WEBVTT Kind: captions Language: en 00:00:05.070 --> 00:00:14.910 align:start position:0% [Music] 00:00:14.910 --> 00:00:14.920 align:start position:0% 00:00:14.920 --> 00:00:18.550 align:start position:0% [Music] 00:00:18.550 --> 00:00:18.560 align:start position:0% 00:00:18.560 --> 00:00:22.230 align:start position:0% cool<00:00:19.400> good<00:00:19.720> morning<00:00:20.720> um<00:00:21.199> is<00:00:21.320> this<00:00:21.519> working 00:00:22.230 --> 00:00:22.240 align:start position:0% cool good morning um is this working 00:00:22.240 --> 00:00:25.990 align:start position:0% cool good morning um is this working cool<00:00:23.080> um<00:00:24.039> day<00:00:24.320> five<00:00:24.880> it's<00:00:25.080> been<00:00:25.279> awesome<00:00:25.680> so 00:00:25.990 --> 00:00:26.000 align:start position:0% cool um day five it's been awesome so 00:00:26.000 --> 00:00:30.429 align:start position:0% cool um day five it's been awesome so far<00:00:27.160> um<00:00:28.160> I'm<00:00:28.320> going<00:00:28.480> to<00:00:28.640> speak<00:00:28.960> on<00:00:29.800> uh<00:00:30.199> uh 00:00:30.429 --> 00:00:30.439 align:start position:0% far um I'm going to speak on uh uh 00:00:30.439 --> 00:00:33.030 align:start position:0% far um I'm going to speak on uh uh towards<00:00:30.800> a<00:00:31.000> dynamic<00:00:31.840> economic<00:00:32.399> social<00:00:32.840> and 00:00:33.030 --> 00:00:33.040 align:start position:0% towards a dynamic economic social and 00:00:33.040 --> 00:00:38.350 align:start position:0% towards a dynamic economic social and political<00:00:33.760> mesh<00:00:34.760> um<00:00:35.760> November<00:00:36.360> 2013<00:00:37.280> after<00:00:37.840> uh 00:00:38.350 --> 00:00:38.360 align:start position:0% political mesh um November 2013 after uh 00:00:38.360 --> 00:00:40.950 align:start position:0% political mesh um November 2013 after uh working<00:00:38.680> on<00:00:38.840> various<00:00:39.200> Bitcoin<00:00:39.640> Bitcoin<00:00:40.039> 2.0 00:00:40.950 --> 00:00:40.960 align:start position:0% working on various Bitcoin Bitcoin 2.0 00:00:40.960 --> 00:00:44.150 align:start position:0% working on various Bitcoin Bitcoin 2.0 projects<00:00:42.120> V<00:00:43.120> uh<00:00:43.239> wrote<00:00:43.520> version<00:00:43.760> one<00:00:43.920> of<00:00:44.039> the 00:00:44.150 --> 00:00:44.160 align:start position:0% projects V uh wrote version one of the 00:00:44.160 --> 00:00:47.110 align:start position:0% projects V uh wrote version one of the ethereum<00:00:44.559> white<00:00:44.840> paper<00:00:45.440> uh<00:00:45.559> in<00:00:45.680> January<00:00:46.399> 2014 00:00:47.110 --> 00:00:47.120 align:start position:0% ethereum white paper uh in January 2014 00:00:47.120 --> 00:00:50.350 align:start position:0% ethereum white paper uh in January 2014 in<00:00:47.399> Miami<00:00:48.399> uh<00:00:48.520> it<00:00:48.640> was<00:00:48.879> announced<00:00:49.879> uh<00:00:50.000> to<00:00:50.160> some 00:00:50.350 --> 00:00:50.360 align:start position:0% in Miami uh it was announced uh to some 00:00:50.360 --> 00:00:54.349 align:start position:0% in Miami uh it was announced uh to some Fanfare<00:00:51.160> actually<00:00:52.160> um<00:00:53.000> July<00:00:53.280> 30<00:00:53.640> 2015 00:00:54.349 --> 00:00:54.359 align:start position:0% Fanfare actually um July 30 2015 00:00:54.359 --> 00:00:57.110 align:start position:0% Fanfare actually um July 30 2015 ethereum<00:00:54.840> 1<00:00:55.680> was<00:00:55.879> released<00:00:56.640> many<00:00:56.879> people 00:00:57.110 --> 00:00:57.120 align:start position:0% ethereum 1 was released many people 00:00:57.120 --> 00:00:58.670 align:start position:0% ethereum 1 was released many people around<00:00:57.320> the<00:00:57.440> world<00:00:57.760> constructed<00:00:58.280> their<00:00:58.440> own 00:00:58.670 --> 00:00:58.680 align:start position:0% around the world constructed their own 00:00:58.680 --> 00:01:01.270 align:start position:0% around the world constructed their own Genesis<00:00:59.160> blocks<00:01:00.239> um<00:01:00.399> fired<00:01:00.680> up<00:01:00.840> the<00:01:00.960> client 00:01:01.270 --> 00:01:01.280 align:start position:0% Genesis blocks um fired up the client 00:01:01.280 --> 00:01:03.189 align:start position:0% Genesis blocks um fired up the client they<00:01:01.399> downloaded<00:01:01.920> and<00:01:02.120> watched<00:01:02.399> in<00:01:02.600> amazement 00:01:03.189 --> 00:01:03.199 align:start position:0% they downloaded and watched in amazement 00:01:03.199 --> 00:01:05.750 align:start position:0% they downloaded and watched in amazement as<00:01:03.480> this<00:01:03.719> tool<00:01:04.519> which<00:01:04.720> embodied<00:01:05.320> a<00:01:05.479> new 00:01:05.750 --> 00:01:05.760 align:start position:0% as this tool which embodied a new 00:01:05.760 --> 00:01:08.109 align:start position:0% as this tool which embodied a new organizing<00:01:06.520> principle<00:01:06.880> for<00:01:07.159> Humanity 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its<00:01:17.159> Dynamics<00:01:17.640> and<00:01:17.840> capabilities 00:01:18.469 --> 00:01:18.479 align:start position:0% computer its Dynamics and capabilities 00:01:18.479 --> 00:01:21.149 align:start position:0% computer its Dynamics and capabilities arise<00:01:18.840> from<00:01:18.960> a<00:01:19.040> Synergy<00:01:19.479> of<00:01:19.720> five<00:01:20.159> interacting 00:01:21.149 --> 00:01:21.159 align:start position:0% arise from a Synergy of five interacting 00:01:21.159 --> 00:01:23.510 align:start position:0% arise from a Synergy of five interacting technological<00:01:22.000> elements<00:01:22.880> that<00:01:23.000> are<00:01:23.200> common 00:01:23.510 --> 00:01:23.520 align:start position:0% technological elements that are common 00:01:23.520 --> 00:01:25.670 align:start position:0% technological elements that are common between<00:01:23.799> the<00:01:23.960> Bitcoin<00:01:24.520> and<00:01:24.680> the<00:01:24.799> ethereum 00:01:25.670 --> 00:01:25.680 align:start position:0% between the Bitcoin and the ethereum 00:01:25.680 --> 00:01:29.190 align:start position:0% between the Bitcoin and the ethereum protocols<00:01:26.680> uh<00:01:26.799> first<00:01:27.000> is<00:01:27.159> a<00:01:27.439> blockchain<00:01:28.439> um 00:01:29.190 --> 00:01:29.200 align:start position:0% protocols uh first is a blockchain um 00:01:29.200 --> 00:01:31.469 align:start position:0% protocols uh first is a blockchain um data<00:01:29.479> structure<00:01:29.920> sure<00:01:30.119> that<00:01:30.240> you're<00:01:30.360> all<00:01:30.960> uh 00:01:31.469 --> 00:01:31.479 align:start position:0% data structure sure that you're all uh 00:01:31.479 --> 00:01:33.230 align:start position:0% data structure sure that you're all uh quite<00:01:31.680> aware<00:01:32.000> of<00:01:32.520> uh<00:01:32.680> second<00:01:32.960> is<00:01:33.079> the 00:01:33.230 --> 00:01:33.240 align:start position:0% quite aware of uh second is the 00:01:33.240 --> 00:01:36.950 align:start position:0% quite aware of uh second is the cryptographic<00:01:33.920> token<00:01:34.399> the<00:01:34.520> Bitcoin<00:01:35.520> or<00:01:35.960> ether 00:01:36.950 --> 00:01:36.960 align:start position:0% cryptographic token the Bitcoin or ether 00:01:36.960 --> 00:01:39.270 align:start position:0% cryptographic token the Bitcoin or ether uh<00:01:37.079> third<00:01:37.320> is<00:01:37.560> p<00:01:37.759> toer<00:01:38.119> networking<00:01:38.640> systems<00:01:39.079> so 00:01:39.270 --> 00:01:39.280 align:start position:0% uh third is p toer networking systems so 00:01:39.280 --> 00:01:41.950 align:start position:0% uh third is p toer networking systems so that<00:01:39.399> turns<00:01:39.720> a<00:01:40.479> traditional<00:01:41.040> client<00:01:41.479> server 00:01:41.950 --> 00:01:41.960 align:start position:0% that turns a traditional client server 00:01:41.960 --> 00:01:44.469 align:start position:0% that turns a traditional client server like<00:01:42.240> infrastructure<00:01:43.079> into<00:01:43.720> a<00:01:44.280> an 00:01:44.469 --> 00:01:44.479 align:start position:0% like infrastructure into a an 00:01:44.479 --> 00:01:46.310 align:start position:0% like infrastructure into a an infrastructure<00:01:45.079> in<00:01:45.240> which<00:01:45.560> all<00:01:45.880> nodes<00:01:46.119> are 00:01:46.310 --> 00:01:46.320 align:start position:0% infrastructure in which all nodes are 00:01:46.320 --> 00:01:49.670 align:start position:0% infrastructure in which all nodes are clients<00:01:46.920> and<00:01:47.439> servers<00:01:48.439> um<00:01:49.200> consensus 00:01:49.670 --> 00:01:49.680 align:start position:0% clients and servers um consensus 00:01:49.680 --> 00:01:51.709 align:start position:0% clients and servers um consensus formation<00:01:50.200> algorithm<00:01:50.920> in<00:01:51.079> ethereum<00:01:51.479> all 00:01:51.709 --> 00:01:51.719 align:start position:0% formation algorithm in ethereum all 00:01:51.719 --> 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value<00:01:59.560> token 00:02:00.830 --> 00:02:00.840 align:start position:0% of The Ether value token 00:02:00.840 --> 00:02:03.230 align:start position:0% of The Ether value token as<00:02:01.039> well<00:02:01.399> as<00:02:01.600> coming<00:02:01.840> to<00:02:02.079> an<00:02:02.280> agreement<00:02:02.759> about 00:02:03.230 --> 00:02:03.240 align:start position:0% as well as coming to an agreement about 00:02:03.240 --> 00:02:06.069 align:start position:0% as well as coming to an agreement about all<00:02:03.479> the<00:02:03.719> processing<00:02:04.320> that<00:02:04.600> occurs<00:02:05.600> on<00:02:05.840> all 00:02:06.069 --> 00:02:06.079 align:start position:0% all the processing that occurs on all 00:02:06.079 --> 00:02:08.949 align:start position:0% all the processing that occurs on all the<00:02:06.159> shared<00:02:06.600> programs<00:02:07.039> on<00:02:07.360> the<00:02:07.479> world 00:02:08.949 --> 00:02:08.959 align:start position:0% the shared programs on the world 00:02:08.959 --> 00:02:12.030 align:start position:0% the shared programs on the world computer<00:02:09.959> um<00:02:10.840> Fifth<00:02:11.120> Element<00:02:11.400> is<00:02:11.560> a<00:02:11.680> virtual 00:02:12.030 --> 00:02:12.040 align:start position:0% computer um Fifth Element is a virtual 00:02:12.040 --> 00:02:14.869 align:start position:0% computer um Fifth Element is a virtual machine<00:02:12.840> uh<00:02:13.319> uh<00:02:13.480> Bitcoin<00:02:13.920> has<00:02:14.120> a<00:02:14.519> a<00:02:14.640> very 00:02:14.869 --> 00:02:14.879 align:start position:0% machine uh uh Bitcoin has a a very 00:02:14.879 --> 00:02:16.949 align:start position:0% machine uh uh Bitcoin has a a very simple<00:02:15.239> virtual<00:02:15.560> machine<00:02:16.239> a<00:02:16.440> very<00:02:16.599> simple 00:02:16.949 --> 00:02:16.959 align:start position:0% simple virtual machine a very simple 00:02:16.959 --> 00:02:19.550 align:start position:0% simple virtual machine a very simple programming<00:02:17.480> language<00:02:18.400> um<00:02:19.000> essentially<00:02:19.440> if 00:02:19.550 --> 00:02:19.560 align:start position:0% programming language um essentially if 00:02:19.560 --> 00:02:22.509 align:start position:0% programming language um essentially if you're<00:02:19.680> going<00:02:19.760> to<00:02:20.319> build<00:02:21.319> an<00:02:21.519> application<00:02:22.080> on 00:02:22.509 --> 00:02:22.519 align:start position:0% you're going to build an application on 00:02:22.519 --> 00:02:24.790 align:start position:0% you're going to build an application on bitcoin<00:02:23.519> um<00:02:23.720> you<00:02:23.879> need<00:02:24.040> to<00:02:24.160> figure<00:02:24.400> out<00:02:24.560> how<00:02:24.640> to 00:02:24.790 --> 00:02:24.800 align:start position:0% bitcoin um you need to figure out how to 00:02:24.800 --> 00:02:26.509 align:start position:0% bitcoin um you need to figure out how to stuff<00:02:25.120> all<00:02:25.239> the<00:02:25.400> data<00:02:25.680> that<00:02:25.800> you<00:02:25.959> care<00:02:26.200> about 00:02:26.509 --> 00:02:26.519 align:start position:0% stuff all the data that you care about 00:02:26.519 --> 00:02:29.630 align:start position:0% stuff all the data that you care about into<00:02:26.920> a<00:02:27.200> a<00:02:27.400> small<00:02:27.760> number<00:02:28.000> of<00:02:28.360> bites<00:02:29.360> um<00:02:29.519> and 00:02:29.630 --> 00:02:29.640 align:start position:0% into a a small number of bites um and 00:02:29.640 --> 00:02:32.990 align:start position:0% into a a small number of bites um and you<00:02:29.959> need<00:02:30.160> to<00:02:31.120> build<00:02:31.599> Behavior<00:02:32.040> onto<00:02:32.440> that<00:02:32.680> you 00:02:32.990 --> 00:02:33.000 align:start position:0% you need to build Behavior onto that you 00:02:33.000 --> 00:02:34.869 align:start position:0% you need to build Behavior onto that you have<00:02:33.120> to<00:02:33.280> build<00:02:33.560> that<00:02:33.760> generally<00:02:34.200> outside<00:02:34.760> of 00:02:34.869 --> 00:02:34.879 align:start position:0% have to build that generally outside of 00:02:34.879 --> 00:02:37.229 align:start position:0% have to build that generally outside of the<00:02:35.080> protocol<00:02:36.040> um<00:02:36.280> and<00:02:36.480> if<00:02:36.560> you<00:02:36.680> want<00:02:36.840> it<00:02:36.959> to<00:02:37.080> be 00:02:37.229 --> 00:02:37.239 align:start position:0% the protocol um and if you want it to be 00:02:37.239 --> 00:02:39.990 align:start position:0% the protocol um and if you want it to be secure<00:02:37.720> you<00:02:37.920> need<00:02:38.239> specialist<00:02:38.720> developers<00:02:39.280> to 00:02:39.990 --> 00:02:40.000 align:start position:0% secure you need specialist developers to 00:02:40.000 --> 00:02:43.630 align:start position:0% secure you need specialist developers to to<00:02:40.239> use<00:02:40.560> cryptographic<00:02:41.239> Primitives<00:02:41.800> to<00:02:41.959> do<00:02:42.640> so 00:02:43.630 --> 00:02:43.640 align:start position:0% to use cryptographic Primitives to do so 00:02:43.640 --> 00:02:46.949 align:start position:0% to use cryptographic Primitives to do so um<00:02:44.360> so<00:02:44.560> ethereum's<00:02:45.120> core<00:02:45.480> value<00:02:46.440> at<00:02:46.599> least 00:02:46.949 --> 00:02:46.959 align:start position:0% um so ethereum's core value at least 00:02:46.959 --> 00:02:50.589 align:start position:0% um so ethereum's core value at least with<00:02:47.400> uh<00:02:48.159> uh<00:02:48.280> with<00:02:48.480> respect<00:02:48.760> to<00:02:49.120> bitcoin<00:02:50.120> um<00:02:50.440> is 00:02:50.589 --> 00:02:50.599 align:start position:0% with uh uh with respect to bitcoin um is 00:02:50.599 --> 00:02:52.670 align:start position:0% with uh uh with respect to bitcoin um is that<00:02:50.879> ARB<00:02:51.360> arbitrarily<00:02:52.159> complex 00:02:52.670 --> 00:02:52.680 align:start position:0% that ARB arbitrarily complex 00:02:52.680 --> 00:02:55.270 align:start position:0% that ARB arbitrarily complex decentralized<00:02:53.680> applications<00:02:54.680> can<00:02:54.840> be<00:02:54.959> built 00:02:55.270 --> 00:02:55.280 align:start position:0% decentralized applications can be built 00:02:55.280 --> 00:02:57.750 align:start position:0% decentralized applications can be built by<00:02:55.440> non-specialist<00:02:56.560> programmers<00:02:57.560> uh 00:02:57.750 --> 00:02:57.760 align:start position:0% by non-specialist programmers uh 00:02:57.760 --> 00:03:01.509 align:start position:0% by non-specialist programmers uh entirely<00:02:58.319> within<00:02:58.640> the<00:02:58.840> protocol 00:03:01.509 --> 00:03:01.519 align:start position:0% entirely within the protocol 00:03:01.519 --> 00:03:04.110 align:start position:0% entirely within the protocol um<00:03:01.840> so<00:03:02.040> these<00:03:02.319> five<00:03:02.560> components<00:03:03.560> uh<00:03:03.760> combined 00:03:04.110 --> 00:03:04.120 align:start position:0% um so these five components uh combined 00:03:04.120 --> 00:03:06.070 align:start position:0% um so these five components uh combined to<00:03:04.239> represent<00:03:04.640> a<00:03:04.840> computational<00:03:05.560> resource<00:03:05.959> a 00:03:06.070 --> 00:03:06.080 align:start position:0% to represent a computational resource a 