WEBVTT Kind: captions Language: en 00:00:09.190 --> 00:00:17.310 align:start position:0% [Music] 00:00:17.310 --> 00:00:17.320 align:start position:0% 00:00:17.320 --> 00:00:23.800 align:start position:0% hello<00:00:21.280> yeah<00:00:22.280> hello<00:00:22.310> so<00:00:22.910> I<00:00:23.180> want<00:00:23.420> to<00:00:23.510> talk<00:00:23.660> about 00:00:23.800 --> 00:00:23.810 align:start position:0% hello yeah hello so I want to talk about 00:00:23.810 --> 00:00:26.560 align:start position:0% hello yeah hello so I want to talk about the<00:00:24.140> colony<00:00:24.560> reputation<00:00:25.190> system<00:00:25.550> just<00:00:26.390> gonna 00:00:26.560 --> 00:00:26.570 align:start position:0% the colony reputation system just gonna 00:00:26.570 --> 00:00:29.850 align:start position:0% the colony reputation system just gonna wait<00:00:26.750> for<00:00:26.780> the<00:00:27.020> slides<00:00:27.260> to<00:00:27.500> appear<00:00:27.970> here<00:00:28.970> we<00:00:29.030> go 00:00:29.850 --> 00:00:29.860 align:start position:0% wait for the slides to appear here we go 00:00:29.860 --> 00:00:34.860 align:start position:0% wait for the slides to appear here we go so<00:00:30.860> you<00:00:31.180> may<00:00:32.180> know<00:00:32.329> colony<00:00:32.840> as<00:00:33.050> a<00:00:33.590> platform<00:00:33.980> for 00:00:34.860 --> 00:00:34.870 align:start position:0% so you may know colony as a platform for 00:00:34.870 --> 00:00:37.210 align:start position:0% so you may know colony as a platform for organizing<00:00:35.870> teams<00:00:36.140> collaborating<00:00:36.920> online 00:00:37.210 --> 00:00:37.220 align:start position:0% organizing teams collaborating online 00:00:37.220 --> 00:00:40.780 align:start position:0% organizing teams collaborating online doing<00:00:37.460> work<00:00:39.070> and<00:00:40.070> that's<00:00:40.370> very<00:00:40.579> much<00:00:40.640> what 00:00:40.780 --> 00:00:40.790 align:start position:0% doing work and that's very much what 00:00:40.790 --> 00:00:42.670 align:start position:0% doing work and that's very much what we're<00:00:41.210> about<00:00:41.270> it's<00:00:41.900> to<00:00:42.110> use<00:00:42.290> the<00:00:42.470> blockchain 00:00:42.670 --> 00:00:42.680 align:start position:0% we're about it's to use the blockchain 00:00:42.680 --> 00:00:45.910 align:start position:0% we're about it's to use the blockchain to<00:00:43.160> help<00:00:43.400> us<00:00:43.900> work<00:00:44.900> together<00:00:45.170> on<00:00:45.500> projects 00:00:45.910 --> 00:00:45.920 align:start position:0% to help us work together on projects 00:00:45.920 --> 00:00:47.740 align:start position:0% to help us work together on projects that<00:00:46.070> we<00:00:46.190> care<00:00:46.430> about<00:00:46.460> we<00:00:47.149> like<00:00:47.329> to<00:00:47.450> think<00:00:47.690> of 00:00:47.740 --> 00:00:47.750 align:start position:0% that we care about we like to think of 00:00:47.750 --> 00:00:49.930 align:start position:0% that we care about we like to think of ourselves<00:00:47.899> as<00:00:48.260> the<00:00:48.470> people<00:00:48.950> layer<00:00:49.280> of<00:00:49.550> the 00:00:49.930 --> 00:00:49.940 align:start position:0% ourselves as the people layer of the 00:00:49.940 --> 00:00:52.600 align:start position:0% ourselves as the people layer of the decentralized<00:00:50.690> application<00:00:51.350> stack<00:00:51.649> meaning 00:00:52.600 --> 00:00:52.610 align:start position:0% decentralized application stack meaning 00:00:52.610 --> 00:00:53.740 align:start position:0% decentralized application stack meaning that<00:00:52.760> we're<00:00:53.120> very<00:00:53.149> much<00:00:53.420> a<00:00:53.450> blockchain 00:00:53.740 --> 00:00:53.750 align:start position:0% that we're very much a blockchain 00:00:53.750 --> 00:00:55.420 align:start position:0% that we're very much a blockchain company<00:00:54.290> but<00:00:54.470> our<00:00:54.559> view<00:00:54.770> of<00:00:54.860> the<00:00:54.950> world<00:00:55.130> is<00:00:55.309> not 00:00:55.420 --> 00:00:55.430 align:start position:0% company but our view of the world is not 00:00:55.430 --> 00:00:56.889 align:start position:0% company but our view of the world is not something<00:00:56.059> like<00:00:56.180> this<00:00:56.360> with<00:00:56.600> a<00:00:56.630> blockchain 00:00:56.889 --> 00:00:56.899 align:start position:0% something like this with a blockchain 00:00:56.899 --> 00:00:58.569 align:start position:0% something like this with a blockchain front<00:00:57.320> and<00:00:57.440> center<00:00:57.680> and<00:00:57.739> people<00:00:58.070> sort<00:00:58.430> of<00:00:58.460> as 00:00:58.569 --> 00:00:58.579 align:start position:0% front and center and people sort of as 00:00:58.579 --> 00:01:01.750 align:start position:0% front and center and people sort of as an<00:00:58.670> afterthought<00:00:59.120> of<00:00:59.180> the<00:00:59.450> periphery<00:00:59.840> it<00:01:00.760> it's 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about 00:01:11.049 --> 00:01:14.200 align:start position:0% really do projects that we care about that<00:01:12.190> teams<00:01:13.190> care<00:01:13.430> about<00:01:13.580> helping<00:01:13.970> them<00:01:14.090> work 00:01:14.200 --> 00:01:14.210 align:start position:0% that teams care about helping them work 00:01:14.210 --> 00:01:17.880 align:start position:0% that teams care about helping them work together<00:01:14.770> to<00:01:15.770> that<00:01:15.890> end<00:01:16.100> we<00:01:16.280> want<00:01:16.430> to<00:01:16.580> create<00:01:16.880> a 00:01:17.880 --> 00:01:17.890 align:start position:0% together to that end we want to create a 00:01:17.890 --> 00:01:21.730 align:start position:0% together to that end we want to create a platform<00:01:18.890> for<00:01:19.190> self-governance<00:01:20.710> without<00:01:21.710> a 00:01:21.730 --> 00:01:21.740 align:start position:0% platform for self-governance without a 00:01:21.740 --> 00:01:24.700 align:start position:0% platform for self-governance without a strict<00:01:22.070> hierarchy<00:01:22.220> that's<00:01:22.970> flexible<00:01:23.630> in<00:01:23.840> in 00:01:24.700 --> 00:01:24.710 align:start position:0% strict hierarchy that's flexible in in 00:01:24.710 --> 00:01:26.710 align:start position:0% strict hierarchy that's flexible in in who<00:01:24.979> controls<00:01:25.430> and<00:01:25.640> who<00:01:25.729> influences<00:01:26.390> what 00:01:26.710 --> 00:01:26.720 align:start position:0% who controls and who influences what 00:01:26.720 --> 00:01:30.280 align:start position:0% who controls and who influences what goes<00:01:26.930> on<00:01:27.080> and<00:01:28.030> for<00:01:29.030> this<00:01:29.210> to<00:01:29.479> to<00:01:29.780> work<00:01:29.930> we<00:01:30.140> have 00:01:30.280 --> 00:01:30.290 align:start position:0% goes on and for this to to work we have 00:01:30.290 --> 00:01:32.560 align:start position:0% goes on and for this to to work we have a<00:01:30.320> reputation<00:01:30.650> system<00:01:31.340> that<00:01:31.850> allows<00:01:32.240> us<00:01:32.270> to 00:01:32.560 --> 00:01:32.570 align:start position:0% a reputation system that allows us to 00:01:32.570 --> 00:01:33.820 align:start position:0% a reputation system that allows us to wait<00:01:32.810> our<00:01:33.170> decisions 00:01:33.820 --> 00:01:33.830 align:start position:0% wait our decisions 00:01:33.830 --> 00:01:35.469 align:start position:0% wait our decisions it's<00:01:34.130> not<00:01:34.250> about<00:01:34.460> voting<00:01:34.670> per<00:01:35.000> se<00:01:35.150> but<00:01:35.240> it's 00:01:35.469 --> 00:01:35.479 align:start position:0% it's not about voting per se but it's 00:01:35.479 --> 00:01:37.690 align:start position:0% it's not about voting per se but it's about<00:01:35.659> people<00:01:36.500> who<00:01:36.619> put<00:01:36.890> in<00:01:36.920> a<00:01:37.100> lot<00:01:37.250> of<00:01:37.280> work<00:01:37.549> in 00:01:37.690 --> 00:01:37.700 align:start position:0% about people who put in a lot of work in 00:01:37.700 --> 00:01:39.700 align:start position:0% about people who put in a lot of work in a<00:01:37.760> lot<00:01:37.909> of<00:01:38.030> effort<00:01:38.360> earn<00:01:38.720> reputation<00:01:39.110> and<00:01:39.590> then 00:01:39.700 --> 00:01:39.710 align:start position:0% a lot of effort earn reputation and then 00:01:39.710 --> 00:01:41.320 align:start position:0% a lot of effort earn reputation and then there's<00:01:39.979> they<00:01:40.280> have<00:01:40.490> more<00:01:40.700> say<00:01:40.939> in<00:01:41.180> the 00:01:41.320 --> 00:01:41.330 align:start position:0% there's they have more say in the 00:01:41.330 --> 00:01:46.120 align:start position:0% there's they have more say in the project<00:01:41.780> at<00:01:42.229> hand<00:01:43.119> so<00:01:44.170> what<00:01:45.170> is<00:01:45.439> reputation 00:01:46.120 --> 00:01:46.130 align:start position:0% project at hand so what is reputation 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of<00:01:53.270> reputation<00:01:53.630> scores 00:01:54.429 --> 00:01:54.439 align:start position:0% reputation in terms of reputation scores 00:01:54.439 --> 00:01:58.600 align:start position:0% reputation in terms of reputation scores and<00:01:55.479> so<00:01:56.479> these<00:01:57.140> here<00:01:57.470> are<00:01:57.530> not<00:01:57.829> reputations 00:01:58.600 --> 00:01:58.610 align:start position:0% and so these here are not reputations 00:01:58.610 --> 00:02:01.539 align:start position:0% and so these here are not reputations these<00:01:59.210> are<00:01:59.450> scores<00:01:59.869> that<00:02:00.290> might<00:02:00.549> convey 00:02:01.539 --> 00:02:01.549 align:start position:0% these are scores that might convey 00:02:01.549 --> 00:02:03.730 align:start position:0% these are scores that might convey reputation<00:02:02.180> that<00:02:02.390> tell<00:02:03.049> you<00:02:03.229> a<00:02:03.259> little<00:02:03.409> bit<00:02:03.560> of 00:02:03.730 --> 00:02:03.740 align:start position:0% reputation that tell you a little bit of 00:02:03.740 --> 00:02:05.230 align:start position:0% reputation that tell you a little bit of information<00:02:03.950> so<00:02:04.280> you<00:02:04.490> might<00:02:04.640> like<00:02:04.850> a<00:02:04.880> movie 00:02:05.230 --> 00:02:05.240 align:start position:0% information so you might like a movie 00:02:05.240 --> 00:02:07.450 align:start position:0% information so you might like a movie with<00:02:05.360> a<00:02:05.390> high<00:02:05.600> tomato<00:02:06.079> rating<00:02:06.530> tells<00:02:07.280> you<00:02:07.400> a 00:02:07.450 --> 00:02:07.460 align:start position:0% with a high tomato rating tells you a 00:02:07.460 --> 00:02:10.120 align:start position:0% with a high tomato rating tells you a very<00:02:07.490> specific<00:02:08.179> thing<00:02:08.360> and<00:02:08.770> what<00:02:09.770> that<00:02:09.979> means 00:02:10.120 --> 00:02:10.130 align:start position:0% very specific thing and what that means 00:02:10.130 --> 00:02:13.360 align:start position:0% very specific thing and what that means to<00:02:10.399> you<00:02:10.580> is<00:02:10.849> still<00:02:11.540> subjective<00:02:12.170> because 00:02:13.360 --> 00:02:13.370 align:start position:0% to you is still subjective because 00:02:13.370 --> 00:02:15.640 align:start position:0% to you is still subjective because you<00:02:13.940> know<00:02:14.030> you<00:02:14.090> may<00:02:14.330> trust<00:02:14.780> IMDb<00:02:15.260> rateing<00:02:15.290> is 00:02:15.640 --> 00:02:15.650 align:start position:0% you know you may trust IMDb rateing is 00:02:15.650 --> 00:02:19.000 align:start position:0% you know you may trust IMDb rateing is more<00:02:15.860> than<00:02:16.040> the<00:02:16.310> tomato<00:02:16.459> ratings<00:02:17.200> and<00:02:18.200> the 00:02:19.000 --> 00:02:19.010 align:start position:0% more than the tomato ratings and the 00:02:19.010 --> 00:02:20.649 align:start position:0% more than the tomato ratings and the information<00:02:19.610> in<00:02:19.730> each<00:02:19.849> one<00:02:20.000> of<00:02:20.120> these<00:02:20.209> ratings 00:02:20.649 --> 00:02:20.659 align:start position:0% information in each one of these ratings 00:02:20.659 --> 00:02:23.080 align:start position:0% information in each one of these ratings is<00:02:20.780> very<00:02:21.110> specific<00:02:21.799> reputation<00:02:22.790> really 00:02:23.080 --> 00:02:23.090 align:start position:0% is very specific reputation really 00:02:23.090 --> 00:02:25.479 align:start position:0% is very specific reputation really doesn't<00:02:23.450> translate<00:02:23.989> so<00:02:24.260> you<00:02:25.220> know<00:02:25.310> if<00:02:25.400> you 00:02:25.479 --> 00:02:25.489 align:start position:0% doesn't translate so you know if you 00:02:25.489 --> 00:02:26.890 align:start position:0% doesn't translate so you know if you have<00:02:25.580> a<00:02:25.610> high<00:02:25.790> credit<00:02:26.060> rating<00:02:26.569> which<00:02:26.720> is<00:02:26.870> a 00:02:26.890 --> 00:02:26.900 align:start position:0% have a high credit rating which is a 00:02:26.900 --> 00:02:28.869 align:start position:0% have a high credit rating which is a type<00:02:27.170> of<00:02:27.200> reputation<00:02:27.980> score<00:02:28.099> what<00:02:28.730> does<00:02:28.849> that 00:02:28.869 --> 00:02:28.879 align:start position:0% type of reputation score what does that 00:02:28.879 --> 00:02:30.399 align:start position:0% type of reputation score what does that tell<00:02:29.239> you<00:02:29.390> about<00:02:29.420> how<00:02:29.750> good<00:02:29.930> you<00:02:30.079> are<00:02:30.110> at 00:02:30.399 --> 00:02:30.409 align:start position:0% tell you about how good you are at 00:02:30.409 --> 00:02:32.830 align:start position:0% tell you about how good you are at tuning<00:02:30.860> pianos<00:02:31.390> very<00:02:32.390> little<00:02:32.659> right 00:02:32.830 --> 00:02:32.840 align:start position:0% tuning pianos very little right 00:02:32.840 --> 00:02:35.350 align:start position:0% tuning pianos very little right reputation<00:02:33.560> requires<00:02:34.010> context<00:02:34.730> so<00:02:34.940> it<00:02:35.060> has<00:02:35.209> to 00:02:35.350 --> 00:02:35.360 align:start position:0% reputation requires context so it has to 00:02:35.360 --> 00:02:37.240 align:start position:0% reputation requires context so it has to be<00:02:35.420> more<00:02:35.599> than<00:02:35.659> just<00:02:36.079> a<00:02:36.290> single<00:02:36.620> number<00:02:36.739> like 00:02:37.240 --> 00:02:37.250 align:start position:0% be more than just a single number like 00:02:37.250 --> 00:02:39.640 align:start position:0% be more than just a single number like we<00:02:37.430> cannot<00:02:37.730> have<00:02:38.170> you<00:02:39.170> know<00:02:39.260> it<00:02:39.379> just<00:02:39.470> doesn't 00:02:39.640 --> 00:02:39.650 align:start position:0% we cannot have you know it just doesn't 00:02:39.650 --> 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position:0% talk about it's not just a number it has to<00:02:49.250> be<00:02:49.340> more<00:02:49.459> complicated<00:02:50.560> it<00:02:51.560> keeps<00:02:51.769> track<00:02:51.980> of 00:02:52.089 --> 00:02:52.099 align:start position:0% to be more complicated it keeps track of 00:02:52.099 --> 00:02:54.369 align:start position:0% to be more complicated it keeps track of a<00:02:52.160> lot<00:02:52.280> of<00:02:52.310> things<00:02:52.549> your<00:02:52.819> activity<00:02:53.359> in<00:02:53.989> the 00:02:54.369 --> 00:02:54.379 align:start position:0% a lot of things your activity in the 00:02:54.379 --> 00:02:55.930 align:start position:0% a lot of things your activity in the colony<00:02:54.769> is<00:02:55.129> what<00:02:55.370> determines<00:02:55.849> your 00:02:55.930 --> 00:02:55.940 align:start position:0% colony is what determines your 00:02:55.940 --> 00:02:57.940 align:start position:0% colony is what determines your reputation<00:02:56.629> so<00:02:57.019> keeps<00:02:57.260> track<00:02:57.500> of<00:02:57.530> the<00:02:57.680> work 00:02:57.940 --> 00:02:57.950 align:start position:0% reputation so keeps track of the work 00:02:57.950 --> 00:03:02.020 align:start position:0% reputation so keeps track of the work you<00:02:58.159> do<00:02:58.629> but<00:02:59.629> also<00:02:59.859> in<00:03:00.859> which<00:03:01.159> domain<00:03:01.760> so 00:03:02.020 --> 00:03:02.030 align:start position:0% you do but also in which domain so 00:03:02.030 --> 00:03:04.030 align:start position:0% you do