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yes<00:00:19.700><c> so</c>

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yes so
 

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yes so
it's<00:00:21.890><c> yeah</c>

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it's yeah
 

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it's yeah
if<00:00:24.230><c> your</c><00:00:24.410><c> name</c><00:00:24.529><c> is</c><00:00:24.619><c> so</c><00:00:24.740><c> great</c><00:00:24.980><c> because</c><00:00:25.369><c> with</c>

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if your name is so great because with
 

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if your name is so great because with
this<00:00:26.380><c> with</c><00:00:27.380><c> the</c><00:00:27.470><c> theorem</c><00:00:27.740><c> we</c><00:00:27.920><c> now</c><00:00:28.040><c> have</c><00:00:28.220><c> this</c>

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this with the theorem we now have this
 

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this with the theorem we now have this
awesome<00:00:28.580><c> Turing</c><00:00:29.450><c> complete</c><00:00:29.840><c> world</c><00:00:30.380><c> computer</c>

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awesome Turing complete world computer
 

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awesome Turing complete world computer
and<00:00:31.599><c> because</c><00:00:32.599><c> it's</c><00:00:32.750><c> Turing</c><00:00:33.050><c> complete</c><00:00:33.380><c> it</c><00:00:33.560><c> can</c>

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and because it's Turing complete it can
 

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and because it's Turing complete it can
do<00:00:33.890><c> anything</c><00:00:34.570><c> other</c><00:00:35.570><c> programs</c><00:00:36.079><c> can</c><00:00:36.440><c> also</c><00:00:36.590><c> do</c>

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do anything other programs can also do
 

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do anything other programs can also do
and<00:00:37.329><c> this</c><00:00:38.329><c> means</c><00:00:38.570><c> smart</c><00:00:38.900><c> contest</c><00:00:39.350><c> can</c><00:00:39.530><c> now</c>

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and this means smart contest can now
 

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and this means smart contest can now
verify<00:00:39.950><c> solidity</c><00:00:40.579><c> source</c><00:00:40.910><c> code</c><00:00:41.150><c> but</c><00:00:41.360><c> just</c>

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verify solidity source code but just
 

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verify solidity source code but just
recompiling<00:00:42.500><c> it</c><00:00:42.829><c> they</c><00:00:43.370><c> can</c><00:00:43.579><c> analyze</c><00:00:43.850><c> the</c>

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recompiling it they can analyze the
 

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recompiling it they can analyze the
stock<00:00:44.480><c> market</c><00:00:44.930><c> they</c><00:00:45.230><c> can</c><00:00:45.530><c> verify</c><00:00:46.160><c> state</c>

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stock market they can verify state
 

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stock market they can verify state
transitions<00:00:47.120><c> in</c><00:00:47.320><c> private</c><00:00:48.320><c> chains</c><00:00:48.560><c> which</c>

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transitions in private chains which
 

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transitions in private chains which
means<00:00:49.070><c> you</c><00:00:49.340><c> have</c><00:00:49.490><c> chains</c><00:00:49.940><c> that</c><00:00:50.150><c> connect</c><00:00:50.540><c> to</c>

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means you have chains that connect to
 

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means you have chains that connect to
each<00:00:50.750><c> other</c><00:00:50.930><c> they</c><00:00:51.620><c> can</c><00:00:51.680><c> evaluate</c><00:00:52.100><c> neural</c>

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each other they can evaluate neural
 

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each other they can evaluate neural
networks<00:00:53.000><c> and</c><00:00:53.330><c> thus</c><00:00:53.600><c> you</c><00:00:53.960><c> have</c><00:00:54.100><c> artificial</c>

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networks and thus you have artificial
 

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networks and thus you have artificial
intelligence<00:00:55.370><c> on</c><00:00:56.090><c> the</c><00:00:56.390><c> blockchain</c><00:00:56.630><c> and</c><00:00:57.200><c> this</c>

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intelligence on the blockchain and this
 

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intelligence on the blockchain and this
in<00:00:58.250><c> turn</c><00:00:58.430><c> means</c><00:00:58.610><c> that</c><00:00:58.790><c> smart</c><00:00:59.660><c> contracts</c><00:01:00.020><c> can</c>

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in turn means that smart contracts can
 

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in turn means that smart contracts can
improve<00:01:00.500><c> their</c><00:01:00.770><c> own</c><00:01:00.890><c> code</c><00:01:01.190><c> by</c><00:01:01.550><c> analyzing</c><00:01:02.210><c> it</c>

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improve their own code by analyzing it
 

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improve their own code by analyzing it
and<00:01:02.510><c> we</c><00:01:03.380><c> can</c><00:01:03.530><c> even</c><00:01:03.650><c> do</c><00:01:03.860><c> fully</c><00:01:04.729><c> homomorphic</c>

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and we can even do fully homomorphic
 

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and we can even do fully homomorphic
privacy<00:01:05.869><c> preserving</c><00:01:06.220><c> elliptic</c><00:01:07.220><c> curve</c><00:01:07.400><c> CK</c>

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privacy preserving elliptic curve CK
 

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privacy preserving elliptic curve CK
snark<00:01:08.119><c> mixes</c><00:01:08.600><c> stuff</c><00:01:09.220><c> boom</c>

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snark mixes stuff boom
 

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snark mixes stuff boom
but<00:01:13.070><c> yeah</c><00:01:13.520><c> I</c><00:01:13.729><c> mean</c><00:01:13.970><c> you</c><00:01:14.420><c> all</c><00:01:14.540><c> know</c><00:01:14.570><c> that</c><00:01:14.900><c> this</c>

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but yeah I mean you all know that this
 

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but yeah I mean you all know that this
is<00:01:15.200><c> not</c><00:01:15.409><c> really</c><00:01:15.920><c> true</c><00:01:15.950><c> because</c><00:01:16.610><c> these</c><00:01:17.570><c> smart</c>

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is not really true because these smart
 

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is not really true because these smart
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contracts are really expensive and they
 

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contracts are really expensive and they
need<00:01:20.330><c> a</c><00:01:20.360><c> lot</c><00:01:20.600><c> of</c><00:01:20.630><c> gas</c>

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need a lot of gas
 

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need a lot of gas
next<00:01:23.780><c> slide</c><00:01:23.990><c> please</c>

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next slide please
 

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next slide please
yeah<00:01:26.290><c> okay</c>

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yeah okay
 

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yeah okay
so<00:01:29.170><c> yeah</c><00:01:30.170><c> these</c><00:01:30.320><c> tasks</c><00:01:30.710><c> are</c><00:01:30.800><c> too</c><00:01:30.920><c> expensive</c>

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so yeah these tasks are too expensive
 

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so yeah these tasks are too expensive
and<00:01:31.640><c> they</c><00:01:31.940><c> won't</c><00:01:32.180><c> fit</c><00:01:32.390><c> into</c><00:01:32.540><c> a</c><00:01:32.630><c> block</c><00:01:32.900><c> and</c><00:01:33.110><c> then</c>

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and they won't fit into a block and then
 

