WEBVTT Kind: captions Language: en 00:00:04.620 --> 00:00:08.869 align:start position:0% I'm<00:00:05.220> Warren<00:00:05.580> I'm<00:00:05.700> from<00:00:05.880> Starke<00:00:06.180> where<00:00:07.879> our 00:00:08.869 --> 00:00:08.879 align:start position:0% I'm Warren I'm from Starke where our 00:00:08.879 --> 00:00:11.420 align:start position:0% I'm Warren I'm from Starke where our mission<00:00:09.180> at<00:00:09.510> Stark<00:00:09.780> where<00:00:09.990> is<00:00:10.230> to<00:00:10.469> use<00:00:10.620> proof 00:00:11.420 --> 00:00:11.430 align:start position:0% mission at Stark where is to use proof 00:00:11.430 --> 00:00:13.910 align:start position:0% mission at Stark where is to use proof systems<00:00:11.879> to<00:00:12.090> bring<00:00:12.209> scalability<00:00:13.020> and<00:00:13.289> privacy 00:00:13.910 --> 00:00:13.920 align:start position:0% systems to bring scalability and privacy 00:00:13.920 --> 00:00:16.310 align:start position:0% systems to bring scalability and privacy to<00:00:13.949> blockchains<00:00:14.580> we<00:00:15.510> are<00:00:15.600> a<00:00:15.629> team<00:00:15.869> of<00:00:15.900> slightly 00:00:16.310 --> 00:00:16.320 align:start position:0% to blockchains we are a team of slightly 00:00:16.320 --> 00:00:19.480 align:start position:0% to blockchains we are a team of slightly over<00:00:16.440> 30<00:00:16.890> based<00:00:17.789> in<00:00:17.970> Israel<00:00:18.119> we've<00:00:18.750> raised<00:00:19.080> the 00:00:19.480 --> 00:00:19.490 align:start position:0% over 30 based in Israel we've raised the 00:00:19.490 --> 00:00:22.040 align:start position:0% over 30 based in Israel we've raised the slightly<00:00:20.490> over<00:00:20.880> 40<00:00:21.210> million<00:00:21.449> dollars<00:00:21.779> in<00:00:21.810> to 00:00:22.040 --> 00:00:22.050 align:start position:0% slightly over 40 million dollars in to 00:00:22.050 --> 00:00:23.810 align:start position:0% slightly over 40 million dollars in to equity<00:00:22.410> rounds<00:00:22.710> plus<00:00:22.859> a<00:00:22.919> generous<00:00:23.189> grant<00:00:23.759> from 00:00:23.810 --> 00:00:23.820 align:start position:0% equity rounds plus a generous grant from 00:00:23.820 --> 00:00:26.089 align:start position:0% equity rounds plus a generous grant from the<00:00:23.939> theorem<00:00:24.240> foundation<00:00:24.869> and<00:00:25.080> the<00:00:25.859> first 00:00:26.089 --> 00:00:26.099 align:start position:0% the theorem foundation and the first 00:00:26.099 --> 00:00:28.009 align:start position:0% the theorem foundation and the first product<00:00:26.460> we're<00:00:26.580> focusing<00:00:26.999> on<00:00:27.179> right<00:00:27.390> now<00:00:27.419> is<00:00:27.900> a 00:00:28.009 --> 00:00:28.019 align:start position:0% product we're focusing on right now is a 00:00:28.019 --> 00:00:29.810 align:start position:0% product we're focusing on right now is a start<00:00:28.410> based<00:00:28.650> scalability<00:00:29.339> engine<00:00:29.669> for 00:00:29.810 --> 00:00:29.820 align:start position:0% start based scalability engine for 00:00:29.820 --> 00:00:32.420 align:start position:0% start based scalability engine for exchanges<00:00:30.419> and<00:00:31.289> what<00:00:31.890> I'm<00:00:31.980> going<00:00:32.130> to<00:00:32.220> talk 00:00:32.420 --> 00:00:32.430 align:start position:0% exchanges and what I'm going to talk 00:00:32.430 --> 00:00:34.729 align:start position:0% exchanges and what I'm going to talk about<00:00:32.460> today<00:00:32.910> is<00:00:33.300> how<00:00:33.570> stark<00:00:34.020> it<00:00:34.290> helps<00:00:34.560> solve 00:00:34.729 --> 00:00:34.739 align:start position:0% about today is how stark it helps solve 00:00:34.739 --> 00:00:37.100 align:start position:0% about today is how stark it helps solve the<00:00:35.100> blockchain<00:00:35.550> scalability<00:00:36.120> problem<00:00:36.780> and 00:00:37.100 --> 00:00:37.110 align:start position:0% the blockchain scalability problem and 00:00:37.110 --> 00:00:39.410 align:start position:0% the blockchain scalability problem and then<00:00:37.680> I'm<00:00:37.830> going<00:00:38.040> to<00:00:38.100> describe<00:00:38.400> the<00:00:39.180> stock 00:00:39.410 --> 00:00:39.420 align:start position:0% then I'm going to describe the stock 00:00:39.420 --> 00:00:42.200 align:start position:0% then I'm going to describe the stock based<00:00:40.010> exchange<00:00:41.010> engine<00:00:41.850> that<00:00:42.060> we've 00:00:42.200 --> 00:00:42.210 align:start position:0% based exchange engine that we've 00:00:42.210 --> 00:00:44.380 align:start position:0% based exchange engine that we've developed 00:00:44.380 --> 00:00:44.390 align:start position:0% developed 00:00:44.390 --> 00:00:46.520 align:start position:0% developed so<00:00:45.390> in<00:00:45.450> January<00:00:45.630> 2018 00:00:46.520 --> 00:00:46.530 align:start position:0% so in January 2018 00:00:46.530 --> 00:00:49.070 align:start position:0% so in January 2018 in<00:00:46.830> the<00:00:47.130> middle<00:00:47.340> of<00:00:47.430> the<00:00:47.580> US<00:00:48.080> government 00:00:49.070 --> 00:00:49.080 align:start position:0% in the middle of the US government 00:00:49.080 --> 00:00:51.140 align:start position:0% in the middle of the US government shutdown<00:00:49.260> President<00:00:50.040> Trump<00:00:50.520> took<00:00:50.730> his<00:00:50.880> first 00:00:51.140 --> 00:00:51.150 align:start position:0% shutdown President Trump took his first 00:00:51.150 --> 00:00:53.420 align:start position:0% shutdown President Trump took his first State<00:00:51.360> of<00:00:51.480> the<00:00:51.510> Union<00:00:51.570> address<00:00:52.110> and<00:00:52.380> for<00:00:53.280> some 00:00:53.420 --> 00:00:53.430 align:start position:0% State of the Union address and for some 00:00:53.430 --> 00:00:55.280 align:start position:0% State of the Union address and for some reason<00:00:53.700> he<00:00:53.790> neglected<00:00:54.510> to<00:00:54.570> mention<00:00:54.690> two<00:00:55.200> of 00:00:55.280 --> 00:00:55.290 align:start position:0% reason he neglected to mention two of 00:00:55.290 --> 00:00:56.660 align:start position:0% reason he neglected to mention two of the<00:00:55.410> most<00:00:55.560> important<00:00:55.980> things<00:00:56.160> that<00:00:56.220> happened 00:00:56.660 --> 00:00:56.670 align:start position:0% the most important things that happened 00:00:56.670 --> 00:00:58.970 align:start position:0% the most important things that happened right<00:00:57.300> about<00:00:57.480> then<00:00:57.750> which<00:00:58.350> is<00:00:58.500> that<00:00:58.650> the<00:00:58.740> start 00:00:58.970 --> 00:00:58.980 align:start position:0% right about then which is that the start 00:00:58.980 --> 00:01:01.610 align:start position:0% right about then which is that the start paper<00:00:59.220> was<00:00:59.460> being<00:00:59.700> published<00:00:59.910> and<00:01:00.470> Sark<00:01:01.470> where 00:01:01.610 --> 00:01:01.620 align:start position:0% paper was being published and Sark where 00:01:01.620 --> 00:01:03.860 align:start position:0% paper was being published and Sark where the<00:01:01.740> company<00:01:02.130> was<00:01:02.250> incorporated<00:01:02.750> and<00:01:03.750> we 00:01:03.860 --> 00:01:03.870 align:start position:0% the company was incorporated and we 00:01:03.870 --> 00:01:06.830 align:start position:0% the company was incorporated and we started<00:01:04.199> working<00:01:04.489> at<00:01:05.489> last<00:01:05.700> Def<00:01:05.939> Con<00:01:06.210> we 00:01:06.830 --> 00:01:06.840 align:start position:0% started working at last Def Con we 00:01:06.840 --> 00:01:09.080 align:start position:0% started working at last Def Con we demonstrated<00:01:07.439> for<00:01:07.590> the<00:01:07.650> first<00:01:07.710> time<00:01:08.189> working 00:01:09.080 --> 00:01:09.090 align:start position:0% demonstrated for the first time working 00:01:09.090 --> 00:01:10.940 align:start position:0% demonstrated for the first time working implementation<00:01:09.929> of<00:01:10.049> a<00:01:10.109> stark<00:01:10.350> prover<00:01:10.770> and 00:01:10.940 --> 00:01:10.950 align:start position:0% implementation of a stark prover and 00:01:10.950 --> 00:01:12.859 align:start position:0% implementation of a stark prover and verifier<00:01:11.549> running<00:01:12.060> in<00:01:12.210> a<00:01:12.299> browser<00:01:12.329> on<00:01:12.840> a 00:01:12.859 --> 00:01:12.869 align:start position:0% verifier running in a browser on a 00:01:12.869 --> 00:01:16.489 align:start position:0% verifier running in a browser on a smartphone<00:01:13.460> using<00:01:14.460> web<00:01:14.729> assembly<00:01:15.259> this<00:01:16.259> was 00:01:16.489 --> 00:01:16.499 align:start position:0% smartphone using web assembly this was 00:01:16.499 --> 00:01:18.649 align:start position:0% smartphone using web assembly this was the<00:01:17.249> first<00:01:17.460> time<00:01:17.640> this<00:01:17.789> was<00:01:17.969> demonstrated<00:01:18.539> up 00:01:18.649 --> 00:01:18.659 align:start position:0% the first time this was demonstrated up 00:01:18.659 --> 00:01:20.480 align:start position:0% the first time this was demonstrated up until<00:01:18.960> then<00:01:19.140> Stark<00:01:19.409> was<00:01:19.560> widely<00:01:19.799> regarded<00:01:20.100> as 00:01:20.480 --> 00:01:20.490 align:start position:0% until then Stark was widely regarded as 00:01:20.490 --> 00:01:23.149 align:start position:0% until then Stark was widely regarded as a<00:01:20.549> very<00:01:20.609> promising<00:01:21.179> technology<00:01:21.829> but<00:01:22.829> one<00:01:22.979> that 00:01:23.149 --> 00:01:23.159 align:start position:0% a very promising technology but one that 00:01:23.159 --> 00:01:24.940 align:start position:0% a very promising technology but one that would<00:01:23.280> take<00:01:23.460> years<00:01:23.700> until<00:01:24.060> any<00:01:24.240> practical 00:01:24.940 --> 00:01:24.950 align:start position:0% would take years until any practical 00:01:24.950 --> 00:01:29.719 align:start position:0% would take years until any practical implementations<00:01:25.950> come<00:01:26.189> out<00:01:28.130> in<00:01:29.130> January<00:01:29.340> this 00:01:29.719 --> 00:01:29.729 align:start position:0% implementations come out in January this 00:01:29.729 --> 00:01:32.749 align:start position:0% implementations come out in January this year<00:01:29.789> we<00:01:30.179> demonstrated<00:01:30.869> a<00:01:31.170> first<00:01:31.710> demo<00:01:32.159> of<00:01:32.399> a 00:01:32.749 --> 00:01:32.759 align:start position:0% year we demonstrated a first demo of a 00:01:32.759 --> 00:01:37.129 align:start position:0% year we demonstrated a first demo of a stark<00:01:33.210> exchange<00:01:33.920> Starke<00:01:35.840> which<00:01:36.840> for<00:01:37.079> the 00:01:37.129 --> 00:01:37.139 align:start position:0% stark exchange Starke which for the 00:01:37.139 --> 00:01:38.840 align:start position:0% stark exchange Starke which for the first<00:01:37.350> time<00:01:37.530> had<00:01:37.710> a<00:01:37.740> verifier<00:01:38.340> running<00:01:38.729> is 00:01:38.840 --> 00:01:38.850 align:start position:0% first time had a verifier running is 00:01:38.850 --> 00:01:42.200 align:start position:0% first time had a verifier running is aetherium<00:01:39.450> smart<00:01:39.869> contract<00:01:40.579> at<00:01:41.579> that<00:01:41.819> time 00:01:42.200 --> 00:01:42.210 align:start position:0% aetherium smart contract at that time 00:01:42.210 --> 00:01:44.389 align:start position:0% aetherium smart contract at that time the<00:01:42.479> the<00:01:42.749> scale<00:01:43.049> of<00:01:43.200> the<00:01:43.289> system<00:01:43.649> was<00:01:43.770> 10x<00:01:44.189> data 00:01:44.389 --> 00:01:44.399 align:start position:0% the the scale of the system was 10x data 00:01:44.399 --> 00:01:45.980 align:start position:0% the the scale of the system was 10x data theorem<00:01:44.939> the<00:01:45.030> throughput<00:01:45.240> the<00:01:45.509> system<00:01:45.840> could 00:01:45.980 --> 00:01:45.990 align:start position:0% theorem the throughput the system could 00:01:45.990 --> 00:01:48.230 align:start position:0% theorem the throughput the system could support<00:01:46.530> is<00:01:46.710> 10x<00:01:47.069> out<00:01:47.249> of<00:01:47.369> a<00:01:47.429> theorem<00:01:47.789> we're 00:01:48.230 --> 00:01:48.240 align:start position:0% support is 10x out of a theorem we're 00:01:48.240 --> 00:01:50.090 align:start position:0% support is 10x out of a theorem we're constantly<00:01:48.569> working<00:01:48.869> on<00:01:49.139> improving<00:01:49.590> that<00:01:49.799> and 00:01:50.090 --> 00:01:50.100 align:start position:0% constantly working on improving that and 00:01:50.100 --> 00:01:52.489 align:start position:0% constantly working on improving that and two<00:01:50.759> months<00:01:50.939> later<00:01:51.240> that<00:01:51.509> jump<00:01:51.810> from<00:01:51.990> 10x<00:01:52.380> to 00:01:52.489 --> 00:01:52.499 align:start position:0% two months later that jump from 10x to 00:01:52.499 --> 00:01:56.569 align:start position:0% two months later that jump from 10x to 200x<00:01:53.689> in<00:01:54.689> June<00:01:55.079> we<00:01:55.590> ran<00:01:55.799> in<00:01:55.979> collaboration 00:01:56.569 --> 00:01:56.579 align:start position:0% 200x in June we ran in collaboration 00:01:56.579 --> 00:02:00.800 align:start position:0% 200x in June we ran in collaboration with<00:01:56.609> 0x<00:01:57.240> on<00:01:58.109> Rob<00:01:58.469> stone<00:01:58.740> on<00:01:58.920> the<00:01:59.009> test<00:01:59.249> net<00:01:59.810> at 00:02:00.800 --> 00:02:00.810 align:start position:0% with 0x on Rob stone on the test net at 00:02:00.810 --> 00:02:02.569 align:start position:0% with 0x on Rob stone on the test net at the<00:02:00.959> alpha<00:02:01.289> version<00:02:01.469> an<00:02:01.829> alpha<00:02:02.159> version<00:02:02.310> of 00:02:02.569 --> 00:02:02.579 align:start position:0% the alpha version an alpha version of 00:02:02.579 --> 00:02:05.539 align:start position:0% the alpha version an alpha version of Stark<00:02:02.909> Exchange<00:02:03.380> stock-exchange<00:02:04.549> stark 00:02:05.539 --> 00:02:05.549 align:start position:0% Stark Exchange stock-exchange stark 00:02:05.549 --> 00:02:08.090 align:start position:0% Stark Exchange stock-exchange stark powered<00:02:05.909> exchange<00:02:06.420> which<00:02:07.289> ran<00:02:07.529> a<00:02:07.560> few<00:02:07.920> weeks 00:02:08.090 --> 00:02:08.100 align:start position:0% powered exchange which ran a few weeks 00:02:08.100 --> 00:02:10.400 align:start position:0% powered exchange which ran a few weeks of<00:02:08.310> actual<00:02:08.670> live<00:02:08.819> traffic<00:02:09.149> from<00:02:09.600> from<00:02:10.259> by 00:02:10.400 --> 00:02:10.410 align:start position:0% of actual live traffic from from by 00:02:10.410 --> 00:02:13.910 align:start position:0% of actual live traffic from from by Nance<00:02:11.150> only<00:02:12.150> last<00:02:12.360> month<00:02:12.629> we<00:02:13.260> hosted<00:02:13.650> in<00:02:13.769> Tel 00:02:13.910 --> 00:02:13.920 align:start position:0% Nance only last month we hosted in Tel 00:02:13.920 --> 00:02:15.920 align:start position:0% Nance only last month we hosted in Tel Aviv<00:02:13.950> the<00:02:14.640> Star<00:02:14.849> Wars<00:02:14.879> sessions<00:02:15.420> conference 00:02:15.920 --> 00:02:15.930 align:start position:0% Aviv the Star Wars sessions conference 00:02:15.930 --> 00:02:17.650 align:start position:0% Aviv the Star Wars sessions conference which<00:02:16.709> also<00:02:16.890> included<00:02:17.220> a<00:02:17.370> star 00:02:17.650 --> 00:02:17.660 align:start position:0% which also included a star 00:02:17.660 --> 00:02:19.930 align:start position:0% which also included a star 1:01<00:02:18.110> open<00:02:18.620> workshop<00:02:19.010> for<00:02:19.190> developers<00:02:19.700> where 00:02:19.930 --> 00:02:19.940 align:start position:0% 1:01 open workshop for developers where 00:02:19.940 --> 00:02:23.020 align:start position:0% 1:01 open workshop for developers where participants<00:02:20.480> could<00:02:21.290> build<00:02:21.560> a<00:02:21.950> stark<00:02:22.430> prove 00:02:23.020 --> 00:02:23.030 align:start position:0% participants could build a stark prove 00:02:23.030 --> 00:02:26.530 align:start position:0% participants could build a stark prove er<00:02:23.180> from<00:02:24.020> scratch<00:02:24.350> and<00:02:25.300> we're<00:02:26.300> constantly 00:02:26.530 --> 00:02:26.540 align:start position:0% er from scratch and we're constantly 00:02:26.540 --> 00:02:28.780 align:start position:0% er from scratch and we're constantly working<00:02:26.900> on<00:02:27.200> improving<00:02:27.620> the<00:02:27.680> system<00:02:28.340> scale<00:02:28.610> as 00:02:28.780 --> 00:02:28.790 align:start position:0% working on improving the system scale as 00:02:28.790 --> 00:02:31.050 align:start position:0% working on improving the system scale as I<00:02:28.880> said<00:02:29.090> before<00:02:29.620> the<00:02:30.620> best<00:02:30.800> running 00:02:31.050 --> 00:02:31.060 align:start position:0% I said before the best running 00:02:31.060 --> 00:02:34.200 align:start position:0% I said before the best running implementation<00:02:32.060> we<00:02:32.150> have<00:02:32.180> today<00:02:32.690> is<00:02:32.960> 700<00:02:33.680> X 00:02:34.200 --> 00:02:34.210 align:start position:0% implementation we have today is 700 X 00:02:34.210 --> 00:02:37.000 align:start position:0% implementation we have today is 700 X the<00:02:35.210> throughput<00:02:35.420> of<00:02:35.600> aetherium<00:02:36.170> which<00:02:36.710> brings 00:02:37.000 --> 00:02:37.010 align:start position:0% the throughput of aetherium which brings 00:02:37.010 --> 00:02:40.060 align:start position:0% the throughput of aetherium which brings us<00:02:37.220> to<00:02:37.370> over<00:02:38.180> 2000<00:02:38.900> trades<00:02:39.170> per<00:02:39.410> second<00:02:39.830> that 00:02:40.060 --> 00:02:40.070 align:start position:0% us to over 2000 trades per second that 00:02:40.070 --> 00:02:42.010 align:start position:0% us to over 2000 trades per second that we<00:02:40.160> could<00:02:40.340> run<00:02:40.550> which<00:02:41.510> means<00:02:41.780> that<00:02:41.930> the 00:02:42.010 --> 00:02:42.020 align:start position:0% we could run which means that the 00:02:42.020 --> 00:02:43.990 align:start position:0% we could run which means that the average<00:02:42.140> cost<00:02:42.620> in<00:02:42.800> terms<00:02:42.980> of<00:02:43.190> gas<00:02:43.430> per<00:02:43.730> trade 00:02:43.990 --> 00:02:44.000 align:start position:0% average cost in terms of gas per trade 00:02:44.000 --> 00:02:47.500 align:start position:0% average cost in terms of gas per trade is<00:02:44.180> under<00:02:44.780> 200<00:02:45.260> gas<00:02:45.850> now<00:02:46.850> this<00:02:47.030> is<00:02:47.240> always 00:02:47.500 --> 00:02:47.510 align:start position:0% is under 200 gas now this is always 00:02:47.510 --> 00:02:49.930 align:start position:0% is under 200 gas now this is always going<00:02:47.990> down<00:02:48.020> and<00:02:48.890> specifically<00:02:49.430> with<00:02:49.640> the<00:02:49.700> AP 00:02:49.930 --> 00:02:49.940 align:start position:0% going down and specifically with the AP 00:02:49.940 --> 00:02:52.540 align:start position:0% going down and specifically with the AP 2028<00:02:50.630> coming<00:02:50.990> in<00:02:51.080> Istanbul<00:02:51.590> which<00:02:52.190> we're<00:02:52.370> very 00:02:52.540 --> 00:02:52.550 align:start position:0% 2028 coming in Istanbul which we're very 00:02:52.550 --> 00:02:55.000 align:start position:0% 2028 coming in Istanbul which we're very proud<00:02:53.480> to<00:02:53.540> have<00:02:53.750> shepherded<00:02:54.290> through<00:02:54.320> that's 00:02:55.000 --> 00:02:55.010 align:start position:0% proud to have shepherded through that's 00:02:55.010 --> 00:02:56.380 align:start position:0% proud to have shepherded through that's going<00:02:55.160> to<00:02:55.250> go<00:02:55.310> significantly<00:02:55.520> lower<00:02:56.270> than 00:02:56.380 --> 00:02:56.390 align:start position:0% going to go significantly lower than 00:02:56.390 --> 00:02:59.380 align:start position:0% going to go significantly lower than that<00:02:56.720> and<00:02:56.990> our<00:02:57.860> next<00:02:58.100> MEC<00:02:58.340> next<00:02:58.730> milestone<00:02:59.210> and 00:02:59.380 --> 00:02:59.390 align:start position:0% that and our next MEC next milestone and 00:02:59.390 --> 00:03:00.850 align:start position:0% that and our next MEC next milestone and this<00:02:59.510> is<00:02:59.690> in<00:03:00.080> large<00:03:00.290> part<00:03:00.350> we're<00:03:00.620> going<00:03:00.800> to 00:03:00.850 --> 00:03:00.860 align:start position:0% this is in large part we're going to 00:03:00.860 --> 00:03:03.220 align:start position:0% this is in large part we're going to talk<00:03:00.950> about<00:03:01.190> today<00:03:01.490> is<00:03:01.820> to<00:03:02.600> deploy<00:03:02.900> on 00:03:03.220 --> 00:03:03.230 align:start position:0% talk about today is to deploy on 00:03:03.230 --> 00:03:05.470 align:start position:0% talk about today is to deploy on maintenance<00:03:03.560> to<00:03:03.980> launch<00:03:04.190> first<00:03:04.970> commercial 00:03:05.470 --> 00:03:05.480 align:start position:0% maintenance to launch first commercial 00:03:05.480 --> 00:03:07.560 align:start position:0% maintenance to launch first commercial release<00:03:05.630> of<00:03:06.020> a<00:03:06.110> start<00:03:06.350> powered<00:03:06.770> exchange 00:03:07.560 --> 00:03:07.570 align:start position:0% release of a start powered exchange 00:03:07.570 --> 00:03:12.490 align:start position:0% release of a start powered exchange comes<00:03:08.570> annually<00:03:09.020> with<00:03:09.350> a<00:03:09.380> partner<00:03:11.230> but<00:03:12.230> first 00:03:12.490 --> 00:03:12.500 align:start position:0% comes annually with a partner but first 00:03:12.500 --> 00:03:15.160 align:start position:0% comes annually with a partner but first what's<00:03:13.130> dark<00:03:13.460> so<00:03:14.120> Stark<00:03:14.420> is<00:03:14.600> a<00:03:14.630> zero<00:03:14.900> knowledge 00:03:15.160 --> 00:03:15.170 align:start position:0% what's dark so Stark is a zero knowledge 00:03:15.170 --> 00:03:18.370 align:start position:0% what's dark so Stark is a zero knowledge proof<00:03:16.090> protocol<00:03:17.090> with<00:03:17.540> specifically<00:03:18.140> nice 00:03:18.370 --> 00:03:18.380 align:start position:0% proof protocol with specifically nice 00:03:18.380 --> 00:03:21.250 align:start position:0% proof protocol with specifically nice characteristics<00:03:19.330> the<00:03:20.330> main<00:03:20.540> ones<00:03:20.810> are<00:03:21.110> that 00:03:21.250 --> 00:03:21.260 align:start position:0% characteristics the main ones are that 00:03:21.260 --> 00:03:25.150 align:start position:0% characteristics the main ones are that both<00:03:21.530> verify<00:03:22.160> running<00:03:22.580> time<00:03:22.850> and<00:03:23.920> the<00:03:24.920> proof 00:03:25.150 --> 00:03:25.160 align:start position:0% both verify running time and the proof 00:03:25.160 --> 00:03:27.310 align:start position:0% both verify running time and the proof size<00:03:25.400> itself<00:03:25.850> are<00:03:26.120> only<00:03:26.390> logarithmic<00:03:27.170> with 00:03:27.310 --> 00:03:27.320 align:start position:0% size itself are only logarithmic with 00:03:27.320 --> 00:03:30.400 align:start position:0% size itself are only logarithmic with regards<00:03:27.650> to<00:03:27.709> the<00:03:27.890> original<00:03:28.250> computation<00:03:29.410> the 00:03:30.400 --> 00:03:30.410 align:start position:0% regards to the original computation the 00:03:30.410 --> 00:03:33.220 align:start position:0% regards to the original computation the prover<00:03:30.770> running<00:03:31.100> time<00:03:31.370> is<00:03:31.630> is<00:03:32.630> nearly<00:03:33.080> linear 00:03:33.220 --> 00:03:33.230 align:start position:0% prover running time is is nearly linear 00:03:33.230 --> 00:03:36.520 align:start position:0% prover running time is is nearly linear and<00:03:33.950> with<00:03:34.190> nice<00:03:34.400> constants<00:03:35.030> actually<00:03:35.600> against 00:03:36.520 --> 00:03:36.530 align:start position:0% and with nice constants actually against 00:03:36.530 --> 00:03:38.650 align:start position:0% and with nice constants actually against any<00:03:36.680> other<00:03:36.970> protocol<00:03:37.970> that<00:03:38.090> we've<00:03:38.209> compared 00:03:38.650 --> 00:03:38.660 align:start position:0% any other protocol that we've compared 00:03:38.660 --> 00:03:40.870 align:start position:0% any other protocol that we've compared it<00:03:38.780> against<00:03:39.560> to<00:03:39.920> date<00:03:40.100> it's<00:03:40.340> at<00:03:40.459> least<00:03:40.610> one 00:03:40.870 --> 00:03:40.880 align:start position:0% it against to date it's at least one 00:03:40.880 --> 00:03:44.320 align:start position:0% it against to date it's at least one order<00:03:41.090> of<00:03:41.360> magnitude<00:03:41.840> faster<00:03:42.640> Stark<00:03:43.640> is<00:03:43.790> also 00:03:44.320 --> 00:03:44.330 align:start position:0% order of magnitude faster Stark is also 00:03:44.330 --> 00:03:47.650 align:start position:0% order of magnitude faster Stark is also applicable<00:03:45.020> to<00:03:45.290> any<00:03:45.530> general<00:03:45.830> computation<00:03:46.700> so 00:03:47.650 --> 00:03:47.660 align:start position:0% applicable to any general computation so 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align:start position:0% cherries on top of that one is that Sark requires<00:03:55.970> no<00:03:56.300> trusted<00:03:56.780> setup<00:03:57.140> and<00:03:57.470> the<00:03:58.430> other 00:03:58.570 --> 00:03:58.580 align:start position:0% requires no trusted setup and the other 00:03:58.580 --> 00:04:01.300 align:start position:0% requires no trusted setup and the other is<00:03:58.910> that<00:03:59.260> Stark<00:04:00.260> has<00:04:00.500> hardly<00:04:01.190> any 00:04:01.300 --> 00:04:01.310 align:start position:0% is that Stark has hardly any 00:04:01.310 --> 00:04:04.240 align:start position:0% is that Stark has hardly any cryptographic<00:04:02.060> assumptions<00:04:02.989> so<00:04:03.770> the<00:04:04.010> only 00:04:04.240 --> 00:04:04.250 align:start position:0% cryptographic assumptions so the only 00:04:04.250 --> 00:04:06.910 align:start position:0% cryptographic assumptions so the only thing<00:04:04.459> you<00:04:04.640> need<00:04:04.930> to<00:04:05.930> work<00:04:06.110> for<00:04:06.470> first<00:04:06.709> Stark 00:04:06.910 --> 00:04:06.920 align:start position:0% thing you need to work for first Stark 00:04:06.920 --> 00:04:08.680 align:start position:0% thing you need to work for first Stark to<00:04:07.040> work<00:04:07.160> well<00:04:07.459> is<00:04:07.700> the<00:04:08.090> existence<00:04:08.570> of 00:04:08.680 --> 00:04:08.690 align:start position:0% to work well is the existence of 00:04:08.690 --> 00:04:12.400 align:start position:0% to work well is the existence of cryptographic<00:04:09.310> hash<00:04:10.310> functions<00:04:11.140> which<00:04:12.140> makes 00:04:12.400 --> 00:04:12.410 align:start position:0% cryptographic hash functions which makes 00:04:12.410 --> 00:04:15.130 align:start position:0% cryptographic hash functions which makes it<00:04:12.650> a<00:04:12.680> very<00:04:13.340> future<00:04:14.030> proof<00:04:14.270> in<00:04:14.420> two<00:04:14.600> aspects 00:04:15.130 --> 00:04:15.140 align:start position:0% it a very future proof in two aspects 00:04:15.140 --> 00:04:17.620 align:start position:0% it a very future proof in two aspects one<00:04:15.320> is<00:04:15.560> that<00:04:15.800> it<00:04:16.370> rests<00:04:16.820> on<00:04:16.910> the<00:04:17.060> same<00:04:17.299> lean 00:04:17.620 --> 00:04:17.630 align:start position:0% one is that it rests on the same lean 00:04:17.630 --> 00:04:19.780 align:start position:0% one is that it rests on the same lean and<00:04:17.870> battle-hardened<00:04:18.500> crypto<00:04:18.919> that's<00:04:19.549> pretty 00:04:19.780 --> 00:04:19.790 align:start position:0% and battle-hardened crypto that's pretty 00:04:19.790 --> 00:04:21.729 align:start position:0% and battle-hardened crypto that's pretty much<00:04:19.970> the<00:04:20.180> rest<00:04:20.270> of<00:04:20.510> e-commerce<00:04:21.020> that's<00:04:21.590> been 00:04:21.729 --> 00:04:21.739 align:start position:0% much the rest of e-commerce that's been 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system<00:04:37.620> but<00:04:38.620> actually<00:04:38.950> if<00:04:39.010> you 00:04:39.120 --> 00:04:39.130 align:start position:0% distributed system but actually if you 00:04:39.130 --> 00:04:40.770 align:start position:0% distributed system but actually if you look<00:04:39.160> at<00:04:39.370> them<00:04:39.490> more<00:04:39.610> closely<00:04:39.910> you<00:04:40.420> can<00:04:40.600> see 00:04:40.770 --> 00:04:40.780 align:start position:0% look at them more closely you can see 00:04:40.780 --> 00:04:42.420 align:start position:0% look at them more closely you can see they're<00:04:40.930> actually<00:04:41.080> more<00:04:41.500> of<00:04:41.560> a<00:04:41.770> duplicated 00:04:42.420 --> 00:04:42.430 align:start position:0% they're actually more of a duplicated 00:04:42.430 --> 00:04:44.490 align:start position:0% they're actually more of a duplicated system<00:04:42.820> you<00:04:43.330> have<00:04:43.450> a<00:04:43.480> large<00:04:43.780> number<00:04:44.020> of<00:04:44.140> nodes 00:04:44.490 --> 00:04:44.500 align:start position:0% system you have a large number of nodes 00:04:44.500 --> 00:04:46.710 align:start position:0% system you have a large number of nodes but<00:04:45.310> each<00:04:45.430> and<00:04:45.760> every<00:04:46.030> one<00:04:46.150> of<00:04:46.180> these<00:04:46.420> nodes 00:04:46.710 --> 00:04:46.720 align:start position:0% but each and every one of these nodes 00:04:46.720 --> 00:04:48.930 align:start position:0% but each and every one of these nodes actually<00:04:46.990> performs<00:04:47.740> all<00:04:48.040> the<00:04:48.190> computations 00:04:48.930 --> 00:04:48.940 align:start position:0% actually performs all the computations 00:04:48.940 --> 00:04:51.060 align:start position:0% actually performs all the computations and<00:04:49.240> stores<00:04:49.780> the<00:04:49.990> full<00:04:50.200> state<00:04:50.470> of<00:04:50.680> the<00:04:50.800> entire 00:04:51.060 --> 00:04:51.070 align:start position:0% and stores the full state of the entire 00:04:51.070 --> 00:04:55.560 align:start position:0% and stores the full state of the entire network<00:04:52.560> so<00:04:53.560> this<00:04:53.740> boils<00:04:54.100> down<00:04:54.130> to<00:04:54.340> a<00:04:54.580> very<00:04:54.910> low 00:04:55.560 --> 00:04:55.570 align:start position:0% network so this boils down to a very low 00:04:55.570 --> 00:04:57.270 align:start position:0% network so this boils down to a very low glass<00:04:55.930> ceiling<00:04:56.380> in<00:04:56.500> terms<00:04:56.740> of<00:04:56.890> the<00:04:56.980> amount<00:04:57.190> of 00:04:57.270 --> 00:04:57.280 align:start position:0% glass ceiling in terms of the amount of 00:04:57.280 --> 00:04:58.530 align:start position:0% glass ceiling in terms of the amount of operations<00:04:57.820> the<00:04:57.970> network<00:04:58.240> could<00:04:58.360> actually 00:04:58.530 --> 00:04:58.540 align:start position:0% operations the network could actually 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something<00:05:06.100> between<00:05:06.250> hundred<00:05:06.640> fifty<00:05:06.940> and<00:05:07.060> two 00:05:07.080 --> 00:05:07.090 align:start position:0% something between hundred fifty and two 00:05:07.090 --> 00:05:09.120 align:start position:0% something between hundred fifty and two hundred<00:05:07.150> thousand<00:05:07.780> gasps<00:05:07.960> which<00:05:08.710> means<00:05:08.980> the 00:05:09.120 --> 00:05:09.130 align:start position:0% hundred thousand gasps which means the 00:05:09.130 --> 00:05:10.590 align:start position:0% hundred thousand gasps which means the network<00:05:09.400> can't<00:05:09.670> do<00:05:09.880> more<00:05:10.090> than<00:05:10.240> three<00:05:10.420> or<00:05:10.450> four 00:05:10.590 --> 00:05:10.600 align:start position:0% network can't do more than three or four 00:05:10.600 --> 00:05:14.940 align:start position:0% network can't do more than three or four trades<00:05:11.080> per<00:05:11.350> second<00:05:11.740> in<00:05:12.250> theory<00:05:13.650> but<00:05:14.650> what<00:05:14.800> if 00:05:14.940 --> 00:05:14.950 align:start position:0% trades per second in theory but what if 00:05:14.950 --> 00:05:16.650 align:start position:0% trades per second in theory but what if we<00:05:15.100> shift<00:05:15.310> this<00:05:15.520> balance<00:05:15.970> and<00:05:16.180> for<00:05:16.480> a<00:05:16.510> given 00:05:16.650 --> 00:05:16.660 align:start position:0% we shift this balance and for a given 00:05:16.660 --> 00:05:19.620 align:start position:0% we shift this balance and for a given computation<00:05:17.500> we'll<00:05:17.830> have<00:05:18.010> one<00:05:18.220> party<00:05:18.640> run<00:05:19.480> the 00:05:19.620 --> 00:05:19.630 align:start position:0% computation we'll have one party run the 00:05:19.630 --> 00:05:22.409 align:start position:0% computation we'll have one party run the heavy<00:05:19.780> computation<00:05:20.620> and<00:05:20.830> on<00:05:21.820> top<00:05:22.030> of<00:05:22.180> running 00:05:22.409 --> 00:05:22.419 align:start position:0% heavy computation and on top of running 00:05:22.419 --> 00:05:23.970 align:start position:0% heavy computation and on top of running the<00:05:22.510> computation<00:05:23.080> itself<00:05:23.350> we'll<00:05:23.590> also<00:05:23.710> do 00:05:23.970 --> 00:05:23.980 align:start position:0% the computation itself we'll also do 00:05:23.980 --> 00:05:25.920 align:start position:0% the computation itself we'll also do some<00:05:24.160> extra<00:05:24.460> work<00:05:24.490> and<00:05:24.940> produce<00:05:25.240> a<00:05:25.419> proof<00:05:25.660> a 00:05:25.920 --> 00:05:25.930 align:start position:0% some extra work and produce a proof a 00:05:25.930 --> 00:05:28.080 align:start position:0% some extra work and produce a proof a stark<00:05:26.410> proof<00:05:26.710> attesting<00:05:27.400> to<00:05:27.430> the<00:05:27.550> validity<00:05:27.850> of 00:05:28.080 --> 00:05:28.090 align:start position:0% stark proof attesting to the validity of 00:05:28.090 --> 00:05:31.470 align:start position:0% stark proof attesting to the validity of those<00:05:28.300> computation<00:05:29.520> now<00:05:30.520> what<00:05:30.970> the<00:05:31.120> rest<00:05:31.300> of 00:05:31.470 --> 00:05:31.480 align:start position:0% those computation now what the rest of 00:05:31.480 --> 00:05:33.180 align:start position:0% those computation now what the rest of the<00:05:31.540> parties<00:05:31.870> need<00:05:32.020> to<00:05:32.080> do<00:05:32.380> is<00:05:32.590> just<00:05:32.800> to<00:05:32.950> verify 00:05:33.180 --> 00:05:33.190 align:start position:0% the parties need to do is just to verify 00:05:33.190 --> 00:05:35.670 align:start position:0% the parties need to do is just to verify that<00:05:33.730> truth<00:05:34.060> which<00:05:34.690> like<00:05:34.900> I<00:05:35.020> said<00:05:35.050> before<00:05:35.380> is<00:05:35.650> a 00:05:35.670 --> 00:05:35.680 align:start position:0% that truth which like I said before is a 00:05:35.680 --> 00:05:37.440 align:start position:0% that truth which like I said before is a whole<00:05:35.919> lot<00:05:36.130> less<00:05:36.340> work<00:05:36.610> than<00:05:36.880> the<00:05:37.030> original 00:05:37.440 --> 00:05:37.450 align:start position:0% whole lot less work than the original 00:05:37.450 --> 00:05:39.050 align:start position:0% whole lot less work than the original computation<00:05:38.290> itself 00:05:39.050 --> 00:05:39.060 align:start position:0% computation itself 00:05:39.060 --> 00:05:41.820 align:start position:0% computation itself note<00:05:40.060> that<00:05:40.090> with<00:05:40.450> proof<00:05:40.720> systems<00:05:41.169> there<00:05:41.500> is<00:05:41.620> no 00:05:41.820 --> 00:05:41.830 align:start position:0% note that with proof systems there is no 00:05:41.830 --> 00:05:43.440 align:start position:0% note that with proof systems there is no trust<00:05:42.130> assumption<00:05:42.669> with<00:05:42.850> regards<00:05:43.240> to<00:05:43.300> the 00:05:43.440 --> 00:05:43.450 align:start position:0% trust assumption with regards to the 00:05:43.450 --> 00:05:45.960 align:start position:0% trust assumption with regards to the prover<00:05:43.900> as<00:05:44.620> the<00:05:44.770> verify<00:05:45.130> never<00:05:45.400> accepts 00:05:45.960 --> 00:05:45.970 align:start position:0% prover as the verify never accepts 00:05:45.970 --> 00:05:50.040 align:start position:0% prover as the verify never accepts invalid<00:05:46.900> proofs<00:05:48.210> so<00:05:49.210> you<00:05:49.270> only<00:05:49.479> need<00:05:49.720> to<00:05:49.810> trust 00:05:50.040 --> 00:05:50.050 align:start position:0% invalid proofs so you only need to trust 00:05:50.050 --> 00:05:53.670 align:start position:0% invalid proofs so you only need to trust the<00:05:50.200> verifier<00:05:51.030> it<00:05:52.030> and<00:05:52.330> it<00:05:52.479> would<00:05:52.660> never<00:05:52.840> it 00:05:53.670 --> 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the<00:06:08.440> blockchain<00:06:08.680> case<00:06:09.300> instead<00:06:10.300> of<00:06:10.419> running 00:06:10.770 --> 00:06:10.780 align:start position:0% the blockchain case instead of running 00:06:10.780 --> 00:06:13.469 align:start position:0% the blockchain case instead of running all<00:06:11.500> these<00:06:11.710> heavy<00:06:11.919> operations<00:06:12.610> many<00:06:12.850> times<00:06:13.180> on 00:06:13.469 --> 00:06:13.479 align:start position:0% all these heavy operations many times on 00:06:13.479 --> 00:06:15.510 align:start position:0% all these heavy operations many times on chain<00:06:13.840> you<00:06:14.260> could<00:06:14.410> basically<00:06:14.590> take<00:06:14.860> the<00:06:15.340> heavy 00:06:15.510 --> 00:06:15.520 align:start position:0% chain you could basically take the heavy 00:06:15.520 --> 00:06:18.860 align:start position:0% chain you could basically take the heavy heavy<00:06:15.970> lifting<00:06:16.450> computation<00:06:17.080> wise<00:06:17.260> off<00:06:17.590> chain 00:06:18.860 --> 00:06:18.870 align:start position:0% heavy lifting computation wise off chain 00:06:18.870 --> 00:06:21.150 align:start position:0% heavy lifting computation wise off chain it'll<00:06:19.870> still<00:06:20.140> be<00:06:20.260> heavy<00:06:20.470> but<00:06:20.590> it'll<00:06:20.919> be<00:06:21.010> done 00:06:21.150 --> 00:06:21.160 align:start position:0% it'll still be heavy but it'll be done 00:06:21.160 --> 00:06:22.920 align:start position:0% it'll still be heavy but it'll be done at<00:06:21.280> AWS<00:06:21.760> cost<00:06:22.090> rather<00:06:22.330> than<00:06:22.570> a<00:06:22.600> blockchain 00:06:22.920 --> 00:06:22.930 align:start position:0% at AWS cost rather than a blockchain 00:06:22.930 --> 00:06:26.040 align:start position:0% at AWS cost rather than a blockchain costs<00:06:23.620> and<00:06:23.830> all<00:06:24.669> that's<00:06:24.910> left<00:06:25.180> to<00:06:25.390> do<00:06:25.600> unchain 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magnitude 00:06:39.869 --> 00:06:39.879 align:start position:0% by several orders of magnitude 00:06:39.879 --> 00:06:41.999 align:start position:0% by several orders of magnitude while<00:06:40.509> still<00:06:40.749> enjoying<00:06:40.899> the<00:06:41.259> security<00:06:41.770> of<00:06:41.800> the 00:06:41.999 --> 00:06:42.009 align:start position:0% while still enjoying the security of the 00:06:42.009 --> 00:06:46.049 align:start position:0% while still enjoying the security of the main<00:06:42.189> chain<00:06:43.649> but<00:06:44.649> you<00:06:44.949> may<00:06:45.129> say<00:06:45.429> well<00:06:45.759> this<00:06:45.879> is 00:06:46.049 --> 00:06:46.059 align:start position:0% main chain but you may say well this is 00:06:46.059 --> 00:06:47.219 align:start position:0% main chain but you may say well this is nice<00:06:46.240> but<00:06:46.509> this<00:06:46.599> is<00:06:46.659> good<00:06:46.929> for<00:06:47.080> big 00:06:47.219 --> 00:06:47.229 align:start position:0% nice but this is good for big 00:06:47.229 --> 00:06:49.290 align:start position:0% nice but this is good for big computations<00:06:47.979> and<00:06:48.219> aren't<00:06:48.759> any<00:06:49.059> big 00:06:49.290 --> 00:06:49.300 align:start position:0% computations and aren't any big 00:06:49.300 --> 00:06:51.929 align:start position:0% computations and aren't any big computations<00:06:49.929> are<00:06:50.080> in<00:06:50.169> theorem<00:06:50.439> today<00:06:50.939> and 00:06:51.929 --> 00:06:51.939 align:start position:0% computations are in theorem today and 00:06:51.939 --> 00:06:53.279 align:start position:0% computations are in theorem today and you'd<00:06:52.089> be<00:06:52.240> right<00:06:52.419> actually<00:06:52.659> the<00:06:52.839> network 00:06:53.279 --> 00:06:53.289 align:start position:0% you'd be right actually the network 00:06:53.289 --> 00:06:55.199 align:start position:0% you'd be right actually the network network<00:06:53.499> stay<00:06:53.919> exhale<00:06:54.189> limitations<00:06:54.879> actually 00:06:55.199 --> 00:06:55.209 align:start position:0% network stay exhale limitations actually 00:06:55.209 --> 00:06:56.909 align:start position:0% network stay exhale limitations actually prevent<00:06:55.569> big<00:06:55.749> computations<00:06:56.349> from<00:06:56.529> being<00:06:56.709> run 00:06:56.909 --> 00:06:56.919 align:start position:0% prevent big computations from being run 00:06:56.919 --> 00:06:59.609 align:start position:0% prevent big computations from being run on<00:06:56.949> it<00:06:57.249> today<00:06:57.399> so<00:06:58.330> to<00:06:58.389> this<00:06:58.659> I<00:06:58.959> say<00:06:59.169> two<00:06:59.229> things 00:06:59.609 --> 00:06:59.619 align:start position:0% on it today so to this I say two things 00:06:59.619 --> 00:07:03.149 align:start position:0% on it today so to this I say two things one<00:07:00.610> is<00:07:00.819> that<00:07:00.849> using<00:07:01.749> a<00:07:02.080> Stark<00:07:02.499> based<00:07:02.740> system 00:07:03.149 --> 00:07:03.159 align:start position:0% one is that using a Stark based system 00:07:03.159 --> 00:07:05.579 align:start position:0% one is that using a Stark based system you<00:07:03.309> can<00:07:03.580> have<00:07:03.969> big<00:07:04.209> computations<00:07:04.929> so<00:07:05.349> if 00:07:05.579 --> 00:07:05.589 align:start position:0% you can have big computations so if 00:07:05.589 --> 00:07:07.619 align:start position:0% you can have big computations so if you're<00:07:05.770> a<00:07:05.800> developer<00:07:06.069> who's<00:07:06.639> not<00:07:06.909> developing 00:07:07.619 --> 00:07:07.629 align:start position:0% you're a developer who's not developing 00:07:07.629 --> 00:07:09.329 align:start position:0% you're a developer who's not developing some<00:07:07.839> V<00:07:07.959> app<00:07:08.080> today<00:07:08.289> because<00:07:08.800> you're 00:07:09.329 --> 00:07:09.339 align:start position:0% some V app today because you're 00:07:09.339 --> 00:07:10.769 align:start position:0% some V app today because you're concerned<00:07:09.729> the<00:07:09.909> network<00:07:10.179> won't<00:07:10.389> be<00:07:10.539> able<00:07:10.659> to 00:07:10.769 --> 00:07:10.779 align:start position:0% concerned the network won't be able to 00:07:10.779 --> 00:07:13.230 align:start position:0% concerned the network won't be able to carry<00:07:11.139> it<00:07:11.319> then<00:07:11.619> you're<00:07:12.580> highly<00:07:12.849> welcome<00:07:13.149> to 00:07:13.230 --> 00:07:13.240 align:start position:0% carry it then you're highly welcome to 00:07:13.240 --> 00:07:15.839 align:start position:0% carry it then you're highly welcome to come<00:07:13.389> and<00:07:13.509> talk<00:07:13.629> to<00:07:13.839> us<00:07:13.959> and<00:07:14.439> the<00:07:15.249> second<00:07:15.610> thing 00:07:15.839 --> 00:07:15.849 align:start position:0% come and talk to us and the second thing 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align:start position:0% we could batch a large number of small operations<00:07:23.110> together<00:07:23.469> in<00:07:23.709> a<00:07:23.800> big<00:07:23.979> batch<00:07:24.189> and 00:07:24.449 --> 00:07:24.459 align:start position:0% operations together in a big batch and 00:07:24.459 --> 00:07:26.309 align:start position:0% operations together in a big batch and prepare<00:07:24.849> one<00:07:25.059> proof<00:07:25.419> attesting<00:07:26.080> to<00:07:26.199> the 00:07:26.309 --> 00:07:26.319 align:start position:0% prepare one proof attesting to the 00:07:26.319 --> 00:07:29.189 align:start position:0% prepare one proof attesting to the validity<00:07:26.499> of<00:07:26.800> the<00:07:26.979> entire<00:07:27.309> batch<00:07:27.610> and<00:07:28.080> get<00:07:29.080> the 00:07:29.189 --> 00:07:29.199 align:start position:0% validity of the entire batch and get the 00:07:29.199 --> 00:07:31.230 align:start position:0% validity of the entire batch and get the same<00:07:29.409> scale<00:07:29.709> effect<00:07:30.009> that<00:07:30.189> way<00:07:30.399> because<00:07:31.209> again 00:07:31.230 --> 00:07:31.240 align:start position:0% same scale effect that way because again 00:07:31.240 --> 00:07:33.179 align:start position:0% same scale effect that way because again it's<00:07:31.629> the<00:07:31.749> same<00:07:31.779> logarithm<00:07:32.319> equality<00:07:33.009> of<00:07:33.099> the 00:07:33.179 --> 00:07:33.189 align:start position:0% it's the same logarithm equality of the 00:07:33.189 --> 00:07:35.519 align:start position:0% it's the same logarithm equality of the verifier<00:07:33.669> so<00:07:33.939> verifying<00:07:34.599> a<00:07:34.779> proof<00:07:35.019> for<00:07:35.229> a<00:07:35.289> very 00:07:35.519 --> 00:07:35.529 align:start position:0% verifier so verifying a proof for a very 00:07:35.529 --> 00:07:37.919 align:start position:0% verifier so verifying a proof for a very large<00:07:35.800> batch<00:07:36.339> hardly<00:07:37.240> cost<00:07:37.479> more<00:07:37.779> than 00:07:37.919 --> 00:07:37.929 align:start position:0% large batch hardly cost more than 00:07:37.929 --> 00:07:42.239 align:start position:0% large batch hardly cost more than verifying<00:07:38.439> one<00:07:38.679> for<00:07:38.860> a<00:07:38.889> smaller<00:07:39.279> batch<00:07:41.099> so<00:07:42.099> up 00:07:42.239 --> 00:07:42.249 align:start position:0% verifying one for a smaller batch so up 00:07:42.249 --> 00:07:44.249 align:start position:0% verifying one for a smaller batch so up until<00:07:42.369> now<00:07:42.669> I<00:07:42.699> described<00:07:43.300> how<00:07:43.509> proof<00:07:43.779> systems 00:07:44.249 --> 00:07:44.259 align:start position:0% until now I described how proof systems 00:07:44.259 --> 00:07:46.199 align:start position:0% until now I described how proof systems and<00:07:44.499> star<00:07:44.740> could<00:07:45.009> help<00:07:45.189> scale<00:07:45.459> blockchains<00:07:46.059> in 00:07:46.199 --> 00:07:46.209 align:start position:0% and star could help scale blockchains in 00:07:46.209 --> 00:07:49.230 align:start position:0% and star could help scale blockchains in general<00:07:46.709> now<00:07:47.709> I<00:07:47.740> turn<00:07:48.189> to<00:07:48.519> the<00:07:48.819> engine<00:07:49.149> that 00:07:49.230 --> 00:07:49.240 align:start position:0% general now I turn to the engine that 00:07:49.240 --> 00:07:50.790 align:start position:0% general now I turn to the engine that we've<00:07:49.389> built<00:07:49.689> on<00:07:49.869> top<00:07:50.019> of<00:07:50.079> this<00:07:50.379> which<00:07:50.589> is<00:07:50.619> a 00:07:50.790 --> 00:07:50.800 align:start position:0% we've built on top of this which is a 00:07:50.800 --> 00:07:53.069 align:start position:0% we've built on top of this which is a Stickle<00:07:51.159> ability<00:07:51.490> engine<00:07:51.759> for<00:07:51.939> exchanges<00:07:52.509> and 00:07:53.069 --> 00:07:53.079 align:start position:0% Stickle ability engine for exchanges and 00:07:53.079 --> 00:07:55.379 align:start position:0% Stickle ability engine for exchanges and now<00:07:53.589> I'll<00:07:53.860> briefly<00:07:54.279> explain<00:07:54.490> how<00:07:54.909> that<00:07:54.969> works 00:07:55.379 --> 00:07:55.389 align:start position:0% now I'll briefly explain how that works 00:07:55.389 --> 00:07:57.809 align:start position:0% now I'll briefly explain how that works so<00:07:55.779> these<00:07:56.139> are<00:07:56.319> the<00:07:56.409> main<00:07:56.559> players<00:07:56.919> in<00:07:57.009> this<00:07:57.249> in 00:07:57.809 --> 00:07:57.819 align:start position:0% so these are the main players in this in 00:07:57.819 --> 00:08:00.299 align:start position:0% so these are the main players in this in this<00:07:57.999> drama<00:07:58.379> at<00:07:59.379> the<00:07:59.559> top<00:07:59.769> left<00:08:00.069> you<00:08:00.219> have 00:08:00.299 --> 00:08:00.309 align:start position:0% this drama at the top left you have 00:08:00.309 --> 00:08:02.549 align:start position:0% this drama at the top left you have Alice<00:08:00.759> and<00:08:00.909> Bob<00:08:01.059> there<00:08:01.389> are<00:08:01.479> stars<00:08:01.779> and<00:08:02.079> pretty 00:08:02.549 --> 00:08:02.559 align:start position:0% Alice and Bob there are stars and pretty 00:08:02.559 --> 00:08:03.899 align:start position:0% Alice and Bob there are stars and pretty much<00:08:02.680> any<00:08:02.889> presentation<00:08:03.519> here<00:08:03.759> they're 00:08:03.899 --> 00:08:03.909 align:start position:0% much any presentation here they're 00:08:03.909 --> 00:08:05.519 align:start position:0% much any presentation here they're moving<00:08:04.180> from<00:08:04.329> room<00:08:04.539> to<00:08:04.689> room<00:08:04.719> so<00:08:05.319> there<00:08:05.499> are 00:08:05.519 --> 00:08:05.529 align:start position:0% moving from room to room so there are 00:08:05.529 --> 00:08:07.879 align:start position:0% moving from room to room so there are the<00:08:05.619> users<00:08:05.949> you<00:08:06.579> have<00:08:06.699> the<00:08:06.849> exchange<00:08:07.059> itself 00:08:07.879 --> 00:08:07.889 align:start position:0% the users you have the exchange itself 00:08:07.889 --> 00:08:10.199 align:start position:0% the users you have the exchange itself then<00:08:08.889> you<00:08:08.979> have<00:08:09.099> the<00:08:09.219> stark<00:08:09.519> scalability 00:08:10.199 --> 00:08:10.209 align:start