but also in which domain so domains<00:03:02.329> are<00:03:02.510> like<00:03:02.629> departments<00:03:03.530> or<00:03:03.680> working 00:03:04.030 --> 00:03:04.040 align:start position:0% domains are like departments or working 00:03:04.040 --> 00:03:05.199 align:start position:0% domains are like departments or working groups<00:03:04.250> within<00:03:04.489> our<00:03:04.640> colony 00:03:05.199 --> 00:03:05.209 align:start position:0% groups within our colony 00:03:05.209 --> 00:03:07.660 align:start position:0% groups within our colony it<00:03:06.019> keeps<00:03:06.230> track<00:03:06.319> of<00:03:06.530> what<00:03:06.890> skills<00:03:07.280> you<00:03:07.430> used 00:03:07.660 --> 00:03:07.670 align:start position:0% it keeps track of what skills you used 00:03:07.670 --> 00:03:10.240 align:start position:0% it keeps track of what skills you used what<00:03:07.970> type<00:03:08.000> of<00:03:08.180> work<00:03:08.510> it<00:03:08.659> was<00:03:08.920> how<00:03:09.920> much<00:03:10.069> you 00:03:10.240 --> 00:03:10.250 align:start position:0% what type of work it was how much you 00:03:10.250 --> 00:03:12.369 align:start position:0% what type of work it was how much you earned<00:03:10.519> as<00:03:10.879> a<00:03:11.030> proxy<00:03:11.390> for<00:03:11.569> how<00:03:11.810> big<00:03:12.019> the<00:03:12.079> work 00:03:12.369 --> 00:03:12.379 align:start position:0% earned as a proxy for how big the work 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position:0% keep track of all of these different aspects<00:03:24.849> so<00:03:25.849> as<00:03:25.970> an<00:03:26.060> example<00:03:26.150> suppose<00:03:26.630> in<00:03:27.410> our 00:03:27.580 --> 00:03:27.590 align:start position:0% aspects so as an example suppose in our 00:03:27.590 --> 00:03:30.069 align:start position:0% aspects so as an example suppose in our colony<00:03:27.919> there's<00:03:28.250> this<00:03:28.450> task<00:03:29.450> called<00:03:29.810> you<00:03:29.989> know 00:03:30.069 --> 00:03:30.079 align:start position:0% colony there's this task called you know 00:03:30.079 --> 00:03:33.759 align:start position:0% colony there's this task called you know give<00:03:30.440> our<00:03:30.560> great<00:03:30.739> talk<00:03:31.010> and<00:03:31.629> in<00:03:32.629> our<00:03:32.870> interface 00:03:33.759 --> 00:03:33.769 align:start position:0% give our great talk and in our interface 00:03:33.769 --> 00:03:35.979 align:start position:0% give our great talk and in our interface it<00:03:34.069> might<00:03:34.220> look<00:03:34.400> somewhat<00:03:35.150> like<00:03:35.180> this<00:03:35.450> so<00:03:35.900> you 00:03:35.979 --> 00:03:35.989 align:start position:0% it might look somewhat like this so you 00:03:35.989 --> 00:03:37.750 align:start position:0% it might look somewhat like this so you can<00:03:36.019> see<00:03:36.139> up<00:03:36.410> there<00:03:36.440> I've<00:03:36.799> been<00:03:37.040> selected<00:03:37.370> to 00:03:37.750 --> 00:03:37.760 align:start position:0% can see up there I've been selected to 00:03:37.760 --> 00:03:40.360 align:start position:0% can see up there I've been selected to do<00:03:37.879> this<00:03:38.030> task<00:03:38.319> there's<00:03:39.319> a<00:03:39.410> bounty<00:03:40.099> of<00:03:40.310> a 00:03:40.360 --> 00:03:40.370 align:start position:0% do this task there's a bounty of a 00:03:40.370 --> 00:03:42.550 align:start position:0% do this task there's a bounty of a hundred<00:03:40.609> tokens<00:03:41.269> for<00:03:41.510> it<00:03:41.629> and<00:03:41.870> it's<00:03:42.379> been 00:03:42.550 --> 00:03:42.560 align:start position:0% hundred tokens for it and it's been 00:03:42.560 --> 00:03:44.619 align:start position:0% hundred tokens for it and it's been tagged<00:03:42.829> with<00:03:43.040> the<00:03:43.489> public<00:03:43.879> speaking<00:03:44.329> skill 00:03:44.619 --> 00:03:44.629 align:start position:0% tagged with the public speaking skill 00:03:44.629 --> 00:03:46.960 align:start position:0% tagged with the public speaking skill the<00:03:45.410> communications<00:03:46.160> domain<00:03:46.459> which<00:03:46.699> is<00:03:46.730> our 00:03:46.960 --> 00:03:46.970 align:start position:0% the communications domain which is our 00:03:46.970 --> 00:03:49.479 align:start position:0% the communications domain which is our communications<00:03:47.930> department<00:03:48.049> the<00:03:48.799> DEFCON 00:03:49.479 --> 00:03:49.489 align:start position:0% communications department the DEFCON 00:03:49.489 --> 00:03:51.430 align:start position:0% communications department the DEFCON three<00:03:49.760> sub<00:03:50.150> domain<00:03:50.540> which<00:03:50.840> is<00:03:50.870> our<00:03:51.139> working 00:03:51.430 --> 00:03:51.440 align:start position:0% three sub domain which is our working 00:03:51.440 --> 00:03:53.670 align:start position:0% three sub domain which is our working group<00:03:51.739> for<00:03:52.040> preparing<00:03:52.549> for<00:03:52.699> DEFCON<00:03:53.060> three<00:03:53.299> and 00:03:53.670 --> 00:03:53.680 align:start position:0% group for preparing for DEFCON three and 00:03:53.680 --> 00:03:57.129 align:start position:0% group for preparing for DEFCON three and if<00:03:54.680> I<00:03:55.040> do<00:03:55.099> this<00:03:55.400> task<00:03:55.669> and<00:03:55.970> I<00:03:56.030> do<00:03:56.180> it<00:03:56.269> well<00:03:56.389> then 00:03:57.129 --> 00:03:57.139 align:start position:0% if I do this task and I do it well then 00:03:57.139 --> 00:03:59.770 align:start position:0% if I do this task and I do it well then I'm<00:03:57.440> gonna<00:03:57.620> earn<00:03:57.859> a<00:03:58.129> hundred<00:03:58.430> tokens<00:03:59.060> in<00:03:59.510> our 00:03:59.770 --> 00:03:59.780 align:start position:0% I'm gonna earn a hundred tokens in our 00:03:59.780 --> 00:04:01.720 align:start position:0% I'm gonna earn a hundred tokens in our colony<00:04:00.139> but<00:04:00.799> I<00:04:00.859> also<00:04:01.129> stand<00:04:01.489> to<00:04:01.609> earn 00:04:01.720 --> 00:04:01.730 align:start position:0% colony but I also stand to earn 00:04:01.730 --> 00:04:05.460 align:start position:0% colony but I also stand to earn reputation<00:04:02.180> and<00:04:03.190> I<00:04:04.190> will<00:04:04.310> earn<00:04:04.459> reputation<00:04:04.819> in 00:04:05.460 --> 00:04:05.470 align:start position:0% reputation and I will earn reputation in 00:04:05.470 --> 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how<00:04:13.940> much<00:04:14.180> I<00:04:14.449> earn<00:04:14.629> still<00:04:15.319> depends<00:04:15.709> on<00:04:15.799> how 00:04:15.970 --> 00:04:15.980 align:start position:0% how much I earn still depends on how 00:04:15.980 --> 00:04:17.979 align:start position:0% how much I earn still depends on how well<00:04:16.190> I<00:04:16.220> do<00:04:16.370> the<00:04:16.910> hundred<00:04:17.239> tokens<00:04:17.660> give<00:04:17.840> us<00:04:17.959> a 00:04:17.979 --> 00:04:17.989 align:start position:0% well I do the hundred tokens give us a 00:04:17.989 --> 00:04:21.279 align:start position:0% well I do the hundred tokens give us a proxy<00:04:18.530> for<00:04:18.739> how<00:04:18.799> big<00:04:19.099> the<00:04:19.160> task<00:04:19.880> is<00:04:20.120> but<00:04:20.840> if<00:04:21.049> you 00:04:21.279 --> 00:04:21.289 align:start position:0% proxy for how big the task is but if you 00:04:21.289 --> 00:04:22.899 align:start position:0% proxy for how big the task is but if you give<00:04:21.469> me<00:04:21.650> a<00:04:21.680> standing<00:04:21.950> ovation<00:04:22.190> at<00:04:22.610> the<00:04:22.700> end<00:04:22.820> of 00:04:22.899 --> 00:04:22.909 align:start position:0% give me a standing ovation at the end of 00:04:22.909 --> 00:04:24.520 align:start position:0% give me a standing ovation at the end of this<00:04:23.000> talk<00:04:23.270> I<00:04:23.510> can<00:04:23.780> upload<00:04:24.020> a<00:04:24.080> video<00:04:24.320> of<00:04:24.469> that 00:04:24.520 --> 00:04:24.530 align:start position:0% this talk I can upload a video of that 00:04:24.530 --> 00:04:26.350 align:start position:0% this talk I can upload a video of that and<00:04:24.860> then<00:04:24.950> I<00:04:25.010> earn<00:04:25.219> extra<00:04:25.490> reputation<00:04:26.090> points 00:04:26.350 --> 00:04:26.360 align:start position:0% and then I earn extra reputation points 00:04:26.360 --> 00:04:26.950 align:start position:0% and then I earn extra reputation points for<00:04:26.510> having<00:04:26.599> done 00:04:26.950 --> 00:04:26.960 align:start position:0% for having done 00:04:26.960 --> 00:04:29.529 align:start position:0% for having done really<00:04:27.259> well<00:04:27.410> so<00:04:28.039> I'll<00:04:28.940> get<00:04:29.120> back<00:04:29.150> to<00:04:29.300> you<00:04:29.509> on 00:04:29.529 --> 00:04:29.539 align:start position:0% really well so I'll get back to you on 00:04:29.539 --> 00:04:34.830 align:start position:0% really well so I'll get back to you on that<00:04:29.630> later<00:04:32.500> the<00:04:33.500> reputation<00:04:33.770> that<00:04:34.190> I<00:04:34.250> earn 00:04:34.830 --> 00:04:34.840 align:start position:0% that later the reputation that I earn 00:04:34.840 --> 00:04:36.879 align:start position:0% that later the reputation that I earn helps<00:04:35.840> us<00:04:35.990> in<00:04:36.320> the<00:04:36.500> collective 00:04:36.879 --> 00:04:36.889 align:start position:0% helps us in the collective 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do<00:04:47.150> work<00:04:47.360> to<00:04:47.660> earn 00:04:47.890 --> 00:04:47.900 align:start position:0% have to actually do work to earn 00:04:47.900 --> 00:04:52.330 align:start position:0% have to actually do work to earn reputation<00:04:49.090> it's<00:04:50.090> also<00:04:50.380> meritocratic<00:04:51.380> not 00:04:52.330 --> 00:04:52.340 align:start position:0% reputation it's also meritocratic not 00:04:52.340 --> 00:04:54.460 align:start position:0% reputation it's also meritocratic not plutocratic<00:04:52.970> I<00:04:53.270> mean<00:04:53.479> what<00:04:53.630> we<00:04:53.750> mean<00:04:53.870> is<00:04:54.110> you 00:04:54.460 --> 00:04:54.470 align:start position:0% plutocratic I mean what we mean is you 00:04:54.470 --> 00:04:56.200 align:start position:0% plutocratic I mean what we mean is you have<00:04:54.500> to<00:04:54.680> do<00:04:54.800> good<00:04:55.009> work<00:04:55.250> that<00:04:55.789> your<00:04:55.940> peers 00:04:56.200 --> 00:04:56.210 align:start position:0% have to do good work that your peers 00:04:56.210 --> 00:04:57.850 align:start position:0% have to do good work that your peers like<00:04:56.419> to<00:04:56.870> earn<00:04:57.020> reputation<00:04:57.289> it's<00:04:57.710> not 00:04:57.850 --> 00:04:57.860 align:start position:0% like to earn reputation it's not 00:04:57.860 --> 00:04:59.680 align:start position:0% like to earn reputation it's not something<00:04:58.190> you<00:04:58.250> can<00:04:58.430> buy<00:04:58.610> so<00:04:59.330> it's<00:04:59.449> not<00:04:59.539> the 00:04:59.680 --> 00:04:59.690 align:start position:0% something you can buy so it's not the 00:04:59.690 --> 00:05:01.390 align:start position:0% something you can buy so it's not the person<00:04:59.900> with<00:05:00.139> the<00:05:00.229> most<00:05:00.410> funds<00:05:00.770> who<00:05:01.130> has<00:05:01.280> the 00:05:01.390 --> 00:05:01.400 align:start position:0% person with the most funds who has the 00:05:01.400 --> 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it's<00:05:17.870> not<00:05:17.960> bureaucratic<00:05:19.120> and<00:05:20.470> we 00:05:21.460 --> 00:05:21.470 align:start position:0% resort so it's not bureaucratic and we 00:05:21.470 --> 00:05:23.350 align:start position:0% resort so it's not bureaucratic and we use<00:05:21.590> this<00:05:21.770> for<00:05:22.039> almost<00:05:22.310> all<00:05:22.610> day-to-day 00:05:23.350 --> 00:05:23.360 align:start position:0% use this for almost all day-to-day 00:05:23.360 --> 00:05:25.290 align:start position:0% use this for almost all day-to-day decision-making<00:05:23.780> in<00:05:24.500> a<00:05:24.650> colony<00:05:25.070> that 00:05:25.290 --> 00:05:25.300 align:start position:0% decision-making in a colony that 00:05:25.300 --> 00:05:28.300 align:start position:0% decision-making in a colony that asterisk<00:05:26.300> by<00:05:26.509> the<00:05:26.570> way<00:05:26.720> is<00:05:27.009> refers<00:05:28.009> to<00:05:28.039> our 00:05:28.300 --> 00:05:28.310 align:start position:0% asterisk by the way is refers to our 00:05:28.310 --> 00:05:30.430 align:start position:0% asterisk by the way is refers to our last<00:05:28.520> year's<00:05:28.789> talk<00:05:29.060> at<00:05:29.240> DEFCON<00:05:29.570> 2<00:05:29.720> about<00:05:29.960> token 00:05:30.430 --> 00:05:30.440 align:start position:0% last year's talk at DEFCON 2 about token 00:05:30.440 --> 00:05:32.770 align:start position:0% last year's talk at DEFCON 2 about token weighted<00:05:30.800> decision-making<00:05:31.760> which<00:05:32.389> still<00:05:32.599> has 00:05:32.770 --> 00:05:32.780 align:start position:0% weighted decision-making which still has 00:05:32.780 --> 00:05:36.610 align:start position:0% weighted decision-making which still has a<00:05:32.810> place<00:05:33.139> for<00:05:34.780> questions<00:05:35.780> concerning<00:05:36.139> tokens 00:05:36.610 --> 00:05:36.620 align:start position:0% a place for questions concerning tokens 00:05:36.620 --> 00:05:39.040 align:start position:0% a place for questions concerning tokens so<00:05:37.010> token<00:05:37.669> holders<00:05:37.970> must<00:05:38.180> have<00:05:38.449> a<00:05:38.479> say<00:05:38.810> when 00:05:39.040 --> 00:05:39.050 align:start position:0% so token holders must have a say when 00:05:39.050 --> 00:05:41.710 align:start position:0% so token holders must have a say when you're<00:05:39.169> deciding<00:05:39.800> to<00:05:40.159> dilute<00:05:40.460> tokens<00:05:40.940> but<00:05:41.120> for 00:05:41.710 --> 00:05:41.720 align:start position:0% you're deciding to dilute tokens but for 00:05:41.720 --> 00:05:42.969 align:start position:0% you're deciding to dilute tokens but for the<00:05:41.780> day-to-day<00:05:41.960> activity<00:05:42.620> it's<00:05:42.800> your 00:05:42.969 --> 00:05:42.979 align:start position:0% the day-to-day activity it's your 00:05:42.979 --> 00:05:47.920 align:start position:0% the day-to-day activity it's your reputation<00:05:43.220> that<00:05:43.789> counts<00:05:44.120> so<00:05:46.630> you<00:05:47.630> can<00:05:47.780> get 00:05:47.920 --> 00:05:47.930 align:start position:0% reputation that counts so you can get 00:05:47.930 --> 00:05:50.230 align:start position:0% reputation that counts so you can get reputation<00:05:48.620> as<00:05:48.979> I<00:05:49.070> said<00:05:49.220> by<00:05:49.370> working<00:05:49.699> on<00:05:49.820> tasks 00:05:50.230 --> 00:05:50.240 align:start position:0% reputation as I said by working on tasks 00:05:50.240 --> 00:05:51.689 align:start position:0% reputation as I said by working on tasks but<00:05:50.539> also<00:05:50.570> doing<00:05:50.990> administrative<00:05:51.139> work 00:05:51.689 --> 00:05:51.699 align:start position:0% but also doing administrative work 00:05:51.699 --> 00:05:53.920 align:start position:0% but also doing administrative work administrating<00:05:52.699> tasks<00:05:53.090> evaluating<00:05:53.810> other 00:05:53.920 --> 00:05:53.930 align:start position:0% administrating tasks evaluating other 00:05:53.930 --> 00:05:55.510 align:start position:0% administrating tasks evaluating other people's<00:05:54.229> work<00:05:54.409> all<00:05:54.650> of<00:05:54.830> these<00:05:54.979> things<00:05:55.280> could 00:05:55.510 --> 00:05:55.520 align:start position:0% people's work all of these things could 00:05:55.520 --> 00:05:58.210 align:start position:0% people's work all of these things could earn<00:05:55.699> you<00:05:55.729> reputation<00:05:56.630> and<00:05:56.840> also<00:05:57.710> policing 00:05:58.210 --> 00:05:58.220 align:start position:0% earn you reputation and also policing 00:05:58.220 --> 00:06:00.010 align:start position:0% earn you reputation and also policing the<00:05:58.340> colony<00:05:58.759> that<00:05:58.880> is<00:05:59.120> if<00:05:59.389> you<00:05:59.690> see<00:05:59.870> people 00:06:00.010 --> 00:06:00.020 align:start position:0% the colony that is if you see people 00:06:00.020 --> 