WEBVTT Kind: captions Language: en 00:00:09.220 --> 00:00:16.150 align:start position:0% [Music] 00:00:16.150 --> 00:00:16.160 align:start position:0% 00:00:16.160 --> 00:00:20.330 align:start position:0% hello<00:00:17.160> everyone<00:00:17.630> thank<00:00:18.630> you<00:00:19.099> my<00:00:20.099> name<00:00:20.250> is 00:00:20.330 --> 00:00:20.340 align:start position:0% hello everyone thank you my name is 00:00:20.340 --> 00:00:21.019 align:start position:0% hello everyone thank you my name is Christopher 00:00:21.019 --> 00:00:21.029 align:start position:0% Christopher 00:00:21.029 --> 00:00:23.029 align:start position:0% Christopher that's<00:00:21.599> my<00:00:21.720> colleague<00:00:22.019> band<00:00:22.380> we're<00:00:22.890> from 00:00:23.029 --> 00:00:23.039 align:start position:0% that's my colleague band we're from 00:00:23.039 --> 00:00:25.099 align:start position:0% that's my colleague band we're from brain<00:00:23.279> bud<00:00:23.460> and<00:00:24.179> we're<00:00:24.390> here<00:00:24.570> to<00:00:24.660> present<00:00:24.750> the 00:00:25.099 --> 00:00:25.109 align:start position:0% brain bud and we're here to present the 00:00:25.109 --> 00:00:27.320 align:start position:0% brain bud and we're here to present the trust<00:00:25.349> lines<00:00:25.529> network<00:00:25.919> which<00:00:26.550> is<00:00:26.789> an<00:00:26.970> open 00:00:27.320 --> 00:00:27.330 align:start position:0% trust lines network which is an open 00:00:27.330 --> 00:00:29.689 align:start position:0% trust lines network which is an open protocol<00:00:27.779> for<00:00:28.199> decentralized<00:00:28.710> ru<00:00:29.460> based 00:00:29.689 --> 00:00:29.699 align:start position:0% protocol for decentralized ru based 00:00:29.699 --> 00:00:33.170 align:start position:0% protocol for decentralized ru based currency<00:00:29.999> networks<00:00:31.490> so<00:00:32.490> we<00:00:32.790> broke<00:00:33.060> the 00:00:33.170 --> 00:00:33.180 align:start position:0% currency networks so we broke the 00:00:33.180 --> 00:00:35.060 align:start position:0% currency networks so we broke the presentation<00:00:33.690> up<00:00:33.810> in<00:00:33.900> two<00:00:34.050> parts<00:00:34.380> I<00:00:34.650> will 00:00:35.060 --> 00:00:35.070 align:start position:0% presentation up in two parts I will 00:00:35.070 --> 00:00:37.250 align:start position:0% presentation up in two parts I will start<00:00:35.340> by<00:00:35.640> presenting<00:00:35.850> the<00:00:36.300> basic<00:00:36.660> idea<00:00:37.020> and 00:00:37.250 --> 00:00:37.260 align:start position:0% start by presenting the basic idea and 00:00:37.260 --> 00:00:38.630 align:start position:0% start by presenting the basic idea and the<00:00:37.350> problem<00:00:37.710> we're<00:00:37.830> trying<00:00:37.950> to<00:00:38.100> solve<00:00:38.310> and 00:00:38.630 --> 00:00:38.640 align:start position:0% the problem we're trying to solve and 00:00:38.640 --> 00:00:40.970 align:start position:0% the problem we're trying to solve and then<00:00:39.390> band<00:00:39.720> is<00:00:39.840> gonna<00:00:39.960> take<00:00:40.230> over<00:00:40.440> and<00:00:40.770> he's 00:00:40.970 --> 00:00:40.980 align:start position:0% then band is gonna take over and he's 00:00:40.980 --> 00:00:42.620 align:start position:0% then band is gonna take over and he's going<00:00:41.220> to<00:00:41.340> super<00:00:41.640> sense<00:00:41.850> the<00:00:42.120> technical 00:00:42.620 --> 00:00:42.630 align:start position:0% going to super sense the technical 00:00:42.630 --> 00:00:44.090 align:start position:0% going to super sense the technical implementation<00:00:42.840> give<00:00:43.500> you<00:00:43.590> an<00:00:43.680> overview<00:00:43.950> of 00:00:44.090 --> 00:00:44.100 align:start position:0% implementation give you an overview of 00:00:44.100 --> 00:00:45.800 align:start position:0% implementation give you an overview of the<00:00:44.250> system<00:00:44.430> and<00:00:44.790> explain<00:00:45.240> how<00:00:45.390> things<00:00:45.540> work 00:00:45.800 --> 00:00:45.810 align:start position:0% the system and explain how things work 00:00:45.810 --> 00:00:47.270 align:start position:0% the system and explain how things work and<00:00:46.020> where<00:00:46.410> we<00:00:46.530> currently<00:00:46.680> are<00:00:46.890> with<00:00:47.190> the 00:00:47.270 --> 00:00:47.280 align:start position:0% and where we currently are with the 00:00:47.280 --> 00:00:52.970 align:start position:0% and where we currently are with the project<00:00:49.520> so<00:00:50.520> to<00:00:50.670> start<00:00:50.880> off<00:00:51.030> with<00:00:51.380> mmm<00:00:52.440> think 00:00:52.970 --> 00:00:52.980 align:start position:0% project so to start off with mmm think 00:00:52.980 --> 00:00:54.800 align:start position:0% project so to start off with mmm think about<00:00:53.130> something<00:00:53.430> for<00:00:54.180> crypto<00:00:54.420> currencies 00:00:54.800 --> 00:00:54.810 align:start position:0% about something for crypto currencies 00:00:54.810 --> 00:00:57.650 align:start position:0% about something for crypto currencies which<00:00:55.020> is<00:00:55.140> truly<00:00:55.950> unique<00:00:56.190> concept<00:00:56.760> which<00:00:57.480> is 00:00:57.650 --> 00:00:57.660 align:start position:0% which is truly unique concept which is 00:00:57.660 --> 00:00:59.120 align:start position:0% which is truly unique concept which is this<00:00:57.840> idea<00:00:58.110> of<00:00:58.410> permissionless 00:00:59.120 --> 00:00:59.130 align:start position:0% this idea of permissionless 00:00:59.130 --> 00:01:01.280 align:start position:0% this idea of permissionless decentralized<00:00:59.790> payments<00:01:00.300> everyday<00:01:00.870> payments 00:01:01.280 --> 00:01:01.290 align:start position:0% decentralized payments everyday payments 00:01:01.290 --> 00:01:06.170 align:start position:0% decentralized payments everyday payments everyday<00:01:01.920> purchases<00:01:02.130> for<00:01:02.940> all<00:01:03.210> of<00:01:03.360> us<00:01:05.030> this<00:01:06.030> is 00:01:06.170 --> 00:01:06.180 align:start position:0% everyday purchases for all of us this is 00:01:06.180 --> 00:01:08.450 align:start position:0% everyday purchases for all of us this is unique<00:01:06.480> because<00:01:06.720> it<00:01:07.290> enables<00:01:07.710> us<00:01:07.800> to<00:01:07.860> payments 00:01:08.450 --> 00:01:08.460 align:start position:0% unique because it enables us to payments 00:01:08.460 --> 00:01:10.220 align:start position:0% unique because it enables us to payments without<00:01:08.580> the<00:01:08.940> use<00:01:09.150> of<00:01:09.180> a<00:01:09.450> bank<00:01:09.630> account<00:01:09.870> or<00:01:10.080> any 00:01:10.220 --> 00:01:10.230 align:start position:0% without the use of a bank account or any 00:01:10.230 --> 00:01:12.740 align:start position:0% without the use of a bank account or any kind<00:01:10.530> of<00:01:10.650> financial<00:01:11.490> intermediary<00:01:12.000> to<00:01:12.600> do<00:01:12.720> a 00:01:12.740 --> 00:01:12.750 align:start position:0% kind of financial intermediary to do a 00:01:12.750 --> 00:01:14.300 align:start position:0% kind of financial intermediary to do a payment<00:01:13.140> this<00:01:13.350> is<00:01:13.410> something<00:01:13.770> which<00:01:13.920> at<00:01:14.130> least 00:01:14.300 --> 00:01:14.310 align:start position:0% payment this is something which at least 00:01:14.310 --> 00:01:15.800 align:start position:0% payment this is something which at least on<00:01:14.430> a<00:01:14.490> global<00:01:14.730> scale<00:01:14.940> we<00:01:15.270> haven't<00:01:15.600> actually 00:01:15.800 --> 00:01:15.810 align:start position:0% on a global scale we haven't actually 00:01:15.810 --> 00:01:19.220 align:start position:0% on a global scale we haven't actually seen<00:01:16.140> before<00:01:17.450> there<00:01:18.450> are<00:01:18.480> some<00:01:18.600> problems<00:01:18.930> with 00:01:19.220 --> 00:01:19.230 align:start position:0% seen before there are some problems with 00:01:19.230 --> 00:01:22.570 align:start position:0% seen before there are some problems with it<00:01:19.500> which<00:01:20.280> is<00:01:20.430> it<00:01:20.640> doesn't<00:01:21.030> actually<00:01:21.150> work<00:01:21.500> and 00:01:22.570 --> 00:01:22.580 align:start position:0% it which is it doesn't actually work and 00:01:22.580 --> 00:01:24.950 align:start position:0% it which is it doesn't actually work and it's<00:01:23.580> kind<00:01:23.760> of<00:01:23.820> kind<00:01:24.300> of<00:01:24.420> two<00:01:24.510> really<00:01:24.840> good 00:01:24.950 --> 00:01:24.960 align:start position:0% it's kind of kind of two really good 00:01:24.960 --> 00:01:26.420 align:start position:0% it's kind of kind of two really good reasons<00:01:25.020> for<00:01:25.380> that<00:01:25.470> first<00:01:25.770> of<00:01:25.920> all<00:01:26.010> the<00:01:26.190> the 00:01:26.420 --> 00:01:26.430 align:start position:0% reasons for that first of all the the 00:01:26.430 --> 00:01:28.550 align:start position:0% reasons for that first of all the the issuance<00:01:27.060> of<00:01:27.240> these<00:01:27.390> currencies<00:01:27.840> are<00:01:28.050> it's 00:01:28.550 --> 00:01:28.560 align:start position:0% issuance of these currencies are it's 00:01:28.560 --> 00:01:30.050 align:start position:0% issuance of these currencies are it's kind<00:01:28.740> of<00:01:28.770> flawed<00:01:29.010> because<00:01:29.190> ideally<00:01:29.790> we're 00:01:30.050 --> 00:01:30.060 align:start position:0% kind of flawed because ideally we're 00:01:30.060 --> 00:01:31.219 align:start position:0% kind of flawed because ideally we're supposed<00:01:30.390> to<00:01:30.479> be<00:01:30.659> able<00:01:30.810> to<00:01:30.900> turn<00:01:31.080> on<00:01:31.200> a 00:01:31.219 --> 00:01:31.229 align:start position:0% supposed to be able to turn on a 00:01:31.229 --> 00:01:34.340 align:start position:0% supposed to be able to turn on a computer<00:01:31.320> and<00:01:31.890> and<00:01:32.430> run<00:01:32.729> you<00:01:33.540> know<00:01:33.630> run<00:01:34.320> the 00:01:34.340 --> 00:01:34.350 align:start position:0% computer and and run you know run the 00:01:34.350 --> 00:01:36.320 align:start position:0% computer