510> chain 00:04:13.680 --> 00:04:13.690 align:start position:0% where I want to think of cross chain 00:04:13.690 --> 00:04:16.529 align:start position:0% where I want to think of cross chain acid<00:04:13.989> this<00:04:14.079> is<00:04:14.139> alloys<00:04:14.620> so<00:04:15.549> similar<00:04:15.970> to<00:04:16.030> how<00:04:16.359> in 00:04:16.529 --> 00:04:16.539 align:start position:0% acid this is alloys so similar to how in 00:04:16.539 --> 00:04:19.529 align:start position:0% acid this is alloys so similar to how in chemistry<00:04:16.989> like<00:04:17.260> you<00:04:17.650> can<00:04:17.799> combine<00:04:18.010> one<00:04:18.880> metal 00:04:19.529 --> 00:04:19.539 align:start position:0% chemistry like you can combine one metal 00:04:19.539 --> 00:04:20.550 align:start position:0% chemistry like you can combine one metal with<00:04:19.660> another<00:04:19.930> and<00:04:20.139> get<00:04:20.229> some<00:04:20.410> different 00:04:20.550 --> 00:04:20.560 align:start position:0% with another and get some different 00:04:20.560 --> 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tokenizing<00:04:27.610> Bitcoin<00:04:28.030> unlike 00:04:28.620 --> 00:04:28.630 align:start position:0% tokenizing Bitcoin unlike 00:04:28.630 --> 00:04:30.600 align:start position:0% tokenizing Bitcoin unlike for<00:04:28.750> example<00:04:29.140> for<00:04:29.620> faster<00:04:30.040> confirmation 00:04:30.600 --> 00:04:30.610 align:start position:0% for example for faster confirmation 00:04:30.610 --> 00:04:34.440 align:start position:0% for example for faster confirmation times<00:04:31.350> is<00:04:32.350> an<00:04:32.740> option<00:04:33.040> but<00:04:33.250> however<00:04:33.790> like<00:04:34.210> due 00:04:34.440 --> 00:04:34.450 align:start position:0% times is an option but however like due 00:04:34.450 --> 00:04:35.580 align:start position:0% times is an option but however like due to<00:04:34.600> the<00:04:34.690> difference<00:04:35.050> in<00:04:35.110> the<00:04:35.200> hash<00:04:35.380> rate 00:04:35.580 --> 00:04:35.590 align:start position:0% to the difference in the hash rate 00:04:35.590 --> 00:04:37.560 align:start position:0% to the difference in the hash rate you're<00:04:36.220> no<00:04:36.430> longer<00:04:36.670> as<00:04:36.940> secure<00:04:37.270> as<00:04:37.360> you<00:04:37.450> were 00:04:37.560 --> 00:04:37.570 align:start position:0% you're no longer as secure as you were 00:04:37.570 --> 00:04:40.200 align:start position:0% you're no longer as secure as you were before<00:04:37.720> so<00:04:37.960> you<00:04:38.230> can<00:04:38.590> call<00:04:38.770> that<00:04:38.890> BBC<00:04:39.610> 30<00:04:39.820> and 00:04:40.200 --> 00:04:40.210 align:start position:0% before so you can call that BBC 30 and 00:04:40.210 --> 00:04:43.890 align:start position:0% before so you can call that BBC 30 and what<00:04:40.720> about<00:04:40.900> the<00:04:41.380> BTC<00:04:41.890> X<00:04:42.160> where<00:04:42.850> X<00:04:43.060> can<00:04:43.450> be<00:04:43.480> T 00:04:43.890 --> 00:04:43.900 align:start position:0% what about the BTC X where X can be T 00:04:43.900 --> 00:04:47.460 align:start position:0% what about the BTC X where X can be T BBC<00:04:44.290> WBC<00:04:45.250> you<00:04:45.550> pick<00:04:45.730> it<00:04:45.880> some<00:04:46.230> derivative<00:04:47.230> off 00:04:47.460 --> 00:04:47.470 align:start position:0% BBC WBC you pick it some derivative off 00:04:47.470 --> 00:04:49.890 align:start position:0% BBC WBC you pick it some derivative off of<00:04:47.950> the<00:04:48.280> Bitcoin<00:04:48.640> which<00:04:48.820> tries<00:04:49.090> to<00:04:49.120> peg<00:04:49.510> like 00:04:49.890 --> 00:04:49.900 align:start position:0% of the Bitcoin which tries to peg like 00:04:49.900 --> 00:04:52.380 align:start position:0% of the Bitcoin which tries to peg like the<00:04:50.410> price<00:04:50.650> to<00:04:50.860> it<00:04:50.950> and<00:04:51.220> it's<00:04:51.910> going<00:04:52.090> to<00:04:52.210> be 00:04:52.380 --> 00:04:52.390 align:start position:0% the price to it and it's going to be 00:04:52.390 --> 00:04:55.230 align:start position:0% the price to it and it's going to be used<00:04:52.600> in<00:04:52.780> d5<00:04:53.710> space<00:04:54.010> for<00:04:54.160> example<00:04:54.220> however<00:04:54.700> the 00:04:55.230 --> 00:04:55.240 align:start position:0% used in d5 space for example however the 00:04:55.240 --> 00:04:57.390 align:start position:0% used in d5 space for example however the Assumption<00:04:55.780> here<00:04:55.810> changes<00:04:56.380> from<00:04:56.590> like<00:04:56.830> the 00:04:57.390 --> 00:04:57.400 align:start position:0% Assumption here changes from like the 00:04:57.400 --> 00:04:59.520 align:start position:0% Assumption here changes from like the honest<00:04:57.850> majority<00:04:58.180> of<00:04:58.240> the<00:04:58.300> miners<00:04:58.720> to<00:04:59.290> the 00:04:59.520 --> 00:04:59.530 align:start position:0% honest majority of the miners to the 00:04:59.530 --> 00:05:01.110 align:start position:0% honest majority of the miners to the honest<00:04:59.770> Federation<00:05:00.340> for<00:05:00.520> example<00:05:00.940> if<00:05:01.000> you're 00:05:01.110 --> 00:05:01.120 align:start position:0% honest Federation for example if you're 00:05:01.120 --> 00:05:03.300 align:start position:0% honest Federation for example if you're doing<00:05:01.150> a<00:05:01.450> federated<00:05:01.780> peg<00:05:02.110> or<00:05:02.320> like<00:05:03.100> to<00:05:03.250> the 00:05:03.300 --> 00:05:03.310 align:start position:0% doing a federated peg or like to the 00:05:03.310 --> 00:05:05.130 align:start position:0% doing a federated peg or like to the whole<00:05:03.460> mechanism<00:05:03.730> around<00:05:04.420> it<00:05:04.570> working<00:05:04.930> so<00:05:05.110> you 00:05:05.130 --> 00:05:05.140 align:start position:0% whole mechanism around it working so you 00:05:05.140 --> 00:05:07.710 align:start position:0% whole mechanism around it working so you have<00:05:05.380> technical<00:05:05.860> risk<00:05:06.070> arising<00:05:06.730> so<00:05:07.180> it's 00:05:07.710 --> 00:05:07.720 align:start position:0% have technical risk arising so it's 00:05:07.720 --> 00:05:09.510 align:start position:0% have technical risk arising so it's solution<00:05:08.470> has<00:05:08.680> a<00:05:08.710> different<00:05:09.070> like<00:05:09.190> trade<00:05:09.400> of 00:05:09.510 --> 00:05:09.520 align:start position:0% solution has a different like trade of 00:05:09.520 --> 00:05:12.030 align:start position:0% solution has a different like trade of space<00:05:09.730> there's<00:05:10.090> no<00:05:10.240> free<00:05:10.390> lunch<00:05:10.630> but<00:05:11.040> about 00:05:12.030 --> 00:05:12.040 align:start position:0% space there's no free lunch but about 00:05:12.040 --> 00:05:14.370 align:start position:0% space there's no free lunch but about perfect<00:05:12.400> steak<00:05:12.610> side<00:05:12.880> chains<00:05:13.150> so<00:05:13.750> prospects 00:05:14.370 --> 00:05:14.380 align:start position:0% perfect steak side chains so prospects 00:05:14.380 --> 00:05:17.910 align:start position:0% perfect steak side chains so prospects items<00:05:14.800> like<00:05:15.010> don't<00:05:15.970> exist<00:05:16.500> what<00:05:17.500> about<00:05:17.590> well 00:05:17.910 --> 00:05:17.920 align:start position:0% items like don't exist what about well 00:05:17.920 --> 00:05:20.400 align:start position:0% items like don't exist what about well steak<00:05:18.130> like<00:05:18.340> clients<00:05:18.790> which<00:05:19.390> the<00:05:19.990> argument<00:05:20.350> is 00:05:20.400 --> 00:05:20.410 align:start position:0% steak like clients which the argument is 00:05:20.410 --> 00:05:23.280 align:start position:0% steak like clients which the argument is that<00:05:20.440> it's<00:05:20.890> equivalent<00:05:22.110> this<00:05:23.110> is<00:05:23.170> a 00:05:23.280 --> 00:05:23.290 align:start position:0% that it's equivalent this is a 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of<00:05:30.610> the<00:05:30.820> block<00:05:31.000> header<00:05:31.270> plus<00:05:31.720> some 00:05:32.070 --> 00:05:32.080 align:start position:0% hash of the block header plus some 00:05:32.080 --> 00:05:34.080 align:start position:0% hash of the block header plus some knowns<00:05:32.320> that<00:05:32.620> you<00:05:32.800> change<00:05:33.280> is<00:05:33.580> less<00:05:33.850> than<00:05:33.970> the 00:05:34.080 --> 00:05:34.090 align:start position:0% knowns that you change is less than the 00:05:34.090 --> 00:05:36.840 align:start position:0% knowns that you change is less than the number<00:05:34.210> so<00:05:35.020> let's<00:05:35.230> take<00:05:35.860> this<00:05:36.040> and<00:05:36.310> switch 00:05:36.840 --> 00:05:36.850 align:start position:0% number so let's take this and switch 00:05:36.850 --> 00:05:39.780 align:start position:0% number so let's take this and switch this<00:05:37.120> in<00:05:37.300> the<00:05:37.360> proof<00:05:37.510> of<00:05:37.600> stake<00:05:37.920> situation<00:05:38.920> you 00:05:39.780 --> 00:05:39.790 align:start position:0% this in the proof of stake situation you 00:05:39.790 --> 00:05:41.550 align:start position:0% this in the proof of stake situation you replace<00:05:40.090> the<00:05:40.240> nonce<00:05:40.480> with<00:05:40.780> signatures<00:05:41.320> and 00:05:41.550 --> 00:05:41.560 align:start position:0% replace the nonce with signatures and 00:05:41.560 --> 00:05:43.770 align:start position:0% replace the nonce with signatures and you<00:05:41.890> accept<00:05:42.310> like<00:05:42.790> the<00:05:42.940> block<00:05:43.150> only<00:05:43.420> if<00:05:43.660> the 00:05:43.770 --> 00:05:43.780 align:start position:0% you accept like the block only if the 00:05:43.780 --> 00:05:45.240 align:start position:0% you accept like the block only if the blocks<00:05:44.050> that<00:05:44.170> you<00:05:44.260> have<00:05:44.410> received<00:05:44.710> have 00:05:45.240 --> 00:05:45.250 align:start position:0% blocks that you have received have 00:05:45.250 --> 00:05:47.280 align:start position:0% blocks that you have received have signed<00:05:46.090> like<00:05:46.300> more<00:05:46.600> than<00:05:46.780> two-thirds<00:05:47.200> of 00:05:47.280 --> 00:05:47.290 align:start position:0% signed like more than two-thirds of 00:05:47.290 --> 00:05:50.070 align:start position:0% signed like more than two-thirds of steak<00:05:47.640> so<00:05:48.640> how<00:05:49.030> does<00:05:49.090> this<00:05:49.300> look<00:05:49.510> like<00:05:49.570> how<00:05:49.930> am 00:05:50.070 --> 00:05:50.080 align:start position:0% steak so how does this look like how am 00:05:50.080 --> 00:05:52.140 align:start position:0% steak so how does this look like how am I<00:05:50.200> going<00:05:50.380> to<00:05:50.560> do<00:05:50.680> a<00:05:50.710> proof<00:05:50.980> of<00:05:51.220> proof<00:05:51.550> of<00:05:51.670> steak 00:05:52.140 --> 00:05:52.150 align:start position:0% I going to do a proof of proof of steak 00:05:52.150 --> 00:05:54.840 align:start position:0% I going to do a proof of proof of steak I<00:05:52.180> will<00:05:52.900> pick<00:05:53.050> some<00:05:53.260> blokes<00:05:53.530> like<00:05:54.040> every<00:05:54.520> some 00:05:54.840 --> 00:05:54.850 align:start position:0% I will pick some blokes like every some 00:05:54.850 --> 00:05:56.460 align:start position:0% I will pick some blokes like every some amount<00:05:55.090> of<00:05:55.210> time<00:05:55.390> I<00:05:55.600> will<00:05:55.870> check<00:05:56.110> that<00:05:56.140> each 00:05:56.460 --> 00:05:56.470 align:start position:0% amount of time I will check that each 00:05:56.470 --> 00:05:58.020 align:start position:0% amount of time I will check that each time<00:05:56.800> the<00:05:56.980> validator<00:05:57.370> said<00:05:57.670> would<00:05:57.880> have 00:05:58.020 --> 00:05:58.030 align:start position:0% time the validator said would have 00:05:58.030 --> 00:05:59.910 align:start position:0% time the validator said would have changed<00:05:58.300> in<00:05:58.660> this<00:05:59.020> proof<00:05:59.170> of<00:05:59.260> steak<00:05:59.470> sidechain 00:05:59.910 --> 00:05:59.920 align:start position:0% changed in this proof of steak sidechain 00:05:59.920 --> 00:06:01.650 align:start position:0% changed in this proof of steak sidechain I<00:06:00.100> would<00:06:00.430> verify<00:06:00.610> that<00:06:00.940> they<00:06:01.090> signed<00:06:01.390> on<00:06:01.570> the 00:06:01.650 --> 00:06:01.660 align:start position:0% I would verify that they signed on the 00:06:01.660 --> 00:06:04.410 align:start position:0% I would verify that they signed on the latest<00:06:01.930> block<00:06:02.200> this<00:06:02.980> means<00:06:03.250> that<00:06:03.790> also<00:06:04.120> of 00:06:04.410 --> 00:06:04.420 align:start position:0% latest block this means that also of 00:06:04.420 --> 00:06:05.700 align:start position:0% latest block this means that also of course<00:06:04.630> it's<00:06:04.810> linear<00:06:05.110> because<00:06:05.290> I<00:06:05.470> have<00:06:05.620> to 00:06:05.700 --> 00:06:05.710 align:start position:0% course it's linear because I have to 00:06:05.710 --> 00:06:08.460 align:start position:0% course it's linear because I have to give<00:06:05.860> you<00:06:06.010> still<00:06:06.400> linear<00:06:07.240> to<00:06:07.570> the<00:06:07.600> size<00:06:08.260> of<00:06:08.350> the 00:06:08.460 --> 00:06:08.470 align:start position:0% give you still linear to the size of the 00:06:08.470 --> 00:06:11.220 align:start position:0% give you still linear to the size of the chain<00:06:08.680> blocks<00:06:09.040> and<00:06:09.310> but<00:06:10.180> also<00:06:10.330> the<00:06:10.690> side<00:06:10.990> chain 00:06:11.220 --> 00:06:11.230 align:start position:0% chain blocks and but also the side chain 00:06:11.230 --> 00:06:12.990 align:start position:0% chain blocks and but also the side chain smart<00:06:11.560> contract<00:06:11.950> or<00:06:12.070> the<00:06:12.160> light<00:06:12.370> client<00:06:12.790> must 00:06:12.990 --> 00:06:13.000 align:start position:0% smart contract or the light client must 00:06:13.000 --> 00:06:14.820 align:start position:0% smart contract or the light client must always<00:06:13.240> be<00:06:13.540> aware<00:06:13.840> of<00:06:13.900> the<00:06:14.230> latest<00:06:14.380> stake 