WEBVTT Kind: captions Language: en 00:00:10.030 --> 00:00:19.510 align:start position:0% the<00:00:11.030> melon<00:00:11.389> security<00:00:12.139> approach<00:00:18.520> hello 00:00:19.510 --> 00:00:19.520 align:start position:0% the melon security approach hello 00:00:19.520 --> 00:00:21.490 align:start position:0% the melon security approach hello everyone<00:00:19.910> my<00:00:20.330> name<00:00:20.480> is<00:00:20.600> Rita<00:00:20.780> drinkler<00:00:21.200> I'm 00:00:21.490 --> 00:00:21.500 align:start position:0% everyone my name is Rita drinkler I'm 00:00:21.500 --> 00:00:23.830 align:start position:0% everyone my name is Rita drinkler I'm the<00:00:22.070> chairman<00:00:22.490> and<00:00:22.580> co-founder<00:00:22.820> together<00:00:23.690> it 00:00:23.830 --> 00:00:23.840 align:start position:0% the chairman and co-founder together it 00:00:23.840 --> 00:00:27.760 align:start position:0% the chairman and co-founder together it Mona<00:00:24.140> Lisa<00:00:24.410> of<00:00:24.770> melon<00:00:25.250> port<00:00:25.490> and<00:00:26.590> we<00:00:27.590> are<00:00:27.650> doing 00:00:27.760 --> 00:00:27.770 align:start position:0% Mona Lisa of melon port and we are doing 00:00:27.770 --> 00:00:30.779 align:start position:0% Mona Lisa of melon port and we are doing technology<00:00:28.280> regulated<00:00:29.030> investment<00:00:29.660> funds 00:00:30.779 --> 00:00:30.789 align:start position:0% technology regulated investment funds 00:00:30.789 --> 00:00:33.360 align:start position:0% technology regulated investment funds completely<00:00:31.789> with<00:00:31.910> ESC<00:00:32.180> 20<00:00:32.599> tokens<00:00:33.050> and 00:00:33.360 --> 00:00:33.370 align:start position:0% completely with ESC 20 tokens and 00:00:33.370 --> 00:00:35.950 align:start position:0% completely with ESC 20 tokens and obviously<00:00:34.370> Securities<00:00:35.180> Parliament<00:00:35.660> for<00:00:35.870> us 00:00:35.950 --> 00:00:35.960 align:start position:0% obviously Securities Parliament for us 00:00:35.960 --> 00:00:39.370 align:start position:0% obviously Securities Parliament for us so<00:00:36.950> I'd<00:00:37.070> like<00:00:37.220> to<00:00:37.400> talk<00:00:38.210> a<00:00:38.270> bit<00:00:38.540> about<00:00:38.570> the<00:00:39.260> man 00:00:39.370 --> 00:00:39.380 align:start position:0% so I'd like to talk a bit about the man 00:00:39.380 --> 00:00:43.150 align:start position:0% so I'd like to talk a bit about the man approach<00:00:39.710> to<00:00:39.920> security<00:00:40.370> and<00:00:41.770> I'm<00:00:42.770> hope<00:00:42.950> you're 00:00:43.150 --> 00:00:43.160 align:start position:0% approach to security and I'm hope you're 00:00:43.160 --> 00:00:45.069 align:start position:0% approach to security and I'm hope you're all<00:00:43.520> going<00:00:43.760> to<00:00:43.850> see<00:00:43.940> that<00:00:44.090> we<00:00:44.510> try<00:00:44.780> to<00:00:44.840> have<00:00:44.989> a 00:00:45.069 --> 00:00:45.079 align:start position:0% all going to see that we try to have a 00:00:45.079 --> 00:00:50.190 align:start position:0% all going to see that we try to have a really<00:00:45.350> holistic<00:00:45.950> approach<00:00:46.399> to<00:00:46.579> security<00:00:46.970> so 00:00:50.190 --> 00:00:50.200 align:start position:0% 00:00:50.200 --> 00:00:52.840 align:start position:0% holistic<00:00:51.200> means<00:00:51.350> or<00:00:51.620> like<00:00:51.829> to<00:00:52.070> give<00:00:52.250> to<00:00:52.610> give<00:00:52.760> a 00:00:52.840 --> 00:00:52.850 align:start position:0% holistic means or like to give to give a 00:00:52.850 --> 00:00:55.660 align:start position:0% holistic means or like to give to give a short<00:00:53.000> overview<00:00:53.680> I'm<00:00:54.680> going<00:00:54.890> to<00:00:54.950> talk<00:00:55.100> shortly 00:00:55.660 --> 00:00:55.670 align:start position:0% short overview I'm going to talk shortly 00:00:55.670 --> 00:00:58.420 align:start position:0% short overview I'm going to talk shortly about<00:00:56.079> what<00:00:57.079> is<00:00:57.200> melon<00:00:57.620> but<00:00:57.920> what<00:00:58.280> are<00:00:58.399> our 00:00:58.420 --> 00:00:58.430 align:start position:0% about what is melon but what are our 00:00:58.430 --> 00:01:04.660 align:start position:0% about what is melon but what are our values<00:01:01.120> then<00:01:02.120> a<00:01:02.540> bit<00:01:03.100> theoretical<00:01:04.100> part<00:01:04.339> of<00:01:04.519> it 00:01:04.660 --> 00:01:04.670 align:start position:0% values then a bit theoretical part of it 00:01:04.670 --> 00:01:06.670 align:start position:0% values then a bit theoretical part of it like<00:01:04.939> how<00:01:05.119> we<00:01:05.180> designed<00:01:05.570> the<00:01:05.720> protocol<00:01:06.170> after 00:01:06.670 --> 00:01:06.680 align:start position:0% like how we designed the protocol after 00:01:06.680 --> 00:01:10.600 align:start position:0% like how we designed the protocol after that<00:01:07.520> we<00:01:07.760> go<00:01:07.909> into<00:01:08.060> court<00:01:08.420> so<00:01:09.130> how<00:01:10.130> we<00:01:10.190> develop 00:01:10.600 --> 00:01:10.610 align:start position:0% that we go into court so how we develop 00:01:10.610 --> 00:01:13.060 align:start position:0% that we go into court so how we develop our<00:01:10.850> code<00:01:11.420> like<00:01:11.870> from<00:01:12.110> smart<00:01:12.440> contracts<00:01:12.950> to 00:01:13.060 --> 00:01:13.070 align:start position:0% our code like from smart contracts to 00:01:13.070 --> 00:01:17.350 align:start position:0% our code like from smart contracts to front<00:01:13.310> end<00:01:15.130> how<00:01:16.130> we<00:01:16.190> approach<00:01:16.580> the<00:01:17.030> auditing 00:01:17.350 --> 00:01:17.360 align:start position:0% front end how we approach the auditing 00:01:17.360 --> 00:01:22.149 align:start position:0% front end how we approach the auditing process<00:01:17.570> and<00:01:19.390> how<00:01:20.390> we<00:01:20.420> go<00:01:20.900> in<00:01:21.110> even<00:01:21.530> current 00:01:22.149 --> 00:01:22.159 align:start position:0% process and how we go in even current 00:01:22.159 --> 00:01:27.300 align:start position:0% process and how we go in even current technology<00:01:22.909> and<00:01:23.180> try<00:01:23.810> to<00:01:23.869> shape<00:01:24.200> regulation 00:01:27.300 --> 00:01:27.310 align:start position:0% 00:01:27.310 --> 00:01:31.179 align:start position:0% so<00:01:28.310> Marlin<00:01:28.850> port<00:01:29.619> we're<00:01:30.619> doing<00:01:30.860> technology 00:01:31.179 --> 00:01:31.189 align:start position:0% so Marlin port we're doing technology 00:01:31.189 --> 00:01:34.030 align:start position:0% so Marlin port we're doing technology regulated<00:01:31.790> investment<00:01:32.330> funds<00:01:32.600> so<00:01:33.320> this 00:01:34.030 --> 00:01:34.040 align:start position:0% regulated investment funds so this 00:01:34.040 --> 00:01:37.090 align:start position:0% regulated investment funds so this concept<00:01:34.430> of<00:01:34.610> technology<00:01:35.479> regulation<00:01:36.100> it's 00:01:37.090 --> 00:01:37.100 align:start position:0% concept of technology regulation it's 00:01:37.100 --> 00:01:38.980 align:start position:0% concept of technology regulation it's really<00:01:37.369> this<00:01:37.460> concept<00:01:38.030> of<00:01:38.180> contracts 00:01:38.980 --> 00:01:38.990 align:start position:0% really this concept of contracts 00:01:38.990 --> 00:01:41.530 align:start position:0% really this concept of contracts enforced<00:01:39.439> by<00:01:39.619> technology<00:01:40.220> so<00:01:41.000> if<00:01:41.360> you're 00:01:41.530 --> 00:01:41.540 align:start position:0% enforced by technology so if you're 00:01:41.540 --> 00:01:43.810 align:start position:0% enforced by technology so if you're doing<00:01:41.780> a<00:01:41.900> smart<00:01:42.170> contracts<00:01:42.830> then<00:01:43.520> you<00:01:43.640> don't 00:01:43.810 --> 00:01:43.820 align:start position:0% doing a smart contracts then you don't 00:01:43.820 --> 00:01:45.399 align:start position:0% doing a smart contracts then you don't necessarily<00:01:43.939> need<00:01:44.420> to<00:01:44.479> need<00:01:45.170> to<00:01:45.259> have<00:01:45.380> a 00:01:45.399 --> 00:01:45.409 align:start position:0% necessarily need to need to have a 00:01:45.409 --> 00:01:48.940 align:start position:0% necessarily need to need to have a lawyer<00:01:45.710> or<00:01:46.040> an<00:01:46.159> auditor<00:01:46.640> or<00:01:46.880> an<00:01:47.119> enforcer<00:01:47.950> the 00:01:48.940 --> 00:01:48.950 align:start position:0% lawyer or an auditor or an enforcer the 00:01:48.950 --> 00:01:50.710 align:start position:0% lawyer or an auditor or an enforcer the technology<00:01:49.460> is<00:01:49.520> actually<00:01:49.670> sufficient<00:01:50.000> the 00:01:50.710 --> 00:01:50.720 align:start position:0% technology is actually sufficient the 00:01:50.720 --> 00:01:53.560 align:start position:0% technology is actually sufficient the technology<00:01:51.290> enforces<00:01:51.740> itself<00:01:52.150> so<00:01:53.150> we're 00:01:53.560 --> 00:01:53.570 align:start position:0% technology enforces itself so we're 00:01:53.570 --> 00:01:55.270 align:start position:0% technology enforces itself so we're using<00:01:53.750> this<00:01:53.960> concept<00:01:54.290> of<00:01:54.590> technology 00:01:55.270 --> 00:01:55.280 align:start position:0% using this concept of technology 00:01:55.280 --> 00:01:57.460 align:start position:0% using this concept of technology regulated<00:01:55.759> regulation<00:01:56.540> and<00:01:56.750> build 00:01:57.460 --> 00:01:57.470 align:start position:0% regulated regulation and build 00:01:57.470 --> 00:01:59.920 align:start position:0% regulated regulation and build investment<00:01:58.189> funds<00:01:58.430> on<00:01:58.549> top<00:01:58.700> of<00:01:58.850> it<00:01:59.000> so 00:01:59.920 --> 00:01:59.930 align:start position:0% investment funds on top of it so 00:01:59.930 --> 00:02:02.890 align:start position:0% investment funds on top of it so investment<00:02:00.890> funds<00:02:01.280> is<00:02:02.000> really<00:02:02.360> just<00:02:02.570> a<00:02:02.689> set<00:02:02.869> of 00:02:02.890 --> 00:02:02.900 align:start position:0% investment funds is really just a set of 00:02:02.900 --> 00:02:06.550 align:start position:0% investment funds is really just a set of assets<00:02:03.520> usually<00:02:04.520> from<00:02:05.210> a<00:02:05.299> set<00:02:05.479> of<00:02:05.600> people<00:02:05.840> the 00:02:06.550 --> 00:02:06.560 align:start position:0% assets usually from a set of people the 00:02:06.560 --> 00:02:09.850 align:start position:0% assets usually from a set of people the investors<00:02:07.070> given<00:02:08.060> to<00:02:08.179> a<00:02:08.209> manager<00:02:08.720> and<00:02:08.989> are 00:02:09.850 --> 00:02:09.860 align:start position:0% investors given to a manager and are 00:02:09.860 --> 00:02:13.790 align:start position:0% investors given to a manager and are holding<00:02:10.340> in<00:02:10.550> one<00:02:10.759> place<00:02:11.030> the<00:02:11.599> custodian 00:02:13.790 --> 00:02:13.800 align:start position:0% holding in one place the custodian 00:02:13.800 --> 00:02:16.619 align:start position:0% holding in one place the custodian the<00:02:14.800> manager<00:02:15.400> then<00:02:15.610> can<00:02:15.849> take<00:02:16.090> those<00:02:16.330> assets 00:02:16.619 --> 00:02:16.629 align:start position:0% the manager then can take those assets 00:02:16.629 --> 00:02:20.000 align:start position:0% the manager then can take those assets and<00:02:17.200> trade<00:02:17.739> them<00:02:18.069> against<00:02:18.580> other<00:02:18.790> assets 00:02:20.000 --> 00:02:20.010 align:start position:0% and trade them against other assets 00:02:20.010 --> 00:02:22.080 align:start position:0% and trade them against other assets preferably<00:02:21.010> in<00:02:21.099> a<00:02:21.159> way<00:02:21.280> that<00:02:21.459> is<00:02:21.580> beneficial 00:02:22.080 --> 00:02:22.090 align:start position:0% preferably in a way that is beneficial 00:02:22.090 --> 00:02:27.680 align:start position:0% preferably in a way that is beneficial to<00:02:22.569> the<00:02:22.780> investors<00:02:24.780> so<00:02:25.780> what<00:02:26.530> are<00:02:26.650> our<00:02:26.860> values 00:02:27.680 --> 00:02:27.690 align:start position:0% to the investors so what are our values 00:02:27.690 --> 00:02:31.530 align:start position:0% to the investors so what are our values how<00:02:28.690> do<00:02:28.750> we<00:02:28.930> want<00:02:29.110> to<00:02:29.170> design<00:02:29.319> this<00:02:30.269> we<00:02:31.269> want<00:02:31.450> to 00:02:31.530 --> 00:02:31.540 align:start position:0% how do we want to design this we want to 00:02:31.540 --> 00:02:33.710 align:start position:0% how do we want to design this we want to design<00:02:31.660> it<00:02:31.930> in<00:02:32.019> a<00:02:32.110> way<00:02:32.200> that<00:02:32.230> is<00:02:32.440> reliable 00:02:33.710 --> 00:02:33.720 align:start position:0% design it in a way that is reliable 00:02:33.720 --> 00:02:38.369 align:start position:0% design it in a way that is reliable reliable<00:02:34.720> really<00:02:35.230> means<00:02:35.879> that<00:02:36.930> it<00:02:37.930> can't<00:02:38.170> be 00:02:38.369 --> 00:02:38.379 align:start position:0% reliable really means that it can't be 00:02:38.379 --> 00:02:41.490 align:start position:0% reliable really means that it can't be undone<00:02:38.790> so<00:02:39.900> so<00:02:40.900> since<00:02:41.110> we're<00:02:41.230> doing<00:02:41.349> an 00:02:41.490 --> 00:02:41.500 align:start position:0% undone so so since we're doing an 00:02:41.500 --> 00:02:43.259 align:start position:0% undone so so since we're doing an alternative<00:02:41.950> way<00:02:42.099> of<00:02:42.129> asset<00:02:42.579> management<00:02:42.819> I 00:02:43.259 --> 00:02:43.269 align:start position:0% alternative way of asset management I 00:02:43.269 --> 00:02:45.059 align:start position:0% alternative way of asset management I think<00:02:43.959> it's<00:02:44.049> important<00:02:44.530> to<00:02:44.590> build<00:02:44.769> it<00:02:44.950> in<00:02:45.010> a 00:02:45.059 --> 00:02:45.069 align:start position:0% think it's important to build it in a 00:02:45.069 --> 00:02:46.830 align:start position:0% think it's important to build it in a way<00:02:45.159> where<00:02:45.340> it<00:02:45.459> can't<00:02:45.670> be<00:02:45.879> undone<00:02:46.120> so<00:02:46.720> it's 00:02:46.830 --> 00:02:46.840 align:start position:0% way where it can't be undone so it's 00:02:46.840 --> 00:02:48.690 align:start position:0% way where it can't be undone so it's arguably<00:02:47.290> what<00:02:47.560> made<00:02:47.739> Bitcoin<00:02:48.220> to<00:02:48.400> what<00:02:48.519> it<00:02:48.610> is 00:02:48.690 --> 00:02:48.700 align:start position:0% arguably what made Bitcoin to what it is 00:02:48.700 --> 00:02:49.350 align:start position:0% arguably what made Bitcoin to what it is today 00:02:49.350 --> 00:02:49.360 align:start position:0% today 00:02:49.360 --> 00:02:52.440 align:start position:0% today