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so<00:00:00.599><c> uh</c><00:00:00.840><c> we'll</c><00:00:01.040><c> make</c><00:00:01.240><c> a</c><00:00:01.959><c> lightning</c><00:00:02.440><c> talk</c><00:00:02.760><c> about</c>

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so uh we'll make a lightning talk about
 

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so uh we'll make a lightning talk about
the<00:00:03.080><c> riding</c><00:00:03.400><c> Network</c>

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the riding Network
 

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the riding Network
um<00:00:05.920><c> which</c><00:00:06.600><c> uh</c><00:00:07.080><c> is</c><00:00:07.520><c> um</c><00:00:08.240><c> something</c><00:00:08.599><c> that</c><00:00:09.080><c> um</c><00:00:09.519><c> the</c>

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um which uh is um something that um the
 

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um which uh is um something that um the
brainbot<00:00:10.240><c> team</c><00:00:10.880><c> is</c><00:00:11.000><c> working</c><00:00:11.360><c> on</c><00:00:12.120><c> uh</c><00:00:12.679><c> of</c><00:00:12.880><c> which</c>

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brainbot team is working on uh of which
 

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brainbot team is working on uh of which
I'm<00:00:13.160><c> a</c><00:00:13.320><c> member</c><00:00:14.240><c> so</c>

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I'm a member so
 

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I'm a member so
essentially<00:00:16.279><c> what</c><00:00:16.840><c> um</c><00:00:17.840><c> the</c><00:00:18.000><c> r</c><00:00:18.359><c> network</c><00:00:19.000><c> is</c>

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essentially what um the r network is
 

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essentially what um the r network is
it's<00:00:19.640><c> it's</c><00:00:19.800><c> trying</c><00:00:20.080><c> to</c><00:00:20.560><c> to</c><00:00:21.560><c> address</c><00:00:21.920><c> some</c><00:00:22.080><c> of</c>

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it's it's trying to to address some of
 

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it's it's trying to to address some of
the<00:00:22.800><c> main</c><00:00:23.039><c> ethereum</c><00:00:23.480><c> problems</c><00:00:23.840><c> which</c><00:00:24.039><c> is</c><00:00:24.920><c> well</c>

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the main ethereum problems which is well
 

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the main ethereum problems which is well
not<00:00:25.320><c> only</c><00:00:25.519><c> ethereum</c><00:00:26.119><c> main</c><00:00:26.359><c> blockchain</c>

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not only ethereum main blockchain
 

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not only ethereum main blockchain
problems<00:00:27.240><c> which</c><00:00:27.359><c> are</c><00:00:27.720><c> for</c><00:00:27.920><c> example</c><00:00:28.960><c> uh</c><00:00:30.039><c> main</c>

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problems which are for example uh main
 

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problems which are for example uh main
one<00:00:30.279><c> is</c>

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one is
 

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one is
scalability<00:00:32.399><c> another</c><00:00:32.680><c> one</c><00:00:32.840><c> is</c><00:00:33.399><c> finality</c><00:00:33.920><c> of</c>

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scalability another one is finality of
 

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scalability another one is finality of
transactions<00:00:35.280><c> and</c><00:00:35.440><c> of</c><00:00:35.600><c> course</c><00:00:36.040><c> um</c><00:00:37.000><c> privacy</c><00:00:37.360><c> of</c>

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transactions and of course um privacy of
 

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transactions and of course um privacy of
transactions<00:00:39.879><c> the</c><00:00:40.200><c> way</c><00:00:40.559><c> with</c><00:00:40.760><c> which</c><00:00:40.960><c> we</c><00:00:41.079><c> are</c>

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transactions the way with which we are
 

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transactions the way with which we are
trying<00:00:41.480><c> to</c><00:00:41.680><c> do</c>

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trying to do
 

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trying to do
this<00:00:44.399><c> um</c><00:00:45.399><c> is</c><00:00:45.719><c> to</c><00:00:45.960><c> use</c><00:00:46.840><c> the</c><00:00:46.960><c> solution</c><00:00:47.320><c> of</c>

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this um is to use the solution of
 

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this um is to use the solution of
offchain<00:00:48.160><c> transfers</c><00:00:49.160><c> essentially</c><00:00:50.079><c> we</c><00:00:50.360><c> are</c>

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offchain transfers essentially we are
 

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offchain transfers essentially we are
using<00:00:51.520><c> um</c><00:00:52.000><c> bilateral</c><00:00:52.480><c> transfers</c><00:00:53.160><c> between</c>

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using um bilateral transfers between
 

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using um bilateral transfers between
many<00:00:54.120><c> different</c><00:00:54.440><c> nodes</c><00:00:55.440><c> that</c><00:00:55.840><c> do</c><00:00:56.039><c> not</c><00:00:56.199><c> need</c><00:00:56.399><c> to</c>

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many different nodes that do not need to
 

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many different nodes that do not need to
be<00:00:56.800><c> on</c><00:00:56.960><c> the</c><00:00:57.480><c> blockchain</c><00:00:58.480><c> and</c><00:00:58.600><c> the</c><00:00:58.719><c> blockchain</c>

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be on the blockchain and the blockchain
 

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be on the blockchain and the blockchain
is<00:00:59.320><c> only</c><00:00:59.760><c> a</c><00:01:00.120><c> Ledger</c><00:01:01.000><c> on</c><00:01:01.239><c> which</c><00:01:01.480><c> the</c><00:01:01.600><c> final</c>

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is only a Ledger on which the final
 

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is only a Ledger on which the final
computations<00:01:02.519><c> are</c>

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stored<00:01:07.840><c> um</c><00:01:08.280><c> so</c><00:01:08.479><c> the</c><00:01:08.640><c> writing</c><00:01:08.920><c> network</c><00:01:09.240><c> is</c>

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stored um so the writing network is
 

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stored um so the writing network is
essentially<00:01:10.240><c> um</c><00:01:10.720><c> a</c><00:01:10.920><c> network</c><00:01:11.439><c> that</c><00:01:11.560><c> can</c>

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essentially um a network that can
 

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essentially um a network that can
transfer<00:01:12.240><c> any</c><00:01:12.759><c> assets</c><00:01:13.759><c> uh</c><00:01:13.920><c> it's</c><00:01:14.920><c> uh</c><00:01:15.720><c> ispired</c>

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transfer any assets uh it's uh ispired
 