position:0% then you have the stark scalability 00:08:10.209 --> 00:08:12.600 align:start position:0% then you have the stark scalability engine<00:08:10.539> that<00:08:10.689> includes<00:08:11.019> the<00:08:11.139> prover<00:08:11.619> all<00:08:12.189> this 00:08:12.600 --> 00:08:12.610 align:start position:0% engine that includes the prover all this 00:08:12.610 --> 00:08:15.029 align:start position:0% engine that includes the prover all this is<00:08:12.879> off<00:08:13.059> chain<00:08:13.449> and<00:08:13.719> then<00:08:14.289> on<00:08:14.499> chain<00:08:14.769> you<00:08:14.889> have 00:08:15.029 --> 00:08:15.039 align:start position:0% is off chain and then on chain you have 00:08:15.039 --> 00:08:16.739 align:start position:0% is off chain and then on chain you have two<00:08:15.249> main<00:08:15.459> contracts<00:08:16.089> one<00:08:16.240> is<00:08:16.360> the<00:08:16.479> Stark 00:08:16.739 --> 00:08:16.749 align:start position:0% two main contracts one is the Stark 00:08:16.749 --> 00:08:19.109 align:start position:0% two main contracts one is the Stark verifier<00:08:17.439> and<00:08:17.860> the<00:08:18.309> other<00:08:18.459> is<00:08:18.729> the<00:08:18.879> Stark 00:08:19.109 --> 00:08:19.119 align:start position:0% verifier and the other is the Stark 00:08:19.119 --> 00:08:20.850 align:start position:0% verifier and the other is the Stark Exchange<00:08:19.509> main<00:08:19.749> contract<00:08:20.259> that<00:08:20.349> keeps<00:08:20.649> the 00:08:20.850 --> 00:08:20.860 align:start position:0% Exchange main contract that keeps the 00:08:20.860 --> 00:08:25.469 align:start position:0% Exchange main contract that keeps the system<00:08:21.219> state<00:08:22.619> so<00:08:23.619> users<00:08:24.069> trade<00:08:25.059> on<00:08:25.269> the 00:08:25.469 --> 00:08:25.479 align:start position:0% system state so users trade on the 00:08:25.479 --> 00:08:27.389 align:start position:0% system state so users trade on the exchange<00:08:25.929> pretty<00:08:26.319> much<00:08:26.499> as<00:08:26.679> they<00:08:26.829> would<00:08:26.979> today 00:08:27.389 --> 00:08:27.399 align:start position:0% exchange pretty much as they would today 00:08:27.399 --> 00:08:30.089 align:start position:0% exchange pretty much as they would today on<00:08:27.639> any<00:08:27.849> centralized<00:08:28.449> exchange<00:08:28.949> the<00:08:29.949> main 00:08:30.089 --> 00:08:30.099 align:start position:0% on any centralized exchange the main 00:08:30.099 --> 00:08:31.499 align:start position:0% on any centralized exchange the main difference<00:08:30.459> is<00:08:30.579> that<00:08:30.729> they<00:08:30.909> need<00:08:31.059> to<00:08:31.240> sign 00:08:31.499 --> 00:08:31.509 align:start position:0% difference is that they need to sign 00:08:31.509 --> 00:08:33.629 align:start position:0% difference is that they need to sign each<00:08:32.469> and<00:08:32.709> every<00:08:32.919> order<00:08:33.130> with<00:08:33.430> their<00:08:33.550> own 00:08:33.629 --> 00:08:33.639 align:start position:0% each and every order with their own 00:08:33.639 --> 00:08:36.389 align:start position:0% each and every order with their own private<00:08:33.939> key<00:08:34.389> now<00:08:35.349> this<00:08:35.529> is<00:08:35.649> an<00:08:35.769> important 00:08:36.389 --> 00:08:36.399 align:start position:0% private key now this is an important 00:08:36.399 --> 00:08:38.040 align:start position:0% private key now this is an important feature<00:08:36.550> because<00:08:37.060> this<00:08:37.240> is<00:08:37.389> basically<00:08:37.630> the 00:08:38.040 --> 00:08:38.050 align:start position:0% feature because this is basically the 00:08:38.050 --> 00:08:40.850 align:start position:0% feature because this is basically the core<00:08:38.319> of<00:08:38.349> this<00:08:38.860> system<00:08:39.279> being<00:08:39.459> non-custodial 00:08:40.850 --> 00:08:40.860 align:start position:0% core of this system being non-custodial 00:08:40.860 --> 00:08:43.139 align:start position:0% core of this system being non-custodial which<00:08:41.860> means<00:08:42.099> that<00:08:42.279> neither<00:08:42.430> the<00:08:42.699> exchange 00:08:43.139 --> 00:08:43.149 align:start position:0% which means that neither the exchange 00:08:43.149 --> 00:08:44.970 align:start position:0% which means that neither the exchange nor<00:08:43.509> the<00:08:43.630> stark<00:08:43.899> exchange<00:08:44.350> engine<00:08:44.800> can 00:08:44.970 --> 00:08:44.980 align:start position:0% nor the stark exchange engine can 00:08:44.980 --> 00:08:46.530 align:start position:0% nor the stark exchange engine can actually<00:08:45.310> move<00:08:45.490> people's<00:08:46.120> funds<00:08:46.420> around 00:08:46.530 --> 00:08:46.540 align:start position:0% actually move people's funds around 00:08:46.540 --> 00:08:48.660 align:start position:0% actually move people's funds around without<00:08:46.870> their<00:08:47.230> signatures<00:08:47.829> so<00:08:48.430> if<00:08:48.550> the 00:08:48.660 --> 00:08:48.670 align:start position:0% without their signatures so if the 00:08:48.670 --> 00:08:50.220 align:start position:0% without their signatures so if the exchange<00:08:48.819> is<00:08:49.149> hacked<00:08:49.420> nobody<00:08:49.899> could<00:08:50.079> actually 00:08:50.220 --> 00:08:50.230 align:start position:0% exchange is hacked nobody could actually 00:08:50.230 --> 00:08:51.890 align:start position:0% exchange is hacked nobody could actually touch 00:08:51.890 --> 00:08:51.900 align:start position:0% touch 00:08:51.900 --> 00:08:54.080 align:start position:0% touch the<00:08:52.710> the<00:08:52.950> funds<00:08:53.190> of<00:08:53.370> all<00:08:53.490> the<00:08:53.610> people<00:08:53.910> that<00:08:53.940> are 00:08:54.080 --> 00:08:54.090 align:start position:0% the the funds of all the people that are 00:08:54.090 --> 00:08:59.120 align:start position:0% the the funds of all the people that are there<00:08:55.760> the<00:08:56.760> exchange<00:08:57.180> also<00:08:57.830> pretty<00:08:58.830> much<00:08:59.010> the 00:08:59.120 --> 00:08:59.130 align:start position:0% there the exchange also pretty much the 00:08:59.130 --> 00:09:01.760 align:start position:0% there the exchange also pretty much the same<00:08:59.280> as<00:08:59.430> today<00:08:59.580> does<00:08:59.910> the<00:09:00.060> matching<00:09:00.510> and<00:09:00.840> then 00:09:01.760 --> 00:09:01.770 align:start position:0% same as today does the matching and then 00:09:01.770 --> 00:09:03.950 align:start position:0% same as today does the matching and then it<00:09:02.010> sends<00:09:02.340> the<00:09:02.460> stark<00:09:02.730> exchange<00:09:03.210> engine<00:09:03.690> all 00:09:03.950 --> 00:09:03.960 align:start position:0% it sends the stark exchange engine all 00:09:03.960 --> 00:09:06.320 align:start position:0% it sends the stark exchange engine all the<00:09:04.380> trades<00:09:04.680> to<00:09:04.800> be<00:09:04.980> settled<00:09:05.370> later<00:09:05.700> on<00:09:06.000> chain 00:09:06.320 --> 00:09:06.330 align:start position:0% the trades to be settled later on chain 00:09:06.330 --> 00:09:08.960 align:start position:0% the trades to be settled later on chain so<00:09:07.230> the<00:09:07.410> the<00:09:07.740> users<00:09:08.040> in<00:09:08.160> the<00:09:08.250> exchange<00:09:08.670> are 00:09:08.960 --> 00:09:08.970 align:start position:0% so the the users in the exchange are 00:09:08.970 --> 00:09:10.880 align:start position:0% so the the users in the exchange are pretty<00:09:09.180> much<00:09:09.390> as<00:09:09.570> as<00:09:09.720> any<00:09:09.900> exchange<00:09:10.140> today<00:09:10.530> the 00:09:10.880 --> 00:09:10.890 align:start position:0% pretty much as as any exchange today the 00:09:10.890 --> 00:09:12.410 align:start position:0% pretty much as as any exchange today the users<00:09:11.160> don't<00:09:11.310> need<00:09:11.430> to<00:09:11.550> wait<00:09:11.820> for<00:09:12.090> anything 00:09:12.410 --> 00:09:12.420 align:start position:0% users don't need to wait for anything 00:09:12.420 --> 00:09:13.850 align:start position:0% users don't need to wait for anything coming<00:09:12.690> later<00:09:12.930> they<00:09:13.050> could<00:09:13.230> continue<00:09:13.620> trading 00:09:13.850 --> 00:09:13.860 align:start position:0% coming later they could continue trading 00:09:13.860 --> 00:09:16.490 align:start position:0% coming later they could continue trading immediately<00:09:14.610> what<00:09:15.450> the<00:09:15.480> stark<00:09:15.810> exchange<00:09:16.230> does 00:09:16.490 --> 00:09:16.500 align:start position:0% immediately what the stark exchange does 00:09:16.500 --> 00:09:18.050 align:start position:0% immediately what the stark exchange does first<00:09:16.890> it<00:09:17.040> batches<00:09:17.430> a<00:09:17.460> large<00:09:17.730> number<00:09:17.940> of 00:09:18.050 --> 00:09:18.060 align:start position:0% first it batches a large number of 00:09:18.060 --> 00:09:19.730 align:start position:0% first it batches a large number of transactions<00:09:18.690> of<00:09:18.900> trades<00:09:19.260> like<00:09:19.410> I<00:09:19.560> said 00:09:19.730 --> 00:09:19.740 align:start position:0% transactions of trades like I said 00:09:19.740 --> 00:09:22.280 align:start position:0% transactions of trades like I said before<00:09:20.130> and<00:09:20.400> then<00:09:20.850> for<00:09:21.120> each<00:09:21.300> of<00:09:21.660> these<00:09:21.870> trades 00:09:22.280 --> 00:09:22.290 align:start position:0% before and then for each of these trades 00:09:22.290 --> 00:09:26.120 align:start position:0% before and then for each of these trades it<00:09:22.530> inserts<00:09:23.150> within<00:09:24.150> the<00:09:24.270> proof<00:09:24.540> a<00:09:24.780> proof<00:09:25.130> that 00:09:26.120 --> 00:09:26.130 align:start position:0% it inserts within the proof a proof that 00:09:26.130 --> 00:09:28.100 align:start position:0% it inserts within the proof a proof that the<00:09:26.280> trade<00:09:26.520> itself<00:09:26.790> was<00:09:27.030> valid<00:09:27.480> so<00:09:27.690> we<00:09:27.810> need<00:09:27.990> to 00:09:28.100 --> 00:09:28.110 align:start position:0% the trade itself was valid so we need to 00:09:28.110 --> 00:09:30.110 align:start position:0% the trade itself was valid so we need to prove<00:09:28.320> things<00:09:28.560> like<00:09:28.920> the<00:09:29.670> orders<00:09:29.970> were 00:09:30.110 --> 00:09:30.120 align:start position:0% prove things like the orders were 00:09:30.120 --> 00:09:32.360 align:start position:0% prove things like the orders were assigned<00:09:30.420> correctly<00:09:30.990> and<00:09:31.200> the<00:09:31.890> user<00:09:32.040> has<00:09:32.190> had 00:09:32.360 --> 00:09:32.370 align:start position:0% assigned correctly and the user has had 00:09:32.370 --> 00:09:34.850 align:start position:0% assigned correctly and the user has had enough<00:09:32.640> tokens<00:09:33.150> to<00:09:33.270> transact<00:09:33.840> and<00:09:34.200> the 00:09:34.850 --> 00:09:34.860 align:start position:0% enough tokens to transact and the 00:09:34.860 --> 00:09:36.530 align:start position:0% enough tokens to transact and the transaction<00:09:35.430> balances<00:09:35.880> each<00:09:35.910> other<00:09:36.300> out 00:09:36.530 --> 00:09:36.540 align:start position:0% transaction balances each other out 00:09:36.540 --> 00:09:39.290 align:start position:0% transaction balances each other out things<00:09:36.840> like<00:09:36.930> that<00:09:37.320> for<00:09:38.010> every<00:09:38.280> trade<00:09:38.550> once 00:09:39.290 --> 00:09:39.300 align:start position:0% things like that for every trade once 00:09:39.300 --> 00:09:41.180 align:start position:0% things like that for every trade once the<00:09:39.480> proof<00:09:39.690> is<00:09:39.870> ready<00:09:40.110> it's<00:09:40.350> sent<00:09:40.590> on<00:09:40.830> chain 00:09:41.180 --> 00:09:41.190 align:start position:0% the proof is ready it's sent on chain 00:09:41.190 --> 00:09:43.820 align:start position:0% the proof is ready it's sent on chain and<00:09:41.460> then<00:09:42.150> the<00:09:42.300> Unchained<00:09:42.780> verifier<00:09:43.290> accepts 00:09:43.820 --> 00:09:43.830 align:start position:0% and then the Unchained verifier accepts 00:09:43.830 --> 00:09:46.370 align:start position:0% and then the Unchained verifier accepts that<00:09:43.980> proof<00:09:44.310> if<00:09:44.850> and<00:09:45.150> only<00:09:45.240> if<00:09:45.450> it's<00:09:45.720> valid<00:09:45.990> and 00:09:46.370 --> 00:09:46.380 align:start position:0% that proof if and only if it's valid and 00:09:46.380 --> 00:09:48.980 align:start position:0% that proof if and only if it's valid and once<00:09:47.340> accepted<00:09:47.910> it<00:09:48.000> also<00:09:48.150> updates<00:09:48.600> the<00:09:48.720> stock 00:09:48.980 --> 00:09:48.990 align:start position:0% once accepted it also updates the stock 00:09:48.990 --> 00:09:51.320 align:start position:0% once accepted it also updates the stock exchange<00:09:49.380> main<00:09:49.590> contract<00:09:50.130> and<00:09:50.340> updates<00:09:51.120> the 00:09:51.320 --> 00:09:51.330 align:start position:0% exchange main contract and updates the 00:09:51.330 --> 00:09:54.230 align:start position:0% exchange main contract and updates the state<00:09:52.220> now<00:09:53.220> this<00:09:53.400> would<00:09:53.550> be<00:09:53.580> a<00:09:53.700> good<00:09:53.880> time<00:09:54.090> to 00:09:54.230 --> 00:09:54.240 align:start position:0% state now this would be a good time to 00:09:54.240 --> 00:09:55.850 align:start position:0% state now this would be a good time to explain<00:09:54.570> how<00:09:54.750> we<00:09:54.810> don't<00:09:55.110> just<00:09:55.290> take<00:09:55.470> most<00:09:55.740> of 00:09:55.850 --> 00:09:55.860 align:start position:0% explain how we don't just take most of 00:09:55.860 --> 00:09:57.680 align:start position:0% explain how we don't just take most of the<00:09:55.980> computation<00:09:56.760> work<00:09:56.880> off<00:09:57.150> chain<00:09:57.450> but 00:09:57.680 --> 00:09:57.690 align:start position:0% the computation work off chain but 00:09:57.690 --> 00:10:00.320 align:start position:0% the computation work off chain but actually<00:09:58.050> also<00:09:58.320> most<00:09:58.710> of<00:09:58.860> the<00:09:58.980> storage<00:09:59.340> so 00:10:00.320 --> 00:10:00.330 align:start position:0% actually also most of the storage so 00:10:00.330 --> 00:10:01.730 align:start position:0% actually also most of the storage so instead<00:10:00.660> of<00:10:00.810> keeping<00:10:01.140> the<00:10:01.350> up<00:10:01.470> to<00:10:01.590> date 00:10:01.730 --> 00:10:01.740 align:start position:0% instead of keeping the up to date 00:10:01.740 --> 00:10:03.980 align:start position:0% instead of keeping the up to date balances<00:10:02.340> of<00:10:02.460> all<00:10:02.610> the<00:10:02.790> users<00:10:03.060> on<00:10:03.360> chain<00:10:03.720> which 00:10:03.980 --> 00:10:03.990 align:start position:0% balances of all the users on chain which 00:10:03.990 --> 00:10:06.470 align:start position:0% balances of all the users on chain which costs<00:10:04.440> a<00:10:04.530> lot<00:10:04.680> we<00:10:05.460> take<00:10:05.640> that<00:10:05.820> off<00:10:06.000> chain<00:10:06.330> we 00:10:06.470 --> 00:10:06.480 align:start position:0% costs a lot we take that off chain we 00:10:06.480 --> 00:10:08.660 align:start position:0% costs a lot we take that off chain we store<00:10:06.780> that<00:10:07.050> as<00:10:07.650> part<00:10:07.860> of<00:10:07.950> the<00:10:08.070> stark<00:10:08.310> exchange 00:10:08.660 --> 00:10:08.670 align:start position:0% store that as part of the stark exchange 00:10:08.670 --> 00:10:10.670 align:start position:0% store that as part of the stark exchange engine<00:10:09.120> we<00:10:09.630> organize<00:10:10.080> that<00:10:10.260> as<00:10:10.410> a<00:10:10.440> miracle 00:10:10.670 --> 00:10:10.680 align:start position:0% engine we organize that as a miracle 00:10:10.680 --> 00:10:13.190 align:start position:0% engine we organize that as a miracle tree<00:10:11.070> and<00:10:11.280> only<00:10:12.090> the<00:10:12.270> root<00:10:12.450> of<00:10:12.660> that<00:10:12.780> Merkle 00:10:13.190 --> 00:10:13.200 align:start position:0% tree and only the root of that Merkle 00:10:13.200 --> 00:10:16.370 align:start position:0% tree and only the root of that Merkle tree<00:10:13.410> is<00:10:13.620> updated<00:10:14.190> on<00:10:14.370> chain<00:10:14.900> so<00:10:15.900> this<00:10:16.050> means 00:10:16.370 --> 00:10:16.380 align:start position:0% tree is updated on chain so this means 00:10:16.380 --> 00:10:18.140 align:start position:0% tree is updated on chain so this means that<00:10:16.590> within<00:10:16.740> the<00:10:16.920> proof<00:10:17.190> in<00:10:17.550> addition<00:10:18.060> to 00:10:18.140 --> 00:10:18.150 align:start position:0% that within the proof in addition to 00:10:18.150 --> 00:10:19.550 align:start position:0% that within the proof in addition to attesting<00:10:18.600> to<00:10:18.660> the<00:10:18.870> validity<00:10:19.110> of<00:10:19.350> each 00:10:19.550 --> 00:10:19.560 align:start position:0% attesting to the validity of each 00:10:19.560 --> 00:10:22.490 align:start position:0% attesting to the validity of each individual<00:10:20.250> trade<00:10:20.580> we<00:10:21.360> also<00:10:21.720> attest<00:10:22.050> to<00:10:22.260> the 00:10:22.490 --> 00:10:22.500 align:start position:0% individual trade we also attest to the 00:10:22.500 --> 00:10:25.040 align:start position:0% individual trade we also attest to the validity<00:10:22.620> of<00:10:22.950> the<00:10:23.190> change<00:10:23.760> in<00:10:23.970> States<00:10:24.300> so<00:10:24.810> the 00:10:25.040 --> 00:10:25.050 align:start position:0% validity of the change in States so the 00:10:25.050 --> 00:10:26.720 align:start position:0% validity of the change in States so the the<00:10:25.470> state<00:10:25.710> before<00:10:25.920> the<00:10:26.100> batch<00:10:26.340> the<00:10:26.520> state 00:10:26.720 --> 00:10:26.730 align:start position:0% the state before the batch the state 00:10:26.730 --> 00:10:28.520 align:start position:0% the state before the batch the state after<00:10:26.940> the<00:10:27.120> batch<00:10:27.360> correctly<00:10:27.900> depict<00:10:28.260> the 00:10:28.520 --> 00:10:28.530 align:start position:0% after the batch correctly depict the 00:10:28.530 --> 00:10:30.290 align:start position:0% after the batch correctly depict the actual<00:10:29.070> changes<00:10:29.460> that<00:10:29.640> are<00:10:29.790> part<00:10:30.090> of<00:10:30.180> the 00:10:30.290 --> 00:10:30.300 align:start position:0% actual changes that are part of the 00:10:30.300 --> 00:10:34.040 align:start position:0% actual changes that are part of the batch<00:10:32.120> one<00:10:33.120> of<00:10:33.210> the<00:10:33.330> nice<00:10:33.480> things<00:10:33.750> about<00:10:33.840> the 00:10:34.040 --> 00:10:34.050 align:start position:0% batch one of the nice things about the 00:10:34.050 --> 00:10:36.710 align:start position:0% batch one of the nice things about the stark<00:10:34.290> power<00:10:34.470> exchange<00:10:34.920> is<00:10:35.100> that<00:10:35.480> users<00:10:36.480> can 00:10:36.710 --> 00:10:36.720 align:start position:0% stark power exchange is that users can 00:10:36.720 --> 00:10:38.570 align:start position:0% stark power exchange is that users can now<00:10:36.810> trade<00:10:37.230> on<00:10:37.440> the<00:10:37.590> exchange<00:10:38.010> from<00:10:38.250> their<00:10:38.460> own 00:10:38.570 --> 00:10:38.580 align:start position:0% now trade on the exchange from their own 00:10:38.580 --> 00:10:41.630 align:start position:0% now trade on the exchange from their own private<00:10:39.090> wallets<00:10:39.830> so<00:10:40.830> the<00:10:40.950> way<00:10:41.070> this<00:10:41.220> works<00:10:41.490> is 00:10:41.630 --> 00:10:41.640 align:start position:0% private wallets so the way this works is 00:10:41.640 --> 00:10:43.430 align:start position:0% private wallets so the way this works is when<00:10:41.760> the<00:10:41.850> users<00:10:42.090> let's<00:10:42.510> say<00:10:42.690> Alice<00:10:43.020> wants<00:10:43.350> to 00:10:43.430 --> 00:10:43.440 align:start position:0% when the users let's say Alice wants to 00:10:43.440 --> 00:10:45.470 align:start position:0% when the users let's say Alice wants to trade<00:10:43.710> on<00:10:43.830> the<00:10:43.950> exchange<00:10:44.280> she<00:10:44.520> first<00:10:44.760> deposits 00:10:45.470 --> 00:10:45.480 align:start position:0% trade on the exchange she first deposits 00:10:45.480 --> 00:10:47.840 align:start position:0% trade on the exchange she first deposits funds<00:10:46.200> to<00:10:46.500> the<00:10:46.620> exchange<00:10:47.040> this<00:10:47.280> is<00:10:47.340> a<00:10:47.520> regular 00:10:47.840 --> 00:10:47.850 align:start position:0% funds to the exchange this is a regular 00:10:47.850 --> 00:10:49.820 align:start position:0% funds to the exchange this is a regular theorum<00:10:48.210> transaction<00:10:48.810> to<00:10:48.930> deposit<00:10:49.320> it<00:10:49.560> to<00:10:49.710> the 00:10:49.820 --> 00:10:49.830 align:start position:0% theorum transaction to deposit it to the 00:10:49.830 --> 00:10:51.860 align:start position:0% theorum transaction to deposit it to the exchange<00:10:50.190> contract<00:10:50.760> and<00:10:50.970> then<00:10:51.450> it's<00:10:51.630> picked 00:10:51.860 --> 00:10:51.870 align:start position:0% exchange contract and then it's picked 00:10:51.870 --> 00:10:54.200 align:start position:0% exchange contract and then it's picked up<00:10:52.050> and<00:10:52.290> written<00:10:52.680> on<00:10:52.800> chain<00:10:53.130> as<00:10:53.310> well<00:10:53.490> under 00:10:54.200 --> 00:10:54.210 align:start position:0% up and written on chain as well under 00:10:54.210 --> 00:10:56.810 align:start position:0% up and written on chain as well under her<00:10:54.360> private<00:10:54.840> key<00:10:55.050> so<00:10:55.290> this<00:10:56.220> is<00:10:56.400> pretty<00:10:56.610> quick 00:10:56.810 --> 00:10:56.820 align:start position:0% her private key so this is pretty quick 00:10:56.820 --> 00:11:00.260 align:start position:0% her private key so this is pretty quick and<00:10:57.210> the<00:10:57.840> rabbit<00:10:58.140> in<00:10:58.230> the<00:10:58.320> picture<00:10:59.090> and<00:11:00.090> then 00:11:00.260 --> 00:11:00.270 align:start position:0% and the rabbit in the picture and then 00:11:00.270 --> 00:11:02.090 align:start position:0% and the rabbit in the picture and then while<00:11:00.510> on<00:11:00.750> the<00:11:00.900> exchange<00:11:01.320> everything<00:11:01.800> is<00:11:01.920> very 00:11:02.090 --> 00:11:02.100 align:start position:0% while on the exchange everything is very 00:11:02.100 --> 00:11:03.280 align:start position:0% while on the exchange everything is very facets<00:11:02.760> again<00:11:03.060> the 00:11:03.280 --> 00:11:03.290 align:start position:0% facets again the 00:11:03.290 --> 00:11:04.920 align:start position:0% facets again the same<00:11:03.380> as<00:11:03.589> any<00:11:03.740> centralized<00:11:04.190> exchange<00:11:04.579> today 00:11:04.920 --> 00:11:04.930 align:start position:0% same as any centralized exchange today 00:11:04.930 --> 00:11:08.319 align:start position:0% same as any centralized exchange today hence<00:11:05.930> we<00:11:06.050> have<00:11:06.079> three<00:11:06.320> rabbits<00:11:06.740> here<00:11:07.329> but 00:11:08.319 --> 00:11:08.329 align:start position:0% hence we have three rabbits here but 00:11:08.329 --> 00:11:09.460 align:start position:0% hence we have three rabbits here but here<00:11:08.480> we<00:11:08.630> have<00:11:08.779> a<00:11:08.810> small<00:11:08.990> issue 00:11:09.460 --> 00:11:09.470 align:start position:0% here we have a small issue 00:11:09.470 --> 00:11:11.710 align:start position:0% here we have a small issue what<00:11:09.889> if<00:11:10.009> Alice<00:11:10.370> needs<00:11:10.759> this<00:11:11.000> money<00:11:11.209> on<00:11:11.389> chain 00:11:11.710 --> 00:11:11.720 align:start position:0% what if Alice needs this money on chain 00:11:11.720 --> 00:11:13.720 align:start position:0% what if Alice needs this money on chain now<00:11:11.930> for<00:11:12.410> instance<00:11:12.709> to<00:11:12.889> pay<00:11:13.040> Carol<00:11:13.490> for 00:11:13.720 --> 00:11:13.730 align:start position:0% now for instance to pay Carol for 00:11:13.730 --> 00:11:16.240 align:start position:0% now for instance to pay Carol for something<00:11:14.089> so<00:11:14.810> pen<00:11:15.259> Carol<00:11:15.589> is<00:11:15.709> also<00:11:16.220> a 00:11:16.240 --> 00:11:16.250 align:start position:0% something so pen Carol is also a 00:11:16.250 --> 00:11:17.800 align:start position:0% something so pen Carol is also a regularly<00:11:16.730> theorum<00:11:17.000> transaction<00:11:17.570> which<00:11:17.690> is 00:11:17.800 --> 00:11:17.810 align:start position:0% regularly theorum transaction which is 00:11:17.810 --> 00:11:19.840 align:start position:0% regularly theorum transaction which is pretty<00:11:18.019> fast<00:11:18.320> but<00:11:18.920> her<00:11:19.070> get<00:11:19.250> her<00:11:19.370> funds<00:11:19.670> off 00:11:19.840 --> 00:11:19.850 align:start position:0% pretty fast but her get her funds off 00:11:19.850 --> 00:11:22.480 align:start position:0% pretty fast but her get her funds off the<00:11:20.060> exchange<00:11:20.420> she<00:11:20.630> need<00:11:20.810> to<00:11:20.959> withdraw<00:11:21.440> and<00:11:21.889> to 