and and run you know run the network<00:01:34.770> and<00:01:34.979> if<00:01:35.190> we<00:01:35.340> do<00:01:35.460> that<00:01:35.490> we're<00:01:35.850> rewarded 00:01:36.320 --> 00:01:36.330 align:start position:0% network and if we do that we're rewarded 00:01:36.330 --> 00:01:37.850 align:start position:0% network and if we do that we're rewarded with<00:01:36.420> cryptocurrency<00:01:36.780> for<00:01:37.320> validating<00:01:37.680> a 00:01:37.850 --> 00:01:37.860 align:start position:0% with cryptocurrency for validating a 00:01:37.860 --> 00:01:39.800 align:start position:0% with cryptocurrency for validating a block<00:01:38.100> we<00:01:38.580> get<00:01:38.729> some<00:01:38.909> money<00:01:39.300> and<00:01:39.479> then<00:01:39.570> we<00:01:39.659> can 00:01:39.800 --> 00:01:39.810 align:start position:0% block we get some money and then we can 00:01:39.810 --> 00:01:41.870 align:start position:0% block we get some money and then we can go<00:01:39.900> spend<00:01:40.140> that<00:01:40.320> at<00:01:40.470> a<00:01:40.500> grocery<00:01:41.070> store<00:01:41.130> for 00:01:41.870 --> 00:01:41.880 align:start position:0% go spend that at a grocery store for 00:01:41.880 --> 00:01:44.030 align:start position:0% go spend that at a grocery store for tokens<00:01:42.270> but<00:01:42.960> of<00:01:43.530> course<00:01:43.770> that<00:01:43.860> doesn't 00:01:44.030 --> 00:01:44.040 align:start position:0% tokens but of course that doesn't 00:01:44.040 --> 00:01:45.770 align:start position:0% tokens but of course that doesn't actually<00:01:44.190> work<00:01:44.490> because<00:01:44.670> well<00:01:45.150> mining<00:01:45.659> is 00:01:45.770 --> 00:01:45.780 align:start position:0% actually work because well mining is 00:01:45.780 --> 00:01:47.240 align:start position:0% actually work because well mining is kind<00:01:46.020> of<00:01:46.049> a<00:01:46.170> specialist<00:01:46.710> industry<00:01:47.100> it 00:01:47.240 --> 00:01:47.250 align:start position:0% kind of a specialist industry it 00:01:47.250 --> 00:01:49.160 align:start position:0% kind of a specialist industry it requires<00:01:47.610> special<00:01:48.240> hardware<00:01:48.600> and<00:01:48.810> most 00:01:49.160 --> 00:01:49.170 align:start position:0% requires special hardware and most 00:01:49.170 --> 00:01:50.539 align:start position:0% requires special hardware and most people<00:01:49.440> will<00:01:49.530> never<00:01:49.650> validate<00:01:50.130> a<00:01:50.159> block<00:01:50.370> with 00:01:50.539 --> 00:01:50.549 align:start position:0% people will never validate a block with 00:01:50.549 --> 00:01:53.360 align:start position:0% people will never validate a block with their<00:01:50.670> regular<00:01:50.850> macbook<00:01:51.360> or<00:01:51.570> whatever<00:01:52.370> so 00:01:53.360 --> 00:01:53.370 align:start position:0% their regular macbook or whatever so 00:01:53.370 --> 00:01:54.980 align:start position:0% their regular macbook or whatever so where<00:01:53.790> it's<00:01:53.909> the<00:01:54.030> rest<00:01:54.210> of<00:01:54.360> us<00:01:54.450> get<00:01:54.659> crypto 00:01:54.980 --> 00:01:54.990 align:start position:0% where it's the rest of us get crypto 00:01:54.990 --> 00:01:58.810 align:start position:0% where it's the rest of us get crypto currencies<00:01:55.440> well<00:01:55.830> we<00:01:56.670> buy<00:01:56.850> them<00:01:57.060> on<00:01:57.150> exchanges 00:01:58.810 --> 00:01:58.820 align:start position:0% currencies well we buy them on exchanges 00:01:58.820 --> 00:02:01.010 align:start position:0% currencies well we buy them on exchanges and<00:01:59.820> that's<00:02:00.270> kind<00:02:00.420> of<00:02:00.479> a<00:02:00.570> problem<00:02:00.750> because 00:02:01.010 --> 00:02:01.020 align:start position:0% and that's kind of a problem because 00:02:01.020 --> 00:02:03.140 align:start position:0% and that's kind of a problem because these<00:02:01.409> exchanges<00:02:01.979> will<00:02:02.310> they<00:02:02.700> give 00:02:03.140 --> 00:02:03.150 align:start position:0% these exchanges will they give 00:02:03.150 --> 00:02:04.789 align:start position:0% these exchanges will they give cryptocurrencies<00:02:03.900> for<00:02:04.260> payments<00:02:04.590> of<00:02:04.650> really 00:02:04.789 --> 00:02:04.799 align:start position:0% cryptocurrencies for payments of really 00:02:04.799 --> 00:02:06.649 align:start position:0% cryptocurrencies for payments of really poor<00:02:05.040> usability<00:02:05.220> is<00:02:05.670> that<00:02:05.850> we<00:02:06.119> buy<00:02:06.330> them<00:02:06.540> with 00:02:06.649 --> 00:02:06.659 align:start position:0% poor usability is that we buy them with 00:02:06.659 --> 00:02:08.899 align:start position:0% poor usability is that we buy them with fee<00:02:06.869> at<00:02:06.990> first<00:02:07.290> and<00:02:07.590> then<00:02:08.250> we<00:02:08.340> exchange<00:02:08.519> them 00:02:08.899 --> 00:02:08.909 align:start position:0% fee at first and then we exchange them 00:02:08.909 --> 00:02:10.459 align:start position:0% fee at first and then we exchange them to<00:02:09.360> use<00:02:09.569> something<00:02:09.869> every<00:02:10.019> want<00:02:10.170> to<00:02:10.229> use<00:02:10.319> for 00:02:10.459 --> 00:02:10.469 align:start position:0% to use something every want to use for 00:02:10.469 --> 00:02:12.500 align:start position:0% to use something every want to use for payments<00:02:10.829> it's<00:02:10.950> kind<00:02:11.249> of<00:02:11.340> a<00:02:11.400> clumsy<00:02:12.180> user 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create a 00:02:18.950 --> 00:02:20.500 align:start position:0% this and say let's try to create a cryptocurrency<00:02:19.280> that's<00:02:19.790> really<00:02:20.090> good<00:02:20.299> for 00:02:20.500 --> 00:02:20.510 align:start position:0% cryptocurrency that's really good for 00:02:20.510 --> 00:02:23.770 align:start position:0% cryptocurrency that's really good for payments<00:02:20.840> ideal<00:02:21.250> I<00:02:22.250> would<00:02:23.090> present<00:02:23.269> three 00:02:23.770 --> 00:02:23.780 align:start position:0% payments ideal I would present three 00:02:23.780 --> 00:02:25.360 align:start position:0% payments ideal I would present three arguments<00:02:24.319> that<00:02:24.530> it<00:02:24.650> should<00:02:24.769> definitely<00:02:25.040> have 00:02:25.360 --> 00:02:25.370 align:start position:0% arguments that it should definitely have 00:02:25.370 --> 00:02:27.339 align:start position:0% arguments that it should definitely have it<00:02:25.610> should<00:02:25.909> incentivize<00:02:26.180> being<00:02:26.690> spent<00:02:26.989> so 00:02:27.339 --> 00:02:27.349 align:start position:0% it should incentivize being spent so 00:02:27.349 --> 00:02:28.869 align:start position:0% it should incentivize being spent so when<00:02:27.500> I<00:02:27.530> have<00:02:27.769> it<00:02:27.920> I<00:02:28.040> should<00:02:28.220> want<00:02:28.370> to<00:02:28.459> go<00:02:28.640> spend 00:02:28.869 --> 00:02:28.879 align:start position:0% when I have it I should want to go spend 00:02:28.879 --> 00:02:31.839 align:start position:0% when I have it I should want to go spend it<00:02:29.230> it<00:02:30.230> should<00:02:30.620> not<00:02:30.830> need<00:02:31.099> to<00:02:31.160> be<00:02:31.340> bought<00:02:31.549> with 00:02:31.839 --> 00:02:31.849 align:start position:0% it it should not need to be bought with 00:02:31.849 --> 00:02:34.839 align:start position:0% it it should not need to be bought with fewer<00:02:32.390> exchanges<00:02:32.989> and<00:02:33.519> it<00:02:34.519> should<00:02:34.670> still<00:02:34.819> be 00:02:34.839 --> 00:02:34.849 align:start position:0% fewer exchanges and it should still be 00:02:34.849 --> 00:02:36.699 align:start position:0% fewer exchanges and it should still be interoperable<00:02:35.360> with<00:02:35.810> the<00:02:35.930> theorem<00:02:36.200> ecosystem 00:02:36.699 --> 00:02:36.709 align:start position:0% interoperable with the theorem ecosystem 00:02:36.709 --> 00:02:38.229 align:start position:0% interoperable with the theorem ecosystem or<00:02:36.890> the<00:02:36.950> cryptocurrency<00:02:37.220> consistent<00:02:38.030> because 00:02:38.229 --> 00:02:38.239 align:start position:0% or the cryptocurrency consistent because 00:02:38.239 --> 00:02:40.180 align:start position:0% or the cryptocurrency consistent because well<00:02:38.750> that's<00:02:38.900> that's<00:02:39.500> what<00:02:39.620> we<00:02:39.709> want<00:02:39.890> right<00:02:40.040> we 00:02:40.180 --> 00:02:40.190 align:start position:0% well that's that's what we want right we 00:02:40.190 --> 00:02:41.080 align:start position:0% well that's that's what we want right we want<00:02:40.310> to<00:02:40.400> be<00:02:40.459> able<00:02:40.519> to<00:02:40.640> use<00:02:40.819> it<00:02:40.940> with<00:02:41.060> our 00:02:41.080 --> 00:02:41.090 align:start position:0% want to be able to use it with our 00:02:41.090 --> 00:02:42.640 align:start position:0% want to be able to use it with our favorite<00:02:41.299> dabs<00:02:41.660> or<00:02:41.870> protocols<00:02:42.319> we<00:02:42.470> want<00:02:42.590> to 00:02:42.640 --> 00:02:42.650 align:start position:0% favorite dabs or protocols we want to 00:02:42.650 --> 00:02:44.619 align:start position:0% favorite dabs or protocols we want to use<00:02:42.739> it<00:02:42.890> to<00:02:42.980> buy<00:02:43.099> years<00:02:43.790> to<00:02:43.940> 20<00:02:44.209> tokens 00:02:44.619 --> 00:02:44.629 align:start position:0% use it to buy years to 20 tokens 00:02:44.629 --> 00:02:47.830 align:start position:0% use it to buy years to 20 tokens whatever<00:02:46.209> one<00:02:47.209> of<00:02:47.299> the<00:02:47.360> ways<00:02:47.480> we<00:02:47.599> could<00:02:47.750> do 00:02:47.830 --> 00:02:47.840 align:start position:0% whatever one of the ways we could do 00:02:47.840 --> 00:02:50.410 align:start position:0% whatever one of the ways we could do this<00:02:47.989> is<00:02:48.230> if<00:02:48.530> we<00:02:48.650> took<00:02:48.829> money<00:02:49.099> as<00:02:49.310> i/o<00:02:49.819> use<00:02:50.150> and 00:02:50.410 --> 00:02:50.420 align:start position:0% this is if we took money as i/o use and 00:02:50.420 --> 00:02:52.660 