00:06:14.820 --> 00:06:14.830 align:start position:0% always be aware of the latest stake 00:06:14.830 --> 00:06:16.530 align:start position:0% always be aware of the latest stake distribution<00:06:15.460> because<00:06:16.060> how<00:06:16.180> will<00:06:16.390> I<00:06:16.510> know 00:06:16.530 --> 00:06:16.540 align:start position:0% distribution because how will I know 00:06:16.540 --> 00:06:18.810 align:start position:0% distribution because how will I know that<00:06:17.050> who<00:06:17.680> is<00:06:17.830> the<00:06:17.980> two-thirds<00:06:18.340> that<00:06:18.700> I'm 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position:0% to call the cross chain nothing at stake 00:06:24.430 --> 00:06:27.120 align:start position:0% to call the cross chain nothing at stake attack<00:06:24.910> which<00:06:25.210> basically<00:06:25.510> says<00:06:25.840> usually<00:06:26.650> in 00:06:27.120 --> 00:06:27.130 align:start position:0% attack which basically says usually in 00:06:27.130 --> 00:06:28.170 align:start position:0% attack which basically says usually in proof<00:06:27.340> of<00:06:27.430> stake<00:06:27.640> change 00:06:28.170 --> 00:06:28.180 align:start position:0% proof of stake change 00:06:28.180 --> 00:06:29.490 align:start position:0% proof of stake change you<00:06:28.330> have<00:06:28.480> the<00:06:28.600> nothing<00:06:28.870> at<00:06:28.990> stake<00:06:29.020> problem 00:06:29.490 --> 00:06:29.500 align:start position:0% you have the nothing at stake problem 00:06:29.500 --> 00:06:31.170 align:start position:0% you have the nothing at stake problem where<00:06:29.680> validators<00:06:30.250> like<00:06:30.490> start<00:06:30.760> building<00:06:31.060> on 00:06:31.170 --> 00:06:31.180 align:start position:0% where validators like start building on 00:06:31.180 --> 00:06:33.390 align:start position:0% where validators like start building on two<00:06:31.300> chains<00:06:31.600> and<00:06:31.810> basically<00:06:32.650> if<00:06:32.860> you<00:06:33.040> can<00:06:33.220> take 00:06:33.390 --> 00:06:33.400 align:start position:0% two chains and basically if you can take 00:06:33.400 --> 00:06:34.950 align:start position:0% two chains and basically if you can take the<00:06:33.580> data<00:06:33.700> from<00:06:33.880> one<00:06:34.030> chain<00:06:34.390> and<00:06:34.420> put<00:06:34.750> it<00:06:34.870> on 00:06:34.950 --> 00:06:34.960 align:start position:0% the data from one chain and put it on 00:06:34.960 --> 00:06:37.110 align:start position:0% the data from one chain and put it on the<00:06:35.080> other<00:06:35.170> you<00:06:35.560> can<00:06:35.710> slash<00:06:35.980> them<00:06:36.250> like<00:06:36.820> for 00:06:37.110 --> 00:06:37.120 align:start position:0% the other you can slash them like for 00:06:37.120 --> 00:06:39.390 align:start position:0% the other you can slash them like for equivocating<00:06:37.780> for<00:06:37.930> double<00:06:38.200> signing<00:06:38.620> however 00:06:39.390 --> 00:06:39.400 align:start position:0% equivocating for double signing however 00:06:39.400 --> 00:06:41.010 align:start position:0% equivocating for double signing however what<00:06:39.610> if<00:06:39.729> I<00:06:39.820> have<00:06:40.000> a<00:06:40.030> chain<00:06:40.330> like<00:06:40.810> imma 00:06:41.010 --> 00:06:41.020 align:start position:0% what if I have a chain like imma 00:06:41.020 --> 00:06:42.200 align:start position:0% what if I have a chain like imma validate<00:06:41.410> or<00:06:41.560> I<00:06:41.680> have<00:06:41.860> a<00:06:41.890> chain 00:06:42.200 --> 00:06:42.210 align:start position:0% validate or I have a chain 00:06:42.210 --> 00:06:44.059 align:start position:0% validate or I have a chain I'm<00:06:42.419> building<00:06:42.630> on<00:06:42.840> and<00:06:43.050> then<00:06:43.500> I'm<00:06:43.620> just<00:06:43.650> having 00:06:44.059 --> 00:06:44.069 align:start position:0% I'm building on and then I'm just having 00:06:44.069 --> 00:06:45.770 align:start position:0% I'm building on and then I'm just having a<00:06:44.130> hidden<00:06:44.460> chain<00:06:44.669> that<00:06:44.880> I'm<00:06:45.030> also<00:06:45.270> building<00:06:45.569> on 00:06:45.770 --> 00:06:45.780 align:start position:0% a hidden chain that I'm also building on 00:06:45.780 --> 00:06:47.540 align:start position:0% a hidden chain that I'm also building on but<00:06:45.990> I'm<00:06:46.080> not<00:06:46.110> sending<00:06:46.500> in<00:06:46.620> to<00:06:46.680> anybody<00:06:46.979> except 00:06:47.540 --> 00:06:47.550 align:start position:0% but I'm not sending in to anybody except 00:06:47.550 --> 00:06:49.999 align:start position:0% but I'm not sending in to anybody except like<00:06:47.789> clients<00:06:48.240> the<00:06:48.870> light<00:06:49.110> client<00:06:49.530> must<00:06:49.860> be 00:06:49.999 --> 00:06:50.009 align:start position:0% like clients the light client must be 00:06:50.009 --> 00:06:52.040 align:start position:0% like clients the light client must be able<00:06:50.310> to<00:06:50.550> take<00:06:50.849> the<00:06:51.120> signatures<00:06:51.599> that<00:06:51.810> I<00:06:51.840> gave 00:06:52.040 --> 00:06:52.050 align:start position:0% able to take the signatures that I gave 00:06:52.050 --> 00:06:55.070 align:start position:0% able to take the signatures that I gave them<00:06:52.199> off<00:06:52.520> out-of-band<00:06:53.520> and<00:06:53.880> put<00:06:54.449> them<00:06:54.660> on<00:06:54.870> the 00:06:55.070 --> 00:06:55.080 align:start position:0% them off out-of-band and put them on the 00:06:55.080 --> 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mint right now has a few<00:07:01.680> documentation<00:07:02.310> and<00:07:02.430> has<00:07:02.669> some 00:07:02.870 --> 00:07:02.880 align:start position:0% few documentation and has some 00:07:02.880 --> 00:07:04.909 align:start position:0% few documentation and has some documentation<00:07:03.360> exploring<00:07:03.960> this<00:07:04.110> they<00:07:04.740> call 00:07:04.909 --> 00:07:04.919 align:start position:0% documentation exploring this they call 00:07:04.919 --> 00:07:06.650 align:start position:0% documentation exploring this they call this<00:07:05.069> if<00:07:05.250> I'm<00:07:05.370> not<00:07:05.490> mistaken<00:07:05.849> the<00:07:06.120> phantom 00:07:06.650 --> 00:07:06.660 align:start position:0% this if I'm not mistaken the phantom 00:07:06.660 --> 00:07:08.420 align:start position:0% this if I'm not mistaken the phantom validator<00:07:07.319> because<00:07:07.949> like<00:07:08.160> you're<00:07:08.400> a 00:07:08.420 --> 00:07:08.430 align:start position:0% validator because like you're a 00:07:08.430 --> 00:07:09.890 align:start position:0% validator because like you're a validator<00:07:08.910> but<00:07:09.180> not<00:07:09.330> really<00:07:09.599> because<00:07:09.690> you're 00:07:09.890 --> 00:07:09.900 align:start position:0% validator but not really because you're 00:07:09.900 --> 00:07:13.100 align:start position:0% validator but not really because you're sending<00:07:10.259> stuff<00:07:10.440> or<00:07:10.740> out-of-band<00:07:11.520> and<00:07:12.180> the 00:07:13.100 --> 00:07:13.110 align:start position:0% sending stuff or out-of-band and the 00:07:13.110 --> 00:07:15.379 align:start position:0% sending stuff or out-of-band and the issue<00:07:13.289> also<00:07:13.770> with<00:07:14.069> this<00:07:14.250> is<00:07:14.490> a<00:07:14.759> long-range 00:07:15.379 --> 00:07:15.389 align:start position:0% issue also with this is a long-range 00:07:15.389 --> 00:07:18.379 align:start position:0% issue also with this is a long-range attack<00:07:15.780> because<00:07:16.500> what<00:07:16.949> if<00:07:17.130> how<00:07:17.610> like<00:07:18.000> you<00:07:18.270> need 00:07:18.379 --> 00:07:18.389 align:start position:0% attack because what if how like you need 00:07:18.389 --> 00:07:20.210 align:start position:0% attack because what if how like you need to<00:07:18.509> do<00:07:19.020> in<00:07:19.169> order<00:07:19.259> to<00:07:19.380> incentive<00:07:19.830> align<00:07:20.070> this 00:07:20.210 --> 00:07:20.220 align:start position:0% to do in order to incentive align this 00:07:20.220 --> 00:07:23.270 align:start position:0% to do in order to incentive align this mechanism<00:07:20.460> you<00:07:21.270> need<00:07:21.810> to<00:07:22.050> slash<00:07:22.259> how<00:07:22.979> do<00:07:23.039> you 00:07:23.270 --> 00:07:23.280 align:start position:0% mechanism you need to slash how do you 00:07:23.280 --> 00:07:25.430 align:start position:0% mechanism you need to slash how do you slash<00:07:23.610> if<00:07:23.880> the<00:07:24.180> person<00:07:24.539> that<00:07:24.660> fed<00:07:24.900> you<00:07:24.930> with 00:07:25.430 --> 00:07:25.440 align:start position:0% slash if the person that fed you with 00:07:25.440 --> 00:07:28.040 align:start position:0% slash if the person that fed you with like<00:07:26.190> with<00:07:26.370> the<00:07:26.430> signatures<00:07:26.940> is<00:07:27.330> now<00:07:27.539> unbonded 00:07:28.040 --> 00:07:28.050 align:start position:0% like with the signatures is now unbonded 00:07:28.050 --> 00:07:32.089 align:start position:0% like with the signatures is now unbonded it's<00:07:28.520> complicated<00:07:29.550> so<00:07:30.120> like<00:07:31.050> the<00:07:31.740> rule<00:07:31.889> that 00:07:32.089 --> 00:07:32.099 align:start position:0% it's complicated so like the rule that 00:07:32.099 --> 00:07:33.680 align:start position:0% it's complicated so like the rule that you<00:07:32.220> must<00:07:32.430> say<00:07:32.849> that<00:07:33.120> like<00:07:33.300> you<00:07:33.419> will<00:07:33.539> only 00:07:33.680 --> 00:07:33.690 align:start position:0% you must say that like you will only 00:07:33.690 --> 00:07:35.659 align:start position:0% you must say that like you will only accept<00:07:34.050> proofs<00:07:34.320> like<00:07:34.500> signatures<00:07:35.159> from 00:07:35.659 --> 00:07:35.669 align:start position:0% accept proofs like signatures from 00:07:35.669 --> 00:07:38.330 align:start position:0% accept proofs like signatures from people<00:07:36.030> that<00:07:36.270> are<00:07:36.810> still<00:07:37.199> bonded<00:07:37.440> you<00:07:37.949> reject 00:07:38.330 --> 00:07:38.340 align:start position:0% people that are still bonded you reject 00:07:38.340 --> 00:07:40.490 align:start position:0% people that are still bonded you reject from<00:07:38.580> unbonded<00:07:39.090> violators<00:07:39.599> how<00:07:40.050> do<00:07:40.110> you<00:07:40.319> know 00:07:40.490 --> 00:07:40.500 align:start position:0% from unbonded violators how do you know 00:07:40.500 --> 00:07:42.710 align:start position:0% from unbonded violators how do you know which<00:07:40.740> what<00:07:40.919> letters<00:07:41.310> are<00:07:41.340> unbonded<00:07:41.849> I<00:07:42.120> don't 00:07:42.710 --> 00:07:42.720 align:start position:0% which what letters are unbonded I don't 00:07:42.720 --> 00:07:44.360 align:start position:0% which what letters are unbonded I don't know<00:07:42.810> like<00:07:43.050> currently<00:07:43.830> the<00:07:44.009> dominant 00:07:44.360 --> 00:07:44.370 align:start position:0% know like currently the dominant 00:07:44.370 --> 00:07:46.640 align:start position:0% know like currently the dominant approach<00:07:44.580> is<00:07:45.060> having<00:07:45.479> a<00:07:45.630> trusted<00:07:46.080> checkpoint 00:07:46.640 --> 00:07:46.650 align:start position:0% approach is having a trusted checkpoint 00:07:46.650 --> 00:07:48.860 align:start position:0% approach is having a trusted checkpoint we<00:07:46.889> are<00:07:47.009> like<00:07:47.430> so<00:07:47.580> that<00:07:47.729> you<00:07:47.849> always<00:07:48.000> know<00:07:48.360> what 00:07:48.860 --> 00:07:48.870 align:start position:0% we are like so that you always know what 00:07:48.870 --> 00:07:50.930 align:start position:0% we are like so that you always know what is<00:07:48.990> the<00:07:49.080> latest<00:07:49.229> like<00:07:50.220> bonded<00:07:50.669> set<00:07:50.849> the 00:07:50.930 --> 00:07:50.940 align:start position:0% is the latest like bonded set the 00:07:50.940 --> 00:07:52.939 align:start position:0% is the latest like bonded set the validators<00:07:51.479> this<00:07:51.960> is<00:07:52.080> an<00:07:52.169> open<00:07:52.440> problem<00:07:52.620> there 00:07:52.939 --> 00:07:52.949 align:start position:0% validators this is an open problem there 00:07:52.949 --> 00:07:53.960 align:start position:0% validators this is an open problem there is<00:07:53.009> many<00:07:53.220> solutions 00:07:53.960 --> 00:07:53.970 align:start position:0% is many solutions 00:07:53.970 --> 00:07:55.279 align:start position:0% is many solutions there<00:07:54.180> is<00:07:54.240> many<00:07:54.419> other<00:07:54.599> solutions<00:07:54.870> we<00:07:55.110> can 00:07:55.279 --> 00:07:55.289 align:start position:0% there is many other solutions we can 00:07:55.289 --> 00:07:57.620 align:start position:0% there is many other solutions we can take<00:07:55.470> but<00:07:56.039> they<00:07:56.130> all<00:07:56.250> again<00:07:56.580> they<00:07:56.729> all<00:07:56.849> like<00:07:57.240> 10 00:07:57.620 --> 00:07:57.630 align:start position:0% take but they all again they all like 10 00:07:57.630 --> 00:07:59.450 align:start position:0% take but they all again they all like 10 to<00:07:57.780> some<00:07:57.990> subjectivity<00:07:58.500> which<00:07:59.099> does<00:07:59.310> not 00:07:59.450 --> 00:07:59.460 align:start position:0% to some subjectivity which does not 00:07:59.460 --> 00:08:01.779 align:start position:0% to some subjectivity which does not exist<00:07:59.610> in<00:07:59.880> proof-of-work 00:08:01.779 --> 00:08:01.789 align:start position:0% exist in proof-of-work 00:08:01.789 --> 00:08:04.939 align:start position:0% exist in proof-of-work everything<00:08:02.789> so<00:08:02.940> far<00:08:03.180> we<00:08:03.840> assume<00:08:04.199> that<00:08:04.560> each 00:08:04.939 --> 00:08:04.949 align:start position:0% everything so far we assume that each 00:08:04.949 --> 00:08:08.420 align:start position:0% everything so far we assume that each chain<00:08:05.849> is<00:08:06.090> individually<00:08:06.990> secure<00:08:07.289> if<00:08:07.860> we're 00:08:08.420 --> 00:08:08.430 align:start position:0% chain is individually secure if we're 