00:03:06.080 --> 00:03:08.869 align:start position:0% to represent a computational resource a bandwidth<00:03:06.640> resource<00:03:07.120> and<00:03:07.640> uh<00:03:07.959> very<00:03:08.239> expensive 00:03:08.869 --> 00:03:08.879 align:start position:0% bandwidth resource and uh very expensive 00:03:08.879 --> 00:03:11.350 align:start position:0% bandwidth resource and uh very expensive storage<00:03:09.680> resource 00:03:11.350 --> 00:03:11.360 align:start position:0% storage resource 00:03:11.360 --> 00:03:14.670 align:start position:0% storage resource um<00:03:12.360> and<00:03:12.680> essentially<00:03:13.319> ethereum<00:03:13.799> is<00:03:13.920> a<00:03:14.120> global 00:03:14.670 --> 00:03:14.680 align:start position:0% um and essentially ethereum is a global 00:03:14.680 --> 00:03:19.309 align:start position:0% um and essentially ethereum is a global computational<00:03:15.360> resource<00:03:16.360> um<00:03:17.040> Beyond<00:03:18.159> um<00:03:19.159> it 00:03:19.309 --> 00:03:19.319 align:start position:0% computational resource um Beyond um it 00:03:19.319 --> 00:03:20.710 align:start position:0% computational resource um Beyond um it can<00:03:19.480> do<00:03:19.640> all<00:03:19.799> the<00:03:19.920> things<00:03:20.080> that<00:03:20.239> Bitcoin<00:03:20.560> can 00:03:20.710 --> 00:03:20.720 align:start position:0% can do all the things that Bitcoin can 00:03:20.720 --> 00:03:23.070 align:start position:0% can do all the things that Bitcoin can do<00:03:21.000> and<00:03:21.159> Beyond<00:03:21.680> what<00:03:21.840> Bitcoin<00:03:22.400> can<00:03:22.560> do<00:03:22.840> it 00:03:23.070 --> 00:03:23.080 align:start position:0% do and Beyond what Bitcoin can do it 00:03:23.080 --> 00:03:26.670 align:start position:0% do and Beyond what Bitcoin can do it enables<00:03:24.280> uncensorable<00:03:25.280> uh<00:03:25.400> pseudonymous 00:03:26.670 --> 00:03:26.680 align:start position:0% enables uncensorable uh pseudonymous 00:03:26.680 --> 00:03:29.270 align:start position:0% enables uncensorable uh pseudonymous transmission<00:03:27.680> of<00:03:27.920> value<00:03:28.319> on<00:03:28.439> a<00:03:28.599> global<00:03:29.000> system 00:03:29.270 --> 00:03:29.280 align:start position:0% transmission of value on a global system 00:03:29.280 --> 00:03:31.350 align:start position:0% transmission of value on a global system in<00:03:29.400> which<00:03:29.799> all<00:03:29.920> the<00:03:30.080> transaction<00:03:30.760> processors 00:03:31.350 --> 00:03:31.360 align:start position:0% in which all the transaction processors 00:03:31.360 --> 00:03:33.589 align:start position:0% in which all the transaction processors agree<00:03:31.640> on<00:03:31.840> what<00:03:32.000> happened<00:03:32.360> and 00:03:33.589 --> 00:03:33.599 align:start position:0% agree on what happened and 00:03:33.599 --> 00:03:38.350 align:start position:0% agree on what happened and when<00:03:35.040> um<00:03:36.040> to<00:03:36.439> this<00:03:36.799> decentralized<00:03:37.519> world 00:03:38.350 --> 00:03:38.360 align:start position:0% when um to this decentralized world 00:03:38.360 --> 00:03:40.589 align:start position:0% when um to this decentralized world computation<00:03:39.080> substrate<00:03:39.959> uh<00:03:40.080> we<00:03:40.159> can<00:03:40.319> add 00:03:40.589 --> 00:03:40.599 align:start position:0% computation substrate uh we can add 00:03:40.599 --> 00:03:42.990 align:start position:0% computation substrate uh we can add storage<00:03:41.519> uh<00:03:41.720> on<00:03:42.040> other<00:03:42.519> types<00:03:42.720> of 00:03:42.990 --> 00:03:43.000 align:start position:0% storage uh on other types of 00:03:43.000 --> 00:03:45.589 align:start position:0% storage uh on other types of decentralized<00:03:44.000> systems<00:03:44.480> and<00:03:44.760> bandwidth<00:03:45.400> on 00:03:45.589 --> 00:03:45.599 align:start position:0% decentralized systems and bandwidth on 00:03:45.599 --> 00:03:48.110 align:start position:0% decentralized systems and bandwidth on other<00:03:45.959> types<00:03:46.159> of<00:03:46.319> decentralized<00:03:47.040> systems<00:03:48.000> and 00:03:48.110 --> 00:03:48.120 align:start position:0% other types of decentralized systems and 00:03:48.120 --> 00:03:50.309 align:start position:0% other types of decentralized systems and you<00:03:48.239> get<00:03:48.400> the<00:03:48.519> ethereum<00:03:48.959> world<00:03:49.319> computer<00:03:50.200> uh 00:03:50.309 --> 00:03:50.319 align:start position:0% you get the ethereum world computer uh 00:03:50.319 --> 00:03:51.270 align:start position:0% you get the ethereum world computer uh it's 00:03:51.270 --> 00:03:51.280 align:start position:0% it's 00:03:51.280 --> 00:03:55.069 align:start position:0% it's transparent<00:03:52.280> um<00:03:53.159> deeply<00:03:53.599> secure 00:03:55.069 --> 00:03:55.079 align:start position:0% transparent um deeply secure 00:03:55.079 --> 00:03:58.589 align:start position:0% transparent um deeply secure non-repudiable<00:03:56.079> um<00:03:56.640> transactions<00:03:57.640> um<00:03:58.079> and 00:03:58.589 --> 00:03:58.599 align:start position:0% non-repudiable um transactions um and 00:03:58.599 --> 00:04:00.789 align:start position:0% non-repudiable um transactions um and natively<00:03:59.040> interoperable<00:03:59.840> meaning<00:04:00.120> it's<00:04:00.319> easy 00:04:00.789 --> 00:04:00.799 align:start position:0% natively interoperable meaning it's easy 00:04:00.799 --> 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ethereum<00:04:10.159> world<00:04:10.400> computer<00:04:10.760> serves<00:04:11.040> as<00:04:11.159> a 00:04:11.309 --> 00:04:11.319 align:start position:0% ethereum world computer serves as a 00:04:11.319 --> 00:04:13.910 align:start position:0% ethereum world computer serves as a substrate<00:04:11.760> for<00:04:11.879> building<00:04:12.840> global<00:04:13.319> economic 00:04:13.910 --> 00:04:13.920 align:start position:0% substrate for building global economic 00:04:13.920 --> 00:04:16.110 align:start position:0% substrate for building global economic social<00:04:14.640> and<00:04:14.879> political 00:04:16.110 --> 00:04:16.120 align:start position:0% social and political 00:04:16.120 --> 00:04:19.270 align:start position:0% social and political systems<00:04:17.120> um<00:04:17.759> ethereum<00:04:18.239> world<00:04:18.560> computer<00:04:19.000> also 00:04:19.270 --> 00:04:19.280 align:start position:0% systems um ethereum world computer also 00:04:19.280 --> 00:04:21.069 align:start position:0% systems um ethereum world computer also represents<00:04:19.759> a<00:04:20.040> strong<00:04:20.239> cryptographic<00:04:20.880> or 00:04:21.069 --> 00:04:21.079 align:start position:0% represents a strong cryptographic or 00:04:21.079 --> 00:04:22.870 align:start position:0% represents a strong cryptographic or mathematical<00:04:21.759> foundation<00:04:22.400> on<00:04:22.560> which<00:04:22.720> to 00:04:22.870 --> 00:04:22.880 align:start position:0% mathematical foundation on which to 00:04:22.880 --> 00:04:26.469 align:start position:0% mathematical foundation on which to build<00:04:23.120> all<00:04:23.240> of<00:04:23.360> our<00:04:23.759> systems<00:04:24.759> um<00:04:25.479> as<00:04:25.720> compared 00:04:26.469 --> 00:04:26.479 align:start position:0% build all of our systems um as compared 00:04:26.479 --> 00:04:30.670 align:start position:0% build all of our systems um as compared to<00:04:27.479> um<00:04:28.199> systems<00:04:28.639> that<00:04:28.759> are<00:04:29.000> built<00:04:29.560> um<00:04:29.880> uh<00:04:30.400> of 00:04:30.670 --> 00:04:30.680 align:start position:0% to um systems that are built um uh of 00:04:30.680 --> 00:04:35.830 align:start position:0% to um systems that are built um uh of humans<00:04:31.199> and<00:04:31.520> laws<00:04:32.720> um<00:04:33.720> uh<00:04:34.240> so<00:04:35.240> um<00:04:35.440> legal 00:04:35.830 --> 00:04:35.840 align:start position:0% humans and laws um uh so um legal 00:04:35.840 --> 00:04:37.510 align:start position:0% humans and laws um uh so um legal business<00:04:36.240> Information<00:04:36.800> Systems<00:04:37.160> in<00:04:37.320> those 00:04:37.510 --> 00:04:37.520 align:start position:0% business Information Systems in those 00:04:37.520 --> 00:04:40.629 align:start position:0% business Information Systems in those contexts<00:04:38.199> uh<00:04:38.320> tend<00:04:38.560> to<00:04:38.639> be<00:04:38.960> siloed<00:04:39.960> um 00:04:40.629 --> 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of people around the world<00:04:59.680> including<00:04:59.960> many<00:05:00.160> people<00:05:00.479> here<00:05:00.840> are 00:05:01.029 --> 00:05:01.039 align:start position:0% world including many people here are 00:05:01.039 --> 00:05:02.950 align:start position:0% world including many people here are building<00:05:01.400> decentralized<00:05:02.160> applications<00:05:02.720> for 00:05:02.950 --> 00:05:02.960 align:start position:0% building decentralized applications for 00:05:02.960 --> 00:05:05.469 align:start position:0% building decentralized applications for it<00:05:03.440> uh<00:05:04.199> it<00:05:04.320> was<00:05:04.520> important<00:05:04.880> to<00:05:05.000> get<00:05:05.120> it<00:05:05.240> out<00:05:05.360> in 00:05:05.469 --> 00:05:05.479 align:start position:0% it uh it was important to get it out in 00:05:05.479 --> 00:05:07.189 align:start position:0% it uh it was important to get it out in the<00:05:05.600> world<00:05:05.960> as<00:05:06.120> quickly<00:05:06.479> as<00:05:06.639> possible<00:05:06.919> so<00:05:07.080> that 00:05:07.189 --> 00:05:07.199 align:start position:0% the world as quickly as possible so that 00:05:07.199 --> 00:05:08.430 align:start position:0% the world as quickly as possible so that we<00:05:07.280> could<00:05:07.400> all<00:05:07.680> learn<00:05:07.960> to<00:05:08.120> build 00:05:08.430 --> 00:05:08.440 align:start position:0% we could all learn to build 00:05:08.440 --> 00:05:10.150 align:start position:0% we could all learn to build decentralized<00:05:09.160> applications<00:05:09.759> and<00:05:09.919> figure 00:05:10.150 --> 00:05:10.160 align:start position:0% decentralized applications and figure 00:05:10.160 --> 00:05:12.350 align:start position:0% decentralized applications and figure out<00:05:10.320> how<00:05:10.440> to<00:05:11.120> to<00:05:11.400> build<00:05:11.720> companies<00:05:12.160> and 00:05:12.350 --> 00:05:12.360 align:start position:0% out how to to build companies and 00:05:12.360 --> 00:05:15.469 align:start position:0% out how to to build companies and decentralized<00:05:13.360> companies<00:05:14.199> um<00:05:14.360> in<00:05:14.520> the<00:05:14.720> space 00:05:15.469 --> 00:05:15.479 align:start position:0% decentralized companies um in the space 00:05:15.479 --> 00:05:17.749 align:start position:0% decentralized companies um in the space um<00:05:16.000> I<00:05:16.080> think<00:05:16.240> we<00:05:16.400> have<00:05:16.520> a<00:05:16.639> few<00:05:16.880> years<00:05:17.240> before<00:05:17.600> we 00:05:17.749 --> 00:05:17.759 align:start position:0% um I think we have a few years before we 00:05:17.759 --> 00:05:21.749 align:start position:0% um I think we have a few years before we really<00:05:18.120> require<00:05:18.960> a<00:05:19.160> scalable<00:05:20.000> protocol<00:05:21.000> um 00:05:21.749 --> 00:05:21.759 align:start position:0% really require a scalable protocol um 00:05:21.759 --> 00:05:24.150 align:start position:0% really require a scalable protocol um and<00:05:22.039> that<00:05:22.319> is<00:05:22.560> certainly<00:05:22.919> underway<00:05:23.360> so<00:05:23.520> there 00:05:24.150 --> 00:05:24.160 align:start position:0% and that is certainly underway so there 00:05:24.160 --> 00:05:26.029 align:start position:0% and that is certainly underway so there lots<00:05:24.400> of<00:05:24.560> projects<00:05:25.000> that<00:05:25.160> have<00:05:25.360> been<00:05:25.560> going<00:05:25.800> on 00:05:26.029 --> 00:05:26.039 align:start position:0% lots of projects that have been going on 00:05:26.039 --> 00:05:30.150 align:start position:0% lots of projects that have been going on for<00:05:26.240> a<00:05:26.440> year<00:05:27.000> or<00:05:27.199> so<00:05:28.080> um<00:05:28.360> towards<00:05:29.000> that<00:05:29.840> um<00:05:30.039> and 00:05:30.150 --> 00:05:30.160 align:start position:0% for a year or so um towards that um and 00:05:30.160 --> 00:05:31.950 align:start position:0% for a year or so um towards that um and in<00:05:30.280> my<00:05:30.440> opinion<00:05:30.800> scalability<00:05:31.479> is<00:05:31.639> the<00:05:31.720> Holy 00:05:31.950 --> 00:05:31.960 align:start position:0% in my opinion scalability is the Holy 00:05:31.960 --> 00:05:35.830 align:start position:0% in my opinion scalability is the Holy Grail<00:05:32.600> uh<00:05:32.759> first<00:05:33.120> system<00:05:33.639> to<00:05:34.039> achieve<00:05:34.440> it<00:05:35.440> um 00:05:35.830 --> 00:05:35.840 align:start position:0% Grail uh first system to achieve it um 00:05:35.840 --> 00:05:38.710 align:start position:0% Grail uh first system to achieve it um will<00:05:36.240> probably<00:05:36.680> dominate<00:05:37.120> for<00:05:37.360> quite<00:05:37.520> a 00:05:38.710 --> 00:05:38.720 align:start position:0% will probably dominate for quite a 00:05:38.720 --> 00:05:43.590 align:start position:0% will probably dominate for quite a while<00:05:40.000> um<00:05:41.000> so<00:05:41.319> consensus<00:05:42.319> and<00:05:42.720> uh<00:05:42.840> many<00:05:43.120> other 00:05:43.590 --> 00:05:43.600 align:start position:0% while um so consensus and uh many other 00:05:43.600 --> 00:05:46.830 align:start position:0% while um so consensus and uh many other developers<00:05:44.600> here<00:05:44.800> and<00:05:44.960> around<00:05:45.240> the<00:05:45.360> world<00:05:46.199> um 00:05:46.830 --> 00:05:46.840 align:start position:0% developers here and around the world um 00:05:46.840 --> 00:05:50.309 align:start position:0% developers here and around the world um are<00:05:47.240> building<00:05:48.240> uh<00:05:48.360> at<00:05:48.520> the<00:05:49.080> foundation<00:05:50.080> uh 00:05:50.309 --> 00:05:50.319 align:start position:0% are building uh at the foundation uh 00:05:50.319 --> 00:05:52.189 align:start position:0% are building uh at the foundation uh application<00:05:50.840> layer<00:05:51.160> of<00:05:51.319> ethereum<00:05:51.919> an 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to<00:06:06.759> the<00:06:06.919> tra 00:06:07.270 --> 00:06:07.280 align:start position:0% Principle as opposed to the tra 00:06:07.280 --> 00:06:08.950 align:start position:0% Principle as opposed to the tra traditional<00:06:07.840> top-<00:06:08.199> down<00:06:08.479> command<00:06:08.720> and 00:06:08.950 --> 00:06:08.960 align:start position:0% traditional top- down command and 00:06:08.960 --> 00:06:12.150 align:start position:0% traditional top- down command and control<00:06:09.800> Paradigm<00:06:10.800> um<00:06:11.360> some<00:06:11.520> of<00:06:11.639> these<00:06:11.840> core 00:06:12.150 --> 00:06:12.160 align:start position:0% control Paradigm um some of these core 00:06:12.160 --> 00:06:15.029 align:start position:0% control Paradigm um some of these core components<00:06:12.800> include<00:06:13.759> wallet<00:06:14.160> identity 00:06:15.029 --> 00:06:15.039 align:start position:0% components include wallet identity 00:06:15.039 --> 00:06:17.909 align:start position:0% components include wallet identity reputation<00:06:15.759> system<00:06:16.599> Registries<00:06:17.599> token 00:06:17.909 --> 00:06:17.919 align:start position:0% reputation system Registries token 00:06:17.919 --> 00:06:20.670 align:start position:0% reputation system Registries token issuance<00:06:18.280> and<00:06:18.440> management<00:06:19.160> token<00:06:19.680> exchange 00:06:20.670 --> 00:06:20.680 align:start position:0% issuance and management token exchange 00:06:20.680 --> 00:06:24.309 align:start position:0% issuance and management token exchange stable<00:06:21.160> token<00:06:21.560> systems<00:06:22.080> voting<00:06:22.639> systems<00:06:23.639> cron 00:06:24.309 --> 00:06:24.319 align:start position:0% stable token systems voting systems cron 00:06:24.319 --> 00:06:28.110 align:start