align:start position:0% this is if we took money as i/o use and implemented<00:02:50.930> it<00:02:51.019> on<00:02:51.110> social<00:02:51.410> networks<00:02:51.920> and<00:02:52.310> we 00:02:52.660 --> 00:02:52.670 align:start position:0% implemented it on social networks and we 00:02:52.670 --> 00:02:54.640 align:start position:0% implemented it on social networks and we issued<00:02:53.030> it<00:02:53.180> in<00:02:53.359> these<00:02:53.810> individual<00:02:54.349> trust 00:02:54.640 --> 00:02:54.650 align:start position:0% issued it in these individual trust 00:02:54.650 --> 00:02:56.199 align:start position:0% issued it in these individual trust relationships<00:02:55.250> and<00:02:55.519> we<00:02:55.579> use<00:02:55.760> these<00:02:55.970> trust 00:02:56.199 --> 00:02:56.209 align:start position:0% relationships and we use these trust 00:02:56.209 --> 00:02:58.089 align:start position:0% relationships and we use these trust relationships<00:02:56.690> to<00:02:56.810> make<00:02:56.959> payments<00:02:57.379> we'd<00:02:57.950> had 00:02:58.089 --> 00:02:58.099 align:start position:0% relationships to make payments we'd had 00:02:58.099 --> 00:03:00.670 align:start position:0% relationships to make payments we'd had this<00:02:58.220> global<00:02:58.549> payment<00:02:58.879> network<00:02:59.410> which<00:03:00.410> is<00:03:00.560> the 00:03:00.670 --> 00:03:00.680 align:start position:0% this global payment network which is the 00:03:00.680 --> 00:03:02.710 align:start position:0% this global payment network which is the original<00:03:00.829> ripple<00:03:01.250> idea<00:03:01.430> from<00:03:01.579> 2004<00:03:02.329> by<00:03:02.510> Ryan 00:03:02.710 --> 00:03:02.720 align:start position:0% original ripple idea from 2004 by Ryan 00:03:02.720 --> 00:03:04.210 align:start position:0% original ripple idea from 2004 by Ryan Fuger<00:03:03.109> not<00:03:03.379> what<00:03:03.560> ripple<00:03:03.799> is<00:03:03.890> doing<00:03:04.099> nowadays 00:03:04.210 --> 00:03:04.220 align:start position:0% Fuger not what ripple is doing nowadays 00:03:04.220 --> 00:03:07.330 align:start position:0% Fuger not what ripple is doing nowadays but<00:03:04.640> the<00:03:05.540> original<00:03:05.870> one<00:03:05.989> and<00:03:06.230> and<00:03:07.099> it's 00:03:07.330 --> 00:03:07.340 align:start position:0% but the original one and and it's 00:03:07.340 --> 00:03:09.699 align:start position:0% but the original one and and it's basically<00:03:07.959> these<00:03:08.959> individual<00:03:09.500> trust 00:03:09.699 --> 00:03:09.709 align:start position:0% basically these individual trust 00:03:09.709 --> 00:03:12.039 align:start position:0% basically these individual trust relationships<00:03:10.280> which<00:03:10.730> are<00:03:10.910> people<00:03:11.720> who<00:03:11.870> know 00:03:12.039 --> 00:03:12.049 align:start position:0% relationships which are people who know 00:03:12.049 --> 00:03:13.990 align:start position:0% relationships which are people who know and<00:03:12.200> trust<00:03:12.379> each<00:03:12.530> other<00:03:12.769> and<00:03:13.010> the<00:03:13.579> issue<00:03:13.730> char 00:03:13.990 --> 00:03:14.000 align:start position:0% and trust each other and the issue char 00:03:14.000 --> 00:03:15.520 align:start position:0% and trust each other and the issue char the<00:03:14.120> credit<00:03:14.390> lines<00:03:14.599> and<00:03:14.930> this<00:03:15.170> works<00:03:15.410> pretty 00:03:15.520 --> 00:03:15.530 align:start position:0% the credit lines and this works pretty 00:03:15.530 --> 00:03:17.289 align:start position:0% the credit lines and this works pretty much<00:03:15.950> how<00:03:16.160> it<00:03:16.370> works<00:03:16.579> in<00:03:16.700> the<00:03:16.760> real<00:03:16.879> world<00:03:17.090> for 00:03:17.289 --> 00:03:17.299 align:start position:0% much how it works in the real world for 00:03:17.299 --> 00:03:19.180 align:start position:0% much how it works in the real world for example<00:03:17.660> if<00:03:17.750> you<00:03:17.870> go<00:03:18.170> out<00:03:18.290> to<00:03:18.410> a<00:03:18.470> bar<00:03:18.709> and<00:03:18.739> you 00:03:19.180 --> 00:03:19.190 align:start position:0% example if you go out to a bar and you 00:03:19.190 --> 00:03:20.830 align:start position:0% example if you go out to a bar and you forgot<00:03:19.700> your<00:03:19.790> credit<00:03:20.060> card<00:03:20.239> most<00:03:20.450> likely<00:03:20.720> one 00:03:20.830 --> 00:03:20.840 align:start position:0% forgot your credit card most likely one 00:03:20.840 --> 00:03:22.659 align:start position:0% forgot your credit card most likely one of<00:03:20.870> your<00:03:20.959> friends<00:03:21.319> would<00:03:21.530> borrow<00:03:22.280> you<00:03:22.400> ten 00:03:22.659 --> 00:03:22.669 align:start position:0% of your friends would borrow you ten 00:03:22.669 --> 00:03:24.460 align:start position:0% of your friends would borrow you ten dollars<00:03:22.790> or<00:03:23.150> let<00:03:23.359> you<00:03:23.480> pay<00:03:23.660> you<00:03:24.019> know<00:03:24.109> pay<00:03:24.440> for 00:03:24.460 --> 00:03:24.470 align:start position:0% dollars or let you pay you know pay for 00:03:24.470 --> 00:03:25.839 align:start position:0% dollars or let you pay you know pay for you<00:03:24.709> for<00:03:24.889> the<00:03:24.950> rest<00:03:25.099> of<00:03:25.220> the<00:03:25.280> night<00:03:25.430> so<00:03:25.700> that 00:03:25.839 --> 00:03:25.849 align:start position:0% you for the rest of the night so that 00:03:25.849 --> 00:03:27.789 align:start position:0% you for the rest of the night so that you<00:03:26.000> could<00:03:26.180> you<00:03:26.540> know<00:03:26.599> drink<00:03:27.079> beers<00:03:27.290> with<00:03:27.650> him 00:03:27.789 --> 00:03:27.799 align:start position:0% you could you know drink beers with him 00:03:27.799 --> 00:03:29.559 align:start position:0% you could you know drink beers with him you<00:03:28.280> could<00:03:28.430> settle<00:03:28.669> at<00:03:28.819> a<00:03:28.849> later<00:03:29.030> point<00:03:29.209> or 00:03:29.559 --> 00:03:29.569 align:start position:0% you could settle at a later point or 00:03:29.569 --> 00:03:32.650 align:start position:0% you could settle at a later point or maybe<00:03:29.870> next<00:03:30.200> next<00:03:30.650> week<00:03:30.799> you<00:03:31.040> you<00:03:31.489> pay<00:03:31.700> so<00:03:32.419> if 00:03:32.650 --> 00:03:32.660 align:start position:0% maybe next next week you you pay so if 00:03:32.660 --> 00:03:34.330 align:start position:0% maybe next next week you you pay so if people<00:03:32.989> have<00:03:33.139> these<00:03:33.620> relationships<00:03:33.859> already 00:03:34.330 --> 00:03:34.340 align:start position:0% people have these relationships already 00:03:34.340 --> 00:03:36.099 align:start position:0% people have these relationships already they<00:03:34.609> have<00:03:34.790> these<00:03:34.940> credit<00:03:35.239> lines<00:03:35.419> what<00:03:36.019> we 00:03:36.099 --> 00:03:36.109 align:start position:0% they have these credit lines what we 00:03:36.109 --> 00:03:37.629 align:start position:0% they have these credit lines what we could<00:03:36.230> do<00:03:36.380> is<00:03:36.590> when<00:03:36.829> people<00:03:36.980> issue<00:03:37.340> those 00:03:37.629 --> 00:03:37.639 align:start position:0% could do is when people issue those 00:03:37.639 --> 00:03:39.490 align:start position:0% could do is when people issue those bilaterally<00:03:38.209> between<00:03:38.359> two<00:03:38.810> trusting<00:03:39.200> friends 00:03:39.490 --> 00:03:39.500 align:start position:0% bilaterally between two trusting friends 00:03:39.500 --> 00:03:41.470 align:start position:0% bilaterally between two trusting friends they<00:03:40.069> have<00:03:40.280> them<00:03:40.459> what<00:03:40.579> we<00:03:40.669> call<00:03:40.849> a<00:03:40.880> trust<00:03:41.269> line 00:03:41.470 --> 00:03:41.480 align:start position:0% they have them what we call a trust line 00:03:41.480 --> 00:03:44.920 align:start position:0% they have them what we call a trust line and<00:03:41.720> this<00:03:42.049> trust<00:03:42.319> line<00:03:42.700> consists<00:03:43.700> of<00:03:43.930> credit 00:03:44.920 --> 00:03:44.930 align:start position:0% and this trust line consists of credit 00:03:44.930 --> 00:03:46.569 align:start position:0% and this trust line consists of credit lines<00:03:45.079> and<00:03:45.290> a<00:03:45.319> credit<00:03:45.590> limit<00:03:45.859> and<00:03:46.040> a<00:03:46.250> balance 00:03:46.569 --> 00:03:46.579 align:start position:0% lines and a credit limit and a balance 00:03:46.579 --> 00:03:48.849 align:start position:0% lines and a credit limit and a balance which<00:03:46.760> indicates<00:03:47.180> money<00:03:47.480> was<00:03:47.660> spent<00:03:47.840> so<00:03:48.680> let's 00:03:48.849 --> 00:03:48.859 align:start position:0% which indicates money was spent so let's 00:03:48.859 --> 00:03:50.319 align:start position:0% which indicates money was spent so let's suppose<00:03:49.010> Alice<00:03:49.609> and<00:03:49.760> Bob<00:03:49.880> are<00:03:50.030> good<00:03:50.150> friends 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position:0% line creating an imbalance between Alice 00:03:56.810 --> 00:04:00.729 align:start position:0% line creating an imbalance between Alice and<00:03:56.840> Bob<00:03:56.959> and<00:03:57.319> this<00:03:57.829> IOU<00:03:58.250> that<00:03:58.970> Alice<00:03:59.560> IOU<00:04:00.560> at 00:04:00.729 --> 00:04:00.739 align:start position:0% and Bob and this IOU that Alice IOU at 00:04:00.739 --> 00:04:03.369 align:start position:0% and Bob and this IOU that Alice IOU at that<00:04:01.190> Alice<00:04:01.489> issues<00:04:01.879> Bob<00:04:02.120> is<00:04:02.359> then<00:04:03.139> money 00:04:03.369 --> 00:04:03.379 align:start position:0% that Alice issues Bob is then money 00:04:03.379 --> 00:04:04.839 align:start position:0% that Alice issues Bob is then money which<00:04:03.590> was<00:04:03.739> created<00:04:04.160> because<00:04:04.310> we<00:04:04.700> have 00:04:04.839 --> 00:04:04.849 align:start position:0% which was created because we have 00:04:04.849 --> 00:04:06.520 align:start position:0% which was created because we