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transfer any assets uh it's uh ispired
and<00:01:16.479><c> very</c><00:01:16.600><c> similar</c><00:01:16.920><c> to</c><00:01:17.040><c> the</c><00:01:17.159><c> Bitcoin</c>

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and very similar to the Bitcoin
 

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and very similar to the Bitcoin
lightning<00:01:17.840><c> Network</c><00:01:18.640><c> it's</c><00:01:18.840><c> developed</c>

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lightning Network it's developed
 

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lightning Network it's developed
by<00:01:21.159><c> by</c><00:01:21.360><c> brainbot</c><00:01:22.720><c> a</c><00:01:23.799><c> um</c><00:01:24.799><c> uh</c><00:01:24.960><c> two</c><00:01:25.159><c> developers</c><00:01:25.560><c> of</c>

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by by brainbot a um uh two developers of
 

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by by brainbot a um uh two developers of
which<00:01:25.880><c> work</c><00:01:26.200><c> in</c><00:01:26.400><c> from</c><00:01:26.600><c> this</c><00:01:27.159><c> office</c><00:01:28.159><c> uh</c><00:01:28.320><c> we</c><00:01:28.439><c> are</c>

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which work in from this office uh we are
 

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which work in from this office uh we are
a<00:01:30.360><c> work</c><00:01:30.560><c> in</c><00:01:30.759><c> progress</c><00:01:31.320><c> and</c><00:01:31.520><c> we</c><00:01:31.640><c> are</c><00:01:31.759><c> working</c>

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a work in progress and we are working
 

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a work in progress and we are working
towards<00:01:32.399><c> a</c><00:01:33.159><c> minimum</c><00:01:33.560><c> viable</c><00:01:33.960><c> product</c><00:01:34.320><c> at</c><00:01:34.439><c> the</c>

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moment<00:01:38.000><c> what</c><00:01:38.119><c> are</c><00:01:38.320><c> the</c><00:01:38.520><c> the</c><00:01:38.600><c> features</c><00:01:38.920><c> that</c>

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moment what are the the features that
 

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moment what are the the features that
rting<00:01:39.439><c> has</c><00:01:39.640><c> essentially</c><00:01:40.479><c> you</c><00:01:40.600><c> can</c><00:01:40.759><c> transfer</c>

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rting has essentially you can transfer
 

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rting has essentially you can transfer
any<00:01:42.040><c> erc20</c><00:01:42.920><c> compatible</c><00:01:43.920><c> token</c><00:01:44.759><c> for</c><00:01:44.920><c> example</c><00:01:45.280><c> I</c>

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any erc20 compatible token for example I
 

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any erc20 compatible token for example I
don't<00:01:45.520><c> know</c><00:01:45.640><c> this</c><00:01:45.920><c> x</c><00:01:46.159><c> token</c><00:01:46.719><c> or</c><00:01:47.680><c> uh</c><00:01:47.799><c> maker</c><00:01:48.320><c> die</c>

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don't know this x token or uh maker die
 

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don't know this x token or uh maker die
um<00:01:50.799><c> you</c><00:01:50.960><c> can</c><00:01:51.159><c> have</c><00:01:51.439><c> instant</c><00:01:51.799><c> asset</c><00:01:52.079><c> transfers</c>

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um you can have instant asset transfers
 

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um you can have instant asset transfers
and<00:01:53.200><c> micro</c><00:01:53.520><c> payments</c><00:01:53.960><c> because</c><00:01:54.240><c> essentially</c>

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and micro payments because essentially
 

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and micro payments because essentially
nothing<00:01:56.280><c> needs</c><00:01:56.520><c> to</c><00:01:56.680><c> go</c><00:01:56.799><c> in</c><00:01:56.920><c> the</c><00:01:57.039><c> blockchain</c>

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nothing needs to go in the blockchain
 

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nothing needs to go in the blockchain
unless<00:01:58.200><c> there</c><00:01:58.360><c> is</c><00:01:58.719><c> um</c><00:01:59.600><c> uh</c><00:02:00.039><c> um</c><00:02:00.439><c> a</c>

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unless there is um uh um a
 

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unless there is um uh um a
challeng<00:02:02.280><c> and</c><00:02:02.640><c> uh</c><00:02:02.880><c> it</c><00:02:03.000><c> can</c><00:02:03.159><c> also</c><00:02:03.360><c> scale</c><00:02:03.719><c> to</c>

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challeng and uh it can also scale to
 

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challeng and uh it can also scale to
even<00:02:04.920><c> 1</c><00:02:05.079><c> million</c><00:02:05.399><c> transactions</c><00:02:05.880><c> per</c><00:02:06.039><c> second</c>

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even 1 million transactions per second
 

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even 1 million transactions per second
because<00:02:07.439><c> um</c><00:02:08.319><c> it</c><00:02:08.479><c> does</c><00:02:08.640><c> not</c><00:02:08.840><c> need</c><00:02:09.119><c> to</c><00:02:10.000><c> um</c><00:02:10.520><c> be</c>

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because um it does not need to um be
 

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because um it does not need to um be
included<00:02:11.280><c> in</c><00:02:11.400><c> the</c><00:02:11.520><c> blockchain</c><00:02:11.879><c> unless</c><00:02:12.200><c> there</c>

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included in the blockchain unless there
 

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included in the blockchain unless there
is<00:02:12.520><c> um</c><00:02:13.440><c> a</c><00:02:13.599><c> settlement</c><00:02:14.599><c> and</c><00:02:14.800><c> transactions</c><00:02:15.239><c> are</c>

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is um a settlement and transactions are
 

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is um a settlement and transactions are
also

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confidential<00:02:20.080><c> how</c><00:02:20.280><c> does</c><00:02:20.760><c> um</c><00:02:21.160><c> such</c><00:02:21.319><c> a</c><00:02:21.519><c> network</c>

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confidential how does um such a network
 

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confidential how does um such a network
work<00:02:22.360><c> essentially</c><00:02:22.760><c> we</c><00:02:22.920><c> utilize</c><00:02:23.319><c> something</c>

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work essentially we utilize something
 

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work essentially we utilize something
called<00:02:23.879><c> payment</c>

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called payment
 

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called payment
channels<00:02:26.120><c> um</c><00:02:26.640><c> a</c><00:02:26.800><c> payment</c>

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channels um a payment
 

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channels um a payment
tannel<00:02:28.640><c> in</c><00:02:28.800><c> ethereum</c><00:02:29.239><c> would</c><00:02:29.400><c> be</c><00:02:30.120><c> a</c><00:02:30.200><c> smart</c>

