WEBVTT Kind: captions Language: en 00:00:00.030 --> 00:00:04.100 align:start position:0% so<00:00:00.570> yeah<00:00:00.810> cool<00:00:01.469> so<00:00:02.129> essentially<00:00:02.929> you<00:00:03.929> guys 00:00:04.100 --> 00:00:04.110 align:start position:0% so yeah cool so essentially you guys 00:00:04.110 --> 00:00:07.579 align:start position:0% so yeah cool so essentially you guys have<00:00:04.380> been<00:00:04.529> here<00:00:04.770> for<00:00:05.250> all<00:00:05.850> of<00:00:05.879> DEFCON<00:00:06.589> you 00:00:07.579 --> 00:00:07.589 align:start position:0% have been here for all of DEFCON you 00:00:07.589 --> 00:00:09.500 align:start position:0% have been here for all of DEFCON you probably<00:00:08.040> you<00:00:08.639> could<00:00:08.849> have<00:00:08.970> known<00:00:09.150> coming 00:00:09.500 --> 00:00:09.510 align:start position:0% probably you could have known coming 00:00:09.510 --> 00:00:12.290 align:start position:0% probably you could have known coming into<00:00:09.660> DEFCON<00:00:09.960> that<00:00:10.740> blockchains<00:00:11.519> need<00:00:11.880> to 00:00:12.290 --> 00:00:12.300 align:start position:0% into DEFCON that blockchains need to 00:00:12.300 --> 00:00:16.700 align:start position:0% into DEFCON that blockchains need to scale<00:00:13.099> if<00:00:14.099> you<00:00:14.400> didn't<00:00:14.790> know<00:00:15.150> going<00:00:15.420> in<00:00:15.710> based 00:00:16.700 --> 00:00:16.710 align:start position:0% scale if you didn't know going in based 00:00:16.710 --> 00:00:18.710 align:start position:0% scale if you didn't know going in based on<00:00:16.920> some<00:00:17.340> of<00:00:17.460> the<00:00:17.550> talks<00:00:17.760> that<00:00:18.060> you've<00:00:18.270> got<00:00:18.480> to 00:00:18.710 --> 00:00:18.720 align:start position:0% on some of the talks that you've got to 00:00:18.720 --> 00:00:21.140 align:start position:0% on some of the talks that you've got to you<00:00:19.289> probably<00:00:19.800> know<00:00:20.010> now<00:00:20.279> so<00:00:20.670> I<00:00:20.730> don't<00:00:21.060> really 00:00:21.140 --> 00:00:21.150 align:start position:0% you probably know now so I don't really 00:00:21.150 --> 00:00:23.570 align:start position:0% you probably know now so I don't really have<00:00:21.300> to<00:00:21.510> make<00:00:21.630> that<00:00:21.810> argument<00:00:22.160> but<00:00:23.160> I'll<00:00:23.400> just 00:00:23.570 --> 00:00:23.580 align:start position:0% have to make that argument but I'll just 00:00:23.580 --> 00:00:24.439 align:start position:0% have to make that argument but I'll just go<00:00:23.730> into<00:00:23.880> it<00:00:24.060> a<00:00:24.119> little<00:00:24.210> bit 00:00:24.439 --> 00:00:24.449 align:start position:0% go into it a little bit 00:00:24.449 --> 00:00:27.050 align:start position:0% go into it a little bit essentially<00:00:25.439> block<00:00:26.099> chains<00:00:26.400> are<00:00:26.580> amazing 00:00:27.050 --> 00:00:27.060 align:start position:0% essentially block chains are amazing 00:00:27.060 --> 00:00:30.650 align:start position:0% essentially block chains are amazing there's<00:00:27.660> this<00:00:27.840> global<00:00:28.349> truth<00:00:29.660> especially 00:00:30.650 --> 00:00:30.660 align:start position:0% there's this global truth especially 00:00:30.660 --> 00:00:32.630 align:start position:0% there's this global truth especially when<00:00:31.260> they're<00:00:31.439> public<00:00:31.830> Bakhtin's<00:00:32.279> then 00:00:32.630 --> 00:00:32.640 align:start position:0% when they're public Bakhtin's then 00:00:32.640 --> 00:00:34.760 align:start position:0% when they're public Bakhtin's then they're<00:00:32.820> then<00:00:33.480> they're<00:00:33.780> this<00:00:33.960> global<00:00:34.500> truth 00:00:34.760 --> 00:00:34.770 align:start position:0% they're then they're this global truth 00:00:34.770 --> 00:00:38.270 align:start position:0% they're then they're this global truth that<00:00:35.160> everyone<00:00:35.640> can<00:00:36.059> see<00:00:36.090> that<00:00:36.570> everyone<00:00:37.280> can 00:00:38.270 --> 00:00:38.280 align:start position:0% that everyone can see that everyone can 00:00:38.280 --> 00:00:42.920 align:start position:0% that everyone can see that everyone can access<00:00:38.899> and<00:00:39.899> in<00:00:40.500> the<00:00:40.680> case<00:00:40.920> of<00:00:41.719> block<00:00:42.719> chains 00:00:42.920 --> 00:00:42.930 align:start position:0% access and in the case of block chains 00:00:42.930 --> 00:00:46.130 align:start position:0% access and in the case of block chains like<00:00:43.079> a<00:00:43.140> cerium<00:00:43.760> anyone<00:00:44.760> can<00:00:45.750> essentially 00:00:46.130 --> 00:00:46.140 align:start position:0% like a cerium anyone can essentially 00:00:46.140 --> 00:00:49.250 align:start position:0% like a cerium anyone can essentially store<00:00:46.820> information<00:00:47.820> on<00:00:48.239> them<00:00:48.480> and<00:00:48.719> interact 00:00:49.250 --> 00:00:49.260 align:start position:0% store information on them and interact 00:00:49.260 --> 00:00:49.930 align:start position:0% store information on them and interact with<00:00:49.350> them 00:00:49.930 --> 00:00:49.940 align:start position:0% with them 00:00:49.940 --> 00:00:56.779 align:start position:0% with them yo<00:00:52.190> anyway<00:00:53.239> and<00:00:54.239> so<00:00:54.539> this<00:00:54.899> is<00:00:55.079> this<00:00:55.739> is<00:00:55.890> amazing 00:00:56.779 --> 00:00:56.789 align:start position:0% yo anyway and so this is this is amazing 00:00:56.789 --> 00:01:00.110 align:start position:0% yo anyway and so this is this is amazing but<00:00:57.239> they<00:00:57.899> are<00:00:58.140> single<00:00:58.469> threaded<00:00:58.920> at<00:00:59.670> least<00:00:59.940> as 00:01:00.110 --> 00:01:00.120 align:start position:0% but they are single threaded at least as 00:01:00.120 --> 00:01:04.310 align:start position:0% but they are single threaded at least as of<00:01:00.390> right<00:01:00.570> now<00:01:01.640> bunch<00:01:02.640> of<00:01:02.760> nodes<00:01:03.000> running<00:01:03.600> the 00:01:04.310 --> 00:01:04.320 align:start position:0% of right now bunch of nodes running the 00:01:04.320 --> 00:01:07.490 align:start position:0% of right now bunch of nodes running the same<00:01:04.559> same<00:01:05.430> stuff<00:01:05.670> all<00:01:05.880> over<00:01:05.939> the<00:01:06.180> world<00:01:06.500> this 00:01:07.490 --> 00:01:07.500 align:start position:0% same same stuff all over the world this 00:01:07.500 --> 00:01:10.310 align:start position:0% same same stuff all over the world this is<00:01:07.740> great<00:01:08.070> in<00:01:08.280> terms<00:01:08.310> of<00:01:08.840> keeping<00:01:09.840> a<00:01:09.900> record<00:01:10.049> of 00:01:10.310 --> 00:01:10.320 align:start position:0% is great in terms of keeping a record of 00:01:10.320 --> 00:01:12.020 align:start position:0% is great in terms of keeping a record of it<00:01:10.500> everyone<00:01:10.950> who's<00:01:11.250> running<00:01:11.549> a<00:01:11.670> full<00:01:11.850> node 00:01:12.020 --> 00:01:12.030 align:start position:0% it everyone who's running a full node 00:01:12.030 --> 00:01:14.960 align:start position:0% it everyone who's running a full node has<00:01:12.420> their<00:01:12.659> own<00:01:12.689> personal<00:01:13.409> copy<00:01:13.740> of<00:01:14.640> the 00:01:14.960 --> 00:01:14.970 align:start position:0% has their own personal copy of the 00:01:14.970 --> 00:01:15.469 align:start position:0% has their own personal copy of the blockchain 00:01:15.469 --> 00:01:15.479 align:start position:0% blockchain 00:01:15.479 --> 00:01:19.760 align:start position:0% blockchain they're<00:01:16.080> running<00:01:16.939> but<00:01:17.939> the<00:01:18.689> downside<00:01:19.200> is<00:01:19.409> it's 00:01:19.760 --> 00:01:19.770 align:start position:0% they're running but the downside is it's 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there's l2 which is like essentially<00:01:29.250> like<00:01:29.549> the<00:01:29.700> three<00:01:29.850> big<00:01:30.030> ones<00:01:30.240> are 00:01:30.440 --> 00:01:30.450 align:start position:0% essentially like the three big ones are 00:01:30.450 --> 00:01:33.350 align:start position:0% essentially like the three big ones are state<00:01:30.840> channels<00:01:31.229> side<00:01:31.890> chains<00:01:32.220> and<00:01:32.850> then 00:01:33.350 --> 00:01:33.360 align:start position:0% state channels side chains and then 00:01:33.360 --> 00:01:37.010 align:start position:0% state channels side chains and then plasma<00:01:33.990> which<00:01:34.920> is<00:01:34.950> kind<00:01:35.340> of<00:01:35.490> in<00:01:36.150> the<00:01:36.210> middle<00:01:36.479> in 00:01:37.010 --> 00:01:37.020 align:start position:0% plasma which is kind of in the middle in 00:01:37.020 --> 00:01:38.899 align:start position:0% plasma which is kind of in the middle in terms<00:01:37.259> of<00:01:37.470> the<00:01:37.619> security<00:01:37.950> guarantees<00:01:38.579> that<00:01:38.610> it 00:01:38.899 --> 00:01:38.909 align:start position:0% terms of the security guarantees that it 00:01:38.909 --> 00:01:44.149 align:start position:0% terms of the security guarantees that it provides<00:01:39.950> so<00:01:41.659> plasma<00:01:42.659> it's<00:01:43.079> cool<00:01:43.439> you've<00:01:43.829> come 00:01:44.149 --> 00:01:44.159 align:start position:0% provides so plasma it's cool you've come 00:01:44.159 --> 00:01:46.490 align:start position:0% provides so plasma it's cool you've come to<00:01:44.340> this<00:01:44.490> this<00:01:45.329> talk<00:01:45.600> you<00:01:46.170> might<00:01:46.320> know<00:01:46.470> a 00:01:46.490 --> 00:01:46.500 align:start position:0% to this this talk you might know a 00:01:46.500 --> 00:01:49.420 align:start position:0% to this this talk you might know a little<00:01:46.740> but<00:01:47.220> essentially<00:01:47.820> the<00:01:48.479> defining 00:01:49.420 --> 00:01:49.430 align:start position:0% little but essentially the defining 00:01:49.430 --> 00:01:52.219 align:start position:0% little but essentially the defining characteristic<00:01:50.430> of<00:01:50.549> plasma<00:01:51.149> is<00:01:51.329> that<00:01:51.869> it's<00:01:52.079> a 00:01:52.219 --> 00:01:52.229 align:start position:0% characteristic of plasma is that it's a 00:01:52.229 --> 00:01:55.700 align:start position:0% characteristic of plasma is that it's a framework<00:01:52.590> for<00:01:52.820> securing<00:01:53.820> block<00:01:54.450> chains<00:01:54.750> yo 00:01:55.700 --> 00:01:55.710 align:start position:0% framework for securing block chains yo 00:01:55.710 --> 00:01:59.630 align:start position:0% framework for securing block chains yo Kelvin<00:01:56.159> putting<00:01:56.729> that<00:01:56.790> password<00:01:57.060> yeah<00:01:58.640> anyway 00:01:59.630 --> 00:01:59.640 align:start position:0% Kelvin putting that password yeah anyway 00:01:59.640 --> 00:02:02.090 align:start position:0% Kelvin putting that password yeah anyway so<00:02:00.299> it's<00:02:00.689> a<00:02:00.750> framework<00:02:00.990> for<00:02:01.140> securing<00:02:01.799> block 00:02:02.090 --> 00:02:02.100 align:start position:0% so it's a framework for securing block 00:02:02.100 --> 00:02:05.090 align:start position:0% so it's a framework for securing block chains<00:02:02.479> and<00:02:03.479> so<00:02:03.869> if<00:02:04.170> you<00:02:04.380> have<00:02:04.530> a<00:02:04.560> sidechain 00:02:05.090 --> 00:02:05.100 align:start position:0% chains and so if you have a sidechain 00:02:05.100 --> 00:02:08.029 align:start position:0% chains and so if you have a sidechain yes<00:02:05.880> it<00:02:06.149> can<00:02:06.390> talk<00:02:06.570> to<00:02:06.869> another<00:02:07.170> chain<00:02:07.530> so<00:02:07.979> you 00:02:08.029 --> 00:02:08.039 align:start position:0% yes it can talk to another chain so you 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happy pass everything's<00:02:16.150> fine 00:02:17.550 --> 00:02:17.560 align:start position:0% everything's fine 00:02:17.560 --> 00:02:22.410 align:start position:0% everything's fine but<00:02:18.730> breaks<00:02:19.030> and<00:02:19.330> so<00:02:20.700> with<00:02:21.700> side<00:02:22.150> chains 00:02:22.410 --> 00:02:22.420 align:start position:0% but breaks and so with side chains 00:02:22.420 --> 00:02:24.900 align:start position:0% but breaks and so with side chains they're<00:02:22.900> reliant<00:02:23.290> on<00:02:23.670> essentially<00:02:24.670> if<00:02:24.760> their 00:02:24.900 --> 00:02:24.910 align:start position:0% they're reliant on essentially if their 00:02:24.910 --> 00:02:28.530 align:start position:0% they're reliant on essentially if their own<00:02:25.030> consensus<00:02:26.310> so<00:02:27.310> if<00:02:27.700> a<00:02:28.030> side<00:02:28.300> chain 00:02:28.530 --> 00:02:28.540 align:start position:0% own consensus so if a side chain 00:02:28.540 --> 00:02:30.420 align:start position:0% own consensus so if a side chain consensus<00:02:29.020> fails<00:02:29.230> it's<00:02:29.830> a<00:02:29.950> security<00:02:30.280> issue 00:02:30.420 --> 00:02:30.430 align:start position:0% consensus fails it's a security issue 00:02:30.430 --> 00:02:33.450 align:start position:0% consensus fails it's a security issue with<00:02:31.300> plasma<00:02:31.660> chains<00:02:32.110> they<00:02:32.830> are<00:02:32.860> actually 00:02:33.450 --> 00:02:33.460 align:start position:0% with plasma chains they are actually 00:02:33.460 --> 00:02:37.920 align:start position:0% with plasma chains they are actually secured<00:02:33.910> by<00:02:34.330> the<00:02:34.390> loot<00:02:34.870> chain<00:02:35.250> in<00:02:36.390> in<00:02:37.390> our<00:02:37.750> case 00:02:37.920 --> 00:02:37.930 align:start position:0% secured by the loot chain in in our case 00:02:37.930 --> 00:02:39.630 align:start position:0% secured by the loot chain in in our case we're<00:02:38.170> using<00:02:38.200> a<00:02:38.500> cerium<00:02:38.860> as<00:02:39.010> the<00:02:39.310> root<00:02:39.460> chain 00:02:39.630 --> 00:02:39.640 align:start position:0% we're using a cerium as the root chain 00:02:39.640 --> 00:02:42.270 align:start position:0% we're using a cerium as the root chain and<00:02:39.820> so<00:02:40.330> if<00:02:40.720> the<00:02:41.140> plasma<00:02:41.320> chain<00:02:41.740> consensus 00:02:42.270 --> 00:02:42.280 align:start position:0% and so if the plasma chain consensus 00:02:42.280 --> 00:02:45.480 align:start position:0% and so if the plasma chain consensus breaks<00:02:42.550> it's<00:02:43.450> a<00:02:43.750> disruption<00:02:44.350> as<00:02:44.680> opposed<00:02:45.250> to<00:02:45.370> a 00:02:45.480 --> 00:02:45.490 align:start position:0% breaks it's a disruption as opposed to a 00:02:45.490 --> 00:02:47.340 align:start position:0% breaks it's a disruption as opposed to a security<00:02:46.060> failure<00:02:46.450> which<00:02:46.780> is<00:02:46.900> pretty<00:02:47.080> cool 00:02:47.340 --> 00:02:47.350 align:start position:0% security failure which is pretty cool 00:02:47.350 --> 00:02:48.990 align:start position:0% security failure which is pretty cool because<00:02:47.590> essentially<00:02:47.980> you<00:02:48.400> can<00:02:48.550> exist<00:02:48.790> eight 00:02:48.990 --> 00:02:49.000 align:start position:0% because essentially you can exist eight 00:02:49.000 --> 00:02:52.110 align:start position:0% because essentially you can exist eight anyway<00:02:49.780> the<00:02:50.410> next<00:02:50.560> slide<00:02:50.860> was<00:02:51.250> a<00:02:51.580> picture<00:02:51.910> of 00:02:52.110 --> 00:02:52.120 align:start position:0% anyway the next slide was a picture of 00:02:52.120 --> 00:02:55.740 align:start position:0% anyway the next slide was a picture of the<00:02:52.300> plasma<00:02:52.680> white<00:02:53.680> paper<00:02:53.940> it<00:02:54.940> was<00:02:55.209> released 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position:0% a solid read in terms of selling the 00:03:06.550 --> 00:03:09.540 align:start position:0% a solid read in terms of selling the vision<00:03:06.940> of<00:03:07.090> plasma<00:03:07.660> but<00:03:08.380> since<00:03:08.709> then<00:03:08.920> a<00:03:09.100> lot<00:03:09.370> of 00:03:09.540 --> 00:03:09.550 align:start position:0% vision of plasma but since then a lot of 00:03:09.550 --> 00:03:12.540 align:start position:0% vision of plasma but since then a lot of stuff<00:03:09.820> has<00:03:10.030> changed<00:03:10.540> so<00:03:11.320> I<00:03:11.350> would<00:03:11.680> say<00:03:11.890> trying 00:03:12.540 --> 00:03:12.550 align:start position:0% stuff has changed so I would say trying 00:03:12.550 --> 00:03:14.130 align:start position:0% stuff has changed so I would say trying to<00:03:12.580> follow<00:03:12.820> the<00:03:13.060> spirit<00:03:13.330> and<00:03:13.570> not<00:03:13.810> the<00:03:13.959> letter 00:03:14.130 --> 00:03:14.140 align:start position:0% to follow the spirit and not the letter 00:03:14.140 --> 00:03:18.420 align:start position:0% to follow the spirit and not the letter don't<00:03:14.800> take<00:03:15.130> it<00:03:15.340> too<00:03:15.520> literally<00:03:16.080> yeah<00:03:17.110> so<00:03:17.680> read 00:03:18.420 --> 00:03:18.430 align:start position:0% don't take it too literally yeah so read 00:03:18.430 --> 00:03:21.470 align:start position:0% don't take it too literally yeah so read it<00:03:18.459> but<00:03:19.000> yeah<00:03:19.390> take<00:03:20.050> it<00:03:20.230> with<00:03:20.350> a<00:03:20.380> grain<00:03:20.500> of<00:03:20.680> salt 00:03:21.470 --> 00:03:21.480 align:start position:0% it but yeah take it with a grain of salt 00:03:21.480 --> 00:03:24.840 align:start position:0% it but yeah take it with a grain of salt boom<00:03:22.480> we've<00:03:23.050> come<00:03:23.290> a<00:03:23.320> long<00:03:23.410> way<00:03:23.800> this<00:03:24.489> is<00:03:24.700> where 00:03:24.840 --> 00:03:24.850 align:start position:0% boom we've come a long way this is where 00:03:24.850 --> 00:03:26.729 align:start position:0% boom we've come a long way this is where you<00:03:25.000> go<00:03:25.209> if<00:03:25.390> you<00:03:25.720> want<00:03:25.959> the<00:03:26.260> most<00:03:26.470> up-to-date 00:03:26.729 --> 00:03:26.739 align:start position:0% you go if you want the most up-to-date 00:03:26.739 --> 00:03:30.420 align:start position:0% you go if you want the most up-to-date stuff<00:03:27.459> sure<00:03:28.330> sometimes<00:03:28.750> it<00:03:29.140> can<00:03:29.350> be<00:03:29.530> a<00:03:29.950> little 00:03:30.420 --> 00:03:30.430 align:start position:0% stuff sure sometimes it can be a little 00:03:30.430 --> 00:03:34.470 align:start position:0% stuff sure sometimes it can be a little technical<00:03:31.060> or<00:03:31.750> hard<00:03:32.380> to<00:03:32.800> digest<00:03:33.070> but<00:03:33.850> this<00:03:34.150> is 00:03:34.470 --> 00:03:34.480 align:start position:0% technical or hard to digest but this is 00:03:34.480 --> 00:03:37.920 align:start position:0% technical or hard to digest but this is kind<00:03:35.170> of<00:03:35.370> where<00:03:36.370> a<00:03:36.400> lot<00:03:36.730> of<00:03:36.760> the<00:03:37.390> bleeding<00:03:37.780> edge 00:03:37.920 --> 00:03:37.930 align:start position:0% kind of where a lot of the bleeding edge 00:03:37.930 --> 00:03:41.990 align:start position:0% kind of where a lot of the bleeding edge discussion<00:03:38.680> happens<00:03:39.120> and<00:03:40.120> what's<00:03:40.620> super<00:03:41.620> cool 00:03:41.990 --> 00:03:42.000 align:start position:0% discussion happens and what's super cool 00:03:42.000 --> 00:03:46.229 align:start position:0% discussion happens and what's super cool is<00:03:43.000> that<00:03:43.390> as<00:03:43.630> time<00:03:43.989> has<00:03:44.019> gone<00:03:44.230> on<00:03:44.880> kind<00:03:45.880> of<00:03:46.000> the 00:03:46.229 --> 00:03:46.239 align:start position:0% is that as time has gone on kind of the 00:03:46.239 --> 00:03:49.050 align:start position:0% is that as time has gone on kind of the discussion<00:03:46.780> around<00:03:47.010> what<00:03:48.010> plasma<00:03:48.550> is<00:03:48.700> and 00:03:49.050 --> 00:03:49.060 align:start position:0% discussion around what plasma is and 00:03:49.060 --> 00:03:53.479 align:start position:0% discussion around what plasma is and what<00:03:49.300> plasma<00:03:49.660> can<00:03:50.110> facilitate<00:03:51.060> has<00:03:52.200> grown 00:03:53.479 --> 00:03:53.489 align:start position:0% what plasma can facilitate has grown 00:03:53.489 --> 00:03:58.229 align:start position:0% what plasma can facilitate has grown seemingly<00:03:54.690> exponentially<00:03:56.519> so<00:03:57.519> when<00:03:58.090> the 00:03:58.229 --> 00:03:58.239 align:start position:0% seemingly exponentially so when the 00:03:58.239 --> 00:04:00.540 align:start position:0% seemingly exponentially so when the plasma<00:03:58.450> white<00:03:59.110> paper<00:03:59.290> was<00:03:59.500> first<00:03:59.800> released<00:03:59.980> it 00:04:00.540 --> 00:04:00.550 align:start position:0% plasma white paper was first released it 00:04:00.550 --> 00:04:03.300 align:start position:0% plasma white paper was first released it was<00:04:00.730> kind<00:04:01.000> of<00:04:01.150> as<00:04:01.600> I<00:04:01.780> said<00:04:02.050> before<00:04:02.230> this<00:04:02.769> boom 00:04:03.300 --> 00:04:03.310 align:start position:0% was kind of as I said before this boom 00:04:03.310 --> 00:04:08.430 align:start position:0% was kind of as I said before this boom vision<00:04:04.209> and<00:04:05.140> that<00:04:06.070> was<00:04:06.340> amazing<00:04:06.790> but<00:04:07.630> I<00:04:07.930> think 00:04:08.430 --> 00:04:08.440 align:start position:0% vision and that was amazing but I think 00:04:08.440 --> 00:04:10.770 align:start position:0% vision and that was amazing but I think it<00:04:08.590> was<00:04:08.650> actually<00:04:09.130> quite<00:04:09.549> intimidating<00:04:10.330> to 00:04:10.770 --> 00:04:10.780 align:start position:0% it was actually quite intimidating to 00:04:10.780 --> 00:04:13.350 align:start position:0% it was actually quite intimidating to kind<00:04:11.019> of<00:04:11.140> take<00:04:11.350> this<00:04:11.709> take<00:04:12.670> this<00:04:12.700> vision<00:04:13.180> and 00:04:13.350 --> 00:04:13.360 align:start position:0% kind of take this take this vision and 00:04:13.360 --> 00:04:17.729 align:start position:0% kind