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earn<00:06:06.740> reputation<00:06:07.340> for<00:06:07.520> doing<00:06:07.610> that<00:06:07.849> if<00:06:08.270> you 00:06:08.800 --> 00:06:08.810 align:start position:0% earn reputation for doing that if you 00:06:08.810 --> 00:06:10.420 align:start position:0% earn reputation for doing that if you abuse<00:06:09.110> that<00:06:09.409> system<00:06:09.860> and<00:06:10.009> somebody<00:06:10.280> else 00:06:10.420 --> 00:06:10.430 align:start position:0% abuse that system and somebody else 00:06:10.430 --> 00:06:13.360 align:start position:0% abuse that system and somebody else Flags<00:06:10.880> your<00:06:11.180> flags<00:06:11.419> and<00:06:12.370> essentially 00:06:13.360 --> 00:06:13.370 align:start position:0% Flags your flags and essentially 00:06:13.370 --> 00:06:15.670 align:start position:0% Flags your flags and essentially initiates<00:06:13.909> the<00:06:14.090> dispute<00:06:14.449> process<00:06:14.659> they<00:06:15.530> could 00:06:15.670 --> 00:06:15.680 align:start position:0% initiates the dispute process they could 00:06:15.680 --> 00:06:18.339 align:start position:0% initiates the dispute process they could also<00:06:15.860> earn<00:06:16.220> reputation<00:06:16.990> so<00:06:17.990> we're<00:06:18.110> trying<00:06:18.229> to 00:06:18.339 --> 00:06:18.349 align:start position:0% also earn reputation so we're trying to 00:06:18.349 --> 00:06:19.950 align:start position:0% also earn reputation so we're trying to balance<00:06:18.440> all<00:06:18.830> these<00:06:18.979> different<00:06:19.340> actors<00:06:19.639> and 00:06:19.950 --> 00:06:19.960 align:start position:0% balance all these different actors and 00:06:19.960 --> 00:06:22.180 align:start position:0% balance all these different actors and if<00:06:20.960> you<00:06:21.169> participate<00:06:21.710> in<00:06:21.740> the<00:06:21.949> reputation 00:06:22.180 --> 00:06:22.190 align:start position:0% if you participate in the reputation 00:06:22.190 --> 00:06:24.640 align:start position:0% if you participate in the reputation mining<00:06:22.970> procedure<00:06:23.389> and<00:06:23.720> that's<00:06:24.199> something<00:06:24.590> I 00:06:24.640 --> 00:06:24.650 align:start position:0% mining procedure and that's something I 00:06:24.650 --> 00:06:29.490 align:start position:0% mining procedure and that's something I will<00:06:24.710> talk<00:06:24.949> about<00:06:24.979> later<00:06:25.789> in<00:06:26.000> this<00:06:26.120> talk<00:06:28.000> so 00:06:29.490 --> 00:06:29.500 align:start position:0% will talk about later in this talk so 00:06:29.500 --> 00:06:31.540 align:start position:0% will talk about later in this talk so reputation<00:06:30.500> is<00:06:30.620> an<00:06:30.710> amalgam<00:06:31.130> of<00:06:31.250> all<00:06:31.370> these 00:06:31.540 --> 00:06:31.550 align:start position:0% reputation is an amalgam of all these 00:06:31.550 --> 00:06:35.290 align:start position:0% reputation is an amalgam of all these inputs<00:06:31.970> and<00:06:32.979> it<00:06:33.979> has<00:06:34.159> to<00:06:34.340> be<00:06:34.430> this<00:06:34.610> complex<00:06:35.029> or 00:06:35.290 --> 00:06:35.300 align:start position:0% inputs and it has to be this complex or 00:06:35.300 --> 00:06:38.170 align:start position:0% inputs and it has to be this complex or let's<00:06:35.570> call<00:06:35.659> it<00:06:35.930> nuanced<00:06:36.590> to<00:06:37.370> be<00:06:37.490> useful<00:06:37.700> sorry 00:06:38.170 --> 00:06:38.180 align:start position:0% let's call it nuanced to be useful sorry 00:06:38.180 --> 00:06:39.950 align:start position:0% let's call it nuanced to be useful sorry to<00:06:38.300> be<00:06:38.389> truly<00:06:38.659> useful 00:06:39.950 --> 00:06:39.960 align:start position:0% to be truly useful 00:06:39.960 --> 00:06:41.510 align:start position:0% to be truly useful we<00:06:40.260> wanted<00:06:40.590> to<00:06:40.710> keep<00:06:40.830> track<00:06:41.010> of<00:06:41.250> all<00:06:41.340> these 00:06:41.510 --> 00:06:41.520 align:start position:0% we wanted to keep track of all these 00:06:41.520 --> 00:06:45.230 align:start position:0% we wanted to keep track of all these different<00:06:41.850> aspects<00:06:43.220> so<00:06:44.220> the<00:06:44.370> question<00:06:44.700> is<00:06:44.910> is 00:06:45.230 --> 00:06:45.240 align:start position:0% different aspects so the question is is 00:06:45.240 --> 00:06:46.940 align:start position:0% different aspects so the question is is this<00:06:45.389> too<00:06:45.690> complicated<00:06:46.139> and<00:06:46.500> what<00:06:46.650> I<00:06:46.680> mean<00:06:46.800> by 00:06:46.940 --> 00:06:46.950 align:start position:0% this too complicated and what I mean by 00:06:46.950 --> 00:06:50.360 align:start position:0% this too complicated and what I mean by too<00:06:47.010> complicated<00:06:47.639> is<00:06:48.270> that<00:06:49.020> on<00:06:49.919> the<00:06:50.220> one<00:06:50.310> hand 00:06:50.360 --> 00:06:50.370 align:start position:0% too complicated is that on the one hand 00:06:50.370 --> 00:06:52.190 align:start position:0% too complicated is that on the one hand we've<00:06:50.760> got<00:06:50.790> meaningful<00:06:51.360> reputation<00:06:51.900> scores 00:06:52.190 --> 00:06:52.200 align:start position:0% we've got meaningful reputation scores 00:06:52.200 --> 00:06:54.620 align:start position:0% we've got meaningful reputation scores and<00:06:52.470> they're<00:06:52.800> competing<00:06:53.160> with<00:06:53.370> the<00:06:54.030> gas<00:06:54.270> cost 00:06:54.620 --> 00:06:54.630 align:start position:0% and they're competing with the gas cost 00:06:54.630 --> 00:06:56.150 align:start position:0% and they're competing with the gas cost right<00:06:55.110> the<00:06:55.290> more<00:06:55.440> complicated<00:06:55.830> the 00:06:56.150 --> 00:06:56.160 align:start position:0% right the more complicated the 00:06:56.160 --> 00:06:57.740 align:start position:0% right the more complicated the calculation<00:06:56.820> is<00:06:56.940> the<00:06:56.970> more<00:06:57.240> it's<00:06:57.360> gonna<00:06:57.480> cost 00:06:57.740 --> 00:06:57.750 align:start position:0% calculation is the more it's gonna cost 00:06:57.750 --> 00:06:59.629 align:start position:0% calculation is the more it's gonna cost to<00:06:57.930> interact<00:06:58.320> with<00:06:58.440> it<00:06:58.650> on<00:06:58.800> the<00:06:58.980> theorem 00:06:59.629 --> 00:06:59.639 align:start position:0% to interact with it on the theorem 00:06:59.639 --> 00:07:01.520 align:start position:0% to interact with it on the theorem blockchain<00:07:00.090> and<00:07:00.330> that<00:07:00.870> might<00:07:01.080> make<00:07:01.260> it<00:07:01.290> less 00:07:01.520 --> 00:07:01.530 align:start position:0% blockchain and that might make it less 00:07:01.530 --> 00:07:03.379 align:start position:0% blockchain and that might make it less useful<00:07:01.770> but<00:07:02.310> even<00:07:02.550> more<00:07:02.700> so<00:07:02.910> we're<00:07:03.090> competing 00:07:03.379 --> 00:07:03.389 align:start position:0% useful but even more so we're competing 00:07:03.389 --> 00:07:05.060 align:start position:0% useful but even more so we're competing with<00:07:03.600> the<00:07:03.840> gas<00:07:04.020> limit<00:07:04.350> right<00:07:04.740> there's<00:07:05.010> a 00:07:05.060 --> 00:07:05.070 align:start position:0% with the gas limit right there's a 00:07:05.070 --> 00:07:07.670 align:start position:0% with the gas limit right there's a maximum<00:07:05.639> cap<00:07:06.480> for<00:07:06.780> how<00:07:06.900> complex<00:07:07.440> our 00:07:07.670 --> 00:07:07.680 align:start position:0% maximum cap for how complex our 00:07:07.680 --> 00:07:09.970 align:start position:0% maximum cap for how complex our reputation<00:07:07.980> update<00:07:08.520> calculation<00:07:09.120> can<00:07:09.330> be<00:07:09.360> and 00:07:09.970 --> 00:07:09.980 align:start position:0% reputation update calculation can be and 00:07:09.980 --> 00:07:12.380 align:start position:0% reputation update calculation can be and I'm<00:07:10.980> gonna<00:07:11.130> let<00:07:11.310> you<00:07:11.430> in<00:07:11.490> on<00:07:11.550> a<00:07:11.610> secret<00:07:11.700> what 00:07:12.380 --> 00:07:12.390 align:start position:0% I'm gonna let you in on a secret what 00:07:12.390 --> 00:07:14.450 align:start position:0% I'm gonna let you in on a secret what we're<00:07:12.540> trying<00:07:12.810> to<00:07:12.930> do<00:07:13.050> far<00:07:13.680> exceeds<00:07:14.130> the<00:07:14.310> gas 00:07:14.450 --> 00:07:14.460 align:start position:0% we're trying to do far exceeds the gas 00:07:14.460 --> 00:07:16.280 align:start position:0% we're trying to do far exceeds the gas limit<00:07:14.730> like<00:07:15.060> this<00:07:15.330> is<00:07:15.480> not<00:07:15.630> something<00:07:16.020> we<00:07:16.140> can 00:07:16.280 --> 00:07:16.290 align:start position:0% limit like this is not something we can 00:07:16.290 --> 00:07:19.700 align:start position:0% limit like this is not something we can do<00:07:16.410> on<00:07:16.440> chain<00:07:16.950> so<00:07:17.930> does<00:07:18.930> it<00:07:19.110> really<00:07:19.230> have<00:07:19.500> to<00:07:19.530> be 00:07:19.700 --> 00:07:19.710 align:start position:0% do on chain so does it really have to be 00:07:19.710 --> 00:07:22.280 align:start position:0% do on chain so does it really have to be on<00:07:19.919> chain<00:07:20.330> does<00:07:21.330> a<00:07:21.360> reputation<00:07:21.660> have<00:07:21.990> to<00:07:22.110> be<00:07:22.169> on 00:07:22.280 --> 00:07:22.290 align:start position:0% on chain does a reputation have to be on 00:07:22.290 --> 00:07:24.380 align:start position:0% on chain does a reputation have to be on chain<00:07:22.530> the<00:07:22.710> easy<00:07:22.950> answer<00:07:23.520> is<00:07:23.669> yes<00:07:23.880> of<00:07:24.000> course 00:07:24.380 --> 00:07:24.390 align:start position:0% chain the easy answer is yes of course 00:07:24.390 --> 00:07:26.600 align:start position:0% chain the easy answer is yes of course it<00:07:24.600> does<00:07:24.630> if<00:07:24.960> you<00:07:25.470> wanted<00:07:25.680> to<00:07:25.770> have<00:07:25.890> any<00:07:26.130> effect 00:07:26.600 --> 00:07:26.610 align:start position:0% it does if you wanted to have any effect 00:07:26.610 --> 00:07:29.060 align:start position:0% it does if you wanted to have any effect on<00:07:26.900> decision<00:07:27.900> making<00:07:27.930> in<00:07:28.350> the<00:07:28.410> decentralized 00:07:29.060 --> 00:07:29.070 align:start position:0% on decision making in the decentralized 00:07:29.070 --> 00:07:31.250 align:start position:0% on decision making in the decentralized contacts<00:07:29.640> on<00:07:29.790> payouts<00:07:30.300> anything<00:07:31.110> of<00:07:31.229> that 00:07:31.250 --> 00:07:31.260 align:start position:0% contacts on payouts anything of that 00:07:31.260 --> 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our answer is it doesn't really have to be<00:07:41.430> on<00:07:41.639> chain<00:07:41.970> like<00:07:42.690> it's<00:07:42.840> not<00:07:42.990> necessarily<00:07:43.470> to 00:07:43.610 --> 00:07:43.620 align:start position:0% be on chain like it's not necessarily to 00:07:43.620 --> 00:07:46.130 align:start position:0% be on chain like it's not necessarily to do<00:07:43.770> the<00:07:43.890> calculation<00:07:44.550> on<00:07:44.729> chain<00:07:45.210> as<00:07:45.419> long<00:07:45.990> as 00:07:46.130 --> 00:07:46.140 align:start position:0% do the calculation on chain as long as 00:07:46.140 --> 00:07:47.750 align:start position:0% do the calculation on chain as long as you<00:07:46.229> can<00:07:46.410> prove<00:07:46.650> to<00:07:46.860> the<00:07:46.979> smart<00:07:47.220> contract<00:07:47.400> what 00:07:47.750 --> 00:07:47.760 align:start position:0% you can prove to the smart contract what 00:07:47.760 --> 00:07:50.090 align:start position:0% you can prove to the smart contract what your<00:07:47.910> reputation<00:07:48.150> really<00:07:48.630> is<00:07:48.900> you<00:07:49.770> don't<00:07:49.950> have 00:07:50.090 --> 00:07:50.100 align:start position:0% your reputation really is you don't have 00:07:50.100 --> 00:07:52.130 align:start position:0% your reputation really is you don't have to<00:07:50.220> do<00:07:50.340> the<00:07:50.430> rest<00:07:50.610> on<00:07:50.760> chain<00:07:51.060> and<00:07:51.419> the<00:07:51.780> system 00:07:52.130 --> 00:07:52.140 align:start position:0% to do the rest on chain and the system 00:07:52.140 --> 00:07:54.710 align:start position:0% to do the rest on chain and the system I'm<00:07:52.320> gonna<00:07:52.560> describe<00:07:52.940> scales<00:07:53.940> nicely<00:07:54.479> because 00:07:54.710 --> 00:07:54.720 align:start position:0% I'm gonna describe scales nicely because 00:07:54.720 --> 00:07:56.120 align:start position:0% I'm gonna describe scales nicely because no<00:07:54.990> matter<00:07:55.110> how<00:07:55.320> many<00:07:55.440> colonies<00:07:55.860> domain 00:07:56.120 --> 00:07:56.130 align:start position:0% no matter how many colonies domain 00:07:56.130 --> 00:07:57.770 align:start position:0% no matter how many colonies domain skills<00:07:56.520> or<00:07:56.729> any<00:07:56.850> other<00:07:57.030> tweaks<00:07:57.270> we<00:07:57.450> put<00:07:57.630> into 00:07:57.770 --> 00:07:57.780 align:start position:0% skills or any other tweaks we put into 00:07:57.780 --> 00:07:59.450 align:start position:0% skills or any other tweaks we put into the<00:07:57.960> update<00:07:58.260> formula<00:07:58.560> we're<00:07:59.070> only<00:07:59.160> going<00:07:59.370> to 00:07:59.450 --> 00:07:59.460 align:start position:0% the update formula we're only going to 00:07:59.460 --> 00:08:03.890 align:start position:0% the update formula we're only going to need<00:07:59.550> 32<00:08:00.150> bytes<00:08:00.390> to<00:08:01.140> be<00:08:01.229> stored<00:08:01.470> on<00:08:01.590> chain<00:08:02.900> so 00:08:03.890 --> 00:08:03.900 align:start position:0% need 32 bytes to be stored on chain so 00:08:03.900 --> 00:08:05.450 align:start position:0% need 32 bytes to be stored on chain so the<00:08:04.080> way<00:08:04.169> that<00:08:04.200> works<00:08:04.500> is<00:08:04.770> the<00:08:04.919> following<00:08:05.220> we 00:08:05.450 --> 00:08:05.460 align:start position:0% the way that works is the following we 00:08:05.460 --> 00:08:07.219 align:start position:0% the way that works is the following we have<00:08:05.610> all<00:08:05.820> of<00:08:05.850> these<00:08:06.060> reputations<00:08:06.780> here<00:08:06.990> so 00:08:07.219 --> 00:08:07.229 align:start position:0% have all of these reputations here so 00:08:07.229 --> 00:08:10.100 align:start position:0% have all of these reputations here so maybe<00:08:07.850> our<00:08:08.850> zero<00:08:09.270> down<00:08:09.479> there<00:08:09.660> might<00:08:09.810> be<00:08:09.840> my 00:08:10.100 --> 00:08:10.110 align:start position:0% maybe our zero down there might be my 00:08:10.110 --> 00:08:12.110 align:start position:0% maybe our zero down there might be my reputation<00:08:10.440> in<00:08:10.890> our<00:08:10.979> colony<00:08:11.370> for<00:08:11.700> the<00:08:11.760> public 00:08:12.110 --> 00:08:12.120 align:start position:0% reputation in our colony for the public 00:08:12.120 --> 00:08:14.960 align:start position:0% reputation in our colony for the public speaking<00:08:12.479> skill<00:08:12.750> and<00:08:12.990> our<00:08:13.200> three<00:08:14.100> might<00:08:14.340> be<00:08:14.550> I 00:08:14.960 --> 00:08:14.970 align:start position:0% speaking skill and our three might be I 00:08:14.970 --> 00:08:16.159 align:start position:0% speaking skill and our three might be I mean<00:08:15.330> these<00:08:15.479> are<00:08:15.630> all<00:08:15.660> the<00:08:15.870> different 00:08:16.159 --> 00:08:16.169 align:start position:0% mean these are all the different 00:08:16.169 --> 00:08:17.750 align:start position:0% mean these are all the different reputations<00:08:16.470> if<00:08:17.130> they<00:08:17.460> were<00:08:17.520> on<00:08:17.729> the 00:08:17.750 --> 00:08:17.760 align:start position:0% reputations if they were on the 00:08:17.760 --> 00:08:20.510 align:start position:0% reputations if they were on the blockchain<00:08:18.590> the<00:08:19.590> contract<00:08:19.979> could<00:08:20.100> read<00:08:20.310> them 00:08:20.510 --> 00:08:20.520 align:start position:0% blockchain the contract could read them 00:08:20.520 --> 00:08:23.180 align:start position:0% blockchain the contract could read them