position:0% stable token systems voting systems cron systems<00:06:25.319> glue<00:06:26.160> systems<00:06:27.160> uh<00:06:27.319> and<00:06:27.479> more<00:06:27.720> cron 00:06:28.110 --> 00:06:28.120 align:start position:0% systems glue systems uh and more cron 00:06:28.120 --> 00:06:30.230 align:start position:0% systems glue systems uh and more cron systems<00:06:28.560> apparently 00:06:30.230 --> 00:06:30.240 align:start position:0% systems apparently 00:06:30.240 --> 00:06:34.110 align:start position:0% systems apparently um<00:06:31.240> uh<00:06:31.360> micro<00:06:31.759> payment<00:06:32.120> channels<00:06:32.880> uh<00:06:33.120> another 00:06:34.110 --> 00:06:34.120 align:start position:0% um uh micro payment channels uh another 00:06:34.120 --> 00:06:37.830 align:start position:0% um uh micro payment channels uh another um<00:06:34.680> critical<00:06:35.120> element<00:06:35.599> for<00:06:36.599> um<00:06:36.880> for<00:06:37.120> massive 00:06:37.830 --> 00:06:37.840 align:start position:0% um critical element for um for massive 00:06:37.840 --> 00:06:40.670 align:start position:0% um critical element for um for massive scalability<00:06:38.840> uh<00:06:39.240> dap<00:06:39.599> stores<00:06:40.080> dap<00:06:40.360> stores 00:06:40.670 --> 00:06:40.680 align:start position:0% scalability uh dap stores dap stores 00:06:40.680 --> 00:06:43.029 align:start position:0% scalability uh dap stores dap stores everywhere<00:06:41.080> for<00:06:41.319> lots<00:06:41.520> of<00:06:41.680> different<00:06:42.240> uh<00:06:42.880> uh 00:06:43.029 --> 00:06:43.039 align:start position:0% everywhere for lots of different uh uh 00:06:43.039 --> 00:06:45.990 align:start position:0% everywhere for lots of different uh uh kinds<00:06:43.240> of<00:06:43.440> purposes<00:06:44.400> uh<00:06:44.840> uh<00:06:45.039> many<00:06:45.479> different 00:06:45.990 --> 00:06:46.000 align:start position:0% kinds of purposes uh uh many different 00:06:46.000 --> 00:06:49.150 align:start position:0% kinds of purposes uh uh many different libraries<00:06:47.000> we're<00:06:47.120> going<00:06:47.240> to<00:06:47.360> have<00:06:47.479> to<00:06:48.000> uh 00:06:49.150 --> 00:06:49.160 align:start position:0% libraries we're going to have to uh 00:06:49.160 --> 00:06:51.350 align:start position:0% libraries we're going to have to uh essentially<00:06:50.160> um<00:06:50.440> build<00:06:50.880> all<00:06:51.039> of<00:06:51.199> the 00:06:51.350 --> 00:06:51.360 align:start position:0% essentially um build all of the 00:06:51.360 --> 00:06:53.230 align:start position:0% essentially um build all of the libraries<00:06:51.840> onto<00:06:52.240> this<00:06:52.400> decentralized 00:06:53.230 --> 00:06:53.240 align:start position:0% libraries onto this decentralized 00:06:53.240 --> 00:06:56.390 align:start position:0% libraries onto this decentralized infrastructure<00:06:54.240> uh<00:06:54.400> eventually<00:06:55.400> um<00:06:56.039> and 00:06:56.390 --> 00:06:56.400 align:start position:0% infrastructure uh eventually um and 00:06:56.400 --> 00:06:59.309 align:start position:0% infrastructure uh eventually um and metamask<00:06:57.039> so<00:06:57.919> um<00:06:58.199> browsers<00:06:58.720> different<00:06:59.080> kinds 00:06:59.309 --> 00:06:59.319 align:start position:0% metamask so um browsers different kinds 00:06:59.319 --> 00:07:02.309 align:start position:0% metamask so um browsers different kinds of<00:06:59.680> browsers<00:07:00.319> to<00:07:00.879> uh<00:07:01.319> to<00:07:01.520> enable<00:07:02.000> different 00:07:02.309 --> 00:07:02.319 align:start position:0% of browsers to uh to enable different 00:07:02.319 --> 00:07:05.189 align:start position:0% of browsers to uh to enable different kinds<00:07:02.520> of<00:07:02.919> devices<00:07:03.919> um<00:07:04.199> in<00:07:04.400> different<00:07:04.720> context 00:07:05.189 --> 00:07:05.199 align:start position:0% kinds of devices um in different context 00:07:05.199 --> 00:07:07.710 align:start position:0% kinds of devices um in different context to<00:07:05.720> be<00:07:05.919> nodes<00:07:06.280> on<00:07:06.440> the 00:07:07.710 --> 00:07:07.720 align:start position:0% to be nodes on the 00:07:07.720 --> 00:07:10.950 align:start position:0% to be nodes on the network<00:07:08.720> um<00:07:09.319> on<00:07:09.520> top<00:07:09.680> of<00:07:09.840> these<00:07:10.160> components<00:07:10.759> we 00:07:10.950 --> 00:07:10.960 align:start position:0% network um on top of these components we 00:07:10.960 --> 00:07:12.589 align:start position:0% network um on top of these components we and<00:07:11.080> others<00:07:11.360> are<00:07:11.520> building<00:07:12.000> Standalone 00:07:12.589 --> 00:07:12.599 align:start position:0% and others are building Standalone 00:07:12.599 --> 00:07:14.749 align:start position:0% and others are building Standalone decentralized<00:07:13.319> applications<00:07:14.160> so<00:07:14.440> triple 00:07:14.749 --> 00:07:14.759 align:start position:0% decentralized applications so triple 00:07:14.759 --> 00:07:16.589 align:start position:0% decentralized applications so triple entry<00:07:15.080> accounting<00:07:15.599> system<00:07:15.919> smart<00:07:16.240> document 00:07:16.589 --> 00:07:16.599 align:start position:0% entry accounting system smart document 00:07:16.599 --> 00:07:18.390 align:start position:0% entry accounting system smart document creation<00:07:16.919> and<00:07:17.080> management<00:07:17.639> system 00:07:18.390 --> 00:07:18.400 align:start position:0% creation and management system 00:07:18.400 --> 00:07:20.550 align:start position:0% creation and management system decentralized<00:07:19.120> Reddit<00:07:19.720> uh<00:07:19.960> governance 00:07:20.550 --> 00:07:20.560 align:start position:0% decentralized Reddit uh governance 00:07:20.560 --> 00:07:24.189 align:start position:0% decentralized Reddit uh governance system<00:07:21.440> crowdfunding<00:07:22.479> system<00:07:23.479> uh<00:07:23.639> we're 00:07:24.189 --> 00:07:24.199 align:start position:0% system crowdfunding system uh we're 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couple<00:07:31.400> of 00:07:32.230 --> 00:07:32.240 align:start position:0% building a couple of 00:07:32.240 --> 00:07:35.430 align:start position:0% building a couple of games<00:07:33.240> um<00:07:33.639> and<00:07:33.879> more<00:07:34.160> games 00:07:35.430 --> 00:07:35.440 align:start position:0% games um and more games 00:07:35.440 --> 00:07:39.390 align:start position:0% games um and more games soon<00:07:36.520> um<00:07:37.520> the<00:07:37.680> other<00:07:38.280> major<00:07:38.720> component<00:07:39.160> of 00:07:39.390 --> 00:07:39.400 align:start position:0% soon um the other major component of 00:07:39.400 --> 00:07:41.309 align:start position:0% soon um the other major component of what<00:07:39.560> we're<00:07:39.800> doing<00:07:40.400> and<00:07:40.599> what<00:07:40.800> other<00:07:41.039> groups 00:07:41.309 --> 00:07:41.319 align:start position:0% what we're doing and what other groups 00:07:41.319 --> 00:07:43.790 align:start position:0% what we're doing and what other groups are<00:07:41.479> doing<00:07:42.000> are<00:07:42.400> open<00:07:42.759> platforms<00:07:43.240> or<00:07:43.440> open 00:07:43.790 --> 00:07:43.800 align:start position:0% are doing are open platforms or open 00:07:43.800 --> 00:07:46.230 align:start position:0% are doing are open platforms or open industry<00:07:44.400> platforms<00:07:45.159> uh<00:07:45.280> so<00:07:45.520> these<00:07:45.800> platforms 00:07:46.230 --> 00:07:46.240 align:start position:0% industry platforms uh so these platforms 00:07:46.240 --> 00:07:48.189 align:start position:0% industry platforms uh so these platforms are<00:07:46.400> one<00:07:46.599> approach<00:07:46.879> to<00:07:47.000> building<00:07:47.280> a<00:07:47.400> mesh<00:07:47.720> of 00:07:48.189 --> 00:07:48.199 align:start position:0% are one approach to building a mesh of 00:07:48.199 --> 00:07:51.070 align:start position:0% are one approach to building a mesh of businesses<00:07:49.199> um<00:07:49.840> so<00:07:50.039> we<00:07:50.199> build<00:07:50.400> the<00:07:50.560> platform 00:07:51.070 --> 00:07:51.080 align:start position:0% businesses um so we build the platform 00:07:51.080 --> 00:07:53.550 align:start position:0% businesses um so we build the platform Define<00:07:51.680> an<00:07:51.879> initial<00:07:52.319> set<00:07:52.639> of<00:07:52.879> interacting 00:07:53.550 --> 00:07:53.560 align:start position:0% Define an initial set of interacting 00:07:53.560 --> 00:07:56.070 align:start position:0% Define an initial set of interacting roles<00:07:53.879> on<00:07:54.039> the<00:07:54.280> platform<00:07:55.280> uh<00:07:55.479> possibly<00:07:55.800> fill 00:07:56.070 --> 00:07:56.080 align:start position:0% roles on the platform uh possibly fill 00:07:56.080 --> 00:07:57.790 align:start position:0% roles on the platform uh possibly fill some<00:07:56.240> of<00:07:56.440> those<00:07:56.639> roles<00:07:57.120> stand<00:07:57.440> up<00:07:57.599> some 00:07:57.790 --> 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so we 00:08:05.240 --> 00:08:09.070 align:start position:0% over and let the platform evolve so we anticipate<00:08:05.919> that<00:08:06.280> uh<00:08:07.440> um<00:08:08.440> uh<00:08:08.560> people<00:08:08.800> in<00:08:08.919> their 00:08:09.070 --> 00:08:09.080 align:start position:0% anticipate that uh um uh people in their 00:08:09.080 --> 00:08:12.469 align:start position:0% anticipate that uh um uh people in their Ingenuity<00:08:09.840> will<00:08:10.840> um<00:08:11.199> create<00:08:11.639> many<00:08:11.879> more<00:08:12.080> roles 00:08:12.469 --> 00:08:12.479 align:start position:0% Ingenuity will um create many more roles 00:08:12.479 --> 00:08:16.309 align:start position:0% Ingenuity will um create many more roles on<00:08:12.680> these<00:08:12.879> open<00:08:13.400> platforms<00:08:14.400> um<00:08:15.120> to<00:08:15.960> create 00:08:16.309 --> 00:08:16.319 align:start position:0% on these open platforms um to create 00:08:16.319 --> 00:08:18.950 align:start position:0% on these open platforms um to create these<00:08:16.599> platforms<00:08:17.599> uh<00:08:17.720> we<00:08:17.840> sell<00:08:18.199> tokens<00:08:18.840> that 00:08:18.950 --> 00:08:18.960 align:start position:0% these platforms uh we sell tokens that 00:08:18.960 --> 00:08:20.629 align:start position:0% these platforms uh we sell tokens that are<00:08:19.120> intrinsic<00:08:19.599> to<00:08:19.720> the<00:08:19.879> operation<00:08:20.280> of<00:08:20.440> the 00:08:20.629 --> 00:08:20.639 align:start position:0% are intrinsic to the operation of the 00:08:20.639 --> 00:08:22.790 align:start position:0% are intrinsic to the operation of the platform<00:08:21.639> um<00:08:21.840> tokens<00:08:22.199> Can<00:08:22.360> represent 00:08:22.790 --> 00:08:22.800 align:start position:0% platform um tokens Can represent 00:08:22.800 --> 00:08:25.790 align:start position:0% platform um tokens Can represent governance<00:08:23.159> and<00:08:23.319> dividend<00:08:23.800> rights<00:08:24.759> uh<00:08:24.919> tokens 00:08:25.790 --> 00:08:25.800 align:start position:0% governance and dividend rights uh tokens 00:08:25.800 --> 00:08:28.189 align:start position:0% governance and dividend rights uh tokens uh<00:08:26.120> can<00:08:26.400> fund<00:08:26.680> a<00:08:26.919> foundation<00:08:27.919> uh<00:08:28.039> which 00:08:28.189 --> 00:08:28.199 align:start position:0% uh can fund a foundation uh which 00:08:28.199 --> 00:08:30.749 align:start position:0% uh can fund a foundation uh which Shepherds<00:08:28.639> future<00:08:28.960> development<00:08:29.919> um<00:08:30.599> might 00:08:30.749 --> 00:08:30.759 align:start position:0% Shepherds future development um might 00:08:30.759 --> 00:08:34.230 align:start position:0% Shepherds future development um might sound<00:08:31.240> familiar<00:08:32.240> um<00:08:33.000> many<00:08:33.440> people<00:08:33.839> and 00:08:34.230 --> 00:08:34.240 align:start position:0% sound familiar um many people and 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align:start position:0% living um so some of the platforms uh that<00:08:44.240> are<00:08:44.480> under<00:08:44.839> development<00:08:45.480> our<00:08:45.920> our 00:08:46.190 --> 00:08:46.200 align:start position:0% that are under development our our 00:08:46.200 --> 00:08:48.670 align:start position:0% that are under development our our prediction<00:08:46.640> markets<00:08:47.160> platform<00:08:47.760> our<00:08:48.279> music 00:08:48.670 --> 00:08:48.680 align:start position:0% prediction markets platform our music 00:08:48.680 --> 00:08:50.870 align:start position:0% prediction markets platform our music industry<00:08:49.279> platform<00:08:50.160> our<00:08:50.399> event<00:08:50.640> and 00:08:50.870 --> 00:08:50.880 align:start position:0% industry platform our event and 00:08:50.880 --> 00:08:53.710 align:start position:0% industry platform our event and community<00:08:51.640> community<00:08:52.120> management<00:08:52.760> platform 00:08:53.710 --> 00:08:53.720 align:start position:0% community community management platform 00:08:53.720 --> 00:08:56.389 align:start position:0% community community management platform ether<00:08:54.120> poker<00:08:54.560> will<00:08:54.720> be<00:08:54.880> a<00:08:55.080> platform<00:08:55.839> and<00:08:56.040> ether 00:08:56.389 --> 00:08:56.399 align:start position:0% ether poker will be a platform and ether 00:08:56.399 --> 00:09:00.069 align:start position:0% ether poker will be a platform and ether loan<00:08:56.680> is<00:08:56.880> also<00:08:57.120> under<00:08:57.760> development<00:08:58.760> um<00:08:59.560> other 00:09:00.069 --> 00:09:00.079 align:start position:0% loan is also under development um other 00:09:00.079 --> 00:09:02.509 align:start position:0% loan is also under development um other platforms<00:09:00.640> that<00:09:00.760> are<00:09:00.959> out<00:09:01.240> there<00:09:01.839> uh<00:09:01.959> include 00:09:02.509 --> 00:09:02.519 align:start position:0% platforms that are out there uh include 00:09:02.519 --> 00:09:06.350 align:start position:0% platforms that are out there uh include slock<00:09:03.360> uh<00:09:03.480> slock<00:09:03.880> is<00:09:04.079> both<00:09:04.640> uh<00:09:05.399> software<00:09:06.079> and 00:09:06.350 --> 00:09:06.360 align:start position:0% slock uh slock is both uh software and 00:09:06.360 --> 00:09:09.470 align:start position:0% slock uh slock is both uh software and soon<00:09:06.640> to<00:09:06.839> be<00:09:07.079> a<00:09:07.399> decentralized<00:09:08.480> organization 00:09:09.470 --> 00:09:09.480 align:start position:0% soon to be a decentralized organization 00:09:09.480 --> 00:09:12.269 align:start position:0% soon to be a decentralized organization uh<00:09:09.640> maker<00:09:10.360> same<00:09:10.760> thing 00:09:12.269 --> 00:09:12.279 align:start position:0% uh maker same thing 00:09:12.279 --> 00:09:14.750 align:start position:0% uh maker same thing um<00:09:13.279> two<00:09:13.480> of<00:09:13.600> the<00:09:13.720> platforms<00:09:14.160> that<00:09:14.320> we<00:09:14.480> built 00:09:14.750 --> 00:09:14.760 align:start position:0% um two of the platforms that we built 00:09:14.760 --> 00:09:17.550 align:start position:0% um two of the platforms that we built are<00:09:15.240> uh<00:09:15.680> an<00:09:15.880> open<00:09:16.200> energy<00:09:16.560> markets<00:09:17.079> platform 00:09:17.550 --> 00:09:17.560 align:start position:0% are uh an open energy markets platform 00:09:17.560 --> 00:09:19.230 align:start position:0% are uh an open energy markets platform or<00:09:17.760> that<00:09:17.920> we<00:09:18.040> are<00:09:18.200> building<00:09:18.720> is<00:09:18.839> an<00:09:19.000> open 00:09:19.230 --> 00:09:19.240 align:start position:0% or that we are building is an open 00:09:19.240 --> 00:09:21.150 align:start position:0% or that we are building is an open energy<00:09:19.560> markets<00:09:19.959> platform<00:09:20.320> and<00:09:20.480> a<00:09:20.640> community 00:09:21.150 --> 00:09:21.160 align:start position:0% energy markets platform and a community 00:09:21.160 --> 00:09:23.389 align:start position:0% energy markets platform and a community