WEBVTT Kind: captions Language: en 00:00:03.830 --> 00:00:06.530 align:start position:0% okay<00:00:04.830> so<00:00:04.890> I'm<00:00:05.130> going<00:00:05.220> to<00:00:05.310> be<00:00:05.490> giving<00:00:05.939> a<00:00:06.269> little 00:00:06.530 --> 00:00:06.540 align:start position:0% okay so I'm going to be giving a little 00:00:06.540 --> 00:00:08.390 align:start position:0% okay so I'm going to be giving a little bit<00:00:06.720> of<00:00:06.840> an<00:00:06.930> introduction<00:00:07.350> for<00:00:07.710> Peter<00:00:07.950> who's 00:00:08.390 --> 00:00:08.400 align:start position:0% bit of an introduction for Peter who's 00:00:08.400 --> 00:00:10.220 align:start position:0% bit of an introduction for Peter who's gonna<00:00:08.519> be<00:00:08.670> talking<00:00:09.059> about<00:00:09.150> staking<00:00:09.750> rewards 00:00:10.220 --> 00:00:10.230 align:start position:0% gonna be talking about staking rewards 00:00:10.230 --> 00:00:13.040 align:start position:0% gonna be talking about staking rewards to<00:00:10.349> encourage<00:00:11.040> user<00:00:11.309> ownership<00:00:12.050> within 00:00:13.040 --> 00:00:13.050 align:start position:0% to encourage user ownership within 00:00:13.050 --> 00:00:17.269 align:start position:0% to encourage user ownership within platforms<00:00:13.740> I<00:00:15.170> think<00:00:16.170> this<00:00:16.379> work<00:00:16.679> is<00:00:16.920> pretty 00:00:17.269 --> 00:00:17.279 align:start position:0% platforms I think this work is pretty 00:00:17.279 --> 00:00:19.429 align:start position:0% platforms I think this work is pretty broadly<00:00:17.760> applicable<00:00:18.269> to<00:00:18.840> a<00:00:18.869> bunch<00:00:19.289> of 00:00:19.429 --> 00:00:19.439 align:start position:0% broadly applicable to a bunch of 00:00:19.439 --> 00:00:23.179 align:start position:0% broadly applicable to a bunch of different<00:00:19.890> use<00:00:20.039> cases<00:00:20.279> and<00:00:21.529> yeah<00:00:22.529> you<00:00:22.890> know<00:00:22.949> if 00:00:23.179 --> 00:00:23.189 align:start position:0% different use cases and yeah you know if 00:00:23.189 --> 00:00:24.800 align:start position:0% different use cases and yeah you know if you're<00:00:23.369> in<00:00:23.489> systems<00:00:24.029> of<00:00:24.179> a<00:00:24.269> theory<00:00:24.449> and<00:00:24.569> smart 00:00:24.800 --> 00:00:24.810 align:start position:0% you're in systems of a theory and smart 00:00:24.810 --> 00:00:26.839 align:start position:0% you're in systems of a theory and smart contracts<00:00:25.169> on<00:00:25.319> aetherium<00:00:25.589> I'm<00:00:26.579> just<00:00:26.759> gonna 00:00:26.839 --> 00:00:26.849 align:start position:0% contracts on aetherium I'm just gonna 00:00:26.849 --> 00:00:27.979 align:start position:0% contracts on aetherium I'm just gonna quickly<00:00:27.060> give<00:00:27.359> a<00:00:27.390> little<00:00:27.569> bit<00:00:27.720> of<00:00:27.839> like 00:00:27.979 --> 00:00:27.989 align:start position:0% quickly give a little bit of like 00:00:27.989 --> 00:00:30.290 align:start position:0% quickly give a little bit of like motivation<00:00:28.619> for<00:00:28.890> what<00:00:29.039> went<00:00:29.429> in<00:00:29.640> you<00:00:29.909> know<00:00:29.999> why 00:00:30.290 --> 00:00:30.300 align:start position:0% motivation for what went in you know why 00:00:30.300 --> 00:00:33.950 align:start position:0% motivation for what went in you know why we<00:00:30.509> focused<00:00:31.140> on<00:00:31.259> this<00:00:31.439> work<00:00:31.619> and<00:00:32.300> how<00:00:33.300> it<00:00:33.329> you 00:00:33.950 --> 00:00:33.960 align:start position:0% we focused on this work and how it you 00:00:33.960 --> 00:00:36.290 align:start position:0% we focused on this work and how it you know<00:00:33.989> how<00:00:34.950> we<00:00:35.010> came<00:00:35.309> to<00:00:35.460> focus<00:00:35.700> on<00:00:35.820> it<00:00:35.940> in<00:00:36.180> the 00:00:36.290 --> 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align:start position:0% really focused on 0x protocol as much as like<00:00:45.720> the<00:00:45.840> governance<00:00:46.320> aspects<00:00:46.770> of<00:00:46.920> it<00:00:47.070> in 00:00:47.150 --> 00:00:47.160 align:start position:0% like the governance aspects of it in 00:00:47.160 --> 00:00:48.740 align:start position:0% like the governance aspects of it in this<00:00:47.310> presentation<00:00:47.760> but<00:00:48.150> a<00:00:48.300> little<00:00:48.480> bit<00:00:48.660> of 00:00:48.740 --> 00:00:48.750 align:start position:0% this presentation but a little bit of 00:00:48.750 --> 00:00:51.620 align:start position:0% this presentation but a little bit of background<00:00:49.170> so<00:00:49.400> 0x<00:00:50.400> protocol<00:00:50.790> is<00:00:51.060> basically<00:00:51.510> a 00:00:51.620 --> 00:00:51.630 align:start position:0% background so 0x protocol is basically a 00:00:51.630 --> 00:00:53.900 align:start position:0% background so 0x protocol is basically a system<00:00:51.960> of<00:00:52.050> etherium<00:00:52.410> smart<00:00:52.740> contracts<00:00:53.190> for 00:00:53.900 --> 00:00:53.910 align:start position:0% system of etherium smart contracts for 00:00:53.910 --> 00:00:56.060 align:start position:0% system of etherium smart contracts for peer-to-peer<00:00:54.150> exchange<00:00:54.870> of<00:00:55.230> digital<00:00:55.740> assets 00:00:56.060 --> 00:00:56.070 align:start position:0% peer-to-peer exchange of digital assets 00:00:56.070 --> 00:00:59.030 align:start position:0% peer-to-peer exchange of digital assets on<00:00:56.160> the<00:00:56.250> etherium<00:00:56.579> blockchain<00:00:56.970> and<00:00:58.040> about 00:00:59.030 --> 00:00:59.040 align:start position:0% on the etherium blockchain and about 00:00:59.040 --> 00:01:01.160 align:start position:0% on the etherium blockchain and about three<00:00:59.610> years<00:00:59.880> ago<00:01:00.000> when<00:01:00.630> we<00:01:00.810> were<00:01:00.960> initially 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every<00:01:15.780> six<00:01:16.170> months<00:01:16.380> or<00:01:16.499> so<00:01:16.619> and<00:01:17.119> so 00:01:18.109 --> 00:01:18.119 align:start position:0% frequently every six months or so and so 00:01:18.119 --> 00:01:20.419 align:start position:0% frequently every six months or so and so if<00:01:18.390> we<00:01:18.539> were<00:01:18.630> to<00:01:18.749> have<00:01:18.899> like<00:01:19.770> a<00:01:19.799> single 00:01:20.419 --> 00:01:20.429 align:start position:0% if we were to have like a single 00:01:20.429 --> 00:01:23.779 align:start position:0% if we were to have like a single monolithic<00:01:21.149> smart<00:01:21.780> contract<00:01:22.289> that<00:01:22.639> was<00:01:23.639> not 00:01:23.779 --> 00:01:23.789 align:start position:0% monolithic smart contract that was not 00:01:23.789 --> 00:01:25.639 align:start position:0% monolithic smart contract that was not upgradable<00:01:24.420> we<00:01:24.450> run<00:01:24.749> into<00:01:24.929> these<00:01:25.049> problems 00:01:25.639 --> 00:01:25.649 align:start position:0% upgradable we run into these problems 00:01:25.649 --> 00:01:29.539 align:start position:0% upgradable we run into these problems where<00:01:26.030> every<00:01:27.030> time<00:01:27.240> we<00:01:27.359> have<00:01:27.509> to<00:01:27.539> upgrade<00:01:28.549> we 00:01:29.539 --> 00:01:29.549 align:start position:0% where every time we have to upgrade we 00:01:29.549 --> 00:01:33.169 align:start position:0% where every time we have to upgrade we have<00:01:30.060> to<00:01:30.420> ask<00:01:30.869> our<00:01:31.200> users<00:01:31.590> to<00:01:31.909> withdraw<00:01:32.909> their 00:01:33.169 --> 00:01:33.179 align:start position:0% have to ask our users to withdraw their 00:01:33.179 --> 00:01:34.789 align:start position:0% have to ask our users to withdraw their assets<00:01:33.630> from<00:01:33.810> the<00:01:33.869> first<00:01:34.200> smart<00:01:34.409> contract 00:01:34.789 --> 00:01:34.799 align:start position:0% assets from the first smart contract 00:01:34.799 --> 00:01:37.279 align:start position:0% assets from the first smart contract deposit<00:01:35.310> them<00:01:35.459> to<00:01:35.609> the<00:01:35.700> next<00:01:36.060> and<00:01:36.270> this<00:01:37.020> leads 00:01:37.279 --> 00:01:37.289 align:start position:0% deposit them to the next and this leads 00:01:37.289 --> 00:01:41.959 align:start position:0% deposit them to the next and this leads to<00:01:39.139> fragmentation<00:01:40.170> ensuring<00:01:40.829> you<00:01:41.490> sirs<00:01:41.670> so 00:01:41.959 --> 00:01:41.969 align:start position:0% to fragmentation ensuring you sirs so 00:01:41.969 --> 00:01:43.489 align:start position:0% to fragmentation ensuring you sirs so some<00:01:42.149> people<00:01:42.270> just<00:01:42.450> like<00:01:42.689> won't<00:01:42.959> upgrade<00:01:43.380> at 00:01:43.489 --> 00:01:43.499 align:start position:0% some people just like won't upgrade at 00:01:43.499 --> 00:01:45.709 align:start position:0% some people just like won't upgrade at all<00:01:43.619> they'll<00:01:43.889> just<00:01:44.009> like<00:01:44.159> stop<00:01:44.399> using<00:01:44.719> the 00:01:45.709 --> 00:01:45.719 align:start position:0% all they'll just like stop using the 00:01:45.719 --> 00:01:48.980 align:start position:0% all they'll just like stop using the system<00:01:46.049> period<00:01:46.649> and<00:01:46.889> then<00:01:47.579> we'll<00:01:48.569> also<00:01:48.719> run 00:01:48.980 --> 00:01:48.990 align:start position:0% system period and then we'll also run 00:01:48.990 --> 00:01:51.260 align:start position:0% system period and then we'll also run into<00:01:49.170> the<00:01:49.259> situation<00:01:49.409> where<00:01:49.920> some<00:01:50.700> users<00:01:51.029> will 00:01:51.260 --> 00:01:51.270 align:start position:0% into the situation where some users will 00:01:51.270 --> 00:01:54.249 align:start position:0% into the situation where some users will upgrade<00:01:51.420> but<00:01:51.899> others<00:01:52.229> just<00:01:52.529> won't<00:01:52.850> and<00:01:53.850> so 00:01:54.249 --> 00:01:54.259 align:start position:0% upgrade but others just won't and so 00:01:54.259 --> 00:01:56.899 align:start position:0% upgrade but others just won't and so specifically<00:01:55.259> for<00:01:55.670> exchange<00:01:56.670> in 00:01:56.899 --> 00:01:56.909 align:start position:0% specifically for exchange in 00:01:56.909 --> 00:01:58.879 align:start position:0% specifically for exchange in marketplaces<00:01:57.389> where<00:01:57.840> liquidity<00:01:58.560> network 00:01:58.879 --> 00:01:58.889 align:start position:0% marketplaces where liquidity network 00:01:58.889 --> 00:02:00.739 align:start position:0% marketplaces where liquidity network effects<00:01:59.249> are<00:01:59.429> so<00:01:59.579> important<00:02:00.060> it's<00:02:00.509> really 00:02:00.739 --> 00:02:00.749 align:start position:0% effects are so important it's really 00:02:00.749 --> 00:02:03.080 align:start position:0% effects are so important it's really important<00:02:01.289> that<00:02:01.499> we<00:02:01.709> allow<00:02:01.889> everyone<00:02:02.579> to 00:02:03.080 --> 00:02:03.090 align:start position:0% important that we allow everyone to 00:02:03.090 --> 00:02:05.719 align:start position:0% important that we allow everyone to upgrade<00:02:03.599> in<00:02:03.810> a<00:02:03.899> seamless<00:02:04.229> process<00:02:04.729> without 00:02:05.719 --> 00:02:05.729 align:start position:0% upgrade in a seamless process without 00:02:05.729 --> 00:02:09.830 align:start position:0% upgrade in a seamless process without disrupting<00:02:06.149> markets<00:02:06.599> and<00:02:07.610> so<00:02:08.610> the<00:02:09.179> 0x 00:02:09.830 --> 00:02:09.840 align:start position:0% disrupting markets and so the 0x 00:02:09.840 --> 00:02:12.470 align:start position:0% disrupting markets and so the 0x protocol<00:02:10.319> architecture<00:02:11.220> is<00:02:11.790> designed<00:02:12.120> in<00:02:12.360> an 00:02:12.470 --> 00:02:12.480 align:start position:0% protocol architecture is designed in an 00:02:12.480 --> 00:02:15.950 align:start position:0% protocol architecture is designed in an upgradable<00:02:13.050> way<00:02:13.460> where<00:02:14.460> we<00:02:14.760> can<00:02:15.090> basically 00:02:15.950 --> 00:02:15.960 align:start position:0% upgradable way where we can basically 00:02:15.960 --> 00:02:17.480 align:start position:0% upgradable way where we can basically plug<00:02:16.530> in<00:02:16.770> support<00:02:17.220> for 00:02:17.480 --> 00:02:17.490 align:start position:0% plug in support for 00:02:17.490 --> 00:02:19.790 align:start position:0% plug in support for new<00:02:17.640> types<00:02:17.910> of<00:02:18.060> token<00:02:18.420> standards<00:02:18.930> we<00:02:19.620> can 00:02:19.790 --> 00:02:19.800 align:start position:0% new types of token standards we can 00:02:19.800 --> 00:02:22.640 align:start position:0% new types of token standards we can upgrade<00:02:20.100> swap<00:02:20.790> out<00:02:21.000> pieces<00:02:21.300> of<00:02:21.480> this<00:02:21.990> this 00:02:22.640 --> 00:02:22.650 align:start position:0% upgrade swap out pieces of this this 00:02:22.650 --> 00:02:24.820 align:start position:0% upgrade swap out pieces of this this kind<00:02:22.890> of<00:02:22.920> pipeline<00:02:23.160> of<00:02:23.490> smart<00:02:23.700> contracts<00:02:24.150> and 00:02:24.820 --> 00:02:24.830 align:start position:0% kind of pipeline of smart contracts and 00:02:24.830 --> 00:02:27.260 align:start position:0% kind of pipeline of smart contracts and we<00:02:25.830> can<00:02:25.980> kind<00:02:26.190> of<00:02:26.220> do<00:02:26.370> it<00:02:26.400> in<00:02:26.610> a<00:02:26.730> seamless<00:02:27.000> way 00:02:27.260 --> 00:02:27.270 align:start position:0% we can kind of do it in a seamless way 00:02:27.270 --> 00:02:30.230 align:start position:0% we can kind of do it in a seamless way where<00:02:28.260> users<00:02:28.830> traders<00:02:29.520> can<00:02:29.730> just<00:02:29.970> kind<00:02:30.210> of 00:02:30.230 --> 00:02:30.240 align:start position:0% where users traders can just kind of 00:02:30.240 --> 00:02:31.790 align:start position:0% where users traders can just kind of gradually<00:02:30.690> shift<00:02:30.930> to<00:02:31.080> the<00:02:31.170> newest<00:02:31.440> version 00:02:31.790 --> 00:02:31.800 align:start position:0% gradually shift to the newest version 00:02:31.800 --> 00:02:33.050 align:start position:0% gradually shift to the newest version and<00:02:31.920> you<00:02:32.070> can<00:02:32.100> deprecated<00:02:32.700> the<00:02:32.730> older 00:02:33.050 --> 00:02:33.060 align:start position:0% and you can deprecated the older 00:02:33.060 --> 00:02:34.880 align:start position:0% and you can deprecated the older versions<00:02:33.450> and<00:02:33.720> retain<00:02:34.470> these<00:02:34.590> Network 00:02:34.880 --> 00:02:34.890 align:start position:0% versions and retain these Network 00:02:34.890 --> 00:02:37.760 align:start position:0% versions and retain these Network effects<00:02:35.190> around<00:02:35.340> liquidity<00:02:35.790> and<00:02:36.680> you<00:02:37.680> know 00:02:37.760 --> 00:02:37.770 align:start position:0% effects around liquidity and you know 00:02:37.770 --> 00:02:39.470 align:start position:0% effects around liquidity and you know people<00:02:38.280> ask<00:02:38.490> like<00:02:38.640> why<00:02:38.790> do<00:02:39.090> you<00:02:39.210> need<00:02:39.360> to<00:02:39.420> have 00:02:39.470 --> 00:02:39.480 align:start position:0% people ask like why do you need to have 00:02:39.480 --> 00:02:40.730 align:start position:0% people ask like why do you need to have upgrades<00:02:39.900> it<00:02:40.050> introduces<00:02:40.500> all<00:02:40.620> this 00:02:40.730 --> 00:02:40.740 align:start position:0% upgrades it introduces all this 00:02:40.740 --> 00:02:43.250 align:start position:0% upgrades it introduces all this complexity<00:02:41.250> I<00:02:41.550> think<00:02:42.030> like<00:02:42.180> actually<00:02:43.020> just 00:02:43.250 --> 00:02:43.260 align:start position:0% complexity I think like actually just 00:02:43.260 --> 00:02:45.350 align:start position:0% complexity I think like actually just recently<00:02:44.040> there<00:02:44.250> is<00:02:44.280> a<00:02:44.370> perfect<00:02:44.790> example<00:02:44.880> of 00:02:45.350 --> 00:02:45.360 align:start position:0% recently there is a perfect example of 00:02:45.360 --> 00:02:48.320 align:start position:0% recently there is a perfect example of why<00:02:45.590> upgrade<00:02:46.590> ability<00:02:46.680> is<00:02:47.040> important<00:02:47.490> with 00:02:48.320 --> 00:02:48.330 align:start position:0% why upgrade ability is important with 00:02:48.330 --> 00:02:51.410 align:start position:0% why upgrade ability is important with the<00:02:48.990> repricing<00:02:49.620> of<00:02:50.100> the<00:02:50.280> S<00:02:50.490> load<00:02:50.760> op<00:02:51.000> code<00:02:51.240> in 00:02:51.410 --> 00:02:51.420 align:start position:0% the repricing of the S load op code in 00:02:51.420 --> 00:02:53.570 align:start position:0% the repricing of the S load op code in aetherium<00:02:51.840> which<00:02:52.230> is<00:02:52.590> going<00:02:52.860> to<00:02:52.950> be<00:02:53.100> going<00:02:53.430> to 00:02:53.570 --> 00:02:53.580 align:start position:0% aetherium which is going to be going to 00:02:53.580 --> 00:02:55.580 align:start position:0% aetherium which is going to be going to the<00:02:53.670> next<00:02:53.760> hard<00:02:54.030> work<00:02:54.300> and<00:02:54.570> will<00:02:55.170> probably<00:02:55.410> be 00:02:55.580 --> 00:02:55.590 align:start position:0% the next hard work and will probably be 00:02:55.590 --> 00:02:57.950 align:start position:0% the next hard work and will probably be breaking<00:02:56.070> a<00:02:56.160> lot<00:02:56.250> of<00:02:56.400> contracts<00:02:56.910> that<00:02:57.540> are 00:02:57.950 --> 00:02:57.960 align:start position:0% breaking a lot of contracts that are 00:02:57.960 --> 00:03:00.260 align:start position:0% breaking a lot of contracts that are currently<00:02:58.380> live<00:02:58.590> today<00:02:58.860> and<00:02:59.640> no<00:03:00.000> one<00:03:00.120> could 00:03:00.260 --> 00:03:00.270 align:start position:0% currently live today and no one could 00:03:00.270 --> 00:03:01.670 align:start position:0% currently live today and no one could foresee<00:03:00.450> that<00:03:00.720> happening<00:03:00.780> so<00:03:01.320> you<00:03:01.350> have<00:03:01.560> to 00:03:01.670 --> 00:03:01.680 align:start position:0% foresee that happening so you have to 00:03:01.680 --> 00:03:06.620 align:start position:0% foresee that happening so you have to have<00:03:01.800> a<00:03:01.830> way<00:03:01.950> to<00:03:02.010> upgrade<00:03:04.640> and<00:03:05.640> specifically 00:03:06.620 --> 00:03:06.630 align:start position:0% have a way to upgrade and specifically 00:03:06.630 --> 00:03:09.710 align:start position:0% have a way to upgrade and specifically in<00:03:06.840> the<00:03:07.020> case<00:03:07.290> of<00:03:07.470> 0<00:03:07.650> X<00:03:07.800> you<00:03:08.310> know<00:03:08.430> 0<00:03:09.000> X<00:03:09.180> protocol 00:03:09.710 --> 00:03:09.720 align:start position:0% in the case of 0 X you know 0 X protocol 00:03:09.720 --> 00:03:12.520 align:start position:0% in the case of 0 X you know 0 X protocol isn't<00:03:09.900> supposed<00:03:10.170> to<00:03:10.200> be<00:03:10.260> like<00:03:10.350> a<00:03:10.470> for-profit 00:03:12.520 --> 00:03:12.530 align:start position:0% isn't supposed to be like a for-profit 00:03:12.530 --> 00:03:15.080 align:start position:0% isn't supposed to be like a for-profit profit<00:03:13.530> generator<00:03:13.890> for<00:03:14.250> like<00:03:14.460> a<00:03:14.490> private 00:03:15.080 --> 00:03:15.090 align:start position:0% profit generator for like a private 00:03:15.090 --> 00:03:16.550 align:start position:0% profit generator for like a private company<00:03:15.210> it's<00:03:15.540> supposed<00:03:15.810> to<00:03:15.870> be<00:03:16.050> public 00:03:16.550 --> 00:03:16.560 align:start position:0% company it's supposed to be public 00:03:16.560 --> 00:03:18.680 align:start position:0% company it's supposed to be public infrastructure<00:03:17.070> that<00:03:17.700> anyone<00:03:18.120> can<00:03:18.270> plug<00:03:18.480> into 00:03:18.680 --> 00:03:18.690 align:start position:0% infrastructure that anyone can plug into 00:03:18.690 --> 00:03:23.710 align:start position:0% infrastructure that anyone can plug into and<00:03:19.850> when<00:03:20.850> you<00:03:20.970> have<00:03:21.120> public<00:03:21.480> infrastructure 00:03:23.710 --> 00:03:23.720 align:start position:0% and when you have public infrastructure 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of