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and they won't fit into a block and then
the<00:01:34.070><c> the</c><00:01:34.820><c> usual</c><00:01:35.210><c> thing</c><00:01:35.390><c> what</c><00:01:35.540><c> you</c><00:01:35.630><c> do</c><00:01:35.750><c> is</c><00:01:35.930><c> you</c>

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the the usual thing what you do is you
 

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the the usual thing what you do is you
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you go off train this means
 

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you go off train this means
there's<00:01:39.470><c> a</c><00:01:39.590><c> task</c><00:01:40.070><c> giver</c><00:01:40.520><c> a</c><00:01:40.670><c> smart</c><00:01:41.090><c> contract</c>

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there's a task giver a smart contract
 

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there's a task giver a smart contract
that<00:01:41.920><c> asks</c>

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some<00:01:45.950><c> program</c><00:01:46.340><c> to</c><00:01:46.490><c> be</c><00:01:46.580><c> executed</c><00:01:47.150><c> and</c>

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some program to be executed and
 

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some program to be executed and
then<00:01:49.190><c> there</c><00:01:49.370><c> are</c><00:01:49.400><c> workers</c><00:01:49.970><c> which</c><00:01:50.360><c> register</c>

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then there are workers which register
 

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then there are workers which register
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with this system and
 

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with this system and
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compute the solution off chain and
 

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compute the solution off chain and
yeah<00:01:57.350><c> the</c><00:01:57.500><c> problem</c><00:01:58.040><c> is</c><00:01:58.159><c> if</c><00:01:58.909><c> two</c><00:01:59.840><c> workers</c>

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yeah the problem is if two workers
 

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yeah the problem is if two workers
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submit different solutions than you some
 

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submit different solutions than you some
some<00:02:02.330><c> have</c><00:02:02.540><c> to</c><00:02:02.710><c> decide</c><00:02:03.710><c> which</c><00:02:03.979><c> is</c><00:02:04.130><c> the</c><00:02:04.280><c> correct</c>

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some have to decide which is the correct
 

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some have to decide which is the correct
solution<00:02:04.790><c> and</c><00:02:05.240><c> the</c><00:02:05.960><c> easiest</c><00:02:06.229><c> thing</c><00:02:06.470><c> to</c><00:02:06.500><c> do</c>

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solution and the easiest thing to do
 

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solution and the easiest thing to do
there<00:02:06.920><c> is</c><00:02:06.950><c> just</c><00:02:07.670><c> take</c><00:02:08.299><c> the</c><00:02:08.479><c> majority</c><00:02:08.720><c> solution</c>

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there is just take the majority solution
 

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there is just take the majority solution
so<00:02:09.560><c> the</c><00:02:10.159><c> solution</c><00:02:10.489><c> that</c><00:02:10.580><c> has</c><00:02:10.700><c> most</c><00:02:11.379><c> workers</c>

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so the solution that has most workers
 

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so the solution that has most workers
submitting<00:02:13.250><c> it</c>

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submitting it
 

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submitting it
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that is not really stable there are easy
 

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that is not really stable there are easy
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ways to exploit that especially if it's
 

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ways to exploit that especially if it's
easy<00:02:21.769><c> to</c><00:02:22.010><c> add</c><00:02:22.129><c> new</c><00:02:22.159><c> workers</c><00:02:22.730><c> and</c><00:02:23.720><c> the</c><00:02:23.810><c> question</c>

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easy to add new workers and the question
 

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easy to add new workers and the question
is<00:02:24.140><c> can</c><00:02:24.290><c> we</c><00:02:24.349><c> do</c><00:02:24.500><c> better</c><00:02:24.530><c> and</c>

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is can we do better and
 

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is can we do better and
this

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this
 

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this
now<00:02:29.220><c> comes</c><00:02:29.550><c> to</c><00:02:29.640><c> the</c><00:02:29.820><c> the</c><00:02:30.240><c> true--but</c><00:02:30.540><c> project</c>

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now comes to the the true--but project
 

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now comes to the the true--but project
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or in general interactive verification
 

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or in general interactive verification
of<00:02:34.080><c> off</c><00:02:34.260><c> train</c><00:02:34.530><c> solutions</c><00:02:35.070><c> or</c><00:02:35.280><c> off</c><00:02:35.400><c> train</c>

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of off train solutions or off train
 

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of off train solutions or off train
computations<00:02:36.210><c> and</c><00:02:36.390><c> it's</c><00:02:37.380><c> a</c><00:02:37.560><c> cooperation</c><00:02:38.070><c> with</c>

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computations and it's a cooperation with
 

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computations and it's a cooperation with
loyal<00:02:38.610><c> Lou</c><00:02:38.760><c> and</c><00:02:38.940><c> Jason</c><00:02:39.270><c> toys</c><00:02:39.480><c> who</c><00:02:39.840><c> wrote</c><00:02:40.050><c> a</c>

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loyal Lou and Jason toys who wrote a
 

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loyal Lou and Jason toys who wrote a
paper<00:02:40.320><c> about</c><00:02:40.440><c> that</c><00:02:40.680><c> I</c><00:02:41.150><c> will</c><00:02:42.150><c> also</c><00:02:42.330><c> give</c><00:02:42.510><c> a</c><00:02:42.540><c> talk</c>

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paper about that I will also give a talk
 

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paper about that I will also give a talk
I<00:02:43.200><c> think</c><00:02:43.410><c> tomorrow</c><00:02:44.100><c> about</c><00:02:45.030><c> oriented</c><00:02:45.840><c> and</c>

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I think tomorrow about oriented and
 

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I think tomorrow about oriented and
the<00:02:47.700><c> general</c><00:02:48.270><c> framework</c><00:02:48.600><c> was</c><00:02:48.960><c> already</c>

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the general framework was already
 

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the general framework was already
published<00:02:49.470><c> in</c><00:02:49.770><c> 2011</c><00:02:50.430><c> so</c><00:02:50.520><c> this</c><00:02:50.670><c> general</c>

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published in 2011 so this general
 

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published in 2011 so this general
interactive<00:02:52.130><c> verification</c><00:02:53.130><c> mechanism</c><00:02:53.640><c> but</c>

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interactive verification mechanism but
 

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interactive verification mechanism but
we<00:02:54.780><c> want</c><00:02:55.020><c> to</c><00:02:55.640><c> take</c><00:02:56.640><c> this</c><00:02:56.790><c> mechanism</c><00:02:57.330><c> and</c><00:02:57.480><c> and</c>

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we want to take this mechanism and and
 

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we want to take this mechanism and and
put<00:02:58.020><c> it</c><00:02:58.110><c> on</c><00:02:58.200><c> the</c><00:02:58.350><c> blockchain</c><00:02:58.560><c> and</c><00:02:58.980><c> add</c><00:02:59.160><c> proper</c>

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put it on the blockchain and add proper
 

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put it on the blockchain and add proper
crypto<00:03:00.930><c> economic</c><00:03:01.410><c> incentive</c><00:03:02.040><c> ization</c><00:03:02.250><c> to</c>

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crypto economic incentive ization to
 