of take this take this vision and then<00:04:14.170> turn<00:04:14.680> it<00:04:14.890> into<00:04:15.100> code<00:04:16.019> because<00:04:17.019> it<00:04:17.290> wasn't 00:04:17.729 --> 00:04:17.739 align:start position:0% then turn it into code because it wasn't 00:04:17.739 --> 00:04:20.400 align:start position:0% then turn it into code because it wasn't like<00:04:17.890> a<00:04:17.919> clear<00:04:18.400> specification<00:04:19.359> and<00:04:19.570> so<00:04:20.080> it 00:04:20.400 --> 00:04:20.410 align:start position:0% like a clear specification and so it 00:04:20.410 --> 00:04:22.710 align:start position:0% like a clear specification and so it kind<00:04:20.859> of<00:04:20.979> took<00:04:21.250> on<00:04:21.549> understanding<00:04:22.450> of<00:04:22.630> the 00:04:22.710 --> 00:04:22.720 align:start position:0% kind of took on understanding of the 00:04:22.720 --> 00:04:25.860 align:start position:0% kind of took on understanding of the vision<00:04:22.990> and<00:04:23.110> then<00:04:23.620> distilling<00:04:24.870> distilling 00:04:25.860 --> 00:04:25.870 align:start position:0% vision and then distilling distilling 00:04:25.870 --> 00:04:27.150 align:start position:0% vision and then distilling distilling that<00:04:26.110> down<00:04:26.440> in 00:04:27.150 --> 00:04:27.160 align:start position:0% that down in 00:04:27.160 --> 00:04:29.610 align:start position:0% that down in something<00:04:27.700> that<00:04:28.270> could<00:04:28.630> actually<00:04:28.870> be 00:04:29.610 --> 00:04:29.620 align:start position:0% something that could actually be 00:04:29.620 --> 00:04:31.770 align:start position:0% something that could actually be implemented<00:04:30.340> that<00:04:31.180> could<00:04:31.390> be<00:04:31.510> fully 00:04:31.770 --> 00:04:31.780 align:start position:0% implemented that could be fully 00:04:31.780 --> 00:04:34.470 align:start position:0% implemented that could be fully specified<00:04:32.470> so<00:04:32.950> that<00:04:33.100> we<00:04:33.190> could<00:04:33.370> know<00:04:33.520> the<00:04:33.850> like 00:04:34.470 --> 00:04:34.480 align:start position:0% specified so that we could know the like 00:04:34.480 --> 00:04:37.410 align:start position:0% specified so that we could know the like the<00:04:34.840> security<00:04:35.290> properties<00:04:35.820> that<00:04:36.820> it<00:04:37.000> provides 00:04:37.410 --> 00:04:37.420 align:start position:0% the security properties that it provides 00:04:37.420 --> 00:04:41.730 align:start position:0% the security properties that it provides at<00:04:38.260> a<00:04:38.320> granular<00:04:38.680> level<00:04:39.040> and<00:04:39.610> yeah<00:04:40.390> as<00:04:40.740> time 00:04:41.730 --> 00:04:41.740 align:start position:0% at a granular level and yeah as time 00:04:41.740 --> 00:04:46.320 align:start position:0% at a granular level and yeah as time went<00:04:42.220> on<00:04:42.430> then<00:04:44.130> essentially<00:04:45.130> we<00:04:45.670> kind<00:04:45.970> of<00:04:46.120> got 00:04:46.320 --> 00:04:46.330 align:start position:0% went on then essentially we kind of got 00:04:46.330 --> 00:04:48.930 align:start position:0% went on then essentially we kind of got a<00:04:46.390> very<00:04:47.170> clear<00:04:47.470> idea<00:04:47.740> about<00:04:47.920> like<00:04:48.460> the<00:04:48.670> core 00:04:48.930 --> 00:04:48.940 align:start position:0% a very clear idea about like the core 00:04:48.940 --> 00:04:52.200 align:start position:0% a very clear idea about like the core mechanisms<00:04:49.720> and<00:04:50.530> so<00:04:50.770> essentially<00:04:51.250> it's<00:04:52.000> all 00:04:52.200 --> 00:04:52.210 align:start position:0% mechanisms and so essentially it's all 00:04:52.210 --> 00:04:55.320 align:start position:0% mechanisms and so essentially it's all about<00:04:52.480> moving<00:04:52.930> state<00:04:53.230> if<00:04:53.410> we<00:04:53.710> have<00:04:53.890> all<00:04:54.330> all 00:04:55.320 --> 00:04:55.330 align:start position:0% about moving state if we have all all 00:04:55.330 --> 00:04:59.970 align:start position:0% about moving state if we have all all state<00:04:55.720> on<00:04:56.460> on<00:04:57.460> a<00:04:57.910> cerium<00:04:58.420> we<00:04:59.200> run<00:04:59.560> into<00:04:59.740> the 00:04:59.970 --> 00:04:59.980 align:start position:0% state on on a cerium we run into the 00:04:59.980 --> 00:05:03.000 align:start position:0% state on on a cerium we run into the problem<00:05:00.700> I<00:05:00.850> mentioned<00:05:01.000> before<00:05:01.690> and<00:05:02.560> so<00:05:02.800> what 00:05:03.000 --> 00:05:03.010 align:start position:0% problem I mentioned before and so what 00:05:03.010 --> 00:05:05.280 align:start position:0% problem I mentioned before and so what we<00:05:03.130> actually<00:05:03.310> do<00:05:03.730> is<00:05:03.970> we<00:05:04.450> have<00:05:04.600> a<00:05:04.630> plasma<00:05:04.930> train 00:05:05.280 --> 00:05:05.290 align:start position:0% we actually do is we have a plasma train 00:05:05.290 --> 00:05:08.120 align:start position:0% we actually do is we have a plasma train that<00:05:05.770> also<00:05:06.040> has<00:05:06.430> state<00:05:07.060> transitions<00:05:07.570> and 00:05:08.120 --> 00:05:08.130 align:start position:0% that also has state transitions and 00:05:08.130 --> 00:05:12.180 align:start position:0% that also has state transitions and essentially<00:05:09.360> it's<00:05:10.360> transference<00:05:11.110> it's<00:05:11.440> it's 00:05:12.180 --> 00:05:12.190 align:start position:0% essentially it's transference it's it's 00:05:12.190 --> 00:05:14.460 align:start position:0% essentially it's transference it's it's changing<00:05:12.700> States<00:05:13.000> and<00:05:13.270> then<00:05:13.690> every<00:05:14.050> so<00:05:14.260> often 00:05:14.460 --> 00:05:14.470 align:start position:0% changing States and then every so often 00:05:14.470 --> 00:05:16.710 align:start position:0% changing States and then every so often the<00:05:14.920> child<00:05:15.160> chain<00:05:15.430> consensus<00:05:16.000> actually 00:05:16.710 --> 00:05:16.720 align:start position:0% the child chain consensus actually 00:05:16.720 --> 00:05:20.060 align:start position:0% the child chain consensus actually submits<00:05:17.140> snapshots<00:05:17.770> of<00:05:18.010> this<00:05:18.280> state<00:05:18.550> back<00:05:19.420> to 00:05:20.060 --> 00:05:20.070 align:start position:0% submits snapshots of this state back to 00:05:20.070 --> 00:05:24.540 align:start position:0% submits snapshots of this state back to solute<00:05:21.070> chain<00:05:21.280> and<00:05:22.210> so<00:05:22.600> this<00:05:23.320> the<00:05:24.040> snapshots 00:05:24.540 --> 00:05:24.550 align:start position:0% solute chain and so this the snapshots 00:05:24.550 --> 00:05:26.540 align:start position:0% solute chain and so this the snapshots that<00:05:24.760> are<00:05:24.880> sent<00:05:25.120> back<00:05:25.270> are<00:05:25.690> what<00:05:25.960> actually 00:05:26.540 --> 00:05:26.550 align:start position:0% that are sent back are what actually 00:05:26.550 --> 00:05:31.080 align:start position:0% that are sent back are what actually secures<00:05:27.550> secures<00:05:28.450> the<00:05:28.600> chain<00:05:28.810> and<00:05:29.100> if<00:05:30.100> the 00:05:31.080 --> 00:05:31.090 align:start position:0% secures secures the chain and if the 00:05:31.090 --> 00:05:33.240 align:start position:0% secures secures the chain and if the child<00:05:31.300> chain<00:05:31.570> consensus<00:05:32.250> essentially 00:05:33.240 --> 00:05:33.250 align:start position:0% child chain consensus essentially 00:05:33.250 --> 00:05:35.730 align:start position:0% child chain consensus essentially creates<00:05:33.520> an<00:05:33.730> invalid<00:05:34.420> state<00:05:34.930> or<00:05:35.140> accepts<00:05:35.620> an 00:05:35.730 --> 00:05:35.740 align:start position:0% creates an invalid state or accepts an 00:05:35.740 --> 00:05:38.310 align:start position:0% creates an invalid state or accepts an invalid<00:05:36.250> state<00:05:36.490> transition<00:05:37.030> then<00:05:37.720> all<00:05:38.080> of<00:05:38.110> a 00:05:38.310 --> 00:05:38.320 align:start position:0% invalid state transition then all of a 00:05:38.320 --> 00:05:41.220 align:start position:0% invalid state transition then all of a sudden<00:05:38.640> you<00:05:39.640> have<00:05:39.760> an<00:05:39.880> invalid<00:05:40.330> state<00:05:40.540> but 00:05:41.220 --> 00:05:41.230 align:start position:0% sudden you have an invalid state but 00:05:41.230 --> 00:05:43.770 align:start position:0% sudden you have an invalid state but it's<00:05:41.440> okay<00:05:41.770> because<00:05:42.190> you<00:05:42.520> can<00:05:42.550> exit<00:05:43.060> based<00:05:43.540> off 00:05:43.770 --> 00:05:43.780 align:start position:0% it's okay because you can exit based off 00:05:43.780 --> 00:05:47.510 align:start position:0% it's okay because you can exit based off a<00:05:43.810> previous<00:05:44.470> valid<00:05:44.890> state<00:05:45.419> how<00:05:46.419> do<00:05:46.480> we<00:05:46.780> know 00:05:47.510 --> 00:05:47.520 align:start position:0% a previous valid state how do we know 00:05:47.520 --> 00:05:51.080 align:start position:0% a previous valid state how do we know when<00:05:48.520> something<00:05:48.970> is<00:05:49.090> invalid<00:05:49.660> this<00:05:50.290> is<00:05:50.530> where 00:05:51.080 --> 00:05:51.090 align:start position:0% when something is invalid this is where 00:05:51.090 --> 00:05:54.300 align:start position:0% when something is invalid this is where clients<00:05:52.090> come<00:05:52.270> in<00:05:52.419> so<00:05:53.080> essentially<00:05:53.800> you<00:05:54.280> have 00:05:54.300 --> 00:05:54.310 align:start position:0% clients come in so essentially you have 00:05:54.310 --> 00:05:56.880 align:start position:0% clients come in so essentially you have the<00:05:54.550> child<00:05:54.760> chain<00:05:55.060> consensus<00:05:55.660> but<00:05:56.620> then<00:05:56.740> you 00:05:56.880 --> 00:05:56.890 align:start position:0% the child chain consensus but then you 00:05:56.890 --> 00:06:00.000 align:start position:0% the child chain consensus but then you also<00:05:57.130> have<00:05:57.280> to<00:05:57.490> have<00:05:57.640> clients<00:05:58.000> or<00:05:59.010> watchers 00:06:00.000 --> 00:06:00.010 align:start position:0% also have to have clients or watchers 00:06:00.010 --> 00:06:02.610 align:start position:0% also have to have clients or watchers who<00:06:00.550> are<00:06:00.669> not<00:06:00.880> actively<00:06:01.660> participating<00:06:02.590> in 00:06:02.610 --> 00:06:02.620 align:start position:0% who are not actively participating in 00:06:02.620 --> 00:06:05.340 align:start position:0% who are not actively participating in the<00:06:03.610> decision<00:06:04.150> making<00:06:04.180> of<00:06:04.600> a<00:06:04.750> plasma<00:06:04.930> chain 00:06:05.340 --> 00:06:05.350 align:start position:0% the decision making of a plasma chain 00:06:05.350 --> 00:06:07.700 align:start position:0% the decision making of a plasma chain what<00:06:06.100> they're<00:06:06.250> actually<00:06:06.430> doing<00:06:06.669> is<00:06:07.060> just 00:06:07.700 --> 00:06:07.710 align:start position:0% what they're actually doing is just 00:06:07.710 --> 00:06:11.400 align:start position:0% what they're actually doing is just validating<00:06:08.710> it<00:06:08.860> they're<00:06:09.669> taking<00:06:10.090> blocks<00:06:10.450> and 00:06:11.400 --> 00:06:11.410 align:start position:0% validating it they're taking blocks and 00:06:11.410 --> 00:06:13.770 align:start position:0% validating it they're taking blocks and that<00:06:12.250> have<00:06:12.400> been<00:06:12.430> included<00:06:12.790> and<00:06:13.120> they<00:06:13.660> are 00:06:13.770 --> 00:06:13.780 align:start position:0% that have been included and they are 00:06:13.780 --> 00:06:17.460 align:start position:0% that have been included and they are making<00:06:13.990> sure<00:06:14.169> that<00:06:14.860> everything<00:06:15.400> is<00:06:15.550> a-okay<00:06:16.470> if 00:06:17.460 --> 00:06:17.470 align:start position:0% making sure that everything is a-okay if 00:06:17.470 --> 00:06:20.940 align:start position:0% making sure that everything is a-okay if everything<00:06:18.160> is<00:06:18.220> not<00:06:18.340> okay<00:06:18.669> then<00:06:19.950> essentially 00:06:20.940 --> 00:06:20.950 align:start position:0% everything is not okay then essentially 00:06:20.950 --> 00:06:24.570 align:start position:0% everything is not okay then essentially you<00:06:21.310> exit<00:06:22.000> and<00:06:22.120> the<00:06:22.600> client<00:06:22.990> is<00:06:23.800> essentially 00:06:24.570 --> 00:06:24.580 align:start position:0% you exit and the client is essentially 00:06:24.580 --> 00:06:27.150 align:start position:0% you exit and the client is essentially what<00:06:25.240> allows<00:06:25.480> you<00:06:25.690> to<00:06:25.720> detect<00:06:26.200> when<00:06:26.830> things 00:06:27.150 --> 00:06:27.160 align:start position:0% what allows you to detect when things 00:06:27.160 --> 00:06:32.550 align:start position:0% what allows you to detect when things have<00:06:27.400> gone<00:06:27.430> wrong<00:06:28.230> and<00:06:29.700> so<00:06:30.750> yes<00:06:31.780> intimidating 00:06:32.550 --> 00:06:32.560 align:start position:0% have gone wrong and so yes intimidating 00:06:32.560 --> 00:06:36.529 align:start position:0% have gone wrong and so yes intimidating but<00:06:34.229> kind<00:06:35.229> of<00:06:35.380> things<00:06:35.680> were<00:06:35.860> distilled<00:06:36.280> and 00:06:36.529 --> 00:06:36.539 align:start position:0% but kind of things were distilled and 00:06:36.539 --> 00:06:40.110 align:start position:0% but kind of things were distilled and out-out<00:06:37.539> flew<00:06:38.229> plasma<00:06:38.740> MVP<00:06:39.250> and<00:06:39.430> this<00:06:39.910> was 00:06:40.110 --> 00:06:40.120 align:start position:0% out-out flew plasma MVP and this was 00:06:40.120 --> 00:06:41.250 align:start position:0% out-out flew plasma MVP and this was super<00:06:40.539> super 00:06:41.250 --> 00:06:41.260 align:start position:0% super super 00:06:41.260 --> 00:06:42.960 align:start position:0% super super basic<00:06:41.440> functionality<00:06:42.040> so<00:06:42.400> essentially<00:06:42.850> it's 00:06:42.960 --> 00:06:42.970 align:start position:0% basic functionality so essentially it's 00:06:42.970 --> 00:06:44.970 align:start position:0% basic functionality so essentially it's a<00:06:43.030> UTI<00:06:43.360> so<00:06:43.570> payments<00:06:43.960> blockchain<00:06:44.380> it's<00:06:44.680> even 00:06:44.970 --> 00:06:44.980 align:start position:0% a UTI so payments blockchain it's even 00:06:44.980 --> 00:06:47.220 align:start position:0% a UTI so payments blockchain it's even simpler<00:06:45.280> than<00:06:45.490> Bitcoin<00:06:45.780> because<00:06:46.780> it<00:06:46.900> doesn't 00:06:47.220 --> 00:06:47.230 align:start position:0% simpler than Bitcoin because it doesn't 00:06:47.230 --> 00:06:51.450 align:start position:0% simpler than Bitcoin because it doesn't have<00:06:47.380> Bitcoin<00:06:47.890> scripting<00:06:48.520> and<00:06:49.530> it's<00:06:50.530> it's<00:06:51.340> a 00:06:51.450 --> 00:06:51.460 align:start position:0% have Bitcoin scripting and it's it's a 00:06:51.460 --> 00:06:54.780 align:start position:0% have Bitcoin scripting and it's it's a bit<00:06:51.640> more<00:06:51.880> limited<00:06:52.290> at<00:06:53.290> least<00:06:53.500> in<00:06:54.340> terms<00:06:54.610> of 00:06:54.780 --> 00:06:54.790 align:start position:0% bit more limited at least in terms of 00:06:54.790 --> 00:06:59.550 align:start position:0% bit more limited at least in terms of the<00:06:54.940> inputs<00:06:55.420> and<00:06:55.600> outputs<00:06:56.880> anyway<00:06:57.880> so<00:06:58.570> with 00:06:59.550 --> 00:06:59.560 align:start position:0% the inputs and outputs anyway so with 00:06:59.560 --> 00:07:02.580 align:start position:0% the inputs and outputs anyway so with plasma<00:07:00.340> MVP<00:07:00.820> and<00:07:01.600> with<00:07:01.810> other<00:07:02.050> plasma 00:07:02.580 --> 00:07:02.590 align:start position:0% plasma MVP and with other plasma 00:07:02.590 --> 00:07:04.170 align:start position:0% plasma MVP and with other plasma constructions<00:07:03.250> you<00:07:03.580> essentially<00:07:03.910> have<00:07:04.150> a 00:07:04.170 --> 00:07:04.180 align:start position:0% constructions you essentially have a 00:07:04.180 --> 00:07:06.270 align:start position:0% constructions you essentially have a smart<00:07:04.570> contract<00:07:04.750> on<00:07:05.170> your<00:07:05.440> route<00:07:05.590> chain<00:07:05.830> that 00:07:06.270 --> 00:07:06.280 align:start position:0% smart contract on your route chain that 00:07:06.280 --> 00:07:08.010 align:start position:0% smart contract on your route chain that is<00:07:06.460> responsible<00:07:07.270> for<00:07:07.300> storing<00:07:07.690> these 00:07:08.010 --> 00:07:08.020 align:start position:0% is responsible for storing these 00:07:08.020 --> 00:07:12.810 align:start position:0% is responsible for storing these snapshots<00:07:08.320> of<00:07:08.710> state<00:07:09.280> and<00:07:09.490> so<00:07:10.270> when<00:07:11.020> you<00:07:11.820> when 00:07:12.810 --> 00:07:12.820 align:start position:0% snapshots of state and so when you when 00:07:12.820 --> 00:07:15.300 align:start position:0% snapshots of state and so when you when you<00:07:13.000> want<00:07:13.270> to<00:07:13.330> enter<00:07:13.630> a<00:07:14.020> plasma<00:07:14.650> chain<00:07:14.830> you 00:07:15.300 --> 00:07:15.310 align:start position:0% you want to enter a plasma chain you 00:07:15.310 --> 00:07:20.070 align:start position:0% you want to enter a plasma chain you send<00:07:15.810> assets<00:07:16.810> or<00:07:17.050> state<00:07:17.560> to<00:07:18.600> this<00:07:19.600> route<00:07:19.870> chain 00:07:20.070 --> 00:07:20.080 align:start position:0% send assets or state to this route chain 00:07:20.080 --> 00:07:22.950 align:start position:0% send assets or state to this route chain smart<00:07:20.440> contract<00:07:20.860> and<00:07:21.390> your<00:07:22.390> assets<00:07:22.600> are 00:07:22.950 --> 00:07:22.960 align:start position:0% smart contract and your assets are 00:07:22.960 --> 00:07:24.600 align:start position:0% smart contract and your assets are essentially<00:07:23.380> stored<00:07:23.860> there<00:07:24.160> and<00:07:24.310> they're 00:07:24.600 --> 00:07:24.610 align:start position:0% essentially stored there and they're 00:07:24.610 --> 00:07:26.700 align:start position:0% essentially stored there and they're locked<00:07:24.880> up<00:07:25.090> and<00:07:25.300> then<00:07:25.960> you<00:07:26.170> can<00:07:26.290> play<00:07:26.530> with 00:07:26.700 --> 00:07:26.710 align:start position:0% locked up and then you can play with 00:07:26.710 --> 00:07:29.400 align:start position:0% locked up and then you can play with them<00:07:26.890> on<00:07:27.070> a<00:07:27.430> plasma<00:07:27.730> chain<00:07:28.120> for<00:07:28.600> a<00:07:28.630> fraction<00:07:29.260> of 00:07:29.400 --> 00:07:29.410 align:start position:0% them on a plasma chain for a fraction of 00:07:29.410 --> 00:07:32.970 align:start position:0% them on a plasma chain for a fraction of the<00:07:29.650> cost<00:07:30.090> and<00:07:31.200> when<00:07:32.200> you're<00:07:32.470> when<00:07:32.950> you're 00:07:32.970 --> 00:07:32.980 align:start position:0% the cost and when you're when you're 00:07:32.980 --> 00:07:35.760 align:start position:0% the cost and when you're when you're done<00:07:33.250> and<00:07:33.460> ready<00:07:34.240> ready<00:07:34.720> to<00:07:34.780> piece<00:07:35.050> out<00:07:35.200> maybe 00:07:35.760 --> 00:07:35.770 align:start position:0% done and ready ready to piece out maybe 00:07:35.770 --> 00:07:37.650 align:start position:0% done and ready ready to piece out maybe you<00:07:35.920> want<00:07:36.070> to<00:07:36.130> interact<00:07:36.550> with<00:07:36.670> the<00:07:36.880> rest<00:07:37.060> of<00:07:37.390> a 00:07:37.650 --> 00:07:37.660 align:start position:0% you want to interact with the rest of a 00:07:37.660 --> 00:07:40.770 align:start position:0% you want to interact with the rest of a cerium<00:07:38.200> as<00:07:38.350> you've<00:07:39.100> seen<00:07:39.390> from<00:07:40.390> all<00:07:40.660> these 00:07:40.770 --> 00:07:40.780 align:start position:0% cerium as you've seen from all these 00:07:40.780 --> 00:07:43.020 align:start position:0% cerium as you've seen from all these wonderful<00:07:41.140> Def<00:07:41.440> Con<00:07:41.710> presentations<00:07:42.670> it's 00:07:43.020 --> 00:07:43.030 align:start position:0% wonderful Def Con presentations it's 00:07:43.030 --> 00:07:44.910 align:start position:0% wonderful Def Con presentations it's constantly<00:07:43.600> expanding<00:07:44.350> and<00:07:44.470> there's<00:07:44.680> so<00:07:44.830> many 00:07:44.910 --> 00:07:44.920 align:start position:0% constantly expanding and there's so many 00:07:44.920 --> 00:07:47.520 align:start position:0% constantly expanding and there's so many cool<00:07:45.220> things<00:07:45.250> to<00:07:45.670> play<00:07:45.820> with<00:07:45.930> you<00:07:46.930> just<00:07:47.170> exit 00:07:47.520 --> 00:07:47.530 align:start position:0% cool things to play with you just exit 00:07:47.530 --> 00:07:52.650 align:start position:0% cool things to play with you just exit or<00:07:48.160> if<00:07:49.170> if<00:07:50.170> something<00:07:50.830> goes<00:07:51.010> bad<00:07:51.300> then<00:07:52.300> you 00:07:52.650 --> 00:07:52.660 align:start position:0% or if if something goes bad then you 00:07:52.660 --> 00:07:55.850 align:start position:0% or if if something goes bad then you have<00:07:52.870> to<00:07:53.050> exit<00:07:53.380> because<00:07:54.370> it's<00:07:54.550> no<00:07:54.760> longer<00:07:55.030> safe 00:07:55.850 --> 00:07:55.860 align:start position:0% have to exit because it's no longer safe 00:07:55.860 --> 00:07:59.670 align:start position:0% have to exit because it's no longer safe to<00:07:56.860> essentially<00:07:57.430> sign<00:07:58.240> off<00:07:58.450> on<00:07:58.680> state 00:07:59.670 --> 00:07:59.680 align:start position:0% to essentially sign off on state 00:07:59.680 --> 00:08:01.650 align:start position:0% to essentially sign off on state