the<00:02:49.840> fact<00:02:50.079> that<00:02:50.140> it<00:02:50.319> couldn't<00:02:50.620> be<00:02:50.680> undone<00:02:51.450> the 00:02:52.440 --> 00:02:52.450 align:start position:0% the fact that it couldn't be undone the 00:02:52.450 --> 00:02:55.559 align:start position:0% the fact that it couldn't be undone the second<00:02:52.690> aspect<00:02:52.900> of<00:02:53.109> reliability<00:02:53.829> is<00:02:54.819> that 00:02:55.559 --> 00:02:55.569 align:start position:0% second aspect of reliability is that 00:02:55.569 --> 00:02:57.720 align:start position:0% second aspect of reliability is that it's<00:02:55.720> secure<00:02:56.109> so<00:02:56.829> obviously<00:02:57.190> if<00:02:57.370> it<00:02:57.489> isn't 00:02:57.720 --> 00:02:57.730 align:start position:0% it's secure so obviously if it isn't 00:02:57.730 --> 00:02:59.910 align:start position:0% it's secure so obviously if it isn't secure<00:02:58.060> then<00:02:58.569> it's<00:02:58.690> not<00:02:58.780> very<00:02:58.959> useful<00:02:59.140> that's 00:02:59.910 --> 00:02:59.920 align:start position:0% secure then it's not very useful that's 00:02:59.920 --> 00:03:01.740 align:start position:0% secure then it's not very useful that's I<00:03:00.129> think<00:03:00.190> that's<00:03:00.430> why<00:03:00.640> we're<00:03:01.090> all<00:03:01.209> here<00:03:01.239> today 00:03:01.740 --> 00:03:01.750 align:start position:0% I think that's why we're all here today 00:03:01.750 --> 00:03:05.819 align:start position:0% I think that's why we're all here today as<00:03:01.989> well<00:03:02.170> so<00:03:03.870> at<00:03:04.870> the<00:03:04.989> second<00:03:05.290> value<00:03:05.410> is<00:03:05.500> it 00:03:05.819 --> 00:03:05.829 align:start position:0% as well so at the second value is it 00:03:05.829 --> 00:03:07.860 align:start position:0% as well so at the second value is it should<00:03:05.980> be<00:03:06.129> permissionless<00:03:06.870> so 00:03:07.860 --> 00:03:07.870 align:start position:0% should be permissionless so 00:03:07.870 --> 00:03:09.720 align:start position:0% should be permissionless so permissionless<00:03:08.410> really<00:03:08.739> means<00:03:09.010> that<00:03:09.340> it's 00:03:09.720 --> 00:03:09.730 align:start position:0% permissionless really means that it's 00:03:09.730 --> 00:03:11.940 align:start position:0% permissionless really means that it's not<00:03:09.849> for<00:03:10.000> us<00:03:10.120> to<00:03:10.150> decide<00:03:10.450> who<00:03:11.319> can<00:03:11.560> and<00:03:11.769> cannot 00:03:11.940 --> 00:03:11.950 align:start position:0% not for us to decide who can and cannot 00:03:11.950 --> 00:03:14.550 align:start position:0% not for us to decide who can and cannot use<00:03:12.069> Mellon<00:03:12.609> the<00:03:13.329> same<00:03:13.510> it<00:03:13.690> wasn't<00:03:13.989> up<00:03:14.079> for<00:03:14.109> Tim 00:03:14.550 --> 00:03:14.560 align:start position:0% use Mellon the same it wasn't up for Tim 00:03:14.560 --> 00:03:16.380 align:start position:0% use Mellon the same it wasn't up for Tim berners-lee<00:03:14.829> to<00:03:15.220> decide<00:03:15.519> who<00:03:15.970> can<00:03:16.180> use 00:03:16.380 --> 00:03:16.390 align:start position:0% berners-lee to decide who can use 00:03:16.390 --> 00:03:19.620 align:start position:0% berners-lee to decide who can use introduced<00:03:17.140> the<00:03:17.290> Internet<00:03:17.650> and<00:03:18.419> the<00:03:19.419> third 00:03:19.620 --> 00:03:19.630 align:start position:0% introduced the Internet and the third 00:03:19.630 --> 00:03:24.150 align:start position:0% introduced the Internet and the third one<00:03:19.900> is<00:03:20.139> it<00:03:21.099> should<00:03:21.130> be<00:03:21.370> ownerless<00:03:22.829> so<00:03:23.829> unless 00:03:24.150 --> 00:03:24.160 align:start position:0% one is it should be ownerless so unless 00:03:24.160 --> 00:03:26.580 align:start position:0% one is it should be ownerless so unless just<00:03:24.370> means<00:03:24.700> you<00:03:25.660> know<00:03:25.750> not<00:03:25.959> controlled<00:03:26.380> by<00:03:26.560> a 00:03:26.580 --> 00:03:26.590 align:start position:0% just means you know not controlled by a 00:03:26.590 --> 00:03:29.400 align:start position:0% just means you know not controlled by a central<00:03:26.799> party<00:03:27.660> Mellon<00:03:28.660> should<00:03:28.840> be<00:03:28.959> a<00:03:28.989> common 00:03:29.400 --> 00:03:29.410 align:start position:0% central party Mellon should be a common 00:03:29.410 --> 00:03:30.870 align:start position:0% central party Mellon should be a common good<00:03:29.560> the<00:03:30.010> same<00:03:30.190> way<00:03:30.310> the<00:03:30.430> internet<00:03:30.730> is<00:03:30.849> a 00:03:30.870 --> 00:03:30.880 align:start position:0% good the same way the internet is a 00:03:30.880 --> 00:03:40.080 align:start position:0% good the same way the internet is a common<00:03:31.209> good<00:03:31.389> so<00:03:34.079> Malan<00:03:36.989> this<00:03:37.989> is<00:03:38.139> a<00:03:39.090> short 00:03:40.080 --> 00:03:40.090 align:start position:0% common good so Malan this is a short 00:03:40.090 --> 00:03:42.979 align:start position:0% common good so Malan this is a short overview<00:03:40.209> of<00:03:40.630> the<00:03:41.049> design<00:03:41.290> of<00:03:41.410> the<00:03:41.560> protocol 00:03:42.979 --> 00:03:42.989 align:start position:0% overview of the design of the protocol 00:03:42.989 --> 00:03:45.990 align:start position:0% overview of the design of the protocol in<00:03:43.989> the<00:03:44.230> middle<00:03:44.530> you<00:03:44.620> see<00:03:44.680> a<00:03:45.069> Mellon<00:03:45.400> fund<00:03:45.700> a 00:03:45.990 --> 00:03:46.000 align:start position:0% in the middle you see a Mellon fund a 00:03:46.000 --> 00:03:48.300 align:start position:0% in the middle you see a Mellon fund a Mellon<00:03:46.780> fund<00:03:47.019> or<00:03:47.200> like<00:03:47.380> the<00:03:47.530> core<00:03:47.739> aspect<00:03:48.190> of 00:03:48.300 --> 00:03:48.310 align:start position:0% Mellon fund or like the core aspect of 00:03:48.310 --> 00:03:50.250 align:start position:0% Mellon fund or like the core aspect of it<00:03:48.459> is<00:03:48.790> really<00:03:49.150> just<00:03:49.269> a<00:03:49.419> set<00:03:49.599> of<00:03:49.630> smart 00:03:50.250 --> 00:03:50.260 align:start position:0% it is really just a set of smart 00:03:50.260 --> 00:03:53.759 align:start position:0% it is really just a set of smart contracts<00:03:51.450> this<00:03:52.450> set<00:03:52.660> of<00:03:52.780> smart<00:03:53.019> contracts 00:03:53.759 --> 00:03:53.769 align:start position:0% contracts this set of smart contracts 00:03:53.769 --> 00:03:57.750 align:start position:0% contracts this set of smart contracts acts<00:03:54.400> as<00:03:54.940> the<00:03:55.389> fund<00:03:55.569> custodian<00:03:56.169> so<00:03:57.129> as<00:03:57.519> I'm 00:03:57.750 --> 00:03:57.760 align:start position:0% acts as the fund custodian so as I'm 00:03:57.760 --> 00:04:00.180 align:start position:0% acts as the fund custodian so as I'm sure<00:03:57.790> you<00:03:58.120> all<00:03:58.269> know<00:03:58.540> smart<00:03:59.290> contracts<00:03:59.889> don't 00:04:00.180 --> 00:04:00.190 align:start position:0% sure you all know smart contracts don't 00:04:00.190 --> 00:04:02.430 align:start position:0% sure you all know smart contracts don't have<00:04:00.370> private<00:04:00.730> keys<00:04:00.970> so<00:04:01.569> they<00:04:01.690> can<00:04:02.049> spend 00:04:02.430 --> 00:04:02.440 align:start position:0% have private keys so they can spend 00:04:02.440 --> 00:04:05.520 align:start position:0% have private keys so they can spend assets<00:04:03.370> themselves<00:04:03.959> they<00:04:04.959> need<00:04:05.169> to<00:04:05.349> have 00:04:05.520 --> 00:04:05.530 align:start position:0% assets themselves they need to have 00:04:05.530 --> 00:04:08.550 align:start position:0% assets themselves they need to have custom<00:04:06.099> code<00:04:06.340> on<00:04:06.849> how<00:04:07.510> to<00:04:07.569> spend<00:04:07.959> those<00:04:08.200> assets 00:04:08.550 --> 00:04:08.560 align:start position:0% custom code on how to spend those assets 00:04:08.560 --> 00:04:10.849 align:start position:0% custom code on how to spend those assets again<00:04:08.829> it's<00:04:09.459> really<00:04:09.669> a<00:04:09.699> core<00:04:10.000> aspect<00:04:10.449> of<00:04:10.569> our 00:04:10.849 --> 00:04:10.859 align:start position:0% again it's really a core aspect of our 00:04:10.859 --> 00:04:15.449 align:start position:0% again it's really a core aspect of our security<00:04:11.859> approach<00:04:13.680> the<00:04:14.680> second<00:04:15.010> thing<00:04:15.220> those 00:04:15.449 --> 00:04:15.459 align:start position:0% security approach the second thing those 00:04:15.459 --> 00:04:23.339 align:start position:0% security approach the second thing those more<00:04:15.730> contracts<00:04:17.970> act<00:04:20.070> for<00:04:21.070> is<00:04:21.640> or<00:04:22.330> they<00:04:22.930> are 00:04:23.339 --> 00:04:23.349 align:start position:0% more contracts act for is or they are 00:04:23.349 --> 00:04:25.680 align:start position:0% more contracts act for is or they are supposed<00:04:23.800> to<00:04:23.919> be<00:04:24.070> or<00:04:24.219> they<00:04:24.370> are<00:04:24.520> the<00:04:25.479> fund 00:04:25.680 --> 00:04:25.690 align:start position:0% supposed to be or they are the fund 00:04:25.690 --> 00:04:26.909 align:start position:0% supposed to be or they are the fund accountant 00:04:26.909 --> 00:04:26.919 align:start position:0% accountant 00:04:26.919 --> 00:04:29.879 align:start position:0% accountant meaning<00:04:27.780> they<00:04:28.780> calculate<00:04:29.229> the<00:04:29.740> performance 00:04:29.879 --> 00:04:29.889 align:start position:0% meaning they calculate the performance 00:04:29.889 --> 00:04:32.010 align:start position:0% meaning they calculate the performance of<00:04:30.370> the<00:04:30.460> manager<00:04:30.849> they<00:04:31.360> calculate<00:04:31.780> the<00:04:31.870> share 00:04:32.010 --> 00:04:32.020 align:start position:0% of the manager they calculate the share 00:04:32.020 --> 00:04:34.649 align:start position:0% of the manager they calculate the share price<00:04:32.349> they<00:04:33.099> calculate<00:04:33.550> the<00:04:33.969> management<00:04:34.449> fees 00:04:34.649 --> 00:04:34.659 align:start position:0% price they calculate the management fees 00:04:34.659 --> 00:04:37.019 align:start position:0% price they calculate the management fees the<00:04:35.289> performance<00:04:35.830> fees<00:04:36.009> like<00:04:36.340> the<00:04:36.610> incentive 00:04:37.019 --> 00:04:37.029 align:start position:0% the performance fees like the incentive 00:04:37.029 --> 00:04:41.309 align:start position:0% the performance fees like the incentive layer<00:04:37.240> for<00:04:37.840> the<00:04:37.960> manager<00:04:39.090> and<00:04:40.090> to<00:04:40.389> do<00:04:40.509> so<00:04:40.719> they 00:04:41.309 --> 00:04:41.319 align:start position:0% layer for the manager and to do so they 00:04:41.319 --> 00:04:43.559 align:start position:0% layer for the manager and to do so they need<00:04:41.349> to<00:04:41.560> have<00:04:41.740> data<00:04:42.069> so<00:04:43.060> they<00:04:43.180> need<00:04:43.300> to<00:04:43.419> have 00:04:43.559 --> 00:04:43.569 align:start position:0% need to have data so they need to have 00:04:43.569 --> 00:04:47.279 align:start position:0% need to have data so they need to have data<00:04:43.870> of<00:04:44.340> the<00:04:45.340> prices<00:04:45.729> of<00:04:45.849> the<00:04:45.999> assets<00:04:46.389> and 00:04:47.279 --> 00:04:47.289 align:start position:0% data of the prices of the assets and 00:04:47.289 --> 00:04:49.649 align:start position:0% data of the prices of the assets and that's<00:04:47.499> where<00:04:47.740> the<00:04:48.610> data<00:04:48.819> feed<00:04:49.060> model<00:04:49.389> comes 00:04:49.649 --> 00:04:49.659 align:start position:0% that's where the data feed model comes 00:04:49.659 --> 00:04:52.409 align:start position:0% that's where the data feed model comes in<00:04:50.069> so<00:04:51.069> the<00:04:51.340> data<00:04:51.490> feed<00:04:51.669> model<00:04:51.969> is<00:04:52.060> essentially 00:04:52.409 --> 00:04:52.419 align:start position:0% in so the data feed model is essentially 00:04:52.419 --> 00:04:54.929 align:start position:0% in so the data feed model is essentially just<00:04:52.740> another<00:04:53.740> set<00:04:54.009> of<00:04:54.129> smart<00:04:54.310> contracts 00:04:54.929 --> 00:04:54.939 align:start position:0% just another set of smart contracts 00:04:54.939 --> 00:04:57.959 align:start position:0% just another set of smart contracts which<00:04:55.120> deliver<00:04:55.509> data<00:04:56.169> to<00:04:56.319> the<00:04:56.560> blockchain<00:04:56.969> so 00:04:57.959 --> 00:04:57.969 align:start position:0% which deliver data to the blockchain so 00:04:57.969 --> 00:05:01.320 align:start position:0% which deliver data to the blockchain so we<00:04:58.900> were<00:04:59.020> very<00:04:59.050> lucky<00:04:59.469> with<00:04:59.830> having<00:05:00.610> Oracle 00:05:01.320 --> 00:05:01.330 align:start position:0% we were very lucky with having Oracle 00:05:01.330 --> 00:05:02.809 align:start position:0% we were very lucky with having Oracle eyes<00:05:01.419> together<00:05:01.779> with<00:05:02.050> crypto<00:05:02.349> compare 00:05:02.809 --> 00:05:02.819 align:start position:0% eyes together with crypto compare 00:05:02.819 --> 00:05:05.610 align:start position:0% eyes together with crypto compare building<00:05:03.819> in<00:05:03.909> a<00:05:04.120> data<00:05:04.840> feed<00:05:05.050> model<00:05:05.319> for<00:05:05.500> us 00:05:05.610 --> 00:05:05.620 align:start position:0% building in a data feed model for us 00:05:05.620 --> 00:05:08.040 align:start position:0% building in a data feed model for us that<00:05:05.860> uses<00:05:06.129> native<00:05:06.340> proofs<00:05:06.819> to<00:05:07.599> validate<00:05:07.900> the 00:05:08.040 --> 00:05:08.050 align:start position:0% that uses native proofs to validate the 00:05:08.050 --> 00:05:11.010 align:start position:0% that uses native proofs to validate the data<00:05:08.199> which<00:05:09.009> means<00:05:09.250> that<00:05:09.569> data<00:05:10.569> from<00:05:10.870> its 00:05:11.010 --> 00:05:11.020 align:start position:0% data which means that data from its 00:05:11.020 --> 00:05:13.709 align:start position:0% data which means that data from its source<00:05:11.289> to<00:05:11.409> the<00:05:11.620> blockchain<00:05:12.060> is<00:05:13.060> almost 00:05:13.709 --> 00:05:13.719 align:start position:0% source to the blockchain is almost 00:05:13.719 --> 00:05:18.089 align:start position:0% source to the blockchain is almost impossible<00:05:14.080> to<00:05:14.469> manipulate<00:05:16.740> another<00:05:17.740> great 00:05:18.089 --> 00:05:18.099 align:start position:0% impossible to manipulate another great 00:05:18.099 --> 00:05:20.610 align:start position:0% impossible to manipulate another great