00:08:08.430 --> 00:08:11.270 align:start position:0% chain is individually secure if we're both<00:08:08.610> like<00:08:09.090> if<00:08:09.659> both<00:08:10.050> chains<00:08:10.409> are<00:08:10.590> secured<00:08:10.949> I'm 00:08:11.270 --> 00:08:11.280 align:start position:0% both like if both chains are secured I'm 00:08:11.280 --> 00:08:12.830 align:start position:0% both like if both chains are secured I'm sure<00:08:11.490> you<00:08:11.789> can<00:08:11.940> do<00:08:12.120> you<00:08:12.330> can<00:08:12.479> make<00:08:12.509> them 00:08:12.830 --> 00:08:12.840 align:start position:0% sure you can do you can make them 00:08:12.840 --> 00:08:15.110 align:start position:0% sure you can do you can make them communicate<00:08:13.289> with<00:08:13.409> each<00:08:13.469> other<00:08:13.909> security<00:08:14.909> and 00:08:15.110 --> 00:08:15.120 align:start position:0% communicate with each other security and 00:08:15.120 --> 00:08:18.290 align:start position:0% communicate with each other security and the<00:08:15.599> likely<00:08:16.340> requires<00:08:17.340> that<00:08:17.520> you<00:08:17.669> have 00:08:18.290 --> 00:08:18.300 align:start position:0% the likely requires that you have 00:08:18.300 --> 00:08:20.990 align:start position:0% the likely requires that you have something<00:08:18.570> that<00:08:18.810> is<00:08:18.840> high<00:08:19.259> cost<00:08:20.000> something 00:08:20.990 --> 00:08:21.000 align:start position:0% something that is high cost something 00:08:21.000 --> 00:08:22.790 align:start position:0% something that is high cost something that<00:08:21.240> is<00:08:21.330> high<00:08:21.449> cost<00:08:21.659> is<00:08:21.900> not<00:08:22.050> scalable<00:08:22.349> that 00:08:22.790 --> 00:08:22.800 align:start position:0% that is high cost is not scalable that 00:08:22.800 --> 00:08:24.050 align:start position:0% that is high cost is not scalable that has<00:08:22.949> high<00:08:23.130> cost<00:08:23.340> is<00:08:23.460> not<00:08:23.580> scalable 00:08:24.050 --> 00:08:24.060 align:start position:0% has high cost is not scalable 00:08:24.060 --> 00:08:28.310 align:start position:0% has high cost is not scalable so<00:08:24.840> I<00:08:25.440> can<00:08:26.219> concentrate<00:08:26.430> on<00:08:26.729> what<00:08:27.150> if<00:08:27.449> the<00:08:28.080> side 00:08:28.310 --> 00:08:28.320 align:start position:0% so I can concentrate on what if the side 00:08:28.320 --> 00:08:30.800 align:start position:0% so I can concentrate on what if the side chain<00:08:28.620> like<00:08:28.979> mechanism<00:08:29.969> if<00:08:30.240> you<00:08:30.360> try<00:08:30.539> to<00:08:30.599> use 00:08:30.800 --> 00:08:30.810 align:start position:0% chain like mechanism if you try to use 00:08:30.810 --> 00:08:34.010 align:start position:0% chain like mechanism if you try to use it<00:08:30.840> for<00:08:30.960> scalability<00:08:32.240> and<00:08:33.240> if<00:08:33.539> you<00:08:33.630> try<00:08:33.779> to<00:08:33.839> use 00:08:34.010 --> 00:08:34.020 align:start position:0% it for scalability and if you try to use 00:08:34.020 --> 00:08:35.690 align:start position:0% it for scalability and if you try to use it<00:08:34.050> for<00:08:34.260> scalability<00:08:34.680> inherently<00:08:35.310> it<00:08:35.430> will<00:08:35.579> be 00:08:35.690 --> 00:08:35.700 align:start position:0% it for scalability inherently it will be 00:08:35.700 --> 00:08:38.029 align:start position:0% it for scalability inherently it will be less<00:08:35.880> secure<00:08:36.349> does<00:08:37.349> not<00:08:37.500> want<00:08:37.680> you<00:08:37.770> to<00:08:37.829> get<00:08:38.010> out 00:08:38.029 --> 00:08:38.039 align:start position:0% less secure does not want you to get out 00:08:38.039 --> 00:08:39.829 align:start position:0% less secure does not want you to get out so<00:08:38.459> what<00:08:38.669> if<00:08:38.789> the<00:08:38.940> liquid<00:08:39.300> side<00:08:39.510> chain 00:08:39.829 --> 00:08:39.839 align:start position:0% so what if the liquid side chain 00:08:39.839 --> 00:08:42.380 align:start position:0% so what if the liquid side chain suddenly<00:08:40.380> becomes<00:08:40.800> devil<00:08:41.640> and<00:08:41.849> like<00:08:42.060> they<00:08:42.209> say 00:08:42.380 --> 00:08:42.390 align:start position:0% suddenly becomes devil and like they say 00:08:42.390 --> 00:08:44.990 align:start position:0% suddenly becomes devil and like they say no<00:08:42.450> but<00:08:43.289> your<00:08:43.589> money's<00:08:43.829> gone<00:08:44.039> we're<00:08:44.279> done<00:08:44.459> so 00:08:44.990 --> 00:08:45.000 align:start position:0% no but your money's gone we're done so 00:08:45.000 --> 00:08:48.680 align:start position:0% no but your money's gone we're done so we<00:08:45.390> don't<00:08:45.570> want<00:08:45.720> that<00:08:47.089> the<00:08:48.089> kind<00:08:48.329> of<00:08:48.390> taxonomy 00:08:48.680 --> 00:08:48.690 align:start position:0% we don't want that the kind of taxonomy 00:08:48.690 --> 00:08:51.680 align:start position:0% we don't want that the kind of taxonomy that<00:08:49.050> we<00:08:49.170> have<00:08:49.350> for<00:08:49.680> side<00:08:50.310> chains<00:08:50.579> then<00:08:51.060> means 00:08:51.680 --> 00:08:51.690 align:start position:0% that we have for side chains then means 00:08:51.690 --> 00:08:53.300 align:start position:0% that we have for side chains then means that<00:08:51.930> we<00:08:52.050> have<00:08:52.170> them<00:08:52.290> at<00:08:52.410> the<00:08:52.560> federated<00:08:53.130> side 00:08:53.300 --> 00:08:53.310 align:start position:0% that we have them at the federated side 00:08:53.310 --> 00:08:55.300 align:start position:0% that we have them at the federated side chain<00:08:53.520> which<00:08:53.730> is<00:08:53.850> the<00:08:54.000> multi-sig<00:08:54.480> Allah 00:08:55.300 --> 00:08:55.310 align:start position:0% chain which is the multi-sig Allah 00:08:55.310 --> 00:08:57.770 align:start position:0% chain which is the multi-sig Allah liquid<00:08:56.310> the<00:08:56.850> proof-of-work<00:08:57.180> side<00:08:57.540> chain 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hope 00:09:05.330 --> 00:09:05.340 align:start position:0% proofs because as we all know I hope 00:09:05.340 --> 00:09:07.100 align:start position:0% proofs because as we all know I hope when<00:09:06.060> you<00:09:06.120> have<00:09:06.150> a<00:09:06.300> proof<00:09:06.480> of<00:09:06.570> word<00:09:06.750> chain<00:09:06.960> that 00:09:07.100 --> 00:09:07.110 align:start position:0% when you have a proof of word chain that 00:09:07.110 --> 00:09:09.200 align:start position:0% when you have a proof of word chain that Forks<00:09:07.500> like<00:09:08.070> you<00:09:08.250> want<00:09:08.550> to<00:09:08.640> be<00:09:08.730> able<00:09:08.820> to<00:09:09.000> punish 00:09:09.200 --> 00:09:09.210 align:start position:0% Forks like you want to be able to punish 00:09:09.210 --> 00:09:10.940 align:start position:0% Forks like you want to be able to punish for<00:09:09.480> that<00:09:09.630> pork<00:09:09.840> and<00:09:10.440> you<00:09:10.530> have<00:09:10.680> proof<00:09:10.830> of 00:09:10.940 --> 00:09:10.950 align:start position:0% for that pork and you have proof of 00:09:10.950 --> 00:09:12.290 align:start position:0% for that pork and you have proof of steak<00:09:11.190> side<00:09:11.550> chains<00:09:11.790> well<00:09:12.030> you<00:09:12.150> have 00:09:12.290 --> 00:09:12.300 align:start position:0% steak side chains well you have 00:09:12.300 --> 00:09:14.600 align:start position:0% steak side chains well you have basically<00:09:12.690> a<00:09:13.140> multi-sig<00:09:13.890> which<00:09:14.100> gets<00:09:14.340> rotated 00:09:14.600 --> 00:09:14.610 align:start position:0% basically a multi-sig which gets rotated 00:09:14.610 --> 00:09:17.480 align:start position:0% basically a multi-sig which gets rotated each<00:09:15.390> time<00:09:15.780> the<00:09:16.050> mistake<00:09:16.860> changes<00:09:17.310> during 00:09:17.480 --> 00:09:17.490 align:start position:0% each time the mistake changes during 00:09:17.490 --> 00:09:20.360 align:start position:0% each time the mistake changes during elections<00:09:18.030> all<00:09:18.630> ooh<00:09:19.140> and<00:09:19.440> you<00:09:19.770> also<00:09:19.890> add<00:09:20.130> this 00:09:20.360 --> 00:09:20.370 align:start position:0% elections all ooh and you also add this 00:09:20.370 --> 00:09:23.240 align:start position:0% elections all ooh and you also add this am<00:09:20.550> equivocation<00:09:21.180> and<00:09:21.470> the<00:09:22.470> thing<00:09:22.950> is<00:09:23.100> that 00:09:23.240 --> 00:09:23.250 align:start position:0% am equivocation and the thing is that 00:09:23.250 --> 00:09:24.530 align:start position:0% am equivocation and the thing is that you<00:09:23.340> trade<00:09:23.580> always<00:09:23.970> security<00:09:24.390> for 00:09:24.530 --> 00:09:24.540 align:start position:0% you trade always security for 00:09:24.540 --> 00:09:26.360 align:start position:0% you trade always security for scalability<00:09:24.900> if<00:09:25.260> you<00:09:25.350> want<00:09:25.530> to<00:09:25.620> use<00:09:25.770> it<00:09:25.950> that 00:09:26.360 --> 00:09:26.370 align:start position:0% scalability if you want to use it that 00:09:26.370 --> 00:09:28.550 align:start position:0% scalability if you want to use it that way<00:09:26.550> there<00:09:27.390> is<00:09:27.480> a<00:09:27.510> great<00:09:27.720> paper<00:09:27.930> list<00:09:28.410> like 00:09:28.550 --> 00:09:28.560 align:start position:0% way there is a great paper list like 00:09:28.560 --> 00:09:31.250 align:start position:0% way there is a great paper list like last<00:09:28.830> week<00:09:29.010> actually<00:09:29.430> by<00:09:29.580> alexei<00:09:30.060> and<00:09:30.480> friends 00:09:31.250 --> 00:09:31.260 align:start position:0% last week actually by alexei and friends 00:09:31.260 --> 00:09:32.960 align:start position:0% last week actually by alexei and friends on<00:09:31.620> communication<00:09:32.340> of<00:09:32.430> course<00:09:32.610> the<00:09:32.700> civil 00:09:32.960 --> 00:09:32.970 align:start position:0% on communication of course the civil 00:09:32.970 --> 00:09:34.100 align:start position:0% on communication of course the civil ledger<00:09:33.180> right<00:09:33.540> now<00:09:33.660> they're<00:09:33.870> doing<00:09:33.960> a 00:09:34.100 --> 00:09:34.110 align:start position:0% ledger right now they're doing a 00:09:34.110 --> 00:09:35.270 align:start position:0% ledger right now they're doing a workshop<00:09:34.470> on<00:09:34.620> it<00:09:34.770> which<00:09:34.950> was<00:09:35.100> very 00:09:35.270 --> 00:09:35.280 align:start position:0% workshop on it which was very 00:09:35.280 --> 00:09:36.920 align:start position:0% workshop on it which was very unfortunate<00:09:35.520> to<00:09:36.180> convert<00:09:36.570> because<00:09:36.750> it 00:09:36.920 --> 00:09:36.930 align:start position:0% unfortunate to convert because it 00:09:36.930 --> 00:09:39.260 align:start position:0% unfortunate to convert because it conflicts<00:09:37.230> with<00:09:37.290> this<00:09:37.500> talk<00:09:38.430> so<00:09:38.730> make<00:09:39.240> sure 00:09:39.260 --> 00:09:39.270 align:start position:0% conflicts with this talk so make sure 00:09:39.270 --> 00:09:43.220 align:start position:0% conflicts with this talk so make sure you<00:09:39.540> read<00:09:39.690> this<00:09:39.810> paper<00:09:41.030> to<00:09:42.030> like<00:09:42.450> elaborate<00:09:43.080> on 00:09:43.220 --> 00:09:43.230 align:start position:0% you read this paper to like elaborate on 00:09:43.230 --> 00:09:45.020 align:start position:0% you read this paper to like elaborate on to<00:09:43.860> conclude<00:09:44.010> on<00:09:44.220> my<00:09:44.340> point<00:09:44.550> about<00:09:44.700> side 00:09:45.020 --> 00:09:45.030 align:start position:0% to conclude on my point about side 00:09:45.030 --> 00:09:45.950 align:start position:0% to conclude on my point about side chains<00:09:45.240> and<00:09:45.450> they're<00:09:45.600> a<00:09:45.630> better<00:09:45.750> bill 00:09:45.950 --> 00:09:45.960 align:start position:0% chains and they're a better bill 00:09:45.960 --> 00:09:47.870 align:start position:0% chains and they're a better bill dissolution<00:09:46.530> it's<00:09:46.740> not<00:09:46.950> a<00:09:46.980> scalable<00:09:47.490> solution 00:09:47.870 --> 00:09:47.880 align:start position:0% dissolution it's not a scalable solution 00:09:47.880 --> 00:09:50.270 align:start position:0% dissolution it's not a scalable solution you<00:09:48.360> need<00:09:48.540> an<00:09:48.720> independent<00:09:49.050> security<00:09:49.740> model 00:09:50.270 --> 00:09:50.280 align:start position:0% you need an independent security model 00:09:50.280 --> 00:09:51.710 align:start position:0% you need an independent security model and<00:09:50.460> the<00:09:50.790> moment<00:09:51.090> that<00:09:51.180> you<00:09:51.270> have<00:09:51.420> independent 00:09:51.710 --> 00:09:51.720 align:start position:0% and the moment that you have independent 00:09:51.720 --> 00:09:53.540 align:start position:0% and the moment that you have independent security<00:09:52.170> model<00:09:52.860> my<00:09:53.010> argument<00:09:53.400> is<00:09:53.520> that 00:09:53.540 --> 00:09:53.550 align:start position:0% security model my argument is that 00:09:53.550 --> 00:09:55.340 align:start position:0% security model my argument is that you're<00:09:53.820> not<00:09:53.970> in<00:09:54.120> the<00:09:54.150> layer<00:09:54.390> two<00:09:54.660> domain<00:09:55.140> space 00:09:55.340 --> 00:09:55.350 align:start position:0% you're not in the layer two domain space 00:09:55.350 --> 00:09:57.170 align:start position:0% you're not in the layer two domain space it's<00:09:56.100> a<00:09:56.310> layer<00:09:56.520> one<00:09:56.700> that<00:09:56.910> talks<00:09:57.060> to<00:09:57.120> that 00:09:57.170 --> 00:09:57.180 align:start position:0% it's a layer one that talks to that 00:09:57.180 --> 00:10:00.130 align:start position:0% it's a layer one that talks to that array<00:09:57.540> once<00:09:57.750> it's<00:09:58.050> like<00:09:58.230> on<00:09:58.470> the<00:09:58.590> same<00:09:58.800> level 00:10:00.130 --> 00:10:00.140 align:start position:0% array once it's like on the same level 00:10:00.140 --> 