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crypto economic incentive ization to
yeah<00:03:04.200><c> to</c><00:03:04.980><c> do</c><00:03:05.070><c> that</c><00:03:05.250><c> and</c><00:03:05.460><c> the</c><00:03:06.240><c> the</c><00:03:06.720><c> idea</c><00:03:06.870><c> is</c><00:03:07.260><c> to</c>

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yeah to do that and the the idea is to
 

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yeah to do that and the the idea is to
achieve

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similar<00:03:13.080><c> trust</c><00:03:13.380><c> levels</c><00:03:13.770><c> as</c><00:03:13.950><c> direct</c><00:03:14.640><c> on</c><00:03:14.820><c> train</c>

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similar trust levels as direct on train
 

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similar trust levels as direct on train
computations<00:03:15.720><c> would</c><00:03:16.620><c> would</c><00:03:17.130><c> do</c><00:03:17.280><c> but</c><00:03:18.060><c> at</c><00:03:18.210><c> a</c>

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computations would would do but at a
 

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computations would would do but at a
fraction<00:03:18.390><c> of</c><00:03:18.780><c> the</c><00:03:18.960><c> cost</c>

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so<00:03:23.220><c> this</c><00:03:23.910><c> is</c><00:03:24.120><c> basically</c><00:03:24.990><c> about</c><00:03:25.410><c> a</c><00:03:25.980><c> way</c><00:03:26.370><c> how</c><00:03:26.610><c> to</c>

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so this is basically about a way how to
 

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so this is basically about a way how to
scale<00:03:27.120><c> the</c><00:03:27.330><c> blockchain</c><00:03:27.570><c> because</c><00:03:28.020><c> you</c><00:03:28.140><c> can</c>

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scale the blockchain because you can
 

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scale the blockchain because you can
take<00:03:28.440><c> expensive</c><00:03:28.800><c> computations</c><00:03:29.460><c> of</c><00:03:29.550><c> chain</c>

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take expensive computations of chain
 

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take expensive computations of chain
this<00:03:32.280><c> is</c><00:03:32.550><c> so</c><00:03:32.970><c> as</c><00:03:33.210><c> in</c><00:03:33.930><c> all</c><00:03:34.110><c> these</c><00:03:34.290><c> approaches</c>

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this is so as in all these approaches
 

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this is so as in all these approaches
we've<00:03:35.070><c> also</c><00:03:35.250><c> seen</c><00:03:35.460><c> it</c><00:03:35.580><c> in</c><00:03:35.670><c> the</c><00:03:35.730><c> previous</c><00:03:36.060><c> talk</c>

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we've also seen it in the previous talk
 

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we've also seen it in the previous talk
about<00:03:36.840><c> state</c><00:03:37.110><c> channels</c><00:03:37.500><c> it</c><00:03:38.100><c> always</c><00:03:38.310><c> has</c><00:03:38.940><c> a</c>

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about state channels it always has a
 

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about state channels it always has a
yeah

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yeah
 

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yeah
privacy<00:03:42.660><c> component</c><00:03:43.350><c> too</c><00:03:43.530><c> but</c><00:03:43.770><c> it's</c><00:03:43.950><c> not</c><00:03:44.790><c> 100%</c>

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privacy component too but it's not 100%
 

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privacy component too but it's not 100%
safe<00:03:45.780><c> so</c><00:03:46.710><c> we're</c><00:03:46.890><c> focusing</c><00:03:47.340><c> on</c><00:03:47.520><c> the</c>

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safe so we're focusing on the
 

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safe so we're focusing on the
scalability<00:03:49.200><c> here</c><00:03:49.380><c> mostly</c><00:03:49.860><c> and</c>

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scalability here mostly and
 

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scalability here mostly and
how<00:03:51.960><c> distribute</c><00:03:52.350><c> works</c><00:03:52.530><c> so</c><00:03:52.800><c> we</c><00:03:53.310><c> still</c><00:03:53.820><c> have</c>

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how distribute works so we still have
 

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how distribute works so we still have
the<00:03:54.090><c> same</c><00:03:54.390><c> framework</c><00:03:55.320><c> where</c><00:03:55.800><c> we</c><00:03:55.830><c> have</c><00:03:56.130><c> a</c><00:03:56.160><c> task</c>

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the same framework where we have a task
 

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the same framework where we have a task
giveth<00:03:56.940><c> at</c>

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giveth at
 

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giveth at
publish<00:03:58.920><c> the</c><00:03:59.100><c> task</c><00:03:59.340><c> and</c><00:03:59.700><c> then</c><00:04:00.210><c> workers</c><00:04:00.660><c> submit</c>

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publish the task and then workers submit
 

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publish the task and then workers submit
solutions<00:04:01.770><c> but</c><00:04:02.250><c> now</c><00:04:02.430><c> we</c><00:04:02.490><c> don't</c><00:04:02.760><c> take</c><00:04:03.000><c> the</c>

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solutions but now we don't take the
 

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solutions but now we don't take the
majority<00:04:03.510><c> of</c><00:04:03.780><c> solution</c><00:04:04.170><c> instead</c>

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majority of solution instead
 

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majority of solution instead
we<00:04:06.870><c> allow</c><00:04:07.410><c> solutions</c><00:04:08.010><c> to</c><00:04:08.130><c> be</c><00:04:08.220><c> challenged</c><00:04:08.700><c> so</c>

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we allow solutions to be challenged so
 

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we allow solutions to be challenged so
if<00:04:09.210><c> two</c><00:04:10.140><c> workers</c><00:04:10.350><c> do</c><00:04:10.650><c> not</c><00:04:10.940><c> agree</c><00:04:11.940><c> on</c><00:04:12.030><c> the</c>

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if two workers do not agree on the
 

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if two workers do not agree on the
solution<00:04:12.450><c> then</c><00:04:13.380><c> the</c>

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solution then the
 

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solution then the
yeah<00:04:15.900><c> this</c><00:04:16.140><c> so</c><00:04:16.290><c> called</c><00:04:16.440><c> verification</c><00:04:16.770><c> game</c>

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yeah this so called verification game
 

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yeah this so called verification game
starts<00:04:17.760><c> and</c><00:04:18.380><c> the</c><00:04:19.380><c> verification</c><00:04:19.739><c> game</c><00:04:20.220><c> is</c>

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starts and the verification game is
 

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starts and the verification game is
built<00:04:20.670><c> in</c><00:04:20.760><c> a</c><00:04:20.850><c> way</c><00:04:20.880><c> so</c><00:04:21.090><c> that</c><00:04:21.480><c> the</c><00:04:21.660><c> honest</c><00:04:21.989><c> actor</c>

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built in a way so that the honest actor
 

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built in a way so that the honest actor
will<00:04:22.500><c> always</c><00:04:22.800><c> win</c><00:04:22.950><c> it</c><00:04:23.070><c> this</c><00:04:23.220><c> there's</c><00:04:23.490><c> no</c><00:04:23.730><c> way</c>

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will always win it this there's no way
 

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will always win it this there's no way
that<00:04:24.270><c> the</c><00:04:24.540><c> honest</c><00:04:24.840><c> actor</c><00:04:25.110><c> can</c><00:04:25.890><c> lose</c><00:04:26.070><c> it</c><00:04:26.220><c> and</c>