have something<00:04:05.090> of<00:04:05.329> value<00:04:05.480> which<00:04:05.810> was<00:04:05.989> exchanged 00:04:06.520 --> 00:04:06.530 align:start position:0% something of value which was exchanged 00:04:06.530 --> 00:04:08.050 align:start position:0% something of value which was exchanged for<00:04:06.590> this<00:04:06.769> I<00:04:06.919> are<00:04:07.010> you<00:04:07.129> this<00:04:07.459> is<00:04:07.579> good<00:04:07.760> for<00:04:07.910> Bob 00:04:08.050 --> 00:04:08.060 align:start position:0% for this I are you this is good for Bob 00:04:08.060 --> 00:04:10.180 align:start position:0% for this I are you this is good for Bob because<00:04:08.239> Bob<00:04:08.389> knows<00:04:09.260> and<00:04:09.530> trusts<00:04:09.739> Alice<00:04:10.069> and 00:04:10.180 --> 00:04:10.190 align:start position:0% because Bob knows and trusts Alice and 00:04:10.190 --> 00:04:11.530 align:start position:0% because Bob knows and trusts Alice and has<00:04:10.280> given<00:04:10.519> her<00:04:10.639> this<00:04:10.790> credit<00:04:10.970> line<00:04:11.180> allowing 00:04:11.530 --> 00:04:11.540 align:start position:0% has given her this credit line allowing 00:04:11.540 --> 00:04:13.689 align:start position:0% has given her this credit line allowing her<00:04:11.810> to<00:04:11.989> spend<00:04:12.230> up<00:04:12.470> to<00:04:12.530> the<00:04:12.829> specified<00:04:13.340> credit 00:04:13.689 --> 00:04:13.699 align:start position:0% her to spend up to the specified credit 00:04:13.699 --> 00:04:16.539 align:start position:0% her to spend up to the specified credit limit<00:04:14.470> it's<00:04:15.470> totally<00:04:15.949> pointless<00:04:16.130> to<00:04:16.430> use 00:04:16.539 --> 00:04:16.549 align:start position:0% limit it's totally pointless to use 00:04:16.549 --> 00:04:18.789 align:start position:0% limit it's totally pointless to use money<00:04:16.760> for<00:04:16.970> this<00:04:17.090> or<00:04:17.329> cryptocurrency<00:04:18.260> we 00:04:18.789 --> 00:04:18.799 align:start position:0% money for this or cryptocurrency we 00:04:18.799 --> 00:04:20.140 align:start position:0% money for this or cryptocurrency we don't<00:04:18.979> we<00:04:19.160> don't<00:04:19.250> need<00:04:19.400> that<00:04:19.549> at<00:04:19.669> all<00:04:19.760> actually 00:04:20.140 --> 00:04:20.150 align:start position:0% don't we don't need that at all actually 00:04:20.150 --> 00:04:22.540 align:start position:0% don't we don't need that at all actually because<00:04:20.810> people<00:04:21.620> do<00:04:21.739> this<00:04:21.889> all<00:04:22.039> the<00:04:22.099> time<00:04:22.220> and 00:04:22.540 --> 00:04:22.550 align:start position:0% because people do this all the time and 00:04:22.550 --> 00:04:23.980 align:start position:0% because people do this all the time and as<00:04:22.640> I<00:04:22.729> explained<00:04:23.030> people<00:04:23.210> do<00:04:23.450> this<00:04:23.599> at<00:04:23.780> bars 00:04:23.980 --> 00:04:23.990 align:start position:0% as I explained people do this at bars 00:04:23.990 --> 00:04:25.360 align:start position:0% as I explained people do this at bars they'd<00:04:24.229> only<00:04:24.320> cryptocurrency<00:04:24.770> or<00:04:25.070> any<00:04:25.190> kind 00:04:25.360 --> 00:04:25.370 align:start position:0% they'd only cryptocurrency or any kind 00:04:25.370 --> 00:04:26.649 align:start position:0% they'd only cryptocurrency or any kind of<00:04:25.400> money<00:04:25.550> for<00:04:25.700> this<00:04:25.849> this<00:04:26.000> is<00:04:26.150> just<00:04:26.270> basically 00:04:26.649 --> 00:04:26.659 align:start position:0% of money for this this is just basically 00:04:26.659 --> 00:04:27.960 align:start position:0% of money for this this is just basically how<00:04:26.900> friends<00:04:27.320> work 00:04:27.960 --> 00:04:27.970 align:start position:0% how friends work 00:04:27.970 --> 00:04:29.880 align:start position:0% how friends work what<00:04:28.480> we<00:04:28.600> need<00:04:28.750> money<00:04:28.900> for<00:04:29.020> is<00:04:29.440> when<00:04:29.650> we<00:04:29.770> have 00:04:29.880 --> 00:04:29.890 align:start position:0% what we need money for is when we have 00:04:29.890 --> 00:04:31.680 align:start position:0% what we need money for is when we have trust<00:04:30.130> problems<00:04:30.520> so<00:04:30.940> if<00:04:31.030> Alice<00:04:31.300> wants<00:04:31.510> to<00:04:31.570> pay 00:04:31.680 --> 00:04:31.690 align:start position:0% trust problems so if Alice wants to pay 00:04:31.690 --> 00:04:33.870 align:start position:0% trust problems so if Alice wants to pay Charlie<00:04:32.080> she<00:04:32.620> has<00:04:32.770> this<00:04:32.920> issue<00:04:33.130> that<00:04:33.520> Charlie 00:04:33.870 --> 00:04:33.880 align:start position:0% Charlie she has this issue that Charlie 00:04:33.880 --> 00:04:35.610 align:start position:0% Charlie she has this issue that Charlie does<00:04:34.090> not<00:04:34.240> care<00:04:34.510> about<00:04:34.720> her<00:04:35.110> argue<00:04:35.440> because 00:04:35.610 --> 00:04:35.620 align:start position:0% does not care about her argue because 00:04:35.620 --> 00:04:38.130 align:start position:0% does not care about her argue because Charlie<00:04:36.160> doesn't<00:04:36.340> know<00:04:36.550> or<00:04:36.700> trust<00:04:36.850> him<00:04:37.140> so 00:04:38.130 --> 00:04:38.140 align:start position:0% Charlie doesn't know or trust him so 00:04:38.140 --> 00:04:39.990 align:start position:0% Charlie doesn't know or trust him so she's<00:04:38.470> not<00:04:38.620> going<00:04:38.800> to<00:04:38.920> accept<00:04:39.280> that<00:04:39.370> I<00:04:39.520> you<00:04:39.580> and 00:04:39.990 --> 00:04:40.000 align:start position:0% she's not going to accept that I you and 00:04:40.000 --> 00:04:42.120 align:start position:0% she's not going to accept that I you and then<00:04:40.810> if<00:04:40.990> we<00:04:41.200> go<00:04:41.350> back<00:04:41.560> to<00:04:41.740> this<00:04:41.860> payment 00:04:42.120 --> 00:04:42.130 align:start position:0% then if we go back to this payment 00:04:42.130 --> 00:04:44.340 align:start position:0% then if we go back to this payment network<00:04:42.580> what<00:04:43.210> we<00:04:43.300> could<00:04:43.480> do<00:04:43.630> is<00:04:43.810> we<00:04:43.840> could<00:04:44.170> or 00:04:44.340 --> 00:04:44.350 align:start position:0% network what we could do is we could or 00:04:44.350 --> 00:04:46.350 align:start position:0% network what we could do is we could or Alice<00:04:44.800> could<00:04:45.070> discover<00:04:45.640> a<00:04:45.760> path<00:04:46.060> of 00:04:46.350 --> 00:04:46.360 align:start position:0% Alice could discover a path of 00:04:46.360 --> 00:04:48.030 align:start position:0% Alice could discover a path of connecting<00:04:46.870> trust<00:04:47.110> lines<00:04:47.320> that<00:04:47.560> would<00:04:47.680> allow 00:04:48.030 --> 00:04:48.040 align:start position:0% connecting trust lines that would allow 00:04:48.040 --> 00:04:50.550 align:start position:0% connecting trust lines that would allow her<00:04:48.310> to<00:04:48.520> back<00:04:49.180> the<00:04:49.360> IOU<00:04:49.840> with<00:04:50.020> something<00:04:50.440> or 00:04:50.550 --> 00:04:50.560 align:start position:0% her to back the IOU with something or 00:04:50.560 --> 00:04:54.570 align:start position:0% her to back the IOU with something or someone<00:04:50.950> that<00:04:51.100> Charlie<00:04:51.850> would<00:04:51.970> trust<00:04:53.160> so<00:04:54.160> we 00:04:54.570 --> 00:04:54.580 align:start position:0% someone that Charlie would trust so we 00:04:54.580 --> 00:04:56.370 align:start position:0% someone that Charlie would trust so we see<00:04:54.820> there<00:04:55.000> is<00:04:55.030> a<00:04:55.120> path<00:04:55.450> of<00:04:55.690> connecting<00:04:56.110> trust 00:04:56.370 --> 00:04:56.380 align:start position:0% see there is a path of connecting trust 00:04:56.380 --> 00:04:58.230 align:start position:0% see there is a path of connecting trust lines<00:04:56.590> between<00:04:56.800> Alice<00:04:57.310> and<00:04:57.340> Charlie<00:04:57.730> and<00:04:57.880> if 00:04:58.230 --> 00:04:58.240 align:start position:0% lines between Alice and Charlie and if 00:04:58.240 --> 00:05:00.120 align:start position:0% lines between Alice and Charlie and if Alice<00:04:58.570> then<00:04:58.780> wants<00:04:59.110> to<00:04:59.230> pay<00:04:59.410> Charlie<00:04:59.800> what 00:05:00.120 --> 00:05:00.130 align:start position:0% Alice then wants to pay Charlie what 00:05:00.130 --> 00:05:02.730 align:start position:0% Alice then wants to pay Charlie what Alice<00:05:00.400> does<00:05:00.430> is<00:05:00.820> she<00:05:01.270> spends<00:05:01.660> 5<00:05:01.840> or<00:05:02.020> $10<00:05:02.410> credit 00:05:02.730 --> 00:05:02.740 align:start position:0% Alice does is she spends 5 or $10 credit 00:05:02.740 --> 00:05:05.280 align:start position:0% Alice does is she spends 5 or $10 credit line<00:05:02.890> with<00:05:03.070> Bob<00:05:03.250> and<00:05:03.460> then<00:05:04.240> Bob<00:05:04.510> spends<00:05:04.870> 5<00:05:05.140> of 00:05:05.280 --> 00:05:05.290 align:start position:0% line with Bob and then Bob spends 5 of 00:05:05.290 --> 00:05:08.100 align:start position:0% line with Bob and then Bob spends 5 of his<00:05:05.410> $10<00:05:05.770> credit<00:05:06.070> line<00:05:06.220> with<00:05:06.400> Charlie<00:05:06.700> so<00:05:07.110> this 00:05:08.100 --> 00:05:08.110 align:start position:0% his $10 credit line with Charlie so this 00:05:08.110 --> 00:05:11.280 align:start position:0% his $10 credit line with Charlie so this solves<00:05:08.380> two<00:05:08.620> problems<00:05:09.510> first<00:05:10.510> of<00:05:10.660> all<00:05:10.810> it 00:05:11.280 --> 00:05:11.290 align:start position:0% solves two problems first of all it 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position:0% dependent on the solvency of bob and not of<00:05:17.230> alice<00:05:17.530> so<00:05:17.920> that's<00:05:18.100> good<00:05:18.400> for<00:05:18.430> him<00:05:18.640> it<00:05:19.390> also 00:05:19.530 --> 00:05:19.540 align:start position:0% of alice so that's good for him it also 00:05:19.540 --> 00:05:21.570 align:start position:0% of alice so that's good for him