smart contracts<00:03:31.770> because<00:03:32.960> the<00:03:33.960> stakes<00:03:34.230> are<00:03:34.380> high 00:03:34.550 --> 00:03:34.560 align:start position:0% contracts because the stakes are high 00:03:34.560 --> 00:03:36.740 align:start position:0% contracts because the stakes are high you<00:03:35.190> know<00:03:35.280> the<00:03:35.520> you<00:03:35.760> know<00:03:35.850> today<00:03:36.150> 0<00:03:36.450> X<00:03:36.630> is 00:03:36.740 --> 00:03:36.750 align:start position:0% you know the you know today 0 X is 00:03:36.750 --> 00:03:38.720 align:start position:0% you know the you know today 0 X is moving<00:03:36.980> approximately<00:03:37.980> a<00:03:38.040> million<00:03:38.400> dollars 00:03:38.720 --> 00:03:38.730 align:start position:0% moving approximately a million dollars 00:03:38.730 --> 00:03:42.290 align:start position:0% moving approximately a million dollars every<00:03:38.760> day<00:03:39.030> and<00:03:39.450> you<00:03:40.380> know<00:03:40.470> ideally<00:03:41.400> well<00:03:41.910> this 00:03:42.290 --> 00:03:42.300 align:start position:0% every day and you know ideally well this 00:03:42.300 --> 00:03:44.690 align:start position:0% every day and you know ideally well this number<00:03:42.600> will<00:03:42.780> increase<00:03:43.350> many<00:03:43.830> times<00:03:44.220> over<00:03:44.430> in 00:03:44.690 --> 00:03:44.700 align:start position:0% number will increase many times over in 00:03:44.700 --> 00:03:47.300 align:start position:0% number will increase many times over in the<00:03:44.910> next<00:03:45.360> years<00:03:45.750> and<00:03:45.990> so<00:03:46.530> this<00:03:46.830> public 00:03:47.300 --> 00:03:47.310 align:start position:0% the next years and so this public 00:03:47.310 --> 00:03:48.920 align:start position:0% the next years and so this public infrastructure<00:03:47.760> is<00:03:47.940> like<00:03:48.120> pretty<00:03:48.360> security 00:03:48.920 --> 00:03:48.930 align:start position:0% infrastructure is like pretty security 00:03:48.930 --> 00:03:50.780 align:start position:0% infrastructure is like pretty security critical<00:03:49.140> many<00:03:50.040> people<00:03:50.400> are<00:03:50.490> building 00:03:50.780 --> 00:03:50.790 align:start position:0% critical many people are building 00:03:50.790 --> 00:03:52.850 align:start position:0% critical many people are building businesses<00:03:51.240> on<00:03:51.390> top<00:03:51.570> of<00:03:51.750> it<00:03:51.870> so<00:03:52.350> how<00:03:52.500> can<00:03:52.560> we 00:03:52.850 --> 00:03:52.860 align:start position:0% businesses on top of it so how can we 00:03:52.860 --> 00:03:56.740 align:start position:0% businesses on top of it so how can we decide<00:03:53.130> on<00:03:53.280> upgrades<00:03:54.650> so<00:03:55.650> when<00:03:55.830> we<00:03:55.920> first 00:03:56.740 --> 00:03:56.750 align:start position:0% decide on upgrades so when we first 00:03:56.750 --> 00:03:59.980 align:start position:0% decide on upgrades so when we first released<00:03:57.750> version<00:03:58.440> 1<00:03:58.590> of<00:03:58.620> 0<00:03:58.920> X<00:03:59.130> 2<00:03:59.340> years<00:03:59.550> ago 00:03:59.980 --> 00:03:59.990 align:start position:0% released version 1 of 0 X 2 years ago 00:03:59.990 --> 00:04:03.290 align:start position:0% released version 1 of 0 X 2 years ago you<00:04:00.990> know<00:04:01.110> we<00:04:01.890> release<00:04:02.580> 0<00:04:02.850> X<00:04:03.060> with<00:04:03.270> a 00:04:03.290 --> 00:04:03.300 align:start position:0% you know we release 0 X with a 00:04:03.300 --> 00:04:06.290 align:start position:0% you know we release 0 X with a governance<00:04:03.840> token<00:04:04.290> the<00:04:04.590> zr<00:04:04.890> x<00:04:05.040> token<00:04:05.460> and<00:04:05.640> the 00:04:06.290 --> 00:04:06.300 align:start position:0% governance token the zr x token and the 00:04:06.300 --> 00:04:09.740 align:start position:0% governance token the zr x token and the idea<00:04:06.630> is<00:04:06.840> that<00:04:07.460> instead<00:04:08.460> of<00:04:08.730> having<00:04:09.000> like<00:04:09.540> a 00:04:09.740 --> 00:04:09.750 align:start position:0% idea is that instead of having like a 00:04:09.750 --> 00:04:12.740 align:start position:0% idea is that instead of having like a single<00:04:10.110> group<00:04:10.620> or<00:04:10.860> private<00:04:11.700> entity<00:04:12.120> decide<00:04:12.600> on 00:04:12.740 --> 00:04:12.750 align:start position:0% single group or private entity decide on 00:04:12.750 --> 00:04:15.530 align:start position:0% single group or private entity decide on upgrades<00:04:13.200> there<00:04:13.950> would<00:04:14.130> be<00:04:14.160> a<00:04:14.520> token<00:04:15.510> that 00:04:15.530 --> 00:04:15.540 align:start position:0% upgrades there would be a token that 00:04:15.540 --> 00:04:17.570 align:start position:0% upgrades there would be a token that allows<00:04:15.870> people<00:04:16.140> to<00:04:16.470> vote<00:04:16.770> on<00:04:16.980> these<00:04:17.130> upgrades 00:04:17.570 --> 00:04:17.580 align:start position:0% allows people to vote on these upgrades 00:04:17.580 --> 00:04:19.490 align:start position:0% allows people to vote on these upgrades and<00:04:17.940> we're<00:04:18.450> you<00:04:18.570> know<00:04:18.690> make<00:04:18.900> sure<00:04:18.930> upgrades 00:04:19.490 --> 00:04:19.500 align:start position:0% and we're you know make sure upgrades 00:04:19.500 --> 00:04:20.780 align:start position:0% and we're you know make sure upgrades are<00:04:19.650> representing<00:04:20.250> the<00:04:20.370> needs<00:04:20.580> of<00:04:20.700> the 00:04:20.780 --> 00:04:20.790 align:start position:0% are representing the needs of the 00:04:20.790 --> 00:04:24.260 align:start position:0% are representing the needs of the ecosystem<00:04:21.890> and<00:04:22.890> we<00:04:23.310> pretty<00:04:23.490> quickly<00:04:23.730> realized 00:04:24.260 --> 00:04:24.270 align:start position:0% ecosystem and we pretty quickly realized 00:04:24.270 --> 00:04:26.600 align:start position:0% ecosystem and we pretty quickly realized after<00:04:24.990> launching<00:04:25.380> version<00:04:25.740> 1<00:04:25.919> with<00:04:26.100> the<00:04:26.220> zr<00:04:26.460> x 00:04:26.600 --> 00:04:26.610 align:start position:0% after launching version 1 with the zr x 00:04:26.610 --> 00:04:29.810 align:start position:0% after launching version 1 with the zr x token<00:04:27.030> that<00:04:27.720> the<00:04:28.470> design<00:04:28.860> was<00:04:29.070> not<00:04:29.280> working 00:04:29.810 --> 00:04:29.820 align:start position:0% token that the design was not working 00:04:29.820 --> 00:04:30.420 align:start position:0% token that the design was not working out<00:04:29.910> as 00:04:30.420 --> 00:04:30.430 align:start position:0% out as 00:04:30.430 --> 00:04:33.600 align:start position:0% out as we<00:04:30.490> intended<00:04:30.850> it<00:04:31.000> to<00:04:31.470> so<00:04:32.470> the<00:04:33.220> system<00:04:33.490> was 00:04:33.600 --> 00:04:33.610 align:start position:0% we intended it to so the system was 00:04:33.610 --> 00:04:35.670 align:start position:0% we intended it to so the system was designed<00:04:33.850> such<00:04:34.360> that<00:04:34.390> these<00:04:35.020> marketplaces 00:04:35.670 --> 00:04:35.680 align:start position:0% designed such that these marketplaces 00:04:35.680 --> 00:04:38.550 align:start position:0% designed such that these marketplaces built<00:04:36.190> on<00:04:36.340> 0x<00:04:36.790> could<00:04:37.150> receive<00:04:37.540> fees<00:04:38.020> in<00:04:38.380> the 00:04:38.550 --> 00:04:38.560 align:start position:0% built on 0x could receive fees in the 00:04:38.560 --> 00:04:41.100 align:start position:0% built on 0x could receive fees in the form<00:04:38.800> of<00:04:38.950> ZRX<00:04:39.310> tokens<00:04:39.730> for<00:04:40.690> people<00:04:40.930> that<00:04:41.050> are 00:04:41.100 --> 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distribution 00:04:48.280 --> 00:04:49.530 align:start position:0% is it would push the token distribution into<00:04:48.580> the<00:04:48.670> hands<00:04:48.970> of<00:04:49.030> people<00:04:49.180> that<00:04:49.360> are 00:04:49.530 --> 00:04:49.540 align:start position:0% into the hands of people that are 00:04:49.540 --> 00:04:51.750 align:start position:0% into the hands of people that are actually<00:04:49.930> using<00:04:50.140> the<00:04:50.380> protocol<00:04:50.740> we<00:04:51.370> want<00:04:51.610> the 00:04:51.750 --> 00:04:51.760 align:start position:0% actually using the protocol we want the 00:04:51.760 --> 00:04:55.260 align:start position:0% actually using the protocol we want the protocol<00:04:52.180> to<00:04:52.330> be<00:04:52.420> owned<00:04:52.690> by<00:04:52.840> its<00:04:53.050> users<00:04:54.270> but 00:04:55.260 --> 00:04:55.270 align:start position:0% protocol to be owned by its users but 00:04:55.270 --> 00:04:56.850 align:start position:0% protocol to be owned by its users but this<00:04:55.750> was<00:04:55.870> the<00:04:56.020> early<00:04:56.290> days<00:04:56.440> there<00:04:56.650> weren't 00:04:56.850 --> 00:04:56.860 align:start position:0% this was the early days there weren't 00:04:56.860 --> 00:04:58.740 align:start position:0% this was the early days there weren't many<00:04:56.920> depths<00:04:57.430> that<00:04:57.520> existed<00:04:58.060> back<00:04:58.180> then<00:04:58.240> and 00:04:58.740 --> 00:04:58.750 align:start position:0% many depths that existed back then and 00:04:58.750 --> 00:05:00.690 align:start position:0% many depths that existed back then and we<00:04:59.290> learned<00:04:59.470> very<00:04:59.710> quickly<00:04:59.770> that<00:05:00.280> you<00:05:00.610> know 00:05:00.690 --> 00:05:00.700 align:start position:0% we learned very quickly that you know 00:05:00.700 --> 00:05:03.690 align:start position:0% we learned very quickly that you know end-users<00:05:01.300> don't<00:05:01.600> want<00:05:01.840> to<00:05:01.990> fuss<00:05:02.440> with<00:05:02.700> tokens 00:05:03.690 --> 00:05:03.700 align:start position:0% end-users don't want to fuss with tokens 00:05:03.700 --> 00:05:05.490 align:start position:0% end-users don't want to fuss with tokens they<00:05:04.180> just<00:05:04.390> want<00:05:04.540> to<00:05:04.600> like<00:05:04.750> do<00:05:04.930> a<00:05:04.960> trade<00:05:05.290> and<00:05:05.410> be 00:05:05.490 --> 00:05:05.500 align:start position:0% they just want to like do a trade and be 00:05:05.500 --> 00:05:07.800 align:start position:0% they just want to like do a trade and be done<00:05:05.680> with<00:05:05.830> it<00:05:06.010> and<00:05:06.220> these<00:05:07.210> took<00:05:07.480> you<00:05:07.720> know 00:05:07.800 --> 00:05:07.810 align:start position:0% done with it and these took you know 00:05:07.810 --> 00:05:09.630 align:start position:0% done with it and these took you know having<00:05:08.140> a<00:05:08.260> usage<00:05:08.680> token<00:05:09.040> adds<00:05:09.220> a<00:05:09.400> lot<00:05:09.520> of 00:05:09.630 --> 00:05:09.640 align:start position:0% having a usage token adds a lot of 00:05:09.640 --> 00:05:13.920 align:start position:0% having a usage token adds a lot of friction<00:05:10.290> and<00:05:11.290> so<00:05:11.910> a<00:05:12.910> couple<00:05:13.330> years<00:05:13.480> later<00:05:13.780> we 00:05:13.920 --> 00:05:13.930 align:start position:0% friction and so a couple years later we 00:05:13.930 --> 00:05:15.240 align:start position:0% friction and so a couple years later we looked<00:05:14.290> at<00:05:14.410> the<00:05:14.500> numbers<00:05:14.830> and<00:05:15.040> kind<00:05:15.160> of 00:05:15.240 --> 00:05:15.250 align:start position:0% looked at the numbers and kind of 00:05:15.250 --> 00:05:18.300 align:start position:0% looked at the numbers and kind of compared<00:05:15.700> you<00:05:16.600> know<00:05:16.720> are<00:05:17.290> the<00:05:17.710> addresses<00:05:18.040> that 00:05:18.300 --> 00:05:18.310 align:start position:0% compared you know are the addresses that 00:05:18.310 --> 00:05:20.550 align:start position:0% compared you know are the addresses that own<00:05:18.520> ZRX<00:05:19.030> actually<00:05:19.450> trading<00:05:19.870> on<00:05:20.050> the<00:05:20.200> protocol 00:05:20.550 --> 00:05:20.560 align:start position:0% own ZRX actually trading on the protocol 00:05:20.560 --> 00:05:23.340 align:start position:0% own ZRX actually trading on the protocol and<00:05:20.850> are<00:05:21.850> the<00:05:22.090> addresses<00:05:22.630> that<00:05:22.930> are<00:05:23.050> trading 00:05:23.340 --> 00:05:23.350 align:start position:0% and are the addresses that are trading 00:05:23.350 --> 00:05:25.800 align:start position:0% and are the addresses that are trading on<00:05:23.440> the<00:05:23.560> protocol<00:05:23.920> actually<00:05:24.670> owning<00:05:24.910> ZRX<00:05:25.480> and 00:05:25.800 --> 00:05:25.810 align:start position:0% on the protocol actually owning ZRX and 00:05:25.810 --> 00:05:27.120 align:start position:0% on the protocol actually owning ZRX and the<00:05:25.870> answer<00:05:26.080> is<00:05:26.200> that<00:05:26.440> you<00:05:26.590> know<00:05:26.680> absolutely 00:05:27.120 --> 00:05:27.130 align:start position:0% the answer is that you know absolutely 00:05:27.130 --> 00:05:29.250 align:start position:0% the answer is that you know absolutely not<00:05:27.280> like<00:05:27.610> we<00:05:27.730> saw<00:05:28.180> that<00:05:28.420> there<00:05:28.930> is<00:05:29.020> very 00:05:29.250 --> 00:05:29.260 align:start position:0% not like we saw that there is very 00:05:29.260 --> 00:05:30.990 align:start position:0% not like we saw that there is very little<00:05:29.470> overlap<00:05:29.860> between<00:05:30.100> these<00:05:30.400> groups<00:05:30.580> and 00:05:30.990 --> 00:05:31.000 align:start position:0% little overlap between these groups and 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this overlap thank you will so you can 00:05:58.120 --> 00:05:59.910 align:start position:0% this overlap thank you will so you can see<00:05:58.240> this<00:05:58.330> Venn<00:05:58.570> diagram<00:05:59.020> here<00:05:59.350> and<00:05:59.590> this<00:05:59.770> is 00:05:59.910 --> 00:05:59.920 align:start position:0% see this Venn diagram here and this is 00:05:59.920 --> 00:06:01.860 align:start position:0% see this Venn diagram here and this is gonna<00:06:00.070> relate<00:06:00.580> to<00:06:00.790> kind<00:06:00.970> of<00:06:01.030> a<00:06:01.180> Venn<00:06:01.510> diagram 00:06:01.860 --> 00:06:01.870 align:start position:0% gonna relate to kind of a Venn diagram 00:06:01.870 --> 00:06:03.870 align:start position:0% gonna relate to kind of a Venn diagram and<00:06:01.930> next<00:06:02.230> slide<00:06:02.440> describing<00:06:03.100> the<00:06:03.250> evolution 00:06:03.870 --> 00:06:03.880 align:start position:0% and next slide describing the evolution 00:06:03.880 --> 00:06:05.640 align:start position:0% and next slide describing the evolution of<00:06:03.940> the<00:06:04.060> Xerox<00:06:04.330> token<00:06:04.750> you<00:06:05.080> know<00:06:05.200> where<00:06:05.500> we're 00:06:05.640 --> 00:06:05.650 align:start position:0% of the Xerox token you know where we're 00:06:05.650 --> 00:06:07.770 align:start position:0% of the Xerox token you know where we're trying<00:06:05.800> to<00:06:06.040> go<00:06:06.190> in<00:06:06.940> order<00:06:07.090> to<00:06:07.300> address<00:06:07.450> this 00:06:07.770 --> 00:06:07.780 align:start position:0% trying to go in order to address this 00:06:07.780 --> 00:06:11.250 align:start position:0% trying to go in order to address this problem<00:06:07.990> of<00:06:08.440> getting<00:06:08.890> our<00:06:09.190> users<00:06:10.090> a<00:06:10.450> voice<00:06:10.840> in 00:06:11.250 --> 00:06:11.260 align:start position:0% problem of getting our users a voice in 00:06:11.260 --> 00:06:13.290 align:start position:0% problem of getting our users a voice in the<00:06:11.500> process<00:06:11.680> of<00:06:12.070> smart<00:06:12.520> contract<00:06:12.880> upgrades 00:06:13.290 --> 00:06:13.300 align:start position:0% the process of smart contract upgrades 00:06:13.300 --> 00:06:15.360 align:start position:0% the process of smart contract upgrades so<00:06:13.480> so<00:06:13.690> far<00:06:13.900> we<00:06:14.470> have<00:06:14.500> this<00:06:14.740> governance<00:06:15.160> taupe 00:06:15.360 --> 00:06:15.370 align:start position:0% so so far we have this governance taupe 00:06:15.370 --> 00:06:17.910 align:start position:0% so so far we have this governance taupe token<00:06:16.090> and<00:06:16.270> which<00:06:16.750> allows<00:06:17.080> these<00:06:17.530> Xerox 00:06:17.910 --> 00:06:17.920 align:start position:0% token and which allows these Xerox 00:06:17.920 --> 00:06:19.740 align:start position:0% token and which allows these Xerox holders<00:06:18.310> to<00:06:18.460> vote<00:06:18.700> on<00:06:18.910> whether<00:06:19.090> we<00:06:19.360> make 00:06:19.740 --> 00:06:19.750 align:start position:0% holders to vote on whether we make 00:06:19.750 --> 00:06:21.390 align:start position:0% holders to vote on whether we make upgrades<00:06:20.020> go<00:06:20.350> live<00:06:20.560> in<00:06:20.710> the<00:06:20.770> blockchain<00:06:21.010> so 00:06:21.390 --> 00:06:21.400 align:start position:0% upgrades go live in the blockchain so 00:06:21.400 --> 00:06:22.320 align:start position:0% upgrades go live in the blockchain so that's<00:06:21.550> been<00:06:21.730> achieved 00:06:22.320 --> 00:06:22.330 align:start position:0% that's been achieved 00:06:22.330 --> 00:06:24.150 align:start position:0% that's been achieved right<00:06:23.020> but<00:06:23.140> in<00:06:23.200> order<00:06:23.350> to<00:06:23.440> have<00:06:23.620> this<00:06:23.740> process 00:06:24.150 --> 00:06:24.160 align:start position:0% right but in order to have this process 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not third parties who you know<00:06:30.850> are<00:06:30.880> purchasing<00:06:31.690> a<00:06:31.750> perspective 00:06:32.160 --> 00:06:32.170 align:start position:0% know are purchasing a perspective 00:06:32.170 --> 00:06:35.220 align:start position:0% know are purchasing a perspective motives<00:06:32.680> or<00:06:32.800> other<00:06:32.920> reasons<00:06:33.340> and<00:06:33.570> so<00:06:34.570> our<00:06:34.900> plan 00:06:35.220 --> 00:06:35.230 align:start position:0% motives or other reasons and so our plan 00:06:35.230 --> 00:06:36.810 align:start position:0% motives or other reasons and so our plan to<00:06:35.410> address<00:06:35.620> this<00:06:35.950> in<00:06:36.160> version<00:06:36.490> 3<00:06:36.640> the 00:06:36.810 --> 00:06:36.820 align:start position:0% to address this in version 3 the 00:06:36.820 --> 00:06:38.640 align:start position:0% to address this in version 3 the software<00:06:37.180> which<00:06:37.360> gonna<00:06:37.540> go<00:06:38.080> live<00:06:38.260> in<00:06:38.410> coming 00:06:38.640 --> 00:06:38.650 align:start position:0% software which gonna go live in coming 00:06:38.650 --> 00:06:40.680 align:start position:0% software which gonna go live in coming months<00:06:38.680> is<00:06:39.040> to<00:06:39.220> introduce<00:06:39.370> incentives<00:06:40.120> that 00:06:40.680 --> 00:06:40.690 align:start position:0% months is to introduce incentives that 00:06:40.690 --> 00:06:43.119 align:start position:0% months is to introduce incentives that update<00:06:41.200> our<00:06:41.380> ZRX<00:06:41.800> token<00:06:42.220> mechanics 00:06:43.119 --> 00:06:43.129 align:start position:0% update our ZRX token mechanics 00:06:43.129 --> 00:06:45.070 align:start position:0% update our ZRX token mechanics and<00:06:43.219> that<00:06:43.580> provide<00:06:43.849> a<00:06:43.879> new<00:06:44.119> reason<00:06:44.389> for<00:06:44.959> people 00:06:45.070 --> 00:06:45.080 align:start position:0% and that provide a new reason for people 00:06:45.080 --> 00:06:48.399 align:start position:0% and that provide a new reason for people to<00:06:45.259> hold<00:06:45.619> and<00:06:46.189> use<00:06:46.550> ERX<00:06:47.419> and<00:06:47.779> components<00:06:48.379> of 00:06:48.399 --> 00:06:48.409 align:start position:0% to hold and use ERX and components of 00:06:48.409 --> 00:06:49.839 align:start position:0% to hold and use ERX and components of this<00:06:48.499> will<00:06:48.679> be<00:06:48.770> the<00:06:48.860> addition<00:06:49.129> of<00:06:49.219> user<00:06:49.489> fees 00:06:49.839 --> 00:06:49.849 align:start position:0% this will be the addition of user fees 00:06:49.849 --> 00:06:53.019 align:start position:0% this will be the addition of user fees so<00:06:50.779> that<00:06:50.809> takers<00:06:51.469> when<00:06:51.979> they<00:06:52.129> see<00:06:52.550> a<00:06:52.580> standing 00:06:53.019 --> 00:06:53.029 align:start