what<00:08:21.390> we<00:08:21.510> do<00:08:21.630> instead<00:08:21.840> is<00:08:21.990> we<00:08:22.140> hash<00:08:22.470> them<00:08:22.740> now 00:08:23.180 --> 00:08:23.190 align:start position:0% what we do instead is we hash them now 00:08:23.190 --> 00:08:24.620 align:start position:0% what we do instead is we hash them now if<00:08:23.310> those<00:08:23.490> hashes<00:08:23.820> are<00:08:24.150> stored<00:08:24.419> on<00:08:24.479> the 00:08:24.620 --> 00:08:24.630 align:start position:0% if those hashes are stored on the 00:08:24.630 --> 00:08:26.420 align:start position:0% if those hashes are stored on the blockchain<00:08:24.840> and<00:08:25.080> no<00:08:25.530> count<00:08:25.830> the<00:08:25.950> contract<00:08:26.310> of 00:08:26.420 --> 00:08:26.430 align:start position:0% blockchain and no count the contract of 00:08:26.430 --> 00:08:28.340 align:start position:0% blockchain and no count the contract of course<00:08:26.610> would<00:08:26.850> not<00:08:26.880> know<00:08:27.270> what<00:08:27.930> my<00:08:28.080> reputation 00:08:28.340 --> 00:08:28.350 align:start position:0% course would not know what my reputation 00:08:28.350 --> 00:08:31.190 align:start position:0% course would not know what my reputation is<00:08:28.919> but<00:08:29.880> if<00:08:30.000> I<00:08:30.090> supply<00:08:30.479> my<00:08:30.750> real<00:08:30.930> reputation 00:08:31.190 --> 00:08:31.200 align:start position:0% is but if I supply my real reputation 00:08:31.200 --> 00:08:34.370 align:start position:0% is but if I supply my real reputation are<00:08:31.680> zero<00:08:32.159> in<00:08:32.430> a<00:08:32.729> transaction<00:08:33.630> the<00:08:33.930> contract 00:08:34.370 --> 00:08:34.380 align:start position:0% are zero in a transaction the contract 00:08:34.380 --> 00:08:36.320 align:start position:0% are zero in a transaction the contract could<00:08:34.560> hash<00:08:34.770> it<00:08:34.979> check<00:08:35.430> it<00:08:35.580> against<00:08:36.000> the<00:08:36.120> store 00:08:36.320 --> 00:08:36.330 align:start position:0% could hash it check it against the store 00:08:36.330 --> 00:08:38.180 align:start position:0% could hash it check it against the store hash<00:08:36.570> and<00:08:36.839> then<00:08:36.990> it<00:08:37.140> would<00:08:37.289> also<00:08:37.440> know<00:08:37.800> that 00:08:38.180 --> 00:08:38.190 align:start position:0% hash and then it would also know that 00:08:38.190 --> 00:08:40.730 align:start position:0% hash and then it would also know that what<00:08:38.370> I'm<00:08:38.460> saying<00:08:38.940> is<00:08:39.089> true<00:08:39.270> and<00:08:39.500> the<00:08:40.500> next 00:08:40.730 --> 00:08:40.740 align:start position:0% what I'm saying is true and the next 00:08:40.740 --> 00:08:43.070 align:start position:0% what I'm saying is true and the next step<00:08:41.219> should<00:08:41.400> come<00:08:41.640> as<00:08:41.760> no<00:08:41.789> surprise<00:08:42.089> in<00:08:42.659> this 00:08:43.070 --> 00:08:43.080 align:start position:0% step should come as no surprise in this 00:08:43.080 --> 00:08:44.540 align:start position:0% step should come as no surprise in this conference<00:08:43.440> where<00:08:43.680> Merkel<00:08:44.070> trees<00:08:44.339> are 00:08:44.540 --> 00:08:44.550 align:start position:0% conference where Merkel trees are 00:08:44.550 --> 00:08:46.640 align:start position:0% conference where Merkel trees are mentioned<00:08:44.880> five<00:08:45.089> times<00:08:45.360> a<00:08:45.480> day<00:08:45.510> we<00:08:46.170> hash<00:08:46.410> them 00:08:46.640 --> 00:08:46.650 align:start position:0% mentioned five times a day we hash them 00:08:46.650 --> 00:08:48.170 align:start position:0% mentioned five times a day we hash them pairwise<00:08:47.040> and<00:08:47.339> pairwise<00:08:47.640> and<00:08:47.850> pair<00:08:48.000> wise 00:08:48.170 --> 00:08:48.180 align:start position:0% pairwise and pairwise and pair wise 00:08:48.180 --> 00:08:49.910 align:start position:0% pairwise and pairwise and pair wise until<00:08:48.450> we<00:08:48.600> get<00:08:48.720> to<00:08:48.780> a<00:08:48.930> single<00:08:49.320> hash<00:08:49.500> and<00:08:49.740> that's 00:08:49.910 --> 00:08:49.920 align:start position:0% until we get to a single hash and that's 00:08:49.920 --> 00:08:51.900 align:start position:0% until we get to a single hash and that's the<00:08:50.100> only<00:08:50.370> thing<00:08:50.580> we<00:08:50.670> need<00:08:50.790> to<00:08:50.850> store<00:08:51.180> on<00:08:51.360> chain 00:08:51.900 --> 00:08:51.910 align:start position:0% the only thing we need to store on chain 00:08:51.910 --> 00:08:53.940 align:start position:0% the only thing we need to store on chain and<00:08:52.000> referencing<00:08:52.990> that<00:08:53.080> anyone<00:08:53.560> can<00:08:53.710> prove 00:08:53.940 --> 00:08:53.950 align:start position:0% and referencing that anyone can prove 00:08:53.950 --> 00:08:57.090 align:start position:0% and referencing that anyone can prove what<00:08:54.130> the<00:08:54.250> real<00:08:54.400> reputation<00:08:55.060> is<00:08:55.800> so<00:08:56.800> the<00:08:56.980> only 00:08:57.090 --> 00:08:57.100 align:start position:0% what the real reputation is so the only 00:08:57.100 --> 00:08:58.620 align:start position:0% what the real reputation is so the only thing<00:08:57.340> we<00:08:57.430> left<00:08:57.580> to<00:08:57.760> do<00:08:57.880> is<00:08:58.030> figure<00:08:58.240> out<00:08:58.390> a<00:08:58.420> way 00:08:58.620 --> 00:08:58.630 align:start position:0% thing we left to do is figure out a way 00:08:58.630 --> 00:09:00.900 align:start position:0% thing we left to do is figure out a way to<00:08:58.840> calculate<00:08:59.770> the<00:08:59.980> reputation<00:09:00.190> route<00:09:00.670> half 00:09:00.900 --> 00:09:00.910 align:start position:0% to calculate the reputation route half 00:09:00.910 --> 00:09:03.510 align:start position:0% to calculate the reputation route half and<00:09:01.210> to<00:09:01.540> submit<00:09:01.750> it<00:09:01.990> to<00:09:02.020> the<00:09:02.110> blockchain<00:09:02.520> so 00:09:03.510 --> 00:09:03.520 align:start position:0% and to submit it to the blockchain so 00:09:03.520 --> 00:09:05.190 align:start position:0% and to submit it to the blockchain so how<00:09:03.760> does<00:09:03.820> it<00:09:04.000> make<00:09:04.300> it<00:09:04.780> to<00:09:04.930> the<00:09:04.990> blockchain 00:09:05.190 --> 00:09:05.200 align:start position:0% how does it make it to the blockchain 00:09:05.200 --> 00:09:07.500 align:start position:0% how does it make it to the blockchain and<00:09:05.380> that's<00:09:05.620> this<00:09:05.950> reputation<00:09:06.760> mining 00:09:07.500 --> 00:09:07.510 align:start position:0% and that's this reputation mining 00:09:07.510 --> 00:09:12.630 align:start position:0% and that's this reputation mining procedure<00:09:09.180> so<00:09:10.260> anyone<00:09:11.260> can<00:09:11.590> calculate<00:09:12.280> the 00:09:12.630 --> 00:09:12.640 align:start position:0% procedure so anyone can calculate the 00:09:12.640 --> 00:09:14.760 align:start position:0% procedure so anyone can calculate the correct<00:09:12.970> route<00:09:13.180> hash<00:09:13.450> everything<00:09:13.960> that<00:09:14.590> goes 00:09:14.760 --> 00:09:14.770 align:start position:0% correct route hash everything that goes 00:09:14.770 --> 00:09:17.190 align:start position:0% correct route hash everything that goes into<00:09:14.980> changing<00:09:15.520> reputation<00:09:16.180> happens<00:09:17.020> on 00:09:17.190 --> 00:09:17.200 align:start position:0% into changing reputation happens on 00:09:17.200 --> 00:09:20.910 align:start position:0% into changing reputation happens on chain<00:09:18.030> completing<00:09:19.030> a<00:09:19.120> task<00:09:19.860> administrating<00:09:20.860> a 00:09:20.910 --> 00:09:20.920 align:start position:0% chain completing a task administrating a 00:09:20.920 --> 00:09:23.550 align:start position:0% chain completing a task administrating a task<00:09:21.100> you<00:09:21.730> know<00:09:21.850> taking<00:09:22.810> part<00:09:23.050> in<00:09:23.200> the<00:09:23.350> colony 00:09:23.550 --> 00:09:23.560 align:start position:0% task you know taking part in the colony 00:09:23.560 --> 00:09:26.610 align:start position:0% task you know taking part in the colony so<00:09:24.630> calculating<00:09:25.630> it<00:09:25.720> is<00:09:25.840> not<00:09:25.990> that<00:09:26.140> hard<00:09:26.380> but 00:09:26.610 --> 00:09:26.620 align:start position:0% so calculating it is not that hard but 00:09:26.620 --> 00:09:28.590 align:start position:0% so calculating it is not that hard but we<00:09:26.860> need<00:09:26.980> to<00:09:27.070> figure<00:09:27.220> out<00:09:27.340> who<00:09:27.820> can<00:09:28.090> submit<00:09:28.450> it 00:09:28.590 --> 00:09:28.600 align:start position:0% we need to figure out who can submit it 00:09:28.600 --> 00:09:29.850 align:start position:0% we need to figure out who can submit it to<00:09:28.630> the<00:09:28.840> chain<00:09:29.050> and<00:09:29.080> make<00:09:29.410> sure<00:09:29.590> that<00:09:29.710> the 00:09:29.850 --> 00:09:29.860 align:start position:0% to the chain and make sure that the 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hash<00:09:37.360> and<00:09:37.630> that<00:09:38.590> you<00:09:38.680> can<00:09:38.800> get<00:09:38.920> punished 00:09:39.270 --> 00:09:39.280 align:start position:0% the hash and that you can get punished 00:09:39.280 --> 00:09:41.970 align:start position:0% the hash and that you can get punished for<00:09:39.370> being<00:09:39.670> wrong<00:09:39.910> and<00:09:40.330> for<00:09:40.780> that<00:09:40.870> to<00:09:41.080> work<00:09:41.260> we 00:09:41.970 --> 00:09:41.980 align:start position:0% for being wrong and for that to work we 00:09:41.980 --> 00:09:43.620 align:start position:0% for being wrong and for that to work we need<00:09:42.010> to<00:09:42.130> be<00:09:42.250> able<00:09:42.430> to<00:09:42.580> prove<00:09:43.060> something<00:09:43.330> wrong 00:09:43.620 --> 00:09:43.630 align:start position:0% need to be able to prove something wrong 00:09:43.630 --> 00:09:45.630 align:start position:0% need to be able to prove something wrong so<00:09:43.900> the<00:09:44.320> key<00:09:44.560> inside<00:09:44.890> is<00:09:45.010> you<00:09:45.160> don't<00:09:45.340> have<00:09:45.400> to 00:09:45.630 --> 00:09:45.640 align:start position:0% so the key inside is you don't have to 00:09:45.640 --> 00:09:47.070 align:start position:0% so the key inside is you don't have to be<00:09:45.730> able<00:09:45.790> to<00:09:45.910> do<00:09:46.090> the<00:09:46.270> calculation<00:09:46.840> on<00:09:46.930> the 00:09:47.070 --> 00:09:47.080 align:start position:0% be able to do the calculation on the 00:09:47.080 --> 00:09:48.660 align:start position:0% be able to do the calculation on the blockchain<00:09:47.290> and<00:09:47.560> figure<00:09:47.950> out<00:09:48.100> what<00:09:48.520> the 00:09:48.660 --> 00:09:48.670 align:start position:0% blockchain and figure out what the 00:09:48.670 --> 00:09:50.430 align:start position:0% blockchain and figure out what the correct<00:09:48.850> hash<00:09:49.150> is<00:09:49.390> as<00:09:49.570> long<00:09:49.720> as<00:09:49.930> you<00:09:50.050> can<00:09:50.230> prove 00:09:50.430 --> 00:09:50.440 align:start position:0% correct hash is as long as you can prove 00:09:50.440 --> 00:09:52.170 align:start position:0% correct hash is as long as you can prove that<00:09:50.680> our<00:09:50.860> wrong<00:09:51.010> hash<00:09:51.310> is<00:09:51.580> wrong<00:09:51.880> and 00:09:52.170 --> 00:09:52.180 align:start position:0% that our wrong hash is wrong and 00:09:52.180 --> 00:09:55.730 align:start position:0% that our wrong hash is wrong and penalize<00:09:52.990> the<00:09:53.260> submitter<00:09:53.890> of<00:09:54.010> the<00:09:54.130> wrong<00:09:54.310> hash 00:09:55.730 --> 00:09:55.740 align:start position:0% penalize the submitter of the wrong hash 00:09:55.740 --> 00:09:58.200 align:start position:0% penalize the submitter of the wrong hash so<00:09:56.740> suppose<00:09:57.220> you<00:09:57.340> want<00:09:57.490> to<00:09:57.580> take<00:09:57.730> part<00:09:57.970> in 00:09:58.200 --> 00:09:58.210 align:start position:0% so suppose you want to take part in 00:09:58.210 --> 00:10:00.570 align:start position:0% so suppose you want to take part in reputation<00:09:58.750> mining<00:09:59.380> you<00:09:59.770> just<00:10:00.040> simply<00:10:00.340> set<00:10:00.550> up 00:10:00.570 --> 00:10:00.580 align:start position:0% reputation mining you just simply set up 00:10:00.580 --> 00:10:02.910 align:start position:0% reputation mining you just simply set up your<00:10:00.820> mining<00:10:01.150> farm<00:10:01.390> actually<00:10:02.230> no<00:10:02.530> you<00:10:02.740> just 00:10:02.910 --> 00:10:02.920 align:start position:0% your mining farm actually no you just 00:10:02.920 --> 00:10:04.560 align:start position:0% your mining farm actually no you just take<00:10:03.070> your<00:10:03.220> laptop<00:10:03.370> all<00:10:03.850> you<00:10:04.090> need<00:10:04.240> it's<00:10:04.510> a 00:10:04.560 --> 00:10:04.570 align:start position:0% take your laptop all you need it's a 00:10:04.570 --> 00:10:06.060 align:start position:0% take your laptop all you need it's a small<00:10:04.810> calculation<00:10:05.470> in<00:10:05.620> the<00:10:05.710> off<00:10:05.830> trained 00:10:06.060 --> 00:10:06.070 align:start position:0% small calculation in the off trained 00:10:06.070 --> 00:10:08.280 align:start position:0% small calculation in the off trained world<00:10:06.280> it's<00:10:06.430> only<00:10:06.550> hard<00:10:06.880> in<00:10:07.150> the<00:10:07.540> context<00:10:08.230> of 00:10:08.280 --> 00:10:08.290 align:start position:0% world it's only hard in the context of 00:10:08.290 --> 00:10:10.740 align:start position:0% world it's only hard in the context of aetherium<00:10:08.740> you<00:10:09.640> need<00:10:09.790> to<00:10:09.880> stake<00:10:10.090> some<00:10:10.360> tokens 00:10:10.740 --> 00:10:10.750 align:start position:0% aetherium you need to stake some tokens 00:10:10.750 --> 00:10:12.990 align:start position:0% aetherium you need to stake some tokens our<00:10:11.170> colony<00:10:11.800> tokens<00:10:12.190> are<00:10:12.310> needed<00:10:12.550> to<00:10:12.670> become<00:10:12.790> a 00:10:12.990 --> 00:10:13.000 align:start position:0% our colony tokens are needed to become a 00:10:13.000 --> 00:10:16.320 align:start position:0% our colony tokens are needed to become a miner<00:10:14.130> then<00:10:15.130> you<00:10:15.250> run<00:10:15.430> the<00:10:15.580> colony<00:10:15.970> mining 00:10:16.320 --> 00:10:16.330 align:start position:0% miner then you run the colony mining 00:10:16.330 --> 00:10:18.200 align:start position:0% miner then you run the colony mining client<00:10:16.750> and<00:10:16.930> the<00:10:17.050> colony<00:10:17.410> mining<00:10:17.710> client<00:10:18.010> will 00:10:18.200 --> 00:10:18.210 align:start position:0% client and the colony mining client will 00:10:18.210 --> 00:10:20.280 align:start position:0% client and the colony mining client will monitor<00:10:19.210> the<00:10:19.360> etherium<00:10:19.780> blockchain<00:10:20.260> and 00:10:20.280 --> 00:10:20.290 align:start position:0% monitor the etherium blockchain and 00:10:20.290 --> 00:10:22.470 align:start position:0% monitor the etherium blockchain and collect<00:10:20.800> all<00:10:21.040> of<00:10:21.220> the<00:10:21.340> little<00:10:21.520> events<00:10:22.000> that 00:10:22.470 --> 00:10:22.480 align:start position:0% collect all of the little events that 00:10:22.480 --> 00:10:24.920 align:start position:0% collect all of the little events that happen<00:10:22.810> that<00:10:22.990> influence<00:10:23.500> your<00:10:23.800> reputation 00:10:24.920 --> 00:10:24.930 align:start position:0% happen that influence your reputation 00:10:24.930 --> 00:10:27.600 align:start position:0% happen that influence your reputation apply<00:10:25.930> that<00:10:26.140> to<00:10:26.380> the<00:10:26.470> reputation<00:10:26.740> tree<00:10:27.250> figure 00:10:27.600 --> 00:10:27.610 align:start position:0% apply that to the reputation tree figure 00:10:27.610 --> 00:10:29.820 align:start position:0% apply that to the reputation tree figure out<00:10:27.730> the<00:10:27.970> correct<00:10:28.360> new<00:10:28.510> route<00:10:28.720> hash<00:10:28.960> and<00:10:29.200> then 00:10:29.820 --> 00:10:29.830 