data<00:05:18.789> feed<00:05:19.000> module<00:05:19.360> just<00:05:19.960> recently<00:05:20.349> announced 00:05:20.610 --> 00:05:20.620 align:start position:0% data feed module just recently announced 00:05:20.620 --> 00:05:24.659 align:start position:0% data feed module just recently announced is<00:05:21.580> the<00:05:21.969> one<00:05:22.089> from<00:05:22.509> Thomson<00:05:22.990> Reuters<00:05:23.339> so<00:05:24.339> you 00:05:24.659 --> 00:05:24.669 align:start position:0% is the one from Thomson Reuters so you 00:05:24.669 --> 00:05:27.959 align:start position:0% is the one from Thomson Reuters so you can<00:05:24.879> have<00:05:25.740> you<00:05:26.740> can<00:05:26.889> have<00:05:26.949> your<00:05:27.279> your<00:05:27.610> melon 00:05:27.959 --> 00:05:27.969 align:start position:0% can have you can have your your melon 00:05:27.969 --> 00:05:30.089 align:start position:0% can have you can have your your melon phone<00:05:28.180> now<00:05:28.360> evaluated<00:05:29.110> against<00:05:29.620> data 00:05:30.089 --> 00:05:30.099 align:start position:0% phone now evaluated against data 00:05:30.099 --> 00:05:40.170 align:start position:0% phone now evaluated against data delivered<00:05:30.520> from<00:05:30.699> Thomson<00:05:31.060> Reuters<00:05:37.620> great<00:05:39.180> so 00:05:40.170 --> 00:05:40.180 align:start position:0% delivered from Thomson Reuters great so 00:05:40.180 --> 00:05:42.209 align:start position:0% delivered from Thomson Reuters great so we<00:05:40.270> have<00:05:40.389> fun<00:05:40.990> custodian<00:05:41.500> we<00:05:41.979> have<00:05:42.069> fun 00:05:42.209 --> 00:05:42.219 align:start position:0% we have fun custodian we have fun 00:05:42.219 --> 00:05:45.029 align:start position:0% we have fun custodian we have fun accountant<00:05:42.789> if<00:05:43.330> you<00:05:43.960> look<00:05:44.139> at<00:05:44.289> what<00:05:44.740> fund 00:05:45.029 --> 00:05:45.039 align:start position:0% accountant if you look at what fund 00:05:45.039 --> 00:05:47.339 align:start position:0% accountant if you look at what fund administration<00:05:45.729> does<00:05:46.089> then<00:05:46.750> we<00:05:46.870> see<00:05:47.050> fund 00:05:47.339 --> 00:05:47.349 align:start position:0% administration does then we see fund 00:05:47.349 --> 00:05:51.209 align:start position:0% administration does then we see fund administration<00:05:48.039> does<00:05:48.599> fund<00:05:49.599> custodian<00:05:50.219> from 00:05:51.209 --> 00:05:51.219 align:start position:0% administration does fund custodian from 00:05:51.219 --> 00:05:54.779 align:start position:0% administration does fund custodian from the<00:05:51.310> content<00:05:52.379> kyc<00:05:53.379> AML<00:05:53.830> and<00:05:54.039> risk<00:05:54.550> management 00:05:54.779 --> 00:05:54.789 align:start position:0% the content kyc AML and risk management 00:05:54.789 --> 00:05:58.200 align:start position:0% the content kyc AML and risk management so<00:05:55.719> we<00:05:55.839> just<00:05:56.050> seen<00:05:56.379> we<00:05:57.099> can<00:05:57.129> solve<00:05:57.430> two<00:05:57.789> of<00:05:57.969> them 00:05:58.200 --> 00:05:58.210 align:start position:0% so we just seen we can solve two of them 00:05:58.210 --> 00:06:00.059 align:start position:0% so we just seen we can solve two of them one<00:05:58.689> custodian<00:05:59.229> and<00:05:59.319> from<00:05:59.500> the<00:05:59.620> accountant 00:06:00.059 --> 00:06:00.069 align:start position:0% one custodian and from the accountant 00:06:00.069 --> 00:06:04.129 align:start position:0% one custodian and from the accountant with<00:06:00.279> more<00:06:00.490> contracts<00:06:01.120> so<00:06:01.870> how<00:06:02.020> do<00:06:02.080> we<00:06:02.289> tackle 00:06:04.129 --> 00:06:04.139 align:start position:0% with more contracts so how do we tackle 00:06:04.139 --> 00:06:07.290 align:start position:0% with more contracts so how do we tackle kyc<00:06:05.139> AML<00:06:05.500> and<00:06:05.830> risk<00:06:06.099> management<00:06:06.279> so<00:06:07.149> that's 00:06:07.290 --> 00:06:07.300 align:start position:0% kyc AML and risk management so that's 00:06:07.300 --> 00:06:09.119 align:start position:0% kyc AML and risk management so that's where<00:06:07.479> the<00:06:07.779> participation<00:06:08.349> model<00:06:08.710> comes<00:06:08.919> in 00:06:09.119 --> 00:06:09.129 align:start position:0% where the participation model comes in 00:06:09.129 --> 00:06:12.600 align:start position:0% where the participation model comes in and<00:06:09.789> there<00:06:10.479> is<00:06:10.539> management<00:06:10.899> module<00:06:11.460> so<00:06:12.460> for 00:06:12.600 --> 00:06:12.610 align:start position:0% and there is management module so for 00:06:12.610 --> 00:06:14.129 align:start position:0% and there is management module so for those<00:06:12.759> that<00:06:12.909> don't<00:06:13.089> know<00:06:13.210> like<00:06:13.449> fund 00:06:14.129 --> 00:06:14.139 align:start position:0% those that don't know like fund 00:06:14.139 --> 00:06:16.200 align:start position:0% those that don't know like fund administration<00:06:14.649> they<00:06:15.430> handle<00:06:15.729> a<00:06:15.789> trillion 00:06:16.200 --> 00:06:16.210 align:start position:0% administration they handle a trillion 00:06:16.210 --> 00:06:19.249 align:start position:0% administration they handle a trillion dollar<00:06:16.870> it's<00:06:17.740> a<00:06:17.860> trillion<00:06:18.189> dollar<00:06:18.370> industry 00:06:19.249 --> 00:06:19.259 align:start position:0% dollar it's a trillion dollar industry 00:06:19.259 --> 00:06:26.040 align:start position:0% dollar it's a trillion dollar industry so<00:06:21.270> okay<00:06:22.270> so<00:06:22.439> participation<00:06:24.839> so<00:06:25.839> the<00:06:25.960> way 00:06:26.040 --> 00:06:26.050 align:start position:0% so okay so participation so the way 00:06:26.050 --> 00:06:28.320 align:start position:0% so okay so participation so the way participation<00:06:26.710> works<00:06:26.949> is<00:06:27.189> really<00:06:27.520> if<00:06:27.969> someone 00:06:28.320 --> 00:06:28.330 align:start position:0% participation works is really if someone 00:06:28.330 --> 00:06:30.480 align:start position:0% participation works is really if someone wants<00:06:28.509> to<00:06:28.599> invest<00:06:28.839> in<00:06:28.990> a<00:06:29.050> melon<00:06:29.289> fund<00:06:29.560> on<00:06:29.830> smart 00:06:30.480 --> 00:06:30.490 align:start position:0% wants to invest in a melon fund on smart 00:06:30.490 --> 00:06:32.610 align:start position:0% wants to invest in a melon fund on smart contract<00:06:30.909> level<00:06:31.149> it's<00:06:31.240> like<00:06:31.419> a<00:06:31.449> phone<00:06:31.719> call<00:06:31.990> to 00:06:32.610 --> 00:06:32.620 align:start position:0% contract level it's like a phone call to 00:06:32.620 --> 00:06:34.350 align:start position:0% contract level it's like a phone call to another<00:06:32.800> set<00:06:33.219> of<00:06:33.339> smart<00:06:33.580> contracts<00:06:34.240> with<00:06:34.330> a 00:06:34.350 --> 00:06:34.360 align:start position:0% another set of smart contracts with a 00:06:34.360 --> 00:06:36.889 align:start position:0% another set of smart contracts with a Widow's<00:06:34.839> set<00:06:35.409> of<00:06:35.529> parameters<00:06:36.159> and 00:06:36.889 --> 00:06:36.899 align:start position:0% Widow's set of parameters and 00:06:36.899 --> 00:06:40.010 align:start position:0% Widow's set of parameters and essentially<00:06:37.899> asks<00:06:38.379> the<00:06:38.529> participation<00:06:39.099> model 00:06:40.010 --> 00:06:40.020 align:start position:0% essentially asks the participation model 00:06:40.020 --> 00:06:41.629 align:start position:0% essentially asks the participation model is<00:06:40.259> this<00:06:40.440> person<00:06:40.830> allowed<00:06:41.039> to<00:06:41.160> invest<00:06:41.460> or<00:06:41.610> not 00:06:41.629 --> 00:06:41.639 align:start position:0% is this person allowed to invest or not 00:06:41.639 --> 00:06:46.760 align:start position:0% is this person allowed to invest or not so<00:06:42.599> for<00:06:42.750> example<00:06:44.840> we<00:06:45.840> are<00:06:45.870> working<00:06:45.960> with<00:06:46.620> the 00:06:46.760 --> 00:06:46.770 align:start position:0% so for example we are working with the 00:06:46.770 --> 00:06:52.040 align:start position:0% so for example we are working with the government<00:06:47.129> of<00:06:47.280> took<00:06:47.580> that<00:06:50.750> essentially<00:06:51.750> then 00:06:52.040 --> 00:06:52.050 align:start position:0% government of took that essentially then 00:06:52.050 --> 00:06:54.320 align:start position:0% government of took that essentially then you<00:06:52.949> know<00:06:53.039> they<00:06:53.280> work<00:06:53.430> with<00:06:53.639> you<00:06:53.819> port<00:06:54.090> who 00:06:54.320 --> 00:06:54.330 align:start position:0% you know they work with you port who 00:06:54.330 --> 00:06:59.180 align:start position:0% you know they work with you port who have<00:06:54.509> like<00:06:54.710> to<00:06:55.710> register<00:06:55.860> citizens<00:06:56.580> so<00:06:58.190> so 00:06:59.180 --> 00:06:59.190 align:start position:0% have like to register citizens so so 00:06:59.190 --> 00:07:00.890 align:start position:0% have like to register citizens so so this<00:06:59.520> participation<00:07:00.030> module<00:07:00.419> will<00:07:00.569> be<00:07:00.629> then 00:07:00.890 --> 00:07:00.900 align:start position:0% this participation module will be then 00:07:00.900 --> 00:07:04.939 align:start position:0% this participation module will be then like<00:07:02.090> Carlson<00:07:03.090> smart<00:07:03.330> contract<00:07:03.659> level<00:07:03.810> to<00:07:04.560> the 00:07:04.939 --> 00:07:04.949 align:start position:0% like Carlson smart contract level to the 00:07:04.949 --> 00:07:07.670 align:start position:0% like Carlson smart contract level to the government<00:07:05.280> of<00:07:05.340> Truman<00:07:05.819> asks<00:07:06.150> is<00:07:06.629> this<00:07:06.900> person 00:07:07.670 --> 00:07:07.680 align:start position:0% government of Truman asks is this person 00:07:07.680 --> 00:07:08.659 align:start position:0% government of Truman asks is this person registered<00:07:07.979> with<00:07:08.490> us 00:07:08.659 --> 00:07:08.669 align:start position:0% registered with us 00:07:08.669 --> 00:07:11.960 align:start position:0% registered with us if<00:07:09.360> yes<00:07:09.750> this<00:07:10.470> person<00:07:10.680> is<00:07:11.099> allowed<00:07:11.460> to<00:07:11.669> invest 00:07:11.960 --> 00:07:11.970 align:start position:0% if yes this person is allowed to invest 00:07:11.970 --> 00:07:15.710 align:start position:0% if yes this person is allowed to invest if<00:07:12.389> not<00:07:12.720> and<00:07:12.960> not<00:07:14.120> so<00:07:15.120> but<00:07:15.330> this<00:07:15.449> really 00:07:15.710 --> 00:07:15.720 align:start position:0% if not and not so but this really 00:07:15.720 --> 00:07:18.170 align:start position:0% if not and not so but this really extends<00:07:16.169> to<00:07:16.289> just<00:07:16.530> government<00:07:17.520> of<00:07:17.699> -<00:07:17.940> like 00:07:18.170 --> 00:07:18.180 align:start position:0% extends to just government of - like 00:07:18.180 --> 00:07:20.540 align:start position:0% extends to just government of - like it's<00:07:18.470> essentially<00:07:19.470> every<00:07:19.740> jurisdiction<00:07:19.919> or 00:07:20.540 --> 00:07:20.550 align:start position:0% it's essentially every jurisdiction or 00:07:20.550 --> 00:07:25.339 align:start position:0% it's essentially every jurisdiction or every<00:07:22.460> certain<00:07:23.460> need<00:07:23.669> can<00:07:24.330> be<00:07:24.479> implemented<00:07:24.900> in 00:07:25.339 --> 00:07:25.349 align:start position:0% every certain need can be implemented in 00:07:25.349 --> 00:07:31.879 align:start position:0% every certain need can be implemented in such<00:07:25.710> a<00:07:25.740> module<00:07:29.509> and<00:07:30.509> the<00:07:30.750> fourth<00:07:30.960> aspect<00:07:31.319> of 00:07:31.879 --> 00:07:31.889 align:start position:0% such a module and the fourth aspect of 00:07:31.889 --> 00:07:33.879 align:start position:0% such a module and the fourth aspect of fund<00:07:32.130> administration<00:07:32.639> is<00:07:32.940> risk<00:07:33.509> management 00:07:33.879 --> 00:07:33.889 align:start position:0% fund administration is risk management 00:07:33.889 --> 00:07:36.709 align:start position:0% fund administration is risk management so<00:07:34.889> risk<00:07:35.219> management<00:07:35.639> is<00:07:35.759> similar<00:07:36.150> so<00:07:36.180> if<00:07:36.479> the 00:07:36.709 --> 00:07:36.719 align:start position:0% so risk management is similar so if the 00:07:36.719 --> 00:07:38.839 align:start position:0% so risk management is similar so if the manager<00:07:37.020> wants<00:07:37.229> to<00:07:37.319> make<00:07:37.440> a<00:07:37.469> trade<00:07:37.710> it's<00:07:38.550> like 00:07:38.839 --> 00:07:38.849 align:start position:0% manager wants to make a trade it's like 00:07:38.849 --> 00:07:40.820 align:start position:0% manager wants to make a trade it's like calling<00:07:39.300> the<00:07:39.900> risk<00:07:40.050> management<00:07:40.500> module 00:07:40.820 --> 00:07:40.830 align:start position:0% calling the risk management module 00:07:40.830 --> 00:07:45.140 align:start position:0% calling the risk management module before<00:07:41.460> the<00:07:41.759> trade<00:07:41.969> happens<00:07:43.580> is<00:07:44.580> this<00:07:44.880> trade 00:07:45.140 --> 00:07:45.150 align:start position:0% before the trade happens is this trade 00:07:45.150 --> 00:07:50.870 align:start position:0% before the trade happens is this trade allowed<00:07:45.419> yes<00:07:45.810> or<00:07:46.020> no<00:07:48.500> so<00:07:49.500> for<00:07:49.590> example<00:07:49.919> one<00:07:50.610> one 00:07:50.870 --> 00:07:50.880 align:start position:0% allowed yes or no so for example one one 00:07:50.880 --> 00:07:53.809 align:start position:0% allowed yes or no so for example one one example<00:07:51.000> for<00:07:51.449> risk<00:07:51.599> management<00:07:51.750> is<00:07:52.819> only 00:07:53.809 --> 00:07:53.819 align:start position:0% example for risk management is only 00:07:53.819 --> 00:07:58.550 align:start position:0% example for risk management is only trades<00:07:54.419> are<00:07:54.900> allowed<00:07:55.289> that<00:07:56.009> are<00:07:56.479> above<00:07:57.560> the 00:07:58.550 --> 00:07:58.560 align:start position:0% trades are allowed that are above the 00:07:58.560 --> 00:08:01.909 align:start position:0% trades are allowed that are above the current<00:07:58.770> market<00:07:59.250> price<00:07:59.460> so<00:08:00.180> that<00:08:00.919> trading 00:08:01.909 --> 00:08:01.919 align:start position:0% current market price so that trading 00:08:01.919 --> 00:08:04.279 align:start position:0% current market price so that trading that<00:08:02.190> is<00:08:02.310> not<00:08:03.150> beneficial<00:08:03.419> for<00:08:03.779> investor 00:08:04.279 --> 00:08:04.289 align:start position:0% that