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tannel in ethereum would be a smart
 

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tannel in ethereum would be a smart
contract<00:02:31.879><c> onto</c><00:02:32.239><c> which</c><00:02:32.640><c> a</c><00:02:32.879><c> security</c><00:02:33.280><c> deposit</c>

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contract onto which a security deposit
 

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contract onto which a security deposit
is<00:02:34.040><c> given</c><00:02:35.040><c> it</c><00:02:35.200><c> can</c><00:02:35.360><c> be</c><00:02:35.480><c> settled</c><00:02:36.400><c> closed</c><00:02:37.000><c> but</c><00:02:37.440><c> um</c>

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is given it can be settled closed but um
 

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is given it can be settled closed but um
by<00:02:38.000><c> any</c><00:02:38.160><c> of</c><00:02:38.239><c> the</c><00:02:38.360><c> two</c>

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by any of the two
 

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by any of the two
parties<00:02:40.280><c> um</c><00:02:41.280><c> and</c><00:02:41.720><c> um</c><00:02:42.000><c> there</c><00:02:42.159><c> can</c><00:02:42.319><c> be</c><00:02:42.560><c> only</c><00:02:42.760><c> a</c>

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parties um and um there can be only a
 

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parties um and um there can be only a
challenge<00:02:43.239><c> period</c><00:02:43.640><c> into</c><00:02:43.959><c> which</c><00:02:44.480><c> um</c><00:02:45.120><c> someone</c>

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challenge period into which um someone
 

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challenge period into which um someone
can<00:02:45.959><c> challenge</c><00:02:46.640><c> and</c><00:02:47.000><c> get</c><00:02:47.519><c> um</c><00:02:48.040><c> the</c><00:02:48.200><c> deposit</c>

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can challenge and get um the deposit
 

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can challenge and get um the deposit
back<00:02:49.280><c> if</c><00:02:49.480><c> if</c><00:02:49.640><c> there's</c><00:02:49.840><c> a</c><00:02:50.000><c> problem</c><00:02:50.720><c> it</c><00:02:50.879><c> looks</c>

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back if if there's a problem it looks
 

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back if if there's a problem it looks
something<00:02:51.360><c> like</c><00:02:51.560><c> that</c><00:02:51.720><c> for</c><00:02:51.879><c> example</c><00:02:52.560><c> there</c>

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something like that for example there
 

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something like that for example there
would<00:02:52.840><c> be</c>

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would be
 

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would be
um<00:02:54.879><c> there</c><00:02:55.000><c> will</c><00:02:55.120><c> be</c><00:02:55.239><c> a</c><00:02:55.400><c> contract</c><00:02:56.360><c> with</c><00:02:56.519><c> a</c>

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um there will be a contract with a
 

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um there will be a contract with a
deposit<00:02:57.120><c> given</c><00:02:57.400><c> by</c><00:02:57.640><c> both</c><00:02:58.080><c> um</c><00:02:58.800><c> uh</c><00:02:59.040><c> participants</c>

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deposit given by both um uh participants
 

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deposit given by both um uh participants
it<00:03:00.319><c> would</c><00:03:00.519><c> know</c><00:03:00.640><c> the</c><00:03:00.920><c> receiver</c><00:03:01.120><c> and</c><00:03:01.239><c> the</c>

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it would know the receiver and the
 

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it would know the receiver and the
initiator<00:03:01.800><c> address</c>

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initiator address
 

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initiator address
and

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and
 

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and
um<00:03:06.280><c> the</c><00:03:06.799><c> the</c><00:03:07.480><c> the</c><00:03:07.599><c> participants</c><00:03:08.159><c> essentially</c>

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um the the the participants essentially
 

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um the the the participants essentially
sign<00:03:09.280><c> transactions</c><00:03:10.120><c> but</c><00:03:10.760><c> do</c><00:03:10.959><c> not</c><00:03:11.239><c> put</c><00:03:11.400><c> them</c><00:03:11.560><c> in</c>

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sign transactions but do not put them in
 

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sign transactions but do not put them in
the<00:03:12.120><c> blockchain</c><00:03:13.120><c> but</c><00:03:13.280><c> they</c><00:03:13.440><c> only</c><00:03:13.720><c> keep</c><00:03:14.480><c> um</c><00:03:14.720><c> how</c>

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the blockchain but they only keep um how
 

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the blockchain but they only keep um how
much<00:03:16.040><c> of</c><00:03:16.280><c> an</c><00:03:16.480><c> asset</c><00:03:16.840><c> has</c><00:03:16.959><c> been</c><00:03:17.440><c> spent</c><00:03:18.440><c> they</c>

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much of an asset has been spent they
 

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much of an asset has been spent they
know<00:03:18.840><c> it</c><00:03:19.280><c> U</c><00:03:19.480><c> they</c><00:03:19.599><c> both</c><00:03:19.840><c> know</c><00:03:20.080><c> how</c><00:03:20.239><c> much</c><00:03:20.560><c> they</c>

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know it U they both know how much they
 

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know it U they both know how much they
have

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have
 

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have
spent<00:03:23.480><c> um</c><00:03:24.159><c> a</c><00:03:24.319><c> bidirectional</c><00:03:24.840><c> channel</c><00:03:25.519><c> uh</c><00:03:25.599><c> so</c>

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spent um a bidirectional channel uh so
 

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spent um a bidirectional channel uh so
channels<00:03:26.080><c> are</c><00:03:26.200><c> B</c><00:03:26.360><c> directional</c><00:03:26.840><c> and</c><00:03:26.959><c> it</c><00:03:27.080><c> looks</c>

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channels are B directional and it looks
 

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channels are B directional and it looks
like<00:03:27.599><c> this</c><00:03:27.879><c> essentially</c><00:03:28.280><c> there</c><00:03:28.360><c> is</c><00:03:28.480><c> two</c>

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like this essentially there is two
 

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like this essentially there is two
deposits<00:03:29.239><c> inside</c><00:03:29.599><c> the</c>

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deposits inside the
 

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deposits inside the
the<00:03:30.879><c> contract</c>

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the contract
 

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the contract
um<00:03:33.720><c> and</c><00:03:34.000><c> each</c><00:03:34.239><c> participant</c><00:03:34.720><c> has</c><00:03:34.840><c> to</c><00:03:35.000><c> track</c>

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um and each participant has to track
 