position:0% so that takers when they see a standing 00:06:53.029 --> 00:06:55.269 align:start position:0% so that takers when they see a standing offer<00:06:53.149> to<00:06:53.419> buy<00:06:53.569> and<00:06:53.719> sell<00:06:53.869> an<00:06:53.959> asset<00:06:54.139> and<00:06:54.559> they 00:06:55.269 --> 00:06:55.279 align:start position:0% offer to buy and sell an asset and they 00:06:55.279 --> 00:06:57.669 align:start position:0% offer to buy and sell an asset and they want<00:06:55.519> to<00:06:55.610> take<00:06:55.939> advantage<00:06:56.389> of<00:06:56.479> that<00:06:56.689> currently 00:06:57.669 --> 00:06:57.679 align:start position:0% want to take advantage of that currently 00:06:57.679 --> 00:07:01.239 align:start position:0% want to take advantage of that currently they<00:06:57.979> pay<00:06:58.339> no<00:06:58.519> fees<00:06:58.759> whatsoever<00:06:59.199> to<00:07:00.199> the<00:07:01.039> Xerox 00:07:01.239 --> 00:07:01.249 align:start position:0% they pay no fees whatsoever to the Xerox 00:07:01.249 --> 00:07:03.070 align:start position:0% they pay no fees whatsoever to the Xerox software<00:07:01.819> there's<00:07:01.999> no<00:07:02.119> sort<00:07:02.330> of<00:07:02.360> revenue 00:07:03.070 --> 00:07:03.080 align:start position:0% software there's no sort of revenue 00:07:03.080 --> 00:07:05.829 align:start position:0% software there's no sort of revenue generation<00:07:03.619> aspect<00:07:04.580> with<00:07:05.389> this<00:07:05.539> modification 00:07:05.829 --> 00:07:05.839 align:start position:0% generation aspect with this modification 00:07:05.839 --> 00:07:08.169 align:start position:0% generation aspect with this modification they<00:07:06.439> will<00:07:06.589> need<00:07:06.769> to<00:07:06.949> pay<00:07:07.159> a<00:07:07.189> fee<00:07:07.489> that's 00:07:08.169 --> 00:07:08.179 align:start position:0% they will need to pay a fee that's 00:07:08.179 --> 00:07:10.179 align:start position:0% they will need to pay a fee that's proportional<00:07:08.509> to<00:07:08.809> the<00:07:08.929> gas<00:07:09.110> price<00:07:09.529> that<00:07:09.979> they 00:07:10.179 --> 00:07:10.189 align:start position:0% proportional to the gas price that they 00:07:10.189 --> 00:07:11.589 align:start position:0% proportional to the gas price that they pay<00:07:10.429> when<00:07:10.759> they<00:07:10.849> submit<00:07:11.149> a<00:07:11.179> trade<00:07:11.419> to<00:07:11.569> the 00:07:11.589 --> 00:07:11.599 align:start position:0% pay when they submit a trade to the 00:07:11.599 --> 00:07:13.299 align:start position:0% pay when they submit a trade to the blockchain<00:07:11.899> so<00:07:12.259> the<00:07:12.439> CRX<00:07:12.769> will<00:07:12.949> collect<00:07:13.249> some 00:07:13.299 --> 00:07:13.309 align:start position:0% blockchain so the CRX will collect some 00:07:13.309 --> 00:07:16.749 align:start position:0% blockchain so the CRX will collect some revenue<00:07:13.789> and<00:07:13.999> that<00:07:14.569> it<00:07:14.659> can<00:07:14.779> use<00:07:14.809> to<00:07:15.499> to<00:07:16.039> create 00:07:16.749 --> 00:07:16.759 align:start position:0% revenue and that it can use to to create 00:07:16.759 --> 00:07:18.759 align:start position:0% revenue and that it can use to to create incentives<00:07:17.149> so<00:07:18.080> these<00:07:18.229> fees<00:07:18.469> are<00:07:18.529> there<00:07:18.709> I'm 00:07:18.759 --> 00:07:18.769 align:start position:0% incentives so these fees are there I'm 00:07:18.769 --> 00:07:21.159 align:start position:0% incentives so these fees are there I'm gonna<00:07:18.860> go<00:07:19.039> into<00:07:19.279> liquidity<00:07:19.729> incentives<00:07:20.269> that 00:07:21.159 --> 00:07:21.169 align:start position:0% gonna go into liquidity incentives that 00:07:21.169 --> 00:07:22.749 align:start position:0% gonna go into liquidity incentives that encourage<00:07:21.319> people<00:07:21.949> to<00:07:22.099> create<00:07:22.429> these 00:07:22.749 --> 00:07:22.759 align:start position:0% encourage people to create these 00:07:22.759 --> 00:07:24.159 align:start position:0% encourage people to create these standing<00:07:23.149> offers<00:07:23.449> to<00:07:23.599> buy<00:07:23.719> and<00:07:23.899> sell<00:07:24.019> assets 00:07:24.159 --> 00:07:24.169 align:start position:0% standing offers to buy and sell assets 00:07:24.169 --> 00:07:26.829 align:start position:0% standing offers to buy and sell assets so<00:07:24.409> market<00:07:24.709> makers<00:07:25.009> who<00:07:25.189> get<00:07:26.059> their<00:07:26.209> offers<00:07:26.569> on 00:07:26.829 --> 00:07:26.839 align:start position:0% so market makers who get their offers on 00:07:26.839 --> 00:07:29.350 align:start position:0% so market makers who get their offers on 0<00:07:27.649> X<00:07:27.769> 3<00:07:27.800> layers<00:07:28.129> and<00:07:28.339> get<00:07:28.429> them<00:07:28.550> taken<00:07:28.939> for 00:07:29.350 --> 00:07:29.360 align:start position:0% 0 X 3 layers and get them taken for 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to be staking rewards so that token<00:07:35.959> holders<00:07:36.319> holding<00:07:37.159> the<00:07:37.249> 0x<00:07:37.639> token<00:07:38.149> will 00:07:38.379 --> 00:07:38.389 align:start position:0% token holders holding the 0x token will 00:07:38.389 --> 00:07:40.449 align:start position:0% token holders holding the 0x token will be<00:07:38.479> able<00:07:38.629> to<00:07:38.809> receive<00:07:39.079> a<00:07:39.139> share<00:07:39.529> of<00:07:39.769> the 00:07:40.449 --> 00:07:40.459 align:start position:0% be able to receive a share of the 00:07:40.459 --> 00:07:43.689 align:start position:0% be able to receive a share of the revenue<00:07:40.909> generated<00:07:41.569> through<00:07:42.169> these<00:07:42.319> fees<00:07:42.699> and 00:07:43.689 --> 00:07:43.699 align:start position:0% revenue generated through these fees and 00:07:43.699 --> 00:07:45.489 align:start position:0% revenue generated through these fees and our<00:07:43.849> philosophy<00:07:44.029> here<00:07:44.719> is<00:07:44.749> related<00:07:45.289> to<00:07:45.319> the 00:07:45.489 --> 00:07:45.499 align:start position:0% our philosophy here is related to the 00:07:45.499 --> 00:07:47.169 align:start position:0% our philosophy here is related to the vendor<00:07:45.979> I<00:07:46.099> diagram<00:07:46.819> you<00:07:46.879> saw<00:07:46.999> previously 00:07:47.169 --> 00:07:47.179 align:start position:0% vendor I diagram you saw previously 00:07:47.179 --> 00:07:49.509 align:start position:0% vendor I diagram you saw previously where<00:07:47.569> we<00:07:47.659> want<00:07:47.809> governance<00:07:48.469> our<00:07:49.039> governance 00:07:49.509 --> 00:07:49.519 align:start position:0% where we want governance our governance 00:07:49.519 --> 00:07:52.179 align:start position:0% where we want governance our governance objectives<00:07:50.089> to<00:07:50.959> be<00:07:50.990> achieved<00:07:51.110> and<00:07:51.769> to<00:07:51.949> do<00:07:52.069> this 00:07:52.179 --> 00:07:52.189 align:start position:0% objectives to be achieved and to do this 00:07:52.189 --> 00:07:53.259 align:start position:0% objectives to be achieved and to do this we've<00:07:52.369> recognized<00:07:52.879> we<00:07:52.999> need<00:07:53.089> to<00:07:53.179> have 00:07:53.259 --> 00:07:53.269 align:start position:0% we've recognized we need to have 00:07:53.269 --> 00:07:56.259 align:start position:0% we've recognized we need to have incentives<00:07:54.279> for<00:07:55.279> people<00:07:55.429> to<00:07:55.579> hold<00:07:55.819> the<00:07:55.939> 0x 00:07:56.259 --> 00:07:56.269 align:start position:0% incentives for people to hold the 0x 00:07:56.269 --> 00:07:59.549 align:start position:0% incentives for people to hold the 0x token<00:07:56.689> and<00:07:56.869> specifically<00:07:57.829> we<00:07:58.759> need<00:07:58.969> to<00:07:59.149> to 00:07:59.549 --> 00:07:59.559 align:start position:0% token and specifically we need to to 00:07:59.559 --> 00:08:01.989 align:start position:0% token and specifically we need to to encourage<00:08:00.559> the<00:08:01.099> people<00:08:01.219> who<00:08:01.459> we<00:08:01.579> think<00:08:01.849> have 00:08:01.989 --> 00:08:01.999 align:start position:0% encourage the people who we think have 00:08:01.999 --> 00:08:04.179 align:start position:0% encourage the people who we think have an<00:08:02.119> interest<00:08:02.419> in<00:08:02.599> voting<00:08:02.889> right<00:08:03.889> we<00:08:03.979> need<00:08:04.069> to 00:08:04.179 --> 00:08:04.189 align:start position:0% an interest in voting right we need to 00:08:04.189 --> 00:08:05.799 align:start position:0% an interest in voting right we need to encourage<00:08:04.459> this<00:08:04.759> group<00:08:05.029> who's<00:08:05.240> actively 00:08:05.799 --> 00:08:05.809 align:start position:0% encourage this group who's actively 00:08:05.809 --> 00:08:07.299 align:start position:0% encourage this group who's actively using<00:08:05.990> their<00:08:06.079> protocol<00:08:06.469> who<00:08:06.589> has<00:08:06.679> an<00:08:06.800> economic 00:08:07.299 --> 00:08:07.309 align:start position:0% using their protocol who has an economic 00:08:07.309 --> 00:08:08.769 align:start position:0% using their protocol who has an economic interest<00:08:07.490> or<00:08:07.879> stake<00:08:08.149> and<00:08:08.300> the<00:08:08.360> decisions<00:08:08.719> we 00:08:08.769 --> 00:08:08.779 align:start position:0% interest or stake and the decisions we 00:08:08.779 --> 00:08:11.559 align:start position:0% interest or stake and the decisions we make<00:08:09.019> we<00:08:09.679> need<00:08:09.860> to<00:08:09.949> encourage<00:08:10.519> them<00:08:10.789> to<00:08:10.819> be<00:08:11.389> the 00:08:11.559 --> 00:08:11.569 align:start position:0% make we need to encourage them to be the 00:08:11.569 --> 00:08:13.449 align:start position:0% make we need to encourage them to be the people<00:08:11.839> who<00:08:11.869> holds<00:08:12.289> your<00:08:12.379> X<00:08:12.589> tokens<00:08:13.039> so<00:08:13.309> that 00:08:13.449 --> 00:08:13.459 align:start position:0% people who holds your X tokens so that 00:08:13.459 --> 00:08:14.859 align:start position:0% people who holds your X tokens so that rather<00:08:13.579> than<00:08:13.789> say<00:08:13.969> like<00:08:14.149> okay<00:08:14.539> we<00:08:14.659> have<00:08:14.779> these 00:08:14.859 --> 00:08:14.869 align:start position:0% rather than say like okay we have these 00:08:14.869 --> 00:08:17.290 align:start position:0% rather than say like okay we have these token<00:08:15.229> holders<00:08:15.529> they<00:08:15.709> are<00:08:15.829> a<00:08:15.860> motivated<00:08:16.519> they 00:08:17.290 --> 00:08:17.300 align:start position:0% token holders they are a motivated they 00:08:17.300 --> 00:08:18.730 align:start position:0% token holders they are a motivated they didn't<00:08:17.509> interact<00:08:17.719> much<00:08:18.050> with<00:08:18.110> the<00:08:18.349> protocol 00:08:18.730 --> 00:08:18.740 align:start position:0% didn't interact much with the protocol 00:08:18.740 --> 00:08:20.499 align:start position:0% didn't interact much with the protocol how<00:08:18.860> do<00:08:18.919> we<00:08:19.069> make<00:08:19.219> them<00:08:19.399> vote<00:08:19.579> we<00:08:20.300> think 00:08:20.499 --> 00:08:20.509 align:start position:0% how do we make them vote we think 00:08:20.509 --> 00:08:22.239 align:start position:0% how do we make them vote we think instead<00:08:20.809> we<00:08:21.050> have<00:08:21.259> these<00:08:21.439> users<00:08:21.919> and<00:08:22.159> they're 00:08:22.239 --> 00:08:22.249 align:start position:0% instead we have these users and they're 00:08:22.249 --> 00:08:23.919 align:start position:0% instead we have these users and they're very<00:08:22.459> interested<00:08:23.149> and<00:08:23.269> they<00:08:23.360> engage<00:08:23.629> with<00:08:23.659> us 00:08:23.919 --> 00:08:23.929 align:start position:0% very interested and they engage with us 00:08:23.929 --> 00:08:26.139 align:start position:0% very interested and they engage with us regularly<00:08:24.409> how<00:08:24.919> do<00:08:24.979> we<00:08:25.159> encourage<00:08:25.459> that<00:08:25.789> group 00:08:26.139 --> 00:08:26.149 align:start position:0% regularly how do we encourage that group 00:08:26.149 --> 00:08:28.659 align:start position:0% regularly how do we encourage that group to<00:08:26.869> hold<00:08:27.110> more<00:08:27.319> tokens<00:08:27.829> and<00:08:28.069> buy<00:08:28.249> them<00:08:28.490> from 00:08:28.659 --> 00:08:28.669 align:start position:0% to hold more tokens and buy them from 00:08:28.669 --> 00:08:30.749 align:start position:0% to hold more tokens and buy them from this<00:08:28.819> sort<00:08:29.119> of<00:08:29.149> this<00:08:29.389> group<00:08:29.629> of<00:08:29.809> speculators 00:08:30.749 --> 00:08:30.759 align:start position:0% this sort of this group of speculators 00:08:30.759 --> 00:08:35.319 align:start position:0% this sort of this group of speculators that's<00:08:31.759> the<00:08:31.999> philosophy<00:08:33.459> so<00:08:34.459> why<00:08:34.969> is<00:08:35.029> this 00:08:35.319 --> 00:08:35.329 align:start position:0% that's the philosophy so why is this 00:08:35.329 --> 00:08:37.360 align:start position:0% that's the philosophy so why is this important<00:08:35.810> to<00:08:35.899> us<00:08:36.019> right<00:08:36.259> well<00:08:36.500> it's<00:08:36.860> this 00:08:37.360 --> 00:08:37.370 align:start position:0% important to us right well it's this 00:08:37.370 --> 00:08:38.829 align:start position:0% important to us right well it's this gets<00:08:37.579> back<00:08:37.729> to<00:08:37.880> sort<00:08:38.060> of<00:08:38.089> our<00:08:38.209> vision<00:08:38.599> for<00:08:38.779> the 00:08:38.829 --> 00:08:38.839 align:start position:0% gets back to sort of our vision for the 00:08:38.839 --> 00:08:40.449 align:start position:0% gets back to sort of our vision for the organization<00:08:39.380> and<00:08:39.500> so<00:08:39.589> what<00:08:39.860> we're<00:08:40.069> trying<00:08:40.250> to 00:08:40.449 --> 00:08:40.459 align:start position:0% organization and so what we're trying to 00:08:40.459 --> 00:08:42.309 align:start position:0% organization and so what we're trying to work<00:08:40.610> together<00:08:40.789> set<00:08:41.180> out<00:08:41.269> to<00:08:41.389> achieve<00:08:41.479> which 00:08:42.309 --> 00:08:42.319 align:start position:0% work together set out to achieve which 00:08:42.319 --> 00:08:44.230 align:start position:0% work together set out to achieve which is<00:08:42.500> to<00:08:42.620> create<00:08:42.949> a<00:08:42.979> token<00:08:43.430> ice<00:08:43.519> world<00:08:43.849> where<00:08:44.089> all 00:08:44.230 --> 00:08:44.240 align:start position:0% is to create a token ice world where all 00:08:44.240 --> 00:08:46.449 align:start position:0% is to create a token ice world where all value<00:08:44.689> can<00:08:44.839> flow<00:08:45.050> freely<00:08:45.290> right<00:08:45.889> and<00:08:46.069> we<00:08:46.339> can 00:08:46.449 --> 00:08:46.459 align:start position:0% value can flow freely right and we can 00:08:46.459 --> 00:08:48.040 align:start position:0% value can flow freely right and we can sort<00:08:46.639> of<00:08:46.670> think<00:08:46.759> of<00:08:46.910> that<00:08:47.029> as<00:08:47.149> summarizing 00:08:48.040 --> 00:08:48.050 align:start position:0% sort of think of that as summarizing 00:08:48.050 --> 00:08:50.410 align:start position:0% sort of think of that as summarizing this<00:08:48.110> concept<00:08:48.560> of<00:08:48.680> open<00:08:49.220> access<00:08:49.399> open<00:08:50.240> and 00:08:50.410 --> 00:08:50.420 align:start position:0% this concept of open access open and 00:08:50.420 --> 00:08:53.049 align:start position:0% this concept of open access open and low-cost<00:08:51.139> access<00:08:51.860> to<00:08:52.309> the<00:08:52.550> ability<00:08:52.699> to<00:08:52.880> do 00:08:53.049 --> 00:08:53.059 align:start position:0% low-cost access to the ability to do 00:08:53.059 --> 00:08:55.329 align:start position:0% low-cost access to the ability to do online<00:08:53.269> exchange<00:08:53.899> of<00:08:54.139> tokenized<00:08:54.860> assets 00:08:55.329 --> 00:08:55.339 align:start position:0% online exchange of tokenized assets 00:08:55.339 --> 00:08:57.010 align:start position:0% online exchange of tokenized assets right<00:08:56.180> and<00:08:56.389> if 00:08:57.010 --> 00:08:57.020 align:start position:0% right and if 00:08:57.020 --> 00:08:58.660 align:start position:0% right and if cheevus<00:08:57.440> mission<00:08:57.800> so<00:08:57.890> that<00:08:58.010> everyone<00:08:58.400> can 00:08:58.660 --> 00:08:58.670 align:start position:0% cheevus mission so that everyone can 00:08:58.670 --> 00:09:00.510 align:start position:0% cheevus mission so that everyone can sort<00:08:58.880> of<00:08:58.940> go<00:08:59.060> online<00:08:59.210> and<00:08:59.480> use<00:08:59.600> a<00:08:59.630> Dex<00:08:59.930> to<00:09:00.140> trade 00:09:00.510 --> 00:09:00.520 align:start position:0% sort of go online and use a Dex to trade 00:09:00.520 --> 00:09:02.740 align:start position:0% sort of go online and use a Dex to trade into<00:09:01.520> and<00:09:01.670> out<00:09:01.700> of<00:09:01.760> whatever<00:09:02.090> asset<00:09:02.420> they<00:09:02.510> want 00:09:02.740 --> 00:09:02.750 align:start position:0% into and out of whatever asset they want 00:09:02.750 --> 00:09:05.590 align:start position:0% into and out of whatever asset they want we<00:09:03.710> want<00:09:04.130> to<00:09:04.190> measure<00:09:04.430> the<00:09:04.880> progress<00:09:05.210> we're 00:09:05.590 --> 00:09:05.600 align:start position:0% we want to measure the progress we're 00:09:05.600 --> 00:09:07.480 align:start position:0% we want to measure the progress we're making<00:09:05.630> in<00:09:06.020> terms<00:09:06.080> of<00:09:06.470> the<00:09:06.560> amount<00:09:06.890> the<00:09:07.100> volume 00:09:07.480 --> 00:09:07.490 align:start position:0% making in terms of the amount the volume 00:09:07.490 --> 00:09:10.960 align:start position:0% making in terms of the amount the volume of<00:09:07.870> tokens<00:09:08.870> that<00:09:08.990> are<00:09:09.080> exchanged<00:09:09.590> in<00:09:09.820> terms<00:09:10.820> of 00:09:10.960 --> 00:09:10.970 align:start position:0% of tokens that are exchanged in terms of 00:09:10.970 --> 00:09:12.520 align:start position:0% of tokens that are exchanged in terms of the<00:09:11.090> prices<00:09:11.570> that<00:09:11.600> are<00:09:11.810> available<00:09:11.960> to<00:09:12.320> users 00:09:12.520 --> 00:09:12.530 align:start position:0% the prices that are available to users 00:09:12.530 --> 00:09:14.710 align:start position:0% the prices that are available to users right<00:09:12.980> so<00:09:13.130> that<00:09:13.280> the<00:09:13.550> more<00:09:13.790> the<00:09:14.540> larger 00:09:14.710 --> 00:09:14.720 align:start position:0% right so that the more the larger 00:09:14.720 --> 00:09:17.140 align:start position:0% right so that the more the larger quantity<00:09:15.590> of<00:09:15.680> specific<00:09:16.340> assets<00:09:16.640> available 00:09:17.140 --> 00:09:17.150 align:start position:0% quantity of specific assets available 00:09:17.150 --> 00:09:19.120 align:start position:0% quantity of specific assets available you<00:09:17.300> know<00:09:17.390> the<00:09:17.510> better<00:09:17.660> job<00:09:17.900> we're<00:09:18.080> doing<00:09:18.320> the 00:09:19.120 --> 00:09:19.130 align:start position:0% you know the better job we're doing the 00:09:19.130 --> 00:09:20.740 align:start position:0% you know the better job we're doing the better<00:09:19.340> price<00:09:19.700> you<00:09:20.000> can<00:09:20.180> get<00:09:20.390> when<00:09:20.660> you're 00:09:20.740 --> 00:09:20.750 align:start position:0% better price you can get when you're 00:09:20.750 --> 00:09:22.030 align:start position:0% better price you can get when you're moving<00:09:20.960> you<00:09:21.320> know<00:09:21.350> back<00:09:21.560> and<00:09:21.740> forth<00:09:21.950> between 00:09:22.030 --> 00:09:22.040 align:start position:0% moving you know back and forth between 00:09:22.040 --> 00:09:23.890 align:start position:0% moving you know back and forth between tokens<00:09:22.640> you<00:09:22.850> know<00:09:22.940> the<00:09:23.060> bet<00:09:23.210> more<00:09:23.420> effectively 00:09:23.890 --> 00:09:23.900 align:start position:0% tokens you know the bet more effectively 00:09:23.900 --> 00:09:25.420 align:start position:0% tokens you know the bet more effectively we<00:09:24.020> achieve<00:09:24.230> our<00:09:24.320> goal<00:09:24.560> and<00:09:24.950> the<00:09:25.220> wider 00:09:25.420 --> 00:09:25.430 align:start position:0% we