WEBVTT Kind: captions Language: en 00:00:05.070 --> 00:00:14.910 align:start position:0% [Music] 00:00:14.910 --> 00:00:14.920 align:start position:0% 00:00:14.920 --> 00:00:18.310 align:start position:0% [Music] 00:00:18.310 --> 00:00:18.320 align:start position:0% 00:00:18.320 --> 00:00:19.950 align:start position:0% yeah<00:00:18.560> good<00:00:18.680> morning<00:00:19.000> ladies<00:00:19.240> and 00:00:19.950 --> 00:00:19.960 align:start position:0% yeah good morning ladies and 00:00:19.960 --> 00:00:23.390 align:start position:0% yeah good morning ladies and gentlemen<00:00:20.960> my<00:00:21.119> name<00:00:21.320> is<00:00:21.480> Stefan<00:00:22.160> kesek<00:00:23.160> I<00:00:23.240> am 00:00:23.390 --> 00:00:23.400 align:start position:0% gentlemen my name is Stefan kesek I am 00:00:23.400 --> 00:00:26.910 align:start position:0% gentlemen my name is Stefan kesek I am here<00:00:23.519> on<00:00:23.720> stage<00:00:24.080> today<00:00:24.400> with<00:00:24.599> Ian<00:00:25.400> Kon<00:00:26.400> we<00:00:26.599> work 00:00:26.910 --> 00:00:26.920 align:start position:0% here on stage today with Ian Kon we work 00:00:26.920 --> 00:00:30.669 align:start position:0% here on stage today with Ian Kon we work for<00:00:27.320> UBS<00:00:28.000> a<00:00:28.320> large<00:00:28.679> Swiss<00:00:29.080> bank<00:00:30.080> and<00:00:30.240> we<00:00:30.359> are<00:00:30.519> in 00:00:30.669 --> 00:00:30.679 align:start position:0% for UBS a large Swiss bank and we are in 00:00:30.679 --> 00:00:34.590 align:start position:0% for UBS a large Swiss bank and we are in the<00:00:31.000> crypto<00:00:31.400> 2.0<00:00:32.119> lab<00:00:32.439> of<00:00:32.719> UBS<00:00:33.719> that's<00:00:34.000> part<00:00:34.320> of 00:00:34.590 --> 00:00:34.600 align:start position:0% the crypto 2.0 lab of UBS that's part of 00:00:34.600 --> 00:00:37.990 align:start position:0% the crypto 2.0 lab of UBS that's part of the<00:00:34.800> Innovation<00:00:35.440> group<00:00:36.160> um<00:00:36.320> group<00:00:36.640> Technology 00:00:37.990 --> 00:00:38.000 align:start position:0% the Innovation group um group Technology 00:00:38.000 --> 00:00:40.389 align:start position:0% the Innovation group um group Technology Innovation<00:00:39.000> and<00:00:39.320> we<00:00:39.480> are<00:00:39.640> very<00:00:39.879> happy<00:00:40.120> to<00:00:40.239> be 00:00:40.389 --> 00:00:40.399 align:start position:0% Innovation and we are very happy to be 00:00:40.399 --> 00:00:43.029 align:start position:0% Innovation and we are very happy to be here<00:00:40.600> today<00:00:40.920> and<00:00:41.120> talk<00:00:41.399> about<00:00:41.680> smart<00:00:42.039> bonds<00:00:42.760> an 00:00:43.029 --> 00:00:43.039 align:start position:0% here today and talk about smart bonds an 00:00:43.039 --> 00:00:46.790 align:start position:0% here today and talk about smart bonds an experiment<00:00:43.800> that<00:00:44.320> um<00:00:44.520> the<00:00:44.680> crypto<00:00:45.079> 2.0<00:00:45.640> lab<00:00:45.960> is 00:00:46.790 --> 00:00:46.800 align:start position:0% experiment that um the crypto 2.0 lab is 00:00:46.800 --> 00:00:49.990 align:start position:0% experiment that um the crypto 2.0 lab is conducting<00:00:47.800> so<00:00:48.399> um<00:00:48.600> the<00:00:48.760> goal<00:00:48.960> of<00:00:49.120> the<00:00:49.320> lab<00:00:49.760> is 00:00:49.990 --> 00:00:50.000 align:start position:0% conducting so um the goal of the lab is 00:00:50.000 --> 00:00:52.349 align:start position:0% conducting so um the goal of the lab is to<00:00:50.360> explore<00:00:50.960> blockchain 00:00:52.349 --> 00:00:52.359 align:start position:0% to explore blockchain 00:00:52.359 --> 00:00:55.790 align:start position:0% to explore blockchain technology<00:00:53.359> we<00:00:53.520> have<00:00:53.760> defined<00:00:54.280> a<00:00:54.480> set<00:00:54.680> of<00:00:54.879> use 00:00:55.790 --> 00:00:55.800 align:start position:0% technology we have defined a set of use 00:00:55.800 --> 00:00:58.869 align:start position:0% technology we have defined a set of use cases<00:00:56.800> and<00:00:57.280> um<00:00:57.399> we<00:00:57.520> are<00:00:57.680> going<00:00:57.920> to<00:00:58.359> apply 00:00:58.869 --> 00:00:58.879 align:start position:0% cases and um we are going to apply 00:00:58.879 --> 00:01:00.750 align:start position:0% cases and um we are going to apply blockchain<00:00:59.440> technology 00:01:00.750 --> 00:01:00.760 align:start position:0% blockchain technology 00:01:00.760 --> 00:01:04.310 align:start position:0% blockchain technology and<00:01:01.039> evaluate<00:01:01.960> um<00:01:02.239> how<00:01:03.039> we<00:01:03.199> can<00:01:03.480> we<00:01:03.600> can<00:01:03.840> best 00:01:04.310 --> 00:01:04.320 align:start position:0% and evaluate um how we can we can best 00:01:04.320 --> 00:01:07.270 align:start position:0% and evaluate um how we can we can best um<00:01:04.519> make<00:01:04.760> use<00:01:05.159> for<00:01:05.360> the<00:01:05.560> bank<00:01:05.920> and<00:01:06.119> for<00:01:06.360> our 00:01:07.270 --> 00:01:07.280 align:start position:0% um make use for the bank and for our 00:01:07.280 --> 00:01:10.950 align:start position:0% um make use for the bank and for our customers<00:01:08.280> so<00:01:08.799> uh<00:01:08.920> most<00:01:09.119> of<00:01:09.280> the<00:01:09.439> work<00:01:09.720> we<00:01:09.960> do 00:01:10.950 --> 00:01:10.960 align:start position:0% customers so uh most of the work we do 00:01:10.960 --> 00:01:13.830 align:start position:0% customers so uh most of the work we do is<00:01:11.200> actually<00:01:11.600> learn<00:01:12.080> and<00:01:12.360> listen<00:01:13.360> so<00:01:13.560> we<00:01:13.680> are 00:01:13.830 --> 00:01:13.840 align:start position:0% is actually learn and listen so we are 00:01:13.840 --> 00:01:17.070 align:start position:0% is actually learn and listen so we are talking<00:01:14.240> to<00:01:14.479> a<00:01:14.680> lot<00:01:14.920> of<00:01:15.880> solution<00:01:16.400> providers 00:01:17.070 --> 00:01:17.080 align:start position:0% talking to a lot of solution providers 00:01:17.080 --> 00:01:20.749 align:start position:0% talking to a lot of solution providers to<00:01:17.280> a<00:01:17.400> lot<00:01:17.520> of<00:01:18.119> developers<00:01:19.119> a<00:01:19.320> lot<00:01:19.560> of<00:01:20.159> software 00:01:20.749 --> 00:01:20.759 align:start position:0% to a lot of developers a lot of software 00:01:20.759 --> 00:01:24.710 align:start position:0% to a lot of developers a lot of software vendors<00:01:21.759> and<00:01:22.320> um<00:01:22.600> other<00:01:23.280> partners<00:01:24.280> we<00:01:24.479> also 00:01:24.710 --> 00:01:24.720 align:start position:0% vendors and um other partners we also 00:01:24.720 --> 00:01:26.230 align:start position:0% vendors and um other partners we also doing<00:01:25.000> a<00:01:25.119> lot<00:01:25.280> of 00:01:26.230 --> 00:01:26.240 align:start position:0% doing a lot of 00:01:26.240 --> 00:01:28.670 align:start position:0% doing a lot of Education<00:01:27.240> most<00:01:27.479> of<00:01:27.600> the<00:01:27.759> education<00:01:28.240> is<00:01:28.400> done 00:01:28.670 --> 00:01:28.680 align:start position:0% Education most of the education is done 00:01:28.680 --> 00:01:31.069 align:start position:0% Education most of the education is done internally<00:01:29.680> but<00:01:29.880> but<00:01:30.000> we're<00:01:30.159> also<00:01:30.360> talking<00:01:30.720> to 00:01:31.069 --> 00:01:31.079 align:start position:0% internally but but we're also talking to 00:01:31.079 --> 00:01:33.749 align:start position:0% internally but but we're also talking to to<00:01:31.280> other<00:01:31.560> financial<00:01:32.399> institutions<00:01:33.399> we<00:01:33.520> are 00:01:33.749 --> 00:01:33.759 align:start position:0% to other financial institutions we are 00:01:33.759 --> 00:01:35.870 align:start position:0% to other financial institutions we are part<00:01:33.960> of<00:01:34.159> the<00:01:34.399> rri<00:01:35.040> Consortium<00:01:35.720> the 00:01:35.870 --> 00:01:35.880 align:start position:0% part of the rri Consortium the 00:01:35.880 --> 00:01:37.310 align:start position:0% part of the rri Consortium the distributed<00:01:36.399> Ledger 00:01:37.310 --> 00:01:37.320 align:start position:0% distributed Ledger 00:01:37.320 --> 00:01:41.429 align:start position:0% distributed Ledger group<00:01:38.320> and<00:01:38.520> we<00:01:38.680> also<00:01:39.000> talk<00:01:39.640> to<00:01:40.640> infrastructure 00:01:41.429 --> 00:01:41.439 align:start position:0% group and we also talk to infrastructure 00:01:41.439 --> 00:01:44.749 align:start position:0% group and we also talk to infrastructure providers<00:01:42.320> central<00:01:42.759> banks<00:01:43.479> um<00:01:43.759> governments 00:01:44.749 --> 00:01:44.759 align:start position:0% providers central banks um governments 00:01:44.759 --> 00:01:45.550 align:start position:0% providers central banks um governments um 00:01:45.550 --> 00:01:45.560 align:start position:0% um 00:01:45.560 --> 00:01:48.469 align:start position:0% um Regulators<00:01:46.560> um<00:01:46.759> because<00:01:47.119> we<00:01:47.320> we<00:01:47.479> all<00:01:47.680> want<00:01:47.880> to 00:01:48.469 --> 00:01:48.479 align:start position:0% Regulators um because we we all want to 00:01:48.479 --> 00:01:50.350 align:start position:0% Regulators um because we we all want to understand<00:01:48.840> how<00:01:49.119> can<00:01:49.320> we<00:01:49.560> best<00:01:49.880> apply 00:01:50.350 --> 00:01:50.360 align:start position:0% understand how can we best apply 00:01:50.360 --> 00:01:52.709 align:start position:0% understand how can we best apply blockchain<00:01:50.880> technology<00:01:51.600> to 00:01:52.709 --> 00:01:52.719 align:start position:0% blockchain technology to 00:01:52.719 --> 00:01:54.870 align:start position:0% blockchain technology to finance 00:01:54.870 --> 00:01:54.880 align:start position:0% finance 00:01:54.880 --> 00:01:59.830 align:start position:0% finance so<00:01:55.880> um<00:01:56.799> we<00:01:56.920> are<00:01:57.119> very<00:01:57.439> committed<00:01:58.079> to<00:01:58.960> um 00:01:59.830 --> 00:01:59.840 align:start position:0% so um we are very committed to um 00:01:59.840 --> 00:02:02.469 align:start position:0% so um we are very committed to um enabling<00:02:00.560> developing<00:02:01.320> and<00:02:01.600> promoting<00:02:02.079> Open 00:02:02.469 --> 00:02:02.479 align:start position:0% enabling developing and promoting Open 00:02:02.479 --> 00:02:04.709 align:start position:0% enabling developing and promoting Open Standards<00:02:03.439> and<00:02:03.560> so<00:02:03.759> that's<00:02:04.000> why<00:02:04.159> we<00:02:04.439> like 00:02:04.709 --> 00:02:04.719 align:start position:0% Standards and so that's why we like 00:02:04.719 --> 00:02:07.950 align:start position:0% Standards and so that's why we like ethereum<00:02:05.360> so<00:02:05.600> much<00:02:06.119> it's<00:02:06.280> a<00:02:06.799> very<00:02:07.320> nice<00:02:07.680> very 00:02:07.950 --> 00:02:07.960 align:start