transitions<00:08:00.220> for<00:08:00.400> your<00:08:00.580> assets<00:08:01.000> on<00:08:01.270> an 00:08:01.650 --> 00:08:01.660 align:start position:0% transitions for your assets on an 00:08:01.660 --> 00:08:05.120 align:start position:0% transitions for your assets on an invalid<00:08:02.200> on<00:08:02.890> an<00:08:03.100> invalid<00:08:03.520> plasma<00:08:03.880> chain<00:08:04.060> cool 00:08:05.120 --> 00:08:05.130 align:start position:0% invalid on an invalid plasma chain cool 00:08:05.130 --> 00:08:09.390 align:start position:0% invalid on an invalid plasma chain cool so<00:08:06.130> plasma<00:08:07.030> MVP<00:08:07.780> got<00:08:08.440> something<00:08:08.860> out<00:08:08.980> the<00:08:09.160> door 00:08:09.390 --> 00:08:09.400 align:start position:0% so plasma MVP got something out the door 00:08:09.400 --> 00:08:12.900 align:start position:0% so plasma MVP got something out the door it's<00:08:09.670> awesome<00:08:10.180> but<00:08:10.810> it<00:08:11.350> did<00:08:12.160> have<00:08:12.340> some<00:08:12.550> issues 00:08:12.900 --> 00:08:12.910 align:start position:0% it's awesome but it did have some issues 00:08:12.910 --> 00:08:17.250 align:start position:0% it's awesome but it did have some issues and<00:08:13.750> so<00:08:14.050> the<00:08:14.500> two<00:08:14.710> kind<00:08:15.040> of<00:08:15.250> issues<00:08:16.260> with 00:08:17.250 --> 00:08:17.260 align:start position:0% and so the two kind of issues with 00:08:17.260 --> 00:08:21.090 align:start position:0% and so the two kind of issues with plasma<00:08:18.220> MVP<00:08:19.090> and<00:08:19.300> plasma<00:08:19.840> MVPs<00:08:20.350> architectures 00:08:21.090 --> 00:08:21.100 align:start position:0% plasma MVP and plasma MVPs architectures 00:08:21.100 --> 00:08:24.150 align:start position:0% plasma MVP and plasma MVPs architectures is<00:08:21.580> that<00:08:21.910> the<00:08:22.240> plasma<00:08:22.900> MVP<00:08:23.680> actually 00:08:24.150 --> 00:08:24.160 align:start position:0% is that the plasma MVP actually 00:08:24.160 --> 00:08:26.480 align:start position:0% is that the plasma MVP actually introduces<00:08:24.850> a<00:08:25.210> time<00:08:25.690> constraint<00:08:26.230> so 00:08:26.480 --> 00:08:26.490 align:start position:0% introduces a time constraint so 00:08:26.490 --> 00:08:30.630 align:start position:0% introduces a time constraint so essentially<00:08:27.780> this<00:08:28.780> this<00:08:29.740> essentially<00:08:30.250> forces 00:08:30.630 --> 00:08:30.640 align:start position:0% essentially this this essentially forces 00:08:30.640 --> 00:08:33.060 align:start position:0% essentially this this essentially forces every<00:08:31.000> user<00:08:31.240> to<00:08:31.930> be<00:08:32.110> alive 00:08:33.060 --> 00:08:33.070 align:start position:0% every user to be alive 00:08:33.070 --> 00:08:37.380 align:start position:0% every user to be alive every<00:08:33.900> for<00:08:34.900> every<00:08:35.349> given<00:08:35.620> period<00:08:35.950> of<00:08:36.190> time<00:08:36.390> or 00:08:37.380 --> 00:08:37.390 align:start position:0% every for every given period of time or 00:08:37.390 --> 00:08:40.140 align:start position:0% every for every given period of time or it<00:08:38.020> requires<00:08:38.470> someone<00:08:39.070> the<00:08:39.250> user<00:08:39.400> trust<00:08:39.880> so<00:08:40.120> a 00:08:40.140 --> 00:08:40.150 align:start position:0% it requires someone the user trust so a 00:08:40.150 --> 00:08:42.960 align:start position:0% it requires someone the user trust so a trusted<00:08:40.630> third<00:08:40.810> party<00:08:41.169> to<00:08:41.710> actually<00:08:42.250> watch 00:08:42.960 --> 00:08:42.970 align:start position:0% trusted third party to actually watch 00:08:42.970 --> 00:08:45.810 align:start position:0% trusted third party to actually watch the<00:08:43.210> chain<00:08:43.390> on<00:08:43.660> their<00:08:44.320> behalf<00:08:44.650> and<00:08:45.400> be<00:08:45.550> and 00:08:45.810 --> 00:08:45.820 align:start position:0% the chain on their behalf and be and 00:08:45.820 --> 00:08:49.800 align:start position:0% the chain on their behalf and be and check<00:08:46.600> it<00:08:46.750> every<00:08:47.080> given<00:08:47.770> period<00:08:48.220> of<00:08:48.490> time<00:08:48.810> and 00:08:49.800 --> 00:08:49.810 align:start position:0% check it every given period of time and 00:08:49.810 --> 00:08:51.810 align:start position:0% check it every given period of time and checking<00:08:50.800> it<00:08:51.070> is<00:08:51.160> doable 00:08:51.810 --> 00:08:51.820 align:start position:0% checking it is doable 00:08:51.820 --> 00:08:54.330 align:start position:0% checking it is doable the<00:08:52.510> real<00:08:52.890> downside<00:08:53.890> and<00:08:54.130> the<00:08:54.220> real 00:08:54.330 --> 00:08:54.340 align:start position:0% the real downside and the real 00:08:54.340 --> 00:08:55.079 align:start position:0% the real downside and the real constraint<00:08:54.820> here 00:08:55.079 --> 00:08:55.089 align:start position:0% constraint here 00:08:55.089 --> 00:08:59.400 align:start position:0% constraint here is<00:08:55.389> that<00:08:55.809> if<00:08:56.319> a<00:08:56.709> plasmid<00:08:57.610> MVPs<00:08:58.389> chain<00:08:58.749> is<00:08:59.079> found 00:08:59.400 --> 00:08:59.410 align:start position:0% is that if a plasmid MVPs chain is found 00:08:59.410 --> 00:09:01.889 align:start position:0% is that if a plasmid MVPs chain is found to<00:08:59.589> be<00:08:59.709> invalid<00:09:00.180> everyone<00:09:01.180> has<00:09:01.389> to<00:09:01.540> exit 00:09:01.889 --> 00:09:01.899 align:start position:0% to be invalid everyone has to exit 00:09:01.899 --> 00:09:04.739 align:start position:0% to be invalid everyone has to exit within<00:09:02.110> a<00:09:02.199> given<00:09:02.319> period<00:09:02.529> of<00:09:02.920> time<00:09:02.980> and<00:09:03.749> this 00:09:04.739 --> 00:09:04.749 align:start position:0% within a given period of time and this 00:09:04.749 --> 00:09:07.829 align:start position:0% within a given period of time and this this<00:09:05.559> is<00:09:05.829> all<00:09:06.009> well<00:09:06.160> and<00:09:06.189> good<00:09:06.309> in<00:09:06.610> most<00:09:06.839> most 00:09:07.829 --> 00:09:07.839 align:start position:0% this is all well and good in most most 00:09:07.839 --> 00:09:10.259 align:start position:0% this is all well and good in most most situations<00:09:08.050> but<00:09:08.889> as<00:09:09.069> soon<00:09:09.309> as<00:09:09.459> we<00:09:09.610> dig<00:09:09.999> deep 00:09:10.259 --> 00:09:10.269 align:start position:0% situations but as soon as we dig deep 00:09:10.269 --> 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run<00:09:22.180> into<00:09:22.449> trouble<00:09:22.709> and<00:09:23.709> there 00:09:24.030 --> 00:09:24.040 align:start position:0% a cerium you run into trouble and there 00:09:24.040 --> 00:09:25.559 align:start position:0% a cerium you run into trouble and there are<00:09:24.129> things<00:09:24.370> we<00:09:24.519> can<00:09:24.670> do<00:09:24.819> to<00:09:24.999> minimize<00:09:25.149> this 00:09:25.559 --> 00:09:25.569 align:start position:0% are things we can do to minimize this 00:09:25.569 --> 00:09:27.720 align:start position:0% are things we can do to minimize this but<00:09:26.019> essentially<00:09:26.589> you<00:09:26.920> kind<00:09:27.160> of<00:09:27.249> have<00:09:27.399> to<00:09:27.430> plan 00:09:27.720 --> 00:09:27.730 align:start position:0% but essentially you kind of have to plan 00:09:27.730 --> 00:09:29.129 align:start position:0% but essentially you kind of have to plan for<00:09:27.759> it<00:09:28.089> from<00:09:28.509> the<00:09:28.660> get-go 00:09:29.129 --> 00:09:29.139 align:start position:0% for it from the get-go 00:09:29.139 --> 00:09:31.650 align:start position:0% for it from the get-go by<00:09:29.529> predicting<00:09:30.370> like<00:09:30.579> worst<00:09:30.910> case<00:09:30.970> scenario 00:09:31.650 --> 00:09:31.660 align:start position:0% by predicting like worst case scenario 00:09:31.660 --> 00:09:33.869 align:start position:0% by predicting like worst case scenario network<00:09:32.079> congestion<00:09:32.290> if<00:09:32.920> a<00:09:33.279> plasma<00:09:33.699> chain 00:09:33.869 --> 00:09:33.879 align:start position:0% network congestion if a plasma chain 00:09:33.879 --> 00:09:35.910 align:start position:0% network congestion if a plasma chain breaks<00:09:34.180> when<00:09:34.629> the<00:09:35.110> cerium<00:09:35.499> network<00:09:35.769> is 00:09:35.910 --> 00:09:35.920 align:start position:0% breaks when the cerium network is 00:09:35.920 --> 00:09:39.720 align:start position:0% breaks when the cerium network is already<00:09:36.370> super<00:09:37.149> congested<00:09:37.990> from<00:09:38.439> IC<00:09:39.189> o----<00:09:39.220> or 00:09:39.720 --> 00:09:39.730 align:start position:0% already super congested from IC o---- or 00:09:39.730 --> 00:09:43.410 align:start position:0% already super congested from IC o---- or trade<00:09:40.240> mining<00:09:40.629> or<00:09:41.160> one<00:09:42.160> of<00:09:42.279> the<00:09:42.430> many<00:09:42.639> things 00:09:43.410 --> 00:09:43.420 align:start position:0% trade mining or one of the many things 00:09:43.420 --> 00:09:47.579 align:start position:0% trade mining or one of the many things that<00:09:43.569> is<00:09:44.129> being<00:09:45.129> created<00:09:45.579> right<00:09:45.730> now<00:09:46.589> you 00:09:47.579 --> 00:09:47.589 align:start position:0% that is being created right now you 00:09:47.589 --> 00:09:49.470 align:start position:0% that is being created right now you essentially<00:09:47.980> have<00:09:48.249> to<00:09:48.279> factor<00:09:48.790> that<00:09:48.999> in<00:09:49.240> and 00:09:49.470 --> 00:09:49.480 align:start position:0% essentially have to factor that in and 00:09:49.480 --> 00:09:53.429 align:start position:0% essentially have to factor that in and then<00:09:49.899> you<00:09:50.079> shouldn't<00:09:50.680> allow<00:09:50.819> any<00:09:52.439> essentially 00:09:53.429 --> 00:09:53.439 align:start position:0% then you shouldn't allow any essentially 00:09:53.439 --> 00:09:55.769 align:start position:0% then you shouldn't allow any essentially too<00:09:53.620> much<00:09:53.800> state<00:09:54.129> and<00:09:55.059> you<00:09:55.209> want<00:09:55.360> to<00:09:55.449> make<00:09:55.569> sure 00:09:55.769 --> 00:09:55.779 align:start position:0% too much state and you want to make sure 00:09:55.779 --> 00:09:58.470 align:start position:0% too much state and you want to make sure that<00:09:56.079> it<00:09:56.259> can<00:09:56.379> all<00:09:56.499> be<00:09:56.529> exited<00:09:57.329> within<00:09:58.329> the 00:09:58.470 --> 00:09:58.480 align:start position:0% that it can all be exited within the 00:09:58.480 --> 00:09:59.309 align:start position:0% that it can all be exited within the given<00:09:58.600> time<00:09:58.899> period 00:09:59.309 --> 00:09:59.319 align:start position:0% given time period 00:09:59.319 --> 00:10:04.259 align:start position:0% given time period other<00:10:00.129> downside<00:10:00.790> is<00:10:00.970> that<00:10:01.179> essentially<00:10:03.269> your 00:10:04.259 --> 00:10:04.269 align:start position:0% other downside is that essentially your 00:10:04.269 --> 00:10:07.230 align:start position:0% other downside is that essentially your watcher<00:10:04.769> that's<00:10:05.769> validating<00:10:06.309> the<00:10:06.730> chow<00:10:06.999> chain 00:10:07.230 --> 00:10:07.240 align:start position:0% watcher that's validating the chow chain 00:10:07.240 --> 00:10:10.429 align:start position:0% watcher that's validating the chow chain actually<00:10:07.629> has<00:10:08.170> to<00:10:08.410> validate<00:10:08.829> everything<00:10:09.490> so 00:10:10.429 --> 00:10:10.439 align:start position:0% actually has to validate everything so 00:10:10.439 --> 00:10:13.769 align:start position:0% actually has to validate everything so you<00:10:11.439> could<00:10:11.679> have<00:10:11.889> a<00:10:12.309> super-fast<00:10:13.059> plasma<00:10:13.600> chain 00:10:13.769 --> 00:10:13.779 align:start position:0% you could have a super-fast plasma chain 00:10:13.779 --> 00:10:18.749 align:start position:0% you could have a super-fast plasma chain but<00:10:14.939> then<00:10:16.709> essentially<00:10:17.709> if<00:10:17.920> the<00:10:17.949> watchers<00:10:18.459> are 00:10:18.749 --> 00:10:18.759 align:start position:0% but then essentially if the watchers are 00:10:18.759 --> 00:10:20.329 align:start position:0% but then essentially if the watchers are going<00:10:19.149> to<00:10:19.240> have<00:10:19.360> a<00:10:19.389> lot<00:10:19.629> of<00:10:19.660> trouble 00:10:20.329 --> 00:10:20.339 align:start position:0% going to have a lot of trouble 00:10:20.339 --> 00:10:26.309 align:start position:0% going to have a lot of trouble validating<00:10:21.339> it<00:10:21.459> because<00:10:23.370> whatever<00:10:25.319> the 00:10:26.309 --> 00:10:26.319 align:start position:0% validating it because whatever the 00:10:26.319 --> 00:10:27.720 align:start position:0% validating it because whatever the Watchers<00:10:26.709> are<00:10:26.889> gonna<00:10:27.009> have<00:10:27.220> a<00:10:27.249> bunch<00:10:27.610> of 00:10:27.720 --> 00:10:27.730 align:start position:0% Watchers are gonna have a bunch of 00:10:27.730 --> 00:10:31.650 align:start position:0% Watchers are gonna have a bunch of trouble<00:10:28.300> validating<00:10:29.170> it<00:10:29.350> because<00:10:30.660> unless 00:10:31.650 --> 00:10:31.660 align:start position:0% trouble validating it because unless 00:10:31.660 --> 00:10:33.419 align:start position:0% trouble validating it because unless they<00:10:31.870> are<00:10:32.019> using<00:10:32.350> like<00:10:32.470> dedicated<00:10:33.040> hardware 00:10:33.419 --> 00:10:33.429 align:start position:0% they are using like dedicated hardware 00:10:33.429 --> 00:10:38.160 align:start position:0% they are using like dedicated hardware or<00:10:33.779> heavy<00:10:34.779> AWS<00:10:35.620> computing<00:10:36.509> they're<00:10:37.509> everyday 00:10:38.160 --> 00:10:38.170 align:start position:0% or heavy AWS computing they're everyday 00:10:38.170 --> 00:10:40.499 align:start position:0% or heavy AWS computing they're everyday like<00:10:38.529> laptops<00:10:39.040> just<00:10:39.519> won't<00:10:39.699> be<00:10:39.850> able<00:10:40.209> just 00:10:40.499 --> 00:10:40.509 align:start position:0% like laptops just won't be able just 00:10:40.509 --> 00:10:45.629 align:start position:0% like laptops just won't be able just won't<00:10:41.079> be<00:10:41.199> able<00:10:41.230> to<00:10:41.439> keep<00:10:41.709> up<00:10:43.800> yo<00:10:44.829> Kelsey<00:10:45.279> get 00:10:45.629 --> 00:10:45.639 align:start position:0% won't be able to keep up yo Kelsey get 00:10:45.639 --> 00:10:46.940 align:start position:0% won't be able to keep up yo Kelsey get out<00:10:45.759> here 00:10:46.940 --> 00:10:46.950 align:start position:0% out here 00:10:46.950 --> 00:10:51.829 align:start position:0% out here anyway<00:10:47.990> so<00:10:49.760> plasma<00:10:50.760> MVP<00:10:51.269> has<00:10:51.450> these<00:10:51.600> time 00:10:51.829 --> 00:10:51.839 align:start position:0% anyway so plasma MVP has these time 00:10:51.839 --> 00:10:54.620 align:start position:0% anyway so plasma MVP has these time constraints<00:10:52.290> it<00:10:52.620> also<00:10:53.070> and<00:10:53.880> you<00:10:54.450> have<00:10:54.540> to 00:10:54.620 --> 00:10:54.630 align:start position:0% constraints it also and you have to 00:10:54.630 --> 00:10:56.180 align:start position:0% constraints it also and you have to validate<00:10:54.990> the<00:10:55.139> entire<00:10:55.740> chain 00:10:56.180 --> 00:10:56.190 align:start position:0% validate the entire chain 00:10:56.190 --> 00:10:59.269 align:start position:0% validate the entire chain you<00:10:56.519> also<00:10:56.790> have<00:10:57.240> confirmation<00:10:57.779> signatures<00:10:58.620> so 00:10:59.269 --> 00:10:59.279 align:start position:0% you also have confirmation signatures so 00:10:59.279 --> 00:11:02.960 align:start position:0% you also have confirmation signatures so what<00:10:59.730> this<00:10:59.910> means<00:11:00.360> is<00:11:00.630> essentially<00:11:01.350> if<00:11:01.560> I<00:11:02.100> if 00:11:02.960 --> 00:11:02.970 align:start position:0% what this means is essentially if I if 00:11:02.970 --> 00:11:07.460 align:start position:0% what this means is essentially if I if boom<00:11:03.630> thank<00:11:04.019> you<00:11:04.139> Kelvin<00:11:04.470> if<00:11:05.660> if<00:11:06.660> Alice<00:11:07.170> sends 00:11:07.460 --> 00:11:07.470 align:start position:0% boom thank you Kelvin if if Alice sends 00:11:07.470 --> 00:11:11.360 align:start position:0% boom thank you Kelvin if if Alice sends Bob<00:11:07.769> value<00:11:09.199> Bob<00:11:10.199> does<00:11:10.500> not<00:11:10.649> actually<00:11:11.070> have 00:11:11.360 --> 00:11:11.370 align:start position:0% Bob value Bob does not actually have 00:11:11.370 --> 00:11:14.780 align:start position:0% Bob value Bob does not actually have access<00:11:12.079> to<00:11:13.079> this<00:11:13.230> value<00:11:13.740> until<00:11:14.339> he<00:11:14.490> receives 00:11:14.780 --> 00:11:14.790 align:start position:0% access to this value until he receives 00:11:14.790 --> 00:11:17.210 align:start position:0% access to this value until he receives the<00:11:14.880> confirmation<00:11:15.600> so<00:11:15.810> as<00:11:16.019> you<00:11:16.560> can<00:11:16.740> see<00:11:16.920> here 00:11:17.210 --> 00:11:17.220 align:start position:0% the confirmation so as you can see here 00:11:17.220 --> 00:11:21.620 align:start position:0% the confirmation so as you can see here Alice<00:11:18.060> makes<00:11:18.600> makes<00:11:19.589> the<00:11:19.740> transaction<00:11:20.630> then 00:11:21.620 --> 00:11:21.630 align:start position:0% Alice makes makes the transaction then 00:11:21.630 --> 00:11:24.740 align:start position:0% Alice makes makes the transaction then she<00:11:22.019> actually<00:11:22.230> has<00:11:22.740> to<00:11:22.769> watch<00:11:23.310> it<00:11:23.600> first<00:11:24.600> be 00:11:24.740 --> 00:11:24.750 align:start position:0% she actually has to watch it first be 00:11:24.750 --> 00:11:26.420 align:start position:0% she actually has to watch it first be included<00:11:25.139> in<00:11:25.320> a<00:11:25.410> plasma<00:11:25.620> chain<00:11:25.980> and<00:11:26.160> then 00:11:26.420 --> 00:11:26.430 align:start position:0% included in a plasma chain and then 00:11:26.430 --> 00:11:28.910 align:start position:0% included in a plasma chain and then being<00:11:26.670> included<00:11:27.120> on<00:11:27.269> a<00:11:27.300> cerium<00:11:27.690> and<00:11:27.779> then<00:11:28.380> she 00:11:28.910 --> 00:11:28.920 align:start position:0% being included on a cerium and then she 00:11:28.920 --> 00:11:31.759 align:start position:0% being included on a cerium and then she signs<00:11:29.519> a<00:11:29.790> confirmation<00:11:30.449> signature<00:11:30.899> and<00:11:31.079> only 00:11:31.759 --> 00:11:31.769 align:start position:0% signs a confirmation signature and only 00:11:31.769 --> 00:11:35.410 align:start position:0% signs a confirmation signature and only then<00:11:32.010> does<00:11:32.910> Bob<00:11:33.120> have<00:11:33.149> custody<00:11:33.930> of<00:11:34.079> set<00:11:34.740> value 00:11:35.410 --> 00:11:35.420 align:start position:0% then does Bob have custody of set value 00:11:35.420 --> 00:11:38.930 align:start position:0% then does Bob have custody of set value so<00:11:36.420> boom<00:11:36.779> now<00:11:37.470> it's<00:11:37.500> unlocked<00:11:37.980> and<00:11:38.339> now<00:11:38.370> it's 00:11:38.930 --> 00:11:38.940 align:start position:0% so boom now it's unlocked and now it's 00:11:38.940 --> 00:11:42.949 align:start position:0% so boom now it's unlocked and now it's it's<00:11:39.570> finally<00:11:39.959> Bob<00:11:40.190> and<00:11:41.190> so<00:11:41.459> this<00:11:42.089> this<00:11:42.899> is 00:11:42.949 --> 00:11:42.959 align:start position:0% it's finally Bob and so this this is 00:11:42.959 --> 00:11:47.840 align:start position:0% it's finally Bob and so this this is bummer<00:11:43.800> because<00:11:44.449> essentially<00:11:45.589> it's<00:11:46.850> pretty 00:11:47.840 --> 00:11:47.850 align:start position:0% bummer because essentially it's pretty 00:11:47.850 --> 00:11:50.329 align:start position:0% bummer because essentially it's pretty pretty<00:11:48.300> horrible<00:11:48.630> for<00:11:48.899> UI<00:11:49.019> because<00:11:49.709> all<00:11:50.160> of<00:11:50.279> a 00:11:50.329 --> 00:11:50.339 align:start position:0% pretty horrible for UI because all of a 00:11:50.339 --> 00:11:52.160 align:start position:0% pretty horrible for UI because all of a sudden<00:11:50.699> not<00:11:51.149> only<00:11:51.480> does<00:11:51.660> the<00:11:51.779> user<00:11:51.930> have<00:11:52.140> to 00:11:52.160 --> 00:11:52.170 align:start position:0% sudden not only does the user have to 00:11:52.170 --> 00:11:54.170 align:start position:0% sudden not only does the user have to sign<00:11:52.470> once<00:11:52.709> but<00:11:53.010> that<00:11:53.310> a<00:11:53.339> user<00:11:53.640> has<00:11:53.730> to<00:11:54.000> sign 00:11:54.170 --> 00:11:54.180 align:start position:0% sign once but that a user has to sign 00:11:54.180 --> 00:11:57.139 align:start position:0% sign once but that a user has to sign once<00:11:54.449> wait<00:11:55.260> a<00:11:55.290> period<00:11:55.829> of<00:11:55.920> time<00:11:56.160> to<00:11:56.670> watch 00:11:57.139 --> 00:11:57.149 align:start position:0% once wait a period of time to watch 00:11:57.149 --> 00:11:59.840 align:start position:0% once wait a period of time to watch their<00:11:57.420> transaction<00:11:58.019> be<00:11:58.380> included<00:11:58.890> on<00:11:59.070> a 00:11:59.840 --> 00:11:59.850 align:start position:0% their transaction be included on a 00:11:59.850 --> 00:12:02.530 align:start position:0% their transaction be included on a cerium<00:12:00.329> and<00:12:00.510> then<00:12:01.350> they<00:12:01.800> have<00:12:01.949> to<00:12:02.070> sign<00:12:02.220> again 00:12:02.530 --> 00:12:02.540 align:start position:0% cerium and then they have to sign again 00:12:02.540 --> 00:12:07.340 align:start position:0% cerium and then they have to sign again