align:start position:0% out the correct new route hash and then 00:10:29.830 --> 00:10:32.790 align:start position:0% out the correct new route hash and then submitted<00:10:30.340> to<00:10:30.520> the<00:10:30.640> blockchain<00:10:31.620> having<00:10:32.620> said 00:10:32.790 --> 00:10:32.800 align:start position:0% submitted to the blockchain having said 00:10:32.800 --> 00:10:34.620 align:start position:0% submitted to the blockchain having said that<00:10:32.920> all<00:10:33.100> miners<00:10:33.700> of<00:10:33.820> course<00:10:34.030> want<00:10:34.270> to<00:10:34.390> be<00:10:34.480> the 00:10:34.620 --> 00:10:34.630 align:start position:0% that all miners of course want to be the 00:10:34.630 --> 00:10:36.030 align:start position:0% that all miners of course want to be the one<00:10:34.780> to<00:10:34.930> submit<00:10:35.230> it<00:10:35.350> to<00:10:35.380> the<00:10:35.560> blockchain<00:10:35.770> and 00:10:36.030 --> 00:10:36.040 align:start position:0% one to submit it to the blockchain and 00:10:36.040 --> 00:10:38.310 align:start position:0% one to submit it to the blockchain and we<00:10:36.430> don't<00:10:36.610> want<00:10:36.760> to<00:10:36.790> spam<00:10:37.120> the<00:10:37.420> network<00:10:38.110> with 00:10:38.310 --> 00:10:38.320 align:start position:0% we don't want to spam the network with 00:10:38.320 --> 00:10:39.780 align:start position:0% we don't want to spam the network with too<00:10:38.500> many<00:10:38.620> submissions<00:10:38.890> so<00:10:39.220> there's<00:10:39.640> this 00:10:39.780 --> 00:10:39.790 align:start position:0% too many submissions so there's this 00:10:39.790 --> 00:10:42.210 align:start position:0% too many submissions so there's this competition<00:10:40.120> going<00:10:40.480> on<00:10:40.810> we're<00:10:41.710> at<00:10:41.800> the<00:10:41.920> start 00:10:42.210 --> 00:10:42.220 align:start position:0% competition going on we're at the start 00:10:42.220 --> 00:10:44.540 align:start position:0% competition going on we're at the start of<00:10:42.370> a<00:10:42.460> submission<00:10:42.760> window<00:10:43.300> very<00:10:43.630> few<00:10:43.900> miners 00:10:44.540 --> 00:10:44.550 align:start position:0% of a submission window very few miners 00:10:44.550 --> 00:10:48.030 align:start position:0% of a submission window very few miners qualify<00:10:45.550> and<00:10:45.850> as<00:10:46.150> the<00:10:46.390> time<00:10:46.690> goes<00:10:47.410> on<00:10:47.590> more<00:10:47.980> and 00:10:48.030 --> 00:10:48.040 align:start position:0% qualify and as the time goes on more and 00:10:48.040 --> 00:10:50.280 align:start position:0% qualify and as the time goes on more and more<00:10:48.160> miners<00:10:48.610> qualify<00:10:49.090> until<00:10:49.840> all<00:10:50.110> the 00:10:50.280 --> 00:10:50.290 align:start position:0% more miners qualify until all the 00:10:50.290 --> 00:10:51.750 align:start position:0% more miners qualify until all the submission<00:10:50.680> slots<00:10:50.920> are<00:10:51.100> full<00:10:51.310> and<00:10:51.520> then<00:10:51.610> a<00:10:51.730> new 00:10:51.750 --> 00:10:51.760 align:start position:0% submission slots are full and then a new 00:10:51.760 --> 00:10:56.130 align:start position:0% submission slots are full and then a new cycle<00:10:52.450> will<00:10:52.600> start<00:10:54.420> yeah<00:10:55.420> and<00:10:55.600> then<00:10:55.720> miners 00:10:56.130 --> 00:10:56.140 align:start position:0% cycle will start yeah and then miners 00:10:56.140 --> 00:10:58.020 align:start position:0% cycle will start yeah and then miners earn<00:10:56.380> token<00:10:56.980> miners<00:10:57.340> are<00:10:57.490> in<00:10:57.580> turn<00:10:57.700> earning 00:10:58.020 --> 00:10:58.030 align:start position:0% earn token miners are in turn earning 00:10:58.030 --> 00:10:59.790 align:start position:0% earn token miners are in turn earning tokens<00:10:58.390> is<00:10:58.540> the<00:10:58.660> paradigm<00:10:59.050> in<00:10:59.230> this<00:10:59.350> space<00:10:59.560> so 00:10:59.790 --> 00:10:59.800 align:start position:0% tokens is the paradigm in this space so 00:10:59.800 --> 00:11:01.650 align:start position:0% tokens is the paradigm in this space so that's<00:11:00.070> no<00:11:00.400> surprise<00:11:00.550> that<00:11:01.030> happens<00:11:01.360> here<00:11:01.570> as 00:11:01.650 --> 00:11:01.660 align:start position:0% that's no surprise that happens here as 00:11:01.660 --> 00:11:04.580 align:start position:0% that's no surprise that happens here as well<00:11:01.810> and<00:11:02.520> so<00:11:03.520> that's<00:11:03.760> the 00:11:04.580 --> 00:11:04.590 align:start position:0% well and so that's the 00:11:04.590 --> 00:11:06.080 align:start position:0% well and so that's the that's<00:11:04.980> the<00:11:05.130> overview<00:11:05.400> of<00:11:05.640> this<00:11:05.790> mining 00:11:06.080 --> 00:11:06.090 align:start position:0% that's the overview of this mining 00:11:06.090 --> 00:11:07.640 align:start position:0% that's the overview of this mining procedure<00:11:06.450> and<00:11:06.930> I<00:11:07.020> want<00:11:07.170> to<00:11:07.260> say<00:11:07.350> just<00:11:07.380> a 00:11:07.640 --> 00:11:07.650 align:start position:0% procedure and I want to say just a 00:11:07.650 --> 00:11:09.380 align:start position:0% procedure and I want to say just a little<00:11:07.680> bit<00:11:07.920> about<00:11:08.220> this<00:11:08.370> seal<00:11:08.640> and<00:11:08.850> why<00:11:08.970> token 00:11:09.380 --> 00:11:09.390 align:start position:0% little bit about this seal and why token 00:11:09.390 --> 00:11:11.000 align:start position:0% little bit about this seal and why token so<00:11:09.540> that<00:11:09.660> you<00:11:09.779> don't<00:11:09.960> get<00:11:10.050> the<00:11:10.200> wrong<00:11:10.350> idea<00:11:10.529> by 00:11:11.000 --> 00:11:11.010 align:start position:0% so that you don't get the wrong idea by 00:11:11.010 --> 00:11:14.210 align:start position:0% so that you don't get the wrong idea by thinking<00:11:11.640> this<00:11:11.820> is<00:11:11.970> all<00:11:12.090> it<00:11:12.240> does<00:11:12.590> any<00:11:13.590> colony 00:11:14.210 --> 00:11:14.220 align:start position:0% thinking this is all it does any colony 00:11:14.220 --> 00:11:16.070 align:start position:0% thinking this is all it does any colony has<00:11:14.460> a<00:11:14.490> token<00:11:15.029> to<00:11:15.210> do<00:11:15.540> its<00:11:15.690> internal 00:11:16.070 --> 00:11:16.080 align:start position:0% has a token to do its internal 00:11:16.080 --> 00:11:18.800 align:start position:0% has a token to do its internal accounting<00:11:16.560> with<00:11:16.710> and<00:11:17.270> the<00:11:18.270> seal<00:11:18.510> and<00:11:18.660> white 00:11:18.800 --> 00:11:18.810 align:start position:0% accounting with and the seal and white 00:11:18.810 --> 00:11:21.380 align:start position:0% accounting with and the seal and white token<00:11:19.230> is<00:11:19.410> a<00:11:19.680> token<00:11:20.190> of<00:11:20.310> a<00:11:20.490> colony<00:11:20.940> the 00:11:21.380 --> 00:11:21.390 align:start position:0% token is a token of a colony the 00:11:21.390 --> 00:11:24.710 align:start position:0% token is a token of a colony the so-called<00:11:21.750> common<00:11:22.140> colony<00:11:22.710> which<00:11:23.570> it's<00:11:24.570> a 00:11:24.710 --> 00:11:24.720 align:start position:0% so-called common colony which it's a 00:11:24.720 --> 00:11:26.690 align:start position:0% so-called common colony which it's a special<00:11:25.050> colony<00:11:25.440> it's<00:11:25.560> it's<00:11:25.950> the<00:11:26.310> one<00:11:26.490> that's 00:11:26.690 --> 00:11:26.700 align:start position:0% special colony it's it's the one that's 00:11:26.700 --> 00:11:28.790 align:start position:0% special colony it's it's the one that's responsible<00:11:27.450> for<00:11:27.779> managing<00:11:28.230> the<00:11:28.290> colony 00:11:28.790 --> 00:11:28.800 align:start position:0% responsible for managing the colony 00:11:28.800 --> 00:11:31.460 align:start position:0% responsible for managing the colony network<00:11:29.420> once<00:11:30.420> we're<00:11:30.660> launched<00:11:31.020> in<00:11:31.170> a<00:11:31.230> fully 00:11:31.460 --> 00:11:31.470 align:start position:0% network once we're launched in a fully 00:11:31.470 --> 00:11:33.920 align:start position:0% network once we're launched in a fully decentralized<00:11:31.620> way<00:11:32.250> it<00:11:32.460> would<00:11:32.670> we<00:11:33.450> don't<00:11:33.660> want 00:11:33.920 --> 00:11:33.930 align:start position:0% decentralized way it would we don't want 00:11:33.930 --> 00:11:36.560 align:start position:0% decentralized way it would we don't want to<00:11:34.110> be<00:11:34.260> like<00:11:35.160> us<00:11:35.400> as<00:11:35.610> a<00:11:35.640> colony<00:11:36.150> team<00:11:36.330> want<00:11:36.510> to 00:11:36.560 --> 00:11:36.570 align:start position:0% to be like us as a colony team want to 00:11:36.570 --> 00:11:37.850 align:start position:0% to be like us as a colony team want to be<00:11:36.660> responsible<00:11:37.170> for<00:11:37.410> maintaining<00:11:37.680> the 00:11:37.850 --> 00:11:37.860 align:start position:0% be responsible for maintaining the 00:11:37.860 --> 00:11:39.769 align:start position:0% be responsible for maintaining the network<00:11:38.220> indefinitely<00:11:38.760> we<00:11:39.270> also<00:11:39.420> want<00:11:39.720> to 00:11:39.769 --> 00:11:39.779 align:start position:0% network indefinitely we also want to 00:11:39.779 --> 00:11:41.480 align:start position:0% network indefinitely we also want to keep<00:11:39.990> that<00:11:40.200> decentralized<00:11:40.980> and<00:11:41.220> there<00:11:41.370> is<00:11:41.460> a 00:11:41.480 --> 00:11:41.490 align:start position:0% keep that decentralized and there is a 00:11:41.490 --> 00:11:43.700 align:start position:0% keep that decentralized and there is a special<00:11:41.700> colony<00:11:42.300> whose<00:11:42.960> role<00:11:43.200> it<00:11:43.380> is<00:11:43.500> to 00:11:43.700 --> 00:11:43.710 align:start position:0% special colony whose role it is to 00:11:43.710 --> 00:11:45.560 align:start position:0% special colony whose role it is to maintain<00:11:44.040> the<00:11:44.250> contracts<00:11:44.760> and<00:11:44.850> so<00:11:45.060> forth<00:11:45.330> and 00:11:45.560 --> 00:11:45.570 align:start position:0% maintain the contracts and so forth and 00:11:45.570 --> 00:11:48.260 align:start position:0% maintain the contracts and so forth and it's<00:11:46.110> the<00:11:46.589> this<00:11:46.860> colonies<00:11:47.370> tokens<00:11:47.850> that<00:11:48.060> are 00:11:48.260 --> 00:11:48.270 align:start position:0% it's the this colonies tokens that are 00:11:48.270 --> 00:11:52.519 align:start position:0% it's the this colonies tokens that are used<00:11:49.170> in<00:11:49.410> the<00:11:49.500> mining<00:11:49.620> procedure<00:11:51.110> all<00:11:52.110> other 00:11:52.519 --> 00:11:52.529 align:start position:0% used in the mining procedure all other 00:11:52.529 --> 00:11:55.010 align:start position:0% used in the mining procedure all other colonies<00:11:53.070> pay<00:11:53.400> a<00:11:53.430> small<00:11:53.760> Network<00:11:54.150> fee<00:11:54.330> to<00:11:54.900> the 00:11:55.010 --> 00:11:55.020 align:start position:0% colonies pay a small Network fee to the 00:11:55.020 --> 00:11:56.660 align:start position:0% colonies pay a small Network fee to the common<00:11:55.320> colony<00:11:55.710> for<00:11:55.980> the<00:11:56.070> services<00:11:56.550> provided 00:11:56.660 --> 00:11:56.670 align:start position:0% common colony for the services provided 00:11:56.670 --> 00:11:59.269 align:start position:0% common colony for the services provided the<00:11:57.150> maintenance<00:11:57.570> of<00:11:57.900> the<00:11:58.110> software<00:11:58.529> and<00:11:58.950> also 00:11:59.269 --> 00:11:59.279 align:start position:0% the maintenance of the software and also 00:11:59.279 --> 00:12:02.210 align:start position:0% the maintenance of the software and also the<00:11:59.790> mining<00:12:00.180> and<00:12:00.410> if<00:12:01.410> this<00:12:01.740> network<00:12:01.950> is 00:12:02.210 --> 00:12:02.220 align:start position:0% the mining and if this network is 00:12:02.220 --> 00:12:03.710 align:start position:0% the mining and if this network is profitable<00:12:02.700> if<00:12:02.910> the<00:12:03.060> common<00:12:03.360> colony<00:12:03.660> is 00:12:03.710 --> 00:12:03.720 align:start position:0% profitable if the common colony is 00:12:03.720 --> 00:12:05.660 align:start position:0% profitable if the common colony is profitable<00:12:04.170> people<00:12:04.560> who<00:12:04.680> hold<00:12:04.860> tokens<00:12:05.490> and 00:12:05.660 --> 00:12:05.670 align:start position:0% profitable people who hold tokens and 00:12:05.670 --> 00:12:08.600 align:start position:0% profitable people who hold tokens and reputation<00:12:06.060> could<00:12:06.980> expect<00:12:07.980> a<00:12:08.100> payout<00:12:08.310> so 00:12:08.600 --> 00:12:08.610 align:start position:0% reputation could expect a payout so 00:12:08.610 --> 00:12:10.190 align:start position:0% reputation could expect a payout so there's<00:12:08.790> an<00:12:08.940> economics<00:12:09.420> involved<00:12:09.839> in<00:12:10.080> this 00:12:10.190 --> 00:12:10.200 align:start position:0% there's an economics involved in this 00:12:10.200 --> 00:12:12.920 align:start position:0% there's an economics involved in this entire<00:12:10.530> network<00:12:10.740> that's<00:12:11.550> more<00:12:11.850> detailed<00:12:12.690> in 00:12:12.920 --> 00:12:12.930 align:start position:0% entire network that's more detailed in 00:12:12.930 --> 00:12:16.700 align:start position:0% entire network that's more detailed in our<00:12:13.080> white<00:12:13.260> paper<00:12:15.020> okay<00:12:16.020> so<00:12:16.080> let<00:12:16.440> me<00:12:16.470> talk 00:12:16.700 --> 00:12:16.710 align:start position:0% our white paper okay so let me talk 00:12:16.710 --> 00:12:17.990 align:start position:0% our white paper okay so let me talk about<00:12:16.740> what<00:12:17.070> happens<00:12:17.370> if<00:12:17.490> someone<00:12:17.670> tries<00:12:17.970> to 00:12:17.990 --> 00:12:18.000 align:start position:0% about what happens if someone tries to 00:12:18.000 --> 00:12:21.350 align:start position:0% about what happens if someone tries to cheat<00:12:18.800> for<00:12:19.800> our<00:12:20.070> reputation<00:12:20.400> mining<00:12:21.030> to<00:12:21.180> work 00:12:21.350 --> 00:12:21.360 align:start position:0% cheat for our reputation mining to work 00:12:21.360 --> 00:12:23.810 align:start position:0% cheat for our reputation mining to work all<00:12:21.660> we<00:12:21.930> require<00:12:22.260> is<00:12:22.470> a<00:12:22.500> single<00:12:23.070> honest<00:12:23.490> miner 00:12:23.810 --> 00:12:23.820 align:start position:0% all we require is a single honest miner 00:12:23.820 --> 00:12:26.840 align:start position:0% all we require is a single honest miner which<00:12:24.600> is<00:12:24.750> good<00:12:24.960> but<00:12:25.890> if<00:12:26.040> there<00:12:26.250> are<00:12:26.280> several 00:12:26.840 --> 00:12:26.850 align:start position:0% which is good but if there are several 00:12:26.850 --> 00:12:30.230 align:start position:0% which is good but if there are several submissions<00:12:27.530> then<00:12:28.530> one<00:12:29.280> of<00:12:29.400> them<00:12:29.520> all<00:12:30.060> that 00:12:30.230 --> 00:12:30.240 align:start position:0% submissions then one of them all that 00:12:30.240 --> 00:12:32.150 align:start position:0% submissions then one of them all that one<00:12:30.390> of<00:12:30.510> them<00:12:30.690> we<00:12:31.170> assume<00:12:31.470> are<00:12:31.680> wrong 00:12:32.150 --> 00:12:32.160 align:start position:0% one of them we assume are wrong 00:12:32.160 --> 00:12:36.590 align:start position:0% one of them we assume are wrong and<00:12:32.510> how<00:12:33.510> do<00:12:33.570> we<00:12:33.720> determine<00:12:33.930> that<00:12:34.790> so<00:12:35.790> if 00:12:36.590 --> 00:12:36.600 align:start position:0% and how do we determine that so if 00:12:36.600 --> 00:12:39.140 align:start position:0% and how do we determine that so if there's<00:12:36.960> two<00:12:37.170> submissions<00:12:37.470> all<00:12:38.010> both<00:12:38.760> parties 00:12:39.140 --> 00:12:39.150 align:start position:0% there's two submissions all both parties 00:12:39.150 --> 00:12:41.120 align:start position:0% there's