WEBVTT Kind: captions Language: en 00:00:00.030 --> 00:00:03.260 align:start position:0% hello<00:00:01.040> thank<00:00:02.040> you<00:00:02.100> very<00:00:02.310> much<00:00:02.550> for<00:00:02.760> coming<00:00:03.120> I'm 00:00:03.260 --> 00:00:03.270 align:start position:0% hello thank you very much for coming I'm 00:00:03.270 --> 00:00:05.420 align:start position:0% hello thank you very much for coming I'm very<00:00:03.780> very<00:00:04.140> pleasantly<00:00:04.680> surprised<00:00:05.130> to<00:00:05.250> see 00:00:05.420 --> 00:00:05.430 align:start position:0% very very pleasantly surprised to see 00:00:05.430 --> 00:00:07.579 align:start position:0% very very pleasantly surprised to see such<00:00:05.609> a<00:00:05.730> great<00:00:05.819> turnout<00:00:05.940> on<00:00:06.450> the<00:00:06.540> last<00:00:06.750> day<00:00:07.020> in 00:00:07.579 --> 00:00:07.589 align:start position:0% such a great turnout on the last day in 00:00:07.589 --> 00:00:10.430 align:start position:0% such a great turnout on the last day in one<00:00:07.830> of<00:00:07.950> the<00:00:08.040> last<00:00:08.220> talks<00:00:09.000> I<00:00:09.300> have<00:00:09.780> used<00:00:10.050> the 00:00:10.430 --> 00:00:10.440 align:start position:0% one of the last talks I have used the 00:00:10.440 --> 00:00:12.499 align:start position:0% one of the last talks I have used the last<00:00:10.650> of<00:00:10.860> my<00:00:10.980> voice<00:00:11.250> I'm<00:00:11.790> gonna<00:00:12.030> try<00:00:12.240> to<00:00:12.300> eke 00:00:12.499 --> 00:00:12.509 align:start position:0% last of my voice I'm gonna try to eke 00:00:12.509 --> 00:00:13.970 align:start position:0% last of my voice I'm gonna try to eke out<00:00:12.660> a<00:00:12.719> little<00:00:13.019> bit<00:00:13.200> more<00:00:13.349> and<00:00:13.530> talk<00:00:13.740> to<00:00:13.860> you<00:00:13.920> a 00:00:13.970 --> 00:00:13.980 align:start position:0% out a little bit more and talk to you a 00:00:13.980 --> 00:00:15.620 align:start position:0% out a little bit more and talk to you a little<00:00:14.099> bit<00:00:14.280> about<00:00:14.400> steak<00:00:14.849> and<00:00:15.150> about 00:00:15.620 --> 00:00:15.630 align:start position:0% little bit about steak and about 00:00:15.630 --> 00:00:17.510 align:start position:0% little bit about steak and about protocols<00:00:16.139> consensus<00:00:16.740> protocols<00:00:17.190> and<00:00:17.369> so 00:00:17.510 --> 00:00:17.520 align:start position:0% protocols consensus protocols and so 00:00:17.520 --> 00:00:20.330 align:start position:0% protocols consensus protocols and so forth<00:00:17.760> so<00:00:18.300> let's<00:00:19.050> get<00:00:19.170> started<00:00:19.650> where<00:00:19.920> are<00:00:20.189> we 00:00:20.330 --> 00:00:20.340 align:start position:0% forth so let's get started where are we 00:00:20.340 --> 00:00:22.730 align:start position:0% forth so let's get started where are we at<00:00:20.520> today<00:00:20.730> where<00:00:21.240> I'm<00:00:21.480> 10<00:00:21.689> years<00:00:21.720> into<00:00:22.230> about 00:00:22.730 --> 00:00:22.740 align:start position:0% at today where I'm 10 years into about 00:00:22.740 --> 00:00:25.519 align:start position:0% at today where I'm 10 years into about exactly<00:00:23.400> 10<00:00:23.580> years<00:00:23.609> into<00:00:24.210> since<00:00:25.019> the<00:00:25.170> Bitcoin 00:00:25.519 --> 00:00:25.529 align:start position:0% exactly 10 years into since the Bitcoin 00:00:25.529 --> 00:00:27.560 align:start position:0% exactly 10 years into since the Bitcoin white<00:00:25.740> paper<00:00:25.980> multiple<00:00:26.910> years<00:00:27.150> into<00:00:27.420> this 00:00:27.560 --> 00:00:27.570 align:start position:0% white paper multiple years into this 00:00:27.570 --> 00:00:30.200 align:start position:0% white paper multiple years into this revolution<00:00:28.170> and<00:00:28.349> in<00:00:29.130> this<00:00:29.279> sort<00:00:29.550> of<00:00:29.670> time<00:00:29.939> to 00:00:30.200 --> 00:00:30.210 align:start position:0% revolution and in this sort of time to 00:00:30.210 --> 00:00:33.020 align:start position:0% revolution and in this sort of time to sort<00:00:30.390> of<00:00:30.480> take<00:00:30.599> stock<00:00:31.250> the<00:00:32.250> word<00:00:32.430> blockchain 00:00:33.020 --> 00:00:33.030 align:start position:0% sort of take stock the word blockchain 00:00:33.030 --> 00:00:34.549 align:start position:0% sort of take stock the word blockchain has<00:00:33.300> become<00:00:33.570> one<00:00:33.780> of<00:00:33.809> these<00:00:33.960> words<00:00:34.260> that 00:00:34.549 --> 00:00:34.559 align:start position:0% has become one of these words that 00:00:34.559 --> 00:00:36.500 align:start position:0% has become one of these words that doesn't<00:00:34.980> even<00:00:35.130> take<00:00:35.520> an<00:00:35.700> article<00:00:36.030> we<00:00:36.329> don't 00:00:36.500 --> 00:00:36.510 align:start position:0% doesn't even take an article we don't 00:00:36.510 --> 00:00:38.150 align:start position:0% doesn't even take an article we don't talk<00:00:36.690> about<00:00:36.840> a<00:00:37.110> blockchain<00:00:37.440> we<00:00:37.890> don't<00:00:38.040> talk 00:00:38.150 --> 00:00:38.160 align:start position:0% talk about a blockchain we don't talk 00:00:38.160 --> 00:00:39.709 align:start position:0% talk about a blockchain we don't talk about<00:00:38.280> the<00:00:38.550> blockchain<00:00:38.969> we<00:00:39.390> talk<00:00:39.600> about 00:00:39.709 --> 00:00:39.719 align:start position:0% about the blockchain we talk about 00:00:39.719 --> 00:00:42.260 align:start position:0% about the blockchain we talk about blockchain<00:00:40.290> the<00:00:41.160> only<00:00:41.550> other<00:00:41.730> word<00:00:42.030> I<00:00:42.210> know 00:00:42.260 --> 00:00:42.270 align:start position:0% blockchain the only other word I know 00:00:42.270 --> 00:00:44.600 align:start position:0% blockchain the only other word I know that<00:00:43.050> I<00:00:43.230> can<00:00:43.469> easily<00:00:43.770> remember<00:00:44.010> that<00:00:44.309> has<00:00:44.460> this 00:00:44.600 --> 00:00:44.610 align:start position:0% that I can easily remember that has this 00:00:44.610 --> 00:00:47.420 align:start position:0% that I can easily remember that has this treatment<00:00:45.090> is<00:00:45.239> the<00:00:45.360> word<00:00:45.480> god<00:00:45.870> ok<00:00:46.559> so<00:00:46.590> this 00:00:47.420 --> 00:00:47.430 align:start position:0% treatment is the word god ok so this 00:00:47.430 --> 00:00:50.000 align:start position:0% treatment is the word god ok so this thing<00:00:47.700> is<00:00:47.969> really<00:00:48.000> big<00:00:48.629> you<00:00:49.200> cannot<00:00:49.680> walk 00:00:50.000 --> 00:00:50.010 align:start position:0% thing is really big you cannot walk 00:00:50.010 --> 00:00:52.130 align:start position:0% thing is really big you cannot walk around<00:00:50.219> lower<00:00:50.760> Manhattan<00:00:51.510> without<00:00:51.629> seeing 00:00:52.130 --> 00:00:52.140 align:start position:0% around lower Manhattan without seeing 00:00:52.140 --> 00:00:54.139 align:start position:0% around lower Manhattan without seeing two<00:00:52.350> people<00:00:52.710> in<00:00:52.829> suits<00:00:53.039> turn<00:00:53.699> to<00:00:53.879> each<00:00:54.000> other 00:00:54.139 --> 00:00:54.149 align:start position:0% two people in suits turn to each other 00:00:54.149 --> 00:00:55.819 align:start position:0% two people in suits turn to each other and<00:00:54.300> say<00:00:54.510> what's<00:00:54.809> your<00:00:54.930> strategy<00:00:55.530> for 00:00:55.819 --> 00:00:55.829 align:start position:0% and say what's your strategy for 00:00:55.829 --> 00:00:58.459 align:start position:0% and say what's your strategy for blockchain<00:00:56.520> so<00:00:57.180> every<00:00:57.629> company<00:00:57.809> is<00:00:58.109> trying<00:00:58.350> to 00:00:58.459 --> 00:00:58.469 align:start position:0% blockchain so every company is trying to 00:00:58.469 --> 00:01:00.770 align:start position:0% blockchain so every company is trying to devise<00:00:58.739> a<00:00:58.770> strategy<00:00:58.980> and<00:00:59.670> about<00:01:00.539> eight 00:01:00.770 --> 00:01:00.780 align:start position:0% devise a strategy and about eight 00:01:00.780 --> 00:01:03.170 align:start position:0% devise a strategy and about eight billion<00:01:01.050> of<00:01:01.289> VC<00:01:01.590> money<00:01:01.739> bla<00:01:02.160> bla<00:01:02.340> bla<00:01:02.399> lots<00:01:02.969> and 00:01:03.170 --> 00:01:03.180 align:start position:0% billion of VC money bla bla bla lots and 00:01:03.180 --> 00:01:05.179 align:start position:0% billion of VC money bla bla bla lots and lots<00:01:03.300> of<00:01:03.420> money<00:01:03.539> has<00:01:03.809> gone<00:01:03.930> into<00:01:03.989> stuff<00:01:04.530> and<00:01:04.739> if 00:01:05.179 --> 00:01:05.189 align:start position:0% lots of money has gone into stuff and if 00:01:05.189 --> 00:01:06.590 align:start position:0% lots of money has gone into stuff and if one<00:01:05.400> of<00:01:05.489> the<00:01:05.580> interesting<00:01:05.970> things<00:01:06.210> is<00:01:06.420> I've 00:01:06.590 --> 00:01:06.600 align:start position:0% one of the interesting things is I've 00:01:06.600 --> 00:01:08.899 align:start position:0% one of the interesting things is I've found<00:01:06.840> myself<00:01:07.200> at<00:01:07.650> tables<00:01:08.130> where<00:01:08.580> there<00:01:08.760> is<00:01:08.880> a 00:01:08.899 --> 00:01:08.909 align:start position:0% found myself at tables where there is a 00:01:08.909 --> 00:01:10.789 align:start position:0% found myself at tables where there is a very<00:01:09.210> solid<00:01:09.750> gentleman<00:01:10.200> from<00:01:10.350> the<00:01:10.500> Bank<00:01:10.680> of 00:01:10.789 --> 00:01:10.799 align:start position:0% very solid gentleman from the Bank of 00:01:10.799 --> 00:01:12.530 align:start position:0% very solid gentleman from the Bank of England<00:01:11.159> and<00:01:11.340> there<00:01:11.700> is<00:01:11.790> another<00:01:12.030> dark<00:01:12.360> net 00:01:12.530 --> 00:01:12.540 align:start position:0% England and there is another dark net 00:01:12.540 --> 00:01:15.109 align:start position:0% England and there is another dark net dark<00:01:13.140> net<00:01:13.320> market<00:01:13.680> operator<00:01:14.130> right<00:01:14.700> then<00:01:14.939> and 00:01:15.109 --> 00:01:15.119 align:start position:0% dark net market operator right then and 00:01:15.119 --> 00:01:17.630 align:start position:0% dark net market operator right then and there<00:01:15.180> it's<00:01:15.780> a<00:01:15.900> fantastic<00:01:16.619> crowd<00:01:16.860> this<00:01:17.189> this 00:01:17.630 --> 00:01:17.640 align:start position:0% there it's a fantastic crowd this this 00:01:17.640 --> 00:01:19.550 align:start position:0% there it's a fantastic crowd this this is<00:01:17.850> what<00:01:18.030> it<00:01:18.180> means<00:01:18.390> to<00:01:18.689> be<00:01:19.020> in<00:01:19.140> the<00:01:19.200> middle<00:01:19.470> of 00:01:19.550 --> 00:01:19.560 align:start position:0% is what it means to be in the middle of 00:01:19.560 --> 00:01:22.520 align:start position:0% is what it means to be in the middle of a<00:01:19.619> disruption<00:01:20.240> so<00:01:21.240> and<00:01:21.600> then<00:01:21.810> one<00:01:22.020> thing<00:01:22.229> one 00:01:22.520 --> 00:01:22.530 align:start position:0% a disruption so and then one thing one 00:01:22.530 --> 00:01:24.289 align:start position:0% a disruption so and then one thing one additional<00:01:22.979> thing<00:01:23.159> I<00:01:23.310> do<00:01:23.369> on<00:01:23.610> occasion<00:01:23.729> was<00:01:24.270> a 00:01:24.289 --> 00:01:24.299 align:start position:0% additional thing I do on occasion was a 00:01:24.299 --> 00:01:25.999 align:start position:0% additional thing I do on occasion was a professor<00:01:24.780> to<00:01:24.930> try<00:01:25.080> to<00:01:25.140> see<00:01:25.470> like<00:01:25.650> do<00:01:25.890> I<00:01:25.920> really 00:01:25.999 --> 00:01:26.009 align:start position:0% professor to try to see like do I really 00:01:26.009 --> 00:01:28.670 align:start position:0% professor to try to see like do I really have<00:01:26.490> the<00:01:26.729> pulse<00:01:27.659> of<00:01:27.840> the<00:01:28.020> the<00:01:28.259> whatever 00:01:28.670 --> 00:01:28.680 align:start position:0% have the pulse of the the whatever 00:01:28.680 --> 00:01:31.219 align:start position:0% have the pulse of the the whatever through<00:01:28.979> the<00:01:29.040> folks<00:01:29.280> in<00:01:29.610> my<00:01:30.000> hand<00:01:30.270> is<00:01:30.689> to<00:01:30.930> check 00:01:31.219 --> 00:01:31.229 align:start position:0% through the folks in my hand is to check 00:01:31.229 --> 00:01:33.679 align:start position:0% through the folks in my hand is to check sort<00:01:31.740> of<00:01:31.799> extraneous<00:01:32.520> things<00:01:32.970> and<00:01:33.299> one<00:01:33.450> of<00:01:33.570> the 00:01:33.679 --> 00:01:33.689 align:start position:0% sort of extraneous things and one of the 00:01:33.689 --> 00:01:36.469 align:start position:0% sort of extraneous things and one of the metrics<00:01:33.990> I<00:01:34.170> look<00:01:34.380> at<00:01:34.530> is<00:01:35.060> this<00:01:36.060> is<00:01:36.119> the<00:01:36.240> metric 00:01:36.469 --> 00:01:36.479 align:start position:0% metrics I look at is this is the metric 00:01:36.479 --> 00:01:38.749 align:start position:0% metrics I look at is this is the metric I<00:01:36.570> looked<00:01:36.810> at<00:01:36.960> is<00:01:37.110> the<00:01:37.380> number<00:01:37.710> of<00:01:38.040> songs<00:01:38.369> on 00:01:38.749 --> 00:01:38.759 align:start position:0% I looked at is the number of songs on 00:01:38.759 --> 00:01:40.520 align:start position:0% I looked at is the number of songs on YouTube<00:01:38.970> written<00:01:39.810> about<00:01:40.079> different 00:01:40.520 --> 00:01:40.530 align:start position:0% YouTube written about different 00:01:40.530 --> 00:01:42.050 align:start position:0% YouTube written about different different<00:01:41.250> cryptocurrencies 00:01:42.050 --> 00:01:42.060 align:start position:0% different cryptocurrencies 00:01:42.060 --> 00:01:44.389 align:start position:0% different cryptocurrencies and<00:01:42.210> it's<00:01:42.630> far<00:01:42.930> exceeds<00:01:43.439> the<00:01:43.680> number<00:01:43.890> of<00:01:44.070> songs 00:01:44.389 --> 00:01:44.399 align:start position:0% and it's far exceeds the number of songs 00:01:44.399 --> 00:01:47.120 align:start position:0% and it's far exceeds the number of songs about<00:01:44.579> Google<00:01:45.090> Facebook<00:01:45.240> etc<00:01:45.600> etc<00:01:45.990> right<00:01:46.530> so 00:01:47.120 --> 00:01:47.130 align:start position:0% about Google Facebook etc etc right so 00:01:47.130 --> 00:01:49.399 align:start position:0% about Google Facebook etc etc right so even<00:01:47.340> free<00:01:47.729> software<00:01:48.270> so<00:01:48.630> that's<00:01:48.810> an<00:01:49.079> amazing 00:01:49.399 --> 00:01:49.409 align:start position:0% even free software so that's an amazing 00:01:49.409 --> 00:01:53.270 align:start position:0% even free software so that's an amazing thing<00:01:49.939> but<00:01:50.990> where<00:01:51.990> exactly<00:01:52.380> are<00:01:52.770> we<00:01:52.979> so<00:01:53.130> this 00:01:53.270 --> 00:01:53.280 align:start position:0% thing but where exactly are we so this 00:01:53.280 --> 00:01:54.830 align:start position:0% thing but where exactly are we so this is<00:01:53.340> a<00:01:53.369> really<00:01:53.729> positive<00:01:53.939> thing<00:01:54.390> so<00:01:54.420> I'm<00:01:54.630> going 00:01:54.830 --> 00:01:54.840 align:start position:0% is a really positive thing so I'm going 00:01:54.840 --> 00:01:57.380 align:start position:0% is a really positive thing so I'm going to<00:01:54.930> be<00:01:55.020> a<00:01:55.049> little<00:01:55.320> bit<00:01:55.560> negative<00:01:55.740> now<00:01:56.189> and<00:01:56.490> and 00:01:57.380 --> 00:01:57.390 align:start position:0% to be a little bit negative now and and 00:01:57.390 --> 00:01:59.209 align:start position:0% to be a little bit negative now and and I<00:01:57.479> think<00:01:57.540> you<00:01:57.930> know<00:01:58.049> one<00:01:58.890> of<00:01:58.920> the<00:01:59.040> core 00:01:59.209 --> 00:01:59.219 align:start position:0% I think you know one of the core 00:01:59.219 --> 00:02:00.859 align:start position:0% I think you know one of the core distinguishing<00:01:59.759> things<00:01:59.969> about<00:02:00.180> me<00:02:00.360> is<00:02:00.420> is<00:02:00.689> I'm 00:02:00.859 --> 00:02:00.869 align:start position:0% distinguishing things about me is is I'm 00:02:00.869 --> 00:02:03.139 align:start position:0% distinguishing things about me is is I'm a<00:02:00.990> scientist<00:02:01.409> at<00:02:01.619> heart<00:02:01.920> and<00:02:02.189> science<00:02:02.729> begins 00:02:03.139 --> 00:02:03.149 align:start position:0% a scientist at heart and science begins 00:02:03.149 --> 00:02:06.050 align:start position:0% a scientist at heart and science begins by<00:02:03.810> being<00:02:04.500> able<00:02:04.710> to<00:02:04.860> observe<00:02:05.310> reality<00:02:05.579> and 00:02:06.050 --> 00:02:06.060 align:start position:0% by being able to observe reality and 00:02:06.060 --> 00:02:08.059 align:start position:0% by being able to observe reality and being<00:02:06.270> able<00:02:06.360> to<00:02:06.479> admit<00:02:06.689> reality<00:02:07.380> so<00:02:07.799> bear<00:02:08.039> with 00:02:08.059 --> 00:02:08.069 align:start position:0% being able to admit reality so bear with 00:02:08.069 --> 00:02:11.270 align:start position:0% being able to admit reality so bear with me<00:02:08.869> the<00:02:09.869> dream<00:02:10.140> we've<00:02:10.619> solved<00:02:11.129> a<00:02:11.250> very 00:02:11.270 --> 00:02:11.280 align:start position:0% me the dream we've solved a very 00:02:11.280 --> 00:02:13.430 align:start position:0% me the dream we've solved a very compelling<00:02:12.090> dream<00:02:12.480> to<00:02:12.690> the<00:02:12.720> masses 00:02:13.430 --> 00:02:13.440 align:start position:0% compelling dream to the masses 00:02:13.440 --> 00:02:15.710 align:start position:0% compelling dream to the masses it's<00:02:13.680> a<00:02:13.830> decentralized<00:02:14.720> disintermediated 00:02:15.710 --> 00:02:15.720 align:start position:0% it's a decentralized disintermediated 00:02:15.720 --> 00:02:18.380 align:start position:0% it's a decentralized disintermediated future<00:02:16.050> future<00:02:16.350> it's<00:02:17.250> free<00:02:17.760> from<00:02:18.060> the<00:02:18.210> tyranny 00:02:18.380 --> 00:02:18.390 align:start position:0% future future it's free from the tyranny 00:02:18.390 --> 00:02:20.840 align:start position:0% future future it's free from the tyranny of<00:02:18.630> middlemen<00:02:19.020> is<00:02:19.350> free<00:02:19.980> from<00:02:20.220> regulatory 00:02:20.840 --> 00:02:20.850 align:start position:0% of middlemen is free from regulatory 00:02:20.850 --> 00:02:23.180 align:start position:0% of middlemen is free from regulatory capture<00:02:21.120> it's<00:02:21.870> free<00:02:22.200> from<00:02:22.470> trusted<00:02:22.980> but 00:02:23.180 --> 00:02:23.190 align:start position:0% capture it's free from trusted but 00:02:23.190 --> 00:02:25.700 align:start position:0% capture it's free from trusted but unaccountable<00:02:23.970> parties<00:02:24.420> that<00:02:24.840> is<00:02:25.170> the<00:02:25.470> dream 00:02:25.700 --> 00:02:25.710 align:start position:0% unaccountable parties that is the dream 00:02:25.710 --> 00:02:27.830 align:start position:0% unaccountable parties that is the dream that<00:02:25.920> has<00:02:26.100> gathered<00:02:26.430> all<00:02:26.580> of<00:02:26.700> us<00:02:27.030> into<00:02:27.720> this 00:02:27.830 --> 00:02:27.840 align:start position:0% that has gathered all of us into this 00:02:27.840 --> 00:02:30.920 align:start position:0% that has gathered all of us into this packed<00:02:28.080> room<00:02:28.290> so<00:02:28.890> that's<00:02:29.010> fantastic<00:02:29.540> but<00:02:30.540> and 00:02:30.920 --> 00:02:30.930 align:start position:0% packed room so that's fantastic but and 00:02:30.930 --> 00:02:33.280 align:start position:0% packed room so that's fantastic but and the<00:02:31.080> bar<00:02:31.290> to<00:02:31.560> succeed<00:02:32.040> is<00:02:32.250> actually<00:02:32.730> very<00:02:32.910> low 00:02:33.280 --> 00:02:33.290 align:start position:0% the bar to succeed is actually very low 00:02:33.290 --> 00:02:36.020 align:start position:0% the bar to succeed is actually very low okay<00:02:34.290> I<00:02:34.440> know<00:02:34.560> this<00:02:35.010> community<00:02:35.520> is<00:02:35.610> working<00:02:35.790> on 00:02:36.020 --> 00:02:36.030 align:start position:0% okay I know this community is working on 00:02:36.030 --> 00:02:37.850 align:start position:0% okay I know this community is working on a<00:02:36.090> gazillion<00:02:36.780> different<00:02:36.930> very<00:02:37.320> exciting 00:02:37.850 --> 00:02:37.860 align:start position:0% a gazillion different very exciting 00:02:37.860 --> 00:02:39.470 align:start position:0% a gazillion different very exciting projects<00:02:38.250> we<00:02:38.370> heard<00:02:38.610> about<00:02:38.730> a<00:02:38.880> lot<00:02:39.210> of<00:02:39.240> them 00:02:39.470 --> 00:02:39.480 align:start position:0% projects we heard about a lot of them 00:02:39.480 --> 00:02:41.180 align:start position:0% projects we heard about a lot of them over<00:02:39.840> the<00:02:40.200> course<00:02:40.380> of<00:02:40.500> the<00:02:40.620> last<00:02:40.800> four<00:02:41.040> days 00:02:41.180 --> 00:02:41.190 align:start position:0% over the course of the last four days 00:02:41.190 --> 00:02:43.880 align:start position:0% over the course of the last four days three<00:02:41.460> days<00:02:41.630> so<00:02:42.630> uh<00:02:42.660> and<00:02:43.110> we<00:02:43.560> will<00:02:43.740> have 00:02:43.880 --> 00:02:43.890 align:start position:0% three days so uh and we will have 00:02:43.890 --> 00:02:46.400 align:start position:0% three days so uh and we will have succeeded<00:02:44.340> if<00:02:44.760> we<00:02:45.090> fail<00:02:45.360> at<00:02:45.540> every<00:02:45.930> single<00:02:46.110> one 00:02:46.400 --> 00:02:46.410 align:start position:0% succeeded if we fail at every single one 00:02:46.410 --> 00:02:49.040 align:start position:0% succeeded if we fail at every single one of<00:02:46.440> them<00:02:46.680> except<00:02:47.610> say<00:02:47.940> I<00:02:48.210> don't<00:02:48.510> know<00:02:48.810> one<00:02:49.020> of 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align:start position:0% would actually be in a better place or if<00:03:03.030> we<00:03:03.150> could<00:03:03.300> build<00:03:03.480> better<00:03:03.750> decentralized 00:03:04.520 --> 00:03:04.530 align:start position:0% if we could build better decentralized 00:03:04.530 --> 00:03:06.680 align:start position:0% if we could build better decentralized exchanges<00:03:05.130> and<00:03:05.370> I<00:03:05.820> know<00:03:05.880> we<00:03:06.210> know<00:03:06.360> that<00:03:06.570> we 00:03:06.680 --> 00:03:06.690 align:start position:0% exchanges and I know we know that we 00:03:06.690 --> 00:03:08.420 align:start position:0% exchanges and I know we know that we have<00:03:06.840> the<00:03:06.990> capability<00:03:07.470> to<00:03:07.530> do<00:03:07.680> so<00:03:07.710> we<00:03:08.220> can 00:03:08.420 --> 00:03:08.430 align:start position:0% have the capability to do so we can 00:03:08.430 --> 00:03:11.450 align:start position:0% have the capability to do so we can build<00:03:08.670> better<00:03:08.940> exchanges<00:03:09.780> then<00:03:10.410> the<00:03:10.890> sec 00:03:11.450 --> 00:03:11.460 align:start position:0% build better exchanges then the sec 00:03:11.460 --> 00:03:13.130 align:start position:0% build better exchanges then the sec keeps<00:03:11.730> demanding<00:03:11.910> of<00:03:12.390> us<00:03:12.570> we<00:03:12.780> can<00:03:12.930> build 00:03:13.130 --> 00:03:13.140 align:start position:0% keeps demanding of us we can build 00:03:13.140 --> 00:03:15.320 align:start position:0% keeps demanding of us we can build better<00:03:13.380> technology<00:03:14.100> untrusted<00:03:14.790> technology 00:03:15.320 --> 00:03:15.330 align:start position:0% better technology untrusted technology 00:03:15.330 --> 00:03:18.050 align:start position:0% better technology untrusted technology then<00:03:16.140> then<00:03:16.710> then<00:03:17.040> what<00:03:17.220> the<00:03:17.370> Wall<00:03:17.730> Street<00:03:17.760> guys 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get<00:03:27.090> to 00:03:27.260 --> 00:03:27.270 align:start position:0% but the technology we have to get to 00:03:27.270 --> 00:03:31.310 align:start position:0% but the technology we have to get to that<00:03:27.300> bar<00:03:27.720> is<00:03:28.290> just<00:03:28.350> not<00:03:29.130> sufficient<00:03:29.610> and<00:03:30.320> it 00:03:31.310 --> 00:03:31.320 align:start position:0% that bar is just not sufficient and it 00:03:31.320 --> 00:03:33.320 align:start position:0% that bar is just not sufficient and it fails<00:03:31.590> on<00:03:31.890> a<00:03:31.920> multiple<00:03:32.340> on<00:03:32.670> a<00:03:32.700> multitude<00:03:33.090> of 00:03:33.320 --> 00:03:33.330 align:start position:0% fails on a multiple on a multitude of 00:03:33.330 --> 00:03:35.780 align:start position:0% fails on a multiple on a multitude of fronts<00:03:33.870> first<00:03:34.440> one<00:03:34.709> is<00:03:34.860> scale<00:03:35.220> you've<00:03:35.520> heard 00:03:35.780 --> 00:03:35.790 align:start position:0% fronts first one is scale you've heard 00:03:35.790 --> 00:03:37.340 align:start position:0% fronts first one is scale you've heard this<00:03:35.940> multiple<00:03:36.330> times<00:03:36.390> because<00:03:36.840> the<00:03:36.959> Bitcoin 00:03:37.340 --> 00:03:37.350 align:start position:0% this multiple times because the Bitcoin 00:03:37.350 --> 00:03:38.960 align:start position:0% this multiple times because the Bitcoin folks<00:03:37.590> have<00:03:37.770> been<00:03:37.890> fighting<00:03:38.250> over<00:03:38.340> this<00:03:38.610> issue 00:03:38.960 --> 00:03:38.970 align:start position:0% folks have been fighting over this issue 00:03:38.970 --> 00:03:41.840 align:start position:0% folks have been fighting over this issue second<00:03:39.900> one<00:03:40.020> is<00:03:40.050> security<00:03:40.740> the<00:03:41.280> state<00:03:41.610> of 00:03:41.840 --> 00:03:41.850 align:start position:0% second one is security the state of 00:03:41.850 --> 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l<00:03:48.900> sorry<00:03:49.290> for<00:03:49.500> your<00:03:49.650> loss<00:03:49.830> is<00:03:50.070> an<00:03:50.190> acronym 00:03:50.330 --> 00:03:50.340 align:start position:0% sfy l sorry for your loss is an acronym 00:03:50.340 --> 00:03:52.010 align:start position:0% sfy l sorry for your loss is an acronym you<00:03:50.940> don't<00:03:51.120> even<00:03:51.270> have<00:03:51.420> to<00:03:51.570> spell<00:03:51.780> it<00:03:51.810> down 00:03:52.010 --> 00:03:52.020 align:start position:0% you don't even have to spell it down 00:03:52.020 --> 00:03:54.470 align:start position:0% you don't even have to spell it down performance<00:03:53.010> is<00:03:53.430> a<00:03:53.459> big<00:03:53.670> issue<00:03:53.850> you<00:03:54.180> cannot 00:03:54.470 --> 00:03:54.480 align:start position:0% performance is a big issue you cannot 00:03:54.480 --> 00:03:57.020 align:start position:0% performance is a big issue you cannot wait<00:03:54.900> fifteen<00:03:55.500> seconds<00:03:56.070> on<00:03:56.220> the<00:03:56.400> web<00:03:56.580> that<00:03:56.850> is 00:03:57.020 --> 00:03:57.030 align:start position:0% wait fifteen seconds on the web that is 00:03:57.030 --> 00:03:59.870 align:start position:0% wait fifteen seconds on the web that is unheard<00:03:57.540> of<00:03:57.810> you<00:03:58.080> talk<00:03:58.590> to<00:03:58.739> a<00:03:58.770> UX<00:03:59.130> person<00:03:59.430> and 00:03:59.870 --> 00:03:59.880 align:start position:0% unheard of you talk to a UX person and 00:03:59.880 --> 00:04:01.699 align:start position:0% unheard of you talk to a UX person and say<00:04:00.060> this<00:04:00.239> is<00:04:00.360> what<00:04:00.480> you<00:04:00.570> have<00:04:00.690> to<00:04:00.780> do<00:04:00.870> it's<00:04:01.560> a 00:04:01.699 --> 00:04:01.709 align:start position:0% say this is what you have to do it's a 00:04:01.709 --> 00:04:04.400 align:start position:0% say this is what you have to do it's a big<00:04:01.860> big<00:04:02.070> problem<00:04:02.720> governance<00:04:03.720> how<00:04:04.050> do<00:04:04.260> we 00:04:04.400 --> 00:04:04.410 