achieve our goal and the wider 00:09:25.430 --> 00:09:28.210 align:start position:0% we achieve our goal and the wider variety<00:09:25.730> of<00:09:26.120> assets<00:09:26.810> that<00:09:27.320> are<00:09:27.470> available<00:09:27.740> on 00:09:28.210 --> 00:09:28.220 align:start position:0% variety of assets that are available on 00:09:28.220 --> 00:09:31.000 align:start position:0% variety of assets that are available on our<00:09:28.330> real<00:09:29.330> ayres<00:09:29.540> the<00:09:30.410> better<00:09:30.590> job<00:09:30.830> we're 00:09:31.000 --> 00:09:31.010 align:start position:0% our real ayres the better job we're 00:09:31.010 --> 00:09:33.040 align:start position:0% our real ayres the better job we're doing<00:09:31.040> and<00:09:31.580> then<00:09:32.360> in<00:09:32.420> order<00:09:32.510> to<00:09:32.660> commit<00:09:32.930> to 00:09:33.040 --> 00:09:33.050 align:start position:0% doing and then in order to commit to 00:09:33.050 --> 00:09:35.500 align:start position:0% doing and then in order to commit to this<00:09:33.170> mission<00:09:33.410> of<00:09:33.770> just<00:09:34.040> of<00:09:34.450> ensuring<00:09:35.450> that 00:09:35.500 --> 00:09:35.510 align:start position:0% this mission of just of ensuring that 00:09:35.510 --> 00:09:37.540 align:start position:0% this mission of just of ensuring that exchange<00:09:36.080> is<00:09:36.320> low-cost<00:09:36.830> and<00:09:37.130> open<00:09:37.460> to 00:09:37.540 --> 00:09:37.550 align:start position:0% exchange is low-cost and open to 00:09:37.550 --> 00:09:39.040 align:start position:0% exchange is low-cost and open to everyone<00:09:37.790> and<00:09:38.090> there's<00:09:38.330> no<00:09:38.510> sort<00:09:38.750> of<00:09:38.780> rent 00:09:39.040 --> 00:09:39.050 align:start position:0% everyone and there's no sort of rent 00:09:39.050 --> 00:09:43.060 align:start position:0% everyone and there's no sort of rent extraction<00:09:39.770> or<00:09:39.980> you<00:09:40.730> know<00:09:41.260> profit<00:09:42.260> taking 00:09:43.060 --> 00:09:43.070 align:start position:0% extraction or you know profit taking 00:09:43.070 --> 00:09:45.550 align:start position:0% extraction or you know profit taking that<00:09:43.400> that<00:09:43.610> is<00:09:43.730> going<00:09:43.940> to<00:09:44.090> create<00:09:44.540> barriers<00:09:45.080> to 00:09:45.550 --> 00:09:45.560 align:start position:0% that that is going to create barriers to 00:09:45.560 --> 00:09:47.740 align:start position:0% that that is going to create barriers to to<00:09:45.800> exchange<00:09:46.100> happening<00:09:46.550> we<00:09:47.120> want<00:09:47.360> to<00:09:47.540> create 00:09:47.740 --> 00:09:47.750 align:start position:0% to exchange happening we want to create 00:09:47.750 --> 00:09:49.330 align:start position:0% to exchange happening we want to create a<00:09:47.840> governance<00:09:48.290> mechanism<00:09:48.800> that<00:09:48.890> commits<00:09:49.220> us 00:09:49.330 --> 00:09:49.340 align:start position:0% a governance mechanism that commits us 00:09:49.340 --> 00:09:51.040 align:start position:0% a governance mechanism that commits us to<00:09:49.490> our<00:09:49.610> mission<00:09:49.970> we<00:09:50.150> want<00:09:50.330> to<00:09:50.450> use<00:09:50.660> token 00:09:51.040 --> 00:09:51.050 align:start position:0% to our mission we want to use token 00:09:51.050 --> 00:09:53.410 align:start position:0% to our mission we want to use token voting<00:09:51.350> mechanisms<00:09:51.950> to<00:09:52.790> ensure<00:09:52.970> that<00:09:53.150> the 00:09:53.410 --> 00:09:53.420 align:start position:0% voting mechanisms to ensure that the 00:09:53.420 --> 00:09:55.480 align:start position:0% voting mechanisms to ensure that the people<00:09:53.780> who<00:09:53.900> benefit<00:09:54.440> from<00:09:54.650> open<00:09:55.070> access<00:09:55.250> to 00:09:55.480 --> 00:09:55.490 align:start position:0% people who benefit from open access to 00:09:55.490 --> 00:09:57.700 align:start position:0% people who benefit from open access to online<00:09:55.670> exchange<00:09:56.270> are<00:09:56.630> the<00:09:57.080> same<00:09:57.320> people<00:09:57.530> who 00:09:57.700 --> 00:09:57.710 align:start position:0% online exchange are the same people who 00:09:57.710 --> 00:09:59.470 align:start position:0% online exchange are the same people who determine<00:09:58.250> the<00:09:58.370> choices<00:09:58.760> we<00:09:58.850> made<00:09:59.060> we<00:09:59.390> want 00:09:59.470 --> 00:09:59.480 align:start position:0% determine the choices we made we want 00:09:59.480 --> 00:10:01.600 align:start position:0% determine the choices we made we want them<00:09:59.660> to<00:09:59.690> to<00:10:00.410> have<00:10:00.530> accountability<00:10:01.190> to<00:10:01.460> the 00:10:01.600 --> 00:10:01.610 align:start position:0% them to to have accountability to the 00:10:01.610 --> 00:10:03.520 align:start position:0% them to to have accountability to the users<00:10:02.000> that<00:10:02.030> are<00:10:02.300> benefiting<00:10:03.290> from<00:10:03.380> our 00:10:03.520 --> 00:10:03.530 align:start position:0% users that are benefiting from our 00:10:03.530 --> 00:10:06.160 align:start position:0% users that are benefiting from our software<00:10:03.800> so<00:10:04.250> that<00:10:04.400> they<00:10:04.520> will<00:10:04.640> vote<00:10:04.880> for<00:10:05.300> for 00:10:06.160 --> 00:10:06.170 align:start position:0% software so that they will vote for for 00:10:06.170 --> 00:10:08.260 align:start position:0% software so that they will vote for for upgrades<00:10:06.980> that<00:10:07.160> are<00:10:07.220> in<00:10:07.580> their<00:10:07.880> interest 00:10:08.260 --> 00:10:08.270 align:start position:0% upgrades that are in their interest 00:10:08.270 --> 00:10:09.820 align:start position:0% upgrades that are in their interest rather<00:10:08.510> than<00:10:08.630> the<00:10:08.750> interest<00:10:08.810> of<00:10:09.110> some<00:10:09.320> sort<00:10:09.770> of 00:10:09.820 --> 00:10:09.830 align:start position:0% rather than the interest of some sort of 00:10:09.830 --> 00:10:12.070 align:start position:0% rather than the interest of some sort of speculator<00:10:10.460> or<00:10:10.640> investor<00:10:11.120> who<00:10:11.480> might<00:10:11.690> might 00:10:12.070 --> 00:10:12.080 align:start position:0% speculator or investor who might might 00:10:12.080 --> 00:10:13.960 align:start position:0% speculator or investor who might might want<00:10:12.260> to<00:10:12.410> profit<00:10:12.620> off<00:10:12.890> of<00:10:13.100> the<00:10:13.280> exchange 00:10:13.960 --> 00:10:13.970 align:start position:0% want to profit off of the exchange 00:10:13.970 --> 00:10:18.160 align:start position:0% want to profit off of the exchange process<00:10:16.060> okay<00:10:17.060> so<00:10:17.120> we<00:10:17.420> can<00:10:17.540> see<00:10:17.900> though<00:10:18.050> from 00:10:18.160 --> 00:10:18.170 align:start position:0% process okay so we can see though from 00:10:18.170 --> 00:10:19.720 align:start position:0% process okay so we can see though from the<00:10:18.290> Venn<00:10:18.470> diagram<00:10:18.800> at<00:10:18.860> the<00:10:18.890> beginning<00:10:19.280> right 00:10:19.720 --> 00:10:19.730 align:start position:0% the Venn diagram at the beginning right 00:10:19.730 --> 00:10:21.400 align:start position:0% the Venn diagram at the beginning right that<00:10:19.940> we<00:10:20.540> don't<00:10:20.750> have<00:10:20.870> a<00:10:20.900> structure<00:10:21.380> that 00:10:21.400 --> 00:10:21.410 align:start position:0% that we don't have a structure that 00:10:21.410 --> 00:10:23.080 align:start position:0% that we don't have a structure that really<00:10:21.740> enables<00:10:22.160> that<00:10:22.280> accountability<00:10:22.940> right 00:10:23.080 --> 00:10:23.090 align:start position:0% really enables that accountability right 00:10:23.090 --> 00:10:26.290 align:start position:0% really enables that accountability right now<00:10:23.240> we<00:10:23.300> have<00:10:23.620> tokens<00:10:24.670> very<00:10:25.670> few<00:10:25.910> of<00:10:26.030> which<00:10:26.180> are 00:10:26.290 --> 00:10:26.300 align:start position:0% now we have tokens very few of which are 00:10:26.300 --> 00:10:28.060 align:start position:0% now we have tokens very few of which are actually<00:10:26.690> held<00:10:26.900> by<00:10:27.080> active<00:10:27.590> users<00:10:27.890> of<00:10:27.980> the 00:10:28.060 --> 00:10:28.070 align:start position:0% actually held by active users of the 00:10:28.070 --> 00:10:30.550 align:start position:0% actually held by active users of the protocol<00:10:28.550> who<00:10:29.270> would<00:10:29.450> then<00:10:29.600> vote<00:10:30.140> you<00:10:30.440> know 00:10:30.550 --> 00:10:30.560 align:start position:0% protocol who would then vote you know 00:10:30.560 --> 00:10:33.040 align:start position:0% protocol who would then vote you know for<00:10:30.800> things<00:10:31.010> that<00:10:31.220> that<00:10:31.750> are<00:10:32.750> in<00:10:32.930> their 00:10:33.040 --> 00:10:33.050 align:start position:0% for things that that are in their 00:10:33.050 --> 00:10:34.360 align:start position:0% for things that that are in their interest<00:10:33.410> for<00:10:33.590> things<00:10:33.740> that<00:10:33.830> align<00:10:34.070> with<00:10:34.220> our 00:10:34.360 --> 00:10:34.370 align:start position:0% interest for things that align with our 00:10:34.370 --> 00:10:36.250 align:start position:0% interest for things that align with our organization's<00:10:34.910> mission<00:10:35.240> so<00:10:35.930> we<00:10:35.960> have<00:10:36.140> to 00:10:36.250 --> 00:10:36.260 align:start position:0% organization's mission so we have to 00:10:36.260 --> 00:10:38.320 align:start position:0% organization's mission so we have to have<00:10:36.350> some<00:10:36.560> means<00:10:36.710> of<00:10:36.890> persuading<00:10:37.550> these 00:10:38.320 --> 00:10:38.330 align:start position:0% have some means of persuading these 00:10:38.330 --> 00:10:40.840 align:start position:0% have some means of persuading these users<00:10:38.840> of<00:10:38.960> the<00:10:39.050> protocol<00:10:39.530> to<00:10:39.740> become<00:10:40.220> Xerox 00:10:40.840 --> 00:10:40.850 align:start position:0% users of the protocol to become Xerox 00:10:40.850 --> 00:10:42.610 align:start position:0% users of the protocol to become Xerox owners<00:10:41.210> right<00:10:41.480> and<00:10:41.600> it's<00:10:41.690> not<00:10:41.810> just<00:10:42.080> going<00:10:42.530> to 00:10:42.610 --> 00:10:42.620 align:start position:0% owners right and it's not just going to 00:10:42.620 --> 00:10:44.680 align:start position:0% owners right and it's not just going to work<00:10:42.770> through<00:10:43.010> exhortation<00:10:43.460> we<00:10:43.850> could<00:10:43.970> say<00:10:44.120> in 00:10:44.680 --> 00:10:44.690 align:start position:0% work through exhortation we could say in 00:10:44.690 --> 00:10:45.790 align:start position:0% work through exhortation we could say in order<00:10:44.900> to<00:10:45.110> preserve<00:10:45.380> the<00:10:45.560> decentralized 00:10:45.790 --> 00:10:45.800 align:start position:0% order to preserve the decentralized 00:10:45.800 --> 00:10:48.640 align:start position:0% order to preserve the decentralized future<00:10:46.400> you<00:10:47.090> know<00:10:47.210> do<00:10:47.660> your<00:10:47.870> duty<00:10:48.260> and<00:10:48.290> buy 00:10:48.640 --> 00:10:48.650 align:start position:0% future you know do your duty and buy 00:10:48.650 --> 00:10:50.410 align:start position:0% future you know do your duty and buy some<00:10:48.950> Xerox<00:10:49.310> tokens<00:10:49.700> and<00:10:49.820> vote<00:10:50.060> you<00:10:50.360> know 00:10:50.410 --> 00:10:50.420 align:start position:0% some Xerox tokens and vote you know 00:10:50.420 --> 00:10:52.090 align:start position:0% some Xerox tokens and vote you know participate<00:10:50.660> in<00:10:50.900> the<00:10:50.960> voting<00:10:51.230> process<00:10:51.260> right 00:10:52.090 --> 00:10:52.100 align:start position:0% participate in the voting process right 00:10:52.100 --> 00:10:54.460 align:start position:0% participate in the voting process right but<00:10:52.280> if<00:10:52.370> a<00:10:52.460> user<00:10:52.700> is<00:10:52.970> happy<00:10:53.180> with<00:10:53.600> the<00:10:54.200> way<00:10:54.320> the 00:10:54.460 --> 00:10:54.470 align:start position:0% but if a user is happy with the way the 00:10:54.470 --> 00:10:56.860 align:start position:0% but if a user is happy with the way the software<00:10:54.650> works<00:10:55.070> and<00:10:55.310> he<00:10:56.270> thinks<00:10:56.570> that<00:10:56.720> we're 00:10:56.860 --> 00:10:56.870 align:start position:0% software works and he thinks that we're 00:10:56.870 --> 00:10:57.880 align:start position:0% software works and he thinks that we're making<00:10:57.110> good<00:10:57.200> decisions<00:10:57.290> so<00:10:57.650> that<00:10:57.680> other 00:10:57.880 --> 00:10:57.890 align:start position:0% making good decisions so that other 00:10:57.890 --> 00:10:59.200 align:start position:0% making good decisions so that other people<00:10:57.950> are<00:10:58.280> voting<00:10:58.400> then<00:10:58.700> he<00:10:58.850> doesn't<00:10:59.090> really 00:10:59.200 --> 00:10:59.210 align:start position:0% people are voting then he doesn't really 00:10:59.210 --> 00:11:01.150 align:start position:0% people are voting then he doesn't really have<00:10:59.390> any<00:10:59.540> incentive<00:10:59.870> personally<00:11:00.650> to<00:11:00.860> sort<00:11:01.100> of 00:11:01.150 --> 00:11:01.160 align:start position:0% have any incentive personally to sort of 00:11:01.160 --> 00:11:02.800 align:start position:0% have any incentive personally to sort of bear<00:11:01.430> this<00:11:01.640> cost<00:11:01.880> and<00:11:02.090> responsibility<00:11:02.750> you 00:11:02.800 --> 00:11:02.810 align:start position:0% bear this cost and responsibility you 00:11:02.810 --> 00:11:04.330 align:start position:0% bear this cost and responsibility you can<00:11:02.930> say<00:11:03.050> well<00:11:03.230> some<00:11:03.800> other<00:11:03.950> one<00:11:04.070> else<00:11:04.190> should 00:11:04.330 --> 00:11:04.340 align:start position:0% can say well some other one else should 00:11:04.340 --> 00:11:07.030 align:start position:0% can say well some other one else should vote<00:11:04.520> for<00:11:05.360> me<00:11:05.540> I'm<00:11:05.750> happy<00:11:06.320> why<00:11:06.440> should<00:11:06.620> I<00:11:06.710> you 00:11:07.030 --> 00:11:07.040 align:start position:0% vote for me I'm happy why should I you 00:11:07.040 --> 00:11:08.410 align:start position:0% vote for me I'm happy why should I you know<00:11:07.160> bother<00:11:07.370> it's<00:11:07.670> too<00:11:07.760> much<00:11:07.910> trouble<00:11:08.060> the 00:11:08.410 --> 00:11:08.420 align:start position:0% know bother it's too much trouble the 00:11:08.420 --> 00:11:09.490 align:start position:0% know bother it's too much trouble the next<00:11:08.510> person<00:11:08.840> will<00:11:08.870> say<00:11:09.020> the<00:11:09.110> same<00:11:09.260> thing 00:11:09.490 --> 00:11:09.500 align:start position:0% next person will say the same thing 00:11:09.500 --> 00:11:12.280 align:start position:0% next person will say the same thing because<00:11:10.190> of<00:11:10.490> this<00:11:10.610> free<00:11:10.820> writing<00:11:11.150> problem<00:11:11.690> and 00:11:12.280 --> 00:11:12.290 align:start position:0% because of this free writing problem and 00:11:12.290 --> 00:11:13.540 align:start position:0% because of this free writing problem and this<00:11:12.410> is<00:11:12.500> not<00:11:12.770> going<00:11:12.950> to<00:11:13.010> happen 00:11:13.540 --> 00:11:13.550 align:start position:0% this is not going to happen 00:11:13.550 --> 00:11:15.970 align:start position:0% this is not going to happen you<00:11:13.850> know<00:11:13.970> without<00:11:14.390> some<00:11:14.690> intervention<00:11:15.350> that 00:11:15.970 --> 00:11:15.980 align:start position:0% you know without some intervention that 00:11:15.980 --> 00:11:18.940 align:start position:0% you know without some intervention that motivates<00:11:16.820> people<00:11:16.940> to<00:11:17.380> do<00:11:18.380> this<00:11:18.530> there<00:11:18.710> has<00:11:18.920> to 00:11:18.940 --> 00:11:18.950 align:start position:0% motivates people to do this there has to 00:11:18.950 --> 00:11:21.280 align:start position:0% motivates people to do this there has to be<00:11:19.070> personally<00:11:19.550> beneficial<00:11:20.090> for<00:11:20.300> individuals 00:11:21.280 --> 00:11:21.290 align:start position:0% be personally beneficial for individuals 00:11:21.290 --> 00:11:22.810 align:start position:0% be personally beneficial for individuals before<00:11:21.620> we<00:11:21.680> can<00:11:21.800> expect<00:11:22.100> that<00:11:22.130> to<00:11:22.310> happen<00:11:22.430> so 00:11:22.810 --> 00:11:22.820 align:start position:0% before we can expect that to happen so 00:11:22.820 --> 00:11:25.210 align:start position:0% before we can expect that to happen so we<00:11:23.360> see<00:11:23.630> right<00:11:23.660> now<00:11:23.810> is<00:11:23.960> that<00:11:24.440> under<00:11:25.190> our 00:11:25.210 --> 00:11:25.220 align:start position:0% we see right now is that under our 00:11:25.220 --> 00:11:27.250 align:start position:0% we see right now is that under our current<00:11:25.670> system<00:11:26.210> the<00:11:26.240> incentive<00:11:26.780> structure 00:11:27.250 --> 00:11:27.260 align:start position:0% current system the incentive structure 00:11:27.260 --> 00:11:29.050 align:start position:0% current system the incentive structure encourages<00:11:28.070> tokens<00:11:28.610> to<00:11:28.730> be<00:11:28.820> owned<00:11:29.000> by 00:11:29.050 --> 00:11:29.060 align:start position:0% encourages tokens to be owned by 00:11:29.060 --> 00:11:31.480 align:start position:0% encourages tokens to be owned by speculators<00:11:29.690> and<00:11:30.020> does<00:11:30.500> not<00:11:30.650> really<00:11:30.920> motivate 00:11:31.480 --> 00:11:31.490 align:start position:0% speculators and does not really motivate 00:11:31.490 --> 00:11:34.960 align:start position:0% speculators and does not really motivate users<00:11:32.120> to<00:11:32.450> buy<00:11:33.110> the<00:11:33.170> tokens<00:11:33.680> a<00:11:33.920> voting<00:11:34.850> rights 00:11:34.960 --> 00:11:34.970 align:start position:0% users to buy the tokens a voting rights 00:11:34.970 --> 00:11:36.700 align:start position:0% users to buy the tokens a voting rights have<00:11:35.210> not<00:11:35.390> are<00:11:35.480> not<00:11:35.510> enough<00:11:35.900> you<00:11:36.350> know<00:11:36.440> there's 00:11:36.700 --> 00:11:36.710 align:start position:0% have not are not enough you know there's 00:11:36.710 --> 00:11:38.290 align:start position:0% have not are not enough you know there's a<00:11:36.800> free<00:11:37.040> writing<00:11:37.250> problem<00:11:37.640> they're<00:11:37.880> not<00:11:38.060> going 00:11:38.290 --> 00:11:38.300 align:start position:0% a free writing problem they're not going 00:11:38.300 --> 00:11:40.090 align:start position:0% a free writing problem they're not going to<00:11:38.450> cause<00:11:38.630> a<00:11:39.050> transition<00:11:39.740> in<00:11:39.800> the<00:11:39.890> owners 00:11:40.090 --> 00:11:40.100 align:start position:0% to cause a transition in the owners 00:11:40.100 --> 00:11:42.340 align:start position:0% to cause a transition in the owners ownership<00:11:40.550> distribution<00:11:41.150> what<00:11:41.870> we<00:11:42.020> need<00:11:42.200> is 00:11:42.340 --> 00:11:42.350 align:start position:0% ownership distribution what we need is 00:11:42.350 --> 00:11:46.210 align:start position:0% ownership distribution what we need is some<00:11:43.250> way<00:11:43.400> in<00:11:43.970> which<00:11:44.120> 0x<00:11:44.600> users<00:11:45.050> can<00:11:45.740> realize<00:11:46.190> a 00:11:46.210 --> 00:11:46.220 align:start position:0% some way in which 0x users can realize a 00:11:46.220 --> 00:11:48.160 align:start position:0% some way in which 0x users can realize a material<00:11:46.820> benefit<00:11:47.270> from<00:11:47.540> holding<00:11:47.690> the<00:11:47.870> token 00:11:48.160 --> 00:11:48.170 align:start position:0% material benefit from holding the token 00:11:48.170 --> 00:11:50.620 align:start position:0% material benefit from holding the token so<00:11:48.230> that<00:11:48.350> they<00:11:48.470> can<00:11:48.650> get<00:11:48.860> something<00:11:49.190> as<00:11:49.550> a<00:11:50.150> user 00:11:50.620 --> 00:11:50.630 align:start position:0% so that they can get something as a user 00:11:50.630 --> 00:11:52.240 align:start position:0% so that they can get something as a user