there's<00:12:03.540> also<00:12:03.720> a<00:12:03.899> grieving<00:12:04.680> vector<00:12:05.269> and<00:12:06.350> so 00:12:07.340 --> 00:12:07.350 align:start position:0% there's also a grieving vector and so 00:12:07.350 --> 00:12:10.759 align:start position:0% there's also a grieving vector and so essentially<00:12:08.010> this<00:12:08.850> is<00:12:08.910> kind<00:12:09.360> of<00:12:09.769> what 00:12:10.759 --> 00:12:10.769 align:start position:0% essentially this is kind of what 00:12:10.769 --> 00:12:14.030 align:start position:0% essentially this is kind of what inspired<00:12:11.190> more<00:12:11.699> viable<00:12:12.170> more<00:12:13.170> viable<00:12:13.410> plasma 00:12:14.030 --> 00:12:14.040 align:start position:0% inspired more viable more viable plasma 00:12:14.040 --> 00:12:16.759 align:start position:0% inspired more viable more viable plasma yeah<00:12:14.730> Calvin<00:12:15.480> Calvin<00:12:15.839> right<00:12:16.050> there<00:12:16.290> main<00:12:16.589> man 00:12:16.759 --> 00:12:16.769 align:start position:0% yeah Calvin Calvin right there main man 00:12:16.769 --> 00:12:20.180 align:start position:0% yeah Calvin Calvin right there main man main<00:12:17.160> man<00:12:17.339> behind<00:12:17.610> that<00:12:17.850> and<00:12:18.060> essentially<00:12:19.190> the 00:12:20.180 --> 00:12:20.190 align:start position:0% main man behind that and essentially the 00:12:20.190 --> 00:12:22.670 align:start position:0% main man behind that and essentially the big<00:12:20.430> thing<00:12:20.760> here<00:12:21.029> is<00:12:21.180> that<00:12:21.540> whereas<00:12:22.410> with 00:12:22.670 --> 00:12:22.680 align:start position:0% big thing here is that whereas with 00:12:22.680 --> 00:12:25.610 align:start position:0% big thing here is that whereas with plasma<00:12:23.220> MVP<00:12:23.820> you're<00:12:24.269> only<00:12:24.480> able<00:12:24.870> to<00:12:25.079> exit 00:12:25.610 --> 00:12:25.620 align:start position:0% plasma MVP you're only able to exit 00:12:25.620 --> 00:12:29.060 align:start position:0% plasma MVP you're only able to exit outputs<00:12:26.570> with<00:12:27.570> more<00:12:27.990> viable<00:12:28.230> plasma<00:12:28.740> you're 00:12:29.060 --> 00:12:29.070 align:start position:0% outputs with more viable plasma you're 00:12:29.070 --> 00:12:32.269 align:start position:0% outputs with more viable plasma you're able<00:12:29.370> to<00:12:29.399> exit<00:12:29.880> inputs<00:12:30.300> as<00:12:30.480> well<00:12:30.890> and<00:12:31.890> so 00:12:32.269 --> 00:12:32.279 align:start position:0% able to exit inputs as well and so 00:12:32.279 --> 00:12:34.550 align:start position:0% able to exit inputs as well and so essentially<00:12:33.089> the<00:12:33.600> clear<00:12:33.839> difference<00:12:34.019> with 00:12:34.550 --> 00:12:34.560 align:start position:0% essentially the clear difference with 00:12:34.560 --> 00:12:37.910 align:start position:0% essentially the clear difference with between<00:12:35.069> more<00:12:35.399> viable<00:12:35.640> plasma<00:12:36.149> and<00:12:36.930> minimum 00:12:37.910 --> 00:12:37.920 align:start position:0% between more viable plasma and minimum 00:12:37.920 --> 00:12:40.630 align:start position:0% between more viable plasma and minimum viable<00:12:38.069> plasma<00:12:38.640> is<00:12:38.790> that<00:12:39.329> with<00:12:39.540> minimum 00:12:40.630 --> 00:12:40.640 align:start position:0% viable plasma is that with minimum 00:12:40.640 --> 00:12:44.030 align:start position:0% viable plasma is that with minimum essentially<00:12:41.640> transactions<00:12:42.480> are<00:12:42.800> invalid<00:12:43.800> by 00:12:44.030 --> 00:12:44.040 align:start position:0% essentially transactions are invalid by 00:12:44.040 --> 00:12:45.920 align:start position:0% essentially transactions are invalid by default<00:12:44.519> and<00:12:44.699> they<00:12:44.850> only<00:12:45.029> become<00:12:45.420> valid<00:12:45.779> after 00:12:45.920 --> 00:12:45.930 align:start position:0% default and they only become valid after 00:12:45.930 --> 00:12:48.470 align:start position:0% default and they only become valid after a<00:12:46.500> confirmation<00:12:47.130> signature 00:12:48.470 --> 00:12:48.480 align:start position:0% a confirmation signature 00:12:48.480 --> 00:12:51.910 align:start position:0% a confirmation signature whereas<00:12:49.019> with<00:12:49.290> more<00:12:49.680> viable<00:12:50.100> plasma 00:12:51.910 --> 00:12:51.920 align:start position:0% whereas with more viable plasma 00:12:51.920 --> 00:12:55.880 align:start position:0% whereas with more viable plasma essentially<00:12:53.329> you<00:12:54.329> have<00:12:54.769> you<00:12:55.769> have 00:12:55.880 --> 00:12:55.890 align:start position:0% essentially you have you have 00:12:55.890 --> 00:12:58.430 align:start position:0% essentially you have you have transactions<00:12:56.430> that<00:12:56.550> are<00:12:56.760> valid<00:12:57.240> by<00:12:57.569> default 00:12:58.430 --> 00:12:58.440 align:start position:0% transactions that are valid by default 00:12:58.440 --> 00:13:00.440 align:start position:0% transactions that are valid by default and<00:12:58.649> then<00:12:58.829> if<00:12:58.949> something<00:12:59.220> goes<00:12:59.519> wrong<00:12:59.610> you 00:13:00.440 --> 00:13:00.450 align:start position:0% and then if something goes wrong you 00:13:00.450 --> 00:13:02.810 align:start position:0% and then if something goes wrong you essentially<00:13:00.840> have<00:13:01.080> an<00:13:01.560> exit<00:13:02.130> protocol<00:13:02.610> an 00:13:02.810 --> 00:13:02.820 align:start position:0% essentially have an exit protocol an 00:13:02.820 --> 00:13:06.350 align:start position:0% essentially have an exit protocol an interactive<00:13:03.570> game<00:13:03.830> by<00:13:04.830> which<00:13:05.790> you<00:13:05.880> can<00:13:06.030> use<00:13:06.210> to 00:13:06.350 --> 00:13:06.360 align:start position:0% interactive game by which you can use to 00:13:06.360 --> 00:13:08.960 align:start position:0% interactive game by which you can use to exit<00:13:06.690> the<00:13:06.810> inputs<00:13:07.230> so<00:13:08.130> yeah<00:13:08.340> removes 00:13:08.960 --> 00:13:08.970 align:start position:0% exit the inputs so yeah removes 00:13:08.970 --> 00:13:11.900 align:start position:0% exit the inputs so yeah removes confirmation<00:13:09.660> signatures<00:13:10.110> and<00:13:10.790> removes<00:13:11.790> the 00:13:11.900 --> 00:13:11.910 align:start position:0% confirmation signatures and removes the 00:13:11.910 --> 00:13:14.300 align:start position:0% confirmation signatures and removes the grievant<00:13:12.210> vector<00:13:12.480> super<00:13:13.200> super<00:13:14.040> cool<00:13:14.190> stuff 00:13:14.300 --> 00:13:14.310 align:start position:0% grievant vector super super cool stuff 00:13:14.310 --> 00:13:16.400 align:start position:0% grievant vector super super cool stuff but<00:13:15.090> you<00:13:15.420> still<00:13:15.660> have<00:13:15.810> to<00:13:15.930> validate<00:13:16.110> the 00:13:16.400 --> 00:13:16.410 align:start position:0% but you still have to validate the 00:13:16.410 --> 00:13:19.760 align:start position:0% but you still have to validate the entire<00:13:16.710> chain<00:13:17.040> and<00:13:17.340> it<00:13:17.970> still<00:13:18.390> has<00:13:18.630> the<00:13:19.260> time 00:13:19.760 --> 00:13:19.770 align:start position:0% entire chain and it still has the time 00:13:19.770 --> 00:13:21.860 align:start position:0% entire chain and it still has the time constraints<00:13:20.370> so<00:13:21.060> you're<00:13:21.210> vulnerable<00:13:21.450> to 00:13:21.860 --> 00:13:21.870 align:start position:0% constraints so you're vulnerable to 00:13:21.870 --> 00:13:26.240 align:start position:0% constraints so you're vulnerable to network<00:13:22.260> congestion<00:13:24.950> boom 00:13:26.240 --> 00:13:26.250 align:start position:0% network congestion boom 00:13:26.250 --> 00:13:29.750 align:start position:0% network congestion boom plasma<00:13:26.820> cache<00:13:27.170> and<00:13:28.170> so<00:13:28.530> essentially<00:13:29.220> plasma 00:13:29.750 --> 00:13:29.760 align:start position:0% plasma cache and so essentially plasma 00:13:29.760 --> 00:13:33.110 align:start position:0% plasma cache and so essentially plasma cache<00:13:30.410> gets<00:13:31.410> rid<00:13:31.680> of<00:13:31.920> the<00:13:32.160> time<00:13:32.580> constraints 00:13:33.110 --> 00:13:33.120 align:start position:0% cache gets rid of the time constraints 00:13:33.120 --> 00:13:37.790 align:start position:0% cache gets rid of the time constraints and<00:13:33.960> also<00:13:34.790> it<00:13:35.790> it<00:13:36.510> essentially<00:13:37.020> allows<00:13:37.050> users 00:13:37.790 --> 00:13:37.800 align:start position:0% and also it it essentially allows users 00:13:37.800 --> 00:13:41.030 align:start position:0% and also it it essentially allows users to<00:13:37.980> only<00:13:38.580> watch<00:13:39.140> only<00:13:40.140> watch<00:13:40.290> the<00:13:40.320> their<00:13:40.860> own 00:13:41.030 --> 00:13:41.040 align:start position:0% to only watch only watch the their own 00:13:41.040 --> 00:13:44.840 align:start position:0% to only watch only watch the their own assets<00:13:41.570> and<00:13:42.570> so<00:13:42.810> how<00:13:43.050> does<00:13:43.260> this<00:13:43.670> how<00:13:44.670> does 00:13:44.840 --> 00:13:44.850 align:start position:0% assets and so how does this how does 00:13:44.850 --> 00:13:49.100 align:start position:0% assets and so how does this how does this<00:13:44.970> work<00:13:45.210> well<00:13:45.690> we<00:13:46.580> every<00:13:47.580> all<00:13:47.880> value<00:13:48.390> on<00:13:48.570> a 00:13:49.100 --> 00:13:49.110 align:start position:0% this work well we every all value on a 00:13:49.110 --> 00:13:51.380 align:start position:0% this work well we every all value on a plasma<00:13:49.410> cash<00:13:49.770> chain<00:13:50.040> is<00:13:50.400> essentially<00:13:51.060> treated 00:13:51.380 --> 00:13:51.390 align:start position:0% plasma cash chain is essentially treated 00:13:51.390 --> 00:13:54.710 align:start position:0% plasma cash chain is essentially treated as<00:13:51.540> an<00:13:51.780> NST<00:13:52.110> so<00:13:53.100> as<00:13:53.400> opposed<00:13:53.790> to<00:13:53.940> having<00:13:54.270> a 00:13:54.710 --> 00:13:54.720 align:start position:0% as an NST so as opposed to having a 00:13:54.720 --> 00:13:57.620 align:start position:0% as an NST so as opposed to having a large<00:13:55.110> pool<00:13:55.740> of<00:13:55.800> assets<00:13:56.640> like<00:13:57.150> you<00:13:57.360> do<00:13:57.600> on 00:13:57.620 --> 00:13:57.630 align:start position:0% large pool of assets like you do on 00:13:57.630 --> 00:14:01.310 align:start position:0% large pool of assets like you do on plasma<00:13:58.380> MVP<00:13:58.770> where<00:13:59.370> if<00:13:59.580> one<00:14:00.150> invalid<00:14:00.870> exit 00:14:01.310 --> 00:14:01.320 align:start position:0% plasma MVP where if one invalid exit 00:14:01.320 --> 00:14:05.120 align:start position:0% plasma MVP where if one invalid exit gets<00:14:02.250> through<00:14:03.260> essentially<00:14:04.260> the<00:14:04.590> child<00:14:04.860> chain 00:14:05.120 --> 00:14:05.130 align:start position:0% gets through essentially the child chain 00:14:05.130 --> 00:14:07.940 align:start position:0% gets through essentially the child chain consensus<00:14:05.700> can<00:14:06.060> steal<00:14:06.410> everything<00:14:07.410> in<00:14:07.650> the 00:14:07.940 --> 00:14:07.950 align:start position:0% consensus can steal everything in the 00:14:07.950 --> 00:14:11.630 align:start position:0% consensus can steal everything in the smart<00:14:08.220> contract<00:14:08.540> with<00:14:09.540> plasma<00:14:09.840> cash<00:14:10.640> if 00:14:11.630 --> 00:14:11.640 align:start position:0% smart contract with plasma cash if 00:14:11.640 --> 00:14:15.500 align:start position:0% smart contract with plasma cash if there's<00:14:12.390> an<00:14:12.540> invalid<00:14:13.020> exit<00:14:13.380> only<00:14:14.130> a<00:14:14.640> discrete 00:14:15.500 --> 00:14:15.510 align:start position:0% there's an invalid exit only a discrete 00:14:15.510 --> 00:14:17.930 align:start position:0% there's an invalid exit only a discrete piece<00:14:15.780> of<00:14:15.990> value<00:14:16.380> a<00:14:16.590> specific<00:14:17.370> users<00:14:17.730> value 00:14:17.930 --> 00:14:17.940 align:start position:0% piece of value a specific users value 00:14:17.940 --> 00:14:19.130 align:start position:0% piece of value a specific users value can<00:14:18.420> be<00:14:18.450> stolen 00:14:19.130 --> 00:14:19.140 align:start position:0% can be stolen 00:14:19.140 --> 00:14:21.590 align:start position:0% can be stolen which<00:14:19.800> is<00:14:19.950> why<00:14:20.070> users<00:14:20.820> only<00:14:21.150> have<00:14:21.300> to<00:14:21.480> watch 00:14:21.590 --> 00:14:21.600 align:start position:0% which is why users only have to watch 00:14:21.600 --> 00:14:24.590 align:start position:0% which is why users only have to watch their<00:14:21.930> own<00:14:22.250> NF<00:14:23.250> T's<00:14:23.490> I<00:14:23.850> kind<00:14:24.090> of<00:14:24.180> think<00:14:24.330> of<00:14:24.450> them 00:14:24.590 --> 00:14:24.600 align:start position:0% their own NF T's I kind of think of them 00:14:24.600 --> 00:14:27.260 align:start position:0% their own NF T's I kind of think of them as<00:14:24.810> like<00:14:25.020> kind<00:14:25.260> of<00:14:25.620> like<00:14:25.770> collectible<00:14:26.400> so<00:14:26.670> yeah 00:14:27.260 --> 00:14:27.270 align:start position:0% as like kind of like collectible so yeah 00:14:27.270 --> 00:14:30.260 align:start position:0% as like kind of like collectible so yeah kind<00:14:27.690> of<00:14:27.750> like<00:14:27.810> action<00:14:28.680> figure<00:14:29.010> action<00:14:29.850> figure 00:14:30.260 --> 00:14:30.270 align:start position:0% kind of like action figure action figure 00:14:30.270 --> 00:14:33.470 align:start position:0% kind of like action figure action figure but<00:14:31.140> within<00:14:31.500> the<00:14:31.710> context<00:14:32.190> of<00:14:32.280> plasma<00:14:32.730> and<00:14:32.910> VP 00:14:33.470 --> 00:14:33.480 align:start position:0% but within the context of plasma and VP 00:14:33.480 --> 00:14:35.630 align:start position:0% but within the context of plasma and VP or<00:14:33.630> sorry<00:14:34.050> plasma<00:14:34.470> cash<00:14:34.620> it's<00:14:35.040> actually<00:14:35.430> used 00:14:35.630 --> 00:14:35.640 align:start position:0% or sorry plasma cash it's actually used 00:14:35.640 --> 00:14:41.660 align:start position:0% or sorry plasma cash it's actually used to<00:14:35.790> represent<00:14:35.970> value<00:14:36.630> cool<00:14:38.090> and<00:14:39.090> so<00:14:40.080> here<00:14:40.710> when 00:14:41.660 --> 00:14:41.670 align:start position:0% to represent value cool and so here when 00:14:41.670 --> 00:14:44.690 align:start position:0% to represent value cool and so here when Alice<00:14:42.060> deposits<00:14:42.630> new<00:14:43.320> NF<00:14:43.710> T<00:14:43.920> is<00:14:44.040> created<00:14:44.520> with 00:14:44.690 --> 00:14:44.700 align:start position:0% Alice deposits new NF T is created with 00:14:44.700 --> 00:14:47.870 align:start position:0% Alice deposits new NF T is created with the<00:14:44.910> value<00:14:45.300> that<00:14:45.600> Alice<00:14:45.930> deposited<00:14:46.590> and<00:14:47.550> then 00:14:47.870 --> 00:14:47.880 align:start position:0% the value that Alice deposited and then 00:14:47.880 --> 00:14:52.160 align:start position:0% the value that Alice deposited and then Alice<00:14:48.690> only<00:14:49.730> has<00:14:50.730> to<00:14:50.910> watch<00:14:51.030> that<00:14:51.270> value<00:14:51.630> when 00:14:52.160 --> 00:14:52.170 align:start position:0% Alice only has to watch that value when 00:14:52.170 --> 00:14:55.940 align:start position:0% Alice only has to watch that value when she<00:14:52.320> exits<00:14:52.830> all<00:14:53.430> of<00:14:53.670> a<00:14:53.760> sudden<00:14:54.120> she<00:14:55.020> she<00:14:55.800> can 00:14:55.940 --> 00:14:55.950 align:start position:0% she exits all of a sudden she she can 00:14:55.950 --> 00:14:58.550 align:start position:0% she exits all of a sudden she she can stop<00:14:56.220> watching<00:14:56.460> and<00:14:57.560> everything's 00:14:58.550 --> 00:14:58.560 align:start position:0% stop watching and everything's 00:14:58.560 --> 00:15:03.580 align:start position:0% stop watching and everything's everything's<00:14:59.190> okay<00:14:59.580> and<00:15:00.120> then<00:15:01.310> essentially 00:15:03.580 --> 00:15:03.590 align:start position:0% everything's okay and then essentially 00:15:03.590 --> 00:15:08.870 align:start position:0% everything's okay and then essentially anyway<00:15:04.610> yeah<00:15:05.640> so<00:15:06.290> essentially<00:15:07.640> users<00:15:08.640> only 00:15:08.870 --> 00:15:08.880 align:start position:0% anyway yeah so essentially users only 00:15:08.880 --> 00:15:12.140 align:start position:0% anyway yeah so essentially users only have<00:15:09.060> to<00:15:09.210> check<00:15:09.540> their<00:15:10.110> own<00:15:10.520> their<00:15:11.520> own<00:15:11.670> value 00:15:12.140 --> 00:15:12.150 align:start position:0% have to check their own their own value 00:15:12.150 --> 00:15:14.150 align:start position:0% have to check their own their own value and<00:15:12.330> this<00:15:12.690> is<00:15:12.840> amazing<00:15:13.380> because 00:15:14.150 --> 00:15:14.160 align:start position:0% and this is amazing because 00:15:14.160 --> 00:15:16.690 align:start position:0% and this is amazing because it<00:15:14.370> essentially<00:15:14.790> reduces<00:15:15.570> the<00:15:15.750> computational 00:15:16.690 --> 00:15:16.700 align:start position:0% it essentially reduces the computational 00:15:16.700 --> 00:15:20.930 align:start position:0% it essentially reduces the computational requirements<00:15:18.320> for<00:15:19.320> users<00:15:19.830> to<00:15:20.190> validate<00:15:20.730> a 00:15:20.930 --> 00:15:20.940 align:start position:0% requirements for users to validate a 00:15:20.940 --> 00:15:23.690 align:start position:0% requirements for users to validate a plasma<00:15:21.450> cash<00:15:21.660> chain<00:15:22.130> because<00:15:23.130> you<00:15:23.310> can<00:15:23.490> kind 00:15:23.690 --> 00:15:23.700 align:start position:0% plasma cash chain because you can kind 00:15:23.700 --> 00:15:26.270 align:start position:0% plasma cash chain because you can kind of<00:15:23.820> divide<00:15:24.180> it<00:15:24.390> amongst<00:15:24.900> all<00:15:25.080> users<00:15:25.530> and<00:15:25.770> so 00:15:26.270 --> 00:15:26.280 align:start position:0% of divide it amongst all users and so 00:15:26.280 --> 00:15:29.030 align:start position:0% of divide it amongst all users and so now<00:15:26.850> the<00:15:27.360> kind<00:15:27.690> of<00:15:27.900> heavy<00:15:28.110> computational 00:15:29.030 --> 00:15:29.040 align:start position:0% now the kind of heavy computational 00:15:29.040 --> 00:15:32.540 align:start position:0% now the kind of heavy computational requirements<00:15:29.580> are<00:15:29.940> only<00:15:30.300> on<00:15:31.020> the<00:15:31.980> child<00:15:32.220> chain 00:15:32.540 --> 00:15:32.550 align:start position:0% requirements are only on the child chain 00:15:32.550 --> 00:15:35.090 align:start position:0% requirements are only on the child chain consensus<00:15:33.180> which<00:15:34.080> is<00:15:34.200> a<00:15:34.230> lot<00:15:34.470> less<00:15:34.650> limiting 00:15:35.090 --> 00:15:35.100 align:start position:0% consensus which is a lot less limiting 00:15:35.100 --> 00:15:37.850 align:start position:0% consensus which is a lot less limiting because<00:15:35.370> they're<00:15:35.780> expected<00:15:36.780> to<00:15:36.810> be<00:15:36.930> able<00:15:37.200> to 00:15:37.850 --> 00:15:37.860 align:start position:0% because they're expected to be able to 00:15:37.860 --> 00:15:41.560 align:start position:0% because they're expected to be able to have<00:15:38.120> fairly<00:15:39.120> fairly<00:15:39.900> powerful<00:15:40.200> hardware 00:15:41.560 --> 00:15:41.570 align:start position:0% have fairly fairly powerful hardware 00:15:41.570 --> 00:15:46.730 align:start position:0% have fairly fairly powerful hardware then<00:15:42.920> there<00:15:43.920> was<00:15:44.040> plasma<00:15:44.430> XT<00:15:44.790> and<00:15:45.060> so<00:15:45.750> one 00:15:46.730 --> 00:15:46.740 align:start position:0% then there was plasma XT and so one 00:15:46.740 --> 00:15:49.700 align:start position:0% then there was plasma XT and so one downside<00:15:47.310> to<00:15:47.370> plasma<00:15:48.000> cash<00:15:48.210> is<00:15:48.660> that<00:15:48.960> for<00:15:49.380> each 00:15:49.700 --> 00:15:49.710 align:start position:0% downside to plasma cash is that for each 00:15:49.710 --> 00:15:53.690 align:start position:0% downside to plasma cash is that for each NS<00:15:50.250> key<00:15:50.490> that<00:15:51.060> a<00:15:51.090> user<00:15:51.600> holds<00:15:52.220> you<00:15:53.220> essentially 00:15:53.690 --> 00:15:53.700 align:start position:0% NS key that a user holds you essentially 00:15:53.700 --> 00:15:57.440 align:start position:0% NS key that a user holds you essentially have<00:15:54.090> to<00:15:54.120> have<00:15:54.510> a<00:15:54.750> proof<00:15:55.190> for<00:15:56.190> each<00:15:56.430> block<00:15:57.150> in 00:15:57.440 --> 00:15:57.450 align:start position:0% have to have a proof for each block in 00:15:57.450 --> 00:16:00.110 align:start position:0% have to have a proof for each block in the<00:15:57.720> plasma<00:15:57.930> cash<00:15:58.350> chain<00:15:58.620> and<00:15:58.860> so<00:15:59.670> if<00:15:59.910> you 00:16:00.110 --> 00:16:00.120 align:start position:0% the plasma cash chain and so if you 00:16:00.120 --> 00:16:03.860 align:start position:0% the plasma cash chain and so if you spend<00:16:00.890> and<00:16:01.890> transfer<00:16:02.550> ownership<00:16:02.850> of<00:16:03.240> this<00:16:03.390> NFT 00:16:03.860 --> 00:16:03.870 align:start position:0% spend and transfer ownership of this NFT 00:16:03.870 --> 00:16:07.730 align:start position:0% spend and transfer ownership of this NFT you<00:16:04.260> have<00:16:04.470> to<00:16:05.870> kind<00:16:06.870> you<00:16:07.080> have<00:16:07.170> to<00:16:07.320> have<00:16:07.500> a 00:16:07.730 --> 00:16:07.740 align:start position:0% you have to kind you have to have a 00:16:07.740 --> 00:16:09.440 align:start position:0% you have to kind you have to have a proof<00:16:08.130> of<00:16:08.280> membership<00:16:08.430> for<00:16:08.880> this<00:16:09.000> transaction 00:16:09.440 --> 00:16:09.450 align:start position:0% proof of membership for this transaction 00:16:09.450 --> 00:16:13.520 align:start position:0% proof of membership for this transaction and<00:16:09.860> but<00:16:10.860> even<00:16:11.700> if<00:16:11.970> you're<00:16:12.300> just<00:16:12.330> sitting<00:16:12.720> with 00:16:13.520 --> 00:16:13.530 align:start position:0% and but even if you're just sitting with 00:16:13.530 --> 00:16:16.790 align:start position:0% and but even if you're just sitting with your<00:16:13.820> NS<00:16:14.820> p<00:16:15.000> value<00:16:15.360> and<00:16:15.390> not<00:16:15.750> using<00:16:16.140> it<00:16:16.260> all<00:16:16.410> you 00:16:16.790 --> 00:16:16.800 align:start position:0% your NS p value and not using it all you 00:16:16.800 --> 00:16:20.840 align:start position:0% your NS p value and not using it all you still<00:16:17.190> have<00:16:17.580> to<00:16:18.330> keep<00:16:18.780> track<00:16:19.140> of<00:16:19.950> the<00:16:20.520> value 00:16:20.840 --> 00:16:20.850 align:start position:0% still have to keep track of the value 00:16:20.850 --> 00:16:22.430 align:start position:0% still have to keep track of the value and<00:16:21.030> you<00:16:21.120> essentially<00:16:21.420> have<00:16:21.630> to<00:16:21.780> constantly 00:16:22.430 --> 00:16:22.440 align:start position:0% and you essentially have to constantly 00:16:22.440 --> 00:16:24.920 align:start position:0% and you essentially have to constantly be<00:16:22.530> collecting<00:16:23.010> proofs<00:16:23.280> of<00:16:23.490> non<00:16:23.930> approves 00:16:24.920 --> 00:16:24.930 align:start position:0% be collecting proofs of non approves 00:16:24.930 --> 00:16:27.620 align:start position:0% be collecting proofs of non approves this<00:16:25.050> non-inclusion<00:16:25.670> to<00:16:26.670> be<00:16:26.820> able<00:16:27.000> to<00:16:27.180> prove 00:16:27.620 --> 00:16:27.630 align:start position:0% this non-inclusion to be able to prove 00:16:27.630 --> 00:16:31.210 align:start position:0% this non-inclusion to be able to prove that<00:16:27.930> you<00:16:28.260> have<00:16:28.710> not<00:16:28.950> transferred<00:16:29.550> your<00:16:30.300> NFT 00:16:31.210 --> 00:16:31.220 align:start position:0% that you have not transferred your NFT 00:16:31.220 --> 00:16:35.030 align:start position:0% that you have not transferred your NFT like<00:16:32.220> in<00:16:32.460> secret<00:16:32.940> and<00:16:33.660> so<00:16:33.930> essentially<00:16:34.530> when 00:16:35.030 --> 00:16:35.040 align:start position:0% like in secret and so essentially when 00:16:35.040 --> 00:16:37.520 align:start position:0% like in secret and so essentially when you're<00:16:35.610> transferring<00:16:36.330> ownership<00:16:36.480> of<00:16:36.930> the<00:16:37.080> NFT 00:16:37.520 --> 00:16:37.530 align:start position:0% you're transferring ownership of the NFT 00:16:37.530 --> 00:16:39.350 align:start position:0% you're transferring ownership of the NFT you<00:16:37.860> have<00:16:38.040> to<00:16:38.220> pass<00:16:38.430> around<00:16:38.610> all<00:16:38.970> its<00:16:39.180> history 00:16:39.350 --> 00:16:39.360 align:start position:0% you have to pass around all its history 00:16:39.360 --> 00:16:42.410 align:start position:0% you have to pass around all its history as<00:16:40.140> well<00:16:40.380> and<00:16:40.620> if<00:16:41.310> you're<00:16:41.760> holding<00:16:41.970> a 00:16:42.410 --> 00:16:42.420 align:start position:0% as well and if you're holding a 00:16:42.420 --> 00:16:46.100 align:start position:0% as well and if you're holding a particular<00:16:43.320> NFD<00:16:44.160> for<00:16:44.490> a<00:16:44.760> year<00:16:45.060> this<00:16:45.900> can 00:16:46.100 --> 00:16:46.110 align:start position:0% particular NFD for a year this can 00:16:46.110 --> 00:16:48.050 align:start position:0% particular NFD for a year this can actually<00:16:46.320> end<00:16:46.770> up<00:16:46.920> being<00:16:46.980> a<00:16:47.220> lot<00:16:47.400> of<00:16:47.520> data<00:16:47.700> and 00:16:48.050 --> 00:16:48.060 align:start position:0% actually end up being a lot of data and 00:16:48.060 --> 00:16:51.890 align:start position:0% actually end up being a lot of data and so<00:16:48.660> what<00:16:49.620> plasma<00:16:50.040> xt<00:16:50.460> does<00:16:50.640> is<00:16:51.060> it<00:16:51.330> essentially 00:16:51.890 --> 00:16:51.900 align:start position:0% so what plasma xt does is it essentially 00:16:51.900 --> 00:16:57.530 align:start position:0% so what plasma xt does is it essentially allows<00:16:53.480> users<00:16:54.480> to<00:16:54.720> checkpoint<00:16:55.910> their<00:16:56.910> n<00:16:57.090> FPS 00:16:57.530 --> 00:16:57.540 align:start position:0% allows users to checkpoint their n FPS 00:16:57.540 --> 00:17:01.250 align:start position:0% allows users to checkpoint their n FPS on<00:16:58.440> the<00:16:59.190> route<00:16:59.370> chain<00:16:59.610> and<00:16:59.820> so<00:17:00.450> by 00:17:01.250 --> 00:17:01.260 align:start position:0% on the route chain and so by 00:17:01.260 --> 00:17:04.270 align:start position:0% on the route chain and so by checkpointing<00:17:02.160> their<00:17:02.640> n<00:17:02.880> FPS<00:17:03.300> every<00:17:03.660> so<00:17:03.840> often 00:17:04.270 --> 00:17:04.280 align:start position:0% checkpointing their n FPS every so often 00:17:04.280 --> 00:17:07.400 align:start position:0% checkpointing their n FPS every so often that's<00:17:05.280> essentially<00:17:05.970> our<00:17:06.000> we<00:17:06.449> set<00:17:06.720> on<00:17:06.900> the 00:17:07.400 --> 00:17:07.410 align:start position:0% that's essentially our we set on the 00:17:07.410 --> 00:17:09.710 align:start position:0% that's essentially our we set on the amount<00:17:07.650> of<00:17:07.770> data<00:17:08.010> they<00:17:08.280> have<00:17:08.459> to<00:17:08.640> store<00:17:08.910> and 00:17:09.710 --> 00:17:09.720 align:start position:0% amount of data they have to store and 00:17:09.720 --> 00:17:12.829 align:start position:0% amount of data they have to store and you<00:17:10.650> can<00:17:10.860> actually<00:17:11.250> develop<00:17:11.819> like<00:17:12.120> very 00:17:12.829 --> 00:17:12.839 align:start position:0% you can actually develop like very 00:17:12.839 --> 00:17:16.880 align:start position:0% you can actually develop like very targeted<00:17:13.459> algorithms<00:17:14.459> for<00:17:15.209> checkpointing<00:17:15.990> so 00:17:16.880 --> 00:17:16.890 align:start position:0% targeted algorithms for checkpointing so 00:17:16.890 --> 00:17:19.910 align:start position:0% targeted algorithms for checkpointing so that<00:17:17.280> users<00:17:17.760> who<00:17:18.180> are<00:17:18.510> more<00:17:18.959> sensitive<00:17:19.170> to 00:17:19.910 --> 00:17:19.920 align:start position:0% that users who are more sensitive to 00:17:19.920 --> 00:17:22.790 align:start position:0% that users who are more sensitive to data<00:17:20.189> storage<00:17:20.720> don't<00:17:21.720> have<00:17:21.990> to<00:17:22.290> keep<00:17:22.500> track<00:17:22.740> of 00:17:22.790 --> 00:17:22.800 align:start position:0% data storage don't have to keep track of 00:17:22.800 --> 00:17:24.860 align:start position:0% data storage don't have to keep track of it<00:17:22.980> as<00:17:23.100> much<00:17:23.280> this<00:17:23.760> is<00:17:23.970> super<00:17:24.300> awesome<00:17:24.600> for 00:17:24.860 --> 00:17:24.870 align:start position:0% it as much this is super awesome for 00:17:24.870 --> 00:17:27.170 align:start position:0% it as much this is super awesome for like<00:17:25.589> essentially<00:17:26.520> computationally 00:17:27.170 --> 00:17:27.180 align:start position:0% like essentially computationally 00:17:27.180 --> 00:17:27.769 align:start position:0% like essentially computationally restricted 00:17:27.769 --> 00:17:27.779 align:start position:0% restricted 00:17:27.779 --> 00:17:30.469 align:start position:0% restricted devices<00:17:28.460> because<00:17:29.460> yeah<00:17:29.639> their<00:17:29.940> storage<00:17:30.210> is 00:17:30.469 --> 00:17:30.479 align:start position:0% devices because yeah their storage is 00:17:30.479 --> 00:17:34.700 align:start position:0% devices because yeah their storage is super<00:17:31.200> limited<00:17:31.609> cool<00:17:32.609> and<00:17:32.879> then<00:17:33.149> we<00:17:33.450> have<00:17:33.719> and 00:17:34.700 --> 00:17:34.710 align:start position:0% super limited cool and then we have and 00:17:34.710 --> 00:17:38.029 align:start position:0% super limited cool and then we have and then<00:17:35.219> we<00:17:35.369> have<00:17:35.549> plasma<00:17:35.909> debit<00:17:37.039> essentially 00:17:38.029 --> 00:17:38.039 align:start position:0% then we have plasma debit essentially 00:17:38.039 --> 00:17:40.729 align:start position:0% then we have plasma debit essentially which<00:17:38.429> attempts<00:17:39.029> to<00:17:39.090> deal<00:17:39.389> with<00:17:39.529> the<00:17:40.529> non 00:17:40.729 --> 00:17:40.739 align:start position:0% which attempts to deal with the non 00:17:40.739 --> 00:17:44.299 align:start position:0% which attempts to deal with the non fungibility<00:17:41.419> of<00:17:42.419> tokens<00:17:42.929> because<00:17:43.169> it's<00:17:44.039> great 00:17:44.299 --> 00:17:44.309 align:start position:0% fungibility of tokens because it's great 00:17:44.309 --> 00:17:46.999 align:start position:0% fungibility of tokens because it's great that<00:17:44.549> essentially<00:17:45.450> plasma<00:17:45.840> cash<00:17:46.080> has<00:17:46.649> better 00:17:46.999 --> 00:17:47.009 align:start position:0% that essentially plasma cash has better 00:17:47.009 --> 00:17:49.669 align:start position:0% that essentially plasma cash has better like<00:17:47.609> properties<00:17:48.149> from<00:17:48.389> the<00:17:48.539> get-go<00:17:48.719> but<00:17:49.349> none 00:17:49.669 --> 00:17:49.679 align:start position:0% like properties from the get-go but none 00:17:49.679 --> 00:17:52.609 align:start position:0% like properties from the get-go but none fungibility<00:17:50.159> is<00:17:50.519> a<00:17:50.580> huge<00:17:51.029> issue<00:17:51.299> in<00:17:51.899> a<00:17:52.409> lot<00:17:52.590> of 00:17:52.609 --> 00:17:52.619 align:start position:0% fungibility is a huge issue in a lot of 00:17:52.619 --> 00:17:55.009 align:start position:0% fungibility is a huge issue in a lot of cases<00:17:52.950> and<00:17:53.340> so<00:17:53.879> what<00:17:54.210> plasma<00:17:54.450> debit 00:17:55.009 --> 00:17:55.019 align:start position:0% cases and so what plasma debit 00:17:55.019 --> 00:17:58.759 align:start position:0% cases and so what plasma debit essentially<00:17:55.950> does<00:17:56.340> is<00:17:56.789> it<00:17:57.210> allows<00:17:57.710> is<00:17:58.710> it 00:17:58.759 --> 00:17:58.769 align:start position:0% essentially does is it allows is it 00:17:58.769 --> 00:18:03.169 align:start position:0% essentially does is it allows is it allows<00:17:59.359> users<00:18:00.359> to<00:18:00.749> have<00:18:01.619> their<00:18:01.679> NS<00:18:02.369> keys<00:18:02.609> but 00:18:03.169 --> 00:18:03.179 align:start position:0% allows users to have their NS keys but 00:18:03.179 --> 00:18:06.320 align:start position:0% allows users to have their NS keys but it<00:18:03.389> allows<00:18:03.690> users<00:18:04.109> to<00:18:04.139> kind<00:18:05.070> of<00:18:05.219> treat<00:18:05.940> the<00:18:06.089> NF 00:18:06.320 --> 00:18:06.330 align:start position:0% it allows users to kind of treat the NF 00:18:06.330 --> 00:18:09.440 align:start position:0% it allows users to kind of treat the NF keys<00:18:06.509> as<00:18:06.719> containers<00:18:07.229> so<00:18:08.219> an<00:18:08.549> NF<00:18:08.940> T<00:18:09.089> could<00:18:09.299> be 00:18:09.440 --> 00:18:09.450 align:start position:0% keys as containers so an NF T could be 00:18:09.450 --> 00:18:12.799 align:start position:0% keys as containers so an NF T could be partially<00:18:09.749> full<00:18:10.529> and<00:18:10.799> then<00:18:11.309> a<00:18:11.519> user<00:18:11.809> can 00:18:12.799 --> 00:18:12.809 align:start position:0% partially full and then a user can 00:18:12.809 --> 00:18:15.589 align:start position:0% partially full and then a user can essentially<00:18:13.320> open<00:18:13.739> up<00:18:13.859> a<00:18:13.979> state<00:18:14.219> channel<00:18:14.609> in 00:18:15.589 --> 00:18:15.599 align:start position:0% essentially open up a state channel in 00:18:15.599 --> 00:18:18.169 align:start position:0% essentially open up a state channel in most<00:18:15.839> cases<00:18:16.080> it<00:18:16.440> would<00:18:16.559> be<00:18:16.710> with<00:18:17.219> the<00:18:17.969> child 00:18:18.169 --> 00:18:18.179 align:start position:0% most cases it would be with the child 00:18:18.179 --> 00:18:20.810 align:start position:0% most cases it would be with the child chains<00:18:18.570> consensus<00:18:19.289> mechanism<00:18:19.919> and 00:18:20.810 --> 00:18:20.820 align:start position:0% chains consensus mechanism and 00:18:20.820 --> 00:18:23.029 align:start position:0% chains consensus mechanism and essentially<00:18:21.479> they're<00:18:22.019> they're<00:18:22.619> essentially 00:18:23.029 --> 00:18:23.039 align:start position:0% essentially they're they're essentially 00:18:23.039 --> 00:18:26.149 align:start position:0% essentially they're they're essentially able<00:18:23.279> to<00:18:23.820> transfer<00:18:24.450> value<00:18:24.869> in<00:18:25.529> and<00:18:25.830> out<00:18:25.950> of 00:18:26.149 --> 00:18:26.159 align:start position:0% able to transfer value in and out of 00:18:26.159 --> 00:18:29.209 align:start position:0% able to transfer value in and out of their<00:18:26.339> NF<00:18:26.669> TS<00:18:26.879> up<00:18:27.299> to<00:18:27.839> its<00:18:28.019> total<00:18:28.229> value<00:18:28.499> and<00:18:28.859> so 00:18:29.209 --> 00:18:29.219 align:start position:0% their NF TS up to its total value and so 00:18:29.219 --> 00:18:32.589 align:start position:0% their NF TS up to its total value and so this<00:18:29.549> essentially<00:18:29.969> grants<00:18:30.419> a<00:18:30.509> modicum<00:18:30.839> of 00:18:32.589 --> 00:18:32.599 align:start position:0% this essentially grants a modicum of 00:18:32.599 --> 00:18:35.899 align:start position:0% this essentially grants a modicum of fungibility<00:18:33.599> which<00:18:34.109> is<00:18:34.259> yeah<00:18:34.589> super<00:18:35.519> exciting 00:18:35.899 --> 00:18:35.909 align:start position:0% fungibility which is yeah super exciting 00:18:35.909 --> 00:18:38.839 align:start position:0% fungibility which is yeah super exciting and<00:18:36.059> awesome<00:18:36.629> and<00:18:36.869> yeah<00:18:37.710> now<00:18:38.129> I'm<00:18:38.429> going<00:18:38.729> to 00:18:38.839 --> 00:18:38.849 align:start position:0% and awesome and yeah now I'm going to 00:18:38.849 --> 00:18:41.899 align:start position:0% and awesome and yeah now I'm going to hand<00:18:39.029> it<00:18:39.149> over<00:18:39.269> to<00:18:39.450> Kelvin<00:18:40.460> okay<00:18:41.460> so<00:18:41.549> I'm<00:18:41.820> gonna 00:18:41.899 --> 00:18:41.909 align:start position:0% hand it over to Kelvin okay so I'm gonna 00:18:41.909 --> 00:18:43.849 align:start position:0% hand it over to Kelvin okay so I'm gonna talk<00:18:42.089> about<00:18:42.119> the<00:18:42.330> future<00:18:42.539> of<00:18:42.570> plasma<00:18:42.989> I'm 00:18:43.849 --> 00:18:43.859 align:start position:0% talk about the future of plasma I'm 00:18:43.859 --> 00:18:45.889 align:start position:0% talk about the future of plasma I'm gonna<00:18:44.129> make<00:18:44.849> this<00:18:45.089> as<00:18:45.330> quick<00:18:45.599> as<00:18:45.779> I<00:18:45.869> possibly 00:18:45.889 --> 00:18:45.899 align:start position:0% gonna make this as quick as I possibly 00:18:45.899 --> 00:18:49.369 align:start position:0% gonna make this as quick as I possibly can<00:18:46.619> and<00:18:46.879> click<00:18:47.879> this<00:18:48.059> doesn't<00:18:48.779> get<00:18:48.839> locked<00:18:49.049> so 00:18:49.369 --> 00:18:49.379 align:start position:0% can and click this doesn't get locked so 00:18:49.379 --> 00:18:51.079 align:start position:0% can and click this doesn't get locked so I<00:18:49.679> think<00:18:50.429> a<00:18:50.549> lot<00:18:50.639> of<00:18:50.729> people<00:18:50.909> are<00:18:50.999> wondering 00:18:51.079 --> 00:18:51.089 align:start position:0% I think a lot of people are wondering 00:18:51.089 --> 00:18:54.619 align:start position:0% I think a lot of people are wondering where<00:18:51.629> is<00:18:51.929> plasma<00:18:52.409> headed<00:18:53.039> and<00:18:53.479> these<00:18:54.479> are 00:18:54.619 --> 00:18:54.629 align:start position:0% where is plasma headed and these are 00:18:54.629 --> 00:18:56.089 align:start position:0% where is plasma headed and these are sort<00:18:54.779> of<00:18:54.869> the<00:18:54.929> things<00:18:55.349> that<00:18:55.499> I<00:18:55.649> think<00:18:55.919> are 00:18:56.089 --> 00:18:56.099 align:start position:0% sort of the things that I think are 00:18:56.099 --> 00:18:57.440 align:start position:0% sort of the things that I think are really<00:18:56.309> interesting<00:18:56.879> in<00:18:56.999> the<00:18:57.119> future<00:18:57.359> of 00:18:57.440 --> 00:18:57.450 align:start position:0% really interesting in the future of 00:18:57.450 --> 00:19:00.859 align:start position:0% really interesting in the future of plasma<00:18:58.789> I'll<00:18:59.789> get<00:19:00.149> into<00:19:00.299> more<00:19:00.539> detail<00:19:00.839> about 00:19:00.859 --> 00:19:00.869 align:start position:0% plasma I'll get into more detail about 00:19:00.869 --> 00:19:02.719 align:start position:0% plasma I'll get into more detail about each<00:19:01.049> one<00:19:01.109> of<00:19:01.289> these<00:19:01.440> but<00:19:01.859> generally<00:19:02.399> it's 00:19:02.719 --> 00:19:02.729 align:start position:0% each one of these but generally it's 00:19:02.729 --> 00:19:05.479 align:start position:0% each one of these but generally it's zero<00:19:03.299> and<00:19:03.389> all<00:19:03.450> our<00:19:03.570> stuff<00:19:03.889> some<00:19:04.889> new<00:19:05.190> research 00:19:05.479 --> 00:19:05.489 align:start position:0% zero and all our stuff some new research 00:19:05.489 --> 00:19:08.739 align:start position:0% zero and all our stuff some new research is<00:19:05.669> coming<00:19:05.820> around<00:19:06.320> plasma<00:19:07.320> cash<00:19:07.529> then 00:19:08.739 --> 00:19:08.749 align:start position:0% is coming around plasma cash then 00:19:08.749 --> 00:19:11.389 align:start position:0% is coming around plasma cash then formalizing<00:19:09.749> plasma<00:19:10.229> as<00:19:10.349> a<00:19:10.379> thing<00:19:10.739> so<00:19:11.249> what 00:19:11.389 --> 00:19:11.399 align:start position:0% formalizing plasma as a thing so what 00:19:11.399 --> 00:19:14.629 align:start position:0% formalizing plasma as a thing so what actually<00:19:11.759> is<00:19:12.089> plasma<00:19:12.629> and<00:19:13.440> then<00:19:13.679> sort<00:19:14.429> of<00:19:14.489> the 00:19:14.629 --> 00:19:14.639 align:start position:0% actually is plasma and then sort of the 00:19:14.639 --> 00:19:17.409 align:start position:0% actually is plasma and then sort of the Holy<00:19:14.879> Grail<00:19:15.239> which<00:19:15.419> is<00:19:15.629> generalized<00:19:16.200> plasmas 00:19:17.409 --> 00:19:17.419 align:start position:0% Holy Grail which is generalized plasmas 00:19:17.419 --> 00:19:20.180 align:start position:0% Holy Grail which is generalized plasmas so<00:19:18.419> so<00:19:18.929> the<00:19:19.019> first<00:19:19.049> thing<00:19:19.379> here<00:19:19.679> is<00:19:19.859> zero 00:19:20.180 --> 00:19:20.190 align:start position:0% so so the first thing here is zero 00:19:20.190 --> 00:19:21.139 align:start position:0% so so the first thing here is zero knowledge<00:19:20.489> so<00:19:20.609> I<00:19:20.669> think<00:19:20.729> we've<00:19:20.969> seen 00:19:21.139 --> 00:19:21.149 align:start position:0% knowledge so I think we've seen 00:19:21.149 --> 00:19:23.089 align:start position:0% knowledge so I think we've seen something<00:19:21.629> of<00:19:21.779> what<00:19:21.989> I<00:19:22.019> like<00:19:22.349> to<00:19:22.469> call<00:19:22.499> a<00:19:22.799> snark 00:19:23.089 --> 00:19:23.099 align:start position:0% something of what I like to call a snark 00:19:23.099 --> 00:19:25.609 align:start position:0% something of what I like to call a snark NATO<00:19:23.309> recently<00:19:23.879> where<00:19:24.509> a<00:19:24.539> lot<00:19:24.960> of<00:19:24.989> people<00:19:25.349> have 00:19:25.609 --> 00:19:25.619 align:start position:0% NATO recently where a lot of people have 00:19:25.619 --> 00:19:28.669 align:start position:0% NATO recently where a lot of people have have<00:19:26.099> been<00:19:26.309> designing<00:19:27.179> these<00:19:27.629> zero<00:19:28.469> knowledge 00:19:28.669 --> 00:19:28.679 align:start position:0% have been designing these zero knowledge 00:19:28.679 --> 00:19:31.519 align:start position:0% have been designing these zero knowledge constructions<00:19:29.580> and<00:19:29.849> and<00:19:30.119> I<00:19:30.269> would<00:19:31.049> like<00:19:31.259> to 00:19:31.519 --> 00:19:31.529 align:start position:0% constructions and and I would like to 00:19:31.529 --> 00:19:34.579 align:start position:0% constructions and and I would like to attribute<00:19:31.739> some<00:19:32.279> of<00:19:32.309> that<00:19:32.399> to<00:19:33.229> Barry<00:19:34.229> whitehat 00:19:34.579 --> 00:19:34.589 align:start position:0% attribute some of that to Barry whitehat 00:19:34.589 --> 00:19:35.899 align:start position:0% attribute some of that to Barry whitehat who's<00:19:34.830> been<00:19:35.039> doing<00:19:35.129> a<00:19:35.279> lot<00:19:35.399> of<00:19:35.429> Awesome<00:19:35.759> work 00:19:35.899 --> 00:19:35.909 align:start position:0% who's been doing a lot of Awesome work 00:19:35.909 --> 00:19:38.479 align:start position:0% who's been doing a lot of Awesome work with<00:19:36.539> with<00:19:36.899> snarks<00:19:37.440> and<00:19:37.889> actually<00:19:38.220> building 