two submissions all both parties have<00:12:39.420> to<00:12:39.600> submit<00:12:39.900> a<00:12:39.930> justification<00:12:40.440> for<00:12:40.830> what 00:12:41.120 --> 00:12:41.130 align:start position:0% have to submit a justification for what 00:12:41.130 --> 00:12:42.950 align:start position:0% have to submit a justification for what they've<00:12:41.310> submitted<00:12:41.550> which<00:12:42.510> takes<00:12:42.780> the<00:12:42.930> form 00:12:42.950 --> 00:12:42.960 align:start position:0% they've submitted which takes the form 00:12:42.960 --> 00:12:45.590 align:start position:0% they've submitted which takes the form of<00:12:43.200> another<00:12:43.410> hash<00:12:43.710> the<00:12:44.610> justification<00:12:45.420> root 00:12:45.590 --> 00:12:45.600 align:start position:0% of another hash the justification root 00:12:45.600 --> 00:12:49.100 align:start position:0% of another hash the justification root hash<00:12:45.839> and<00:12:46.220> these<00:12:47.220> indices<00:12:48.030> down<00:12:48.240> here<00:12:48.600> are<00:12:48.750> all 00:12:49.100 --> 00:12:49.110 align:start position:0% hash and these indices down here are all 00:12:49.110 --> 00:12:52.220 align:start position:0% hash and these indices down here are all root<00:12:49.589> hashes<00:12:50.130> of<00:12:50.310> a<00:12:50.850> reputation<00:12:51.150> tree<00:12:51.720> so<00:12:51.990> our 00:12:52.220 --> 00:12:52.230 align:start position:0% root hashes of a reputation tree so our 00:12:52.230 --> 00:12:54.980 align:start position:0% root hashes of a reputation tree so our h0<00:12:52.830> down<00:12:53.130> there<00:12:53.430> that's<00:12:54.060> the<00:12:54.360> root<00:12:54.510> hash<00:12:54.750> we 00:12:54.980 --> 00:12:54.990 align:start position:0% h0 down there that's the root hash we 00:12:54.990 --> 00:12:56.750 align:start position:0% h0 down there that's the root hash we agreed<00:12:55.350> on<00:12:55.560> at<00:12:55.800> the<00:12:55.890> end<00:12:56.040> of<00:12:56.250> the<00:12:56.339> last<00:12:56.490> cycle 00:12:56.750 --> 00:12:56.760 align:start position:0% agreed on at the end of the last cycle 00:12:56.760 --> 00:12:59.480 align:start position:0% agreed on at the end of the last cycle so<00:12:57.120> we're<00:12:57.300> all<00:12:57.480> agreed<00:12:57.839> on<00:12:57.870> that<00:12:58.140> and<00:12:58.440> this<00:12:59.280> one 00:12:59.480 --> 00:12:59.490 align:start position:0% so we're all agreed on that and this one 00:12:59.490 --> 00:13:01.460 align:start position:0% so we're all agreed on that and this one down<00:13:00.030> the<00:13:00.240> other<00:13:00.390> end<00:13:00.510> is<00:13:00.839> the<00:13:01.080> one<00:13:01.230> that<00:13:01.380> the 00:13:01.460 --> 00:13:01.470 align:start position:0% down the other end is the one that the 00:13:01.470 --> 00:13:03.440 align:start position:0% down the other end is the one that the miners<00:13:01.830> submitted<00:13:02.310> the<00:13:02.760> one<00:13:02.910> they<00:13:03.060> claim<00:13:03.270> is 00:13:03.440 --> 00:13:03.450 align:start position:0% miners submitted the one they claim is 00:13:03.450 --> 00:13:05.900 align:start position:0% miners submitted the one they claim is the<00:13:03.630> new<00:13:03.779> root<00:13:03.990> hash<00:13:04.230> and<00:13:04.529> each<00:13:05.070> step<00:13:05.430> from<00:13:05.760> our 00:13:05.900 --> 00:13:05.910 align:start position:0% the new root hash and each step from our 00:13:05.910 --> 00:13:08.090 align:start position:0% the new root hash and each step from our H<00:13:06.029> I<00:13:06.270> to<00:13:06.330> arch<00:13:06.690> I<00:13:06.930> plus<00:13:07.170> one<00:13:07.380> represents<00:13:07.980> a 00:13:08.090 --> 00:13:08.100 align:start position:0% H I to arch I plus one represents a 00:13:08.100 --> 00:13:09.890 align:start position:0% H I to arch I plus one represents a single<00:13:08.430> update<00:13:08.790> of<00:13:09.120> a<00:13:09.209> single<00:13:09.540> person's 00:13:09.890 --> 00:13:09.900 align:start position:0% single update of a single person's 00:13:09.900 --> 00:13:12.380 align:start position:0% single update of a single person's reputation<00:13:10.580> applied<00:13:11.580> during<00:13:11.850> the<00:13:12.060> update 00:13:12.380 --> 00:13:12.390 align:start position:0% reputation applied during the update 00:13:12.390 --> 00:13:14.660 align:start position:0% reputation applied during the update period<00:13:12.839> so<00:13:13.440> if<00:13:13.680> you<00:13:13.770> agree<00:13:13.980> on<00:13:14.010> the<00:13:14.250> very<00:13:14.459> left 00:13:14.660 --> 00:13:14.670 align:start position:0% period so if you agree on the very left 00:13:14.670 --> 00:13:16.490 align:start position:0% period so if you agree on the very left and<00:13:14.940> disagree<00:13:15.330> on<00:13:15.360> the<00:13:15.540> very<00:13:15.720> right<00:13:15.780> at<00:13:16.170> some 00:13:16.490 --> 00:13:16.500 align:start position:0% and disagree on the very right at some 00:13:16.500 --> 00:13:18.450 align:start position:0% and disagree on the very right at some point<00:13:16.770> there's<00:13:17.430> a<00:13:17.520> first<00:13:17.790> step<00:13:18.030> where<00:13:18.209> we<00:13:18.240> do 00:13:18.450 --> 00:13:18.460 align:start position:0% point there's a first step where we do 00:13:18.460 --> 00:13:20.940 align:start position:0% point there's a first step where we do agree<00:13:18.730> and<00:13:18.970> what<00:13:19.870> the<00:13:19.990> contract<00:13:20.560> does<00:13:20.710> it 00:13:20.940 --> 00:13:20.950 align:start position:0% agree and what the contract does it 00:13:20.950 --> 00:13:23.970 align:start position:0% agree and what the contract does it challenges<00:13:21.670> parties<00:13:22.210> to<00:13:22.390> prove<00:13:22.980> the 00:13:23.970 --> 00:13:23.980 align:start position:0% challenges parties to prove the 00:13:23.980 --> 00:13:25.680 align:start position:0% challenges parties to prove the inclusion<00:13:24.430> of<00:13:24.490> a<00:13:24.610> single<00:13:24.940> specific 00:13:25.680 --> 00:13:25.690 align:start position:0% inclusion of a single specific 00:13:25.690 --> 00:13:27.990 align:start position:0% inclusion of a single specific reputation<00:13:26.680> update<00:13:27.040> step<00:13:27.310> which<00:13:27.610> is<00:13:27.760> small 00:13:27.990 --> 00:13:28.000 align:start position:0% reputation update step which is small 00:13:28.000 --> 00:13:30.360 align:start position:0% reputation update step which is small enough<00:13:28.180> to<00:13:28.450> calculate<00:13:28.660> on<00:13:29.080> chain<00:13:29.320> and<00:13:29.560> by 00:13:30.360 --> 00:13:30.370 align:start position:0% enough to calculate on chain and by 00:13:30.370 --> 00:13:31.740 align:start position:0% enough to calculate on chain and by looking<00:13:30.760> at<00:13:30.850> the<00:13:31.000> Merkel<00:13:31.300> proof<00:13:31.450> it<00:13:31.630> can 00:13:31.740 --> 00:13:31.750 align:start position:0% looking at the Merkel proof it can 00:13:31.750 --> 00:13:33.810 align:start position:0% looking at the Merkel proof it can determine<00:13:32.020> where<00:13:32.680> the<00:13:32.830> discrepancy<00:13:33.400> is<00:13:33.520> and 00:13:33.810 --> 00:13:33.820 align:start position:0% determine where the discrepancy is and 00:13:33.820 --> 00:13:36.180 align:start position:0% determine where the discrepancy is and after<00:13:33.910> a<00:13:34.060> few<00:13:34.330> iterations<00:13:34.510> either<00:13:35.500> one<00:13:35.800> party 00:13:36.180 --> 00:13:36.190 align:start position:0% after a few iterations either one party 00:13:36.190 --> 00:13:37.800 align:start position:0% after a few iterations either one party will<00:13:36.340> have<00:13:36.460> to<00:13:36.640> stop<00:13:36.880> responding<00:13:37.240> because<00:13:37.690> we 00:13:37.800 --> 00:13:37.810 align:start position:0% will have to stop responding because we 00:13:37.810 --> 00:13:39.570 align:start position:0% will have to stop responding because we found<00:13:37.990> out<00:13:38.200> that<00:13:38.350> they<00:13:38.500> cheated<00:13:38.860> or<00:13:39.160> we 00:13:39.570 --> 00:13:39.580 align:start position:0% found out that they cheated or we 00:13:39.580 --> 00:13:41.880 align:start position:0% found out that they cheated or we actually<00:13:39.910> determined<00:13:40.600> a<00:13:41.080> mistake<00:13:41.650> in<00:13:41.800> the 00:13:41.880 --> 00:13:41.890 align:start position:0% actually determined a mistake in the 00:13:41.890 --> 00:13:44.210 align:start position:0% actually determined a mistake in the calculation<00:13:42.400> so<00:13:42.610> the<00:13:43.360> wrong<00:13:43.510> hash<00:13:43.750> gets 00:13:44.210 --> 00:13:44.220 align:start position:0% calculation so the wrong hash gets 00:13:44.220 --> 00:13:47.400 align:start position:0% calculation so the wrong hash gets discarded<00:13:45.220> and<00:13:45.640> whatever<00:13:45.850> is<00:13:46.120> left<00:13:46.230> in<00:13:47.230> the 00:13:47.400 --> 00:13:47.410 align:start position:0% discarded and whatever is left in the 00:13:47.410 --> 00:13:48.900 align:start position:0% discarded and whatever is left in the end<00:13:47.560> is<00:13:47.740> correct<00:13:48.340> and<00:13:48.490> this<00:13:48.550> is<00:13:48.610> fully 00:13:48.900 --> 00:13:48.910 align:start position:0% end is correct and this is fully 00:13:48.910 --> 00:13:51.030 align:start position:0% end is correct and this is fully automated<00:13:49.390> so<00:13:49.900> if<00:13:50.140> you<00:13:50.350> run<00:13:50.530> our<00:13:50.680> mining 00:13:51.030 --> 00:13:51.040 align:start position:0% automated so if you run our mining 00:13:51.040 --> 00:13:52.170 align:start position:0% automated so if you run our mining client<00:13:51.340> you<00:13:51.400> will<00:13:51.520> never<00:13:51.700> have<00:13:51.880> to<00:13:51.910> deal<00:13:52.150> with 00:13:52.170 --> 00:13:52.180 align:start position:0% client you will never have to deal with 00:13:52.180 --> 00:13:53.850 align:start position:0% client you will never have to deal with this<00:13:52.420> this<00:13:52.570> is<00:13:52.720> all<00:13:52.870> completely<00:13:53.350> automatic 00:13:53.850 --> 00:13:53.860 align:start position:0% this this is all completely automatic 00:13:53.860 --> 00:13:56.640 align:start position:0% this this is all completely automatic and<00:13:54.070> it<00:13:55.060> also<00:13:55.210> doesn't<00:13:55.480> require<00:13:55.780> a<00:13:56.170> challenge 00:13:56.640 --> 00:13:56.650 align:start position:0% and it also doesn't require a challenge 00:13:56.650 --> 00:13:59.160 align:start position:0% and it also doesn't require a challenge response<00:13:56.970> protocol<00:13:57.970> of<00:13:58.180> different<00:13:58.810> actors 00:13:59.160 --> 00:13:59.170 align:start position:0% response protocol of different actors 00:13:59.170 --> 00:14:00.780 align:start position:0% response protocol of different actors the<00:13:59.380> challenges<00:13:59.890> come<00:14:00.160> from<00:14:00.400> the<00:14:00.520> smart 00:14:00.780 --> 00:14:00.790 align:start position:0% the challenges come from the smart 00:14:00.790 --> 00:14:03.560 align:start position:0% the challenges come from the smart contract<00:14:01.300> and<00:14:01.480> is<00:14:01.600> fully<00:14:01.840> automated<00:14:02.320> and 00:14:03.560 --> 00:14:03.570 align:start position:0% contract and is fully automated and 00:14:03.570 --> 00:14:06.440 align:start position:0% contract and is fully automated and that's<00:14:04.570> because<00:14:04.900> the<00:14:05.020> reputation<00:14:05.290> update 00:14:06.440 --> 00:14:06.450 align:start position:0% that's because the reputation update 00:14:06.450 --> 00:14:08.880 align:start position:0% that's because the reputation update while<00:14:07.450> not<00:14:07.660> being<00:14:07.870> able<00:14:07.960> to<00:14:08.080> be<00:14:08.230> done<00:14:08.350> on<00:14:08.590> chain 00:14:08.880 --> 00:14:08.890 align:start position:0% while not being able to be done on chain 00:14:08.890 --> 00:14:11.460 align:start position:0% while not being able to be done on chain is<00:14:09.100> completely<00:14:09.940> deterministic<00:14:10.330> based<00:14:11.230> on 00:14:11.460 --> 00:14:11.470 align:start position:0% is completely deterministic based on 00:14:11.470 --> 00:14:15.780 align:start position:0% is completely deterministic based on inputs<00:14:11.950> from<00:14:12.190> on<00:14:12.370> chain<00:14:12.610> events<00:14:14.490> we<00:14:15.490> released 00:14:15.780 --> 00:14:15.790 align:start position:0% inputs from on chain events we released 00:14:15.790 --> 00:14:17.850 align:start position:0% inputs from on chain events we released our<00:14:15.970> white<00:14:16.270> paper<00:14:16.510> recently<00:14:17.230> in<00:14:17.470> September 00:14:17.850 --> 00:14:17.860 align:start position:0% our white paper recently in September 00:14:17.860 --> 00:14:19.410 align:start position:0% our white paper recently in September which<00:14:18.010> just<00:14:18.280> goes<00:14:18.550> into<00:14:18.790> this<00:14:19.000> whole<00:14:19.180> process 00:14:19.410 --> 00:14:19.420 align:start position:0% which just goes into this whole process 00:14:19.420 --> 00:14:21.690 align:start position:0% which just goes into this whole process in<00:14:19.750> far<00:14:19.990> more<00:14:20.020> detail<00:14:20.500> and<00:14:20.710> also<00:14:21.310> describes 00:14:21.690 --> 00:14:21.700 align:start position:0% in far more detail and also describes 00:14:21.700 --> 00:14:27.420 align:start position:0% in far more detail and also describes the<00:14:21.790> economics<00:14:22.360> of<00:14:22.690> the<00:14:22.870> network<00:14:25.260> so<00:14:26.260> why<00:14:27.160> did 00:14:27.420 --> 00:14:27.430 align:start position:0% the economics of the network so why did 00:14:27.430 --> 00:14:29.880 align:start position:0% the economics of the network so why did we<00:14:27.550> spend<00:14:27.850> so<00:14:28.090> much<00:14:28.210> time<00:14:28.270> on<00:14:28.540> this<00:14:28.810> we<00:14:29.650> spent 00:14:29.880 --> 00:14:29.890 align:start position:0% we spend so much time on this we spent 00:14:29.890 --> 00:14:32.160 align:start position:0% we spend so much time on this we spent so<00:14:29.980> much<00:14:30.070> time<00:14:30.130> on<00:14:30.340> it<00:14:30.520> because<00:14:31.170> reputation 00:14:32.160 --> 00:14:32.170 align:start position:0% so much time on it because reputation 00:14:32.170 --> 00:14:34.410 align:start position:0% so much time on it because reputation really<00:14:32.890> allows<00:14:33.160> us<00:14:33.400> to<00:14:33.580> fine-tune<00:14:34.180> the 00:14:34.410 --> 00:14:34.420 align:start position:0% really allows us to fine-tune the 00:14:34.420 --> 00:14:36.290 align:start position:0% really allows us to fine-tune the incentives<00:14:35.080> we've<00:14:35.260> heard<00:14:35.470> a<00:14:35.560> lot<00:14:35.680> about 00:14:36.290 --> 00:14:36.300 align:start position:0% incentives we've heard a lot about 00:14:36.300 --> 00:14:39.000 align:start position:0% incentives we've heard a lot about crypto<00:14:37.300> economic<00:14:37.750> incentive<00:14:38.350> systems<00:14:38.800> and 00:14:39.000 --> 00:14:39.010 align:start position:0% crypto economic incentive systems and 00:14:39.010 --> 00:14:41.370 align:start position:0% crypto economic incentive systems and they<00:14:39.400> often<00:14:39.640> involve<00:14:39.820> paying<00:14:40.240> people<00:14:40.510> to<00:14:41.230> do 00:14:41.370 --> 00:14:41.380 align:start position:0% they often involve paying people to do 00:14:41.380 --> 00:14:43.890 align:start position:0% they often involve paying people to do things<00:14:41.620> or<00:14:41.950> penalizing<00:14:42.940> them<00:14:43.030> financially<00:14:43.690> to 00:14:43.890 --> 00:14:43.900 align:start position:0% things or penalizing them financially to 00:14:43.900 --> 00:14:47.250 align:start position:0% things or penalizing them financially to do<00:14:44.670> to<00:14:45.670> try<00:14:46.090> to<00:14:46.180> get<00:14:46.540> them<00:14:46.720> to<00:14:46.810> behave<00:14:46.930> in<00:14:47.200> a 00:14:47.250 --> 00:14:47.260 align:start position:0% do to try to get them to behave in a 00:14:47.260 --> 00:14:49.590 align:start position:0% do to try to get them to behave in a certain<00:14:47.410> way<00:14:47.940> but<00:14:48.940> the<00:14:49.030> reputation<00:14:49.240> system 00:14:49.590 --> 00:14:49.600 align:start