position:0% ethereum so much it's a very nice very 00:02:07.960 --> 00:02:10.830 align:start position:0% ethereum so much it's a very nice very good<00:02:08.160> open<00:02:08.479> standard<00:02:09.280> a<00:02:09.520> powerful<00:02:10.119> technology 00:02:10.830 --> 00:02:10.840 align:start position:0% good open standard a powerful technology 00:02:10.840 --> 00:02:13.710 align:start position:0% good open standard a powerful technology that<00:02:11.000> we<00:02:11.120> can<00:02:11.319> use<00:02:12.120> we<00:02:12.319> like<00:02:12.599> the<00:02:12.800> flexibility 00:02:13.710 --> 00:02:13.720 align:start position:0% that we can use we like the flexibility 00:02:13.720 --> 00:02:16.229 align:start position:0% that we can use we like the flexibility that<00:02:13.879> it<00:02:14.080> provides<00:02:14.599> so<00:02:14.760> we<00:02:14.920> can<00:02:15.239> basically 00:02:16.229 --> 00:02:16.239 align:start position:0% that it provides so we can basically 00:02:16.239 --> 00:02:18.750 align:start position:0% that it provides so we can basically Implement<00:02:17.080> arbitrary<00:02:17.879> complex<00:02:18.360> business 00:02:18.750 --> 00:02:18.760 align:start position:0% Implement arbitrary complex business 00:02:18.760 --> 00:02:21.710 align:start position:0% Implement arbitrary complex business logic<00:02:19.319> we<00:02:19.480> can<00:02:19.720> put<00:02:20.519> um<00:02:20.720> a<00:02:20.840> lot<00:02:21.000> of<00:02:21.280> different 00:02:21.710 --> 00:02:21.720 align:start position:0% logic we can put um a lot of different 00:02:21.720 --> 00:02:25.190 align:start position:0% logic we can put um a lot of different types<00:02:22.000> of<00:02:22.239> assets<00:02:22.599> on<00:02:22.800> the<00:02:23.280> blockchain<00:02:24.280> and<00:02:24.840> um 00:02:25.190 --> 00:02:25.200 align:start position:0% types of assets on the blockchain and um 00:02:25.200 --> 00:02:28.190 align:start position:0% types of assets on the blockchain and um model<00:02:25.760> whole<00:02:26.120> life<00:02:26.560> cycles<00:02:27.000> of<00:02:27.280> financial 00:02:28.190 --> 00:02:28.200 align:start position:0% model whole life cycles of financial 00:02:28.200 --> 00:02:31.070 align:start position:0% model whole life cycles of financial instruments<00:02:29.200> and<00:02:29.400> we<00:02:29.519> will<00:02:29.920> see<00:02:30.080> in<00:02:30.239> a<00:02:30.640> in<00:02:30.720> a 00:02:31.070 --> 00:02:31.080 align:start position:0% instruments and we will see in a in a 00:02:31.080 --> 00:02:33.869 align:start position:0% instruments and we will see in a in a minute<00:02:32.080> uh<00:02:32.239> one<00:02:32.440> of<00:02:32.680> the<00:02:33.280> one<00:02:33.440> of<00:02:33.599> the 00:02:33.869 --> 00:02:33.879 align:start position:0% minute uh one of the one of the 00:02:33.879 --> 00:02:36.190 align:start position:0% minute uh one of the one of the experiments<00:02:34.680> the<00:02:34.959> actually<00:02:35.440> the<00:02:35.599> earliest 00:02:36.190 --> 00:02:36.200 align:start position:0% experiments the actually the earliest 00:02:36.200 --> 00:02:38.150 align:start position:0% experiments the actually the earliest the<00:02:36.319> first<00:02:36.720> experiments<00:02:37.360> that<00:02:37.480> we<00:02:37.640> did<00:02:37.879> in<00:02:38.000> the 00:02:38.150 --> 00:02:38.160 align:start position:0% the first experiments that we did in the 00:02:38.160 --> 00:02:39.550 align:start position:0% the first experiments that we did in the lab<00:02:38.480> with 00:02:39.550 --> 00:02:39.560 align:start position:0% lab with 00:02:39.560 --> 00:02:41.270 align:start position:0% lab with etherum 00:02:41.270 --> 00:02:41.280 align:start position:0% etherum 00:02:41.280 --> 00:02:44.910 align:start position:0% etherum and<00:02:42.280> I<00:02:42.480> I<00:02:42.599> just<00:02:43.040> uh<00:02:43.159> want<00:02:43.440> to<00:02:43.760> go<00:02:44.040> quickly<00:02:44.440> into 00:02:44.910 --> 00:02:44.920 align:start position:0% and I I just uh want to go quickly into 00:02:44.920 --> 00:02:47.350 align:start position:0% and I I just uh want to go quickly into the<00:02:45.239> the<00:02:45.440> benefits<00:02:46.159> that<00:02:46.280> we<00:02:46.440> see<00:02:46.720> or<00:02:46.959> some<00:02:47.159> of 00:02:47.350 --> 00:02:47.360 align:start position:0% the the benefits that we see or some of 00:02:47.360 --> 00:02:49.190 align:start position:0% the the benefits that we see or some of the<00:02:47.640> some<00:02:47.800> of<00:02:47.959> the<00:02:48.080> early<00:02:48.400> learnings<00:02:48.959> that<00:02:49.080> we 00:02:49.190 --> 00:02:49.200 align:start position:0% the some of the early learnings that we 00:02:49.200 --> 00:02:51.790 align:start position:0% the some of the early learnings that we are<00:02:49.400> taking<00:02:49.800> from<00:02:50.080> this<00:02:50.360> so<00:02:51.120> it's<00:02:51.280> a<00:02:51.519> it's<00:02:51.599> a 00:02:51.790 --> 00:02:51.800 align:start position:0% are taking from this so it's a it's a 00:02:51.800 --> 00:02:54.949 align:start position:0% are taking from this so it's a it's a very<00:02:52.200> nent<00:02:52.879> technology<00:02:53.879> yeah<00:02:54.120> so<00:02:54.680> we<00:02:54.800> are 00:02:54.949 --> 00:02:54.959 align:start position:0% very nent technology yeah so we are 00:02:54.959 --> 00:02:58.149 align:start position:0% very nent technology yeah so we are still<00:02:55.159> in<00:02:55.319> a<00:02:55.519> in<00:02:55.599> a<00:02:55.800> very<00:02:56.040> early<00:02:56.640> phase<00:02:57.640> and<00:02:57.959> I 00:02:58.149 --> 00:02:58.159 align:start position:0% still in a in a very early phase and I 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align:start position:0% talks um that he said um we we need to implement<00:03:05.799> in<00:03:05.959> order<00:03:06.280> to<00:03:06.879> understand<00:03:07.159> the 00:03:07.270 --> 00:03:07.280 align:start position:0% implement in order to understand the 00:03:07.280 --> 00:03:09.869 align:start position:0% implement in order to understand the full<00:03:07.720> potential<00:03:08.200> of<00:03:08.400> this<00:03:08.640> technology<00:03:09.599> and<00:03:09.760> we 00:03:09.869 --> 00:03:09.879 align:start position:0% full potential of this technology and we 00:03:09.879 --> 00:03:12.430 align:start position:0% full potential of this technology and we need<00:03:10.200> to<00:03:10.560> to<00:03:10.760> play<00:03:11.120> around<00:03:11.480> with<00:03:11.640> it<00:03:11.920> in<00:03:12.159> in<00:03:12.319> in 00:03:12.430 --> 00:03:12.440 align:start position:0% need to to play around with it in in in 00:03:12.440 --> 00:03:14.789 align:start position:0% need to to play around with it in in in order<00:03:12.720> to<00:03:12.920> to<00:03:13.080> get<00:03:13.200> a<00:03:13.360> feeling<00:03:13.760> for<00:03:14.360> what<00:03:14.519> is 00:03:14.789 --> 00:03:14.799 align:start position:0% order to to get a feeling for what is 00:03:14.799 --> 00:03:16.949 align:start position:0% order to to get a feeling for what is possible<00:03:15.200> in<00:03:15.319> the<00:03:15.480> future<00:03:16.319> and<00:03:16.519> I've<00:03:16.760> I've 00:03:16.949 --> 00:03:16.959 align:start position:0% possible in the future and I've I've 00:03:16.959 --> 00:03:18.830 align:start position:0% possible in the future and I've I've just<00:03:17.319> um<00:03:17.799> shortly<00:03:18.239> followed<00:03:18.640> the 00:03:18.830 --> 00:03:18.840 align:start position:0% just um shortly followed the 00:03:18.840 --> 00:03:21.229 align:start position:0% just um shortly followed the presentations<00:03:19.640> before<00:03:20.319> I<00:03:20.400> mean<00:03:20.640> obviously<00:03:21.120> we 00:03:21.229 --> 00:03:21.239 align:start position:0% presentations before I mean obviously we 00:03:21.239 --> 00:03:23.309 align:start position:0% presentations before I mean obviously we are<00:03:21.440> still<00:03:21.760> part<00:03:22.239> um<00:03:22.400> if<00:03:22.519> you<00:03:22.680> remember<00:03:23.120> this 00:03:23.309 --> 00:03:23.319 align:start position:0% are still part um if you remember this 00:03:23.319 --> 00:03:25.509 align:start position:0% are still part um if you remember this this<00:03:23.480> layered<00:03:24.000> thing<00:03:24.440> we<00:03:24.599> are<00:03:24.720> still<00:03:24.959> part<00:03:25.319> of 00:03:25.509 --> 00:03:25.519 align:start position:0% this layered thing we are still part of 00:03:25.519 --> 00:03:28.830 align:start position:0% this layered thing we are still part of the<00:03:25.760> of<00:03:25.879> the<00:03:26.040> lower<00:03:26.879> um<00:03:27.879> uh<00:03:28.000> of<00:03:28.120> the<00:03:28.280> lower 00:03:28.830 --> 00:03:28.840 align:start position:0% the of the lower um uh of the lower 00:03:28.840 --> 00:03:31.309 align:start position:0% the of the lower um uh of the lower sphere<00:03:29.439> with<00:03:29.959> the<00:03:30.120> with<00:03:30.280> all<00:03:30.400> the<00:03:30.599> regulations 00:03:31.309 --> 00:03:31.319 align:start position:0% sphere with the with all the regulations 00:03:31.319 --> 00:03:33.630 align:start position:0% sphere with the with all the regulations and<00:03:31.519> all<00:03:31.680> the<00:03:31.840> jurisdictions<00:03:32.640> in<00:03:32.840> place<00:03:33.480> but 00:03:33.630 --> 00:03:33.640 align:start position:0% and all the jurisdictions in place but 00:03:33.640 --> 00:03:35.229 align:start position:0% and all the jurisdictions in place but we<00:03:33.799> definitely<00:03:34.200> see<00:03:34.439> there<00:03:34.560> is<00:03:34.680> a<00:03:34.879> lot<00:03:35.040> of 00:03:35.229 --> 00:03:35.239 align:start position:0% we definitely see there is a lot of 00:03:35.239 --> 00:03:37.830 align:start position:0% we definitely see there is a lot of innovation<00:03:35.840> coming<00:03:36.200> towards<00:03:36.680> us<00:03:37.319> and<00:03:37.480> we<00:03:37.599> are 00:03:37.830 --> 00:03:37.840 align:start position:0% innovation coming towards us and we are 00:03:37.840 --> 00:03:39.990 align:start position:0% innovation coming towards us and we are here<00:03:37.959> to<00:03:38.159> learn<00:03:38.760> and<00:03:38.920> we<00:03:39.040> are<00:03:39.239> here<00:03:39.480> to<00:03:39.640> share 00:03:39.990 --> 00:03:40.000 align:start position:0% here to learn and we are here to share 00:03:40.000 --> 00:03:42.990 align:start position:0% here to learn and we are here to share with<00:03:40.120> you<00:03:40.400> what<00:03:40.560> we<00:03:40.720> did<00:03:41.519> so<00:03:42.120> um<00:03:42.519> the<00:03:42.680> first 00:03:42.990 --> 00:03:43.000 align:start position:0% with you what we did so um the first 00:03:43.000 --> 00:03:44.949 align:start position:0% with you what we did so um the first experiment<00:03:43.840> um<00:03:43.959> we<00:03:44.080> did<00:03:44.239> in<00:03:44.360> that<00:03:44.560> space<00:03:44.799> is 00:03:44.949 --> 00:03:44.959 align:start position:0% experiment um we did in that space is 00:03:44.959 --> 00:03:49.309 align:start position:0% experiment um we