00:19:38.479 --> 00:19:38.489 align:start position:0% with with snarks and actually building 00:19:38.489 --> 00:19:40.940 align:start position:0% with with snarks and actually building snark<00:19:38.789> based<00:19:38.940> applications<00:19:39.509> on<00:19:39.690> aetherium 00:19:40.940 --> 00:19:40.950 align:start position:0% snark based applications on aetherium 00:19:40.950 --> 00:19:43.040 align:start position:0% snark based applications on aetherium I<00:19:40.980> think<00:19:41.310> that<00:19:41.520> that<00:19:41.670> sort<00:19:41.880> of<00:19:41.970> spurred<00:19:42.720> a<00:19:42.870> lot 00:19:43.040 --> 00:19:43.050 align:start position:0% I think that that sort of spurred a lot 00:19:43.050 --> 00:19:46.010 align:start position:0% I think that that sort of spurred a lot of<00:19:43.230> awesome<00:19:43.950> people<00:19:44.460> saying<00:19:45.360> hey<00:19:45.630> how<00:19:45.840> do<00:19:45.900> we 00:19:46.010 --> 00:19:46.020 align:start position:0% of awesome people saying hey how do we 00:19:46.020 --> 00:19:48.320 align:start position:0% of awesome people saying hey how do we you<00:19:46.290> know<00:19:46.350> this<00:19:46.950> thing<00:19:47.160> might<00:19:47.490> actually<00:19:47.520> start 00:19:48.320 --> 00:19:48.330 align:start position:0% you know this thing might actually start 00:19:48.330 --> 00:19:50.270 align:start position:0% you know this thing might actually start to<00:19:48.420> be<00:19:48.540> production<00:19:48.960> ready<00:19:49.080> soon<00:19:49.410> let's<00:19:50.010> start 00:19:50.270 --> 00:19:50.280 align:start position:0% to be production ready soon let's start 00:19:50.280 --> 00:19:51.560 align:start position:0% to be production ready soon let's start building<00:19:50.430> applications<00:19:50.730> with<00:19:51.300> it<00:19:51.420> let's 00:19:51.560 --> 00:19:51.570 align:start position:0% building applications with it let's 00:19:51.570 --> 00:19:54.410 align:start position:0% building applications with it let's start<00:19:51.630> designing<00:19:52.020> applications<00:19:52.620> so<00:19:53.190> I<00:19:53.550> have 00:19:54.410 --> 00:19:54.420 align:start position:0% start designing applications so I have 00:19:54.420 --> 00:19:55.820 align:start position:0% start designing applications so I have this<00:19:54.540> feeling<00:19:54.750> that<00:19:54.900> you<00:19:55.200> know<00:19:55.290> five<00:19:55.500> to<00:19:55.680> ten 00:19:55.820 --> 00:19:55.830 align:start position:0% this feeling that you know five to ten 00:19:55.830 --> 00:19:58.490 align:start position:0% this feeling that you know five to ten years<00:19:56.040> from<00:19:56.100> now<00:19:56.190> we'll<00:19:56.790> see<00:19:57.110> half<00:19:58.110> of<00:19:58.350> the 00:19:58.490 --> 00:19:58.500 align:start position:0% years from now we'll see half of the 00:19:58.500 --> 00:20:00.230 align:start position:0% years from now we'll see half of the blockchain<00:19:58.710> problems<00:19:59.430> that<00:19:59.580> we<00:19:59.700> have<00:19:59.910> just 00:20:00.230 --> 00:20:00.240 align:start position:0% blockchain problems that we have just 00:20:00.240 --> 00:20:01.880 align:start position:0% blockchain problems that we have just solved<00:20:00.510> by<00:20:00.600> zero<00:20:00.870> knowledge<00:20:01.110> constructions 00:20:01.880 --> 00:20:01.890 align:start position:0% solved by zero knowledge constructions 00:20:01.890 --> 00:20:05.330 align:start position:0% solved by zero knowledge constructions and<00:20:02.180> and<00:20:03.180> I<00:20:03.480> think<00:20:04.080> that<00:20:04.260> you<00:20:04.920> know<00:20:05.010> people<00:20:05.040> are 00:20:05.330 --> 00:20:05.340 align:start position:0% and and I think that you know people are 00:20:05.340 --> 00:20:06.680 align:start position:0% and and I think that you know people are starting<00:20:05.490> to<00:20:05.670> recognize<00:20:05.820> that<00:20:06.150> as<00:20:06.300> well<00:20:06.450> right 00:20:06.680 --> 00:20:06.690 align:start position:0% starting to recognize that as well right 00:20:06.690 --> 00:20:08.990 align:start position:0% starting to recognize that as well right now<00:20:06.840> and<00:20:07.190> people<00:20:08.190> are<00:20:08.370> building<00:20:08.520> things<00:20:08.820> like 00:20:08.990 --> 00:20:09.000 align:start position:0% now and people are building things like 00:20:09.000 --> 00:20:11.390 align:start position:0% now and people are building things like plasma<00:20:09.450> snap<00:20:09.930> or<00:20:10.260> roll<00:20:10.770> back<00:20:11.010> and<00:20:11.190> I<00:20:11.250> won't 00:20:11.390 --> 00:20:11.400 align:start position:0% plasma snap or roll back and I won't 00:20:11.400 --> 00:20:12.590 align:start position:0% plasma snap or roll back and I won't really<00:20:11.580> go<00:20:11.760> into<00:20:11.910> detail<00:20:12.060> about<00:20:12.360> how<00:20:12.480> these 00:20:12.590 --> 00:20:12.600 align:start position:0% really go into detail about how these 00:20:12.600 --> 00:20:14.540 align:start position:0% really go into detail about how these things<00:20:12.810> work<00:20:13.110> but<00:20:13.650> generally<00:20:14.130> it's<00:20:14.310> it's 00:20:14.540 --> 00:20:14.550 align:start position:0% things work but generally it's it's 00:20:14.550 --> 00:20:16.040 align:start position:0% things work but generally it's it's solving<00:20:15.000> a<00:20:15.060> lot<00:20:15.210> of<00:20:15.330> the<00:20:15.420> things<00:20:15.630> that<00:20:15.840> we've 00:20:16.040 --> 00:20:16.050 align:start position:0% solving a lot of the things that we've 00:20:16.050 --> 00:20:17.960 align:start position:0% solving a lot of the things that we've solved<00:20:16.500> so<00:20:16.650> far<00:20:16.680> with<00:20:17.160> crypto<00:20:17.490> economic 00:20:17.960 --> 00:20:17.970 align:start position:0% solved so far with crypto economic 00:20:17.970 --> 00:20:20.030 align:start position:0% solved so far with crypto economic constructions<00:20:18.480> just<00:20:19.110> straight<00:20:19.380> up<00:20:19.410> with<00:20:19.800> with 00:20:20.030 --> 00:20:20.040 align:start position:0% constructions just straight up with with 00:20:20.040 --> 00:20:22.280 align:start position:0% constructions just straight up with with cryptographic<00:20:20.490> constructions<00:20:21.300> and<00:20:21.510> and<00:20:22.170> that 00:20:22.280 --> 00:20:22.290 align:start position:0% cryptographic constructions and and that 00:20:22.290 --> 00:20:23.420 align:start position:0% cryptographic constructions and and that generally<00:20:22.620> means<00:20:22.830> that<00:20:22.980> it's<00:20:23.070> much<00:20:23.190> more 00:20:23.420 --> 00:20:23.430 align:start position:0% generally means that it's much more 00:20:23.430 --> 00:20:25.850 align:start position:0% generally means that it's much more efficient<00:20:23.940> and<00:20:24.090> we<00:20:24.320> we<00:20:25.320> have<00:20:25.440> to<00:20:25.560> worry<00:20:25.710> about 00:20:25.850 --> 00:20:25.860 align:start position:0% efficient and we we have to worry about 00:20:25.860 --> 00:20:29.630 align:start position:0% efficient and we we have to worry about a<00:20:26.220> lot<00:20:26.490> less<00:20:27.030> and<00:20:27.830> it's<00:20:28.830> it's<00:20:29.220> pretty<00:20:29.430> amazing 00:20:29.630 --> 00:20:29.640 align:start position:0% a lot less and it's it's pretty amazing 00:20:29.640 --> 00:20:32.210 align:start position:0% a lot less and it's it's pretty amazing if<00:20:30.570> you're<00:20:31.140> very<00:20:31.290> interested<00:20:31.380> I<00:20:31.890> would<00:20:32.040> read 00:20:32.210 --> 00:20:32.220 align:start position:0% if you're very interested I would read 00:20:32.220 --> 00:20:34.550 align:start position:0% if you're very interested I would read into<00:20:32.490> it<00:20:32.640> it's<00:20:33.020> you<00:20:34.020> should<00:20:34.200> look<00:20:34.350> into 00:20:34.550 --> 00:20:34.560 align:start position:0% into it it's you should look into 00:20:34.560 --> 00:20:36.170 align:start position:0% into it it's you should look into zero-knowledge<00:20:35.130> applications<00:20:35.730> in<00:20:35.850> general 00:20:36.170 --> 00:20:36.180 align:start position:0% zero-knowledge applications in general 00:20:36.180 --> 00:20:38.660 align:start position:0% zero-knowledge applications in general and<00:20:36.390> start<00:20:37.290> to<00:20:37.410> design<00:20:37.800> these<00:20:38.010> things<00:20:38.070> because 00:20:38.660 --> 00:20:38.670 align:start position:0% and start to design these things because 00:20:38.670 --> 00:20:41.720 align:start position:0% and start to design these things because in<00:20:38.940> a<00:20:39.030> few<00:20:39.210> years<00:20:39.800> you<00:20:40.800> should<00:20:40.830> be<00:20:41.100> ready<00:20:41.340> when 00:20:41.720 --> 00:20:41.730 align:start position:0% in a few years you should be ready when 00:20:41.730 --> 00:20:43.100 align:start position:0% in a few years you should be ready when when<00:20:42.090> they<00:20:42.180> start<00:20:42.420> to<00:20:42.510> get<00:20:42.630> production<00:20:42.810> ready 00:20:43.100 --> 00:20:43.110 align:start position:0% when they start to get production ready 00:20:43.110 --> 00:20:47.360 align:start position:0% when they start to get production ready so<00:20:43.610> yeah<00:20:44.610> this<00:20:44.760> is<00:20:44.820> my<00:20:45.090> snarky<00:20:45.840> Nieto<00:20:45.990> slide<00:20:46.370> ok 00:20:47.360 --> 00:20:47.370 align:start position:0% so yeah this is my snarky Nieto slide ok 00:20:47.370 --> 00:20:51.400 align:start position:0% so yeah this is my snarky Nieto slide ok so<00:20:47.790> so<00:20:48.180> this<00:20:48.540> is<00:20:48.600> my<00:20:49.410> brief<00:20:50.070> slide<00:20:50.460> about 00:20:51.400 --> 00:20:51.410 align:start position:0% so so this is my brief slide about 00:20:51.410 --> 00:20:55.160 align:start position:0% so so this is my brief slide about plasma<00:20:52.410> cash<00:20:52.770> so<00:20:53.070> so<00:20:53.610> new<00:20:54.390> plasma<00:20:54.630> cash<00:20:54.960> is<00:20:55.140> not 00:20:55.160 --> 00:20:55.170 align:start position:0% plasma cash so so new plasma cash is not 00:20:55.170 --> 00:20:58.310 align:start position:0% plasma cash so so new plasma cash is not actually<00:20:55.710> a<00:20:55.740> thing<00:20:55.980> don't<00:20:56.220> I<00:20:56.400> don't<00:20:57.360> take 00:20:58.310 --> 00:20:58.320 align:start position:0% actually a thing don't I don't take 00:20:58.320 --> 00:21:01.490 align:start position:0% actually a thing don't I don't take pictures<00:20:58.710> of<00:20:58.860> this<00:20:58.980> slide<00:21:00.110> so<00:21:01.110> really<00:21:01.350> what 00:21:01.490 --> 00:21:01.500 align:start position:0% pictures of this slide so really what 00:21:01.500 --> 00:21:03.290 align:start position:0% pictures of this slide so really what happened<00:21:01.770> was<00:21:01.860> that<00:21:01.890> for<00:21:02.370> a<00:21:02.400> long<00:21:02.490> time<00:21:02.760> plasma 00:21:03.290 --> 00:21:03.300 align:start position:0% happened was that for a long time plasma 00:21:03.300 --> 00:21:04.910 align:start position:0% happened was that for a long time plasma cash<00:21:03.450> was<00:21:03.660> this<00:21:03.780> thing<00:21:03.990> that<00:21:04.020> was<00:21:04.260> sort<00:21:04.740> of 00:21:04.910 --> 00:21:04.920 align:start position:0% cash was this thing that was sort of 00:21:04.920 --> 00:21:06.380 align:start position:0% cash was this thing that was sort of useful<00:21:05.130> for<00:21:05.430> some<00:21:05.640> things<00:21:05.670> but<00:21:06.030> not<00:21:06.090> useful 00:21:06.380 --> 00:21:06.390 align:start position:0% useful for some things but not useful 00:21:06.390 --> 00:21:08.750 align:start position:0% useful for some things but not useful for<00:21:06.600> a<00:21:06.750> lot<00:21:06.960> and<00:21:07.200> and<00:21:07.920> we<00:21:08.160> started<00:21:08.400> doing<00:21:08.640> this 00:21:08.750 --> 00:21:08.760 align:start position:0% for a lot and and we started doing this 00:21:08.760 --> 00:21:10.550 align:start position:0% for a lot and and we started doing this work<00:21:08.970> and<00:21:09.300> we<00:21:09.420> had<00:21:09.600> some<00:21:09.810> research<00:21:10.080> workshops 00:21:10.550 --> 00:21:10.560 align:start position:0% work and we had some research workshops 00:21:10.560 --> 00:21:12.530 align:start position:0% work and we had some research workshops and<00:21:10.890> you<00:21:11.310> know<00:21:11.370> Ben<00:21:11.610> Ben<00:21:11.880> Jones<00:21:12.090> came<00:21:12.330> up<00:21:12.450> with 00:21:12.530 --> 00:21:12.540 align:start position:0% and you know Ben Ben Jones came up with 00:21:12.540 --> 00:21:14.450 align:start position:0% and you know Ben Ben Jones came up with an<00:21:12.630> interesting<00:21:12.750> construction<00:21:13.380> for<00:21:13.890> for<00:21:14.370> how 00:21:14.450 --> 00:21:14.460 align:start position:0% an interesting construction for for how 00:21:14.460 --> 00:21:15.980 align:start position:0% an interesting construction for for how to<00:21:14.520> you<00:21:14.880> know<00:21:14.910> make<00:21:15.420> things<00:21:15.570> a<00:21:15.720> little<00:21:15.810> bit 00:21:15.980 --> 00:21:15.990 align:start position:0% to you know make things a little bit 00:21:15.990 --> 00:21:18.170 align:start position:0% to you know make things a little bit more<00:21:16.050> fungible<00:21:17.040> and<00:21:17.250> Vitalik<00:21:17.730> put<00:21:17.910> up<00:21:18.000> some 00:21:18.170 --> 00:21:18.180 align:start position:0% more fungible and Vitalik put up some 00:21:18.180 --> 00:21:19.790 align:start position:0% more fungible and Vitalik put up some posts<00:21:18.510> right<00:21:18.630> so<00:21:18.780> if<00:21:18.840> it<00:21:18.900> did<00:21:19.260> move<00:21:19.350> like<00:21:19.680> this 00:21:19.790 --> 00:21:19.800 align:start position:0% posts right so if it did move like this 00:21:19.800 --> 00:21:22.220 align:start position:0% posts right so if it did move like this which<00:21:20.250> is<00:21:20.280> like<00:21:20.580> make<00:21:20.880> these<00:21:21.090> posts<00:21:21.630> that<00:21:21.810> that 00:21:22.220 --> 00:21:22.230 align:start position:0% which is like make these posts that that 00:21:22.230 --> 00:21:24.700 align:start position:0% which is like make these posts that that spur<00:21:22.500> a<00:21:22.530> ton<00:21:22.860> of<00:21:22.890> conversation<00:21:23.610> about<00:21:23.730> stuff 00:21:24.700 --> 00:21:24.710 align:start position:0% spur a ton of conversation about stuff 00:21:24.710 --> 00:21:26.900 align:start position:0% spur a ton of conversation about stuff and<00:21:25.710> a<00:21:25.800> lot<00:21:25.950> of<00:21:25.980> interesting<00:21:26.400> plasma<00:21:26.760> cash 00:21:26.900 --> 00:21:26.910 align:start position:0% and a lot of interesting plasma cash 00:21:26.910 --> 00:21:28.820 align:start position:0% and a lot of interesting plasma cash research<00:21:27.210> came<00:21:27.390> out<00:21:27.510> of<00:21:27.600> it<00:21:27.690> and<00:21:27.840> so<00:21:28.290> we<00:21:28.680> had 00:21:28.820 --> 00:21:28.830 align:start position:0% research came out of it and so we had 00:21:28.830 --> 00:21:30.050 align:start position:0% research came out of it and so we had this<00:21:28.950> thing<00:21:29.130> that<00:21:29.280> we<00:21:29.370> originally<00:21:29.730> calling 00:21:30.050 --> 00:21:30.060 align:start position:0% this thing that we originally calling 00:21:30.060 --> 00:21:32.660 align:start position:0% this thing that we originally calling plasma<00:21:30.570> cash<00:21:30.870> flow<00:21:31.170> which<00:21:31.590> was<00:21:31.770> like<00:21:31.950> whatever 00:21:32.660 --> 00:21:32.670 align:start position:0% plasma cash flow which was like whatever 00:21:32.670 --> 00:21:34.250 align:start position:0% plasma cash flow which was like whatever that's<00:21:33.120> not<00:21:33.300> a<00:21:33.330> real<00:21:33.510> thing<00:21:33.540> anymore<00:21:33.960> either 00:21:34.250 --> 00:21:34.260 align:start position:0% that's not a real thing anymore either 00:21:34.260 --> 00:21:38.690 align:start position:0% that's not a real thing anymore either and<00:21:35.900> eventually<00:21:36.900> all<00:21:37.080> these<00:21:37.260> things<00:21:37.700> got 00:21:38.690 --> 00:21:38.700 align:start position:0% and eventually all these things got 00:21:38.700 --> 00:21:40.550 align:start position:0% and eventually all these things got combined<00:21:39.270> into<00:21:39.600> one<00:21:39.810> big<00:21:40.050> thing<00:21:40.290> that<00:21:40.320> we're 00:21:40.550 --> 00:21:40.560 align:start position:0% combined into one big thing that we're 00:21:40.560 --> 00:21:42.050 align:start position:0% combined into one big thing that we're calling<00:21:40.710> plasma<00:21:41.220> prime<00:21:41.430> so<00:21:41.610> it's<00:21:41.730> basically 00:21:42.050 --> 00:21:42.060 align:start position:0% calling plasma prime so it's basically 00:21:42.060 --> 00:21:44.330 align:start position:0% calling plasma prime so it's basically the<00:21:42.240> next<00:21:42.450> giant<00:21:43.080> iteration<00:21:43.860> on<00:21:43.950> top<00:21:44.190> of 00:21:44.330 --> 00:21:44.340 align:start position:0% the next giant iteration on top of 00:21:44.340 --> 00:21:46.280 align:start position:0% the next giant iteration on top of plasma<00:21:44.670> cash<00:21:44.880> Karl<00:21:45.540> talked<00:21:45.840> about<00:21:46.050> it<00:21:46.200> a 00:21:46.280 --> 00:21:46.290 align:start position:0% plasma cash Karl talked about it a 00:21:46.290 --> 00:21:47.630 align:start position:0% plasma cash Karl talked about it a little<00:21:46.380> bit<00:21:46.500> and<00:21:46.770> his<00:21:46.860> talk<00:21:47.070> a<00:21:47.100> few<00:21:47.340> days<00:21:47.490> ago 00:21:47.630 --> 00:21:47.640 align:start position:0% little bit and his talk a few days ago 00:21:47.640 --> 00:21:50.320 align:start position:0% little bit and his talk a few days ago but<00:21:48.420> the<00:21:48.600> the<00:21:48.780> high<00:21:48.930> level<00:21:49.320> is<00:21:49.530> that<00:21:50.100> we've 00:21:50.320 --> 00:21:50.330 align:start position:0% but the the high level is that we've 00:21:50.330 --> 00:21:52.880 align:start position:0% but the the high level is that we've taken<00:21:51.330> all<00:21:51.600> of<00:21:51.750> these<00:21:51.870> constructions<00:21:52.620> and 00:21:52.880 --> 00:21:52.890 align:start position:0% taken all of these constructions and 00:21:52.890 --> 00:21:54.470 align:start position:0% taken all of these constructions and kind<00:21:53.070> of<00:21:53.130> pasted<00:21:53.610> them<00:21:53.730> together<00:21:53.880> and<00:21:54.360> made 00:21:54.470 --> 00:21:54.480 align:start position:0% kind of pasted them together and made 00:21:54.480 --> 00:21:54.690 align:start position:0% kind of pasted them together and made the 00:21:54.690 --> 00:21:54.700 align:start position:0% the 00:21:54.700 --> 00:21:57.480 align:start position:0% the thing<00:21:54.880> that<00:21:55.090> I<00:21:55.330> think<00:21:55.570> is<00:21:56.170> is<00:21:56.680> actually<00:21:56.980> quite 00:21:57.480 --> 00:21:57.490 align:start position:0% thing that I think is is actually quite 00:21:57.490 --> 00:21:59.940 align:start position:0% thing that I think is is actually quite good<00:21:58.050> there's<00:21:59.050> still<00:21:59.200> a<00:21:59.230> lot<00:21:59.410> of<00:21:59.440> work<00:21:59.710> to<00:21:59.830> be 00:21:59.940 --> 00:21:59.950 align:start position:0% good there's still a lot of work to be 00:21:59.950 --> 00:22:01.770 align:start position:0% good there's still a lot of work to be done<00:22:00.100> but<00:22:00.550> it's<00:22:00.730> it's<00:22:00.910> definitely<00:22:01.060> a<00:22:01.330> massive 00:22:01.770 --> 00:22:01.780 align:start position:0% done but it's it's definitely a massive 00:22:01.780 --> 00:22:03.330 align:start position:0% done but it's it's definitely a massive improvement<00:22:01.930> on<00:22:02.260> top<00:22:02.470> of<00:22:02.590> plasma<00:22:02.860> cash<00:22:03.040> and 00:22:03.330 --> 00:22:03.340 align:start position:0% improvement on top of plasma cash and 00:22:03.340 --> 00:22:05.940 align:start position:0% improvement on top of plasma cash and this<00:22:04.090> is<00:22:04.330> where<00:22:04.990> a<00:22:05.020> lot<00:22:05.200> of<00:22:05.230> research<00:22:05.680> I'm 00:22:05.940 --> 00:22:05.950 align:start position:0% this is where a lot of research I'm 00:22:05.950 --> 00:22:07.650 align:start position:0% this is where a lot of research I'm assuming<00:22:06.520> in<00:22:06.640> the<00:22:06.730> next<00:22:06.970> few<00:22:07.210> months<00:22:07.390> is 00:22:07.650 --> 00:22:07.660 align:start position:0% assuming in the next few months is 00:22:07.660 --> 00:22:10.080 align:start position:0% assuming in the next few months is really<00:22:07.690> going<00:22:08.020> to<00:22:08.110> go<00:22:08.290> if<00:22:09.160> not<00:22:09.370> the<00:22:09.520> next<00:22:09.790> year 00:22:10.080 --> 00:22:10.090 align:start position:0% really going to go if not the next year 00:22:10.090 --> 00:22:11.940 align:start position:0% really going to go if not the next year trying<00:22:10.960> to<00:22:10.990> figure<00:22:11.140> out<00:22:11.350> you<00:22:11.620> know<00:22:11.650> can<00:22:11.920> we 00:22:11.940 --> 00:22:11.950 align:start position:0% trying to figure out you know can we 00:22:11.950 --> 00:22:13.890 align:start position:0% trying to figure out you know can we take<00:22:12.220> this<00:22:12.400> and<00:22:12.640> really<00:22:12.850> push<00:22:13.420> this<00:22:13.630> to 00:22:13.890 --> 00:22:13.900 align:start position:0% take this and really push this to 00:22:13.900 --> 00:22:15.630 align:start position:0% take this and really push this to something<00:22:14.290> that's<00:22:14.500> production-ready 00:22:15.630 --> 00:22:15.640 align:start position:0% something that's production-ready 00:22:15.640 --> 00:22:17.430 align:start position:0% something that's production-ready that<00:22:16.120> you<00:22:16.240> could<00:22:16.390> have<00:22:16.570> like<00:22:16.780> a<00:22:16.810> fantastic 00:22:17.430 --> 00:22:17.440 align:start position:0% that you could have like a fantastic 00:22:17.440 --> 00:22:20.610 align:start position:0% that you could have like a fantastic