from<00:11:51.110> owning<00:11:51.470> the<00:11:51.530> token<00:11:51.860> that's<00:11:51.980> not 00:11:52.240 --> 00:11:52.250 align:start position:0% from owning the token that's not 00:11:52.250 --> 00:11:53.470 align:start position:0% from owning the token that's not available<00:11:52.430> to<00:11:52.790> anyone<00:11:53.060> else 00:11:53.470 --> 00:11:53.480 align:start position:0% available to anyone else 00:11:53.480 --> 00:11:55.600 align:start position:0% available to anyone else so<00:11:53.840> Alice<00:11:54.170> uses<00:11:54.440> the<00:11:54.650> protocol<00:11:55.010> alter<00:11:55.250> token 00:11:55.600 --> 00:11:55.610 align:start position:0% so Alice uses the protocol alter token 00:11:55.610 --> 00:11:57.430 align:start position:0% so Alice uses the protocol alter token and<00:11:55.760> she<00:11:56.240> can<00:11:56.390> get<00:11:56.480> a<00:11:56.540> really<00:11:56.780> nice<00:11:56.900> benefit 00:11:57.430 --> 00:11:57.440 align:start position:0% and she can get a really nice benefit 00:11:57.440 --> 00:12:00.400 align:start position:0% and she can get a really nice benefit from<00:11:57.560> that<00:11:57.880> where's<00:11:58.880> Bob<00:11:59.210> you<00:11:59.900> know<00:12:00.020> holds<00:12:00.320> the 00:12:00.400 --> 00:12:00.410 align:start position:0% from that where's Bob you know holds the 00:12:00.410 --> 00:12:03.070 align:start position:0% from that where's Bob you know holds the token<00:12:00.830> and<00:12:01.040> because<00:12:02.000> he's<00:12:02.150> not<00:12:02.330> a<00:12:02.360> user<00:12:02.720> it's 00:12:03.070 --> 00:12:03.080 align:start position:0% token and because he's not a user it's 00:12:03.080 --> 00:12:04.750 align:start position:0% token and because he's not a user it's not<00:12:03.350> beneficial<00:12:03.980> to<00:12:04.130> him<00:12:04.310> it<00:12:04.400> doesn't<00:12:04.670> have 00:12:04.750 --> 00:12:04.760 align:start position:0% not beneficial to him it doesn't have 00:12:04.760 --> 00:12:07.930 align:start position:0% not beneficial to him it doesn't have the<00:12:04.880> same<00:12:05.110> economic<00:12:06.250> benefit<00:12:07.250> attached<00:12:07.520> to<00:12:07.820> it 00:12:07.930 --> 00:12:07.940 align:start position:0% the same economic benefit attached to it 00:12:07.940 --> 00:12:09.400 align:start position:0% the same economic benefit attached to it right<00:12:08.270> so<00:12:08.300> we<00:12:08.480> need<00:12:08.600> to<00:12:08.720> create<00:12:08.900> that<00:12:09.170> dynamic 00:12:09.400 --> 00:12:09.410 align:start position:0% right so we need to create that dynamic 00:12:09.410 --> 00:12:11.530 align:start position:0% right so we need to create that dynamic so<00:12:10.250> it's<00:12:10.400> to<00:12:10.490> encourage<00:12:10.580> the<00:12:11.060> Bob's<00:12:11.240> of<00:12:11.480> the 00:12:11.530 --> 00:12:11.540 align:start position:0% so it's to encourage the Bob's of the 00:12:11.540 --> 00:12:13.270 align:start position:0% so it's to encourage the Bob's of the world<00:12:11.750> to<00:12:12.290> sell<00:12:12.560> their<00:12:12.740> tokens<00:12:13.100> to<00:12:13.220> the 00:12:13.270 --> 00:12:13.280 align:start position:0% world to sell their tokens to the 00:12:13.280 --> 00:12:19.420 align:start position:0% world to sell their tokens to the Alice's<00:12:13.880> who<00:12:14.150> will<00:12:14.390> be<00:12:14.510> owner<00:12:14.720> users<00:12:18.280> okay<00:12:19.280> and 00:12:19.420 --> 00:12:19.430 align:start position:0% Alice's who will be owner users okay and 00:12:19.430 --> 00:12:21.460 align:start position:0% Alice's who will be owner users okay and this<00:12:19.550> is<00:12:19.610> like<00:12:20.060> I<00:12:20.360> think<00:12:20.870> this<00:12:21.050> is<00:12:21.170> a<00:12:21.290> critical 00:12:21.460 --> 00:12:21.470 align:start position:0% this is like I think this is a critical 00:12:21.470 --> 00:12:22.780 align:start position:0% this is like I think this is a critical part<00:12:21.830> of<00:12:21.890> governance<00:12:22.310> that<00:12:22.400> is<00:12:22.550> kind<00:12:22.730> of 00:12:22.780 --> 00:12:22.790 align:start position:0% part of governance that is kind of 00:12:22.790 --> 00:12:24.820 align:start position:0% part of governance that is kind of under-recognized<00:12:23.570> that<00:12:23.870> is<00:12:23.960> it's<00:12:24.410> not<00:12:24.620> just 00:12:24.820 --> 00:12:24.830 align:start position:0% under-recognized that is it's not just 00:12:24.830 --> 00:12:26.980 align:start position:0% under-recognized that is it's not just about<00:12:24.920> the<00:12:25.550> mechanisms<00:12:26.300> we<00:12:26.390> create<00:12:26.750> that 00:12:26.980 --> 00:12:26.990 align:start position:0% about the mechanisms we create that 00:12:26.990 --> 00:12:29.470 align:start position:0% about the mechanisms we create that allow<00:12:27.230> owners<00:12:27.770> to<00:12:28.220> influence<00:12:28.880> or<00:12:29.000> have<00:12:29.180> voice 00:12:29.470 --> 00:12:29.480 align:start position:0% allow owners to influence or have voice 00:12:29.480 --> 00:12:32.020 align:start position:0% allow owners to influence or have voice in<00:12:30.050> decisions<00:12:30.770> it's<00:12:31.370> also<00:12:31.700> about<00:12:31.910> the 00:12:32.020 --> 00:12:32.030 align:start position:0% in decisions it's also about the 00:12:32.030 --> 00:12:33.430 align:start position:0% in decisions it's also about the identity<00:12:32.540> of<00:12:32.570> owners<00:12:32.930> the<00:12:33.050> identity<00:12:33.380> of 00:12:33.430 --> 00:12:33.440 align:start position:0% identity of owners the identity of 00:12:33.440 --> 00:12:35.410 align:start position:0% identity of owners the identity of owners<00:12:33.770> matters<00:12:34.280> quite<00:12:34.640> a<00:12:34.700> bit<00:12:34.940> for<00:12:35.210> what<00:12:35.330> an 00:12:35.410 --> 00:12:35.420 align:start position:0% owners matters quite a bit for what an 00:12:35.420 --> 00:12:37.000 align:start position:0% owners matters quite a bit for what an organization<00:12:35.750> will<00:12:36.110> set<00:12:36.260> out<00:12:36.350> to<00:12:36.500> achieve<00:12:36.590> it 00:12:37.000 --> 00:12:37.010 align:start position:0% organization will set out to achieve it 00:12:37.010 --> 00:12:38.680 align:start position:0% organization will set out to achieve it will<00:12:37.130> set<00:12:37.280> out<00:12:37.370> to<00:12:37.490> sort<00:12:37.610> of<00:12:37.670> represent<00:12:38.300> the 00:12:38.680 --> 00:12:38.690 align:start position:0% will set out to sort of represent the 00:12:38.690 --> 00:12:41.170 align:start position:0% will set out to sort of represent the interests<00:12:39.080> of<00:12:39.110> its<00:12:39.200> owners<00:12:39.620> so<00:12:40.400> if<00:12:40.640> we<00:12:40.790> want<00:12:41.030> to 00:12:41.170 --> 00:12:41.180 align:start position:0% interests of its owners so if we want to 00:12:41.180 --> 00:12:43.600 align:start position:0% interests of its owners so if we want to target<00:12:41.840> a<00:12:42.110> particular<00:12:42.230> long<00:12:42.680> term<00:12:42.920> goal<00:12:43.160> we 00:12:43.600 --> 00:12:43.610 align:start position:0% target a particular long term goal we 00:12:43.610 --> 00:12:45.460 align:start position:0% target a particular long term goal we need<00:12:43.640> to<00:12:43.820> pick<00:12:44.210> people<00:12:44.690> as<00:12:44.840> owners<00:12:45.230> or 00:12:45.460 --> 00:12:45.470 align:start position:0% need to pick people as owners or 00:12:45.470 --> 00:12:47.860 align:start position:0% need to pick people as owners or encourage<00:12:45.920> people<00:12:46.130> to<00:12:46.460> be<00:12:46.850> owners<00:12:47.240> whose 00:12:47.860 --> 00:12:47.870 align:start position:0% encourage people to be owners whose 00:12:47.870 --> 00:12:50.200 align:start position:0% encourage people to be owners whose interests<00:12:48.830> align<00:12:49.160> with<00:12:49.370> what<00:12:49.520> we<00:12:49.700> want<00:12:49.940> to<00:12:50.060> do 00:12:50.200 --> 00:12:50.210 align:start position:0% interests align with what we want to do 00:12:50.210 --> 00:12:51.880 align:start position:0% interests align with what we want to do all<00:12:50.810> right<00:12:50.900> we<00:12:50.990> can't<00:12:51.200> just<00:12:51.350> sort<00:12:51.470> of<00:12:51.530> blindly 00:12:51.880 --> 00:12:51.890 align:start position:0% all right we can't just sort of blindly 00:12:51.890 --> 00:12:54.430 align:start position:0% all right we can't just sort of blindly assume<00:12:52.550> that<00:12:52.730> they<00:12:53.000> will<00:12:53.150> we<00:12:53.390> need<00:12:53.540> to<00:12:53.690> sort<00:12:54.380> of 00:12:54.430 --> 00:12:54.440 align:start position:0% assume that they will we need to sort of 00:12:54.440 --> 00:12:56.280 align:start position:0% assume that they will we need to sort of introduce<00:12:54.740> incentives<00:12:55.400> that<00:12:55.490> encourage<00:12:55.580> that 00:12:56.280 --> 00:12:56.290 align:start position:0% introduce incentives that encourage that 00:12:56.290 --> 00:12:58.720 align:start position:0% introduce incentives that encourage that so<00:12:57.290> the<00:12:57.410> first<00:12:57.620> you<00:12:57.890> know<00:12:58.010> sort<00:12:58.370> of<00:12:58.400> part<00:12:58.700> of 00:12:58.720 --> 00:12:58.730 align:start position:0% so the first you know sort of part of 00:12:58.730 --> 00:13:00.550 align:start position:0% so the first you know sort of part of this<00:12:58.820> chain<00:12:59.030> is<00:12:59.150> token<00:12:59.510> incentives<00:12:59.990> and<00:13:00.230> we 00:13:00.550 --> 00:13:00.560 align:start position:0% this chain is token incentives and we 00:13:00.560 --> 00:13:01.650 align:start position:0% this chain is token incentives and we want<00:13:00.710> to<00:13:00.830> introduce 00:13:01.650 --> 00:13:01.660 align:start position:0% want to introduce 00:13:01.660 --> 00:13:04.000 align:start position:0% want to introduce systems<00:13:02.660> is<00:13:02.780> that<00:13:02.810> 0x<00:13:03.290> ownership<00:13:03.740> provide 00:13:04.000 --> 00:13:04.010 align:start position:0% systems is that 0x ownership provide 00:13:04.010 --> 00:13:06.430 align:start position:0% systems is that 0x ownership provide specific<00:13:04.520> benefits<00:13:05.030> that<00:13:05.600> are<00:13:05.750> available<00:13:05.960> to 00:13:06.430 --> 00:13:06.440 align:start position:0% specific benefits that are available to 00:13:06.440 --> 00:13:09.100 align:start position:0% specific benefits that are available to 0x<00:13:06.710> users<00:13:07.250> but<00:13:08.000> not<00:13:08.240> to<00:13:08.450> someone<00:13:08.690> who's<00:13:08.900> simply 00:13:09.100 --> 00:13:09.110 align:start position:0% 0x users but not to someone who's simply 00:13:09.110 --> 00:13:11.020 align:start position:0% 0x users but not to someone who's simply a<00:13:09.200> speculator<00:13:09.800> or<00:13:10.370> a<00:13:10.430> third<00:13:10.640> party<00:13:10.820> who 00:13:11.020 --> 00:13:11.030 align:start position:0% a speculator or a third party who 00:13:11.030 --> 00:13:13.720 align:start position:0% a speculator or a third party who doesn't<00:13:11.300> engage<00:13:11.420> with<00:13:12.170> a<00:13:12.200> software<00:13:12.770> right<00:13:13.580> and 00:13:13.720 --> 00:13:13.730 align:start position:0% doesn't engage with a software right and 00:13:13.730 --> 00:13:15.220 align:start position:0% doesn't engage with a software right and then<00:13:13.910> we<00:13:14.030> expect<00:13:14.450> that<00:13:14.630> to<00:13:14.840> influence<00:13:14.990> the 00:13:15.220 --> 00:13:15.230 align:start position:0% then we expect that to influence the 00:13:15.230 --> 00:13:17.920 align:start position:0% then we expect that to influence the ownership<00:13:15.530> distribution<00:13:16.280> so<00:13:17.000> the<00:13:17.210> non<00:13:17.390> users 00:13:17.920 --> 00:13:17.930 align:start position:0% ownership distribution so the non users 00:13:17.930 --> 00:13:20.860 align:start position:0% ownership distribution so the non users sell<00:13:18.380> tokens<00:13:18.950> to<00:13:19.640> users<00:13:20.090> who<00:13:20.120> can<00:13:20.510> derive<00:13:20.810> a 00:13:20.860 --> 00:13:20.870 align:start position:0% sell tokens to users who can derive a 00:13:20.870 --> 00:13:22.990 align:start position:0% sell tokens to users who can derive a greater<00:13:21.170> benefit<00:13:21.620> from<00:13:21.770> them<00:13:21.980> all<00:13:22.730> right<00:13:22.820> and 00:13:22.990 --> 00:13:23.000 align:start position:0% greater benefit from them all right and 00:13:23.000 --> 00:13:23.769 align:start position:0% greater benefit from them all right and then<00:13:23.120> this<00:13:23.420> feed 00:13:23.769 --> 00:13:23.779 align:start position:0% then this feed 00:13:23.779 --> 00:13:27.220 align:start position:0% then this feed to<00:13:23.930> our<00:13:24.050> voting<00:13:24.410> process<00:13:24.920> or<00:13:25.699> as<00:13:26.029> users<00:13:26.899> come 00:13:27.220 --> 00:13:27.230 align:start position:0% to our voting process or as users come 00:13:27.230 --> 00:13:28.869 align:start position:0% to our voting process or as users come to<00:13:27.259> hold<00:13:27.560> a<00:13:27.680> larger<00:13:27.980> proportion<00:13:28.399> of<00:13:28.430> the<00:13:28.490> the 00:13:28.869 --> 00:13:28.879 align:start position:0% to hold a larger proportion of the the 00:13:28.879 --> 00:13:32.019 align:start position:0% to hold a larger proportion of the the tokens<00:13:29.420> that<00:13:30.199> he<00:13:30.290> will<00:13:30.439> vote<00:13:30.709> for<00:13:31.100> decisions 00:13:32.019 --> 00:13:32.029 align:start position:0% tokens that he will vote for decisions 00:13:32.029 --> 00:13:33.460 align:start position:0% tokens that he will vote for decisions and<00:13:32.180> policies<00:13:32.540> that<00:13:32.569> are<00:13:32.749> in<00:13:32.959> their<00:13:33.110> interest 00:13:33.460 --> 00:13:33.470 align:start position:0% and policies that are in their interest 00:13:33.470 --> 00:13:35.530 align:start position:0% and policies that are in their interest and<00:13:33.800> in<00:13:34.310> particular<00:13:34.610> if<00:13:34.939> we<00:13:34.970> think<00:13:35.180> go<00:13:35.269> back<00:13:35.449> to 00:13:35.530 --> 00:13:35.540 align:start position:0% and in particular if we think go back to 00:13:35.540 --> 00:13:38.199 align:start position:0% and in particular if we think go back to this<00:13:35.660> like<00:13:35.930> the<00:13:36.019> users<00:13:36.350> will<00:13:36.470> prefer<00:13:37.209> systems 00:13:38.199 --> 00:13:38.209 align:start position:0% this like the users will prefer systems 00:13:38.209 --> 00:13:40.049 align:start position:0% this like the users will prefer systems that<00:13:38.509> offer<00:13:38.660> specific<00:13:39.170> benefits<00:13:39.560> for<00:13:39.740> them 00:13:40.049 --> 00:13:40.059 align:start position:0% that offer specific benefits for them 00:13:40.059 --> 00:13:42.939 align:start position:0% that offer specific benefits for them rather<00:13:41.059> than<00:13:41.269> for<00:13:41.449> other<00:13:41.660> outside<00:13:42.110> groups<00:13:42.139> all 00:13:42.939 --> 00:13:42.949 align:start position:0% rather than for other outside groups all 00:13:42.949 --> 00:13:44.379 align:start position:0% rather than for other outside groups all right<00:13:43.040> so<00:13:43.189> this<00:13:43.279> is<00:13:43.459> self-sustaining<00:13:43.879> like 00:13:44.379 --> 00:13:44.389 align:start position:0% right so this is self-sustaining like 00:13:44.389 --> 00:13:46.869 align:start position:0% right so this is self-sustaining like once<00:13:44.800> once<00:13:45.800> an<00:13:45.980> organization<00:13:46.100> sort<00:13:46.610> of<00:13:46.670> set<00:13:46.790> on 00:13:46.869 --> 00:13:46.879 align:start position:0% once once an organization sort of set on 00:13:46.879 --> 00:13:50.530 align:start position:0% once once an organization sort of set on this<00:13:46.970> path<00:13:47.949> the<00:13:48.949> people<00:13:49.519> the<00:13:49.850> incumbents<00:13:50.449> who 00:13:50.530 --> 00:13:50.540 align:start position:0% this path the people the incumbents who 00:13:50.540 --> 00:13:52.660 align:start position:0% this path the people the incumbents who hold<00:13:50.809> the<00:13:50.930> tokens<00:13:51.319> tend<00:13:51.559> to<00:13:51.680> vote<00:13:51.889> you<00:13:52.610> know 00:13:52.660 --> 00:13:52.670 align:start position:0% hold the tokens tend to vote you know 00:13:52.670 --> 00:13:54.309 align:start position:0% hold the tokens tend to vote you know for<00:13:52.850> this<00:13:52.939> for<00:13:53.240> policies<00:13:53.600> that<00:13:53.629> sustain<00:13:54.170> it 00:13:54.309 --> 00:13:54.319 align:start position:0% for this for policies that sustain it 00:13:54.319 --> 00:13:56.199 align:start position:0% for this for policies that sustain it because<00:13:54.529> they<00:13:54.680> benefit<00:13:55.129> from<00:13:55.309> them<00:13:55.550> all<00:13:56.120> right 00:13:56.199 --> 00:13:56.209 align:start position:0% because they benefit from them all right 00:13:56.209 --> 00:13:57.400 align:start position:0% because they benefit from them all right so<00:13:56.360> in<00:13:56.569> thinking<00:13:56.720> about<00:13:56.930> the<00:13:57.199> long-term 00:13:57.400 --> 00:13:57.410 align:start position:0% so in thinking about the long-term 00:13:57.410 --> 00:13:59.799 align:start position:0% so in thinking about the long-term trajectory<00:13:57.769> of<00:13:58.189> the<00:13:58.279> organization<00:13:58.850> we<00:13:59.629> want 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position:0% vision okay so that doesn't lead to the 00:14:10.430 --> 00:14:13.059 align:start position:0% vision okay so that doesn't lead to the what<00:14:11.180> do<00:14:11.240> we<00:14:11.329> mean<00:14:11.420> by<00:14:11.449> users<00:14:12.139> right<00:14:12.649> who<00:14:12.920> is<00:14:13.040> a 00:14:13.059 --> 00:14:13.069 align:start position:0% what do we mean by users right who is a 00:14:13.069 --> 00:14:15.239 align:start position:0% what do we mean by users right who is a user<00:14:13.309> of<00:14:13.490> the<00:14:13.550> protocol<00:14:13.939> do<00:14:14.149> we<00:14:14.240> want<00:14:14.420> everyone 00:14:15.239 --> 00:14:15.249 align:start position:0% user of the protocol do we want everyone 00:14:15.249 --> 00:14:17.980 align:start position:0% user of the protocol do we want everyone who<00:14:16.249> ever<00:14:16.519> interacted<00:14:17.120> with<00:14:17.269> the<00:14:17.420> 0x<00:14:17.749> Mart 00:14:17.980 --> 00:14:17.990 align:start position:0% who ever interacted with the 0x Mart 00:14:17.990 --> 00:14:19.869 align:start position:0% who ever interacted with the 0x Mart contracts<00:14:18.439> to<00:14:18.620> own<00:14:18.800> does<00:14:19.069> that<00:14:19.220> make<00:14:19.399> sense 00:14:19.869 --> 00:14:19.879 align:start position:0% contracts to own does that make sense 00:14:19.879 --> 00:14:21.970 align:start position:0% contracts to own does that make sense or<00:14:19.939> do<00:14:20.629> we<00:14:20.749> need<00:14:20.839> to<00:14:20.959> be<00:14:21.050> more<00:14:21.199> specific<00:14:21.470> about 00:14:21.970 --> 00:14:21.980 align:start position:0% or do we need to be more specific about 00:14:21.980 --> 00:14:24.040 align:start position:0% or do we need to be more specific about you<00:14:22.699> know<00:14:22.790> what<00:14:22.970> it's<00:14:23.089> sort<00:14:23.240> of<00:14:23.269> a<00:14:23.360> rational 00:14:24.040 --> 00:14:24.050 align:start position:0% you know what it's sort of a rational 00:14:24.050 --> 00:14:25.809 align:start position:0% you know what it's sort of a rational structure<00:14:24.680> of<00:14:25.009> ownership<00:14:25.370> and<00:14:25.639> voter 00:14:25.809 --> 00:14:25.819 align:start position:0% structure of ownership and voter 00:14:25.819 --> 00:14:28.179 align:start position:0% structure of ownership and voter participation<00:14:26.199> so<00:14:27.199> the<00:14:27.379> zero<00:14:27.559> x<00:14:27.680> protocol<00:14:28.069> has 00:14:28.179 --> 00:14:28.189 align:start position:0% participation so the zero x protocol has 00:14:28.189 --> 00:14:29.889 align:start position:0% participation so the zero x protocol has three<00:14:28.430> main<00:14:28.639> classes<00:14:28.819> of<00:14:29.240> users<00:14:29.269> who<00:14:29.750> might 00:14:29.889 --> 00:14:29.899 align:start position:0% three main classes of users who might 00:14:29.899 --> 00:14:31.119 align:start position:0% three main classes of users who might target<00:14:30.170> you<00:14:30.589> know<00:14:30.649> police<00:14:30.889> types<00:14:31.040> of 00:14:31.119 --> 00:14:31.129 align:start position:0% target you know