did in that space is smart<00:03:45.280> bonds<00:03:46.239> actually<00:03:46.519> we<00:03:47.159> could<00:03:48.159> yeah<00:03:48.400> so 00:03:49.309 --> 00:03:49.319 align:start position:0% smart bonds actually we could yeah so 00:03:49.319 --> 00:03:52.270 align:start position:0% smart bonds actually we could yeah so smart<00:03:49.680> bonds<00:03:50.519> who<00:03:50.760> who<00:03:50.920> of<00:03:51.080> you<00:03:51.319> knows<00:03:51.879> um<00:03:52.079> how 00:03:52.270 --> 00:03:52.280 align:start position:0% smart bonds who who of you knows um how 00:03:52.280 --> 00:03:54.149 align:start position:0% smart bonds who who of you knows um how a<00:03:52.480> bond 00:03:54.149 --> 00:03:54.159 align:start position:0% a bond 00:03:54.159 --> 00:03:57.149 align:start position:0% a bond works<00:03:55.159> all<00:03:55.319> right<00:03:55.560> so<00:03:56.120> then<00:03:56.360> maybe<00:03:56.680> just<00:03:56.920> just 00:03:57.149 --> 00:03:57.159 align:start position:0% works all right so then maybe just just 00:03:57.159 --> 00:04:00.030 align:start position:0% works all right so then maybe just just very<00:03:57.360> quickly<00:03:57.680> a<00:03:57.840> bond<00:03:58.079> is<00:03:58.200> a<00:03:58.959> a<00:03:59.079> basic<00:03:59.360> form<00:03:59.879> um 00:04:00.030 --> 00:04:00.040 align:start position:0% very quickly a bond is a a basic form um 00:04:00.040 --> 00:04:03.869 align:start position:0% very quickly a bond is a a basic form um of<00:04:00.159> a<00:04:00.319> loan<00:04:00.799> so<00:04:01.000> you<00:04:01.239> have<00:04:02.079> um<00:04:02.280> an<00:04:02.519> issuer<00:04:03.519> uh<00:04:03.640> on 00:04:03.869 --> 00:04:03.879 align:start position:0% of a loan so you have um an issuer uh on 00:04:03.879 --> 00:04:06.710 align:start position:0% of a loan so you have um an issuer uh on one<00:04:04.400> on<00:04:04.599> on<00:04:04.799> one<00:04:05.040> side<00:04:05.200> on<00:04:05.360> the<00:04:05.519> left<00:04:05.879> side<00:04:06.519> who 00:04:06.710 --> 00:04:06.720 align:start position:0% one on on one side on the left side who 00:04:06.720 --> 00:04:08.789 align:start position:0% one on on one side on the left side who issues<00:04:07.159> the<00:04:07.319> bond<00:04:07.799> that's<00:04:08.040> typically<00:04:08.560> a 00:04:08.789 --> 00:04:08.799 align:start position:0% issues the bond that's typically a 00:04:08.799 --> 00:04:11.509 align:start position:0% issues the bond that's typically a company<00:04:09.400> or<00:04:09.879> an<00:04:10.079> organization<00:04:10.879> or<00:04:11.079> a 00:04:11.509 --> 00:04:11.519 align:start position:0% company or an organization or a 00:04:11.519 --> 00:04:14.069 align:start position:0% company or an organization or a government<00:04:12.519> um<00:04:12.680> that<00:04:12.799> needs<00:04:13.040> to<00:04:13.239> raise<00:04:13.560> funds 00:04:14.069 --> 00:04:14.079 align:start position:0% government um that needs to raise funds 00:04:14.079 --> 00:04:16.069 align:start position:0% government um that needs to raise funds they<00:04:14.200> need<00:04:14.400> to<00:04:14.680> finance<00:04:15.120> their<00:04:15.319> operations 00:04:16.069 --> 00:04:16.079 align:start position:0% they need to finance their operations 00:04:16.079 --> 00:04:18.670 align:start position:0% they need to finance their operations they<00:04:16.239> need<00:04:16.440> to<00:04:16.959> uh<00:04:17.079> Finance<00:04:17.519> their<00:04:17.720> business 00:04:18.670 --> 00:04:18.680 align:start position:0% they need to uh Finance their business 00:04:18.680 --> 00:04:20.670 align:start position:0% they need to uh Finance their business and<00:04:18.799> on<00:04:18.959> the<00:04:19.079> other<00:04:19.359> hand<00:04:19.959> uh<00:04:20.160> on<00:04:20.280> the<00:04:20.400> other 00:04:20.670 --> 00:04:20.680 align:start position:0% and on the other hand uh on the other 00:04:20.680 --> 00:04:22.950 align:start position:0% and on the other hand uh on the other side<00:04:20.880> you<00:04:21.079> have<00:04:21.400> investors<00:04:22.199> you<00:04:22.320> have<00:04:22.800> the 00:04:22.950 --> 00:04:22.960 align:start position:0% side you have investors you have the 00:04:22.960 --> 00:04:25.510 align:start position:0% side you have investors you have the buyer<00:04:23.320> of<00:04:23.440> a<00:04:23.680> bond<00:04:24.440> that's<00:04:24.720> typically 00:04:25.510 --> 00:04:25.520 align:start position:0% buyer of a bond that's typically 00:04:25.520 --> 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in<00:04:34.360> between<00:04:34.800> you<00:04:34.960> have<00:04:35.120> a<00:04:35.360> whole 00:04:35.710 --> 00:04:35.720 align:start position:0% uh model in between you have a whole 00:04:35.720 --> 00:04:39.469 align:start position:0% uh model in between you have a whole bunch<00:04:36.240> of<00:04:37.039> intermediaries<00:04:38.039> of<00:04:38.320> trusted<00:04:38.919> third 00:04:39.469 --> 00:04:39.479 align:start position:0% bunch of intermediaries of trusted third 00:04:39.479 --> 00:04:42.670 align:start position:0% bunch of intermediaries of trusted third parties<00:04:40.400> you<00:04:40.560> have<00:04:40.800> Central<00:04:41.680> counterparties 00:04:42.670 --> 00:04:42.680 align:start position:0% parties you have Central counterparties 00:04:42.680 --> 00:04:45.189 align:start position:0% parties you have Central counterparties you<00:04:42.880> have<00:04:43.320> uh<00:04:43.479> Central<00:04:44.000> Securities 00:04:45.189 --> 00:04:45.199 align:start position:0% you have uh Central Securities 00:04:45.199 --> 00:04:48.430 align:start position:0% you have uh Central Securities depositories<00:04:46.199> you<00:04:46.440> have<00:04:46.880> custodian<00:04:47.639> Banks 00:04:48.430 --> 00:04:48.440 align:start position:0% depositories you have custodian Banks 00:04:48.440 --> 00:04:51.390 align:start position:0% depositories you have custodian Banks actually<00:04:48.720> it's<00:04:48.960> layers<00:04:49.479> on<00:04:49.800> layers<00:04:50.320> of 00:04:51.390 --> 00:04:51.400 align:start position:0% actually it's layers on layers of 00:04:51.400 --> 00:04:53.990 align:start position:0% actually it's layers on layers of intermediation<00:04:52.400> and<00:04:52.680> we<00:04:52.840> think<00:04:53.280> uh<00:04:53.440> bonds<00:04:53.800> are 00:04:53.990 --> 00:04:54.000 align:start position:0% intermediation and we think uh bonds are 00:04:54.000 --> 00:04:57.189 align:start position:0% intermediation and we think uh bonds are a<00:04:54.199> very<00:04:54.720> good<00:04:55.160> um<00:04:55.479> example<00:04:56.000> to<00:04:56.199> show<00:04:56.960> the 00:04:57.189 --> 00:04:57.199 align:start position:0% a very good um example to show the 00:04:57.199 --> 00:04:58.909 align:start position:0% a very good um example to show the benefits<00:04:57.680> and<00:04:57.880> the<00:04:58.080> potential<00:04:58.560> of<00:04:58.680> a 00:04:58.909 --> 00:04:58.919 align:start position:0% benefits and the potential of a 00:04:58.919 --> 00:05:01.310 align:start position:0% benefits and the potential of a technology<00:04:59.680> that<00:04:59.800> is<00:05:00.000> here<00:05:00.320> to<00:05:00.639> dis 00:05:01.310 --> 00:05:01.320 align:start position:0% technology that is here to dis 00:05:01.320 --> 00:05:04.670 align:start position:0% technology that is here to dis intermediate<00:05:02.320> yeah<00:05:02.560> and<00:05:02.680> to<00:05:03.280> replace<00:05:04.120> those 00:05:04.670 --> 00:05:04.680 align:start position:0% intermediate yeah and to replace those 00:05:04.680 --> 00:05:07.670 align:start position:0% intermediate yeah and to replace those Central<00:05:05.320> trusted<00:05:06.000> parties<00:05:06.919> with<00:05:07.160> something 00:05:07.670 --> 00:05:07.680 align:start position:0% Central trusted parties with something 00:05:07.680 --> 00:05:10.950 align:start position:0% Central trusted parties with something else<00:05:08.680> and<00:05:08.840> that's<00:05:09.120> software<00:05:10.039> actually<00:05:10.639> we<00:05:10.840> we 00:05:10.950 --> 00:05:10.960 align:start position:0% else and that's software actually we we 00:05:10.960 --> 00:05:14.070 align:start position:0% else and that's software actually we we can<00:05:11.199> show<00:05:11.840> in<00:05:12.120> our<00:05:12.479> proof<00:05:12.759> of<00:05:13.000> concept<00:05:13.800> that<00:05:13.960> we 00:05:14.070 --> 00:05:14.080 align:start position:0% can show in our proof of concept that we 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but<00:05:22.720> um<00:05:22.840> it's<00:05:23.039> actually 00:05:23.309 --> 00:05:23.319 align:start position:0% comforting thought but um it's actually 00:05:23.319 --> 00:05:26.469 align:start position:0% comforting thought but um it's actually very<00:05:23.800> very<00:05:24.039> interesting<00:05:24.880> um<00:05:25.639> to<00:05:25.759> see<00:05:26.039> that<00:05:26.199> in 00:05:26.469 --> 00:05:26.479 align:start position:0% very very interesting um to see that in 00:05:26.479 --> 00:05:28.469 align:start position:0% very very interesting um to see that in action<00:05:27.160> and<00:05:27.319> that's<00:05:27.520> what<00:05:27.680> Ian<00:05:27.960> is<00:05:28.080> going<00:05:28.319> to 00:05:28.469 --> 00:05:28.479 align:start position:0% action and that's what Ian is going to 00:05:28.479 --> 00:05:32.510 align:start position:0% action and that's what Ian is going to show<00:05:28.759> us<00:05:29.160> so<00:05:29.639> Ian<00:05:29.960> please<00:05:30.680> um<00:05:31.680> show<00:05:31.919> us<00:05:32.120> what<00:05:32.280> we 00:05:32.510 --> 00:05:32.520 align:start position:0% show us so Ian please um show us what we 00:05:32.520 --> 00:05:35.950 align:start position:0% show us so Ian please um show us what we did<00:05:33.520> thank<00:05:33.639> you<00:05:33.800> Stefan<00:05:34.360> so<00:05:34.720> yes<00:05:34.880> so<00:05:35.240> Ian<00:05:35.479> Cen 00:05:35.950 --> 00:05:35.960 align:start position:0% did thank you Stefan so yes so Ian Cen 00:05:35.960 --> 00:05:37.710 align:start position:0% did thank you Stefan so yes so Ian Cen I'm<00:05:36.160> I'm<00:05:36.240> a<00:05:36.400> technologist<00:05:36.960> in<00:05:37.160> in<00:05:37.240> the<00:05:37.319> crypto 00:05:37.710 --> 00:05:37.720 align:start position:0% I'm I'm a technologist in in the crypto 00:05:37.720 --> 00:05:41.110 align:start position:0% I'm I'm a technologist in in the crypto lab<00:05:38.240> as<00:05:38.360> Stefan<00:05:38.720> has<00:05:39.199> has<00:05:39.400> indicated<00:05:40.400> um<00:05:40.720> I<00:05:40.919> I'm 00:05:41.110 --> 00:05:41.120 align:start position:0% lab as Stefan has has indicated um I I'm 00:05:41.120 --> 00:05:43.309 align:start position:0% lab as Stefan has has indicated um I I'm I'm<00:05:41.240> the<00:05:41.319> one<00:05:41.440> who<00:05:41.600> got<00:05:41.720> to<00:05:41.919> play<00:05:42.720> um<00:05:43.080> we<00:05:43.199> we 00:05:43.309 --> 00:05:43.319 align:start position:0% I'm the one who got to play um we we 00:05:43.319 --> 00:05:44.189 