payments<00:22:18.040> in<00:22:18.100> exchange<00:22:18.990> platform<00:22:19.990> on<00:22:20.200> top<00:22:20.230> of 00:22:20.610 --> 00:22:20.620 align:start position:0% payments in exchange platform on top of 00:22:20.620 --> 00:22:22.860 align:start position:0% payments in exchange platform on top of and<00:22:20.860> I<00:22:21.370> think<00:22:21.640> it<00:22:21.970> is<00:22:22.090> a<00:22:22.120> big<00:22:22.390> improvement<00:22:22.840> over 00:22:22.860 --> 00:22:22.870 align:start position:0% and I think it is a big improvement over 00:22:22.870 --> 00:22:24.450 align:start position:0% and I think it is a big improvement over MEP<00:22:23.380> but<00:22:23.620> there's<00:22:23.920> still<00:22:24.100> a<00:22:24.130> lot<00:22:24.310> to<00:22:24.340> be 00:22:24.450 --> 00:22:24.460 align:start position:0% MEP but there's still a lot to be 00:22:24.460 --> 00:22:26.880 align:start position:0% MEP but there's still a lot to be fleshed<00:22:24.760> out<00:22:24.910> and<00:22:25.440> that's<00:22:26.440> where<00:22:26.650> people<00:22:26.770> are 00:22:26.880 --> 00:22:26.890 align:start position:0% fleshed out and that's where people are 00:22:26.890 --> 00:22:29.400 align:start position:0% fleshed out and that's where people are going<00:22:26.980> to<00:22:27.040> be<00:22:27.130> spending<00:22:27.340> time<00:22:28.080> so<00:22:29.080> actually 00:22:29.400 --> 00:22:29.410 align:start position:0% going to be spending time so actually 00:22:29.410 --> 00:22:32.280 align:start position:0% going to be spending time so actually here<00:22:29.590> is<00:22:29.740> its<00:22:30.070> formalization<00:22:30.850> so<00:22:31.030> I<00:22:31.390> think 00:22:32.280 --> 00:22:32.290 align:start position:0% here is its formalization so I think 00:22:32.290 --> 00:22:34.890 align:start position:0% here is its formalization so I think plasma<00:22:32.770> is<00:22:32.830> a<00:22:32.890> confusing<00:22:33.220> term<00:22:33.400> right<00:22:33.900> nobody 00:22:34.890 --> 00:22:34.900 align:start position:0% plasma is a confusing term right nobody 00:22:34.900 --> 00:22:37.020 align:start position:0% plasma is a confusing term right nobody really<00:22:35.260> knows<00:22:35.470> what<00:22:35.710> plasma<00:22:36.130> is<00:22:36.280> I<00:22:36.670> don't<00:22:36.940> know 00:22:37.020 --> 00:22:37.030 align:start position:0% really knows what plasma is I don't know 00:22:37.030 --> 00:22:38.600 align:start position:0% really knows what plasma is I don't know it's<00:22:37.360> kind<00:22:37.540> of<00:22:37.570> just<00:22:37.690> been<00:22:37.870> thrown<00:22:38.200> out<00:22:38.320> there 00:22:38.600 --> 00:22:38.610 align:start position:0% it's kind of just been thrown out there 00:22:38.610 --> 00:22:41.280 align:start position:0% it's kind of just been thrown out there the<00:22:39.610> paper<00:22:39.850> defines<00:22:40.300> plasma<00:22:40.750> is<00:22:40.810> one<00:22:41.050> thing 00:22:41.280 --> 00:22:41.290 align:start position:0% the paper defines plasma is one thing 00:22:41.290 --> 00:22:43.320 align:start position:0% the paper defines plasma is one thing the<00:22:41.800> you<00:22:42.130> know<00:22:42.220> researchers<00:22:42.790> define<00:22:43.000> it<00:22:43.240> as 00:22:43.320 --> 00:22:43.330 align:start position:0% the you know researchers define it as 00:22:43.330 --> 00:22:44.730 align:start position:0% the you know researchers define it as something<00:22:43.600> else<00:22:43.660> whatever<00:22:43.960> it's<00:22:44.260> it's<00:22:44.500> you 00:22:44.730 --> 00:22:44.740 align:start position:0% something else whatever it's it's you 00:22:44.740 --> 00:22:47.340 align:start position:0% something else whatever it's it's you know<00:22:44.830> it's<00:22:45.580> it's<00:22:45.940> very<00:22:46.000> very<00:22:46.300> confusing<00:22:46.690> I'm 00:22:47.340 --> 00:22:47.350 align:start position:0% know it's it's very very confusing I'm 00:22:47.350 --> 00:22:50.400 align:start position:0% know it's it's very very confusing I'm and<00:22:48.120> my<00:22:49.120> conclusion<00:22:49.480> here<00:22:49.930> is<00:22:49.960> that<00:22:50.200> we<00:22:50.290> need 00:22:50.400 --> 00:22:50.410 align:start position:0% and my conclusion here is that we need 00:22:50.410 --> 00:22:51.690 align:start position:0% and my conclusion here is that we need more<00:22:50.530> formalization<00:22:51.070> so<00:22:51.190> this<00:22:51.310> is<00:22:51.400> my<00:22:51.490> first 00:22:51.690 --> 00:22:51.700 align:start position:0% more formalization so this is my first 00:22:51.700 --> 00:22:54.930 align:start position:0% more formalization so this is my first attempt<00:22:52.030> and<00:22:52.180> so<00:22:53.070> so<00:22:54.070> this<00:22:54.160> is<00:22:54.220> the<00:22:54.490> standard 00:22:54.930 --> 00:22:54.940 align:start position:0% attempt and so so this is the standard 00:22:54.940 --> 00:22:56.490 align:start position:0% attempt and so so this is the standard model<00:22:55.180> Lagrangian<00:22:55.660> which<00:22:55.810> is<00:22:55.960> you<00:22:56.200> know<00:22:56.290> the 00:22:56.490 --> 00:22:56.500 align:start position:0% model Lagrangian which is you know the 00:22:56.500 --> 00:22:59.250 align:start position:0% model Lagrangian which is you know the most<00:22:57.360> elegant<00:22:58.360> physics<00:22:58.840> we<00:22:58.960> have<00:22:58.990> or 00:22:59.250 --> 00:22:59.260 align:start position:0% most elegant physics we have or 00:22:59.260 --> 00:23:02.040 align:start position:0% most elegant physics we have or something<00:22:59.530> but<00:22:59.880> basically<00:23:00.880> formalization<00:23:01.750> is 00:23:02.040 --> 00:23:02.050 align:start position:0% something but basically formalization is 00:23:02.050 --> 00:23:04.110 align:start position:0% something but basically formalization is is<00:23:02.500> something<00:23:02.740> that<00:23:02.890> yes<00:23:03.550> it<00:23:03.760> makes<00:23:03.910> math 00:23:04.110 --> 00:23:04.120 align:start position:0% is something that yes it makes math 00:23:04.120 --> 00:23:06.090 align:start position:0% is something that yes it makes math divisions<00:23:04.600> happy<00:23:04.900> but<00:23:05.140> it<00:23:05.320> also<00:23:05.440> clears<00:23:05.860> up<00:23:06.010> a 00:23:06.090 --> 00:23:06.100 align:start position:0% divisions happy but it also clears up a 00:23:06.100 --> 00:23:07.770 align:start position:0% divisions happy but it also clears up a lot<00:23:06.130> of<00:23:06.280> confusion<00:23:06.730> right<00:23:06.910> I<00:23:07.120> want<00:23:07.600> to<00:23:07.660> be<00:23:07.720> able 00:23:07.770 --> 00:23:07.780 align:start position:0% lot of confusion right I want to be able 00:23:07.780 --> 00:23:09.900 align:start position:0% lot of confusion right I want to be able to<00:23:08.020> point<00:23:08.410> to<00:23:08.740> projects<00:23:09.250> on<00:23:09.370> Twitter<00:23:09.610> and<00:23:09.790> say 00:23:09.900 --> 00:23:09.910 align:start position:0% to point to projects on Twitter and say 00:23:09.910 --> 00:23:11.700 align:start position:0% to point to projects on Twitter and say you<00:23:09.970> know<00:23:10.150> you're<00:23:10.600> claiming<00:23:10.870> to<00:23:11.230> be<00:23:11.320> plasma 00:23:11.700 --> 00:23:11.710 align:start position:0% you know you're claiming to be plasma 00:23:11.710 --> 00:23:14.280 align:start position:0% you know you're claiming to be plasma but<00:23:11.920> you're<00:23:12.040> not<00:23:12.160> right<00:23:12.510> but<00:23:13.510> but<00:23:13.690> really<00:23:14.050> I 00:23:14.280 --> 00:23:14.290 align:start position:0% but you're not right but but really I 00:23:14.290 --> 00:23:15.660 align:start position:0% but you're not right but but really I want<00:23:14.590> to<00:23:14.680> be<00:23:15.100> able<00:23:15.160> to<00:23:15.250> have<00:23:15.490> these 00:23:15.660 --> 00:23:15.670 align:start position:0% want to be able to have these 00:23:15.670 --> 00:23:18.420 align:start position:0% want to be able to have these definitions<00:23:16.150> for<00:23:16.690> the<00:23:17.530> certain<00:23:17.800> security 00:23:18.420 --> 00:23:18.430 align:start position:0% definitions for the certain security 00:23:18.430 --> 00:23:20.190 align:start position:0% definitions for the certain security properties<00:23:18.910> that<00:23:19.120> plasma<00:23:19.540> chains<00:23:19.780> give<00:23:20.050> me 00:23:20.190 --> 00:23:20.200 align:start position:0% properties that plasma chains give me 00:23:20.200 --> 00:23:21.930 align:start position:0% properties that plasma chains give me right<00:23:20.380> because<00:23:20.590> I<00:23:20.710> believe<00:23:21.130> that<00:23:21.430> users<00:23:21.790> have 00:23:21.930 --> 00:23:21.940 align:start position:0% right because I believe that users have 00:23:21.940 --> 00:23:24.600 align:start position:0% right because I believe that users have a<00:23:22.000> right<00:23:22.300> to<00:23:22.780> understand<00:23:23.320> how<00:23:23.860> safe<00:23:24.250> are<00:23:24.460> their 00:23:24.600 --> 00:23:24.610 align:start position:0% a right to understand how safe are their 00:23:24.610 --> 00:23:26.460 align:start position:0% a right to understand how safe are their assets<00:23:25.000> right<00:23:25.240> what<00:23:25.720> assumptions<00:23:26.290> are<00:23:26.440> being 00:23:26.460 --> 00:23:26.470 align:start position:0% assets right what assumptions are being 00:23:26.470 --> 00:23:29.790 align:start position:0% assets right what assumptions are being made<00:23:27.510> with<00:23:28.510> with<00:23:28.840> your<00:23:29.050> assets<00:23:29.200> so<00:23:29.470> on<00:23:29.560> on<00:23:29.770> a 00:23:29.790 --> 00:23:29.800 align:start position:0% made with with your assets so on on a 00:23:29.800 --> 00:23:30.990 align:start position:0% made with with your assets so on on a sidechain<00:23:30.340> you're<00:23:30.520> making<00:23:30.760> certain 00:23:30.990 --> 00:23:31.000 align:start position:0% sidechain you're making certain 00:23:31.000 --> 00:23:32.550 align:start position:0% sidechain you're making certain assumptions<00:23:31.540> about<00:23:31.840> the<00:23:32.080> consensus 00:23:32.550 --> 00:23:32.560 align:start position:0% assumptions about the consensus 00:23:32.560 --> 00:23:34.170 align:start position:0% assumptions about the consensus mechanism<00:23:33.040> and<00:23:33.280> you're<00:23:33.610> not<00:23:33.760> making<00:23:34.090> those 00:23:34.170 --> 00:23:34.180 align:start position:0% mechanism and you're not making those 00:23:34.180 --> 00:23:36.810 align:start position:0% mechanism and you're not making those assumptions<00:23:34.810> in<00:23:35.230> a<00:23:35.350> plasma<00:23:35.560> chain<00:23:35.920> and<00:23:36.130> so<00:23:36.490> I 00:23:36.810 --> 00:23:36.820 align:start position:0% assumptions in a plasma chain and so I 00:23:36.820 --> 00:23:39.960 align:start position:0% assumptions in a plasma chain and so I would<00:23:37.150> like<00:23:37.300> to<00:23:37.950> clear<00:23:38.950> that<00:23:39.160> up<00:23:39.220> and<00:23:39.610> so<00:23:39.820> that 00:23:39.960 --> 00:23:39.970 align:start position:0% would like to clear that up and so that 00:23:39.970 --> 00:23:41.880 align:start position:0% would like to clear that up and so that we<00:23:40.150> can<00:23:40.480> have<00:23:40.630> these<00:23:40.750> really<00:23:41.410> formal 00:23:41.880 --> 00:23:41.890 align:start position:0% we can have these really formal 00:23:41.890 --> 00:23:43.980 align:start position:0% we can have these really formal definitions<00:23:42.400> for<00:23:42.970> what<00:23:43.360> these<00:23:43.510> things<00:23:43.690> are 00:23:43.980 --> 00:23:43.990 align:start position:0% definitions for what these things are 00:23:43.990 --> 00:23:45.960 align:start position:0% definitions for what these things are and<00:23:44.320> and<00:23:44.500> start<00:23:44.830> to<00:23:44.950> explain<00:23:45.310> to<00:23:45.520> users<00:23:45.670> what 00:23:45.960 --> 00:23:45.970 align:start position:0% and and start to explain to users what 00:23:45.970 --> 00:23:48.930 align:start position:0% and and start to explain to users what these<00:23:46.150> things<00:23:46.330> mean<00:23:47.130> and<00:23:48.130> I<00:23:48.520> think<00:23:48.730> the<00:23:48.820> other 00:23:48.930 --> 00:23:48.940 align:start position:0% these things mean and I think the other 00:23:48.940 --> 00:23:50.520 align:start position:0% these things mean and I think the other big<00:23:49.000> thing<00:23:49.390> here<00:23:49.660> is<00:23:49.810> revealing<00:23:50.410> the 00:23:50.520 --> 00:23:50.530 align:start position:0% big thing here is revealing the 00:23:50.530 --> 00:23:51.840 align:start position:0% big thing here is revealing the trade-off<00:23:50.860> space<00:23:51.100> so<00:23:51.310> really<00:23:51.550> what<00:23:51.700> this 00:23:51.840 --> 00:23:51.850 align:start position:0% trade-off space so really what this 00:23:51.850 --> 00:23:53.790 align:start position:0% trade-off space so really what this means<00:23:52.120> is<00:23:52.330> that<00:23:52.360> there<00:23:52.660> there<00:23:53.230> are<00:23:53.380> certain 00:23:53.790 --> 00:23:53.800 align:start position:0% means is that there there are certain 00:23:53.800 --> 00:23:55.740 align:start position:0% means is that there there are certain trade-offs<00:23:54.340> that<00:23:54.460> you<00:23:54.610> make<00:23:54.940> when<00:23:55.240> you<00:23:55.360> design 00:23:55.740 --> 00:23:55.750 align:start position:0% trade-offs that you make when you design 00:23:55.750 --> 00:23:58.830 align:start position:0% trade-offs that you make when you design these<00:23:55.990> layer<00:23:56.200> 2<00:23:56.470> solutions<00:23:57.040> and<00:23:57.850> like<00:23:58.630> I<00:23:58.750> was 00:23:58.830 --> 00:23:58.840 align:start position:0% these layer 2 solutions and like I was 00:23:58.840 --> 00:24:00.390 align:start position:0% these layer 2 solutions and like I was just<00:23:58.900> saying<00:23:59.230> you<00:23:59.500> know<00:23:59.590> side<00:23:59.830> chains<00:24:00.130> make 00:24:00.390 --> 00:24:00.400 align:start position:0% just saying you know side chains make 00:24:00.400 --> 00:24:02.340 align:start position:0% just saying you know side chains make these<00:24:00.580> assumptions<00:24:01.150> on<00:24:01.420> the<00:24:01.840> consensus 00:24:02.340 --> 00:24:02.350 align:start position:0% these assumptions on the consensus 00:24:02.350 --> 00:24:04.170 align:start position:0% these assumptions on the consensus mechanism<00:24:02.770> but<00:24:02.890> a<00:24:02.920> plasma<00:24:03.310> chain<00:24:03.520> doesn't<00:24:04.000> and 00:24:04.170 --> 00:24:04.180 align:start position:0% mechanism but a plasma chain doesn't and 00:24:04.180 --> 00:24:05.580 align:start position:0% mechanism but a plasma chain doesn't and it's<00:24:04.540> like<00:24:04.630> why<00:24:04.840> are<00:24:04.900> we<00:24:05.050> making<00:24:05.470> these 00:24:05.580 --> 00:24:05.590 align:start position:0% it's like why are we making these 00:24:05.590 --> 00:24:07.590 align:start position:0% it's like why are we making these assumptions<00:24:06.190> well<00:24:06.820> we're<00:24:07.000> trying<00:24:07.180> to<00:24:07.360> solve 00:24:07.590 --> 00:24:07.600 align:start position:0% assumptions well we're trying to solve 00:24:07.600 --> 00:24:08.430 align:start position:0% assumptions well we're trying to solve certain<00:24:07.900> problem 00:24:08.430 --> 00:24:08.440 align:start position:0% certain problem 00:24:08.440 --> 00:24:09.630 align:start position:0% certain problem so<00:24:08.500> we're<00:24:08.590> trying<00:24:08.680> to<00:24:08.860> solve<00:24:09.010> the<00:24:09.130> problem<00:24:09.460> of 00:24:09.630 --> 00:24:09.640 align:start position:0% so we're trying to solve the problem of 00:24:09.640 --> 00:24:12.330 align:start position:0% so we're trying to solve the problem of we<00:24:10.150> need<00:24:10.360> a<00:24:10.390> strict<00:24:10.810> ordering<00:24:11.170> on<00:24:11.500> data<00:24:11.980> on 00:24:12.330 --> 00:24:12.340 align:start position:0% we need a strict ordering on data on 00:24:12.340 --> 00:24:15.510 align:start position:0% we need a strict ordering on data on these<00:24:12.610> you<00:24:13.030> know<00:24:13.120> side<00:24:13.960> block<00:24:14.530> chains<00:24:14.920> and<00:24:15.250> and 00:24:15.510 --> 00:24:15.520 align:start position:0% these you know side block chains and and 00:24:15.520 --> 00:24:18.570 align:start position:0% these you know side block chains and and we<00:24:15.640> need<00:24:15.910> data<00:24:16.900> availability<00:24:17.470> and<00:24:17.980> so<00:24:18.190> are<00:24:18.490> we 00:24:18.570 --> 00:24:18.580 align:start position:0% we need data availability and so are we 00:24:18.580 --> 00:24:21.060 align:start position:0% we need data availability and so are we going<00:24:19.090> to<00:24:19.230> assume<00:24:20.230> that<00:24:20.290> the<00:24:20.590> consensus 00:24:21.060 --> 00:24:21.070 align:start position:0% going to assume that the consensus 00:24:21.070 --> 00:24:22.140 align:start position:0% going to assume that the consensus mechanism<00:24:21.520> isn't<00:24:21.610> going<00:24:21.790> to<00:24:21.850> give<00:24:21.970> these 00:24:22.140 --> 00:24:22.150 align:start position:0% mechanism isn't going to give these 00:24:22.150 --> 00:24:24.420 align:start position:0% mechanism isn't going to give these things<00:24:22.180> are<00:24:22.780> we<00:24:23.140> going<00:24:23.350> to<00:24:23.500> not<00:24:23.740> assume<00:24:24.070> it<00:24:24.280> and 00:24:24.420 --> 00:24:24.430 align:start position:0% things are we going to not assume it and 00:24:24.430 --> 00:24:26.760 align:start position:0% things are we going to not assume it and I<00:24:24.490> try<00:24:24.760> to<00:24:24.790> have<00:24:24.910> a<00:24:25.000> fallback<00:24:25.300> and<00:24:25.750> have<00:24:26.470> sort 00:24:26.760 --> 00:24:26.770 align:start position:0% I try to have a fallback and have sort 00:24:26.770 --> 00:24:28.620 align:start position:0% I try to have a fallback and have sort of<00:24:26.800> this<00:24:26.920> assumption<00:24:27.400> that<00:24:27.480> aetherium<00:24:28.480> is 00:24:28.620 --> 00:24:28.630 align:start position:0% of this assumption that aetherium is 00:24:28.630 --> 00:24:30.060 align:start position:0% of this assumption that aetherium is going<00:24:28.810> to<00:24:28.870> be<00:24:28.960> live<00:24:29.140> it's<00:24:29.710> all<00:24:29.860> these 00:24:30.060 --> 00:24:30.070 align:start position:0% going to be live it's all these 00:24:30.070 --> 00:24:31.920 align:start position:0% going to be live it's all these different<00:24:30.400> things<00:24:30.580> and<00:24:30.880> and<00:24:31.180> if<00:24:31.300> we<00:24:31.420> if<00:24:31.720> we 00:24:31.920 --> 00:24:31.930 align:start position:0% different things and and if we if we 00:24:31.930 --> 00:24:34.740 align:start position:0% different things and and if we if we kind<00:24:32.620> of<00:24:32.800> formally<00:24:33.310> define<00:24:33.820> what<00:24:34.570> these 00:24:34.740 --> 00:24:34.750 align:start position:0% kind of formally define what these 00:24:34.750 --> 00:24:37.020 align:start position:0% kind of formally define what these different<00:24:35.200> things<00:24:35.320> are<00:24:35.560> we<00:24:36.280> start<00:24:36.550> to<00:24:36.670> reveal 00:24:37.020 --> 00:24:37.030 align:start position:0% different things are we start to reveal 00:24:37.030 --> 00:24:38.850 align:start position:0% different things are we start to reveal what<00:24:37.300> we're<00:24:37.420> trying<00:24:37.690> to<00:24:37.810> actually<00:24:37.900> solve<00:24:38.410> and 00:24:38.850 --> 00:24:38.860 align:start position:0% what we're trying to actually solve and 00:24:38.860 --> 00:24:40.830 align:start position:0% what we're trying to actually solve and and<00:24:39.400> it<00:24:39.490> means<00:24:39.640> that<00:24:39.760> you<00:24:39.970> you<00:24:40.240> reveal<00:24:40.600> these 00:24:40.830 --> 00:24:40.840 align:start position:0% and it means that you you reveal these 00:24:40.840 --> 00:24:43.230 align:start position:0% and it means that you you reveal these knobs<00:24:41.260> right<00:24:41.800> that<00:24:42.010> you<00:24:42.130> you<00:24:42.340> could<00:24:42.550> turn<00:24:42.850> and 00:24:43.230 --> 00:24:43.240 align:start position:0% knobs right that you you could turn and 00:24:43.240 --> 00:24:46.290 align:start position:0% knobs right that you you could turn and solve<00:24:43.810> the<00:24:44.110> fundamental<00:24:44.620> problems<00:24:45.490> in<00:24:45.730> very 00:24:46.290 --> 00:24:46.300 align:start position:0% solve the fundamental problems in very 00:24:46.300 --> 00:24:48.660 align:start position:0% solve the fundamental problems in very different<00:24:46.570> ways<00:24:46.750> and<00:24:47.230> I<00:24:47.320> think<00:24:47.350> it'll<00:24:47.670> allow 00:24:48.660 --> 00:24:48.670 align:start position:0% different ways and I think it'll allow 00:24:48.670 --> 00:24:50.880 align:start position:0% different ways and I think it'll allow us<00:24:48.700> to<00:24:48.940> create<00:24:49.360> novel<00:24:49.540> constructions<00:24:50.290> because 00:24:50.880 --> 00:24:50.890 align:start position:0% us to create novel constructions because 00:24:50.890 --> 00:24:53.400 align:start position:0% us to create novel constructions because we<00:24:51.010> can<00:24:51.160> just<00:24:51.190> say<00:24:51.400> oh<00:24:51.690> we<00:24:52.690> were<00:24:52.810> doing<00:24:53.290> this 00:24:53.400 --> 00:24:53.410 align:start position:0% we can just say oh we were doing this 00:24:53.410 --> 00:24:54.480 align:start position:0% we can just say oh we were doing this because<00:24:53.530> we<00:24:53.740> were<00:24:53.830> trying<00:24:54.070> to<00:24:54.130> solve<00:24:54.310> this 00:24:54.480 --> 00:24:54.490 align:start position:0% because we were trying to solve this 00:24:54.490 --> 00:24:56.880 align:start position:0% because we were trying to solve this specific<00:24:54.940> problem<00:24:55.260> what<00:24:56.260> if<00:24:56.350> we<00:24:56.470> solved<00:24:56.770> that 00:24:56.880 --> 00:24:56.890 align:start position:0% specific problem what if we solved that 00:24:56.890 --> 00:24:59.670 align:start position:0% specific problem what if we solved that