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um and each participant has to track
both<00:03:35.879><c> the</c><00:03:36.000><c> balances</c><00:03:36.959><c> so</c><00:03:37.959><c> Alice</c><00:03:38.239><c> and</c><00:03:38.400><c> Bob</c><00:03:38.640><c> here</c>

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both the balances so Alice and Bob here
 

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both the balances so Alice and Bob here
both<00:03:39.120><c> track</c><00:03:39.439><c> Alice</c><00:03:39.760><c> and</c><00:03:39.920><c> Bob's</c><00:03:40.239><c> respective</c>

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both track Alice and Bob's respective
 

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both track Alice and Bob's respective
balances<00:03:41.879><c> and</c><00:03:42.519><c> the</c><00:03:43.519><c> um</c><00:03:44.519><c> they</c><00:03:44.680><c> can</c><00:03:44.879><c> spend</c><00:03:45.319><c> as</c>

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balances and the um they can spend as
 

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balances and the um they can spend as
much<00:03:45.959><c> as</c><00:03:46.120><c> is</c><00:03:46.439><c> the</c><00:03:46.840><c> the</c><00:03:47.040><c> deposit</c><00:03:47.879><c> inside</c><00:03:48.200><c> the</c>

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much as is the the deposit inside the
 

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much as is the the deposit inside the
contract<00:03:49.280><c> and</c><00:03:49.439><c> we</c><00:03:49.560><c> have</c><00:03:49.840><c> um</c><00:03:50.200><c> a</c><00:03:50.360><c> net</c>

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contract and we have um a net
 

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contract and we have um a net
distributable<00:03:51.599><c> of</c><00:03:51.879><c> of</c><00:03:52.319><c> um</c><00:03:52.599><c> the</c><00:03:52.720><c> balance</c><00:03:53.120><c> of</c>

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distributable of of um the balance of
 

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distributable of of um the balance of
Alice<00:03:53.680><c> for</c><00:03:53.879><c> example</c><00:03:54.239><c> here</c><00:03:54.439><c> in</c><00:03:54.640><c> the</c><00:03:55.239><c> in</c><00:03:55.319><c> the</c>

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Alice for example here in the in the
 

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Alice for example here in the in the
graph

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um<00:04:01.920><c> essentially</c><00:04:02.360><c> in</c><00:04:02.480><c> order</c><00:04:02.760><c> to</c><00:04:03.079><c> scale</c><00:04:03.560><c> this</c>

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um essentially in order to scale this
 

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um essentially in order to scale this
there<00:04:04.439><c> can</c><00:04:04.640><c> be</c><00:04:04.840><c> many</c><00:04:05.439><c> um</c><00:04:05.760><c> channels</c><00:04:06.319><c> that</c><00:04:06.439><c> are</c>

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there can be many um channels that are
 

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there can be many um channels that are
connected<00:04:08.319><c> um</c><00:04:09.599><c> so</c><00:04:10.599><c> in</c><00:04:10.760><c> order</c><00:04:11.040><c> to</c><00:04:11.200><c> scale</c><00:04:11.519><c> this</c>

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connected um so in order to scale this
 

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connected um so in order to scale this
into<00:04:11.840><c> a</c><00:04:12.079><c> full</c><00:04:12.519><c> uh</c><00:04:12.959><c> Network</c><00:04:13.959><c> we</c><00:04:14.120><c> have</c><00:04:14.439><c> multiple</c>

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into a full uh Network we have multiple
 

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into a full uh Network we have multiple
channels<00:04:16.000><c> that</c><00:04:16.160><c> are</c><00:04:16.400><c> connected</c><00:04:17.120><c> and</c><00:04:17.680><c> they</c>

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channels that are connected and they
 

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channels that are connected and they
mediate<00:04:18.239><c> transfers</c><00:04:18.680><c> between</c><00:04:18.959><c> one</c><00:04:19.320><c> another</c><00:04:20.320><c> um</c>

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mediate transfers between one another um
 

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mediate transfers between one another um
this<00:04:20.600><c> is</c><00:04:20.680><c> what</c><00:04:20.799><c> we</c><00:04:20.919><c> call</c><00:04:21.040><c> a</c><00:04:21.120><c> mediated</c><00:04:21.560><c> transfer</c>

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this is what we call a mediated transfer
 

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this is what we call a mediated transfer
and<00:04:22.680><c> essentially</c><00:04:23.560><c> if</c><00:04:23.919><c> Alice</c><00:04:24.280><c> wants</c><00:04:24.520><c> to</c><00:04:24.680><c> send</c>

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and essentially if Alice wants to send
 

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and essentially if Alice wants to send
um<00:04:25.639><c> something</c><00:04:26.120><c> to</c><00:04:26.840><c> um</c><00:04:28.000><c> uh</c><00:04:29.000><c> D</c><00:04:29.320><c> May</c>

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um something to um uh D May
 

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um something to um uh D May
say<00:04:31.199><c> maybe</c>

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say maybe
 

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say maybe
um<00:04:33.919><c> it</c><00:04:34.039><c> can</c><00:04:34.400><c> use</c><00:04:35.400><c> Bob</c><00:04:35.680><c> and</c>

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um it can use Bob and
 

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um it can use Bob and
Charlie<00:04:37.600><c> but</c><00:04:38.600><c> they</c><00:04:38.720><c> would</c><00:04:38.919><c> need</c><00:04:39.440><c> to</c><00:04:39.800><c> have</c><00:04:40.160><c> um</c>

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Charlie but they would need to have um
 

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Charlie but they would need to have um
something<00:04:40.919><c> called</c><00:04:41.360><c> a</c><00:04:41.520><c> h</c>

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something called a h
 

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something called a h
loock<00:04:43.400><c> to</c><00:04:43.960><c> sign</c><00:04:44.440><c> to</c><00:04:45.400><c> um</c><00:04:45.759><c> sign</c><00:04:46.000><c> a</c><00:04:46.160><c> transaction</c>

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loock to sign to um sign a transaction
 

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loock to sign to um sign a transaction
with<00:04:47.360><c> so</c><00:04:47.560><c> that</c><00:04:47.800><c> nobody</c><00:04:48.280><c> can</c>

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with so that nobody can
 

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with so that nobody can
um

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um
 

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um
um<00:04:52.160><c> look</c><00:04:52.360><c> at</c><00:04:52.600><c> it</c><00:04:53.080><c> uh</c><00:04:53.280><c> unless</c><00:04:53.800><c> it</c><00:04:54.039><c> has</c><00:04:55.039><c> reached</c>

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um look at it uh unless it has reached
 