supported<00:09:21.680> agriculture<00:09:22.360> platform<00:09:22.920> these<00:09:23.079> are 00:09:23.389 --> 00:09:23.399 align:start position:0% supported agriculture platform these are 00:09:23.399 --> 00:09:26.630 align:start position:0% supported agriculture platform these are resource<00:09:23.920> generation<00:09:24.680> platforms<00:09:25.680> um<00:09:26.240> so<00:09:26.440> they 00:09:26.630 --> 00:09:26.640 align:start position:0% resource generation platforms um so they 00:09:26.640 --> 00:09:27.870 align:start position:0% resource generation platforms um so they both<00:09:26.839> have<00:09:26.959> the<00:09:27.079> same<00:09:27.320> underlying 00:09:27.870 --> 00:09:27.880 align:start position:0% both have the same underlying 00:09:27.880 --> 00:09:30.750 align:start position:0% both have the same underlying architecture<00:09:28.720> there<00:09:28.839> are<00:09:29.040> gener<00:09:29.480> ators<00:09:30.200> um 00:09:30.750 --> 00:09:30.760 align:start position:0% architecture there are gener ators um 00:09:30.760 --> 00:09:35.790 align:start position:0% architecture there are gener ators um photovoltaic<00:09:31.519> arrays<00:09:32.200> or<00:09:32.839> Farms<00:09:33.839> um<00:09:34.800> soil 00:09:35.790 --> 00:09:35.800 align:start position:0% photovoltaic arrays or Farms um soil 00:09:35.800 --> 00:09:40.590 align:start position:0% photovoltaic arrays or Farms um soil seeds<00:09:36.640> water<00:09:37.640> um<00:09:38.480> and<00:09:39.079> these<00:09:40.079> on<00:09:40.279> these 00:09:40.590 --> 00:09:40.600 align:start position:0% seeds water um and these on these 00:09:40.600 --> 00:09:44.990 align:start position:0% seeds water um and these on these platforms<00:09:41.760> uh<00:09:42.800> um<00:09:43.800> stakeholders<00:09:44.480> generate<00:09:44.839> a 00:09:44.990 --> 00:09:45.000 align:start position:0% platforms uh um stakeholders generate a 00:09:45.000 --> 00:09:47.910 align:start position:0% platforms uh um stakeholders generate a resource<00:09:45.519> kilowatt<00:09:45.920> hours<00:09:46.320> apples<00:09:46.920> potatoes 00:09:47.910 --> 00:09:47.920 align:start position:0% resource kilowatt hours apples potatoes 00:09:47.920 --> 00:09:50.110 align:start position:0% resource kilowatt hours apples potatoes uh<00:09:48.120> they<00:09:48.320> optionally<00:09:48.720> store<00:09:49.079> the<00:09:49.240> resource<00:09:50.000> uh 00:09:50.110 --> 00:09:50.120 align:start position:0% uh they optionally store the resource uh 00:09:50.120 --> 00:09:52.550 align:start position:0% uh they optionally store the resource uh they<00:09:50.240> issue<00:09:50.560> tokens<00:09:51.000> against<00:09:51.279> the<00:09:51.560> resource 00:09:52.550 --> 00:09:52.560 align:start position:0% they issue tokens against the resource 00:09:52.560 --> 00:09:53.990 align:start position:0% they issue tokens against the resource um<00:09:52.680> and<00:09:52.800> they<00:09:52.880> sell<00:09:53.079> tokens<00:09:53.440> into<00:09:53.680> the<00:09:53.760> open 00:09:53.990 --> 00:09:54.000 align:start position:0% um and they sell tokens into the open 00:09:54.000 --> 00:09:55.590 align:start position:0% um and they sell tokens into the open market<00:09:54.399> which<00:09:54.519> can<00:09:54.680> be<00:09:54.800> deemed<00:09:55.160> either<00:09:55.320> on<00:09:55.440> a 00:09:55.590 --> 00:09:55.600 align:start position:0% market which can be deemed either on a 00:09:55.600 --> 00:09:59.630 align:start position:0% market which can be deemed either on a spot<00:09:56.120> Market<00:09:57.120> um<00:09:57.920> or<00:09:58.279> they<00:09:58.440> can<00:09:58.640> also<00:09:59.399> issue 00:09:59.630 --> 00:09:59.640 align:start position:0% spot Market um or they can also issue 00:09:59.640 --> 00:10:02.509 align:start position:0% spot Market um or they can also issue Futures<00:09:59.959> and<00:10:00.200> options<00:10:01.200> um<00:10:01.399> so<00:10:01.600> that<00:10:02.279> uh<00:10:02.399> the 00:10:02.509 --> 00:10:02.519 align:start position:0% Futures and options um so that uh the 00:10:02.519 --> 00:10:05.110 align:start position:0% Futures and options um so that uh the generators<00:10:03.120> can<00:10:03.320> hedge<00:10:03.839> their<00:10:04.120> activity<00:10:04.959> and 00:10:05.110 --> 00:10:05.120 align:start position:0% generators can hedge their activity and 00:10:05.120 --> 00:10:08.990 align:start position:0% generators can hedge their activity and consumers<00:10:05.600> can<00:10:05.760> plan<00:10:06.000> and<00:10:06.200> provision 00:10:08.990 --> 00:10:09.000 align:start position:0% consumers can plan and provision 00:10:09.000 --> 00:10:12.269 align:start position:0% consumers can plan and provision um<00:10:10.000> uh<00:10:10.120> these<00:10:10.519> platforms<00:10:11.519> will<00:10:11.880> each 00:10:12.269 --> 00:10:12.279 align:start position:0% um uh these platforms will each 00:10:12.279 --> 00:10:15.509 align:start position:0% um uh these platforms will each constitute<00:10:13.079> meshes<00:10:14.040> of<00:10:14.279> businesses<00:10:15.279> and 00:10:15.509 --> 00:10:15.519 align:start position:0% constitute meshes of businesses and 00:10:15.519 --> 00:10:17.910 align:start position:0% constitute meshes of businesses and these<00:10:15.680> meshes<00:10:16.160> will<00:10:16.600> probably<00:10:17.040> interoperate 00:10:17.910 --> 00:10:17.920 align:start position:0% these meshes will probably interoperate 00:10:17.920 --> 00:10:20.269 align:start position:0% these meshes will probably interoperate there<00:10:18.000> will<00:10:18.160> be<00:10:18.519> uh<00:10:18.880> overlapping<00:10:19.519> meshes<00:10:19.920> of 00:10:20.269 --> 00:10:20.279 align:start position:0% there will be uh overlapping meshes of 00:10:20.279 --> 00:10:23.470 align:start position:0% there will be uh overlapping meshes of meshes<00:10:21.279> um<00:10:21.480> so<00:10:21.839> you<00:10:21.920> can<00:10:22.079> imagine<00:10:22.360> in<00:10:22.519> a<00:10:22.680> day<00:10:22.839> or 00:10:23.470 --> 00:10:23.480 align:start position:0% meshes um so you can imagine in a day or 00:10:23.480 --> 00:10:27.350 align:start position:0% meshes um so you can imagine in a day or in<00:10:23.720> a<00:10:24.200> a<00:10:24.399> year<00:10:24.680> or<00:10:24.880> two<00:10:25.760> um<00:10:26.360> Alice<00:10:26.800> can<00:10:27.040> possibly 00:10:27.350 --> 00:10:27.360 align:start position:0% in a a year or two um Alice can possibly 00:10:27.360 --> 00:10:29.509 align:start position:0% in a a year or two um Alice can possibly trade<00:10:27.600> her<00:10:27.800> kilowatt<00:10:28.240> hours<00:10:28.680> and<00:10:28.880> potato 00:10:29.509 --> 00:10:29.519 align:start position:0% trade her kilowatt hours and potato 00:10:29.519 --> 00:10:32.550 align:start position:0% trade her kilowatt hours and potato tokens<00:10:29.959> for<00:10:30.360> Bob's<00:10:30.760> Apple<00:10:31.279> tokens<00:10:32.279> um 00:10:32.550 --> 00:10:32.560 align:start position:0% tokens for Bob's Apple tokens um 00:10:32.560 --> 00:10:34.550 align:start position:0% tokens for Bob's Apple tokens um probably<00:10:32.920> on 00:10:34.550 --> 00:10:34.560 align:start position:0% probably on 00:10:34.560 --> 00:10:38.150 align:start position:0% probably on ether<00:10:35.560> um<00:10:35.680> so<00:10:35.839> the<00:10:35.959> invention<00:10:36.360> of<00:10:36.519> money<00:10:37.399> um 00:10:38.150 --> 00:10:38.160 align:start position:0% ether um so the invention of money um 00:10:38.160 --> 00:10:40.350 align:start position:0% ether um so the invention of money um has<00:10:38.360> been<00:10:38.760> spectacular<00:10:39.360> for<00:10:39.639> society<00:10:40.120> even 00:10:40.350 --> 00:10:40.360 align:start position:0% has been spectacular for society even 00:10:40.360 --> 00:10:42.230 align:start position:0% has been spectacular for society even top<00:10:40.680> down<00:10:40.839> command<00:10:41.120> and<00:10:41.360> control<00:10:41.800> has<00:10:41.959> taken 00:10:42.230 --> 00:10:42.240 align:start position:0% top down command and control has taken 00:10:42.240 --> 00:10:46.550 align:start position:0% top down command and control has taken us<00:10:42.920> to<00:10:43.920> this<00:10:44.560> which<00:10:44.680> is<00:10:44.880> quite<00:10:45.399> spectacular<00:10:46.399> um 00:10:46.550 --> 00:10:46.560 align:start position:0% us to this which is quite spectacular um 00:10:46.560 --> 00:10:49.230 align:start position:0% us to this which is quite spectacular um but<00:10:46.680> we<00:10:46.800> can<00:10:47.040> probably<00:10:47.320> do<00:10:47.560> better<00:10:48.519> uh<00:10:48.880> money 00:10:49.230 --> 00:10:49.240 align:start position:0% but we can probably do better uh money 00:10:49.240 --> 00:10:51.350 align:start position:0% but we can probably do better uh money is<00:10:49.399> an<00:10:49.600> abstra<00:10:50.160> an<00:10:50.399> abstraction<00:10:51.120> that 00:10:51.350 --> 00:10:51.360 align:start position:0% is an abstra an abstraction that 00:10:51.360 --> 00:10:54.430 align:start position:0% is an abstra an abstraction that facilitates<00:10:52.120> barter<00:10:53.120> um<00:10:53.959> but<00:10:54.079> the<00:10:54.160> money 00:10:54.430 --> 00:10:54.440 align:start position:0% facilitates barter um but the money 00:10:54.440 --> 00:10:56.310 align:start position:0% facilitates barter um but the money abstraction<00:10:55.079> has<00:10:55.279> required<00:10:55.639> levers<00:10:56.040> of 00:10:56.310 --> 00:10:56.320 align:start position:0% abstraction has required levers of 00:10:56.320 --> 00:10:59.670 align:start position:0% abstraction has required levers of control<00:10:56.800> and<00:10:57.079> power<00:10:57.760> um<00:10:57.920> money<00:10:58.800> those<00:10:58.959> lever 00:10:59.670 --> 00:10:59.680 align:start position:0% control and power um money those lever 00:10:59.680 --> 00:11:02.350 align:start position:0% control and power um money those lever cause<00:11:00.000> money<00:11:00.279> to<00:11:00.440> SLO<00:11:00.880> around<00:11:01.120> the<00:11:01.240> world 00:11:02.350 --> 00:11:02.360 align:start position:0% cause money to SLO around the world 00:11:02.360 --> 00:11:05.269 align:start position:0% cause money to SLO around the world creating<00:11:03.360> um<00:11:03.800> tremendous<00:11:04.320> growth<00:11:05.000> or 00:11:05.269 --> 00:11:05.279 align:start position:0% creating um tremendous growth or 00:11:05.279 --> 00:11:09.030 align:start position:0% creating um tremendous growth or tremendous<00:11:05.720> dir<00:11:06.680> uh<00:11:07.440> essentially<00:11:08.440> um 00:11:09.030 --> 00:11:09.040 align:start position:0% tremendous dir uh essentially um 00:11:09.040 --> 00:11:11.949 align:start position:0% tremendous dir uh essentially um instabilities<00:11:10.040> it's<00:11:10.200> a<00:11:10.480> control<00:11:11.000> system<00:11:11.560> that 00:11:11.949 --> 00:11:11.959 align:start position:0% instabilities it's a control system that 00:11:11.959 --> 00:11:16.949 align:start position:0% instabilities it's a control system that uh<00:11:12.720> uh<00:11:12.839> tends<00:11:13.160> to<00:11:13.360> overshoot<00:11:14.079> quite<00:11:14.680> often<00:11:15.959> um 00:11:16.949 --> 00:11:16.959 align:start position:0% uh uh tends to overshoot quite often um 00:11:16.959 --> 00:11:19.509 align:start position:0% uh uh tends to overshoot quite often um so<00:11:17.200> having<00:11:17.399> our<00:11:17.639> tokens<00:11:18.200> directly<00:11:18.600> backed<00:11:19.000> by 00:11:19.509 --> 00:11:19.519 align:start position:0% so having our tokens directly backed by 00:11:19.519 --> 00:11:22.829 align:start position:0% so having our tokens directly backed by assets<00:11:20.519> um<00:11:20.920> or<00:11:21.240> resources<00:11:22.240> should<00:11:22.519> reduce 00:11:22.829 --> 00:11:22.839 align:start position:0% assets um or resources should reduce 00:11:22.839 --> 00:11:24.949 align:start position:0% assets um or resources should reduce much<00:11:23.000> of<00:11:23.120> the<00:11:23.279> instability<00:11:24.240> that<00:11:24.519> the<00:11:24.639> use<00:11:24.800> of 00:11:24.949 --> 00:11:24.959 align:start position:0% much of the instability that the use of 00:11:24.959 --> 00:11:28.069 align:start position:0% much of the instability that the use of money<00:11:25.320> systems<00:11:26.040> introduces<00:11:27.040> um<00:11:27.760> this<00:11:27.920> gives 00:11:28.069 --> 00:11:28.079 align:start position:0% money systems introduces um this gives 00:11:28.079 --> 00:11:29.590 align:start position:0% money systems introduces um this gives you<00:11:28.200> all<00:11:28.320> the<00:11:28.440> goodness<00:11:28.720> of<00:11:28.839> barter<00:11:29.360> without 00:11:29.590 --> 00:11:29.600 align:start position:0% you all the goodness of barter without 00:11:29.600 --> 00:11:32.430 align:start position:0% you all the goodness of barter without having<00:11:30.079> to<00:11:30.320> carry<00:11:30.600> a<00:11:30.800> cow<00:11:31.079> or<00:11:31.320> be<00:11:31.760> oil<00:11:32.120> around 00:11:32.430 --> 00:11:32.440 align:start position:0% having to carry a cow or be oil around 00:11:32.440 --> 00:11:36.030 align:start position:0% having to carry a cow or be oil around with<00:11:32.680> you<00:11:33.680> um<00:11:34.639> so<00:11:34.800> the<00:11:34.959> nothing<00:11:35.200> at<00:11:35.399> stake 00:11:36.030 --> 00:11:36.040 align:start position:0% with you um so the nothing at stake 00:11:36.040 --> 00:11:39.269 align:start position:0% with you um so the nothing at stake problem<00:11:37.399> so<00:11:38.399> perhaps<00:11:38.720> the<00:11:38.800> biggest<00:11:39.079> problem 00:11:39.269 --> 00:11:39.279 align:start position:0% problem so perhaps the biggest problem 00:11:39.279 --> 00:11:40.629 align:start position:0% problem so perhaps the biggest problem we<00:11:39.399> face<00:11:39.600> in<00:11:39.680> the<00:11:39.800> world<00:11:40.000> today<00:11:40.279> is<00:11:40.440> that<00:11:40.560> there 00:11:40.629 --> 00:11:40.639 align:start position:0% we face in the world today is that there 00:11:40.639 --> 00:11:42.990 align:start position:0% we face in the world today is that there are<00:11:40.800> too<00:11:41.000> few<00:11:41.320> people<00:11:42.079> uh<00:11:42.160> who<00:11:42.320> feel<00:11:42.639> they<00:11:42.800> have 00:11:42.990 --> 00:11:43.000 align:start position:0% are too few people uh who feel they have 00:11:43.000 --> 00:11:46.790 align:start position:0% are too few people uh who feel they have real<00:11:43.519> stake<00:11:44.519> uh<00:11:44.639> in<00:11:44.800> the<00:11:44.920> human<00:11:45.440> Enterprise<00:11:46.440> um 00:11:46.790 --> 00:11:46.800 align:start position:0% real stake uh in the human Enterprise um 00:11:46.800 --> 00:11:48.470 align:start position:0% real stake uh in the human Enterprise um there's<00:11:47.000> too<00:11:47.200> little<00:11:47.399> ownership<00:11:48.040> too<00:11:48.240> little 00:11:48.470 --> 00:11:48.480 align:start position:0% there's too little ownership too little 00:11:48.480 --> 00:11:50.910 align:start position:0% there's too little ownership too little self-sufficiency<00:11:49.480> too<00:11:49.720> little<00:11:49.959> personal 00:11:50.910 --> 00:11:50.920 align:start position:0% self-sufficiency too little personal 00:11:50.920 --> 00:11:53.470 align:start position:0% self-sufficiency too little personal sovereignty<00:11:51.920> um<00:11:52.519> too<00:11:52.680> much<00:11:52.839> leeching<00:11:53.200> on<00:11:53.360> the 00:11:53.470 --> 00:11:53.480 align:start position:0% sovereignty um too much leeching on the 00:11:53.480 --> 00:11:55.750 align:start position:0% sovereignty um too much leeching on the week<00:11:53.800> or<00:11:54.040> looting<00:11:54.480> from<00:11:54.680> the<00:11:54.839> state<00:11:55.560> a 00:11:55.750 --> 00:11:55.760 align:start position:0% week or looting from the state a 00:11:55.760 --> 00:11:57.590 align:start position:0% week or looting from the state a gentleman<00:11:56.160> named<00:11:56.440> Ronald<00:11:56.880> Coos<00:11:57.279> won<00:11:57.480> the 00:11:57.590 --> 00:11:57.600 align:start position:0% gentleman named Ronald Coos won the 00:11:57.600 --> 00:11:59.590 align:start position:0% gentleman named Ronald Coos won the