is not beneficial for investor 00:08:04.289 --> 00:08:07.760 align:start position:0% that is not beneficial for investor becomes<00:08:04.979> really<00:08:05.190> hard<00:08:05.960> and<00:08:06.960> really<00:08:07.020> leads<00:08:07.590> to 00:08:07.760 --> 00:08:07.770 align:start position:0% becomes really hard and really leads to 00:08:07.770 --> 00:08:10.070 align:start position:0% becomes really hard and really leads to a<00:08:07.800> system<00:08:08.219> where<00:08:08.370> the<00:08:09.000> manager<00:08:09.389> and<00:08:09.539> investor 00:08:10.070 --> 00:08:10.080 align:start position:0% a system where the manager and investor 00:08:10.080 --> 00:08:11.540 align:start position:0% a system where the manager and investor they<00:08:10.560> don't<00:08:10.740> actually<00:08:10.860> have<00:08:11.039> to<00:08:11.159> know<00:08:11.400> each 00:08:11.540 --> 00:08:11.550 align:start position:0% they don't actually have to know each 00:08:11.550 --> 00:08:13.640 align:start position:0% they don't actually have to know each other<00:08:11.789> the<00:08:12.479> same<00:08:12.659> way<00:08:12.810> if<00:08:12.900> you<00:08:12.990> make<00:08:13.139> a<00:08:13.199> Bitcoin 00:08:13.640 --> 00:08:13.650 align:start position:0% other the same way if you make a Bitcoin 00:08:13.650 --> 00:08:15.379 align:start position:0% other the same way if you make a Bitcoin transaction<00:08:13.860> you<00:08:14.639> don't<00:08:14.789> actually<00:08:14.940> need<00:08:15.210> to 00:08:15.379 --> 00:08:15.389 align:start position:0% transaction you don't actually need to 00:08:15.389 --> 00:08:17.390 align:start position:0% transaction you don't actually need to know<00:08:15.509> who's<00:08:15.719> behind<00:08:15.990> the<00:08:16.169> public<00:08:16.500> key<00:08:16.770> it's 00:08:17.390 --> 00:08:17.400 align:start position:0% know who's behind the public key it's 00:08:17.400 --> 00:08:18.680 align:start position:0% know who's behind the public key it's efficient<00:08:17.940> to<00:08:17.969> just<00:08:18.210> trust<00:08:18.419> in<00:08:18.599> the 00:08:18.680 --> 00:08:18.690 align:start position:0% efficient to just trust in the 00:08:18.690 --> 00:08:21.320 align:start position:0% efficient to just trust in the technology<00:08:19.259> does<00:08:20.219> technology<00:08:20.610> regulated 00:08:21.320 --> 00:08:21.330 align:start position:0% technology does technology regulated 00:08:21.330 --> 00:08:26.629 align:start position:0% technology does technology regulated funds 00:08:26.629 --> 00:08:26.639 align:start position:0% 00:08:26.639 --> 00:08:28.790 align:start position:0% okay<00:08:27.000> so<00:08:27.180> what<00:08:27.330> what<00:08:27.569> happens<00:08:27.900> if<00:08:28.050> if<00:08:28.349> this<00:08:28.590> set 00:08:28.790 --> 00:08:28.800 align:start position:0% okay so what what happens if if this set 00:08:28.800 --> 00:08:30.200 align:start position:0% okay so what what happens if if this set of<00:08:28.919> smart<00:08:29.129> contracts<00:08:29.610> now<00:08:29.759> needs<00:08:30.060> to<00:08:30.150> be 00:08:30.200 --> 00:08:30.210 align:start position:0% of smart contracts now needs to be 00:08:30.210 --> 00:08:35.690 align:start position:0% of smart contracts now needs to be upgraded<00:08:33.860> so<00:08:34.860> essentially<00:08:35.279> we<00:08:35.399> have<00:08:35.550> this 00:08:35.690 --> 00:08:35.700 align:start position:0% upgraded so essentially we have this 00:08:35.700 --> 00:08:37.069 align:start position:0% upgraded so essentially we have this concept<00:08:36.029> of<00:08:36.180> version<00:08:36.630> which<00:08:36.779> is<00:08:36.930> like 00:08:37.069 --> 00:08:37.079 align:start position:0% concept of version which is like 00:08:37.079 --> 00:08:40.250 align:start position:0% concept of version which is like protocol<00:08:37.500> version<00:08:37.800> similar<00:08:38.130> to<00:08:38.370> a<00:08:38.399> serial<00:08:39.260> all 00:08:40.250 --> 00:08:40.260 align:start position:0% protocol version similar to a serial all 00:08:40.260 --> 00:08:44.660 align:start position:0% protocol version similar to a serial all of<00:08:41.099> the<00:08:41.279> Tamlyn<00:08:41.940> phones<00:08:42.149> are<00:08:42.709> identical<00:08:43.709> in 00:08:44.660 --> 00:08:44.670 align:start position:0% of the Tamlyn phones are identical in 00:08:44.670 --> 00:08:47.569 align:start position:0% of the Tamlyn phones are identical in each<00:08:44.910> version<00:08:45.240> and<00:08:45.750> if<00:08:46.589> if<00:08:47.100> a<00:08:47.190> version<00:08:47.370> now 00:08:47.569 --> 00:08:47.579 align:start position:0% each version and if if a version now 00:08:47.579 --> 00:08:48.769 align:start position:0% each version and if if a version now needs<00:08:47.790> to<00:08:47.850> be<00:08:47.970> upgraded<00:08:48.480> and<00:08:48.630> it's 00:08:48.769 --> 00:08:48.779 align:start position:0% needs to be upgraded and it's 00:08:48.779 --> 00:08:50.090 align:start position:0% needs to be upgraded and it's essentially<00:08:49.290> just<00:08:49.320> the<00:08:49.529> governance<00:08:49.890> layer 00:08:50.090 --> 00:08:50.100 align:start position:0% essentially just the governance layer 00:08:50.100 --> 00:08:54.500 align:start position:0% essentially just the governance layer that<00:08:51.649> will<00:08:52.649> be<00:08:52.890> most<00:08:53.519> likely<00:08:53.700> just<00:08:54.060> a<00:08:54.209> set<00:08:54.390> of 00:08:54.500 --> 00:08:54.510 align:start position:0% that will be most likely just a set of 00:08:54.510 --> 00:08:56.420 align:start position:0% that will be most likely just a set of people<00:08:54.750> that<00:08:54.930> are<00:08:55.200> kind<00:08:55.620> of<00:08:55.680> voted<00:08:55.950> in<00:08:56.040> by<00:08:56.250> that 00:08:56.420 --> 00:08:56.430 align:start position:0% people that are kind of voted in by that 00:08:56.430 --> 00:08:58.670 align:start position:0% people that are kind of voted in by that token<00:08:56.880> holder<00:08:57.269> so<00:08:57.420> it's<00:08:57.570> a<00:08:57.810> small<00:08:58.440> set<00:08:58.649> of 00:08:58.670 --> 00:08:58.680 align:start position:0% token holder so it's a small set of 00:08:58.680 --> 00:09:02.300 align:start position:0% token holder so it's a small set of people<00:08:59.930> thus<00:09:00.930> they<00:09:01.110> can<00:09:01.290> act<00:09:01.500> efficiently<00:09:02.220> and 00:09:02.300 --> 00:09:02.310 align:start position:0% people thus they can act efficiently and 00:09:02.310 --> 00:09:04.180 align:start position:0% people thus they can act efficiently and fast<00:09:02.579> if<00:09:02.850> needed<00:09:03.240> yet<00:09:03.870> they're<00:09:04.050> still 00:09:04.180 --> 00:09:04.190 align:start position:0% fast if needed yet they're still 00:09:04.190 --> 00:09:07.310 align:start position:0% fast if needed yet they're still legitimized<00:09:05.190> by<00:09:05.370> by<00:09:06.149> all<00:09:06.390> of<00:09:06.540> the<00:09:07.019> token 00:09:07.310 --> 00:09:07.320 align:start position:0% legitimized by by all of the token 00:09:07.320 --> 00:09:10.670 align:start position:0% legitimized by by all of the token holders<00:09:08.570> so<00:09:09.570> yeah<00:09:09.720> those<00:09:09.959> set<00:09:10.110> of<00:09:10.140> people<00:09:10.529> then 00:09:10.670 --> 00:09:10.680 align:start position:0% holders so yeah those set of people then 00:09:10.680 --> 00:09:16.340 align:start position:0% holders so yeah those set of people then can<00:09:10.890> add<00:09:11.459> or<00:09:11.820> remove<00:09:11.870> versions<00:09:15.350> effectively 00:09:16.340 --> 00:09:16.350 align:start position:0% can add or remove versions effectively 00:09:16.350 --> 00:09:21.769 align:start position:0% can add or remove versions effectively operating<00:09:17.630> right<00:09:18.630> so<00:09:18.930> now<00:09:19.140> a<00:09:19.170> bit<00:09:19.890> about<00:09:20.779> how 00:09:21.769 --> 00:09:21.779 align:start position:0% operating right so now a bit about how 00:09:21.779 --> 00:09:26.150 align:start position:0% operating right so now a bit about how we<00:09:21.839> actually<00:09:22.410> caught<00:09:22.860> these<00:09:23.519> things<00:09:25.010> so<00:09:26.010> we 00:09:26.150 --> 00:09:26.160 align:start position:0% we actually caught these things so we 00:09:26.160 --> 00:09:28.340 align:start position:0% we actually caught these things so we currently<00:09:26.579> use<00:09:26.850> step<00:09:27.269> so<00:09:27.930> for<00:09:28.079> those<00:09:28.170> that 00:09:28.340 --> 00:09:28.350 align:start position:0% currently use step so for those that 00:09:28.350 --> 00:09:30.650 align:start position:0% currently use step so for those that don't<00:09:28.860> know<00:09:28.920> taps<00:09:29.279> suite<00:09:29.970> is<00:09:30.120> really<00:09:30.269> a<00:09:30.390> great 00:09:30.650 --> 00:09:30.660 align:start position:0% don't know taps suite is really a great 00:09:30.660 --> 00:09:35.030 align:start position:0% don't know taps suite is really a great tool<00:09:32.600> it's<00:09:33.600> it's<00:09:33.930> really<00:09:34.110> nice<00:09:34.320> for<00:09:34.350> solidity 00:09:35.030 --> 00:09:35.040 align:start position:0% tool it's it's really nice for solidity 00:09:35.040 --> 00:09:37.550 align:start position:0% tool it's it's really nice for solidity unit<00:09:35.370> unit<00:09:35.880> tests<00:09:36.240> and<00:09:36.449> they<00:09:36.839> have<00:09:36.990> like<00:09:37.199> a 00:09:37.550 --> 00:09:37.560 align:start position:0% unit unit tests and they have like a 00:09:37.560 --> 00:09:40.250 align:start position:0% unit unit tests and they have like a Haskell<00:09:38.070> implementation<00:09:38.670> of<00:09:38.820> the<00:09:38.970> EVM<00:09:39.329> so<00:09:39.959> it 00:09:40.250 --> 00:09:40.260 align:start position:0% Haskell implementation of the EVM so it 00:09:40.260 --> 00:09:43.189 align:start position:0% Haskell implementation of the EVM so it allows<00:09:40.790> developers<00:09:41.790> to<00:09:42.180> really<00:09:42.540> dig<00:09:42.930> deep 00:09:43.189 --> 00:09:43.199 align:start position:0% allows developers to really dig deep 00:09:43.199 --> 00:09:46.400 align:start position:0% allows developers to really dig deep into<00:09:44.040> the<00:09:44.160> lowest<00:09:44.310> level<00:09:44.880> of<00:09:44.970> the<00:09:45.029> EVM<00:09:45.510> to<00:09:46.199> see 00:09:46.400 --> 00:09:46.410 align:start position:0% into the lowest level of the EVM to see 00:09:46.410 --> 00:09:50.800 align:start position:0% into the lowest level of the EVM to see where<00:09:46.649> where<00:09:46.949> the<00:09:47.070> park<00:09:47.250> is<00:09:47.430> for<00:09:47.850> example<00:09:49.760> a 00:09:50.800 --> 00:09:50.810 align:start position:0% where where the park is for example a 00:09:50.810 --> 00:09:53.780 align:start position:0% where where the park is for example a second<00:09:51.810> great<00:09:51.990> tool<00:09:52.290> that<00:09:52.320> we<00:09:52.649> use<00:09:52.829> is<00:09:53.130> Oriente 00:09:53.780 --> 00:09:53.790 align:start position:0% second great tool that we use is Oriente 00:09:53.790 --> 00:09:56.150 align:start position:0% second great tool that we use is Oriente so<00:09:54.420> we're<00:09:55.079> currently<00:09:55.290> funding<00:09:55.949> the 00:09:56.150 --> 00:09:56.160 align:start position:0% so we're currently funding the 00:09:56.160 --> 00:09:59.060 align:start position:0% so we're currently funding the development<00:09:56.339> of<00:09:56.730> int<00:09:57.649> it's<00:09:58.649> essentially<00:09:58.949> a 00:09:59.060 --> 00:09:59.070 align:start position:0% development of int it's essentially a 00:09:59.070 --> 00:10:02.449 align:start position:0% development of int it's essentially a smart<00:09:59.579> contract<00:10:00.199> analyzing<00:10:01.199> tool<00:10:01.440> it<00:10:02.130> allows 00:10:02.449 --> 00:10:02.459 align:start position:0% smart contract analyzing tool it allows 00:10:02.459 --> 00:10:04.130 align:start position:0% smart contract analyzing tool it allows to<00:10:02.730> test<00:10:03.000> your<00:10:03.180> contracts<00:10:03.720> against<00:10:03.899> certain 00:10:04.130 --> 00:10:04.140 align:start position:0% to test your contracts against certain 00:10:04.140 --> 00:10:08.689 align:start position:0% to test your contracts against certain properties<00:10:04.800> so<00:10:05.579> for<00:10:05.850> example<00:10:07.550> re-entrance<00:10:08.550> e 00:10:08.689 --> 00:10:08.699 align:start position:0% properties so for example re-entrance e 00:10:08.699 --> 00:10:11.120 align:start position:0% properties so for example re-entrance e can<00:10:09.269> be<00:10:09.300> checked<00:10:09.600> automatically<00:10:10.500> with<00:10:10.949> this 00:10:11.120 --> 00:10:11.130 align:start position:0% can be checked automatically with this 00:10:11.130 --> 00:10:14.660 align:start position:0% can be checked automatically with this tool<00:10:12.170> another<00:10:13.170> really<00:10:13.740> really<00:10:13.769> great<00:10:14.190> tool<00:10:14.519> is 00:10:14.660 --> 00:10:14.670 align:start position:0% tool another really really great tool is 00:10:14.670 --> 00:10:17.569 align:start position:0% tool another really really great tool is you<00:10:15.149> can<00:10:15.329> build<00:10:15.480> in<00:10:15.690> custom<00:10:16.140> assertions<00:10:16.860> so 00:10:17.569 --> 00:10:17.579 align:start position:0% you can build in custom assertions so 00:10:17.579 --> 00:10:20.120 align:start position:0% you can build in custom assertions so for<00:10:17.699> example<00:10:18.120> you<00:10:18.540> know<00:10:18.630> assert<00:10:19.110> that<00:10:19.380> the 00:10:20.120 --> 00:10:20.130 align:start position:0% for example you know assert that the 00:10:20.130 --> 00:10:21.590 align:start position:0% for example you know assert that the accounting<00:10:20.610> checks<00:10:20.970> out<00:10:21.120> after<00:10:21.480> each 00:10:21.590 --> 00:10:21.600 align:start position:0% accounting checks out after each 00:10:21.600 --> 00:10:24.620 align:start position:0% accounting checks out after each function<00:10:22.230> call<00:10:22.440> then<00:10:23.010> you<00:10:23.100> can<00:10:23.250> apply<00:10:23.790> int<00:10:24.420> and 00:10:24.620 --> 00:10:24.630 align:start position:0% function call then you can apply int and 00:10:24.630 --> 00:10:27.910 align:start position:0% function call then you can apply int and try<00:10:25.079> to<00:10:25.140> violate<00:10:25.649> that<00:10:26.070> assertion<00:10:26.399> so<00:10:27.240> if<00:10:27.360> that 00:10:27.910 --> 00:10:27.920 align:start position:0% try to violate that assertion so if that 00:10:27.920 --> 00:10:31.460 align:start position:0% try to violate that assertion so if that evaluation<00:10:28.920> isn't<00:10:29.430> if<00:10:30.420> that<00:10:30.690> assertion<00:10:31.230> isn't 00:10:31.460 --> 00:10:31.470 align:start position:0% evaluation isn't if that assertion isn't 00:10:31.470 --> 00:10:33.380 align:start position:0% evaluation isn't if that assertion isn't violated<00:10:31.980> that's<00:10:32.519> a<00:10:32.610> good<00:10:32.850> sign<00:10:33.120> it's 