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um look at it uh unless it has reached
the<00:04:56.039><c> end</c><00:04:56.280><c> of</c><00:04:56.560><c> of</c><00:04:56.840><c> of</c><00:04:57.120><c> the</c><00:04:58.120><c> of</c><00:04:58.240><c> the</c><00:04:58.400><c> Channel</c><00:04:59.280><c> Once</c>

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the end of of of the of the Channel Once
 

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the end of of of the of the Channel Once
the<00:05:00.000><c> transaction</c><00:05:00.520><c> goes</c><00:05:00.759><c> to</c><00:05:01.400><c> um</c><00:05:01.840><c> to</c><00:05:02.120><c> David</c><00:05:03.120><c> then</c>

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the transaction goes to um to David then
 

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the transaction goes to um to David then
he<00:05:03.759><c> asks</c><00:05:04.520><c> Alice</c><00:05:05.039><c> for</c><00:05:05.400><c> the</c><00:05:05.840><c> secet</c><00:05:06.840><c> and</c><00:05:06.960><c> it</c><00:05:07.160><c> goes</c>

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he asks Alice for the secet and it goes
 

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he asks Alice for the secet and it goes
backwards<00:05:08.120><c> and</c><00:05:09.120><c> uh</c><00:05:09.280><c> the</c><00:05:09.600><c> transaction</c><00:05:10.600><c> um</c><00:05:11.520><c> is</c>

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backwards and uh the transaction um is
 

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backwards and uh the transaction um is
uh<00:05:12.680><c> finalized</c><00:05:13.680><c> in</c><00:05:13.840><c> immediate</c><00:05:14.400><c> transfer</c><00:05:15.280><c> it's</c>

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uh finalized in immediate transfer it's
 

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uh finalized in immediate transfer it's
not<00:05:16.240><c> a</c><00:05:16.360><c> small</c><00:05:16.680><c> feet</c><00:05:17.680><c> depending</c><00:05:18.080><c> on</c><00:05:18.520><c> um</c><00:05:19.400><c> on</c><00:05:19.560><c> the</c>

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not a small feet depending on um on the
 

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not a small feet depending on um on the
distance<00:05:20.600><c> that's</c><00:05:20.759><c> something</c><00:05:21.000><c> that</c><00:05:21.080><c> we</c><00:05:21.199><c> have</c>

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distance that's something that we have
 

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distance that's something that we have
not<00:05:21.440><c> implemented</c><00:05:22.319><c> yet</c><00:05:22.600><c> but</c><00:05:22.960><c> yeah</c><00:05:23.120><c> that's</c><00:05:23.440><c> just</c>

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not implemented yet but yeah that's just
 

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not implemented yet but yeah that's just
how<00:05:24.160><c> then</c><00:05:24.720><c> the</c><00:05:24.840><c> idea</c><00:05:25.240><c> is</c><00:05:25.520><c> supposed</c><00:05:25.800><c> to</c><00:05:26.360><c> work</c><00:05:27.360><c> um</c>

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how then the idea is supposed to work um
 

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how then the idea is supposed to work um
so<00:05:28.039><c> imagine</c><00:05:28.479><c> a</c><00:05:28.600><c> network</c><00:05:28.919><c> of</c><00:05:29.080><c> many</c><00:05:29.280><c> such</c>

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so imagine a network of many such
 

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so imagine a network of many such
with<00:05:31.360><c> uh</c><00:05:31.919><c> Roots</c><00:05:32.240><c> being</c><00:05:32.440><c> found</c><00:05:32.800><c> between</c><00:05:33.080><c> any</c><00:05:33.240><c> of</c>

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with uh Roots being found between any of
 

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with uh Roots being found between any of
the<00:05:33.440><c> two</c>

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the two
 

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the two
participants<00:05:36.039><c> uh</c><00:05:37.039><c> as</c><00:05:37.160><c> long</c><00:05:37.319><c> as</c><00:05:37.440><c> the</c><00:05:37.680><c> transfers</c>

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participants uh as long as the transfers
 

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participants uh as long as the transfers
cancel<00:05:38.919><c> out</c><00:05:39.919><c> so</c><00:05:40.479><c> the</c><00:05:40.639><c> deposit</c><00:05:41.080><c> is</c><00:05:41.240><c> not</c><00:05:41.880><c> um</c><00:05:42.280><c> so</c>

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cancel out so the deposit is not um so
 

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cancel out so the deposit is not um so
the<00:05:42.800><c> the</c><00:05:43.240><c> the</c><00:05:43.360><c> sum</c><00:05:43.560><c> of</c><00:05:43.680><c> the</c><00:05:43.800><c> transfers</c><00:05:44.199><c> is</c><00:05:44.319><c> not</c>

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the the the sum of the transfers is not
 

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the the the sum of the transfers is not
more<00:05:44.600><c> than</c><00:05:44.720><c> the</c><00:05:44.880><c> deposit</c><00:05:45.360><c> the</c><00:05:45.520><c> channel</c><00:05:45.840><c> can</c><00:05:45.960><c> be</c>

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more than the deposit the channel can be
 

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more than the deposit the channel can be
long<00:05:46.479><c> lived</c><00:05:47.479><c> so</c><00:05:47.840><c> nothing</c><00:05:48.120><c> would</c><00:05:48.280><c> need</c><00:05:48.400><c> to</c><00:05:48.520><c> go</c>

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long lived so nothing would need to go
 

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long lived so nothing would need to go
in<00:05:48.720><c> the</c>

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in the
 

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in the
blockchain<00:05:51.360><c> uh</c><00:05:51.600><c> which</c><00:05:51.759><c> would</c><00:05:51.960><c> result</c><00:05:52.240><c> in</c>

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blockchain uh which would result in
 

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blockchain uh which would result in
having<00:05:52.759><c> a</c><00:05:52.880><c> very</c><00:05:53.039><c> low</c><00:05:53.240><c> frequency</c><00:05:53.680><c> of</c>

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having a very low frequency of
 

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having a very low frequency of
settlements<00:05:55.520><c> uh</c><00:05:55.720><c> that</c><00:05:55.840><c> would</c><00:05:56.400><c> uh</c><00:05:56.600><c> make</c>

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settlements uh that would uh make
 

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settlements uh that would uh make
everything<00:05:57.160><c> much</c><00:05:57.360><c> cheaper</c><00:05:57.720><c> because</c><00:05:57.919><c> there</c>

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everything much cheaper because there
 