it also allows<00:05:19.810> Alice<00:05:20.230> to<00:05:20.380> pay<00:05:20.530> a<00:05:20.560> stranger<00:05:21.040> because 00:05:21.570 --> 00:05:21.580 align:start position:0% allows Alice to pay a stranger because 00:05:21.580 --> 00:05:24.450 align:start position:0% allows Alice to pay a stranger because she<00:05:21.790> can<00:05:21.970> now<00:05:22.120> send<00:05:22.450> a<00:05:22.570> payment<00:05:23.020> to<00:05:23.110> anyone<00:05:23.470> so 00:05:24.450 --> 00:05:24.460 align:start position:0% she can now send a payment to anyone so 00:05:24.460 --> 00:05:26.159 align:start position:0% she can now send a payment to anyone so long<00:05:24.640> as<00:05:24.850> it<00:05:25.060> is<00:05:25.150> backed<00:05:25.419> by<00:05:25.540> someone<00:05:25.960> who 00:05:26.159 --> 00:05:26.169 align:start position:0% long as it is backed by someone who 00:05:26.169 --> 00:05:28.590 align:start position:0% long as it is backed by someone who trusts<00:05:26.650> that<00:05:26.830> person<00:05:27.190> of<00:05:27.490> course<00:05:28.150> this<00:05:28.450> only 00:05:28.590 --> 00:05:28.600 align:start position:0% trusts that person of course this only 00:05:28.600 --> 00:05:31.080 align:start position:0% trusts that person of course this only really<00:05:29.169> works<00:05:29.350> if<00:05:29.650> Bob<00:05:30.040> is<00:05:30.310> actually<00:05:30.880> willing 00:05:31.080 --> 00:05:31.090 align:start position:0% really works if Bob is actually willing 00:05:31.090 --> 00:05:32.370 align:start position:0% really works if Bob is actually willing to<00:05:31.150> do<00:05:31.270> this<00:05:31.450> but<00:05:31.720> for<00:05:31.750> Bob<00:05:31.990> this<00:05:32.169> is<00:05:32.260> not 00:05:32.370 --> 00:05:32.380 align:start position:0% to do this but for Bob this is not 00:05:32.380 --> 00:05:33.750 align:start position:0% to do this but for Bob this is not really<00:05:32.590> a<00:05:32.620> problem<00:05:32.919> because<00:05:33.100> his<00:05:33.400> net<00:05:33.580> balance 00:05:33.750 --> 00:05:33.760 align:start position:0% really a problem because his net balance 00:05:33.760 --> 00:05:37.050 align:start position:0% really a problem because his net balance remains<00:05:34.180> unchanged<00:05:34.660> so<00:05:34.990> he<00:05:35.140> still<00:05:35.380> has<00:05:35.940> $20<00:05:36.940> he 00:05:37.050 --> 00:05:37.060 align:start position:0% remains unchanged so he still has $20 he 00:05:37.060 --> 00:05:39.300 align:start position:0% remains unchanged so he still has $20 he can<00:05:37.210> spend<00:05:37.540> I<00:05:37.570> mean<00:05:37.720> he<00:05:37.780> has<00:05:37.900> $15<00:05:38.500> in<00:05:38.620> one<00:05:38.770> trust 00:05:39.300 --> 00:05:39.310 align:start position:0% can spend I mean he has $15 in one trust 00:05:39.310 --> 00:05:42.300 align:start position:0% can spend I mean he has $15 in one trust line<00:05:39.460> five<00:05:39.970> plus<00:05:40.450> $10<00:05:41.230> credit<00:05:41.380> line<00:05:41.620> and<00:05:42.100> he 00:05:42.300 --> 00:05:42.310 align:start position:0% line five plus $10 credit line and he 00:05:42.310 --> 00:05:43.650 align:start position:0% line five plus $10 credit line and he has<00:05:42.400> five<00:05:42.580> remaining<00:05:43.030> in<00:05:43.180> the<00:05:43.300> other<00:05:43.419> trust 00:05:43.650 --> 00:05:43.660 align:start position:0% has five remaining in the other trust 00:05:43.660 --> 00:05:47.130 align:start position:0% has five remaining in the other trust line<00:05:44.700> there's<00:05:45.700> a<00:05:45.820> little<00:05:46.510> bit<00:05:46.630> of<00:05:46.810> a<00:05:46.960> thing 00:05:47.130 --> 00:05:47.140 align:start position:0% line there's a little bit of a thing 00:05:47.140 --> 00:05:48.270 align:start position:0% line there's a little bit of a thing missing<00:05:47.440> there<00:05:47.560> which<00:05:47.710> is<00:05:47.830> of<00:05:47.919> course<00:05:48.100> at<00:05:48.250> some 00:05:48.270 --> 00:05:48.280 align:start position:0% missing there which is of course at some 00:05:48.280 --> 00:05:51.210 align:start position:0% missing there which is of course at some point<00:05:48.610> in<00:05:48.669> time<00:05:48.700> Bob<00:05:49.479> might<00:05:50.200> his<00:05:50.830> trust<00:05:51.100> line 00:05:51.210 --> 00:05:51.220 align:start position:0% point in time Bob might his trust line 00:05:51.220 --> 00:05:53.010 align:start position:0% point in time Bob might his trust line might<00:05:51.400> run<00:05:51.550> out<00:05:51.729> it<00:05:52.240> might<00:05:52.390> be<00:05:52.570> there<00:05:52.900> might 00:05:53.010 --> 00:05:53.020 align:start position:0% might run out it might be there might 00:05:53.020 --> 00:05:54.690 align:start position:0% might run out it might be there might not<00:05:53.200> be<00:05:53.260> a<00:05:53.380> capacity<00:05:53.950> left<00:05:54.100> in<00:05:54.250> the<00:05:54.310> trust<00:05:54.520> line 00:05:54.690 --> 00:05:54.700 align:start position:0% not be a capacity left in the trust line 00:05:54.700 --> 00:05:57.030 align:start position:0% not be a capacity left in the trust line and<00:05:54.960> that<00:05:55.960> leaves<00:05:56.169> him<00:05:56.320> with<00:05:56.350> two<00:05:56.620> options 00:05:57.030 --> 00:05:57.040 align:start position:0% and that leaves him with two options 00:05:57.040 --> 00:06:00.390 align:start position:0% and that leaves him with two options either<00:05:57.220> he<00:05:57.490> has<00:05:57.640> to<00:05:57.820> settle<00:05:58.380> or<00:05:59.380> he<00:05:59.830> has<00:05:59.979> to<00:06:00.190> ask 00:06:00.390 --> 00:06:00.400 align:start position:0% either he has to settle or he has to ask 00:06:00.400 --> 00:06:02.760 align:start position:0% either he has to settle or he has to ask Charlie<00:06:01.240> to<00:06:01.360> increase<00:06:01.780> the<00:06:02.080> capacity<00:06:02.590> of<00:06:02.620> the 00:06:02.760 --> 00:06:02.770 align:start position:0% Charlie to increase the capacity of the 00:06:02.770 --> 00:06:04.830 align:start position:0% Charlie to increase the capacity of the trust<00:06:02.979> like<00:06:03.130> giving<00:06:03.460> giving<00:06:04.090> giving<00:06:04.419> him<00:06:04.780> a 00:06:04.830 --> 00:06:04.840 align:start position:0% trust like giving giving giving him a 00:06:04.840 --> 00:06:06.930 align:start position:0% trust like giving giving giving him a larger<00:06:05.169> credit<00:06:05.440> line<00:06:05.560> neither<00:06:06.370> option<00:06:06.640> is 00:06:06.930 --> 00:06:06.940 align:start position:0% larger credit line neither option is 00:06:06.940 --> 00:06:08.130 align:start position:0% larger credit line neither option is really<00:06:07.180> that<00:06:07.330> nice<00:06:07.510> it's<00:06:07.750> kind<00:06:07.960> of<00:06:07.990> awkward 00:06:08.130 --> 00:06:08.140 align:start position:0% really that nice it's kind of awkward 00:06:08.140 --> 00:06:10.950 align:start position:0% really that nice it's kind of awkward but<00:06:08.950> this<00:06:09.070> is<00:06:09.190> a<00:06:09.220> quite<00:06:09.460> powerful<00:06:09.720> feature<00:06:10.720> of 00:06:10.950 --> 00:06:10.960 align:start position:0% but this is a quite powerful feature of 00:06:10.960 --> 00:06:12.510 align:start position:0% but this is a quite powerful feature of the<00:06:11.080> idea<00:06:11.350> is<00:06:11.530> that<00:06:11.680> we<00:06:11.830> can<00:06:11.860> mostly<00:06:12.220> avoid 00:06:12.510 --> 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sometimes<00:06:19.210> you're<00:06:19.419> getting<00:06:19.690> paid 00:06:19.860 --> 00:06:19.870 align:start position:0% directions sometimes you're getting paid 00:06:19.870 --> 00:06:21.870 align:start position:0% directions sometimes you're getting paid sometimes<00:06:20.440> you<00:06:20.650> are<00:06:20.830> paying<00:06:21.070> sometimes 00:06:21.870 --> 00:06:21.880 align:start position:0% sometimes you are paying sometimes 00:06:21.880 --> 00:06:23.760 align:start position:0% sometimes you are paying sometimes you're<00:06:22.090> forwarding<00:06:22.540> payments<00:06:23.050> in<00:06:23.229> different 00:06:23.760 --> 00:06:23.770 align:start position:0% you're forwarding payments in different 00:06:23.770 --> 00:06:26.640 align:start position:0% you're forwarding payments in different directions<00:06:24.160> and<00:06:24.370> this<00:06:25.200> social<00:06:26.200> approach<00:06:26.440> to 00:06:26.640 --> 00:06:26.650 align:start position:0% directions and this social approach to 00:06:26.650 --> 00:06:29.130 align:start position:0% directions and this social approach to money<00:06:26.800> helps<00:06:27.190> money<00:06:27.370> circulate<00:06:28.020> meaning<00:06:29.020> that 00:06:29.130 --> 00:06:29.140 align:start position:0% money helps money circulate meaning that 00:06:29.140 --> 00:06:31.290 align:start position:0% money helps money circulate meaning that that<00:06:29.350> cancels<00:06:29.800> out<00:06:29.979> over<00:06:30.310> time<00:06:30.520> and<00:06:30.760> so<00:06:31.090> for 00:06:31.290 --> 00:06:31.300 align:start position:0% that cancels out over time and so for 00:06:31.300 --> 00:06:33.060 align:start position:0% that cancels out over time and so for most<00:06:31.419> scenarios<00:06:31.630> real-world<00:06:32.500> settlements 00:06:33.060 --> 00:06:33.070 align:start position:0% most scenarios real-world settlements 00:06:33.070 --> 00:06:35.460 align:start position:0% most scenarios real-world settlements are<00:06:33.190> unnecessary<00:06:33.910> and<00:06:34.180> as<00:06:34.750> you<00:06:34.870> can<00:06:34.990> see<00:06:35.200> here 00:06:35.460 --> 00:06:35.470 align:start position:0% are unnecessary and as you can see here 00:06:35.470 --> 00:06:36.779 align:start position:0% are unnecessary and as you can see here what<00:06:35.620> I've<00:06:35.710> tried<00:06:35.860> to<00:06:35.919> do<00:06:36.070> is<00:06:36.190> illustrate<00:06:36.340> how 00:06:36.779 --> 00:06:36.789 align:start position:0% what I've tried to do is illustrate how 00:06:36.789 --> 00:06:39.150 align:start position:0% what I've tried to do is illustrate how they've<00:06:37.300> making<00:06:37.780> a<00:06:37.840> payment<00:06:38.080> to<00:06:38.349> Bob<00:06:38.530> cancels 