nobbel<00:11:58.040> prize<00:11:58.279> for<00:11:58.440> his<00:11:58.639> theory<00:11:58.959> of<00:11:59.079> the<00:11:59.279> the 00:11:59.590 --> 00:11:59.600 align:start position:0% nobbel prize for his theory of the the 00:11:59.600 --> 00:12:03.150 align:start position:0% nobbel prize for his theory of the the corporation<00:12:00.880> um<00:12:01.880> um<00:12:02.079> as<00:12:02.160> a<00:12:02.320> company<00:12:02.639> grows<00:12:03.040> the 00:12:03.150 --> 00:12:03.160 align:start position:0% corporation um um as a company grows the 00:12:03.160 --> 00:12:06.310 align:start position:0% corporation um um as a company grows the cost<00:12:03.399> of<00:12:04.040> the<00:12:04.200> marginal<00:12:05.160> transaction<00:12:06.160> uh 00:12:06.310 --> 00:12:06.320 align:start position:0% cost of the marginal transaction uh 00:12:06.320 --> 00:12:09.829 align:start position:0% cost of the marginal transaction uh needs<00:12:06.600> to<00:12:06.720> be<00:12:06.920> less<00:12:07.920> than<00:12:08.839> getting<00:12:09.279> that<00:12:09.480> same 00:12:09.829 --> 00:12:09.839 align:start position:0% needs to be less than getting that same 00:12:09.839 --> 00:12:12.110 align:start position:0% needs to be less than getting that same task<00:12:10.240> done<00:12:10.600> in<00:12:10.760> the<00:12:10.880> open<00:12:11.160> market<00:12:11.880> um<00:12:12.000> there 00:12:12.110 --> 00:12:12.120 align:start position:0% task done in the open market um there 00:12:12.120 --> 00:12:16.110 align:start position:0% task done in the open market um there are<00:12:12.760> efficiencies<00:12:13.760> um<00:12:14.560> when<00:12:15.360> communication 00:12:16.110 --> 00:12:16.120 align:start position:0% are efficiencies um when communication 00:12:16.120 --> 00:12:18.430 align:start position:0% are efficiencies um when communication is<00:12:16.440> expensive<00:12:16.880> and<00:12:17.199> de<00:12:17.600> decision-<00:12:18.000> making<00:12:18.279> is 00:12:18.430 --> 00:12:18.440 align:start position:0% is expensive and de decision- making is 00:12:18.440 --> 00:12:20.030 align:start position:0% is expensive and de decision- making is slow<00:12:18.680> and<00:12:18.959> expensive<00:12:19.680> there<00:12:19.800> are 00:12:20.030 --> 00:12:20.040 align:start position:0% slow and expensive there are 00:12:20.040 --> 00:12:22.550 align:start position:0% slow and expensive there are inefficiencies<00:12:20.839> in<00:12:21.120> in<00:12:21.320> keeping<00:12:22.279> those 00:12:22.550 --> 00:12:22.560 align:start position:0% inefficiencies in in keeping those 00:12:22.560 --> 00:12:24.750 align:start position:0% inefficiencies in in keeping those mechanisms<00:12:23.360> internal<00:12:24.000> rather<00:12:24.199> than<00:12:24.440> throwing 00:12:24.750 --> 00:12:24.760 align:start position:0% mechanisms internal rather than throwing 00:12:24.760 --> 00:12:28.150 align:start position:0% mechanisms internal rather than throwing them<00:12:24.920> into<00:12:25.160> the<00:12:25.279> open<00:12:25.600> market<00:12:26.600> um<00:12:27.560> so<00:12:27.959> that 00:12:28.150 --> 00:12:28.160 align:start position:0% them into the open market um so that 00:12:28.160 --> 00:12:31.310 align:start position:0% them into the open market um so that effectively<00:12:29.000> um<00:12:29.480> um<00:12:30.480> when<00:12:30.720> he<00:12:30.839> was<00:12:31.040> thinking 00:12:31.310 --> 00:12:31.320 align:start position:0% effectively um um when he was thinking 00:12:31.320 --> 00:12:33.670 align:start position:0% effectively um um when he was thinking about<00:12:31.560> that<00:12:31.720> that<00:12:31.880> limited<00:12:32.399> the<00:12:32.880> optimal<00:12:33.360> size 00:12:33.670 --> 00:12:33.680 align:start position:0% about that that limited the optimal size 00:12:33.680 --> 00:12:35.509 align:start position:0% about that that limited the optimal size of<00:12:33.839> the<00:12:33.959> corporation<00:12:34.880> um<00:12:35.000> but<00:12:35.120> if<00:12:35.160> you<00:12:35.279> turn 00:12:35.509 --> 00:12:35.519 align:start position:0% of the corporation um but if you turn 00:12:35.519 --> 00:12:36.990 align:start position:0% of the corporation um but if you turn this<00:12:35.680> thinking<00:12:36.000> around<00:12:36.360> then<00:12:36.519> we<00:12:36.639> can<00:12:36.800> think 00:12:36.990 --> 00:12:37.000 align:start position:0% this thinking around then we can think 00:12:37.000 --> 00:12:41.590 align:start position:0% this thinking around then we can think about<00:12:37.600> uh<00:12:38.480> um<00:12:39.480> the<00:12:39.920> minimal<00:12:40.680> optimal<00:12:41.199> size<00:12:41.480> of 00:12:41.590 --> 00:12:41.600 align:start position:0% about uh um the minimal optimal size of 00:12:41.600 --> 00:12:44.150 align:start position:0% about uh um the minimal optimal size of the<00:12:41.760> corporation<00:12:42.720> uh<00:12:42.880> so<00:12:43.360> in<00:12:43.519> a<00:12:43.680> context<00:12:44.040> in 00:12:44.150 --> 00:12:44.160 align:start position:0% the corporation uh so in a context in 00:12:44.160 --> 00:12:45.590 align:start position:0% the corporation uh so in a context in which<00:12:44.360> Communications<00:12:45.000> and<00:12:45.240> decision- 00:12:45.590 --> 00:12:45.600 align:start position:0% which Communications and decision- 00:12:45.600 --> 00:12:48.310 align:start position:0% which Communications and decision- making<00:12:45.880> are<00:12:46.120> fast<00:12:46.360> and<00:12:46.560> cheap<00:12:47.560> um<00:12:47.839> makes<00:12:48.079> sense 00:12:48.310 --> 00:12:48.320 align:start position:0% making are fast and cheap um makes sense 00:12:48.320 --> 00:12:50.990 align:start position:0% making are fast and cheap um makes sense to<00:12:48.440> Outsource<00:12:49.120> everything<00:12:50.079> uh<00:12:50.279> into<00:12:50.560> the<00:12:50.720> open 00:12:50.990 --> 00:12:51.000 align:start position:0% to Outsource everything uh into the open 00:12:51.000 --> 00:12:54.470 align:start position:0% to Outsource everything uh into the open market<00:12:51.760> except<00:12:52.040> your<00:12:52.240> core 00:12:54.470 --> 00:12:54.480 align:start position:0% market except your core 00:12:54.480 --> 00:12:57.629 align:start position:0% market except your core competency<00:12:55.480> um<00:12:56.160> 10<00:12:56.399> years<00:12:56.560> ago<00:12:56.920> cost<00:12:57.160> a<00:12:57.320> lot<00:12:57.519> of 00:12:57.629 --> 00:12:57.639 align:start position:0% competency um 10 years ago cost a lot of 00:12:57.639 --> 00:13:00.430 align:start position:0% competency um 10 years ago cost a lot of money<00:12:58.120> to<00:12:58.279> do<00:12:58.440> a<00:12:58.519> tech<00:12:58.760> startup<00:12:59.279> today<00:12:59.639> costs 00:13:00.430 --> 00:13:00.440 align:start position:0% money to do a tech startup today costs 00:13:00.440 --> 00:13:04.590 align:start position:0% money to do a tech startup today costs less<00:13:00.760> money<00:13:01.720> um<00:13:01.920> two<00:13:02.160> years<00:13:02.440> from<00:13:02.720> now<00:13:03.399> um<00:13:04.000> will 00:13:04.590 --> 00:13:04.600 align:start position:0% less money um two years from now um will 00:13:04.600 --> 00:13:07.389 align:start position:0% less money um two years from now um will probably<00:13:04.959> cost<00:13:05.240> remarkably<00:13:05.800> less<00:13:06.040> money<00:13:06.920> um 00:13:07.389 --> 00:13:07.399 align:start position:0% probably cost remarkably less money um 00:13:07.399 --> 00:13:10.230 align:start position:0% probably cost remarkably less money um when<00:13:07.560> it<00:13:07.720> costs<00:13:08.000> $500<00:13:08.680> or<00:13:08.920> $50<00:13:09.720> to<00:13:09.839> form<00:13:10.079> a 00:13:10.230 --> 00:13:10.240 align:start position:0% when it costs $500 or $50 to form a 00:13:10.240 --> 00:13:12.310 align:start position:0% when it costs $500 or $50 to form a startup<00:13:10.839> that<00:13:10.959> solves<00:13:11.240> a<00:13:11.399> local<00:13:11.680> or<00:13:11.839> Global 00:13:12.310 --> 00:13:12.320 align:start position:0% startup that solves a local or Global 00:13:12.320 --> 00:13:13.910 align:start position:0% startup that solves a local or Global problem<00:13:12.639> recognized<00:13:13.199> by<00:13:13.320> a<00:13:13.440> smart 00:13:13.910 --> 00:13:13.920 align:start position:0% problem recognized by a smart 00:13:13.920 --> 00:13:17.110 align:start position:0% problem recognized by a smart entrepreneur<00:13:14.920> anywhere<00:13:15.399> in<00:13:15.519> the<00:13:15.680> world<00:13:16.680> um<00:13:17.000> we 00:13:17.110 --> 00:13:17.120 align:start position:0% entrepreneur anywhere in the world um we 00:13:17.120 --> 00:13:19.350 align:start position:0% entrepreneur anywhere in the world um we will<00:13:17.360> really<00:13:17.639> be<00:13:17.839> on<00:13:17.959> our<00:13:18.160> way<00:13:18.320> to<00:13:18.519> becoming<00:13:19.160> a 00:13:19.350 --> 00:13:19.360 align:start position:0% will really be on our way to becoming a 00:13:19.360 --> 00:13:22.949 align:start position:0% will really be on our way to becoming a planet<00:13:19.680> of 00:13:22.949 --> 00:13:22.959 align:start position:0% 00:13:22.959 --> 00:13:25.990 align:start position:0% stakeholders<00:13:23.959> uh<00:13:24.120> so<00:13:24.560> consensus<00:13:25.560> is<00:13:25.800> still 00:13:25.990 --> 00:13:26.000 align:start position:0% stakeholders uh so consensus is still 00:13:26.000 --> 00:13:27.230 align:start position:0% stakeholders uh so consensus is still working<00:13:26.279> out<00:13:26.440> the<00:13:26.560> details<00:13:26.920> of<00:13:27.079> its 00:13:27.230 --> 00:13:27.240 align:start position:0% working out the details of its 00:13:27.240 --> 00:13:29.389 align:start position:0% working out the details of its organizational<00:13:27.880> structuring<00:13:28.440> plans<00:13:28.920> but<00:13:29.320> uh 00:13:29.389 --> 00:13:29.399 align:start position:0% organizational structuring plans but uh 00:13:29.399 --> 00:13:32.150 align:start position:0% organizational structuring plans but uh in<00:13:29.560> Broad<00:13:29.880> Strokes<00:13:30.880> uh<00:13:31.040> consensus<00:13:31.560> is<00:13:31.720> a 00:13:32.150 --> 00:13:32.160 align:start position:0% in Broad Strokes uh consensus is a 00:13:32.160 --> 00:13:34.949 align:start position:0% in Broad Strokes uh consensus is a constellation<00:13:32.800> of<00:13:33.040> projects<00:13:33.880> or<00:13:34.199> companies 00:13:34.949 --> 00:13:34.959 align:start position:0% constellation of projects or companies 00:13:34.959 --> 00:13:37.230 align:start position:0% constellation of projects or companies projects<00:13:35.320> that<00:13:35.480> will<00:13:35.639> become<00:13:36.040> companies<00:13:36.920> in<00:13:37.120> a 00:13:37.230 --> 00:13:37.240 align:start position:0% projects that will become companies in a 00:13:37.240 --> 00:13:40.230 align:start position:0% projects that will become companies in a hub<00:13:37.399> and<00:13:37.560> spoke<00:13:37.880> architecture<00:13:38.800> every<00:13:39.240> member 00:13:40.230 --> 00:13:40.240 align:start position:0% hub and spoke architecture every member 00:13:40.240 --> 00:13:42.150 align:start position:0% hub and spoke architecture every member um<00:13:40.560> will<00:13:40.760> have<00:13:40.959> equity<00:13:41.279> in<00:13:41.360> the<00:13:41.519> hub<00:13:41.959> every 00:13:42.150 --> 00:13:42.160 align:start position:0% um will have equity in the hub every 00:13:42.160 --> 00:13:43.990 align:start position:0% um will have equity in the hub every member<00:13:42.480> will<00:13:42.680> have<00:13:42.880> direct<00:13:43.240> equity<00:13:43.639> in<00:13:43.800> their 00:13:43.990 --> 00:13:44.000 align:start position:0% member will have direct equity in their 00:13:44.000 --> 00:13:48.310 align:start position:0% member will have direct equity in their own<00:13:44.639> projects<00:13:45.639> um<00:13:46.240> we<00:13:46.519> aim<00:13:47.519> uh<00:13:47.880> it<00:13:47.959> is<00:13:48.079> our 00:13:48.310 --> 00:13:48.320 align:start position:0% own projects um we aim uh it is our 00:13:48.320 --> 00:13:51.990 align:start position:0% own projects um we aim uh it is our major<00:13:48.680> goal<00:13:49.360> to<00:13:50.360> um<00:13:50.839> have<00:13:51.079> and<00:13:51.440> continue<00:13:51.800> to 00:13:51.990 --> 00:13:52.000 align:start position:0% major goal to um have and continue to 00:13:52.000 --> 00:13:53.749 align:start position:0% major goal to um have and continue to facilitate<00:13:52.639> rapid<00:13:53.120> full<00:13:53.399> open 00:13:53.749 --> 00:13:53.759 align:start position:0% facilitate rapid full open 00:13:53.759 --> 00:13:57.189 align:start position:0% facilitate rapid full open Communications<00:13:54.639> sharing<00:13:55.720> collaboration<00:13:56.720> um 00:13:57.189 --> 00:13:57.199 align:start position:0% Communications sharing collaboration um 00:13:57.199 --> 00:14:00.389 align:start position:0% Communications sharing collaboration um and<00:13:58.000> we<00:13:58.160> will<00:13:58.720> do<00:13:59.279> this<00:13:59.800> uh<00:13:59.920> with<00:14:00.160> me 00:14:00.389 --> 00:14:00.399 align:start position:0% and we will do this uh with me 00:14:00.399 --> 00:14:03.189 align:start position:0% and we will do this uh with me mechanisms<00:14:01.000> that<00:14:01.199> incentivize<00:14:01.839> all<00:14:02.120> to<00:14:02.839> share 00:14:03.189 --> 00:14:03.199 align:start position:0% mechanisms that incentivize all to share 00:14:03.199 --> 00:14:06.150 align:start position:0% mechanisms that incentivize all to share information<00:14:03.880> help<00:14:04.079> each<00:14:04.199> other<00:14:04.480> out<00:14:05.360> um<00:14:05.920> and 00:14:06.150 --> 00:14:06.160 align:start position:0% information help each other out um and 00:14:06.160 --> 00:14:07.670 align:start position:0% information help each other out um and essentially<00:14:06.600> root<00:14:06.880> for<00:14:07.079> each<00:14:07.199> other<00:14:07.440> to 00:14:07.670 --> 00:14:07.680 align:start position:0% essentially root for each other to 00:14:07.680 --> 00:14:11.110 align:start position:0% essentially root for each other to succeed<00:14:08.240> because<00:14:08.720> we<00:14:08.880> all<00:14:09.120> own 00:14:11.110 --> 00:14:11.120 align:start position:0% succeed because we all own 00:14:11.120 --> 00:14:13.189 align:start position:0% succeed because we all own everything 00:14:13.189 --> 00:14:13.199 align:start position:0% everything 00:14:13.199 --> 00:14:15.710 align:start position:0% everything um<00:14:14.199> so<00:14:14.360> we're<00:14:14.600> currently<00:14:15.079> constructing 00:14:15.710 --> 00:14:15.720 align:start position:0% um so we're currently constructing 00:14:15.720 --> 00:14:17.550 align:start position:0% um so we're currently constructing protocols<00:14:16.399> which<00:14:16.560> make<00:14:16.759> use<00:14:17.000> of<00:14:17.199> some<00:14:17.320> of<00:14:17.440> the 00:14:17.550 --> 00:14:17.560 align:start position:0% protocols which make use of some of the 00:14:17.560 --> 00:14:19.389 align:start position:0% protocols which make use of some of the core<00:14:17.800> components<00:14:18.240> we<00:14:18.440> built<00:14:18.759> to<00:14:18.920> structure 00:14:19.389 --> 00:14:19.399 align:start position:0% core components we built to structure 00:14:19.399 --> 00:14:21.990 align:start position:0% core components we built to structure govern<00:14:19.639> and<00:14:19.880> operate<00:14:20.360> the<00:14:20.560> consensus<00:14:21.120> Hub<00:14:21.839> on 00:14:21.990 --> 00:14:22.000 align:start position:0% govern and operate the consensus Hub on 00:14:22.000 --> 00:14:24.910 align:start position:0% govern and operate the consensus Hub on the<00:14:22.160> blockchain<00:14:23.120> um<00:14:23.639> also<00:14:23.959> each<00:14:24.120> of<00:14:24.240> our<00:14:24.440> spoke 00:14:24.910 --> 00:14:24.920 align:start position:0% the blockchain um also each of our spoke 00:14:24.920 --> 00:14:26.870 align:start position:0% the blockchain um also each of our spoke projects<00:14:25.440> will<00:14:25.600> be<00:14:25.759> able<00:14:25.959> to<00:14:26.240> independently 00:14:26.870 --> 00:14:26.880 align:start position:0% projects will be able to independently 00:14:26.880 --> 00:14:29.749 