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everything much cheaper because there
would<00:05:58.160><c> be</c><00:05:58.240><c> no</c><00:05:58.440><c> gas</c><00:05:58.680><c> cost</c><00:05:59.000><c> since</c><00:05:59.199><c> nothing</c><00:05:59.440><c> goes</c>

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would be no gas cost since nothing goes
 

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would be no gas cost since nothing goes
in<00:05:59.800><c> the</c><00:06:00.120><c> blockchain</c><00:06:01.120><c> um</c><00:06:01.440><c> fast</c><00:06:01.840><c> for</c><00:06:02.039><c> the</c><00:06:02.160><c> same</c>

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in the blockchain um fast for the same
 

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in the blockchain um fast for the same
reason<00:06:03.240><c> and</c><00:06:03.680><c> there</c><00:06:03.800><c> would</c><00:06:04.000><c> still</c><00:06:04.160><c> be</c><00:06:04.280><c> no</c>

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reason and there would still be no
 

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reason and there would still be no
counterparty<00:06:05.080><c> risk</c><00:06:05.440><c> because</c><00:06:05.800><c> the</c><00:06:06.599><c> the</c>

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counterparty risk because the the
 

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counterparty risk because the the
transactions<00:06:07.960><c> actually</c><00:06:08.240><c> do</c><00:06:08.520><c> exist</c><00:06:08.840><c> and</c><00:06:09.000><c> they</c>

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transactions actually do exist and they
 

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transactions actually do exist and they
are<00:06:09.199><c> cryptographically</c><00:06:09.800><c> proven</c><00:06:10.400><c> and</c><00:06:10.560><c> each</c>

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are cryptographically proven and each
 

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are cryptographically proven and each
one<00:06:10.880><c> depends</c><00:06:11.120><c> on</c><00:06:11.240><c> the</c><00:06:11.360><c> previous</c><00:06:11.639><c> one</c><00:06:12.199><c> they</c>

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one depends on the previous one they
 

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one depends on the previous one they
just<00:06:13.240><c> are</c><00:06:13.520><c> not</c><00:06:14.120><c> put</c><00:06:14.360><c> in</c><00:06:14.479><c> the</c><00:06:14.599><c> blockchain</c>

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just are not put in the blockchain
 

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just are not put in the blockchain
unless<00:06:15.360><c> there's</c><00:06:15.599><c> a</c>

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problem<00:06:19.759><c> um</c><00:06:20.000><c> there</c><00:06:20.120><c> are</c><00:06:20.240><c> many</c><00:06:20.479><c> applications</c>

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problem um there are many applications
 

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problem um there are many applications
for<00:06:21.280><c> such</c><00:06:21.479><c> a</c><00:06:21.720><c> thing</c><00:06:22.479><c> one</c><00:06:22.680><c> example</c><00:06:23.000><c> would</c><00:06:23.120><c> be</c><00:06:23.199><c> a</c>

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for such a thing one example would be a
 

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for such a thing one example would be a
decentralized

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decentralized
 

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decentralized
exchange<00:06:26.199><c> for</c><00:06:26.400><c> example</c><00:06:26.680><c> if</c><00:06:26.759><c> you</c><00:06:26.840><c> want</c><00:06:26.960><c> to</c>

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exchange for example if you want to
 

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exchange for example if you want to
trade<00:06:27.280><c> two</c><00:06:27.560><c> assets</c><00:06:28.160><c> you</c><00:06:28.240><c> would</c><00:06:28.400><c> need</c><00:06:28.520><c> to</c><00:06:28.599><c> have</c>

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trade two assets you would need to have
 

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trade two assets you would need to have
a<00:06:28.800><c> channel</c><00:06:29.080><c> open</c><00:06:29.240><c> for</c><00:06:29.599><c> both</c><00:06:29.759><c> of</c><00:06:29.919><c> those</c><00:06:30.599><c> assets</c>

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a channel open for both of those assets
 

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a channel open for both of those assets
um<00:06:32.120><c> the</c><00:06:32.280><c> initiator</c><00:06:32.880><c> would</c><00:06:33.240><c> would</c><00:06:33.639><c> um</c>

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um the initiator would would um
 

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um the initiator would would um
broadcast<00:06:35.520><c> the</c><00:06:35.840><c> intent</c><00:06:36.840><c> for</c><00:06:37.000><c> example</c><00:06:37.400><c> he</c>

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broadcast the intent for example he
 

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broadcast the intent for example he
would<00:06:37.680><c> have</c><00:06:37.800><c> a</c><00:06:37.919><c> bat</c><00:06:38.240><c> and</c><00:06:38.400><c> an</c><00:06:38.639><c> ask</c><00:06:38.960><c> for</c><00:06:39.520><c> for</c>

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would have a bat and an ask for for
 

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would have a bat and an ask for for
asset<00:06:40.280><c> a</c><00:06:40.400><c> and</c><00:06:40.560><c> asset</c><00:06:40.840><c> B</c><00:06:41.479><c> then</c><00:06:41.680><c> interested</c>

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asset a and asset B then interested
 

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asset a and asset B then interested
parties<00:06:42.599><c> would</c><00:06:43.039><c> uh</c><00:06:43.160><c> send</c><00:06:43.360><c> an</c><00:06:43.520><c> exchange</c>

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parties would uh send an exchange
 

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parties would uh send an exchange
request<00:06:44.240><c> and</c><00:06:44.360><c> the</c><00:06:44.479><c> initiator</c><00:06:44.960><c> would</c><00:06:45.319><c> accept</c>

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request and the initiator would accept
 

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request and the initiator would accept
and<00:06:46.599><c> the</c><00:06:46.720><c> way</c><00:06:46.880><c> that</c><00:06:47.080><c> this</c><00:06:47.280><c> would</c><00:06:47.759><c> work</c><00:06:48.280><c> is</c><00:06:48.560><c> that</c>

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and the way that this would work is that
 

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and the way that this would work is that
um<00:06:50.039><c> we</c><00:06:50.160><c> would</c><00:06:50.479><c> essentially</c><00:06:50.880><c> have</c><00:06:51.039><c> two</c><00:06:51.160><c> Medi</c>

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um we would essentially have two Medi
 

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um we would essentially have two Medi
transfers<00:06:52.120><c> with</c><00:06:52.240><c> the</c><00:06:52.400><c> same</c><00:06:53.080><c> HL</c><00:06:54.080><c> so</c><00:06:54.360><c> that</c><00:06:54.680><c> once</c>