align:start position:0% big big problem governance how do we 00:04:04.410 --> 00:04:06.199 align:start position:0% big big problem governance how do we actually<00:04:04.620> change<00:04:05.010> anything<00:04:05.310> at<00:04:05.550> all<00:04:05.670> with<00:04:06.180> a 00:04:06.199 --> 00:04:06.209 align:start position:0% actually change anything at all with a 00:04:06.209 --> 00:04:07.760 align:start position:0% actually change anything at all with a big<00:04:06.420> fight<00:04:06.690> that<00:04:06.870> turns<00:04:07.110> out<00:04:07.350> and<00:04:07.560> a<00:04:07.590> lot<00:04:07.739> of 00:04:07.760 --> 00:04:07.770 align:start position:0% big fight that turns out and a lot of 00:04:07.770 --> 00:04:10.180 align:start position:0% big fight that turns out and a lot of sock<00:04:08.100> puppets<00:04:08.489> that's<00:04:08.700> what<00:04:08.850> I<00:04:08.880> learned<00:04:09.180> and 00:04:10.180 --> 00:04:10.190 align:start position:0% sock puppets that's what I learned and 00:04:10.190 --> 00:04:12.680 align:start position:0% sock puppets that's what I learned and it's<00:04:11.190> absolutely<00:04:11.640> horrible<00:04:12.000> so<00:04:12.300> that's<00:04:12.540> not 00:04:12.680 --> 00:04:12.690 align:start position:0% it's absolutely horrible so that's not 00:04:12.690 --> 00:04:15.140 align:start position:0% it's absolutely horrible so that's not that's<00:04:12.930> no<00:04:13.140> way<00:04:13.320> to<00:04:13.380> build<00:04:13.860> systems<00:04:14.340> the<00:04:14.940> user 00:04:15.140 --> 00:04:15.150 align:start position:0% that's no way to build systems the user 00:04:15.150 --> 00:04:16.909 align:start position:0% that's no way to build systems the user experience<00:04:15.630> overall<00:04:16.169> is<00:04:16.290> you<00:04:16.590> know<00:04:16.709> you<00:04:16.799> get 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--> 00:04:22.440 align:start position:0% I tried to like read the paper or all 00:04:22.440 --> 00:04:24.469 align:start position:0% I tried to like read the paper or all that<00:04:22.560> I<00:04:22.710> had<00:04:22.890> to<00:04:23.010> buy<00:04:23.190> this<00:04:23.250> and<00:04:23.760> that<00:04:23.910> change 00:04:24.469 --> 00:04:24.479 align:start position:0% that I had to buy this and that change 00:04:24.479 --> 00:04:26.780 align:start position:0% that I had to buy this and that change it<00:04:24.660> to<00:04:24.810> you<00:04:25.320> know<00:04:25.440> convert<00:04:25.860> it<00:04:26.010> to<00:04:26.039> this<00:04:26.250> other 00:04:26.780 --> 00:04:26.790 align:start position:0% it to you know convert it to this other 00:04:26.790 --> 00:04:28.760 align:start position:0% it to you know convert it to this other see<00:04:27.030> then<00:04:27.210> I<00:04:27.300> had<00:04:27.450> to<00:04:27.600> like<00:04:27.780> install<00:04:28.230> this<00:04:28.470> I 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before<00:04:35.670> I<00:04:35.820> get<00:04:36.090> there<00:04:36.300> let<00:04:36.980> me<00:04:37.980> also 00:04:38.120 --> 00:04:38.130 align:start position:0% well okay before I get there let me also 00:04:38.130 --> 00:04:40.850 align:start position:0% well okay before I get there let me also mention<00:04:39.030> some<00:04:39.450> some<00:04:39.810> harsh<00:04:40.080> facts<00:04:40.500> that<00:04:40.620> just 00:04:40.850 --> 00:04:40.860 align:start position:0% mention some some harsh facts that just 00:04:40.860 --> 00:04:43.730 align:start position:0% mention some some harsh facts that just came<00:04:41.010> out<00:04:41.220> so<00:04:41.820> this<00:04:42.150> is<00:04:42.360> the<00:04:42.480> number<00:04:42.660> of<00:04:43.020> top 00:04:43.730 --> 00:04:43.740 align:start position:0% came out so this is the number of top 00:04:43.740 --> 00:04:46.100 align:start position:0% came out so this is the number of top 500<00:04:44.070> ecommerce<00:04:45.060> merchants<00:04:45.540> accepting 00:04:46.100 --> 00:04:46.110 align:start position:0% 500 ecommerce merchants accepting 00:04:46.110 --> 00:04:48.320 align:start position:0% 500 ecommerce merchants accepting Bitcoin<00:04:46.440> it<00:04:46.950> was<00:04:47.070> five<00:04:47.310> five<00:04:47.700> five<00:04:48.000> three 00:04:48.320 --> 00:04:48.330 align:start position:0% Bitcoin it was five five five three 00:04:48.330 --> 00:04:49.760 align:start position:0% Bitcoin it was five five five three three<00:04:48.420> three<00:04:48.630> three<00:04:48.870> four<00:04:49.320> four<00:04:49.350> four<00:04:49.740> four 00:04:49.760 --> 00:04:49.770 align:start position:0% three three three four four four four 00:04:49.770 --> 00:04:53.270 align:start position:0% three three three four four four four okay<00:04:50.400> it's<00:04:50.970> not<00:04:51.180> going<00:04:51.480> up<00:04:51.750> okay<00:04:52.410> we're<00:04:53.010> not 00:04:53.270 --> 00:04:53.280 align:start position:0% okay it's not going up okay we're not 00:04:53.280 --> 00:04:55.670 align:start position:0% okay it's not going up okay we're not winning<00:04:53.820> the<00:04:53.940> war<00:04:54.090> to<00:04:54.480> replace<00:04:54.840> Fiat<00:04:55.260> it's<00:04:55.470> not 00:04:55.670 --> 00:04:55.680 align:start position:0% winning the war to replace Fiat it's not 00:04:55.680 --> 00:05:00.350 align:start position:0% winning the war to replace Fiat it's not happening<00:04:56.780> and<00:04:58.010> the<00:04:59.010> goal<00:04:59.250> posts<00:04:59.700> are<00:04:59.850> moving 00:05:00.350 --> 00:05:00.360 align:start position:0% happening and the goal posts are moving 00:05:00.360 --> 00:05:02.540 align:start position:0% happening and the goal posts are moving I<00:05:00.510> want<00:05:01.080> to<00:05:01.230> share<00:05:01.470> this<00:05:01.680> slide<00:05:01.950> with<00:05:02.190> you<00:05:02.340> so 00:05:02.540 --> 00:05:02.550 align:start position:0% I want to share this slide with you so 00:05:02.550 --> 00:05:04.940 align:start position:0% I want to share this slide with you so you<00:05:02.610> know<00:05:03.060> to<00:05:03.120> detect<00:05:03.690> for<00:05:03.900> this<00:05:04.050> if<00:05:04.290> four 00:05:04.940 --> 00:05:04.950 align:start position:0% you know to detect for this if four 00:05:04.950 --> 00:05:06.470 align:start position:0% you know to detect for this if four years<00:05:05.220> from<00:05:05.460> now<00:05:05.640> we've<00:05:05.910> changed<00:05:05.970> the 00:05:06.470 --> 00:05:06.480 align:start position:0% years from now we've changed the 00:05:06.480 --> 00:05:08.510 align:start position:0% years from now we've changed the etherium<00:05:06.930> narrative<00:05:07.410> then<00:05:07.890> you<00:05:08.160> will<00:05:08.340> know 00:05:08.510 --> 00:05:08.520 align:start position:0% etherium narrative then you will know 00:05:08.520 --> 00:05:10.790 align:start position:0% etherium narrative then you will know that<00:05:08.550> we<00:05:08.850> are<00:05:08.880> failing<00:05:09.240> so<00:05:09.630> here's<00:05:09.870> Bitcoin 00:05:10.790 --> 00:05:10.800 align:start position:0% that we are failing so here's Bitcoin 00:05:10.800 --> 00:05:12.350 align:start position:0% that we are failing so here's Bitcoin when<00:05:11.040> I<00:05:11.070> first<00:05:11.400> sort<00:05:11.610> of<00:05:11.730> heard<00:05:11.880> about<00:05:11.970> it<00:05:12.270> it 00:05:12.350 --> 00:05:12.360 align:start position:0% when I first sort of heard about it it 00:05:12.360 --> 00:05:15.800 align:start position:0% when I first sort of heard about it it was<00:05:12.450> digital<00:05:12.810> cash<00:05:13.020> untraceable<00:05:13.680> nah<00:05:14.810> that 00:05:15.800 --> 00:05:15.810 align:start position:0% was digital cash untraceable nah that 00:05:15.810 --> 00:05:17.720 align:start position:0% was digital cash untraceable nah that kinda<00:05:16.170> gave<00:05:16.470> way<00:05:16.770> to<00:05:16.800> a<00:05:16.980> whole<00:05:17.220> series<00:05:17.550> of 00:05:17.720 --> 00:05:17.730 align:start position:0% kinda gave way to a whole series of 00:05:17.730 --> 00:05:19.610 align:start position:0% kinda gave way to a whole series of other<00:05:18.000> narratives<00:05:18.570> it<00:05:18.990> was<00:05:19.110> a<00:05:19.140> store<00:05:19.440> of<00:05:19.590> value 00:05:19.610 --> 00:05:19.620 align:start position:0% other narratives it was a store of value 00:05:19.620 --> 00:05:22.040 align:start position:0% other narratives it was a store of value for<00:05:20.220> a<00:05:20.250> while<00:05:20.490> Adam<00:05:21.030> back<00:05:21.180> kept<00:05:21.420> telling<00:05:21.720> me<00:05:21.840> so 00:05:22.040 --> 00:05:22.050 align:start position:0% for a while Adam back kept telling me so 00:05:22.050 --> 00:05:24.440 align:start position:0% for a while Adam back kept telling me so and<00:05:22.320> and<00:05:23.220> then<00:05:23.340> you<00:05:23.460> know<00:05:23.520> disruption<00:05:24.300> this 00:05:24.440 --> 00:05:24.450 align:start position:0% and and then you know disruption this 00:05:24.450 --> 00:05:27.290 align:start position:0% and and then you know disruption this and<00:05:24.690> that<00:05:24.840> and<00:05:25.140> now<00:05:26.130> you<00:05:26.580> know<00:05:26.850> there's<00:05:27.060> yet 00:05:27.290 --> 00:05:27.300 align:start position:0% and that and now you know there's yet 00:05:27.300 --> 00:05:28.820 align:start position:0% and that and now you know there's yet another<00:05:27.570> narrative<00:05:27.900> that's<00:05:28.350> that's<00:05:28.620> pushing 00:05:28.820 --> 00:05:28.830 align:start position:0% another narrative that's that's pushing 00:05:28.830 --> 00:05:30.980 align:start position:0% another narrative that's that's pushing these<00:05:29.130> currencies<00:05:29.610> at<00:05:29.760> any<00:05:29.940> one<00:05:30.120> time<00:05:30.150> but<00:05:30.870> it 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we<00:05:38.130> do 00:05:38.860 --> 00:05:38.870 align:start position:0% not really a good match so what do we do 00:05:38.870 --> 00:05:42.410 align:start position:0% not really a good match so what do we do so<00:05:39.870> here<00:05:40.140> this<00:05:40.320> report<00:05:40.770> says<00:05:41.010> why<00:05:41.850> is<00:05:41.910> this<00:05:42.210> not 00:05:42.410 --> 00:05:42.420 align:start position:0% so here this report says why is this not 00:05:42.420 --> 00:05:44.150 align:start position:0% so here this report says why is this not becoming<00:05:42.990> part<00:05:43.320> of<00:05:43.440> the<00:05:43.590> global<00:05:43.950> financial 00:05:44.150 --> 00:05:44.160 align:start position:0% becoming part of the global financial 00:05:44.160 --> 00:05:47.330 align:start position:0% becoming part of the global financial system<00:05:44.640> fabric<00:05:45.570> says<00:05:46.230> why<00:05:46.590> it's<00:05:46.800> failing<00:05:46.980> the 00:05:47.330 --> 00:05:47.340 align:start position:0% system fabric says why it's failing the 00:05:47.340 --> 00:05:49.130 align:start position:0% system fabric says why it's failing the high<00:05:47.520> cost<00:05:47.790> of<00:05:48.000> operating<00:05:48.360> a<00:05:48.570> fully<00:05:48.810> trust 00:05:49.130 --> 00:05:49.140 align:start position:0% high cost of operating a fully trust 00:05:49.140 --> 00:05:51.500 align:start position:0% high cost of operating a fully trust list<00:05:49.320> system<00:05:49.500> is<00:05:49.950> pushing<00:05:50.610> early<00:05:50.940> players<00:05:51.180> to 00:05:51.500 --> 00:05:51.510 align:start position:0% list system is pushing early players to 00:05:51.510 --> 00:05:53.780 align:start position:0% list system is pushing early players to balkanize<00:05:51.900> systems<00:05:52.530> into<00:05:53.160> trusted<00:05:53.580> blog 00:05:53.780 --> 00:05:53.790 align:start position:0% balkanize systems into trusted blog 00:05:53.790 --> 00:05:56.060 align:start position:0% balkanize systems into trusted blog chains<00:05:54.060> and<00:05:54.300> distributed<00:05:54.870> ledgers<00:05:55.230> also<00:05:55.920> they 00:05:56.060 --> 00:05:56.070 align:start position:0% chains and distributed ledgers also they 00:05:56.070 --> 00:05:58.010 align:start position:0% chains and distributed ledgers also they forgot<00:05:56.400> to<00:05:56.430> add<00:05:56.640> also<00:05:56.850> exchanges<00:05:57.630> but<00:05:57.870> these 00:05:58.010 --> 00:05:58.020 align:start position:0% forgot to add also exchanges but these 00:05:58.020 --> 00:05:59.900 align:start position:0% forgot to add also exchanges but these are<00:05:58.200> becoming<00:05:58.440> speculative<00:05:59.070> assets<00:05:59.460> people 00:05:59.900 --> 00:05:59.910 align:start position:0% are becoming speculative assets people 00:05:59.910 --> 00:06:01.070 align:start position:0% are becoming speculative assets people keep<00:06:00.210> their<00:06:00.390> coins<00:06:00.690> you<00:06:00.780> never<00:06:00.960> actually 00:06:01.070 --> 00:06:01.080 align:start position:0% keep their coins you never actually 00:06:01.080 --> 00:06:02.990 align:start position:0% keep their coins you never actually touch<00:06:01.350> the<00:06:01.560> system<00:06:01.950> right<00:06:02.490> you<00:06:02.670> do<00:06:02.850> its 00:06:02.990 --> 00:06:03.000 align:start position:0% touch the system right you do its 00:06:03.000 --> 00:06:05.240 align:start position:0% touch the system right you do its fanfare<00:06:03.480> online<00:06:03.870> now<00:06:04.440> you<00:06:04.500> buy<00:06:04.710> and<00:06:04.890> sell<00:06:05.100> on 00:06:05.240 --> 00:06:05.250 align:start position:0% fanfare online now you buy and sell on 00:06:05.250 --> 00:06:07.040 align:start position:0% fanfare online now you buy and sell on an<00:06:05.340> exchange<00:06:05.580> without<00:06:06.060> actually<00:06:06.600> using<00:06:06.930> it 00:06:07.040 --> 00:06:07.050 align:start position:0% an exchange without actually using it 00:06:07.050 --> 00:06:09.290 align:start position:0% an exchange without actually using it that<00:06:07.290> is<00:06:07.470> not<00:06:07.680> what<00:06:08.040> what<00:06:08.340> gets<00:06:09.000> me<00:06:09.180> excited 00:06:09.290 --> 00:06:09.300 align:start position:0% that is not what what gets me excited 00:06:09.300 --> 00:06:11.540 align:start position:0% that is not what what gets me excited that<00:06:10.110> is<00:06:10.260> not<00:06:10.410> what<00:06:10.680> many<00:06:10.980> of<00:06:11.160> you<00:06:11.280> are<00:06:11.400> here 00:06:11.540 --> 00:06:11.550 align:start position:0% that is not what many of you are here 00:06:11.550 --> 00:06:14.150 align:start position:0% that is not what many of you are here for<00:06:12.050> so<00:06:13.050> okay 00:06:14.150 --> 00:06:14.160 align:start position:0% for so okay 00:06:14.160 --> 00:06:15.500 align:start position:0% for so okay so<00:06:14.400> what's<00:06:14.580> the<00:06:14.730> situation<00:06:14.940> with<00:06:15.360> these 00:06:15.500 --> 00:06:15.510 align:start position:0% so what's the situation with these 00:06:15.510 --> 00:06:17.690 align:start position:0% so what's the situation with these centralization<00:06:16.140> well<00:06:16.290> we<00:06:16.380> did<00:06:16.530> a<00:06:16.950> big<00:06:17.430> long 00:06:17.690 --> 00:06:17.700 align:start position:0% centralization well we did a big long 00:06:17.700 --> 00:06:20.210 align:start position:0% centralization well we did a big long study<00:06:18.090> that<00:06:18.990> came<00:06:19.170> out<00:06:19.230> a<00:06:19.410> year<00:06:19.620> and<00:06:19.980> a<00:06:20.040> half 00:06:20.210 --> 00:06:20.220 align:start position:0% study that came out a year and a half 00:06:20.220 --> 00:06:22.640 align:start position:0% study that came out a year and a half ago<00:06:20.370> I<00:06:20.700> want<00:06:21.660> to<00:06:21.720> share<00:06:21.930> some<00:06:22.140> of<00:06:22.170> the<00:06:22.320> results 00:06:22.640 --> 00:06:22.650 align:start position:0% ago I want to share some of the results 00:06:22.650 --> 00:06:25.220 align:start position:0% ago I want to share some of the results with<00:06:22.800> you<00:06:22.980> the<00:06:23.880> curve<00:06:24.090> the<00:06:24.330> main<00:06:24.630> result<00:06:25.050> is 00:06:25.220 --> 00:06:25.230 align:start position:0% with you the curve the main result is 00:06:25.230 --> 00:06:26.690 align:start position:0% with you the curve the main result is current<00:06:25.590> crop<00:06:25.800> of<00:06:25.950> systems<00:06:26.340> are<00:06:26.460> not 00:06:26.690 --> 00:06:26.700 align:start position:0% current crop of systems are not 00:06:26.700 --> 00:06:28.850 align:start position:0% current crop of systems are not sufficiently<00:06:27.330> decentralized<00:06:28.320> they're 00:06:28.850 --> 00:06:28.860 align:start position:0% sufficiently decentralized they're 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like<00:06:43.530> a<00:06:43.560> dream<00:06:43.830> it's<00:06:44.220> just<00:06:44.340> gone 00:06:44.930 --> 00:06:44.940 align:start position:0% that's like a dream it's just gone 00:06:44.940 --> 00:06:46.730 align:start position:0% that's like a dream it's just gone you<00:06:45.390> all<00:06:45.570> remember<00:06:45.750> the<00:06:46.170> days<00:06:46.350> when<00:06:46.590> you<00:06:46.710> could 00:06:46.730 --> 00:06:46.740 align:start position:0% you all remember the days when you could 00:06:46.740 --> 00:06:49.400 align:start position:0% you all remember the days when you could use<00:06:47.100> this<00:06:47.370> to<00:06:47.580> mine<00:06:47.790> things<00:06:48.150> right<00:06:48.660> and<00:06:49.020> then 00:06:49.400 --> 00:06:49.410 align:start position:0% use this to mine things right and then 00:06:49.410 --> 00:06:51.230 align:start position:0% use this to mine things right and then that<00:06:49.620> got<00:06:49.770> replaced<00:06:50.130> by<00:06:50.460> the<00:06:50.520> days<00:06:50.850> when<00:06:51.090> we 00:06:51.230 --> 00:06:51.240 align:start position:0% that got replaced by the days when we 00:06:51.240 --> 00:06:53.210 align:start position:0% that got replaced by the days when we all<00:06:51.360> had<00:06:51.570> to<00:06:51.690> hunt<00:06:51.840> online<00:06:52.290> I'm<00:06:52.860> not<00:06:53.070> sure 00:06:53.210 --> 00:06:53.220 align:start position:0% all had to hunt online I'm not sure 00:06:53.220 --> 00:06:55.250 align:start position:0% all had to hunt online I'm not sure what's<00:06:53.400> happening<00:06:53.490> with<00:06:53.850> my<00:06:53.970> pictures<00:06:54.450> when 00:06:55.250 --> 00:06:55.260 align:start position:0% what's happening with my pictures when 00:06:55.260 --> 00:06:57.470 align:start position:0% what's happening with my pictures when we<00:06:55.380> had<00:06:55.560> had<00:06:55.950> to<00:06:55.980> hunt<00:06:56.340> online<00:06:56.790> for<00:06:57.180> these 00:06:57.470 --> 00:06:57.480 align:start position:0% we had had to hunt online for these 00:06:57.480 --> 00:06:58.100 align:start position:0% we had had to hunt online for these things 00:06:58.100 --> 00:06:58.110 align:start position:0% things 00:06:58.110 --> 00:07:00.380 align:start position:0% things okay<00:06:58.560> whatever<00:06:58.710> GPUs<00:06:59.310> and<00:06:59.610> then<00:07:00.120> they<00:07:00.210> became 00:07:00.380 --> 00:07:00.390 align:start position:0% okay whatever GPUs and then they became 00:07:00.390 --> 00:07:02.930 align:start position:0% okay whatever GPUs and then they became really<00:07:00.630> expensive<00:07:00.930> and<00:07:01.440> people<00:07:02.070> tried<00:07:02.280> FPGAs 00:07:02.930 --> 00:07:02.940 align:start position:0% really expensive and people tried FPGAs 00:07:02.940 --> 00:07:06.320 align:start position:0% really expensive and people tried FPGAs then<00:07:03.360> people<00:07:03.840> tried<00:07:04.110> these<00:07:04.830> things<00:07:05.090> one<00:07:06.090> of<00:07:06.120> my 00:07:06.320 --> 00:07:06.330 align:start position:0% then people tried these things one of my 00:07:06.330 --> 00:07:07.730 align:start position:0% then people tried these things one of my colleagues<00:07:06.570> has<00:07:06.810> an<00:07:06.900> interesting<00:07:07.110> story<00:07:07.590> they 00:07:07.730 --> 00:07:07.740 align:start position:0% colleagues has an interesting story they 00:07:07.740 --> 00:07:10.360 align:start position:0% colleagues has an interesting story they were<00:07:07.800> redoing<00:07:08.310> the<00:07:08.610> data<00:07:08.910> center<00:07:09.360> at<00:07:09.510> CMU<00:07:10.110> and 00:07:10.360 --> 00:07:10.370 align:start position:0% were redoing the data center at CMU and 00:07:10.370 --> 00:07:12.680 align:start position:0% were redoing the data center at CMU and underneath<00:07:11.370> the<00:07:11.550> floorboards<00:07:12.210> of<00:07:12.360> the<00:07:12.510> data 00:07:12.680 --> 00:07:12.690 align:start position:0% underneath the floorboards of the data 00:07:12.690 --> 00:07:14.660 align:start position:0% underneath the floorboards of the data center<00:07:13.140> they<00:07:13.470> found<00:07:13.770> another<00:07:14.130> data<00:07:14.400> center 00:07:14.660 --> 00:07:14.670 align:start position:0% center they found another data center 00:07:14.670 --> 00:07:19.940 align:start position:0% center they found another data center that<00:07:15.390> was<00:07:15.570> mining<00:07:15.930> Bitcoin<00:07:16.320> and<00:07:17.810> so<00:07:18.810> but<00:07:19.800> this 00:07:19.940 --> 00:07:19.950 align:start position:0% that was mining Bitcoin and so but this 00:07:19.950 --> 00:07:23.750 align:start position:0% that was mining Bitcoin and so but this gave<00:07:20.220> way<00:07:20.460> to<00:07:21.470> as<00:07:22.470> you<00:07:22.620> read<00:07:22.830> in<00:07:23.040> the<00:07:23.160> famous 00:07:23.750 --> 00:07:23.760 align:start position:0% gave way to as you read in the famous 00:07:23.760 --> 00:07:25.190 align:start position:0% gave way to as you read in the famous New<00:07:24.000> York<00:07:24.180> Times<00:07:24.420> article<00:07:24.600> of<00:07:24.930> the 00:07:25.190 --> 00:07:25.200 align:start position:0% New York Times article of the 00:07:25.200 --> 00:07:27.650 align:start position:0% New York Times article of the fly-by-night<00:07:26.100> operations<00:07:26.700> in<00:07:26.850> China<00:07:26.880> that 00:07:27.650 --> 00:07:27.660 align:start position:0% fly-by-night operations in China that 00:07:27.660 --> 00:07:29.810 align:start position:0% fly-by-night operations in China that were<00:07:27.810> doing<00:07:27.990> mining<00:07:28.770> at<00:07:28.920> you<00:07:29.280> know<00:07:29.400> in<00:07:29.550> like 00:07:29.810 --> 00:07:29.820 align:start position:0% were doing mining at you know in like 00:07:29.820 --> 00:07:31.670 align:start position:0% were doing mining at you know in like makeshift<00:07:30.210> locations<00:07:30.780> and<00:07:30.960> they<00:07:31.410> got 00:07:31.670 --> 00:07:31.680 align:start position:0% makeshift locations and they got 00:07:31.680 --> 00:07:33.890 align:start position:0% makeshift locations and they got suddenly<00:07:32.220> more<00:07:32.610> professionalized<00:07:33.300> there's 00:07:33.890 --> 00:07:33.900 align:start position:0% suddenly more professionalized there's 00:07:33.900 --> 00:07:34.970 align:start position:0% suddenly more professionalized there's nothing<00:07:34.260> China<00:07:34.500> there's<00:07:34.800> another 00:07:34.970 --> 00:07:34.980 align:start position:0% nothing China there's another 00:07:34.980 --> 00:07:37.040 align:start position:0% nothing China there's another installation<00:07:35.370> but<00:07:36.210> but<00:07:36.750> then<00:07:36.900> ultimately 00:07:37.040 --> 00:07:37.050 align:start position:0% installation but but then ultimately 00:07:37.050 --> 00:07:39.320 align:start position:0% installation but but then ultimately turned<00:07:37.650> into<00:07:37.860> this<00:07:38.100> this<00:07:38.580> is<00:07:38.790> the<00:07:38.910> state<00:07:39.150> of 00:07:39.320 --> 00:07:39.330 align:start position:0% turned into this this is the state of 00:07:39.330 --> 00:07:40.970 align:start position:0% turned into this this is the state of mining<00:07:39.720> right<00:07:39.870> so<00:07:40.050> this<00:07:40.200> is<00:07:40.260> I<00:07:40.410> think<00:07:40.620> a<00:07:40.830> bit 00:07:40.970 --> 00:07:40.980 align:start position:0% mining right so this is I think a bit 00:07:40.980 --> 00:07:44.570 align:start position:0% mining right so this is I think a bit theory<00:07:41.480> water-cooled<00:07:42.480> set<00:07:42.990> up<00:07:43.200> and<00:07:43.520> these<00:07:44.520> are 00:07:44.570 --> 00:07:44.580 align:start position:0% theory water-cooled set up and these are 00:07:44.580 --> 00:07:46.340 align:start position:0% theory water-cooled set up and these are professional<00:07:45.210> transaction<00:07:45.810> processing 00:07:46.340 --> 00:07:46.350 align:start position:0% professional transaction processing 00:07:46.350 --> 00:07:47.960 align:start position:0% professional transaction processing machines<00:07:46.800> type<00:07:47.160> things<00:07:47.490> but<00:07:47.610> they're<00:07:47.850> not 00:07:47.960 --> 00:07:47.970 align:start position:0% machines type things but they're not 00:07:47.970 --> 00:07:50.060 align:start position:0% machines type things but they're not really<00:07:48.210> processing<00:07:49.020> transactions<00:07:49.650> they 00:07:50.060 --> 00:07:50.070 align:start position:0% really processing transactions they 00:07:50.070 --> 00:07:52.520 align:start position:0% really processing transactions they never<00:07:50.400> touch<00:07:50.730> a<00:07:50.760> transaction<00:07:51.570> I'm<00:07:51.990> sure 00:07:52.520 --> 00:07:52.530 align:start position:0% never touch a transaction I'm sure 00:07:52.530 --> 00:07:54.380 align:start position:0% never touch a transaction I'm sure everybody<00:07:52.950> here<00:07:53.100> realizes<00:07:53.460> this<00:07:53.670> the<00:07:54.030> public 00:07:54.380 --> 00:07:54.390 align:start position:0% everybody here realizes this the public 00:07:54.390 --> 00:07:56.360 align:start position:0% everybody here realizes this the public at<00:07:54.510> large<00:07:54.540> does<00:07:55.080> not<00:07:55.320> they<00:07:55.710> think<00:07:56.040> that<00:07:56.220> these 00:07:56.360 --> 00:07:56.370 align:start position:0% at large does not they think that these 00:07:56.370 --> 00:07:57.590 align:start position:0% at large does not they think that these things<00:07:56.610> are<00:07:56.790> actually<00:07:56.940> touching<00:07:57.480> or 00:07:57.590 --> 00:07:57.600 align:start position:0% things are actually touching or 00:07:57.600 --> 00:07:59.390 align:start position:0% things are actually touching or validating<00:07:58.200> transactions<00:07:58.800> they<00:07:58.950> are<00:07:59.070> not 00:07:59.390 --> 00:07:59.400 align:start position:0% validating transactions they are not 00:07:59.400 --> 00:08:01.070 align:start position:0% validating transactions they are not they're<00:07:59.730> all<00:07:59.760> they're<00:08:00.120> doing<00:08:00.420> is<00:08:00.720> trying<00:08:00.930> to 00:08:01.070 --> 00:08:01.080 align:start position:0% they're all they're doing is trying to 00:08:01.080 --> 00:08:03.380 align:start position:0% they're all they're doing is trying to win<00:08:01.290> the<00:08:01.470> lottery<00:08:01.650> so<00:08:02.220> they<00:08:02.340> can<00:08:02.520> say<00:08:02.670> I<00:08:02.850> am<00:08:03.210> the 00:08:03.380 --> 00:08:03.390 align:start position:0% win the lottery so they can say I am the 00:08:03.390 --> 00:08:05.030 align:start position:0% win the lottery so they can say I am the one<00:08:03.540> who<00:08:03.960> determines<00:08:04.500> what's<00:08:04.650> happened<00:08:04.980> in 00:08:05.030 --> 00:08:05.040 align:start position:0% one who determines what's happened in 00:08:05.040 --> 00:08:07.490 align:start position:0% one who determines what's happened in the<00:08:05.100> last<00:08:05.160> 10<00:08:05.460> minutes<00:08:05.750> so<00:08:06.750> why<00:08:06.930> are<00:08:07.170> we<00:08:07.320> doing 00:08:07.490 --> 00:08:07.500 align:start position:0% the last 10 minutes so why are we doing 00:08:07.500 --> 00:08:12.170 align:start position:0% the last 10 minutes so why are we doing this<00:08:09.020> because<00:08:10.020> okay<00:08:10.950> we<00:08:11.160> need<00:08:11.430> this<00:08:11.670> Hardware 00:08:12.170 --> 00:08:12.180 align:start position:0% this because okay we need this Hardware 00:08:12.180 --> 00:08:13.550 align:start position:0% this because okay we need this Hardware because<00:08:12.630> of<00:08:12.810> the<00:08:12.900> way<00:08:13.020> the<00:08:13.170> Nakamoto 00:08:13.550 --> 00:08:13.560 align:start position:0% because of the way the Nakamoto 00:08:13.560 --> 00:08:16.190 align:start position:0% because of the way the Nakamoto