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that the honest actor can lose it and
 

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that the honest actor can lose it and
no<00:04:29.160><c> not</c><00:04:29.400><c> yet</c><00:04:29.580><c> please</c><00:04:29.880><c> and</c><00:04:30.620><c> so</c><00:04:31.620><c> it's</c><00:04:32.070><c> also</c>

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no not yet please and so it's also
 

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no not yet please and so it's also
really<00:04:32.550><c> cheap</c><00:04:32.580><c> because</c><00:04:32.910><c> they</c><00:04:33.090><c> are</c><00:04:33.300><c> the</c><00:04:33.510><c> only</c>

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really cheap because they are the only
 

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really cheap because they are the only
on<00:04:33.780><c> train</c><00:04:33.990><c> part</c><00:04:34.230><c> is</c><00:04:34.440><c> that</c><00:04:35.180><c> you</c><00:04:36.180><c> only</c><00:04:36.300><c> have</c><00:04:36.479><c> to</c>

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on train part is that you only have to
 

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on train part is that you only have to
store<00:04:36.810><c> hashes</c><00:04:37.410><c> and</c><00:04:37.650><c> then</c><00:04:38.250><c> at</c><00:04:38.520><c> the</c><00:04:38.729><c> end</c><00:04:38.760><c> of</c><00:04:39.120><c> the</c>

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store hashes and then at the end of the
 

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store hashes and then at the end of the
whole<00:04:39.390><c> process</c><00:04:39.419><c> you</c><00:04:40.110><c> have</c><00:04:40.229><c> to</c><00:04:40.350><c> do</c><00:04:40.470><c> a</c><00:04:40.500><c> tiny</c><00:04:40.860><c> come</c>

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whole process you have to do a tiny come
 

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whole process you have to do a tiny come
Oh<00:04:41.190><c> step</c><00:04:41.670><c> and</c><00:04:42.620><c> yeah</c><00:04:43.620><c> this</c><00:04:44.010><c> means</c><00:04:44.390><c> because</c><00:04:45.390><c> the</c>

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Oh step and yeah this means because the
 

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Oh step and yeah this means because the
the<00:04:45.990><c> the</c><00:04:46.410><c> honest</c><00:04:46.650><c> actor</c><00:04:46.890><c> always</c><00:04:47.190><c> wins</c><00:04:47.400><c> you</c>

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the the honest actor always wins you
 

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the the honest actor always wins you
don't<00:04:48.150><c> have</c><00:04:48.300><c> a</c><00:04:48.330><c> 51%</c><00:04:48.870><c> attack</c><00:04:49.290><c> but</c><00:04:49.710><c> in</c><00:04:49.830><c> 100</c>

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don't have a 51% attack but in 100
 

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don't have a 51% attack but in 100
percent<00:04:50.460><c> attack</c><00:04:50.880><c> you</c><00:04:51.000><c> have</c><00:04:51.120><c> to</c><00:04:51.270><c> all</c><00:04:51.810><c> the</c><00:04:52.170><c> the</c>

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percent attack you have to all the the
 

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percent attack you have to all the the
workers<00:04:52.680><c> have</c><00:04:52.920><c> to</c><00:04:53.040><c> collude</c><00:04:53.280><c> for</c><00:04:53.940><c> it</c><00:04:54.000><c> to</c><00:04:54.120><c> fail</c>

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workers have to collude for it to fail
 

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workers have to collude for it to fail
there's<00:04:55.410><c> a</c><00:04:55.470><c> small</c><00:04:55.860><c> fine</c><00:04:56.430><c> print</c><00:04:56.760><c> although</c><00:04:57.420><c> so</c>

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there's a small fine print although so
 

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there's a small fine print although so
we<00:04:58.110><c> have</c><00:04:58.290><c> to</c><00:04:58.470><c> assume</c><00:04:58.590><c> that</c>

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we have to assume that
 

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we have to assume that
transactions<00:05:00.450><c> are</c><00:05:00.510><c> processed</c><00:05:00.660><c> in</c><00:05:01.110><c> time</c><00:05:01.140><c> which</c>

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transactions are processed in time which
 

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transactions are processed in time which
means<00:05:02.070><c> we</c><00:05:02.820><c> need</c><00:05:02.880><c> a</c><00:05:02.970><c> censorship</c><00:05:03.300><c> resistant</c>

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means we need a censorship resistant
 

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means we need a censorship resistant
blockchain<00:05:04.260><c> which</c><00:05:04.500><c> is</c><00:05:05.280><c> not</c><00:05:05.700><c> and</c><00:05:06.030><c> we</c><00:05:06.240><c> need</c><00:05:06.390><c> an</c>

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blockchain which is not and we need an
 

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blockchain which is not and we need an
upper<00:05:06.990><c> bound</c><00:05:07.170><c> on</c><00:05:07.500><c> the</c><00:05:07.760><c> of</c><00:05:08.760><c> the</c><00:05:08.910><c> delay</c><00:05:09.150><c> for</c><00:05:09.420><c> a</c>

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upper bound on the of the delay for a
 

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upper bound on the of the delay for a
transaction<00:05:09.900><c> to</c><00:05:09.930><c> be</c><00:05:09.990><c> processed</c>

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transaction to be processed
 

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transaction to be processed
okay<00:05:13.440><c> how</c><00:05:13.680><c> does</c><00:05:13.830><c> the</c><00:05:13.950><c> verification</c><00:05:14.550><c> game</c><00:05:14.700><c> work</c>

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okay how does the verification game work
 

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okay how does the verification game work
in<00:05:15.060><c> detail</c><00:05:15.360><c> let's</c><00:05:16.080><c> assume</c><00:05:16.320><c> we</c><00:05:16.500><c> have</c><00:05:16.680><c> a</c>

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in detail let's assume we have a
 

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in detail let's assume we have a
computation<00:05:17.580><c> with</c><00:05:17.730><c> 1</c><00:05:17.880><c> million</c><00:05:18.090><c> steps</c><00:05:18.480><c> and</c><00:05:18.740><c> at</c>

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computation with 1 million steps and at
 

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computation with 1 million steps and at
each<00:05:19.950><c> of</c><00:05:19.980><c> these</c><00:05:20.310><c> steps</c><00:05:21.560><c> the</c><00:05:22.560><c> parties</c><00:05:22.860><c> can</c><00:05:23.730><c> be</c><00:05:23.820><c> a</c>

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each of these steps the parties can be a
 

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each of these steps the parties can be a
Merkel<00:05:24.210><c> tree</c><00:05:24.390><c> of</c><00:05:24.540><c> the</c><00:05:24.660><c> full</c><00:05:24.930><c> memory</c><00:05:25.410><c> and</c><00:05:25.950><c> then</c>

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Merkel tree of the full memory and then
 

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Merkel tree of the full memory and then
they

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they
 

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they
okay<00:05:28.320><c> they</c><00:05:28.470><c> don't</c><00:05:28.620><c> have</c><00:05:28.740><c> to</c><00:05:28.860><c> compute</c><00:05:29.340><c> it</c><00:05:29.430><c> at</c>