00:06:39.150 --> 00:06:39.160 align:start position:0% they've making a payment to Bob cancels 00:06:39.160 --> 00:06:41.180 align:start position:0% they've making a payment to Bob cancels out<00:06:39.280> the<00:06:39.550> debt<00:06:39.789> that<00:06:39.820> Alice<00:06:40.390> had<00:06:40.570> the<00:06:40.750> charge 00:06:41.180 --> 00:06:41.190 align:start position:0% out the debt that Alice had the charge 00:06:41.190 --> 00:06:42.890 align:start position:0% out the debt that Alice had the charge or<00:06:41.700> that<00:06:41.910> Bob<00:06:42.090> had<00:06:42.240> with<00:06:42.420> Charlie<00:06:42.690> from 00:06:42.890 --> 00:06:42.900 align:start position:0% or that Bob had with Charlie from 00:06:42.900 --> 00:06:46.400 align:start position:0% or that Bob had with Charlie from Alice's<00:06:43.290> payment<00:06:43.820> so<00:06:44.820> that's<00:06:45.000> basically<00:06:45.930> the 00:06:46.400 --> 00:06:46.410 align:start position:0% Alice's payment so that's basically the 00:06:46.410 --> 00:06:47.090 align:start position:0% Alice's payment so that's basically the basic<00:06:46.710> idea 00:06:47.090 --> 00:06:47.100 align:start position:0% basic idea 00:06:47.100 --> 00:06:48.800 align:start position:0% basic idea that's<00:06:47.250> how<00:06:47.430> money<00:06:47.880> implemented<00:06:48.390> the<00:06:48.450> social 00:06:48.800 --> 00:06:48.810 align:start position:0% that's how money implemented the social 00:06:48.810 --> 00:06:52.670 align:start position:0% that's how money implemented the social graph<00:06:48.990> could<00:06:49.230> work<00:06:51.260> now<00:06:52.260> the<00:06:52.350> next<00:06:52.560> question 00:06:52.670 --> 00:06:52.680 align:start position:0% graph could work now the next question 00:06:52.680 --> 00:06:54.950 align:start position:0% graph could work now the next question would<00:06:53.010> be<00:06:53.040> how<00:06:53.370> we<00:06:53.610> access<00:06:53.790> such<00:06:54.270> a<00:06:54.300> system<00:06:54.720> and 00:06:54.950 --> 00:06:54.960 align:start position:0% would be how we access such a system and 00:06:54.960 --> 00:06:57.910 align:start position:0% would be how we access such a system and the<00:06:55.440> way<00:06:55.530> that<00:06:55.680> we<00:06:55.770> would<00:06:55.920> do<00:06:56.040> that<00:06:56.220> is<00:06:56.510> by 00:06:57.910 --> 00:06:57.920 align:start position:0% the way that we would do that is by 00:06:57.920 --> 00:07:00.500 align:start position:0% the way that we would do that is by having<00:06:58.920> an<00:06:59.190> accessibility<00:06:59.820> system<00:07:00.270> which<00:07:00.420> is 00:07:00.500 --> 00:07:00.510 align:start position:0% having an accessibility system which is 00:07:00.510 --> 00:07:01.850 align:start position:0% having an accessibility system which is a<00:07:00.540> little<00:07:00.690> bit<00:07:00.780> superior<00:07:01.080> to<00:07:01.290> buying<00:07:01.500> money<00:07:01.680> on 00:07:01.850 --> 00:07:01.860 align:start position:0% a little bit superior to buying money on 00:07:01.860 --> 00:07:03.770 align:start position:0% a little bit superior to buying money on an<00:07:01.950> exchange<00:07:02.130> so<00:07:02.970> you<00:07:03.030> simply<00:07:03.300> just<00:07:03.420> download 00:07:03.770 --> 00:07:03.780 align:start position:0% an exchange so you simply just download 00:07:03.780 --> 00:07:05.900 align:start position:0% an exchange so you simply just download the<00:07:03.900> app<00:07:03.930> you<00:07:04.350> joined<00:07:05.220> by<00:07:05.370> creating<00:07:05.670> a<00:07:05.730> trust 00:07:05.900 --> 00:07:05.910 align:start position:0% the app you joined by creating a trust 00:07:05.910 --> 00:07:07.790 align:start position:0% the app you joined by creating a trust line<00:07:06.120> with<00:07:06.270> a<00:07:06.300> friend<00:07:06.570> and<00:07:06.780> then<00:07:07.560> you<00:07:07.680> can 00:07:07.790 --> 00:07:07.800 align:start position:0% line with a friend and then you can 00:07:07.800 --> 00:07:09.140 align:start position:0% line with a friend and then you can start<00:07:07.980> sending<00:07:08.310> and<00:07:08.430> receiving<00:07:08.460> payments 00:07:09.140 --> 00:07:09.150 align:start position:0% start sending and receiving payments 00:07:09.150 --> 00:07:11.450 align:start position:0% start sending and receiving payments that's<00:07:09.450> basically<00:07:09.840> it<00:07:10.020> so<00:07:10.260> compared<00:07:10.950> to<00:07:11.070> first 00:07:11.450 --> 00:07:11.460 align:start position:0% that's basically it so compared to first 00:07:11.460 --> 00:07:13.850 align:start position:0% that's basically it so compared to first join<00:07:11.700> in<00:07:11.850> exchange<00:07:12.240> wiring<00:07:13.050> money<00:07:13.260> this<00:07:13.470> is<00:07:13.530> a 00:07:13.850 --> 00:07:13.860 align:start position:0% join in exchange wiring money this is a 00:07:13.860 --> 00:07:17.000 align:start position:0% join in exchange wiring money this is a little<00:07:14.100> bit<00:07:14.220> faster<00:07:15.500> the<00:07:16.500> money<00:07:16.710> that<00:07:16.890> we 00:07:17.000 --> 00:07:17.010 align:start position:0% little bit faster the money that we 00:07:17.010 --> 00:07:18.860 align:start position:0% little bit faster the money that we could<00:07:17.160> use<00:07:17.370> to<00:07:17.400> page<00:07:17.670> other<00:07:17.910> ways<00:07:18.090> is<00:07:18.300> issued 00:07:18.860 --> 00:07:18.870 align:start position:0% could use to page other ways is issued 00:07:18.870 --> 00:07:20.870 align:start position:0% could use to page other ways is issued on<00:07:19.050> smart<00:07:19.320> contracts<00:07:19.740> and<00:07:20.040> we<00:07:20.610> call<00:07:20.760> them 00:07:20.870 --> 00:07:20.880 align:start position:0% on smart contracts and we call them 00:07:20.880 --> 00:07:22.490 align:start position:0% on smart contracts and we call them currency<00:07:21.300> networks<00:07:21.660> these<00:07:21.870> courage<00:07:22.110> networks 00:07:22.490 --> 00:07:22.500 align:start position:0% currency networks these courage networks 00:07:22.500 --> 00:07:23.930 align:start position:0% currency networks these courage networks are<00:07:22.650> highly<00:07:22.890> customizable<00:07:23.070> they<00:07:23.700> can<00:07:23.850> be 00:07:23.930 --> 00:07:23.940 align:start position:0% are highly customizable they can be 00:07:23.940 --> 00:07:25.460 align:start position:0% are highly customizable they can be denominated<00:07:24.480> in<00:07:24.600> to<00:07:24.840> virtually<00:07:25.230> anything 00:07:25.460 --> 00:07:25.470 align:start position:0% denominated in to virtually anything 00:07:25.470 --> 00:07:28.940 align:start position:0% denominated in to virtually anything that<00:07:25.800> people<00:07:25.920> find<00:07:26.280> valuable<00:07:27.050> beers<00:07:28.050> Bitcoin 00:07:28.940 --> 00:07:28.950 align:start position:0% that people find valuable beers Bitcoin 00:07:28.950 --> 00:07:32.330 align:start position:0% that people find valuable beers Bitcoin money<00:07:29.460> gold<00:07:30.440> enchiladas<00:07:31.470> whatever<00:07:31.860> is<00:07:32.040> people 00:07:32.330 --> 00:07:32.340 align:start position:0% money gold enchiladas whatever is people 00:07:32.340 --> 00:07:34.640 align:start position:0% money gold enchiladas whatever is people like<00:07:32.490> they<00:07:32.790> can<00:07:32.970> they<00:07:33.300> can<00:07:33.450> trade<00:07:33.660> and<00:07:33.870> to 00:07:34.640 --> 00:07:34.650 align:start position:0% like they can they can trade and to 00:07:34.650 --> 00:07:36.380 align:start position:0% like they can they can trade and to reflect<00:07:35.220> the<00:07:35.460> denomination<00:07:36.030> they<00:07:36.150> can<00:07:36.270> also 00:07:36.380 --> 00:07:36.390 align:start position:0% reflect the denomination they can also 00:07:36.390 --> 00:07:38.780 align:start position:0% reflect the denomination they can also use<00:07:36.780> these<00:07:37.130> they<00:07:38.130> can<00:07:38.280> customize<00:07:38.670> the 00:07:38.780 --> 00:07:38.790 align:start position:0% use these they can customize the 00:07:38.790 --> 00:07:40.130 align:start position:0% use these they can customize the currency<00:07:39.060> networks<00:07:39.330> such<00:07:39.540> that<00:07:39.690> it<00:07:39.780> reflects 00:07:40.130 --> 00:07:40.140 align:start position:0% currency networks such that it reflects 00:07:40.140 --> 00:07:42.410 align:start position:0% currency networks such that it reflects the<00:07:40.260> denomination<00:07:40.830> they<00:07:41.010> can<00:07:41.190> have<00:07:41.430> user 00:07:42.410 --> 00:07:42.420 align:start position:0% the denomination they can have user 00:07:42.420 --> 00:07:44.240 align:start position:0% the denomination they can have user groups<00:07:42.690> be<00:07:42.840> open<00:07:43.140> or<00:07:43.260> closed<00:07:43.500> so<00:07:43.800> for<00:07:43.920> example 00:07:44.240 --> 00:07:44.250 align:start position:0% groups be open or closed so for example 00:07:44.250 --> 00:07:46.040 align:start position:0% groups be open or closed so for example the<00:07:44.370> euro<00:07:44.580> token<00:07:44.970> network<00:07:45.210> might<00:07:45.450> be<00:07:45.690> more 00:07:46.040 --> 00:07:46.050 align:start position:0% the euro token network might be more 00:07:46.050 --> 00:07:48.520 align:start position:0% the euro token network might be more open<00:07:46.470> than<00:07:46.920> a<00:07:47.100> local<00:07:47.460> economy<00:07:47.880> who<00:07:48.060> wishes<00:07:48.270> to 00:07:48.520 --> 00:07:48.530 align:start position:0% open than a local economy who wishes to 00:07:48.530 --> 00:07:50.930 align:start position:0% open than a local economy who wishes to control<00:07:49.530> exactly<00:07:50.010> who<00:07:50.160> can<00:07:50.370> issue<00:07:50.520> different 00:07:50.930 --> 00:07:50.940 align:start position:0% control exactly who can issue different 00:07:50.940 --> 00:07:53.570 align:start position:0% control exactly who can issue different trust<00:07:51.120> lines<00:07:51.500> so<00:07:52.500> they<00:07:52.590> may<00:07:52.680> hide<00:07:52.890> they<00:07:53.430> might 00:07:53.570 --> 00:07:53.580 align:start