consensus<00:08:14.340> protocol<00:08:14.700> operates<00:08:15.180> it<00:08:15.690> ensures 00:08:16.190 --> 00:08:16.200 align:start position:0% consensus protocol operates it ensures 00:08:16.200 --> 00:08:18.350 align:start position:0% consensus protocol operates it ensures that<00:08:16.230> a<00:08:16.470> single<00:08:16.890> participant<00:08:17.360> cannot 00:08:18.350 --> 00:08:18.360 align:start position:0% that a single participant cannot 00:08:18.360 --> 00:08:20.750 align:start position:0% that a single participant cannot masquerade<00:08:19.020> as<00:08:19.260> an<00:08:19.410> others<00:08:19.980> if<00:08:20.250> I<00:08:20.370> were<00:08:20.550> to 00:08:20.750 --> 00:08:20.760 align:start position:0% masquerade as an others if I were to 00:08:20.760 --> 00:08:23.510 align:start position:0% masquerade as an others if I were to sort<00:08:21.210> of<00:08:21.830> pester<00:08:22.830> you<00:08:22.980> with<00:08:23.100> a<00:08:23.130> gazillion 00:08:23.510 --> 00:08:23.520 align:start position:0% sort of pester you with a gazillion 00:08:23.520 --> 00:08:25.700 align:start position:0% sort of pester you with a gazillion crossword<00:08:24.270> puzzles<00:08:24.720> you'd<00:08:25.110> only<00:08:25.290> be<00:08:25.500> able<00:08:25.530> to 00:08:25.700 --> 00:08:25.710 align:start position:0% crossword puzzles you'd only be able to 00:08:25.710 --> 00:08:27.290 align:start position:0% crossword puzzles you'd only be able to solve<00:08:25.950> them<00:08:26.160> at<00:08:26.250> a<00:08:26.280> particular<00:08:26.730> rate<00:08:27.060> and 00:08:27.290 --> 00:08:27.300 align:start position:0% solve them at a particular rate and 00:08:27.300 --> 00:08:29.750 align:start position:0% solve them at a particular rate and therefore<00:08:27.990> you<00:08:28.140> would<00:08:28.260> not<00:08:28.290> be<00:08:28.560> able<00:08:28.650> to<00:08:28.800> claim 00:08:29.750 --> 00:08:29.760 align:start position:0% therefore you would not be able to claim 00:08:29.760 --> 00:08:31.959 align:start position:0% therefore you would not be able to claim that<00:08:30.030> you're<00:08:30.210> a<00:08:30.240> million<00:08:30.570> other<00:08:30.750> people 00:08:31.959 --> 00:08:31.969 align:start position:0% that you're a million other people 00:08:31.969 --> 00:08:34.130 align:start position:0% that you're a million other people million<00:08:32.969> other<00:08:33.090> people<00:08:33.390> that's<00:08:33.660> that's<00:08:33.900> the 00:08:34.130 --> 00:08:34.140 align:start position:0% million other people that's that's the 00:08:34.140 --> 00:08:37.159 align:start position:0% million other people that's that's the civil<00:08:34.500> control<00:08:34.979> problem<00:08:35.430> it<00:08:35.700> is<00:08:36.150> not<00:08:36.390> there<00:08:36.840> to 00:08:37.159 --> 00:08:37.169 align:start position:0% civil control problem it is not there to 00:08:37.169 --> 00:08:39.290 align:start position:0% civil control problem it is not there to try<00:08:37.380> to<00:08:37.410> establish<00:08:37.710> consensus<00:08:38.700> it<00:08:38.880> is<00:08:39.000> solely 00:08:39.290 --> 00:08:39.300 align:start position:0% try to establish consensus it is solely 00:08:39.300 --> 00:08:41.450 align:start position:0% try to establish consensus it is solely there<00:08:39.719> to<00:08:40.140> make<00:08:40.320> sure<00:08:40.349> you<00:08:40.740> don't<00:08:40.919> pretend<00:08:41.310> to 00:08:41.450 --> 00:08:41.460 align:start position:0% there to make sure you don't pretend to 00:08:41.460 --> 00:08:43.730 align:start position:0% there to make sure you don't pretend to be<00:08:41.580> who<00:08:41.760> you're<00:08:41.969> not<00:08:42.150> okay<00:08:42.660> simple<00:08:43.169> control<00:08:43.560> is 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align:start position:0% longest chain rule that's what allows people<00:08:50.970> to<00:08:51.150> snap<00:08:51.600> onto<00:08:51.900> the<00:08:52.140> same<00:08:52.350> reality 00:08:52.960 --> 00:08:52.970 align:start position:0% people to snap onto the same reality 00:08:52.970 --> 00:08:55.660 align:start position:0% people to snap onto the same reality the<00:08:53.360> longest<00:08:53.780> hardest<00:08:53.990> chain<00:08:54.410> rule<00:08:54.650> it<00:08:55.220> is<00:08:55.430> not 00:08:55.660 --> 00:08:55.670 align:start position:0% the longest hardest chain rule it is not 00:08:55.670 --> 00:08:59.110 align:start position:0% the longest hardest chain rule it is not the<00:08:56.030> proof-of-work<00:08:56.420> side<00:08:56.870> of<00:08:57.020> things<00:08:57.400> so<00:08:58.400> in 00:08:59.110 --> 00:08:59.120 align:start position:0% the proof-of-work side of things so in 00:08:59.120 --> 00:09:01.120 align:start position:0% the proof-of-work side of things so in addition<00:08:59.450> the<00:08:59.810> investment<00:09:00.380> ensures<00:09:00.770> that<00:09:00.890> the 00:09:01.120 --> 00:09:01.130 align:start position:0% addition the investment ensures that the 00:09:01.130 --> 00:09:04.060 align:start position:0% addition the investment ensures that the miners<00:09:01.520> will<00:09:01.670> seek<00:09:01.940> to<00:09:01.970> maximize<00:09:02.660> the<00:09:03.320> long 00:09:04.060 --> 00:09:04.070 align:start position:0% miners will seek to maximize the long 00:09:04.070 --> 00:09:05.950 align:start position:0% miners will seek to maximize the long and<00:09:04.340> short<00:09:04.400> term<00:09:04.820> value<00:09:05.270> of<00:09:05.420> the<00:09:05.540> coin<00:09:05.720> they're 00:09:05.950 --> 00:09:05.960 align:start position:0% and short term value of the coin they're 00:09:05.960 --> 00:09:08.710 align:start position:0% and short term value of the coin they're there<00:09:06.170> to<00:09:06.380> try<00:09:06.560> to<00:09:06.590> sort<00:09:06.980> of<00:09:07.090> ensure<00:09:08.090> that<00:09:08.300> you 00:09:08.710 --> 00:09:08.720 align:start position:0% there to try to sort of ensure that you 00:09:08.720 --> 00:09:10.060 align:start position:0% there to try to sort of ensure that you know<00:09:08.810> that<00:09:09.020> their<00:09:09.200> incentives<00:09:09.740> are<00:09:09.800> aligned 00:09:10.060 --> 00:09:10.070 align:start position:0% know that their incentives are aligned 00:09:10.070 --> 00:09:12.730 align:start position:0% know that their incentives are aligned with<00:09:10.130> everyone<00:09:10.550> else<00:09:10.730> I<00:09:11.200> would<00:09:12.200> like<00:09:12.230> to<00:09:12.560> note 00:09:12.730 --> 00:09:12.740 align:start position:0% with everyone else I would like to note 00:09:12.740 --> 00:09:15.220 align:start position:0% with everyone else I would like to note that<00:09:12.770> hardware<00:09:13.610> is<00:09:13.640> simply<00:09:14.420> a<00:09:14.450> specialized 00:09:15.220 --> 00:09:15.230 align:start position:0% that hardware is simply a specialized 00:09:15.230 --> 00:09:18.610 align:start position:0% that hardware is simply a specialized kind<00:09:15.530> of<00:09:15.710> state<00:09:16.070> at<00:09:16.580> stake<00:09:17.080> okay<00:09:18.080> it's<00:09:18.290> just 00:09:18.610 --> 00:09:18.620 align:start position:0% kind of state at stake okay it's just 00:09:18.620 --> 00:09:20.140 align:start position:0% kind of state at stake okay it's just like<00:09:18.800> it's<00:09:18.980> one<00:09:19.160> way<00:09:19.370> of<00:09:19.400> assuring<00:09:19.670> that<00:09:19.970> you 00:09:20.140 --> 00:09:20.150 align:start position:0% like it's one way of assuring that you 00:09:20.150 --> 00:09:22.030 align:start position:0% like it's one way of assuring that you have<00:09:20.240> skin<00:09:20.570> in<00:09:20.690> the<00:09:20.720> game<00:09:20.840> but<00:09:21.530> it's<00:09:21.710> a<00:09:21.800> very 00:09:22.030 --> 00:09:22.040 align:start position:0% have skin in the game but it's a very 00:09:22.040 --> 00:09:23.830 align:start position:0% have skin in the game but it's a very specialized<00:09:22.760> way<00:09:22.970> of<00:09:23.120> ensuring<00:09:23.540> the<00:09:23.630> chip 00:09:23.830 --> 00:09:23.840 align:start position:0% specialized way of ensuring the chip 00:09:23.840 --> 00:09:25.630 align:start position:0% specialized way of ensuring the chip stays<00:09:24.080> skin<00:09:24.440> in<00:09:24.560> the<00:09:24.650> game<00:09:24.680> its<00:09:25.280> its 00:09:25.630 --> 00:09:25.640 align:start position:0% stays skin in the game its its 00:09:25.640 --> 00:09:27.550 align:start position:0% stays skin in the game its its production<00:09:26.300> is<00:09:26.390> monopolized<00:09:26.990> by<00:09:27.110> a<00:09:27.230> few 00:09:27.550 --> 00:09:27.560 align:start position:0% production is monopolized by a few 00:09:27.560 --> 00:09:29.560 align:start position:0% production is monopolized by a few manufacturers<00:09:28.070> nobody<00:09:29.030> in<00:09:29.120> this<00:09:29.210> room<00:09:29.270> I 00:09:29.560 --> 00:09:29.570 align:start position:0% manufacturers nobody in this room I 00:09:29.570 --> 00:09:31.540 align:start position:0% manufacturers nobody in this room I suspect<00:09:29.780> knows<00:09:30.590> except<00:09:31.040> maybe<00:09:31.160> a<00:09:31.280> couple<00:09:31.460> of 00:09:31.540 --> 00:09:31.550 align:start position:0% suspect knows except maybe a couple of 00:09:31.550 --> 00:09:33.610 align:start position:0% suspect knows except maybe a couple of people<00:09:31.700> know<00:09:32.300> how<00:09:32.510> to<00:09:32.570> actually<00:09:32.900> build<00:09:33.230> these 00:09:33.610 --> 00:09:33.620 align:start position:0% people know how to actually build these 00:09:33.620 --> 00:09:35.710 align:start position:0% people know how to actually build these things<00:09:33.830> at<00:09:34.040> scale<00:09:34.310> and<00:09:34.610> then<00:09:35.090> make<00:09:35.270> them<00:09:35.480> fast 00:09:35.710 --> 00:09:35.720 align:start position:0% things at scale and then make them fast 00:09:35.720 --> 00:09:39.310 align:start position:0% things at scale and then make them fast and<00:09:36.190> and<00:09:37.190> most<00:09:37.730> importantly<00:09:38.360> being<00:09:38.720> able<00:09:38.990> to 00:09:39.310 --> 00:09:39.320 align:start position:0% and and most importantly being able to 00:09:39.320 --> 00:09:42.010 align:start position:0% and and most importantly being able to procure<00:09:40.190> hardware<00:09:40.760> and<00:09:41.000> run<00:09:41.300> it<00:09:41.480> effectively 00:09:42.010 --> 00:09:42.020 align:start position:0% procure hardware and run it effectively 00:09:42.020 --> 00:09:44.920 align:start position:0% procure hardware and run it effectively has<00:09:42.590> absolutely<00:09:43.490> nothing<00:09:43.910> to<00:09:44.180> do<00:09:44.900> with 00:09:44.920 --> 00:09:44.930 align:start position:0% has absolutely nothing to do with 00:09:44.930 --> 00:09:47.680 align:start position:0% has absolutely nothing to do with ordering<00:09:45.770> transactions<00:09:46.580> one<00:09:47.240> of<00:09:47.390> them<00:09:47.540> is<00:09:47.660> a 00:09:47.680 --> 00:09:47.690 align:start position:0% ordering transactions one of them is a 00:09:47.690 --> 00:09:49.900 align:start position:0% ordering transactions one of them is a capex<00:09:48.200> effects<00:09:48.590> management<00:09:49.130> problem<00:09:49.490> the 00:09:49.900 --> 00:09:49.910 align:start position:0% capex effects management problem the 00:09:49.910 --> 00:09:53.260 align:start position:0% capex effects management problem the other<00:09:49.940> is<00:09:50.330> a<00:09:50.510> serialization<00:09:51.050> problem<00:09:51.650> so<00:09:52.400> so 00:09:53.260 --> 00:09:53.270 align:start position:0% other is a serialization problem so so 00:09:53.270 --> 00:09:55.210 align:start position:0% other is a serialization problem so so that<00:09:53.420> is<00:09:53.450> one<00:09:53.990> of<00:09:54.110> the<00:09:54.230> main<00:09:54.440> issues<00:09:54.710> that's 00:09:55.210 --> 00:09:55.220 align:start position:0% that is one of the main issues that's 00:09:55.220 --> 00:09:56.620 align:start position:0% that is one of the main issues that's going<00:09:55.460> to<00:09:55.580> be<00:09:55.700> this<00:09:55.850> has<00:09:56.060> been<00:09:56.270> in<00:09:56.390> the<00:09:56.480> back<00:09:56.600> of 00:09:56.620 --> 00:09:56.630 align:start position:0% going to be this has been in the back of 00:09:56.630 --> 00:09:58.240 align:start position:0% going to be this has been in the back of my<00:09:56.900> mind<00:09:57.080> for<00:09:57.320> a<00:09:57.350> bunch<00:09:57.560> of<00:09:57.650> time<00:09:57.830> now<00:09:58.040> that 00:09:58.240 --> 00:09:58.250 align:start position:0% my mind for a bunch of time now that 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two and 00:10:05.960 --> 00:10:07.660 align:start position:0% looked at over I think a span of two and a<00:10:05.990> half<00:10:06.140> years<00:10:06.470> what<00:10:06.710> happened<00:10:07.100> to<00:10:07.190> hash<00:10:07.400> power 00:10:07.660 --> 00:10:07.670 align:start position:0% a half years what happened to hash power 00:10:07.670 --> 00:10:10.360 align:start position:0% a half years what happened to hash power in<00:10:08.270> Bitcoin<00:10:08.900> and<00:10:09.050> aetherium<00:10:09.560> this<00:10:10.010> is<00:10:10.100> a<00:10:10.130> paper 00:10:10.360 --> 00:10:10.370 align:start position:0% in Bitcoin and aetherium this is a paper 00:10:10.370 --> 00:10:12.550 align:start position:0% in Bitcoin and aetherium this is a paper that<00:10:10.670> came<00:10:10.820> out<00:10:10.940> a<00:10:11.000> while<00:10:11.210> ago<00:10:11.540> and<00:10:11.780> so<00:10:12.350> this 00:10:12.550 --> 00:10:12.560 align:start position:0% that came out a while ago and so this 00:10:12.560 --> 00:10:15.790 align:start position:0% that came out a while ago and so this shows<00:10:12.970> each<00:10:13.970> each<00:10:14.390> cluster<00:10:14.810> of<00:10:15.140> bars<00:10:15.410> is<00:10:15.650> the 00:10:15.790 --> 00:10:15.800 align:start position:0% shows each each cluster of bars is the 00:10:15.800 --> 00:10:17.770 align:start position:0% shows each each cluster of bars is the is<00:10:16.040> the<00:10:16.160> hash<00:10:16.340> rate<00:10:16.520> of<00:10:16.700> a<00:10:16.790> single<00:10:17.210> single 00:10:17.770 --> 00:10:17.780 align:start position:0% is the hash rate of a single single 00:10:17.780 --> 00:10:19.420 align:start position:0% is the hash rate of a single single miner<00:10:17.990> you<00:10:18.230> can<00:10:18.380> see<00:10:18.560> it<00:10:18.680> change<00:10:18.920> over<00:10:19.250> time 00:10:19.420 --> 00:10:19.430 align:start position:0% miner you can see it change over time 00:10:19.430 --> 00:10:21.880 align:start position:0% miner you can see it change over time and<00:10:19.820> you<00:10:20.330> can<00:10:20.510> see<00:10:20.750> what<00:10:21.200> has<00:10:21.380> happened<00:10:21.800> in 00:10:21.880 --> 00:10:21.890 align:start position:0% and you can see what has happened in 00:10:21.890 --> 00:10:23.800 align:start position:0% and you can see what has happened in both<00:10:22.040> the<00:10:22.220> theorem<00:10:22.520> and<00:10:22.640> Bitcoin<00:10:23.030> and<00:10:23.330> I<00:10:23.570> think 00:10:23.800 --> 00:10:23.810 align:start position:0% both the theorem and Bitcoin and I think 00:10:23.810 --> 00:10:25.270 align:start position:0% both the theorem and Bitcoin and I think the<00:10:23.900> most<00:10:24.080> important<00:10:24.620> thing<00:10:24.770> to<00:10:24.920> take<00:10:24.950> away 00:10:25.270 --> 00:10:25.280 align:start position:0% the most important thing to take away 00:10:25.280 --> 00:10:27.250 align:start position:0% the most important thing to take away from<00:10:25.370> this<00:10:25.820> graph<00:10:26.120> is<00:10:26.390> the<00:10:26.600> fact<00:10:26.990> that<00:10:27.050> I<00:10:27.230> only 00:10:27.250 --> 00:10:27.260 align:start position:0% from this graph is the fact that I only 00:10:27.260 --> 00:10:31.180 align:start position:0% from this graph is the fact that I only have<00:10:27.590> 20<00:10:28.270> okay<00:10:29.270> I<00:10:29.510> don't<00:10:29.870> have<00:10:30.320> more<00:10:30.590> than<00:10:30.770> 20 00:10:31.180 --> 00:10:31.190 align:start position:0% have 20 okay I don't have more than 20 00:10:31.190 --> 00:10:32.830 align:start position:0% have 20 okay I don't have more than 20 miners<00:10:31.550> that<00:10:31.700> I<00:10:31.790> need<00:10:32.000> to<00:10:32.150> show<00:10:32.330> to<00:10:32.360> you 00:10:32.830 --> 00:10:32.840 align:start position:0% miners that I need to show to you 00:10:32.840 --> 00:10:35.530 align:start position:0% miners that I need to show to you so<00:10:33.290> the<00:10:33.860> entirety<00:10:34.310> of<00:10:34.640> the<00:10:34.880> management<00:10:35.210> of<00:10:35.420> the 00:10:35.530 --> 00:10:35.540 align:start position:0% so the entirety of the management of the 00:10:35.540 --> 00:10:37.870 align:start position:0% so the entirety of the management of the blockchain<00:10:36.050> is<00:10:36.430> essentially<00:10:37.430> in<00:10:37.520> the<00:10:37.610> hands 00:10:37.870 --> 00:10:37.880 align:start position:0% blockchain is essentially in the hands 00:10:37.880 --> 00:10:39.520 align:start position:0% blockchain is essentially in the hands of<00:10:37.970> these<00:10:38.060> people<00:10:38.120> here<00:10:38.900> is<00:10:39.020> the<00:10:39.110> same<00:10:39.320> data 00:10:39.520 --> 00:10:39.530 align:start position:0% of these people here is the same data 00:10:39.530 --> 00:10:41.950 align:start position:0% of these people here is the same data shown<00:10:39.890> differently<00:10:40.430> you<00:10:41.330> can<00:10:41.390> see<00:10:41.720> that<00:10:41.870> about 00:10:41.950 --> 00:10:41.960 align:start position:0% shown differently you can see that about 00:10:41.960 --> 00:10:44.200 align:start position:0% shown differently you can see that about a<00:10:42.320> hundred<00:10:42.680> percent<00:10:42.860> of<00:10:43.220> the<00:10:43.370> of<00:10:43.730> the<00:10:43.940> almost 00:10:44.200 --> 00:10:44.210 align:start position:0% a hundred percent of the of the almost 00:10:44.210 --> 00:10:46.240 align:start position:0% a hundred percent of the of the almost 99<00:10:44.839> point<00:10:45.080> something<00:10:45.170> percent<00:10:45.500> of<00:10:45.950> the<00:10:46.070> hash 00:10:46.240 --> 00:10:46.250 align:start position:0% 99 point something percent of the hash 00:10:46.250 --> 00:10:48.040 align:start position:0% 99 point something percent of the hash power<00:10:46.490> is<00:10:46.700> in<00:10:46.820> the<00:10:46.910> hands<00:10:47.150> of<00:10:47.210> 20<00:10:47.630> or<00:10:47.810> fewer 00:10:48.040 --> 00:10:48.050 align:start position:0% power is in the hands of 20 or fewer 00:10:48.050 --> 00:10:52.930 align:start position:0% power is in the hands of 20 or fewer entities<00:10:48.680> and<00:10:50.170> for<00:10:51.250> let's<00:10:52.250> see<00:10:52.520> I<00:10:52.550> think<00:10:52.700> I 00:10:52.930 --> 00:10:52.940 align:start position:0% entities and for let's see I think I 00:10:52.940 --> 00:10:55.600 align:start position:0% entities and for let's see I think I have<00:10:53.060> some<00:10:53.270> numbers<00:10:53.810> here<00:10:54.250> eleven<00:10:55.250> mining 00:10:55.600 --> 00:10:55.610 align:start position:0% have some numbers here eleven mining 00:10:55.610 --> 00:10:58.000 align:start position:0% have some numbers here eleven mining pools<00:10:55.880> in<00:10:56.150> Bitcoin<00:10:56.630> seven<00:10:57.290> mining<00:10:57.620> pools<00:10:57.830> and 00:10:58.000 --> 00:10:58.010 align:start position:0% pools in Bitcoin seven mining pools and 00:10:58.010 --> 00:11:00.640 align:start position:0% pools in Bitcoin seven mining pools and aetherium<00:10:58.310> control<00:10:58.880> 90%<00:10:59.330> of<00:10:59.870> the<00:10:59.930> of<00:11:00.260> the<00:11:00.440> hash 00:11:00.640 --> 00:11:00.650 align:start position:0% aetherium control 90% of the of the hash 00:11:00.650 --> 00:11:04.329 align:start position:0% aetherium control 90% of the of the hash power<00:11:00.890> if<00:11:01.850> you<00:11:02.000> look<00:11:02.270> at<00:11:02.420> the<00:11:02.510> 50%<00:11:02.990> value<00:11:03.680> it's 00:11:04.329 --> 00:11:04.339 align:start position:0% power if you look at the 50% value it's 00:11:04.339 --> 00:11:06.700 align:start position:0% power if you look at the 50% value it's 4<00:11:04.970> for<00:11:05.270> Bitcoin<00:11:05.720> 3<00:11:05.930> for<00:11:06.140> aetherium 00:11:06.700 --> 00:11:06.710 align:start position:0% 4 for Bitcoin 3 for aetherium 00:11:06.710 --> 00:11:08.560 align:start position:0% 4 for Bitcoin 3 for aetherium of<00:11:06.860> that<00:11:07.040> time<00:11:07.310> this<00:11:07.550> has<00:11:07.700> gotten<00:11:08.000> worse<00:11:08.180> this 00:11:08.560 --> 00:11:08.570 align:start position:0% of that time this has gotten worse this 00:11:08.570 --> 00:11:10.240 align:start position:0% of that time this has gotten worse this is<00:11:08.750> like<00:11:08.930> a<00:11:08.960> year<00:11:09.230> and<00:11:09.350> a<00:11:09.410> half<00:11:09.560> ago<00:11:09.680> stated 00:11:10.240 --> 00:11:10.250 align:start position:0% is like a year and a half ago stated 00:11:10.250 --> 00:11:13.750 align:start position:0% is like a year and a half ago stated stuff<00:11:10.490> so<00:11:11.420> I<00:11:12.220> posit<00:11:13.220> to<00:11:13.370> you<00:11:13.460> that<00:11:13.640> the 00:11:13.750 --> 00:11:13.760 align:start position:0% stuff so I posit to you that the 00:11:13.760 --> 00:11:15.850 align:start position:0% stuff so I posit to you that the Byzantine<00:11:14.240> quorum<00:11:14.690> system<00:11:15.050> with<00:11:15.230> 20<00:11:15.590> nodes 00:11:15.850 --> 00:11:15.860 align:start position:0% Byzantine quorum system with 20 nodes 00:11:15.860 --> 00:11:17.520 align:start position:0% Byzantine quorum system with 20 nodes would<00:11:16.190> have<00:11:16.340> been<00:11:16.490> much<00:11:16.700> more<00:11:16.730> decentralized 00:11:17.520 --> 00:11:17.530 align:start position:0% would have been much more decentralized 00:11:17.530 --> 00:11:19.900 align:start position:0% would have been much more decentralized yes<00:11:18.530> which<00:11:18.920> a<00:11:19.040> lot<00:11:19.190> of<00:11:19.310> people<00:11:19.550> make<00:11:19.700> fun<00:11:19.850> of 00:11:19.900 --> 00:11:19.910 align:start position:0% yes which a lot of people make fun of 00:11:19.910 --> 00:11:22.300 align:start position:0% yes which a lot of people make fun of for<00:11:20.180> various<00:11:20.450> different<00:11:20.780> things<00:11:20.810> is<00:11:21.290> 21<00:11:22.040> block 00:11:22.300 --> 00:11:22.310 align:start position:0% for various different things is 21 block 00:11:22.310 --> 00:11:25.300 align:start position:0% for various different things is 21 block producers<00:11:22.910> okay<00:11:23.660> so<00:11:23.720> so<00:11:24.650> this<00:11:24.830> is<00:11:24.890> kind<00:11:25.220> of 00:11:25.300 --> 00:11:25.310 align:start position:0% producers okay so so this is kind of 00:11:25.310 --> 00:11:25.870 align:start position:0% producers okay so so this is kind of interesting 00:11:25.870 --> 00:11:25.880 align:start position:0% interesting 00:11:25.880 --> 00:11:27.880 align:start position:0% interesting all<00:11:26.030> of<00:11:26.480> this<00:11:26.600> expenditure<00:11:27.290> and<00:11:27.410> for<00:11:27.650> what 00:11:27.880 --> 00:11:27.890 align:start position:0% all of this expenditure and for what 00:11:27.890 --> 00:11:30.460 align:start position:0% all of this expenditure and for what could<00:11:28.580> we<00:11:28.700> not<00:11:28.850> have<00:11:29.030> had<00:11:29.240> this<00:11:29.450> better<00:11:30.020> now<00:11:30.440> I 00:11:30.460 --> 00:11:30.470 align:start position:0% could we not have had this better now I 00:11:30.470 --> 00:11:31.960 align:start position:0% could we not have had this better now I know<00:11:30.650> some<00:11:30.980> of<00:11:31.010> you<00:11:31.190> are<00:11:31.280> going<00:11:31.430> to<00:11:31.550> go<00:11:31.700> wow<00:11:31.910> he 00:11:31.960 --> 00:11:31.970 align:start position:0% know some of you are going to go wow he 00:11:31.970 --> 00:11:33.640 align:start position:0% know some of you are going to go wow he doesn't<00:11:32.450> know<00:11:32.570> what<00:11:32.720> he's<00:11:32.900> talking<00:11:33.290> about<00:11:33.350> bla 00:11:33.640 --> 00:11:33.650 align:start position:0% doesn't know what he's talking about bla 00:11:33.650 --> 00:11:35.590 align:start position:0% doesn't know what he's talking about bla bla<00:11:33.860> bla<00:11:33.980> you<00:11:34.250> know<00:11:34.700> the<00:11:34.940> whatever<00:11:35.330> the 00:11:35.590 --> 00:11:35.600 align:start position:0% bla bla you know the whatever the 00:11:35.600 --> 00:11:36.820 align:start position:0% bla bla you know the whatever the Twitter<00:11:35.810> trolls<00:11:36.170> will<00:11:36.350> come<00:11:36.500> out<00:11:36.650> because 00:11:36.820 --> 00:11:36.830 align:start position:0% Twitter trolls will come out because 00:11:36.830 --> 00:11:38.410 align:start position:0% Twitter trolls will come out because they<00:11:37.010> always<00:11:37.250> do<00:11:37.400> they're<00:11:37.850> going<00:11:38.000> to<00:11:38.090> say<00:11:38.240> oh 00:11:38.410 --> 00:11:38.420 align:start position:0% they always do they're going to say oh 00:11:38.420 --> 00:11:40.750 align:start position:0% they always do they're going to say oh but<00:11:38.750> we<00:11:38.900> have<00:11:38.930> invisible<00:11:39.800> decentralization 00:11:40.750 --> 00:11:40.760 align:start position:0% but we have invisible decentralization 00:11:40.760 --> 00:11:43.060 align:start position:0% but we have invisible decentralization these<00:11:41.480> mining<00:11:42.020> pools<00:11:42.230> are<00:11:42.440> made<00:11:42.620> up<00:11:42.770> of<00:11:42.920> many 00:11:43.060 --> 00:11:43.070 align:start position:0% these mining pools are made up of many 00:11:43.070 --> 00:11:45.790 align:start position:0% these mining pools are made up of many miners<00:11:43.640> and<00:11:43.850> and<00:11:44.690> if<00:11:44.840> the<00:11:44.990> mining<00:11:45.350> mining 00:11:45.790 --> 00:11:45.800 align:start position:0% miners and and if the mining mining 00:11:45.800 --> 00:11:48.040 align:start position:0% miners and and if the mining mining operator<00:11:46.250> were<00:11:46.460> to<00:11:46.640> misbehave<00:11:46.970> then<00:11:47.840> they 00:11:48.040 --> 00:11:48.050 align:start position:0% operator were to misbehave then they 00:11:48.050 --> 00:11:49.360 align:start position:0% operator were to misbehave then they would<00:11:48.230> actually<00:11:48.380> rise<00:11:48.710> up<00:11:48.950> and<00:11:49.130> blah<00:11:49.340> blah 00:11:49.360 --> 00:11:49.370 align:start position:0% would actually rise up and blah blah 00:11:49.370 --> 00:11:50.830 align:start position:0% would actually rise up and blah blah blah<00:11:49.550> there's<00:11:49.910> a<00:11:50.000> whole<00:11:50.150> lot<00:11:50.300> of<00:11:50.330> arguments 00:11:50.830 --> 00:11:50.840 align:start position:0% blah there's a whole lot of arguments 00:11:50.840 --> 00:11:52.410 align:start position:0% blah there's a whole lot of arguments over<00:11:50.930> that<00:11:51.140> I'm<00:11:51.230> not<00:11:51.320> going<00:11:51.440> to<00:11:51.530> repeat<00:11:51.800> them 00:11:52.410 --> 00:11:52.420 align:start position:0% over that I'm not going to repeat them 00:11:52.420 --> 00:11:54.790 align:start position:0% over that I'm not going to repeat them this<00:11:53.420> is<00:11:53.570> the<00:11:53.690> invisible<00:11:54.140> decentralization 00:11:54.790 --> 00:11:54.800 align:start position:0% this is the invisible decentralization 00:11:54.800 --> 00:11:56.860 align:start position:0% this is the invisible decentralization argument<00:11:55.370> as<00:11:55.760> with<00:11:55.970> any<00:11:56.150> sort<00:11:56.450> of<00:11:56.540> invisible 00:11:56.860 --> 00:11:56.870 align:start position:0% argument as with any sort of invisible 00:11:56.870 --> 00:11:59.110 align:start position:0% argument as with any sort of invisible arguments<00:11:57.590> it<00:11:58.070> doesn't<00:11:58.370> hold<00:11:58.490> water<00:11:58.730> if<00:11:59.000> you 00:11:59.110 --> 00:11:59.120 align:start position:0% arguments it doesn't hold water if you 00:11:59.120 --> 00:12:02.200 align:start position:0% arguments it doesn't hold water if you it's<00:11:59.270> just<00:11:59.420> false<00:11:59.690> okay<00:11:59.930> so<00:12:00.650> a<00:12:01.040> pool<00:12:01.490> is<00:12:02.150> a 00:12:02.200 --> 00:12:02.210 align:start position:0% it's just false okay so a pool is a 00:12:02.210 --> 00:12:04.240 align:start position:0% it's just false okay so a pool is a