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okay they don't have to compute it at
 

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okay they don't have to compute it at
every<00:05:29.850><c> step</c><00:05:30.060><c> by</c><00:05:30.210><c> the</c><00:05:30.270><c> time</c><00:05:30.480><c> steps</c><00:05:30.780><c> sorry</c><00:05:30.990><c> and</c>

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every step by the time steps sorry and
 

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every step by the time steps sorry and
it<00:05:32.280><c> works</c><00:05:32.520><c> as</c><00:05:32.670><c> follows</c><00:05:32.850><c> so</c>

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it works as follows so
 

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it works as follows so
[Music]

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[Music]
 

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[Music]
slowly<00:05:36.150><c> slowly</c><00:05:36.630><c> please</c><00:05:37.280><c> so</c><00:05:38.280><c> we</c><00:05:38.310><c> have</c><00:05:38.640><c> step</c><00:05:39.150><c> one</c>

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slowly slowly please so we have step one
 

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slowly slowly please so we have step one
and<00:05:39.510><c> step</c><00:05:39.570><c> one</c><00:05:40.320><c> million</c><00:05:40.740><c> they</c><00:05:41.220><c> have</c><00:05:41.250><c> the</c><00:05:41.490><c> same</c>

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and step one million they have the same
 

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and step one million they have the same
input<00:05:41.970><c> but</c><00:05:42.480><c> different</c><00:05:43.020><c> outputs</c><00:05:43.410><c> and</c><00:05:43.650><c> then</c><00:05:44.420><c> we</c>

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input but different outputs and then we
 

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input but different outputs and then we
then<00:05:45.960><c> the</c><00:05:46.110><c> small</c><00:05:46.290><c> contract</c><00:05:46.830><c> takes</c><00:05:47.100><c> a</c><00:05:47.160><c> look</c><00:05:47.250><c> at</c>

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then the small contract takes a look at
 

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then the small contract takes a look at
the<00:05:47.520><c> at</c><00:05:47.730><c> the</c><00:05:47.880><c> middle</c><00:05:48.120><c> point</c><00:05:48.360><c> and</c><00:05:48.600><c> asks</c><00:05:49.260><c> again</c>

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the at the middle point and asks again
 

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the at the middle point and asks again
for<00:05:49.740><c> the</c><00:05:49.830><c> route</c><00:05:49.950><c> hashes</c><00:05:50.340><c> and</c>

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for the route hashes and
 

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for the route hashes and
next<00:05:53.040><c> place</c><00:05:53.250><c> and</c><00:05:53.940><c> then</c><00:05:54.480><c> we</c><00:05:54.570><c> see</c><00:05:54.780><c> the</c><00:05:55.530><c> route</c>

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next place and then we see the route
 

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next place and then we see the route
hashes<00:05:55.950><c> are</c><00:05:56.070><c> still</c><00:05:56.280><c> the</c><00:05:56.400><c> same</c><00:05:56.610><c> and</c><00:05:56.790><c> what</c><00:05:57.419><c> we're</c>

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hashes are still the same and what we're
 

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hashes are still the same and what we're
looking<00:05:57.840><c> for</c><00:05:57.870><c> is</c><00:05:58.380><c> a</c><00:05:58.919><c> single</c><00:05:59.880><c> step</c><00:06:00.180><c> where</c>

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looking for is a single step where
 

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looking for is a single step where
both<00:06:02.400><c> parties</c><00:06:02.850><c> agree</c><00:06:03.330><c> on</c><00:06:03.600><c> the</c><00:06:03.750><c> previous</c><00:06:04.169><c> route</c>

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both parties agree on the previous route
 

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both parties agree on the previous route
hash<00:06:04.650><c> but</c><00:06:05.040><c> they</c><00:06:05.160><c> disagree</c><00:06:05.490><c> on</c><00:06:05.700><c> the</c><00:06:05.940><c> next</c><00:06:06.180><c> route</c>

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hash but they disagree on the next route
 

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hash but they disagree on the next route
hash<00:06:06.570><c> and</c><00:06:07.130><c> because</c><00:06:08.130><c> they</c><00:06:08.280><c> agree</c><00:06:08.610><c> here</c><00:06:08.850><c> on</c><00:06:09.030><c> the</c>

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hash and because they agree here on the
 

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hash and because they agree here on the
middle<00:06:09.360><c> point</c><00:06:09.630><c> but</c><00:06:10.080><c> they</c><00:06:10.169><c> disagree</c><00:06:10.470><c> at</c><00:06:10.740><c> the</c>

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middle point but they disagree at the
 

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middle point but they disagree at the
end<00:06:11.010><c> then</c><00:06:11.419><c> that</c><00:06:12.800><c> in</c><00:06:13.800><c> this</c>

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end then that in this
 

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end then that in this
in<00:06:16.110><c> the</c><00:06:16.260><c> right-half</c><00:06:16.650><c> there</c><00:06:16.919><c> must</c><00:06:17.100><c> be</c><00:06:17.250><c> such</c><00:06:17.580><c> a</c>

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in the right-half there must be such a
 

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in the right-half there must be such a
point<00:06:17.910><c> so</c><00:06:18.090><c> we</c><00:06:18.270><c> again</c><00:06:18.630><c> ask</c><00:06:18.900><c> in</c><00:06:19.169><c> the</c><00:06:19.260><c> middle</c><00:06:19.530><c> of</c>

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point so we again ask in the middle of
 

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point so we again ask in the middle of
the<00:06:19.770><c> right</c><00:06:19.919><c> half</c><00:06:20.270><c> and</c><00:06:21.530><c> there</c><00:06:22.530><c> they</c><00:06:22.800><c> disagree</c>

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the right half and there they disagree
 

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the right half and there they disagree
and<00:06:23.870><c> yeah</c><00:06:24.870><c> and</c><00:06:25.110><c> so</c><00:06:25.530><c> on</c><00:06:25.680><c> we</c><00:06:26.160><c> again</c><00:06:26.700><c> ask</c><00:06:26.910><c> in</c><00:06:27.180><c> the</c>

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and yeah and so on we again ask in the
 

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and yeah and so on we again ask in the
middle<00:06:27.630><c> of</c><00:06:27.750><c> the</c><00:06:27.930><c> yeah</c><00:06:28.919><c> yeah</c><00:06:29.490><c> so</c><00:06:30.020><c> yeah</c><00:06:31.020><c> and</c><00:06:31.200><c> this</c>

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middle of the yeah yeah so yeah and this
 

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middle of the yeah yeah so yeah and this
continues<00:06:31.980><c> a</c><00:06:32.010><c> bit</c><00:06:32.310><c> and</c><00:06:33.560><c> in</c><00:06:34.560><c> this</c><00:06:34.710><c> case</c><00:06:35.390><c> yeah</c><00:06:36.390><c> we</c>

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continues a bit and in this case yeah we
 

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continues a bit and in this case yeah we
found<00:06:36.780><c> a</c>

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found a
 

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found a
certain<00:06:38.730><c> step</c><00:06:38.970><c> where</c><00:06:39.419><c> the</c><00:06:40.169><c> previous</c><00:06:40.410><c> route</c>