00:11:22.480 --> 00:11:22.490 align:start position:0% the exchange she need to withdraw and to 00:11:22.490 --> 00:11:24.759 align:start position:0% the exchange she need to withdraw and to withdraw<00:11:22.910> as<00:11:23.180> a<00:11:23.209> slightly<00:11:23.569> longer<00:11:24.199> process 00:11:24.759 --> 00:11:24.769 align:start position:0% withdraw as a slightly longer process 00:11:24.769 --> 00:11:25.990 align:start position:0% withdraw as a slightly longer process because<00:11:25.040> she'd<00:11:25.220> have<00:11:25.370> to<00:11:25.519> wait<00:11:25.639> until<00:11:25.819> the 00:11:25.990 --> 00:11:26.000 align:start position:0% because she'd have to wait until the 00:11:26.000 --> 00:11:28.379 align:start position:0% because she'd have to wait until the proof<00:11:26.209> is<00:11:26.360> actually<00:11:26.690> accepted<00:11:27.139> on<00:11:27.319> Ching 00:11:28.379 --> 00:11:28.389 align:start position:0% proof is actually accepted on Ching 00:11:28.389 --> 00:11:31.329 align:start position:0% proof is actually accepted on Ching hence<00:11:29.389> the<00:11:29.569> turtle<00:11:29.930> so<00:11:30.350> what<00:11:30.500> we<00:11:30.649> need<00:11:30.829> here<00:11:31.160> is 00:11:31.329 --> 00:11:31.339 align:start position:0% hence the turtle so what we need here is 00:11:31.339 --> 00:11:36.759 align:start position:0% hence the turtle so what we need here is a<00:11:32.240> fast<00:11:32.569> turtle<00:11:33.519> so<00:11:34.519> luckily<00:11:34.730> we<00:11:34.970> found<00:11:35.420> one<00:11:35.769> by 00:11:36.759 --> 00:11:36.769 align:start position:0% a fast turtle so luckily we found one by 00:11:36.769 --> 00:11:38.769 align:start position:0% a fast turtle so luckily we found one by the<00:11:36.829> way<00:11:36.980> turtles<00:11:37.370> actually<00:11:37.759> walk<00:11:37.970> very<00:11:38.509> very 00:11:38.769 --> 00:11:38.779 align:start position:0% the way turtles actually walk very very 00:11:38.779 --> 00:11:41.740 align:start position:0% the way turtles actually walk very very slowly<00:11:39.139> but<00:11:39.350> they<00:11:39.470> swim<00:11:39.949> quite<00:11:40.160> fast<00:11:40.750> almost 00:11:41.740 --> 00:11:41.750 align:start position:0% slowly but they swim quite fast almost 00:11:41.750 --> 00:11:45.460 align:start position:0% slowly but they swim quite fast almost as<00:11:42.050> fast<00:11:42.259> as<00:11:42.440> Usain<00:11:42.560> Bolt<00:11:42.980> runs<00:11:43.660> so<00:11:44.660> the 00:11:45.460 --> 00:11:45.470 align:start position:0% as fast as Usain Bolt runs so the 00:11:45.470 --> 00:11:46.780 align:start position:0% as fast as Usain Bolt runs so the equivalent<00:11:45.889> of<00:11:45.920> the<00:11:46.040> turtle<00:11:46.370> this<00:11:46.550> neat 00:11:46.780 --> 00:11:46.790 align:start position:0% equivalent of the turtle this neat 00:11:46.790 --> 00:11:48.160 align:start position:0% equivalent of the turtle this neat mechanism<00:11:47.329> that<00:11:47.449> we've<00:11:47.569> devised<00:11:47.930> that<00:11:48.050> we 00:11:48.160 --> 00:11:48.170 align:start position:0% mechanism that we've devised that we 00:11:48.170 --> 00:11:50.650 align:start position:0% mechanism that we've devised that we call<00:11:48.380> conditional<00:11:48.790> transaction<00:11:49.790> so<00:11:50.630> a 00:11:50.650 --> 00:11:50.660 align:start position:0% call conditional transaction so a 00:11:50.660 --> 00:11:53.230 align:start position:0% call conditional transaction so a conditional<00:11:51.199> transaction<00:11:52.009> is<00:11:52.670> something 00:11:53.230 --> 00:11:53.240 align:start position:0% conditional transaction is something 00:11:53.240 --> 00:11:56.170 align:start position:0% conditional transaction is something that<00:11:53.389> happens<00:11:53.750> off<00:11:53.959> chain<00:11:54.699> only<00:11:55.699> if<00:11:55.790> something 00:11:56.170 --> 00:11:56.180 align:start position:0% that happens off chain only if something 00:11:56.180 --> 00:11:58.259 align:start position:0% that happens off chain only if something else<00:11:56.300> occurred<00:11:56.720> previously<00:11:56.990> on<00:11:57.589> chip<00:11:57.920> and 00:11:58.259 --> 00:11:58.269 align:start position:0% else occurred previously on chip and 00:11:58.269 --> 00:12:00.819 align:start position:0% else occurred previously on chip and I'll<00:11:59.269> give<00:11:59.480> an<00:11:59.569> example<00:11:59.630> with<00:12:00.170> this<00:12:00.319> case<00:12:00.560> of<00:12:00.740> a 00:12:00.819 --> 00:12:00.829 align:start position:0% I'll give an example with this case of a 00:12:00.829 --> 00:12:02.680 align:start position:0% I'll give an example with this case of a fast<00:12:01.040> withdraw<00:12:01.550> so<00:12:01.910> Alice<00:12:02.180> wants<00:12:02.449> her<00:12:02.540> money 00:12:02.680 --> 00:12:02.690 align:start position:0% fast withdraw so Alice wants her money 00:12:02.690 --> 00:12:05.530 align:start position:0% fast withdraw so Alice wants her money fast<00:12:03.380> on<00:12:03.680> a<00:12:03.709> theory<00:12:04.040> so<00:12:04.730> the<00:12:04.940> first<00:12:05.180> thing<00:12:05.360> she 00:12:05.530 --> 00:12:05.540 align:start position:0% fast on a theory so the first thing she 00:12:05.540 --> 00:12:07.960 align:start position:0% fast on a theory so the first thing she does<00:12:05.750> is<00:12:05.990> she<00:12:06.560> signs<00:12:07.160> the<00:12:07.459> conditional 00:12:07.960 --> 00:12:07.970 align:start position:0% does is she signs the conditional 00:12:07.970 --> 00:12:11.769 align:start position:0% does is she signs the conditional transaction<00:12:10.089> transferring<00:12:11.089> money<00:12:11.269> from<00:12:11.569> her 00:12:11.769 --> 00:12:11.779 align:start position:0% transaction transferring money from her 00:12:11.779 --> 00:12:14.319 align:start position:0% transaction transferring money from her off<00:12:12.019> chain<00:12:12.350> accounts<00:12:13.310> the<00:12:13.519> exchanges<00:12:14.180> off 00:12:14.319 --> 00:12:14.329 align:start position:0% off chain accounts the exchanges off 00:12:14.329 --> 00:12:16.930 align:start position:0% off chain accounts the exchanges off chain<00:12:14.569> accounts<00:12:15.040> pending<00:12:16.040> the<00:12:16.279> exchange<00:12:16.699> has 00:12:16.930 --> 00:12:16.940 align:start position:0% chain accounts pending the exchange has 00:12:16.940 --> 00:12:19.000 align:start position:0% chain accounts pending the exchange has did<00:12:17.180> did<00:12:17.630> a<00:12:17.660> similar<00:12:17.930> transfer<00:12:18.529> on<00:12:18.680> chain 00:12:19.000 --> 00:12:19.010 align:start position:0% did did a similar transfer on chain 00:12:19.010 --> 00:12:22.120 align:start position:0% did did a similar transfer on chain earlier<00:12:19.899> so<00:12:20.899> she<00:12:20.959> signs<00:12:21.350> that<00:12:21.589> and<00:12:21.769> provides 00:12:22.120 --> 00:12:22.130 align:start position:0% earlier so she signs that and provides 00:12:22.130 --> 00:12:24.189 align:start position:0% earlier so she signs that and provides that<00:12:22.310> to<00:12:22.490> the<00:12:22.579> exchange<00:12:22.940> operator<00:12:23.420> the 00:12:24.189 --> 00:12:24.199 align:start position:0% that to the exchange operator the 00:12:24.199 --> 00:12:25.720 align:start position:0% that to the exchange operator the operator<00:12:24.230> first<00:12:24.949> checks<00:12:25.279> that<00:12:25.430> she<00:12:25.610> has 00:12:25.720 --> 00:12:25.730 align:start position:0% operator first checks that she has 00:12:25.730 --> 00:12:27.639 align:start position:0% operator first checks that she has enough<00:12:26.029> funds<00:12:26.300> off<00:12:26.510> chain<00:12:26.810> to<00:12:26.959> do<00:12:27.110> this<00:12:27.319> and<00:12:27.560> if 00:12:27.639 --> 00:12:27.649 align:start position:0% enough funds off chain to do this and if 00:12:27.649 --> 00:12:30.610 align:start position:0% enough funds off chain to do this and if she<00:12:27.829> does<00:12:28.269> it<00:12:29.269> just<00:12:29.300> moves<00:12:29.779> the<00:12:29.899> money<00:12:30.139> on<00:12:30.350> on 00:12:30.610 --> 00:12:30.620 align:start position:0% she does it just moves the money on on 00:12:30.620 --> 00:12:33.280 align:start position:0% she does it just moves the money on on chain<00:12:31.100> to<00:12:31.250> her<00:12:31.399> account<00:12:31.760> so<00:12:32.630> Alice<00:12:32.930> now<00:12:33.079> got 00:12:33.280 --> 00:12:33.290 align:start position:0% chain to her account so Alice now got 00:12:33.290 --> 00:12:35.949 align:start position:0% chain to her account so Alice now got the<00:12:33.440> money<00:12:33.620> within<00:12:34.010> one<00:12:34.160> aetherium<00:12:34.610> block<00:12:34.959> now 00:12:35.949 --> 00:12:35.959 align:start position:0% the money within one aetherium block now 00:12:35.959 --> 00:12:38.500 align:start position:0% the money within one aetherium block now the<00:12:36.019> exchange<00:12:36.410> could<00:12:36.949> actually<00:12:37.190> submit<00:12:37.970> this 00:12:38.500 --> 00:12:38.510 align:start position:0% the exchange could actually submit this 00:12:38.510 --> 00:12:40.269 align:start position:0% the exchange could actually submit this operation<00:12:39.230> this<00:12:39.350> off<00:12:39.560> chain<00:12:39.740> operation 00:12:40.269 --> 00:12:40.279 align:start position:0% operation this off chain operation 00:12:40.279 --> 00:12:42.370 align:start position:0% operation this off chain operation through<00:12:40.490> the<00:12:40.579> proof<00:12:40.790> and<00:12:41.149> since<00:12:41.870> the<00:12:42.019> unchain 00:12:42.370 --> 00:12:42.380 align:start position:0% through the proof and since the unchain 00:12:42.380 --> 00:12:44.079 align:start position:0% through the proof and since the unchain operation<00:12:42.860> it<00:12:42.980> relies<00:12:43.310> on<00:12:43.339> has<00:12:43.730> already 00:12:44.079 --> 00:12:44.089 align:start position:0% operation it relies on has already 00:12:44.089 --> 00:12:49.319 align:start position:0% operation it relies on has already happened<00:12:44.600> this<00:12:45.319> will<00:12:45.560> now<00:12:45.970> be<00:12:46.970> accepted<00:12:47.569> so 00:12:49.319 --> 00:12:49.329 align:start position:0% happened this will now be accepted so 00:12:49.329 --> 00:12:51.759 align:start position:0% happened this will now be accepted so the<00:12:50.329> transaction<00:12:50.839> will<00:12:50.930> be<00:12:51.050> executed<00:12:51.589> and<00:12:51.709> now 00:12:51.759 --> 00:12:51.769 align:start position:0% the transaction will be executed and now 00:12:51.769 --> 00:12:55.889 align:start position:0% the transaction will be executed and now the<00:12:51.829> exchange<00:12:52.160> will<00:12:52.519> get<00:12:52.670> in<00:12:53.180> funds<00:12:53.510> off<00:12:53.779> chain 00:12:55.889 --> 00:12:55.899 align:start position:0% the exchange will get in funds off chain 00:12:55.899 --> 00:13:00.309 align:start position:0% the exchange will get in funds off chain so<00:12:56.899> Alice<00:12:57.290> could<00:12:57.589> use<00:12:57.740> this<00:12:57.920> mechanism<00:12:58.130> to<00:12:59.319> to 00:13:00.309 --> 00:13:00.319 align:start position:0% so Alice could use this mechanism to to 00:13:00.319 --> 00:13:02.350 align:start position:0% so Alice could use this mechanism to to get<00:13:00.529> a<00:13:00.860> quick<00:13:01.189> withdrawal<00:13:01.399> another<00:13:02.060> thing<00:13:02.329> she 00:13:02.350 --> 00:13:02.360 align:start position:0% get a quick withdrawal another thing she 00:13:02.360 --> 00:13:03.639 align:start position:0% get a quick withdrawal another thing she could<00:13:02.689> do<00:13:02.810> is<00:13:02.990> you<00:13:03.110> get<00:13:03.259> actually<00:13:03.560> they 00:13:03.639 --> 00:13:03.649 align:start position:0% could do is you get actually they 00:13:03.649 --> 00:13:05.679 align:start position:0% could do is you get actually they actually<00:13:03.740> ask<00:13:04.100> the<00:13:04.250> exchange<00:13:04.670> to<00:13:05.240> transfer 00:13:05.679 --> 00:13:05.689 align:start position:0% actually ask the exchange to transfer 00:13:05.689 --> 00:13:07.990 align:start position:0% actually ask the exchange to transfer the<00:13:05.810> money<00:13:05.930> on<00:13:06.170> chain<00:13:06.500> directly<00:13:07.130> to<00:13:07.339> Carol<00:13:07.639> and 00:13:07.990 --> 00:13:08.000 align:start position:0% the money on chain directly to Carol and 00:13:08.000 --> 00:13:10.179 align:start position:0% the money on chain directly to Carol and then<00:13:08.930> the<00:13:09.050> conditional<00:13:09.439> transaction<00:13:10.040> will 00:13:10.179 --> 00:13:10.189 align:start position:0% then the conditional transaction will 00:13:10.189 --> 00:13:14.290 align:start position:0% then the conditional transaction will rely<00:13:10.490> on<00:13:10.519> that<00:13:10.850> on<00:13:11.120> chain<00:13:11.420> transaction<00:13:13.300> so 00:13:14.290 --> 00:13:14.300 align:start position:0% rely on that on chain transaction so 00:13:14.300 --> 00:13:15.519 align:start position:0% rely on that on chain transaction so what<00:13:14.449> happened<00:13:14.810> here<00:13:14.990> is<00:13:15.079> that<00:13:15.110> Alice 00:13:15.519 --> 00:13:15.529 align:start position:0% what happened here is that Alice 00:13:15.529 --> 00:13:18.939 align:start position:0% what happened here is that Alice actually<00:13:16.040> paid<00:13:16.910> Carol<00:13:17.750> Unchained<00:13:18.380> directly 00:13:18.939 --> 00:13:18.949 align:start position:0% actually paid Carol Unchained directly 00:13:18.949 --> 00:13:23.379 align:start position:0% actually paid Carol Unchained directly from<00:13:19.100> her<00:13:19.279> off<00:13:19.490> chain<00:13:19.850> account<00:13:22.089> this<00:13:23.089> could 00:13:23.379 --> 00:13:23.389 align:start position:0% from her off chain account this could 00:13:23.389 --> 00:13:26.139 align:start position:0% from her off chain account this could actually<00:13:23.540> work<00:13:24.439> with<00:13:25.160> anything<00:13:25.370> not 00:13:26.139 --> 00:13:26.149 align:start position:0% actually work with anything not 00:13:26.149 --> 00:13:27.550 align:start position:0% actually work with anything not necessarily<00:13:26.689> just<00:13:26.870> paying<00:13:27.110> care<00:13:27.350> about 00:13:27.550 --> 00:13:27.560 align:start position:0% necessarily just paying care about 00:13:27.560 --> 00:13:29.319 align:start position:0% necessarily just paying care about anything<00:13:27.860> you<00:13:28.100> could<00:13:28.250> actually<00:13:28.430> do<00:13:28.790> on<00:13:28.970> chain 00:13:29.319 --> 00:13:29.329 align:start position:0% anything you could actually do on chain 00:13:29.329 --> 00:13:32.350 align:start position:0% anything you could actually do on chain on<00:13:29.569> layer<00:13:29.779> one<00:13:30.279> or<00:13:31.279> that<00:13:31.550> could<00:13:31.699> be<00:13:31.760> attested 00:13:32.350 --> 00:13:32.360 align:start position:0% on layer one or that could be attested 00:13:32.360 --> 00:13:34.420 align:start position:0% on layer one or that could be attested to<00:13:32.389> on<00:13:32.689> etherium<00:13:33.260> so<00:13:33.800> it<00:13:33.920> could<00:13:34.069> even<00:13:34.220> be 00:13:34.420 --> 00:13:34.430 align:start position:0% to on etherium so it could even be 00:13:34.430 --> 00:13:37.360 align:start position:0% to on etherium so it could even be things<00:13:34.730> like<00:13:34.880> paying<00:13:35.839> Dave<00:13:36.170> on<00:13:36.500> the<00:13:36.980> Bitcoin 00:13:37.360 --> 00:13:37.370 align:start position:0% things like paying Dave on the Bitcoin 00:13:37.370 --> 00:13:39.699 align:start position:0% things like paying Dave on the Bitcoin network<00:13:37.550> since<00:13:38.540> the<00:13:38.630> Bitcoin<00:13:38.959> transaction<00:13:39.620> is 00:13:39.699 --> 00:13:39.709 align:start position:0% network since the Bitcoin transaction is 00:13:39.709 --> 00:13:41.350 align:start position:0% network since the Bitcoin transaction is something<00:13:40.040> that<00:13:40.189> could<00:13:40.339> be<00:13:40.430> attested<00:13:40.699> on<00:13:41.089> on 00:13:41.350 --> 00:13:41.360 align:start position:0% something that could be attested on on 00:13:41.360 --> 00:13:44.650 align:start position:0% something that could be attested on on etherium<00:13:42.350> or<00:13:42.649> it<00:13:43.370> could<00:13:43.550> be<00:13:43.699> open<00:13:44.029> a<00:13:44.089> CD<00:13:44.300> peon 00:13:44.650 --> 00:13:44.660 align:start position:0% etherium or it could be open a CD peon 00:13:44.660 --> 00:13:47.650 align:start position:0% etherium or it could be open a CD peon maker<00:13:44.899> or<00:13:45.380> any<00:13:45.769> any<00:13:46.189> other<00:13:46.399> defy<00:13:46.939> application 00:13:47.650 --> 00:13:47.660 align:start position:0% maker or any any other defy application 00:13:47.660 --> 00:13:49.329 align:start position:0% maker or any any other defy application that<00:13:47.779> relies<00:13:48.079> on<00:13:48.110> their<00:13:48.500> one<00:13:48.709> alice<00:13:49.160> could 00:13:49.329 --> 00:13:49.339 align:start position:0% that relies on their one alice could 00:13:49.339 --> 00:13:51.220 align:start position:0% that relies on their one alice could actually<00:13:49.519> directly<00:13:50.089> access<00:13:50.569> that<00:13:50.779> directly 00:13:51.220 --> 00:13:51.230 align:start position:0% actually directly access that directly 00:13:51.230 --> 00:13:52.750 align:start position:0% actually directly access that directly from<00:13:51.410> her<00:13:51.559> off<00:13:51.769> chain<00:13:52.100> account<00:13:52.399> at<00:13:52.579> the 00:13:52.750 --> 00:13:52.760 align:start position:0% from her off chain account at the 00:13:52.760 --> 00:13:57.670 align:start position:0% from her off chain account at the exchange<00:13:55.300> okay<00:13:56.300> so<00:13:56.360> far<00:13:56.809> I<00:13:56.839> was<00:13:57.139> talking<00:13:57.559> with 00:13:57.670 --> 00:13:57.680 align:start position:0% exchange okay so far I was talking with 00:13:57.680 --> 00:14:00.400 align:start position:0% exchange okay so far I was talking with my<00:13:57.860> engineer<00:13:58.279> hat<00:13:58.459> on<00:13:58.699> but<00:13:59.389> now<00:13:59.569> let's<00:13:59.839> all<00:14:00.050> put 00:14:00.400 --> 00:14:00.410 align:start position:0% my engineer hat on but now let's all put 00:14:00.410 --> 00:14:02.829 align:start position:0% my engineer hat on but now let's all put our<00:14:00.620> business<00:14:00.980> hats<00:14:01.189> on<00:14:01.459> and<00:14:02.089> take<00:14:02.329> a<00:14:02.360> look<00:14:02.630> at 00:14:02.829 --> 00:14:02.839 align:start position:0% our business hats on and take a look at 00:14:02.839 --> 00:14:04.929 align:start position:0% our business hats on and take a look at crypto<00:14:03.350> trading<00:14:03.800> today<00:14:04.639> from<00:14:04.819> the 00:14:04.929 --> 00:14:04.939 align:start position:0% crypto trading today from the 00:14:04.939 --> 00:14:07.179 align:start position:0% crypto trading today from the perspectives<00:14:05.540> of<00:14:05.750> both<00:14:05.990> the<00:14:06.170> exchange<00:14:06.620> and<00:14:06.920> of 00:14:07.179 --> 00:14:07.189 align:start position:0% perspectives of both the exchange and of 00:14:07.189 --> 00:14:09.429 align:start position:0% perspectives of both the exchange and of traders<00:14:07.699> and<00:14:07.970> I<00:14:08.389> want<00:14:08.540> to<00:14:08.600> briefly<00:14:08.750> touch<00:14:09.139> what 00:14:09.429 --> 00:14:09.439 align:start position:0% traders and I want to briefly touch what 00:14:09.439 --> 00:14:11.079 align:start position:0% traders and I want to briefly touch what historic<00:14:09.829> powered<00:14:10.130> exchange<00:14:10.550> can<00:14:10.760> provide 00:14:11.079 --> 00:14:11.089 align:start position:0% historic powered exchange can provide 00:14:11.089 --> 00:14:16.120 align:start position:0% historic powered exchange can provide them<00:14:11.600> with<00:14:13.000> so<00:14:14.000> today<00:14:14.559> when<00:14:15.559> people<00:14:15.589> trade 00:14:16.120 --> 00:14:16.130 align:start position:0% them with so today when people trade 00:14:16.130 --> 00:14:18.370 align:start position:0% them with so today when people trade they<00:14:16.309> pretty<00:14:16.519> much<00:14:16.779> trade<00:14:17.779> on<00:14:17.930> centralized 00:14:18.370 --> 00:14:18.380 align:start position:0% they pretty much trade on centralized 00:14:18.380 --> 00:14:22.030 align:start position:0% they pretty much trade on centralized exchanges<00:14:18.949> a<00:14:19.850> centralized<00:14:20.779> exchange<00:14:21.040> being 00:14:22.030 --> 00:14:22.040 align:start position:0% exchanges a centralized exchange being 00:14:22.040 --> 00:14:24.129 align:start position:0% exchanges a centralized exchange being fully<00:14:22.309> custodial<00:14:22.910> is<00:14:23.029> basically<00:14:23.510> just<00:14:23.839> one 00:14:24.129 --> 00:14:24.139 align:start position:0% fully custodial is basically just one 00:14:24.139 --> 00:14:27.009 align:start position:0% fully custodial is basically just one big<00:14:24.319> honey<00:14:24.529> pots<00:14:24.829> of<00:14:25.130> tokens<00:14:25.610> which<00:14:26.510> is<00:14:26.689> highly 00:14:27.009 --> 00:14:27.019 align:start position:0% big honey pots of tokens which is highly 00:14:27.019 --> 00:14:29.319 align:start position:0% big honey pots of tokens which is highly risky<00:14:27.279> and<00:14:28.279> now<00:14:28.430> what<00:14:28.550> a<00:14:28.579> trader<00:14:28.910> could<00:14:29.180> do 00:14:29.319 --> 00:14:29.329 align:start position:0% risky and now what a trader could do 00:14:29.329 --> 00:14:31.540 align:start position:0% risky and now what a trader could do with<00:14:29.480> this<00:14:29.630> risk<00:14:29.959> is<00:14:30.290> one<00:14:31.040> thing<00:14:31.250> they<00:14:31.339> could 00:14:31.540 --> 00:14:31.550 align:start position:0% with this risk is one thing they could 00:14:31.550 --> 00:14:33.129 align:start position:0% with this risk is one thing they could do<00:14:31.639> is<00:14:31.760> they<00:14:31.790> could<00:14:31.880> just<00:14:32.180> accept<00:14:32.689> it<00:14:32.839> as<00:14:32.930> part 00:14:33.129 --> 00:14:33.139 align:start position:0% do is they could just accept it as part 00:14:33.139 --> 00:14:35.259 align:start position:0% do is they could just accept it as part of<00:14:33.170> the<00:14:33.290> cost<00:14:33.470> of<00:14:33.649> doing<00:14:33.949> business<00:14:34.069> and<00:14:34.579> take 00:14:35.259 --> 00:14:35.269 align:start position:0% of the cost of doing business and take 00:14:35.269 --> 00:14:35.829 align:start position:0% of the cost of doing business and take the<00:14:35.420> risk 00:14:35.829 --> 00:14:35.839 align:start position:0% the risk 00:14:35.839 --> 00:14:38.139 align:start position:0% the risk note<00:14:36.620> this<00:14:36.800> is<00:14:36.949> not<00:14:37.130> just<00:14:37.370> a<00:14:37.430> theoretical<00:14:37.790> risk 00:14:38.139 --> 00:14:38.149 align:start position:0% note this is not just a theoretical risk 00:14:38.149 --> 00:14:39.879 align:start position:0% note this is not just a theoretical risk it's<00:14:38.389> estimated<00:14:38.720> that<00:14:38.930> last<00:14:39.230> year<00:14:39.500> somewhere 00:14:39.879 --> 00:14:39.889 align:start position:0% it's estimated that last year somewhere 00:14:39.889 --> 00:14:42.069 align:start position:0% it's estimated that last year somewhere between<00:14:40.069> 1<00:14:40.519> and<00:14:40.699> 1/2<00:14:41.029> billion<00:14:41.329> dollars<00:14:41.839> were 00:14:42.069 --> 00:14:42.079 align:start position:0% between 1 and 1/2 billion dollars were 00:14:42.079 --> 00:14:44.710 align:start position:0% between 1 and 1/2 billion dollars were worth<00:14:42.980> of<00:14:43.189> token<00:14:43.519> were<00:14:43.639> hacked<00:14:43.880> off<00:14:44.089> exchanges 00:14:44.710 --> 00:14:44.720 align:start position:0% worth of token were hacked off exchanges 00:14:44.720 --> 00:14:47.470 align:start position:0% worth of token were hacked off exchanges another<00:14:45.709> option<00:14:46.220> for<00:14:46.250> traders<00:14:46.790> is<00:14:47.029> to<00:14:47.300> limit 00:14:47.470 --> 00:14:47.480 align:start position:0% another option for traders is to limit 00:14:47.480 --> 00:14:49.030 align:start position:0% another option for traders is to limit their<00:14:47.750> exposure<00:14:47.839> to<00:14:48.290> any<00:14:48.559> one<00:14:48.769> specific 00:14:49.030 --> 00:14:49.040 align:start position:0% their exposure to any one specific 00:14:49.040 --> 00:14:51.069 align:start position:0% their exposure to any one specific exchange<00:14:49.790> and<00:14:50.029> split<00:14:50.389> their<00:14:50.689> our<00:14:50.809> funds 00:14:51.069 --> 00:14:51.079 align:start position:0% exchange and split their our funds 00:14:51.079 --> 00:14:53.590 align:start position:0% exchange and split their our funds between<00:14:51.260> several<00:14:51.680> different<00:14:51.949> ones<00:14:52.490> this<00:14:53.420> is 00:14:53.590 --> 00:14:53.600 align:start position:0% between several different ones this is 00:14:53.600 --> 00:14:55.509 align:start position:0% between several different ones this is not<00:14:53.750> necessarily<00:14:54.170> capital<00:14:54.769> efficient<00:14:55.250> and<00:14:55.430> it 