00:10:33.380 --> 00:10:33.390 align:start position:0% violated that's a good sign it's 00:10:33.390 --> 00:10:35.329 align:start position:0% violated that's a good sign it's actually<00:10:33.839> not<00:10:33.930> possible<00:10:33.990> to<00:10:34.920> ever<00:10:35.069> violate 00:10:35.329 --> 00:10:35.339 align:start position:0% actually not possible to ever violate 00:10:35.339 --> 00:10:37.790 align:start position:0% actually not possible to ever violate that<00:10:35.730> assertion 00:10:37.790 --> 00:10:37.800 align:start position:0% that assertion 00:10:37.800 --> 00:10:39.650 align:start position:0% that assertion and<00:10:38.070> we<00:10:38.190> integrated<00:10:38.640> that<00:10:38.820> now<00:10:39.029> with<00:10:39.270> Travis 00:10:39.650 --> 00:10:39.660 align:start position:0% and we integrated that now with Travis 00:10:39.660 --> 00:10:41.740 align:start position:0% and we integrated that now with Travis CI<00:10:39.810> so<00:10:39.960> every<00:10:40.200> time<00:10:40.320> you<00:10:40.529> make<00:10:40.980> a<00:10:41.010> commit 00:10:41.740 --> 00:10:41.750 align:start position:0% CI so every time you make a commit 00:10:41.750 --> 00:10:45.860 align:start position:0% CI so every time you make a commit re-enter<00:10:42.750> gets<00:10:42.900> wrong<00:10:44.240> then<00:10:45.240> we<00:10:45.360> use<00:10:45.480> trust 00:10:45.860 --> 00:10:45.870 align:start position:0% re-enter gets wrong then we use trust 00:10:45.870 --> 00:10:49.220 align:start position:0% re-enter gets wrong then we use trust man<00:10:45.990> tests<00:10:46.350> Chazz<00:10:46.800> Montez<00:10:47.070> is<00:10:47.370> really<00:10:48.230> useful 00:10:49.220 --> 00:10:49.230 align:start position:0% man tests Chazz Montez is really useful 00:10:49.230 --> 00:10:50.870 align:start position:0% man tests Chazz Montez is really useful for<00:10:49.260> us<00:10:49.500> for<00:10:49.740> this<00:10:49.860> holistic<00:10:50.310> approach<00:10:50.430> so<00:10:50.850> we 00:10:50.870 --> 00:10:50.880 align:start position:0% for us for this holistic approach so we 00:10:50.880 --> 00:10:53.390 align:start position:0% for us for this holistic approach so we with<00:10:51.660> Jasmin<00:10:52.020> we<00:10:52.140> can<00:10:52.290> build<00:10:53.250> like 00:10:53.390 --> 00:10:53.400 align:start position:0% with Jasmin we can build like 00:10:53.400 --> 00:10:56.030 align:start position:0% with Jasmin we can build like expectation<00:10:54.330> sets<00:10:54.600> and<00:10:55.170> then<00:10:55.470> share<00:10:55.800> them 00:10:56.030 --> 00:10:56.040 align:start position:0% expectation sets and then share them 00:10:56.040 --> 00:10:58.519 align:start position:0% expectation sets and then share them across<00:10:56.190> github<00:10:56.880> repositories<00:10:57.810> so<00:10:58.410> for 00:10:58.519 --> 00:10:58.529 align:start position:0% across github repositories so for 00:10:58.529 --> 00:11:00.350 align:start position:0% across github repositories so for example<00:10:58.860> we<00:10:58.950> have<00:10:59.100> the<00:10:59.520> same<00:10:59.730> expectation 00:11:00.350 --> 00:11:00.360 align:start position:0% example we have the same expectation 00:11:00.360 --> 00:11:02.390 align:start position:0% example we have the same expectation sets<00:11:00.570> and<00:11:00.779> more<00:11:00.960> contract<00:11:01.350> level<00:11:01.620> as<00:11:02.040> we<00:11:02.279> have 00:11:02.390 --> 00:11:02.400 align:start position:0% sets and more contract level as we have 00:11:02.400 --> 00:11:07.519 align:start position:0% sets and more contract level as we have in<00:11:02.700> balance<00:11:03.060> is<00:11:03.180> our<00:11:03.870> JavaScript<00:11:04.650> library<00:11:06.529> and 00:11:07.519 --> 00:11:07.529 align:start position:0% in balance is our JavaScript library and 00:11:07.529 --> 00:11:09.650 align:start position:0% in balance is our JavaScript library and we<00:11:07.980> also<00:11:08.100> just<00:11:08.430> recently<00:11:08.580> switched<00:11:09.060> to<00:11:09.270> parity 00:11:09.650 --> 00:11:09.660 align:start position:0% we also just recently switched to parity 00:11:09.660 --> 00:11:11.329 align:start position:0% we also just recently switched to parity checker<00:11:09.930> so<00:11:10.080> we<00:11:10.140> have<00:11:10.230> the<00:11:10.380> parity<00:11:10.740> deaf<00:11:11.070> chain 00:11:11.329 --> 00:11:11.339 align:start position:0% checker so we have the parity deaf chain 00:11:11.339 --> 00:11:17.570 align:start position:0% checker so we have the parity deaf chain instead<00:11:11.880> of<00:11:12.089> test<00:11:12.570> RPC<00:11:16.040> so<00:11:17.040> how<00:11:17.339> do<00:11:17.400> we 00:11:17.570 --> 00:11:17.580 align:start position:0% instead of test RPC so how do we 00:11:17.580 --> 00:11:20.480 align:start position:0% instead of test RPC so how do we approach<00:11:17.790> fronting<00:11:18.330> so<00:11:18.980> maybe<00:11:19.980> a<00:11:20.190> short 00:11:20.480 --> 00:11:20.490 align:start position:0% approach fronting so maybe a short 00:11:20.490 --> 00:11:22.250 align:start position:0% approach fronting so maybe a short explanation<00:11:20.670> like<00:11:21.270> if<00:11:21.420> you<00:11:21.540> build<00:11:21.870> smart 00:11:22.250 --> 00:11:22.260 align:start position:0% explanation like if you build smart 00:11:22.260 --> 00:11:25.190 align:start position:0% explanation like if you build smart contracts<00:11:22.830> and<00:11:23.100> if<00:11:23.339> like<00:11:23.520> 99%<00:11:24.089> of<00:11:24.390> your<00:11:24.600> users 00:11:25.190 --> 00:11:25.200 align:start position:0% contracts and if like 99% of your users 00:11:25.200 --> 00:11:28.010 align:start position:0% contracts and if like 99% of your users end<00:11:25.380> up<00:11:25.529> using<00:11:25.740> a<00:11:25.920> front-end<00:11:26.400> those<00:11:27.300> contracts 00:11:28.010 --> 00:11:28.020 align:start position:0% end up using a front-end those contracts 00:11:28.020 --> 00:11:30.500 align:start position:0% end up using a front-end those contracts then<00:11:28.560> arguably<00:11:28.920> the<00:11:29.130> front-end<00:11:29.550> is<00:11:30.029> similar 00:11:30.500 --> 00:11:30.510 align:start position:0% then arguably the front-end is similar 00:11:30.510 --> 00:11:32.690 align:start position:0% then arguably the front-end is similar as<00:11:30.779> important<00:11:31.320> as<00:11:31.440> what<00:11:31.920> the<00:11:32.040> security<00:11:32.550> of<00:11:32.580> the 00:11:32.690 --> 00:11:32.700 align:start position:0% as important as what the security of the 00:11:32.700 --> 00:11:34.579 align:start position:0% as important as what the security of the front-end<00:11:33.060> is<00:11:33.150> similar<00:11:33.420> to<00:11:33.630> as<00:11:33.960> important<00:11:34.500> as 00:11:34.579 --> 00:11:34.589 align:start position:0% front-end is similar to as important as 00:11:34.589 --> 00:11:41.450 align:start position:0% front-end is similar to as important as the<00:11:34.710> smart<00:11:34.950> contracts<00:11:35.339> itself<00:11:38.330> so<00:11:40.280> that's<00:11:41.280> why 00:11:41.450 --> 00:11:41.460 align:start position:0% the smart contracts itself so that's why 00:11:41.460 --> 00:11:43.640 align:start position:0% the smart contracts itself so that's why we<00:11:41.640> use<00:11:41.670> ipfs<00:11:42.450> IVFs<00:11:42.960> is<00:11:43.110> really<00:11:43.440> great<00:11:43.620> for 00:11:43.640 --> 00:11:43.650 align:start position:0% we use ipfs IVFs is really great for 00:11:43.650 --> 00:11:46.490 align:start position:0% we use ipfs IVFs is really great for security<00:11:44.570> because<00:11:45.570> it<00:11:45.600> has<00:11:45.810> this<00:11:46.020> content 00:11:46.490 --> 00:11:46.500 align:start position:0% security because it has this content 00:11:46.500 --> 00:11:50.180 align:start position:0% security because it has this content addressed<00:11:46.860> nature<00:11:47.790> so<00:11:48.890> content<00:11:49.890> addressed 00:11:50.180 --> 00:11:50.190 align:start position:0% addressed nature so content addressed 00:11:50.190 --> 00:11:52.360 align:start position:0% addressed nature so content addressed really<00:11:50.520> means<00:11:50.760> that<00:11:51.060> the<00:11:51.420> content<00:11:51.900> that<00:11:52.140> you 00:11:52.360 --> 00:11:52.370 align:start position:0% really means that the content that you 00:11:52.370 --> 00:11:57.530 align:start position:0% really means that the content that you view<00:11:53.370> on<00:11:53.720> ipfs<00:11:54.750> is<00:11:55.500> addressed<00:11:56.040> by<00:11:56.250> its<00:11:56.430> hash<00:11:56.670> so 00:11:57.530 --> 00:11:57.540 align:start position:0% view on ipfs is addressed by its hash so 00:11:57.540 --> 00:12:00.560 align:start position:0% view on ipfs is addressed by its hash so you<00:11:57.600> can<00:11:58.020> verify<00:11:58.230> on<00:11:58.530> our<00:11:58.650> key<00:11:58.950> top<00:11:59.190> that<00:11:59.850> in 00:12:00.560 --> 00:12:00.570 align:start position:0% you can verify on our key top that in 00:12:00.570 --> 00:12:02.780 align:start position:0% you can verify on our key top that in our<00:12:00.690> you<00:12:01.320> know<00:12:01.380> built<00:12:01.740> folder<00:12:02.160> that<00:12:02.460> the<00:12:02.520> hash 00:12:02.780 --> 00:12:02.790 align:start position:0% our you know built folder that the hash 00:12:02.790 --> 00:12:05.270 align:start position:0% our you know built folder that the hash that<00:12:02.970> we<00:12:03.140> create<00:12:04.140> it's<00:12:04.680> actually<00:12:04.980> the<00:12:05.100> hash 00:12:05.270 --> 00:12:05.280 align:start position:0% that we create it's actually the hash 00:12:05.280 --> 00:12:08.090 align:start position:0% that we create it's actually the hash that<00:12:05.460> you<00:12:05.580> access<00:12:06.089> on<00:12:06.330> ipfs<00:12:06.960> so<00:12:07.650> there's<00:12:07.830> no 00:12:08.090 --> 00:12:08.100 align:start position:0% that you access on ipfs so there's no 00:12:08.100 --> 00:12:11.480 align:start position:0% that you access on ipfs so there's no way<00:12:08.810> to<00:12:09.810> build<00:12:09.930> in<00:12:10.110> any<00:12:10.290> malicious<00:12:10.680> code<00:12:11.130> you 00:12:11.480 --> 00:12:11.490 align:start position:0% way to build in any malicious code you 00:12:11.490 --> 00:12:15.400 align:start position:0% way to build in any malicious code you know<00:12:11.610> what<00:12:12.089> that<00:12:12.960> for<00:12:13.200> example<00:12:13.850> tracks<00:12:14.850> you<00:12:15.089> or 00:12:15.400 --> 00:12:15.410 align:start position:0% know what that for example tracks you or 00:12:15.410 --> 00:12:17.900 align:start position:0% know what that for example tracks you or you<00:12:16.410> know<00:12:16.530> tries<00:12:16.890> to<00:12:17.130> steal<00:12:17.370> your<00:12:17.490> private 00:12:17.900 --> 00:12:17.910 align:start position:0% you know tries to steal your private 00:12:17.910 --> 00:12:22.670 align:start position:0% you know tries to steal your private keys<00:12:18.150> or<00:12:19.040> yeah<00:12:20.040> collect<00:12:20.459> some<00:12:20.640> data<00:12:21.560> so<00:12:22.560> it's 00:12:22.670 --> 00:12:22.680 align:start position:0% keys or yeah collect some data so it's 00:12:22.680 --> 00:12:25.190 align:start position:0% keys or yeah collect some data so it's really<00:12:22.830> transparent<00:12:23.459> and<00:12:23.700> really<00:12:24.300> reliable 00:12:25.190 --> 00:12:25.200 align:start position:0% really transparent and really reliable 00:12:25.200 --> 00:12:27.620 align:start position:0% really transparent and really reliable as<00:12:25.320> well<00:12:25.560> because<00:12:25.980> you<00:12:26.970> know<00:12:27.000> it's<00:12:27.209> hosted<00:12:27.540> on 00:12:27.620 --> 00:12:27.630 align:start position:0% as well because you know it's hosted on 00:12:27.630 --> 00:12:32.000 align:start position:0% as well because you know it's hosted on essentially<00:12:28.290> a<00:12:28.350> BitTorrent<00:12:28.500> swarm<00:12:29.030> so<00:12:31.010> yeah 00:12:32.000 --> 00:12:32.010 align:start position:0% essentially a BitTorrent swarm so yeah 00:12:32.010 --> 00:12:35.240 align:start position:0% essentially a BitTorrent swarm so yeah makes<00:12:32.310> it<00:12:32.430> really<00:12:32.580> reliable<00:12:34.250> obviously 00:12:35.240 --> 00:12:35.250 align:start position:0% makes it really reliable obviously 00:12:35.250 --> 00:12:38.199 align:start position:0% makes it really reliable obviously permissionless<00:12:35.700> and<00:12:36.240> nonetheless<00:12:36.360> as<00:12:36.690> well 00:12:38.199 --> 00:12:38.209 align:start position:0% permissionless and nonetheless as well 00:12:38.209 --> 00:12:41.060 align:start position:0% permissionless and nonetheless as well then<00:12:39.209> we<00:12:39.330> have<00:12:39.480> melon<00:12:39.870> male<00:12:40.050> so<00:12:40.470> melon<00:12:40.800> male<00:12:40.920> is 00:12:41.060 --> 00:12:41.070 align:start position:0% then we have melon male so melon male is 00:12:41.070 --> 00:12:43.699 align:start position:0% then we have melon male so melon male is is<00:12:41.339> is<00:12:41.790> essentially<00:12:42.570> a<00:12:42.900> messaging<00:12:43.529> service 00:12:43.699 --> 00:12:43.709 align:start position:0% is is essentially a messaging service 00:12:43.709 --> 00:12:46.699 align:start position:0% is is essentially a messaging service this<00:12:44.220> as<00:12:44.370> secure<00:12:45.240> as<00:12:45.330> your<00:12:45.480> crypto<00:12:45.930> by<00:12:46.470> the<00:12:46.530> way 00:12:46.699 --> 00:12:46.709 align:start position:0% this as secure as your crypto by the way 00:12:46.709 --> 00:12:48.560 align:start position:0% this as secure as your crypto by the way if<00:12:47.400> you<00:12:47.550> want<00:12:47.730> to<00:12:47.760> see<00:12:47.940> the<00:12:48.060> front<00:12:48.270> end<00:12:48.360> its 00:12:48.560 --> 00:12:48.570 align:start position:0% if you want to see the front end its 00:12:48.570 --> 00:12:50.050 align:start position:0% if you want to see the front end its melon<00:12:48.930> dot<00:12:49.080> font<00:12:49.350> if<00:12:49.680> you 00:12:50.050 --> 00:12:50.060 align:start position:0% melon dot font if you 00:12:50.060 --> 00:12:51.700 align:start position:0% melon dot font if you see<00:12:50.210> that<00:12:50.360> the<00:12:50.630> mail<00:12:50.780> service<00:12:51.230> it's<00:12:51.440> Mallen 00:12:51.700 --> 00:12:51.710 align:start position:0% see that the mail service it's Mallen 00:12:51.710 --> 00:12:55.210 align:start position:0% see that the mail service it's Mallen dot<00:12:51.830> email<00:12:53.140> it<00:12:54.140> uses<00:12:54.470> your<00:12:54.500> private<00:12:55.010> key<00:12:55.190> to 00:12:55.210 --> 00:12:55.220 align:start position:0% dot email it uses your private key to 00:12:55.220 --> 00:12:56.920 align:start position:0% dot email it uses your private key to encrypt<00:12:55.430> your<00:12:55.790> communication<00:12:56.480> and<00:12:56.630> then 00:12:56.920 --> 00:12:56.930 align:start position:0% encrypt