common<00:12:02.810> enterprise<00:12:03.410> okay<00:12:03.890> so<00:12:03.950> these<00:12:04.190> are 00:12:04.240 --> 00:12:04.250 align:start position:0% common enterprise okay so these are 00:12:04.250 --> 00:12:06.190 align:start position:0% common enterprise okay so these are people<00:12:04.550> who<00:12:04.760> have<00:12:05.360> purchased<00:12:05.840> the<00:12:05.930> stake<00:12:06.170> for 00:12:06.190 --> 00:12:06.200 align:start position:0% people who have purchased the stake for 00:12:06.200 --> 00:12:08.290 align:start position:0% people who have purchased the stake for a<00:12:06.440> singular<00:12:06.740> purpose<00:12:06.920> they<00:12:07.790> have<00:12:07.910> a<00:12:07.970> profit 00:12:08.290 --> 00:12:08.300 align:start position:0% a singular purpose they have a profit 00:12:08.300 --> 00:12:10.540 align:start position:0% a singular purpose they have a profit sharing<00:12:08.870> arrangement<00:12:09.500> they<00:12:09.860> are<00:12:10.010> essentially 00:12:10.540 --> 00:12:10.550 align:start position:0% sharing arrangement they are essentially 00:12:10.550 --> 00:12:12.850 align:start position:0% sharing arrangement they are essentially a<00:12:10.580> corporation<00:12:11.300> in<00:12:11.480> every<00:12:11.900> aspect<00:12:12.380> except 00:12:12.850 --> 00:12:12.860 align:start position:0% a corporation in every aspect except 00:12:12.860 --> 00:12:13.810 align:start position:0% a corporation in every aspect except they<00:12:12.980> don't<00:12:13.130> they<00:12:13.370> haven't<00:12:13.610> filed 00:12:13.810 --> 00:12:13.820 align:start position:0% they don't they haven't filed 00:12:13.820 --> 00:12:17.140 align:start position:0% they don't they haven't filed corporation<00:12:14.690> papers<00:12:14.870> okay<00:12:15.260> so<00:12:15.920> why<00:12:16.760> to<00:12:16.820> a 00:12:17.140 --> 00:12:17.150 align:start position:0% corporation papers okay so why to a 00:12:17.150 --> 00:12:19.270 align:start position:0% corporation papers okay so why to a series<00:12:17.780> of<00:12:17.810> libertarians<00:12:18.620> this<00:12:18.860> is<00:12:19.010> actually 00:12:19.270 --> 00:12:19.280 align:start position:0% series of libertarians this is actually 00:12:19.280 --> 00:12:21.070 align:start position:0% series of libertarians this is actually a<00:12:19.310> big<00:12:19.490> deal<00:12:19.520> that<00:12:19.730> oh<00:12:20.090> but<00:12:20.450> they<00:12:20.600> didn't<00:12:20.900> file 00:12:21.070 --> 00:12:21.080 align:start position:0% a big deal that oh but they didn't file 00:12:21.080 --> 00:12:22.780 align:start position:0% a big deal that oh but they didn't file papers<00:12:21.560> and<00:12:21.740> therefore<00:12:22.040> I<00:12:22.220> mean<00:12:22.370> that<00:12:22.490> doesn't 00:12:22.780 --> 00:12:22.790 align:start position:0% papers and therefore I mean that doesn't 00:12:22.790 --> 00:12:24.460 align:start position:0% papers and therefore I mean that doesn't make<00:12:22.850> sense<00:12:22.910> to<00:12:23.180> me<00:12:23.360> I<00:12:23.390> don't<00:12:23.570> understand<00:12:23.960> so 00:12:24.460 --> 00:12:24.470 align:start position:0% make sense to me I don't understand so 00:12:24.470 --> 00:12:27.040 align:start position:0% make sense to me I don't understand so in<00:12:24.650> every<00:12:24.890> in<00:12:25.040> every<00:12:25.210> material<00:12:26.210> way<00:12:26.690> they<00:12:26.900> are 00:12:27.040 --> 00:12:27.050 align:start position:0% in every in every material way they are 00:12:27.050 --> 00:12:28.990 align:start position:0% in every in every material way they are operating<00:12:27.560> together<00:12:27.860> and<00:12:28.160> much<00:12:28.820> more 00:12:28.990 --> 00:12:29.000 align:start position:0% operating together and much more 00:12:29.000 --> 00:12:31.210 align:start position:0% operating together and much more importantly<00:12:29.570> they<00:12:29.960> actually<00:12:30.440> the 00:12:31.210 --> 00:12:31.220 align:start position:0% importantly they actually the 00:12:31.220 --> 00:12:32.560 align:start position:0% importantly they actually the misbehaviour<00:12:31.910> that<00:12:32.060> they<00:12:32.150> would<00:12:32.330> have<00:12:32.420> to 00:12:32.560 --> 00:12:32.570 align:start position:0% misbehaviour that they would have to 00:12:32.570 --> 00:12:35.290 align:start position:0% misbehaviour that they would have to detect<00:12:32.870> is<00:12:33.110> not<00:12:33.320> readily<00:12:33.830> identifiable<00:12:34.580> okay 00:12:35.290 --> 00:12:35.300 align:start position:0% detect is not readily identifiable okay 00:12:35.300 --> 00:12:38.230 align:start position:0% detect is not readily identifiable okay and<00:12:35.540> as<00:12:36.440> a<00:12:36.470> btg<00:12:37.100> got<00:12:37.250> attacked<00:12:37.580> as<00:12:37.760> a<00:12:37.790> result 00:12:38.230 --> 00:12:38.240 align:start position:0% and as a btg got attacked as a result 00:12:38.240 --> 00:12:40.570 align:start position:0% and as a btg got attacked as a result nice<00:12:38.780> hash<00:12:39.050> was<00:12:39.320> used<00:12:39.620> and<00:12:39.920> people<00:12:40.340> who 00:12:40.570 --> 00:12:40.580 align:start position:0% nice hash was used and people who 00:12:40.580 --> 00:12:42.370 align:start position:0% nice hash was used and people who participated<00:12:41.210> in<00:12:41.420> those<00:12:41.540> attacks<00:12:41.930> had<00:12:42.140> no 00:12:42.370 --> 00:12:42.380 align:start position:0% participated in those attacks had no 00:12:42.380 --> 00:12:43.990 align:start position:0% participated in those attacks had no idea<00:12:42.770> that<00:12:42.950> their<00:12:43.100> hash<00:12:43.280> power<00:12:43.520> was<00:12:43.760> being 00:12:43.990 --> 00:12:44.000 align:start position:0% idea that their hash power was being 00:12:44.000 --> 00:12:45.460 align:start position:0% idea that their hash power was being used<00:12:44.150> to<00:12:44.330> attack<00:12:44.600> is<00:12:44.960> they're<00:12:45.170> just<00:12:45.200> not 00:12:45.460 --> 00:12:45.470 align:start position:0% used to attack is they're just not 00:12:45.470 --> 00:12:47.020 align:start position:0% used to attack is they're just not geared<00:12:45.800> up<00:12:45.890> to<00:12:46.070> actually<00:12:46.340> detect<00:12:46.580> any<00:12:46.790> of<00:12:46.910> this 00:12:47.020 --> 00:12:47.030 align:start position:0% geared up to actually detect any of this 00:12:47.030 --> 00:12:47.470 align:start position:0% geared up to actually detect any of this stuff 00:12:47.470 --> 00:12:47.480 align:start position:0% stuff 00:12:47.480 --> 00:12:49.600 align:start position:0% stuff and<00:12:47.570> there<00:12:48.170> is<00:12:48.260> recent<00:12:48.620> realization<00:12:49.190> going<00:12:49.460> on 00:12:49.600 --> 00:12:49.610 align:start position:0% and there is recent realization going on 00:12:49.610 --> 00:12:51.370 align:start position:0% and there is recent realization going on cryptocurrencies<00:12:50.270> are<00:12:50.600> experiencing<00:12:51.260> this 00:12:51.370 --> 00:12:51.380 align:start position:0% cryptocurrencies are experiencing this 00:12:51.380 --> 00:12:53.560 align:start position:0% cryptocurrencies are experiencing this this<00:12:51.590> because<00:12:51.950> ASIC<00:12:52.610> manufacture<00:12:53.180> is<00:12:53.300> hard 00:12:53.560 --> 00:12:53.570 align:start position:0% this because ASIC manufacture is hard 00:12:53.570 --> 00:12:55.810 align:start position:0% this because ASIC manufacture is hard cheap<00:12:53.930> electricity<00:12:54.320> finding<00:12:54.920> it<00:12:55.040> is<00:12:55.160> hard<00:12:55.400> you 00:12:55.810 --> 00:12:55.820 align:start position:0% cheap electricity finding it is hard you 00:12:55.820 --> 00:12:57.880 align:start position:0% cheap electricity finding it is hard you need<00:12:55.970> proximity<00:12:56.570> to<00:12:56.690> other<00:12:56.840> miners<00:12:57.320> you<00:12:57.740> need 00:12:57.880 --> 00:12:57.890 align:start position:0% need proximity to other miners you need 00:12:57.890 --> 00:12:59.560 align:start position:0% need proximity to other miners you need to<00:12:57.980> have<00:12:58.070> a<00:12:58.100> spy<00:12:58.400> mining<00:12:58.760> network<00:12:59.120> typically 00:12:59.560 --> 00:12:59.570 align:start position:0% to have a spy mining network typically 00:12:59.570 --> 00:13:01.540 align:start position:0% to have a spy mining network typically you<00:12:59.660> have<00:12:59.690> to<00:12:59.900> be<00:12:59.990> a<00:13:00.020> part<00:13:00.620> of<00:13:00.770> a<00:13:00.890> mining<00:13:01.190> cartel 00:13:01.540 --> 00:13:01.550 align:start position:0% you have to be a part of a mining cartel 00:13:01.550 --> 00:13:03.220 align:start position:0% you have to be a part of a mining cartel so<00:13:01.970> you<00:13:02.030> hear<00:13:02.360> of<00:13:02.450> other<00:13:02.600> people's<00:13:02.960> blocks 00:13:03.220 --> 00:13:03.230 align:start position:0% so you hear of other people's blocks 00:13:03.230 --> 00:13:06.190 align:start position:0% so you hear of other people's blocks before<00:13:03.440> before<00:13:04.340> so<00:13:04.970> you<00:13:05.030> don't<00:13:05.270> get<00:13:05.810> orphaned 00:13:06.190 --> 00:13:06.200 align:start position:0% before before so you don't get orphaned 00:13:06.200 --> 00:13:08.020 align:start position:0% before before so you don't get orphaned yourself<00:13:06.530> you<00:13:07.190> of<00:13:07.340> course<00:13:07.550> didn't<00:13:07.790> know<00:13:07.880> how 00:13:08.020 --> 00:13:08.030 align:start position:0% yourself you of course didn't know how 00:13:08.030 --> 00:13:10.750 align:start position:0% yourself you of course didn't know how the<00:13:08.810> mining<00:13:09.260> game<00:13:09.440> also<00:13:09.680> in<00:13:10.070> the<00:13:10.250> long<00:13:10.460> term 00:13:10.750 --> 00:13:10.760 align:start position:0% the mining game also in the long term 00:13:10.760 --> 00:13:13.030 align:start position:0% the mining game also in the long term favors<00:13:11.360> the<00:13:11.540> miner<00:13:11.780> with<00:13:12.080> the<00:13:12.170> lowest<00:13:12.560> capex 00:13:13.030 --> 00:13:13.040 align:start position:0% favors the miner with the lowest capex 00:13:13.040 --> 00:13:15.160 align:start position:0% favors the miner with the lowest capex effects<00:13:13.430> cost<00:13:13.640> okay<00:13:14.210> so<00:13:14.630> this<00:13:14.780> is<00:13:14.930> a<00:13:14.960> game 00:13:15.160 --> 00:13:15.170 align:start position:0% effects cost okay so this is a game 00:13:15.170 --> 00:13:16.660 align:start position:0% effects cost okay so this is a game where<00:13:15.350> if<00:13:15.470> the<00:13:15.560> miners<00:13:15.890> are<00:13:16.070> reinvesting 00:13:16.660 --> 00:13:16.670 align:start position:0% where if the miners are reinvesting 00:13:16.670 --> 00:13:19.330 align:start position:0% where if the miners are reinvesting there<00:13:16.850> their<00:13:17.090> income<00:13:17.840> back<00:13:18.290> in<00:13:18.500> mining<00:13:18.920> the 00:13:19.330 --> 00:13:19.340 align:start position:0% there their income back in mining the 00:13:19.340 --> 00:13:19.740 align:start position:0% there their income back in mining the one 00:13:19.740 --> 00:13:19.750 align:start position:0% one 00:13:19.750 --> 00:13:21.360 align:start position:0% one who<00:13:19.810> has<00:13:19.990> the<00:13:20.200> best<00:13:20.380> the<00:13:20.770> highest<00:13:21.130> profit 00:13:21.360 --> 00:13:21.370 align:start position:0% who has the best the highest profit 00:13:21.370 --> 00:13:23.460 align:start position:0% who has the best the highest profit margin<00:13:21.850> typically<00:13:22.510> comes<00:13:22.720> out<00:13:22.930> ahead<00:13:23.110> with 00:13:23.460 --> 00:13:23.470 align:start position:0% margin typically comes out ahead with 00:13:23.470 --> 00:13:25.410 align:start position:0% margin typically comes out ahead with much<00:13:23.680> more<00:13:23.890> hash<00:13:24.160> power<00:13:24.400> and<00:13:24.700> ends<00:13:25.090> up<00:13:25.270> out 00:13:25.410 --> 00:13:25.420 align:start position:0% much more hash power and ends up out 00:13:25.420 --> 00:13:27.660 align:start position:0% much more hash power and ends up out competing<00:13:25.930> others<00:13:26.170> so<00:13:26.680> if<00:13:26.800> I<00:13:26.950> were<00:13:27.100> to<00:13:27.310> look<00:13:27.460> at 00:13:27.660 --> 00:13:27.670 align:start position:0% competing others so if I were to look at 00:13:27.670 --> 00:13:29.970 align:start position:0% competing others so if I were to look at half<00:13:28.510> of<00:13:28.690> my<00:13:28.870> okay<00:13:29.080> here<00:13:29.200> we<00:13:29.290> go<00:13:29.320> follow<00:13:29.620> the 00:13:29.970 --> 00:13:29.980 align:start position:0% half of my okay here we go follow the 00:13:29.980 --> 00:13:32.070 align:start position:0% half of my okay here we go follow the entire<00:13:30.250> slide<00:13:30.580> the<00:13:31.090> left<00:13:31.300> side<00:13:31.600> of<00:13:31.780> this<00:13:31.900> slide 00:13:32.070 --> 00:13:32.080 align:start position:0% entire slide the left side of this slide 00:13:32.080 --> 00:13:34.440 align:start position:0% entire slide the left side of this slide is<00:13:32.440> from<00:13:32.470> two<00:13:33.100> years<00:13:33.340> three<00:13:33.700> years<00:13:33.730> ago<00:13:34.150> and 00:13:34.440 --> 00:13:34.450 align:start position:0% is from two years three years ago and 00:13:34.450 --> 00:13:36.210 align:start position:0% is from two years three years ago and the<00:13:34.870> other<00:13:35.020> one<00:13:35.230> is<00:13:35.350> from<00:13:35.470> this<00:13:35.710> year<00:13:35.980> right 00:13:36.210 --> 00:13:36.220 align:start position:0% the other one is from this year right 00:13:36.220 --> 00:13:39.780 align:start position:0% the other one is from this year right now<00:13:36.280> and<00:13:37.050> there's<00:13:38.050> almost<00:13:38.260> nothing<00:13:39.250> in<00:13:39.370> common 00:13:39.780 --> 00:13:39.790 align:start position:0% now and there's almost nothing in common 00:13:39.790 --> 00:13:41.490 align:start position:0% now and there's almost nothing in common in<00:13:39.910> terms<00:13:39.940> of<00:13:40.360> mining<00:13:40.690> pools<00:13:40.900> except<00:13:41.290> two<00:13:41.470> I 00:13:41.490 --> 00:13:41.500 align:start position:0% in terms of mining pools except two I 00:13:41.500 --> 00:13:45.000 align:start position:0% in terms of mining pools except two I think<00:13:41.710> one<00:13:42.670> of<00:13:42.700> them<00:13:42.910> is<00:13:43.530> slush<00:13:44.530> and<00:13:44.800> the<00:13:44.890> other 00:13:45.000 --> 00:13:45.010 align:start position:0% think one of them is slush and the other 00:13:45.010 --> 00:13:47.940 align:start position:0% think one of them is slush and the other one<00:13:45.220> is<00:13:45.400> I<00:13:45.490> think<00:13:45.520> and<00:13:45.940> pool<00:13:46.510> so<00:13:47.050> there's<00:13:47.740> been 00:13:47.940 --> 00:13:47.950 align:start position:0% one is I think and pool so there's been 00:13:47.950 --> 00:13:49.620 align:start position:0% one is I think and pool so there's been complete<00:13:48.430> churn<00:13:48.760> in<00:13:48.970> the<00:13:49.060> mining<00:13:49.390> space 00:13:49.620 --> 00:13:49.630 align:start position:0% complete churn in the mining space 00:13:49.630 --> 00:13:51.360 align:start position:0% complete churn in the mining space because<00:13:50.110> this<00:13:50.380> is<00:13:50.530> really<00:13:50.770> not<00:13:50.860> a<00:13:50.920> stable 00:13:51.360 --> 00:13:51.370 align:start position:0% because this is really not a stable 00:13:51.370 --> 00:13:56.070 align:start position:0% because this is really not a stable industry<00:13:51.640> and<00:13:52.980> what's<00:13:53.980> happened<00:13:54.310> here<00:13:55.080> okay 00:13:56.070 --> 00:13:56.080 align:start position:0% industry and what's happened here okay 00:13:56.080 --> 00:13:58.310 align:start position:0% industry and what's happened here okay and<00:13:56.470> the<00:13:56.620> energy<00:13:56.980> usage<00:13:57.100> is<00:13:57.400> immense<00:13:57.730> as<00:13:57.970> of 00:13:58.310 --> 00:13:58.320 align:start position:0% and the energy usage is immense as of 00:13:58.320 --> 00:14:01.200 align:start position:0% and the energy usage is immense as of 2018<00:13:59.320> it's<00:13:59.560> about<00:13:59.770> one<00:14:00.040> Austria<00:14:00.580> one<00:14:00.940> Czech 00:14:01.200 --> 00:14:01.210 align:start position:0% 2018 it's about one Austria one Czech 00:14:01.210 --> 00:14:02.640 align:start position:0% 2018 it's about one Austria one Czech Republic<00:14:01.720> you<00:14:01.810> look<00:14:01.990> around<00:14:02.260> is<00:14:02.380> the<00:14:02.500> big 00:14:02.640 --> 00:14:02.650 align:start position:0% Republic you look around is the big 00:14:02.650 --> 00:14:05.100 align:start position:0% Republic you look around is the big industrial<00:14:03.160> nation<00:14:03.460> oh<00:14:03.640> the<00:14:04.480> equivalent<00:14:04.990> of 00:14:05.100 --> 00:14:05.110 align:start position:0% industrial nation oh the equivalent of 00:14:05.110 --> 00:14:06.660 align:start position:0% industrial nation oh the equivalent of its<00:14:05.230> energy<00:14:05.620> is<00:14:05.740> going<00:14:05.890> into<00:14:06.040> mining<00:14:06.490> - 00:14:06.660 --> 00:14:06.670 align:start position:0% its energy is going into mining - 00:14:06.670 --> 00:14:09.180 align:start position:0% its energy is going into mining - Denmark's<00:14:07.240> 3<00:14:07.870> Ireland's<00:14:08.500> you<00:14:08.710> know<00:14:08.830> that's<00:14:09.040> a 00:14:09.180 --> 00:14:09.190 align:start position:0% Denmark's 3 Ireland's you know that's a 00:14:09.190 --> 00:14:12.240 align:start position:0% Denmark's 3 Ireland's you know that's a lot<00:14:09.340> of<00:14:09.370> energy<00:14:09.850> and<00:14:10.230> maybe<00:14:11.230> like<00:14:11.740> some<00:14:11.950> people 00:14:12.240 --> 00:14:12.250 align:start position:0% lot of energy and maybe like some people 00:14:12.250 --> 00:14:13.830 align:start position:0% lot of energy and maybe like some people actually<00:14:12.370> don't<00:14:12.610> care<00:14:12.940> right<00:14:13.240> as<00:14:13.420> long<00:14:13.510> as<00:14:13.600> you 00:14:13.830 --> 00:14:13.840 align:start position:0% actually don't care right as long as you 00:14:13.840 --> 00:14:16.140 align:start position:0% actually don't care right as long as you make<00:14:14.050> money<00:14:14.260> we're<00:14:14.470> all<00:14:14.590> good<00:14:14.800> fine<00:14:15.490> I<00:14:15.760> mean<00:14:16.090> I 00:14:16.140 --> 00:14:16.150 align:start position:0% make money we're all good fine I mean I 00:14:16.150 --> 00:14:18.450 align:start position:0% make money we're all good fine I mean I care<00:14:16.390> I<00:14:17.020> would<00:14:17.440> like<00:14:17.590> to<00:14:17.710> see<00:14:17.860> polar<00:14:18.100> Polar 00:14:18.450 --> 00:14:18.460 align:start position:0% care I would like to see polar Polar 00:14:18.460 --> 00:14:20.910 align:start position:0% care I would like to see polar Polar Bears<00:14:18.790> still<00:14:19.240> live<00:14:19.480> but<00:14:20.320> if<00:14:20.440> you<00:14:20.530> don't<00:14:20.710> care 00:14:20.910 --> 00:14:20.920 align:start position:0% Bears still live but if you don't care 00:14:20.920 --> 00:14:22.590 align:start position:0% Bears still live but if you don't care about<00:14:21.010> the<00:14:21.220> polar<00:14:21.430> bears<00:14:21.700> or<00:14:21.910> the<00:14:22.000> ice<00:14:22.120> caps<00:14:22.420> or 00:14:22.590 --> 00:14:22.600 align:start position:0% about the polar bears or the ice caps or 00:14:22.600 --> 00:14:24.900 align:start position:0% about the polar bears or the ice caps or the<00:14:22.720> Floridians<00:14:23.230> and<00:14:23.380> so<00:14:23.560> forth<00:14:23.800> then<00:14:24.339> you 00:14:24.900 --> 00:14:24.910 align:start position:0% the Floridians and so forth then you 00:14:24.910 --> 00:14:26.790 align:start position:0% the Floridians and so forth then you should<00:14:25.240> care<00:14:25.480> I<00:14:25.870> mean<00:14:26.080> those<00:14:26.380> people<00:14:26.410> care 00:14:26.790 --> 00:14:26.800 align:start position:0% should care I mean those people care 00:14:26.800 --> 00:14:29.070 align:start position:0% should care I mean those people care deeply<00:14:27.220> about<00:14:27.400> their<00:14:27.670> pockets<00:14:28.060> about<00:14:28.930> the 00:14:29.070 --> 00:14:29.080 align:start position:0% deeply about their pockets about the 00:14:29.080 --> 00:14:30.870 align:start position:0% deeply about their pockets about the leakage<00:14:29.500> out<00:14:29.710> of<00:14:30.010> the<00:14:30.100> store<00:14:30.339> of<00:14:30.490> value 00:14:30.870 --> 00:14:30.880 align:start position:0% leakage out of the store of value 00:14:30.880 --> 00:14:33.840 align:start position:0% leakage out of the store of value we've<00:14:31.150> got<00:14:31.330> you're<00:14:31.450> losing<00:14:32.020> money<00:14:32.200> out<00:14:33.010> of<00:14:33.400> out 00:14:33.840 --> 00:14:33.850 align:start position:0% we've got you're losing money out of out 00:14:33.850 --> 00:14:35.250 align:start position:0% we've got you're losing money out of out of<00:14:34.120> this<00:14:34.300> thing<00:14:34.510> that's<00:14:34.630> supposed<00:14:34.930> to<00:14:35.020> hold 00:14:35.250 --> 00:14:35.260 align:start position:0% of this thing that's supposed to hold 00:14:35.260 --> 00:14:38.730 align:start position:0% of this thing that's supposed to hold you<00:14:35.770> know<00:14:35.860> the<00:14:36.100> your<00:14:36.670> wealth<00:14:37.110> so<00:14:38.110> a<00:14:38.140> question 00:14:38.730 --> 00:14:38.740 align:start position:0% you know the your wealth so a question 00:14:38.740 --> 00:14:41.010 align:start position:0% you know the your wealth so a question can<00:14:39.220> we<00:14:39.280> do<00:14:39.700> better<00:14:39.730> so<00:14:40.390> I<00:14:40.450> want<00:14:40.630> to<00:14:40.720> talk<00:14:40.900> to 00:14:41.010 --> 00:14:41.020 align:start position:0% can we do better so I want to talk to 00:14:41.020 --> 00:14:43.650 align:start position:0% can we do better so I want to talk to you<00:14:41.080> a<00:14:41.110> little<00:14:41.230> bit<00:14:41.380> about<00:14:41.650> about<00:14:42.520> why<00:14:43.300> I<00:14:43.330> think 00:14:43.650 --> 00:14:43.660 align:start position:0% you a little bit about about why I think 00:14:43.660 --> 00:14:46.170 align:start position:0% you a little bit about about why I think I'm<00:14:44.170> generally<00:14:44.920> very<00:14:45.100> very<00:14:45.339> hopeful<00:14:45.730> that<00:14:46.030> we 00:14:46.170 --> 00:14:46.180 align:start position:0% I'm generally very very hopeful that we 00:14:46.180 --> 00:14:48.720 align:start position:0% I'm generally very very hopeful that we can<00:14:46.330> actually<00:14:46.480> reach<00:14:46.780> the<00:14:46.960> dream<00:14:47.430> so<00:14:48.430> from<00:14:48.610> the 00:14:48.720 --> 00:14:48.730 align:start position:0% can actually reach the dream so from the 00:14:48.730 --> 00:14:50.310 align:start position:0% can actually reach the dream so from the same<00:14:48.940> study<00:14:49.240> we<00:14:49.420> looked<00:14:49.630> at<00:14:49.780> what<00:14:49.960> resources 00:14:50.310 --> 00:14:50.320 align:start position:0% same study we looked at what resources 00:14:50.320 --> 00:14:52.290 align:start position:0% same study we looked at what resources are<00:14:50.589> available<00:14:50.710> and<00:14:51.310> this<00:14:51.850> is<00:14:51.970> an<00:14:52.060> interesting 00:14:52.290 --> 00:14:52.300 align:start position:0% are available and this is an interesting 00:14:52.300 --> 00:14:54.420 align:start position:0% are available and this is an interesting graph<00:14:52.690> it<00:14:52.960> shows<00:14:53.020> the<00:14:53.350> amount<00:14:53.860> of<00:14:53.980> bandwidth 00:14:54.420 --> 00:14:54.430 align:start position:0% graph it shows the amount of bandwidth 00:14:54.430 --> 00:14:56.400 align:start position:0% graph it shows the amount of bandwidth available<00:14:54.910> to<00:14:55.060> both<00:14:55.180> Bitcoin<00:14:55.690> and<00:14:55.930> aetherium 00:14:56.400 --> 00:14:56.410 align:start position:0% available to both Bitcoin and aetherium 00:14:56.410 --> 00:14:59.490 align:start position:0% available to both Bitcoin and aetherium nodes<00:14:56.650> so<00:14:57.310> if<00:14:57.430> you<00:14:57.550> look<00:14:57.790> at<00:14:57.970> the<00:14:58.180> I<00:14:58.750> think<00:14:59.440> the 00:14:59.490 --> 00:14:59.500 align:start position:0% nodes so if you look at the I think the 00:14:59.500 --> 00:15:02.610 align:start position:0% nodes so if you look at the I think the important<00:15:00.100> lines<00:15:00.339> are<00:15:00.610> the<00:15:00.960> red<00:15:01.960> dashed<00:15:02.410> line 00:15:02.610 --> 00:15:02.620 align:start position:0% important lines are the red dashed line 00:15:02.620 --> 00:15:05.310 align:start position:0% important lines are the red dashed line that's<00:15:03.160> aetherium<00:15:03.760> and<00:15:03.970> the<00:15:04.540> comparable<00:15:05.140> line 00:15:05.310 --> 00:15:05.320 align:start position:0% that's aetherium and the comparable line 00:15:05.320 --> 00:15:07.740 align:start position:0% that's aetherium and the comparable line is<00:15:05.560> the<00:15:05.710> let's<00:15:06.220> see<00:15:06.400> the<00:15:06.430> blue<00:15:06.700> solid<00:15:07.570> line 00:15:07.740 --> 00:15:07.750 align:start position:0% is the let's see the blue solid line 00:15:07.750 --> 00:15:09.990 align:start position:0% is the let's see the blue solid line bitcoin<00:15:08.260> so<00:15:08.740> Bitcoin<00:15:09.190> nodes<00:15:09.460> actually<00:15:09.700> have 00:15:09.990 --> 00:15:10.000 align:start position:0% bitcoin so Bitcoin nodes actually have 00:15:10.000 --> 00:15:12.079 align:start position:0% bitcoin so Bitcoin nodes actually have more<00:15:10.240> bandwidth<00:15:10.870> available<00:15:11.350> than<00:15:11.500> aetherium 00:15:12.079 --> 00:15:12.089 align:start position:0% more bandwidth available than aetherium 00:15:12.089 --> 00:15:14.100 align:start position:0% more bandwidth available than aetherium aetherium<00:15:13.089> is<00:15:13.210> running<00:15:13.510> its<00:15:13.630> network<00:15:13.960> at<00:15:14.080> a 00:15:14.100 --> 00:15:14.110 align:start position:0% aetherium is running its network at a 00:15:14.110 --> 00:15:18.600 align:start position:0% aetherium is running its network at a higher<00:15:14.350> pace<00:15:14.680> and<00:15:15.120> and<00:15:16.120> and<00:15:16.839> and<00:15:17.589> so<00:15:17.800> yeah<00:15:18.040> it's 00:15:18.600 --> 00:15:18.610 align:start position:0% higher pace and and and and so yeah it's 00:15:18.610 --> 00:15:20.310 align:start position:0% higher pace and and and and so yeah it's running<00:15:19.030> at<00:15:19.089> a<00:15:19.180> higher<00:15:19.300> pace<00:15:19.420> maybe<00:15:20.200> a 00:15:20.310 --> 00:15:20.320 align:start position:0% running at a higher pace maybe a 00:15:20.320 --> 00:15:23.400 align:start position:0% running at a higher pace maybe a different<00:15:20.740> slide<00:15:21.010> that's<00:15:21.220> interesting<00:15:21.790> is<00:15:22.410> ah 00:15:23.400 --> 00:15:23.410 align:start position:0% different slide that's interesting is ah 00:15:23.410 --> 00:15:26.070 align:start position:0% different slide that's interesting is ah but<00:15:24.130> the<00:15:24.250> point<00:15:24.430> here<00:15:24.700> is<00:15:24.730> the<00:15:25.330> protocol<00:15:25.750> is 00:15:26.070 --> 00:15:26.080 align:start position:0% but the point here is the protocol is 00:15:26.080 --> 00:15:28.290 align:start position:0% but the point here is the protocol is unable<00:15:26.320> to<00:15:26.620> take<00:15:26.860> advantage<00:15:27.520> of<00:15:27.640> improvements 00:15:28.290 --> 00:15:28.300 align:start position:0% unable to take advantage of improvements 00:15:28.300 --> 00:15:30.480 align:start position:0% unable to take advantage of improvements on<00:15:28.420> this<00:15:28.630> graph<00:15:28.900> so<00:15:29.140> over<00:15:29.440> time<00:15:29.709> over<00:15:30.280> the 00:15:30.480 --> 00:15:30.490 align:start position:0% on this graph so over time over the 00:15:30.490 --> 00:15:32.490 align:start position:0% on this graph so over time over the course<00:15:30.610> of<00:15:30.910> a<00:15:31.030> year<00:15:31.060> we<00:15:31.450> observed<00:15:31.810> all<00:15:32.050> of<00:15:32.410> the 00:15:32.490 --> 00:15:32.500 align:start position:0% course of a year we observed all of the 00:15:32.500 --> 00:15:33.330 align:start position:0% course of a year we observed all of the bandwidth<00:15:32.890> go<00:15:33.070> up 00:15:33.330 --> 00:15:33.340 