00:14:55.509 --> 00:14:55.519 align:start position:0% not necessarily capital efficient and it 00:14:55.519 --> 00:14:57.579 align:start position:0% not necessarily capital efficient and it basically<00:14:55.880> boils<00:14:56.300> down<00:14:56.360> to<00:14:56.630> both<00:14:56.870> trader<00:14:57.290> and 00:14:57.579 --> 00:14:57.589 align:start position:0% basically boils down to both trader and 00:14:57.589 --> 00:15:01.329 align:start position:0% basically boils down to both trader and exchanges<00:14:58.279> leaving<00:14:59.149> money<00:14:59.329> on<00:14:59.420> the<00:14:59.540> table<00:15:00.339> but 00:15:01.329 --> 00:15:01.339 align:start position:0% exchanges leaving money on the table but 00:15:01.339 --> 00:15:03.400 align:start position:0% exchanges leaving money on the table but with<00:15:01.519> a<00:15:01.550> Stark<00:15:01.880> we're<00:15:02.059> powered<00:15:02.360> exchange<00:15:02.839> you 00:15:03.400 --> 00:15:03.410 align:start position:0% with a Stark we're powered exchange you 00:15:03.410 --> 00:15:05.019 align:start position:0% with a Stark we're powered exchange you have<00:15:03.529> other<00:15:03.709> options<00:15:04.130> in<00:15:04.279> terms<00:15:04.430> of<00:15:04.610> custody 00:15:05.019 --> 00:15:05.029 align:start position:0% have other options in terms of custody 00:15:05.029 --> 00:15:07.329 align:start position:0% have other options in terms of custody you<00:15:05.630> could<00:15:05.839> you<00:15:06.139> could<00:15:06.290> do<00:15:06.470> self<00:15:06.740> custody<00:15:07.189> like 00:15:07.329 --> 00:15:07.339 align:start position:0% you could you could do self custody like 00:15:07.339 --> 00:15:09.790 align:start position:0% you could you could do self custody like isolate<00:15:07.790> like<00:15:07.970> I<00:15:08.089> explained<00:15:08.510> before<00:15:08.800> you 00:15:09.790 --> 00:15:09.800 align:start position:0% isolate like I explained before you 00:15:09.800 --> 00:15:12.280 align:start position:0% isolate like I explained before you could<00:15:09.949> have<00:15:10.100> your<00:15:10.250> custodian<00:15:10.970> trade<00:15:11.779> for<00:15:12.110> you 00:15:12.280 --> 00:15:12.290 align:start position:0% could have your custodian trade for you 00:15:12.290 --> 00:15:14.710 align:start position:0% could have your custodian trade for you on<00:15:12.439> the<00:15:12.649> exchange<00:15:13.100> you<00:15:13.910> could<00:15:14.059> have<00:15:14.269> even<00:15:14.449> more 00:15:14.710 --> 00:15:14.720 align:start position:0% on the exchange you could have even more 00:15:14.720 --> 00:15:17.019 align:start position:0% on the exchange you could have even more complex<00:15:15.230> schemes<00:15:16.040> in<00:15:16.189> terms<00:15:16.370> of<00:15:16.519> custody 00:15:17.019 --> 00:15:17.029 align:start position:0% complex schemes in terms of custody 00:15:17.029 --> 00:15:19.750 align:start position:0% complex schemes in terms of custody all<00:15:17.990> these<00:15:18.260> boil<00:15:18.589> down<00:15:18.800> to<00:15:19.069> this<00:15:19.250> honeypot 00:15:19.750 --> 00:15:19.760 align:start position:0% all these boil down to this honeypot 00:15:19.760 --> 00:15:21.370 align:start position:0% all these boil down to this honeypot being<00:15:20.059> eliminated<00:15:20.329> and<00:15:20.870> the<00:15:20.959> risk<00:15:21.110> being 00:15:21.370 --> 00:15:21.380 align:start position:0% being eliminated and the risk being 00:15:21.380 --> 00:15:21.900 align:start position:0% being eliminated and the risk being great 00:15:21.900 --> 00:15:21.910 align:start position:0% great 00:15:21.910 --> 00:15:24.660 align:start position:0% great lowered<00:15:22.740> another<00:15:23.740> benefit<00:15:24.250> of<00:15:24.280> a<00:15:24.430> stork 00:15:24.660 --> 00:15:24.670 align:start position:0% lowered another benefit of a stork 00:15:24.670 --> 00:15:27.030 align:start position:0% lowered another benefit of a stork powered<00:15:25.060> exchange<00:15:25.540> is<00:15:26.410> that<00:15:26.680> it's<00:15:26.860> much 00:15:27.030 --> 00:15:27.040 align:start position:0% powered exchange is that it's much 00:15:27.040 --> 00:15:28.890 align:start position:0% powered exchange is that it's much easier<00:15:27.460> and<00:15:27.490> in<00:15:27.790> this<00:15:28.120> scenario<00:15:28.300> to<00:15:28.720> move 00:15:28.890 --> 00:15:28.900 align:start position:0% easier and in this scenario to move 00:15:28.900 --> 00:15:31.680 align:start position:0% easier and in this scenario to move funds<00:15:29.440> to<00:15:29.740> an<00:15:29.860> exchange<00:15:30.120> often<00:15:31.120> exchange<00:15:31.540> in 00:15:31.680 --> 00:15:31.690 align:start position:0% funds to an exchange often exchange in 00:15:31.690 --> 00:15:34.020 align:start position:0% funds to an exchange often exchange in between<00:15:32.020> exchanges<00:15:32.650> so<00:15:33.340> this<00:15:33.520> will<00:15:33.700> also 00:15:34.020 --> 00:15:34.030 align:start position:0% between exchanges so this will also 00:15:34.030 --> 00:15:37.230 align:start position:0% between exchanges so this will also greatly<00:15:34.240> help<00:15:34.630> traders<00:15:35.970> from<00:15:36.970> a<00:15:37.030> capital 00:15:37.230 --> 00:15:37.240 align:start position:0% greatly help traders from a capital 00:15:37.240 --> 00:15:43.610 align:start position:0% greatly help traders from a capital perspective<00:15:40.440> so<00:15:41.440> today<00:15:42.340> if<00:15:42.580> you<00:15:42.730> trade<00:15:43.000> crypto 00:15:43.610 --> 00:15:43.620 align:start position:0% perspective so today if you trade crypto 00:15:43.620 --> 00:15:46.140 align:start position:0% perspective so today if you trade crypto you<00:15:44.620> have<00:15:44.800> the<00:15:44.980> option<00:15:45.400> you<00:15:45.670> could<00:15:45.850> choose 00:15:46.140 --> 00:15:46.150 align:start position:0% you have the option you could choose 00:15:46.150 --> 00:15:47.580 align:start position:0% you have the option you could choose between<00:15:46.180> risking<00:15:46.990> your<00:15:47.140> money<00:15:47.380> at<00:15:47.530> a 00:15:47.580 --> 00:15:47.590 align:start position:0% between risking your money at a 00:15:47.590 --> 00:15:50.010 align:start position:0% between risking your money at a centralized<00:15:48.100> exchange<00:15:48.310> or<00:15:48.970> enjoying<00:15:49.840> low 00:15:50.010 --> 00:15:50.020 align:start position:0% centralized exchange or enjoying low 00:15:50.020 --> 00:15:52.350 align:start position:0% centralized exchange or enjoying low liquidity<00:15:50.260> and<00:15:50.770> a<00:15:50.800> poor<00:15:51.040> user<00:15:51.670> experience<00:15:52.240> at 00:15:52.350 --> 00:15:52.360 align:start position:0% liquidity and a poor user experience at 00:15:52.360 --> 00:15:55.260 align:start position:0% liquidity and a poor user experience at a<00:15:52.390> decentralized<00:15:53.140> one<00:15:53.580> with<00:15:54.580> a<00:15:54.610> star<00:15:54.910> powered 00:15:55.260 --> 00:15:55.270 align:start position:0% a decentralized one with a star powered 00:15:55.270 --> 00:15:57.180 align:start position:0% a decentralized one with a star powered exchange<00:15:55.720> we<00:15:55.960> essentially<00:15:56.350> break<00:15:56.710> this<00:15:56.920> trade 00:15:57.180 --> 00:15:57.190 align:start position:0% exchange we essentially break this trade 00:15:57.190 --> 00:15:59.160 align:start position:0% exchange we essentially break this trade off<00:15:57.220> and<00:15:57.640> you<00:15:57.820> can<00:15:57.970> enjoy<00:15:58.330> the<00:15:58.570> scale<00:15:58.900> the 00:15:59.160 --> 00:15:59.170 align:start position:0% off and you can enjoy the scale the 00:15:59.170 --> 00:16:00.540 align:start position:0% off and you can enjoy the scale the liquidity<00:15:59.470> and<00:15:59.770> user<00:15:59.950> experience<00:16:00.130> of<00:16:00.490> a 00:16:00.540 --> 00:16:00.550 align:start position:0% liquidity and user experience of a 00:16:00.550 --> 00:16:03.030 align:start position:0% liquidity and user experience of a centralized<00:16:01.000> exchange<00:16:01.210> without<00:16:02.110> taking<00:16:02.890> this 00:16:03.030 --> 00:16:03.040 align:start position:0% centralized exchange without taking this 00:16:03.040 --> 00:16:07.680 align:start position:0% centralized exchange without taking this honeypot<00:16:03.790> counterparty<00:16:04.630> risk<00:16:06.420> now<00:16:07.420> note<00:16:07.660> that 00:16:07.680 --> 00:16:07.690 align:start position:0% honeypot counterparty risk now note that 00:16:07.690 --> 00:16:09.420 align:start position:0% honeypot counterparty risk now note that what<00:16:08.020> we've<00:16:08.170> been<00:16:08.350> building<00:16:08.530> these<00:16:08.890> last<00:16:09.160> few 00:16:09.420 --> 00:16:09.430 align:start position:0% what we've been building these last few 00:16:09.430 --> 00:16:12.000 align:start position:0% what we've been building these last few months<00:16:09.580> is<00:16:09.880> a<00:16:10.390> production<00:16:10.960> grade<00:16:11.290> system<00:16:11.740> it's 00:16:12.000 --> 00:16:12.010 align:start position:0% months is a production grade system it's 00:16:12.010 --> 00:16:14.760 align:start position:0% months is a production grade system it's not<00:16:12.250> just<00:16:12.940> a<00:16:13.030> stark<00:16:13.360> stack<00:16:13.720> it's<00:16:14.410> a<00:16:14.530> heavy-duty 00:16:14.760 --> 00:16:14.770 align:start position:0% not just a stark stack it's a heavy-duty 00:16:14.770 --> 00:16:16.920 align:start position:0% not just a stark stack it's a heavy-duty system<00:16:15.460> that<00:16:15.640> it<00:16:15.730> could<00:16:15.850> actually<00:16:15.880> handle<00:16:16.630> a 00:16:16.920 --> 00:16:16.930 align:start position:0% system that it could actually handle a 00:16:16.930 --> 00:16:19.350 align:start position:0% system that it could actually handle a large<00:16:17.560> scale<00:16:17.860> in<00:16:18.100> production<00:16:18.670> and<00:16:18.820> could<00:16:19.240> be 00:16:19.350 --> 00:16:19.360 align:start position:0% large scale in production and could be 00:16:19.360 --> 00:16:22.470 align:start position:0% large scale in production and could be integrated<00:16:19.570> to<00:16:20.020> any<00:16:20.170> exchange<00:16:21.330> so<00:16:22.330> we're 00:16:22.470 --> 00:16:22.480 align:start position:0% integrated to any exchange so we're 00:16:22.480 --> 00:16:26.580 align:start position:0% integrated to any exchange so we're already<00:16:22.600> already<00:16:23.110> saw<00:16:23.580> that<00:16:24.960> in<00:16:25.960> addition<00:16:26.440> to 00:16:26.580 --> 00:16:26.590 align:start position:0% already already saw that in addition to 00:16:26.590 --> 00:16:29.130 align:start position:0% already already saw that in addition to this<00:16:26.760> using<00:16:27.760> these<00:16:27.880> neat<00:16:28.420> mechanisms<00:16:28.990> such<00:16:29.110> as 00:16:29.130 --> 00:16:29.140 align:start position:0% this using these neat mechanisms such as 00:16:29.140 --> 00:16:30.780 align:start position:0% this using these neat mechanisms such as conditional<00:16:29.650> transaction<00:16:30.280> and<00:16:30.460> some<00:16:30.580> others 00:16:30.780 --> 00:16:30.790 align:start position:0% conditional transaction and some others 00:16:30.790 --> 00:16:33.120 align:start position:0% conditional transaction and some others that<00:16:30.970> I<00:16:31.000> have<00:16:31.180> haven't<00:16:31.450> described<00:16:31.930> here<00:16:32.230> users 00:16:33.120 --> 00:16:33.130 align:start position:0% that I have haven't described here users 00:16:33.130 --> 00:16:35.490 align:start position:0% that I have haven't described here users can<00:16:33.340> also<00:16:33.690> seamlessly<00:16:34.690> move<00:16:34.930> between<00:16:34.960> their 00:16:35.490 --> 00:16:35.500 align:start position:0% can also seamlessly move between their 00:16:35.500 --> 00:16:38.400 align:start position:0% can also seamlessly move between their off<00:16:35.680> cane<00:16:35.950> account<00:16:36.220> at<00:16:36.430> the<00:16:36.580> exchange<00:16:36.790> and<00:16:37.410> all 00:16:38.400 --> 00:16:38.410 align:start position:0% off cane account at the exchange and all 00:16:38.410 --> 00:16:40.710 align:start position:0% off cane account at the exchange and all the<00:16:38.860> wealth<00:16:39.040> of<00:16:39.250> the<00:16:39.790> defy<00:16:40.120> application 00:16:40.710 --> 00:16:40.720 align:start position:0% the wealth of the defy application 00:16:40.720 --> 00:16:43.020 align:start position:0% the wealth of the defy application that's<00:16:40.870> currently<00:16:41.260> exists<00:16:41.620> on<00:16:41.740> atheria<00:16:42.220> they 00:16:43.020 --> 00:16:43.030 align:start position:0% that's currently exists on atheria they 00:16:43.030 --> 00:16:45.840 align:start position:0% that's currently exists on atheria they could<00:16:43.210> use<00:16:43.390> them<00:16:43.570> directly<00:16:44.220> we<00:16:45.220> also<00:16:45.400> talked 00:16:45.840 --> 00:16:45.850 align:start position:0% could use them directly we also talked 00:16:45.850 --> 00:16:48.570 align:start position:0% could use them directly we also talked about<00:16:46.000> how<00:16:46.360> in<00:16:46.630> addition<00:16:47.140> to<00:16:47.260> trading<00:16:47.740> this 00:16:48.570 --> 00:16:48.580 align:start position:0% about how in addition to trading this 00:16:48.580 --> 00:16:51.060 align:start position:0% about how in addition to trading this system<00:16:48.940> also<00:16:49.090> supports<00:16:49.600> payments<00:16:50.140> to 00:16:51.060 --> 00:16:51.070 align:start position:0% system also supports payments to 00:16:51.070 --> 00:16:52.910 align:start position:0% system also supports payments to aetherium<00:16:51.580> or<00:16:51.700> even<00:16:51.940> to<00:16:52.030> other<00:16:52.180> blog<00:16:52.510> chains 00:16:52.910 --> 00:16:52.920 align:start position:0% aetherium or even to other blog chains 00:16:52.920 --> 00:16:56.070 align:start position:0% aetherium or even to other blog chains but<00:16:53.920> it<00:16:54.040> doesn't<00:16:54.340> stop<00:16:54.580> here<00:16:54.810> Stark<00:16:55.810> is<00:16:56.050> a 00:16:56.070 --> 00:16:56.080 align:start position:0% but it doesn't stop here Stark is a 00:16:56.080 --> 00:16:57.990 align:start position:0% but it doesn't stop here Stark is a generally<00:16:56.620> applicable<00:16:57.040> protocol<00:16:57.730> like<00:16:57.850> I 00:16:57.990 --> 00:16:58.000 align:start position:0% generally applicable protocol like I 00:16:58.000 --> 00:17:00.390 align:start position:0% generally applicable protocol like I said<00:16:58.210> before<00:16:58.360> so<00:16:59.200> pretty<00:16:59.410> much<00:16:59.590> anything<00:16:59.950> any 00:17:00.390 --> 00:17:00.400 align:start position:0% said before so pretty much anything any 00:17:00.400 --> 00:17:02.880 align:start position:0% said before so pretty much anything any financial<00:17:00.940> feature<00:17:01.810> the<00:17:02.080> exchange<00:17:02.470> we<00:17:02.650> want 00:17:02.880 --> 00:17:02.890 align:start position:0% financial feature the exchange we want 00:17:02.890 --> 00:17:05.370 align:start position:0% financial feature the exchange we want to<00:17:03.040> offer<00:17:03.330> we<00:17:04.330> could<00:17:04.510> also<00:17:04.690> include<00:17:05.080> in<00:17:05.320> a 00:17:05.370 --> 00:17:05.380 align:start position:0% to offer we could also include in a 00:17:05.380 --> 00:17:07.770 align:start position:0% to offer we could also include in a stark<00:17:05.680> truth<00:17:06.090> so<00:17:07.090> we<00:17:07.180> can<00:17:07.330> for<00:17:07.690> instance 00:17:07.770 --> 00:17:07.780 align:start position:0% stark truth so we can for instance 00:17:07.780 --> 00:17:09.630 align:start position:0% stark truth so we can for instance include<00:17:08.560> things<00:17:08.800> like<00:17:08.980> interest-bearing 00:17:09.630 --> 00:17:09.640 align:start position:0% include things like interest-bearing 00:17:09.640 --> 00:17:13.620 align:start position:0% include things like interest-bearing accounts<00:17:10.360> and<00:17:10.540> margin<00:17:11.380> trading<00:17:11.730> and<00:17:12.730> do<00:17:13.390> that 00:17:13.620 --> 00:17:13.630 align:start position:0% accounts and margin trading and do that 00:17:13.630 --> 00:17:18.530 align:start position:0% accounts and margin trading and do that at<00:17:13.870> scale<00:17:14.370> while<00:17:15.370> still<00:17:15.910> remaining<00:17:16.150> trustless 00:17:18.530 --> 00:17:18.540 align:start position:0% at scale while still remaining trustless 00:17:18.540 --> 00:17:21.000 align:start position:0% at scale while still remaining trustless but<00:17:19.540> this<00:17:19.660> is<00:17:19.780> not<00:17:19.930> the<00:17:20.080> end<00:17:20.230> of<00:17:20.380> it<00:17:20.500> on<00:17:20.650> top<00:17:20.830> of 00:17:21.000 --> 00:17:21.010 align:start position:0% but this is not the end of it on top of 00:17:21.010 --> 00:17:22.440 align:start position:0% but this is not the end of it on top of this<00:17:21.130> you<00:17:21.310> could<00:17:21.460> also<00:17:21.610> add<00:17:21.910> front-running 00:17:22.440 --> 00:17:22.450 align:start position:0% this you could also add front-running 00:17:22.450 --> 00:17:24.150 align:start position:0% this you could also add front-running protection<00:17:23.050> I<00:17:23.200> won't<00:17:23.470> have<00:17:23.620> time<00:17:23.770> to<00:17:23.830> go<00:17:24.040> into 00:17:24.150 --> 00:17:24.160 align:start position:0% protection I won't have time to go into 00:17:24.160 --> 00:17:25.500 align:start position:0% protection I won't have time to go into that<00:17:24.340> right<00:17:24.520> now<00:17:24.580> but<00:17:24.700> you<00:17:24.910> can<00:17:25.090> come<00:17:25.240> and<00:17:25.330> talk 00:17:25.500 --> 00:17:25.510 align:start position:0% that right now but you can come and talk 00:17:25.510 --> 00:17:26.220 align:start position:0% that right now but you can come and talk to<00:17:25.540> us<00:17:25.720> later 00:17:26.220 --> 00:17:26.230 align:start position:0% to us later 00:17:26.230 --> 00:17:28.830 align:start position:0% to us later and<00:17:26.410> notice<00:17:27.340> that<00:17:27.370> up<00:17:27.670> until<00:17:27.820> now<00:17:27.970> we<00:17:28.600> haven't 00:17:28.830 --> 00:17:28.840 align:start position:0% and notice that up until now we haven't 00:17:28.840 --> 00:17:29.760 align:start position:0% and notice that up until now we haven't even 00:17:29.760 --> 00:17:29.770 align:start position:0% even 00:17:29.770 --> 00:17:32.430 align:start position:0% even used<00:17:30.010> yet<00:17:30.370> the<00:17:30.790> zero-knowledge<00:17:31.600> quality<00:17:32.320> of 00:17:32.430 --> 00:17:32.440 align:start position:0% used yet the zero-knowledge quality of 00:17:32.440 --> 00:17:35.400 align:start position:0% used yet the zero-knowledge quality of stark<00:17:32.820> add<00:17:33.820> back<00:17:34.150> to<00:17:34.179> the<00:17:34.480> misc<00:17:34.690> mix<00:17:35.170> and 00:17:35.400 --> 00:17:35.410 align:start position:0% stark add back to the misc mix and 00:17:35.410 --> 00:17:37.169 align:start position:0% stark add back to the misc mix and things<00:17:35.620> start<00:17:35.920> getting<00:17:36.309> really<00:17:36.490> interesting 00:17:37.169 --> 00:17:37.179 align:start position:0% things start getting really interesting 00:17:37.179 --> 00:17:38.750 align:start position:0% things start getting really interesting because<00:17:37.300> you<00:17:37.450> could<00:17:37.630> start<00:17:37.870> having<00:17:38.020> privacy 00:17:38.750 --> 00:17:38.760 align:start position:0% because you could start having privacy 00:17:38.760 --> 00:17:42.150 align:start position:0% because you could start having privacy now<00:17:39.760> today<00:17:40.120> as<00:17:40.270> far<00:17:40.450> as<00:17:40.510> privacy<00:17:40.929> go<00:17:41.200> goes<00:17:41.950> you 00:17:42.150 --> 00:17:42.160 align:start position:0% now today as far as privacy go goes you 00:17:42.160 --> 00:17:43.740 align:start position:0% now today as far as privacy go goes you have<00:17:42.280> the<00:17:42.429> exchange<00:17:42.790> operator<00:17:43.510> basically 00:17:43.740 --> 00:17:43.750 align:start position:0% have the exchange operator basically 00:17:43.750 --> 00:17:46.230 align:start position:0% have the exchange operator basically telling<00:17:44.260> telling<00:17:44.860> you<00:17:44.980> trust<00:17:45.280> me<00:17:45.429> I'm<00:17:46.210> not 00:17:46.230 --> 00:17:46.240 align:start position:0% telling telling you trust me I'm not 00:17:46.240 --> 00:17:48.080 align:start position:0% telling telling you trust me I'm not going<00:17:46.540> to<00:17:46.630> use<00:17:46.750> this<00:17:46.929> to<00:17:47.110> your<00:17:47.230> disadvantage 00:17:48.080 --> 00:17:48.090 align:start position:0% going to use this to your disadvantage 00:17:48.090 --> 00:17:51.299 align:start position:0% going to use this to your disadvantage now<00:17:49.090> with<00:17:49.240> a<00:17:49.270> start<00:17:49.600> based<00:17:49.840> system<00:17:50.320> you<00:17:51.130> could 00:17:51.299 --> 00:17:51.309 align:start position:0% now with a start based system you could 00:17:51.309 --> 00:17:53.100 align:start position:0% now with a start based system you could actually<00:17:51.460> have<00:17:51.730> real<00:17:51.970> privacy<00:17:52.240> including 00:17:53.100 --> 00:17:53.110 align:start position:0% actually have real privacy including 00:17:53.110 --> 00:17:56.190 align:start position:0% actually have real privacy including privacy<00:17:53.860> from<00:17:54.100> the<00:17:54.160> operator<00:17:54.670> himself<00:17:55.200> so 00:17:56.190 --> 00:17:56.200 align:start position:0% privacy from the operator himself so 00:17:56.200 --> 00:17:58.080 align:start position:0% privacy from the operator himself so from<00:17:56.380> this<00:17:56.530> perspective<00:17:56.740> start<00:17:57.520> to<00:17:57.820> do<00:17:57.970> to 00:17:58.080 --> 00:17:58.090 align:start position:0% from this perspective start to do to 00:17:58.090 --> 00:18:00.419 align:start position:0% from this perspective start to do to privacy<00:17:58.570> the<00:17:58.660> same<00:17:58.840> thing<00:17:59.080> that<00:17:59.200> it<00:17:59.350> did<00:17:59.470> to<00:18:00.190> to 00:18:00.419 --> 00:18:00.429 align:start position:0% privacy the same thing that it did to to 00:18:00.429 --> 00:18:02.310 align:start position:0% privacy the same thing that it did to to custody<00:18:00.850> before<00:18:00.970> now<00:18:01.780> you<00:18:01.840> don't<00:18:02.140> need<00:18:02.260> to 00:18:02.310 --> 00:18:02.320 align:start position:0% custody before now you don't need to 00:18:02.320 --> 00:18:04.350 align:start position:0% custody before now you don't need to trust<00:18:02.740> the<00:18:03.040> operator<00:18:03.460> because<00:18:03.850> they're<00:18:04.059> good 00:18:04.350 --> 00:18:04.360 align:start position:0% trust the operator because they're good 00:18:04.360 --> 00:18:07.350 align:start position:0% trust the operator because they're good because<00:18:04.600> they're<00:18:04.870> a<00:18:04.900> good<00:18:05.170> guy<00:18:05.520> but<00:18:06.520> you<00:18:07.210> can 00:18:07.350 --> 00:18:07.360 align:start position:0% because they're a good guy but you can 00:18:07.360 --> 00:18:08.669 align:start position:0% because they're a good guy but you can trust<00:18:07.570> them<00:18:07.750> not<00:18:07.840> to<00:18:08.020> cheat<00:18:08.230> because<00:18:08.530> they 00:18:08.669 --> 00:18:08.679 align:start position:0% trust them not to cheat because they 00:18:08.679 --> 00:18:12.419 align:start position:0% trust them not to cheat because they can't<00:18:10.679> even<00:18:11.679> more<00:18:11.830> importantly<00:18:12.220> you<00:18:12.309> could 00:18:12.419 --> 00:18:12.429 align:start position:0% can't even more importantly you could 00:18:12.429 --> 00:18:14.070 align:start position:0% can't even more importantly you could have<00:18:12.580> regulated<00:18:13.000> privacy<00:18:13.600> so<00:18:13.720> you<00:18:13.750> could<00:18:13.960> have 00:18:14.070 --> 00:18:14.080 align:start position:0% have regulated privacy so you could have 00:18:14.080 --> 00:18:16.140 align:start position:0% have regulated privacy so you could have privacy<00:18:14.530> including<00:18:15.100> from<00:18:15.580> the<00:18:15.700> operator 00:18:16.140 --> 00:18:16.150 align:start position:0% privacy including from the operator 00:18:16.150 --> 00:18:17.580 align:start position:0% privacy including from the operator while<00:18:16.390> still<00:18:16.720> ensuring<00:18:16.870> that<00:18:17.200> all<00:18:17.350> the 00:18:17.580 --> 00:18:17.590 align:start position:0% while still ensuring that all the 00:18:17.590 --> 00:18:19.880 align:start position:0% while still ensuring that all the regulatory<00:18:17.950> requirements<00:18:18.250> are<00:18:18.880> being<00:18:19.030> met<00:18:19.120> so 00:18:19.880 --> 00:18:19.890 align:start position:0% regulatory requirements are being met so 00:18:19.890 --> 00:18:23.280 align:start position:0% regulatory requirements are being met so things<00:18:20.890> like<00:18:21.100> truly<00:18:21.520> dark<00:18:21.730> pools<00:18:22.290> suddenly 00:18:23.280 --> 00:18:23.290 align:start position:0% things like truly dark pools suddenly 00:18:23.290 --> 00:18:27.419 align:start position:0% things like truly dark pools suddenly