your communication and then 00:12:56.930 --> 00:12:59.410 align:start position:0% encrypt your communication and then starts<00:12:57.230> it<00:12:57.320> on<00:12:57.470> ipfs<00:12:58.070> so<00:12:58.820> the<00:12:59.030> reason<00:12:59.270> why<00:12:59.360> this 00:12:59.410 --> 00:12:59.420 align:start position:0% starts it on ipfs so the reason why this 00:12:59.420 --> 00:13:01.960 align:start position:0% starts it on ipfs so the reason why this is<00:12:59.870> important<00:13:00.500> so<00:13:01.010> imagine<00:13:01.400> you<00:13:01.490> work<00:13:01.700> for 00:13:01.960 --> 00:13:01.970 align:start position:0% is important so imagine you work for 00:13:01.970 --> 00:13:04.690 align:start position:0% is important so imagine you work for Jamie<00:13:02.270> Dimon<00:13:02.600> and<00:13:03.170> you<00:13:04.010> know<00:13:04.100> he<00:13:04.280> threatens 00:13:04.690 --> 00:13:04.700 align:start position:0% Jamie Dimon and you know he threatens 00:13:04.700 --> 00:13:07.120 align:start position:0% Jamie Dimon and you know he threatens you<00:13:04.850> to<00:13:05.030> fire<00:13:05.210> you<00:13:05.360> if<00:13:05.480> you<00:13:05.540> ever<00:13:05.950> trade<00:13:06.950> with 00:13:07.120 --> 00:13:07.130 align:start position:0% you to fire you if you ever trade with 00:13:07.130 --> 00:13:11.050 align:start position:0% you to fire you if you ever trade with crypto<00:13:07.720> but<00:13:09.160> with<00:13:10.160> melon<00:13:10.490> man<00:13:10.610> you<00:13:10.700> still<00:13:10.910> can 00:13:11.050 --> 00:13:11.060 align:start position:0% crypto but with melon man you still can 00:13:11.060 --> 00:13:13.950 align:start position:0% crypto but with melon man you still can use<00:13:11.240> you<00:13:11.720> still<00:13:11.960> can<00:13:12.110> have<00:13:12.140> a<00:13:12.530> melon<00:13:12.770> font<00:13:13.040> and 00:13:13.950 --> 00:13:13.960 align:start position:0% use you still can have a melon font and 00:13:13.960 --> 00:13:17.260 align:start position:0% use you still can have a melon font and you<00:13:14.960> know<00:13:15.050> having<00:13:15.490> having<00:13:16.490> essentially<00:13:17.120> just 00:13:17.260 --> 00:13:17.270 align:start position:0% you know having having essentially just 00:13:17.270 --> 00:13:20.290 align:start position:0% you know having having essentially just your<00:13:17.530> public<00:13:18.530> he<00:13:18.770> exposed<00:13:19.220> your<00:13:19.820> investors 00:13:20.290 --> 00:13:20.300 align:start position:0% your public he exposed your investors 00:13:20.300 --> 00:13:22.540 align:start position:0% your public he exposed your investors can<00:13:20.480> still<00:13:20.780> communicate<00:13:21.230> with<00:13:21.770> you<00:13:21.860> and<00:13:22.130> you 00:13:22.540 --> 00:13:22.550 align:start position:0% can still communicate with you and you 00:13:22.550 --> 00:13:24.100 align:start position:0% can still communicate with you and you never<00:13:22.760> share<00:13:23.210> anything<00:13:23.480> more<00:13:23.840> than<00:13:24.020> your 00:13:24.100 --> 00:13:24.110 align:start position:0% never share anything more than your 00:13:24.110 --> 00:13:33.010 align:start position:0% never share anything more than your public<00:13:24.440> key<00:13:30.760> so<00:13:31.760> how<00:13:31.880> we<00:13:31.940> approach<00:13:32.300> audits<00:13:32.840> and 00:13:33.010 --> 00:13:33.020 align:start position:0% public key so how we approach audits and 00:13:33.020 --> 00:13:38.770 align:start position:0% public key so how we approach audits and park<00:13:33.260> bounties<00:13:33.650> so<00:13:35.680> we<00:13:36.680> start<00:13:37.040> with<00:13:37.780> audits 00:13:38.770 --> 00:13:38.780 align:start position:0% park bounties so we start with audits 00:13:38.780 --> 00:13:40.950 align:start position:0% park bounties so we start with audits from<00:13:39.190> well-known<00:13:40.190> and<00:13:40.700> well-respected 00:13:40.950 --> 00:13:40.960 align:start position:0% from well-known and well-respected 00:13:40.960 --> 00:13:43.750 align:start position:0% from well-known and well-respected individuals<00:13:41.960> and<00:13:42.080> companies<00:13:42.260> and<00:13:42.740> then<00:13:43.430> open 00:13:43.750 --> 00:13:43.760 align:start position:0% individuals and companies and then open 00:13:43.760 --> 00:13:45.730 align:start position:0% individuals and companies and then open it<00:13:43.820> up<00:13:43.910> to<00:13:43.970> a<00:13:44.150> general<00:13:44.510> Park<00:13:44.720> bounty<00:13:45.140> so<00:13:45.590> that 00:13:45.730 --> 00:13:45.740 align:start position:0% it up to a general Park bounty so that 00:13:45.740 --> 00:13:49.780 align:start position:0% it up to a general Park bounty so that everyone<00:13:46.160> can<00:13:46.370> participate<00:13:47.920> and<00:13:48.920> eventually 00:13:49.780 --> 00:13:49.790 align:start position:0% everyone can participate and eventually 00:13:49.790 --> 00:13:52.660 align:start position:0% everyone can participate and eventually we<00:13:49.910> deploy<00:13:50.420> live<00:13:50.660> melon<00:13:51.260> fund<00:13:51.530> that<00:13:52.010> is<00:13:52.160> funded 00:13:52.660 --> 00:13:52.670 align:start position:0% we deploy live melon fund that is funded 00:13:52.670 --> 00:13:54.970 align:start position:0% we deploy live melon fund that is funded and<00:13:52.910> whoever<00:13:53.270> got<00:13:53.480> whoever<00:13:53.900> can<00:13:54.140> hack<00:13:54.290> it<00:13:54.470> can 00:13:54.970 --> 00:13:54.980 align:start position:0% and whoever got whoever can hack it can 00:13:54.980 --> 00:13:58.500 align:start position:0% and whoever got whoever can hack it can have<00:13:55.160> the<00:13:56.090> amount<00:13:56.510> that<00:13:56.600> it<00:13:57.080> was<00:13:57.290> funded<00:13:57.650> with 00:13:58.500 --> 00:13:58.510 align:start position:0% have the amount that it was funded with 00:13:58.510 --> 00:14:01.270 align:start position:0% have the amount that it was funded with by<00:13:59.510> the<00:13:59.570> way<00:13:59.720> we<00:14:00.200> always<00:14:00.410> incentivize 00:14:01.270 --> 00:14:01.280 align:start position:0% by the way we always incentivize 00:14:01.280 --> 00:14:03.250 align:start position:0% by the way we always incentivize people's<00:14:01.700> if<00:14:01.820> you<00:14:01.940> found<00:14:02.180> a<00:14:02.510> vulnerability<00:14:02.720> in 00:14:03.250 --> 00:14:03.260 align:start position:0% people's if you found a vulnerability in 00:14:03.260 --> 00:14:05.230 align:start position:0% people's if you found a vulnerability in our<00:14:03.350> codes<00:14:03.710> no<00:14:04.370> matter<00:14:04.580> if<00:14:04.730> the<00:14:04.910> bug<00:14:05.090> bounty 00:14:05.230 --> 00:14:05.240 align:start position:0% our codes no matter if the bug bounty 00:14:05.240 --> 00:14:07.210 align:start position:0% our codes no matter if the bug bounty started<00:14:05.840> already<00:14:06.140> you<00:14:06.890> will<00:14:07.040> get 00:14:07.210 --> 00:14:07.220 align:start position:0% started already you will get 00:14:07.220 --> 00:14:18.250 align:start position:0% started already you will get incentivized<00:14:07.850> for<00:14:08.060> it<00:14:15.130> so<00:14:16.210> so<00:14:17.210> as<00:14:17.360> as 00:14:18.250 --> 00:14:18.260 align:start position:0% incentivized for it so so as as 00:14:18.260 --> 00:14:19.900 align:start position:0% incentivized for it so so as as technologists<00:14:19.190> we<00:14:19.280> love<00:14:19.460> what<00:14:19.640> we<00:14:19.760> do<00:14:19.880> and 00:14:19.900 --> 00:14:19.910 align:start position:0% technologists we love what we do and 00:14:19.910 --> 00:14:21.790 align:start position:0% technologists we love what we do and technology<00:14:20.720> is<00:14:20.810> really<00:14:20.990> important<00:14:21.500> for<00:14:21.650> us 00:14:21.790 --> 00:14:21.800 align:start position:0% technology is really important for us 00:14:21.800 --> 00:14:24.460 align:start position:0% technology is really important for us but<00:14:22.610> I<00:14:22.640> think<00:14:22.850> a<00:14:23.240> holistic<00:14:24.080> approach<00:14:24.320> to 00:14:24.460 --> 00:14:24.470 align:start position:0% but I think a holistic approach to 00:14:24.470 --> 00:14:29.020 align:start position:0% but I think a holistic approach to security<00:14:25.090> goes<00:14:26.090> beyond<00:14:26.480> just<00:14:26.570> technology<00:14:28.030> so 00:14:29.020 --> 00:14:29.030 align:start position:0% security goes beyond just technology so 00:14:29.030 --> 00:14:31.510 align:start position:0% security goes beyond just technology so that's<00:14:29.210> why<00:14:29.390> we<00:14:30.010> created<00:14:31.010> mama 00:14:31.510 --> 00:14:31.520 align:start position:0% that's why we created mama 00:14:31.520 --> 00:14:33.160 align:start position:0% that's why we created mama it's<00:14:31.700> the<00:14:31.850> multi<00:14:32.060> chain<00:14:32.210> asset<00:14:32.600> managers 00:14:33.160 --> 00:14:33.170 align:start position:0% it's the multi chain asset managers 00:14:33.170 --> 00:14:35.710 align:start position:0% it's the multi chain asset managers association<00:14:33.760> which<00:14:34.760> is<00:14:34.910> essentially<00:14:35.270> a<00:14:35.420> trade 00:14:35.710 --> 00:14:35.720 align:start position:0% association which is essentially a trade 00:14:35.720 --> 00:14:39.490 align:start position:0% association which is essentially a trade body<00:14:36.250> that<00:14:37.250> tries<00:14:37.460> to<00:14:37.490> get<00:14:38.500> innovative 00:14:39.490 --> 00:14:39.500 align:start position:0% body that tries to get innovative 00:14:39.500 --> 00:14:43.480 align:start position:0% body that tries to get innovative companies<00:14:40.540> together<00:14:41.540> at<00:14:41.810> a<00:14:41.900> table<00:14:42.590> and<00:14:42.950> allows 00:14:43.480 --> 00:14:43.490 align:start position:0% companies together at a table and allows 00:14:43.490 --> 00:14:45.160 align:start position:0% companies together at a table and allows them<00:14:43.670> to<00:14:43.730> give<00:14:43.970> her<00:14:44.090> voice<00:14:44.240> so<00:14:44.660> that<00:14:45.080> the 00:14:45.160 --> 00:14:45.170 align:start position:0% them to give her voice so that the 00:14:45.170 --> 00:14:46.900 align:start position:0% them to give her voice so that the conversation<00:14:45.440> isn't<00:14:45.860> just<00:14:46.130> dominated<00:14:46.700> by<00:14:46.850> the 00:14:46.900 --> 00:14:46.910 align:start position:0% conversation isn't just dominated by the 00:14:46.910 --> 00:14:49.900 align:start position:0% conversation isn't just dominated by the big<00:14:47.210> banks<00:14:47.480> or<00:14:47.860> the<00:14:48.860> traditional<00:14:49.640> asset 00:14:49.900 --> 00:14:49.910 align:start position:0% big banks or the traditional asset 00:14:49.910 --> 00:14:52.540 align:start position:0% big banks or the traditional asset managers<00:14:50.300> but<00:14:51.020> that<00:14:51.230> you<00:14:52.220> know<00:14:52.310> what<00:14:52.400> if 00:14:52.540 --> 00:14:52.550 align:start position:0% managers but that you know what if 00:14:52.550 --> 00:14:54.520 align:start position:0% managers but that you know what if people<00:14:53.030> and<00:14:53.150> companies<00:14:53.360> actually<00:14:53.990> can 00:14:54.520 --> 00:14:54.530 align:start position:0% people and companies actually can 00:14:54.530 --> 00:14:57.460 align:start position:0% people and companies actually can organize<00:14:54.920> and<00:14:55.100> after<00:14:55.310> voice<00:14:55.490> as<00:14:55.640> well<00:14:56.470> in 00:14:57.460 --> 00:14:57.470 align:start position:0% organize and after voice as well in 00:14:57.470 --> 00:15:00.340 align:start position:0% organize and after voice as well in order<00:14:57.620> to<00:14:58.100> shape<00:14:59.140> legislation<00:15:00.140> and 00:15:00.340 --> 00:15:00.350 align:start position:0% order to shape legislation and 00:15:00.350 --> 00:15:05.250 align:start position:0% order to shape legislation and regulation 00:15:05.250 --> 00:15:05.260 align:start position:0% 00:15:05.260 --> 00:15:10.870 align:start position:0% great<00:15:06.260> so<00:15:08.050> lastly<00:15:09.050> I<00:15:09.440> check<00:15:10.310> out<00:15:10.430> melon<00:15:10.760> not 00:15:10.870 --> 00:15:10.880 align:start position:0% great so lastly I check out melon not 00:15:10.880 --> 00:15:14.290 align:start position:0% great so lastly I check out melon not fund<00:15:11.150> it's<00:15:11.450> it's<00:15:11.900> a<00:15:12.350> complete<00:15:13.310> line<00:15:13.430> i<00:15:13.580> PF<00:15:13.820> s<00:15:14.000> as 00:15:14.290 --> 00:15:14.300 align:start position:0% fund it's it's a complete line i PF s as 00:15:14.300 --> 00:15:16.030 align:start position:0% fund it's it's a complete line i PF s as a<00:15:14.390> beautiful<00:15:15.050> interface<00:15:15.320> to<00:15:15.680> it 00:15:16.030 --> 00:15:16.040 align:start position:0% a beautiful interface to it 00:15:16.040 --> 00:15:19.210 align:start position:0% a beautiful interface to it check<00:15:16.460> out<00:15:16.580> melon<00:15:16.910> dot<00:15:17.060> email<00:15:17.590> got<00:15:18.590> I<00:15:18.620> entered 00:15:19.210 --> 00:15:19.220 align:start position:0% check out melon dot email got I entered 00:15:19.220 --> 00:15:22.930 align:start position:0% check out melon dot email got I entered at<00:15:19.340> Milan<00:15:19.610> dot<00:15:19.730> fund<00:15:21.550> checkout<00:15:22.550> github.com 00:15:22.930 --> 00:15:22.940 align:start position:0% at Milan dot fund checkout github.com 00:15:22.940 --> 00:15:26.320 align:start position:0% at Milan dot fund checkout github.com slash<00:15:23.780> melon<00:15:24.080> project<00:15:24.530> I<00:15:24.860> will<00:15:25.310> of<00:15:25.550> requests 00:15:26.320 --> 00:15:26.330 align:start position:0% slash melon project I will of requests 00:15:26.330 --> 00:15:31.150 align:start position:0% slash melon project I will of requests will<00:15:26.570> of<00:15:26.690> issues<00:15:29.230> for<00:15:30.230> us<00:15:30.380> on<00:15:30.590> Twitter<00:15:30.890> at 00:15:31.150 --> 00:15:31.160 align:start position:0% will of issues for us on Twitter at 00:15:31.160 --> 00:15:34.720 align:start position:0% will of issues for us on Twitter at melon<00:15:31.490> port<00:15:31.760> and<00:15:32.380> join<00:15:33.380> mama<00:15:34.160> if<00:15:34.400> you're<00:15:34.580> here 00:15:34.720 --> 00:15:34.730 align:start position:0% melon port and join mama if you're here 00:15:34.730 --> 00:15:39.520 align:start position:0% melon port and join mama if you're here representing<00:15:35.240> an<00:15:35.690> institution<00:15:38.230> maybe<00:15:39.230> just 00:15:39.520 --> 00:15:39.530 align:start position:0% representing an institution maybe just 00:15:39.530 --> 00:15:43.840 align:start position:0% representing an institution maybe just lastly<00:15:41.050> there<00:15:42.050> is<00:15:42.080> my<00:15:42.380> it's<00:15:42.500> good<00:15:42.980> to<00:15:43.340> go<00:15:43.490> to<00:15:43.550> an 00:15:43.840 --> 00:15:43.850 align:start position:0% lastly there