align:start position:0% projects will be able to independently structure<00:14:27.360> govern<00:14:27.920> and<00:14:28.160> perhaps<00:14:28.560> fund 00:14:29.749 --> 00:14:29.759 align:start position:0% structure govern and perhaps fund 00:14:29.759 --> 00:14:32.030 align:start position:0% structure govern and perhaps fund uh<00:14:29.920> and<00:14:30.079> operate<00:14:30.639> themselves<00:14:31.399> using<00:14:31.759> those 00:14:32.030 --> 00:14:32.040 align:start position:0% uh and operate themselves using those 00:14:32.040 --> 00:14:35.829 align:start position:0% uh and operate themselves using those exact<00:14:32.360> same<00:14:32.600> tools<00:14:33.480> so<00:14:33.880> each<00:14:34.800> spoke<00:14:35.440> project 00:14:35.829 --> 00:14:35.839 align:start position:0% exact same tools so each spoke project 00:14:35.839 --> 00:14:38.110 align:start position:0% exact same tools so each spoke project is<00:14:36.040> essentially<00:14:36.480> a<00:14:36.680> quasi<00:14:37.279> independent 00:14:38.110 --> 00:14:38.120 align:start position:0% is essentially a quasi independent 00:14:38.120 --> 00:14:42.030 align:start position:0% is essentially a quasi independent entity<00:14:39.120> um<00:14:40.000> and<00:14:40.360> all<00:14:40.519> of<00:14:40.800> those<00:14:41.600> quasi 00:14:42.030 --> 00:14:42.040 align:start position:0% entity um and all of those quasi 00:14:42.040 --> 00:14:43.910 align:start position:0% entity um and all of those quasi independent<00:14:42.560> entities<00:14:43.160> are<00:14:43.399> actually<00:14:43.680> quite 00:14:43.910 --> 00:14:43.920 align:start position:0% independent entities are actually quite 00:14:43.920 --> 00:14:45.790 align:start position:0% independent entities are actually quite interdependent<00:14:44.639> on<00:14:44.800> one<00:14:45.000> another<00:14:45.480> when<00:14:45.639> that 00:14:45.790 --> 00:14:45.800 align:start position:0% interdependent on one another when that 00:14:45.800 --> 00:14:49.230 align:start position:0% interdependent on one another when that ceases<00:14:46.199> to<00:14:46.320> be<00:14:46.560> the<00:14:46.720> case<00:14:47.680> um<00:14:48.360> then<00:14:48.920> there's 00:14:49.230 --> 00:14:49.240 align:start position:0% ceases to be the case um then there's 00:14:49.240 --> 00:14:51.030 align:start position:0% ceases to be the case um then there's nothing<00:14:49.600> stopping<00:14:50.000> them<00:14:50.160> from<00:14:50.320> spinning<00:14:50.720> out 00:14:51.030 --> 00:14:51.040 align:start position:0% nothing stopping them from spinning out 00:14:51.040 --> 00:14:53.990 align:start position:0% nothing stopping them from spinning out and<00:14:51.440> and<00:14:51.560> doing<00:14:51.880> their<00:14:52.040> own<00:14:52.680> thing<00:14:53.680> uh<00:14:53.800> so 00:14:53.990 --> 00:14:54.000 align:start position:0% and and doing their own thing uh so 00:14:54.000 --> 00:14:55.949 align:start position:0% and and doing their own thing uh so consensus<00:14:54.519> encourages<00:14:55.040> the<00:14:55.199> entrepreneurial 00:14:55.949 --> 00:14:55.959 align:start position:0% consensus encourages the entrepreneurial 00:14:55.959 --> 00:14:58.230 align:start position:0% consensus encourages the entrepreneurial Spirit<00:14:56.839> uh<00:14:56.959> Founders<00:14:57.360> on<00:14:57.480> a<00:14:57.680> project<00:14:57.959> will 00:14:58.230 --> 00:14:58.240 align:start position:0% Spirit uh Founders on a project will 00:14:58.240 --> 00:15:01.629 align:start position:0% Spirit uh Founders on a project will form<00:14:59.160> the<00:14:59.360> project<00:14:59.800> using<00:15:00.240> these<00:15:00.440> same<00:15:00.720> tools 00:15:01.629 --> 00:15:01.639 align:start position:0% form the project using these same tools 00:15:01.639 --> 00:15:03.150 align:start position:0% form the project using these same tools Uh<00:15:01.759> define<00:15:02.160> equity<00:15:02.480> splits<00:15:02.839> and<00:15:02.959> then 00:15:03.150 --> 00:15:03.160 align:start position:0% Uh define equity splits and then 00:15:03.160 --> 00:15:05.749 align:start position:0% Uh define equity splits and then negotiate<00:15:03.800> terms<00:15:04.800> with<00:15:04.959> their<00:15:05.199> consensus 00:15:05.749 --> 00:15:05.759 align:start position:0% negotiate terms with their consensus 00:15:05.759 --> 00:15:08.150 align:start position:0% negotiate terms with their consensus peers<00:15:06.759> um<00:15:07.000> if<00:15:07.120> they<00:15:07.240> wish<00:15:07.399> to<00:15:07.600> attach<00:15:07.920> that 00:15:08.150 --> 00:15:08.160 align:start position:0% peers um if they wish to attach that 00:15:08.160 --> 00:15:11.430 align:start position:0% peers um if they wish to attach that project<00:15:08.440> to<00:15:08.600> the<00:15:08.759> consensus<00:15:09.480> mesh<00:15:10.480> um<00:15:11.279> going 00:15:11.430 --> 00:15:11.440 align:start position:0% project to the consensus mesh um going 00:15:11.440 --> 00:15:13.870 align:start position:0% project to the consensus mesh um going to<00:15:11.880> these<00:15:12.000> are<00:15:12.639> partially<00:15:13.079> written<00:15:13.519> these<00:15:13.639> are 00:15:13.870 --> 00:15:13.880 align:start position:0% to these are partially written these are 00:15:13.880 --> 00:15:15.949 align:start position:0% to these are partially written these are protocols<00:15:14.399> for<00:15:14.560> using<00:15:14.839> a<00:15:15.000> bunch<00:15:15.160> of<00:15:15.240> the<00:15:15.360> tools 00:15:15.949 --> 00:15:15.959 align:start position:0% protocols for using a bunch of the tools 00:15:15.959 --> 00:15:20.310 align:start position:0% protocols for using a bunch of the tools that<00:15:16.560> uh<00:15:16.959> we've<00:15:17.320> built<00:15:18.320> um<00:15:19.040> for<00:15:19.360> building 00:15:20.310 --> 00:15:20.320 align:start position:0% that uh we've built um for building 00:15:20.320 --> 00:15:21.870 align:start position:0% that uh we've built um for building blockchainbased 00:15:21.870 --> 00:15:21.880 align:start position:0% blockchainbased 00:15:21.880 --> 00:15:24.430 align:start position:0% blockchainbased orgs<00:15:22.880> um<00:15:23.199> and<00:15:23.360> also<00:15:23.680> potentially<00:15:24.079> building 00:15:24.430 --> 00:15:24.440 align:start position:0% orgs um and also potentially building 00:15:24.440 --> 00:15:26.990 align:start position:0% orgs um and also potentially building blockchainbased<00:15:24.920> orgs<00:15:25.480> that<00:15:25.680> have<00:15:26.079> uh<00:15:26.560> State 00:15:26.990 --> 00:15:27.000 align:start position:0% blockchainbased orgs that have uh State 00:15:27.000 --> 00:15:30.470 align:start position:0% blockchainbased orgs that have uh State registration<00:15:27.720> as<00:15:27.920> well 00:15:30.470 --> 00:15:30.480 align:start position:0% registration as well 00:15:30.480 --> 00:15:32.309 align:start position:0% registration as well so<00:15:30.639> the<00:15:30.759> visible<00:15:31.120> hand<00:15:31.399> Protocols<00:15:31.880> are<00:15:32.040> in<00:15:32.199> the 00:15:32.309 --> 00:15:32.319 align:start position:0% so the visible hand Protocols are in the 00:15:32.319 --> 00:15:34.069 align:start position:0% so the visible hand Protocols are in the early<00:15:32.680> stages<00:15:33.040> of<00:15:33.240> development<00:15:33.800> they 00:15:34.069 --> 00:15:34.079 align:start position:0% early stages of development they 00:15:34.079 --> 00:15:36.110 align:start position:0% early stages of development they suggestions<00:15:34.720> they're<00:15:34.880> not<00:15:35.079> mandatory<00:15:35.800> if<00:15:35.959> an 00:15:36.110 --> 00:15:36.120 align:start position:0% suggestions they're not mandatory if an 00:15:36.120 --> 00:15:39.790 align:start position:0% suggestions they're not mandatory if an org<00:15:36.839> uh<00:15:37.000> wants<00:15:37.240> to<00:15:37.920> form<00:15:38.240> itself<00:15:38.959> Fork<00:15:39.519> any<00:15:39.680> of 00:15:39.790 --> 00:15:39.800 align:start position:0% org uh wants to form itself Fork any of 00:15:39.800 --> 00:15:41.590 align:start position:0% org uh wants to form itself Fork any of the<00:15:39.959> protocols<00:15:40.680> modify<00:15:41.199> them<00:15:41.440> they're 00:15:41.590 --> 00:15:41.600 align:start position:0% the protocols modify them they're 00:15:41.600 --> 00:15:45.629 align:start position:0% the protocols modify them they're certainly<00:15:41.920> free<00:15:42.160> to<00:15:42.319> do<00:15:42.720> so<00:15:44.120> um<00:15:45.120> the<00:15:45.279> visible 00:15:45.629 --> 00:15:45.639 align:start position:0% certainly free to do so um the visible 00:15:45.639 --> 00:15:47.230 align:start position:0% certainly free to do so um the visible hand<00:15:45.880> protocols<00:15:46.360> make<00:15:46.519> use<00:15:46.680> of<00:15:46.800> a<00:15:46.880> suite<00:15:47.160> of 00:15:47.230 --> 00:15:47.240 align:start position:0% hand protocols make use of a suite of 00:15:47.240 --> 00:15:50.430 align:start position:0% hand protocols make use of a suite of tools<00:15:47.639> we're<00:15:47.839> calling<00:15:48.680> blockwork<00:15:49.399> org<00:15:50.199> uh<00:15:50.279> for 00:15:50.430 --> 00:15:50.440 align:start position:0% tools we're calling blockwork org uh for 00:15:50.440 --> 00:15:52.389 align:start position:0% tools we're calling blockwork org uh for building<00:15:50.720> and<00:15:50.839> running<00:15:51.120> blockchain<00:15:51.600> resident 00:15:52.389 --> 00:15:52.399 align:start position:0% building and running blockchain resident 00:15:52.399 --> 00:15:54.350 align:start position:0% building and running blockchain resident organizations<00:15:53.399> um<00:15:53.519> The<00:15:53.600> Suite<00:15:53.880> of<00:15:53.959> tools 00:15:54.350 --> 00:15:54.360 align:start position:0% organizations um The Suite of tools 00:15:54.360 --> 00:15:57.309 align:start position:0% organizations um The Suite of tools includes<00:15:54.839> wallet<00:15:55.639> ID<00:15:56.000> Persona<00:15:56.560> reputation 00:15:57.309 --> 00:15:57.319 align:start position:0% includes wallet ID Persona reputation 00:15:57.319 --> 00:15:59.990 align:start position:0% includes wallet ID Persona reputation boardroom<00:15:57.920> way<00:15:58.199> fund<00:15:58.480> regist 00:15:59.990 --> 00:16:00.000 align:start position:0% boardroom way fund regist 00:16:00.000 --> 00:16:01.710 align:start position:0% boardroom way fund regist token<00:16:00.279> issuance<00:16:00.639> and<00:16:00.800> management<00:16:01.279> token 00:16:01.710 --> 00:16:01.720 align:start position:0% token issuance and management token 00:16:01.720 --> 00:16:04.670 align:start position:0% token issuance and management token exchange<00:16:02.720> uh<00:16:03.000> accounting<00:16:03.680> smart<00:16:04.160> document 00:16:04.670 --> 00:16:04.680 align:start position:0% exchange uh accounting smart document 00:16:04.680 --> 00:16:07.110 align:start position:0% exchange uh accounting smart document formation<00:16:05.199> and<00:16:05.560> management<00:16:06.560> um<00:16:06.759> and 00:16:07.110 --> 00:16:07.120 align:start position:0% formation and management um and 00:16:07.120 --> 00:16:09.470 align:start position:0% formation and management um and eventually<00:16:08.120> uh<00:16:08.480> we<00:16:08.600> would<00:16:08.759> love<00:16:08.920> to<00:16:09.040> see<00:16:09.240> a 00:16:09.470 --> 00:16:09.480 align:start position:0% eventually uh we would love to see a 00:16:09.480 --> 00:16:11.309 align:start position:0% eventually uh we would love to see a GitHub<00:16:09.959> like<00:16:10.160> system<00:16:10.480> to<00:16:10.680> enable<00:16:11.040> us<00:16:11.160> to 00:16:11.309 --> 00:16:11.319 align:start position:0% GitHub like system to enable us to 00:16:11.319 --> 00:16:13.910 align:start position:0% GitHub like system to enable us to manage<00:16:12.000> uh<00:16:12.319> some<00:16:12.480> of<00:16:12.600> our<00:16:12.759> day-to-day<00:16:13.560> or<00:16:13.800> all 00:16:13.910 --> 00:16:13.920 align:start position:0% manage uh some of our day-to-day or all 00:16:13.920 --> 00:16:15.749 align:start position:0% manage uh some of our day-to-day or all of<00:16:14.040> our<00:16:14.199> day-to-day<00:16:14.720> activity<00:16:15.319> so<00:16:15.519> what<00:16:15.639> that 00:16:15.749 --> 00:16:15.759 align:start position:0% of our day-to-day activity so what that 00:16:15.759 --> 00:16:17.990 align:start position:0% of our day-to-day activity so what that would<00:16:15.880> look<00:16:16.079> like<00:16:16.240> would<00:16:16.399> be<00:16:16.839> uh<00:16:17.360> core<00:16:17.680> members 00:16:17.990 --> 00:16:18.000 align:start position:0% would look like would be uh core members 00:16:18.000 --> 00:16:20.269 align:start position:0% would look like would be uh core members of<00:16:18.120> a<00:16:18.360> project<00:16:18.759> essentially<00:16:19.199> Define<00:16:19.839> a<00:16:19.959> suite 00:16:20.269 --> 00:16:20.279 align:start position:0% of a project essentially Define a suite 00:16:20.279 --> 00:16:23.949 align:start position:0% of a project essentially Define a suite of<00:16:20.440> tests<00:16:21.040> and<00:16:21.839> throw<00:16:22.120> some<00:16:22.319> bounties<00:16:23.279> out 00:16:23.949 --> 00:16:23.959 align:start position:0% of tests and throw some bounties out 00:16:23.959 --> 00:16:28.269 align:start position:0% of tests and throw some bounties out into<00:16:24.959> uh<00:16:25.079> the<00:16:25.399> system<00:16:26.399> and<00:16:27.199> ideally<00:16:28.040> people 00:16:28.269 --> 00:16:28.279 align:start position:0% into uh the system and ideally people 00:16:28.279 --> 00:16:30.829 align:start position:0% into uh the system and ideally people from<00:16:28.440> all<00:16:28.560> over<00:16:28.720> the<00:16:28.800> world<00:16:29.000> world<00:16:29.759> uh<00:16:29.839> show<00:16:30.160> up 00:16:30.829 --> 00:16:30.839 align:start position:0% from all over the world world uh show up 00:16:30.839 --> 00:16:32.670 align:start position:0% from all over the world world uh show up uh<00:16:30.959> write<00:16:31.199> some<00:16:31.399> code<00:16:31.800> pass<00:16:32.040> the<00:16:32.199> test<00:16:32.440> doesn't 00:16:32.670 --> 00:16:32.680 align:start position:0% uh write some code pass the test doesn't 00:16:32.680 --> 00:16:35.829 align:start position:0% uh write some code pass the test doesn't even<00:16:32.880> have<00:16:33.000> to<00:16:33.120> be<00:16:33.240> code<00:16:33.560> it<00:16:33.680> can<00:16:33.880> be<00:16:34.480> a<00:16:34.680> logo<00:16:35.279> or 00:16:35.829 --> 00:16:35.839 align:start position:0% even have to be code it can be a logo or 00:16:35.839 --> 00:16:39.269 align:start position:0% even have to be code it can be a logo or a<00:16:36.000> piece<00:16:36.199> of<00:16:36.399> Pros<00:16:37.199> as<00:16:37.319> long<00:16:37.519> as<00:16:38.399> the 00:16:39.269 --> 00:16:39.279 align:start position:0% a piece of Pros as long as the 00:16:39.279 --> 00:16:43.030 align:start position:0% a piece of Pros as long as the tests<00:16:40.279> um<00:16:41.279> can<00:16:41.519> be<00:16:41.800> passed<00:16:42.639> and<00:16:42.759> that<00:16:42.880> can 00:16:43.030 --> 00:16:43.040 align:start position:0% tests um can be passed and that can 00:16:43.040 --> 00:16:46.430 align:start position:0% tests um can be passed and that can involve<00:16:43.720> a<00:16:43.839> suite<00:16:44.199> of<00:16:44.480> oracles<00:16:45.160> perhaps<00:16:46.160> um 00:16:46.430 --> 00:16:46.440 align:start position:0% involve a suite of oracles perhaps um 00:16:46.440 --> 00:16:49.590 align:start position:0% involve a suite of oracles perhaps um then<00:16:46.680> the<00:16:46.800> Bounty<00:16:47.319> gets 00:16:49.590 --> 00:16:49.600 align:start position:0% then the Bounty gets 00:16:49.600 --> 00:16:53.309 align:start position:0% then the Bounty gets paid<00:16:50.759> um<00:16:51.759> so<00:16:52.000> this<00:16:52.160> mesh<00:16:52.600> and<00:16:52.880> government 00:16:53.309 --> 00:16:53.319 align:start position:0% paid um so this mesh and government 00:16:53.319 --> 00:16:54.910 align:start position:0% paid um so this mesh and government structure<00:16:53.680> enables<00:16:54.199> startup<00:16:54.600> minded 00:16:54.910 --> 00:16:54.920 align:start position:0% structure enables startup minded 00:16:54.920 --> 00:16:56.749 align:start position:0% structure enables startup minded entrepreneurs<00:16:55.639> to<00:16:55.800> pursue<00:16:56.199> one<00:16:56.319> or<00:16:56.440> more<00:16:56.639> of 00:16:56.749 --> 00:16:56.759 align:start position:0% entrepreneurs to pursue one or more of 00:16:56.759 --> 00:16:58.309 align:start position:0% entrepreneurs to pursue one or more of their<00:16:57.000> projects<00:16:57.399> while<00:16:57.560> benefiting<00:16:58.040> from<00:16:58.199> the 00:16:58.309 --> 00:16:58.319 align:start position:0% their projects while benefiting from the 00:16:58.319 --> 00:16:59.389 align:start position:0% their projects while benefiting from the diversification 00:16:59.389 --> 00:16:59.399 align:start position:0% diversification 00:16:59.399 --> 00:17:02.230 align:start position:0% diversification of<00:16:59.519> the<00:16:59.680> entire<00:17:00.079> consensus<00:17:01.240> portfolio 00:17:02.230 --> 00:17:02.240 align:start position:0% of the entire consensus portfolio 00:17:02.240 --> 00:17:03.949 align:start position:0% of the entire consensus portfolio ideally<00:17:02.759> this<00:17:02.880> mesh<00:17:03.160> will<00:17:03.319> be<00:17:03.480> composed<00:17:03.800> of 00:17:03.949 --> 00:17:03.959 align:start position:0% ideally this mesh will be composed of 00:17:03.959 --> 00:17:06.870 align:start position:0% ideally this mesh will be composed of many<00:17:04.199> intern<00:17:04.799> interconnected<00:17:05.640> Hub<00:17:05.839> and<00:17:06.079> spoke 00:17:06.870 --> 00:17:06.880 align:start position:0% many intern interconnected Hub and spoke 00:17:06.880 --> 00:17:09.069 align:start position:0% many intern interconnected Hub and spoke structures<00:17:07.880> with<00:17:08.039> more<00:17:08.280> being<00:17:08.600> constantly 00:17:09.069 --> 00:17:09.079 align:start position:0% structures with more being constantly 00:17:09.079 --> 00:17:11.189 align:start position:0% structures with more being constantly added<00:17:09.600> or<00:17:09.880> fading<00:17:10.240> out<00:17:10.360> of<00:17:10.559> existence<00:17:11.039> as 00:17:11.189 --> 00:17:11.199 align:start position:0% added or fading out of existence as 00:17:11.199 --> 00:17:15.029 align:start position:0% added or fading out of existence as they're<00:17:11.439> no<00:17:11.640> longer<00:17:12.559> necessary<00:17:13.559> um<00:17:14.240> we<00:17:14.439> expect 00:17:15.029 --> 00:17:15.039 align:start position:0% they're no longer necessary um we expect 00:17:15.039 --> 00:17:17.870 align:start position:0% they're no longer necessary um we expect that<00:17:15.520> with<00:17:15.720> people<00:17:16.039> all<00:17:16.760> all<00:17:17.079> over<00:17:17.360> the<00:17:17.480> world 00:17:17.870 --> 00:17:17.880 align:start position:0% that with people all all over the world 00:17:17.880 --> 00:17:19.909 align:start position:0% that with people all all over the world contributing<00:17:18.360> to<00:17:18.600> projects<00:17:19.120> and<00:17:19.360> collecting 00:17:19.909 --> 00:17:19.919 align:start position:0% contributing to projects and collecting 00:17:19.919 --> 00:17:21.949 align:start position:0% contributing to projects and collecting bounties<00:17:20.600> the<00:17:20.760> boundaries<00:17:21.199> of<00:17:21.679> of<00:17:21.799> the 00:17:21.949 --> 00:17:21.959 align:start position:0% bounties the boundaries of of the 00:17:21.959 --> 00:17:24.390 align:start position:0% bounties the boundaries of of the consensus<00:17:22.480> mesh<00:17:23.319> will 00:17:24.390 --> 00:17:24.400 align:start position:0% consensus mesh will 00:17:24.400 --> 00:17:26.669 align:start position:0% consensus mesh will fade 00:17:26.669 --> 00:17:26.679 align:start position:0% fade 00:17:26.679 --> 00:17:30.510 align:start position:0% fade um<00:17:27.679> and<00:17:28.240> perhaps<00:17:29.240> uh<00:17:29.440> in<00:17:29.640> time<00:17:29.960> consensus<00:17:30.400> will 00:17:30.510 --> 00:17:30.520 align:start position:0% um and perhaps uh in time consensus will 00:17:30.520 --> 00:17:32.789 align:start position:0% um and perhaps uh in time consensus will be<00:17:30.640> seen<00:17:30.880> as<00:17:31.000> the<00:17:31.160> Genesis<00:17:31.880> Hub<00:17:32.200> of<00:17:32.320> a<00:17:32.480> large 00:17:32.789 --> 00:17:32.799 align:start position:0% be seen as the Genesis Hub of a large 00:17:32.799 --> 00:17:35.950 align:start position:0% be seen as the Genesis Hub of a large spreading<00:17:33.360> mesh<00:17:33.720> of<00:17:33.919> hubs<00:17:34.520> so<00:17:35.080> consensus<00:17:35.640> as<00:17:35.799> a 00:17:35.950 --> 00:17:35.960 align:start position:0% spreading mesh of hubs so consensus as a 00:17:35.960 --> 00:17:38.549 align:start position:0% spreading mesh of hubs so consensus as a hub<00:17:36.160> and<00:17:36.320> spoke<00:17:36.600> system<00:17:37.200> and<00:17:37.400> ideally<00:17:38.200> many<00:17:38.440> of 00:17:38.549 --> 00:17:38.559 align:start position:0% hub and spoke system and ideally many of 00:17:38.559 --> 00:17:40.430 align:start position:0% hub and spoke system and ideally many of our<00:17:38.679> spokes<00:17:39.039> will<00:17:39.160> grow<00:17:39.400> into<00:17:39.799> Hub<00:17:40.000> and<00:17:40.160> spoke 00:17:40.430 --> 00:17:40.440 align:start position:0% our spokes will grow into Hub and spoke 00:17:40.440 --> 00:17:43.070 align:start position:0% our spokes will grow into Hub and spoke systems<00:17:40.760> in<00:17:40.919> their<00:17:41.039> own 00:17:43.070 --> 00:17:43.080 align:start position:0% systems in their own 00:17:43.080 --> 00:17:45.230 align:start position:0% systems in their own right<00:17:44.080> uh<00:17:44.240> consensus<00:17:44.679> and<00:17:44.880> some<00:17:45.000> of<00:17:45.120> these 00:17:45.230 --> 00:17:45.240 align:start position:0% right uh consensus and some of these 00:17:45.240 --> 00:17:46.950 align:start position:0% right uh consensus and some of these blockchain<00:17:45.679> resident<00:17:46.080> spoke<00:17:46.400> orgs<00:17:46.799> will 00:17:46.950 --> 00:17:46.960 align:start position:0% blockchain resident spoke orgs will 00:17:46.960 --> 00:17:48.909 align:start position:0% blockchain resident spoke orgs will often<00:17:47.200> be<00:17:47.400> anchored<00:17:47.919> in<00:17:48.039> the<00:17:48.160> real<00:17:48.480> corporate 00:17:48.909 --> 00:17:48.919 align:start position:0% often be anchored in the real corporate 00:17:48.919 --> 00:17:50.830 align:start position:0% often be anchored in the real corporate world<00:17:49.679> uh<00:17:49.760> with<00:17:49.960> properly<00:17:50.360> constructed 00:17:50.830 --> 00:17:50.840 align:start position:0% world uh with properly constructed 00:17:50.840 --> 00:17:52.549 align:start position:0% world uh with properly constructed articles<00:17:51.200> of<00:17:51.400> Association<00:17:52.000> that<00:17:52.160> reference 00:17:52.549 --> 00:17:52.559 align:start position:0% articles of Association that reference 00:17:52.559 --> 00:17:54.590 align:start position:0% articles of Association that reference blockchain<00:17:53.080> governance<00:17:53.559> mechanisms<00:17:54.480> uh 00:17:54.590 --> 00:17:54.600 align:start position:0% blockchain governance mechanisms uh 00:17:54.600 --> 00:17:56.750 align:start position:0% blockchain governance mechanisms uh certain<00:17:54.880> jurisdictions<00:17:55.600> have<00:17:56.159> expressed<00:17:56.600> to 00:17:56.750 --> 00:17:56.760 align:start position:0% certain jurisdictions have expressed to 00:17:56.760 --> 00:17:59.630 align:start position:0% certain jurisdictions have expressed to us<00:17:57.120> interest<00:17:57.640> in<00:17:57.880> helping<00:17:58.880> create<00:17:59.200> hybrid 00:17:59.630 --> 00:17:59.640 align:start position:0% us interest in helping create hybrid 00:17:59.640 --> 00:18:01.630 align:start position:0% us interest in helping create hybrid blockchain<00:18:00.120> resident<00:18:01.039> uh<00:18:01.280> black 00:18:01.630 --> 00:18:01.640 align:start position:0% blockchain resident uh black 00:18:01.640 --> 00:18:04.070 align:start position:0% blockchain resident uh black blockchainbased<00:18:02.280> State<00:18:02.919> resident 00:18:04.070 --> 00:18:04.080 align:start position:0% blockchainbased State resident 00:18:04.080 --> 00:18:06.230 align:start position:0% blockchainbased State resident organizations<00:18:05.080> uh<00:18:05.240> and<00:18:05.480> I<00:18:05.640> expect<00:18:06.000> that<00:18:06.120> this 00:18:06.230 --> 00:18:06.240 align:start position:0% organizations uh and I expect that this 00:18:06.240 --> 00:18:08.149 align:start position:0% organizations uh and I expect that this will<00:18:06.440> supercharge 00:18:08.149 --> 00:18:08.159 align:start position:0% will supercharge 00:18:08.159 --> 00:18:10.830 align:start position:0% will supercharge jurisdictional<00:18:09.159> uh<00:18:09.679> incentives<00:18:10.320> Taxation 00:18:10.830 --> 00:18:10.840 align:start position:0% jurisdictional uh incentives Taxation 00:18:10.840 --> 00:18:15.190 align:start position:0% jurisdictional uh incentives Taxation and<00:18:11.080> Regulatory 00:18:15.190 --> 00:18:15.200 align:start position:0% 00:18:15.200 --> 00:18:17.710 align:start position:0% competition<00:18:16.200> uh<00:18:16.360> other<00:18:16.679> platforms<00:18:17.600> that 00:18:17.710 --> 00:18:17.720 align:start position:0% competition uh other platforms that 00:18:17.720 --> 00:18:19.510 align:start position:0% competition uh other platforms that you've<00:18:17.919> heard<00:18:18.159> about<00:18:18.400> at<00:18:18.600> this<00:18:18.840> conference 00:18:19.510 --> 00:18:19.520 align:start position:0% you've heard about at this conference 00:18:19.520 --> 00:18:22.149 align:start position:0% you've heard about at this conference and<00:18:19.760> in<00:18:19.919> other<00:18:20.200> places<00:18:21.000> are<00:18:21.600> constructing 00:18:22.149 --> 00:18:22.159 align:start position:0% and in other places are constructing 00:18:22.159 --> 00:18:26.669 align:start position:0% and in other places are constructing their<00:18:22.280> own<00:18:22.960> meshes<00:18:23.960> uh<00:18:24.559> Nexus<00:18:25.559> uh<00:18:25.880> is<00:18:26.559> it 00:18:26.669 --> 00:18:26.679 align:start position:0% their own meshes uh Nexus uh is it 00:18:26.679 --> 00:18:29.190 align:start position:0% their own meshes uh Nexus uh is it sounds<00:18:26.960> like<00:18:27.159> they're<00:18:27.480> putting<00:18:27.960> together<00:18:28.360> a<00:18:29.000> a 00:18:29.190 --> 00:18:29.200 align:start position:0% sounds like they're putting together a a 00:18:29.200 --> 00:18:32.830 align:start position:0% sounds like they're putting together a a decentralized<00:18:30.440> organization<00:18:31.440> um<00:18:32.039> for<00:18:32.360> their 00:18:32.830 --> 00:18:32.840 align:start position:0% decentralized organization um for their 00:18:32.840 --> 00:18:35.390 align:start position:0% decentralized organization um for their ethereum<00:18:33.280> name<00:18:33.640> system<00:18:34.240> maker<00:18:34.919> will<00:18:35.080> be<00:18:35.240> a 00:18:35.390 --> 00:18:35.400 align:start position:0% ethereum name system maker will be a 00:18:35.400 --> 00:18:37.270 align:start position:0% ethereum name system maker will be a decentralized<00:18:36.080> organization<00:18:36.799> augur<00:18:37.159> has 00:18:37.270 --> 00:18:37.280 align:start position:0% decentralized organization augur has 00:18:37.280 --> 00:18:38.630 align:start position:0% decentralized organization augur has done<00:18:37.440> a<00:18:37.559> great<00:18:37.799> job<00:18:38.000> on<00:18:38.200> building<00:18:38.520> a 00:18:38.630 --> 00:18:38.640 align:start position:0% done a great job on building a 00:18:38.640 --> 00:18:41.230 align:start position:0% done a great job on building a decentralized<00:18:39.440> organization<00:18:40.440> slock<00:18:40.880> will<00:18:41.080> do 00:18:41.230 --> 00:18:41.240 align:start position:0% decentralized organization slock will do 00:18:41.240 --> 00:18:43.510 align:start position:0% decentralized organization slock will do a<00:18:41.400> great<00:18:41.640> job<00:18:41.799> on<00:18:41.960> building<00:18:42.280> a<00:18:42.400> decentralized 00:18:43.510 --> 00:18:43.520 align:start position:0% a great job on building a decentralized 00:18:43.520 --> 00:18:46.750 align:start position:0% a great job on building a decentralized organization<00:18:44.520> um<00:18:45.400> slock<00:18:45.840> is<00:18:45.960> an<00:18:46.159> amazing 00:18:46.750 --> 00:18:46.760 align:start position:0% organization um slock is an amazing 00:18:46.760 --> 00:18:49.549 align:start position:0% organization um slock is an amazing proposition<00:18:47.919> um<00:18:48.919> basically<00:18:49.320> giving 00:18:49.549 --> 00:18:49.559 align:start position:0% proposition um basically giving 00:18:49.559 --> 00:18:52.990 align:start position:0% proposition um basically giving everybody<00:18:49.960> a<00:18:50.080> chance<00:18:50.440> to<00:18:50.960> own<00:18:51.960> a<00:18:52.320> large<00:18:52.760> piece 00:18:52.990 --> 00:18:53.000 align:start position:0% everybody a chance to own a large piece 00:18:53.000 --> 00:18:55.149 align:start position:0% everybody a chance to own a large piece of<00:18:53.159> The<00:18:53.280> Internet<00:18:53.679> of<00:18:53.880> Things<00:18:54.520> um<00:18:54.679> that's<00:18:54.840> a 00:18:55.149 --> 00:18:55.159 align:start position:0% of The Internet of Things um that's a 00:18:55.159 --> 00:18:59.430 align:start position:0% of The Internet of Things um that's a pretty<00:18:55.480> tangible<00:18:55.960> stake<00:18:56.280> in<00:18:56.400> the<00:18:56.559> world 00:18:59.430 --> 00:18:59.440 align:start position:0% pretty tangible stake in the world 00:18:59.440 --> 00:19:01.190 align:start position:0% pretty tangible stake in the world um<00:18:59.840> I<00:18:59.960> expect<00:19:00.200> that<00:19:00.320> there<00:19:00.400> will<00:19:00.520> be<00:19:00.640> meshes<00:19:01.000> of 00:19:01.190 --> 00:19:01.200 align:start position:0% um I expect that there will be meshes of 00:19:01.200 --> 00:19:03.549 align:start position:0% um I expect that there will be meshes of blockchains<00:19:02.159> uh<00:19:02.240> so<00:19:02.400> underlying<00:19:03.000> meshes<00:19:03.360> of 00:19:03.549 --> 00:19:03.559 align:start position:0% blockchains uh so underlying meshes of 00:19:03.559 --> 00:19:06.149 align:start position:0% blockchains uh so underlying meshes of businesses<00:19:04.120> will<00:19:04.320> have<00:19:04.440> an<00:19:04.640> infrastructure 00:19:06.149 --> 00:19:06.159 align:start position:0% businesses will have an infrastructure 00:19:06.159 --> 00:19:08.789 align:start position:0% businesses will have an infrastructure constituting<00:19:07.159> uh<00:19:07.480> constituted<00:19:08.159> of<00:19:08.440> Mees 00:19:08.789 --> 00:19:08.799 align:start position:0% constituting uh constituted of Mees 00:19:08.799 --> 00:19:10.909 align:start position:0% constituting uh constituted of Mees meshes<00:19:09.159> of<00:19:09.360> blockchain<00:19:09.919> so<00:19:10.480> the<00:19:10.640> public 00:19:10.909 --> 00:19:10.919 align:start position:0% meshes of blockchain so the public 00:19:10.919 --> 00:19:12.549 align:start position:0% meshes of blockchain so the public ethereum<00:19:11.360> network<00:19:11.840> because<00:19:12.080> of<00:19:12.240> its 00:19:12.549 --> 00:19:12.559 align:start position:0% ethereum network because of its 00:19:12.559 --> 00:19:14.750 align:start position:0% ethereum network because of its computational<00:19:13.200> power<00:19:13.480> can<00:19:13.600> be<00:19:13.760> side<00:19:14.000> chained 00:19:14.750 --> 00:19:14.760 align:start position:0% computational power can be side chained 00:19:14.760 --> 00:19:17.190 align:start position:0% computational power can be side chained to<00:19:14.919> any<00:19:15.159> other<00:19:15.440> blockchain<00:19:16.039> protocol<00:19:17.039> uh 00:19:17.190 --> 00:19:17.200 align:start position:0% to any other blockchain protocol uh 00:19:17.200 --> 00:19:19.390 align:start position:0% to any other blockchain protocol uh private<00:19:17.520> and<00:19:17.679> semi-private<00:19:18.679> Consortium 00:19:19.390 --> 00:19:19.400 align:start position:0% private and semi-private