problem<00:24:57.070> in<00:24:57.430> a<00:24:57.520> totally<00:24:57.850> new<00:24:57.880> way<00:24:58.180> um<00:24:58.420> I<00:24:59.170> think 00:24:59.670 --> 00:24:59.680 align:start position:0% problem in a totally new way um I think 00:24:59.680 --> 00:25:02.820 align:start position:0% problem in a totally new way um I think this<00:24:59.950> is<00:25:00.100> really<00:25:00.190> important<00:25:00.730> and<00:25:01.110> I<00:25:02.110> know<00:25:02.710> a 00:25:02.820 --> 00:25:02.830 align:start position:0% this is really important and I know a 00:25:02.830 --> 00:25:04.050 align:start position:0% this is really important and I know a lot<00:25:03.040> of<00:25:03.070> people<00:25:03.310> are<00:25:03.370> interested<00:25:03.580> in<00:25:03.850> doing 00:25:04.050 --> 00:25:04.060 align:start position:0% lot of people are interested in doing 00:25:04.060 --> 00:25:05.550 align:start position:0% lot of people are interested in doing this<00:25:04.180> work<00:25:04.360> and<00:25:04.660> so<00:25:04.810> I'm<00:25:04.900> hoping<00:25:05.260> that<00:25:05.320> we 00:25:05.550 --> 00:25:05.560 align:start position:0% this work and so I'm hoping that we 00:25:05.560 --> 00:25:07.590 align:start position:0% this work and so I'm hoping that we started<00:25:05.770> to<00:25:05.860> see<00:25:05.920> a<00:25:06.040> formal<00:25:07.000> definition<00:25:07.180> of 00:25:07.590 --> 00:25:07.600 align:start position:0% started to see a formal definition of 00:25:07.600 --> 00:25:09.480 align:start position:0% started to see a formal definition of plasma<00:25:07.930> pop<00:25:08.170> up<00:25:08.380> soon<00:25:08.650> enough<00:25:08.860> so<00:25:09.040> this<00:25:09.160> is<00:25:09.340> my 00:25:09.480 --> 00:25:09.490 align:start position:0% plasma pop up soon enough so this is my 00:25:09.490 --> 00:25:12.840 align:start position:0% plasma pop up soon enough so this is my you<00:25:10.210> know<00:25:10.590> this<00:25:11.590> I<00:25:11.770> copied<00:25:12.160> this<00:25:12.250> off<00:25:12.430> of<00:25:12.580> you 00:25:12.840 --> 00:25:12.850 align:start position:0% you know this I copied this off of you 00:25:12.850 --> 00:25:14.940 align:start position:0% you know this I copied this off of you know<00:25:12.970> glads<00:25:13.270> triangle<00:25:13.900> thing<00:25:14.080> so<00:25:14.650> this<00:25:14.800> is 00:25:14.940 --> 00:25:14.950 align:start position:0% know glads triangle thing so this is 00:25:14.950 --> 00:25:17.990 align:start position:0% know glads triangle thing so this is like<00:25:15.100> you<00:25:15.340> know<00:25:15.370> where<00:25:15.640> we<00:25:15.760> were<00:25:15.940> out<00:25:16.390> here 00:25:17.990 --> 00:25:18.000 align:start position:0% like you know where we were out here 00:25:18.000 --> 00:25:20.730 align:start position:0% like you know where we were out here before<00:25:19.000> this<00:25:19.690> is<00:25:19.870> you<00:25:20.080> know<00:25:20.170> when<00:25:20.290> I<00:25:20.350> whatever 00:25:20.730 --> 00:25:20.740 align:start position:0% before this is you know when I whatever 00:25:20.740 --> 00:25:26.100 align:start position:0% before this is you know when I whatever so<00:25:22.680> so<00:25:23.680> this<00:25:23.950> is<00:25:24.130> this<00:25:24.340> is<00:25:24.480> I'm<00:25:25.480> trying<00:25:26.020> to 00:25:26.100 --> 00:25:26.110 align:start position:0% so so this is this is I'm trying to 00:25:26.110 --> 00:25:27.030 align:start position:0% so so this is this is I'm trying to finish<00:25:26.230> here<00:25:26.500> cuz<00:25:26.620> I<00:25:26.650> only<00:25:26.800> have<00:25:26.920> a<00:25:26.950> minute 00:25:27.030 --> 00:25:27.040 align:start position:0% finish here cuz I only have a minute 00:25:27.040 --> 00:25:29.010 align:start position:0% finish here cuz I only have a minute left<00:25:27.190> generalize<00:25:28.030> plasma<00:25:28.450> is<00:25:28.570> kind<00:25:28.780> of<00:25:28.870> the 00:25:29.010 --> 00:25:29.020 align:start position:0% left generalize plasma is kind of the 00:25:29.020 --> 00:25:32.130 align:start position:0% left generalize plasma is kind of the Holy<00:25:29.860> Grail<00:25:30.370> and<00:25:30.640> where<00:25:31.420> a<00:25:31.450> lot<00:25:31.660> of<00:25:31.690> people<00:25:31.930> are 00:25:32.130 --> 00:25:32.140 align:start position:0% Holy Grail and where a lot of people are 00:25:32.140 --> 00:25:33.660 align:start position:0% Holy Grail and where a lot of people are focusing<00:25:32.530> their<00:25:32.590> time<00:25:32.920> right<00:25:33.100> now<00:25:33.250> so<00:25:33.490> this<00:25:33.610> is 00:25:33.660 --> 00:25:33.670 align:start position:0% focusing their time right now so this is 00:25:33.670 --> 00:25:35.520 align:start position:0% focusing their time right now so this is this<00:25:33.970> is<00:25:34.120> the<00:25:34.270> big<00:25:34.420> one<00:25:34.600> and<00:25:34.750> I'm<00:25:35.140> gonna<00:25:35.290> make<00:25:35.470> a 00:25:35.520 --> 00:25:35.530 align:start position:0% this is the big one and I'm gonna make a 00:25:35.530 --> 00:25:38.460 align:start position:0% this is the big one and I'm gonna make a statement<00:25:35.890> here<00:25:36.310> I<00:25:36.970> hope<00:25:37.540> this<00:25:37.690> gets<00:25:37.870> accepted 00:25:38.460 --> 00:25:38.470 align:start position:0% statement here I hope this gets accepted 00:25:38.470 --> 00:25:41.310 align:start position:0% statement here I hope this gets accepted but<00:25:39.010> I'm<00:25:39.280> now<00:25:39.520> calling<00:25:40.000> plasma<00:25:40.450> apps<00:25:40.630> plap<00:25:41.290> s-- 00:25:41.310 --> 00:25:41.320 align:start position:0% but I'm now calling plasma apps plap s-- 00:25:41.320 --> 00:25:44.310 align:start position:0% but I'm now calling plasma apps plap s-- which<00:25:42.280> if<00:25:42.550> you<00:25:42.940> look<00:25:43.150> in<00:25:43.330> urban<00:25:43.630> dictionary 00:25:44.310 --> 00:25:44.320 align:start position:0% which if you look in urban dictionary 00:25:44.320 --> 00:25:49.140 align:start position:0% which if you look in urban dictionary it<00:25:44.530> does<00:25:44.890> say<00:25:45.660> plasma<00:25:46.660> app<00:25:47.490> it<00:25:48.490> doesn't<00:25:48.820> say 00:25:49.140 --> 00:25:49.150 align:start position:0% it does say plasma app it doesn't say 00:25:49.150 --> 00:25:53.100 align:start position:0% it does say plasma app it doesn't say plasma<00:25:49.630> app<00:25:49.780> don't<00:25:50.080> look<00:25:50.230> it<00:25:50.320> up<00:25:51.390> but<00:25:52.390> it's 00:25:53.100 --> 00:25:53.110 align:start position:0% plasma app don't look it up but it's 00:25:53.110 --> 00:25:54.810 align:start position:0% plasma app don't look it up but it's hard<00:25:53.380> right<00:25:53.710> like<00:25:54.040> so<00:25:54.160> we've<00:25:54.310> written<00:25:54.460> stuff 00:25:54.810 --> 00:25:54.820 align:start position:0% hard right like so we've written stuff 00:25:54.820 --> 00:25:58.200 align:start position:0% hard right like so we've written stuff about<00:25:55.120> why<00:25:55.390> it's<00:25:55.600> hard<00:25:55.840> I<00:25:56.110> there's<00:25:57.180> you<00:25:58.180> know 00:25:58.200 --> 00:25:58.210 align:start position:0% about why it's hard I there's you know 00:25:58.210 --> 00:25:59.310 align:start position:0% about why it's hard I there's you know I'm<00:25:58.390> starting<00:25:58.660> to<00:25:58.720> think<00:25:58.840> that<00:25:59.110> there<00:25:59.260> are 00:25:59.310 --> 00:25:59.320 align:start position:0% I'm starting to think that there are 00:25:59.320 --> 00:26:00.300 align:start position:0% I'm starting to think that there are actually<00:25:59.620> things<00:25:59.800> that<00:25:59.950> are<00:26:00.130> just 00:26:00.300 --> 00:26:00.310 align:start position:0% actually things that are just 00:26:00.310 --> 00:26:02.430 align:start position:0% actually things that are just straight-up<00:26:00.700> impossible<00:26:01.510> on<00:26:01.720> a<00:26:01.750> plasma<00:26:02.020> chain 00:26:02.430 --> 00:26:02.440 align:start position:0% straight-up impossible on a plasma chain 00:26:02.440 --> 00:26:04.920 align:start position:0% straight-up impossible on a plasma chain and<00:26:02.650> I<00:26:03.280> think<00:26:03.760> you<00:26:03.880> know<00:26:03.970> other<00:26:04.420> layer<00:26:04.690> too 00:26:04.920 --> 00:26:04.930 align:start position:0% and I think you know other layer too 00:26:04.930 --> 00:26:06.690 align:start position:0% and I think you know other layer too people<00:26:05.230> will<00:26:05.350> kind<00:26:05.500> of<00:26:05.620> understand<00:26:06.040> why<00:26:06.640> this 00:26:06.690 --> 00:26:06.700 align:start position:0% people will kind of understand why this 00:26:06.700 --> 00:26:09.240 align:start position:0% people will kind of understand why this is<00:26:07.060> but<00:26:07.600> the<00:26:08.140> formalization<00:26:08.590> will<00:26:08.950> help<00:26:09.130> us 00:26:09.240 --> 00:26:09.250 align:start position:0% is but the formalization will help us 00:26:09.250 --> 00:26:11.400 align:start position:0% is but the formalization will help us understand<00:26:09.640> exactly<00:26:09.790> why<00:26:10.480> it<00:26:10.540> is<00:26:10.750> that<00:26:10.960> some 00:26:11.400 --> 00:26:11.410 align:start position:0% understand exactly why it is that some 00:26:11.410 --> 00:26:14.220 align:start position:0% understand exactly why it is that some of<00:26:11.470> these<00:26:11.590> things<00:26:11.770> are<00:26:11.980> impossible<00:26:13.080> but<00:26:14.080> this 00:26:14.220 --> 00:26:14.230 align:start position:0% of these things are impossible but this 00:26:14.230 --> 00:26:15.600 align:start position:0% of these things are impossible but this is<00:26:14.350> kind<00:26:14.530> of<00:26:14.590> the<00:26:14.680> idea<00:26:14.950> we<00:26:15.100> want<00:26:15.310> we<00:26:15.430> want 00:26:15.600 --> 00:26:15.610 align:start position:0% is kind of the idea we want we want 00:26:15.610 --> 00:26:17.040 align:start position:0% is kind of the idea we want we want these<00:26:15.730> smart<00:26:16.150> contracts<00:26:16.750> that<00:26:16.840> we<00:26:16.900> can 00:26:17.040 --> 00:26:17.050 align:start position:0% these smart contracts that we can 00:26:17.050 --> 00:26:19.620 align:start position:0% these smart contracts that we can somehow<00:26:17.320> recover<00:26:18.250> back<00:26:18.610> to<00:26:18.910> aetherium<00:26:19.330> if 00:26:19.620 --> 00:26:19.630 align:start position:0% somehow recover back to aetherium if 00:26:19.630 --> 00:26:22.260 align:start position:0% somehow recover back to aetherium if something<00:26:19.960> bad<00:26:20.230> happens<00:26:20.770> and<00:26:21.070> we<00:26:21.430> want<00:26:21.880> people 00:26:22.260 --> 00:26:22.270 align:start position:0% something bad happens and we want people 00:26:22.270 --> 00:26:25.169 align:start position:0% something bad happens and we want people do<00:26:22.390> amazing<00:26:23.050> things<00:26:23.080> like<00:26:23.350> like<00:26:24.070> runs<00:26:24.520> you 00:26:25.169 --> 00:26:25.179 align:start position:0% do amazing things like like runs you 00:26:25.179 --> 00:26:26.910 align:start position:0% do amazing things like like runs you know<00:26:25.210> whatever<00:26:25.960> Crypt<00:26:26.380> or<00:26:26.500> kitties<00:26:26.710> in<00:26:26.740> the 00:26:26.910 --> 00:26:26.920 align:start position:0% know whatever Crypt or kitties in the 00:26:26.920 --> 00:26:28.500 align:start position:0% know whatever Crypt or kitties in the plasma<00:26:27.100> chain<00:26:27.490> and<00:26:27.700> the<00:26:28.030> best<00:26:28.179> thing<00:26:28.300> we<00:26:28.330> can 00:26:28.500 --> 00:26:28.510 align:start position:0% plasma chain and the best thing we can 00:26:28.510 --> 00:26:30.299 align:start position:0% plasma chain and the best thing we can do<00:26:28.600> right<00:26:28.630> now<00:26:28.780> is<00:26:28.929> payments<00:26:29.710> in<00:26:29.770> exchange<00:26:30.100> and 00:26:30.299 --> 00:26:30.309 align:start position:0% do right now is payments in exchange and 00:26:30.309 --> 00:26:31.620 align:start position:0% do right now is payments in exchange and payments<00:26:30.670> in<00:26:30.730> exchange<00:26:31.000> is<00:26:31.120> absolutely<00:26:31.510> great 00:26:31.620 --> 00:26:31.630 align:start position:0% payments in exchange is absolutely great 00:26:31.630 --> 00:26:34.530 align:start position:0% payments in exchange is absolutely great but<00:26:32.290> but<00:26:32.590> it's<00:26:32.710> not<00:26:33.000> generalized<00:26:34.000> stuff<00:26:34.300> and 00:26:34.530 --> 00:26:34.540 align:start position:0% but but it's not generalized stuff and 00:26:34.540 --> 00:26:36.840 align:start position:0% but but it's not generalized stuff and so<00:26:34.660> so<00:26:35.290> a<00:26:35.320> lot<00:26:35.800> of<00:26:35.890> people<00:26:36.160> are<00:26:36.250> focusing<00:26:36.700> on 00:26:36.840 --> 00:26:36.850 align:start position:0% so so a lot of people are focusing on 00:26:36.850 --> 00:26:39.630 align:start position:0% so so a lot of people are focusing on this<00:26:37.740> people<00:26:38.740> have<00:26:38.980> been<00:26:39.130> coming<00:26:39.429> up<00:26:39.520> with 00:26:39.630 --> 00:26:39.640 align:start position:0% this people have been coming up with 00:26:39.640 --> 00:26:40.860 align:start position:0% this people have been coming up with different<00:26:39.760> constructions<00:26:40.390> there's<00:26:40.660> like 00:26:40.860 --> 00:26:40.870 align:start position:0% different constructions there's like 00:26:40.870 --> 00:26:43.049 align:start position:0% different constructions there's like plasma<00:26:41.140> leap<00:26:41.620> some<00:26:42.490> other<00:26:42.610> people<00:26:42.910> are 00:26:43.049 --> 00:26:43.059 align:start position:0% plasma leap some other people are 00:26:43.059 --> 00:26:44.669 align:start position:0% plasma leap some other people are publishing<00:26:43.690> stuff<00:26:44.230> we're<00:26:44.380> gonna<00:26:44.440> have<00:26:44.650> a 00:26:44.669 --> 00:26:44.679 align:start position:0% publishing stuff we're gonna have a 00:26:44.679 --> 00:26:46.590 align:start position:0% publishing stuff we're gonna have a debate<00:26:44.950> later<00:26:45.190> about<00:26:45.460> whether<00:26:45.880> it's<00:26:46.210> good<00:26:46.450> to 00:26:46.590 --> 00:26:46.600 align:start position:0% debate later about whether it's good to 00:26:46.600 --> 00:26:48.210 align:start position:0% debate later about whether it's good to actually<00:26:46.690> name<00:26:47.140> these<00:26:47.380> things<00:26:47.410> like<00:26:47.890> this<00:26:48.040> I 00:26:48.210 --> 00:26:48.220 align:start position:0% actually name these things like this I 00:26:48.220 --> 00:26:52.080 align:start position:0% actually name these things like this I think<00:26:48.280> I<00:26:48.550> have<00:26:48.730> no<00:26:49.300> answer<00:26:50.550> but<00:26:51.550> I<00:26:51.640> would<00:26:51.880> say 00:26:52.080 --> 00:26:52.090 align:start position:0% think I have no answer but I would say 00:26:52.090 --> 00:26:55.260 align:start position:0% think I have no answer but I would say plasma<00:26:52.600> VM<00:26:52.900> its<00:26:53.350> MVP<00:26:53.620> backwards<00:26:54.580> I<00:26:54.880> think<00:26:55.150> it's 00:26:55.260 --> 00:26:55.270 align:start position:0% plasma VM its MVP backwards I think it's 00:26:55.270 --> 00:26:58.260 align:start position:0% plasma VM its MVP backwards I think it's a<00:26:55.330> good<00:26:55.480> you<00:26:55.690> know<00:26:55.720> Alpha<00:26:56.380> and<00:26:56.500> Omega<00:26:57.270> somebody 00:26:58.260 --> 00:26:58.270 align:start position:0% a good you know Alpha and Omega somebody 00:26:58.270 --> 00:27:01.440 align:start position:0% a good you know Alpha and Omega somebody should<00:26:58.450> take<00:26:58.600> that<00:26:58.809> name<00:26:58.960> so<00:26:59.530> so<00:27:00.210> yeah<00:27:01.210> we're 00:27:01.440 --> 00:27:01.450 align:start position:0% should take that name so so yeah we're 00:27:01.450 --> 00:27:04.290 align:start position:0% should take that name so so yeah we're we're<00:27:02.080> really<00:27:02.320> not<00:27:02.710> close<00:27:03.160> to<00:27:03.300> generalized 00:27:04.290 --> 00:27:04.300 align:start position:0% we're really not close to generalized 00:27:04.300 --> 00:27:06.480 align:start position:0% we're really not close to generalized plasma<00:27:04.780> and<00:27:04.929> I<00:27:05.260> think<00:27:05.620> a<00:27:05.679> ton<00:27:05.920> of<00:27:05.980> money<00:27:06.280> in 00:27:06.480 --> 00:27:06.490 align:start position:0% plasma and I think a ton of money in 00:27:06.490 --> 00:27:08.070 align:start position:0% plasma and I think a ton of money in time<00:27:06.730> is<00:27:06.880> going<00:27:07.030> to<00:27:07.090> be<00:27:07.179> spent<00:27:07.450> looking<00:27:07.960> at 00:27:08.070 --> 00:27:08.080 align:start position:0% time is going to be spent looking at 00:27:08.080 --> 00:27:10.860 align:start position:0% time is going to be spent looking at this<00:27:08.230> in<00:27:08.920> the<00:27:09.070> next<00:27:09.220> few<00:27:09.370> months<00:27:10.210> or<00:27:10.540> even 00:27:10.860 --> 00:27:10.870 align:start position:0% this in the next few months or even 00:27:10.870 --> 00:27:14.640 align:start position:0% this in the next few months or even years<00:27:11.200> and<00:27:12.450> yeah<00:27:13.450> so<00:27:13.720> this<00:27:14.080> is<00:27:14.170> the<00:27:14.260> Holy<00:27:14.380> Grail 00:27:14.640 --> 00:27:14.650 align:start position:0% years and yeah so this is the Holy Grail 00:27:14.650 --> 00:27:17.190 align:start position:0% years and yeah so this is the Holy Grail if<00:27:15.460> you<00:27:15.610> are<00:27:15.940> interested<00:27:16.510> in<00:27:16.600> this<00:27:16.720> you<00:27:16.960> can 00:27:17.190 --> 00:27:17.200 align:start position:0% if you are interested in this you can 00:27:17.200 --> 00:27:18.480 align:start position:0% if you are interested in this you can talk<00:27:17.350> to<00:27:17.500> me<00:27:17.590> later<00:27:17.770> and<00:27:17.890> I<00:27:18.010> can<00:27:18.160> explain<00:27:18.370> to 00:27:18.480 --> 00:27:18.490 align:start position:0% talk to me later and I can explain to 00:27:18.490 --> 00:27:21.000 align:start position:0% talk to me later and I can explain to you<00:27:18.580> all<00:27:18.760> about<00:27:19.120> why<00:27:19.300> it's<00:27:19.480> hard<00:27:19.720> and<00:27:20.530> what<00:27:20.860> the 00:27:21.000 --> 00:27:21.010 align:start position:0% you all about why it's hard and what the 00:27:21.010 --> 00:27:22.980 align:start position:0% you all about why it's hard and what the work<00:27:21.190> that<00:27:21.730> has<00:27:21.850> been<00:27:21.880> done<00:27:22.059> so<00:27:22.210> far<00:27:22.390> on<00:27:22.809> this 00:27:22.980 --> 00:27:22.990 align:start position:0% work that has been done so far on this 00:27:22.990 --> 00:27:26.340 align:start position:0% work that has been done so far on this is<00:27:23.940> yeah<00:27:24.970> so<00:27:25.210> in<00:27:25.420> conclusion<00:27:25.570> I'm<00:27:26.020> at<00:27:26.110> a<00:27:26.200> time 00:27:26.340 --> 00:27:26.350 align:start position:0% is yeah so in conclusion I'm at a time 00:27:26.350 --> 00:27:28.290 align:start position:0% is yeah so in conclusion I'm at a time here<00:27:26.590> but<00:27:26.740> basically<00:27:27.460> snarks<00:27:28.000> are<00:27:28.120> getting 00:27:28.290 --> 00:27:28.300 align:start position:0% here but basically snarks are getting 00:27:28.300 --> 00:27:32.000 align:start position:0% here but basically snarks are getting useful<00:27:28.800> new<00:27:29.800> plasma<00:27:29.980> caches<00:27:30.370> plasma<00:27:30.640> cash<00:27:30.790> and 00:27:32.000 --> 00:27:32.010 align:start position:0% useful new plasma caches plasma cash and 00:27:32.010 --> 00:27:34.410 align:start position:0% useful new plasma caches plasma cash and well<00:27:33.010> it's<00:27:33.250> whatever<00:27:33.700> plasma<00:27:34.120> prime<00:27:34.300> is 00:27:34.410 --> 00:27:34.420 align:start position:0% well it's whatever plasma prime is 00:27:34.420 --> 00:27:38.130 align:start position:0% well it's whatever plasma prime is whatever<00:27:35.730> and<00:27:36.730> the<00:27:36.910> claps<00:27:37.150> are<00:27:37.330> coming<00:27:37.600> so<00:27:37.809> I<00:27:38.110> I 00:27:38.130 --> 00:27:38.140 align:start position:0% whatever and the claps are coming so I I 00:27:38.140 --> 00:27:39.780 align:start position:0% whatever and the claps are coming so I I do<00:27:38.470> hope<00:27:38.800> that<00:27:38.830> if<00:27:39.100> there's<00:27:39.280> one<00:27:39.520> thing<00:27:39.670> you 00:27:39.780 --> 00:27:39.790 align:start position:0% do hope that if there's one thing you 00:27:39.790 --> 00:27:41.669 align:start position:0% do hope that if there's one thing you take<00:27:39.820> away<00:27:40.000> from<00:27:40.150> this<00:27:40.300> talk<00:27:40.510> it's<00:27:40.840> that<00:27:41.050> claps 00:27:41.669 --> 00:27:41.679 align:start position:0% take away from this talk it's that claps 00:27:41.679 --> 00:27:47.010 align:start position:0% take away from this talk it's that claps is<00:27:42.070> a<00:27:42.130> new<00:27:42.940> term<00:27:44.220> I<00:27:45.220> credit<00:27:45.820> Ben<00:27:46.120> Jones<00:27:46.420> as<00:27:46.809> well 00:27:47.010 --> 00:27:47.020 align:start position:0% is a new term I credit Ben Jones as well 00:27:47.020 --> 00:27:52.250 align:start position:0% is a new term I credit Ben Jones as well for<00:27:47.320> that<00:27:47.410> term<00:27:47.710> and<00:27:49.320> please<00:27:50.320> use<00:27:50.559> it 00:27:52.250 --> 00:27:52.260 align:start position:0% for that term and please use it 00:27:52.260 --> 00:27:55.740 align:start position:0% for that term and please use it liberally<00:27:53.260> thank<00:27:53.920> you<00:27:54.390> come<00:27:55.390> talk<00:27:55.600> to<00:27:55.630> me 00:27:55.740 --> 00:27:55.750 align:start position:0% liberally thank you come talk to me 00:27:55.750 --> 00:27:56.620 align:start position:0% liberally thank you come talk to me after 00:27:56.620 --> 00:27:56.630 align:start position:0% after 00:27:56.630 --> 00:28:05.240 align:start position:0% after [Applause] 00:28:05.240 --> 00:28:05.250 align:start position:0% 00:28:05.250 --> 00:28:07.310 align:start position:0% you