police types of 00:14:31.129 --> 00:14:32.949 align:start position:0% target you know police types of incentives<00:14:31.370> the<00:14:32.180> first<00:14:32.420> are<00:14:32.569> three<00:14:32.750> layers 00:14:32.949 --> 00:14:32.959 align:start position:0% incentives the first are three layers 00:14:32.959 --> 00:14:35.590 align:start position:0% incentives the first are three layers which<00:14:33.410> sort<00:14:33.589> of<00:14:33.620> host<00:14:33.949> order<00:14:34.910> book<00:14:35.120> data<00:14:35.360> they 00:14:35.590 --> 00:14:35.600 align:start position:0% which sort of host order book data they 00:14:35.600 --> 00:14:37.860 align:start position:0% which sort of host order book data they host<00:14:35.839> these<00:14:36.050> offers<00:14:36.470> to<00:14:36.620> buy<00:14:36.740> and<00:14:36.980> sell<00:14:37.160> assets 00:14:37.860 --> 00:14:37.870 align:start position:0% host these offers to buy and sell assets 00:14:37.870 --> 00:14:40.389 align:start position:0% host these offers to buy and sell assets and<00:14:38.870> the<00:14:38.990> next<00:14:39.230> is<00:14:39.319> market<00:14:39.709> maker<00:14:39.860> so<00:14:40.100> market 00:14:40.389 --> 00:14:40.399 align:start position:0% and the next is market maker so market 00:14:40.399 --> 00:14:43.749 align:start position:0% and the next is market maker so market makers<00:14:40.730> create<00:14:41.149> these<00:14:41.990> standing<00:14:42.439> offers<00:14:42.860> to 00:14:43.749 --> 00:14:43.759 align:start position:0% makers create these standing offers to 00:14:43.759 --> 00:14:46.210 align:start position:0% makers create these standing offers to buy<00:14:43.879> and<00:14:44.120> sell<00:14:44.269> tokens<00:14:44.660> and<00:14:44.870> then<00:14:45.620> finally<00:14:46.129> at 00:14:46.210 --> 00:14:46.220 align:start position:0% buy and sell tokens and then finally at 00:14:46.220 --> 00:14:47.740 align:start position:0% buy and sell tokens and then finally at the<00:14:46.279> bottom<00:14:46.370> of<00:14:46.699> the<00:14:46.759> period<00:14:47.180> pyramid<00:14:47.629> there 00:14:47.740 --> 00:14:47.750 align:start position:0% the bottom of the period pyramid there 00:14:47.750 --> 00:14:49.900 align:start position:0% the bottom of the period pyramid there are<00:14:47.839> retail<00:14:48.199> traders<00:14:48.620> who<00:14:48.949> sort<00:14:49.160> of<00:14:49.189> are<00:14:49.339> the 00:14:49.900 --> 00:14:49.910 align:start position:0% are retail traders who sort of are the 00:14:49.910 --> 00:14:51.970 align:start position:0% are retail traders who sort of are the the<00:14:50.480> final<00:14:50.839> end<00:14:51.019> and<00:14:51.230> customers<00:14:51.740> that<00:14:51.769> the 00:14:51.970 --> 00:14:51.980 align:start position:0% the final end and customers that the 00:14:51.980 --> 00:14:54.189 align:start position:0% the final end and customers that the customers<00:14:52.670> who<00:14:53.209> take<00:14:53.420> advantage<00:14:53.600> of<00:14:54.110> the 00:14:54.189 --> 00:14:54.199 align:start position:0% customers who take advantage of the 00:14:54.199 --> 00:14:57.160 align:start position:0% customers who take advantage of the offers<00:14:54.529> of<00:14:54.680> market<00:14:55.009> makers<00:14:55.339> and<00:14:55.779> the<00:14:56.779> sort<00:14:57.139> of 00:14:57.160 --> 00:14:57.170 align:start position:0% offers of market makers and the sort of 00:14:57.170 --> 00:14:59.019 align:start position:0% offers of market makers and the sort of data<00:14:57.319> availability<00:14:57.740> platforms<00:14:58.399> of<00:14:58.610> real 00:14:59.019 --> 00:14:59.029 align:start position:0% data availability platforms of real 00:14:59.029 --> 00:15:02.410 align:start position:0% data availability platforms of real layers<00:15:00.279> in<00:15:01.279> looking<00:15:01.879> at<00:15:01.970> these<00:15:02.089> three<00:15:02.269> groups 00:15:02.410 --> 00:15:02.420 align:start position:0% layers in looking at these three groups 00:15:02.420 --> 00:15:04.480 align:start position:0% layers in looking at these three groups they're<00:15:02.660> not<00:15:02.809> all<00:15:03.110> necessarily<00:15:03.500> equally 00:15:04.480 --> 00:15:04.490 align:start position:0% they're not all necessarily equally 00:15:04.490 --> 00:15:06.879 align:start position:0% they're not all necessarily equally sensible<00:15:05.149> as<00:15:05.329> people<00:15:05.959> who<00:15:06.110> might<00:15:06.290> own<00:15:06.529> and 00:15:06.879 --> 00:15:06.889 align:start position:0% sensible as people who might own and 00:15:06.889 --> 00:15:08.619 align:start position:0% sensible as people who might own and participate<00:15:07.579> in<00:15:07.610> voting<00:15:07.910> we<00:15:08.179> need<00:15:08.300> someone 00:15:08.619 --> 00:15:08.629 align:start position:0% participate in voting we need someone 00:15:08.629 --> 00:15:11.290 align:start position:0% participate in voting we need someone who<00:15:08.779> a<00:15:09.019> group<00:15:09.740> that<00:15:09.949> has<00:15:10.220> a<00:15:10.579> strong<00:15:11.000> enough 00:15:11.290 --> 00:15:11.300 align:start position:0% who a group that has a strong enough 00:15:11.300 --> 00:15:13.210 align:start position:0% who a group that has a strong enough interest<00:15:11.929> a<00:15:12.290> strong<00:15:12.889> enough<00:15:13.040> economic 00:15:13.210 --> 00:15:13.220 align:start position:0% interest a strong enough economic 00:15:13.220 --> 00:15:15.069 align:start position:0% interest a strong enough economic interest<00:15:13.850> in<00:15:13.970> the<00:15:14.059> protocol<00:15:14.420> that 00:15:15.069 --> 00:15:15.079 align:start position:0% interest in the protocol that 00:15:15.079 --> 00:15:17.199 align:start position:0% interest in the protocol that decision-making<00:15:15.500> is<00:15:16.069> decisive<00:15:16.699> for<00:15:16.970> them 00:15:17.199 --> 00:15:17.209 align:start position:0% decision-making is decisive for them 00:15:17.209 --> 00:15:19.030 align:start position:0% decision-making is decisive for them that<00:15:17.420> the<00:15:17.569> decision<00:15:17.990> can<00:15:18.139> influence<00:15:18.500> you<00:15:18.949> know 00:15:19.030 --> 00:15:19.040 align:start position:0% that the decision can influence you know 00:15:19.040 --> 00:15:20.919 align:start position:0% that the decision can influence you know their<00:15:19.250> welfare<00:15:19.490> that<00:15:19.879> they<00:15:20.029> they<00:15:20.720> feel 00:15:20.919 --> 00:15:20.929 align:start position:0% their welfare that they they feel 00:15:20.929 --> 00:15:23.169 align:start position:0% their welfare that they they feel powerfully<00:15:21.410> impacted<00:15:21.860> upon<00:15:22.100> it<00:15:22.220> enough<00:15:22.519> with 00:15:23.169 --> 00:15:23.179 align:start position:0% powerfully impacted upon it enough with 00:15:23.179 --> 00:15:24.249 align:start position:0% powerfully impacted upon it enough with sufficient<00:15:23.600> motivation<00:15:23.870> to<00:15:24.139> become 00:15:24.249 --> 00:15:24.259 align:start position:0% sufficient motivation to become 00:15:24.259 --> 00:15:26.139 align:start position:0% sufficient motivation to become well-informed<00:15:24.709> and<00:15:25.249> then<00:15:25.519> go<00:15:25.759> through<00:15:25.999> the 00:15:26.139 --> 00:15:26.149 align:start position:0% well-informed and then go through the 00:15:26.149 --> 00:15:28.780 align:start position:0% well-informed and then go through the hurdles<00:15:26.360> of<00:15:26.689> the<00:15:27.019> voting<00:15:27.290> process<00:15:27.610> we<00:15:28.610> also 00:15:28.780 --> 00:15:28.790 align:start position:0% hurdles of the voting process we also 00:15:28.790 --> 00:15:31.030 align:start position:0% hurdles of the voting process we also need<00:15:29.179> besides<00:15:29.749> that<00:15:30.230> a<00:15:30.259> group<00:15:30.499> whose 00:15:31.030 --> 00:15:31.040 align:start position:0% need besides that a group whose 00:15:31.040 --> 00:15:32.199 align:start position:0% need besides that a group whose interests<00:15:31.550> align<00:15:31.819> with<00:15:32.000> the<00:15:32.120> organization's 00:15:32.199 --> 00:15:32.209 align:start position:0% interests align with the organization's 00:15:32.209 --> 00:15:34.389 align:start position:0% interests align with the organization's mission<00:15:32.689> organization's<00:15:33.589> mission<00:15:34.040> to<00:15:34.189> sort 00:15:34.389 --> 00:15:34.399 align:start position:0% mission organization's mission to sort 00:15:34.399 --> 00:15:36.610 align:start position:0% mission organization's mission to sort of<00:15:34.459> enable<00:15:34.850> online<00:15:35.240> exchange<00:15:35.899> in<00:15:36.139> the<00:15:36.290> public 00:15:36.610 --> 00:15:36.620 align:start position:0% of enable online exchange in the public 00:15:36.620 --> 00:15:37.460 align:start position:0% of enable online exchange in the public interest 00:15:37.460 --> 00:15:37.470 align:start position:0% interest 00:15:37.470 --> 00:15:38.780 align:start position:0% interest rather<00:15:37.800> the<00:15:38.070> interests<00:15:38.430> of<00:15:38.490> sort<00:15:38.730> of 00:15:38.780 --> 00:15:38.790 align:start position:0% rather the interests of sort of 00:15:38.790 --> 00:15:41.240 align:start position:0% rather the interests of sort of maximizing<00:15:39.630> private<00:15:40.050> benefit<00:15:40.470> and<00:15:41.070> so 00:15:41.240 --> 00:15:41.250 align:start position:0% maximizing private benefit and so 00:15:41.250 --> 00:15:43.040 align:start position:0% maximizing private benefit and so looking<00:15:41.460> through<00:15:41.640> these<00:15:41.760> groups<00:15:42.120> you<00:15:42.930> know 00:15:43.040 --> 00:15:43.050 align:start position:0% looking through these groups you know 00:15:43.050 --> 00:15:44.810 align:start position:0% looking through these groups you know real<00:15:43.530> ayres<00:15:43.770> you<00:15:44.220> know<00:15:44.310> they<00:15:44.430> have<00:15:44.610> this 00:15:44.810 --> 00:15:44.820 align:start position:0% real ayres you know they have this 00:15:44.820 --> 00:15:46.010 align:start position:0% real ayres you know they have this they're<00:15:45.120> building<00:15:45.450> businesses<00:15:45.780> in<00:15:45.960> the 00:15:46.010 --> 00:15:46.020 align:start position:0% they're building businesses in the 00:15:46.020 --> 00:15:48.170 align:start position:0% they're building businesses in the protocol<00:15:46.440> um<00:15:47.100> but<00:15:47.460> there's<00:15:47.700> a<00:15:47.790> little<00:15:48.000> bit<00:15:48.090> of 00:15:48.170 --> 00:15:48.180 align:start position:0% protocol um but there's a little bit of 00:15:48.180 --> 00:15:51.170 align:start position:0% protocol um but there's a little bit of ambiguity<00:15:48.450> in<00:15:49.050> in<00:15:49.770> their<00:15:50.430> their<00:15:50.730> incentives 00:15:51.170 --> 00:15:51.180 align:start position:0% ambiguity in in their their incentives 00:15:51.180 --> 00:15:52.970 align:start position:0% ambiguity in in their their incentives or<00:15:51.270> goals<00:15:51.510> because<00:15:51.840> these<00:15:52.350> are<00:15:52.530> mostly<00:15:52.920> you 00:15:52.970 --> 00:15:52.980 align:start position:0% or goals because these are mostly you 00:15:52.980 --> 00:15:54.320 align:start position:0% or goals because these are mostly you know<00:15:53.040> for-profit<00:15:53.670> businesses<00:15:54.060> and<00:15:54.270> they 00:15:54.320 --> 00:15:54.330 align:start position:0% know for-profit businesses and they 00:15:54.330 --> 00:15:56.180 align:start position:0% know for-profit businesses and they might<00:15:54.510> prefer<00:15:54.750> that<00:15:54.900> the<00:15:55.080> protocol<00:15:55.500> be<00:15:55.650> run<00:15:55.920> in 00:15:56.180 --> 00:15:56.190 align:start position:0% might prefer that the protocol be run in 00:15:56.190 --> 00:15:58.280 align:start position:0% might prefer that the protocol be run in a<00:15:56.760> manner<00:15:56.940> that<00:15:57.030> maximizes<00:15:57.870> their<00:15:57.960> business 00:15:58.280 --> 00:15:58.290 align:start position:0% a manner that maximizes their business 00:15:58.290 --> 00:16:00.950 align:start position:0% a manner that maximizes their business income<00:15:58.620> rather<00:15:59.430> than<00:15:59.640> provides<00:16:00.030> this<00:16:00.420> public 00:16:00.950 --> 00:16:00.960 align:start position:0% income rather than provides this public 00:16:00.960 --> 00:16:03.470 align:start position:0% income rather than provides this public good<00:16:01.170> of<00:16:01.380> free<00:16:02.250> and<00:16:02.370> open<00:16:02.640> access<00:16:02.790> to<00:16:03.210> online 00:16:03.470 --> 00:16:03.480 align:start position:0% good of free and open access to online 00:16:03.480 --> 00:16:05.810 align:start position:0% good of free and open access to online exchange<00:16:03.930> at<00:16:04.800> the<00:16:05.010> bottom<00:16:05.280> we<00:16:05.370> have<00:16:05.400> retail 00:16:05.810 --> 00:16:05.820 align:start position:0% exchange at the bottom we have retail 00:16:05.820 --> 00:16:07.250 align:start position:0% exchange at the bottom we have retail traders<00:16:06.240> there<00:16:06.930> are<00:16:07.020> certainly 00:16:07.250 --> 00:16:07.260 align:start position:0% traders there are certainly 00:16:07.260 --> 00:16:09.950 align:start position:0% traders there are certainly beneficiaries<00:16:08.220> of<00:16:08.520> free<00:16:09.150> and<00:16:09.240> open<00:16:09.480> access<00:16:09.600> to 00:16:09.950 --> 00:16:09.960 align:start position:0% beneficiaries of free and open access to 00:16:09.960 --> 00:16:12.470 align:start position:0% beneficiaries of free and open access to exchange<00:16:10.350> but<00:16:10.650> at<00:16:11.340> the<00:16:11.490> same<00:16:11.670> time<00:16:11.910> you<00:16:12.390> know 00:16:12.470 --> 00:16:12.480 align:start position:0% exchange but at the same time you know 00:16:12.480 --> 00:16:14.300 align:start position:0% exchange but at the same time you know they're<00:16:12.720> not<00:16:12.900> likely<00:16:13.290> to<00:16:13.500> be<00:16:13.590> motivated<00:16:13.770> to 00:16:14.300 --> 00:16:14.310 align:start position:0% they're not likely to be motivated to 00:16:14.310 --> 00:16:16.460 align:start position:0% they're not likely to be motivated to sort<00:16:14.610> of<00:16:14.640> become<00:16:15.480> informed<00:16:15.960> or<00:16:16.080> participate 00:16:16.460 --> 00:16:16.470 align:start position:0% sort of become informed or participate 00:16:16.470 --> 00:16:17.870 align:start position:0% sort of become informed or participate in<00:16:16.500> governance<00:16:17.010> because<00:16:17.190> there's<00:16:17.520> so<00:16:17.640> large<00:16:17.850> a 00:16:17.870 --> 00:16:17.880 align:start position:0% in governance because there's so large a 00:16:17.880 --> 00:16:19.910 align:start position:0% in governance because there's so large a number<00:16:17.970> and<00:16:18.480> because<00:16:19.260> they<00:16:19.500> can't<00:16:19.680> sort<00:16:19.860> of 00:16:19.910 --> 00:16:19.920 align:start position:0% number and because they can't sort of 00:16:19.920 --> 00:16:21.950 align:start position:0% number and because they can't sort of reap<00:16:20.070> a<00:16:20.160> personal<00:16:20.520> benefit<00:16:20.910> and<00:16:21.060> in<00:16:21.840> the 00:16:21.950 --> 00:16:21.960 align:start position:0% reap a personal benefit and in the 00:16:21.960 --> 00:16:23.870 align:start position:0% reap a personal benefit and in the middle<00:16:22.230> we<00:16:22.320> have<00:16:22.350> market<00:16:22.830> makers<00:16:23.190> and<00:16:23.460> this<00:16:23.700> is 00:16:23.870 --> 00:16:23.880 align:start position:0% middle we have market makers and this is 00:16:23.880 --> 00:16:25.460 align:start position:0% middle we have market makers and this is the<00:16:24.000> group<00:16:24.210> that<00:16:24.240> we<00:16:24.390> sort<00:16:24.600> of<00:16:24.660> identified<00:16:25.170> as 00:16:25.460 --> 00:16:25.470 align:start position:0% the group that we sort of identified as 00:16:25.470 --> 00:16:29.090 align:start position:0% the group that we sort of identified as the<00:16:25.890> most<00:16:26.070> logical<00:16:26.280> candidate<00:16:26.880> owners<00:16:27.920> so<00:16:28.920> why 00:16:29.090 --> 00:16:29.100 align:start position:0% the most logical candidate owners so why 00:16:29.100 --> 00:16:30.740 align:start position:0% the most logical candidate owners so why do<00:16:29.160> we<00:16:29.430> think<00:16:29.460> you<00:16:30.060> know<00:16:30.180> that<00:16:30.360> among<00:16:30.600> our 00:16:30.740 --> 00:16:30.750 align:start position:0% do we think you know that among our 00:16:30.750 --> 00:16:33.980 align:start position:0% do we think you know that among our users<00:16:31.260> we<00:16:31.710> should<00:16:31.920> target<00:16:32.660> market<00:16:33.660> makers 00:16:33.980 --> 00:16:33.990 align:start position:0% users we should target market makers 00:16:33.990 --> 00:16:35.690 align:start position:0% users we should target market makers with<00:16:34.140> incentives<00:16:34.500> to<00:16:34.770> own<00:16:34.950> the<00:16:35.190> token<00:16:35.580> and 00:16:35.690 --> 00:16:35.700 align:start position:0% with incentives to own the token and 00:16:35.700 --> 00:16:37.520 align:start position:0% with incentives to own the token and vote<00:16:35.970> with<00:16:36.180> the<00:16:36.270> token<00:16:36.480> as<00:16:36.810> opposed<00:16:37.200> to<00:16:37.260> anyone 00:16:37.520 --> 00:16:37.530 align:start position:0% vote with the token as opposed to anyone 00:16:37.530 --> 00:16:40.520 align:start position:0% vote with the token as opposed to anyone else<00:16:38.210> well<00:16:39.210> we<00:16:39.360> believe<00:16:39.540> that<00:16:39.690> market<00:16:40.230> makers 00:16:40.520 --> 00:16:40.530 align:start position:0% else well we believe that market makers 00:16:40.530 --> 00:16:42.110 align:start position:0% else well we believe that market makers because<00:16:40.890> of<00:16:41.040> their<00:16:41.160> line<00:16:41.340> of<00:16:41.370> business<00:16:41.610> you 00:16:42.110 --> 00:16:42.120 align:start position:0% because of their line of business you 00:16:42.120 --> 00:16:43.910 align:start position:0% because of their line of business you know<00:16:42.240> they<00:16:42.420> benefit<00:16:42.960> from<00:16:43.230> free<00:16:43.500> and<00:16:43.650> open 00:16:43.910 --> 00:16:43.920 align:start position:0% know they benefit from free and open 00:16:43.920 --> 00:16:46.190 align:start position:0% know they benefit from free and open access<00:16:44.070> to<00:16:44.370> venues<00:16:44.940> to<00:16:45.600> do<00:16:45.750> business<00:16:45.930> right 00:16:46.190 --> 00:16:46.200 align:start position:0% access to venues to do business right 00:16:46.200 --> 00:16:48.410 align:start position:0% access to venues to do business right they're<00:16:46.650> their<00:16:46.800> business<00:16:47.160> is<00:16:47.340> to<00:16:47.490> buy<00:16:48.150> and 00:16:48.410 --> 00:16:48.420 align:start position:0% they're their business is to buy and 00:16:48.420 --> 00:16:50.330 align:start position:0% they're their business is to buy and sell<00:16:48.600> token<00:16:48.930> inventories<00:16:49.500> and<00:16:49.650> charges<00:16:50.130> small 00:16:50.330 --> 00:16:50.340 align:start position:0% sell token inventories and charges small 00:16:50.340 --> 00:16:52.100 align:start position:0% sell token inventories and charges small margins<00:16:50.790> that<00:16:50.850> when<00:16:51.090> they<00:16:51.180> sell<00:16:51.450> they<00:16:51.780> sell<00:16:51.960> us 00:16:52.100 --> 00:16:52.110 align:start position:0% margins that when they sell they sell us 00:16:52.110 --> 00:16:54.830 align:start position:0% margins that when they sell they sell us like<00:16:52.260> premium<00:16:52.620> when<00:16:53.550> they<00:16:53.670> buy<00:16:53.910> they<00:16:54.600> buy<00:16:54.630> to 00:16:54.830 --> 00:16:54.840 align:start position:0% like premium when they buy they buy to 00:16:54.840 --> 00:16:57.920 align:start position:0% like premium when they buy they buy to slight<00:16:55.170> discount<00:16:55.560> and<00:16:55.860> the<00:16:56.820> more<00:16:57.060> volume<00:16:57.690> they 00:16:57.920 --> 00:16:57.930 align:start position:0% slight discount and the more volume they 00:16:57.930 --> 00:17:00.320 align:start position:0% slight discount and the more volume they can<00:16:58.110> do<00:16:58.290> the<00:16:58.530> more<00:16:58.680> easily<00:16:59.670> they<00:16:59.820> can<00:16:59.850> you<00:17:00.300> know 00:17:00.320 --> 00:17:00.330 align:start position:0% can do the more easily they can you know 00:17:00.330 --> 00:17:02.810 align:start position:0% can do the more