align:start position:0% I'm the one who got to play um we we call<00:05:43.440> them 00:05:44.189 --> 00:05:44.199 align:start position:0% call them 00:05:44.199 --> 00:05:47.550 align:start position:0% call them experiments<00:05:45.199> but<00:05:45.319> it's<00:05:45.639> it's<00:05:45.880> it's<00:05:46.080> fun<00:05:47.080> so 00:05:47.550 --> 00:05:47.560 align:start position:0% experiments but it's it's it's fun so 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00:06:00.309 align:start position:0% we've got a fair fairly small set of contracts<00:05:58.120> to<00:05:58.400> to<00:05:58.560> implement<00:05:58.960> the<00:05:59.080> platform 00:06:00.309 --> 00:06:00.319 align:start position:0% contracts to to implement the platform 00:06:00.319 --> 00:06:02.830 align:start position:0% contracts to to implement the platform for<00:06:00.520> for<00:06:00.639> the<00:06:00.720> experement<00:06:01.720> um<00:06:02.120> contracts 00:06:02.830 --> 00:06:02.840 align:start position:0% for for the experement um contracts 00:06:02.840 --> 00:06:04.070 align:start position:0% for for the experement um contracts you'd<00:06:03.039> look<00:06:03.240> if<00:06:03.319> you<00:06:03.440> looked<00:06:03.639> at<00:06:03.759> them<00:06:03.880> you'd 00:06:04.070 --> 00:06:04.080 align:start position:0% you'd look if you looked at them you'd 00:06:04.080 --> 00:06:05.589 align:start position:0% you'd look if you looked at them you'd say<00:06:04.280> they're<00:06:04.479> they're<00:06:04.680> rather 00:06:05.589 --> 00:06:05.599 align:start position:0% say they're they're rather 00:06:05.599 --> 00:06:08.070 align:start position:0% say they're they're rather monolithic<00:06:06.599> um<00:06:07.039> you<00:06:07.160> know<00:06:07.560> we<00:06:07.680> know<00:06:07.880> there's 00:06:08.070 --> 00:06:08.080 align:start position:0% monolithic um you know we know there's 00:06:08.080 --> 00:06:09.990 align:start position:0% monolithic um you know we know there's there's<00:06:08.240> work<00:06:08.400> to<00:06:08.520> be<00:06:08.639> done<00:06:09.120> in<00:06:09.280> that<00:06:09.479> space 00:06:09.990 --> 00:06:10.000 align:start position:0% there's work to be done in that space 00:06:10.000 --> 00:06:11.950 align:start position:0% there's work to be done in that space But<00:06:10.360> but<00:06:10.560> fundamentally<00:06:11.280> we<00:06:11.440> have<00:06:11.680> the<00:06:11.880> the 00:06:11.950 --> 00:06:11.960 align:start position:0% But but fundamentally we have the the 00:06:11.960 --> 00:06:14.150 align:start position:0% But but fundamentally we have the the main<00:06:12.160> Bond<00:06:12.560> contract<00:06:13.560> which<00:06:13.680> is<00:06:14.000> the 00:06:14.150 --> 00:06:14.160 align:start position:0% main Bond contract which is the 00:06:14.160 --> 00:06:15.870 align:start position:0% main Bond contract which is the effectively<00:06:14.520> the<00:06:14.840> arbiture<00:06:15.280> of<00:06:15.360> all<00:06:15.520> the 00:06:15.870 --> 00:06:15.880 align:start position:0% effectively the arbiture of all the 00:06:15.880 --> 00:06:19.510 align:start position:0% effectively the arbiture of all the actions<00:06:16.880> we<00:06:17.039> we<00:06:17.160> then<00:06:17.319> have<00:06:17.560> a<00:06:18.160> a<00:06:18.319> coin<00:06:18.960> so<00:06:19.360> we 00:06:19.510 --> 00:06:19.520 align:start position:0% actions we we then have a a coin so we 00:06:19.520 --> 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position:0% token to allow onchain settlement rather than<00:06:27.199> rather<00:06:27.400> than<00:06:27.520> going<00:06:28.120> offchain<00:06:29.120> so<00:06:29.520> so 00:06:30.150 --> 00:06:30.160 align:start position:0% than rather than going offchain so so 00:06:30.160 --> 00:06:33.589 align:start position:0% than rather than going offchain so so we've<00:06:30.520> we've<00:06:30.680> called<00:06:30.919> our<00:06:31.120> boncoin<00:06:32.400> um<00:06:33.400> maybe 00:06:33.589 --> 00:06:33.599 align:start position:0% we've we've called our boncoin um maybe 00:06:33.599 --> 00:06:35.629 align:start position:0% we've we've called our boncoin um maybe not<00:06:33.720> too<00:06:33.919> imaginative<00:06:34.680> but<00:06:35.000> but<00:06:35.120> it<00:06:35.319> but<00:06:35.520> it 00:06:35.629 --> 00:06:35.639 align:start position:0% not too imaginative but but it but it 00:06:35.639 --> 00:06:39.589 align:start position:0% not too imaginative but but it but it worked<00:06:35.880> for<00:06:35.960> our<00:06:36.319> purposes<00:06:37.319> um<00:06:38.280> we<00:06:38.360> needed<00:06:38.680> to 00:06:39.589 --> 00:06:39.599 align:start position:0% worked for our purposes um we needed to 00:06:39.599 --> 00:06:41.830 align:start position:0% worked for our purposes um we needed to to<00:06:39.880> simulate<00:06:40.280> the<00:06:40.440> concept<00:06:40.919> of<00:06:41.240> of<00:06:41.479> trusted 00:06:41.830 --> 00:06:41.840 align:start position:0% to simulate the concept of of trusted 00:06:41.840 --> 00:06:44.790 align:start position:0% to simulate the concept of of trusted feeds<00:06:42.479> so<00:06:42.680> we<00:06:42.840> have<00:06:42.960> a<00:06:43.120> benchmark<00:06:43.800> contract 00:06:44.790 --> 00:06:44.800 align:start position:0% feeds so we have a benchmark contract 00:06:44.800 --> 00:06:46.749 align:start position:0% feeds so we have a benchmark contract which<00:06:45.080> obviously<00:06:45.440> would<00:06:45.599> be<00:06:45.759> providing<00:06:46.240> rates 00:06:46.749 --> 00:06:46.759 align:start position:0% which obviously would be providing rates 00:06:46.759 --> 00:06:49.909 align:start position:0% which obviously would be providing rates for<00:06:47.240> for<00:06:47.479> floating<00:06:47.919> rate<00:06:48.440> bonds<00:06:49.440> and<00:06:49.639> then<00:06:49.759> we 00:06:49.909 --> 00:06:49.919 align:start position:0% for for floating rate bonds and then we 00:06:49.919 --> 00:06:54.270 align:start position:0% for for floating rate bonds and then we had<00:06:50.160> a<00:06:50.319> a<00:06:50.440> simple<00:06:50.840> registry<00:06:51.840> um<00:06:53.080> which<00:06:54.080> in<00:06:54.160> the 00:06:54.270 --> 00:06:54.280 align:start position:0% had a a simple registry um which in the 00:06:54.280 --> 00:06:56.070 align:start position:0% had a a simple registry um which in the real<00:06:54.479> world<00:06:54.680> scenario<00:06:55.280> you<00:06:55.360> know<00:06:55.680> we<00:06:55.800> need<00:06:55.919> to 00:06:56.070 --> 00:06:56.080 align:start position:0% real world scenario you know we need to 00:06:56.080 --> 00:06:59.070 align:start position:0% real world scenario you know we need to extend<00:06:56.400> to<00:06:56.800> to<00:06:57.080> to<00:06:57.240> create<00:06:57.520> true<00:06:57.919> you<00:06:58.000> know<00:06:58.360> kyc 00:06:59.070 --> 00:06:59.080 align:start position:0% extend to to to create true you know kyc 00:06:59.080 --> 00:07:02.510 align:start position:0% extend to to to create true you know kyc Etc<00:06:59.360> Etc<00:07:00.240> so<00:07:00.800> you<00:07:00.919> know<00:07:01.360> Fair<00:07:01.639> fairly<00:07:01.879> simple 00:07:02.510 --> 00:07:02.520 align:start position:0% Etc Etc so you know Fair fairly simple 00:07:02.520 --> 00:07:04.710 align:start position:0% Etc Etc so you know Fair fairly simple structure<00:07:03.520> um<00:07:04.080> as<00:07:04.160> you<00:07:04.240> can<00:07:04.360> see<00:07:04.520> on<00:07:04.599> the 00:07:04.710 --> 00:07:04.720 align:start position:0% structure um as you can see on the 00:07:04.720 --> 00:07:07.830 align:start position:0% structure um as you can see on the screen<00:07:05.599> so<00:07:06.599> just<00:07:06.720> a<00:07:06.879> few<00:07:07.199> few<00:07:07.479> parties 00:07:07.830 --> 00:07:07.840 align:start position:0% screen so just a few few parties 00:07:07.840 --> 00:07:09.589 align:start position:0% screen so just a few few parties involved<00:07:08.520> but<00:07:08.680> but<00:07:08.800> the<00:07:08.919> primary<00:07:09.199> actors<00:07:09.479> are 00:07:09.589 --> 00:07:09.599 align:start position:0% involved but but the primary actors are 00:07:09.599 --> 00:07:11.070 align:start position:0% involved but but the primary actors are obviously<00:07:09.840> the<00:07:09.919> bond<00:07:10.120> issuer<00:07:10.440> and<00:07:10.520> the<00:07:10.599> bond 00:07:11.070 --> 00:07:11.080 align:start position:0% obviously the bond issuer and the bond 00:07:11.080 --> 00:07:13.469 align:start position:0% obviously the bond issuer and the bond investor<00:07:12.080> um<00:07:12.280> what<00:07:12.400> I'll<00:07:12.520> do<00:07:12.680> now<00:07:12.840> is<00:07:13.039> I<00:07:13.199> I<00:07:13.360> I'll 00:07:13.469 --> 00:07:13.479 align:start position:0% investor um what I'll do now is I I I'll 00:07:13.479 --> 00:07:16.350 align:start position:0% investor um what I'll do now is I I I'll actually<00:07:13.759> walk<00:07:13.960> you<00:07:14.120> through<00:07:14.479> the<00:07:15.039> the<00:07:15.319> demo 00:07:16.350 --> 00:07:16.360 align:start position:0% actually walk you through the the demo 00:07:16.360 --> 00:07:19.670 align:start position:0% actually walk you through the the demo and<00:07:17.360> and<00:07:17.520> fingers<00:07:17.879> crossed<00:07:18.160> at<00:07:18.319> this 00:07:19.670 --> 00:07:19.680 align:start position:0% and and fingers crossed at this 00:07:19.680 --> 00:07:22.710 align:start position:0% and and fingers crossed at this point<00:07:20.720> so<00:07:21.720> so<00:07:21.960> on<00:07:22.039> the<00:07:22.120> screen<00:07:22.360> in<00:07:22.479> front<00:07:22.639> of 00:07:22.710 --> 00:07:22.720 align:start position:0% point so so on the screen in front of 00:07:22.720 --> 00:07:24.990 align:start position:0% point so so on the screen in front of you<00:07:22.879> now<00:07:23.080> is<00:07:23.560> as<00:07:23.639> you<00:07:23.720> can<00:07:23.840> see<00:07:24.240> a<00:07:24.479> very<00:07:24.680> simple 00:07:24.990 --> 00:07:25.000 align:start position:0% you now is as you can see a very simple 00:07:25.000 --> 00:07:27.909 align:start position:0% you now is as you can see a very simple UI<00:07:25.360> we've<00:07:25.520> built<00:07:25.960> to<00:07:26.360> to<00:07:27.000> to<00:07:27.199> demonstrate<00:07:27.759> the 00:07:27.909 --> 00:07:27.919 align:start position:0% UI we've built to to to demonstrate the 00:07:27.919 --> 00:07:29.830 align:start position:0% UI we've built to to to demonstrate the functionality<00:07:28.680> that<00:07:28.840> that<00:07:28.919> we<00:07:29.039> have<00:07:29.120> in 00:07:29.830 --> 00:07:29.840 align:start position:0% functionality that that we have in 00:07:29.840 --> 00:07:31.909 align:start position:0% functionality that that we have in in<00:07:30.000> the<00:07:30.080> smart<00:07:30.319> Bond 00:07:31.909 --> 00:07:31.919 align:start position:0% in the smart Bond 00:07:31.919 --> 00:07:34.070 align:start position:0% in the smart Bond platform<00:07:32.919> um<00:07:33.280> what<00:07:33.440> what<00:07:33.520> we've<00:07:33.680> got<00:07:33.840> on<00:07:33.919> the 