00:10:03.100 align:start position:0% array once it's like on the same level how<00:10:01.140> do<00:10:01.200> we<00:10:01.380> scale<00:10:01.560> and<00:10:01.830> what's<00:10:02.340> gonna<00:10:02.460> happen 00:10:03.100 --> 00:10:03.110 align:start position:0% how do we scale and what's gonna happen 00:10:03.110 --> 00:10:06.200 align:start position:0% how do we scale and what's gonna happen off<00:10:04.110> the<00:10:04.350> chain<00:10:04.620> so<00:10:04.920> party<00:10:05.490> McCurry's<00:10:05.940> around 00:10:06.200 --> 00:10:06.210 align:start position:0% off the chain so party McCurry's around 00:10:06.210 --> 00:10:08.750 align:start position:0% off the chain so party McCurry's around here<00:10:06.600> like<00:10:06.810> the<00:10:07.100> everything<00:10:08.100> that's<00:10:08.340> working 00:10:08.750 --> 00:10:08.760 align:start position:0% here like the everything that's working 00:10:08.760 --> 00:10:10.760 align:start position:0% here like the everything that's working on<00:10:08.880> like<00:10:09.030> off<00:10:09.300> chain<00:10:09.600> scalability<00:10:10.260> requires 00:10:10.760 --> 00:10:10.770 align:start position:0% on like off chain scalability requires 00:10:10.770 --> 00:10:12.560 align:start position:0% on like off chain scalability requires that<00:10:10.980> you<00:10:11.070> have<00:10:11.100> a<00:10:11.430> layer<00:10:11.640> one<00:10:11.910> and<00:10:12.120> layer<00:10:12.210> two 00:10:12.560 --> 00:10:12.570 align:start position:0% that you have a layer one and layer two 00:10:12.570 --> 00:10:14.210 align:start position:0% that you have a layer one and layer two and<00:10:12.750> some<00:10:13.320> mechanism<00:10:13.710> to<00:10:13.860> make<00:10:14.010> them 00:10:14.210 --> 00:10:14.220 align:start position:0% and some mechanism to make them 00:10:14.220 --> 00:10:17.540 align:start position:0% and some mechanism to make them communicate<00:10:14.880> you<00:10:15.780> need<00:10:16.080> to<00:10:16.530> put<00:10:16.980> the<00:10:17.160> minimum 00:10:17.540 --> 00:10:17.550 align:start position:0% communicate you need to put the minimum 00:10:17.550 --> 00:10:19.550 align:start position:0% communicate you need to put the minimum amount<00:10:17.790> of<00:10:17.970> data<00:10:18.180> on<00:10:18.540> chain<00:10:18.990> because<00:10:19.530> the 00:10:19.550 --> 00:10:19.560 align:start position:0% amount of data on chain because the 00:10:19.560 --> 00:10:21.560 align:start position:0% amount of data on chain because the chain<00:10:19.890> has<00:10:20.130> a<00:10:20.160> finite<00:10:20.700> amount<00:10:20.730> of<00:10:21.090> space<00:10:21.150> and 00:10:21.560 --> 00:10:21.570 align:start position:0% chain has a finite amount of space and 00:10:21.570 --> 00:10:23.450 align:start position:0% chain has a finite amount of space and if<00:10:21.660> you're<00:10:21.780> going<00:10:21.960> to<00:10:22.110> support<00:10:22.380> 1<00:10:22.890> million<00:10:23.220> s 00:10:23.450 --> 00:10:23.460 align:start position:0% if you're going to support 1 million s 00:10:23.460 --> 00:10:25.580 align:start position:0% if you're going to support 1 million s debs<00:10:23.790> you're<00:10:24.510> not<00:10:24.660> going<00:10:24.900> to<00:10:25.020> be<00:10:25.140> able<00:10:25.200> to<00:10:25.350> hold 00:10:25.580 --> 00:10:25.590 align:start position:0% debs you're not going to be able to hold 00:10:25.590 --> 00:10:27.200 align:start position:0% debs you're not going to be able to hold all<00:10:25.830> that<00:10:26.040> capacity<00:10:26.610> and<00:10:26.670> maybe<00:10:26.850> the<00:10:26.970> theorem 00:10:27.200 --> 00:10:27.210 align:start position:0% all that capacity and maybe the theorem 00:10:27.210 --> 00:10:28.370 align:start position:0% all that capacity and maybe the theorem 2<00:10:27.330> is<00:10:27.420> going<00:10:27.600> to<00:10:27.660> do<00:10:27.780> it<00:10:27.870> but<00:10:27.960> what<00:10:28.140> if<00:10:28.260> it 00:10:28.370 --> 00:10:28.380 align:start position:0% 2 is going to do it but what if it 00:10:28.380 --> 00:10:28.870 align:start position:0% 2 is going to do it but what if it doesn't 00:10:28.870 --> 00:10:28.880 align:start position:0% doesn't 00:10:28.880 --> 00:10:32.840 align:start position:0% doesn't so<00:10:29.880> what<00:10:30.420> what's<00:10:30.840> layer<00:10:31.050> 2<00:10:31.200> so<00:10:31.680> I<00:10:32.010> call<00:10:32.670> it<00:10:32.790> a 00:10:32.840 --> 00:10:32.850 align:start position:0% so what what's layer 2 so I call it a 00:10:32.850 --> 00:10:34.910 align:start position:0% so what what's layer 2 so I call it a bit<00:10:33.000> late<00:10:33.180> settlement<00:10:33.660> protocol<00:10:34.050> with<00:10:34.680> layer 00:10:34.910 --> 00:10:34.920 align:start position:0% bit late settlement protocol with layer 00:10:34.920 --> 00:10:36.920 align:start position:0% bit late settlement protocol with layer 1<00:10:35.190> guarantees<00:10:35.730> so<00:10:36.000> you<00:10:36.060> have<00:10:36.300> a<00:10:36.330> protocol<00:10:36.750> well 00:10:36.920 --> 00:10:36.930 align:start position:0% 1 guarantees so you have a protocol well 00:10:36.930 --> 00:10:38.450 align:start position:0% 1 guarantees so you have a protocol well you<00:10:37.020> look<00:10:37.230> some<00:10:37.440> money<00:10:37.620> on<00:10:37.890> the<00:10:38.100> layer<00:10:38.220> one 00:10:38.450 --> 00:10:38.460 align:start position:0% you look some money on the layer one 00:10:38.460 --> 00:10:40.040 align:start position:0% you look some money on the layer one then<00:10:39.060> you<00:10:39.150> perform<00:10:39.480> some<00:10:39.720> of<00:10:39.870> chain 00:10:40.040 --> 00:10:40.050 align:start position:0% then you perform some of chain 00:10:40.050 --> 00:10:42.740 align:start position:0% then you perform some of chain operations<00:10:40.410> and<00:10:40.830> then<00:10:41.280> you<00:10:41.460> have<00:10:41.750> guarantees 00:10:42.740 --> 00:10:42.750 align:start position:0% operations and then you have guarantees 00:10:42.750 --> 00:10:45.050 align:start position:0% operations and then you have guarantees that<00:10:43.170> are<00:10:43.350> like<00:10:43.800> equivalent<00:10:44.490> to<00:10:44.760> your<00:10:44.850> layer 00:10:45.050 --> 00:10:45.060 align:start position:0% that are like equivalent to your layer 00:10:45.060 --> 00:10:46.910 align:start position:0% that are like equivalent to your layer one<00:10:45.270> security<00:10:45.690> model<00:10:46.080> that<00:10:46.500> you'll<00:10:46.650> be<00:10:46.830> able 00:10:46.910 --> 00:10:46.920 align:start position:0% one security model that you'll be able 00:10:46.920 --> 00:10:49.100 align:start position:0% one security model that you'll be able to<00:10:47.130> get<00:10:47.280> your<00:10:47.400> money<00:10:47.490> out<00:10:47.640> and<00:10:48.000> there's<00:10:48.900> two 00:10:49.100 --> 00:10:49.110 align:start position:0% to get your money out and there's two 00:10:49.110 --> 00:10:50.630 align:start position:0% to get your money out and there's two like<00:10:49.320> dominant<00:10:49.740> approaches<00:10:50.130> right<00:10:50.280> now<00:10:50.430> which 00:10:50.630 --> 00:10:50.640 align:start position:0% like dominant approaches right now which 00:10:50.640 --> 00:10:52.100 align:start position:0% like dominant approaches right now which is<00:10:50.670> the<00:10:50.880> commit<00:10:51.150> chains<00:10:51.390> approach<00:10:51.660> which<00:10:51.960> is 00:10:52.100 --> 00:10:52.110 align:start position:0% is the commit chains approach which is 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smart conduction<00:10:58.890> on<00:10:59.040> various<00:10:59.700> channels<00:10:59.880> and<00:11:00.300> the 00:11:00.410 --> 00:11:00.420 align:start position:0% conduction on various channels and the 00:11:00.420 --> 00:11:02.210 align:start position:0% conduction on various channels and the dominant<00:11:01.110> channel<00:11:01.590> approach<00:11:01.860> is<00:11:02.040> the 00:11:02.210 --> 00:11:02.220 align:start position:0% dominant channel approach is the 00:11:02.220 --> 00:11:04.790 align:start position:0% dominant channel approach is the lightning<00:11:02.610> for<00:11:02.850> Bitcoin<00:11:03.180> and<00:11:03.440> as<00:11:04.440> far<00:11:04.650> as<00:11:04.740> I 00:11:04.790 --> 00:11:04.800 align:start position:0% lightning for Bitcoin and as far as I 00:11:04.800 --> 00:11:06.200 align:start position:0% lightning for Bitcoin and as far as I can<00:11:04.860> tell<00:11:05.100> there<00:11:05.370> is<00:11:05.430> some<00:11:05.580> state<00:11:05.820> channels 00:11:06.200 --> 00:11:06.210 align:start position:0% can tell there is some state channels 00:11:06.210 --> 00:11:07.940 align:start position:0% can tell there is some state channels initiative<00:11:06.720> which<00:11:06.900> like<00:11:07.110> everything<00:11:07.140> emerged 00:11:07.940 --> 00:11:07.950 align:start position:0% initiative which like everything emerged 00:11:07.950 --> 00:11:09.380 align:start position:0% initiative which like everything emerged and<00:11:08.040> could<00:11:08.310> this<00:11:08.430> to<00:11:08.550> them<00:11:08.700> because<00:11:09.000> it<00:11:09.240> was<00:11:09.360> a 00:11:09.380 --> 00:11:09.390 align:start position:0% and could this to them because it was a 00:11:09.390 --> 00:11:11.900 align:start position:0% and could this to them because it was a very<00:11:09.570> hard<00:11:09.840> task<00:11:10.130> so<00:11:11.130> and<00:11:11.520> they<00:11:11.580> have<00:11:11.730> like 00:11:11.900 --> 00:11:11.910 align:start position:0% very hard task so and they have like 00:11:11.910 --> 00:11:13.160 align:start position:0% very hard task so and they have like different<00:11:12.270> properties<00:11:12.660> but<00:11:12.690> we're<00:11:12.930> not<00:11:13.050> going 00:11:13.160 --> 00:11:13.170 align:start position:0% different properties but we're not going 00:11:13.170 --> 00:11:14.570 align:start position:0% different properties but we're not going to<00:11:13.260> talk<00:11:13.380> about<00:11:13.500> channels<00:11:13.950> in<00:11:14.070> this<00:11:14.190> talk<00:11:14.370> so 00:11:14.570 --> 00:11:14.580 align:start position:0% to talk about channels in this talk so 00:11:14.580 --> 00:11:17.180 align:start position:0% to talk about channels in this talk so let's<00:11:14.760> dive<00:11:15.090> into<00:11:15.330> they're<00:11:15.750> comedians<00:11:16.190> so 00:11:17.180 --> 00:11:17.190 align:start position:0% let's dive into they're comedians so 00:11:17.190 --> 00:11:20.030 align:start position:0% let's dive into they're comedians so firstly<00:11:17.490> we<00:11:17.670> had<00:11:17.850> plasma<00:11:18.690> like<00:11:19.050> 2017<00:11:19.830> with 00:11:20.030 --> 00:11:20.040 align:start position:0% firstly we had plasma like 2017 with 00:11:20.040 --> 00:11:21.560 align:start position:0% firstly we had plasma like 2017 with Dalek<00:11:20.370> Joseph<00:11:20.760> they<00:11:20.910> published<00:11:21.330> this<00:11:21.390> paper 00:11:21.560 --> 00:11:21.570 align:start position:0% Dalek Joseph they published this paper 00:11:21.570 --> 00:11:24.860 align:start position:0% Dalek Joseph they published this paper noting<00:11:22.350> the<00:11:22.500> paperwork<00:11:22.980> and<00:11:23.420> it<00:11:24.420> describes 00:11:24.860 --> 00:11:24.870 align:start position:0% noting the paperwork and it describes 00:11:24.870 --> 00:11:26.180 align:start position:0% noting the paperwork and it describes basically<00:11:25.290> a<00:11:25.350> mechanism<00:11:25.500> where<00:11:25.890> you<00:11:25.950> have<00:11:26.100> an 00:11:26.180 --> 00:11:26.190 align:start position:0% basically a mechanism where you have an 00:11:26.190 --> 00:11:28.130 align:start position:0% basically a mechanism where you have an operator<00:11:26.610> that<00:11:26.730> takes<00:11:27.180> hashes<00:11:27.870> of<00:11:27.900> the 00:11:28.130 --> 00:11:28.140 align:start position:0% operator that takes hashes of the 00:11:28.140 --> 00:11:29.990 align:start position:0% operator that takes hashes of the sidechain<00:11:28.380> and<00:11:28.770> it<00:11:29.130> puts<00:11:29.310> them<00:11:29.460> on<00:11:29.730> the<00:11:29.820> layer 00:11:29.990 --> 00:11:30.000 align:start position:0% sidechain and it puts them on the layer 00:11:30.000 --> 00:11:34.280 align:start position:0% sidechain and it puts them on the layer 1<00:11:30.260> but<00:11:31.400> and<00:11:32.400> the<00:11:32.660> security<00:11:33.660> of<00:11:33.690> the<00:11:33.900> commit 00:11:34.280 --> 00:11:34.290 align:start position:0% 1 but and the security of the commit 00:11:34.290 --> 00:11:36.260 align:start position:0% 1 but and the security of the commit chain<00:11:34.500> or<00:11:34.770> the<00:11:34.920> plasma<00:11:35.130> like<00:11:35.460> it<00:11:35.610> comes<00:11:35.850> under 00:11:36.260 --> 00:11:36.270 align:start position:0% chain or the plasma like it comes under 00:11:36.270 --> 00:11:38.600 align:start position:0% chain or the plasma like it comes under the<00:11:36.590> assumption<00:11:37.590> that<00:11:37.770> you're<00:11:38.100> able<00:11:38.250> that 00:11:38.600 --> 00:11:38.610 align:start position:0% the assumption that you're able that 00:11:38.610 --> 00:11:40.700 align:start position:0% the assumption that you're able that anytime<00:11:39.270> that<00:11:39.600> like<00:11:39.750> something<00:11:40.020> bad<00:11:40.290> happens 00:11:40.700 --> 00:11:40.710 align:start position:0% anytime that like something bad happens 00:11:40.710 --> 00:11:42.680 align:start position:0% anytime that like something bad happens you<00:11:40.920> can<00:11:41.340> take<00:11:41.550> some<00:11:41.760> fraud<00:11:41.970> proof<00:11:42.210> from<00:11:42.600> the 00:11:42.680 --> 00:11:42.690 align:start position:0% you can take some fraud proof from the 00:11:42.690 --> 00:11:45.050 align:start position:0% you can take some fraud proof from the plasma<00:11:43.380> change<00:11:43.800> state<00:11:44.070> put<00:11:44.610> it<00:11:44.730> on<00:11:44.850> the<00:11:44.910> layer 00:11:45.050 --> 00:11:45.060 align:start position:0% plasma change state put it on the layer 00:11:45.060 --> 00:11:46.940 align:start position:0% plasma change state put it on the layer 1<00:11:45.300> compare<00:11:45.990> it<00:11:46.080> to<00:11:46.170> the<00:11:46.290> hash<00:11:46.500> that<00:11:46.830> was 