easily they can you know connect<00:17:01.170> an<00:17:01.530> offer<00:17:01.860> make<00:17:02.280> these<00:17:02.430> offers 00:17:02.810 --> 00:17:02.820 align:start position:0% connect an offer make these offers 00:17:02.820 --> 00:17:05.990 align:start position:0% connect an offer make these offers they're<00:17:03.390> the<00:17:03.510> more<00:17:03.660> money<00:17:04.260> they<00:17:04.470> can<00:17:04.620> earn<00:17:05.000> so 00:17:05.990 --> 00:17:06.000 align:start position:0% they're the more money they can earn so 00:17:06.000 --> 00:17:07.699 align:start position:0% they're the more money they can earn so from<00:17:06.180> this<00:17:06.270> perspective<00:17:06.510> market<00:17:07.140> makers<00:17:07.439> you 00:17:07.699 --> 00:17:07.709 align:start position:0% from this perspective market makers you 00:17:07.709 --> 00:17:09.710 align:start position:0% from this perspective market makers you know<00:17:07.829> share<00:17:08.040> our<00:17:08.220> goal<00:17:08.459> of<00:17:08.730> ensuring<00:17:09.689> that 00:17:09.710 --> 00:17:09.720 align:start position:0% know share our goal of ensuring that 00:17:09.720 --> 00:17:10.939 align:start position:0% know share our goal of ensuring that there's<00:17:09.930> no<00:17:10.079> sort<00:17:10.350> of<00:17:10.380> rent<00:17:10.650> seeking 00:17:10.939 --> 00:17:10.949 align:start position:0% there's no sort of rent seeking 00:17:10.949 --> 00:17:13.130 align:start position:0% there's no sort of rent seeking intermediaries<00:17:11.699> who<00:17:11.880> extract<00:17:12.540> fees<00:17:12.810> in<00:17:13.050> the 00:17:13.130 --> 00:17:13.140 align:start position:0% intermediaries who extract fees in the 00:17:13.140 --> 00:17:14.720 align:start position:0% intermediaries who extract fees in the exchange<00:17:13.500> process<00:17:13.770> right<00:17:14.250> so<00:17:14.370> that<00:17:14.490> they<00:17:14.550> can 00:17:14.720 --> 00:17:14.730 align:start position:0% exchange process right so that they can 00:17:14.730 --> 00:17:16.939 align:start position:0% exchange process right so that they can have<00:17:14.910> say<00:17:15.120> peer-to-peer<00:17:15.390> connections<00:17:16.170> make 00:17:16.939 --> 00:17:16.949 align:start position:0% have say peer-to-peer connections make 00:17:16.949 --> 00:17:19.760 align:start position:0% have say peer-to-peer connections make an<00:17:17.069> offer<00:17:17.250> to<00:17:17.640> an<00:17:17.850> end<00:17:18.329> user<00:17:18.540> directly<00:17:19.170> rather 00:17:19.760 --> 00:17:19.770 align:start position:0% an offer to an end user directly rather 00:17:19.770 --> 00:17:22.069 align:start position:0% an offer to an end user directly rather than<00:17:19.920> have<00:17:20.160> to<00:17:20.189> go<00:17:20.490> through<00:17:20.699> a<00:17:20.730> platform<00:17:21.390> which 00:17:22.069 --> 00:17:22.079 align:start position:0% than have to go through a platform which 00:17:22.079 --> 00:17:26.150 align:start position:0% than have to go through a platform which will<00:17:22.699> levy<00:17:23.699> a<00:17:23.819> large<00:17:24.120> fee<00:17:24.390> on<00:17:24.630> the<00:17:24.780> exchange<00:17:25.199> so 00:17:26.150 --> 00:17:26.160 align:start position:0% will levy a large fee on the exchange so 00:17:26.160 --> 00:17:28.490 align:start position:0% will levy a large fee on the exchange so this<00:17:26.339> market<00:17:26.670> maker<00:17:26.850> ownership<00:17:27.470> addresses<00:17:28.470> a 00:17:28.490 --> 00:17:28.500 align:start position:0% this market maker ownership addresses a 00:17:28.500 --> 00:17:30.380 align:start position:0% this market maker ownership addresses a problem<00:17:29.160> that<00:17:29.400> the<00:17:29.520> market<00:17:29.820> structure<00:17:30.270> of 00:17:30.380 --> 00:17:30.390 align:start position:0% problem that the market structure of 00:17:30.390 --> 00:17:32.270 align:start position:0% problem that the market structure of exchanges<00:17:30.960> and<00:17:31.110> exchanges<00:17:31.560> have<00:17:31.710> significant 00:17:32.270 --> 00:17:32.280 align:start position:0% exchanges and exchanges have significant 00:17:32.280 --> 00:17:35.480 align:start position:0% exchanges and exchanges have significant networked<00:17:32.940> economies<00:17:33.480> that<00:17:34.170> lead<00:17:34.770> that<00:17:35.310> mean 00:17:35.480 --> 00:17:35.490 align:start position:0% networked economies that lead that mean 00:17:35.490 --> 00:17:37.760 align:start position:0% networked economies that lead that mean that<00:17:35.700> when<00:17:36.150> as<00:17:36.330> an<00:17:36.450> exchange<00:17:36.660> grows<00:17:37.170> it<00:17:37.590> does 00:17:37.760 --> 00:17:37.770 align:start position:0% that when as an exchange grows it does 00:17:37.770 --> 00:17:40.130 align:start position:0% that when as an exchange grows it does host<00:17:38.580> more<00:17:39.000> and<00:17:39.090> more<00:17:39.210> liquidity<00:17:39.660> as<00:17:39.840> it<00:17:39.990> does 00:17:40.130 --> 00:17:40.140 align:start position:0% host more and more liquidity as it does 00:17:40.140 --> 00:17:42.380 align:start position:0% host more and more liquidity as it does more<00:17:40.380> and<00:17:40.470> more<00:17:40.590> volume<00:17:41.070> the<00:17:41.670> prices<00:17:42.270> that 00:17:42.380 --> 00:17:42.390 align:start position:0% more and more volume the prices that 00:17:42.390 --> 00:17:45.200 align:start position:0% more and more volume the prices that exchange<00:17:42.840> is<00:17:43.140> able<00:17:43.800> to<00:17:43.890> offer<00:17:44.070> to<00:17:44.280> people<00:17:44.550> fall 00:17:45.200 --> 00:17:45.210 align:start position:0% exchange is able to offer to people fall 00:17:45.210 --> 00:17:47.210 align:start position:0% exchange is able to offer to people fall right<00:17:45.780> the<00:17:45.900> market<00:17:46.200> becomes<00:17:46.440> more<00:17:46.650> efficient 00:17:47.210 --> 00:17:47.220 align:start position:0% right the market becomes more efficient 00:17:47.220 --> 00:17:49.940 align:start position:0% right the market becomes more efficient the<00:17:47.670> more<00:17:47.940> co-located<00:17:48.840> liquidity<00:17:49.710> you<00:17:49.800> have 00:17:49.940 --> 00:17:49.950 align:start position:0% the more co-located liquidity you have 00:17:49.950 --> 00:17:51.020 align:start position:0% the more co-located liquidity you have in<00:17:50.100> one<00:17:50.250> place 00:17:51.020 --> 00:17:51.030 align:start position:0% in one place 00:17:51.030 --> 00:17:53.270 align:start position:0% in one place and<00:17:51.120> that<00:17:51.720> gives<00:17:51.900> this<00:17:52.110> exchanges<00:17:52.830> bargaining 00:17:53.270 --> 00:17:53.280 align:start position:0% and that gives this exchanges bargaining 00:17:53.280 --> 00:17:54.680 align:start position:0% and that gives this exchanges bargaining power<00:17:53.430> right<00:17:53.670> if<00:17:53.760> they're<00:17:53.880> big<00:17:54.060> enough<00:17:54.300> they 00:17:54.680 --> 00:17:54.690 align:start position:0% power right if they're big enough they 00:17:54.690 --> 00:17:56.150 align:start position:0% power right if they're big enough they can<00:17:54.840> offer<00:17:55.020> these<00:17:55.200> much<00:17:55.530> better<00:17:55.710> prices<00:17:56.040> than 00:17:56.150 --> 00:17:56.160 align:start position:0% can offer these much better prices than 00:17:56.160 --> 00:17:58.970 align:start position:0% can offer these much better prices than anyone<00:17:56.340> else<00:17:56.490> and<00:17:56.790> they<00:17:57.630> can<00:17:57.660> begin<00:17:57.960> to<00:17:58.110> charge 00:17:58.970 --> 00:17:58.980 align:start position:0% anyone else and they can begin to charge 00:17:58.980 --> 00:18:00.470 align:start position:0% anyone else and they can begin to charge fees<00:17:59.550> they<00:17:59.820> can<00:17:59.940> begin<00:18:00.060> to<00:18:00.180> a<00:18:00.270> levy 00:18:00.470 --> 00:18:00.480 align:start position:0% fees they can begin to a levy 00:18:00.480 --> 00:18:02.120 align:start position:0% fees they can begin to a levy substantial<00:18:01.080> fees<00:18:01.260> in<00:18:01.440> every<00:18:01.650> single<00:18:01.800> trade 00:18:02.120 --> 00:18:02.130 align:start position:0% substantial fees in every single trade 00:18:02.130 --> 00:18:04.910 align:start position:0% substantial fees in every single trade such<00:18:02.880> that<00:18:03.060> even<00:18:03.390> though<00:18:03.540> they're<00:18:03.920> extracting 00:18:04.910 --> 00:18:04.920 align:start position:0% such that even though they're extracting 00:18:04.920 --> 00:18:06.920 align:start position:0% such that even though they're extracting this<00:18:05.040> cut<00:18:05.310> users<00:18:06.300> are<00:18:06.420> still<00:18:06.510> better<00:18:06.810> off 00:18:06.920 --> 00:18:06.930 align:start position:0% this cut users are still better off 00:18:06.930 --> 00:18:09.170 align:start position:0% this cut users are still better off going<00:18:07.350> to<00:18:07.560> the<00:18:07.680> largest<00:18:08.040> exchange<00:18:08.250> rather 00:18:09.170 --> 00:18:09.180 align:start position:0% going to the largest exchange rather 00:18:09.180 --> 00:18:10.460 align:start position:0% going to the largest exchange rather than<00:18:09.330> going<00:18:09.510> to<00:18:09.600> a<00:18:09.630> much<00:18:09.780> smaller<00:18:09.840> one<00:18:10.320> that 00:18:10.460 --> 00:18:10.470 align:start position:0% than going to a much smaller one that 00:18:10.470 --> 00:18:12.380 align:start position:0% than going to a much smaller one that doesn't<00:18:10.620> demand<00:18:10.980> any<00:18:11.100> fees<00:18:11.310> at<00:18:11.490> all<00:18:11.580> so 00:18:12.380 --> 00:18:12.390 align:start position:0% doesn't demand any fees at all so 00:18:12.390 --> 00:18:13.850 align:start position:0% doesn't demand any fees at all so there's<00:18:12.630> this<00:18:12.750> sort<00:18:13.200> of<00:18:13.290> tendency<00:18:13.560> towards 00:18:13.850 --> 00:18:13.860 align:start position:0% there's this sort of tendency towards 00:18:13.860 --> 00:18:16.190 align:start position:0% there's this sort of tendency towards monopoly<00:18:14.100> or<00:18:14.490> oligopoly<00:18:14.940> market<00:18:15.780> structure 00:18:16.190 --> 00:18:16.200 align:start position:0% monopoly or oligopoly market structure 00:18:16.200 --> 00:18:18.290 align:start position:0% monopoly or oligopoly market structure and<00:18:16.380> ownership<00:18:17.040> matters<00:18:17.550> a<00:18:17.580> great<00:18:17.700> deal<00:18:17.880> here 00:18:18.290 --> 00:18:18.300 align:start position:0% and ownership matters a great deal here 00:18:18.300 --> 00:18:20.870 align:start position:0% and ownership matters a great deal here so<00:18:18.330> third<00:18:18.750> party<00:18:19.140> owners<00:18:19.470> who<00:18:19.830> have<00:18:20.640> created 00:18:20.870 --> 00:18:20.880 align:start position:0% so third party owners who have created 00:18:20.880 --> 00:18:23.090 align:start position:0% so third party owners who have created the<00:18:21.090> exchange<00:18:21.450> for<00:18:21.780> profit<00:18:22.680> maximization 00:18:23.090 --> 00:18:23.100 align:start position:0% the exchange for profit maximization 00:18:23.100 --> 00:18:25.820 align:start position:0% the exchange for profit maximization without<00:18:23.580> a<00:18:23.610> direct<00:18:23.850> participation<00:18:24.830> they 00:18:25.820 --> 00:18:25.830 align:start position:0% without a direct participation they 00:18:25.830 --> 00:18:27.530 align:start position:0% without a direct participation they prefer<00:18:26.220> to<00:18:26.370> set<00:18:26.550> high<00:18:26.820> fees<00:18:27.180> that<00:18:27.420> will 00:18:27.530 --> 00:18:27.540 align:start position:0% prefer to set high fees that will 00:18:27.540 --> 00:18:29.450 align:start position:0% prefer to set high fees that will maximize<00:18:27.720> fee<00:18:28.350> revenue<00:18:28.770> that<00:18:29.220> will<00:18:29.310> maximize 00:18:29.450 --> 00:18:29.460 align:start position:0% maximize fee revenue that will maximize 00:18:29.460 --> 00:18:31.820 align:start position:0% maximize fee revenue that will maximize the<00:18:30.090> income<00:18:30.270> for<00:18:30.840> the<00:18:30.960> sort<00:18:31.530> of<00:18:31.560> exchange 00:18:31.820 --> 00:18:31.830 align:start position:0% the income for the sort of exchange 00:18:31.830 --> 00:18:34.430 align:start position:0% the income for the sort of exchange owner<00:18:32.570> market<00:18:33.570> maker<00:18:33.750> owners<00:18:34.110> in<00:18:34.200> the<00:18:34.290> other 00:18:34.430 --> 00:18:34.440 align:start position:0% owner market maker owners in the other 00:18:34.440 --> 00:18:36.980 align:start position:0% owner market maker owners in the other hand<00:18:34.680> they're<00:18:35.130> running<00:18:35.400> a<00:18:35.460> business<00:18:35.910> on<00:18:36.180> top 00:18:36.980 --> 00:18:36.990 align:start position:0% hand they're running a business on top 00:18:36.990 --> 00:18:39.740 align:start position:0% hand they're running a business on top of<00:18:37.320> the<00:18:37.440> process<00:18:37.980> where<00:18:38.760> the<00:18:38.910> the<00:18:39.210> income<00:18:39.600> they 00:18:39.740 --> 00:18:39.750 align:start position:0% of the process where the the income they 00:18:39.750 --> 00:18:40.670 align:start position:0% of the process where the the income they generate<00:18:40.020> from<00:18:40.110> this<00:18:40.260> business<00:18:40.560> is 00:18:40.670 --> 00:18:40.680 align:start position:0% generate from this business is 00:18:40.680 --> 00:18:41.930 align:start position:0% generate from this business is proportional<00:18:41.310> to<00:18:41.340> the<00:18:41.490> amount<00:18:41.670> of<00:18:41.730> trade 00:18:41.930 --> 00:18:41.940 align:start position:0% proportional to the amount of trade 00:18:41.940 --> 00:18:44.360 align:start position:0% proportional to the amount of trade volume<00:18:42.420> the<00:18:42.750> more<00:18:42.930> trade<00:18:43.170> volume<00:18:43.470> is<00:18:43.530> done<00:18:43.740> the 00:18:44.360 --> 00:18:44.370 align:start position:0% volume the more trade volume is done the 00:18:44.370 --> 00:18:45.890 align:start position:0% volume the more trade volume is done the more<00:18:44.550> they<00:18:44.730> can<00:18:44.790> earn<00:18:45.120> through<00:18:45.450> this<00:18:45.540> activity 00:18:45.890 --> 00:18:45.900 align:start position:0% more they can earn through this activity 00:18:45.900 --> 00:18:49.070 align:start position:0% more they can earn through this activity that's<00:18:46.680> enabled<00:18:47.130> by<00:18:47.220> the<00:18:47.280> exchange<00:18:47.820> so<00:18:48.450> this 00:18:49.070 --> 00:18:49.080 align:start position:0% that's enabled by the exchange so this 00:18:49.080 --> 00:18:50.690 align:start position:0% that's enabled by the exchange so this group<00:18:49.350> has<00:18:49.470> an<00:18:49.590> interest<00:18:49.800> in<00:18:49.950> much<00:18:50.130> lower<00:18:50.370> fees 00:18:50.690 --> 00:18:50.700 align:start position:0% group has an interest in much lower fees 00:18:50.700 --> 00:18:53.540 align:start position:0% group has an interest in much lower fees that<00:18:51.030> maximize<00:18:51.570> the<00:18:52.380> revenue<00:18:52.830> they<00:18:53.250> get<00:18:53.400> or 00:18:53.540 --> 00:18:53.550 align:start position:0% that maximize the revenue they get or 00:18:53.550 --> 00:18:55.610 align:start position:0% that maximize the revenue they get or the<00:18:53.580> profit<00:18:54.000> from<00:18:54.210> this<00:18:54.540> kind<00:18:55.170> of<00:18:55.260> business 00:18:55.610 --> 00:18:55.620 align:start position:0% the profit from this kind of business 00:18:55.620 --> 00:18:57.140 align:start position:0% the profit from this kind of business that's<00:18:55.740> built<00:18:55.980> on<00:18:56.070> the<00:18:56.190> platform<00:18:56.700> right<00:18:57.000> and 00:18:57.140 --> 00:18:57.150 align:start position:0% that's built on the platform right and 00:18:57.150 --> 00:18:59.150 align:start position:0% that's built on the platform right and that<00:18:57.240> aligns<00:18:57.570> with<00:18:57.810> our<00:18:57.870> goal<00:18:58.200> of<00:18:58.230> keeping 00:18:59.150 --> 00:18:59.160 align:start position:0% that aligns with our goal of keeping 00:18:59.160 --> 00:19:01.670 align:start position:0% that aligns with our goal of keeping fees<00:18:59.550> low<00:18:59.820> keeping<00:19:00.120> access<00:19:00.720> to<00:19:01.320> the<00:19:01.530> exchange 00:19:01.670 --> 00:19:01.680 align:start position:0% fees low keeping access to the exchange 00:19:01.680 --> 00:19:04.370 align:start position:0% fees low keeping access to the exchange process<00:19:02.070> free<00:19:02.490> and<00:19:02.610> open<00:19:02.880> and<00:19:03.060> this<00:19:03.960> is<00:19:04.020> you 00:19:04.370 --> 00:19:04.380 align:start position:0% process free and open and this is you 00:19:04.380 --> 00:19:05.870 align:start position:0% process free and open and this is you know<00:19:04.470> this<00:19:04.620> is<00:19:04.770> a<00:19:04.800> powerful<00:19:05.370> motivator<00:19:05.730> this 00:19:05.870 --> 00:19:05.880 align:start position:0% know this is a powerful motivator this 00:19:05.880 --> 00:19:07.700 align:start position:0% know this is a powerful motivator this isn't<00:19:06.120> just<00:19:06.270> you<00:19:06.840> know<00:19:06.960> one<00:19:07.320> of<00:19:07.410> the<00:19:07.500> things 00:19:07.700 --> 00:19:07.710 align:start position:0% isn't just you know one of the things 00:19:07.710 --> 00:19:10.420 align:start position:0% isn't just you know one of the things that<00:19:07.920> is<00:19:08.220> very<00:19:08.400> important<00:19:08.850> to<00:19:08.940> me<00:19:09.060> in<00:19:09.300> in 00:19:10.420 --> 00:19:10.430 align:start position:0% that is very important to me in in 00:19:10.430 --> 00:19:12.680 align:start position:0% that is very important to me in in deciding<00:19:11.430> upon<00:19:11.550> this<00:19:11.850> system<00:19:12.090> as<00:19:12.390> opposed<00:19:12.630> to 00:19:12.680 --> 00:19:12.690 align:start position:0% deciding upon this system as opposed to 00:19:12.690 --> 00:19:15.350 align:start position:0% deciding upon this system as opposed to alternatives<00:19:13.430> is<00:19:14.430> that<00:19:14.550> there's<00:19:14.730> a<00:19:14.790> large<00:19:15.090> you 00:19:15.350 --> 00:19:15.360 align:start position:0% alternatives is that there's a large you 00:19:15.360 --> 00:19:16.760 align:start position:0% alternatives is that there's a large you know<00:19:15.390> a<00:19:15.480> very<00:19:15.810> impressive<00:19:16.110> historical 00:19:16.760 --> 00:19:16.770 align:start position:0% know a very impressive historical 00:19:16.770 --> 00:19:18.560 align:start position:0% know a very impressive historical precedent<00:19:17.220> for<00:19:17.340> this<00:19:17.460> ownership<00:19:17.940> form<00:19:18.210> so<00:19:18.450> for 00:19:18.560 --> 00:19:18.570 align:start position:0% precedent for this ownership form so for 00:19:18.570 --> 00:19:19.550 align:start position:0% precedent for this ownership form so for the<00:19:18.660> past<00:19:18.780> hundred<00:19:18.990> years 00:19:19.550 --> 00:19:19.560 align:start position:0% the past hundred years 00:19:19.560 --> 00:19:21.770 align:start position:0% the past hundred years you<00:19:19.980> know<00:19:20.070> most<00:19:20.340> equity<00:19:20.820> chain<00:19:21.060> exchanges<00:19:21.630> for 00:19:21.770 --> 00:19:21.780 align:start position:0% you know most equity chain exchanges for 00:19:21.780 --> 00:19:23.680 align:start position:0% you know most equity chain exchanges for most<00:19:21.930> of<00:19:22.080> the<00:19:22.140> people<00:19:22.410> most<00:19:22.500> of<00:19:22.650> the<00:19:22.740> this<00:19:23.100> time 00:19:23.680 --> 00:19:23.690 align:start position:0% most of the people most of the this time 00:19:23.690 --> 00:19:27.440 align:start position:0% most of the people most of the this time ensayo<00:19:24.690> saw<00:19:25.020> and<00:19:25.290> Japan<00:19:25.740> or<00:19:26.010> in<00:19:26.160> New<00:19:26.940> York<00:19:27.150> or 00:19:27.440 --> 00:19:27.450 align:start position:0% ensayo saw and Japan or in New York or 00:19:27.450 --> 00:19:29.780 align:start position:0% ensayo saw and Japan or in New York or in<00:19:27.570> London<00:19:28.020> most<00:19:28.590> major<00:19:28.890> equity<00:19:29.340> exchanges 00:19:29.780 --> 00:19:29.790 align:start position:0% in London most major equity exchanges 00:19:29.790 --> 00:19:33.760 align:start position:0% in London most major equity exchanges have<00:19:29.910> been<00:19:30.000> organized<00:19:30.990> as<00:19:31.140> nonprofits<00:19:32.120> owned 00:19:33.760 --> 