become<00:18:23.590> possible<00:18:25.500> note<00:18:26.500> that<00:18:26.530> with<00:18:27.160> these 00:18:27.419 --> 00:18:27.429 align:start position:0% become possible note that with these 00:18:27.429 --> 00:18:29.040 align:start position:0% become possible note that with these features<00:18:27.670> that<00:18:28.090> actually<00:18:28.300> makes<00:18:28.690> a<00:18:28.809> Stark 00:18:29.040 --> 00:18:29.050 align:start position:0% features that actually makes a Stark 00:18:29.050 --> 00:18:31.049 align:start position:0% features that actually makes a Stark powered<00:18:29.380> exchange<00:18:29.860> not<00:18:30.490> just<00:18:30.520> the<00:18:30.910> best 00:18:31.049 --> 00:18:31.059 align:start position:0% powered exchange not just the best 00:18:31.059 --> 00:18:34.350 align:start position:0% powered exchange not just the best crypto<00:18:31.540> exchange<00:18:32.400> it<00:18:33.400> actually<00:18:33.790> has<00:18:33.940> features 00:18:34.350 --> 00:18:34.360 align:start position:0% crypto exchange it actually has features 00:18:34.360 --> 00:18:35.790 align:start position:0% crypto exchange it actually has features that<00:18:34.390> don't<00:18:34.929> currently<00:18:35.110> exist<00:18:35.290> on<00:18:35.679> any 00:18:35.790 --> 00:18:35.800 align:start position:0% that don't currently exist on any 00:18:35.800 --> 00:18:38.100 align:start position:0% that don't currently exist on any traditional<00:18:36.429> exchange<00:18:36.880> as<00:18:37.030> well<00:18:37.059> so<00:18:37.929> with 00:18:38.100 --> 00:18:38.110 align:start position:0% traditional exchange as well so with 00:18:38.110 --> 00:18:41.580 align:start position:0% traditional exchange as well so with this<00:18:38.850> an<00:18:39.850> exchange<00:18:40.300> powered<00:18:40.720> by<00:18:40.960> by<00:18:41.260> Stark 00:18:41.580 --> 00:18:41.590 align:start position:0% this an exchange powered by by Stark 00:18:41.590 --> 00:18:43.080 align:start position:0% this an exchange powered by by Stark where<00:18:41.830> will<00:18:42.010> not<00:18:42.160> just<00:18:42.370> be<00:18:42.400> the<00:18:42.490> best<00:18:42.730> crypto 00:18:43.080 --> 00:18:43.090 align:start position:0% where will not just be the best crypto 00:18:43.090 --> 00:18:45.450 align:start position:0% where will not just be the best crypto exchange<00:18:43.480> out<00:18:43.690> there<00:18:43.990> but<00:18:44.860> actually<00:18:45.160> the<00:18:45.280> best 00:18:45.450 --> 00:18:45.460 align:start position:0% exchange out there but actually the best 00:18:45.460 --> 00:18:50.240 align:start position:0% exchange out there but actually the best exchange<00:18:45.970> out<00:18:46.270> there<00:18:47.010> crypto<00:18:48.010> or<00:18:48.130> non<00:18:48.280> crypto 00:18:50.240 --> 00:18:50.250 align:start position:0% exchange out there crypto or non crypto 00:18:50.250 --> 00:18:53.520 align:start position:0% exchange out there crypto or non crypto so<00:18:51.250> one<00:18:51.429> more<00:18:51.610> thing<00:18:51.910> we<00:18:52.480> are<00:18:52.570> very<00:18:52.840> happy<00:18:53.320> to 00:18:53.520 --> 00:18:53.530 align:start position:0% so one more thing we are very happy to 00:18:53.530 --> 00:18:55.940 align:start position:0% so one more thing we are very happy to announce<00:18:53.740> our<00:18:54.520> first<00:18:54.580> commercial 00:18:55.940 --> 00:18:55.950 align:start position:0% announce our first commercial 00:18:55.950 --> 00:18:58.380 align:start position:0% announce our first commercial partnership<00:18:56.950> we<00:18:57.790> have<00:18:57.820> partnered<00:18:58.330> with 00:18:58.380 --> 00:18:58.390 align:start position:0% partnership we have partnered with 00:18:58.390 --> 00:19:00.960 align:start position:0% partnership we have partnered with diversify<00:18:59.170> to<00:18:59.559> bring<00:19:00.100> a<00:19:00.130> stock<00:19:00.520> or<00:19:00.610> powered 00:19:00.960 --> 00:19:00.970 align:start position:0% diversify to bring a stock or powered 00:19:00.970 --> 00:19:02.900 align:start position:0% diversify to bring a stock or powered exchange<00:19:01.360> to<00:19:01.600> real<00:19:01.750> users<00:19:01.780> on<00:19:02.410> production 00:19:02.900 --> 00:19:02.910 align:start position:0% exchange to real users on production 00:19:02.910 --> 00:19:06.330 align:start position:0% exchange to real users on production come<00:19:03.910> January<00:19:04.450> and<00:19:05.410> I'm<00:19:05.559> very<00:19:05.679> glad<00:19:05.920> to<00:19:06.040> invite 00:19:06.330 --> 00:19:06.340 align:start position:0% come January and I'm very glad to invite 00:19:06.340 --> 00:19:09.450 align:start position:0% come January and I'm very glad to invite Danny<00:19:06.700> on<00:19:06.940> of<00:19:07.090> the<00:19:07.270> CEO<00:19:07.570> of<00:19:08.250> diversified<00:19:09.250> to 00:19:09.450 --> 00:19:09.460 align:start position:0% Danny on of the CEO of diversified to 00:19:09.460 --> 00:19:12.340 align:start position:0% Danny on of the CEO of diversified to talk<00:19:09.640> about<00:19:09.760> our<00:19:10.059> cooperation 00:19:12.340 --> 00:19:12.350 align:start position:0% talk about our cooperation 00:19:12.350 --> 00:19:17.000 align:start position:0% talk about our cooperation [Applause] 00:19:17.000 --> 00:19:17.010 align:start position:0% [Applause] 00:19:17.010 --> 00:19:19.200 align:start position:0% [Applause] thank<00:19:18.010> your<00:19:18.190> for<00:19:18.550> the<00:19:18.670> fantastic 00:19:19.200 --> 00:19:19.210 align:start position:0% thank your for the fantastic 00:19:19.210 --> 00:19:23.250 align:start position:0% thank your for the fantastic introduction<00:19:19.840> I'm<00:19:20.940> here<00:19:21.940> at<00:19:22.090> diversify<00:19:22.780> we 00:19:23.250 --> 00:19:23.260 align:start position:0% introduction I'm here at diversify we 00:19:23.260 --> 00:19:25.110 align:start position:0% introduction I'm here at diversify we believe<00:19:23.530> that<00:19:23.560> users<00:19:24.460> should<00:19:24.640> always<00:19:24.820> have 00:19:25.110 --> 00:19:25.120 align:start position:0% believe that users should always have 00:19:25.120 --> 00:19:27.720 align:start position:0% believe that users should always have control<00:19:25.930> of<00:19:25.960> their<00:19:26.170> funds<00:19:26.730> accessing 00:19:27.720 --> 00:19:27.730 align:start position:0% control of their funds accessing 00:19:27.730 --> 00:19:30.240 align:start position:0% control of their funds accessing applications<00:19:28.020> through<00:19:29.020> the<00:19:29.230> safety<00:19:29.590> of<00:19:29.680> the 00:19:30.240 --> 00:19:30.250 align:start position:0% applications through the safety of the 00:19:30.250 --> 00:19:33.420 align:start position:0% applications through the safety of the choice<00:19:30.790> of<00:19:31.000> wallets<00:19:31.410> now<00:19:32.410> when<00:19:32.890> it<00:19:33.010> comes<00:19:33.190> to 00:19:33.420 --> 00:19:33.430 align:start position:0% choice of wallets now when it comes to 00:19:33.430 --> 00:19:36.690 align:start position:0% choice of wallets now when it comes to trading<00:19:34.140> so<00:19:35.140> far<00:19:35.410> this<00:19:35.590> has<00:19:35.650> come<00:19:36.070> at<00:19:36.370> the<00:19:36.490> cost 00:19:36.690 --> 00:19:36.700 align:start position:0% trading so far this has come at the cost 00:19:36.700 --> 00:19:38.940 align:start position:0% trading so far this has come at the cost of<00:19:36.820> a<00:19:36.880> great<00:19:37.060> trade<00:19:37.300> off<00:19:37.450> his<00:19:38.260> word<00:19:38.500> mentioned 00:19:38.940 --> 00:19:38.950 align:start position:0% of a great trade off his word mentioned 00:19:38.950 --> 00:19:44.460 align:start position:0% of a great trade off his word mentioned the<00:19:39.160> trade<00:19:40.030> off<00:19:40.150> with<00:19:40.770> speeds<00:19:41.790> liquidity<00:19:43.470> user 00:19:44.460 --> 00:19:44.470 align:start position:0% the trade off with speeds liquidity user 00:19:44.470 --> 00:19:48.690 align:start position:0% the trade off with speeds liquidity user experience<00:19:45.160> and<00:19:45.730> even<00:19:45.850> gas<00:19:46.120> costs<00:19:46.570> now<00:19:47.700> over 00:19:48.690 --> 00:19:48.700 align:start position:0% experience and even gas costs now over 00:19:48.700 --> 00:19:52.400 align:start position:0% experience and even gas costs now over the<00:19:48.790> last<00:19:48.910> 12<00:19:49.210> months<00:19:49.920> we<00:19:50.920> have<00:19:51.100> worked<00:19:51.310> hard 00:19:52.400 --> 00:19:52.410 align:start position:0% the last 12 months we have worked hard 00:19:52.410 --> 00:19:56.010 align:start position:0% the last 12 months we have worked hard to<00:19:53.410> bring<00:19:53.980> our<00:19:54.550> users<00:19:55.150> a<00:19:55.240> great<00:19:55.450> user 00:19:56.010 --> 00:19:56.020 align:start position:0% to bring our users a great user 00:19:56.020 --> 00:19:58.080 align:start position:0% to bring our users a great user interface<00:19:56.500> getting<00:19:57.400> feedback<00:19:57.580> from<00:19:57.790> our 00:19:58.080 --> 00:19:58.090 align:start position:0% interface getting feedback from our 00:19:58.090 --> 00:20:01.020 align:start position:0% interface getting feedback from our lovely<00:19:58.390> users<00:19:58.800> we<00:19:59.800> have<00:19:59.830> developed<00:20:00.310> a<00:20:00.400> way<00:20:00.430> to 00:20:01.020 --> 00:20:01.030 align:start position:0% lovely users we have developed a way to 00:20:01.030 --> 00:20:04.170 align:start position:0% lovely users we have developed a way to match<00:20:02.020> against<00:20:02.890> the<00:20:03.010> external<00:20:03.640> liquidity 00:20:04.170 --> 00:20:04.180 align:start position:0% match against the external liquidity 00:20:04.180 --> 00:20:07.140 align:start position:0% match against the external liquidity pools<00:20:04.390> to<00:20:04.870> bring<00:20:05.110> our<00:20:05.610> traders<00:20:06.610> fantastic 00:20:07.140 --> 00:20:07.150 align:start position:0% pools to bring our traders fantastic 00:20:07.150 --> 00:20:09.750 align:start position:0% pools to bring our traders fantastic markets<00:20:07.540> and<00:20:07.840> now<00:20:08.770> with<00:20:09.310> the<00:20:09.370> help<00:20:09.430> of<00:20:09.610> our 00:20:09.750 --> 00:20:09.760 align:start position:0% markets and now with the help of our 00:20:09.760 --> 00:20:11.400 align:start position:0% markets and now with the help of our friends<00:20:10.060> from<00:20:10.120> Stark<00:20:10.450> where<00:20:10.660> we<00:20:11.140> have<00:20:11.290> the 00:20:11.400 --> 00:20:11.410 align:start position:0% friends from Stark where we have the 00:20:11.410 --> 00:20:13.650 align:start position:0% friends from Stark where we have the last<00:20:11.530> piece<00:20:11.680> of<00:20:11.950> the<00:20:12.040> puzzle<00:20:12.660> instant 00:20:13.650 --> 00:20:13.660 align:start position:0% last piece of the puzzle instant 00:20:13.660 --> 00:20:18.620 align:start position:0% last piece of the puzzle instant settlement<00:20:14.140> low<00:20:15.010> fees<00:20:15.370> and<00:20:16.440> high<00:20:17.440> scalability 00:20:18.620 --> 00:20:18.630 align:start position:0% settlement low fees and high scalability 00:20:18.630 --> 00:20:22.080 align:start position:0% settlement low fees and high scalability so<00:20:19.630> the<00:20:19.780> days<00:20:19.990> of<00:20:20.370> trade-offs<00:20:21.370> when<00:20:21.820> it<00:20:21.910> comes 00:20:22.080 --> 00:20:22.090 align:start position:0% so the days of trade-offs when it comes 00:20:22.090 --> 00:20:24.330 align:start position:0% so the days of trade-offs when it comes to<00:20:22.210> non-custodial<00:20:22.510> trading<00:20:23.200> will<00:20:23.860> soon<00:20:24.160> be 00:20:24.330 --> 00:20:24.340 align:start position:0% to non-custodial trading will soon be 00:20:24.340 --> 00:20:24.920 align:start position:0% to non-custodial trading will soon be over 00:20:24.920 --> 00:20:24.930 align:start position:0% over 00:20:24.930 --> 00:20:29.850 align:start position:0% over now<00:20:25.930> I'm<00:20:26.470> going<00:20:26.860> to<00:20:26.950> do<00:20:27.130> a<00:20:27.730> quick<00:20:28.210> demo<00:20:28.600> to<00:20:29.140> show 00:20:29.850 --> 00:20:29.860 align:start position:0% now I'm going to do a quick demo to show 00:20:29.860 --> 00:20:33.290 align:start position:0% now I'm going to do a quick demo to show you<00:20:29.920> what<00:20:30.100> this<00:20:30.250> looks<00:20:30.400> like<00:20:31.860> practically 00:20:33.290 --> 00:20:33.300 align:start position:0% you what this looks like practically 00:20:33.300 --> 00:20:36.570 align:start position:0% you what this looks like practically this<00:20:34.300> is<00:20:34.360> a<00:20:34.480> pre-recorded<00:20:34.780> demo<00:20:35.530> those<00:20:36.370> of<00:20:36.490> you 00:20:36.570 --> 00:20:36.580 align:start position:0% this is a pre-recorded demo those of you 00:20:36.580 --> 00:20:37.950 align:start position:0% this is a pre-recorded demo those of you who've<00:20:36.700> tried<00:20:36.910> using<00:20:37.240> the<00:20:37.360> Internet<00:20:37.720> will 00:20:37.950 --> 00:20:37.960 align:start position:0% who've tried using the Internet will 00:20:37.960 --> 00:20:43.560 align:start position:0% who've tried using the Internet will probably<00:20:38.290> understand<00:20:38.680> why<00:20:41.190> so<00:20:42.330> here<00:20:43.330> we<00:20:43.420> have 00:20:43.560 --> 00:20:43.570 align:start position:0% probably understand why so here we have 00:20:43.570 --> 00:20:48.300 align:start position:0% probably understand why so here we have the<00:20:44.040> diversify<00:20:45.040> trading<00:20:46.030> interface<00:20:46.710> on<00:20:47.710> the 00:20:48.300 --> 00:20:48.310 align:start position:0% the diversify trading interface on the 00:20:48.310 --> 00:20:51.680 align:start position:0% the diversify trading interface on the right<00:20:49.030> hand<00:20:49.240> side<00:20:49.450> we<00:20:50.080> can<00:20:50.230> see<00:20:50.440> our<00:20:50.830> balances 00:20:51.680 --> 00:20:51.690 align:start position:0% right hand side we can see our balances 00:20:51.690 --> 00:20:54.390 align:start position:0% right hand side we can see our balances so<00:20:52.690> here<00:20:52.870> we<00:20:52.960> have<00:20:53.110> our<00:20:53.140> own<00:20:53.470> chain<00:20:53.830> balances 00:20:54.390 --> 00:20:54.400 align:start position:0% so here we have our own chain balances 00:20:54.400 --> 00:20:56.460 align:start position:0% so here we have our own chain balances and<00:20:54.640> our<00:20:54.730> off<00:20:55.030> chain<00:20:55.420> balances<00:20:55.960> locked<00:20:56.320> in 00:20:56.460 --> 00:20:56.470 align:start position:0% and our off chain balances locked in 00:20:56.470 --> 00:20:59.400 align:start position:0% and our off chain balances locked in Stark<00:20:56.770> in<00:20:57.430> green<00:20:57.730> so<00:20:58.030> we<00:20:58.150> have<00:20:58.300> just<00:20:59.020> under<00:20:59.170> a 00:20:59.400 --> 00:20:59.410 align:start position:0% Stark in green so we have just under a 00:20:59.410 --> 00:21:01.650 align:start position:0% Stark in green so we have just under a thousand<00:20:59.800> bucks<00:20:59.970> ready<00:21:00.970> here<00:21:01.180> we're<00:21:01.330> gonna<00:21:01.450> do 00:21:01.650 --> 00:21:01.660 align:start position:0% thousand bucks ready here we're gonna do 00:21:01.660 --> 00:21:04.940 align:start position:0% thousand bucks ready here we're gonna do a<00:21:01.930> trade<00:21:02.500> to<00:21:03.430> show<00:21:03.640> you<00:21:03.700> what<00:21:04.450> that<00:21:04.600> looks<00:21:04.750> like 00:21:04.940 --> 00:21:04.950 align:start position:0% a trade to show you what that looks like 00:21:04.950 --> 00:21:07.610 align:start position:0% a trade to show you what that looks like so<00:21:05.950> the<00:21:06.400> green<00:21:06.640> is<00:21:06.880> basically<00:21:07.210> we<00:21:07.330> have 00:21:07.610 --> 00:21:07.620 align:start position:0% so the green is basically we have 00:21:07.620 --> 00:21:11.010 align:start position:0% so the green is basically we have available<00:21:08.620> to<00:21:09.100> trade<00:21:09.340> now<00:21:09.660> so<00:21:10.660> we're<00:21:10.780> placing 00:21:11.010 --> 00:21:11.020 align:start position:0% available to trade now so we're placing 00:21:11.020 --> 00:21:12.720 align:start position:0% available to trade now so we're placing a<00:21:11.200> trade<00:21:11.230> let's<00:21:11.620> have<00:21:11.740> a<00:21:11.770> look<00:21:11.950> at<00:21:12.100> the<00:21:12.220> order 00:21:12.720 --> 00:21:12.730 align:start position:0% a trade let's have a look at the order 00:21:12.730 --> 00:21:17.310 align:start position:0% a trade let's have a look at the order book<00:21:12.910> now<00:21:14.310> this<00:21:15.330> you<00:21:16.330> can<00:21:16.840> see<00:21:16.960> this<00:21:17.080> order 00:21:17.310 --> 00:21:17.320 align:start position:0% book now this you can see this order 00:21:17.320 --> 00:21:20.220 align:start position:0% book now this you can see this order book<00:21:17.470> is<00:21:17.620> incredibly<00:21:18.610> thick<00:21:18.850> so<00:21:19.120> we<00:21:19.360> can<00:21:19.570> place 00:21:20.220 --> 00:21:20.230 align:start position:0% book is incredibly thick so we can place 00:21:20.230 --> 00:21:23.030 align:start position:0% book is incredibly thick so we can place a<00:21:20.560> trade<00:21:20.830> of<00:21:21.010> like<00:21:21.370> over<00:21:21.610> 100<00:21:21.730> eath<00:21:22.090> without 00:21:23.030 --> 00:21:23.040 align:start position:0% a trade of like over 100 eath without 00:21:23.040 --> 00:21:25.919 align:start position:0% a trade of like over 100 eath without moving<00:21:24.040> the<00:21:24.100> price<00:21:24.310> at<00:21:24.460> all<00:21:24.550> and<00:21:24.880> the<00:21:25.480> reason 00:21:25.919 --> 00:21:25.929 align:start position:0% moving the price at all and the reason 00:21:25.929 --> 00:21:27.750 align:start position:0% moving the price at all and the reason why<00:21:26.590> we<00:21:26.710> were<00:21:26.770> able<00:21:26.980> to<00:21:27.010> do<00:21:27.250> this 00:21:27.750 --> 00:21:27.760 align:start position:0% why we were able to do this 00:21:27.760 --> 00:21:29.670 align:start position:0% why we were able to do this is<00:21:27.850> because<00:21:28.300> since<00:21:28.660> the<00:21:28.810> users<00:21:29.080> funds<00:21:29.470> are 00:21:29.670 --> 00:21:29.680 align:start position:0% is because since the users funds are 00:21:29.680 --> 00:21:32.520 align:start position:0% is because since the users funds are locked<00:21:30.150> in<00:21:31.150> stark<00:21:31.540> we<00:21:32.080> can<00:21:32.290> guarantee 00:21:32.520 --> 00:21:32.530 align:start position:0% locked in stark we can guarantee 00:21:32.530 --> 00:21:34.890 align:start position:0% locked in stark we can guarantee settlement<00:21:33.310> ie<00:21:34.060> everyone<00:21:34.480> has<00:21:34.570> followed 00:21:34.890 --> 00:21:34.900 align:start position:0% settlement ie everyone has followed 00:21:34.900 --> 00:21:37.230 align:start position:0% settlement ie everyone has followed their<00:21:35.020> end<00:21:35.140> of<00:21:35.170> the<00:21:35.230> deal<00:21:35.290> so<00:21:35.850> we<00:21:36.850> can<00:21:37.030> match 00:21:37.230 --> 00:21:37.240 align:start position:0% their end of the deal so we can match 00:21:37.240 --> 00:21:39.810 align:start position:0% their end of the deal so we can match against<00:21:38.080> an<00:21:38.170> external<00:21:38.290> liquidity<00:21:38.920> pool<00:21:39.190> in 00:21:39.810 --> 00:21:39.820 align:start position:0% against an external liquidity pool in 00:21:39.820 --> 00:21:43.050 align:start position:0% against an external liquidity pool in this<00:21:40.030> case<00:21:40.270> a<00:21:40.540> centralized<00:21:41.140> exchange<00:21:42.060> which 00:21:43.050 --> 00:21:43.060 align:start position:0% this case a centralized exchange which 00:21:43.060 --> 00:21:47.090 align:start position:0% this case a centralized exchange which allows<00:21:43.360> us<00:21:43.600> to<00:21:43.890> bring<00:21:44.890> this<00:21:45.510> to<00:21:46.510> our<00:21:46.540> traders 00:21:47.090 --> 00:21:47.100 align:start position:0% allows us to bring this to our traders 00:21:47.100 --> 00:21:48.560 align:start position:0% allows us to bring this to our traders [Music] 00:21:48.560 --> 00:21:48.570 align:start position:0% [Music] 00:21:48.570 --> 00:21:52.260 align:start position:0% [Music] now<00:21:49.570> let's<00:21:49.840> go<00:21:50.830> ahead<00:21:50.920> and<00:21:51.130> actually<00:21:51.240> place<00:21:52.240> a 00:21:52.260 --> 00:21:52.270 align:start position:0% now let's go ahead and actually place a 00:21:52.270 --> 00:21:56.370 align:start position:0% now let's go ahead and actually place a trade<00:21:52.860> we're<00:21:53.860> gonna<00:21:54.010> be<00:21:54.190> buying<00:21:54.790> some<00:21:55.690> e<00:21:55.840> which 00:21:56.370 --> 00:21:56.380 align:start position:0% trade we're gonna be buying some e which 00:21:56.380 --> 00:21:58.080 align:start position:0% trade we're gonna be buying some e which this<00:21:56.650> from<00:21:56.890> a<00:21:56.920> few<00:21:57.070> days<00:21:57.160> ago<00:21:57.430> so<00:21:57.700> this<00:21:57.850> person 00:21:58.080 --> 00:21:58.090 align:start position:0% this from a few days ago so this person 00:21:58.090 --> 00:22:00.960 align:start position:0% this from a few days ago so this person is<00:21:58.270> happy<00:21:58.540> that<00:21:58.690> they<00:21:58.750> did<00:21:59.020> this<00:21:59.140> probably<00:21:59.970> and 00:22:00.960 --> 00:22:00.970 align:start position:0% is happy that they did this probably and 00:22:00.970 --> 00:22:03.390 align:start position:0% is happy that they did this probably and so<00:22:01.960> we're<00:22:02.080> gonna<00:22:02.170> do<00:22:02.350> a<00:22:02.380> simple<00:22:02.530> order<00:22:02.920> just<00:22:03.370> to 00:22:03.390 --> 00:22:03.400 align:start position:0% so we're gonna do a simple order just to 00:22:03.400 --> 00:22:06.330 align:start position:0% so we're gonna do a simple order just to execute<00:22:03.790> quickly<00:22:03.940> at<00:22:04.150> market<00:22:04.450> price<00:22:05.340> and 00:22:06.330 --> 00:22:06.340 align:start position:0% execute quickly at market price and 00:22:06.340 --> 00:22:09.510 align:start position:0% execute quickly at market price and we're<00:22:06.580> going<00:22:06.700> to<00:22:06.790> select<00:22:07.650> the<00:22:08.650> amounts<00:22:08.980> and 00:22:09.510 --> 00:22:09.520 align:start position:0% we're going to select the amounts and 00:22:09.520 --> 00:22:11.280 align:start position:0% we're going to select the amounts and we're<00:22:09.640> going<00:22:09.790> to<00:22:09.880> buy<00:22:10.000> now<00:22:10.360> we're<00:22:11.020> going<00:22:11.170> to 00:22:11.280 --> 00:22:11.290 align:start position:0% we're going to buy now we're going to 00:22:11.290 --> 00:22:14.760 align:start position:0% we're going to buy now we're going to sign<00:22:11.530> this<00:22:11.740> with<00:22:12.100> our<00:22:13.260> with<00:22:14.260> our<00:22:14.290> signature 00:22:14.760 --> 00:22:14.770 align:start position:0% sign this with our with our signature 00:22:14.770 --> 00:22:17.010 align:start position:0% sign this with our with our signature and<00:22:15.460> it's<00:22:15.970> already<00:22:16.270> executed<00:22:16.450> actually<00:22:16.930> we 00:22:17.010 --> 00:22:17.020 align:start position:0% and it's already executed actually we 00:22:17.020 --> 00:22:19.890 align:start position:0% and it's already executed actually we missed<00:22:17.170> it<00:22:17.320> so<00:22:18.220> it's<00:22:18.370> been<00:22:18.600> executed<00:22:19.600> we<00:22:19.750> can 00:22:19.890 --> 00:22:19.900 align:start position:0% missed it so it's been executed we can 00:22:19.900 --> 00:22:22.650 align:start position:0% missed it so it's been executed we can see<00:22:20.080> it<00:22:20.140> in<00:22:20.410> our<00:22:20.560> history<00:22:20.890> instantly<00:22:21.450> and<00:22:22.450> more 00:22:22.650 --> 00:22:22.660 align:start position:0% see it in our history instantly and more 00:22:22.660 --> 00:22:24.780 align:start position:0% see it in our history instantly and more importantly<00:22:23.140> it<00:22:23.680> has<00:22:23.710> been<00:22:24.040> also<00:22:24.430> settled 00:22:24.780 --> 00:22:24.790 align:start position:0% importantly it has been also settled 00:22:24.790 --> 00:22:26.910 align:start position:0% importantly it has been also settled instantly<00:22:25.390> so<00:22:26.110> again<00:22:26.500> if<00:22:26.590> we<00:22:26.650> look<00:22:26.710> at<00:22:26.890> our 00:22:26.910 --> 00:22:26.920 align:start position:0% instantly so again if we look at our 00:22:26.920 --> 00:22:29.550 align:start position:0% instantly so again if we look at our balances<00:22:27.810> we<00:22:28.810> have<00:22:28.960> our<00:22:29.080> new<00:22:29.200> balance 00:22:29.550 --> 00:22:29.560 align:start position:0% balances we have our new balance 00:22:29.560 --> 00:22:34.500 align:start position:0% balances we have our new balance available<00:22:29.770> to<00:22:30.280> trade<00:22:31.530> so<00:22:32.530> as<00:22:32.910> as<00:22:33.910> we<00:22:34.150> mentioned 00:22:34.500 --> 00:22:34.510 align:start position:0% available to trade so as as we mentioned 00:22:34.510 --> 00:22:37.830 align:start position:0% available to trade so as as we mentioned