00:11:46.940 --> 00:11:46.950 align:start position:0% 1 compare it to the hash that was 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assumption that like you<00:11:52.830> you<00:11:53.130> must<00:11:53.340> be<00:11:53.490> able<00:11:53.580> like<00:11:53.880> to<00:11:54.000> get<00:11:54.180> your 00:11:54.380 --> 00:11:54.390 align:start position:0% you you must be able like to get your 00:11:54.390 --> 00:11:55.880 align:start position:0% you you must be able like to get your money<00:11:54.570> we<00:11:54.780> did<00:11:54.930> get<00:11:55.200> the<00:11:55.290> fraud<00:11:55.500> profane 00:11:55.880 --> 00:11:55.890 align:start position:0% money we did get the fraud profane 00:11:55.890 --> 00:11:57.650 align:start position:0% money we did get the fraud profane within<00:11:56.280> a<00:11:56.400> week's<00:11:56.640> time<00:11:56.730> or<00:11:57.090> two<00:11:57.210> weeks<00:11:57.420> time 00:11:57.650 --> 00:11:57.660 align:start position:0% within a week's time or two weeks time 00:11:57.660 --> 00:12:00.080 align:start position:0% within a week's time or two weeks time so<00:11:57.900> this<00:11:58.650> is<00:11:58.800> like<00:11:58.950> a<00:11:59.310> single<00:11:59.580> new<00:11:59.730> assumption 00:12:00.080 --> 00:12:00.090 align:start position:0% so this is like a single new assumption 00:12:00.090 --> 00:12:01.970 align:start position:0% so this is like a single new assumption that<00:12:00.120> very<00:12:00.570> security<00:12:01.050> oriented<00:12:01.470> folks<00:12:01.680> will 00:12:01.970 --> 00:12:01.980 align:start position:0% that very security oriented folks will 00:12:01.980 --> 00:12:04.400 align:start position:0% that very security oriented folks will argue<00:12:02.670> against<00:12:03.090> but<00:12:03.630> again<00:12:03.990> that's<00:12:04.110> not<00:12:04.230> the 00:12:04.400 --> 00:12:04.410 align:start position:0% argue against but again that's not the 00:12:04.410 --> 00:12:07.550 align:start position:0% argue against but again that's not the topic<00:12:04.530> of<00:12:04.740> the<00:12:04.800> talk<00:12:05.990> the<00:12:06.990> problem<00:12:07.290> with<00:12:07.440> the 00:12:07.550 --> 00:12:07.560 align:start position:0% topic of the talk the problem with the 00:12:07.560 --> 00:12:09.980 align:start position:0% topic of the talk the problem with the plasma<00:12:07.740> construction<00:12:08.430> is<00:12:08.610> that<00:12:08.910> the<00:12:09.600> operator 00:12:09.980 --> 00:12:09.990 align:start position:0% plasma construction is that the operator 00:12:09.990 --> 00:12:12.020 align:start position:0% plasma construction is that the operator it's<00:12:10.680> at<00:12:10.830> their<00:12:10.980> sole<00:12:11.250> discretion<00:12:11.460> to<00:12:11.880> give 00:12:12.020 --> 00:12:12.030 align:start position:0% it's at their sole discretion to give 00:12:12.030 --> 00:12:14.390 align:start position:0% it's at their sole discretion to give you<00:12:12.120> the<00:12:12.210> data<00:12:12.330> so<00:12:12.780> what<00:12:13.020> if<00:12:13.110> they<00:12:13.200> don't<00:12:13.400> like 00:12:14.390 --> 00:12:14.400 align:start position:0% you the data so what if they don't like 00:12:14.400 --> 00:12:15.950 align:start position:0% you the data so what if they don't like you<00:12:14.550> have<00:12:14.700> some<00:12:14.910> state<00:12:15.120> they<00:12:15.330> create<00:12:15.600> a<00:12:15.630> metal 00:12:15.950 --> 00:12:15.960 align:start position:0% you have some state they create a metal 00:12:15.960 --> 00:12:17.930 align:start position:0% you have some state they create a metal tree<00:12:16.140> of<00:12:16.320> the<00:12:16.440> state<00:12:16.650> or<00:12:16.860> of<00:12:17.310> the<00:12:17.400> latest<00:12:17.820> you 00:12:17.930 --> 00:12:17.940 align:start position:0% tree of the state or of the latest you 00:12:17.940 --> 00:12:19.820 align:start position:0% tree of the state or of the latest you take<00:12:18.120> so<00:12:18.510> they<00:12:19.080> committed<00:12:19.530> but<00:12:19.740> they 00:12:19.820 --> 00:12:19.830 align:start position:0% take so they committed but they 00:12:19.830 --> 00:12:20.930 align:start position:0% take so they committed but they don't<00:12:20.040> give<00:12:20.160> you<00:12:20.220> the<00:12:20.310> data<00:12:20.460> you<00:12:20.760> have<00:12:20.910> a 00:12:20.930 --> 00:12:20.940 align:start position:0% don't give you the data you have a 00:12:20.940 --> 00:12:23.030 align:start position:0% don't give you the data you have a problem<00:12:21.240> then<00:12:21.510> because<00:12:21.870> in<00:12:22.020> certain<00:12:22.410> they<00:12:22.860> can 00:12:23.030 --> 00:12:23.040 align:start position:0% problem then because in certain they can 00:12:23.040 --> 00:12:24.830 align:start position:0% problem then because in certain they can come<00:12:23.460> back<00:12:23.610> they<00:12:23.970> can<00:12:24.120> create<00:12:24.360> an<00:12:24.480> invalid 00:12:24.830 --> 00:12:24.840 align:start position:0% come back they can create an invalid 00:12:24.840 --> 00:12:26.750 align:start position:0% come back they can create an invalid state<00:12:25.080> transition<00:12:25.530> and<00:12:25.740> this<00:12:26.190> invalid<00:12:26.580> state 00:12:26.750 --> 00:12:26.760 align:start position:0% state transition and this invalid state 00:12:26.760 --> 00:12:28.400 align:start position:0% state transition and this invalid state transition<00:12:27.300> will<00:12:27.480> never<00:12:27.660> be<00:12:27.840> revealed<00:12:28.200> and 00:12:28.400 --> 00:12:28.410 align:start position:0% transition will never be revealed and 00:12:28.410 --> 00:12:30.140 align:start position:0% transition will never be revealed and like<00:12:28.920> you<00:12:29.160> will<00:12:29.280> never<00:12:29.400> know<00:12:29.640> that<00:12:29.670> you<00:12:29.910> no 00:12:30.140 --> 00:12:30.150 align:start position:0% like you will never know that you no 00:12:30.150 --> 00:12:32.540 align:start position:0% like you will never know that you no longer<00:12:30.300> have<00:12:30.600> your<00:12:30.720> money<00:12:30.900> so<00:12:31.770> there<00:12:32.400> have 00:12:32.540 --> 00:12:32.550 align:start position:0% longer have your money so there have 00:12:32.550 --> 00:12:35.300 align:start position:0% longer have your money so there have been<00:12:32.670> like<00:12:33.410> changes<00:12:34.410> too<00:12:34.650> lately<00:12:34.980> to<00:12:35.220> the 00:12:35.300 --> 00:12:35.310 align:start position:0% been like changes too lately to the 00:12:35.310 --> 00:12:38.870 align:start position:0% been like changes too lately to the plasma<00:12:35.730> like<00:12:36.120> protocols<00:12:36.690> to<00:12:37.050> fix<00:12:37.920> that<00:12:38.070> and<00:12:38.730> it 00:12:38.870 --> 00:12:38.880 align:start position:0% plasma like protocols to fix that and it 00:12:38.880 --> 00:12:40.610 align:start position:0% plasma like protocols to fix that and it turns<00:12:39.060> out<00:12:39.210> that<00:12:39.360> maybe<00:12:39.570> yes<00:12:39.840> maybe<00:12:39.870> plasma 00:12:40.610 --> 00:12:40.620 align:start position:0% turns out that maybe yes maybe plasma 00:12:40.620 --> 00:12:42.680 align:start position:0% turns out that maybe yes maybe plasma was<00:12:40.740> a<00:12:40.770> premature<00:12:41.100> optimization<00:12:41.220> maybe<00:12:42.060> like 00:12:42.680 --> 00:12:42.690 align:start position:0% was a premature optimization maybe like 00:12:42.690 --> 00:12:44.090 align:start position:0% was a premature optimization maybe like many<00:12:42.930> people<00:12:43.050> might<00:12:43.350> have<00:12:43.380> raised<00:12:43.710> money<00:12:43.890> on 00:12:44.090 --> 00:12:44.100 align:start position:0% many people might have raised money on 00:12:44.100 --> 00:12:46.010 align:start position:0% many people might have raised money on plasma<00:12:44.520> on<00:12:44.730> something<00:12:45.210> that<00:12:45.330> might<00:12:45.510> be<00:12:45.630> broken 00:12:46.010 --> 00:12:46.020 align:start position:0% plasma on something that might be broken 00:12:46.020 --> 00:12:48.020 align:start position:0% plasma on something that might be broken what<00:12:46.740> can<00:12:46.890> we<00:12:47.010> do<00:12:47.130> that's<00:12:47.310> how<00:12:47.490> the<00:12:47.550> commodity 00:12:48.020 --> 00:12:48.030 align:start position:0% what can we do that's how the commodity 00:12:48.030 --> 00:12:50.600 align:start position:0% what can we do that's how the commodity will<00:12:48.210> move<00:12:48.360> forward<00:12:48.570> so<00:12:49.080> how<00:12:49.920> are<00:12:50.220> we<00:12:50.280> going<00:12:50.520> to 00:12:50.600 --> 00:12:50.610 align:start position:0% will move forward so how are we going to 00:12:50.610 --> 00:12:53.120 align:start position:0% will move forward so how are we going to solve<00:12:50.820> the<00:12:51.060> data<00:12:51.360> availability<00:12:51.720> problem<00:12:52.230> we 00:12:53.120 --> 00:12:53.130 align:start position:0% solve the data availability problem we 00:12:53.130 --> 00:12:55.070 align:start position:0% solve the data availability problem we cannot<00:12:53.400> so<00:12:53.940> what<00:12:54.180> we're<00:12:54.330> gonna<00:12:54.420> do<00:12:54.660> instead<00:12:54.840> of 00:12:55.070 --> 00:12:55.080 align:start position:0% cannot so what we're gonna do instead of 00:12:55.080 --> 00:12:57.290 align:start position:0% cannot so what we're gonna do instead of having<00:12:55.290> obtained<00:12:55.800> data<00:12:56.010> a<00:12:56.130> fraud<00:12:56.370> proofs<00:12:56.640> will 00:12:57.290 --> 00:12:57.300 align:start position:0% having obtained data a fraud proofs will 00:12:57.300 --> 00:13:00.110 align:start position:0% having obtained data a fraud proofs will put<00:12:57.510> data<00:12:57.780> on<00:12:58.050> chain<00:12:58.460> with<00:12:59.460> fraud<00:12:59.700> proofs<00:12:59.940> and 00:13:00.110 --> 00:13:00.120 align:start position:0% put data on chain with fraud proofs and 00:13:00.120 --> 00:13:01.580 align:start position:0% put data on chain with fraud proofs and that's<00:13:00.270> what<00:13:00.420> we<00:13:00.540> call<00:13:00.690> optimistic<00:13:01.290> roll-up 00:13:01.580 --> 00:13:01.590 align:start position:0% that's what we call optimistic roll-up 00:13:01.590 --> 00:13:03.080 align:start position:0% that's what we call optimistic roll-up and<00:13:01.800> this<00:13:02.130> is<00:13:02.250> what<00:13:02.400> they're<00:13:02.670> currently 00:13:03.080 --> 00:13:03.090 align:start position:0% and this is what they're currently 00:13:03.090 --> 00:13:05.210 align:start position:0% and this is what they're currently equipped<00:13:03.870> economics<00:13:04.530> lab<00:13:04.710> and<00:13:04.920> the<00:13:05.040> plasma 00:13:05.210 --> 00:13:05.220 align:start position:0% equipped economics lab and the plasma 00:13:05.220 --> 00:13:07.130 align:start position:0% equipped economics lab and the plasma group<00:13:05.460> teams<00:13:05.700> are<00:13:05.910> working<00:13:06.210> on<00:13:06.330> which<00:13:06.960> is 00:13:07.130 --> 00:13:07.140 align:start position:0% group teams are working on which is 00:13:07.140 --> 00:13:08.990 align:start position:0% group teams are working on which is basically<00:13:07.470> that<00:13:07.590> you<00:13:07.920> take<00:13:08.130> all<00:13:08.400> the<00:13:08.790> data 00:13:08.990 --> 00:13:09.000 align:start position:0% basically that you take all the data 00:13:09.000 --> 00:13:11.210 align:start position:0% basically that you take all the data that<00:13:09.150> is<00:13:09.420> off<00:13:09.750> chain<00:13:10.020> you<00:13:10.320> create<00:13:10.860> a<00:13:10.890> smart 00:13:11.210 --> 00:13:11.220 align:start position:0% that is off chain you create a smart 00:13:11.220 --> 00:13:13.220 align:start position:0% that is off chain you create a smart like<00:13:11.490> encoding<00:13:12.030> of<00:13:12.150> them<00:13:12.330> and<00:13:12.570> you<00:13:12.780> dump<00:13:12.990> it<00:13:13.110> on 00:13:13.220 --> 00:13:13.230 align:start position:0% like encoding of them and you dump it on 00:13:13.230 --> 00:13:14.870 align:start position:0% like encoding of them and you dump it on the<00:13:13.350> cold<00:13:13.620> data<00:13:13.800> of<00:13:13.980> the<00:13:14.190> layer 00:13:14.870 --> 00:13:14.880 align:start position:0% the cold data of the layer 00:13:14.880 --> 00:13:16.699 align:start position:0% the cold data of the layer and<00:13:15.389> that's<00:13:15.569> kind<00:13:15.810> of<00:13:15.899> cheap<00:13:16.110> because<00:13:16.500> the 00:13:16.699 --> 00:13:16.709 align:start position:0% and that's kind of cheap because the 00:13:16.709 --> 00:13:18.199 align:start position:0% and that's kind of cheap because the data<00:13:16.889> is<00:13:17.069> not<00:13:17.190> part<00:13:17.399> of<00:13:17.490> the<00:13:17.610> chain<00:13:17.819> it's<00:13:18.000> just 00:13:18.199 --> 00:13:18.209 align:start position:0% data is not part of the chain it's just 00:13:18.209 --> 00:13:22.490 align:start position:0% data is not part of the chain it's just part<00:13:18.420> of<00:13:18.509> the<00:13:18.600> database<00:13:20.029> like<00:13:21.029> here<00:13:21.300> and<00:13:21.540> the 00:13:22.490 --> 00:13:22.500 align:start position:0% part of the database like here and the 00:13:22.500 --> 00:13:23.689 align:start position:0% part of the database like here and the other<00:13:22.649> people<00:13:22.860> that<00:13:22.980> are<00:13:23.069> working<00:13:23.339> on<00:13:23.519> this 00:13:23.689 --> 00:13:23.699 align:start position:0% other people that are working on this 00:13:23.699 --> 00:13:27.100 align:start position:0% other people that are working on this like<00:13:23.910> another<00:13:24.540> like<00:13:24.860> independently<00:13:25.860> like 00:13:27.100 --> 00:13:27.110 align:start position:0% like another like independently like 00:13:27.110 --> 00:13:29.600 align:start position:0% like another like independently like thought<00:13:28.110> of<00:13:28.230> construction<00:13:28.769> was<00:13:28.920> called<00:13:29.310> meds 00:13:29.600 --> 00:13:29.610 align:start position:0% thought of construction was called meds 00:13:29.610 --> 00:13:31.249 align:start position:0% thought of construction was called meds