position:0% trust lines so they may hide they might 00:07:53.580 --> 00:07:55.250 align:start position:0% trust lines so they may hide they might have<00:07:53.760> a<00:07:53.790> permission<00:07:54.150> approach<00:07:54.510> to<00:07:54.720> it<00:07:54.840> we<00:07:55.170> can 00:07:55.250 --> 00:07:55.260 align:start position:0% have a permission approach to it we can 00:07:55.260 --> 00:07:57.080 align:start position:0% have a permission approach to it we can also<00:07:55.380> customize<00:07:55.620> rules<00:07:56.100> on<00:07:56.250> interest<00:07:56.610> and<00:07:56.850> the 00:07:57.080 --> 00:07:57.090 align:start position:0% also customize rules on interest and the 00:07:57.090 --> 00:08:00.170 align:start position:0% also customize rules on interest and the specific<00:07:57.510> value<00:07:57.840> of<00:07:57.960> credit<00:07:58.290> lines<00:07:59.120> now<00:08:00.120> the 00:08:00.170 --> 00:08:00.180 align:start position:0% specific value of credit lines now the 00:08:00.180 --> 00:08:01.490 align:start position:0% specific value of credit lines now the final<00:08:00.510> piece<00:08:00.600> of<00:08:00.750> the<00:08:00.840> puzzle<00:08:01.110> is<00:08:01.169> of<00:08:01.290> course 00:08:01.490 --> 00:08:01.500 align:start position:0% final piece of the puzzle is of course 00:08:01.500 --> 00:08:05.030 align:start position:0% final piece of the puzzle is of course how<00:08:01.710> can<00:08:01.919> we<00:08:02.040> buy<00:08:02.190> 20<00:08:02.880> tokens<00:08:03.210> or<00:08:03.330> F<00:08:03.510> and<00:08:04.380> we<00:08:04.890> can 00:08:05.030 --> 00:08:05.040 align:start position:0% how can we buy 20 tokens or F and we can 00:08:05.040 --> 00:08:06.590 align:start position:0% how can we buy 20 tokens or F and we can use<00:08:05.160> this<00:08:05.310> because<00:08:05.490> every<00:08:06.000> the<00:08:06.300> mobile 00:08:06.590 --> 00:08:06.600 align:start position:0% use this because every the mobile 00:08:06.600 --> 00:08:08.840 align:start position:0% use this because every the mobile payment<00:08:06.750> app<00:08:06.960> also<00:08:07.650> comes<00:08:08.040> with<00:08:08.130> a<00:08:08.250> wallet 00:08:08.840 --> 00:08:08.850 align:start position:0% payment app also comes with a wallet 00:08:08.850 --> 00:08:12.020 align:start position:0% payment app also comes with a wallet which<00:08:09.150> can<00:08:09.330> hold<00:08:09.480> a<00:08:09.690> theorem<00:08:10.200> or<00:08:10.380> 20<00:08:10.980> tokens<00:08:11.280> so 00:08:12.020 --> 00:08:12.030 align:start position:0% which can hold a theorem or 20 tokens so 00:08:12.030 --> 00:08:14.630 align:start position:0% which can hold a theorem or 20 tokens so if<00:08:12.270> Alice<00:08:12.630> wants<00:08:12.930> to<00:08:12.960> buy<00:08:13.200> some<00:08:13.590> F<00:08:13.770> and<00:08:14.010> she<00:08:14.430> has 00:08:14.630 --> 00:08:14.640 align:start position:0% if Alice wants to buy some F and she has 00:08:14.640 --> 00:08:15.980 align:start position:0% if Alice wants to buy some F and she has been<00:08:14.760> on<00:08:14.910> boarded<00:08:15.240> to<00:08:15.419> the<00:08:15.600> trust<00:08:15.810> lines 00:08:15.980 --> 00:08:15.990 align:start position:0% been on boarded to the trust lines 00:08:15.990 --> 00:08:18.350 align:start position:0% been on boarded to the trust lines network<00:08:16.290> and<00:08:16.470> Dave<00:08:16.590> wants<00:08:16.860> to<00:08:16.950> sell<00:08:17.130> some<00:08:17.370> and 00:08:18.350 --> 00:08:18.360 align:start position:0% network and Dave wants to sell some and 00:08:18.360 --> 00:08:19.970 align:start position:0% network and Dave wants to sell some and they<00:08:18.510> don't<00:08:18.660> know<00:08:18.750> or<00:08:18.870> trust<00:08:19.050> each<00:08:19.200> other<00:08:19.410> what 00:08:19.970 --> 00:08:19.980 align:start position:0% they don't know or trust each other what 00:08:19.980 --> 00:08:23.480 align:start position:0% they don't know or trust each other what Dave<00:08:20.400> can<00:08:20.610> do<00:08:20.790> is<00:08:21.000> he<00:08:21.180> can<00:08:21.360> list<00:08:21.630> some<00:08:22.190> F<00:08:23.190> on<00:08:23.430> a 00:08:23.480 --> 00:08:23.490 align:start position:0% Dave can do is he can list some F on a 00:08:23.490 --> 00:08:25.670 align:start position:0% Dave can do is he can list some F on a decentralized<00:08:24.030> exchange<00:08:24.150> and<00:08:24.690> if<00:08:25.380> Alice 00:08:25.670 --> 00:08:25.680 align:start position:0% decentralized exchange and if Alice 00:08:25.680 --> 00:08:28.370 align:start position:0% decentralized exchange and if Alice likes<00:08:25.890> that<00:08:26.070> offer<00:08:26.280> she<00:08:26.760> can<00:08:26.910> take<00:08:27.090> it<00:08:27.240> and<00:08:27.600> if 00:08:28.370 --> 00:08:28.380 align:start position:0% likes that offer she can take it and if 00:08:28.380 --> 00:08:29.920 align:start position:0% likes that offer she can take it and if there's<00:08:28.590> a<00:08:28.650> path<00:08:28.919> with<00:08:29.160> sufficient<00:08:29.580> capacity 00:08:29.920 --> 00:08:29.930 align:start position:0% there's a path with sufficient capacity 00:08:29.930 --> 00:08:32.270 align:start position:0% there's a path with sufficient capacity the<00:08:30.930> decentralized<00:08:31.230> exchange<00:08:31.500> will<00:08:31.919> swap<00:08:32.250> the 00:08:32.270 --> 00:08:32.280 align:start position:0% the decentralized exchange will swap the 00:08:32.280 --> 00:08:35.870 align:start position:0% the decentralized exchange will swap the f-4<00:08:33.240> trust<00:08:33.810> line<00:08:33.930> money<00:08:34.140> so<00:08:34.740> Dave<00:08:35.099> will<00:08:35.700> now 00:08:35.870 --> 00:08:35.880 align:start position:0% f-4 trust line money so Dave will now 00:08:35.880 --> 00:08:38.270 align:start position:0% f-4 trust line money so Dave will now have<00:08:36.270> more<00:08:37.110> credit<00:08:37.440> in<00:08:37.500> the<00:08:37.680> currency<00:08:37.919> network 00:08:38.270 --> 00:08:38.280 align:start position:0% have more credit in the currency network 00:08:38.280 --> 00:08:40.430 align:start position:0% have more credit in the currency network that<00:08:38.760> they're<00:08:38.910> both<00:08:39.169> participating<00:08:40.169> in<00:08:40.260> and 00:08:40.430 --> 00:08:40.440 align:start position:0% that they're both participating in and 00:08:40.440 --> 00:08:42.980 align:start position:0% that they're both participating in and Alice<00:08:41.160> will<00:08:41.310> now<00:08:41.490> have<00:08:41.760> F<00:08:42.240> in<00:08:42.599> her<00:08:42.719> wallet 00:08:42.980 --> 00:08:42.990 align:start position:0% Alice will now have F in her wallet 00:08:42.990 --> 00:08:47.000 align:start position:0% Alice will now have F in her wallet address<00:08:44.060> so<00:08:45.060> what<00:08:45.960> that<00:08:46.080> solves<00:08:46.500> is<00:08:46.710> the 00:08:47.000 --> 00:08:47.010 align:start position:0% address so what that solves is the 00:08:47.010 --> 00:08:48.350 align:start position:0% address so what that solves is the dependency<00:08:47.520> we<00:08:47.730> have<00:08:47.850> on<00:08:47.970> centralized 00:08:48.350 --> 00:08:48.360 align:start position:0% dependency we have on centralized 00:08:48.360 --> 00:08:50.270 align:start position:0% dependency we have on centralized exchanges<00:08:48.840> because<00:08:49.200> we<00:08:49.410> can<00:08:49.620> provide 00:08:50.270 --> 00:08:50.280 align:start position:0% exchanges because we can provide 00:08:50.280 --> 00:08:51.860 align:start position:0% exchanges because we can provide accessibility<00:08:51.000> to<00:08:51.420> cryptocurrencies 00:08:51.860 --> 00:08:51.870 align:start position:0% accessibility to cryptocurrencies 00:08:51.870 --> 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because<00:08:58.490> we<00:08:58.759> can 00:08:58.900 --> 00:08:58.910 align:start position:0% think is quite important because we can 00:08:58.910 --> 00:09:00.490 align:start position:0% think is quite important because we can also<00:08:59.029> provide<00:08:59.269> cryptocurrency<00:08:59.870> and<00:09:00.139> to 00:09:00.490 --> 00:09:00.500 align:start position:0% also provide cryptocurrency and to 00:09:00.500 --> 00:09:02.230 align:start position:0% also provide cryptocurrency and to centralize<00:09:00.860> financial<00:09:01.250> services<00:09:01.610> for<00:09:01.910> people 00:09:02.230 --> 00:09:02.240 align:start position:0% centralize financial services for people 00:09:02.240 --> 00:09:03.519 align:start position:0% centralize financial services for people who<00:09:02.360> might<00:09:02.540> not<00:09:02.750> have<00:09:02.810> a<00:09:02.959> bank<00:09:03.199> account<00:09:03.259> to 00:09:03.519 --> 00:09:03.529 align:start position:0% who might not have a bank account to 00:09:03.529 --> 00:09:07.150 align:start position:0% who might not have a bank account to begin<00:09:03.620> with<00:09:04.209> and<00:09:05.209> finally<00:09:05.930> it<00:09:06.320> also<00:09:06.560> allows<00:09:06.920> us 00:09:07.150 --> 00:09:07.160 align:start position:0% begin with and finally it also allows us 00:09:07.160 --> 00:09:10.120 align:start position:0% begin with and finally it also allows us to<00:09:07.430> purchase<00:09:08.060> earth<00:09:08.389> with<00:09:08.980> transplant<00:09:09.980> money 00:09:10.120 --> 00:09:10.130 align:start position:0% to purchase earth with transplant money 00:09:10.130 --> 00:09:13.090 align:start position:0% to purchase earth with transplant money without<00:09:10.339> having<00:09:11.319> to<00:09:12.319> interact<00:09:12.680> with<00:09:12.740> any<00:09:12.920> data 00:09:13.090 --> 00:09:13.100 align:start position:0% without having to interact with any data 00:09:13.100 --> 00:09:14.740 align:start position:0% without having to interact with any data so<00:09:13.399> the<00:09:13.490> basic<00:09:13.790> idea<00:09:13.850> is<00:09:14.209> you<00:09:14.389> should<00:09:14.569> be<00:09:14.690> able 00:09:14.740 --> 00:09:14.750 align:start position:0% so the basic idea is you should be able 00:09:14.750 --> 00:09:16.420 align:start position:0% so the basic idea is you should be able to<00:09:14.870> get<00:09:15.259> access<00:09:15.410> to<00:09:15.560> cryptocurrency<00:09:16.009> by 