align:start position:0% bandwidth go up 00:15:33.340 --> 00:15:36.000 align:start position:0% bandwidth go up by<00:15:33.400> a<00:15:33.430> factor<00:15:33.850> of<00:15:33.880> 1.7<00:15:34.840> but<00:15:35.500> the<00:15:35.620> protocol 00:15:36.000 --> 00:15:36.010 align:start position:0% by a factor of 1.7 but the protocol 00:15:36.010 --> 00:15:37.890 align:start position:0% by a factor of 1.7 but the protocol cannot<00:15:36.490> take<00:15:36.700> advantage<00:15:36.820> of<00:15:37.300> it<00:15:37.480> it<00:15:37.600> requires 00:15:37.890 --> 00:15:37.900 align:start position:0% cannot take advantage of it it requires 00:15:37.900 --> 00:15:39.300 align:start position:0% cannot take advantage of it it requires a<00:15:38.050> hard<00:15:38.230> fork<00:15:38.500> for<00:15:38.680> Bitcoin<00:15:39.010> which<00:15:39.160> isn't 00:15:39.300 --> 00:15:39.310 align:start position:0% a hard fork for Bitcoin which isn't 00:15:39.310 --> 00:15:39.990 align:start position:0% a hard fork for Bitcoin which isn't going<00:15:39.460> to<00:15:39.520> happen 00:15:39.990 --> 00:15:40.000 align:start position:0% going to happen 00:15:40.000 --> 00:15:42.120 align:start position:0% going to happen requires<00:15:40.600> a<00:15:40.750> whole<00:15:40.870> lot<00:15:41.020> of<00:15:41.140> changes<00:15:41.500> for<00:15:41.680> any 00:15:42.120 --> 00:15:42.130 align:start position:0% requires a whole lot of changes for any 00:15:42.130 --> 00:15:46.530 align:start position:0% requires a whole lot of changes for any pal<00:15:42.580> set<00:15:43.270> up<00:15:43.450> any<00:15:43.600> Nakamoto<00:15:44.050> Center<00:15:45.360> but<00:15:46.360> here 00:15:46.530 --> 00:15:46.540 align:start position:0% pal set up any Nakamoto Center but here 00:15:46.540 --> 00:15:47.790 align:start position:0% pal set up any Nakamoto Center but here is<00:15:46.630> a<00:15:46.660> different<00:15:47.050> one<00:15:47.140> so<00:15:47.200> look<00:15:47.590> at<00:15:47.710> this 00:15:47.790 --> 00:15:47.800 align:start position:0% is a different one so look at this 00:15:47.800 --> 00:15:49.350 align:start position:0% is a different one so look at this aetherium<00:15:48.310> graph<00:15:48.520> this<00:15:48.730> is<00:15:48.910> the<00:15:49.000> peer-to-peer 00:15:49.350 --> 00:15:49.360 align:start position:0% aetherium graph this is the peer-to-peer 00:15:49.360 --> 00:15:52.470 align:start position:0% aetherium graph this is the peer-to-peer latency<00:15:50.290> in<00:15:50.380> aetherium<00:15:50.890> there<00:15:51.400> is<00:15:51.550> a<00:15:51.580> lot<00:15:52.240> of 00:15:52.470 --> 00:15:52.480 align:start position:0% latency in aetherium there is a lot of 00:15:52.480 --> 00:15:54.780 align:start position:0% latency in aetherium there is a lot of aetherium<00:15:53.020> knows<00:15:53.230> more<00:15:53.620> than<00:15:53.650> 20,000<00:15:54.610> at<00:15:54.700> the 00:15:54.780 --> 00:15:54.790 align:start position:0% aetherium knows more than 20,000 at the 00:15:54.790 --> 00:15:56.640 align:start position:0% aetherium knows more than 20,000 at the time<00:15:54.970> we<00:15:55.120> did<00:15:55.270> the<00:15:55.300> study<00:15:55.450> and<00:15:55.900> you<00:15:56.320> can<00:15:56.500> see 00:15:56.640 --> 00:15:56.650 align:start position:0% time we did the study and you can see 00:15:56.650 --> 00:15:58.050 align:start position:0% time we did the study and you can see that<00:15:56.800> they're<00:15:56.920> far<00:15:57.160> away<00:15:57.310> from<00:15:57.700> each<00:15:57.850> other 00:15:58.050 --> 00:15:58.060 align:start position:0% that they're far away from each other 00:15:58.060 --> 00:16:00.000 align:start position:0% that they're far away from each other there's<00:15:58.390> a<00:15:58.480> lot<00:15:58.720> of<00:15:58.900> people<00:15:59.080> who<00:15:59.350> are<00:15:59.500> sort<00:15:59.920> of 00:16:00.000 --> 00:16:00.010 align:start position:0% there's a lot of people who are sort of 00:16:00.010 --> 00:16:01.380 align:start position:0% there's a lot of people who are sort of distributed<00:16:00.550> around<00:16:00.640> the<00:16:00.880> world<00:16:00.940> there's<00:16:01.330> a 00:16:01.380 --> 00:16:01.390 align:start position:0% distributed around the world there's a 00:16:01.390 --> 00:16:03.390 align:start position:0% distributed around the world there's a grassroots<00:16:01.990> network<00:16:02.470> you<00:16:02.650> guys<00:16:02.800> connect<00:16:03.310> you 00:16:03.390 --> 00:16:03.400 align:start position:0% grassroots network you guys connect you 00:16:03.400 --> 00:16:05.780 align:start position:0% grassroots network you guys connect you guys<00:16:03.580> sync<00:16:03.940> stuff<00:16:04.540> happens<00:16:05.020> on<00:16:05.140> this<00:16:05.320> network 00:16:05.780 --> 00:16:05.790 align:start position:0% guys sync stuff happens on this network 00:16:05.790 --> 00:16:08.010 align:start position:0% guys sync stuff happens on this network except<00:16:06.790> you're<00:16:07.210> not<00:16:07.390> really<00:16:07.630> participating 00:16:08.010 --> 00:16:08.020 align:start position:0% except you're not really participating 00:16:08.020 --> 00:16:10.650 align:start position:0% except you're not really participating in<00:16:08.500> the<00:16:08.590> mining<00:16:08.980> okay<00:16:09.430> if<00:16:09.970> we<00:16:10.270> could<00:16:10.450> somehow 00:16:10.650 --> 00:16:10.660 align:start position:0% in the mining okay if we could somehow 00:16:10.660 --> 00:16:12.690 align:start position:0% in the mining okay if we could somehow harness<00:16:11.350> your<00:16:11.590> input<00:16:11.920> then<00:16:12.400> we<00:16:12.430> could 00:16:12.690 --> 00:16:12.700 align:start position:0% harness your input then we could 00:16:12.700 --> 00:16:14.700 align:start position:0% harness your input then we could actually<00:16:12.850> go<00:16:13.120> and<00:16:13.360> propel<00:16:13.900> ourselves<00:16:14.050> towards 00:16:14.700 --> 00:16:14.710 align:start position:0% actually go and propel ourselves towards 00:16:14.710 --> 00:16:16.980 align:start position:0% actually go and propel ourselves towards a<00:16:14.800> much<00:16:14.950> better<00:16:15.130> future<00:16:15.460> so<00:16:16.420> this<00:16:16.660> gives<00:16:16.900> me 00:16:16.980 --> 00:16:16.990 align:start position:0% a much better future so this gives me 00:16:16.990 --> 00:16:19.140 align:start position:0% a much better future so this gives me hope<00:16:17.230> but<00:16:17.830> the<00:16:17.950> protocol<00:16:18.400> is<00:16:18.580> unable<00:16:18.820> to<00:16:18.970> take 00:16:19.140 --> 00:16:19.150 align:start position:0% hope but the protocol is unable to take 00:16:19.150 --> 00:16:21.360 align:start position:0% hope but the protocol is unable to take advantage<00:16:19.210> of<00:16:19.720> it<00:16:19.900> so<00:16:20.620> the<00:16:20.770> next<00:16:20.800> question 00:16:21.360 --> 00:16:21.370 align:start position:0% advantage of it so the next question 00:16:21.370 --> 00:16:25.520 align:start position:0% advantage of it so the next question then<00:16:21.550> is<00:16:21.960> is<00:16:22.960> is<00:16:23.950> what's<00:16:24.250> missing<00:16:24.460> well<00:16:25.240> a 00:16:25.520 --> 00:16:25.530 align:start position:0% then is is is what's missing well a 00:16:25.530 --> 00:16:28.050 align:start position:0% then is is is what's missing well a better<00:16:26.530> consensus<00:16:27.160> protocol<00:16:27.520> is<00:16:27.670> what<00:16:27.820> misses 00:16:28.050 --> 00:16:28.060 align:start position:0% better consensus protocol is what misses 00:16:28.060 --> 00:16:31.260 align:start position:0% better consensus protocol is what misses what's<00:16:28.210> missing<00:16:28.540> so<00:16:29.260> I<00:16:30.190> want<00:16:30.640> to<00:16:30.730> summarize 00:16:31.260 --> 00:16:31.270 align:start position:0% what's missing so I want to summarize 00:16:31.270 --> 00:16:33.120 align:start position:0% what's missing so I want to summarize for<00:16:31.300> you<00:16:31.660> the<00:16:31.810> last<00:16:31.990> 40<00:16:32.500> plus<00:16:32.740> years<00:16:33.040> of 00:16:33.120 --> 00:16:33.130 align:start position:0% for you the last 40 plus years of 00:16:33.130 --> 00:16:35.370 align:start position:0% for you the last 40 plus years of consensus<00:16:33.760> protocols<00:16:34.270> and<00:16:34.630> it's<00:16:35.080> actually 00:16:35.370 --> 00:16:35.380 align:start position:0% consensus protocols and it's actually 00:16:35.380 --> 00:16:37.380 align:start position:0% consensus protocols and it's actually fairly<00:16:35.560> straightforward<00:16:36.210> there<00:16:37.210> have<00:16:37.300> only 00:16:37.380 --> 00:16:37.390 align:start position:0% fairly straightforward there have only 00:16:37.390 --> 00:16:40.080 align:start position:0% fairly straightforward there have only been<00:16:37.600> two<00:16:37.930> consensus<00:16:38.860> protocol<00:16:39.280> families<00:16:39.820> in 00:16:40.080 --> 00:16:40.090 align:start position:0% been two consensus protocol families in 00:16:40.090 --> 00:16:42.420 align:start position:0% been two consensus protocol families in that<00:16:40.330> whole<00:16:40.600> timeframe<00:16:41.200> okay<00:16:41.620> there<00:16:42.280> been 00:16:42.420 --> 00:16:42.430 align:start position:0% that whole timeframe okay there been 00:16:42.430 --> 00:16:42.870 align:start position:0% that whole timeframe okay there been more 00:16:42.870 --> 00:16:42.880 align:start position:0% more 00:16:42.880 --> 00:16:44.970 align:start position:0% more but<00:16:43.210> two<00:16:43.450> main<00:16:43.720> ones<00:16:44.020> one<00:16:44.620> of<00:16:44.740> them<00:16:44.860> is 00:16:44.970 --> 00:16:44.980 align:start position:0% but two main ones one of them is 00:16:44.980 --> 00:16:47.040 align:start position:0% but two main ones one of them is Nakamoto<00:16:45.250> consensus<00:16:46.090> you<00:16:46.360> know<00:16:46.480> exactly<00:16:46.840> how 00:16:47.040 --> 00:16:47.050 align:start position:0% Nakamoto consensus you know exactly how 00:16:47.050 --> 00:16:49.170 align:start position:0% Nakamoto consensus you know exactly how it<00:16:47.200> works<00:16:47.410> I'm<00:16:47.620> not<00:16:47.650> going<00:16:47.950> to<00:16:48.100> rehash<00:16:48.460> it<00:16:48.670> it's 00:16:49.170 --> 00:16:49.180 align:start position:0% it works I'm not going to rehash it it's 00:16:49.180 --> 00:16:51.750 align:start position:0% it works I'm not going to rehash it it's very<00:16:49.540> robust<00:16:50.140> okay<00:16:50.740> anybody<00:16:51.040> could<00:16:51.400> join<00:16:51.610> at 00:16:51.750 --> 00:16:51.760 align:start position:0% very robust okay anybody could join at 00:16:51.760 --> 00:16:52.890 align:start position:0% very robust okay anybody could join at any<00:16:51.910> time<00:16:52.150> that's<00:16:52.420> nice 00:16:52.890 --> 00:16:52.900 align:start position:0% any time that's nice 00:16:52.900 --> 00:16:54.870 align:start position:0% any time that's nice there<00:16:53.200> is<00:16:53.290> no<00:16:53.410> need<00:16:53.650> for<00:16:53.680> precise<00:16:54.280> membership 00:16:54.870 --> 00:16:54.880 align:start position:0% there is no need for precise membership 00:16:54.880 --> 00:16:57.390 align:start position:0% there is no need for precise membership okay<00:16:55.270> nobody<00:16:55.630> there's<00:16:55.930> no<00:16:56.080> gatekeeper<00:16:56.650> but<00:16:57.250> it 00:16:57.390 --> 00:16:57.400 align:start position:0% okay nobody there's no gatekeeper but it 00:16:57.400 --> 00:16:59.730 align:start position:0% okay nobody there's no gatekeeper but it has<00:16:57.580> high<00:16:57.790> latency<00:16:58.180> low<00:16:58.690> throughput<00:16:59.200> does<00:16:59.530> not 00:16:59.730 --> 00:16:59.740 align:start position:0% has high latency low throughput does not 00:16:59.740 --> 00:17:02.340 align:start position:0% has high latency low throughput does not scale<00:17:00.040> wastes<00:17:00.850> energy<00:17:01.000> not<00:17:01.750> green<00:17:02.110> not 00:17:02.340 --> 00:17:02.350 align:start position:0% scale wastes energy not green not 00:17:02.350 --> 00:17:04.170 align:start position:0% scale wastes energy not green not sustainable<00:17:02.920> and<00:17:03.040> it<00:17:03.460> completely<00:17:03.910> breaks 00:17:04.170 --> 00:17:04.180 align:start position:0% sustainable and it completely breaks 00:17:04.180 --> 00:17:06.210 align:start position:0% sustainable and it completely breaks down<00:17:04.480> if<00:17:04.810> you<00:17:05.200> go<00:17:05.350> over<00:17:05.680> the<00:17:05.709> Byzantine 00:17:06.210 --> 00:17:06.220 align:start position:0% down if you go over the Byzantine 00:17:06.220 --> 00:17:09.420 align:start position:0% down if you go over the Byzantine threshold<00:17:06.820> if<00:17:07.060> you<00:17:07.420> have<00:17:07.600> more<00:17:07.780> than<00:17:08.130> say<00:17:09.130> big 00:17:09.420 --> 00:17:09.430 align:start position:0% threshold if you have more than say big 00:17:09.430 --> 00:17:10.770 align:start position:0% threshold if you have more than say big actually<00:17:09.730> if<00:17:09.790> you<00:17:09.850> have<00:17:09.940> more<00:17:10.120> than<00:17:10.270> 33% 00:17:10.770 --> 00:17:10.780 align:start position:0% actually if you have more than 33% 00:17:10.780 --> 00:17:12.960 align:start position:0% actually if you have more than 33% people<00:17:11.470> could<00:17:11.620> start<00:17:11.890> mining<00:17:12.190> selfishly<00:17:12.550> if 00:17:12.960 --> 00:17:12.970 align:start position:0% people could start mining selfishly if 00:17:12.970 --> 00:17:15.060 align:start position:0% people could start mining selfishly if you<00:17:13.390> have<00:17:13.570> more<00:17:13.720> than<00:17:13.840> 50%<00:17:14.200> then<00:17:14.740> they<00:17:14.890> could 00:17:15.060 --> 00:17:15.070 align:start position:0% you have more than 50% then they could 00:17:15.070 --> 00:17:16.410 align:start position:0% you have more than 50% then they could actually<00:17:15.100> start<00:17:15.490> doing<00:17:15.610> even<00:17:16.000> more<00:17:16.030> malicious 00:17:16.410 --> 00:17:16.420 align:start position:0% actually start doing even more malicious 00:17:16.420 --> 00:17:19.949 align:start position:0% actually start doing even more malicious things<00:17:16.780> to<00:17:16.930> your<00:17:17.290> blockchain<00:17:17.970> so<00:17:18.970> in<00:17:19.480> contrast 00:17:19.949 --> 00:17:19.959 align:start position:0% things to your blockchain so in contrast 00:17:19.959 --> 00:17:23.520 align:start position:0% things to your blockchain so in contrast to<00:17:20.200> this<00:17:20.440> even<00:17:21.340> before<00:17:21.490> Nakamoto<00:17:22.180> was<00:17:22.930> what<00:17:23.380> we 00:17:23.520 --> 00:17:23.530 align:start position:0% to this even before Nakamoto was what we 00:17:23.530 --> 00:17:25.290 align:start position:0% to this even before Nakamoto was what we call<00:17:23.709> the<00:17:23.830> classical<00:17:24.430> family<00:17:24.850> this<00:17:25.120> was 00:17:25.290 --> 00:17:25.300 align:start position:0% call the classical family this was 00:17:25.300 --> 00:17:27.180 align:start position:0% call the classical family this was developed<00:17:25.450> by<00:17:25.750> Barbara<00:17:26.140> Liskov<00:17:26.350> at<00:17:26.620> MIT<00:17:26.950> who 00:17:27.180 --> 00:17:27.190 align:start position:0% developed by Barbara Liskov at MIT who 00:17:27.190 --> 00:17:29.070 align:start position:0% developed by Barbara Liskov at MIT who has<00:17:27.310> retired<00:17:27.670> and<00:17:28.000> Leslie<00:17:28.600> Lamport 00:17:29.070 --> 00:17:29.080 align:start position:0% has retired and Leslie Lamport 00:17:29.080 --> 00:17:30.390 align:start position:0% has retired and Leslie Lamport both<00:17:29.290> of<00:17:29.470> them<00:17:29.590> have<00:17:29.770> touring<00:17:30.070> Awards 00:17:30.390 --> 00:17:30.400 align:start position:0% both of them have touring Awards 00:17:30.400 --> 00:17:31.950 align:start position:0% both of them have touring Awards Nakamoto<00:17:31.060> of<00:17:31.240> course<00:17:31.420> is<00:17:31.570> six<00:17:31.780> billion 00:17:31.950 --> 00:17:31.960 align:start position:0% Nakamoto of course is six billion 00:17:31.960 --> 00:17:36.830 align:start position:0% Nakamoto of course is six billion dollars<00:17:32.380> and<00:17:32.820> classical<00:17:33.820> consensus 00:17:36.830 --> 00:17:36.840 align:start position:0% 00:17:36.840 --> 00:17:39.810 align:start position:0% classical<00:17:37.840> is<00:17:37.960> the<00:17:38.770> classical<00:17:39.220> protocols<00:17:39.670> are 00:17:39.810 --> 00:17:39.820 align:start position:0% classical is the classical protocols are 00:17:39.820 --> 00:17:41.340 align:start position:0% classical is the classical protocols are very<00:17:40.060> very<00:17:40.330> nice<00:17:40.540> because<00:17:40.810> they<00:17:41.080> give<00:17:41.260> you 00:17:41.340 --> 00:17:41.350 align:start position:0% very very nice because they give you 00:17:41.350 --> 00:17:44.520 align:start position:0% very very nice because they give you quick<00:17:41.590> finality<00:17:42.250> but<00:17:43.090> they<00:17:43.270> don't<00:17:43.540> scale<00:17:43.870> okay 00:17:44.520 --> 00:17:44.530 align:start position:0% quick finality but they don't scale okay 00:17:44.530 --> 00:17:46.890 align:start position:0% quick finality but they don't scale okay so<00:17:44.590> they<00:17:45.190> typically<00:17:45.580> require<00:17:45.850> quad 00:17:46.890 --> 00:17:46.900 align:start position:0% so they typically require quad 00:17:46.900 --> 00:17:48.990 align:start position:0% so they typically require quad message<00:17:47.410> complexity<00:17:47.890> everybody<00:17:48.550> has<00:17:48.700> to<00:17:48.850> talk 00:17:48.990 --> 00:17:49.000 align:start position:0% message complexity everybody has to talk 00:17:49.000 --> 00:17:50.790 align:start position:0% message complexity everybody has to talk to<00:17:49.180> every<00:17:49.420> one<00:17:49.450> of<00:17:49.630> them<00:17:49.840> you<00:17:50.470> know<00:17:50.500> there<00:17:50.710> are 00:17:50.790 --> 00:17:50.800 align:start position:0% to every one of them you know there are 00:17:50.800 --> 00:17:52.530 align:start position:0% to every one of them you know there are some<00:17:50.950> optimizations<00:17:51.700> that<00:17:51.820> you<00:17:52.240> know<00:17:52.360> any 00:17:52.530 --> 00:17:52.540 align:start position:0% some optimizations that you know any 00:17:52.540 --> 00:17:55.140 align:start position:0% some optimizations that you know any other<00:17:52.630> you<00:17:52.750> trade<00:17:52.990> off<00:17:53.020> latency<00:17:53.950> for<00:17:54.460> for 00:17:55.140 --> 00:17:55.150 align:start position:0% other you trade off latency for for 00:17:55.150 --> 00:17:57.510 align:start position:0% other you trade off latency for for message<00:17:55.600> complexity<00:17:56.230> they<00:17:57.130> typically 00:17:57.510 --> 00:17:57.520 align:start position:0% message complexity they typically 00:17:57.520 --> 00:17:59.520 align:start position:0% message complexity they typically require<00:17:57.970> precise<00:17:58.390> membership<00:17:58.930> or<00:17:59.080> close<00:17:59.350> to 00:17:59.520 --> 00:17:59.530 align:start position:0% require precise membership or close to 00:17:59.530 --> 00:18:01.320 align:start position:0% require precise membership or close to precise<00:17:59.890> membership<00:18:00.400> in<00:18:00.790> essence<00:18:01.180> what 00:18:01.320 --> 00:18:01.330 align:start position:0% precise membership in essence what 00:18:01.330 --> 00:18:02.310 align:start position:0% precise membership in essence what you're<00:18:01.480> doing<00:18:01.780> is<00:18:01.870> you're<00:18:01.990> building 00:18:02.310 --> 00:18:02.320 align:start position:0% you're doing is you're building 00:18:02.320 --> 00:18:03.690 align:start position:0% you're doing is you're building something<00:18:02.530> like<00:18:02.680> a<00:18:02.800> Senate<00:18:03.250> here<00:18:03.460> is<00:18:03.580> the 00:18:03.690 --> 00:18:03.700 align:start position:0% something like a Senate here is the 00:18:03.700 --> 00:18:06.360 align:start position:0% something like a Senate here is the hundred<00:18:04.030> of<00:18:04.150> us<00:18:04.270> when<00:18:05.260> I<00:18:05.290> do<00:18:05.440> a<00:18:05.590> write<00:18:05.920> I<00:18:05.980> write 00:18:06.360 --> 00:18:06.370 align:start position:0% hundred of us when I do a write I write 00:18:06.370 --> 00:18:09.450 align:start position:0% hundred of us when I do a write I write 267<00:18:07.240> of<00:18:07.330> you<00:18:07.540> when<00:18:08.350> he<00:18:08.380> does<00:18:08.710> a<00:18:08.740> read<00:18:09.040> he<00:18:09.280> reads 00:18:09.450 --> 00:18:09.460 align:start position:0% 267 of you when he does a read he reads 00:18:09.460 --> 00:18:12.180 align:start position:0% 267 of you when he does a read he reads from<00:18:09.760> 67<00:18:10.420> of<00:18:10.540> you<00:18:10.690> and<00:18:10.900> then<00:18:11.380> he<00:18:11.740> does<00:18:11.980> that 00:18:12.180 --> 00:18:12.190 align:start position:0% from 67 of you and then he does that 00:18:12.190 --> 00:18:14.220 align:start position:0% from 67 of you and then he does that guarantees<00:18:12.820> that<00:18:12.850> there<00:18:13.150> are<00:18:13.270> 34<00:18:13.750> people<00:18:14.110> in 00:18:14.220 --> 00:18:14.230 align:start position:0% guarantees that there are 34 people in 00:18:14.230 --> 00:18:16.410 align:start position:0% guarantees that there are 34 people in common<00:18:14.590> and<00:18:14.770> if<00:18:15.190> 33<00:18:15.730> of<00:18:15.760> them<00:18:15.940> are<00:18:16.090> Byzantine 00:18:16.410 --> 00:18:16.420 align:start position:0% common and if 33 of them are Byzantine 00:18:16.420 --> 00:18:18.540 align:start position:0% common and if 33 of them are Byzantine there<00:18:16.750> is<00:18:16.810> at<00:18:16.930> least<00:18:17.110> still<00:18:17.560> one<00:18:17.860> good<00:18:18.100> guy<00:18:18.280> to 00:18:18.540 --> 00:18:18.550 align:start position:0% there is at least still one good guy to 00:18:18.550 --> 00:18:19.980 align:start position:0% there is at least still one good guy to carry<00:18:18.760> my<00:18:18.970> message<00:18:19.270> over<00:18:19.420> to<00:18:19.540> him<00:18:19.780> that's 00:18:19.980 --> 00:18:19.990 align:start position:0% carry my message over to him that's 00:18:19.990 --> 00:18:21.420 align:start position:0% carry my message over to him that's really<00:18:20.350> the<00:18:20.470> core<00:18:20.650> of<00:18:20.680> all<00:18:21.100> of<00:18:21.310> these 00:18:21.420 --> 00:18:21.430 align:start position:0% really the core of all of these 00:18:21.430 --> 00:18:24.150 align:start position:0% really the core of all of these complicated<00:18:22.360> proofs<00:18:23.140> okay<00:18:23.620> so<00:18:23.680> that's<00:18:23.950> the 00:18:24.150 --> 00:18:24.160 align:start position:0% complicated proofs okay so that's the 00:18:24.160 --> 00:18:26.970 align:start position:0% complicated proofs okay so that's the classical<00:18:24.700> world<00:18:24.850> Kasper<00:18:25.770> inter<00:18:26.770> ledger 00:18:26.970 --> 00:18:26.980 align:start position:0% classical world Kasper inter ledger 00:18:26.980 --> 00:18:29.010 align:start position:0% classical world Kasper inter ledger fabric<00:18:27.940> you<00:18:28.300> know<00:18:28.390> whatever<00:18:28.540> hyper<00:18:28.780> ledger 00:18:29.010 --> 00:18:29.020 align:start position:0% fabric you know whatever hyper ledger 00:18:29.020 --> 00:18:32.340 align:start position:0% fabric you know whatever hyper ledger fabric<00:18:29.520> nothing<00:18:30.520> through<00:18:30.640> ledger<00:18:31.350> Korda 00:18:32.340 --> 00:18:32.350 align:start position:0% fabric nothing through ledger Korda 00:18:32.350 --> 00:18:34.200 align:start position:0% fabric nothing through ledger Korda etcetera<00:18:32.920> all<00:18:33.160> of<00:18:33.370> these<00:18:33.520> protocols<00:18:33.880> are 00:18:34.200 --> 00:18:34.210 align:start position:0% etcetera all of these protocols are 00:18:34.210 --> 00:18:36.840 align:start position:0% etcetera all of these protocols are based<00:18:34.390> on<00:18:34.570> classical<00:18:34.990> classical<00:18:35.980> consensus 00:18:36.840 --> 00:18:36.850 align:start position:0% based on classical classical consensus 00:18:36.850 --> 00:18:40.410 align:start position:0% based on classical classical consensus Al<00:18:37.180> Gore<00:18:37.450> and<00:18:37.600> Josh<00:18:38.410> graph<00:18:38.790> and<00:18:39.790> so<00:18:40.000> forth<00:18:40.240> and 00:18:40.410 --> 00:18:40.420 align:start position:0% Al Gore and Josh graph and so forth and 00:18:40.420 --> 00:18:42.150 align:start position:0% Al Gore and Josh graph and so forth and they<00:18:40.750> of<00:18:40.870> course<00:18:40.900> completely<00:18:41.560> break<00:18:41.740> down<00:18:41.950> if 00:18:42.150 --> 00:18:42.160 align:start position:0% they of course completely break down if 00:18:42.160 --> 00:18:43.290 align:start position:0% they of course completely break down if the<00:18:42.220> Byzantine<00:18:42.610> threshold<00:18:43.060> is<00:18:43.180> exceeded 00:18:43.290 --> 00:18:43.300 align:start position:0% the Byzantine threshold is exceeded 00:18:43.300 --> 00:18:45.620 align:start position:0% the Byzantine threshold is exceeded right<00:18:43.870> if<00:18:44.020> you<00:18:44.110> have<00:18:44.230> 34<00:18:44.740> people<00:18:44.920> the 00:18:45.620 --> 00:18:45.630 align:start position:0% right if you have 34 people the 00:18:45.630 --> 00:18:49.110 align:start position:0% right if you have 34 people the Byzantine<00:18:46.630> or<00:18:47.070> you<00:18:48.070> and<00:18:48.250> I<00:18:48.310> disagree<00:18:48.820> and<00:18:48.970> too 00:18:49.110 --> 00:18:49.120 align:start position:0% Byzantine or you and I disagree and too 00:18:49.120 --> 00:18:50.520 align:start position:0% Byzantine or you and I disagree and too much<00:18:49.330> of<00:18:49.540> the<00:18:49.660> of<00:18:49.810> the<00:18:49.930> membership<00:18:50.380> of<00:18:50.470> the 00:18:50.520 --> 00:18:50.530 align:start position:0% much of the of the membership of the 00:18:50.530 --> 00:18:52.080 align:start position:0% much of the of the membership of the room<00:18:50.800> then<00:18:51.310> suddenly<00:18:51.760> the<00:18:51.940> whole<00:18:51.970> thing 00:18:52.080 --> 00:18:52.090 align:start position:0% room then suddenly the whole thing 00:18:52.090 --> 00:18:54.450 align:start position:0% room then suddenly the whole thing breaks<00:18:52.480> down<00:18:52.660> I<00:18:52.900> want<00:18:53.710> to<00:18:53.800> tell<00:18:54.040> you<00:18:54.190> about<00:18:54.280> a 00:18:54.450 --> 00:18:54.460 align:start position:0% breaks down I want to tell you about a 00:18:54.460 --> 00:18:58.140 align:start position:0% breaks down I want to tell you about a new<00:18:54.850> approach<00:18:55.270> to<00:18:55.330> consensus<00:18:56.250> that<00:18:57.250> that 00:18:58.140 --> 00:18:58.150 align:start position:0% new approach to consensus that that 00:18:58.150 --> 00:19:00.180 align:start position:0% new approach to consensus that that actually<00:18:58.420> combines<00:18:59.020> the<00:18:59.230> best<00:18:59.470> of<00:18:59.740> these<00:18:59.920> two 00:19:00.180 --> 00:19:00.190 align:start position:0% actually combines the best of these two 00:19:00.190 --> 00:19:02.940 align:start position:0% actually combines the best of these two worlds<00:19:00.430> and<00:19:00.880> works<00:19:01.630> entirely<00:19:02.080> differently<00:19:02.770> it 00:19:02.940 --> 00:19:02.950 align:start position:0% worlds and works entirely differently it 00:19:02.950 --> 00:19:04.950 align:start position:0% worlds and works entirely differently it involves<00:19:03.340> a<00:19:03.430> different<00:19:03.580> mechanism<00:19:04.360> and<00:19:04.630> I'll 00:19:04.950 --> 00:19:04.960 align:start position:0% involves a different mechanism and I'll 00:19:04.960 --> 00:19:06.930 align:start position:0% involves a different mechanism and I'll try<00:19:05.170> to<00:19:05.230> explain<00:19:05.470> to<00:19:05.800> you<00:19:06.130> how<00:19:06.250> it<00:19:06.430> works<00:19:06.640> in 00:19:06.930 --> 00:19:06.940 align:start position:0% try to explain to you how it works in 00:19:06.940 --> 00:19:09.210 align:start position:0% try to explain to you how it works in about<00:19:07.750> three<00:19:08.110> minutes<00:19:08.260> or<00:19:08.530> so<00:19:08.740> this<00:19:08.920> is<00:19:09.070> the 00:19:09.210 --> 00:19:09.220 align:start position:0% about three minutes or so this is the 00:19:09.220 --> 00:19:11.100 align:start position:0% about three minutes or so this is the Avalanche<00:19:09.670> consensus<00:19:10.330> protocol<00:19:10.780> it<00:19:10.990> was 