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certain step where the previous route
 

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certain step where the previous route
hash<00:06:40.919><c> is</c><00:06:41.130><c> the</c><00:06:41.310><c> same</c><00:06:41.520><c> but</c><00:06:41.880><c> the</c><00:06:42.150><c> the</c><00:06:42.630><c> following</c>

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hash is the same but the the following
 

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hash is the same but the the following
route<00:06:43.590><c> hash</c><00:06:43.770><c> is</c><00:06:43.980><c> different</c>

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route hash is different
 

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route hash is different
next<00:06:46.260><c> slide</c><00:06:46.440><c> please</c><00:06:46.680><c> yeah</c><00:06:47.010><c> and</c><00:06:47.250><c> it</c><00:06:47.340><c> so</c><00:06:47.760><c> in</c><00:06:47.880><c> this</c>

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next slide please yeah and it so in this
 

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next slide please yeah and it so in this
case<00:06:48.210><c> it</c><00:06:48.390><c> took</c><00:06:48.510><c> 20</c><00:06:48.870><c> rounds</c><00:06:49.140><c> for</c><00:06:49.320><c> 1</c><00:06:49.440><c> million</c>

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case it took 20 rounds for 1 million
 

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case it took 20 rounds for 1 million
steps

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steps
 

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steps
[Music]

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[Music]
 

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[Music]
and

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and
 

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and
after<00:06:54.460><c> we</c><00:06:54.550><c> have</c><00:06:54.639><c> found</c><00:06:54.789><c> this</c><00:06:54.999><c> single</c><00:06:55.330><c> step</c>

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after we have found this single step
 

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after we have found this single step
all<00:06:57.789><c> the</c><00:06:58.089><c> information</c><00:06:58.539><c> is</c><00:06:58.629><c> published</c><00:06:58.929><c> to</c><00:06:59.080><c> the</c>

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all the information is published to the
 

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all the information is published to the
smart<00:06:59.469><c> contract</c><00:06:59.969><c> and</c><00:07:01.319><c> it</c><00:07:02.319><c> verifies</c><00:07:02.800><c> this</c>

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smart contract and it verifies this
 

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smart contract and it verifies this
single<00:07:03.369><c> step</c><00:07:03.550><c> so</c><00:07:04.319><c> access</c><00:07:05.319><c> to</c><00:07:05.439><c> memory</c><00:07:05.770><c> is</c><00:07:06.009><c> used</c>

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single step so access to memory is used
 

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single step so access to memory is used
via<00:07:06.969><c> via</c><00:07:07.389><c> mocha</c><00:07:07.689><c> proofs</c><00:07:07.929><c> of</c><00:07:08.080><c> course</c><00:07:08.349><c> so</c><00:07:08.529><c> this</c>

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via via mocha proofs of course so this
 

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via via mocha proofs of course so this
is<00:07:08.830><c> really</c><00:07:09.219><c> really</c><00:07:09.339><c> cheap</c>

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is really really cheap
 

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is really really cheap
okay

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okay
 

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okay
so<00:07:14.229><c> 20</c><00:07:15.069><c> rounds</c><00:07:15.429><c> sounds</c><00:07:15.939><c> so</c><00:07:16.899><c> 20</c><00:07:17.289><c> rounds</c><00:07:17.559><c> and</c>

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so 20 rounds sounds so 20 rounds and
 

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so 20 rounds sounds so 20 rounds and
comparisons<00:07:18.099><c> 1</c><00:07:18.219><c> million</c><00:07:18.459><c> steps</c><00:07:18.639><c> sounds</c>

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comparisons 1 million steps sounds
 

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comparisons 1 million steps sounds
really<00:07:21.610><c> good</c><00:07:22.240><c> but</c><00:07:22.770><c> the</c><00:07:23.770><c> problem</c><00:07:24.069><c> is</c><00:07:24.219><c> that</c><00:07:24.249><c> we</c>

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really good but the problem is that we
 

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really good but the problem is that we
have<00:07:25.209><c> to</c><00:07:25.360><c> do</c><00:07:25.449><c> this</c><00:07:25.599><c> on</c><00:07:25.809><c> train</c><00:07:26.050><c> it</c><00:07:26.199><c> does</c><00:07:26.289><c> not</c>

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have to do this on train it does not
 

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have to do this on train it does not
work<00:07:26.680><c> off</c><00:07:26.949><c> chain</c><00:07:27.249><c> because</c><00:07:27.639><c> the</c><00:07:28.119><c> two</c><00:07:28.990><c> parties</c>

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work off chain because the two parties
 

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work off chain because the two parties
have<00:07:29.379><c> conflicting</c><00:07:30.039><c> incentives</c><00:07:30.520><c> and</c><00:07:30.669><c> this</c>

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have conflicting incentives and this
 

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have conflicting incentives and this
means<00:07:31.839><c> it</c><00:07:32.169><c> takes</c><00:07:32.379><c> at</c><00:07:32.559><c> least</c><00:07:32.589><c> 20</c><00:07:33.279><c> blocks</c>

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means it takes at least 20 blocks
 

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means it takes at least 20 blocks
[Music]

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[Music]
 

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[Music]
but<00:07:37.389><c> there</c><00:07:37.809><c> are</c><00:07:37.899><c> techniques</c><00:07:38.169><c> to</c><00:07:38.319><c> further</c>

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but there are techniques to further
 

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but there are techniques to further
reduce<00:07:38.919><c> this</c><00:07:39.159><c> and</c>

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reduce this and
 

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reduce this and
more<00:07:41.319><c> importantly</c>

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more importantly
 

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more importantly
we<00:07:44.229><c> have</c><00:07:44.379><c> this</c><00:07:44.589><c> verification</c><00:07:44.949><c> game</c><00:07:45.459><c> but</c>

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we have this verification game but
 

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we have this verification game but
because<00:07:46.689><c> of</c><00:07:46.719><c> the</c><00:07:46.899><c> fact</c><00:07:47.080><c> that</c><00:07:47.199><c> the</c><00:07:47.439><c> honest</c>

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because of the fact that the honest
 

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because of the fact that the honest
actor<00:07:48.189><c> will</c><00:07:48.519><c> always</c><00:07:48.939><c> win</c><00:07:49.119><c> it</c><00:07:49.300><c> it</c><00:07:50.050><c> will</c><00:07:50.289><c> never</c>

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actor will always win it it will never
 

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actor will always win it it will never
be<00:07:50.979><c> played</c><00:07:51.159><c> at</c><00:07:51.550><c> so</c><00:07:52.029><c> at</c><00:07:52.869><c> least</c><00:07:53.110><c> so</c><00:07:53.529><c> if</c><00:07:54.219><c> you</c><00:07:54.580><c> lose</c>

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be played at so at least so if you lose
 

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be played at so at least so if you lose
it<00:07:55.029><c> you</c><00:07:55.059><c> of</c><00:07:55.300><c> course</c><00:07:55.479><c> have</c><00:07:56.019><c> to</c><00:07:56.199><c> pay</c><00:07:56.319><c> a</c><00:07:56.349><c> fine</c><00:07:56.649><c> you</c>