00:07:34.070 --> 00:07:34.080 align:start position:0% platform um what what we've got on the 00:07:34.080 --> 00:07:36.950 align:start position:0% platform um what what we've got on the left<00:07:34.319> hand<00:07:34.479> side<00:07:34.680> is<00:07:34.840> the<00:07:35.000> bond<00:07:35.280> issuer<00:07:36.039> um 00:07:36.950 --> 00:07:36.960 align:start position:0% left hand side is the bond issuer um 00:07:36.960 --> 00:07:39.670 align:start position:0% left hand side is the bond issuer um nice<00:07:37.360> nice<00:07:37.560> and<00:07:37.639> orang<00:07:37.960> and<00:07:38.240> and<00:07:38.319> a<00:07:38.479> nice<00:07:38.840> nice 00:07:39.670 --> 00:07:39.680 align:start position:0% nice nice and orang and and a nice nice 00:07:39.680 --> 00:07:42.390 align:start position:0% nice nice and orang and and a nice nice name<00:07:39.960> there<00:07:40.160> issuer<00:07:41.080> and<00:07:41.240> on<00:07:41.560> on<00:07:41.879> on<00:07:42.000> the<00:07:42.160> right 00:07:42.390 --> 00:07:42.400 align:start position:0% name there issuer and on on on the right 00:07:42.400 --> 00:07:46.469 align:start position:0% name there issuer and on on on the right hand<00:07:42.599> side<00:07:42.840> we<00:07:43.000> have<00:07:43.240> the<00:07:43.479> the<00:07:43.599> bond<00:07:44.159> buyer<00:07:45.479> so 00:07:46.469 --> 00:07:46.479 align:start position:0% hand side we have the the bond buyer so 00:07:46.479 --> 00:07:50.110 align:start position:0% hand side we have the the bond buyer so um<00:07:46.639> in<00:07:46.759> this<00:07:46.919> instance<00:07:47.280> we've<00:07:47.479> got<00:07:47.960> eth<00:07:48.960> um<00:07:49.560> PLC 00:07:50.110 --> 00:07:50.120 align:start position:0% um in this instance we've got eth um PLC 00:07:50.120 --> 00:07:52.749 align:start position:0% um in this instance we've got eth um PLC will<00:07:50.280> be<00:07:50.400> issuing<00:07:50.680> the<00:07:50.960> bond<00:07:51.960> and<00:07:52.199> big<00:07:52.400> fund 00:07:52.749 --> 00:07:52.759 align:start position:0% will be issuing the bond and big fund 00:07:52.759 --> 00:07:55.070 align:start position:0% will be issuing the bond and big fund who<00:07:52.840> will<00:07:52.960> be<00:07:53.080> buying<00:07:53.360> the 00:07:55.070 --> 00:07:55.080 align:start position:0% who will be buying the 00:07:55.080 --> 00:07:58.670 align:start position:0% who will be buying the bond<00:07:56.080> so<00:07:57.000> obviously<00:07:57.479> as<00:07:57.599> I<00:07:57.759> said<00:07:58.159> the<00:07:58.319> the<00:07:58.440> ax 00:07:58.670 --> 00:07:58.680 align:start position:0% bond so obviously as I said the the ax 00:07:58.680 --> 00:08:00.070 align:start position:0% bond so obviously as I said the the ax is<00:07:58.800> involved<00:07:59.120> here<00:07:59.440> have<00:07:59.599> gone<00:07:59.759> through<00:07:59.919> a 00:08:00.070 --> 00:08:00.080 align:start position:0% is involved here have gone through a 00:08:00.080 --> 00:08:01.550 align:start position:0% is involved here have gone through a registration<00:08:00.599> so<00:08:00.840> they've<00:08:01.000> got<00:08:01.199> access<00:08:01.440> to 00:08:01.550 --> 00:08:01.560 align:start position:0% registration so they've got access to 00:08:01.560 --> 00:08:04.790 align:start position:0% registration so they've got access to the<00:08:01.840> platform<00:08:02.840> um<00:08:03.039> we<00:08:03.240> ski<00:08:03.520> that 00:08:04.790 --> 00:08:04.800 align:start position:0% the platform um we ski that 00:08:04.800 --> 00:08:07.350 align:start position:0% the platform um we ski that step<00:08:05.800> so<00:08:06.080> so<00:08:06.240> what<00:08:06.319> I'll<00:08:06.479> do<00:08:06.639> now<00:08:06.800> is<00:08:07.000> I<00:08:07.199> I'll 00:08:07.350 --> 00:08:07.360 align:start position:0% step so so what I'll do now is I I'll 00:08:07.360 --> 00:08:09.270 align:start position:0% step so so what I'll do now is I I'll put<00:08:07.520> on<00:08:07.639> the<00:08:07.759> hat<00:08:08.000> of<00:08:08.159> the<00:08:08.400> of<00:08:08.599> the<00:08:08.800> of<00:08:08.919> the<00:08:09.000> bond 00:08:09.270 --> 00:08:09.280 align:start position:0% put on the hat of the of the of the bond 00:08:09.280 --> 00:08:11.350 align:start position:0% put on the hat of the of the of the bond issuer<00:08:09.840> and<00:08:10.080> and<00:08:10.319> now<00:08:10.479> I'm<00:08:10.599> going<00:08:10.680> to<00:08:10.800> create<00:08:11.240> a 00:08:11.350 --> 00:08:11.360 align:start position:0% issuer and and now I'm going to create a 00:08:11.360 --> 00:08:14.110 align:start position:0% issuer and and now I'm going to create a new<00:08:11.520> offer<00:08:12.199> to<00:08:12.400> place<00:08:12.879> into<00:08:13.080> the 00:08:14.110 --> 00:08:14.120 align:start position:0% new offer to place into the 00:08:14.120 --> 00:08:17.309 align:start position:0% new offer to place into the market<00:08:15.479> um<00:08:16.479> I've<00:08:16.680> I've<00:08:16.840> pre-filled 00:08:17.309 --> 00:08:17.319 align:start position:0% market um I've I've pre-filled 00:08:17.319 --> 00:08:19.110 align:start position:0% market um I've I've pre-filled everything<00:08:17.599> out<00:08:17.960> so<00:08:18.240> in<00:08:18.479> in<00:08:18.599> this<00:08:18.759> instance 00:08:19.110 --> 00:08:19.120 align:start position:0% everything out so in in this instance 00:08:19.120 --> 00:08:20.390 align:start position:0% everything out so in in this instance we're<00:08:19.240> going<00:08:19.360> to<00:08:19.560> we're<00:08:19.680> going<00:08:19.759> to<00:08:19.879> choose<00:08:20.199> a 00:08:20.390 --> 00:08:20.400 align:start position:0% we're going to we're going to choose a 00:08:20.400 --> 00:08:24.270 align:start position:0% we're going to we're going to choose a fixed<00:08:20.720> rate<00:08:20.960> bond<00:08:21.759> uh<00:08:22.080> paying<00:08:22.319> a<00:08:22.879> 2%<00:08:23.879> um<00:08:24.039> we'll 00:08:24.270 --> 00:08:24.280 align:start position:0% fixed rate bond uh paying a 2% um we'll 00:08:24.280 --> 00:08:27.589 align:start position:0% fixed rate bond uh paying a 2% um we'll have<00:08:24.840> a<00:08:25.199> a<00:08:25.319> coupon<00:08:25.639> frequency<00:08:26.120> of<00:08:26.280> 6<00:08:26.599> months 00:08:27.589 --> 00:08:27.599 align:start position:0% have a a coupon frequency of 6 months 00:08:27.599 --> 00:08:29.629 align:start position:0% have a a coupon frequency of 6 months and<00:08:27.720> the<00:08:27.840> bom<00:08:28.080> will<00:08:28.199> last<00:08:28.440> a<00:08:28.639> year<00:08:29.280> and<00:08:29.440> and<00:08:29.560> I 00:08:29.629 --> 00:08:29.639 align:start position:0% and the bom will last a year and and I 00:08:29.639 --> 00:08:30.749 align:start position:0% and the bom will last a year and and I know<00:08:29.720> you're<00:08:29.960> going<00:08:30.039> to<00:08:30.120> worry<00:08:30.400> now<00:08:30.560> that<00:08:30.680> I'm 00:08:30.749 --> 00:08:30.759 align:start position:0% know you're going to worry now that I'm 00:08:30.759 --> 00:08:32.310 align:start position:0% know you're going to worry now that I'm going<00:08:30.879> to<00:08:31.000> make<00:08:31.120> you<00:08:31.440> sit<00:08:31.639> around<00:08:31.879> for<00:08:32.000> a<00:08:32.159> year 00:08:32.310 --> 00:08:32.320 align:start position:0% going to make you sit around for a year 00:08:32.320 --> 00:08:35.389 align:start position:0% going to make you sit around for a year to<00:08:32.440> see<00:08:32.719> the<00:08:32.919> the<00:08:33.039> payments<00:08:33.440> occur<00:08:34.440> but 00:08:35.389 --> 00:08:35.399 align:start position:0% to see the the payments occur but 00:08:35.399 --> 00:08:36.870 align:start position:0% to see the the payments occur but software<00:08:35.800> is<00:08:35.839> a<00:08:36.000> wonderful<00:08:36.320> thing<00:08:36.519> so<00:08:36.719> we've 00:08:36.870 --> 00:08:36.880 align:start position:0% software is a wonderful thing so we've 00:08:36.880 --> 00:08:39.509 align:start position:0% software is a wonderful thing so we've actually<00:08:37.039> manage<00:08:37.360> to<00:08:37.479> speed<00:08:37.719> up<00:08:38.000> time<00:08:38.919> so<00:08:39.399> this 00:08:39.509 --> 00:08:39.519 align:start position:0% actually manage to speed up time so this 00:08:39.519 --> 00:08:41.430 align:start position:0% actually manage to speed up time so this should<00:08:39.839> should<00:08:40.080> take<00:08:40.279> place<00:08:40.440> in<00:08:40.560> a<00:08:40.680> few 00:08:41.430 --> 00:08:41.440 align:start position:0% should should take place in a few 00:08:41.440 --> 00:08:45.949 align:start position:0% should should take place in a few minutes<00:08:42.440> so<00:08:42.760> I<00:08:42.919> I'll<00:08:43.080> submit<00:08:43.399> that<00:08:43.760> offer<00:08:44.959> um 00:08:45.949 --> 00:08:45.959 align:start position:0% minutes so I I'll submit that offer um 00:08:45.959 --> 00:08:47.870 align:start position:0% minutes so I I'll submit that offer um so<00:08:46.360> the<00:08:46.519> the<00:08:46.640> issuer<00:08:46.959> gets<00:08:47.080> a<00:08:47.200> notification 00:08:47.870 --> 00:08:47.880 align:start position:0% so the the issuer gets a notification 00:08:47.880 --> 00:08:49.910 align:start position:0% so the the issuer gets a notification that<00:08:48.120> the<00:08:48.440> the<00:08:48.760> the<00:08:48.920> transaction's<00:08:49.519> been 00:08:49.910 --> 00:08:49.920 align:start position:0% that the the the transaction's been 00:08:49.920 --> 00:08:52.430 align:start position:0% that the the the transaction's been accepted<00:08:50.519> and<00:08:50.720> it's<00:08:50.880> now<00:08:51.040> being<00:08:51.279> pushed<00:08:52.120> into 00:08:52.430 --> 00:08:52.440 align:start position:0% accepted and it's now being pushed into 00:08:52.440 --> 00:08:54.870 align:start position:0% accepted and it's now being pushed into the<00:08:52.680> into<00:08:52.880> the<00:08:53.000> network<00:08:53.720> so<00:08:54.519> this<00:08:54.640> is<00:08:54.760> all 00:08:54.870 --> 00:08:54.880 align:start position:0% the into the network so this is all 00:08:54.880 --> 00:08:57.590 align:start position:0% the into the network so this is all running<00:08:55.120> on<00:08:55.240> my<00:08:55.360> laptop<00:08:55.720> at<00:08:55.839> this<00:08:56.000> point<00:08:56.519> so<00:08:57.160> so 00:08:57.590 --> 00:08:57.600 align:start position:0% running on my laptop at this point so so 00:08:57.600 --> 00:09:00.590 align:start position:0% running on my laptop at this point so so hopefully<00:08:57.880> it<00:08:57.959> can<00:08:58.160> keep<00:08:58.399> up 00:09:00.590 --> 00:09:00.600 align:start position:0% hopefully it can keep up 00:09:00.600 --> 00:09:02.829 align:start position:0% hopefully it can keep up so<00:09:01.000> in<00:09:01.160> in<00:09:01.240> a<00:09:01.360> short<00:09:01.640> in<00:09:01.760> a<00:09:01.839> short<00:09:02.120> while<00:09:02.600> the 00:09:02.829 --> 00:09:02.839 align:start position:0% so in in a short in a short while the 00:09:02.839 --> 00:09:04.389 align:start