00:19:11.100 --> 00:19:11.110 align:start position:0% Avalanche consensus protocol it was 00:19:11.110 --> 00:19:14.190 align:start position:0% Avalanche consensus protocol it was drafted<00:19:11.650> on<00:19:11.770> ipfs<00:19:12.490> in<00:19:12.730> May<00:19:13.330> of<00:19:13.360> this<00:19:13.660> year<00:19:13.720> and 00:19:14.190 --> 00:19:14.200 align:start position:0% drafted on ipfs in May of this year and 00:19:14.200 --> 00:19:17.130 align:start position:0% drafted on ipfs in May of this year and it<00:19:15.010> gives<00:19:15.220> us<00:19:15.370> quick<00:19:15.640> finality<00:19:16.270> okay<00:19:16.870> so<00:19:16.930> it 00:19:17.130 --> 00:19:17.140 align:start position:0% it gives us quick finality okay so it 00:19:17.140 --> 00:19:17.520 align:start position:0% it gives us quick finality okay so it works 00:19:17.520 --> 00:19:17.530 align:start position:0% works 00:19:17.530 --> 00:19:19.230 align:start position:0% works it's<00:19:17.710> achieves<00:19:18.100> finality<00:19:18.640> in<00:19:18.760> one<00:19:18.940> to<00:19:19.090> two 00:19:19.230 --> 00:19:19.240 align:start position:0% it's achieves finality in one to two 00:19:19.240 --> 00:19:21.270 align:start position:0% it's achieves finality in one to two seconds<00:19:19.720> it<00:19:20.410> gives<00:19:20.560> us<00:19:20.770> high<00:19:20.920> throughput 00:19:21.270 --> 00:19:21.280 align:start position:0% seconds it gives us high throughput 00:19:21.280 --> 00:19:22.950 align:start position:0% seconds it gives us high throughput about<00:19:21.790> a<00:19:21.820> thousand<00:19:22.360> to<00:19:22.420> ten<00:19:22.540> thousand 00:19:22.950 --> 00:19:22.960 align:start position:0% about a thousand to ten thousand 00:19:22.960 --> 00:19:25.680 align:start position:0% about a thousand to ten thousand transactions<00:19:23.530> per<00:19:23.650> second<00:19:24.070> it<00:19:24.760> scales<00:19:25.300> and 00:19:25.680 --> 00:19:25.690 align:start position:0% transactions per second it scales and 00:19:25.690 --> 00:19:27.120 align:start position:0% transactions per second it scales and this<00:19:25.840> is<00:19:25.960> I<00:19:26.080> think<00:19:26.110> the<00:19:26.350> most<00:19:26.500> important<00:19:26.950> part 00:19:27.120 --> 00:19:27.130 align:start position:0% this is I think the most important part 00:19:27.130 --> 00:19:29.430 align:start position:0% this is I think the most important part it<00:19:27.550> can<00:19:27.700> accommodate<00:19:28.060> tens<00:19:28.600> of<00:19:28.840> thousands<00:19:29.380> to 00:19:29.430 --> 00:19:29.440 align:start position:0% it can accommodate tens of thousands to 00:19:29.440 --> 00:19:32.040 align:start position:0% it can accommodate tens of thousands to millions<00:19:29.590> of<00:19:30.250> nodes<00:19:30.520> you<00:19:31.510> too<00:19:31.810> can 00:19:32.040 --> 00:19:32.050 align:start position:0% millions of nodes you too can 00:19:32.050 --> 00:19:33.930 align:start position:0% millions of nodes you too can participate<00:19:32.410> you<00:19:32.890> could<00:19:33.070> be<00:19:33.190> the<00:19:33.340> Jihan<00:19:33.700> whoo 00:19:33.930 --> 00:19:33.940 align:start position:0% participate you could be the Jihan whoo 00:19:33.940 --> 00:19:37.770 align:start position:0% participate you could be the Jihan whoo of<00:19:34.740> an<00:19:35.740> avalanche<00:19:36.130> protocol<00:19:36.760> okay<00:19:37.180> and<00:19:37.450> jihong 00:19:37.770 --> 00:19:37.780 align:start position:0% of an avalanche protocol okay and jihong 00:19:37.780 --> 00:19:39.240 align:start position:0% of an avalanche protocol okay and jihong you<00:19:38.020> know<00:19:38.140> he's<00:19:38.290> wonderful<00:19:38.800> at<00:19:38.920> building 00:19:39.240 --> 00:19:39.250 align:start position:0% you know he's wonderful at building 00:19:39.250 --> 00:19:41.580 align:start position:0% you know he's wonderful at building machinery<00:19:39.610> is<00:19:40.060> wonderful<00:19:40.510> at<00:19:40.600> running<00:19:40.930> it<00:19:41.080> but 00:19:41.580 --> 00:19:41.590 align:start position:0% machinery is wonderful at running it but 00:19:41.590 --> 00:19:43.080 align:start position:0% machinery is wonderful at running it but when<00:19:42.010> it<00:19:42.130> comes<00:19:42.370> to<00:19:42.520> serializing 00:19:43.080 --> 00:19:43.090 align:start position:0% when it comes to serializing 00:19:43.090 --> 00:19:44.940 align:start position:0% when it comes to serializing transactions<00:19:43.750> he<00:19:43.870> is<00:19:43.930> no<00:19:44.170> different<00:19:44.620> than<00:19:44.650> you 00:19:44.940 --> 00:19:44.950 align:start position:0% transactions he is no different than you 00:19:44.950 --> 00:19:46.980 align:start position:0% transactions he is no different than you or<00:19:44.980> me<00:19:45.160> okay<00:19:45.850> and<00:19:46.060> you<00:19:46.390> can<00:19:46.570> do<00:19:46.660> the<00:19:46.780> job<00:19:46.960> that 00:19:46.980 --> 00:19:46.990 align:start position:0% or me okay and you can do the job that 00:19:46.990 --> 00:19:50.490 align:start position:0% or me okay and you can do the job that he<00:19:47.230> does<00:19:47.260> so<00:19:48.420> let's<00:19:49.420> see<00:19:49.540> its<00:19:49.690> robust<00:19:50.110> there<00:19:50.410> is 00:19:50.490 --> 00:19:50.500 align:start position:0% he does so let's see its robust there is 00:19:50.500 --> 00:19:52.620 align:start position:0% he does so let's see its robust there is no<00:19:50.620> need<00:19:50.800> for<00:19:50.830> precise<00:19:51.280> membership<00:19:51.820> dadada 00:19:52.620 --> 00:19:52.630 align:start position:0% no need for precise membership dadada 00:19:52.630 --> 00:19:54.180 align:start position:0% no need for precise membership dadada let<00:19:52.870> me<00:19:52.960> tell<00:19:53.140> you<00:19:53.260> how<00:19:53.320> it<00:19:53.470> works<00:19:53.650> okay<00:19:53.830> it's 00:19:54.180 --> 00:19:54.190 align:start position:0% let me tell you how it works okay it's 00:19:54.190 --> 00:19:56.100 align:start position:0% let me tell you how it works okay it's inspired<00:19:54.640> by<00:19:54.760> gossip<00:19:55.030> networks<00:19:55.570> it's<00:19:55.930> fairly 00:19:56.100 --> 00:19:56.110 align:start position:0% inspired by gossip networks it's fairly 00:19:56.110 --> 00:19:58.230 align:start position:0% inspired by gossip networks it's fairly straightforward<00:19:56.500> and<00:19:56.980> and<00:19:57.760> here's<00:19:57.940> how<00:19:58.120> it 00:19:58.230 --> 00:19:58.240 align:start position:0% straightforward and and here's how it 00:19:58.240 --> 00:19:59.820 align:start position:0% straightforward and and here's how it works<00:19:58.480> here's<00:19:58.720> this<00:19:59.170> design 00:19:59.820 --> 00:19:59.830 align:start position:0% works here's this design 00:19:59.830 --> 00:20:02.100 align:start position:0% works here's this design to<00:19:59.890> be<00:20:00.010> deliberately<00:20:00.909> metastable<00:20:01.600> it's<00:20:01.990> a 00:20:02.100 --> 00:20:02.110 align:start position:0% to be deliberately metastable it's a 00:20:02.110 --> 00:20:03.810 align:start position:0% to be deliberately metastable it's a network<00:20:02.500> that<00:20:02.710> will<00:20:02.860> fall<00:20:03.159> one<00:20:03.490> way<00:20:03.640> or<00:20:03.789> the 00:20:03.810 --> 00:20:03.820 align:start position:0% network that will fall one way or the 00:20:03.820 --> 00:20:05.820 align:start position:0% network that will fall one way or the other<00:20:03.940> and<00:20:04.240> make<00:20:04.360> a<00:20:04.390> decision<00:20:04.929> how<00:20:05.529> does<00:20:05.740> it 00:20:05.820 --> 00:20:05.830 align:start position:0% other and make a decision how does it 00:20:05.830 --> 00:20:07.529 align:start position:0% other and make a decision how does it work<00:20:06.010> well<00:20:06.429> let's<00:20:06.640> assume<00:20:06.760> that<00:20:07.000> we're<00:20:07.240> making 00:20:07.529 --> 00:20:07.539 align:start position:0% work well let's assume that we're making 00:20:07.539 --> 00:20:09.509 align:start position:0% work well let's assume that we're making a<00:20:07.630> decision<00:20:07.779> between<00:20:08.140> red<00:20:08.500> and<00:20:08.740> blue 00:20:09.509 --> 00:20:09.519 align:start position:0% a decision between red and blue 00:20:09.519 --> 00:20:12.060 align:start position:0% a decision between red and blue okay<00:20:09.909> and<00:20:10.260> we're<00:20:11.260> making<00:20:11.500> that<00:20:11.620> in<00:20:11.769> the<00:20:11.860> room 00:20:12.060 --> 00:20:12.070 align:start position:0% okay and we're making that in the room 00:20:12.070 --> 00:20:13.289 align:start position:0% okay and we're making that in the room this<00:20:12.279> big<00:20:12.549> and<00:20:12.700> I<00:20:12.760> don't<00:20:12.940> know<00:20:13.029> how<00:20:13.120> many 00:20:13.289 --> 00:20:13.299 align:start position:0% this big and I don't know how many 00:20:13.299 --> 00:20:14.880 align:start position:0% this big and I don't know how many people<00:20:13.539> are<00:20:13.659> here<00:20:13.690> let's<00:20:14.169> say<00:20:14.289> a<00:20:14.320> few<00:20:14.500> hundred 00:20:14.880 --> 00:20:14.890 align:start position:0% people are here let's say a few hundred 00:20:14.890 --> 00:20:17.100 align:start position:0% people are here let's say a few hundred and<00:20:15.159> you<00:20:15.429> know<00:20:15.549> you<00:20:15.610> all<00:20:15.880> know<00:20:15.909> some<00:20:16.630> of<00:20:16.750> them<00:20:16.929> I 00:20:17.100 --> 00:20:17.110 align:start position:0% and you know you all know some of them I 00:20:17.110 --> 00:20:18.630 align:start position:0% and you know you all know some of them I know<00:20:17.169> some<00:20:17.500> of<00:20:17.620> them<00:20:17.769> but<00:20:17.890> we<00:20:17.980> don't<00:20:18.159> all<00:20:18.399> know 00:20:18.630 --> 00:20:18.640 align:start position:0% know some of them but we don't all know 00:20:18.640 --> 00:20:20.909 align:start position:0% know some of them but we don't all know everyone<00:20:19.029> precisely<00:20:19.659> okay<00:20:20.019> there's<00:20:20.230> overlap 00:20:20.909 --> 00:20:20.919 align:start position:0% everyone precisely okay there's overlap 00:20:20.919 --> 00:20:23.220 align:start position:0% everyone precisely okay there's overlap but<00:20:21.190> not<00:20:21.370> the<00:20:21.490> precise<00:20:21.909> knowledge<00:20:22.179> what<00:20:23.080> you 00:20:23.220 --> 00:20:23.230 align:start position:0% but not the precise knowledge what you 00:20:23.230 --> 00:20:25.590 align:start position:0% but not the precise knowledge what you do<00:20:23.409> is<00:20:23.740> you<00:20:24.130> pick<00:20:24.370> five<00:20:24.760> people<00:20:25.240> at<00:20:25.360> random 00:20:25.590 --> 00:20:25.600 align:start position:0% do is you pick five people at random 00:20:25.600 --> 00:20:28.380 align:start position:0% do is you pick five people at random it's<00:20:26.019> the<00:20:26.200> you<00:20:26.380> you<00:20:26.769> you<00:20:27.130> you<00:20:27.580> you<00:20:27.610> okay<00:20:28.120> and 00:20:28.380 --> 00:20:28.390 align:start position:0% it's the you you you you you okay and 00:20:28.390 --> 00:20:30.360 align:start position:0% it's the you you you you you okay and you<00:20:28.720> say<00:20:28.929> hey<00:20:29.080> what<00:20:29.260> color<00:20:29.500> card<00:20:29.860> do<00:20:30.070> you<00:20:30.130> like 00:20:30.360 --> 00:20:30.370 align:start position:0% you say hey what color card do you like 00:20:30.370 --> 00:20:32.940 align:start position:0% you say hey what color card do you like is<00:20:30.549> it<00:20:30.700> red<00:20:30.970> or<00:20:31.240> blue<00:20:31.630> and<00:20:31.870> so<00:20:32.380> you<00:20:32.470> ask<00:20:32.649> them 00:20:32.940 --> 00:20:32.950 align:start position:0% is it red or blue and so you ask them 00:20:32.950 --> 00:20:34.740 align:start position:0% is it red or blue and so you ask them five<00:20:33.309> of<00:20:33.490> them<00:20:33.639> no<00:20:33.789> not<00:20:34.029> much<00:20:34.269> more<00:20:34.539> than<00:20:34.720> that 00:20:34.740 --> 00:20:34.750 align:start position:0% five of them no not much more than that 00:20:34.750 --> 00:20:36.450 align:start position:0% five of them no not much more than that maybe<00:20:35.019> ten<00:20:35.380> depending<00:20:35.679> on<00:20:36.039> how<00:20:36.159> you<00:20:36.250> want<00:20:36.399> to 00:20:36.450 --> 00:20:36.460 align:start position:0% maybe ten depending on how you want to 00:20:36.460 --> 00:20:38.129 align:start position:0% maybe ten depending on how you want to parameterize<00:20:36.909> your<00:20:37.000> protocol<00:20:37.539> but<00:20:38.019> you're 00:20:38.129 --> 00:20:38.139 align:start position:0% parameterize your protocol but you're 00:20:38.139 --> 00:20:40.320 align:start position:0% parameterize your protocol but you're not<00:20:38.320> gonna<00:20:38.559> ask<00:20:38.769> everybody<00:20:39.159> else<00:20:39.549> okay<00:20:39.850> in 00:20:40.320 --> 00:20:40.330 align:start position:0% not gonna ask everybody else okay in 00:20:40.330 --> 00:20:41.610 align:start position:0% not gonna ask everybody else okay in fact<00:20:40.480> we<00:20:40.630> could<00:20:40.809> do<00:20:40.899> this<00:20:41.019> in<00:20:41.169> a<00:20:41.260> crowded 00:20:41.610 --> 00:20:41.620 align:start position:0% fact we could do this in a crowded 00:20:41.620 --> 00:20:43.200 align:start position:0% fact we could do this in a crowded stadium<00:20:42.220> of<00:20:42.370> fifty<00:20:42.700> thousand<00:20:43.029> or<00:20:43.149> a<00:20:43.179> hundred 00:20:43.200 --> 00:20:43.210 align:start position:0% stadium of fifty thousand or a hundred 00:20:43.210 --> 00:20:45.180 align:start position:0% stadium of fifty thousand or a hundred thousand<00:20:43.779> people<00:20:43.870> let's<00:20:44.559> do<00:20:44.679> it<00:20:44.799> in<00:20:44.889> this<00:20:44.980> room 00:20:45.180 --> 00:20:45.190 align:start position:0% thousand people let's do it in this room 00:20:45.190 --> 00:20:47.340 align:start position:0% thousand people let's do it in this room I<00:20:45.460> pick<00:20:45.880> five<00:20:46.090> of<00:20:46.330> you<00:20:46.450> and<00:20:46.600> I<00:20:46.659> say<00:20:46.870> which<00:20:47.080> color 00:20:47.340 --> 00:20:47.350 align:start position:0% I pick five of you and I say which color 00:20:47.350 --> 00:20:49.379 align:start position:0% I pick five of you and I say which color would<00:20:47.590> you<00:20:47.620> like<00:20:47.860> to<00:20:47.980> go<00:20:48.100> for<00:20:48.370> and<00:20:48.610> they<00:20:49.149> say 00:20:49.379 --> 00:20:49.389 align:start position:0% would you like to go for and they say 00:20:49.389 --> 00:20:51.539 align:start position:0% would you like to go for and they say red<00:20:49.659> or<00:20:49.929> blue<00:20:50.139> I<00:20:50.230> get<00:20:50.409> back<00:20:50.620> red<00:20:50.860> red<00:20:51.039> red<00:20:51.250> what 00:20:51.539 --> 00:20:51.549 align:start position:0% red or blue I get back red red red what 00:20:51.549 --> 00:20:53.399 align:start position:0% red or blue I get back red red red what let's<00:20:51.730> see<00:20:51.880> let's<00:20:52.059> color<00:20:52.240> this<00:20:52.450> yeah<00:20:52.990> red<00:20:53.230> red 00:20:53.399 --> 00:20:53.409 align:start position:0% let's see let's color this yeah red red 00:20:53.409 --> 00:20:56.250 align:start position:0% let's see let's color this yeah red red blue<00:20:53.649> red<00:20:53.679> blue<00:20:54.070> okay<00:20:54.519> at<00:20:55.450> the<00:20:55.630> end<00:20:55.750> of<00:20:55.870> this<00:20:55.990> I 00:20:56.250 --> 00:20:56.260 align:start position:0% blue red blue okay at the end of this I 00:20:56.260 --> 00:20:58.980 align:start position:0% blue red blue okay at the end of this I go<00:20:56.590> okay<00:20:57.159> it<00:20:57.610> looks<00:20:57.909> like<00:20:58.000> the<00:20:58.179> at<00:20:58.570> least<00:20:58.779> based 00:20:58.980 --> 00:20:58.990 align:start position:0% go okay it looks like the at least based 00:20:58.990 --> 00:21:00.450 align:start position:0% go okay it looks like the at least based on<00:20:59.110> my<00:20:59.230> sampling<00:20:59.649> people<00:20:59.950> are<00:21:00.010> going<00:21:00.220> towards 00:21:00.450 --> 00:21:00.460 align:start position:0% on my sampling people are going towards 00:21:00.460 --> 00:21:02.580 align:start position:0% on my sampling people are going towards right<00:21:00.639> I'm<00:21:00.820> gonna<00:21:00.970> go<00:21:01.120> towards<00:21:01.299> red<00:21:01.570> okay<00:21:02.080> you 00:21:02.580 --> 00:21:02.590 align:start position:0% right I'm gonna go towards red okay you 00:21:02.590 --> 00:21:03.810 align:start position:0% right I'm gonna go towards red okay you do<00:21:02.740> the<00:21:02.830> same<00:21:03.039> thing<00:21:03.279> she<00:21:03.519> does<00:21:03.669> the<00:21:03.789> same 00:21:03.810 --> 00:21:03.820 align:start position:0% do the same thing she does the same 00:21:03.820 --> 00:21:06.899 align:start position:0% do the same thing she does the same thing<00:21:04.179> and<00:21:04.330> so<00:21:04.510> forth<00:21:04.779> and<00:21:05.220> and<00:21:06.220> that<00:21:06.549> happens 00:21:06.899 --> 00:21:06.909 align:start position:0% thing and so forth and and that happens 00:21:06.909 --> 00:21:08.340 align:start position:0% thing and so forth and and that happens at<00:21:07.029> the<00:21:07.179> you<00:21:07.389> know<00:21:07.480> simultaneously<00:21:08.260> in<00:21:08.320> the 00:21:08.340 --> 00:21:08.350 align:start position:0% at the you know simultaneously in the 00:21:08.350 --> 00:21:11.190 align:start position:0% at the you know simultaneously in the first<00:21:08.590> round<00:21:08.830> and<00:21:09.750> at<00:21:10.750> the<00:21:10.840> end<00:21:10.990> of<00:21:11.080> this 00:21:11.190 --> 00:21:11.200 align:start position:0% first round and at the end of this 00:21:11.200 --> 00:21:14.970 align:start position:0% first round and at the end of this process<00:21:11.820> what<00:21:12.820> what<00:21:13.090> will<00:21:13.269> happen<00:21:13.659> well<00:21:14.080> when 00:21:14.970 --> 00:21:14.980 align:start position:0% process what what will happen well when 00:21:14.980 --> 00:21:16.680 align:start position:0% process what what will happen well when we<00:21:15.130> started<00:21:15.669> the<00:21:15.850> worst<00:21:16.090> thing<00:21:16.360> that<00:21:16.389> could 00:21:16.680 --> 00:21:16.690 align:start position:0% we started the worst thing that could 00:21:16.690 --> 00:21:18.960 align:start position:0% we started the worst thing that could have<00:21:16.809> happened<00:21:16.990> is<00:21:17.350> we<00:21:17.799> were<00:21:17.950> split<00:21:18.309> 50-50 00:21:18.960 --> 00:21:18.970 align:start position:0% have happened is we were split 50-50 00:21:18.970 --> 00:21:20.909 align:start position:0% have happened is we were split 50-50 intermixed<00:21:19.779> you<00:21:19.929> know<00:21:20.019> those<00:21:20.169> Blues<00:21:20.470> and<00:21:20.710> red 00:21:20.909 --> 00:21:20.919 align:start position:0% intermixed you know those Blues and red 00:21:20.919 --> 00:21:22.889 align:start position:0% intermixed you know those Blues and red and<00:21:21.340> blues<00:21:21.789> and<00:21:21.970> reds<00:21:22.149> intermixed<00:21:22.750> in<00:21:22.779> the 00:21:22.889 --> 00:21:22.899 align:start position:0% and blues and reds intermixed in the 00:21:22.899 --> 00:21:25.529 align:start position:0% and blues and reds intermixed in the room<00:21:23.049> after<00:21:23.980> one<00:21:24.220> round<00:21:24.250> of<00:21:24.700> everybody<00:21:25.120> asking 00:21:25.529 --> 00:21:25.539 align:start position:0% room after one round of everybody asking 00:21:25.539 --> 00:21:27.810 align:start position:0% room after one round of everybody asking five<00:21:25.750> people<00:21:26.200> we<00:21:26.769> will<00:21:26.919> have<00:21:27.070> over<00:21:27.190> sampled 00:21:27.810 --> 00:21:27.820 align:start position:0% five people we will have over sampled 00:21:27.820 --> 00:21:30.899 align:start position:0% five people we will have over sampled the<00:21:27.940> Reds<00:21:28.149> or<00:21:28.419> the<00:21:28.630> Blues<00:21:29.220> it's<00:21:30.220> incredibly 00:21:30.899 --> 00:21:30.909 align:start position:0% the Reds or the Blues it's incredibly 00:21:30.909 --> 00:21:33.000 align:start position:0% the Reds or the Blues it's incredibly unlikely<00:21:31.299> that<00:21:31.600> we<00:21:31.720> will<00:21:31.870> remain<00:21:32.139> at<00:21:32.380> 5050 00:21:33.000 --> 00:21:33.010 align:start position:0% unlikely that we will remain at 5050 00:21:33.010 --> 00:21:35.250 align:start position:0% unlikely that we will remain at 5050 it's<00:21:33.190> possible<00:21:33.700> if<00:21:33.970> we<00:21:34.299> remain<00:21:34.539> that<00:21:34.750> 50/50 00:21:35.250 --> 00:21:35.260 align:start position:0% it's possible if we remain that 50/50 00:21:35.260 --> 00:21:36.509 align:start position:0% it's possible if we remain that 50/50 there<00:21:35.380> will<00:21:35.470> be<00:21:35.500> another<00:21:35.769> round<00:21:36.010> in<00:21:36.279> fact 00:21:36.509 --> 00:21:36.519 align:start position:0% there will be another round in fact 00:21:36.519 --> 00:21:37.789 align:start position:0% there will be another round in fact there<00:21:36.730> will<00:21:36.789> always<00:21:36.909> be<00:21:37.059> another<00:21:37.360> round 00:21:37.789 --> 00:21:37.799 align:start position:0% there will always be another round 00:21:37.799 --> 00:21:39.840 align:start position:0% there will always be another round subsequent<00:21:38.799> rounds<00:21:39.100> we<00:21:39.250> will<00:21:39.370> fall<00:21:39.580> to<00:21:39.730> one 00:21:39.840 --> 00:21:39.850 align:start position:0% subsequent rounds we will fall to one 00:21:39.850 --> 00:21:42.029 align:start position:0% subsequent rounds we will fall to one side<00:21:39.909> but<00:21:40.690> more<00:21:40.929> than<00:21:41.080> likely<00:21:41.350> we<00:21:41.590> will<00:21:41.740> end<00:21:41.889> up 00:21:42.029 --> 00:21:42.039 align:start position:0% side but more than likely we will end up 00:21:42.039 --> 00:21:44.159 align:start position:0% side but more than likely we will end up over<00:21:42.340> sampling<00:21:42.669> one<00:21:42.909> of<00:21:43.029> the<00:21:43.120> colors<00:21:43.419> and<00:21:43.630> the 00:21:44.159 --> 00:21:44.169 align:start position:0% over sampling one of the colors and the 00:21:44.169 --> 00:21:46.320 align:start position:0% over sampling one of the colors and the color<00:21:44.380> distribution<00:21:45.010> will<00:21:45.159> now<00:21:45.309> be<00:21:45.519> oh<00:21:45.760> no 00:21:46.320 --> 00:21:46.330 align:start position:0% color distribution will now be oh no 00:21:46.330 --> 00:21:49.649 align:start position:0% color distribution will now be oh no fifty<00:21:46.809> one<00:21:46.960> forty<00:21:47.230> nine<00:21:47.850> second<00:21:48.850> round<00:21:49.090> we<00:21:49.539> do 00:21:49.649 --> 00:21:49.659 align:start position:0% fifty one forty nine second round we do 00:21:49.659 --> 00:21:52.080 align:start position:0% fifty one forty nine second round we do the<00:21:49.809> exact<00:21:50.169> same<00:21:50.350> process<00:21:50.620> but<00:21:51.549> you<00:21:51.700> can<00:21:51.730> see 00:21:52.080 --> 00:21:52.090 align:start position:0% the exact same process but you can see 00:21:52.090 --> 00:21:53.940 align:start position:0% the exact same process but you can see now<00:21:52.299> that<00:21:52.330> we<00:21:52.630> have<00:21:52.779> this<00:21:52.899> we<00:21:53.289> have<00:21:53.320> started<00:21:53.919> to 00:21:53.940 --> 00:21:53.950 align:start position:0% now that we have this we have started to 00:21:53.950 --> 00:21:56.970 align:start position:0% now that we have this we have started to descend<00:21:54.460> down<00:21:54.549> a<00:21:54.760> hill<00:21:55.149> and<00:21:55.470> and<00:21:56.470> now<00:21:56.889> the 00:21:56.970 --> 00:21:56.980 align:start position:0% descend down a hill and and now the 00:21:56.980 --> 00:21:59.129 align:start position:0% descend down a hill and and now the second<00:21:57.519> round<00:21:57.700> is<00:21:57.880> much<00:21:58.120> more<00:21:58.360> likely<00:21:58.659> to<00:21:58.840> go 00:21:59.129 --> 00:21:59.139 align:start position:0% second round is much more likely to go 00:21:59.139 --> 00:22:01.289 align:start position:0% second round is much more likely to go in<00:21:59.289> the<00:21:59.380> direction<00:21:59.740> that<00:22:00.100> got<00:22:00.730> favored<00:22:01.149> in<00:22:01.269> the 00:22:01.289 --> 00:22:01.299 align:start position:0% in the direction that got favored in the 00:22:01.299 --> 00:22:03.480 align:start position:0% in the direction that got favored in the first<00:22:01.600> round<00:22:01.899> so<00:22:02.139> if<00:22:02.559> it<00:22:02.679> was<00:22:02.830> fifty<00:22:03.159> one<00:22:03.309> forty 00:22:03.480 --> 00:22:03.490 align:start position:0% first round so if it was fifty one forty 00:22:03.490 --> 00:22:06.000 align:start position:0% first round so if it was fifty one forty nine<00:22:03.700> red<00:22:04.120> in<00:22:04.419> the<00:22:05.019> first<00:22:05.230> round<00:22:05.529> it's<00:22:05.769> going 00:22:06.000 --> 00:22:06.010 align:start position:0% nine red in the first round it's going 00:22:06.010 --> 00:22:08.279 align:start position:0% nine red in the first round it's going to<00:22:06.100> be<00:22:06.220> probably<00:22:06.610> fifty<00:22:07.299> three<00:22:07.539> forty<00:22:07.929> seven 00:22:08.279 --> 00:22:08.289 align:start position:0% to be probably fifty three forty seven 00:22:08.289 --> 00:22:11.490 align:start position:0% to be probably fifty three forty seven at<00:22:08.559> the<00:22:08.950> end<00:22:09.070> of<00:22:09.190> the<00:22:09.309> second<00:22:09.700> round<00:22:09.850> of<00:22:10.500> of 00:22:11.490 --> 00:22:11.500 align:start position:0% at the end of the second round of of 00:22:11.500 --> 00:22:13.149 align:start position:0% at the end of the second round of of poling<00:22:12.340> here 00:22:13.149 --> 00:22:13.159 align:start position:0% poling here 00:22:13.159 --> 00:22:14.799 align:start position:0% poling here beat<00:22:13.249> this<00:22:13.399> up<00:22:13.580> for<00:22:13.820> a<00:22:13.849> third<00:22:14.149> time<00:22:14.330> you<00:22:14.599> repeat 00:22:14.799 --> 00:22:14.809 align:start position:0% beat this up for a third time you repeat 00:22:14.809 --> 00:22:16.690 align:start position:0% beat this up for a third time you repeat this<00:22:14.960> for<00:22:15.169> a<00:22:15.200> fourth<00:22:15.470> time<00:22:15.649> and<00:22:15.889> so<00:22:16.340> on<00:22:16.429> and<00:22:16.580> so 00:22:16.690 --> 00:22:16.700 align:start position:0% this for a fourth time and so on and so 00:22:16.700 --> 00:22:19.089 align:start position:0% this for a fourth time and so on and so forth<00:22:16.999> and<00:22:17.149> the<00:22:17.299> math<00:22:17.509> shows<00:22:17.899> that<00:22:18.649> for<00:22:18.889> really 00:22:19.089 --> 00:22:19.099 align:start position:0% forth and the math shows that for really 00:22:19.099 --> 00:22:22.029 align:start position:0% forth and the math shows that for really large<00:22:19.369> networks<00:22:19.909> of<00:22:20.149> 50,000<00:22:20.929> or<00:22:21.049> so<00:22:21.289> somewhere 00:22:22.029 --> 00:22:22.039 align:start position:0% large networks of 50,000 or so somewhere 00:22:22.039 --> 00:22:25.239 align:start position:0% large networks of 50,000 or so somewhere between<00:22:22.099> 13<00:22:22.849> to<00:22:23.059> 17<00:22:23.419> rounds<00:22:24.139> is<00:22:24.320> sufficient 00:22:25.239 --> 00:22:25.249 align:start position:0% between 13 to 17 rounds is sufficient 00:22:25.249 --> 00:22:28.029 align:start position:0% between 13 to 17 rounds is sufficient for<00:22:25.789> the<00:22:25.909> entire<00:22:26.269> network<00:22:26.509> to<00:22:26.840> topple<00:22:27.200> over<00:22:27.499> so 00:22:28.029 --> 00:22:28.039 align:start position:0% for the entire network to topple over so 00:22:28.039 --> 00:22:30.009 align:start position:0% for the entire network to topple over so you<00:22:28.099> do<00:22:28.309> this<00:22:28.460> process<00:22:28.940> and<00:22:29.269> after<00:22:29.749> the 00:22:30.009 --> 00:22:30.019 align:start position:0% you do this process and after the 00:22:30.019 --> 00:22:32.200 align:start position:0% you do this process and after the seventeenth<00:22:30.529> round<00:22:30.739> this<00:22:30.950> incredibly<00:22:31.849> dumb 00:22:32.200 --> 00:22:32.210 align:start position:0% seventeenth round this incredibly dumb 00:22:32.210 --> 00:22:34.690 align:start position:0% seventeenth