Consortium 00:19:19.400 --> 00:19:22.870 align:start position:0% private and semi-private Consortium chains<00:19:20.400> um<00:19:20.679> can<00:19:20.919> be<00:19:21.679> side<00:19:21.960> chains<00:19:22.320> of<00:19:22.559> public 00:19:22.870 --> 00:19:22.880 align:start position:0% chains um can be side chains of public 00:19:22.880 --> 00:19:25.510 align:start position:0% chains um can be side chains of public ethereum<00:19:23.880> um 00:19:25.510 --> 00:19:25.520 align:start position:0% ethereum um 00:19:25.520 --> 00:19:29.230 align:start position:0% ethereum um or<00:19:26.520> um<00:19:26.880> it's<00:19:27.120> very<00:19:27.320> easy<00:19:27.640> to<00:19:28.320> access<00:19:28.840> a<00:19:29.000> public 00:19:29.230 --> 00:19:29.240 align:start position:0% or um it's very easy to access a public 00:19:29.240 --> 00:19:31.990 align:start position:0% or um it's very easy to access a public chain<00:19:29.559> a<00:19:29.760> Consortium<00:19:30.280> chain<00:19:31.240> and<00:19:31.520> the<00:19:31.720> public 00:19:31.990 --> 00:19:32.000 align:start position:0% chain a Consortium chain and the public 00:19:32.000 --> 00:19:41.270 align:start position:0% chain a Consortium chain and the public chain<00:19:32.840> um<00:19:33.440> in<00:19:34.240> a<00:19:34.400> single<00:19:34.799> business<00:19:35.360> process 00:19:41.270 --> 00:19:41.280 align:start position:0% 00:19:41.280 --> 00:19:43.549 align:start position:0% uh<00:19:42.280> so<00:19:42.440> it<00:19:42.520> should<00:19:42.720> be<00:19:42.840> easier<00:19:43.159> and<00:19:43.320> less 00:19:43.549 --> 00:19:43.559 align:start position:0% uh so it should be easier and less 00:19:43.559 --> 00:19:45.870 align:start position:0% uh so it should be easier and less expensive<00:19:44.000> to<00:19:44.120> start<00:19:44.440> fund<00:19:45.039> and<00:19:45.240> operate<00:19:45.720> a 00:19:45.870 --> 00:19:45.880 align:start position:0% expensive to start fund and operate a 00:19:45.880 --> 00:19:47.310 align:start position:0% expensive to start fund and operate a wide<00:19:46.080> variety<00:19:46.400> of<00:19:46.559> businesses<00:19:47.039> on<00:19:47.200> the 00:19:47.310 --> 00:19:47.320 align:start position:0% wide variety of businesses on the 00:19:47.320 --> 00:19:49.350 align:start position:0% wide variety of businesses on the blockchain<00:19:47.840> so<00:19:48.000> I<00:19:48.120> expect<00:19:48.440> that 00:19:49.350 --> 00:19:49.360 align:start position:0% blockchain so I expect that 00:19:49.360 --> 00:19:52.070 align:start position:0% blockchain so I expect that non-developers<00:19:50.360> um<00:19:50.880> will<00:19:51.120> also<00:19:51.520> benefit 00:19:52.070 --> 00:19:52.080 align:start position:0% non-developers um will also benefit 00:19:52.080 --> 00:19:57.029 align:start position:0% non-developers um will also benefit massively<00:19:52.840> from<00:19:53.159> this<00:19:53.559> mesh<00:19:54.919> um 00:19:57.029 --> 00:19:57.039 align:start position:0% massively from this mesh um 00:19:57.039 --> 00:19:59.149 align:start position:0% massively from this mesh um uh<00:19:58.039> I<00:19:58.159> imagine 00:19:59.149 --> 00:19:59.159 align:start position:0% uh I imagine 00:19:59.159 --> 00:20:01.310 align:start position:0% uh I imagine there<00:19:59.280> will<00:19:59.440> be<00:19:59.880> many<00:20:00.240> Innovative<00:20:01.159> uh 00:20:01.310 --> 00:20:01.320 align:start position:0% there will be many Innovative uh 00:20:01.320 --> 00:20:03.110 align:start position:0% there will be many Innovative uh developments<00:20:02.039> but<00:20:02.400> you<00:20:02.480> can<00:20:02.640> imagine 00:20:03.110 --> 00:20:03.120 align:start position:0% developments but you can imagine 00:20:03.120 --> 00:20:06.350 align:start position:0% developments but you can imagine cognitive<00:20:03.679> tasks<00:20:04.240> like<00:20:04.720> uh 00:20:06.350 --> 00:20:06.360 align:start position:0% cognitive tasks like uh 00:20:06.360 --> 00:20:09.430 align:start position:0% cognitive tasks like uh translation<00:20:07.360> um<00:20:08.360> so<00:20:08.520> I've<00:20:08.679> been<00:20:08.799> hearing<00:20:09.200> some 00:20:09.430 --> 00:20:09.440 align:start position:0% translation um so I've been hearing some 00:20:09.440 --> 00:20:11.549 align:start position:0% translation um so I've been hearing some people<00:20:09.799> say<00:20:10.400> uh<00:20:10.520> that<00:20:10.679> this<00:20:10.840> blockchain<00:20:11.360> thing 00:20:11.549 --> 00:20:11.559 align:start position:0% people say uh that this blockchain thing 00:20:11.559 --> 00:20:13.789 align:start position:0% people say uh that this blockchain thing is<00:20:11.720> going<00:20:11.840> to<00:20:12.039> take<00:20:12.200> over<00:20:12.480> the<00:20:12.600> world<00:20:13.480> or<00:20:13.640> that 00:20:13.789 --> 00:20:13.799 align:start position:0% is going to take over the world or that 00:20:13.799 --> 00:20:15.590 align:start position:0% is going to take over the world or that ethereum<00:20:14.200> will<00:20:14.360> take<00:20:14.520> over<00:20:14.960> over<00:20:15.159> the<00:20:15.280> world 00:20:15.590 --> 00:20:15.600 align:start position:0% ethereum will take over over the world 00:20:15.600 --> 00:20:17.990 align:start position:0% ethereum will take over over the world even<00:20:15.880> a<00:20:16.000> couple<00:20:16.360> people<00:20:17.120> jokingly<00:20:17.640> said<00:20:17.840> that 00:20:17.990 --> 00:20:18.000 align:start position:0% even a couple people jokingly said that 00:20:18.000 --> 00:20:19.830 align:start position:0% even a couple people jokingly said that consensus<00:20:18.520> is<00:20:18.640> going<00:20:18.760> to<00:20:18.919> take<00:20:19.120> over<00:20:19.360> the 00:20:19.830 --> 00:20:19.840 align:start position:0% consensus is going to take over the 00:20:19.840 --> 00:20:23.110 align:start position:0% consensus is going to take over the world 00:20:23.110 --> 00:20:23.120 align:start position:0% 00:20:23.120 --> 00:20:26.029 align:start position:0% um<00:20:24.120> so<00:20:24.320> top<00:20:24.679> down<00:20:24.919> centralized<00:20:25.520> command<00:20:25.799> and 00:20:26.029 --> 00:20:26.039 align:start position:0% um so top down centralized command and 00:20:26.039 --> 00:20:28.669 align:start position:0% um so top down centralized command and control<00:20:26.679> with<00:20:26.840> its<00:20:27.080> concomitant<00:20:28.039> siloed 00:20:28.669 --> 00:20:28.679 align:start position:0% control with its concomitant siloed 00:20:28.679 --> 00:20:30.909 align:start position:0% control with its concomitant siloed information<00:20:29.080> and<00:20:29.320> power<00:20:29.520> is<00:20:29.840> unstable<00:20:30.840> uh 00:20:30.909 --> 00:20:30.919 align:start position:0% information and power is unstable uh 00:20:30.919 --> 00:20:33.510 align:start position:0% information and power is unstable uh it's<00:20:31.080> inefficient<00:20:31.880> it's<00:20:32.320> not<00:20:32.600> very<00:20:33.120> well<00:20:33.320> it's 00:20:33.510 --> 00:20:33.520 align:start position:0% it's inefficient it's not very well it's 00:20:33.520 --> 00:20:34.870 align:start position:0% it's inefficient it's not very well it's reasonably<00:20:34.039> effective<00:20:34.400> but<00:20:34.520> it<00:20:34.600> could<00:20:34.760> be 00:20:34.870 --> 00:20:34.880 align:start position:0% reasonably effective but it could be 00:20:34.880 --> 00:20:38.390 align:start position:0% reasonably effective but it could be more<00:20:35.159> effective<00:20:36.159> um<00:20:36.679> but<00:20:36.840> big<00:20:37.080> prizes<00:20:38.080> uh<00:20:38.240> like 00:20:38.390 --> 00:20:38.400 align:start position:0% more effective um but big prizes uh like 00:20:38.400 --> 00:20:40.950 align:start position:0% more effective um but big prizes uh like The<00:20:38.559> Wealth<00:20:38.799> of<00:20:39.039> Nations<00:20:40.039> um<00:20:40.159> tend<00:20:40.400> to<00:20:40.559> attract 00:20:40.950 --> 00:20:40.960 align:start position:0% The Wealth of Nations um tend to attract 00:20:40.960 --> 00:20:43.870 align:start position:0% The Wealth of Nations um tend to attract capture<00:20:41.360> by<00:20:41.520> well-resourced<00:20:42.039> patient<00:20:42.880> groups 00:20:43.870 --> 00:20:43.880 align:start position:0% capture by well-resourced patient groups 00:20:43.880 --> 00:20:47.990 align:start position:0% capture by well-resourced patient groups um<00:20:44.159> so<00:20:44.320> they're<00:20:44.520> always<00:20:45.440> have<00:20:46.039> been<00:20:47.039> uh<00:20:47.600> cycles 00:20:47.990 --> 00:20:48.000 align:start position:0% um so they're always have been uh cycles 00:20:48.000 --> 00:20:51.630 align:start position:0% um so they're always have been uh cycles of<00:20:48.240> Revolution<00:20:49.200> and<00:20:49.960> consolidation<00:20:50.960> um<00:20:51.400> and 00:20:51.630 --> 00:20:51.640 align:start position:0% of Revolution and consolidation um and 00:20:51.640 --> 00:20:54.510 align:start position:0% of Revolution and consolidation um and if<00:20:51.960> inevitably<00:20:52.679> since<00:20:53.039> power<00:20:53.440> corrupts<00:20:54.400> uh 00:20:54.510 --> 00:20:54.520 align:start position:0% if inevitably since power corrupts uh 00:20:54.520 --> 00:20:56.669 align:start position:0% if inevitably since power corrupts uh the<00:20:54.600> new<00:20:54.799> boss<00:20:55.159> becomes<00:20:55.600> just<00:20:55.799> like<00:20:56.000> the<00:20:56.120> old 00:20:56.669 --> 00:20:56.679 align:start position:0% the new boss becomes just like the old 00:20:56.679 --> 00:20:59.830 align:start position:0% the new boss becomes just like the old boss<00:20:57.679> um<00:20:58.240> but<00:20:58.360> the<00:20:58.600> mesh<00:20:58.760> is<00:20:58.880> fine<00:20:59.120> grain<00:20:59.480> flat 00:20:59.830 --> 00:20:59.840 align:start position:0% boss um but the mesh is fine grain flat 00:20:59.840 --> 00:21:02.029 align:start position:0% boss um but the mesh is fine grain flat responsive<00:21:00.280> and<00:21:00.480> efficient<00:21:01.320> so<00:21:01.600> Solutions 00:21:02.029 --> 00:21:02.039 align:start position:0% responsive and efficient so Solutions 00:21:02.039 --> 00:21:04.070 align:start position:0% responsive and efficient so Solutions will<00:21:02.280> emerge<00:21:02.559> from<00:21:02.720> it<00:21:02.840> to<00:21:03.000> solve<00:21:03.320> problems 00:21:04.070 --> 00:21:04.080 align:start position:0% will emerge from it to solve problems 00:21:04.080 --> 00:21:06.710 align:start position:0% will emerge from it to solve problems when<00:21:05.080> and<00:21:05.280> when<00:21:05.559> done<00:21:05.960> the<00:21:06.080> elements<00:21:06.559> will 00:21:06.710 --> 00:21:06.720 align:start position:0% when and when done the elements will 00:21:06.720 --> 00:21:08.310 align:start position:0% when and when done the elements will reconfigure<00:21:07.520> themselves<00:21:07.760> and<00:21:07.919> solve<00:21:08.200> a 00:21:08.310 --> 00:21:08.320 align:start position:0% reconfigure themselves and solve a 00:21:08.320 --> 00:21:11.149 align:start position:0% reconfigure themselves and solve a different<00:21:08.720> problem<00:21:09.400> these<00:21:09.559> are<00:21:10.120> Quasi<00:21:10.559> stable 00:21:11.149 --> 00:21:11.159 align:start position:0% different problem these are Quasi stable 00:21:11.159 --> 00:21:13.630 align:start position:0% different problem these are Quasi stable Dynamic<00:21:11.840> equilibria<00:21:12.840> imbalances<00:21:13.440> and 00:21:13.630 --> 00:21:13.640 align:start position:0% Dynamic equilibria imbalances and 00:21:13.640 --> 00:21:15.669 align:start position:0% Dynamic equilibria imbalances and frictions<00:21:14.120> or<00:21:14.320> blockages<00:21:15.039> will<00:21:15.200> not<00:21:15.360> be<00:21:15.480> able 00:21:15.669 --> 00:21:15.679 align:start position:0% frictions or blockages will not be able 00:21:15.679 --> 00:21:18.029 align:start position:0% frictions or blockages will not be able to<00:21:15.840> persist<00:21:16.240> enabling<00:21:16.640> Fair<00:21:17.039> more<00:21:17.240> fluid 00:21:18.029 --> 00:21:18.039 align:start position:0% to persist enabling Fair more fluid 00:21:18.039 --> 00:21:21.390 align:start position:0% to persist enabling Fair more fluid unsoed<00:21:18.919> systems<00:21:19.760> so<00:21:20.039> if<00:21:20.279> successful<00:21:21.240> this 00:21:21.390 --> 00:21:21.400 align:start position:0% unsoed systems so if successful this 00:21:21.400 --> 00:21:22.909 align:start position:0% unsoed systems so if successful this blockchain<00:21:21.919> thing<00:21:22.159> might<00:21:22.360> just<00:21:22.600> make<00:21:22.760> it 00:21:22.909 --> 00:21:22.919 align:start position:0% blockchain thing might just make it 00:21:22.919 --> 00:21:26.789 align:start position:0% blockchain thing might just make it impossible<00:21:23.440> to<00:21:23.640> take<00:21:23.799> over<00:21:24.039> the 00:21:26.789 --> 00:21:26.799 align:start position:0% 00:21:26.799 --> 00:21:30.230 align:start position:0% world<00:21:27.799> so<00:21:27.919> if<00:21:28.039> we<00:21:28.159> combine<00:21:28.880> A<00:21:29.120> fine<00:21:29.440> grain<00:21:29.919> set 00:21:30.230 --> 00:21:30.240 align:start position:0% world so if we combine A fine grain set 00:21:30.240 --> 00:21:32.470 align:start position:0% world so if we combine A fine grain set of<00:21:30.440> overlapping<00:21:31.120> economic<00:21:31.600> meshes<00:21:32.159> with<00:21:32.279> a 00:21:32.470 --> 00:21:32.480 align:start position:0% of overlapping economic meshes with a 00:21:32.480 --> 00:21:34.669 align:start position:0% of overlapping economic meshes with a plethora<00:21:32.919> of<00:21:33.120> resource<00:21:33.679> or<00:21:33.960> asset<00:21:34.360> back 00:21:34.669 --> 00:21:34.679 align:start position:0% plethora of resource or asset back 00:21:34.679 --> 00:21:37.029 align:start position:0% plethora of resource or asset back tokens<00:21:35.640> uh<00:21:35.720> you<00:21:35.840> might<00:21:36.039> just<00:21:36.200> have<00:21:36.320> a<00:21:36.640> quasi 00:21:37.029 --> 00:21:37.039 align:start position:0% tokens uh you might just have a quasi 00:21:37.039 --> 00:21:40.310 align:start position:0% tokens uh you might just have a quasi stable<00:21:37.440> foundation<00:21:38.400> for<00:21:38.679> a<00:21:38.840> global<00:21:39.320> economy 00:21:40.310 --> 00:21:40.320 align:start position:0% stable foundation for a global economy 00:21:40.320 --> 00:21:42.710 align:start position:0% stable foundation for a global economy this<00:21:40.520> could<00:21:40.760> enable<00:21:41.120> a<00:21:41.240> world<00:21:41.520> of<00:21:41.679> mostly 00:21:42.710 --> 00:21:42.720 align:start position:0% this could enable a world of mostly 00:21:42.720 --> 00:21:44.630 align:start position:0% this could enable a world of mostly stakeholders<00:21:43.720> uh<00:21:43.840> and<00:21:44.000> with<00:21:44.159> nothing<00:21:44.400> but 00:21:44.630 --> 00:21:44.640 align:start position:0% stakeholders uh and with nothing but 00:21:44.640 --> 00:21:47.029 align:start position:0% stakeholders uh and with nothing but stakeholders<00:21:45.440> there's<00:21:45.919> much<00:21:46.200> creation<00:21:46.840> and 00:21:47.029 --> 00:21:47.039 align:start position:0% stakeholders there's much creation and 00:21:47.039 --> 00:21:49.950 align:start position:0% stakeholders there's much creation and little<00:21:47.720> destruction<00:21:48.720> um<00:21:49.400> which<00:21:49.559> sets<00:21:49.799> the 00:21:49.950 --> 00:21:49.960 align:start position:0% little destruction um which sets the 00:21:49.960 --> 00:21:52.149 align:start position:0% little destruction um which sets the stage<00:21:50.240> for<00:21:50.520> extremely<00:21:51.080> rapid<00:21:51.520> exponential 00:21:52.149 --> 00:21:52.159 align:start position:0% stage for extremely rapid exponential 00:21:52.159 --> 00:21:53.830 align:start position:0% stage for extremely rapid exponential growth<00:21:53.000> to<00:21:53.200> the 00:21:53.830 --> 00:21:53.840 align:start position:0% growth to the 00:21:53.840 --> 00:21:58.060 align:start position:0% growth to the Moon<00:21:54.840> thank<00:21:55.000> you 00:21:58.060 --> 00:21:58.070 align:start position:0% 00:21:58.070 --> 00:22:06.119 align:start position:0% [Music]