position:0% so in in a short in a short while the there's<00:09:03.079> there's<00:09:03.200> a<00:09:03.600> single<00:09:03.880> minor<00:09:04.160> in<00:09:04.279> this 00:09:04.389 --> 00:09:04.399 align:start position:0% there's there's a single minor in this 00:09:04.399 --> 00:09:06.389 align:start position:0% there's there's a single minor in this instance<00:09:04.800> here<00:09:05.120> they'll<00:09:05.279> mine<00:09:05.560> the<00:09:05.640> block<00:09:06.040> and 00:09:06.389 --> 00:09:06.399 align:start position:0% instance here they'll mine the block and 00:09:06.399 --> 00:09:08.269 align:start position:0% instance here they'll mine the block and both<00:09:06.680> both<00:09:06.920> parties<00:09:07.320> should<00:09:07.519> see<00:09:07.880> a 00:09:08.269 --> 00:09:08.279 align:start position:0% both both parties should see a 00:09:08.279 --> 00:09:11.509 align:start position:0% both both parties should see a confirmation<00:09:09.279> of<00:09:09.519> of<00:09:09.640> the<00:09:09.720> new<00:09:09.880> Bond<00:09:10.519> offer 00:09:11.509 --> 00:09:11.519 align:start position:0% confirmation of of the new Bond offer 00:09:11.519 --> 00:09:13.030 align:start position:0% confirmation of of the new Bond offer and<00:09:11.720> and<00:09:11.839> this<00:09:11.920> is<00:09:12.079> obviously<00:09:12.600> the<00:09:12.720> point<00:09:12.880> at 00:09:13.030 --> 00:09:13.040 align:start position:0% and and this is obviously the point at 00:09:13.040 --> 00:09:15.750 align:start position:0% and and this is obviously the point at which<00:09:13.279> I<00:09:13.640> I<00:09:13.880> I<00:09:14.000> hold<00:09:14.240> my<00:09:14.399> breath<00:09:14.640> and<00:09:15.000> cross<00:09:15.279> my 00:09:15.750 --> 00:09:15.760 align:start position:0% which I I I hold my breath and cross my 00:09:15.760 --> 00:09:25.110 align:start position:0% which I I I hold my breath and cross my fingers 00:09:25.110 --> 00:09:25.120 align:start position:0% 00:09:25.120 --> 00:09:27.389 align:start position:0% MH<00:09:26.120> so<00:09:26.480> we<00:09:26.560> are<00:09:26.720> waiting<00:09:26.959> for<00:09:27.160> the 00:09:27.389 --> 00:09:27.399 align:start position:0% MH so we are waiting for the 00:09:27.399 --> 00:09:32.110 align:start position:0% MH so we are waiting for the confirmation<00:09:28.160> now 00:09:32.110 --> 00:09:32.120 align:start position:0% 00:09:32.120 --> 00:09:33.550 align:start position:0% and<00:09:32.279> and<00:09:32.399> this<00:09:32.480> is<00:09:32.600> where<00:09:32.760> I<00:09:32.920> quickly<00:09:33.320> check 00:09:33.550 --> 00:09:33.560 align:start position:0% and and this is where I quickly check 00:09:33.560 --> 00:09:35.990 align:start position:0% and and this is where I quickly check I'm<00:09:33.720> not<00:09:33.959> sure<00:09:34.200> it's<00:09:35.120> oh<00:09:35.279> look<00:09:35.480> there<00:09:35.560> we<00:09:35.720> go 00:09:35.990 --> 00:09:36.000 align:start position:0% I'm not sure it's oh look there we go 00:09:36.000 --> 00:09:38.910 align:start position:0% I'm not sure it's oh look there we go here<00:09:36.120> we<00:09:36.279> go<00:09:37.160> patience<00:09:37.839> patience<00:09:38.160> is<00:09:38.240> a<00:09:38.399> virtue 00:09:38.910 --> 00:09:38.920 align:start position:0% here we go patience patience is a virtue 00:09:38.920 --> 00:09:42.110 align:start position:0% here we go patience patience is a virtue so<00:09:39.079> there<00:09:39.200> we<00:09:39.320> go<00:09:40.320> so<00:09:40.760> both<00:09:41.040> parties<00:09:41.560> saw<00:09:41.920> the 00:09:42.110 --> 00:09:42.120 align:start position:0% so there we go so both parties saw the 00:09:42.120 --> 00:09:43.670 align:start position:0% so there we go so both parties saw the saw<00:09:42.360> the<00:09:42.480> offer<00:09:42.839> being<00:09:43.079> confirmed<00:09:43.480> on<00:09:43.600> the 00:09:43.670 --> 00:09:43.680 align:start position:0% saw the offer being confirmed on the 00:09:43.680 --> 00:09:46.389 align:start position:0% saw the offer being confirmed on the chain<00:09:44.279> and<00:09:44.440> there<00:09:44.560> we<00:09:44.640> have<00:09:44.760> a<00:09:44.880> new<00:09:45.079> entry<00:09:46.079> Bond 00:09:46.389 --> 00:09:46.399 align:start position:0% chain and there we have a new entry Bond 00:09:46.399 --> 00:09:49.269 align:start position:0% chain and there we have a new entry Bond number<00:09:46.959> 40<00:09:47.959> um<00:09:48.079> being<00:09:48.279> issued<00:09:48.959> well<00:09:49.200> the 00:09:49.269 --> 00:09:49.279 align:start position:0% number 40 um being issued well the 00:09:49.279 --> 00:09:51.030 align:start position:0% number 40 um being issued well the author<00:09:49.600> is<00:09:49.760> from<00:09:50.000> eth 00:09:51.030 --> 00:09:51.040 align:start position:0% author is from eth 00:09:51.040 --> 00:09:54.670 align:start position:0% author is from eth PLC<00:09:52.040> um<00:09:52.519> as<00:09:52.720> as<00:09:52.839> we<00:09:52.920> said<00:09:53.079> a<00:09:53.200> 2%<00:09:53.640> coupon<00:09:54.279> one 00:09:54.670 --> 00:09:54.680 align:start position:0% PLC um as as we said a 2% coupon one 00:09:54.680 --> 00:09:57.910 align:start position:0% PLC um as as we said a 2% coupon one onee<00:09:55.360> maturity<00:09:56.360> um<00:09:56.680> now<00:09:57.079> as<00:09:57.320> if<00:09:57.399> I<00:09:57.519> put<00:09:57.680> the<00:09:57.760> Hat 00:09:57.910 --> 00:09:57.920 align:start position:0% onee maturity um now as if I put the Hat 00:09:57.920 --> 00:09:59.870 align:start position:0% onee maturity um now as if I put the Hat on<00:09:58.040> of<00:09:58.160> the<00:09:58.240> buyer<00:09:58.640> I<00:09:58.760> can<00:09:58.880> now<00:09:59.360> go<00:09:59.519> and<00:09:59.760> and 00:09:59.870 --> 00:09:59.880 align:start position:0% on of the buyer I can now go and and 00:09:59.880 --> 00:10:02.790 align:start position:0% on of the buyer I can now go and and create<00:10:00.279> register<00:10:00.680> my<00:10:00.880> interest<00:10:01.240> in<00:10:01.760> in<00:10:01.920> that 00:10:02.790 --> 00:10:02.800 align:start position:0% create register my interest in in that 00:10:02.800 --> 00:10:05.590 align:start position:0% create register my interest in in that Bond<00:10:03.800> so<00:10:04.240> what<00:10:04.360> I<00:10:04.519> what<00:10:04.600> I<00:10:04.720> do<00:10:04.880> simply<00:10:05.200> here<00:10:05.360> is 00:10:05.590 --> 00:10:05.600 align:start position:0% Bond so what I what I do simply here is 00:10:05.600 --> 00:10:12.750 align:start position:0% Bond so what I what I do simply here is I'm<00:10:05.839> I'm<00:10:05.959> going<00:10:06.040> to<00:10:06.800> invest<00:10:07.279> a<00:10:07.440> million<00:10:07.959> B 00:10:12.750 --> 00:10:12.760 align:start position:0% 00:10:12.760 --> 00:10:15.470 align:start position:0% coins<00:10:13.760> so<00:10:14.240> I've<00:10:14.560> I've<00:10:14.760> I've<00:10:14.920> registered<00:10:15.320> that 00:10:15.470 --> 00:10:15.480 align:start position:0% coins so I've I've I've registered that 00:10:15.480 --> 00:10:18.150 align:start position:0% coins so I've I've I've registered that interest<00:10:16.160> um<00:10:16.760> one<00:10:16.880> of<00:10:16.959> the<00:10:17.040> things<00:10:17.240> we<00:10:17.360> did<00:10:17.880> for 00:10:18.150 --> 00:10:18.160 align:start position:0% interest um one of the things we did for 00:10:18.160 --> 00:10:21.350 align:start position:0% interest um one of the things we did for this<00:10:18.680> is<00:10:19.040> is<00:10:19.240> we<00:10:19.560> we<00:10:19.839> built<00:10:20.120> in<00:10:20.279> a<00:10:20.519> escro 00:10:21.350 --> 00:10:21.360 align:start position:0% this is is we we built in a escro 00:10:21.360 --> 00:10:23.949 align:start position:0% this is is we we built in a escro capability<00:10:22.360> so<00:10:22.880> the<00:10:23.279> the<00:10:23.480> when<00:10:23.680> when<00:10:23.800> you 00:10:23.949 --> 00:10:23.959 align:start position:0% capability so the the when when you 00:10:23.959 --> 00:10:25.990 align:start position:0% capability so the the when when you register<00:10:24.320> your<00:10:24.480> interest<00:10:25.000> that<00:10:25.120> you<00:10:25.320> actually 00:10:25.990 --> 00:10:26.000 align:start position:0% register your interest that you actually 00:10:26.000 --> 00:10:27.790 align:start position:0% register your interest that you actually make<00:10:26.240> the<00:10:26.399> purchase<00:10:26.720> of<00:10:26.880> that<00:10:27.079> point<00:10:27.680> and 00:10:27.790 --> 00:10:27.800 align:start position:0% make the purchase of that point and 00:10:27.800 --> 00:10:28.790 align:start position:0% make the purchase of that point and there's<00:10:27.959> obviously<00:10:28.240> different<00:10:28.399> models<00:10:28.720> you 00:10:28.790 --> 00:10:28.800 align:start position:0% there's obviously different models you 00:10:28.800 --> 00:10:31.190 align:start position:0% there's obviously different models you could<00:10:29.160> you<00:10:29.240> could<00:10:29.440> take<00:10:29.800> take<00:10:30.519> to<00:10:30.839> solving 00:10:31.190 --> 00:10:31.200 align:start position:0% could you could take take to solving 00:10:31.200 --> 00:10:33.790 align:start position:0% could you could take take to solving this<00:10:31.399> problem<00:10:31.920> but<00:10:32.079> at<00:10:32.240> this<00:10:32.399> point<00:10:32.760> we<00:10:33.000> we<00:10:33.399> we 00:10:33.790 --> 00:10:33.800 align:start position:0% this problem but at this point we we we 00:10:33.800 --> 00:10:35.310 align:start position:0% this problem but at this point we we we we<00:10:34.040> we<00:10:34.200> capture<00:10:34.480> the<00:10:34.560> funds<00:10:34.760> and<00:10:34.880> hold<00:10:35.079> them<00:10:35.200> in 00:10:35.310 --> 00:10:35.320 align:start position:0% we we capture the funds and hold them in 00:10:35.320 --> 00:10:37.430 align:start position:0% we we capture the funds and hold them in escro<00:10:36.079> and<00:10:36.200> they're<00:10:36.360> held<00:10:36.560> in<00:10:36.639> escro<00:10:37.079> by<00:10:37.320> by 00:10:37.430 --> 00:10:37.440 align:start position:0% escro and they're held in escro by by 00:10:37.440 --> 00:10:39.230 align:start position:0% escro and they're held in escro by by the<00:10:37.519> bond<00:10:37.800> contract<00:10:38.320> so<00:10:38.480> the<00:10:38.600> issuer<00:10:38.959> at<00:10:39.079> this 00:10:39.230 --> 00:10:39.240 align:start position:0% the bond contract so the issuer at this 00:10:39.240 --> 00:10:42.310 align:start position:0% the bond contract so the issuer at this point<00:10:40.000> will<00:10:40.200> not<00:10:40.360> see<00:10:40.959> any<00:10:41.160> any<00:10:41.279> of<00:10:41.399> the<00:10:41.519> money 00:10:42.310 --> 00:10:42.320 align:start position:0% point will not see any any of the money 00:10:42.320 --> 00:10:43.509 align:start position:0% point will not see any any of the money not<00:10:42.480> until<00:10:42.720> they<00:10:42.880> actually<00:10:43.079> complete<00:10:43.399> the 00:10:43.509 --> 00:10:43.519 align:start position:0% not