position:0% certain way but the reputation system 00:14:49.600 --> 00:14:51.900 align:start position:0% certain way but the reputation system also<00:14:50.050> allows<00:14:50.230> us<00:14:50.350> to<00:14:50.530> reward<00:14:51.010> and<00:14:51.370> penalize 00:14:51.900 --> 00:14:51.910 align:start position:0% also allows us to reward and penalize 00:14:51.910 --> 00:14:53.850 align:start position:0% also allows us to reward and penalize people<00:14:51.940> in<00:14:52.330> a<00:14:52.420> lot<00:14:52.540> immediately<00:14:52.990> financial 00:14:53.850 --> 00:14:53.860 align:start position:0% people in a lot immediately financial 00:14:53.860 --> 00:14:55.740 align:start position:0% people in a lot immediately financial way<00:14:54.010> and<00:14:54.220> we<00:14:54.400> can<00:14:54.550> really<00:14:54.760> fine-tune<00:14:55.150> what<00:14:55.630> we 00:14:55.740 --> 00:14:55.750 align:start position:0% way and we can really fine-tune what we 00:14:55.750 --> 00:14:57.510 align:start position:0% way and we can really fine-tune what we mean<00:14:55.870> by<00:14:55.930> good<00:14:56.260> behavior<00:14:56.740> and<00:14:56.770> bad<00:14:57.040> behavior 00:14:57.510 --> 00:14:57.520 align:start position:0% mean by good behavior and bad behavior 00:14:57.520 --> 00:15:00.510 align:start position:0% mean by good behavior and bad behavior and<00:14:57.670> tweak<00:14:57.940> that<00:14:58.150> as<00:14:58.360> we<00:14:58.510> see<00:14:58.720> fit<00:14:59.340> and<00:15:00.340> that's 00:15:00.510 --> 00:15:00.520 align:start position:0% and tweak that as we see fit and that's 00:15:00.520 --> 00:15:02.250 align:start position:0% and tweak that as we see fit and that's especially<00:15:00.820> important<00:15:01.480> because<00:15:01.510> in<00:15:02.020> this 00:15:02.250 --> 00:15:02.260 align:start position:0% especially important because in this 00:15:02.260 --> 00:15:04.650 align:start position:0% especially important because in this context<00:15:02.860> of<00:15:02.950> trying<00:15:03.220> to<00:15:03.340> avoid<00:15:03.730> voting<00:15:04.480> on 00:15:04.650 --> 00:15:04.660 align:start position:0% context of trying to avoid voting on 00:15:04.660 --> 00:15:07.500 align:start position:0% context of trying to avoid voting on everything<00:15:05.080> we<00:15:06.040> want<00:15:06.280> call<00:15:06.880> needs<00:15:07.120> to<00:15:07.180> be<00:15:07.330> very 00:15:07.500 --> 00:15:07.510 align:start position:0% everything we want call needs to be very 00:15:07.510 --> 00:15:10.740 align:start position:0% everything we want call needs to be very fluid<00:15:07.810> where<00:15:08.820> for<00:15:09.820> example<00:15:09.910> if<00:15:10.270> a<00:15:10.330> task<00:15:10.570> is 00:15:10.740 --> 00:15:10.750 align:start position:0% fluid where for example if a task is 00:15:10.750 --> 00:15:12.720 align:start position:0% fluid where for example if a task is created<00:15:10.900> and<00:15:11.320> I<00:15:11.410> say<00:15:11.590> I<00:15:11.830> want<00:15:12.100> to<00:15:12.190> do<00:15:12.280> that<00:15:12.400> task 00:15:12.720 --> 00:15:12.730 align:start position:0% created and I say I want to do that task 00:15:12.730 --> 00:15:15.660 align:start position:0% created and I say I want to do that task if<00:15:13.180> nobody<00:15:13.570> objects<00:15:13.930> it<00:15:14.380> will<00:15:14.680> happen<00:15:14.890> there's 00:15:15.660 --> 00:15:15.670 align:start position:0% if nobody objects it will happen there's 00:15:15.670 --> 00:15:18.120 align:start position:0% if nobody objects it will happen there's no<00:15:15.760> need<00:15:16.120> to<00:15:16.360> ask<00:15:16.570> my<00:15:16.810> team<00:15:17.050> members<00:15:17.380> so<00:15:17.920> if<00:15:18.040> you 00:15:18.120 --> 00:15:18.130 align:start position:0% no need to ask my team members so if you 00:15:18.130 --> 00:15:20.100 align:start position:0% no need to ask my team members so if you think<00:15:18.400> of<00:15:18.580> the<00:15:18.850> teams<00:15:19.390> you're<00:15:19.630> working<00:15:19.990> in 00:15:20.100 --> 00:15:20.110 align:start position:0% think of the teams you're working in 00:15:20.110 --> 00:15:21.720 align:start position:0% think of the teams you're working in most<00:15:20.440> the<00:15:20.650> time<00:15:20.860> you<00:15:21.040> are<00:15:21.160> agreed<00:15:21.490> in 00:15:21.720 --> 00:15:21.730 align:start position:0% most the time you are agreed in 00:15:21.730 --> 00:15:23.160 align:start position:0% most the time you are agreed in agreement<00:15:22.060> amongst<00:15:22.510> yourselves<00:15:22.840> and<00:15:23.110> if 00:15:23.160 --> 00:15:23.170 align:start position:0% agreement amongst yourselves and if 00:15:23.170 --> 00:15:24.840 align:start position:0% agreement amongst yourselves and if every<00:15:23.500> little<00:15:23.770> action<00:15:23.890> required<00:15:24.400> a<00:15:24.490> vote<00:15:24.670> it 00:15:24.840 --> 00:15:24.850 align:start position:0% every little action required a vote it 00:15:24.850 --> 00:15:27.370 align:start position:0% every little action required a vote it would<00:15:24.970> be<00:15:25.090> a<00:15:25.120> or<00:15:25.540> in<00:15:25.690> this<00:15:25.780> headache 00:15:27.370 --> 00:15:27.380 align:start position:0% would be a or in this headache 00:15:27.380 --> 00:15:31.060 align:start position:0% would be a or in this headache so<00:15:28.070> it's<00:15:28.280> designed<00:15:28.640> not<00:15:28.880> to<00:15:29.210> use<00:15:29.330> that<00:15:29.360> and<00:15:30.350> if 00:15:31.060 --> 00:15:31.070 align:start position:0% so it's designed not to use that and if 00:15:31.070 --> 00:15:34.000 align:start position:0% so it's designed not to use that and if somebody<00:15:31.760> goes<00:15:31.910> in<00:15:32.090> and<00:15:32.240> forces<00:15:32.540> a<00:15:32.690> vote<00:15:33.010> all 00:15:34.000 --> 00:15:34.010 align:start position:0% somebody goes in and forces a vote all 00:15:34.010 --> 00:15:37.270 align:start position:0% somebody goes in and forces a vote all the<00:15:34.250> time<00:15:34.660> they<00:15:35.660> might<00:15:35.810> they<00:15:36.110> they<00:15:37.070> might 00:15:37.270 --> 00:15:37.280 align:start position:0% the time they might they they might 00:15:37.280 --> 00:15:40.330 align:start position:0% the time they might they they might actually<00:15:37.700> lose<00:15:37.970> reputation<00:15:39.130> based<00:15:40.130> on 00:15:40.330 --> 00:15:40.340 align:start position:0% actually lose reputation based on 00:15:40.340 --> 00:15:42.610 align:start position:0% actually lose reputation based on abusing<00:15:40.790> the<00:15:40.880> system<00:15:40.910> if<00:15:41.540> they<00:15:41.960> if<00:15:42.260> you<00:15:42.290> do<00:15:42.500> it 00:15:42.610 --> 00:15:42.620 align:start position:0% abusing the system if they if you do it 00:15:42.620 --> 00:15:44.440 align:start position:0% abusing the system if they if you do it in<00:15:42.740> just<00:15:42.890> those<00:15:43.550> moments<00:15:43.850> where<00:15:44.210> it<00:15:44.300> really 00:15:44.440 --> 00:15:44.450 align:start position:0% in just those moments where it really 00:15:44.450 --> 00:15:46.720 align:start position:0% in just those moments where it really counts<00:15:44.710> the<00:15:45.710> system<00:15:46.010> could<00:15:46.160> pick<00:15:46.340> up<00:15:46.460> on<00:15:46.610> that 00:15:46.720 --> 00:15:46.730 align:start position:0% counts the system could pick up on that 00:15:46.730 --> 00:15:48.850 align:start position:0% counts the system could pick up on that and<00:15:46.880> you<00:15:46.940> could<00:15:47.060> be<00:15:47.210> rewarded<00:15:47.690> so<00:15:47.720> because<00:15:48.650> the 00:15:48.850 --> 00:15:48.860 align:start position:0% and you could be rewarded so because the 00:15:48.860 --> 00:15:50.650 align:start position:0% and you could be rewarded so because the calculation<00:15:49.430> is<00:15:49.550> off<00:15:49.670> chain<00:15:49.970> we<00:15:50.180> can<00:15:50.360> make<00:15:50.510> it 00:15:50.650 --> 00:15:50.660 align:start position:0% calculation is off chain we can make it 00:15:50.660 --> 00:15:52.510 align:start position:0% calculation is off chain we can make it as<00:15:50.750> complicated<00:15:51.200> as<00:15:51.650> we<00:15:51.800> need<00:15:51.950> to<00:15:52.130> really 00:15:52.510 --> 00:15:52.520 align:start position:0% as complicated as we need to really 00:15:52.520 --> 00:15:54.190 align:start position:0% as complicated as we need to really fine-tune<00:15:52.850> all<00:15:53.240> the<00:15:53.450> incentives<00:15:53.960> of<00:15:54.080> the 00:15:54.190 --> 00:15:54.200 align:start position:0% fine-tune all the incentives of the 00:15:54.200 --> 00:15:59.080 align:start position:0% fine-tune all the incentives of the actors<00:15:54.680> in<00:15:54.860> the<00:15:54.980> colony<00:15:55.670> and<00:15:57.700> it's<00:15:58.700> much<00:15:58.850> more 00:15:59.080 --> 00:15:59.090 align:start position:0% actors in the colony and it's much more 00:15:59.090 --> 00:16:03.250 align:start position:0% actors in the colony and it's much more than<00:15:59.240> we<00:15:59.390> could<00:15:59.510> ever<00:15:59.540> do<00:15:59.870> on<00:16:00.140> chain<00:16:01.300> and<00:16:02.300> yeah 00:16:03.250 --> 00:16:03.260 align:start position:0% than we could ever do on chain and yeah 00:16:03.260 --> 00:16:05.260 align:start position:0% than we could ever do on chain and yeah one<00:16:03.470> of<00:16:03.500> the<00:16:03.710> aspects<00:16:04.190> that<00:16:04.220> we<00:16:04.790> really<00:16:05.060> can't 00:16:05.260 --> 00:16:05.270 align:start position:0% one of the aspects that we really can't 00:16:05.270 --> 00:16:07.300 align:start position:0% one of the aspects that we really can't do<00:16:05.390> on<00:16:05.540> chain<00:16:05.750> is<00:16:05.960> the<00:16:06.380> concept<00:16:06.950> of<00:16:07.010> reputation 00:16:07.300 --> 00:16:07.310 align:start position:0% do on chain is the concept of reputation 00:16:07.310 --> 00:16:10.780 align:start position:0% do on chain is the concept of reputation decay<00:16:08.030> so<00:16:08.870> reputation<00:16:09.860> in<00:16:09.950> our<00:16:10.070> colony<00:16:10.460> is<00:16:10.610> not 00:16:10.780 --> 00:16:10.790 align:start position:0% decay so reputation in our colony is not 00:16:10.790 --> 00:16:12.880 align:start position:0% decay so reputation in our colony is not forever<00:16:11.090> you<00:16:11.570> earn<00:16:11.780> reputation<00:16:12.170> that<00:16:12.680> means 00:16:12.880 --> 00:16:12.890 align:start position:0% forever you earn reputation that means 00:16:12.890 --> 00:16:14.470 align:start position:0% forever you earn reputation that means you<00:16:13.040> then<00:16:13.190> have<00:16:13.400> influence<00:16:13.910> in<00:16:14.030> the<00:16:14.150> colony 00:16:14.470 --> 00:16:14.480 align:start position:0% you then have influence in the colony 00:16:14.480 --> 00:16:16.900 align:start position:0% you then have influence in the colony but<00:16:14.600> over<00:16:14.930> time<00:16:15.200> that<00:16:15.440> influence<00:16:16.070> decays<00:16:16.520> away 00:16:16.900 --> 00:16:16.910 align:start position:0% but over time that influence decays away 00:16:16.910 --> 00:16:18.970 align:start position:0% but over time that influence decays away and<00:16:17.180> that's<00:16:17.720> a<00:16:17.900> protection<00:16:18.080> against<00:16:18.710> people 00:16:18.970 --> 00:16:18.980 align:start position:0% and that's a protection against people 00:16:18.980 --> 00:16:21.730 align:start position:0% and that's a protection against people early<00:16:19.310> on<00:16:19.430> in<00:16:19.670> the<00:16:19.760> colony<00:16:20.510> amassing<00:16:21.320> massive 00:16:21.730 --> 00:16:21.740 align:start position:0% early on in the colony amassing massive 00:16:21.740 --> 00:16:24.370 align:start position:0% early on in the colony amassing massive reputation<00:16:22.510> they<00:16:23.510> have<00:16:23.540> a<00:16:23.780> lot<00:16:23.960> of<00:16:23.990> influence 00:16:24.370 --> 00:16:24.380 align:start position:0% reputation they have a lot of influence 00:16:24.380 --> 00:16:25.960 align:start position:0% reputation they have a lot of influence but<00:16:24.470> it<00:16:24.590> should<00:16:24.740> not<00:16:24.860> last<00:16:25.130> forever<00:16:25.400> so<00:16:25.790> when 00:16:25.960 --> 00:16:25.970 align:start position:0% but it should not last forever so when 00:16:25.970 --> 00:16:27.730 align:start position:0% but it should not last forever so when you<00:16:26.120> join<00:16:26.300> a<00:16:26.330> colony<00:16:26.810> later<00:16:27.020> you<00:16:27.290> can<00:16:27.440> assume 00:16:27.730 --> 00:16:27.740 align:start position:0% you join a colony later you can assume 00:16:27.740 --> 00:16:29.320 align:start position:0% you join a colony later you can assume that<00:16:27.770> the<00:16:28.100> people<00:16:28.370> with<00:16:28.520> the<00:16:28.670> most<00:16:28.760> influence 00:16:29.320 --> 00:16:29.330 align:start position:0% that the people with the most influence 00:16:29.330 --> 00:16:31.240 align:start position:0% that the people with the most influence now<00:16:29.630> are<00:16:29.930> the<00:16:30.080> ones<00:16:30.230> who<00:16:30.500> did<00:16:30.650> the<00:16:30.800> most<00:16:30.920> work 00:16:31.240 --> 00:16:31.250 align:start position:0% now are the ones who did the most work 00:16:31.250 --> 00:16:34.060 align:start position:0% now are the ones who did the most work in<00:16:31.460> the<00:16:31.760> recent<00:16:32.120> past<00:16:32.420> and<00:16:32.840> that<00:16:33.380> really<00:16:33.560> evens 00:16:34.060 --> 00:16:34.070 align:start position:0% in the recent past and that really evens 00:16:34.070 --> 00:16:36.370 align:start position:0% in the recent past and that really evens out<00:16:34.220> the<00:16:34.280> imbalances<00:16:35.060> over<00:16:35.330> time<00:16:35.540> so<00:16:35.930> we<00:16:36.110> think 00:16:36.370 --> 00:16:36.380 align:start position:0% out the imbalances over time so we think 00:16:36.380 --> 00:16:39.880 align:start position:0% out the imbalances over time so we think this<00:16:36.590> is<00:16:36.680> a<00:16:36.710> key<00:16:36.950> feature<00:16:38.050> so<00:16:39.050> back<00:16:39.590> to<00:16:39.620> the 00:16:39.880 --> 00:16:39.890 align:start position:0% this is a key feature so back to the 00:16:39.890 --> 00:16:43.750 align:start position:0% this is a key feature so back to the task<00:16:40.130> that<00:16:40.460> I'm<00:16:41.150> working<00:16:41.480> on<00:16:41.720> right<00:16:41.960> now<00:16:42.760> when 00:16:43.750 --> 00:16:43.760 align:start position:0% task that I'm working on right now when 00:16:43.760 --> 00:16:45.370 align:start position:0% task that I'm working on right now when I<00:16:43.790> upload<00:16:44.300> the<00:16:44.480> video<00:16:44.690> of<00:16:44.870> your<00:16:45.020> standing 00:16:45.370 --> 00:16:45.380 align:start position:0% I upload the video of your standing 00:16:45.380 --> 00:16:47.740 align:start position:0% I upload the video of your standing ovation<00:16:45.740> I'll<00:16:45.860> get<00:16:46.070> points<00:16:46.580> for<00:16:46.730> that<00:16:46.820> for<00:16:47.660> the 00:16:47.740 --> 00:16:47.750 align:start position:0% ovation I'll get points for that for the 00:16:47.750 --> 00:16:50.380 align:start position:0% ovation I'll get points for that for the talk<00:16:47.960> last<00:16:48.230> year<00:16:48.470> at<00:16:48.710> DEFCON<00:16:49.130> 2<00:16:49.580> with<00:16:49.820> Elena<00:16:50.150> I 00:16:50.380 --> 00:16:50.390 align:start position:0% talk last year at DEFCON 2 with Elena I 00:16:50.390 --> 00:16:52.330 align:start position:0% talk last year at DEFCON 2 with Elena I will<00:16:50.960> have<00:16:51.200> I<00:16:51.500> still<00:16:51.680> have<00:16:51.830> some<00:16:52.040> points 00:16:52.330 --> 00:16:52.340 align:start position:0% will have I still have some points 00:16:52.340 --> 00:16:54.580 align:start position:0% will have I still have some points because<00:16:52.910> that<00:16:53.090> was<00:16:53.210> relatively<00:16:53.630> recent<00:16:53.900> Jack 00:16:54.580 --> 00:16:54.590 align:start position:0% because that was relatively recent Jack 00:16:54.590 --> 00:16:56.500 align:start position:0% because that was relatively recent Jack right<00:16:54.860> here<00:16:54.890> gave<00:16:55.610> a<00:16:55.640> talk<00:16:55.910> at<00:16:56.060> I've<00:16:56.180> con<00:16:56.360> won 