is my it's good to go to an 00:15:43.850 --> 00:15:45.700 align:start position:0% lastly there is my it's good to go to an endowed<00:15:44.030> fund<00:15:44.270> and<00:15:44.480> and<00:15:44.690> start<00:15:45.230> practicing<00:15:45.440> a 00:15:45.700 --> 00:15:45.710 align:start position:0% endowed fund and and start practicing a 00:15:45.710 --> 00:15:47.440 align:start position:0% endowed fund and and start practicing a little<00:15:45.770> bit<00:15:45.980> is<00:15:46.220> that<00:15:46.490> we<00:15:46.670> just<00:15:47.090> recently 00:15:47.440 --> 00:15:47.450 align:start position:0% little bit is that we just recently 00:15:47.450 --> 00:15:49.120 align:start position:0% little bit is that we just recently announced<00:15:47.720> that<00:15:47.990> we're<00:15:48.800> going<00:15:48.980> to<00:15:49.040> issue 00:15:49.120 --> 00:15:49.130 align:start position:0% announced that we're going to issue 00:15:49.130 --> 00:15:52.060 align:start position:0% announced that we're going to issue 500,000<00:15:50.060> melon<00:15:50.330> I<00:15:50.510> think<00:15:51.080> it's<00:15:51.200> worth<00:15:51.770> like 00:15:52.060 --> 00:15:52.070 align:start position:0% 500,000 melon I think it's worth like 00:15:52.070 --> 00:15:54.180 align:start position:0% 500,000 melon I think it's worth like thirty<00:15:52.580> thirty<00:15:52.970> five<00:15:53.090> million<00:15:53.480> right<00:15:53.720> now 00:15:54.180 --> 00:15:54.190 align:start position:0% thirty thirty five million right now 00:15:54.190 --> 00:15:56.860 align:start position:0% thirty thirty five million right now just<00:15:55.190> in<00:15:55.580> the<00:15:55.790> context<00:15:56.150> of<00:15:56.240> fund<00:15:56.510> management 00:15:56.860 --> 00:15:56.870 align:start position:0% just in the context of fund management 00:15:56.870 --> 00:15:59.650 align:start position:0% just in the context of fund management competitions<00:15:57.620> so<00:15:58.340> if<00:15:58.940> so<00:15:59.390> you<00:15:59.450> can 00:15:59.650 --> 00:15:59.660 align:start position:0% competitions so if so you can 00:15:59.660 --> 00:16:01.270 align:start position:0% competitions so if so you can participate<00:15:59.960> those<00:16:00.410> and<00:16:00.650> if<00:16:00.740> you're<00:16:00.890> good<00:16:01.130> at 00:16:01.270 --> 00:16:01.280 align:start position:0% participate those and if you're good at 00:16:01.280 --> 00:16:03.700 align:start position:0% participate those and if you're good at it<00:16:01.310> you<00:16:01.850> got<00:16:01.970> a<00:16:02.180> lot<00:16:02.330> of<00:16:02.360> melons<00:16:02.810> if<00:16:03.410> you're<00:16:03.620> not 00:16:03.700 --> 00:16:03.710 align:start position:0% it you got a lot of melons if you're not 00:16:03.710 --> 00:16:05.320 align:start position:0% it you got a lot of melons if you're not so<00:16:03.830> good<00:16:04.040> you'll<00:16:04.220> get<00:16:04.400> still<00:16:04.820> a<00:16:04.850> little<00:16:05.030> but 00:16:05.320 --> 00:16:05.330 align:start position:0% so good you'll get still a little but 00:16:05.330 --> 00:16:07.050 align:start position:0% so good you'll get still a little but not<00:16:05.810> that<00:16:05.960> much 00:16:07.050 --> 00:16:07.060 align:start position:0% not that much 00:16:07.060 --> 00:16:09.310 align:start position:0% not that much so<00:16:08.060> that's<00:16:08.330> that's<00:16:08.600> essentially<00:16:08.960> how<00:16:09.140> we're 00:16:09.310 --> 00:16:09.320 align:start position:0% so that's that's essentially how we're 00:16:09.320 --> 00:16:11.590 align:start position:0% so that's that's essentially how we're gonna<00:16:09.500> issue<00:16:09.770> those<00:16:10.240> those<00:16:11.240> remaining 00:16:11.590 --> 00:16:11.600 align:start position:0% gonna issue those those remaining 00:16:11.600 --> 00:16:15.520 align:start position:0% gonna issue those those remaining balance<00:16:12.970> yeah<00:16:13.970> and<00:16:14.270> by<00:16:14.570> the<00:16:14.630> way<00:16:14.750> also<00:16:14.930> on<00:16:15.140> key 00:16:15.520 --> 00:16:15.530 align:start position:0% balance yeah and by the way also on key 00:16:15.530 --> 00:16:18.010 align:start position:0% balance yeah and by the way also on key top<00:16:15.740> like<00:16:15.920> we<00:16:16.070> have<00:16:16.280> if<00:16:16.610> you're<00:16:17.150> an<00:16:17.390> arbitrator 00:16:18.010 --> 00:16:18.020 align:start position:0% top like we have if you're an arbitrator 00:16:18.020 --> 00:16:20.170 align:start position:0% top like we have if you're an arbitrator as<00:16:18.200> developers<00:16:18.680> we<00:16:19.400> already<00:16:19.670> have<00:16:19.910> like<00:16:20.060> an 00:16:20.170 --> 00:16:20.180 align:start position:0% as developers we already have like an 00:16:20.180 --> 00:16:22.480 align:start position:0% as developers we already have like an open<00:16:20.450> source<00:16:20.660> trading<00:16:21.320> bot<00:16:21.500> that<00:16:22.130> you<00:16:22.220> can<00:16:22.370> use 00:16:22.480 --> 00:16:22.490 align:start position:0% open source trading bot that you can use 00:16:22.490 --> 00:16:25.270 align:start position:0% open source trading bot that you can use a<00:16:22.520> modify<00:16:23.150> and<00:16:23.510> you<00:16:24.320> know<00:16:24.440> why<00:16:24.590> trade<00:16:24.860> manually 00:16:25.270 --> 00:16:25.280 align:start position:0% a modify and you know why trade manually 00:16:25.280 --> 00:16:40.320 align:start position:0% a modify and you know why trade manually if<00:16:25.430> you<00:16:25.550> can<00:16:25.730> build<00:16:26.360> a<00:16:26.510> trading<00:16:26.720> bot 00:16:40.320 --> 00:16:40.330 align:start position:0% 00:16:40.330 --> 00:16:42.970 align:start position:0% we<00:16:41.330> have<00:16:41.450> time<00:16:41.630> time<00:16:42.020> for<00:16:42.230> one<00:16:42.650> or<00:16:42.770> two<00:16:42.860> your 00:16:42.970 --> 00:16:42.980 align:start position:0% we have time time for one or two your 00:16:42.980 --> 00:16:50.070 align:start position:0% we have time time for one or two your questions<00:16:43.340> any<00:16:43.430> any<00:16:43.700> questions<00:16:48.130> question 00:16:50.070 --> 00:16:50.080 align:start position:0% questions any any questions question 00:16:50.080 --> 00:16:52.990 align:start position:0% questions any any questions question hello<00:16:51.080> first<00:16:51.320> of<00:16:51.440> all<00:16:51.590> congratulations<00:16:52.160> about 00:16:52.990 --> 00:16:53.000 align:start position:0% hello first of all congratulations about 00:16:53.000 --> 00:16:54.400 align:start position:0% hello first of all congratulations about mama<00:16:53.240> you<00:16:53.510> know<00:16:53.570> just<00:16:53.930> working<00:16:54.110> on 00:16:54.400 --> 00:16:54.410 align:start position:0% mama you know just working on 00:16:54.410 --> 00:16:56.410 align:start position:0% mama you know just working on Switzerland<00:16:55.070> legislation<00:16:55.850> or<00:16:56.000> working<00:16:56.300> with 00:16:56.410 --> 00:16:56.420 align:start position:0% Switzerland legislation or working with 00:16:56.420 --> 00:17:00.040 align:start position:0% Switzerland legislation or working with other<00:16:56.630> countries<00:16:56.870> like<00:16:57.560> us<00:16:57.950> or<00:16:58.220> Singapore<00:16:59.050> so 00:17:00.040 --> 00:17:00.050 align:start position:0% other countries like us or Singapore so 00:17:00.050 --> 00:17:01.660 align:start position:0% other countries like us or Singapore so so<00:17:00.410> we<00:17:00.500> would<00:17:00.830> like<00:17:01.010> to<00:17:01.070> make<00:17:01.310> this<00:17:01.430> available 00:17:01.660 --> 00:17:01.670 align:start position:0% so we would like to make this available 00:17:01.670 --> 00:17:04.870 align:start position:0% so we would like to make this available for<00:17:01.910> everyone<00:17:02.690> but<00:17:03.380> obviously<00:17:03.770> our<00:17:03.860> time<00:17:04.730> is 00:17:04.870 --> 00:17:04.880 align:start position:0% for everyone but obviously our time is 00:17:04.880 --> 00:17:07.360 align:start position:0% for everyone but obviously our time is very<00:17:05.060> limited<00:17:05.240> and<00:17:05.600> we<00:17:05.660> can't<00:17:06.020> like<00:17:06.380> we<00:17:06.920> can't 00:17:07.360 --> 00:17:07.370 align:start position:0% very limited and we can't like we can't 00:17:07.370 --> 00:17:08.830 align:start position:0% very limited and we can't like we can't make<00:17:07.550> this<00:17:07.670> compliant<00:17:08.180> to<00:17:08.270> every<00:17:08.690> single 00:17:08.830 --> 00:17:08.840 align:start position:0% make this compliant to every single 00:17:08.840 --> 00:17:11.830 align:start position:0% make this compliant to every single jurisdiction<00:17:09.730> so<00:17:10.730> we<00:17:10.880> kind<00:17:11.300> of<00:17:11.390> start<00:17:11.600> a<00:17:11.720> bit 00:17:11.830 --> 00:17:11.840 align:start position:0% jurisdiction so we kind of start a bit 00:17:11.840 --> 00:17:15.340 align:start position:0% jurisdiction so we kind of start a bit government<00:17:12.260> of<00:17:12.380> -<00:17:12.620> just<00:17:13.040> to<00:17:13.130> have<00:17:13.310> like<00:17:14.350> you 00:17:15.340 --> 00:17:15.350 align:start position:0% government of - just to have like you 00:17:15.350 --> 00:17:18.670 align:start position:0% government of - just to have like you know<00:17:15.470> I<00:17:16.430> guess<00:17:17.150> a<00:17:17.180> signal<00:17:17.570> effect<00:17:17.930> a<00:17:18.140> signaling 00:17:18.670 --> 00:17:18.680 align:start position:0% know I guess a signal effect a signaling 00:17:18.680 --> 00:17:20.230 align:start position:0% know I guess a signal effect a signaling effect<00:17:19.160> that<00:17:19.370> this<00:17:19.550> is<00:17:19.670> actually<00:17:20.030> possible 00:17:20.230 --> 00:17:20.240 align:start position:0% effect that this is actually possible 00:17:20.240 --> 00:17:22.690 align:start position:0% effect that this is actually possible that<00:17:20.690> the<00:17:21.350> governance<00:17:21.740> and<00:17:21.950> covenant 00:17:22.690 --> 00:17:22.700 align:start position:0% that the governance and covenant 00:17:22.700 --> 00:17:24.730 align:start position:0% that the governance and covenant governments<00:17:23.510> and<00:17:23.690> jurisdictions<00:17:24.380> actually 00:17:24.730 --> 00:17:24.740 align:start position:0% governments and jurisdictions actually 00:17:24.740 --> 00:17:28.870 align:start position:0% governments and jurisdictions actually want<00:17:24.950> this<00:17:26.620> but<00:17:27.620> actually<00:17:28.010> like<00:17:28.640> with<00:17:28.790> the 00:17:28.870 --> 00:17:28.880 align:start position:0% want this but actually like with the 00:17:28.880 --> 00:17:30.580 align:start position:0% want this but actually like with the participation<00:17:29.270> module<00:17:29.600> anyone<00:17:30.260> can<00:17:30.440> build 00:17:30.580 --> 00:17:30.590 align:start position:0% participation module anyone can build 00:17:30.590 --> 00:17:33.100 align:start position:0% participation module anyone can build those<00:17:30.830> and<00:17:31.100> we<00:17:31.880> intend<00:17:32.210> to<00:17:32.270> incentivize<00:17:32.840> like 00:17:33.100 --> 00:17:33.110 align:start position:0% those and we intend to incentivize like 00:17:33.110 --> 00:17:35.230 align:start position:0% those and we intend to incentivize like the<00:17:33.230> people<00:17:33.500> that<00:17:33.530> build<00:17:33.800> good<00:17:34.550> participation 00:17:35.230 --> 00:17:35.240 align:start position:0% the people that build good participation 00:17:35.240 --> 00:17:37.090 align:start position:0% the people that build good participation modules<00:17:35.840> and<00:17:36.050> good<00:17:36.200> risk<00:17:36.410> management<00:17:36.470> modules 00:17:37.090 --> 00:17:37.100 align:start position:0% modules and good risk management modules 00:17:37.100 --> 00:17:43.240 align:start position:0% modules and good risk management modules you'll<00:17:37.610> get<00:17:37.760> incentivize<00:17:38.570> for<00:17:38.780> it<00:17:41.650> yeah<00:17:42.650> I<00:17:42.860> I 00:17:43.240 --> 00:17:43.250 align:start position:0% you'll get incentivize for it yeah I I 00:17:43.250 --> 00:17:44.950 align:start position:0% you'll get incentivize for it yeah I I was<00:17:43.550> so<00:17:43.700> concentrated<00:17:43.910> on<00:17:44.270> my<00:17:44.450> own<00:17:44.600> question 00:17:44.950 --> 00:17:44.960 align:start position:0% was so concentrated on my own question 00:17:44.960 --> 00:17:46.690 align:start position:0% was so concentrated on my own question that<00:17:45.050> probably<00:17:45.410> this<00:17:45.650> was<00:17:45.860> a<00:17:45.890> me<00:17:46.220> question<00:17:46.550> but 00:17:46.690 --> 00:17:46.700 align:start position:0% that probably this was a me question but 00:17:46.700 --> 00:17:50.740 align:start position:0% that probably this was a me question but the<00:17:47.600> requirements<00:17:48.350> to<00:17:48.560> come<00:17:49.040> I<00:17:49.130> see<00:17:49.750> whose 00:17:50.740 --> 00:17:50.750 align:start position:0% the requirements to come I see whose 00:17:50.750 --> 00:17:53.470 align:start position:0% the requirements to come I see whose requirement<00:17:51.590> is<00:17:51.740> it<00:17:51.920> is<00:17:52.190> it<00:17:52.370> the<00:17:52.490> fund<00:17:52.880> manager 00:17:53.470 --> 00:17:53.480 align:start position:0% requirement is it is it the fund manager 00:17:53.480 --> 00:17:58.720 align:start position:0% requirement is it is it the fund manager who<00:17:54.260> is<00:17:54.890> only<00:17:55.310> allowed<00:17:55.990> to<00:17:56.990> serve<00:17:57.730> kyc 00:17:58.720 --> 00:17:58.730 align:start position:0% who is only allowed to serve kyc 00:17:58.730 --> 00:18:01.390 align:start position:0% who is only allowed to serve kyc customers<00:17:59.330> or<00:17:59.900> is<00:18:00.530> it<00:18:00.680> you<00:18:00.830> as<00:18:00.950> a<00:18:00.980> software 00:18:01.390 --> 00:18:01.400 align:start position:0% customers or is it you as a software 00:18:01.400 --> 00:18:04.090 align:start position:0% customers or is it you as a software developer<00:18:02.000> oh<00:18:02.150> no<00:18:03.080> it's<00:18:03.230> it's<00:18:03.470> the<00:18:03.650> investors 00:18:04.090 --> 00:18:04.100 align:start position:0% developer oh no it's it's the investors 00:18:04.100 --> 00:18:06.100 align:start position:0% developer oh no it's it's the investors essentially<00:18:04.640> like<00:18:04.820> it's<00:18:05.000> its<00:18:05.240> requirements 00:18:06.100 --> 00:18:06.110 align:start position:0% essentially like it's its requirements 00:18:06.110 --> 00:18:10.270 align:start position:0% essentially like it's its requirements that<00:18:06.440> are<00:18:07.720> like<00:18:08.720> what<00:18:09.320> is<00:18:09.440> required<00:18:09.830> for<00:18:10.130> an 00:18:10.270 --> 00:18:10.280 align:start position:0% that are like what is required for an 00:18:10.280 --> 00:18:12.970 align:start position:0% that are like what is required for an