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transfers with the same HL so that once
 

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transfers with the same HL so that once
the<00:06:55.000><c> secret</c><00:06:55.400><c> is</c><00:06:55.560><c> revealed</c><00:06:56.280><c> and</c><00:06:56.720><c> if</c><00:06:56.879><c> and</c><00:06:57.039><c> only</c>

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the secret is revealed and if and only
 

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the secret is revealed and if and only
if<00:06:57.360><c> it</c><00:06:57.479><c> is</c><00:06:57.599><c> revealed</c><00:06:58.120><c> then</c><00:06:58.720><c> either</c><00:06:59.120><c> both</c><00:06:59.599><c> of</c>

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if it is revealed then either both of
 

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if it is revealed then either both of
the<00:06:59.800><c> transactions</c><00:07:00.280><c> would</c><00:07:00.479><c> execute</c><00:07:00.960><c> or</c><00:07:01.199><c> or</c><00:07:02.039><c> if</c>

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the transactions would execute or or if
 

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the transactions would execute or or if
um<00:07:02.680><c> there</c><00:07:02.759><c> is</c><00:07:02.879><c> a</c><00:07:03.000><c> problem</c><00:07:03.280><c> none</c><00:07:03.440><c> of</c><00:07:03.560><c> them</c><00:07:03.720><c> would</c>

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um there is a problem none of them would
 

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um there is a problem none of them would
be

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executed<00:07:08.720><c> um</c><00:07:09.720><c> as</c><00:07:09.800><c> I</c><00:07:09.960><c> said</c><00:07:10.160><c> in</c><00:07:10.240><c> the</c><00:07:10.360><c> beginning</c>

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executed um as I said in the beginning
 

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executed um as I said in the beginning
this<00:07:10.840><c> is</c><00:07:11.000><c> inspired</c><00:07:11.319><c> by</c><00:07:11.440><c> the</c><00:07:11.520><c> lighting</c><00:07:11.840><c> Network</c>

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this is inspired by the lighting Network
 

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this is inspired by the lighting Network
now<00:07:12.919><c> if</c><00:07:13.000><c> we</c><00:07:13.199><c> compare</c><00:07:13.599><c> both</c><00:07:13.800><c> of</c><00:07:13.960><c> them</c><00:07:14.960><c> um</c><00:07:15.479><c> in</c>

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now if we compare both of them um in
 

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now if we compare both of them um in
ethereum<00:07:16.560><c> uh</c><00:07:17.000><c> R</c><00:07:17.360><c> has</c><00:07:17.479><c> an</c><00:07:17.680><c> easier</c>

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ethereum uh R has an easier
 

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ethereum uh R has an easier
implementation<00:07:18.560><c> thanks</c><00:07:18.759><c> to</c><00:07:18.879><c> the</c><00:07:19.039><c> virtual</c>

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implementation thanks to the virtual
 

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implementation thanks to the virtual
machine<00:07:20.639><c> um</c><00:07:21.280><c> if</c><00:07:21.400><c> there</c><00:07:21.520><c> is</c><00:07:21.599><c> an</c><00:07:21.720><c> un</c><00:07:21.919><c> comparative</c>

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machine um if there is an un comparative
 

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machine um if there is an un comparative
participant<00:07:22.800><c> the</c><00:07:22.919><c> channel</c><00:07:23.160><c> is</c><00:07:23.280><c> not</c><00:07:23.440><c> locked</c><00:07:23.879><c> we</c>

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participant the channel is not locked we
 

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participant the channel is not locked we
just<00:07:24.160><c> find</c><00:07:24.479><c> another</c><00:07:25.440><c> um</c><00:07:26.440><c> uh</c><00:07:26.960><c> uh</c>

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just find another um uh uh
 

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just find another um uh uh
route<00:07:28.720><c> um</c>

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route um
 

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route um
we<00:07:30.280><c> can</c><00:07:30.440><c> add</c><00:07:30.639><c> more</c><00:07:30.840><c> funds</c><00:07:31.160><c> to</c><00:07:31.319><c> a</c><00:07:31.479><c> Smart</c>

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we can add more funds to a Smart
 

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we can add more funds to a Smart
contract<00:07:33.120><c> uh</c><00:07:33.240><c> so</c><00:07:33.400><c> the</c><00:07:33.560><c> channel</c><00:07:33.879><c> can</c><00:07:34.039><c> get</c><00:07:34.440><c> much</c>

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contract uh so the channel can get much
 

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contract uh so the channel can get much
more<00:07:35.080><c> um</c><00:07:35.319><c> funds</c><00:07:35.680><c> if</c><00:07:35.840><c> needed</c><00:07:36.840><c> if</c><00:07:36.960><c> the</c><00:07:37.120><c> deposit</c>

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more um funds if needed if the deposit
 

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more um funds if needed if the deposit
is<00:07:37.599><c> not</c><00:07:38.080><c> enough</c><00:07:39.080><c> we</c><00:07:39.199><c> can</c><00:07:39.360><c> use</c><00:07:39.520><c> it</c><00:07:39.639><c> for</c><00:07:39.919><c> any</c>

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is not enough we can use it for any
 

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is not enough we can use it for any
compatible<00:07:41.080><c> token</c><00:07:41.400><c> with</c><00:07:41.720><c> the</c><00:07:43.000><c> lc20</c>

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compatible token with the lc20
 

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compatible token with the lc20
um<00:07:45.840><c> uh</c><00:07:46.000><c> token</c><00:07:46.400><c> proposal</c><00:07:47.280><c> and</c><00:07:47.440><c> it's</c>

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um uh token proposal and it's
 

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um uh token proposal and it's
interruptable<00:07:48.159><c> with</c><00:07:48.319><c> smart</c><00:07:48.639><c> contracts</c><00:07:48.960><c> in</c>

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interruptable with smart contracts in
 

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interruptable with smart contracts in
general<00:07:49.360><c> we</c><00:07:49.440><c> can</c><00:07:49.560><c> use</c><00:07:49.759><c> oracles</c><00:07:50.599><c> and</c><00:07:51.240><c> anything</c>

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general we can use oracles and anything
 

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general we can use oracles and anything
else<00:07:51.840><c> you</c><00:07:52.039><c> you</c><00:07:52.120><c> may</c>

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else you you may
 

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else you you may
need<00:07:54.080><c> um</c><00:07:54.720><c> the</c><00:07:54.879><c> current</c><00:07:55.240><c> status</c><00:07:55.639><c> is</c><00:07:55.800><c> that</c><00:07:56.080><c> we</c>