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it you of course have to pay a fine you
 

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it you of course have to pay a fine you
have<00:07:56.979><c> to</c><00:07:57.129><c> you</c><00:07:57.490><c> lose</c><00:07:57.699><c> you</c><00:07:58.089><c> lose</c><00:07:58.240><c> your</c><00:07:58.479><c> deposit</c>

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have to you lose you lose your deposit
 

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have to you lose you lose your deposit
and

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and
 

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and
so<00:08:01.449><c> there's</c><00:08:01.629><c> a</c><00:08:01.689><c> great</c><00:08:01.930><c> disincentive</c><00:08:02.619><c> to</c><00:08:02.759><c> to</c>

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so there's a great disincentive to to
 

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so there's a great disincentive to to
even<00:08:04.330><c> try</c><00:08:04.659><c> it</c><00:08:04.749><c> and</c><00:08:05.110><c> you</c><00:08:05.379><c> can</c><00:08:05.559><c> of</c><00:08:05.680><c> course</c><00:08:05.709><c> try</c><00:08:06.039><c> it</c>

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even try it and you can of course try it
 

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even try it and you can of course try it
but<00:08:06.490><c> it</c><00:08:06.610><c> will</c><00:08:06.999><c> cost</c><00:08:07.209><c> a</c><00:08:07.330><c> lot</c><00:08:07.419><c> of</c><00:08:07.539><c> money</c>

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but it will cost a lot of money
 

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but it will cost a lot of money
yeah<00:08:10.329><c> specific</c><00:08:10.779><c> numbers</c><00:08:11.110><c> if</c><00:08:11.709><c> you</c><00:08:11.829><c> take</c><00:08:12.339><c> a</c><00:08:12.369><c> look</c>

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yeah specific numbers if you take a look
 

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yeah specific numbers if you take a look
at<00:08:12.639><c> the</c><00:08:12.699><c> one</c><00:08:12.909><c> hour</c><00:08:13.059><c> computation</c><00:08:13.749><c> of</c><00:08:13.899><c> 4</c>

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at the one hour computation of 4
 

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at the one hour computation of 4
gigahertz<00:08:14.740><c> processor</c><00:08:14.979><c> you</c><00:08:15.579><c> get</c><00:08:15.699><c> roughly</c><00:08:15.969><c> 14</c>

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gigahertz processor you get roughly 14
 

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gigahertz processor you get roughly 14
times<00:08:17.949><c> 10</c><00:08:18.189><c> to</c><00:08:18.339><c> the</c><00:08:18.369><c> 12</c><00:08:18.699><c> steps</c><00:08:19.029><c> and</c>

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times 10 to the 12 steps and
 

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times 10 to the 12 steps and
if<00:08:21.729><c> there's</c><00:08:21.999><c> a</c><00:08:22.059><c> disagreement</c><00:08:22.509><c> then</c><00:08:23.430><c> you</c>

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if there's a disagreement then you
 

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if there's a disagreement then you
there's<00:08:25.659><c> a</c><00:08:25.749><c> protocol</c><00:08:26.259><c> that</c><00:08:26.469><c> finds</c><00:08:26.769><c> the</c>

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there's a protocol that finds the
 

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there's a protocol that finds the
cheater<00:08:27.189><c> in</c><00:08:27.369><c> ten</c><00:08:27.759><c> rounds</c><00:08:28.180><c> and</c><00:08:28.389><c> in</c><00:08:28.779><c> each</c><00:08:28.930><c> round</c>

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cheater in ten rounds and in each round
 

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cheater in ten rounds and in each round
you<00:08:29.379><c> have</c><00:08:29.529><c> roughly</c><00:08:29.879><c> 600</c><00:08:30.879><c> bytes</c><00:08:31.089><c> of</c><00:08:31.360><c> messages</c>

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yeah<00:08:35.620><c> okay</c><00:08:35.829><c> next</c><00:08:36.039><c> slide</c><00:08:36.250><c> please</c>

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yeah okay next slide please
 

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yeah okay next slide please
so<00:08:38.250><c> how</c><00:08:39.250><c> do</c><00:08:39.310><c> you</c><00:08:39.519><c> practically</c><00:08:40.149><c> use</c><00:08:40.329><c> it</c><00:08:40.949><c> the</c>

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so how do you practically use it the
 

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so how do you practically use it the
idea<00:08:42.219><c> is</c><00:08:42.310><c> that</c><00:08:42.479><c> the</c><00:08:43.479><c> tasks</c><00:08:43.899><c> are</c><00:08:44.019><c> implemented</c>

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idea is that the tasks are implemented
 

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idea is that the tasks are implemented
in<00:08:44.680><c> c</c><00:08:45.370><c> c++</c><00:08:45.790><c> or</c><00:08:46.420><c> rust</c><00:08:46.689><c> so</c><00:08:46.930><c> anything</c><00:08:47.319><c> that</c><00:08:47.350><c> can</c><00:08:47.980><c> be</c>

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in c c++ or rust so anything that can be
 

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in c c++ or rust so anything that can be
compiled<00:08:49.120><c> by</c><00:08:49.329><c> LLVM</c><00:08:49.959><c> and</c><00:08:50.199><c> we</c><00:08:51.100><c> use</c><00:08:51.220><c> a</c><00:08:51.250><c> special</c>

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compiled by LLVM and we use a special
 

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compiled by LLVM and we use a special
back-end<00:08:52.060><c> called</c><00:08:52.389><c> lan</c><00:08:52.600><c> i</c><00:08:53.220><c> the</c><00:08:54.220><c> reason</c><00:08:54.639><c> is</c><00:08:54.819><c> that</c>

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back-end called lan i the reason is that
 

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back-end called lan i the reason is that
Lana<00:08:57.370><c> is</c><00:08:57.610><c> a</c><00:08:57.639><c> very</c><00:08:58.180><c> very</c><00:08:58.389><c> simple</c><00:08:58.689><c> virtual</c>

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Lana is a very very simple virtual
 

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Lana is a very very simple virtual
machine<00:08:59.920><c> or</c><00:08:59.949><c> an</c><00:09:00.399><c> open</c><00:09:00.610><c> virtual</c><00:09:00.760><c> machine</c><00:09:01.089><c> but</c><00:09:01.209><c> a</c>

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machine or an open virtual machine but a
 

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machine or an open virtual machine but a
very<00:09:01.420><c> very</c><00:09:01.480><c> simple</c><00:09:01.930><c> machine</c><00:09:02.079><c> and</c><00:09:02.500><c> it's</c><00:09:03.459><c> easy</c>

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very very simple machine and it's easy
 

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very very simple machine and it's easy
to<00:09:03.939><c> implement</c><00:09:04.209><c> this</c><00:09:04.959><c> single</c><00:09:05.559><c> step</c><00:09:06.060><c> as</c><00:09:06.780><c> a</c><00:09:06.840><c> smart</c>

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to implement this single step as a smart
 