round this incredibly dumb sounding<00:22:32.749> protocol<00:22:33.229> you<00:22:34.070> do<00:22:34.249> this<00:22:34.460> and<00:22:34.639> you 00:22:34.690 --> 00:22:34.700 align:start position:0% sounding protocol you do this and you 00:22:34.700 --> 00:22:36.249 align:start position:0% sounding protocol you do this and you hold<00:22:34.820> your<00:22:35.029> card<00:22:35.269> on<00:22:35.389> your<00:22:35.509> forehead<00:22:36.019> and<00:22:36.169> you 00:22:36.249 --> 00:22:36.259 align:start position:0% hold your card on your forehead and you 00:22:36.259 --> 00:22:37.749 align:start position:0% hold your card on your forehead and you flip<00:22:36.529> it<00:22:36.559> every<00:22:36.919> time<00:22:37.039> you<00:22:37.190> hear<00:22:37.399> something 00:22:37.749 --> 00:22:37.759 align:start position:0% flip it every time you hear something 00:22:37.759 --> 00:22:39.190 align:start position:0% flip it every time you hear something you<00:22:37.820> don't<00:22:37.970> even<00:22:38.119> keep<00:22:38.330> track<00:22:38.359> of<00:22:38.690> history<00:22:39.049> you 00:22:39.190 --> 00:22:39.200 align:start position:0% you don't even keep track of history you 00:22:39.200 --> 00:22:41.320 align:start position:0% you don't even keep track of history you don't<00:22:39.619> try<00:22:39.799> to<00:22:39.830> attribute<00:22:40.279> malice<00:22:40.820> to<00:22:40.970> anybody 00:22:41.320 --> 00:22:41.330 align:start position:0% don't try to attribute malice to anybody 00:22:41.330 --> 00:22:44.080 align:start position:0% don't try to attribute malice to anybody you<00:22:41.479> just<00:22:41.509> go<00:22:41.779> what<00:22:42.679> I<00:22:42.710> just<00:22:42.979> said<00:22:43.159> and<00:22:43.580> at<00:22:43.970> the 00:22:44.080 --> 00:22:44.090 align:start position:0% you just go what I just said and at the 00:22:44.090 --> 00:22:45.759 align:start position:0% you just go what I just said and at the end<00:22:44.210> of<00:22:44.269> the<00:22:44.389> 17th<00:22:44.809> round<00:22:45.109> you'll<00:22:45.409> look<00:22:45.619> around 00:22:45.759 --> 00:22:45.769 align:start position:0% end of the 17th round you'll look around 00:22:45.769 --> 00:22:49.119 align:start position:0% end of the 17th round you'll look around and<00:22:46.220> the<00:22:46.759> entire<00:22:47.239> room<00:22:48.019> will<00:22:48.739> be<00:22:48.859> looking 00:22:49.119 --> 00:22:49.129 align:start position:0% and the entire room will be looking 00:22:49.129 --> 00:22:50.830 align:start position:0% and the entire room will be looking around<00:22:49.220> with<00:22:49.669> the<00:22:49.820> same<00:22:50.029> colored<00:22:50.389> card<00:22:50.629> saying 00:22:50.830 --> 00:22:50.840 align:start position:0% around with the same colored card saying 00:22:50.840 --> 00:22:52.690 align:start position:0% around with the same colored card saying hey<00:22:51.049> you've<00:22:51.349> got<00:22:51.499> red<00:22:51.739> I've<00:22:51.889> got<00:22:52.039> red<00:22:52.220> too<00:22:52.399> and 00:22:52.690 --> 00:22:52.700 align:start position:0% hey you've got red I've got red too and 00:22:52.700 --> 00:22:54.700 align:start position:0% hey you've got red I've got red too and that<00:22:53.389> is<00:22:53.419> consensus<00:22:54.200> you<00:22:54.349> have<00:22:54.499> made<00:22:54.679> a 00:22:54.700 --> 00:22:54.710 align:start position:0% that is consensus you have made a 00:22:54.710 --> 00:22:57.129 align:start position:0% that is consensus you have made a decision<00:22:54.919> and<00:22:55.460> the<00:22:55.909> the<00:22:56.179> likelihood<00:22:57.109> of 00:22:57.129 --> 00:22:57.139 align:start position:0% decision and the the likelihood of 00:22:57.139 --> 00:22:59.200 align:start position:0% decision and the the likelihood of somebody<00:22:57.559> choosing<00:22:58.159> red<00:22:58.369> somebody<00:22:59.090> else 00:22:59.200 --> 00:22:59.210 align:start position:0% somebody choosing red somebody else 00:22:59.210 --> 00:23:00.989 align:start position:0% somebody choosing red somebody else choosing<00:22:59.539> blue<00:22:59.809> at<00:23:00.019> the<00:23:00.139> same<00:23:00.349> time<00:23:00.619> are 00:23:00.989 --> 00:23:00.999 align:start position:0% choosing blue at the same time are 00:23:00.999 --> 00:23:02.979 align:start position:0% choosing blue at the same time are minuscule<00:23:01.999> that's<00:23:02.239> what<00:23:02.419> the<00:23:02.539> proofs<00:23:02.749> show 00:23:02.979 --> 00:23:02.989 align:start position:0% minuscule that's what the proofs show 00:23:02.989 --> 00:23:04.599 align:start position:0% minuscule that's what the proofs show that's<00:23:03.499> what<00:23:03.679> the<00:23:03.769> simulations<00:23:04.309> have<00:23:04.429> all 00:23:04.599 --> 00:23:04.609 align:start position:0% that's what the simulations have all 00:23:04.609 --> 00:23:07.989 align:start position:0% that's what the simulations have all shown<00:23:05.200> so<00:23:06.200> it's<00:23:06.830> naturally<00:23:07.399> sharded<00:23:07.849> it 00:23:07.989 --> 00:23:07.999 align:start position:0% shown so it's naturally sharded it 00:23:07.999 --> 00:23:12.879 align:start position:0% shown so it's naturally sharded it creates<00:23:08.570> a<00:23:08.749> graph<00:23:09.019> and<00:23:10.090> and<00:23:11.090> oh<00:23:11.929> and<00:23:12.619> one<00:23:12.769> of 00:23:12.879 --> 00:23:12.889 align:start position:0% creates a graph and and oh and one of 00:23:12.889 --> 00:23:14.019 align:start position:0% creates a graph and and oh and one of the<00:23:12.979> most<00:23:13.159> important<00:23:13.580> things<00:23:13.729> it's<00:23:13.879> an 00:23:14.019 --> 00:23:14.029 align:start position:0% the most important things it's an 00:23:14.029 --> 00:23:15.879 align:start position:0% the most important things it's an egalitarian<00:23:14.349> ecosystem<00:23:15.349> there<00:23:15.559> are<00:23:15.710> no 00:23:15.879 --> 00:23:15.889 align:start position:0% egalitarian ecosystem there are no 00:23:15.889 --> 00:23:18.369 align:start position:0% egalitarian ecosystem there are no minors<00:23:16.190> there<00:23:16.909> are<00:23:17.029> no<00:23:17.179> special<00:23:17.659> notes<00:23:17.869> you 00:23:18.369 --> 00:23:18.379 align:start position:0% minors there are no special notes you 00:23:18.379 --> 00:23:20.589 align:start position:0% minors there are no special notes you can<00:23:18.559> participate<00:23:18.889> in<00:23:19.190> this<00:23:19.489> even<00:23:20.149> with<00:23:20.269> a<00:23:20.299> cell 00:23:20.589 --> 00:23:20.599 align:start position:0% can participate in this even with a cell 00:23:20.599 --> 00:23:22.269 align:start position:0% can participate in this even with a cell phone<00:23:20.809> if<00:23:21.139> you<00:23:21.320> were<00:23:21.559> to<00:23:21.739> try<00:23:21.889> to<00:23:21.950> use<00:23:22.249> a 00:23:22.269 --> 00:23:22.279 align:start position:0% phone if you were to try to use a 00:23:22.279 --> 00:23:24.519 align:start position:0% phone if you were to try to use a traditional<00:23:22.970> protocol<00:23:23.840> a<00:23:23.989> classical 00:23:24.519 --> 00:23:24.529 align:start position:0% traditional protocol a classical 00:23:24.529 --> 00:23:27.489 align:start position:0% traditional protocol a classical protocol<00:23:24.979> all<00:23:25.669> you<00:23:26.389> know<00:23:26.570> if<00:23:27.200> we're<00:23:27.349> in<00:23:27.379> a 00:23:27.489 --> 00:23:27.499 align:start position:0% protocol all you know if we're in a 00:23:27.499 --> 00:23:29.889 align:start position:0% protocol all you know if we're in a stadium<00:23:27.739> all<00:23:28.279> 50000<00:23:29.239> people<00:23:29.330> would<00:23:29.629> have<00:23:29.779> to 00:23:29.889 --> 00:23:29.899 align:start position:0% stadium all 50000 people would have to 00:23:29.899 --> 00:23:32.710 align:start position:0% stadium all 50000 people would have to talk<00:23:30.049> to<00:23:30.229> all<00:23:30.349> 58,000<00:23:31.309> other<00:23:31.460> people<00:23:31.879> if<00:23:32.479> you 00:23:32.710 --> 00:23:32.720 align:start position:0% talk to all 58,000 other people if you 00:23:32.720 --> 00:23:34.839 align:start position:0% talk to all 58,000 other people if you use<00:23:32.929> this<00:23:33.349> further<00:23:33.649> call<00:23:33.950> you<00:23:34.369> end<00:23:34.549> up<00:23:34.700> doing 00:23:34.839 --> 00:23:34.849 align:start position:0% use this further call you end up doing 00:23:34.849 --> 00:23:38.409 align:start position:0% use this further call you end up doing five<00:23:35.210> poles<00:23:35.570> of<00:23:35.840> snow<00:23:36.379> in<00:23:36.529> 17<00:23:36.739> rounds<00:23:37.249> so<00:23:37.879> 85 00:23:38.409 --> 00:23:38.419 align:start position:0% five poles of snow in 17 rounds so 85 00:23:38.419 --> 00:23:41.169 align:start position:0% five poles of snow in 17 rounds so 85 messages<00:23:38.989> instead<00:23:39.349> of<00:23:39.499> 85<00:23:40.340> messages<00:23:40.789> per<00:23:40.940> node 00:23:41.169 --> 00:23:41.179 align:start position:0% messages instead of 85 messages per node 00:23:41.179 --> 00:23:44.499 align:start position:0% messages instead of 85 messages per node instead<00:23:41.960> of<00:23:42.489> 50,000<00:23:43.489> messages<00:23:43.909> so<00:23:44.239> it's<00:23:44.389> an 00:23:44.499 --> 00:23:44.509 align:start position:0% instead of 50,000 messages so it's an 00:23:44.509 --> 00:23:46.930 align:start position:0% instead of 50,000 messages so it's an enormous<00:23:44.779> enormous<00:23:45.320> improvement<00:23:46.009> it's<00:23:46.609> green 00:23:46.930 --> 00:23:46.940 align:start position:0% enormous enormous improvement it's green 00:23:46.940 --> 00:23:48.909 align:start position:0% enormous enormous improvement it's green when<00:23:47.509> there<00:23:47.659> is<00:23:47.749> nothing<00:23:47.929> to<00:23:48.139> do<00:23:48.379> you<00:23:48.739> do 00:23:48.909 --> 00:23:48.919 align:start position:0% when there is nothing to do you do 00:23:48.919 --> 00:23:51.279 align:start position:0% when there is nothing to do you do nothing<00:23:49.279> okay<00:23:49.669> so<00:23:49.820> that's<00:23:50.269> what<00:23:50.929> we<00:23:51.049> call<00:23:51.169> the 00:23:51.279 --> 00:23:51.289 align:start position:0% nothing okay so that's what we call the 00:23:51.289 --> 00:23:52.450 align:start position:0% nothing okay so that's what we call the quiescent<00:23:51.529> for<00:23:51.979> the<00:23:52.070> comb 00:23:52.450 --> 00:23:52.460 align:start position:0% quiescent for the comb 00:23:52.460 --> 00:23:54.369 align:start position:0% quiescent for the comb I'll<00:23:53.090> very<00:23:53.419> quickly<00:23:53.690> talk<00:23:53.929> about<00:23:54.229> this 00:23:54.369 --> 00:23:54.379 align:start position:0% I'll very quickly talk about this 00:23:54.379 --> 00:23:56.289 align:start position:0% I'll very quickly talk about this product<00:23:54.769> this<00:23:55.039> coin<00:23:55.609> that<00:23:55.669> we're<00:23:55.879> building<00:23:56.210> on 00:23:56.289 --> 00:23:56.299 align:start position:0% product this coin that we're building on 00:23:56.299 --> 00:23:58.060 align:start position:0% product this coin that we're building on top<00:23:56.479> of<00:23:56.629> it<00:23:56.779> we're<00:23:57.289> building<00:23:57.440> a<00:23:57.619> coin<00:23:57.830> called 00:23:58.060 --> 00:23:58.070 align:start position:0% top of it we're building a coin called 00:23:58.070 --> 00:24:00.190 align:start position:0% top of it we're building a coin called our<00:23:58.220> Vantaa<00:23:58.669> it<00:23:59.299> will<00:23:59.509> have<00:23:59.629> multiple<00:24:00.019> virtual 00:24:00.190 --> 00:24:00.200 align:start position:0% our Vantaa it will have multiple virtual 00:24:00.200 --> 00:24:01.960 align:start position:0% our Vantaa it will have multiple virtual machines<00:24:00.440> there's<00:24:01.129> going<00:24:01.279> to<00:24:01.399> be<00:24:01.489> a<00:24:01.580> token 00:24:01.960 --> 00:24:01.970 align:start position:0% machines there's going to be a token 00:24:01.970 --> 00:24:05.019 align:start position:0% machines there's going to be a token called<00:24:02.179> Alva<00:24:02.539> and<00:24:03.159> it's<00:24:04.159> going<00:24:04.369> to<00:24:04.489> use<00:24:04.639> steak 00:24:05.019 --> 00:24:05.029 align:start position:0% called Alva and it's going to use steak 00:24:05.029 --> 00:24:07.089 align:start position:0% called Alva and it's going to use steak and<00:24:05.330> people<00:24:06.109> will<00:24:06.229> stake<00:24:06.559> and<00:24:06.769> will<00:24:06.859> they<00:24:06.950> will 00:24:07.089 --> 00:24:07.099 align:start position:0% and people will stake and will they will 00:24:07.099 --> 00:24:09.129 align:start position:0% and people will stake and will they will get<00:24:07.220> a<00:24:07.279> mining<00:24:07.700> reward<00:24:07.999> there<00:24:08.539> is<00:24:08.690> no<00:24:08.869> such 00:24:09.129 --> 00:24:09.139 align:start position:0% get a mining reward there is no such 00:24:09.139 --> 00:24:11.440 align:start position:0% get a mining reward there is no such thing<00:24:09.379> as<00:24:09.499> slashing<00:24:10.070> conditions<00:24:10.609> okay<00:24:11.149> so<00:24:11.210> we 00:24:11.440 --> 00:24:11.450 align:start position:0% thing as slashing conditions okay so we 00:24:11.450 --> 00:24:12.879 align:start position:0% thing as slashing conditions okay so we could<00:24:11.570> identify<00:24:11.720> them<00:24:12.289> and<00:24:12.409> try<00:24:12.590> to<00:24:12.619> punish 00:24:12.879 --> 00:24:12.889 align:start position:0% could identify them and try to punish 00:24:12.889 --> 00:24:14.799 align:start position:0% could identify them and try to punish them<00:24:13.099> and<00:24:13.190> so<00:24:13.340> forth<00:24:13.580> classical<00:24:14.359> algorithms 00:24:14.799 --> 00:24:14.809 align:start position:0% them and so forth classical algorithms 00:24:14.809 --> 00:24:16.899 align:start position:0% them and so forth classical algorithms typically<00:24:15.109> have<00:24:15.440> to<00:24:15.619> do<00:24:15.739> this<00:24:15.919> we<00:24:16.369> don't<00:24:16.580> have 00:24:16.899 --> 00:24:16.909 align:start position:0% typically have to do this we don't have 00:24:16.909 --> 00:24:18.489 align:start position:0% typically have to do this we don't have to<00:24:17.090> do<00:24:17.210> it<00:24:17.359> and<00:24:17.509> we<00:24:17.599> will<00:24:17.779> not<00:24:17.899> be<00:24:18.109> doing<00:24:18.229> it 00:24:18.489 --> 00:24:18.499 align:start position:0% to do it and we will not be doing it 00:24:18.499 --> 00:24:20.710 align:start position:0% to do it and we will not be doing it okay<00:24:18.739> so<00:24:19.159> if<00:24:19.279> you<00:24:19.399> if<00:24:19.669> you<00:24:19.789> steak<00:24:20.119> with<00:24:20.359> Alva 00:24:20.710 --> 00:24:20.720 align:start position:0% okay so if you if you steak with Alva 00:24:20.720 --> 00:24:23.769 align:start position:0% okay so if you if you steak with Alva well<00:24:21.289> then<00:24:21.499> you<00:24:22.399> know<00:24:22.460> there<00:24:22.700> is<00:24:22.789> no<00:24:23.029> no<00:24:23.479> risk 00:24:23.769 --> 00:24:23.779 align:start position:0% well then you know there is no no risk 00:24:23.779 --> 00:24:25.930 align:start position:0% well then you know there is no no risk of<00:24:23.960> losing<00:24:24.169> your<00:24:24.349> funds<00:24:24.769> should<00:24:25.399> your<00:24:25.580> machine 00:24:25.930 --> 00:24:25.940 align:start position:0% of losing your funds should your machine 00:24:25.940 --> 00:24:26.749 align:start position:0% of losing your funds should your machine misbehave<00:24:26.389> sure 00:24:26.749 --> 00:24:26.759 align:start position:0% misbehave sure 00:24:26.759 --> 00:24:29.689 align:start position:0% misbehave sure and<00:24:27.419> so<00:24:27.570> forth<00:24:27.949> one<00:24:28.949> of<00:24:29.039> the<00:24:29.159> most<00:24:29.339> interesting 00:24:29.689 --> 00:24:29.699 align:start position:0% and so forth one of the most interesting 00:24:29.699 --> 00:24:32.539 align:start position:0% and so forth one of the most interesting things<00:24:29.909> is<00:24:30.570> that<00:24:30.929> we<00:24:31.289> can<00:24:31.499> use<00:24:31.829> this<00:24:32.249> system 00:24:32.539 --> 00:24:32.549 align:start position:0% things is that we can use this system 00:24:32.549 --> 00:24:35.689 align:start position:0% things is that we can use this system the<00:24:33.329> protocol<00:24:34.019> to<00:24:34.409> actually<00:24:35.190> pull<00:24:35.459> the 00:24:35.689 --> 00:24:35.699 align:start position:0% the protocol to actually pull the 00:24:35.699 --> 00:24:38.239 align:start position:0% the protocol to actually pull the audience<00:24:36.179> and<00:24:36.419> figure<00:24:37.019> out<00:24:37.049> and<00:24:37.919> determine 00:24:38.239 --> 00:24:38.249 align:start position:0% audience and figure out and determine 00:24:38.249 --> 00:24:41.119 align:start position:0% audience and figure out and determine parameters<00:24:39.029> of<00:24:39.209> the<00:24:39.329> system<00:24:39.690> itself<00:24:40.039> okay<00:24:41.039> so 00:24:41.119 --> 00:24:41.129 align:start position:0% parameters of the system itself okay so 00:24:41.129 --> 00:24:44.689 align:start position:0% parameters of the system itself okay so that<00:24:41.459> leads<00:24:41.940> us<00:24:42.089> to<00:24:42.619> two<00:24:43.619> techniques<00:24:44.429> that 00:24:44.689 --> 00:24:44.699 align:start position:0% that leads us to two techniques that 00:24:44.699 --> 00:24:46.939 align:start position:0% that leads us to two techniques that sort<00:24:44.909> of<00:24:44.969> play<00:24:45.719> into<00:24:46.019> this<00:24:46.139> one<00:24:46.379> individual 00:24:46.939 --> 00:24:46.949 align:start position:0% sort of play into this one individual 00:24:46.949 --> 00:24:49.339 align:start position:0% sort of play into this one individual one<00:24:47.669> one<00:24:48.089> vote<00:24:48.359> let<00:24:48.599> me<00:24:48.659> talk<00:24:48.839> a<00:24:48.869> little<00:24:48.989> bit 00:24:49.339 --> 00:24:49.349 align:start position:0% one one vote let me talk a little bit 00:24:49.349 --> 00:24:51.919 align:start position:0% one one vote let me talk a little bit about<00:24:49.409> this<00:24:49.679> governance<00:24:50.159> so<00:24:51.029> there<00:24:51.629> are<00:24:51.749> in 00:24:51.919 --> 00:24:51.929 align:start position:0% about this governance so there are in 00:24:51.929 --> 00:24:53.689 align:start position:0% about this governance so there are in any<00:24:52.199> system<00:24:52.709> there<00:24:52.859> are<00:24:52.949> critical<00:24:53.309> system 00:24:53.689 --> 00:24:53.699 align:start position:0% any system there are critical system 00:24:53.699 --> 00:24:55.849 align:start position:0% any system there are critical system parameters<00:24:54.239> like<00:24:54.449> the<00:24:54.509> minting<00:24:54.989> rate<00:24:55.169> Satoshi 00:24:55.849 --> 00:24:55.859 align:start position:0% parameters like the minting rate Satoshi 00:24:55.859 --> 00:24:57.560 align:start position:0% parameters like the minting rate Satoshi had<00:24:56.099> to<00:24:56.249> fix<00:24:56.459> the<00:24:56.549> minting<00:24:56.940> rate<00:24:57.119> you<00:24:57.299> all<00:24:57.449> know 00:24:57.560 --> 00:24:57.570 align:start position:0% had to fix the minting rate you all know 00:24:57.570 --> 00:24:59.479 align:start position:0% had to fix the minting rate you all know about<00:24:57.690> the<00:24:57.869> 21<00:24:58.320> million<00:24:58.499> you<00:24:59.069> all<00:24:59.219> know<00:24:59.399> about 00:24:59.479 --> 00:24:59.489 align:start position:0% about the 21 million you all know about 00:24:59.489 --> 00:25:02.180 align:start position:0% about the 21 million you all know about the<00:24:59.729> heavens<00:25:00.179> and<00:25:00.389> so<00:25:00.509> forth<00:25:00.809> in<00:25:01.529> Alva<00:25:02.009> we 00:25:02.180 --> 00:25:02.190 align:start position:0% the heavens and so forth in Alva we 00:25:02.190 --> 00:25:03.739 align:start position:0% the heavens and so forth in Alva we don't<00:25:02.399> have<00:25:02.639> to<00:25:02.879> do<00:25:03.029> this<00:25:03.239> there<00:25:03.449> will<00:25:03.509> be<00:25:03.569> an 00:25:03.739 --> 00:25:03.749 align:start position:0% don't have to do this there will be an 00:25:03.749 --> 00:25:05.749 align:start position:0% don't have to do this there will be an initial<00:25:04.229> default<00:25:04.619> minting<00:25:05.099> rate<00:25:05.279> that<00:25:05.579> you 00:25:05.749 --> 00:25:05.759 align:start position:0% initial default minting rate that you 00:25:05.759 --> 00:25:07.759 align:start position:0% initial default minting rate that you you<00:25:05.969> know<00:25:06.089> the<00:25:06.209> award<00:25:06.479> reward<00:25:06.869> rate<00:25:07.109> that<00:25:07.619> you 00:25:07.759 --> 00:25:07.769 align:start position:0% you know the award reward rate that you 00:25:07.769 --> 00:25:11.719 align:start position:0% you know the award reward rate that you make<00:25:07.949> for<00:25:08.159> steak<00:25:08.809> but<00:25:09.809> but<00:25:10.559> over<00:25:10.949> time<00:25:11.219> you<00:25:11.549> can 00:25:11.719 --> 00:25:11.729 align:start position:0% make for steak but but over time you can 00:25:11.729 --> 00:25:13.189 align:start position:0% make for steak but but over time you can actually<00:25:11.909> say<00:25:12.239> something<00:25:12.269> like<00:25:12.749> hey<00:25:12.959> guys 00:25:13.189 --> 00:25:13.199 align:start position:0% actually say something like hey guys 00:25:13.199 --> 00:25:15.649 align:start position:0% actually say something like hey guys we're<00:25:14.159> currently<00:25:14.459> minting<00:25:15.059> at<00:25:15.179> a<00:25:15.209> rate<00:25:15.479> of 00:25:15.649 --> 00:25:15.659 align:start position:0% we're currently minting at a rate of 00:25:15.659 --> 00:25:18.049 align:start position:0% we're currently minting at a rate of let's<00:25:15.899> say<00:25:16.079> 1%<00:25:16.319> to<00:25:17.009> compensate<00:25:17.519> for<00:25:17.699> it<00:25:17.759> coins 00:25:18.049 --> 00:25:18.059 align:start position:0% let's say 1% to compensate for it coins 00:25:18.059 --> 00:25:20.479 align:start position:0% let's say 1% to compensate for it coins lost<00:25:18.389> but<00:25:19.079> it<00:25:19.199> looks<00:25:19.440> like<00:25:19.709> we're<00:25:19.949> minting<00:25:20.279> too 00:25:20.479 --> 00:25:20.489 align:start position:0% lost but it looks like we're minting too 00:25:20.489 --> 00:25:23.119 align:start position:0% lost but it looks like we're minting too fast<00:25:20.789> okay<00:25:21.389> ask<00:25:21.599> Z<00:25:22.049> cash<00:25:22.259> folks<00:25:22.529> about<00:25:22.679> minting 00:25:23.119 --> 00:25:23.129 align:start position:0% fast okay ask Z cash folks about minting 00:25:23.129 --> 00:25:24.769 align:start position:0% fast okay ask Z cash folks about minting too<00:25:23.249> fast<00:25:23.489> right<00:25:23.699> there<00:25:23.879> there<00:25:24.269> are<00:25:24.359> coins<00:25:24.539> out 00:25:24.769 --> 00:25:24.779 align:start position:0% too fast right there there are coins out 00:25:24.779 --> 00:25:26.409 align:start position:0% too fast right there there are coins out there<00:25:24.989> that<00:25:25.109> are<00:25:25.229> minting<00:25:25.499> a<00:25:25.559> little<00:25:25.769> too<00:25:25.829> fast 00:25:26.409 --> 00:25:26.419 align:start position:0% there that are minting a little too fast 00:25:26.419 --> 00:25:29.269 align:start position:0% there that are minting a little too fast so<00:25:27.419> can<00:25:27.899> do<00:25:28.199> you<00:25:28.289> think<00:25:28.589> that<00:25:28.799> we<00:25:28.949> should<00:25:29.129> go 00:25:29.269 --> 00:25:29.279 align:start position:0% so can do you think that we should go 00:25:29.279 --> 00:25:31.879 align:start position:0% so can do you think that we should go back<00:25:29.309> down<00:25:29.759> to<00:25:29.940> say<00:25:30.209> zero<00:25:30.509> percent<00:25:31.019> or<00:25:31.619> vice 00:25:31.879 --> 00:25:31.889 align:start position:0% back down to say zero percent or vice 00:25:31.889 --> 00:25:33.439 align:start position:0% back down to say zero percent or vice versa<00:25:32.009> we<00:25:32.429> would<00:25:32.579> like<00:25:32.699> to<00:25:32.729> get<00:25:32.940> more<00:25:33.149> nodes 00:25:33.439 --> 00:25:33.449 align:start position:0% versa we would like to get more nodes 00:25:33.449 --> 00:25:35.180 align:start position:0% versa we would like to get more nodes into<00:25:33.659> the<00:25:33.869> system<00:25:34.169> let's<00:25:34.349> improve<00:25:34.619> the<00:25:34.889> reward 00:25:35.180 --> 00:25:35.190 align:start position:0% into the system let's improve the reward 00:25:35.190 --> 00:25:38.059 align:start position:0% into the system let's improve the reward rate<00:25:35.429> to<00:25:35.879> you<00:25:36.329> know<00:25:36.449> four<00:25:36.690> percent<00:25:37.139> and<00:25:37.349> so<00:25:38.009> you 00:25:38.059 --> 00:25:38.069 align:start position:0% rate to you know four percent and so you 00:25:38.069 --> 00:25:40.039 align:start position:0% rate to you know four percent and so you can<00:25:38.249> propose<00:25:38.549> this<00:25:38.819> transaction<00:25:39.299> and<00:25:39.690> if 00:25:40.039 --> 00:25:40.049 align:start position:0% can propose this transaction and if 00:25:40.049 --> 00:25:41.749 align:start position:0% can propose this transaction and if enough<00:25:40.379> if<00:25:40.559> it's<00:25:40.739> acceptable<00:25:41.339> to<00:25:41.459> enough 00:25:41.749 --> 00:25:41.759 align:start position:0% enough if it's acceptable to enough 00:25:41.759 --> 00:25:43.519 align:start position:0% enough if it's acceptable to enough people<00:25:42.119> if<00:25:42.209> there<00:25:42.329> is<00:25:42.419> social<00:25:42.659> consensus<00:25:43.379> to 00:25:43.519 --> 00:25:43.529 align:start position:0% people if there is social consensus to 00:25:43.529 --> 00:25:46.549 align:start position:0% people if there is social consensus to be<00:25:43.619> found<00:25:43.919> then<00:25:44.609> the<00:25:45.179> protocol<00:25:45.809> itself<00:25:45.959> will 00:25:46.549 --> 00:25:46.559 align:start position:0% be found then the protocol itself will 00:25:46.559 --> 00:25:48.759 align:start position:0% be found then the protocol itself will actually<00:25:47.039> achieve<00:25:47.159> consensus<00:25:47.969> on<00:25:48.119> this<00:25:48.299> meta 00:25:48.759 --> 00:25:48.769 align:start position:0% actually achieve consensus on this meta 00:25:48.769 --> 00:25:50.779 align:start position:0% actually achieve consensus on this meta transaction<00:25:49.769> and<00:25:49.949> change<00:25:50.489> the<00:25:50.639> system 00:25:50.779 --> 00:25:50.789 align:start position:0% transaction and change the system 00:25:50.789 --> 00:25:54.979 align:start position:0% transaction and change the system parameters<00:25:51.799> so<00:25:52.940> of<00:25:53.940> course<00:25:54.209> you<00:25:54.509> know<00:25:54.629> every 00:25:54.979 --> 00:25:54.989 align:start position:0% parameters so of course you know every 00:25:54.989 --> 00:25:56.599 align:start position:0% parameters so of course you know every economic<00:25:55.529> system<00:25:55.859> has<00:25:55.979> to<00:25:56.099> be<00:25:56.129> subject<00:25:56.579> to 00:25:56.599 --> 00:25:56.609 align:start position:0% economic system has to be subject to 00:25:56.609 --> 00:25:58.399 align:start position:0% economic system has to be subject to hysteresis<00:25:57.029> and<00:25:57.329> you<00:25:57.779> shouldn't<00:25:58.079> be<00:25:58.169> able<00:25:58.349> to 00:25:58.399 --> 00:25:58.409 align:start position:0% hysteresis and you shouldn't be able to 00:25:58.409 --> 00:25:59.689 align:start position:0% hysteresis and you shouldn't be able to change<00:25:58.589> the<00:25:58.829> system<00:25:59.129> from<00:25:59.339> you<00:25:59.459> know<00:25:59.549> one 00:25:59.689 --> 00:25:59.699 align:start position:0% change the system from you know one 00:25:59.699 --> 00:26:01.309 align:start position:0% change the system from you know one number<00:25:59.940> to<00:26:00.209> another<00:26:00.419> huge<00:26:00.779> number<00:26:01.139> you<00:26:01.229> know 00:26:01.309 --> 00:26:01.319 align:start position:0% number to another huge number you know 00:26:01.319 --> 00:26:03.979 align:start position:0% number to another huge number you know from<00:26:01.499> one<00:26:01.679> 1%<00:26:02.639> to<00:26:02.759> 10,000<00:26:03.539> percent<00:26:03.809> or 00:26:03.979 --> 00:26:03.989 align:start position:0% from one 1% to 10,000 percent or 00:26:03.989 --> 00:26:06.289 align:start position:0% from one 1% to 10,000 percent or whatever<00:26:04.309> overnight<00:26:05.309> so<00:26:05.759> there's<00:26:05.909> all<00:26:06.089> sorts 