consensus<00:13:30.209> by<00:13:30.329> Macario<00:13:30.630> and<00:13:30.779> john<00:13:30.899> adler 00:13:31.249 --> 00:13:31.259 align:start position:0% consensus by Macario and john adler 00:13:31.259 --> 00:13:32.809 align:start position:0% consensus by Macario and john adler which<00:13:31.709> basically<00:13:32.040> says<00:13:32.339> what<00:13:32.459> i<00:13:32.519> just<00:13:32.579> said 00:13:32.809 --> 00:13:32.819 align:start position:0% which basically says what i just said 00:13:32.819 --> 00:13:35.780 align:start position:0% which basically says what i just said you<00:13:33.180> have<00:13:33.360> to<00:13:33.540> commit<00:13:33.839> like<00:13:34.050> all<00:13:34.440> the<00:13:34.740> like<00:13:35.670> the 00:13:35.780 --> 00:13:35.790 align:start position:0% you have to commit like all the like the 00:13:35.790 --> 00:13:37.939 align:start position:0% you have to commit like all the like the metal<00:13:36.089> route<00:13:36.269> and<00:13:36.509> also<00:13:37.110> you<00:13:37.230> put<00:13:37.380> an<00:13:37.529> encoding 00:13:37.939 --> 00:13:37.949 align:start position:0% metal route and also you put an encoding 00:13:37.949 --> 00:13:39.259 align:start position:0% metal route and also you put an encoding of<00:13:38.040> the<00:13:38.100> transactions<00:13:38.639> and<00:13:38.850> you<00:13:39.120> use 00:13:39.259 --> 00:13:39.269 align:start position:0% of the transactions and you use 00:13:39.269 --> 00:13:40.579 align:start position:0% of the transactions and you use basically<00:13:39.660> the<00:13:39.779> layer<00:13:39.990> one<00:13:40.199> as<00:13:40.319> a<00:13:40.380> data 00:13:40.579 --> 00:13:40.589 align:start position:0% basically the layer one as a data 00:13:40.589 --> 00:13:44.180 align:start position:0% basically the layer one as a data availability<00:13:40.949> oracle<00:13:42.110> and<00:13:43.110> then<00:13:43.319> if<00:13:43.440> you<00:13:43.560> plug 00:13:44.180 --> 00:13:44.190 align:start position:0% availability oracle and then if you plug 00:13:44.190 --> 00:13:45.680 align:start position:0% availability oracle and then if you plug out<00:13:44.370> the<00:13:44.610> flood<00:13:44.940> proof<00:13:45.180> and<00:13:45.420> you<00:13:45.480> put<00:13:45.630> the 00:13:45.680 --> 00:13:45.690 align:start position:0% out the flood proof and you put the 00:13:45.690 --> 00:13:48.199 align:start position:0% out the flood proof and you put the validity<00:13:45.930> proof<00:13:46.290> as<00:13:46.560> snark<00:13:47.310> stark<00:13:47.790> like 00:13:48.199 --> 00:13:48.209 align:start position:0% validity proof as snark stark like 00:13:48.209 --> 00:13:50.389 align:start position:0% validity proof as snark stark like whatever<00:13:48.779> you<00:13:48.930> want<00:13:49.139> whatever<00:13:49.889> they<00:13:50.130> call<00:13:50.279> it 00:13:50.389 --> 00:13:50.399 align:start position:0% whatever you want whatever they call it 00:13:50.399 --> 00:13:52.460 align:start position:0% whatever you want whatever they call it these<00:13:50.490> days<00:13:50.550> you<00:13:51.209> have<00:13:51.360> a<00:13:51.420> sneaky<00:13:51.779> roll-up 00:13:52.460 --> 00:13:52.470 align:start position:0% these days you have a sneaky roll-up 00:13:52.470 --> 00:13:54.170 align:start position:0% these days you have a sneaky roll-up like<00:13:52.769> and<00:13:52.980> i'm<00:13:53.220> saying<00:13:53.490> this<00:13:53.610> like<00:13:53.790> just<00:13:54.060> so 00:13:54.170 --> 00:13:54.180 align:start position:0% like and i'm saying this like just so 00:13:54.180 --> 00:13:55.939 align:start position:0% like and i'm saying this like just so that<00:13:54.300> we<00:13:54.449> can<00:13:54.600> get<00:13:54.870> over<00:13:54.899> the<00:13:55.230> word<00:13:55.380> salad<00:13:55.680> and 00:13:55.939 --> 00:13:55.949 align:start position:0% that we can get over the word salad and 00:13:55.949 --> 00:13:58.340 align:start position:0% that we can get over the word salad and like<00:13:56.069> understand<00:13:56.610> like<00:13:57.089> that<00:13:57.269> the<00:13:57.660> bits<00:13:58.230> and 00:13:58.340 --> 00:13:58.350 align:start position:0% like understand like that the bits and 00:13:58.350 --> 00:14:01.699 align:start position:0% like understand like that the bits and pieces<00:13:58.440> that<00:13:58.740> make<00:13:58.889> a<00:13:59.339> mechanism<00:14:00.709> Ziggy 00:14:01.699 --> 00:14:01.709 align:start position:0% pieces that make a mechanism Ziggy 00:14:01.709 --> 00:14:02.090 align:start position:0% pieces that make a mechanism Ziggy rollup 00:14:02.090 --> 00:14:02.100 align:start position:0% rollup 00:14:02.100 --> 00:14:04.610 align:start position:0% rollup means<00:14:03.000> that<00:14:03.209> you<00:14:03.300> have<00:14:03.449> the<00:14:03.480> commit<00:14:03.959> the 00:14:04.610 --> 00:14:04.620 align:start position:0% means that you have the commit the 00:14:04.620 --> 00:14:07.040 align:start position:0% means that you have the commit the numerical<00:14:05.339> route<00:14:05.880> of<00:14:06.149> the<00:14:06.300> latest<00:14:06.600> state<00:14:06.839> or 00:14:07.040 --> 00:14:07.050 align:start position:0% numerical route of the latest state or 00:14:07.050 --> 00:14:08.629 align:start position:0% numerical route of the latest state or the<00:14:07.170> transaction<00:14:07.769> that<00:14:07.980> happened 00:14:08.629 --> 00:14:08.639 align:start position:0% the transaction that happened 00:14:08.639 --> 00:14:10.370 align:start position:0% the transaction that happened you<00:14:09.060> take<00:14:09.269> their<00:14:09.509> knowledge<00:14:09.630> proof<00:14:09.959> which<00:14:10.230> are 00:14:10.370 --> 00:14:10.380 align:start position:0% you take their knowledge proof which are 00:14:10.380 --> 00:14:12.199 align:start position:0% you take their knowledge proof which are tests<00:14:10.740> that<00:14:10.949> this<00:14:11.370> state<00:14:11.610> transition<00:14:11.699> is 00:14:12.199 --> 00:14:12.209 align:start position:0% tests that this state transition is 00:14:12.209 --> 00:14:14.689 align:start position:0% tests that this state transition is valid<00:14:12.540> and<00:14:12.690> you<00:14:13.380> put<00:14:13.620> it<00:14:13.740> on<00:14:13.829> chain<00:14:14.069> the<00:14:14.430> smart 00:14:14.689 --> 00:14:14.699 align:start position:0% valid and you put it on chain the smart 00:14:14.699 --> 00:14:17.090 align:start position:0% valid and you put it on chain the smart contract<00:14:14.850> verifies<00:14:15.839> that<00:14:16.199> the<00:14:16.800> state<00:14:16.980> an 00:14:17.090 --> 00:14:17.100 align:start position:0% contract verifies that the state an 00:14:17.100 --> 00:14:19.550 align:start position:0% contract verifies that the state an additional<00:14:17.459> valid<00:14:17.790> with<00:14:18.180> movement<00:14:18.560> the 00:14:19.550 --> 00:14:19.560 align:start position:0% additional valid with movement the 00:14:19.560 --> 00:14:21.199 align:start position:0% additional valid with movement the problem<00:14:20.009> with<00:14:20.160> this<00:14:20.279> is<00:14:20.490> that<00:14:20.639> maybe<00:14:20.880> you<00:14:21.089> need 00:14:21.199 --> 00:14:21.209 align:start position:0% problem with this is that maybe you need 00:14:21.209 --> 00:14:23.629 align:start position:0% problem with this is that maybe you need a<00:14:21.269> trusted<00:14:21.660> set<00:14:21.870> up<00:14:22.050> as<00:14:22.319> we<00:14:22.589> saw<00:14:22.800> in<00:14:22.949> static 00:14:23.629 --> 00:14:23.639 align:start position:0% a trusted set up as we saw in static 00:14:23.639 --> 00:14:26.600 align:start position:0% a trusted set up as we saw in static September<00:14:24.389> where<00:14:25.019> like<00:14:25.259> five<00:14:25.560> new<00:14:25.860> snarks 00:14:26.600 --> 00:14:26.610 align:start position:0% September where like five new snarks 00:14:26.610 --> 00:14:28.220 align:start position:0% September where like five new snarks were<00:14:26.730> like<00:14:27.360> released 00:14:28.220 --> 00:14:28.230 align:start position:0% were like released 00:14:28.230 --> 00:14:30.499 align:start position:0% were like released maybe<00:14:28.829> we<00:14:29.250> can<00:14:29.399> remove<00:14:29.610> the<00:14:29.790> trusted<00:14:30.120> set<00:14:30.329> up 00:14:30.499 --> 00:14:30.509 align:start position:0% maybe we can remove the trusted set up 00:14:30.509 --> 00:14:32.389 align:start position:0% maybe we can remove the trusted set up but<00:14:30.839> I<00:14:30.870> wouldn't<00:14:31.319> build<00:14:31.529> all<00:14:31.680> cryptography 00:14:32.389 --> 00:14:32.399 align:start position:0% but I wouldn't build all cryptography 00:14:32.399 --> 00:14:35.660 align:start position:0% but I wouldn't build all cryptography that<00:14:32.550> was<00:14:32.670> released<00:14:32.910> on<00:14:33.089> 2019<00:14:33.689> and<00:14:34.459> they<00:14:35.459> can 00:14:35.660 --> 00:14:35.670 align:start position:0% that was released on 2019 and they can 00:14:35.670 --> 00:14:37.280 align:start position:0% that was released on 2019 and they can be<00:14:35.790> expensive<00:14:35.970> like<00:14:36.420> proving<00:14:36.810> times<00:14:37.110> are 00:14:37.280 --> 00:14:37.290 align:start position:0% be expensive like proving times are 00:14:37.290 --> 00:14:39.530 align:start position:0% be expensive like proving times are expensive<00:14:37.740> verifiers<00:14:38.550> all<00:14:38.970> are<00:14:39.149> so<00:14:39.269> expensive 00:14:39.530 --> 00:14:39.540 align:start position:0% expensive verifiers all are so expensive 00:14:39.540 --> 00:14:42.110 align:start position:0% expensive verifiers all are so expensive and<00:14:39.870> they<00:14:40.019> can<00:14:40.170> be<00:14:40.290> slow<00:14:40.500> so<00:14:40.529> again<00:14:41.370> no<00:14:41.790> free 00:14:42.110 --> 00:14:42.120 align:start position:0% and they can be slow so again no free 00:14:42.120 --> 00:14:45.920 align:start position:0% and they can be slow so again no free lunch<00:14:42.389> and<00:14:44.029> and<00:14:45.029> not<00:14:45.149> only<00:14:45.329> on<00:14:45.569> training<00:14:45.779> data 00:14:45.920 --> 00:14:45.930 align:start position:0% lunch and and not only on training data 00:14:45.930 --> 00:14:47.389 align:start position:0% lunch and and not only on training data availability<00:14:46.290> because<00:14:46.680> it<00:14:46.800> has<00:14:46.949> been<00:14:47.130> like 00:14:47.389 --> 00:14:47.399 align:start position:0% availability because it has been like 00:14:47.399 --> 00:14:50.360 align:start position:0% availability because it has been like like<00:14:48.149> pumped<00:14:48.630> as<00:14:48.870> an<00:14:49.019> idea<00:14:49.319> that<00:14:49.620> like<00:14:49.949> it's 00:14:50.360 --> 00:14:50.370 align:start position:0% like pumped as an idea that like it's 00:14:50.370 --> 00:14:52.129 align:start position:0% like pumped as an idea that like it's gonna<00:14:50.490> solve<00:14:50.759> all<00:14:50.939> our<00:14:51.000> problems<00:14:51.149> I'm<00:14:51.839> not<00:14:51.930> a 00:14:52.129 --> 00:14:52.139 align:start position:0% gonna solve all our problems I'm not a 00:14:52.139 --> 00:14:54.800 align:start position:0% gonna solve all our problems I'm not a fan<00:14:52.410> because<00:14:53.339> the<00:14:53.730> blockchain<00:14:54.269> is<00:14:54.300> supposed 00:14:54.800 --> 00:14:54.810 align:start position:0% fan because the blockchain is supposed 00:14:54.810 --> 00:14:56.689 align:start position:0% fan because the blockchain is supposed to<00:14:54.959> be<00:14:55.170> the<00:14:55.680> verification<00:14:56.310> layer<00:14:56.490> the 00:14:56.689 --> 00:14:56.699 align:start position:0% to be the verification layer the 00:14:56.699 --> 00:14:58.970 align:start position:0% to be the verification layer the blockchain<00:14:57.089> is<00:14:57.120> not<00:14:57.420> a<00:14:57.660> file<00:14:57.990> storage<00:14:58.380> like 00:14:58.970 --> 00:14:58.980 align:start position:0% blockchain is not a file storage like 00:14:58.980 --> 00:15:00.740 align:start position:0% blockchain is not a file storage like and<00:14:59.279> file<00:14:59.610> core<00:14:59.850> in<00:14:59.910> another<00:15:00.180> change<00:15:00.480> that<00:15:00.630> are 00:15:00.740 --> 00:15:00.750 align:start position:0% and file core in another change that are 00:15:00.750 --> 00:15:02.600 align:start position:0% and file core in another change that are going<00:15:00.870> to<00:15:00.990> do<00:15:01.170> that<00:15:01.259> do<00:15:01.380> not<00:15:01.470> exist<00:15:01.649> yet<00:15:02.009> so<00:15:02.339> we 00:15:02.600 --> 00:15:02.610 align:start position:0% going to do that do not exist yet so we 00:15:02.610 --> 00:15:03.920 align:start position:0% going to do that do not exist yet so we know<00:15:02.819> that<00:15:02.850> like<00:15:03.240> this<00:15:03.389> is<00:15:03.509> a<00:15:03.569> hard<00:15:03.779> problem 00:15:03.920 --> 00:15:03.930 align:start position:0% know that like this is a hard problem 00:15:03.930 --> 00:15:07.340 align:start position:0% know that like this is a hard problem and<00:15:04.230> maybe<00:15:04.470> one<00:15:05.279> gets<00:15:05.459> all<00:15:05.689> the<00:15:06.689> solutions<00:15:07.110> all 00:15:07.340 --> 00:15:07.350 align:start position:0% and maybe one gets all the solutions all 00:15:07.350 --> 00:15:08.990 align:start position:0% and maybe one gets all the solutions all via<00:15:07.529> data<00:15:07.740> will<00:15:07.980> abate<00:15:08.189> the<00:15:08.339> problem<00:15:08.730> like 00:15:08.990 --> 00:15:09.000 align:start position:0% via data will abate the problem like 00:15:09.000 --> 00:15:10.790 align:start position:0% via data will abate the problem like will<00:15:09.389> give<00:15:09.660> us<00:15:09.779> the<00:15:09.899> ability<00:15:10.110> to<00:15:10.319> do<00:15:10.529> like 00:15:10.790 --> 00:15:10.800 align:start position:0% will give us the ability to do like 00:15:10.800 --> 00:15:12.889 align:start position:0% will give us the ability to do like define<00:15:11.339> all<00:15:11.610> the<00:15:11.790> other<00:15:11.970> likely<00:15:12.480> use<00:15:12.660> cases 00:15:12.889 --> 00:15:12.899 align:start position:0% define all the other likely use cases 00:15:12.899 --> 00:15:14.210 align:start position:0% define all the other likely use cases