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to implement this single step as a smart
contract<00:09:07.590><c> and</c><00:09:08.450><c> so</c><00:09:09.450><c> if</c><00:09:09.600><c> you</c><00:09:09.720><c> have</c><00:09:09.840><c> this</c><00:09:09.960><c> task</c>

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contract and so if you have this task
 

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contract and so if you have this task
then<00:09:10.910><c> so</c><00:09:11.910><c> then</c><00:09:12.710><c> you</c><00:09:13.710><c> kind</c><00:09:14.190><c> of</c><00:09:14.340><c> post</c><00:09:14.850><c> the</c><00:09:15.060><c> source</c>

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then so then you kind of post the source
 

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then so then you kind of post the source
code<00:09:15.510><c> of</c><00:09:15.540><c> it</c>

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code of it
 

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code of it
into<00:09:17.400><c> the</c><00:09:17.640><c> system</c><00:09:18.000><c> and</c><00:09:18.240><c> you</c><00:09:18.870><c> provide</c><00:09:19.170><c> a</c><00:09:19.200><c> fee</c>

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into the system and you provide a fee
 

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into the system and you provide a fee
and<00:09:19.770><c> then</c><00:09:20.400><c> workers</c><00:09:21.060><c> can</c><00:09:21.930><c> compile</c><00:09:22.230><c> it</c><00:09:22.260><c> to</c><00:09:22.410><c> land</c>

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and then workers can compile it to land
 

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and then workers can compile it to land
I<00:09:22.770><c> execute</c><00:09:23.370><c> it</c><00:09:23.630><c> and</c>

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I execute it and
 

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I execute it and
yes<00:09:27.270><c> I've</c><00:09:27.420><c> made</c><00:09:27.510><c> their</c><00:09:27.930><c> solutions</c><00:09:28.370><c> a</c>

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yes I've made their solutions a
 

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yes I've made their solutions a
potential<00:09:32.040><c> bonus</c><00:09:32.490><c> that</c><00:09:32.940><c> will</c><00:09:33.120><c> come</c><00:09:33.390><c> out</c><00:09:33.420><c> of</c>

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potential bonus that will come out of
 

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potential bonus that will come out of
the<00:09:33.690><c> system</c><00:09:33.840><c> is</c><00:09:34.200><c> that</c><00:09:34.470><c> we</c><00:09:34.860><c> can</c><00:09:35.000><c> have</c><00:09:36.000><c> swarm</c><00:09:36.720><c> as</c>

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the system is that we can have swarm as
 

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the system is that we can have swarm as
a<00:09:37.080><c> real</c><00:09:37.560><c> actual</c><00:09:38.280><c> file</c><00:09:38.490><c> system</c><00:09:38.820><c> for</c><00:09:38.970><c> smart</c>

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a real actual file system for smart
 

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a real actual file system for smart
contracts<00:09:39.630><c> so</c><00:09:39.690><c> you</c><00:09:39.780><c> can</c><00:09:39.900><c> have</c><00:09:39.990><c> smart</c>

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contracts so you can have smart
 

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contracts so you can have smart
contracts<00:09:40.680><c> and</c>

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contracts and
 

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contracts and
yeah<00:09:42.480><c> just</c><00:09:43.320><c> regularly</c><00:09:43.680><c> open</c><00:09:44.070><c> files</c><00:09:44.340><c> read</c><00:09:45.090><c> and</c>

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yeah just regularly open files read and
 

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yeah just regularly open files read and
write<00:09:45.480><c> and</c><00:09:45.810><c> so</c><00:09:46.050><c> on</c><00:09:46.640><c> okay</c><00:09:47.640><c> I</c><00:09:47.790><c> think</c><00:09:47.970><c> there's</c><00:09:48.090><c> one</c>

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write and so on okay I think there's one
 

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write and so on okay I think there's one
more<00:09:48.300><c> slide</c><00:09:48.980><c> yes</c><00:09:49.980><c> so</c><00:09:50.160><c> the</c><00:09:50.280><c> current</c><00:09:50.790><c> state</c><00:09:50.970><c> of</c>

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more slide yes so the current state of
 

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more slide yes so the current state of
implementation<00:09:51.840><c> of</c><00:09:51.900><c> this</c><00:09:52.020><c> project</c><00:09:52.440><c> is</c><00:09:52.620><c> that</c>

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implementation of this project is that
 

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implementation of this project is that
yeah<00:09:54.060><c> we</c><00:09:54.210><c> have</c><00:09:54.330><c> some</c><00:09:54.510><c> proof</c><00:09:54.630><c> of</c><00:09:54.750><c> concept</c><00:09:55.170><c> code</c>

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yeah we have some proof of concept code
 

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yeah we have some proof of concept code
we're<00:09:58.020><c> now</c><00:09:58.260><c> working</c><00:09:58.530><c> on</c><00:09:58.980><c> the</c><00:09:59.420><c> the</c><00:10:00.420><c> actual</c>

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we're now working on the the actual
 

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we're now working on the the actual
incentive<00:10:00.960><c> and</c><00:10:01.260><c> penalty</c><00:10:01.710><c> structure</c>

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incentive and penalty structure
 

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incentive and penalty structure
and<00:10:03.720><c> we're</c><00:10:04.230><c> looking</c><00:10:05.190><c> for</c><00:10:05.520><c> some</c><00:10:05.730><c> research</c>

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and we're looking for some research
 

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and we're looking for some research
grants<00:10:06.720><c> in</c><00:10:06.810><c> that</c><00:10:06.930><c> area</c><00:10:07.260><c> and</c><00:10:07.760><c> for</c><00:10:08.760><c> the</c>

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grants in that area and for the
 

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grants in that area and for the
implementation<00:10:09.450><c> we</c><00:10:09.600><c> we</c><00:10:10.020><c> successfully</c><00:10:10.500><c> apply</c>

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implementation we we successfully apply
 

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implementation we we successfully apply
to<00:10:10.770><c> function</c><00:10:11.250><c> for</c><00:10:12.150><c> a</c><00:10:12.180><c> banks</c><00:10:12.480><c> on</c><00:10:12.630><c> blockchain</c>

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to function for a banks on blockchain
 

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to function for a banks on blockchain
labs<00:10:14.100><c> grant</c><00:10:14.880><c> thank</c><00:10:15.840><c> you</c><00:10:15.900><c> for</c><00:10:16.080><c> that</c><00:10:16.640><c> and</c><00:10:17.930><c> yes</c><00:10:18.930><c> so</c>

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labs grant thank you for that and yes so
 

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labs grant thank you for that and yes so
that's<00:10:21.030><c> the</c><00:10:21.360><c> progress</c><00:10:22.080><c> so</c><00:10:22.530><c> far</c><00:10:22.560><c> okay</c><00:10:23.100><c> yeah</c>

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that's the progress so far okay yeah
 

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that's the progress so far okay yeah
thank<00:10:24.030><c> you</c>

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thank you
 

00:10:24.530 --> 00:10:31.060 align:start position:0%
thank you
[Applause]

00:10:31.060 --> 00:10:31.070 align:start position:0%
 
 

00:10:31.070 --> 00:10:35.910 align:start position:0%
 
[Music]