00:26:06.289 --> 00:26:06.299 align:start position:0% whatever overnight so there's all sorts 00:26:06.299 --> 00:26:07.549 align:start position:0% whatever overnight so there's all sorts of<00:26:06.359> hysteresis<00:26:06.749> that's<00:26:07.079> going<00:26:07.259> to<00:26:07.349> be<00:26:07.440> built 00:26:07.549 --> 00:26:07.559 align:start position:0% of hysteresis that's going to be built 00:26:07.559 --> 00:26:10.819 align:start position:0% of hysteresis that's going to be built in<00:26:08.119> and<00:26:09.119> we<00:26:09.149> also<00:26:09.389> are<00:26:09.749> thinking<00:26:09.959> about<00:26:10.259> or 00:26:10.819 --> 00:26:10.829 align:start position:0% in and we also are thinking about or 00:26:10.829 --> 00:26:12.079 align:start position:0% in and we also are thinking about or have<00:26:10.979> been<00:26:11.099> developing<00:26:11.549> techniques<00:26:11.909> for 00:26:12.079 --> 00:26:12.089 align:start position:0% have been developing techniques for 00:26:12.089 --> 00:26:14.239 align:start position:0% have been developing techniques for equitable<00:26:12.599> representation<00:26:13.019> so<00:26:13.829> people<00:26:14.129> with 00:26:14.239 --> 00:26:14.249 align:start position:0% equitable representation so people with 00:26:14.249 --> 00:26:15.680 align:start position:0% equitable representation so people with more<00:26:14.429> resources<00:26:14.759> will<00:26:15.089> always<00:26:15.359> get<00:26:15.479> more 00:26:15.680 --> 00:26:15.690 align:start position:0% more resources will always get more 00:26:15.690 --> 00:26:17.180 align:start position:0% more resources will always get more resources<00:26:16.229> I<00:26:16.259> don't<00:26:16.499> know<00:26:16.589> how<00:26:16.679> to<00:26:16.739> fix<00:26:16.979> that 00:26:17.180 --> 00:26:17.190 align:start position:0% resources I don't know how to fix that 00:26:17.190 --> 00:26:18.649 align:start position:0% resources I don't know how to fix that if<00:26:17.369> I<00:26:17.459> were<00:26:17.609> to<00:26:17.669> fix<00:26:17.909> that<00:26:18.059> then<00:26:18.239> this<00:26:18.389> would<00:26:18.539> be 00:26:18.649 --> 00:26:18.659 align:start position:0% if I were to fix that then this would be 00:26:18.659 --> 00:26:20.809 align:start position:0% if I were to fix that then this would be a<00:26:18.690> completely<00:26:19.109> different<00:26:19.259> kind<00:26:20.129> of<00:26:20.309> talk<00:26:20.489> and 00:26:20.809 --> 00:26:20.819 align:start position:0% a completely different kind of talk and 00:26:20.819 --> 00:26:22.339 align:start position:0% a completely different kind of talk and I<00:26:20.969> would<00:26:21.149> be<00:26:21.269> the<00:26:21.389> next<00:26:21.659> you<00:26:21.779> know<00:26:21.869> marks<00:26:22.139> plus 00:26:22.339 --> 00:26:22.349 align:start position:0% I would be the next you know marks plus 00:26:22.349 --> 00:26:27.259 align:start position:0% I would be the next you know marks plus plus<00:26:22.969> but<00:26:24.079> instead<00:26:25.079> what<00:26:25.499> we<00:26:25.649> will<00:26:25.829> do<00:26:26.039> is<00:26:26.269> is 00:26:27.259 --> 00:26:27.269 align:start position:0% plus but instead what we will do is is 00:26:27.269 --> 00:26:29.899 align:start position:0% plus but instead what we will do is is come<00:26:27.599> up<00:26:27.719> with<00:26:27.869> techniques<00:26:28.049> to<00:26:28.619> to<00:26:29.579> do<00:26:29.699> this 00:26:29.899 --> 00:26:29.909 align:start position:0% come up with techniques to to do this 00:26:29.909 --> 00:26:32.029 align:start position:0% come up with techniques to to do this that<00:26:30.179> is<00:26:30.329> people<00:26:31.049> with<00:26:31.169> more<00:26:31.349> resources<00:26:31.679> will 00:26:32.029 --> 00:26:32.039 align:start position:0% that is people with more resources will 00:26:32.039 --> 00:26:34.399 align:start position:0% that is people with more resources will make<00:26:32.249> more<00:26:32.459> rewards<00:26:32.969> yes<00:26:33.299> but<00:26:33.899> when<00:26:34.079> it<00:26:34.199> comes 00:26:34.399 --> 00:26:34.409 align:start position:0% make more rewards yes but when it comes 00:26:34.409 --> 00:26:36.259 align:start position:0% make more rewards yes but when it comes to<00:26:34.589> these<00:26:34.709> kinds<00:26:35.039> of<00:26:35.069> decisions<00:26:35.399> over<00:26:35.729> the<00:26:35.879> the 00:26:36.259 --> 00:26:36.269 align:start position:0% to these kinds of decisions over the the 00:26:36.269 --> 00:26:38.959 align:start position:0% to these kinds of decisions over the the fate<00:26:36.479> of<00:26:36.509> the<00:26:36.779> system<00:26:37.139> they<00:26:37.619> still<00:26:38.009> have<00:26:38.369> one 00:26:38.959 --> 00:26:38.969 align:start position:0% fate of the system they still have one 00:26:38.969 --> 00:26:41.169 align:start position:0% fate of the system they still have one vote<00:26:39.299> like<00:26:39.569> every<00:26:39.869> other 00:26:41.169 --> 00:26:41.179 align:start position:0% vote like every other 00:26:41.179 --> 00:26:44.330 align:start position:0% vote like every other so<00:26:42.179> we're<00:26:43.139> going<00:26:43.320> to<00:26:43.409> build<00:26:43.529> a<00:26:43.620> token<00:26:43.889> platform 00:26:44.330 --> 00:26:44.340 align:start position:0% so we're going to build a token platform 00:26:44.340 --> 00:26:46.399 align:start position:0% so we're going to build a token platform on<00:26:44.490> top<00:26:44.669> of<00:26:44.820> this<00:26:44.940> we're<00:26:45.809> thinking<00:26:45.840> about<00:26:46.259> how 00:26:46.399 --> 00:26:46.409 align:start position:0% on top of this we're thinking about how 00:26:46.409 --> 00:26:47.960 align:start position:0% on top of this we're thinking about how to<00:26:46.440> layer<00:26:46.740> it<00:26:46.919> on<00:26:46.980> top<00:26:47.220> of<00:26:47.399> proof-of-work 00:26:47.960 --> 00:26:47.970 align:start position:0% to layer it on top of proof-of-work 00:26:47.970 --> 00:26:49.730 align:start position:0% to layer it on top of proof-of-work systems<00:26:48.539> and<00:26:48.809> there<00:26:49.289> has<00:26:49.379> been<00:26:49.499> some<00:26:49.710> interest 00:26:49.730 --> 00:26:49.740 align:start position:0% systems and there has been some interest 00:26:49.740 --> 00:26:52.639 align:start position:0% systems and there has been some interest from<00:26:50.220> existing<00:26:50.730> coins<00:26:50.970> on<00:26:51.179> how<00:26:51.299> to<00:26:51.360> do<00:26:51.600> that<00:26:51.749> I 00:26:52.639 --> 00:26:52.649 align:start position:0% from existing coins on how to do that I 00:26:52.649 --> 00:26:55.399 align:start position:0% from existing coins on how to do that I won't<00:26:53.639> say<00:26:53.850> too<00:26:53.879> much<00:26:54.149> about<00:26:54.210> this<00:26:54.629> but<00:26:54.870> there 00:26:55.399 --> 00:26:55.409 align:start position:0% won't say too much about this but there 00:26:55.409 --> 00:26:57.560 align:start position:0% won't say too much about this but there is<00:26:55.499> a<00:26:55.529> lot<00:26:55.769> of<00:26:55.919> movement<00:26:56.129> afoot<00:26:56.879> about<00:26:57.299> how<00:26:57.509> to 00:26:57.560 --> 00:26:57.570 align:start position:0% is a lot of movement afoot about how to 00:26:57.570 --> 00:26:59.960 align:start position:0% is a lot of movement afoot about how to build<00:26:57.779> side<00:26:58.110> chains<00:26:58.440> built<00:26:58.799> on<00:26:59.039> top<00:26:59.279> of<00:26:59.340> public 00:26:59.960 --> 00:26:59.970 align:start position:0% build side chains built on top of public 00:26:59.970 --> 00:27:03.470 align:start position:0% build side chains built on top of public up<00:27:00.149> block<00:27:00.899> chains<00:27:01.200> and<00:27:01.490> and<00:27:02.490> so<00:27:02.970> alva<00:27:03.299> can 00:27:03.470 --> 00:27:03.480 align:start position:0% up block chains and and so alva can 00:27:03.480 --> 00:27:04.940 align:start position:0% up block chains and and so alva can actually<00:27:03.779> be<00:27:03.899> a<00:27:03.929> good<00:27:03.990> protocol<00:27:04.559> for<00:27:04.799> these 00:27:04.940 --> 00:27:04.950 align:start position:0% actually be a good protocol for these 00:27:04.950 --> 00:27:08.810 align:start position:0% actually be a good protocol for these side<00:27:05.220> chains<00:27:05.509> and<00:27:06.769> so<00:27:07.769> just<00:27:08.100> couple<00:27:08.249> sentences 00:27:08.810 --> 00:27:08.820 align:start position:0% side chains and so just couple sentences 00:27:08.820 --> 00:27:10.820 align:start position:0% side chains and so just couple sentences we<00:27:09.509> plan<00:27:09.779> to<00:27:09.929> support<00:27:10.080> multiple<00:27:10.440> virtual 00:27:10.820 --> 00:27:10.830 align:start position:0% we plan to support multiple virtual 00:27:10.830 --> 00:27:12.859 align:start position:0% we plan to support multiple virtual machines<00:27:11.070> I<00:27:11.639> don't<00:27:11.850> know<00:27:11.970> why<00:27:12.179> but<00:27:12.450> everybody 00:27:12.859 --> 00:27:12.869 align:start position:0% machines I don't know why but everybody 00:27:12.869 --> 00:27:15.230 align:start position:0% machines I don't know why but everybody else<00:27:13.049> is<00:27:13.169> in<00:27:13.320> this<00:27:13.460> mode<00:27:14.460> where<00:27:14.789> they<00:27:14.999> just 00:27:15.230 --> 00:27:15.240 align:start position:0% else is in this mode where they just 00:27:15.240 --> 00:27:17.210 align:start position:0% else is in this mode where they just think<00:27:15.419> if<00:27:15.600> one<00:27:15.809> one<00:27:16.169> token<00:27:16.470> one<00:27:16.769> scripting 00:27:17.210 --> 00:27:17.220 align:start position:0% think if one one token one scripting 00:27:17.220 --> 00:27:19.489 align:start position:0% think if one one token one scripting language<00:27:17.549> I<00:27:18.210> think<00:27:18.720> we<00:27:18.809> were<00:27:18.960> the<00:27:18.990> first<00:27:19.289> ones 00:27:19.489 --> 00:27:19.499 align:start position:0% language I think we were the first ones 00:27:19.499 --> 00:27:21.859 align:start position:0% language I think we were the first ones to<00:27:19.590> say<00:27:19.799> hey<00:27:20.009> that's<00:27:20.249> kind<00:27:20.490> of<00:27:20.580> silly<00:27:20.789> we<00:27:21.720> can 00:27:21.859 --> 00:27:21.869 align:start position:0% to say hey that's kind of silly we can 00:27:21.869 --> 00:27:24.350 align:start position:0% to say hey that's kind of silly we can support<00:27:22.200> multiple<00:27:22.590> and<00:27:22.919> many<00:27:23.129> and<00:27:23.429> if<00:27:24.210> you 00:27:24.350 --> 00:27:24.360 align:start position:0% support multiple and many and if you 00:27:24.360 --> 00:27:26.149 align:start position:0% support multiple and many and if you want<00:27:24.539> to<00:27:24.629> create<00:27:24.779> a<00:27:24.899> new<00:27:25.110> token<00:27:25.350> and<00:27:25.649> you<00:27:25.769> or<00:27:26.070> do 00:27:26.149 --> 00:27:26.159 align:start position:0% want to create a new token and you or do 00:27:26.159 --> 00:27:27.470 align:start position:0% want to create a new token and you or do you<00:27:26.249> want<00:27:26.429> your<00:27:26.580> token<00:27:26.970> to<00:27:27.090> have<00:27:27.240> ring 00:27:27.470 --> 00:27:27.480 align:start position:0% you want your token to have ring 00:27:27.480 --> 00:27:29.180 align:start position:0% you want your token to have ring signatures<00:27:27.960> and<00:27:28.169> zero<00:27:28.379> knowledge<00:27:28.559> proof<00:27:28.710> and 00:27:29.180 --> 00:27:29.190 align:start position:0% signatures and zero knowledge proof and 00:27:29.190 --> 00:27:31.310 align:start position:0% signatures and zero knowledge proof and also<00:27:29.879> something<00:27:30.179> else<00:27:30.419> you<00:27:30.960> should<00:27:30.990> be<00:27:31.169> able 00:27:31.310 --> 00:27:31.320 align:start position:0% also something else you should be able 00:27:31.320 --> 00:27:33.409 align:start position:0% also something else you should be able to<00:27:31.440> do<00:27:31.559> that<00:27:31.710> and<00:27:32.159> we<00:27:32.490> will<00:27:32.610> support<00:27:32.820> exactly 00:27:33.409 --> 00:27:33.419 align:start position:0% to do that and we will support exactly 00:27:33.419 --> 00:27:37.310 align:start position:0% to do that and we will support exactly that<00:27:33.769> it<00:27:34.769> supports<00:27:35.220> asynchrony<00:27:36.080> just<00:27:37.080> one 00:27:37.310 --> 00:27:37.320 align:start position:0% that it supports asynchrony just one 00:27:37.320 --> 00:27:41.029 align:start position:0% that it supports asynchrony just one word<00:27:37.559> for<00:27:38.009> Vlad<00:27:38.820> if<00:27:39.119> he's<00:27:39.269> in<00:27:39.480> the<00:27:39.570> audience<00:27:40.039> as 00:27:41.029 --> 00:27:41.039 align:start position:0% word for Vlad if he's in the audience as 00:27:41.039 --> 00:27:42.710 align:start position:0% word for Vlad if he's in the audience as an<00:27:41.220> academic<00:27:41.399> it's<00:27:41.940> kind<00:27:42.119> of<00:27:42.210> odd<00:27:42.330> to<00:27:42.360> say 00:27:42.710 --> 00:27:42.720 align:start position:0% an academic it's kind of odd to say 00:27:42.720 --> 00:27:43.940 align:start position:0% an academic it's kind of odd to say there's<00:27:42.960> all<00:27:43.169> my<00:27:43.350> colleagues<00:27:43.590> love 00:27:43.940 --> 00:27:43.950 align:start position:0% there's all my colleagues love 00:27:43.950 --> 00:27:45.350 align:start position:0% there's all my colleagues love asynchrony<00:27:44.549> they<00:27:44.639> demand<00:27:44.970> it<00:27:45.090> because 00:27:45.350 --> 00:27:45.360 align:start position:0% asynchrony they demand it because 00:27:45.360 --> 00:27:47.330 align:start position:0% asynchrony they demand it because academics<00:27:45.779> love<00:27:46.320> sundae<00:27:46.769> puzzles<00:27:47.129> that<00:27:47.190> are 00:27:47.330 --> 00:27:47.340 align:start position:0% academics love sundae puzzles that are 00:27:47.340 --> 00:27:48.950 align:start position:0% academics love sundae puzzles that are hard<00:27:47.610> and<00:27:47.789> we<00:27:47.940> all<00:27:48.119> try<00:27:48.360> to<00:27:48.419> hold<00:27:48.629> each<00:27:48.779> other 00:27:48.950 --> 00:27:48.960 align:start position:0% hard and we all try to hold each other 00:27:48.960 --> 00:27:51.700 align:start position:0% hard and we all try to hold each other to<00:27:49.169> difficult<00:27:49.559> difficult<00:27:50.009> questions 00:27:51.700 --> 00:27:51.710 align:start position:0% to difficult difficult questions 00:27:51.710 --> 00:27:53.749 align:start position:0% to difficult difficult questions infatuation<00:27:52.710> with<00:27:52.860> asynchrony<00:27:53.369> is<00:27:53.460> kind<00:27:53.669> of 00:27:53.749 --> 00:27:53.759 align:start position:0% infatuation with asynchrony is kind of 00:27:53.759 --> 00:27:57.289 align:start position:0% infatuation with asynchrony is kind of silly<00:27:53.970> I<00:27:54.149> find<00:27:54.480> it<00:27:54.600> to<00:27:54.720> be<00:27:55.460> like<00:27:56.460> academic 00:27:57.289 --> 00:27:57.299 align:start position:0% silly I find it to be like academic 00:27:57.299 --> 00:28:00.590 align:start position:0% silly I find it to be like academic really<00:27:58.549> asynchrony<00:27:59.549> helps<00:27:59.879> if<00:28:00.149> your<00:28:00.389> network 00:28:00.590 --> 00:28:00.600 align:start position:0% really asynchrony helps if your network 00:28:00.600 --> 00:28:02.659 align:start position:0% really asynchrony helps if your network partitions<00:28:01.499> itself<00:28:01.889> into<00:28:02.159> non-trivial 00:28:02.659 --> 00:28:02.669 align:start position:0% partitions itself into non-trivial 00:28:02.669 --> 00:28:05.450 align:start position:0% partitions itself into non-trivial partitions<00:28:03.389> if<00:28:03.720> you<00:28:04.200> expect<00:28:04.619> the<00:28:04.679> u.s.<00:28:04.889> to<00:28:05.340> be 00:28:05.450 --> 00:28:05.460 align:start position:0% partitions if you expect the u.s. to be 00:28:05.460 --> 00:28:07.850 align:start position:0% partitions if you expect the u.s. to be decoupled<00:28:06.360> from<00:28:06.419> Europe<00:28:06.869> then<00:28:07.350> you<00:28:07.499> should<00:28:07.710> by 00:28:07.850 --> 00:28:07.860 align:start position:0% decoupled from Europe then you should by 00:28:07.860 --> 00:28:11.720 align:start position:0% decoupled from Europe then you should by all<00:28:07.889> means<00:28:08.039> support<00:28:08.639> a<00:28:08.730> synchrony<00:28:09.179> and<00:28:09.559> and<00:28:10.730> we 00:28:11.720 --> 00:28:11.730 align:start position:0% all means support a synchrony and and we 00:28:11.730 --> 00:28:14.090 align:start position:0% all means support a synchrony and and we haven't<00:28:11.940> seen<00:28:12.119> that<00:28:12.299> in<00:28:12.330> my<00:28:12.570> lifetime<00:28:12.809> so<00:28:13.590> and 00:28:14.090 --> 00:28:14.100 align:start position:0% haven't seen that in my lifetime so and 00:28:14.100 --> 00:28:16.100 align:start position:0% haven't seen that in my lifetime so and to<00:28:14.340> give<00:28:14.549> up<00:28:14.730> from<00:28:14.970> your<00:28:15.119> best<00:28:15.419> case<00:28:15.690> because 00:28:16.100 --> 00:28:16.110 align:start position:0% to give up from your best case because 00:28:16.110 --> 00:28:18.379 align:start position:0% to give up from your best case because you<00:28:16.259> want<00:28:16.470> to<00:28:16.529> handle<00:28:17.429> this<00:28:17.610> worst<00:28:17.879> case<00:28:17.999> is 00:28:18.379 --> 00:28:18.389 align:start position:0% you want to handle this worst case is 00:28:18.389 --> 00:28:20.749 align:start position:0% you want to handle this worst case is actually<00:28:18.869> a<00:28:19.080> bad<00:28:19.289> bad<00:28:19.559> idea<00:28:19.590> but<00:28:20.460> nevertheless 00:28:20.749 --> 00:28:20.759 align:start position:0% actually a bad bad idea but nevertheless 00:28:20.759 --> 00:28:23.450 align:start position:0% actually a bad bad idea but nevertheless um<00:28:21.320> because<00:28:22.320> we<00:28:22.529> got<00:28:22.649> questions<00:28:22.860> about<00:28:23.279> this 00:28:23.450 --> 00:28:23.460 align:start position:0% um because we got questions about this 00:28:23.460 --> 00:28:26.480 align:start position:0% um because we got questions about this we<00:28:23.879> decided<00:28:24.179> to<00:28:24.419> add<00:28:24.539> a<00:28:25.289> synchrony<00:28:25.710> to<00:28:25.740> to<00:28:26.340> the 00:28:26.480 --> 00:28:26.490 align:start position:0% we decided to add a synchrony to to the 00:28:26.490 --> 00:28:27.379 align:start position:0% we decided to add a synchrony to to the avalanche<00:28:26.820> protocol 00:28:27.379 --> 00:28:27.389 align:start position:0% avalanche protocol 00:28:27.389 --> 00:28:30.830 align:start position:0% avalanche protocol so<00:28:28.350> to<00:28:29.309> summarize<00:28:29.789> there<00:28:30.240> is<00:28:30.330> a<00:28:30.360> new<00:28:30.570> tool<00:28:30.779> in 00:28:30.830 --> 00:28:30.840 align:start position:0% so to summarize there is a new tool in 00:28:30.840 --> 00:28:32.570 align:start position:0% so to summarize there is a new tool in our<00:28:31.049> Arsenal<00:28:31.110> for<00:28:31.710> building<00:28:32.100> the<00:28:32.220> dream<00:28:32.429> that 00:28:32.570 --> 00:28:32.580 align:start position:0% our Arsenal for building the dream that 00:28:32.580 --> 00:28:33.440 align:start position:0% our Arsenal for building the dream that we<00:28:32.730> all<00:28:32.879> share 00:28:33.440 --> 00:28:33.450 align:start position:0% we all share 00:28:33.450 --> 00:28:35.450 align:start position:0% we all share avalanche<00:28:33.869> gives<00:28:34.139> us<00:28:34.289> a<00:28:34.470> new<00:28:34.980> kind<00:28:35.279> of<00:28:35.399> a 00:28:35.450 --> 00:28:35.460 align:start position:0% avalanche gives us a new kind of a 00:28:35.460 --> 00:28:37.399 align:start position:0% avalanche gives us a new kind of a protocol<00:28:35.940> and<00:28:36.210> there's<00:28:36.570> been<00:28:36.779> a<00:28:36.809> lot<00:28:37.019> of<00:28:37.049> false 00:28:37.399 --> 00:28:37.409 align:start position:0% protocol and there's been a lot of false 00:28:37.409 --> 00:28:39.409 align:start position:0% protocol and there's been a lot of false narratives<00:28:37.980> out<00:28:38.220> there<00:28:38.490> about<00:28:38.759> Bitcoin<00:28:39.240> it 00:28:39.409 --> 00:28:39.419 align:start position:0% narratives out there about Bitcoin it 00:28:39.419 --> 00:28:41.239 align:start position:0% narratives out there about Bitcoin it achieves<00:28:39.809> this<00:28:40.049> and<00:28:40.289> that<00:28:40.409> it<00:28:40.559> finds<00:28:40.830> social 00:28:41.239 --> 00:28:41.249 align:start position:0% achieves this and that it finds social 00:28:41.249 --> 00:28:43.460 align:start position:0% achieves this and that it finds social consensus<00:28:41.789> it<00:28:41.940> does<00:28:42.149> this<00:28:42.299> and<00:28:42.360> it<00:28:42.869> doesn't<00:28:43.350> do 00:28:43.460 --> 00:28:43.470 align:start position:0% consensus it does this and it doesn't do 00:28:43.470 --> 00:28:45.230 align:start position:0% consensus it does this and it doesn't do those<00:28:43.649> things<00:28:44.009> right<00:28:44.309> and<00:28:44.490> in<00:28:44.669> Bitcoin<00:28:45.059> the 00:28:45.230 --> 00:28:45.240 align:start position:0% those things right and in Bitcoin the 00:28:45.240 --> 00:28:46.850 align:start position:0% those things right and in Bitcoin the only<00:28:45.539> voice<00:28:45.749> you<00:28:45.779> have<00:28:46.200> is<00:28:46.379> as<00:28:46.499> a<00:28:46.529> miner 00:28:46.850 --> 00:28:46.860 align:start position:0% only voice you have is as a miner 00:28:46.860 --> 00:28:48.980 align:start position:0% only voice you have is as a miner otherwise<00:28:47.759> you<00:28:47.970> don't<00:28:48.090> you<00:28:48.299> know<00:28:48.389> the<00:28:48.840> only 00:28:48.980 --> 00:28:48.990 align:start position:0% otherwise you don't you know the only 00:28:48.990 --> 00:28:50.509 align:start position:0% otherwise you don't you know the only thing<00:28:49.169> you<00:28:49.259> can<00:28:49.409> do<00:28:49.500> is<00:28:49.619> exit<00:28:50.009> right<00:28:50.309> and 00:28:50.509 --> 00:28:50.519 align:start position:0% thing you can do is exit right and 00:28:50.519 --> 00:28:51.649 align:start position:0% thing you can do is exit right and that's<00:28:50.639> what<00:28:50.789> we've<00:28:50.940> been<00:28:51.090> seeing<00:28:51.299> from<00:28:51.539> the 00:28:51.649 --> 00:28:51.659 align:start position:0% that's what we've been seeing from the 00:28:51.659 --> 00:28:53.629 align:start position:0% that's what we've been seeing from the Bitcoin<00:28:51.990> ecosystem 00:28:53.629 --> 00:28:53.639 align:start position:0% Bitcoin ecosystem 00:28:53.639 --> 00:28:56.539 align:start position:0% Bitcoin ecosystem and<00:28:53.729> and<00:28:54.479> so<00:28:54.929> in<00:28:55.529> this<00:28:55.799> system<00:28:56.129> you<00:28:56.399> actually 00:28:56.539 --> 00:28:56.549 align:start position:0% and and so in this system you actually 00:28:56.549 --> 00:28:58.729 align:start position:0% and and so in this system you actually get<00:28:57.029> to<00:28:57.179> have<00:28:57.299> a<00:28:57.359> voice<00:28:57.479> you<00:28:58.379> get<00:28:58.559> to 00:28:58.729 --> 00:28:58.739 align:start position:0% get to have a voice you get to 00:28:58.739 --> 00:29:01.849 align:start position:0% get to have a voice you get to participate<00:28:59.039> directly<00:28:59.700> in<00:28:59.909> the<00:29:00.869> decision<00:29:01.739> the 00:29:01.849 --> 00:29:01.859 align:start position:0% participate directly in the decision the 00:29:01.859 --> 00:29:04.399 align:start position:0% participate directly in the decision the serialization<00:29:02.279> of<00:29:02.869> transactions<00:29:03.869> and<00:29:04.019> the 00:29:04.399 --> 00:29:04.409 align:start position:0% serialization of transactions and the 00:29:04.409 --> 00:29:06.139 align:start position:0% serialization of transactions and the decisions<00:29:04.859> over<00:29:05.039> the<00:29:05.279> financial<00:29:05.759> future<00:29:06.029> of 00:29:06.139 --> 00:29:06.149 align:start position:0% decisions over the financial future of 00:29:06.149 --> 00:29:09.019 align:start position:0% decisions over the financial future of the<00:29:06.239> network<00:29:06.539> and<00:29:07.279> overall<00:29:08.279> the<00:29:08.489> area<00:29:08.849> will 00:29:09.019 --> 00:29:09.029 align:start position:0% the network and overall the area will 00:29:09.029 --> 00:29:10.999 align:start position:0% the network and overall the area will rise<00:29:09.269> or<00:29:09.599> sink<00:29:09.869> together<00:29:10.079> I<00:29:10.349> would<00:29:10.649> love<00:29:10.859> to 00:29:10.999 --> 00:29:11.009 align:start position:0% rise or sink together I would love to 00:29:11.009 --> 00:29:12.379 align:start position:0% rise or sink together I would love to see<00:29:11.159> I<00:29:11.190> think<00:29:11.309> we're<00:29:11.579> going<00:29:11.700> into<00:29:11.940> a<00:29:12.059> phase 00:29:12.379 --> 00:29:12.389 align:start position:0% see I think we're going into a phase 00:29:12.389 --> 00:29:14.690 align:start position:0% see I think we're going into a phase where<00:29:12.419> you<00:29:13.229> know<00:29:13.379> all<00:29:13.529> the<00:29:13.679> crappy<00:29:14.009> coins 00:29:14.690 --> 00:29:14.700 align:start position:0% where you know all the crappy coins 00:29:14.700 --> 00:29:16.459 align:start position:0% where you know all the crappy coins already<00:29:15.029> kind<00:29:15.209> of<00:29:15.269> got<00:29:15.389> introduced<00:29:15.839> and<00:29:16.169> we're 00:29:16.459 --> 00:29:16.469 align:start position:0% already kind of got introduced and we're 00:29:16.469 --> 00:29:17.959 align:start position:0% already kind of got introduced and we're going<00:29:16.739> into<00:29:16.889> the<00:29:17.159> phase<00:29:17.369> where<00:29:17.639> we're<00:29:17.789> going 00:29:17.959 --> 00:29:17.969 align:start position:0% going into the phase where we're going 00:29:17.969 --> 00:29:19.549 align:start position:0% going into the phase where we're going to<00:29:18.089> see<00:29:18.239> more<00:29:18.509> and<00:29:18.719> more<00:29:18.899> sort<00:29:19.109> of<00:29:19.169> worthy 00:29:19.549 --> 00:29:19.559 align:start position:0% to see more and more sort of worthy 00:29:19.559 --> 00:29:22.669 align:start position:0% to see more and more sort of worthy interesting<00:29:20.519> projects<00:29:21.059> introduced<00:29:21.899> and<00:29:22.169> I 00:29:22.669 --> 00:29:22.679 align:start position:0% interesting projects introduced and I 00:29:22.679 --> 00:29:24.199 align:start position:0% interesting projects introduced and I would<00:29:22.829> like<00:29:23.009> to<00:29:23.129> see<00:29:23.249> the<00:29:23.369> top<00:29:23.579> ten<00:29:23.849> be<00:29:24.179> a 00:29:24.199 --> 00:29:24.209 align:start position:0% would like to see the top ten be a 00:29:24.209 --> 00:29:25.909 align:start position:0% would like to see the top ten be a competition<00:29:24.719> among<00:29:25.169> those<00:29:25.409> kinds<00:29:25.829> of 00:29:25.909 --> 00:29:25.919 align:start position:0% competition among those kinds of 00:29:25.919 --> 00:29:28.789 align:start position:0% competition among those kinds of projects<00:29:26.399> and<00:29:26.489> and<00:29:27.479> I<00:29:27.869> believe<00:29:27.899> the<00:29:28.349> area<00:29:28.649> will 00:29:28.789 --> 00:29:28.799 align:start position:0% projects and and I believe the area will 00:29:28.799 --> 00:29:30.829 align:start position:0% projects and and I believe the area will either<00:29:28.919> rise<00:29:29.309> together<00:29:29.639> or<00:29:30.119> sink<00:29:30.690> together 00:29:30.829 --> 00:29:30.839 align:start position:0% either rise together or sink together 00:29:30.839 --> 00:29:32.690 align:start position:0% either rise together or sink together and<00:29:31.259> I'm<00:29:31.589> looking<00:29:31.919> forward<00:29:32.129> to<00:29:32.279> working<00:29:32.459> with 00:29:32.690 --> 00:29:32.700 align:start position:0% and I'm looking forward to working with 00:29:32.700 --> 00:29:34.940 align:start position:0% and I'm looking forward to working with all<00:29:32.969> of<00:29:32.999> you<00:29:33.269> to<00:29:33.749> build<00:29:33.899> an<00:29:34.289> exciting<00:29:34.829> new 00:29:34.940 --> 00:29:34.950 align:start position:0% all of you to build an exciting new 00:29:34.950 --> 00:29:47.230 align:start position:0% all of you to build an exciting new platform<00:29:35.459> thank<00:29:35.849> you 00:29:47.230 --> 00:29:47.240 align:start position:0% 00:29:47.240 --> 00:29:49.300 align:start position:0% you