that<00:15:13.019> we're<00:15:13.259> trying<00:15:13.410> to<00:15:13.529> figure<00:15:13.800> out<00:15:13.860> for<00:15:14.069> this 00:15:14.210 --> 00:15:14.220 align:start position:0% that we're trying to figure out for this 00:15:14.220 --> 00:15:16.370 align:start position:0% that we're trying to figure out for this industry<00:15:14.519> on<00:15:14.880> the<00:15:15.209> layer<00:15:15.360> too<00:15:15.569> cheap<00:15:15.990> and<00:15:16.139> fast 00:15:16.370 --> 00:15:16.380 align:start position:0% industry on the layer too cheap and fast 00:15:16.380 --> 00:15:20.240 align:start position:0% industry on the layer too cheap and fast but<00:15:17.540> like<00:15:18.540> the<00:15:19.259> untainted<00:15:19.589> availability 00:15:20.240 --> 00:15:20.250 align:start position:0% but like the untainted availability 00:15:20.250 --> 00:15:22.400 align:start position:0% but like the untainted availability reduces<00:15:20.819> your<00:15:20.939> scalability<00:15:21.600> benefits<00:15:22.230> like 00:15:22.400 --> 00:15:22.410 align:start position:0% reduces your scalability benefits like 00:15:22.410 --> 00:15:24.860 align:start position:0% reduces your scalability benefits like you<00:15:22.620> cannot<00:15:22.920> have<00:15:23.459> like<00:15:23.670> infinite<00:15:24.300> throughput 00:15:24.860 --> 00:15:24.870 align:start position:0% you cannot have like infinite throughput 00:15:24.870 --> 00:15:26.990 align:start position:0% you cannot have like infinite throughput like<00:15:25.170> with<00:15:25.380> the<00:15:25.620> other<00:15:25.740> layer<00:15:25.980> tools<00:15:26.250> because 00:15:26.990 --> 00:15:27.000 align:start position:0% like with the other layer tools because 00:15:27.000 --> 00:15:28.070 align:start position:0% like with the other layer tools because again<00:15:27.449> you're<00:15:27.660> bound 00:15:28.070 --> 00:15:28.080 align:start position:0% again you're bound 00:15:28.080 --> 00:15:31.280 align:start position:0% again you're bound by<00:15:28.589> the<00:15:28.649> layer<00:15:29.490> ones<00:15:29.760> capacity<00:15:30.060> so<00:15:31.050> it's 00:15:31.280 --> 00:15:31.290 align:start position:0% by the layer ones capacity so it's 00:15:31.290 --> 00:15:33.199 align:start position:0% by the layer ones capacity so it's really<00:15:31.470> a<00:15:31.649> constant<00:15:32.130> size<00:15:32.399> improvement<00:15:32.970> and 00:15:33.199 --> 00:15:33.209 align:start position:0% really a constant size improvement and 00:15:33.209 --> 00:15:37.430 align:start position:0% really a constant size improvement and also<00:15:33.890> it's<00:15:34.890> parasitic<00:15:35.580> in<00:15:36.480> my<00:15:36.660> view<00:15:36.959> by 00:15:37.430 --> 00:15:37.440 align:start position:0% also it's parasitic in my view by 00:15:37.440 --> 00:15:38.930 align:start position:0% also it's parasitic in my view by parasitic<00:15:37.860> I<00:15:38.100> mean<00:15:38.279> that<00:15:38.459> like<00:15:38.640> the<00:15:38.790> moment 00:15:38.930 --> 00:15:38.940 align:start position:0% parasitic I mean that like the moment 00:15:38.940 --> 00:15:40.490 align:start position:0% parasitic I mean that like the moment that<00:15:39.149> you<00:15:39.240> start<00:15:39.450> utilizing<00:15:39.750> the<00:15:40.140> change<00:15:40.380> so 00:15:40.490 --> 00:15:40.500 align:start position:0% that you start utilizing the change so 00:15:40.500 --> 00:15:42.259 align:start position:0% that you start utilizing the change so heavily<00:15:40.830> what<00:15:41.459> about<00:15:41.670> the<00:15:41.790> other<00:15:41.910> apps<00:15:42.149> that 00:15:42.259 --> 00:15:42.269 align:start position:0% heavily what about the other apps that 00:15:42.269 --> 00:15:44.509 align:start position:0% heavily what about the other apps that are<00:15:42.450> not<00:15:42.630> on<00:15:42.750> your<00:15:42.870> layer<00:15:43.589> to<00:15:43.830> your<00:15:43.860> roll-up<00:15:44.430> or 00:15:44.509 --> 00:15:44.519 align:start position:0% are not on your layer to your roll-up or 00:15:44.519 --> 00:15:45.410 align:start position:0% are not on your layer to your roll-up or whatever<00:15:44.850> you<00:15:44.970> call<00:15:45.149> it 00:15:45.410 --> 00:15:45.420 align:start position:0% whatever you call it 00:15:45.420 --> 00:15:47.210 align:start position:0% whatever you call it em<00:15:45.510> are<00:15:46.110> they<00:15:46.230> all<00:15:46.410> going<00:15:46.589> to<00:15:46.769> come<00:15:47.010> to<00:15:47.130> your 00:15:47.210 --> 00:15:47.220 align:start position:0% em are they all going to come to your 00:15:47.220 --> 00:15:48.949 align:start position:0% em are they all going to come to your roll-up<00:15:47.550> like<00:15:47.790> I<00:15:47.910> think<00:15:48.000> that's<00:15:48.300> -<00:15:48.480> like 00:15:48.949 --> 00:15:48.959 align:start position:0% roll-up like I think that's - like 00:15:48.959 --> 00:15:51.920 align:start position:0% roll-up like I think that's - like ambitious<00:15:49.769> and<00:15:50.370> there<00:15:51.000> is<00:15:51.089> a<00:15:51.120> post<00:15:51.329> by<00:15:51.480> vitalik 00:15:51.920 --> 00:15:51.930 align:start position:0% ambitious and there is a post by vitalik 00:15:51.930 --> 00:15:53.720 align:start position:0% ambitious and there is a post by vitalik recently<00:15:52.440> where<00:15:52.620> he<00:15:52.649> like<00:15:53.160> elaborates<00:15:53.640> on 00:15:53.720 --> 00:15:53.730 align:start position:0% recently where he like elaborates on 00:15:53.730 --> 00:15:56.060 align:start position:0% recently where he like elaborates on this<00:15:53.790> and<00:15:54.269> he's<00:15:54.750> a<00:15:54.779> fan<00:15:55.079> about<00:15:55.410> this<00:15:55.589> idea 00:15:56.060 --> 00:15:56.070 align:start position:0% this and he's a fan about this idea 00:15:56.070 --> 00:15:59.780 align:start position:0% this and he's a fan about this idea which<00:15:56.279> yeah<00:15:57.440> some<00:15:58.440> takeaways<00:15:58.920> from<00:15:59.100> this<00:15:59.279> I 00:15:59.780 --> 00:15:59.790 align:start position:0% which yeah some takeaways from this I 00:15:59.790 --> 00:16:01.819 align:start position:0% which yeah some takeaways from this I from<00:16:00.390> this<00:16:00.510> talk<00:16:00.690> is<00:16:00.720> that<00:16:00.899> we<00:16:01.320> know<00:16:01.470> how<00:16:01.649> to<00:16:01.709> do 00:16:01.819 --> 00:16:01.829 align:start position:0% from this talk is that we know how to do 00:16:01.829 --> 00:16:03.380 align:start position:0% from this talk is that we know how to do both<00:16:02.010> proof<00:16:02.279> of<00:16:02.399> work<00:16:02.550> and<00:16:02.820> proof<00:16:03.089> of<00:16:03.209> stake 00:16:03.380 --> 00:16:03.390 align:start position:0% both proof of work and proof of stake 00:16:03.390 --> 00:16:05.449 align:start position:0% both proof of work and proof of stake side<00:16:03.660> chains<00:16:03.899> it's<00:16:04.230> hard<00:16:04.589> to<00:16:04.890> implement<00:16:05.130> them 00:16:05.449 --> 00:16:05.459 align:start position:0% side chains it's hard to implement them 00:16:05.459 --> 00:16:07.670 align:start position:0% side chains it's hard to implement them and<00:16:05.790> you<00:16:06.779> need<00:16:06.930> them<00:16:07.140> to<00:16:07.260> both<00:16:07.440> be 00:16:07.670 --> 00:16:07.680 align:start position:0% and you need them to both be 00:16:07.680 --> 00:16:09.350 align:start position:0% and you need them to both be individually<00:16:08.220> secure<00:16:08.519> and<00:16:08.700> having<00:16:08.970> an<00:16:09.060> honest 00:16:09.350 --> 00:16:09.360 align:start position:0% individually secure and having an honest 00:16:09.360 --> 00:16:11.000 align:start position:0% individually secure and having an honest majority<00:16:09.810> assumption<00:16:10.200> for<00:16:10.410> more<00:16:10.680> than<00:16:10.860> one 00:16:11.000 --> 00:16:11.010 align:start position:0% majority assumption for more than one 00:16:11.010 --> 00:16:13.940 align:start position:0% majority assumption for more than one layer<00:16:11.250> one<00:16:11.490> is<00:16:11.810> hard<00:16:12.810> as<00:16:13.050> we<00:16:13.470> have<00:16:13.620> seen<00:16:13.769> for 00:16:13.940 --> 00:16:13.950 align:start position:0% layer one is hard as we have seen for 00:16:13.950 --> 00:16:16.160 align:start position:0% layer one is hard as we have seen for multiple<00:16:14.399> layer<00:16:14.579> 51%<00:16:15.510> attacks<00:16:15.779> on<00:16:15.899> smaller 00:16:16.160 --> 00:16:16.170 align:start position:0% multiple layer 51% attacks on smaller 00:16:16.170 --> 00:16:19.100 align:start position:0% multiple layer 51% attacks on smaller light<00:16:16.680> chains<00:16:16.950> layer<00:16:17.790> two<00:16:17.940> inherits<00:16:18.390> security 00:16:19.100 --> 00:16:19.110 align:start position:0% light chains layer two inherits security 00:16:19.110 --> 00:16:20.540 align:start position:0% light chains layer two inherits security from<00:16:19.230> layer<00:16:19.410> one<00:16:19.620> and<00:16:19.769> like<00:16:20.070> I<00:16:20.160> have<00:16:20.339> a<00:16:20.370> small 00:16:20.540 --> 00:16:20.550 align:start position:0% from layer one and like I have a small 00:16:20.550 --> 00:16:24.769 align:start position:0% from layer one and like I have a small taxonomy<00:16:21.180> of<00:16:21.510> like<00:16:22.050> what<00:16:22.290> goes<00:16:22.500> where<00:16:23.720> I'm<00:16:24.720> a 00:16:24.769 --> 00:16:24.779 align:start position:0% taxonomy of like what goes where I'm a 00:16:24.779 --> 00:16:27.230 align:start position:0% taxonomy of like what goes where I'm a fan<00:16:25.140> of<00:16:25.170> the<00:16:25.500> like<00:16:26.310> direction<00:16:26.880> this<00:16:27.000> is<00:16:27.120> like 00:16:27.230 --> 00:16:27.240 align:start position:0% fan of the like direction this is like 00:16:27.240 --> 00:16:28.400 align:start position:0% fan of the like direction this is like the<00:16:27.360> current<00:16:27.690> direction<00:16:28.110> that<00:16:28.230> we're<00:16:28.380> going 00:16:28.400 --> 00:16:28.410 align:start position:0% the current direction that we're going 00:16:28.410 --> 00:16:30.800 align:start position:0% the current direction that we're going it<00:16:28.829> seems<00:16:29.070> but<00:16:29.970> we<00:16:30.089> should<00:16:30.269> be<00:16:30.390> like<00:16:30.630> very 00:16:30.800 --> 00:16:30.810 align:start position:0% it seems but we should be like very 00:16:30.810 --> 00:16:33.350 align:start position:0% it seems but we should be like very skeptic<00:16:31.529> about<00:16:31.950> how<00:16:32.160> much<00:16:32.459> like<00:16:32.880> we're<00:16:33.329> just 00:16:33.350 --> 00:16:33.360 align:start position:0% skeptic about how much like we're just 00:16:33.360 --> 00:16:35.389 align:start position:0% skeptic about how much like we're just dumping<00:16:33.899> on<00:16:34.020> the<00:16:34.110> layer<00:16:34.260> one<00:16:34.470> because<00:16:34.890> nobody 00:16:35.389 --> 00:16:35.399 align:start position:0% dumping on the layer one because nobody 00:16:35.399 --> 00:16:36.769 align:start position:0% dumping on the layer one because nobody can<00:16:35.550> sing<00:16:35.730> in<00:16:35.850> a<00:16:35.910> three-room<00:16:36.120> full<00:16:36.360> node<00:16:36.540> and 00:16:36.769 --> 00:16:36.779 align:start position:0% can sing in a three-room full node and 00:16:36.779 --> 00:16:39.920 align:start position:0% can sing in a three-room full node and this<00:16:37.170> is<00:16:37.290> not<00:16:37.410> going<00:16:37.560> to<00:16:37.620> help<00:16:37.770> with<00:16:38.220> it<00:16:38.930> the 00:16:39.920 --> 00:16:39.930 align:start position:0% this is not going to help with it the 00:16:39.930 --> 00:16:41.840 align:start position:0% this is not going to help with it the conclusion<00:16:40.380> is<00:16:40.470> side<00:16:41.190> chains<00:16:41.459> are<00:16:41.579> for<00:16:41.760> in 00:16:41.840 --> 00:16:41.850 align:start position:0% conclusion is side chains are for in 00:16:41.850 --> 00:16:43.730 align:start position:0% conclusion is side chains are for in their<00:16:42.000> ability<00:16:42.600> layer<00:16:42.899> two<00:16:43.140> is<00:16:43.350> for 00:16:43.730 --> 00:16:43.740 align:start position:0% their ability layer two is for 00:16:43.740 --> 00:16:45.740 align:start position:0% their ability layer two is for scalability<00:16:44.130> side<00:16:45.029> chains<00:16:45.270> are<00:16:45.390> not<00:16:45.450> layer 00:16:45.740 --> 00:16:45.750 align:start position:0% scalability side chains are not layer 00:16:45.750 --> 00:16:47.900 align:start position:0% scalability side chains are not layer two<00:16:45.990> thank<00:16:46.980> you<00:16:47.070> very<00:16:47.100> much<00:16:47.279> and<00:16:47.610> I'll<00:16:47.730> be 00:16:47.900 --> 00:16:47.910 align:start position:0% two thank you very much and I'll be 00:16:47.910 --> 00:16:50.060 align:start position:0% two thank you very much and I'll be happy<00:16:48.089> to<00:16:48.209> take<00:16:48.420> some<00:16:48.480> questions<00:16:48.950> for<00:16:49.950> three 00:16:50.060 --> 00:16:50.070 align:start position:0% happy to take some questions for three 00:16:50.070 --> 00:16:54.139 align:start position:0% happy to take some questions for three minutes<00:16:50.250> and<00:16:51.980> also<00:16:52.980> the<00:16:53.550> I<00:16:53.579> I<00:16:53.670> should<00:16:53.850> cap 00:16:54.139 --> 00:16:54.149 align:start position:0% minutes and also the I I should cap 00:16:54.149 --> 00:16:56.420 align:start position:0% minutes and also the I I should cap changes<00:16:54.510> we<00:16:54.630> can<00:16:54.750> find<00:16:54.990> a<00:16:55.079> thought<00:16:55.230> at<00:16:55.560> scaling 00:16:56.420 --> 00:16:56.430 align:start position:0% changes we can find a thought at scaling 00:16:56.430 --> 00:16:59.030 align:start position:0% changes we can find a thought at scaling at<00:16:56.640> side<00:16:57.029> chains<00:16:57.300> 2019<00:16:57.930> dot<00:16:58.110> PDF<00:16:58.260> there<00:16:58.950> is<00:16:59.010> a 00:16:59.030 --> 00:16:59.040 align:start position:0% at side chains 2019 dot PDF there is a 00:16:59.040 --> 00:17:00.769 align:start position:0% at side chains 2019 dot PDF there is a microphone<00:16:59.399> if<00:16:59.670> anybody<00:17:00.089> wants<00:17:00.270> to<00:17:00.300> do<00:17:00.720> a 00:17:00.769 --> 00:17:00.779 align:start position:0% microphone if anybody wants to do a 00:17:00.779 --> 00:17:12.230 align:start position:0% microphone if anybody wants to do a question<00:17:01.110> we<00:17:01.230> have 00:17:12.230 --> 00:17:12.240 align:start position:0% 00:17:12.240 --> 00:17:17.390 align:start position:0% hi<00:17:13.240> thank<00:17:13.630> you<00:17:13.720> much<00:17:13.930> for<00:17:13.960> the<00:17:14.200> talk<00:17:16.230> so<00:17:17.230> you 00:17:17.390 --> 00:17:17.400 align:start position:0% hi thank you much for the talk so you 00:17:17.400 --> 00:17:21.450 align:start position:0% hi thank you much for the talk so you gave<00:17:18.400> I<00:17:18.910> think<00:17:19.060> very<00:17:19.750> detailed<00:17:20.560> criticisms<00:17:21.220> of 00:17:21.450 --> 00:17:21.460 align:start position:0% gave I think very detailed criticisms of 00:17:21.460 --> 00:17:25.250 align:start position:0% gave I think very detailed criticisms of both<00:17:22.060> layer<00:17:22.480> two<00:17:22.810> and<00:17:23.110> side-chain<00:17:23.620> solutions 00:17:25.250 --> 00:17:25.260 align:start position:0% both layer two and side-chain solutions 00:17:25.260 --> 00:17:29.180 align:start position:0% both layer two and side-chain solutions without<00:17:26.260> highlighting<00:17:27.600> too<00:17:28.600> much<00:17:28.780> of<00:17:28.930> their 00:17:29.180 --> 00:17:29.190 align:start position:0% without highlighting too much of their 00:17:29.190 --> 00:17:33.810 align:start position:0% without highlighting too much of their positive<00:17:30.190> aspects<00:17:31.710> what<00:17:32.710> solutions<00:17:33.370> are<00:17:33.670> you 00:17:33.810 --> 00:17:33.820 align:start position:0% positive aspects what solutions are you 00:17:33.820 --> 00:17:37.320 align:start position:0% positive aspects what solutions are you actually<00:17:33.970> fund<00:17:34.450> of<00:17:34.680> I'm<00:17:35.680> fond<00:17:36.220> of<00:17:36.400> the<00:17:36.760> plasma 00:17:37.320 --> 00:17:37.330 align:start position:0% actually fund of I'm fond of the plasma 00:17:37.330 --> 00:17:40.380 align:start position:0% actually fund of I'm fond of the plasma construction<00:17:38.110> for<00:17:38.800> simple<00:17:39.400> state<00:17:39.880> transition 00:17:40.380 --> 00:17:40.390 align:start position:0% construction for simple state transition 00:17:40.390 --> 00:17:42.090 align:start position:0% construction for simple state transition for<00:17:40.630> payments<00:17:41.050> because<00:17:41.320> this<00:17:41.650> industry 00:17:42.090 --> 00:17:42.100 align:start position:0% for payments because this industry 00:17:42.100 --> 00:17:45.720 align:start position:0% for payments because this industry solves<00:17:42.610> payments<00:17:43.480> and<00:17:43.740> I'm<00:17:44.740> happy<00:17:45.160> like<00:17:45.340> if<00:17:45.610> I 00:17:45.720 --> 00:17:45.730 align:start position:0% solves payments and I'm happy like if I 00:17:45.730 --> 00:17:47.190 align:start position:0% solves payments and I'm happy like if I can<00:17:45.910> get<00:17:46.060> a<00:17:46.090> construction<00:17:46.390> that<00:17:46.870> can<00:17:47.050> do 00:17:47.190 --> 00:17:47.200 align:start position:0% can get a construction that can do 00:17:47.200 --> 00:17:50.310 align:start position:0% can get a construction that can do multi-sig<00:17:47.980> time<00:17:48.550> looks<00:17:48.850> like<00:17:49.750> and<00:17:50.020> that's<00:17:50.170> it 00:17:50.310 --> 00:17:50.320 align:start position:0% multi-sig time looks like and that's it 00:17:50.320 --> 00:17:53.930 align:start position:0% multi-sig time looks like and that's it and<00:17:50.500> plasma<00:17:50.890> does<00:17:51.070> that<00:17:51.250> fine<00:17:51.580> right<00:17:51.820> now 00:17:53.930 --> 00:17:53.940 align:start position:0% 00:17:53.940 --> 00:17:56.640 align:start position:0% plasma<00:17:54.940> for<00:17:55.120> simple<00:17:55.420> payments<00:17:55.810> I<00:17:56.020> I<00:17:56.200> do<00:17:56.500> not 00:17:56.640 --> 00:17:56.650 align:start position:0% plasma for simple payments I I do not 00:17:56.650 --> 00:17:58.080 align:start position:0% plasma for simple payments I I do not care<00:17:56.860> much<00:17:57.070> about<00:17:57.100> smart<00:17:57.550> contracts<00:17:57.940> like 00:17:58.080 --> 00:17:58.090 align:start position:0% care much about smart contracts like 00:17:58.090 --> 00:18:00.690 align:start position:0% care much about smart contracts like smart<00:17:58.540> contracts<00:17:59.290> multi-sig<00:18:00.040> time<00:18:00.280> locks<00:18:00.520> are 00:18:00.690 --> 00:18:00.700 align:start position:0% smart contracts multi-sig time locks are 00:18:00.700 --> 00:18:13.740 align:start position:0% smart contracts multi-sig time locks are sufficient<00:18:01.290> okay<00:18:02.290> thank<00:18:02.590> you 00:18:13.740 --> 00:18:13.750 align:start position:0% 00:18:13.750 --> 00:18:16.990 align:start position:0% thanks<00:18:14.750> for<00:18:14.870> the<00:18:14.930> breakdown<00:18:15.610> one<00:18:16.610> thing<00:18:16.820> that 00:18:16.990 --> 00:18:17.000 align:start position:0% thanks for the breakdown one thing that 00:18:17.000 --> 00:18:18.430 align:start position:0% thanks for the breakdown one thing that you<00:18:17.480> didn't<00:18:17.660> talk<00:18:17.780> about<00:18:17.990> which<00:18:18.170> I<00:18:18.290> thought 00:18:18.430 --> 00:18:18.440 align:start position:0% you didn't talk about which I thought 00:18:18.440 --> 00:18:19.600 align:start position:0% you didn't talk about which I thought would<00:18:18.560> be<00:18:18.620> interesting<00:18:18.740> to<00:18:19.040> hear<00:18:19.160> perspective 00:18:19.600 --> 00:18:19.610 align:start position:0% would be interesting to hear perspective 00:18:19.610 --> 00:18:22.960 align:start position:0% would be interesting to hear perspective on<00:18:19.760> is<00:18:20.380> hybrid<00:18:21.380> approaches<00:18:21.800> for<00:18:21.980> roll-ups<00:18:22.250> so 00:18:22.960 --> 00:18:22.970 align:start position:0% on is hybrid approaches for roll-ups so 00:18:22.970 --> 00:18:25.300 align:start position:0% on is hybrid approaches for roll-ups so where<00:18:23.270> we<00:18:23.420> use<00:18:23.720> you<00:18:24.530> know<00:18:24.650> proofs<00:18:25.010> of<00:18:25.130> work 00:18:25.300 --> 00:18:25.310 align:start position:0% where we use you know proofs of work 00:18:25.310 --> 00:18:26.650 align:start position:0% where we use you know proofs of work from<00:18:25.490> other<00:18:25.610> chains<00:18:25.940> to<00:18:26.210> make<00:18:26.360> the<00:18:26.480> data 00:18:26.650 --> 00:18:26.660 align:start position:0% from other chains to make the data 00:18:26.660 --> 00:18:28.990 align:start position:0% from other chains to make the data availability<00:18:27.130> there<00:18:28.130> but<00:18:28.610> do<00:18:28.730> the<00:18:28.820> fraud 00:18:28.990 --> 00:18:29.000 align:start position:0% availability there but do the fraud 00:18:29.000 --> 00:18:33.280 align:start position:0% availability there but do the fraud proofs<00:18:29.240> on<00:18:29.390> another<00:18:29.630> chain<00:18:29.870> right<00:18:30.710> so<00:18:31.930> with<00:18:32.930> if 00:18:33.280 --> 00:18:33.290 align:start position:0% proofs on another chain right so with if 00:18:33.290 --> 00:18:35.980 align:start position:0% proofs on another chain right so with if the<00:18:33.470> question<00:18:33.830> but<00:18:34.820> I<00:18:35.090> have<00:18:35.390> a<00:18:35.420> rollup<00:18:35.660> where<00:18:35.960> I 00:18:35.980 --> 00:18:35.990 align:start position:0% the question but I have a rollup where I 00:18:35.990 --> 00:18:38.050 align:start position:0% the question but I have a rollup where I don't<00:18:36.200> post<00:18:36.410> all<00:18:36.950> the<00:18:37.310> data<00:18:37.490> on<00:18:37.640> chain<00:18:37.880> were 00:18:38.050 --> 00:18:38.060 align:start position:0% don't post all the data on chain were 00:18:38.060 --> 00:18:41.010 align:start position:0% don't post all the data on chain were only<00:18:38.450> for<00:18:38.660> specific<00:18:38.840> States<00:18:39.380> so<00:18:39.800> it's<00:18:40.400> using 00:18:41.010 --> 00:18:41.020 align:start position:0% only for specific States so it's using 00:18:41.020 --> 00:18:43.030 align:start position:0% only for specific States so it's using availability<00:18:42.020> from<00:18:42.350> something<00:18:42.650> other<00:18:42.830> than 00:18:43.030 --> 00:18:43.040 align:start position:0% availability from something other than 00:18:43.040 --> 00:18:44.440 align:start position:0% availability from something other than the<00:18:43.190> l1<00:18:43.520> that<00:18:43.640> you<00:18:43.730> know<00:18:43.910> I<00:18:43.940> do<00:18:44.090> not<00:18:44.270> think 00:18:44.440 --> 00:18:44.450 align:start position:0% the l1 that you know I do not think 00:18:44.450 --> 00:18:47.860 align:start position:0% the l1 that you know I do not think that's<00:18:44.600> good<00:18:44.780> because<00:18:46.090> your<00:18:47.090> security<00:18:47.600> model 00:18:47.860 --> 00:18:47.870 align:start position:0% that's good because your security model 00:18:47.870 --> 00:18:50.470 align:start position:0% that's good because your security model change<00:18:48.140> is<00:18:48.260> wildly<00:18:48.830> the<00:18:49.100> security<00:18:49.940> model<00:18:50.150> that 00:18:50.470 --> 00:18:50.480 align:start position:0% change is wildly the security model that 00:18:50.480 --> 00:18:52.450 align:start position:0% change is wildly the security model that I<00:18:50.690> want<00:18:50.960> as<00:18:51.170> I<00:18:51.530> have<00:18:51.770> a<00:18:51.800> later<00:18:52.070> on<00:18:52.220> I<00:18:52.340> know 00:18:52.450 --> 00:18:52.460 align:start position:0% I want as I have a later on I know 00:18:52.460 --> 00:18:54.970 align:start position:0% I want as I have a later on I know exactly<00:18:53.000> how<00:18:53.270> secure<00:18:53.600> it<00:18:53.720> is<00:18:53.810> I<00:18:54.080> know<00:18:54.470> that<00:18:54.830> I 00:18:54.970 --> 00:18:54.980 align:start position:0% exactly how secure it is I know that I 00:18:54.980 --> 00:18:56.830 align:start position:0% exactly how secure it is I know that I have<00:18:55.220> the<00:18:55.340> Bitcoin<00:18:55.640> chain<00:18:55.880> it<00:18:56.090> has<00:18:56.150> this<00:18:56.600> much 00:18:56.830 --> 00:18:56.840 align:start position:0% have the Bitcoin chain it has this much 00:18:56.840 --> 00:18:58.960 align:start position:0% have the Bitcoin chain it has this much censorship<00:18:57.200> resistance<00:18:57.830> this<00:18:58.190> much<00:18:58.430> capacity 00:18:58.960 --> 00:18:58.970 align:start position:0% censorship resistance this much capacity 00:18:58.970 --> 00:19:01.300 align:start position:0% censorship resistance this much capacity I<00:18:59.120> can<00:18:59.480> dump<00:18:59.690> all<00:18:59.870> this<00:19:00.140> data<00:19:00.320> the<00:19:00.830> moment<00:19:01.160> I'm 00:19:01.300 --> 00:19:01.310 align:start position:0% I can dump all this data the moment I'm 00:19:01.310 --> 00:19:02.980 align:start position:0% I can dump all this data the moment I'm going<00:19:01.340> to<00:19:01.580> use<00:19:01.760> Bitcoin<00:19:01.940> cache<00:19:02.300> as<00:19:02.660> a<00:19:02.720> data 00:19:02.980 --> 00:19:02.990 align:start position:0% going to use Bitcoin cache as a data 00:19:02.990 --> 00:19:05.200 align:start position:0% going to use Bitcoin cache as a data availability<00:19:03.520> layer<00:19:04.520> which<00:19:04.730> is<00:19:04.880> what<00:19:05.060> you're 00:19:05.200 --> 00:19:05.210 align:start position:0% availability layer which is what you're 00:19:05.210 --> 00:19:08.140 align:start position:0% availability layer which is what you're like<00:19:05.600> talking<00:19:05.930> about<00:19:06.670> means<00:19:07.670> that<00:19:07.910> like<00:19:08.060> I 00:19:08.140 --> 00:19:08.150 align:start position:0% like talking about means that like I 00:19:08.150 --> 00:19:10.180 align:start position:0% like talking about means that like I have<00:19:08.180> to<00:19:08.480> trust<00:19:08.690> between<00:19:08.990> caches<00:19:09.560> miners<00:19:09.980> and 00:19:10.180 --> 00:19:10.190 align:start position:0% have to trust between caches miners and 00:19:10.190 --> 00:19:12.160 align:start position:0% have to trust between caches miners and do<00:19:10.520> you<00:19:10.610> know<00:19:10.760> how<00:19:10.910> is<00:19:11.060> it<00:19:11.090> is<00:19:11.300> 2<00:19:11.660> percent<00:19:12.050> or 00:19:12.160 --> 00:19:12.170 align:start position:0% do you know how is it is 2 percent or 00:19:12.170 --> 00:19:14.260 align:start position:0% do you know how is it is 2 percent or fifth<00:19:12.440> cone<00:19:12.920> cache<00:19:13.130> very<00:19:13.640> easy<00:19:13.850> like<00:19:14.060> 10 00:19:14.260 --> 00:19:14.270 align:start position:0% fifth cone cache very easy like 10 00:19:14.270 --> 00:19:17.380 align:start position:0% fifth cone cache very easy like 10 percent<00:19:14.390> of<00:19:14.750> bitcoins<00:19:15.080> -<00:19:15.260> wait<00:19:15.440> so<00:19:15.980> no<00:19:16.760> like 00:19:17.380 --> 00:19:17.390 align:start position:0% percent of bitcoins - wait so no like 00:19:17.390 --> 00:19:19.540 align:start position:0% percent of bitcoins - wait so no like one<00:19:17.960> chain<00:19:18.230> for<00:19:18.530> if<00:19:18.740> you're<00:19:18.920> gonna<00:19:19.130> dump<00:19:19.310> data 00:19:19.540 --> 00:19:19.550 align:start position:0% one chain for if you're gonna dump data 00:19:19.550 --> 00:19:21.010 align:start position:0% one chain for if you're gonna dump data somewhere<00:19:19.850> dumb<00:19:20.120> become<00:19:20.360> launching<00:19:20.720> in<00:19:20.900> my 00:19:21.010 --> 00:19:21.020 align:start position:0% somewhere dumb become launching in my 00:19:21.020 --> 00:19:29.330 align:start position:0% somewhere dumb become launching in my view<00:19:21.340> ok<00:19:25.450> ok<00:19:26.450> thank<00:19:26.900> you<00:19:27.050> so<00:19:27.260> much 00:19:29.330 --> 00:19:29.340 align:start position:0% view ok ok thank you so much 00:19:29.340 --> 00:19:36.880 align:start position:0% view ok ok thank you so much [Applause] 00:19:36.880 --> 00:19:36.890 align:start position:0% 00:19:36.890 --> 00:19:38.950 align:start position:0% you