until they actually complete the 00:10:43.519 --> 00:10:49.150 align:start position:0% not until they actually complete the issurance<00:10:44.079> and<00:10:44.240> and<00:10:44.360> handam<00:10:44.600> me<00:10:44.720> over<00:10:44.880> the 00:10:49.150 --> 00:10:49.160 align:start position:0% 00:10:49.160 --> 00:10:52.870 align:start position:0% bonds<00:10:50.160> so<00:10:50.680> we<00:10:50.839> just<00:10:50.959> wait<00:10:51.360> for<00:10:51.720> for<00:10:51.959> that<00:10:52.760> that 00:10:52.870 --> 00:10:52.880 align:start position:0% bonds so we just wait for for that that 00:10:52.880 --> 00:10:55.389 align:start position:0% bonds so we just wait for for that that to<00:10:53.079> be<00:10:53.200> confirmed<00:10:53.600> that<00:10:53.760> there<00:10:53.880> we<00:10:54.079> go<00:10:54.639> and<00:10:55.279> if 00:10:55.389 --> 00:10:55.399 align:start position:0% to be confirmed that there we go and if 00:10:55.399 --> 00:10:57.110 align:start position:0% to be confirmed that there we go and if I<00:10:55.519> just<00:10:55.680> go<00:10:55.800> and<00:10:55.959> check<00:10:56.240> my<00:10:56.480> account<00:10:56.839> there<00:10:57.040> I 00:10:57.110 --> 00:10:57.120 align:start position:0% I just go and check my account there I 00:10:57.120 --> 00:10:59.030 align:start position:0% I just go and check my account there I can<00:10:57.320> see<00:10:57.639> that<00:10:57.839> I've<00:10:58.079> I've<00:10:58.200> made<00:10:58.320> a<00:10:58.440> payment<00:10:58.720> of 00:10:59.030 --> 00:10:59.040 align:start position:0% can see that I've I've made a payment of 00:10:59.040 --> 00:11:00.910 align:start position:0% can see that I've I've made a payment of million<00:10:59.360> coins<00:11:00.160> and<00:11:00.279> it's<00:11:00.440> actually<00:11:00.600> gone<00:11:00.760> to 00:11:00.910 --> 00:11:00.920 align:start position:0% million coins and it's actually gone to 00:11:00.920 --> 00:11:02.870 align:start position:0% million coins and it's actually gone to the<00:11:01.000> bond<00:11:01.279> contract<00:11:02.040> so<00:11:02.320> so<00:11:02.480> at<00:11:02.600> this<00:11:02.720> point 00:11:02.870 --> 00:11:02.880 align:start position:0% the bond contract so so at this point 00:11:02.880 --> 00:11:05.230 align:start position:0% the bond contract so so at this point the<00:11:02.959> issuer<00:11:03.360> still<00:11:03.560> got<00:11:03.680> not<00:11:03.839> got<00:11:03.959> the<00:11:04.240> money 00:11:05.230 --> 00:11:05.240 align:start position:0% the issuer still got not got the money 00:11:05.240 --> 00:11:07.269 align:start position:0% the issuer still got not got the money but<00:11:05.440> obviously<00:11:05.720> it's<00:11:05.839> the<00:11:05.920> issuer<00:11:06.440> I<00:11:06.560> can 00:11:07.269 --> 00:11:07.279 align:start position:0% but obviously it's the issuer I can 00:11:07.279 --> 00:11:09.670 align:start position:0% but obviously it's the issuer I can now<00:11:08.279> now<00:11:08.480> I've<00:11:08.600> got<00:11:08.760> my<00:11:08.920> interest<00:11:09.399> obviously 00:11:09.670 --> 00:11:09.680 align:start position:0% now now I've got my interest obviously 00:11:09.680 --> 00:11:11.190 align:start position:0% now now I've got my interest obviously in<00:11:09.760> the<00:11:09.880> real<00:11:10.040> world<00:11:10.240> scenario<00:11:10.680> there'll<00:11:10.920> be 00:11:11.190 --> 00:11:11.200 align:start position:0% in the real world scenario there'll be 00:11:11.200 --> 00:11:14.069 align:start position:0% in the real world scenario there'll be be<00:11:11.360> many<00:11:11.600> interested<00:11:12.320> parties<00:11:13.320> so<00:11:13.720> we<00:11:13.920> we'll 00:11:14.069 --> 00:11:14.079 align:start position:0% be many interested parties so we we'll 00:11:14.079 --> 00:11:16.389 align:start position:0% be many interested parties so we we'll go<00:11:14.200> and<00:11:14.320> issue<00:11:14.600> that<00:11:14.760> Bond<00:11:15.720> and<00:11:15.920> we'll<00:11:16.120> issu 00:11:16.389 --> 00:11:16.399 align:start position:0% go and issue that Bond and we'll issu 00:11:16.399 --> 00:11:18.829 align:start position:0% go and issue that Bond and we'll issu the<00:11:16.480> full<00:11:16.880> amount<00:11:17.880> we<00:11:18.040> added<00:11:18.279> the<00:11:18.399> capability 00:11:18.829 --> 00:11:18.839 align:start position:0% the full amount we added the capability 00:11:18.839 --> 00:11:21.389 align:start position:0% the full amount we added the capability in<00:11:18.920> the<00:11:19.040> platform<00:11:19.399> to<00:11:19.560> do<00:11:19.800> a<00:11:20.440> reduce<00:11:20.839> the<00:11:20.959> level 00:11:21.389 --> 00:11:21.399 align:start position:0% in the platform to do a reduce the level 00:11:21.399 --> 00:11:23.430 align:start position:0% in the platform to do a reduce the level if<00:11:21.600> the<00:11:21.800> if<00:11:21.920> the<00:11:22.000> bond<00:11:22.240> was<00:11:22.360> over<00:11:22.600> subscribed 00:11:23.430 --> 00:11:23.440 align:start position:0% if the if the bond was over subscribed 00:11:23.440 --> 00:11:25.590 align:start position:0% if the if the bond was over subscribed and<00:11:23.680> and<00:11:23.800> then<00:11:24.079> the<00:11:24.600> then<00:11:24.800> the<00:11:25.079> issuance<00:11:25.440> would 00:11:25.590 --> 00:11:25.600 align:start position:0% and and then the then the issuance would 00:11:25.600 --> 00:11:27.790 align:start position:0% and and then the then the issuance would occur<00:11:25.800> on<00:11:25.880> a<00:11:26.000> Prater<00:11:26.600> basis<00:11:27.240> and<00:11:27.360> you'd<00:11:27.600> get<00:11:27.680> a 00:11:27.790 --> 00:11:27.800 align:start position:0% occur on a Prater basis and you'd get a 00:11:27.800 --> 00:11:30.470 align:start position:0% occur on a Prater basis and you'd get a refund<00:11:28.399> but<00:11:28.680> but<00:11:28.760> with<00:11:29.120> the<00:11:29.200> full<00:11:29.399> amount 00:11:30.470 --> 00:11:30.480 align:start position:0% refund but but with the full amount 00:11:30.480 --> 00:11:33.590 align:start position:0% refund but but with the full amount here<00:11:31.480> so<00:11:31.839> so<00:11:32.279> I've<00:11:32.480> I've<00:11:32.680> now<00:11:33.000> now<00:11:33.200> issued<00:11:33.519> the 00:11:33.590 --> 00:11:33.600 align:start position:0% here so so I've I've now now issued the 00:11:33.600 --> 00:11:35.870 align:start position:0% here so so I've I've now now issued the bond<00:11:34.160> and<00:11:34.320> and<00:11:34.440> when<00:11:34.600> that<00:11:34.720> gets<00:11:34.959> confirmed<00:11:35.760> if 00:11:35.870 --> 00:11:35.880 align:start position:0% bond and and when that gets confirmed if 00:11:35.880 --> 00:11:37.350 align:start position:0% bond and and when that gets confirmed if I<00:11:36.040> look<00:11:36.200> at<00:11:36.480> if<00:11:36.639> from<00:11:36.839> the<00:11:37.000> issue<00:11:37.240> of 00:11:37.350 --> 00:11:37.360 align:start position:0% I look at if from the issue of 00:11:37.360 --> 00:11:38.750 align:start position:0% I look at if from the issue of standpoint<00:11:37.760> if<00:11:37.839> I<00:11:37.920> look<00:11:38.040> at<00:11:38.160> my<00:11:38.360> account<00:11:38.680> I 00:11:38.750 --> 00:11:38.760 align:start position:0% standpoint if I look at my account I 00:11:38.760 --> 00:11:41.269 align:start position:0% standpoint if I look at my account I should<00:11:38.920> see<00:11:39.120> the<00:11:39.240> million<00:11:39.519> Bond<00:11:39.800> coins<00:11:40.560> in<00:11:40.800> my 00:11:41.269 --> 00:11:41.279 align:start position:0% should see the million Bond coins in my 00:11:41.279 --> 00:11:43.750 align:start position:0% should see the million Bond coins in my my<00:11:41.519> account<00:11:42.440> and<00:11:42.560> obviously<00:11:42.880> traditionally 00:11:43.750 --> 00:11:43.760 align:start position:0% my account and obviously traditionally 00:11:43.760 --> 00:11:45.590 align:start position:0% my account and obviously traditionally once<00:11:43.959> the<00:11:44.120> bond<00:11:44.399> has<00:11:44.519> been<00:11:44.680> issued<00:11:45.279> what<00:11:45.480> what 00:11:45.590 --> 00:11:45.600 align:start position:0% once the bond has been issued what what 00:11:45.600 --> 00:11:47.910 align:start position:0% once the bond has been issued what what would<00:11:45.880> what<00:11:46.000> would<00:11:46.519> previously<00:11:47.000> happen<00:11:47.320> is 00:11:47.910 --> 00:11:47.920 align:start position:0% would what would previously happen is 00:11:47.920 --> 00:11:49.910 align:start position:0% would what would previously happen is we'd<00:11:48.160> have<00:11:48.399> other<00:11:48.720> parties<00:11:49.120> that<00:11:49.279> would<00:11:49.519> then 00:11:49.910 --> 00:11:49.920 align:start position:0% we'd have other parties that would then 00:11:49.920 --> 00:11:52.030 align:start position:0% we'd have other parties that would then essentially<00:11:50.360> be<00:11:50.839> recording<00:11:51.440> who<00:11:51.600> owns<00:11:51.920> the 00:11:52.030 --> 00:11:52.040 align:start position:0% essentially be recording who owns the 00:11:52.040 --> 00:11:54.150 align:start position:0% essentially be recording who owns the bond<00:11:52.839> and<00:11:53.120> who<00:11:53.279> needs<00:11:53.480> to<00:11:53.560> be<00:11:53.680> paid<00:11:53.920> at<00:11:54.040> the 00:11:54.150 --> 00:11:54.160 align:start position:0% bond and who needs to be paid at the 00:11:54.160 --> 00:11:56.629 align:start position:0% bond and who needs to be paid at the appropriate<00:11:54.680> times<00:11:55.680> um<00:11:55.800> so<00:11:55.959> there<00:11:56.040> we<00:11:56.200> go<00:11:56.480> the 00:11:56.629 --> 00:11:56.639 align:start position:0% appropriate times um so there we go the 00:11:56.639 --> 00:11:58.470 align:start position:0% appropriate times um so there we go the issue's<00:11:56.959> been<00:11:57.200> confirmed<00:11:57.839> so<00:11:58.000> let's<00:11:58.240> check 00:11:58.470 --> 00:11:58.480 align:start position:0% issue's been confirmed so let's check 00:11:58.480 --> 00:12:01.870 align:start position:0% issue's been confirmed so let's check the<00:11:58.600> account<00:11:59.000> of<00:11:59.200> the<00:11:59.519> of<00:11:59.880> the<00:12:00.880> of<00:12:01.000> the<00:12:01.120> issuer 00:12:01.870 --> 00:12:01.880 align:start position:0% the account of the of the of the issuer 00:12:01.880 --> 00:12:03.069 align:start position:0% the account of the of the of the issuer and<00:12:02.040> there<00:12:02.160> we<00:12:02.320> go<00:12:02.519> we've<00:12:02.720> we've<00:12:02.880> had<00:12:03.000> a 00:12:03.069 --> 00:12:03.079 align:start position:0% and there we go we've we've had a 00:12:03.079 --> 00:12:05.550 align:start position:0% and there we go we've we've had a million<00:12:03.399> coins<00:12:03.720> from<00:12:03.839> the<00:12:03.959> bond<00:12:04.399> contract<00:12:05.399> but 00:12:05.550 --> 00:12:05.560 align:start position:0% million coins from the bond contract but 00:12:05.560 --> 00:12:08.190 align:start position:0% million coins from the