00:16:56.500 --> 00:16:56.510 align:start position:0% right here gave a talk at I've con won 00:16:56.510 --> 00:16:57.970 align:start position:0% right here gave a talk at I've con won his<00:16:56.690> points<00:16:57.050> have<00:16:57.140> completely<00:16:57.530> decayed<00:16:57.950> away 00:16:57.970 --> 00:16:57.980 align:start position:0% his points have completely decayed away 00:16:57.980 --> 00:16:59.890 align:start position:0% his points have completely decayed away if<00:16:58.400> he<00:16:58.940> wants<00:16:59.180> something<00:16:59.330> should<00:16:59.510> really<00:16:59.720> come 00:16:59.890 --> 00:16:59.900 align:start position:0% if he wants something should really come 00:16:59.900 --> 00:17:00.940 align:start position:0% if he wants something should really come up<00:16:59.990> here<00:17:00.200> and<00:17:00.290> tell<00:17:00.560> us<00:17:00.680> some<00:17:00.800> more<00:17:00.890> about 00:17:00.940 --> 00:17:00.950 align:start position:0% up here and tell us some more about 00:17:00.950 --> 00:17:05.720 align:start position:0% up here and tell us some more about colony<00:17:01.490> soon 00:17:05.720 --> 00:17:05.730 align:start position:0% 00:17:05.730 --> 00:17:09.590 align:start position:0% thank<00:17:06.360> you<00:17:06.679> so<00:17:07.679> in<00:17:07.949> summary<00:17:08.429> the<00:17:08.610> points<00:17:09.480> are 00:17:09.590 --> 00:17:09.600 align:start position:0% thank you so in summary the points are 00:17:09.600 --> 00:17:11.779 align:start position:0% thank you so in summary the points are earned<00:17:09.809> for<00:17:10.049> doing<00:17:10.589> good<00:17:10.799> work<00:17:11.039> and<00:17:11.250> good<00:17:11.610> is 00:17:11.779 --> 00:17:11.789 align:start position:0% earned for doing good work and good is 00:17:11.789 --> 00:17:13.039 align:start position:0% earned for doing good work and good is something<00:17:12.000> that<00:17:12.299> we<00:17:12.419> can<00:17:12.600> tweak<00:17:12.750> and 00:17:13.039 --> 00:17:13.049 align:start position:0% something that we can tweak and 00:17:13.049 --> 00:17:15.199 align:start position:0% something that we can tweak and fine-tune<00:17:13.529> to<00:17:14.189> get<00:17:14.339> the<00:17:14.490> incentives<00:17:15.000> right 00:17:15.199 --> 00:17:15.209 align:start position:0% fine-tune to get the incentives right 00:17:15.209 --> 00:17:18.860 align:start position:0% fine-tune to get the incentives right and<00:17:16.079> these<00:17:16.980> the<00:17:17.549> the<00:17:17.850> reputation<00:17:18.059> ways<00:17:18.659> your 00:17:18.860 --> 00:17:18.870 align:start position:0% and these the the reputation ways your 00:17:18.870 --> 00:17:20.809 align:start position:0% and these the the reputation ways your decisions<00:17:19.319> all<00:17:19.529> throughout<00:17:19.860> the<00:17:20.069> colony<00:17:20.459> but 00:17:20.809 --> 00:17:20.819 align:start position:0% decisions all throughout the colony but 00:17:20.819 --> 00:17:22.730 align:start position:0% decisions all throughout the colony but we<00:17:20.939> try<00:17:21.120> to<00:17:21.179> keep<00:17:21.389> them<00:17:21.600> as<00:17:21.720> local<00:17:22.110> as<00:17:22.230> possible 00:17:22.730 --> 00:17:22.740 align:start position:0% we try to keep them as local as possible 00:17:22.740 --> 00:17:25.009 align:start position:0% we try to keep them as local as possible again<00:17:23.549> in<00:17:23.760> the<00:17:24.120> call<00:17:24.329> in<00:17:24.510> the<00:17:24.539> interest<00:17:24.929> of 00:17:25.009 --> 00:17:25.019 align:start position:0% again in the call in the interest of 00:17:25.019 --> 00:17:26.840 align:start position:0% again in the call in the interest of keeping<00:17:25.199> making<00:17:25.470> things<00:17:25.799> as<00:17:25.949> unbroke<00:17:26.610> rata 00:17:26.840 --> 00:17:26.850 align:start position:0% keeping making things as unbroke rata 00:17:26.850 --> 00:17:29.060 align:start position:0% keeping making things as unbroke rata k--<00:17:26.970> as<00:17:27.179> possible<00:17:28.169> keeping<00:17:28.529> them<00:17:28.649> within<00:17:28.889> the 00:17:29.060 --> 00:17:29.070 align:start position:0% k-- as possible keeping them within the 00:17:29.070 --> 00:17:30.980 align:start position:0% k-- as possible keeping them within the small<00:17:29.340> team<00:17:29.580> within<00:17:30.000> a<00:17:30.179> department<00:17:30.330> and<00:17:30.809> don't 00:17:30.980 --> 00:17:30.990 align:start position:0% small team within a department and don't 00:17:30.990 --> 00:17:32.779 align:start position:0% small team within a department and don't always<00:17:31.169> go<00:17:31.409> to<00:17:31.470> the<00:17:31.679> full<00:17:31.860> colony<00:17:32.309> for<00:17:32.610> every 00:17:32.779 --> 00:17:32.789 align:start position:0% always go to the full colony for every 00:17:32.789 --> 00:17:36.350 align:start position:0% always go to the full colony for every little<00:17:33.029> decision<00:17:33.860> and<00:17:34.860> maybe<00:17:35.399> importantly<00:17:36.299> i 00:17:36.350 --> 00:17:36.360 align:start position:0% little decision and maybe importantly i 00:17:36.360 --> 00:17:38.210 align:start position:0% little decision and maybe importantly i haven't<00:17:36.659> mentioned<00:17:36.750> yet<00:17:36.990> reputation<00:17:37.889> doesn't 00:17:38.210 --> 00:17:38.220 align:start position:0% haven't mentioned yet reputation doesn't 00:17:38.220 --> 00:17:40.250 align:start position:0% haven't mentioned yet reputation doesn't translate<00:17:38.580> from<00:17:38.820> one<00:17:38.880> colony<00:17:39.480> to<00:17:39.659> another<00:17:39.929> and 00:17:40.250 --> 00:17:40.260 align:start position:0% translate from one colony to another and 00:17:40.260 --> 00:17:43.159 align:start position:0% translate from one colony to another and that's<00:17:40.710> because<00:17:41.690> there<00:17:42.690> could<00:17:42.840> be<00:17:42.899> many 00:17:43.159 --> 00:17:43.169 align:start position:0% that's because there could be many 00:17:43.169 --> 00:17:45.039 align:start position:0% that's because there could be many different<00:17:43.289> colonies<00:17:43.980> and<00:17:44.100> we<00:17:44.190> have<00:17:44.340> no<00:17:44.519> idea 00:17:45.039 --> 00:17:45.049 align:start position:0% different colonies and we have no idea 00:17:45.049 --> 00:17:49.340 align:start position:0% different colonies and we have no idea what<00:17:46.049> your<00:17:47.570> there's<00:17:48.570> no<00:17:48.720> way<00:17:48.840> to<00:17:48.899> translate 00:17:49.340 --> 00:17:49.350 align:start position:0% what your there's no way to translate 00:17:49.350 --> 00:17:51.590 align:start position:0% what your there's no way to translate from<00:17:49.799> one<00:17:49.889> to<00:17:50.130> the<00:17:50.220> other<00:17:50.250> what<00:17:51.059> it<00:17:51.179> means<00:17:51.389> to 00:17:51.590 --> 00:17:51.600 align:start position:0% from one to the other what it means to 00:17:51.600 --> 00:17:53.330 align:start position:0% from one to the other what it means to do<00:17:51.720> good<00:17:51.960> work<00:17:52.139> in<00:17:52.289> one<00:17:52.440> colony<00:17:52.740> might<00:17:53.100> have 00:17:53.330 --> 00:17:53.340 align:start position:0% do good work in one colony might have 00:17:53.340 --> 00:17:56.269 align:start position:0% do good work in one colony might have nothing<00:17:53.490> to<00:17:53.760> do<00:17:53.909> with<00:17:54.419> another<00:17:54.769> and<00:17:55.769> it 00:17:56.269 --> 00:17:56.279 align:start position:0% nothing to do with another and it 00:17:56.279 --> 00:18:00.830 align:start position:0% nothing to do with another and it relates<00:17:57.029> to<00:17:57.269> the<00:17:57.389> various<00:17:57.779> tokens<00:17:59.450> so<00:18:00.450> if<00:18:00.630> one 00:18:00.830 --> 00:18:00.840 align:start position:0% relates to the various tokens so if one 00:18:00.840 --> 00:18:03.649 align:start position:0% relates to the various tokens so if one colony<00:18:01.289> has<00:18:01.440> a<00:18:01.470> great<00:18:01.950> work<00:18:02.190> and<00:18:02.460> this<00:18:02.850> token 00:18:03.649 --> 00:18:03.659 align:start position:0% colony has a great work and this token 00:18:03.659 --> 00:18:05.450 align:start position:0% colony has a great work and this token is<00:18:03.779> worth<00:18:03.929> a<00:18:04.049> lot<00:18:04.230> the<00:18:04.440> numerical<00:18:04.950> values<00:18:05.309> of 00:18:05.450 --> 00:18:05.460 align:start position:0% is worth a lot the numerical values of 00:18:05.460 --> 00:18:06.710 align:start position:0% is worth a lot the numerical values of the<00:18:05.549> reputation<00:18:06.000> might<00:18:06.149> be<00:18:06.269> quite<00:18:06.510> low 00:18:06.710 --> 00:18:06.720 align:start position:0% the reputation might be quite low 00:18:06.720 --> 00:18:08.240 align:start position:0% the reputation might be quite low elsewhere<00:18:07.590> they<00:18:07.710> could<00:18:07.889> be<00:18:07.980> completely 00:18:08.240 --> 00:18:08.250 align:start position:0% elsewhere they could be completely 00:18:08.250 --> 00:18:10.220 align:start position:0% elsewhere they could be completely inflated<00:18:08.760> and<00:18:09.120> meaningless<00:18:09.510> so<00:18:09.720> it's<00:18:09.899> within 00:18:10.220 --> 00:18:10.230 align:start position:0% inflated and meaningless so it's within 00:18:10.230 --> 00:18:13.970 align:start position:0% inflated and meaningless so it's within a<00:18:10.409> colony<00:18:11.750> but<00:18:12.750> the<00:18:12.929> reputation<00:18:13.169> mining 00:18:13.970 --> 00:18:13.980 align:start position:0% a colony but the reputation mining 00:18:13.980 --> 00:18:14.960 align:start position:0% a colony but the reputation mining process<00:18:14.370> updates 00:18:14.960 --> 00:18:14.970 align:start position:0% process updates 00:18:14.970 --> 00:18:17.210 align:start position:0% process updates everyone's<00:18:15.450> reputation<00:18:16.049> in<00:18:16.200> all<00:18:16.440> colonies<00:18:16.980> in 00:18:17.210 --> 00:18:17.220 align:start position:0% everyone's reputation in all colonies in 00:18:17.220 --> 00:18:18.710 align:start position:0% everyone's reputation in all colonies in all<00:18:17.370> departments<00:18:17.549> in<00:18:18.059> all<00:18:18.179> skills<00:18:18.510> so<00:18:18.659> that's 00:18:18.710 --> 00:18:18.720 align:start position:0% all departments in all skills so that's 00:18:18.720 --> 00:18:20.600 align:start position:0% all departments in all skills so that's one<00:18:18.990> global<00:18:19.470> system<00:18:19.860> within<00:18:20.159> the<00:18:20.340> colony 00:18:20.600 --> 00:18:20.610 align:start position:0% one global system within the colony 00:18:20.610 --> 00:18:24.350 align:start position:0% one global system within the colony network<00:18:21.860> this<00:18:22.860> is<00:18:23.100> our<00:18:23.250> team<00:18:23.490> our<00:18:24.029> team<00:18:24.059> has 00:18:24.350 --> 00:18:24.360 align:start position:0% network this is our team our team has 00:18:24.360 --> 00:18:26.000 align:start position:0% network this is our team our team has grown<00:18:24.389> quite<00:18:24.929> considerably<00:18:25.529> over<00:18:25.679> the<00:18:25.799> last 00:18:26.000 --> 00:18:26.010 align:start position:0% grown quite considerably over the last 00:18:26.010 --> 00:18:28.009 align:start position:0% grown quite considerably over the last year<00:18:26.309> and<00:18:26.460> this<00:18:27.000> photo<00:18:27.269> was<00:18:27.480> taken<00:18:27.510> at<00:18:27.929> our 00:18:28.009 --> 00:18:28.019 align:start position:0% year and this photo was taken at our 00:18:28.019 --> 00:18:30.379 align:start position:0% year and this photo was taken at our last<00:18:28.260> off-site<00:18:28.889> and<00:18:29.130> in<00:18:29.789> fact<00:18:30.029> it's<00:18:30.179> already 00:18:30.379 --> 00:18:30.389 align:start position:0% last off-site and in fact it's already 00:18:30.389 --> 00:18:31.789 align:start position:0% last off-site and in fact it's already out<00:18:30.600> of<00:18:30.630> date<00:18:30.779> we've<00:18:31.080> added<00:18:31.260> more<00:18:31.529> people 00:18:31.789 --> 00:18:31.799 align:start position:0% out of date we've added more people 00:18:31.799 --> 00:18:33.259 align:start position:0% out of date we've added more people since<00:18:32.010> then<00:18:32.190> it's<00:18:32.429> a<00:18:32.519> great<00:18:32.820> group<00:18:33.090> of<00:18:33.210> people 00:18:33.259 --> 00:18:33.269 align:start position:0% since then it's a great group of people 00:18:33.269 --> 00:18:36.110 align:start position:0% since then it's a great group of people really<00:18:34.049> glad<00:18:34.260> a<00:18:34.470> part<00:18:34.649> of<00:18:34.710> this<00:18:34.799> team 00:18:36.110 --> 00:18:36.120 align:start position:0% really glad a part of this team 00:18:36.120 --> 00:18:38.680 align:start position:0% really glad a part of this team so<00:18:36.690> I<00:18:37.080> want<00:18:37.889> to<00:18:37.950> leave<00:18:38.130> you<00:18:38.279> with<00:18:38.429> our 00:18:38.680 --> 00:18:38.690 align:start position:0% so I want to leave you with our 00:18:38.690 --> 00:18:41.330 align:start position:0% so I want to leave you with our advertisement<00:18:39.690> for<00:18:39.840> our<00:18:39.899> blog<00:18:40.529> the<00:18:40.889> blog 00:18:41.330 --> 00:18:41.340 align:start position:0% advertisement for our blog the blog 00:18:41.340 --> 00:18:43.850 align:start position:0% advertisement for our blog the blog Conan<00:18:42.210> Doyle<00:18:42.630> has<00:18:42.779> a<00:18:42.809> lot<00:18:42.960> of<00:18:43.110> good<00:18:43.409> content 00:18:43.850 --> 00:18:43.860 align:start position:0% Conan Doyle has a lot of good content 00:18:43.860 --> 00:18:46.340 align:start position:0% Conan Doyle has a lot of good content that<00:18:43.980> goes<00:18:44.549> beyond<00:18:44.909> just<00:18:45.120> colony<00:18:45.929> we<00:18:46.139> write 00:18:46.340 --> 00:18:46.350 align:start position:0% that goes beyond just colony we write 00:18:46.350 --> 00:18:49.330 align:start position:0% that goes beyond just colony we write about<00:18:46.620> regulatory<00:18:47.460> aspects<00:18:48.059> of<00:18:48.269> token<00:18:48.659> sales 00:18:49.330 --> 00:18:49.340 align:start position:0% about regulatory aspects of token sales 00:18:49.340 --> 00:18:54.649 align:start position:0% about regulatory aspects of token sales of<00:18:50.600> sharing<00:18:52.010> equity<00:18:53.010> agreements<00:18:53.460> in<00:18:53.700> in<00:18:54.450> this 00:18:54.649 --> 00:18:54.659 align:start position:0% of sharing equity agreements in in this 00:18:54.659 --> 00:18:56.269 align:start position:0% of sharing equity agreements in in this the<00:18:55.019> central<00:18:55.350> space<00:18:55.559> there's<00:18:55.919> a<00:18:55.950> lot<00:18:56.070> of<00:18:56.159> good 00:18:56.269 --> 00:18:56.279 align:start position:0% the central space there's a lot of good 00:18:56.279 --> 00:18:57.620 align:start position:0% the central space there's a lot of good content<00:18:56.639> please<00:18:56.760> do<00:18:57.000> check<00:18:57.059> it<00:18:57.330> out 00:18:57.620 --> 00:18:57.630 align:start position:0% content please do check it out 00:18:57.630 --> 00:19:00.669 align:start position:0% content please do check it out find<00:18:58.590> us<00:18:58.740> on<00:18:58.889> twitter<00:18:59.130> at<00:18:59.370> join<00:18:59.610> colony<00:19:00.090> and 00:19:00.669 --> 00:19:00.679 align:start position:0% find us on twitter at join colony and 00:19:00.679 --> 00:19:03.379 align:start position:0% find us on twitter at join colony and i'm<00:19:01.679> now<00:19:01.919> ready<00:19:01.950> for<00:19:02.250> that<00:19:02.490> applause 00:19:03.379 --> 00:19:03.389 align:start position:0% i'm now ready for that applause 00:19:03.389 --> 00:19:04.909 align:start position:0% i'm now ready for that applause innovation<00:19:03.929> to<00:19:04.110> prove<00:19:04.320> that<00:19:04.470> i've<00:19:04.590> completed 00:19:04.909 --> 00:19:04.919 align:start position:0% innovation to prove that i've completed 00:19:04.919 --> 00:19:05.860 align:start position:0% innovation to prove that i've completed my<00:19:05.039> task 00:19:05.860 --> 00:19:05.870 align:start position:0% my task 00:19:05.870 --> 00:19:15.060 align:start position:0% my task [Applause] 00:19:15.060 --> 00:19:15.070 align:start position:0% 00:19:15.070 --> 00:19:22.650 align:start position:0% [Music]