00:19:33.770 align:start position:0% have been organized as nonprofits owned 00:19:33.770 --> 00:19:36.140 align:start position:0% have been organized as nonprofits owned owned<00:19:34.770> by<00:19:34.890> market<00:19:35.250> makers<00:19:35.550> a<00:19:35.580> sort<00:19:35.880> of<00:19:35.940> mutual 00:19:36.140 --> 00:19:36.150 align:start position:0% owned by market makers a sort of mutual 00:19:36.150 --> 00:19:38.390 align:start position:0% owned by market makers a sort of mutual organization<00:19:36.840> so<00:19:36.990> they<00:19:37.110> don't<00:19:37.290> sort<00:19:37.620> of<00:19:37.710> the 00:19:38.390 --> 00:19:38.400 align:start position:0% organization so they don't sort of the 00:19:38.400 --> 00:19:40.730 align:start position:0% organization so they don't sort of the market<00:19:38.910> makers<00:19:39.150> vote<00:19:39.390> on<00:19:39.600> rules<00:19:40.200> for<00:19:40.380> trading 00:19:40.730 --> 00:19:40.740 align:start position:0% market makers vote on rules for trading 00:19:40.740 --> 00:19:43.040 align:start position:0% market makers vote on rules for trading and<00:19:41.070> the<00:19:41.910> exchange<00:19:42.330> itself<00:19:42.480> does<00:19:43.020> not 00:19:43.040 --> 00:19:43.050 align:start position:0% and the exchange itself does not 00:19:43.050 --> 00:19:44.810 align:start position:0% and the exchange itself does not distribute<00:19:43.440> profit<00:19:44.010> to<00:19:44.100> market<00:19:44.370> makers<00:19:44.670> but 00:19:44.810 --> 00:19:44.820 align:start position:0% distribute profit to market makers but 00:19:44.820 --> 00:19:46.130 align:start position:0% distribute profit to market makers but instead<00:19:45.090> just<00:19:45.210> supports<00:19:45.690> their<00:19:45.870> business 00:19:46.130 --> 00:19:46.140 align:start position:0% instead just supports their business 00:19:46.140 --> 00:19:49.460 align:start position:0% instead just supports their business activity<00:19:46.850> and<00:19:48.020> another<00:19:49.020> thing<00:19:49.260> that's<00:19:49.350> really 00:19:49.460 --> 00:19:49.470 align:start position:0% activity and another thing that's really 00:19:49.470 --> 00:19:52.910 align:start position:0% activity and another thing that's really important<00:19:50.010> is<00:19:50.100> is<00:19:50.340> okay<00:19:51.270> so<00:19:51.620> it's<00:19:52.620> thinking 00:19:52.910 --> 00:19:52.920 align:start position:0% important is is okay so it's thinking 00:19:52.920 --> 00:19:54.530 align:start position:0% important is is okay so it's thinking about<00:19:53.100> whether<00:19:53.250> market<00:19:53.670> makers<00:19:53.910> have<00:19:54.060> a<00:19:54.270> stake 00:19:54.530 --> 00:19:54.540 align:start position:0% about whether market makers have a stake 00:19:54.540 --> 00:19:56.030 align:start position:0% about whether market makers have a stake in<00:19:54.570> this<00:19:54.840> process<00:19:55.380> right<00:19:55.530> with<00:19:55.740> it<00:19:55.860> whether 00:19:56.030 --> 00:19:56.040 align:start position:0% in this process right with it whether 00:19:56.040 --> 00:19:58.040 align:start position:0% in this process right with it whether they<00:19:56.190> it's<00:19:56.880> important<00:19:57.330> enough<00:19:57.390> that<00:19:57.690> for<00:19:57.960> them 00:19:58.040 --> 00:19:58.050 align:start position:0% they it's important enough that for them 00:19:58.050 --> 00:19:59.900 align:start position:0% they it's important enough that for them to<00:19:58.080> have<00:19:58.260> a<00:19:58.290> voice<00:19:58.530> that<00:19:59.460> they<00:19:59.520> would<00:19:59.790> be 00:19:59.900 --> 00:19:59.910 align:start position:0% to have a voice that they would be 00:19:59.910 --> 00:20:02.800 align:start position:0% to have a voice that they would be motivated<00:20:00.420> to<00:20:00.840> purchase<00:20:01.440> your<00:20:01.679> X<00:20:01.830> tokens<00:20:02.280> and 00:20:02.800 --> 00:20:02.810 align:start position:0% motivated to purchase your X tokens and 00:20:02.810 --> 00:20:04.799 align:start position:0% motivated to purchase your X tokens and you<00:20:03.810> know<00:20:03.900> go<00:20:04.170> through<00:20:04.380> the<00:20:04.440> house 00:20:04.799 --> 00:20:04.809 align:start position:0% you know go through the house 00:20:04.809 --> 00:20:07.169 align:start position:0% you know go through the house and<00:20:05.379> our<00:20:05.889> experience<00:20:06.039> in<00:20:06.580> market-makers 00:20:07.169 --> 00:20:07.179 align:start position:0% and our experience in market-makers 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operate<00:20:14.080> to<00:20:14.649> make<00:20:14.769> it<00:20:14.889> easier<00:20:15.220> to<00:20:15.340> do<00:20:15.460> their 00:20:15.600 --> 00:20:15.610 align:start position:0% to operate to make it easier to do their 00:20:15.610 --> 00:20:16.200 align:start position:0% to operate to make it easier to do their business 00:20:16.200 --> 00:20:16.210 align:start position:0% business 00:20:16.210 --> 00:20:18.360 align:start position:0% business now<00:20:16.779> these<00:20:16.929> market<00:20:17.379> makers<00:20:17.649> are<00:20:17.769> making<00:20:18.070> a<00:20:18.129> bet 00:20:18.360 --> 00:20:18.370 align:start position:0% now these market makers are making a bet 00:20:18.370 --> 00:20:20.730 align:start position:0% now these market makers are making a bet on<00:20:18.610> the<00:20:19.360> protocols<00:20:19.779> long<00:20:19.929> term<00:20:20.139> success<00:20:20.529> and 00:20:20.730 --> 00:20:20.740 align:start position:0% on the protocols long term success and 00:20:20.740 --> 00:20:22.110 align:start position:0% on the protocols long term success and there<00:20:20.830> in<00:20:21.190> order<00:20:21.340> to<00:20:21.429> learn<00:20:21.639> how<00:20:21.700> to<00:20:21.909> market 00:20:22.110 --> 00:20:22.120 align:start position:0% there in order to learn how to market 00:20:22.120 --> 00:20:23.159 align:start position:0% there in order to learn how to market make<00:20:22.360> on<00:20:22.450> index<00:20:22.690> they're<00:20:22.899> paying<00:20:23.080> a 00:20:23.159 --> 00:20:23.169 align:start position:0% make on index they're paying a 00:20:23.169 --> 00:20:25.110 align:start position:0% make on index they're paying a substantial<00:20:23.379> upfront<00:20:23.830> cost<00:20:24.129> and<00:20:24.460> so<00:20:25.029> they 00:20:25.110 --> 00:20:25.120 align:start position:0% substantial upfront cost and so they 00:20:25.120 --> 00:20:27.389 align:start position:0% substantial upfront cost and so they have<00:20:25.210> a<00:20:25.269> strong<00:20:25.539> interest<00:20:25.899> in<00:20:26.279> ensuring<00:20:27.279> this 00:20:27.389 --> 00:20:27.399 align:start position:0% have a strong interest in ensuring this 00:20:27.399 --> 00:20:29.549 align:start position:0% have a strong interest in ensuring this bet<00:20:27.610> pays<00:20:27.820> off<00:20:28.059> by<00:20:28.419> participating<00:20:29.049> working 00:20:29.549 --> 00:20:29.559 align:start position:0% bet pays off by participating working 00:20:29.559 --> 00:20:31.019 align:start position:0% bet pays off by participating working with<00:20:29.710> us<00:20:29.889> to<00:20:30.070> build<00:20:30.370> this<00:20:30.700> kind<00:20:30.909> of 00:20:31.019 --> 00:20:31.029 align:start position:0% with us to build this kind of 00:20:31.029 --> 00:20:41.009 align:start position:0% with us to build this kind of decentralized<00:20:31.360> future<00:20:38.460> okay<00:20:39.460> so<00:20:39.639> I'm<00:20:40.509> going 00:20:41.009 --> 00:20:41.019 align:start position:0% decentralized future okay so I'm going 00:20:41.019 --> 00:20:42.749 align:start position:0% decentralized future okay so I'm going to<00:20:41.139> then<00:20:41.259> that<00:20:41.919> sort<00:20:42.039> of<00:20:42.129> wraps<00:20:42.309> up<00:20:42.610> this 00:20:42.749 --> 00:20:42.759 align:start position:0% to then that sort of wraps up this 00:20:42.759 --> 00:20:43.980 align:start position:0% to then that sort of wraps up this discussion<00:20:43.240> of<00:20:43.330> what<00:20:43.509> is<00:20:43.539> our<00:20:43.809> motivation 00:20:43.980 --> 00:20:43.990 align:start position:0% discussion of what is our motivation 00:20:43.990 --> 00:20:46.950 align:start position:0% discussion of what is our motivation what<00:20:44.559> is<00:20:44.649> it<00:20:44.799> our<00:20:44.919> vision<00:20:45.340> for<00:20:46.059> governance<00:20:46.840> of 00:20:46.950 --> 00:20:46.960 align:start position:0% what is it our vision for governance of 00:20:46.960 --> 00:20:49.169 align:start position:0% what is it our vision for governance of the<00:20:47.049> protocol<00:20:47.549> and<00:20:48.549> I<00:20:48.700> want<00:20:48.879> to<00:20:48.940> talk<00:20:49.059> about 00:20:49.169 --> 00:20:49.179 align:start position:0% the protocol and I want to talk about 00:20:49.179 --> 00:20:50.850 align:start position:0% the protocol and I want to talk about sort<00:20:49.360> of<00:20:49.480> the<00:20:49.539> mechanics<00:20:49.659> very<00:20:50.200> briefly<00:20:50.559> of 00:20:50.850 --> 00:20:50.860 align:start position:0% sort of the mechanics very briefly of 00:20:50.860 --> 00:20:53.310 align:start position:0% sort of the mechanics very briefly of staking<00:20:51.639> and<00:20:51.940> market<00:20:52.389> maker<00:20:52.509> incentives<00:20:53.049> so 00:20:53.310 --> 00:20:53.320 align:start position:0% staking and market maker incentives so 00:20:53.320 --> 00:20:55.379 align:start position:0% staking and market maker incentives so first<00:20:53.559> we<00:20:53.710> have<00:20:53.860> like<00:20:54.009> a<00:20:54.039> maker<00:20:54.269> he<00:20:55.269> had 00:20:55.379 --> 00:20:55.389 align:start position:0% first we have like a maker he had 00:20:55.389 --> 00:20:57.330 align:start position:0% first we have like a maker he had creates<00:20:55.690> an<00:20:55.779> order<00:20:56.049> and<00:20:56.230> then<00:20:56.830> takers 00:20:57.330 --> 00:20:57.340 align:start position:0% creates an order and then takers 00:20:57.340 --> 00:20:59.129 align:start position:0% creates an order and then takers whenever<00:20:57.700> they<00:20:57.909> take<00:20:58.119> and<00:20:58.389> orders<00:20:58.720> that<00:20:58.990> is 00:20:59.129 --> 00:20:59.139 align:start position:0% whenever they take and orders that is 00:20:59.139 --> 00:21:00.389 align:start position:0% whenever they take and orders that is listed<00:20:59.499> on<00:20:59.590> a<00:20:59.619> real<00:20:59.830> layer<00:21:00.009> they're<00:21:00.279> gonna 00:21:00.389 --> 00:21:00.399 align:start position:0% listed on a real layer they're gonna 00:21:00.399 --> 00:21:04.019 align:start position:0% listed on a real layer they're gonna have<00:21:00.610> to<00:21:00.639> submit<00:21:01.119> a<00:21:01.629> fee<00:21:02.259> in<00:21:02.559> aetherium<00:21:03.029> which 00:21:04.019 --> 00:21:04.029 align:start position:0% have to submit a fee in aetherium which 00:21:04.029 --> 00:21:06.330 align:start position:0% have to submit a fee in aetherium which is<00:21:04.210> proportional<00:21:04.929> or<00:21:05.230> equal<00:21:05.590> to<00:21:05.710> the<00:21:05.830> gas<00:21:06.009> fee 00:21:06.330 --> 00:21:06.340 align:start position:0% is proportional or equal to the gas fee 00:21:06.340 --> 00:21:07.440 align:start position:0% is proportional or equal to the gas fee they're<00:21:06.490> paying<00:21:06.700> to<00:21:06.759> the<00:21:06.850> miner<00:21:07.059> so<00:21:07.269> if<00:21:07.360> you 00:21:07.440 --> 00:21:07.450 align:start position:0% they're paying to the miner so if you 00:21:07.450 --> 00:21:09.659 align:start position:0% they're paying to the miner so if you pay<00:21:07.570> 15<00:21:07.929> cents<00:21:08.139> to<00:21:08.200> the<00:21:08.259> miner<00:21:08.580> when<00:21:09.580> you 00:21:09.659 --> 00:21:09.669 align:start position:0% pay 15 cents to the miner when you 00:21:09.669 --> 00:21:10.799 align:start position:0% pay 15 cents to the miner when you submit<00:21:09.909> a<00:21:09.940> transaction<00:21:10.450> you'll<00:21:10.539> now<00:21:10.659> be 00:21:10.799 --> 00:21:10.809 align:start position:0% submit a transaction you'll now be 00:21:10.809 --> 00:21:12.269 align:start position:0% submit a transaction you'll now be paying<00:21:11.080> an<00:21:11.139> additional<00:21:11.679> 15<00:21:11.950> cents<00:21:12.190> of 00:21:12.269 --> 00:21:12.279 align:start position:0% paying an additional 15 cents of 00:21:12.279 --> 00:21:14.489 align:start position:0% paying an additional 15 cents of aetherium<00:21:12.789> as<00:21:12.940> a<00:21:13.539> protocol<00:21:14.080> fee<00:21:14.320> which<00:21:14.470> is 00:21:14.489 --> 00:21:14.499 align:start position:0% aetherium as a protocol fee which is 00:21:14.499 --> 00:21:16.560 align:start position:0% aetherium as a protocol fee which is accumulated<00:21:15.070> here<00:21:15.369> and<00:21:15.549> ultimately<00:21:16.090> these 00:21:16.560 --> 00:21:16.570 align:start position:0% accumulated here and ultimately these 00:21:16.570 --> 00:21:18.690 align:start position:0% accumulated here and ultimately these fees<00:21:16.809> are<00:21:16.840> going<00:21:16.990> to<00:21:17.110> be<00:21:17.169> distributed<00:21:17.679> back<00:21:18.399> to 00:21:18.690 --> 00:21:18.700 align:start position:0% fees are going to be distributed back to 00:21:18.700 --> 00:21:23.460 align:start position:0% fees are going to be distributed back to market<00:21:19.029> makers<00:21:20.999> and<00:21:21.999> then<00:21:22.240> in<00:21:22.840> once<00:21:23.230> we've 00:21:23.460 --> 00:21:23.470 align:start position:0% market makers and then in once we've 00:21:23.470 --> 00:21:25.259 align:start position:0% market makers and then in once we've collected<00:21:23.919> all<00:21:24.009> this<00:21:24.129> revenue<00:21:24.549> right<00:21:24.999> we<00:21:25.119> have 00:21:25.259 --> 00:21:25.269 align:start position:0% collected all this revenue right we have 00:21:25.269 --> 00:21:26.700 align:start position:0% collected all this revenue right we have to<00:21:25.480> distribute<00:21:25.869> it<00:21:26.080> somehow<00:21:26.289> and<00:21:26.499> this<00:21:26.559> is 00:21:26.700 --> 00:21:26.710 align:start position:0% to distribute it somehow and this is 00:21:26.710 --> 00:21:29.100 align:start position:0% to distribute it somehow and this is where<00:21:26.860> the<00:21:26.980> staking<00:21:27.490> process<00:21:27.519> comes<00:21:28.119> in<00:21:28.299> here 00:21:29.100 --> 00:21:29.110 align:start position:0% where the staking process comes in here 00:21:29.110 --> 00:21:31.019 align:start position:0% where the staking process comes in here we<00:21:29.230> have<00:21:29.350> a<00:21:29.379> market<00:21:29.799> maker<00:21:29.919> who's<00:21:30.789> gonna 00:21:31.019 --> 00:21:31.029 align:start position:0% we have a market maker who's gonna 00:21:31.029 --> 00:21:32.519 align:start position:0% we have a market maker who's gonna receive<00:21:31.480> a<00:21:31.539> portion<00:21:31.840> of<00:21:32.049> the<00:21:32.169> collected 00:21:32.519 --> 00:21:32.529 align:start position:0% receive a portion of the collected 00:21:32.529 --> 00:21:34.259 align:start position:0% receive a portion of the collected revenue<00:21:32.919> and<00:21:33.129> the<00:21:33.399> amount<00:21:33.700> that<00:21:33.850> he<00:21:33.940> received 00:21:34.259 --> 00:21:34.269 align:start position:0% revenue and the amount that he received 00:21:34.269 --> 00:21:35.659 align:start position:0% revenue and the amount that he received is<00:21:34.389> going<00:21:34.539> to<00:21:34.600> be<00:21:34.659> influenced<00:21:35.049> by<00:21:35.139> two<00:21:35.200> things 00:21:35.659 --> 00:21:35.669 align:start position:0% is going to be influenced by two things 00:21:35.669 --> 00:21:40.049 align:start position:0% is going to be influenced by two things one<00:21:36.669> is<00:21:37.379> the<00:21:38.379> amount<00:21:38.679> of<00:21:39.009> trades<00:21:39.669> that<00:21:39.820> he<00:21:39.909> does 00:21:40.049 --> 00:21:40.059 align:start position:0% one is the amount of trades that he does 00:21:40.059 --> 00:21:43.350 align:start position:0% one is the amount of trades that he does so<00:21:40.389> the<00:21:40.480> more<00:21:40.659> fees<00:21:41.230> he's<00:21:41.529> he<00:21:42.309> collects<00:21:42.669> by 00:21:43.350 --> 00:21:43.360 align:start position:0% so the more fees he's he collects by 00:21:43.360 --> 00:21:45.930 align:start position:0% so the more fees he's he collects by posting<00:21:44.110> liquidity<00:21:44.529> on<00:21:44.740> order<00:21:45.460> books<00:21:45.669> the 00:21:45.930 --> 00:21:45.940 align:start position:0% posting liquidity on order books the 00:21:45.940 --> 00:21:49.680 align:start position:0% posting liquidity on order books the more<00:21:46.149> revenue<00:21:46.929> he'll<00:21:47.470> get<00:21:47.619> and<00:21:48.240> the<00:21:49.240> other<00:21:49.450> is 00:21:49.680 --> 00:21:49.690 align:start position:0% more revenue he'll get and the other is 00:21:49.690 --> 00:21:52.230 align:start position:0% more revenue he'll get and the other is steak<00:21:50.110> the<00:21:50.379> more<00:21:50.590> steak<00:21:50.919> that<00:21:51.100> he<00:21:51.249> owns<00:21:51.490> or 00:21:52.230 --> 00:21:52.240 align:start position:0% steak the more steak that he owns or 00:21:52.240 --> 00:21:57.629 align:start position:0% steak the more steak that he owns or rents<00:21:53.080> from<00:21:54.119> 0<00:21:55.119> X<00:21:55.299> 0<00:21:55.570> X<00:21:55.960> token<00:21:56.350> holder<00:21:56.679> the<00:21:57.460> more 00:21:57.629 --> 00:21:57.639 align:start position:0% rents from 0 X 0 X token holder the more 00:21:57.639 --> 00:21:59.340 align:start position:0% rents from 0 X 0 X token holder the more money<00:21:57.940> he<00:21:58.179> will<00:21:58.330> collect<00:21:58.570> right<00:21:58.929> so<00:21:59.110> he<00:21:59.230> has 00:21:59.340 --> 00:21:59.350 align:start position:0% money he will collect right so he has 00:21:59.350 --> 00:22:01.470 align:start position:0% money he will collect right so he has this<00:21:59.470> incentive<00:21:59.799> then<00:22:00.039> to<00:22:00.700> either<00:22:00.850> buy<00:22:01.090> Z<00:22:01.330> or<00:22:01.389> X 00:22:01.470 --> 00:22:01.480 align:start position:0% this incentive then to either buy Z or X 00:22:01.480 --> 00:22:04.560 align:start position:0% this incentive then to either buy Z or X himself<00:22:01.929> or<00:22:02.429> rent<00:22:03.429> it<00:22:03.580> from<00:22:03.759> a<00:22:03.789> third<00:22:03.970> party<00:22:04.210> in 00:22:04.560 --> 00:22:04.570 align:start position:0% himself or rent it from a third party in 00:22:04.570 --> 00:22:06.899 align:start position:0% himself or rent it from a third party in order<00:22:04.809> to<00:22:04.929> maximize<00:22:05.470> his<00:22:05.919> rebate<00:22:06.309> income<00:22:06.669> and 00:22:06.899 --> 00:22:06.909 align:start position:0% order to maximize his rebate income and 00:22:06.909 --> 00:22:11.399 align:start position:0% order to maximize his rebate income and then<00:22:07.779> finally<00:22:08.850> this<00:22:09.850> this<00:22:10.330> motivation<00:22:11.289> of 00:22:11.399 --> 00:22:11.409 align:start position:0% then finally this this motivation of 00:22:11.409 --> 00:22:14.310 align:start position:0% then finally this this motivation of market<00:22:11.740> makers<00:22:12.009> to<00:22:12.419> acquire<00:22:13.419> stake<00:22:13.779> that<00:22:14.169> they 00:22:14.310 --> 00:22:14.320 align:start position:0% market makers to acquire stake that they 00:22:14.320 --> 00:22:16.080 align:start position:0% market makers to acquire stake that they don't<00:22:14.500> own<00:22:14.649> is<00:22:14.889> going<00:22:15.549> to<00:22:15.610> mean<00:22:15.730> they'll<00:22:15.970> have 00:22:16.080 --> 00:22:16.090 align:start position:0% don't own is going to mean they'll have 00:22:16.090 --> 00:22:18.720 align:start position:0% don't own is going to mean they'll have to<00:22:16.210> pay<00:22:16.480> an<00:22:16.809> income<00:22:17.500> stream<00:22:17.950> to 00:22:18.720 --> 00:22:18.730 align:start position:0% to pay an income stream to 00:22:18.730 --> 00:22:23.190 align:start position:0% to pay an income stream to to<00:22:18.820> 0x<00:22:19.510> holders<00:22:20.820> okay<00:22:21.820> so<00:22:22.000> I<00:22:22.030> time<00:22:22.809> so<00:22:22.990> I<00:22:23.020> should 00:22:23.190 --> 00:22:23.200 align:start position:0% to 0x holders okay so I time so I should 00:22:23.200 --> 00:22:31.450 align:start position:0% to 0x holders okay so I time so I should stop<00:22:23.380> there 00:22:31.450 --> 00:22:31.460 align:start position:0% 00:22:31.460 --> 00:22:33.520 align:start position:0% you