investor<00:18:10.760> to<00:18:10.910> invest<00:18:11.260> okay<00:18:12.260> so<00:18:12.320> if<00:18:12.650> you<00:18:12.800> want 00:18:12.970 --> 00:18:12.980 align:start position:0% investor to invest okay so if you want 00:18:12.980 --> 00:18:16.030 align:start position:0% investor to invest okay so if you want to<00:18:13.130> attract<00:18:13.940> regular<00:18:14.570> investors<00:18:14.930> they<00:18:15.710> need 00:18:16.030 --> 00:18:16.040 align:start position:0% to attract regular investors they need 00:18:16.040 --> 00:18:19.210 align:start position:0% to attract regular investors they need to<00:18:16.160> prove<00:18:16.460> to<00:18:17.080> their<00:18:18.080> I<00:18:18.470> mean<00:18:18.950> the<00:18:19.100> people 00:18:19.210 --> 00:18:19.220 align:start position:0% to prove to their I mean the people 00:18:19.220 --> 00:18:25.630 align:start position:0% to prove to their I mean the people watch<00:18:19.550> of<00:18:19.700> them<00:18:19.910> that<00:18:21.160> then<00:18:24.250> they<00:18:25.250> left<00:18:25.460> and 00:18:25.630 --> 00:18:25.640 align:start position:0% watch of them that then they left and 00:18:25.640 --> 00:18:30.370 align:start position:0% watch of them that then they left and money<00:18:25.820> managed<00:18:26.180> by<00:18:27.490> identifying<00:18:28.490> managers<00:18:29.380> is 00:18:30.370 --> 00:18:30.380 align:start position:0% money managed by identifying managers is 00:18:30.380 --> 00:18:34.240 align:start position:0% money managed by identifying managers is that<00:18:30.590> requirement<00:18:31.990> so<00:18:32.990> it's<00:18:33.410> because<00:18:34.160> I 00:18:34.240 --> 00:18:34.250 align:start position:0% that requirement so it's because I 00:18:34.250 --> 00:18:35.890 align:start position:0% that requirement so it's because I thought<00:18:34.370> okay<00:18:34.640> I<00:18:34.670> see<00:18:34.880> requirements<00:18:35.510> for<00:18:35.750> the 00:18:35.890 --> 00:18:35.900 align:start position:0% thought okay I see requirements for the 00:18:35.900 --> 00:18:37.780 align:start position:0% thought okay I see requirements for the investors<00:18:36.470> so<00:18:36.800> the<00:18:36.950> investors<00:18:37.430> need<00:18:37.610> to<00:18:37.640> be 00:18:37.780 --> 00:18:37.790 align:start position:0% investors so the investors need to be 00:18:37.790 --> 00:18:40.660 align:start position:0% investors so the investors need to be kyc<00:18:38.450> and<00:18:38.900> it's<00:18:39.020> not<00:18:39.200> their<00:18:39.530> requirement<00:18:40.430> so 00:18:40.660 --> 00:18:40.670 align:start position:0% kyc and it's not their requirement so 00:18:40.670 --> 00:18:43.330 align:start position:0% kyc and it's not their requirement so it's<00:18:40.910> not<00:18:41.060> their<00:18:41.270> need<00:18:41.800> that<00:18:42.800> there<00:18:43.220> is 00:18:43.330 --> 00:18:43.340 align:start position:0% it's not their need that there is 00:18:43.340 --> 00:18:46.480 align:start position:0% it's not their need that there is because<00:18:44.330> I<00:18:44.450> mean<00:18:44.600> I<00:18:44.720> can<00:18:44.900> be<00:18:45.050> an<00:18:45.170> investor 00:18:46.480 --> 00:18:46.490 align:start position:0% because I mean I can be an investor 00:18:46.490 --> 00:18:50.200 align:start position:0% because I mean I can be an investor I<00:18:46.520> mean<00:18:47.590> there<00:18:48.590> are<00:18:48.910> investors<00:18:49.910> who<00:18:50.030> want<00:18:50.150> to 00:18:50.200 --> 00:18:50.210 align:start position:0% I mean there are investors who want to 00:18:50.210 --> 00:18:54.460 align:start position:0% I mean there are investors who want to remain<00:18:50.360> anonymous<00:18:50.720> right<00:18:51.280> right<00:18:52.280> but<00:18:53.470> you 00:18:54.460 --> 00:18:54.470 align:start position:0% remain anonymous right right but you 00:18:54.470 --> 00:18:56.470 align:start position:0% remain anonymous right right but you know<00:18:54.590> that<00:18:54.740> in<00:18:55.010> a<00:18:55.640> similar<00:18:55.850> way<00:18:56.000> that<00:18:56.150> there 00:18:56.470 --> 00:18:56.480 align:start position:0% know that in a similar way that there 00:18:56.480 --> 00:18:58.690 align:start position:0% know that in a similar way that there might<00:18:56.660> are<00:18:57.410> probably<00:18:57.770> a<00:18:57.860> lot<00:18:58.010> of<00:18:58.130> managers 00:18:58.690 --> 00:18:58.700 align:start position:0% might are probably a lot of managers 00:18:58.700 --> 00:18:59.890 align:start position:0% might are probably a lot of managers that<00:18:58.730> don't<00:18:59.090> want<00:18:59.300> to<00:18:59.360> have<00:18:59.450> anonymous 00:18:59.890 --> 00:18:59.900 align:start position:0% that don't want to have anonymous 00:18:59.900 --> 00:19:02.830 align:start position:0% that don't want to have anonymous investors<00:19:00.860> okay<00:19:01.280> yeah<00:19:01.640> yeah<00:19:02.210> sure 00:19:02.830 --> 00:19:02.840 align:start position:0% investors okay yeah yeah sure 00:19:02.840 --> 00:19:09.850 align:start position:0% investors okay yeah yeah sure I<00:19:04.360> read<00:19:06.730> the<00:19:07.730> initial<00:19:07.970> roadmap<00:19:08.570> was<00:19:08.990> the 00:19:09.850 --> 00:19:09.860 align:start position:0% I read the initial roadmap was the 00:19:09.860 --> 00:19:11.850 align:start position:0% I read the initial roadmap was the product<00:19:10.250> to<00:19:10.340> be<00:19:10.370> delivered<00:19:10.880> in<00:19:11.090> two<00:19:11.300> years<00:19:11.600> but 00:19:11.850 --> 00:19:11.860 align:start position:0% product to be delivered in two years but 00:19:11.860 --> 00:19:17.440 align:start position:0% product to be delivered in two years but it<00:19:12.860> was<00:19:13.510> early<00:19:14.510> one<00:19:14.660> year<00:19:14.930> why<00:19:15.350> was<00:19:15.530> that<00:19:16.450> yeah 00:19:17.440 --> 00:19:17.450 align:start position:0% it was early one year why was that yeah 00:19:17.450 --> 00:19:20.590 align:start position:0% it was early one year why was that yeah so<00:19:17.660> we're<00:19:18.020> we're<00:19:19.010> well<00:19:19.220> ahead<00:19:19.340> of<00:19:19.520> schedule<00:19:19.940> so 00:19:20.590 --> 00:19:20.600 align:start position:0% so we're we're well ahead of schedule so 00:19:20.600 --> 00:19:22.870 align:start position:0% so we're we're well ahead of schedule so we<00:19:20.900> are<00:19:21.290> aiming<00:19:21.440> to<00:19:21.620> have<00:19:21.800> this<00:19:22.010> life<00:19:22.280> with<00:19:22.790> the 00:19:22.870 --> 00:19:22.880 align:start position:0% we are aiming to have this life with the 00:19:22.880 --> 00:19:25.090 align:start position:0% we are aiming to have this life with the basic<00:19:23.180> form<00:19:23.360> of<00:19:23.510> governance<00:19:23.870> next<00:19:24.740> February 00:19:25.090 --> 00:19:25.100 align:start position:0% basic form of governance next February 00:19:25.100 --> 00:19:27.550 align:start position:0% basic form of governance next February 2018<00:19:25.760> so<00:19:26.060> that's<00:19:26.240> one<00:19:26.420> year<00:19:26.570> ahead<00:19:26.690> yeah<00:19:27.410> but 00:19:27.550 --> 00:19:27.560 align:start position:0% 2018 so that's one year ahead yeah but 00:19:27.560 --> 00:19:29.920 align:start position:0% 2018 so that's one year ahead yeah but what<00:19:27.980> happened<00:19:28.430> that<00:19:28.550> you<00:19:29.060> could<00:19:29.300> make<00:19:29.600> it<00:19:29.750> so 00:19:29.920 --> 00:19:29.930 align:start position:0% what happened that you could make it so 00:19:29.930 --> 00:19:37.930 align:start position:0% what happened that you could make it so fast<00:19:31.390> faster<00:19:32.390> than<00:19:32.540> you<00:19:32.630> plan<00:19:34.690> so<00:19:36.670> we<00:19:37.670> really 00:19:37.930 --> 00:19:37.940 align:start position:0% fast faster than you plan so we really 00:19:37.940 --> 00:19:39.790 align:start position:0% fast faster than you plan so we really like<00:19:38.210> like<00:19:38.900> I<00:19:39.020> think<00:19:39.230> in<00:19:39.320> all<00:19:39.680> our 00:19:39.790 --> 00:19:39.800 align:start position:0% like like I think in all our 00:19:39.800 --> 00:19:42.300 align:start position:0% like like I think in all our communications<00:19:40.580> we're<00:19:40.790> really<00:19:40.970> not<00:19:41.180> hyping 00:19:42.300 --> 00:19:42.310 align:start position:0% communications we're really not hyping 00:19:42.310 --> 00:19:45.370 align:start position:0% communications we're really not hyping it's<00:19:43.310> just<00:19:43.610> in<00:19:44.300> the<00:19:44.420> same<00:19:44.630> concept<00:19:45.140> like<00:19:45.260> we 00:19:45.370 --> 00:19:45.380 align:start position:0% it's just in the same concept like we 00:19:45.380 --> 00:19:47.410 align:start position:0% it's just in the same concept like we didn't<00:19:45.680> we<00:19:45.860> didn't<00:19:46.100> want<00:19:46.310> to<00:19:46.340> hype<00:19:46.580> and<00:19:47.000> say 00:19:47.410 --> 00:19:47.420 align:start position:0% didn't we didn't want to hype and say 00:19:47.420 --> 00:19:50.140 align:start position:0% didn't we didn't want to hype and say okay<00:19:47.720> we<00:19:47.810> have<00:19:47.840> this<00:19:48.110> in<00:19:48.260> two<00:19:48.440> weeks<00:19:49.060> but<00:19:50.060> you 00:19:50.140 --> 00:19:50.150 align:start position:0% okay we have this in two weeks but you 00:19:50.150 --> 00:19:51.280 align:start position:0% okay we have this in two weeks but you want<00:19:50.330> to<00:19:50.390> be<00:19:50.510> we<00:19:50.840> wanted<00:19:51.110> to<00:19:51.170> be<00:19:51.260> very 00:19:51.280 --> 00:19:51.290 align:start position:0% want to be we wanted to be very 00:19:51.290 --> 00:19:53.590 align:start position:0% want to be we wanted to be very conservative<00:19:51.830> if<00:19:52.490> you're<00:19:52.760> faster<00:19:53.210> and<00:19:53.360> it's 00:19:53.590 --> 00:19:53.600 align:start position:0% conservative if you're faster and it's 00:19:53.600 --> 00:19:56.890 align:start position:0% conservative if you're faster and it's great<00:19:53.810> for<00:19:53.960> everyone<00:19:55.150> if<00:19:56.150> you're<00:19:56.690> a<00:19:56.720> bit 00:19:56.890 --> 00:19:56.900 align:start position:0% great for everyone if you're a bit 00:19:56.900 --> 00:19:59.470 align:start position:0% great for everyone if you're a bit slower<00:19:57.370> then<00:19:58.370> we<00:19:58.490> still<00:19:58.670> have<00:19:58.700> some<00:19:59.000> cushions 00:19:59.470 --> 00:19:59.480 align:start position:0% slower then we still have some cushions 00:19:59.480 --> 00:20:05.100 align:start position:0% slower then we still have some cushions you<00:19:59.630> know<00:20:00.280> Thanks<00:20:01.310> okay<00:20:02.150> one<00:20:02.330> last<00:20:02.510> question 00:20:05.100 --> 00:20:05.110 align:start position:0% 00:20:05.110 --> 00:20:09.490 align:start position:0% hi<00:20:06.110> I'm<00:20:06.470> wondering<00:20:06.890> how<00:20:07.070> how<00:20:07.970> mature<00:20:08.930> is<00:20:09.140> the 00:20:09.490 --> 00:20:09.500 align:start position:0% hi I'm wondering how how mature is the 00:20:09.500 --> 00:20:11.440 align:start position:0% hi I'm wondering how how mature is the integration<00:20:10.010> with<00:20:10.190> the<00:20:10.280> exchanges<00:20:10.850> so<00:20:11.210> far 00:20:11.440 --> 00:20:11.450 align:start position:0% integration with the exchanges so far 00:20:11.450 --> 00:20:13.690 align:start position:0% integration with the exchanges so far and<00:20:11.690> what's<00:20:12.230> your<00:20:12.380> roadmap<00:20:12.590> on<00:20:13.010> on 00:20:13.690 --> 00:20:13.700 align:start position:0% and what's your roadmap on on 00:20:13.700 --> 00:20:15.340 align:start position:0% and what's your roadmap on on integrating<00:20:14.300> with<00:20:14.450> them<00:20:14.570> yeah<00:20:14.990> that's<00:20:15.290> a 00:20:15.340 --> 00:20:15.350 align:start position:0% integrating with them yeah that's a 00:20:15.350 --> 00:20:17.610 align:start position:0% integrating with them yeah that's a great<00:20:15.440> question<00:20:15.560> so<00:20:15.860> for<00:20:16.400> now<00:20:16.550> we're<00:20:17.090> using 00:20:17.610 --> 00:20:17.620 align:start position:0% great question so for now we're using 00:20:17.620 --> 00:20:20.710 align:start position:0% great question so for now we're using the<00:20:18.620> exchange<00:20:19.310> of<00:20:19.460> YC<00:20:19.880> stacks<00:20:20.180> which<00:20:20.390> is<00:20:20.540> like 00:20:20.710 --> 00:20:20.720 align:start position:0% the exchange of YC stacks which is like 00:20:20.720 --> 00:20:23.710 align:start position:0% the exchange of YC stacks which is like a<00:20:20.750> fully<00:20:20.990> decentralized<00:20:21.170> exchange<00:20:22.510> but<00:20:23.510> we're 00:20:23.710 --> 00:20:23.720 align:start position:0% a fully decentralized exchange but we're 00:20:23.720 --> 00:20:25.300 align:start position:0% a fully decentralized exchange but we're working<00:20:24.110> hard<00:20:24.320> on<00:20:24.470> integrating<00:20:25.100> other 00:20:25.300 --> 00:20:25.310 align:start position:0% working hard on integrating other 00:20:25.310 --> 00:20:29.260 align:start position:0% working hard on integrating other exchanges<00:20:26.240> as<00:20:26.360> well<00:20:27.640> but<00:20:28.640> also<00:20:28.820> this<00:20:29.030> like 00:20:29.260 --> 00:20:29.270 align:start position:0% exchanges as well but also this like 00:20:29.270 --> 00:20:30.640 align:start position:0% exchanges as well but also this like it's<00:20:29.420> all<00:20:29.570> it's<00:20:29.750> all<00:20:29.840> a<00:20:29.900> matter<00:20:30.110> of<00:20:30.260> time 00:20:30.640 --> 00:20:30.650 align:start position:0% it's all it's all a matter of time 00:20:30.650 --> 00:20:32.590 align:start position:0% it's all it's all a matter of time resources<00:20:30.950> and<00:20:31.340> we<00:20:32.030> want<00:20:32.210> to<00:20:32.300> have<00:20:32.390> like<00:20:32.570> a 00:20:32.590 --> 00:20:32.600 align:start position:0% resources and we want to have like a 00:20:32.600 --> 00:20:34.750 align:start position:0% resources and we want to have like a working<00:20:32.960> product<00:20:33.230> as<00:20:33.440> a<00:20:33.650> live<00:20:34.460> working 00:20:34.750 --> 00:20:34.760 align:start position:0% working product as a live working 00:20:34.760 --> 00:20:36.550 align:start position:0% working product as a live working product<00:20:35.150> as<00:20:35.300> soon<00:20:35.450> as<00:20:35.570> possible<00:20:36.050> and<00:20:36.200> from 00:20:36.550 --> 00:20:36.560 align:start position:0% product as soon as possible and from 00:20:36.560 --> 00:20:39.790 align:start position:0% product as soon as possible and from then<00:20:36.830> on<00:20:37.420> continue<00:20:38.420> like<00:20:38.680> integrating<00:20:39.680> other 00:20:39.790 --> 00:20:39.800 align:start position:0% then on continue like integrating other 00:20:39.800 --> 00:20:51.600 align:start position:0% then on continue like integrating other exchanges 00:20:51.600 --> 00:20:51.610 align:start position:0% 00:20:51.610 --> 00:20:59.090 align:start position:0% [Music]