bond contract but but<00:12:05.720> let's<00:12:06.079> let's<00:12:06.320> check<00:12:06.800> cuz<00:12:07.240> hang<00:12:07.399> on<00:12:07.839> am<00:12:08.040> am 00:12:08.190 --> 00:12:08.200 align:start position:0% but let's let's check cuz hang on am am 00:12:08.200 --> 00:12:10.670 align:start position:0% but let's let's check cuz hang on am am I<00:12:08.800> is<00:12:09.079> is<00:12:09.200> the<00:12:09.360> holder<00:12:09.920> and<00:12:10.360> actually 00:12:10.670 --> 00:12:10.680 align:start position:0% I is is the holder and actually 00:12:10.680 --> 00:12:13.110 align:start position:0% I is is the holder and actually officially<00:12:11.079> holding<00:12:11.440> that<00:12:11.760> Bond<00:12:12.760> so<00:12:12.959> let's 00:12:13.110 --> 00:12:13.120 align:start position:0% officially holding that Bond so let's 00:12:13.120 --> 00:12:16.550 align:start position:0% officially holding that Bond so let's have<00:12:13.240> a<00:12:13.399> look<00:12:13.680> so<00:12:13.920> big<00:12:14.079> fund<00:12:14.839> there<00:12:14.959> we<00:12:15.160> go<00:12:16.000> uh<00:12:16.360> a 00:12:16.550 --> 00:12:16.560 align:start position:0% have a look so big fund there we go uh a 00:12:16.560 --> 00:12:18.949 align:start position:0% have a look so big fund there we go uh a th000<00:12:17.360> 10,000<00:12:17.920> bonds<00:12:18.320> to<00:12:18.480> the<00:12:18.560> value<00:12:18.760> of<00:12:18.839> a 00:12:18.949 --> 00:12:18.959 align:start position:0% th000 10,000 bonds to the value of a 00:12:18.959 --> 00:12:21.870 align:start position:0% th000 10,000 bonds to the value of a million<00:12:19.560> coins<00:12:20.560> um<00:12:20.959> the<00:12:21.399> the<00:12:21.519> good<00:12:21.680> thing 00:12:21.870 --> 00:12:21.880 align:start position:0% million coins um the the good thing 00:12:21.880 --> 00:12:23.590 align:start position:0% million coins um the the good thing about<00:12:22.320> um<00:12:22.440> ethereum<00:12:23.000> and<00:12:23.199> and<00:12:23.320> obviously 00:12:23.590 --> 00:12:23.600 align:start position:0% about um ethereum and and obviously 00:12:23.600 --> 00:12:25.030 align:start position:0% about um ethereum and and obviously blockchains<00:12:24.120> is<00:12:24.320> is<00:12:24.440> we<00:12:24.519> can<00:12:24.639> see<00:12:24.800> all<00:12:24.920> the 00:12:25.030 --> 00:12:25.040 align:start position:0% blockchains is is we can see all the 00:12:25.040 --> 00:12:26.030 align:start position:0% blockchains is is we can see all the events<00:12:25.360> that<00:12:25.440> have<00:12:25.560> occurred<00:12:25.839> all<00:12:25.959> the 00:12:26.030 --> 00:12:26.040 align:start position:0% events that have occurred all the 00:12:26.040 --> 00:12:27.710 align:start position:0% events that have occurred all the transactions<00:12:26.560> that<00:12:26.680> have<00:12:26.800> occurred<00:12:27.480> so<00:12:27.600> we 00:12:27.710 --> 00:12:27.720 align:start position:0% transactions that have occurred so we 00:12:27.720 --> 00:12:29.550 align:start position:0% transactions that have occurred so we get<00:12:27.800> a<00:12:27.880> full<00:12:28.199> history<00:12:28.920> so<00:12:29.079> we<00:12:29.160> can<00:12:29.240> see<00:12:29.440> the 00:12:29.550 --> 00:12:29.560 align:start position:0% get a full history so we can see the 00:12:29.560 --> 00:12:32.189 align:start position:0% get a full history so we can see the offer<00:12:30.320> the<00:12:30.480> indication<00:12:30.880> of<00:12:31.040> interest<00:12:31.800> and<00:12:32.079> and 00:12:32.189 --> 00:12:32.199 align:start position:0% offer the indication of interest and and 00:12:32.199 --> 00:12:33.350 align:start position:0% offer the indication of interest and and the<00:12:32.320> actual 00:12:33.350 --> 00:12:33.360 align:start position:0% the actual 00:12:33.360 --> 00:12:35.629 align:start position:0% the actual issuance<00:12:34.360> um<00:12:34.519> as<00:12:34.639> you<00:12:34.720> can<00:12:34.839> see<00:12:35.120> there<00:12:35.320> so<00:12:35.519> the 00:12:35.629 --> 00:12:35.639 align:start position:0% issuance um as you can see there so the 00:12:35.639 --> 00:12:37.750 align:start position:0% issuance um as you can see there so the maturity<00:12:36.040> and<00:12:36.199> coupon<00:12:36.560> dates<00:12:36.959> are<00:12:37.279> just<00:12:37.560> just 00:12:37.750 --> 00:12:37.760 align:start position:0% maturity and coupon dates are just just 00:12:37.760 --> 00:12:40.750 align:start position:0% maturity and coupon dates are just just be<00:12:38.079> a<00:12:38.160> few<00:12:38.360> minutes<00:12:39.040> so<00:12:39.720> so<00:12:39.959> hopefully<00:12:40.680> we 00:12:40.750 --> 00:12:40.760 align:start position:0% be a few minutes so so hopefully we 00:12:40.760 --> 00:12:41.990 align:start position:0% be a few minutes so so hopefully we won't<00:12:40.959> run<00:12:41.079> out<00:12:41.199> of<00:12:41.320> time<00:12:41.480> and<00:12:41.600> we<00:12:41.680> should<00:12:41.839> see 00:12:41.990 --> 00:12:42.000 align:start position:0% won't run out of time and we should see 00:12:42.000 --> 00:12:44.590 align:start position:0% won't run out of time and we should see some<00:12:42.160> payments<00:12:42.560> occurring<00:12:43.560> but<00:12:43.720> as<00:12:43.839> I<00:12:44.000> say<00:12:44.320> the 00:12:44.590 --> 00:12:44.600 align:start position:0% some payments occurring but as I say the 00:12:44.600 --> 00:12:46.189 align:start position:0% some payments occurring but as I say the the<00:12:44.720> the<00:12:44.880> system<00:12:45.160> now<00:12:45.320> is<00:12:45.440> replacing<00:12:46.079> what 00:12:46.189 --> 00:12:46.199 align:start position:0% the the system now is replacing what 00:12:46.199 --> 00:12:48.269 align:start position:0% the the system now is replacing what would<00:12:46.360> typically<00:12:46.800> be<00:12:46.920> the<00:12:47.000> paying<00:12:47.279> agent<00:12:48.040> so 00:12:48.269 --> 00:12:48.279 align:start position:0% would typically be the paying agent so 00:12:48.279 --> 00:12:50.670 align:start position:0% would typically be the paying agent so that<00:12:48.600> so<00:12:49.320> the<00:12:49.480> contract<00:12:49.880> itself<00:12:50.279> will<00:12:50.519> will 00:12:50.670 --> 00:12:50.680 align:start position:0% that so the contract itself will will 00:12:50.680 --> 00:12:51.990 align:start position:0% that so the contract itself will will pay<00:12:50.880> out<00:12:51.120> the 00:12:51.990 --> 00:12:52.000 align:start position:0% pay out the 00:12:52.000 --> 00:12:56.269 align:start position:0% pay out the funds<00:12:53.000> and<00:12:53.360> and<00:12:54.000> you<00:12:54.120> know<00:12:54.360> we<00:12:54.519> followed<00:12:55.279> the 00:12:56.269 --> 00:12:56.279 align:start position:0% funds and and you know we followed the 00:12:56.279 --> 00:12:58.829 align:start position:0% funds and and you know we followed the pretty<00:12:56.480> much<00:12:56.639> the<00:12:56.800> standard<00:12:57.399> for<00:12:57.800> for<00:12:58.560> um 00:12:58.829 --> 00:12:58.839 align:start position:0% pretty much the standard for for um 00:12:58.839 --> 00:13:01.230 align:start position:0% pretty much the standard for for um token<00:12:59.320> contracts<00:13:00.320> so<00:13:00.680> you<00:13:00.839> you<00:13:00.959> have<00:13:01.079> an 00:13:01.230 --> 00:13:01.240 align:start position:0% token contracts so you you have an 00:13:01.240 --> 00:13:03.310 align:start position:0% token contracts so you you have an approved<00:13:02.000> um<00:13:02.199> essentially<00:13:02.880> what<00:13:03.000> we<00:13:03.120> call<00:13:03.240> a 00:13:03.310 --> 00:13:03.320 align:start position:0% approved um essentially what we call a 00:13:03.320 --> 00:13:05.350 align:start position:0% approved um essentially what we call a signatur<00:13:03.880> on<00:13:04.000> the<00:13:04.160> account<00:13:04.839> and<00:13:04.959> the<00:13:05.040> bond 00:13:05.350 --> 00:13:05.360 align:start position:0% signatur on the account and the bond 00:13:05.360 --> 00:13:07.389 align:start position:0% signatur on the account and the bond contract<00:13:05.800> acts<00:13:06.079> as<00:13:06.199> that 00:13:07.389 --> 00:13:07.399 align:start position:0% contract acts as that 00:13:07.399 --> 00:13:10.230 align:start position:0% contract acts as that signature<00:13:08.399> okay<00:13:08.560> so<00:13:08.839> that<00:13:09.120> that<00:13:09.240> was<00:13:09.399> a<00:13:09.920> very 00:13:10.230 --> 00:13:10.240 align:start position:0% signature okay so that that was a very 00:13:10.240 --> 00:13:14.150 align:start position:0% signature okay so that that was a very quick<00:13:10.720> um<00:13:10.880> demo<00:13:11.320> while<00:13:11.800> um<00:13:12.320> maybe<00:13:12.720> maybe<00:13:13.000> we<00:13:13.600> um 00:13:14.150 --> 00:13:14.160 align:start position:0% quick um demo while um maybe maybe we um 00:13:14.160 --> 00:13:17.629 align:start position:0% quick um demo while um maybe maybe we um need<00:13:14.440> to<00:13:15.199> uh<00:13:15.360> make<00:13:15.760> a<00:13:15.880> way<00:13:16.199> for<00:13:16.480> the<00:13:16.800> next<00:13:17.120> ones 00:13:17.629 --> 00:13:17.639 align:start position:0% need to uh make a way for the next ones 00:13:17.639 --> 00:13:20.710 align:start position:0% need to uh make a way for the next ones so<00:13:18.199> we<00:13:18.360> are<00:13:18.639> around<00:13:19.040> for<00:13:19.240> the<00:13:19.399> whole<00:13:19.680> day<00:13:20.079> we 00:13:20.710 --> 00:13:20.720 align:start position:0% so we are around for the whole day we 00:13:20.720 --> 00:13:24.230 align:start position:0% so we are around for the whole day we happy<00:13:21.279> um<00:13:21.720> if<00:13:21.839> you<00:13:21.959> want<00:13:22.120> to<00:13:22.320> catch<00:13:22.560> us<00:13:23.000> and<00:13:23.800> and 00:13:24.230 --> 00:13:24.240 align:start position:0% happy um if you want to catch us and and 00:13:24.240 --> 00:13:27.269 align:start position:0% happy um if you want to catch us and and um<00:13:24.399> ask<00:13:24.720> questions<00:13:25.240> that's<00:13:25.680> very<00:13:26.000> fine<00:13:26.279> for<00:13:26.480> us 00:13:27.269 --> 00:13:27.279 align:start position:0% um ask questions that's very fine for us 00:13:27.279 --> 00:13:29.230 align:start position:0% um ask questions that's very fine for us um<00:13:27.639> thanks<00:13:27.880> a<00:13:28.000> lot<00:13:28.160> for<00:13:28.279> your<00:13:28.440> attention 00:13:29.230 --> 00:13:29.240 align:start position:0% um thanks a lot for your attention 00:13:29.240 --> 00:13:30.200 align:start position:0% um thanks a lot for your attention thanks<00:13:29.440> for<00:13:29.600> the 00:13:30.200 --> 00:13:30.210 align:start position:0% thanks for the 00:13:30.210 --> 00:13:35.700 align:start position:0% thanks for the [Applause] 00:13:35.700 --> 00:13:35.710 align:start position:0% [Applause] 00:13:35.710 --> 00:13:39.030 align:start position:0% [Applause] [Music] 00:13:39.030 --> 00:13:39.040 align:start position:0% [Music] 00:13:39.040 --> 00:13:42.040 align:start position:0% [Music] invitation