earlier<00:22:35.130> the<00:22:36.130> trade<00:22:36.580> offs<00:22:36.760> in<00:22:37.060> experience 00:22:37.830 --> 00:22:37.840 align:start position:0% earlier the trade offs in experience 00:22:37.840 --> 00:22:39.990 align:start position:0% earlier the trade offs in experience when<00:22:37.990> it<00:22:38.020> comes<00:22:38.110> to<00:22:38.500> noncustodial<00:22:39.340> trading 00:22:39.990 --> 00:22:40.000 align:start position:0% when it comes to noncustodial trading 00:22:40.000 --> 00:22:42.990 align:start position:0% when it comes to noncustodial trading will<00:22:40.450> soon<00:22:40.690> be<00:22:40.870> over<00:22:40.980> now<00:22:41.980> this<00:22:42.250> has<00:22:42.760> been<00:22:42.940> a 00:22:42.990 --> 00:22:43.000 align:start position:0% will soon be over now this has been a 00:22:43.000 --> 00:22:45.810 align:start position:0% will soon be over now this has been a demo<00:22:43.390> however<00:22:44.350> this<00:22:44.860> will<00:22:45.040> be<00:22:45.190> live<00:22:45.400> the 00:22:45.810 --> 00:22:45.820 align:start position:0% demo however this will be live the 00:22:45.820 --> 00:22:47.610 align:start position:0% demo however this will be live the beginning<00:22:46.090> of<00:22:46.150> next<00:22:46.270> year<00:22:46.420> so<00:22:46.990> please<00:22:47.350> stay 00:22:47.610 --> 00:22:47.620 align:start position:0% beginning of next year so please stay 00:22:47.620 --> 00:22:55.820 align:start position:0% beginning of next year so please stay tuned<00:22:48.090> and<00:22:49.530> give<00:22:50.530> it<00:22:50.620> up<00:22:50.710> for<00:22:50.740> a<00:22:50.920> stark<00:22:51.430> web 00:22:55.820 --> 00:22:55.830 align:start position:0% 00:22:55.830 --> 00:22:59.420 align:start position:0% and<00:22:56.720> I<00:22:57.720> think<00:22:57.900> got<00:22:58.140> some<00:22:58.320> yeah<00:22:58.980> that's<00:22:59.220> it<00:22:59.340> I 00:22:59.420 --> 00:22:59.430 align:start position:0% and I think got some yeah that's it I 00:22:59.430 --> 00:23:01.040 align:start position:0% and I think got some yeah that's it I think<00:22:59.640> we<00:22:59.730> do<00:22:59.850> have<00:23:00.000> time<00:23:00.240> for<00:23:00.270> questions<00:23:00.540> if 00:23:01.040 --> 00:23:01.050 align:start position:0% think we do have time for questions if 00:23:01.050 --> 00:23:07.640 align:start position:0% think we do have time for questions if anybody<00:23:01.950> wants<00:23:02.250> ask<00:23:04.190> yeah<00:23:05.990> oh<00:23:06.990> sorry<00:23:07.260> I<00:23:07.380> just 00:23:07.640 --> 00:23:07.650 align:start position:0% anybody wants ask yeah oh sorry I just 00:23:07.650 --> 00:23:09.640 align:start position:0% anybody wants ask yeah oh sorry I just step<00:23:07.830> up<00:23:07.980> to<00:23:08.130> the<00:23:08.220> microphones<00:23:08.760> with<00:23:08.910> my<00:23:09.060> ass 00:23:09.640 --> 00:23:09.650 align:start position:0% step up to the microphones with my ass 00:23:09.650 --> 00:23:11.870 align:start position:0% step up to the microphones with my ass yeah<00:23:10.650> great<00:23:11.190> great<00:23:11.370> talk 00:23:11.870 --> 00:23:11.880 align:start position:0% yeah great great talk 00:23:11.880 --> 00:23:14.180 align:start position:0% yeah great great talk um<00:23:11.970> I'm<00:23:12.570> curious<00:23:12.870> like<00:23:12.930> what<00:23:13.530> do<00:23:13.620> you<00:23:13.680> see<00:23:14.010> as 00:23:14.180 --> 00:23:14.190 align:start position:0% um I'm curious like what do you see as 00:23:14.190 --> 00:23:16.670 align:start position:0% um I'm curious like what do you see as the<00:23:14.220> advantages<00:23:14.850> of<00:23:14.910> aetherium<00:23:15.600> for<00:23:16.470> Stark 00:23:16.670 --> 00:23:16.680 align:start position:0% the advantages of aetherium for Stark 00:23:16.680 --> 00:23:18.950 align:start position:0% the advantages of aetherium for Stark where<00:23:16.860> to<00:23:17.070> build<00:23:17.220> on<00:23:17.430> like<00:23:17.700> what<00:23:18.210> you<00:23:18.600> know<00:23:18.720> got 00:23:18.950 --> 00:23:18.960 align:start position:0% where to build on like what you know got 00:23:18.960 --> 00:23:21.740 align:start position:0% where to build on like what you know got you<00:23:19.200> all<00:23:19.350> to<00:23:19.560> build<00:23:19.950> up<00:23:20.130> on<00:23:20.340> this<00:23:20.580> and<00:23:20.850> and<00:23:21.150> and 00:23:21.740 --> 00:23:21.750 align:start position:0% you all to build up on this and and and 00:23:21.750 --> 00:23:24.590 align:start position:0% you all to build up on this and and and what<00:23:22.560> do<00:23:22.650> you<00:23:22.740> see<00:23:22.920> as<00:23:23.040> potential<00:23:23.420> sort<00:23:24.420> of 00:23:24.590 --> 00:23:24.600 align:start position:0% what do you see as potential sort of 00:23:24.600 --> 00:23:27.110 align:start position:0% what do you see as potential sort of downsized<00:23:25.590> to<00:23:25.800> aetherium<00:23:26.220> that<00:23:26.460> might<00:23:26.640> make 00:23:27.110 --> 00:23:27.120 align:start position:0% downsized to aetherium that might make 00:23:27.120 --> 00:23:28.550 align:start position:0% downsized to aetherium that might make you<00:23:27.330> want<00:23:27.690> to<00:23:27.750> move<00:23:27.870> this<00:23:28.020> technology 00:23:28.550 --> 00:23:28.560 align:start position:0% you want to move this technology 00:23:28.560 --> 00:23:31.730 align:start position:0% you want to move this technology elsewhere<00:23:29.280> if<00:23:29.700> in<00:23:30.150> either<00:23:31.110> of<00:23:31.200> their<00:23:31.410> present 00:23:31.730 --> 00:23:31.740 align:start position:0% elsewhere if in either of their present 00:23:31.740 --> 00:23:35.180 align:start position:0% elsewhere if in either of their present today<00:23:31.920> or<00:23:32.070> if<00:23:32.280> they<00:23:32.490> became<00:23:32.940> present<00:23:33.830> so<00:23:34.830> Stark 00:23:35.180 --> 00:23:35.190 align:start position:0% today or if they became present so Stark 00:23:35.190 --> 00:23:37.940 align:start position:0% today or if they became present so Stark is<00:23:35.340> not<00:23:35.490> specific<00:23:35.970> to<00:23:36.000> theory<00:23:36.560> it's<00:23:37.560> a<00:23:37.680> general 00:23:37.940 --> 00:23:37.950 align:start position:0% is not specific to theory it's a general 00:23:37.950 --> 00:23:39.170 align:start position:0% is not specific to theory it's a general technologies<00:23:38.370> not<00:23:38.430> even<00:23:38.640> specific<00:23:39.060> to 00:23:39.170 --> 00:23:39.180 align:start position:0% technologies not even specific to 00:23:39.180 --> 00:23:41.750 align:start position:0% technologies not even specific to blockchain<00:23:39.720> the<00:23:40.560> reason<00:23:40.860> we<00:23:41.130> chose<00:23:41.160> to<00:23:41.610> focus 00:23:41.750 --> 00:23:41.760 align:start position:0% blockchain the reason we chose to focus 00:23:41.760 --> 00:23:44.180 align:start position:0% blockchain the reason we chose to focus on<00:23:42.000> a<00:23:42.060> theorem<00:23:42.390> is<00:23:42.480> because<00:23:42.750> it<00:23:42.900> has<00:23:43.050> it<00:23:44.010> has<00:23:44.160> a 00:23:44.180 --> 00:23:44.190 align:start position:0% on a theorem is because it has it has a 00:23:44.190 --> 00:23:46.820 align:start position:0% on a theorem is because it has it has a few<00:23:44.550> a<00:23:44.580> few<00:23:45.240> things<00:23:45.750> we<00:23:45.900> need<00:23:45.930> one<00:23:46.200> is<00:23:46.320> it<00:23:46.470> has<00:23:46.800> a 00:23:46.820 --> 00:23:46.830 align:start position:0% few a few things we need one is it has a 00:23:46.830 --> 00:23:48.440 align:start position:0% few a few things we need one is it has a rich<00:23:47.190> enough<00:23:47.460> language<00:23:47.880> for<00:23:48.090> us<00:23:48.120> to<00:23:48.270> be<00:23:48.360> able 00:23:48.440 --> 00:23:48.450 align:start position:0% rich enough language for us to be able 00:23:48.450 --> 00:23:50.210 align:start position:0% rich enough language for us to be able to<00:23:48.600> build<00:23:48.780> a<00:23:48.930> verifier<00:23:49.320> that<00:23:49.530> can<00:23:49.920> run<00:23:50.040> on 00:23:50.210 --> 00:23:50.220 align:start position:0% to build a verifier that can run on 00:23:50.220 --> 00:23:53.660 align:start position:0% to build a verifier that can run on chain<00:23:50.520> for<00:23:51.480> instance<00:23:51.750> Bitcoin<00:23:52.080> doesn't<00:23:52.670> but 00:23:53.660 --> 00:23:53.670 align:start position:0% chain for instance Bitcoin doesn't but 00:23:53.670 --> 00:23:56.870 align:start position:0% chain for instance Bitcoin doesn't but other<00:23:53.820> chains<00:23:54.420> do<00:23:54.660> have<00:23:54.870> it<00:23:55.070> and<00:23:56.070> also<00:23:56.670> has<00:23:56.850> a 00:23:56.870 --> 00:23:56.880 align:start position:0% other chains do have it and also has a 00:23:56.880 --> 00:23:58.940 align:start position:0% other chains do have it and also has a very<00:23:56.970> big<00:23:57.420> developer<00:23:57.930> community<00:23:58.410> so<00:23:58.710> there 00:23:58.940 --> 00:23:58.950 align:start position:0% very big developer community so there 00:23:58.950 --> 00:24:00.170 align:start position:0% very big developer community so there are<00:23:59.040> a<00:23:59.100> lot<00:23:59.130> of<00:23:59.340> applications<00:23:59.970> being 00:24:00.170 --> 00:24:00.180 align:start position:0% are a lot of applications being 00:24:00.180 --> 00:24:02.090 align:start position:0% are a lot of applications being developed<00:24:00.270> there<00:24:00.810> is<00:24:00.900> a<00:24:00.930> lot<00:24:01.170> of<00:24:01.200> there<00:24:02.040> are 00:24:02.090 --> 00:24:02.100 align:start position:0% developed there is a lot of there are 00:24:02.100 --> 00:24:03.590 align:start position:0% developed there is a lot of there are exchanges<00:24:02.310> running<00:24:02.880> on<00:24:02.970> top<00:24:03.150> of<00:24:03.270> the<00:24:03.330> theorem 00:24:03.590 --> 00:24:03.600 align:start position:0% exchanges running on top of the theorem 00:24:03.600 --> 00:24:06.020 align:start position:0% exchanges running on top of the theorem there's<00:24:03.780> a<00:24:03.840> big<00:24:04.050> bigger<00:24:04.380> ecosystem<00:24:04.850> but<00:24:05.850> like 00:24:06.020 --> 00:24:06.030 align:start position:0% there's a big bigger ecosystem but like 00:24:06.030 --> 00:24:07.910 align:start position:0% there's a big bigger ecosystem but like looking<00:24:06.360> forward<00:24:06.780> we're<00:24:07.230> not<00:24:07.380> gonna<00:24:07.590> stop 00:24:07.910 --> 00:24:07.920 align:start position:0% looking forward we're not gonna stop 00:24:07.920 --> 00:24:09.260 align:start position:0% looking forward we're not gonna stop specifically<00:24:08.550> at<00:24:08.640> the<00:24:08.700> theorem<00:24:09.030> we<00:24:09.120> could 00:24:09.260 --> 00:24:09.270 align:start position:0% specifically at the theorem we could 00:24:09.270 --> 00:24:11.300 align:start position:0% specifically at the theorem we could build<00:24:09.420> similar<00:24:09.900> things<00:24:10.170> and<00:24:10.320> other<00:24:10.770> chains<00:24:11.130> as 00:24:11.300 --> 00:24:11.310 align:start position:0% build similar things and other chains as 00:24:11.310 --> 00:24:12.820 align:start position:0% build similar things and other chains as long<00:24:11.460> as<00:24:11.610> they<00:24:11.700> have<00:24:11.820> a<00:24:11.850> rich<00:24:12.030> enough<00:24:12.270> language 00:24:12.820 --> 00:24:12.830 align:start position:0% long as they have a rich enough language 00:24:12.830 --> 00:24:18.410 align:start position:0% long as they have a rich enough language Thanks<00:24:16.220> can<00:24:17.220> you<00:24:17.280> tell<00:24:17.460> us<00:24:17.610> about<00:24:17.820> the<00:24:18.060> data 00:24:18.410 --> 00:24:18.420 align:start position:0% Thanks can you tell us about the data 00:24:18.420 --> 00:24:20.450 align:start position:0% Thanks can you tell us about the data availability<00:24:18.720> program<00:24:19.350> for<00:24:19.650> the<00:24:19.830> miracle 00:24:20.450 --> 00:24:20.460 align:start position:0% availability program for the miracle 00:24:20.460 --> 00:24:23.140 align:start position:0% availability program for the miracle tree<00:24:20.640> that<00:24:20.880> hold<00:24:21.150> the<00:24:21.300> state<00:24:21.540> of<00:24:21.720> the<00:24:21.870> exchange 00:24:23.140 --> 00:24:23.150 align:start position:0% tree that hold the state of the exchange 00:24:23.150 --> 00:24:26.330 align:start position:0% tree that hold the state of the exchange so<00:24:24.150> this<00:24:25.140> first<00:24:25.440> phase<00:24:25.650> the<00:24:25.920> way<00:24:26.040> we're<00:24:26.220> gonna 00:24:26.330 --> 00:24:26.340 align:start position:0% so this first phase the way we're gonna 00:24:26.340 --> 00:24:27.980 align:start position:0% so this first phase the way we're gonna handle<00:24:26.580> data<00:24:26.880> availability<00:24:27.420> is<00:24:27.690> that<00:24:27.900> we're 00:24:27.980 --> 00:24:27.990 align:start position:0% handle data availability is that we're 00:24:27.990 --> 00:24:30.260 align:start position:0% handle data availability is that we're going<00:24:28.080> to<00:24:28.170> have<00:24:28.340> basically<00:24:29.340> a<00:24:29.610> committee<00:24:29.970> of<00:24:30.180> a 00:24:30.260 --> 00:24:30.270 align:start position:0% going to have basically a committee of a 00:24:30.270 --> 00:24:32.180 align:start position:0% going to have basically a committee of a few<00:24:30.480> trusted<00:24:30.840> parties<00:24:31.230> that's<00:24:31.890> going<00:24:32.130> to 00:24:32.180 --> 00:24:32.190 align:start position:0% few trusted parties that's going to 00:24:32.190 --> 00:24:35.270 align:start position:0% few trusted parties that's going to accept<00:24:32.490> all<00:24:32.670> the<00:24:32.850> data<00:24:33.060> and<00:24:33.330> for<00:24:34.140> each<00:24:34.280> proof 00:24:35.270 --> 00:24:35.280 align:start position:0% accept all the data and for each proof 00:24:35.280 --> 00:24:37.160 align:start position:0% accept all the data and for each proof that<00:24:35.460> we<00:24:35.580> submit<00:24:35.940> on<00:24:36.120> chain<00:24:36.450> the<00:24:36.780> proof<00:24:36.990> will 00:24:37.160 --> 00:24:37.170 align:start position:0% that we submit on chain the proof will 00:24:37.170 --> 00:24:39.890 align:start position:0% that we submit on chain the proof will only<00:24:37.320> be<00:24:37.590> accepted<00:24:38.130> not<00:24:38.160> just<00:24:38.610> if<00:24:38.730> it's<00:24:38.900> not 00:24:39.890 --> 00:24:39.900 align:start position:0% only be accepted not just if it's not 00:24:39.900 --> 00:24:41.810 align:start position:0% only be accepted not just if it's not valid<00:24:40.290> but<00:24:40.470> also<00:24:40.620> it<00:24:40.860> needs<00:24:41.040> to<00:24:41.190> be<00:24:41.280> signed<00:24:41.550> by 00:24:41.810 --> 00:24:41.820 align:start position:0% valid but also it needs to be signed by 00:24:41.820 --> 00:24:43.760 align:start position:0% valid but also it needs to be signed by enough<00:24:42.060> committee<00:24:42.390> members<00:24:42.810> that<00:24:43.560> have 00:24:43.760 --> 00:24:43.770 align:start position:0% enough committee members that have 00:24:43.770 --> 00:24:46.910 align:start position:0% enough committee members that have indeed<00:24:45.140> attested<00:24:46.140> to<00:24:46.170> the<00:24:46.290> fact<00:24:46.440> that<00:24:46.740> they 00:24:46.910 --> 00:24:46.920 align:start position:0% indeed attested to the fact that they 00:24:46.920 --> 00:24:48.740 align:start position:0% indeed attested to the fact that they have<00:24:47.100> the<00:24:47.250> data<00:24:47.400> and<00:24:47.910> that<00:24:48.180> they<00:24:48.330> have<00:24:48.420> indeed 00:24:48.740 --> 00:24:48.750 align:start position:0% have the data and that they have indeed 00:24:48.750 --> 00:24:51.050 align:start position:0% have the data and that they have indeed calculated<00:24:49.560> and<00:24:49.740> saw<00:24:49.920> that<00:24:50.130> this<00:24:50.310> data<00:24:50.550> maps 00:24:51.050 --> 00:24:51.060 align:start position:0% calculated and saw that this data maps 00:24:51.060 --> 00:24:52.640 align:start position:0% calculated and saw that this data maps to<00:24:51.330> what<00:24:51.480> we've<00:24:51.660> submitted<00:24:51.960> as<00:24:52.260> part<00:24:52.290> of<00:24:52.560> the 00:24:52.640 --> 00:24:52.650 align:start position:0% to what we've submitted as part of the 00:24:52.650 --> 00:24:57.890 align:start position:0% to what we've submitted as part of the truth 00:24:57.890 --> 00:24:57.900 align:start position:0% 00:24:57.900 --> 00:25:00.020 align:start position:0% thanks<00:24:58.590> to<00:24:58.650> the<00:24:58.770> talk<00:24:58.950> did<00:24:59.520> I<00:24:59.610> get<00:24:59.790> it<00:24:59.880> right 00:25:00.020 --> 00:25:00.030 align:start position:0% thanks to the talk did I get it right 00:25:00.030 --> 00:25:02.660 align:start position:0% thanks to the talk did I get it right that<00:25:00.270> the<00:25:00.330> metro<00:25:00.930> agent<00:25:01.260> is<00:25:01.500> centralized<00:25:02.340> and 00:25:02.660 --> 00:25:02.670 align:start position:0% that the metro agent is centralized and 00:25:02.670 --> 00:25:04.100 align:start position:0% that the metro agent is centralized and you<00:25:02.730> just<00:25:02.970> can<00:25:03.120> say<00:25:03.330> I<00:25:03.360> don't<00:25:03.570> want<00:25:03.900> to 00:25:04.100 --> 00:25:04.110 align:start position:0% you just can say I don't want to 00:25:04.110 --> 00:25:06.350 align:start position:0% you just can say I don't want to executive<00:25:04.559> order<00:25:04.920> that<00:25:05.670> is<00:25:05.820> true<00:25:06.030> at<00:25:06.240> this 00:25:06.350 --> 00:25:06.360 align:start position:0% executive order that is true at this 00:25:06.360 --> 00:25:09.380 align:start position:0% executive order that is true at this phase<00:25:06.630> we<00:25:07.170> just<00:25:07.440> will<00:25:08.280> start<00:25:08.640> to<00:25:08.790> find<00:25:09.030> the 00:25:09.380 --> 00:25:09.390 align:start position:0% phase we just will start to find the 00:25:09.390 --> 00:25:11.510 align:start position:0% phase we just will start to find the settlement<00:25:09.960> process<00:25:10.140> the<00:25:10.950> matching<00:25:11.400> is 00:25:11.510 --> 00:25:11.520 align:start position:0% settlement process the matching is 00:25:11.520 --> 00:25:13.190 align:start position:0% settlement process the matching is centralized<00:25:12.059> now<00:25:12.270> this<00:25:12.420> has<00:25:12.600> ups<00:25:12.809> and<00:25:12.960> downs 00:25:13.190 --> 00:25:13.200 align:start position:0% centralized now this has ups and downs 00:25:13.200 --> 00:25:15.440 align:start position:0% centralized now this has ups and downs the<00:25:13.470> main<00:25:13.650> benefit<00:25:14.340> that<00:25:14.460> you<00:25:14.580> have<00:25:14.700> here<00:25:14.850> it's 00:25:15.440 --> 00:25:15.450 align:start position:0% the main benefit that you have here it's 00:25:15.450 --> 00:25:18.560 align:start position:0% the main benefit that you have here it's a<00:25:15.570> lot<00:25:15.690> quicker<00:25:16.020> and<00:25:16.410> you<00:25:16.710> can't<00:25:17.340> front<00:25:17.640> run<00:25:17.790> it 00:25:18.560 --> 00:25:18.570 align:start position:0% a lot quicker and you can't front run it 00:25:18.570 --> 00:25:20.570 align:start position:0% a lot quicker and you can't front run it the<00:25:18.840> downside<00:25:19.290> is<00:25:19.320> yes<00:25:19.650> it's<00:25:19.830> still<00:25:20.010> sensible 00:25:20.570 --> 00:25:20.580 align:start position:0% the downside is yes it's still sensible 00:25:20.580 --> 00:25:21.980 align:start position:0% the downside is yes it's still sensible do<00:25:20.700> you<00:25:20.760> have<00:25:20.910> any<00:25:21.059> kind<00:25:21.270> of<00:25:21.330> solutions<00:25:21.750> for<00:25:21.900> it 00:25:21.980 --> 00:25:21.990 align:start position:0% do you have any kind of solutions for it 00:25:21.990 --> 00:25:24.980 align:start position:0% do you have any kind of solutions for it or<00:25:22.200> so<00:25:23.070> so<00:25:23.309> we<00:25:23.430> have<00:25:23.610> thoughts<00:25:23.940> about<00:25:24.120> how<00:25:24.960> we 00:25:24.980 --> 00:25:24.990 align:start position:0% or so so we have thoughts about how we 00:25:24.990 --> 00:25:27.100 align:start position:0% or so so we have thoughts about how we could<00:25:25.230> Storify<00:25:25.710> the<00:25:25.770> matching<00:25:26.280> as<00:25:26.400> well<00:25:26.640> but 00:25:27.100 --> 00:25:27.110 align:start position:0% could Storify the matching as well but 00:25:27.110 --> 00:25:29.660 align:start position:0% could Storify the matching as well but we're<00:25:28.110> not<00:25:28.260> there<00:25:28.500> yet<00:25:28.530> get<00:25:29.250> it<00:25:29.400> thank<00:25:29.580> you 00:25:29.660 --> 00:25:29.670 align:start position:0% we're not there yet get it thank you 00:25:29.670 --> 00:25:31.580 align:start position:0% we're not there yet get it thank you that<00:25:29.880> that<00:25:30.030> will<00:25:30.300> be<00:25:30.420> coming<00:25:30.750> and<00:25:30.929> sometimes 00:25:31.580 --> 00:25:31.590 align:start position:0% that that will be coming and sometimes 00:25:31.590 --> 00:25:37.850 align:start position:0% that that will be coming and sometimes like<00:25:34.100> thank<00:25:35.100> you<00:25:35.190> for<00:25:35.250> talking<00:25:36.410> it<00:25:37.410> sounded 00:25:37.850 --> 00:25:37.860 align:start position:0% like thank you for talking it sounded 00:25:37.860 --> 00:25:41.360 align:start position:0% like thank you for talking it sounded very<00:25:38.280> bright<00:25:39.150> and<00:25:39.450> shiny<00:25:39.750> like<00:25:40.320> kinda<00:25:41.070> without 00:25:41.360 --> 00:25:41.370 align:start position:0% very bright and shiny like kinda without 00:25:41.370 --> 00:25:43.090 align:start position:0% very bright and shiny like kinda without disadvantages<00:25:42.240> solving<00:25:42.600> a<00:25:42.720> lot<00:25:42.809> of<00:25:42.870> problems 00:25:43.090 --> 00:25:43.100 align:start position:0% disadvantages solving a lot of problems 00:25:43.100 --> 00:25:46.280 align:start position:0% disadvantages solving a lot of problems even<00:25:44.100> for<00:25:44.970> me<00:25:45.120> it<00:25:45.210> sounded<00:25:45.540> like<00:25:45.600> it's<00:25:45.929> going 00:25:46.280 --> 00:25:46.290 align:start position:0% even for me it sounded like it's going 00:25:46.290 --> 00:25:49.310 align:start position:0% even for me it sounded like it's going even<00:25:46.559> into<00:25:46.920> later<00:25:47.580> to<00:25:47.850> territory<00:25:48.420> by<00:25:48.809> my 00:25:49.310 --> 00:25:49.320 align:start position:0% even into later to territory by my 00:25:49.320 --> 00:25:52.010 align:start position:0% even into later to territory by my problems<00:25:49.740> it<00:25:49.890> solves<00:25:50.070> so<00:25:50.940> there<00:25:51.750> should<00:25:51.990> be 00:25:52.010 --> 00:25:52.020 align:start position:0% problems it solves so there should be 00:25:52.020 --> 00:25:54.560 align:start position:0% problems it solves so there should be some<00:25:52.290> drawbacks<00:25:53.090> first<00:25:54.090> of<00:25:54.179> all<00:25:54.240> it<00:25:54.330> is<00:25:54.450> the 00:25:54.560 --> 00:25:54.570 align:start position:0% some drawbacks first of all it is the 00:25:54.570 --> 00:25:56.510 align:start position:0% some drawbacks first of all it is the layer<00:25:54.720> to<00:25:54.960> solution<00:25:55.410> you're<00:25:55.530> right 00:25:56.510 --> 00:25:56.520 align:start position:0% layer to solution you're right 00:25:56.520 --> 00:25:59.630 align:start position:0% layer to solution you're right the<00:25:57.390> reason<00:25:57.780> it's<00:25:57.960> like<00:25:58.890> it's<00:25:59.040> a<00:25:59.130> lot<00:25:59.250> simpler 00:25:59.630 --> 00:25:59.640 align:start position:0% the reason it's like it's a lot simpler 00:25:59.640 --> 00:26:00.980 align:start position:0% the reason it's like it's a lot simpler than<00:25:59.730> many<00:26:00.059> of<00:26:00.150> the<00:26:00.270> other<00:26:00.420> layer<00:26:00.750> to 00:26:00.980 --> 00:26:00.990 align:start position:0% than many of the other layer to 00:26:00.990 --> 00:26:03.020 align:start position:0% than many of the other layer to solutions<00:26:01.530> like<00:26:01.980> in<00:26:02.100> there<00:26:02.250> to<00:26:02.400> you<00:26:02.550> have<00:26:02.730> I 00:26:03.020 --> 00:26:03.030 align:start position:0% solutions like in there to you have I 00:26:03.030 --> 00:26:04.610 align:start position:0% solutions like in there to you have I refer<00:26:03.390> to<00:26:03.420> you<00:26:03.570> briefly<00:26:03.840> before<00:26:04.350> you<00:26:04.470> have<00:26:04.590> a 00:26:04.610 --> 00:26:04.620 align:start position:0% refer to you briefly before you have a 00:26:04.620 --> 00:26:06.830 align:start position:0% refer to you briefly before you have a two<00:26:05.309> major<00:26:05.520> concepts<00:26:06.090> you<00:26:06.270> guys<00:26:06.390> really<00:26:06.630> use 00:26:06.830 --> 00:26:06.840 align:start position:0% two major concepts you guys really use 00:26:06.840 --> 00:26:09.650 align:start position:0% two major concepts you guys really use fraud<00:26:07.200> proofs<00:26:07.530> or<00:26:07.710> validity<00:26:07.950> proofs<00:26:08.460> so<00:26:09.390> fraud 00:26:09.650 --> 