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need um the current status is that we
 

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need um the current status is that we
have<00:07:56.360><c> demonstrated</c><00:07:57.199><c> 500</c><00:07:57.639><c> transfers</c><00:07:58.120><c> per</c><00:07:58.240><c> CPU</c>

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have demonstrated 500 transfers per CPU
 

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have demonstrated 500 transfers per CPU
code<00:07:58.960><c> per</c><00:07:59.120><c> second</c>

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code per second
 

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code per second
it's<00:08:00.120><c> a</c><00:08:00.280><c> work</c><00:08:00.440><c> in</c><00:08:00.639><c> progress</c><00:08:01.319><c> and</c><00:08:01.759><c> um</c><00:08:02.159><c> we</c><00:08:02.280><c> don't</c>

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it's a work in progress and um we don't
 

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it's a work in progress and um we don't
need<00:08:02.680><c> anything</c><00:08:03.120><c> extra</c><00:08:03.440><c> added</c><00:08:03.680><c> to</c><00:08:03.800><c> ethereum</c><00:08:04.199><c> at</c>

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need anything extra added to ethereum at
 

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need anything extra added to ethereum at
the<00:08:04.440><c> moment</c><00:08:04.720><c> we</c><00:08:04.840><c> just</c><00:08:04.960><c> need</c><00:08:05.120><c> to</c><00:08:05.280><c> implement</c><00:08:05.639><c> it</c>

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the moment we just need to implement it
 

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the moment we just need to implement it
that<00:08:06.240><c> we</c><00:08:06.319><c> don't</c><00:08:06.560><c> wait</c><00:08:06.720><c> for</c><00:08:06.919><c> Metropolis</c><00:08:07.360><c> or</c>

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that we don't wait for Metropolis or
 

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that we don't wait for Metropolis or
anything<00:08:07.840><c> like</c>

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anything like
 

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anything like
that<00:08:09.560><c> um</c><00:08:10.240><c> our</c><00:08:10.440><c> Milestone</c><00:08:10.960><c> is</c><00:08:11.759><c> pro</c><00:08:11.960><c> of</c><00:08:12.080><c> concept</c>

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that um our Milestone is pro of concept
 

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that um our Milestone is pro of concept
zero<00:08:12.800><c> we</c><00:08:13.080><c> we</c><00:08:13.240><c> have</c><00:08:13.599><c> demonstrated</c><00:08:14.599><c> with</c><00:08:14.800><c> the</c>

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zero we we have demonstrated with the
 

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zero we we have demonstrated with the
test<00:08:15.199><c> net</c><00:08:15.479><c> a</c><00:08:15.560><c> transfer</c><00:08:16.039><c> from</c><00:08:16.919><c> uh</c><00:08:17.280><c> Copenhagen</c>

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test net a transfer from uh Copenhagen
 

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test net a transfer from uh Copenhagen
to<00:08:18.639><c> Mumbai</c><00:08:19.599><c> mediated</c><00:08:20.199><c> by</c><00:08:20.319><c> a</c><00:08:20.479><c> node</c><00:08:20.759><c> in</c>

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to Mumbai mediated by a node in
 

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to Mumbai mediated by a node in
Florianopolis

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Brazil<00:08:25.159><c> um</c><00:08:25.919><c> and</c><00:08:26.080><c> this</c><00:08:26.240><c> happened</c><00:08:27.039><c> around</c>

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Brazil um and this happened around
 

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Brazil um and this happened around
August<00:08:28.479><c> I</c><00:08:28.639><c> think</c>

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August I think
 

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August I think
um<00:08:30.759><c> we're</c><00:08:31.000><c> heading</c><00:08:31.280><c> towards</c><00:08:31.840><c> the</c><00:08:31.960><c> minimum</c>

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um we're heading towards the minimum
 

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um we're heading towards the minimum
viable<00:08:32.640><c> product</c><00:08:33.159><c> which</c><00:08:33.279><c> is</c><00:08:33.440><c> the</c><00:08:33.599><c> big</c>

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viable product which is the big
 

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viable product which is the big
milestone<00:08:34.240><c> that</c><00:08:34.360><c> we</c><00:08:34.479><c> want</c><00:08:34.760><c> to</c><00:08:35.080><c> come</c><00:08:35.760><c> uh</c><00:08:35.959><c> to</c>

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milestone that we want to come uh to
 

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milestone that we want to come uh to
that<00:08:36.919><c> would</c><00:08:37.120><c> come</c><00:08:37.279><c> out</c><00:08:37.560><c> around</c><00:08:37.839><c> the</c><00:08:38.479><c> beginning</c>

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that would come out around the beginning
 

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that would come out around the beginning
of<00:08:39.519><c> 2017</c><00:08:40.519><c> we</c><00:08:41.399><c> would</c><00:08:41.640><c> like</c><00:08:41.839><c> to</c><00:08:42.680><c> um</c><00:08:42.959><c> if</c><00:08:43.080><c> you</c><00:08:43.360><c> like</c>

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of 2017 we would like to um if you like
 

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of 2017 we would like to um if you like
Python<00:08:44.000><c> and</c><00:08:44.159><c> you</c><00:08:44.399><c> like</c><00:08:44.560><c> ethereum</c><00:08:45.120><c> we</c><00:08:45.200><c> would</c>

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Python and you like ethereum we would
 

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Python and you like ethereum we would
really<00:08:45.600><c> appreciate</c><00:08:46.000><c> the</c><00:08:46.160><c> help</c><00:08:46.640><c> the</c><00:08:47.160><c> it's</c><00:08:47.320><c> in</c>

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really appreciate the help the it's in
 

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really appreciate the help the it's in
GitHub<00:08:48.839><c> it's</c><00:08:49.040><c> riding</c><00:08:49.399><c> Network</c><00:08:49.760><c> SL</c>

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GitHub it's riding Network SL
 

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GitHub it's riding Network SL
riding<00:08:51.800><c> and</c><00:08:52.279><c> um</c><00:08:52.680><c> yeah</c><00:08:53.080><c> that's</c><00:08:53.399><c> that's</c>

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riding and um yeah that's that's
 

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riding and um yeah that's that's
all<00:08:55.720><c> do</c><00:08:55.839><c> you</c><00:08:55.959><c> have</c><00:08:56.120><c> any</c><00:08:56.360><c> questions</c>

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[Applause]

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[Applause]
 

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[Applause]
on