00:26:09.660 align:start position:0% fraud proofs or validity proofs so fraud 00:26:09.660 --> 00:26:11.150 align:start position:0% fraud proofs or validity proofs so fraud proofs<00:26:09.960> is<00:26:10.140> where<00:26:10.290> you<00:26:10.410> say<00:26:10.590> okay<00:26:10.830> let's<00:26:11.040> say 00:26:11.150 --> 00:26:11.160 align:start position:0% proofs is where you say okay let's say 00:26:11.160 --> 00:26:12.530 align:start position:0% proofs is where you say okay let's say we<00:26:11.190> have<00:26:11.400> some<00:26:11.580> channels<00:26:11.970> of<00:26:12.120> something<00:26:12.450> in 00:26:12.530 --> 00:26:12.540 align:start position:0% we have some channels of something in 00:26:12.540 --> 00:26:15.260 align:start position:0% we have some channels of something in layer<00:26:12.720> two<00:26:12.990> we<00:26:13.890> update<00:26:14.280> that<00:26:14.460> on<00:26:14.700> chain<00:26:15.059> and 00:26:15.260 --> 00:26:15.270 align:start position:0% layer two we update that on chain and 00:26:15.270 --> 00:26:17.240 align:start position:0% layer two we update that on chain and we're<00:26:15.390> optimistic<00:26:15.780> about<00:26:16.080> it<00:26:16.410> so<00:26:16.679> we<00:26:16.890> may 00:26:17.240 --> 00:26:17.250 align:start position:0% we're optimistic about it so we may 00:26:17.250 --> 00:26:19.580 align:start position:0% we're optimistic about it so we may update<00:26:17.460> things<00:26:17.970> that<00:26:18.120> are<00:26:18.240> false<00:26:18.630> but<00:26:19.470> we 00:26:19.580 --> 00:26:19.590 align:start position:0% update things that are false but we 00:26:19.590 --> 00:26:21.710 align:start position:0% update things that are false but we expect<00:26:20.490> somebody<00:26:20.670> to<00:26:20.850> catch<00:26:21.150> that<00:26:21.450> and 00:26:21.710 --> 00:26:21.720 align:start position:0% expect somebody to catch that and 00:26:21.720 --> 00:26:25.070 align:start position:0% expect somebody to catch that and contest<00:26:22.110> that<00:26:22.350> and<00:26:22.620> then<00:26:22.770> overturn<00:26:23.280> it<00:26:24.080> that's 00:26:25.070 --> 00:26:25.080 align:start position:0% contest that and then overturn it that's 00:26:25.080 --> 00:26:26.600 align:start position:0% contest that and then overturn it that's a<00:26:25.200> much<00:26:25.350> more<00:26:25.380> complex<00:26:25.890> system<00:26:26.070> of<00:26:26.340> what<00:26:26.460> we're 00:26:26.600 --> 00:26:26.610 align:start position:0% a much more complex system of what we're 00:26:26.610 --> 00:26:27.770 align:start position:0% a much more complex system of what we're doing<00:26:26.760> here<00:26:26.910> and<00:26:27.210> it<00:26:27.330> has<00:26:27.480> a<00:26:27.510> lot<00:26:27.750> more 00:26:27.770 --> 00:26:27.780 align:start position:0% doing here and it has a lot more 00:26:27.780 --> 00:26:29.690 align:start position:0% doing here and it has a lot more drawbacks<00:26:28.440> what<00:26:28.620> we<00:26:28.710> have<00:26:28.860> here<00:26:29.160> is<00:26:29.280> since<00:26:29.580> we 00:26:29.690 --> 00:26:29.700 align:start position:0% drawbacks what we have here is since we 00:26:29.700 --> 00:26:31.730 align:start position:0% drawbacks what we have here is since we have<00:26:29.730> the<00:26:29.970> power<00:26:30.120> of<00:26:30.300> Stark<00:26:30.630> or<00:26:30.840> proof<00:26:31.320> systems 00:26:31.730 --> 00:26:31.740 align:start position:0% have the power of Stark or proof systems 00:26:31.740 --> 00:26:34.669 align:start position:0% have the power of Stark or proof systems basically<00:26:32.240> this<00:26:33.240> means<00:26:33.510> that<00:26:33.750> whenever<00:26:34.440> we 00:26:34.669 --> 00:26:34.679 align:start position:0% basically this means that whenever we 00:26:34.679 --> 00:26:36.830 align:start position:0% basically this means that whenever we submit<00:26:34.980> a<00:26:35.010> proof<00:26:35.340> only<00:26:35.610> valid<00:26:36.120> proofs<00:26:36.660> will 00:26:36.830 --> 00:26:36.840 align:start position:0% submit a proof only valid proofs will 00:26:36.840 --> 00:26:38.360 align:start position:0% submit a proof only valid proofs will actually<00:26:37.140> be<00:26:37.230> accepted<00:26:37.679> that<00:26:37.740> only<00:26:37.890> valid 00:26:38.360 --> 00:26:38.370 align:start position:0% actually be accepted that only valid 00:26:38.370 --> 00:26:40.430 align:start position:0% actually be accepted that only valid states<00:26:38.640> will<00:26:38.820> be<00:26:38.940> updated<00:26:39.390> on<00:26:39.480> chain<00:26:39.840> so<00:26:40.350> it 00:26:40.430 --> 00:26:40.440 align:start position:0% states will be updated on chain so it 00:26:40.440 --> 00:26:41.870 align:start position:0% states will be updated on chain so it makes<00:26:40.620> things<00:26:40.830> actually<00:26:41.040> lot<00:26:41.370> simpler 00:26:41.870 --> 00:26:41.880 align:start position:0% makes things actually lot simpler 00:26:41.880 --> 00:26:43.669 align:start position:0% makes things actually lot simpler because<00:26:42.510> there<00:26:42.780> are<00:26:42.840> a<00:26:42.870> lot<00:26:42.900> less<00:26:43.140> cases<00:26:43.410> to 00:26:43.669 --> 00:26:43.679 align:start position:0% because there are a lot less cases to 00:26:43.679 --> 00:26:46.299 align:start position:0% because there are a lot less cases to consider<00:26:44.100> it's<00:26:45.000> not<00:26:45.179> a<00:26:45.210> simple<00:26:45.600> system 00:26:46.299 --> 00:26:46.309 align:start position:0% consider it's not a simple system 00:26:46.309 --> 00:26:48.680 align:start position:0% consider it's not a simple system altogether<00:26:47.309> but<00:26:47.580> that's<00:26:48.150> why<00:26:48.270> we<00:26:48.450> weren't 00:26:48.680 --> 00:26:48.690 align:start position:0% altogether but that's why we weren't 00:26:48.690 --> 00:26:50.570 align:start position:0% altogether but that's why we weren't working<00:26:49.170> on<00:26:49.290> hard<00:26:49.590> on<00:26:49.740> it<00:26:49.890> for<00:26:50.070> the<00:26:50.130> last<00:26:50.340> few 00:26:50.570 --> 00:26:50.580 align:start position:0% working on hard on it for the last few 00:26:50.580 --> 00:26:53.200 align:start position:0% working on hard on it for the last few months<00:26:51.270> and<00:26:51.540> slightly<00:26:52.080> more<00:26:52.290> than<00:26:52.350> that<00:26:52.650> and 00:26:53.200 --> 00:26:53.210 align:start position:0% months and slightly more than that and 00:26:53.210 --> 00:26:55.970 align:start position:0% months and slightly more than that and we<00:26:54.210> believe<00:26:54.300> it<00:26:54.570> the<00:26:55.170> user<00:26:55.290> experience<00:26:55.800> at<00:26:55.890> the 00:26:55.970 --> 00:26:55.980 align:start position:0% we believe it the user experience at the 00:26:55.980 --> 00:26:57.860 align:start position:0% we believe it the user experience at the end<00:26:56.100> of<00:26:56.220> the<00:26:56.370> day<00:26:56.490> is<00:26:56.640> pretty<00:26:56.940> pretty<00:26:57.420> seamless 00:26:57.860 --> 00:26:57.870 align:start position:0% end of the day is pretty pretty seamless 00:26:57.870 --> 00:26:59.990 align:start position:0% end of the day is pretty pretty seamless don't<00:26:58.740> feel<00:26:59.040> that<00:26:59.190> you're<00:26:59.340> running<00:26:59.429> on<00:26:59.670> top<00:26:59.850> of 00:26:59.990 --> 00:27:00.000 align:start position:0% don't feel that you're running on top of 00:27:00.000 --> 00:27:03.770 align:start position:0% don't feel that you're running on top of something<00:27:00.300> complex<00:27:01.340> then<00:27:02.340> we<00:27:02.910> one<00:27:03.420> more<00:27:03.600> quick 00:27:03.770 --> 00:27:03.780 align:start position:0% something complex then we one more quick 00:27:03.780 --> 00:27:04.920 align:start position:0% something complex then we one more quick question 00:27:04.920 --> 00:27:04.930 align:start position:0% question 00:27:04.930 --> 00:27:06.900 align:start position:0% question do<00:27:05.560> you<00:27:05.650> need<00:27:05.800> some<00:27:06.070> kind<00:27:06.340> of<00:27:06.490> set<00:27:06.730> of 00:27:06.900 --> 00:27:06.910 align:start position:0% do you need some kind of set of 00:27:06.910 --> 00:27:08.940 align:start position:0% do you need some kind of set of validators<00:27:07.840> or<00:27:08.050> some<00:27:08.260> specs<00:27:08.530> separate 00:27:08.940 --> 00:27:08.950 align:start position:0% validators or some specs separate 00:27:08.950 --> 00:27:11.400 align:start position:0% validators or some specs separate network<00:27:09.400> that<00:27:09.670> will<00:27:09.850> begin<00:27:10.150> some<00:27:10.540> some<00:27:11.050> things 00:27:11.400 --> 00:27:11.410 align:start position:0% network that will begin some some things 00:27:11.410 --> 00:27:13.650 align:start position:0% network that will begin some some things or<00:27:11.770> it<00:27:12.100> just<00:27:12.400> works<00:27:12.640> completely<00:27:13.210> on<00:27:13.300> normal 00:27:13.650 --> 00:27:13.660 align:start position:0% or it just works completely on normal 00:27:13.660 --> 00:27:16.560 align:start position:0% or it just works completely on normal smart<00:27:13.960> contracts<00:27:14.560> in<00:27:15.070> theory<00:27:15.460> so<00:27:16.030> on<00:27:16.240> chain 00:27:16.560 --> 00:27:16.570 align:start position:0% smart contracts in theory so on chain 00:27:16.570 --> 00:27:18.720 align:start position:0% smart contracts in theory so on chain it's<00:27:16.870> just<00:27:17.110> a<00:27:17.200> regular<00:27:17.860> smart<00:27:18.130> contract<00:27:18.580> there 00:27:18.720 --> 00:27:18.730 align:start position:0% it's just a regular smart contract there 00:27:18.730 --> 00:27:20.220 align:start position:0% it's just a regular smart contract there is<00:27:18.790> a<00:27:18.880> verifier<00:27:19.270> contract<00:27:19.750> there<00:27:19.900> is<00:27:19.930> a<00:27:20.020> main 00:27:20.220 --> 00:27:20.230 align:start position:0% is a verifier contract there is a main 00:27:20.230 --> 00:27:23.250 align:start position:0% is a verifier contract there is a main main<00:27:20.680> contract<00:27:21.130> of<00:27:21.250> the<00:27:21.280> exchange<00:27:21.900> all<00:27:22.900> on 00:27:23.250 --> 00:27:23.260 align:start position:0% main contract of the exchange all on 00:27:23.260 --> 00:27:25.500 align:start position:0% main contract of the exchange all on chained<00:27:23.590> off<00:27:23.890> chain<00:27:24.310> we<00:27:24.490> have<00:27:24.640> this<00:27:24.880> Sark 00:27:25.500 --> 00:27:25.510 align:start position:0% chained off chain we have this Sark 00:27:25.510 --> 00:27:27.750 align:start position:0% chained off chain we have this Sark engine<00:27:25.870> that<00:27:26.020> we're<00:27:26.170> operating<00:27:26.400> that<00:27:27.400> runs<00:27:27.610> as 00:27:27.750 --> 00:27:27.760 align:start position:0% engine that we're operating that runs as 00:27:27.760 --> 00:27:30.330 align:start position:0% engine that we're operating that runs as part<00:27:28.000> of<00:27:28.060> the<00:27:28.180> versa<00:27:28.360> Phi<00:27:28.660> in<00:27:28.720> this<00:27:28.900> case<00:27:29.340> and 00:27:30.330 --> 00:27:30.340 align:start position:0% part of the versa Phi in this case and 00:27:30.340 --> 00:27:32.160 align:start position:0% part of the versa Phi in this case and the<00:27:30.940> only<00:27:31.090> thing<00:27:31.360> you<00:27:31.450> have<00:27:31.570> on<00:27:31.720> top<00:27:31.870> of<00:27:32.050> that 00:27:32.160 --> 00:27:32.170 align:start position:0% the only thing you have on top of that 00:27:32.170 --> 00:27:33.510 align:start position:0% the only thing you have on top of that is<00:27:32.380> this<00:27:32.470> committee<00:27:32.860> that<00:27:33.040> I<00:27:33.100> mentioned 00:27:33.510 --> 00:27:33.520 align:start position:0% is this committee that I mentioned 00:27:33.520 --> 00:27:34.620 align:start position:0% is this committee that I mentioned before<00:27:33.610> that<00:27:34.030> you're<00:27:34.150> going<00:27:34.270> to<00:27:34.330> have<00:27:34.420> several 00:27:34.620 --> 00:27:34.630 align:start position:0% before that you're going to have several 00:27:34.630 --> 00:27:37.260 align:start position:0% before that you're going to have several other<00:27:34.870> parties<00:27:35.260> that<00:27:35.410> are<00:27:35.470> not<00:27:35.740> us<00:27:36.120> that<00:27:37.120> will 00:27:37.260 --> 00:27:37.270 align:start position:0% other parties that are not us that will 00:27:37.270 --> 00:27:39.090 align:start position:0% other parties that are not us that will actually<00:27:37.630> need<00:27:37.840> to<00:27:38.020> get<00:27:38.140> the<00:27:38.320> data<00:27:38.470> and<00:27:38.620> attest 00:27:39.090 --> 00:27:39.100 align:start position:0% actually need to get the data and attest 00:27:39.100 --> 00:27:40.620 align:start position:0% actually need to get the data and attest to<00:27:39.250> the<00:27:39.580> fact<00:27:39.610> that<00:27:39.850> they've<00:27:40.030> seen<00:27:40.240> it<00:27:40.360> it's 00:27:40.620 --> 00:27:40.630 align:start position:0% to the fact that they've seen it it's 00:27:40.630 --> 00:27:48.450 align:start position:0% to the fact that they've seen it it's valid<00:27:41.700> thank<00:27:42.700> you<00:27:42.820> that's<00:27:43.180> all<00:27:46.710> so<00:27:47.710> how<00:27:48.220> do<00:27:48.280> you 00:27:48.450 --> 00:27:48.460 align:start position:0% valid thank you that's all so how do you 00:27:48.460 --> 00:27:53.010 align:start position:0% valid thank you that's all so how do you compare<00:27:48.850> yourself<00:27:49.330> with<00:27:49.890> idec's<00:27:51.630> with<00:27:52.630> ibex 00:27:53.010 --> 00:27:53.020 align:start position:0% compare yourself with idec's with ibex 00:27:53.020 --> 00:27:56.670 align:start position:0% compare yourself with idec's with ibex yeah<00:27:54.180> well<00:27:55.180> I<00:27:55.210> Dex<00:27:55.570> today<00:27:55.930> as<00:27:56.080> far<00:27:56.350> as<00:27:56.500> I<00:27:56.560> know 00:27:56.670 --> 00:27:56.680 align:start position:0% yeah well I Dex today as far as I know 00:27:56.680 --> 00:27:59.730 align:start position:0% yeah well I Dex today as far as I know don't<00:27:56.920> yet<00:27:57.160> have<00:27:57.810> any<00:27:58.810> such<00:27:59.110> scalability 00:27:59.730 --> 00:27:59.740 align:start position:0% don't yet have any such scalability 00:27:59.740 --> 00:28:01.110 align:start position:0% don't yet have any such scalability solution<00:28:00.160> so<00:28:00.340> they<00:28:00.520> actually<00:28:00.700> do<00:28:00.970> the 00:28:01.110 --> 00:28:01.120 align:start position:0% solution so they actually do the 00:28:01.120 --> 00:28:03.360 align:start position:0% solution so they actually do the settlement<00:28:01.600> on<00:28:01.750> chain<00:28:02.110> I<00:28:02.500> think<00:28:03.250> they're 00:28:03.360 --> 00:28:03.370 align:start position:0% settlement on chain I think they're 00:28:03.370 --> 00:28:05.670 align:start position:0% settlement on chain I think they're planning<00:28:03.640> to<00:28:04.090> what<00:28:04.570> I<00:28:04.600> did<00:28:04.840> announced<00:28:05.170> earlier 00:28:05.670 --> 00:28:05.680 align:start position:0% planning to what I did announced earlier 00:28:05.680 --> 00:28:08.910 align:start position:0% planning to what I did announced earlier to<00:28:06.010> solution<00:28:06.490> yesterday<00:28:07.080> okay<00:28:08.080> I'm<00:28:08.410> not<00:28:08.590> too 00:28:08.910 --> 00:28:08.920 align:start position:0% to solution yesterday okay I'm not too 00:28:08.920 --> 00:28:10.830 align:start position:0% to solution yesterday okay I'm not too familiar<00:28:09.100> familiar<00:28:09.760> with<00:28:10.030> a<00:28:10.060> solution<00:28:10.480> as<00:28:10.600> far 00:28:10.830 --> 00:28:10.840 align:start position:0% familiar familiar with a solution as far 00:28:10.840 --> 00:28:12.510 align:start position:0% familiar familiar with a solution as far as<00:28:10.930> I<00:28:10.990> know<00:28:11.050> it's<00:28:11.320> not<00:28:11.470> true<00:28:11.890> system<00:28:12.280> based 00:28:12.510 --> 00:28:12.520 align:start position:0% as I know it's not true system based 00:28:12.520 --> 00:28:15.060 align:start position:0% as I know it's not true system based which<00:28:12.910> means<00:28:13.150> it's<00:28:13.330> like<00:28:13.630> in<00:28:14.110> this<00:28:14.530> category<00:28:14.830> I 00:28:15.060 --> 00:28:15.070 align:start position:0% which means it's like in this category I 00:28:15.070 --> 00:28:16.590 align:start position:0% which means it's like in this category I just<00:28:15.280> referred<00:28:15.610> to<00:28:15.640> that's<00:28:16.060> called<00:28:16.300> frog 00:28:16.590 --> 00:28:16.600 align:start position:0% just referred to that's called frog 00:28:16.600 --> 00:28:18.380 align:start position:0% just referred to that's called frog juice<00:28:16.930> which<00:28:17.320> means<00:28:17.560> you<00:28:17.680> could<00:28:17.800> actually 00:28:18.380 --> 00:28:18.390 align:start position:0% juice which means you could actually 00:28:18.390 --> 00:28:21.030 align:start position:0% juice which means you could actually update<00:28:19.390> false<00:28:19.690> things<00:28:20.140> on<00:28:20.410> chain<00:28:20.800> and 00:28:21.030 --> 00:28:21.040 align:start position:0% update false things on chain and 00:28:21.040 --> 00:28:23.430 align:start position:0% update false things on chain and hopefully<00:28:21.550> later<00:28:21.700> overturn<00:28:22.360> them<00:28:22.630> which 00:28:23.430 --> 00:28:23.440 align:start position:0% hopefully later overturn them which 00:28:23.440 --> 00:28:25.860 align:start position:0% hopefully later overturn them which makes<00:28:23.680> it<00:28:23.860> a<00:28:23.920> bit<00:28:24.100> more<00:28:24.490> prone<00:28:25.120> to<00:28:25.330> attack<00:28:25.660> and 00:28:25.860 --> 00:28:25.870 align:start position:0% makes it a bit more prone to attack and 00:28:25.870 --> 00:28:28.770 align:start position:0% makes it a bit more prone to attack and complex<00:28:26.290> but<00:28:26.710> I'm<00:28:26.890> not<00:28:27.400> too<00:28:28.270> knowledgeable 00:28:28.770 --> 00:28:28.780 align:start position:0% complex but I'm not too knowledgeable 00:28:28.780 --> 00:28:35.280 align:start position:0% complex but I'm not too knowledgeable about<00:28:29.170> exactly<00:28:29.680> what<00:28:29.830> they<00:28:29.950> did 00:28:35.280 --> 00:28:35.290 align:start position:0% 00:28:35.290 --> 00:28:37.530 align:start position:0% what<00:28:35.950> are<00:28:36.070> these<00:28:36.160> statics<00:28:36.730> your<00:28:36.970> quacky<00:28:37.270> oh<00:28:37.420> I 00:28:37.530 --> 00:28:37.540 align:start position:0% what are these statics your quacky oh I 00:28:37.540 --> 00:28:40.290 align:start position:0% what are these statics your quacky oh I see<00:28:37.810> and<00:28:38.140> also<00:28:38.320> would<00:28:38.950> you<00:28:38.980> open<00:28:39.430> like<00:28:39.460> margin 00:28:40.290 --> 00:28:40.300 align:start position:0% see and also would you open like margin 00:28:40.300 --> 00:28:41.880 align:start position:0% see and also would you open like margin trading<00:28:40.480> in<00:28:40.690> the<00:28:40.750> future<00:28:41.080> oh<00:28:41.230> it's<00:28:41.470> on<00:28:41.620> a<00:28:41.650> road 00:28:41.880 --> 00:28:41.890 align:start position:0% trading in the future oh it's on a road 00:28:41.890 --> 00:28:45.060 align:start position:0% trading in the future oh it's on a road map<00:28:42.750> so<00:28:43.750> kyc<00:28:44.200> is<00:28:44.260> really<00:28:44.500> question<00:28:44.860> to<00:28:44.980> you 00:28:45.060 --> 00:28:45.070 align:start position:0% map so kyc is really question to you 00:28:45.070 --> 00:28:47.370 align:start position:0% map so kyc is really question to you it's<00:28:45.220> not<00:28:45.340> a<00:28:45.400> matter<00:28:45.640> of<00:28:45.730> stark<00:28:46.030> Dixit's<00:28:46.540> yes 00:28:47.370 --> 00:28:47.380 align:start position:0% it's not a matter of stark Dixit's yes 00:28:47.380 --> 00:28:49.620 align:start position:0% it's not a matter of stark Dixit's yes so<00:28:47.590> um<00:28:47.800> yeah<00:28:48.370> can<00:28:48.760> we<00:28:48.820> see<00:28:48.940> I<00:28:48.970> guess<00:28:49.150> depends<00:28:49.540> on 00:28:49.620 --> 00:28:49.630 align:start position:0% so um yeah can we see I guess depends on 00:28:49.630 --> 00:28:52.740 align:start position:0% so um yeah can we see I guess depends on the<00:28:49.840> on<00:28:50.470> the<00:28:50.590> exchange<00:28:50.830> itself<00:28:51.030> and<00:28:52.030> in<00:28:52.570> our 00:28:52.740 --> 00:28:52.750 align:start position:0% the on the exchange itself and in our 00:28:52.750 --> 00:28:56.190 align:start position:0% the on the exchange itself and in our case<00:28:53.110> we<00:28:53.800> don't<00:28:53.920> require<00:28:54.220> kyc<00:28:54.880> because<00:28:55.480> all 00:28:56.190 --> 00:28:56.200 align:start position:0% case we don't require kyc because all 00:28:56.200 --> 00:28:58.280 align:start position:0% case we don't require kyc because all the<00:28:56.410> assets<00:28:56.740> is<00:28:56.800> traded<00:28:57.130> on<00:28:57.190> diversify<00:28:57.730> are 00:28:58.280 --> 00:28:58.290 align:start position:0% the assets is traded on diversify are 00:28:58.290 --> 00:29:00.330 align:start position:0% the assets is traded on diversify are basically<00:28:59.290> crypto<00:28:59.590> -<00:28:59.650> cryptos<00:29:00.040> it's<00:29:00.220> only 00:29:00.330 --> 00:29:00.340 align:start position:0% basically crypto - cryptos it's only 00:29:00.340 --> 00:29:04.170 align:start position:0% basically crypto - cryptos it's only digital<00:29:00.700> assets<00:29:01.230> and<00:29:02.430> we<00:29:03.430> don't<00:29:03.760> include 00:29:04.170 --> 00:29:04.180 align:start position:0% digital assets and we don't include 00:29:04.180 --> 00:29:07.590 align:start position:0% digital assets and we don't include securities<00:29:04.810> and<00:29:05.880> sort<00:29:06.880> of<00:29:06.910> jurisdictions<00:29:07.450> are 00:29:07.590 --> 00:29:07.600 align:start position:0% securities and sort of jurisdictions are 00:29:07.600 --> 00:29:10.560 align:start position:0% securities and sort of jurisdictions are excluded<00:29:08.260> to<00:29:08.290> be<00:29:08.470> able<00:29:08.650> to<00:29:08.770> create<00:29:09.220> this<00:29:09.570> kind 00:29:10.560 --> 00:29:10.570 align:start position:0% excluded to be able to create this kind 00:29:10.570 --> 00:29:13.190 align:start position:0% excluded to be able to create this kind of<00:29:10.690> friction<00:29:11.080> this<00:29:11.200> connection<00:29:11.860> the<00:29:12.220> exchange 00:29:13.190 --> 00:29:13.200 align:start position:0% of friction this connection the exchange 00:29:13.200 --> 00:29:15.780 align:start position:0% of friction this connection the exchange now<00:29:14.200> margin<00:29:14.560> trading<00:29:14.740> from<00:29:15.250> the<00:29:15.430> stark 00:29:15.780 --> 00:29:15.790 align:start position:0% now margin trading from the stark 00:29:15.790 --> 00:29:17.370 align:start position:0% now margin trading from the stark perspective<00:29:16.360> we're<00:29:16.510> definitely<00:29:16.720> planning<00:29:17.020> to 00:29:17.370 --> 00:29:17.380 align:start position:0% perspective we're definitely planning to 00:29:17.380 --> 00:29:19.440 align:start position:0% perspective we're definitely planning to handle<00:29:17.710> that<00:29:17.860> which<00:29:18.670> means<00:29:18.910> that<00:29:19.030> the<00:29:19.210> stark 00:29:19.440 --> 00:29:19.450 align:start position:0% handle that which means that the stark 00:29:19.450 --> 00:29:21.990 align:start position:0% handle that which means that the stark engine<00:29:19.840> will<00:29:19.990> be<00:29:20.110> able<00:29:20.230> to<00:29:20.470> support<00:29:20.800> it<00:29:21.000> again 00:29:21.990 --> 00:29:22.000 align:start position:0% engine will be able to support it again 00:29:22.000 --> 00:29:23.670 align:start position:0% engine will be able to support it again it's<00:29:22.180> a<00:29:22.240> matter<00:29:22.420> of<00:29:22.510> it's<00:29:22.930> up<00:29:23.050> to<00:29:23.170> the<00:29:23.290> exchange 00:29:23.670 --> 00:29:23.680 align:start position:0% it's a matter of it's up to the exchange 00:29:23.680 --> 00:29:26.220 align:start position:0% it's a matter of it's up to the exchange of<00:29:24.310> when<00:29:24.670> and<00:29:24.880> how<00:29:24.940> exactly<00:29:25.300> they<00:29:25.720> support<00:29:26.110> any 00:29:26.220 --> 00:29:26.230 align:start position:0% of when and how exactly they support any 00:29:26.230 --> 00:29:27.480 align:start position:0% of when and how exactly they support any feature<00:29:26.500> I<00:29:26.620> know<00:29:26.770> if<00:29:26.920> you<00:29:27.010> have<00:29:27.160> a<00:29:27.190> statement 00:29:27.480 --> 00:29:27.490 align:start position:0% feature I know if you have a statement 00:29:27.490 --> 00:29:36.520 align:start position:0% feature I know if you have a statement on<00:29:27.700> that<00:29:27.760> yeah<00:29:33.450> so<00:29:34.450> thank<00:29:34.690> you<00:29:34.780> very<00:29:34.810> much 00:29:36.520 --> 00:29:36.530 align:start position:0% on that yeah so thank you very much 00:29:36.530 --> 00:29:46.790 align:start position:0% on that yeah so thank you very much [Applause] 00:29:46.790 --> 00:29:46.800 align:start position:0% 00:29:46.800 --> 00:29:48.860 align:start position:0% you