00:09:16.420 --> 00:09:16.430 align:start position:0% to get access to cryptocurrency by 00:09:16.430 --> 00:09:17.889 align:start position:0% to get access to cryptocurrency by joining<00:09:16.670> creating<00:09:17.269> a<00:09:17.329> trust<00:09:17.480> line<00:09:17.690> with<00:09:17.839> a 00:09:17.889 --> 00:09:17.899 align:start position:0% joining creating a trust line with a 00:09:17.899 --> 00:09:19.540 align:start position:0% joining creating a trust line with a friend<00:09:18.110> and<00:09:18.380> then<00:09:18.649> have<00:09:18.769> access<00:09:19.130> to<00:09:19.250> the<00:09:19.370> holy 00:09:19.540 --> 00:09:19.550 align:start position:0% friend and then have access to the holy 00:09:19.550 --> 00:09:22.300 align:start position:0% friend and then have access to the holy theorem<00:09:19.910> ecosystem<00:09:20.829> so<00:09:21.829> that's<00:09:21.949> the<00:09:22.040> basic 00:09:22.300 --> 00:09:22.310 align:start position:0% theorem ecosystem so that's the basic 00:09:22.310 --> 00:09:33.129 align:start position:0% theorem ecosystem so that's the basic idea<00:09:22.399> and<00:09:22.870> yeah<00:09:23.870> give<00:09:24.440> this<00:09:24.560> to<00:09:24.709> you<00:09:31.209> hi<00:09:32.209> my 00:09:33.129 --> 00:09:33.139 align:start position:0% idea and yeah give this to you hi my 00:09:33.139 --> 00:09:35.319 align:start position:0% idea and yeah give this to you hi my name<00:09:33.319> is<00:09:33.350> bond<00:09:33.620> I'm<00:09:34.459> one<00:09:34.670> of<00:09:34.759> the<00:09:34.880> developers 00:09:35.319 --> 00:09:35.329 align:start position:0% name is bond I'm one of the developers 00:09:35.329 --> 00:09:42.340 align:start position:0% name is bond I'm one of the developers behind<00:09:35.660> trusted<00:09:39.730> hi<00:09:40.730> my<00:09:41.690> name<00:09:41.839> is<00:09:41.870> band<00:09:42.139> I'm 00:09:42.340 --> 00:09:42.350 align:start position:0% behind trusted hi my name is band I'm 00:09:42.350 --> 00:09:49.170 align:start position:0% behind trusted hi my name is band I'm one<00:09:42.470> of<00:09:42.560> the<00:09:42.649> developers<00:09:43.040> behind<00:09:43.220> trust<00:09:43.550> lines 00:09:49.170 --> 00:09:49.180 align:start position:0% 00:09:49.180 --> 00:09:51.610 align:start position:0% so<00:09:50.180> the<00:09:50.329> architecture<00:09:50.750> of<00:09:51.079> the<00:09:51.290> trust<00:09:51.500> x 00:09:51.610 --> 00:09:51.620 align:start position:0% so the architecture of the trust x 00:09:51.620 --> 00:09:53.170 align:start position:0% so the architecture of the trust x network<00:09:52.009> will<00:09:52.190> be<00:09:52.339> is<00:09:52.550> a<00:09:52.610> three<00:09:52.970> tier 00:09:53.170 --> 00:09:53.180 align:start position:0% network will be is a three tier 00:09:53.180 --> 00:09:55.360 align:start position:0% network will be is a three tier architecture<00:09:53.529> on<00:09:54.529> the<00:09:54.649> core<00:09:54.889> of<00:09:54.949> it<00:09:55.069> we<00:09:55.250> have 00:09:55.360 --> 00:09:55.370 align:start position:0% architecture on the core of it we have 00:09:55.370 --> 00:09:58.780 align:start position:0% architecture on the core of it we have the<00:09:56.240> smartphone<00:09:56.630> checked<00:09:57.579> handle<00:09:58.579> all<00:09:58.699> the 00:09:58.780 --> 00:09:58.790 align:start position:0% the smartphone checked handle all the 00:09:58.790 --> 00:10:00.910 align:start position:0% the smartphone checked handle all the logic<00:09:59.089> especially<00:09:59.839> the<00:10:00.260> currency<00:10:00.589> networks 00:10:00.910 --> 00:10:00.920 align:start position:0% logic especially the currency networks 00:10:00.920 --> 00:10:04.960 align:start position:0% logic especially the currency networks and<00:10:01.569> exchanges<00:10:02.569> and<00:10:03.220> as<00:10:04.220> the<00:10:04.399> user<00:10:04.550> interface 00:10:04.960 --> 00:10:04.970 align:start position:0% and exchanges and as the user interface 00:10:04.970 --> 00:10:07.480 align:start position:0% and exchanges and as the user interface we<00:10:05.300> are<00:10:05.420> developing<00:10:05.630> a<00:10:06.019> mobile<00:10:06.170> app<00:10:06.490> that 00:10:07.480 --> 00:10:07.490 align:start position:0% we are developing a mobile app that 00:10:07.490 --> 00:10:10.389 align:start position:0% we are developing a mobile app that comes<00:10:07.670> with<00:10:07.850> a<00:10:08.000> good<00:10:08.300> user<00:10:08.510> experience<00:10:09.399> this 00:10:10.389 --> 00:10:10.399 align:start position:0% comes with a good user experience this 00:10:10.399 --> 00:10:12.129 align:start position:0% comes with a good user experience this is<00:10:10.519> also<00:10:10.699> where<00:10:10.910> the<00:10:11.060> private<00:10:11.360> key<00:10:11.480> will<00:10:12.110> be 00:10:12.129 --> 00:10:12.139 align:start position:0% is also where the private key will be 00:10:12.139 --> 00:10:16.629 align:start position:0% is also where the private key will be and<00:10:12.500> which<00:10:14.500> will<00:10:15.500> sign<00:10:15.680> the<00:10:15.800> transactions<00:10:16.310> to 00:10:16.629 --> 00:10:16.639 align:start position:0% and which will sign the transactions to 00:10:16.639 --> 00:10:18.220 align:start position:0% and which will sign the transactions to actually<00:10:16.880> do<00:10:17.000> transactions<00:10:17.750> within<00:10:17.959> the 00:10:18.220 --> 00:10:18.230 align:start position:0% actually do transactions within the 00:10:18.230 --> 00:10:21.819 align:start position:0% actually do transactions within the trust<00:10:18.529> lines<00:10:18.740> network<00:10:19.269> in<00:10:20.269> between<00:10:20.660> we<00:10:21.649> have<00:10:21.800> a 00:10:21.819 --> 00:10:21.829 align:start position:0% trust lines network in between we have a 00:10:21.829 --> 00:10:23.319 align:start position:0% trust lines network in between we have a middle<00:10:22.160> layer<00:10:22.339> that<00:10:22.730> we<00:10:22.850> call<00:10:23.029> the<00:10:23.120> relay 00:10:23.319 --> 00:10:23.329 align:start position:0% middle layer that we call the relay 00:10:23.329 --> 00:10:26.139 align:start position:0% middle layer that we call the relay service<00:10:23.690> they<00:10:24.260> are<00:10:24.290> helper<00:10:24.680> services<00:10:25.160> for 00:10:26.139 --> 00:10:26.149 align:start position:0% service they are helper services for 00:10:26.149 --> 00:10:27.490 align:start position:0% service they are helper services for example<00:10:26.209> for<00:10:26.569> the<00:10:26.720> pathfinding<00:10:27.170> I<00:10:27.260> will<00:10:27.380> talk 00:10:27.490 --> 00:10:27.500 align:start position:0% example for the pathfinding I will talk 00:10:27.500 --> 00:10:30.699 align:start position:0% example for the pathfinding I will talk about<00:10:27.709> them<00:10:27.829> later<00:10:29.139> today<00:10:30.139> I<00:10:30.260> don't<00:10:30.529> want<00:10:30.649> to 00:10:30.699 --> 00:10:30.709 align:start position:0% about them later today I don't want to 00:10:30.709 --> 00:10:32.680 align:start position:0% about them later today I don't want to talk<00:10:30.829> about<00:10:30.980> the<00:10:31.550> mobile<00:10:31.819> app<00:10:32.000> I<00:10:32.209> want<00:10:32.540> to 00:10:32.680 --> 00:10:32.690 align:start position:0% talk about the mobile app I want to 00:10:32.690 --> 00:10:34.269 align:start position:0% talk about the mobile app I want to focus<00:10:33.050> on<00:10:33.199> the<00:10:33.260> platform<00:10:33.649> itself<00:10:33.920> so<00:10:34.130> we'll 00:10:34.269 --> 00:10:34.279 align:start position:0% focus on the platform itself so we'll 00:10:34.279 --> 00:10:35.920 align:start position:0% focus on the platform itself so we'll talk<00:10:34.519> first<00:10:34.730> about<00:10:34.850> the<00:10:35.000> smart<00:10:35.269> contract<00:10:35.690> and 00:10:35.920 --> 00:10:35.930 align:start position:0% talk first about the smart contract and 00:10:35.930 --> 00:10:41.850 align:start position:0% talk first about the smart contract and after<00:10:36.589> that<00:10:39.760> so<00:10:40.760> the<00:10:40.910> currency<00:10:41.540> currency 00:10:41.850 --> 00:10:41.860 align:start position:0% after that so the currency currency 00:10:41.860 --> 00:10:44.590 align:start position:0% after that so the currency currency network<00:10:42.860> contract<00:10:43.220> managers<00:10:43.970> all<00:10:44.149> the<00:10:44.360> trust 00:10:44.590 --> 00:10:44.600 align:start position:0% network contract managers all the trust 00:10:44.600 --> 00:10:46.780 align:start position:0% network contract managers all the trust lines<00:10:44.839> within<00:10:45.290> one<00:10:45.620> currency<00:10:45.980> networks<00:10:46.370> that 00:10:46.780 --> 00:10:46.790 align:start position:0% lines within one currency networks that 00:10:46.790 --> 00:10:48.639 align:start position:0% lines within one currency networks that means<00:10:47.000> it<00:10:47.180> keeps<00:10:47.389> tracks<00:10:47.660> of<00:10:47.870> the<00:10:48.230> balances 00:10:48.639 --> 00:10:48.649 align:start position:0% means it keeps tracks of the balances 00:10:48.649 --> 00:10:51.730 align:start position:0% means it keeps tracks of the balances between<00:10:48.860> two<00:10:49.430> friends<00:10:50.089> and<00:10:50.269> it<00:10:50.899> keeps<00:10:51.439> track 00:10:51.730 --> 00:10:51.740 align:start position:0% between two friends and it keeps track 00:10:51.740 --> 00:10:54.519 align:start position:0% between two friends and it keeps track of<00:10:51.769> the<00:10:52.579> credit<00:10:53.269> limits<00:10:53.540> of<00:10:53.689> these<00:10:54.380> two 00:10:54.519 --> 00:10:54.529 align:start position:0% of the credit limits of these two 00:10:54.529 --> 00:10:56.470 align:start position:0% of the credit limits of these two friends<00:10:54.829> that<00:10:55.009> gave<00:10:55.310> it<00:10:55.459> that<00:10:56.089> they<00:10:56.209> gave<00:10:56.360> each 00:10:56.470 --> 00:10:56.480 align:start position:0% friends that gave it that they gave each 00:10:56.480 --> 00:11:00.519 align:start position:0% friends that gave it that they gave each other<00:10:57.399> it<00:10:58.399> has<00:10:58.610> a<00:10:58.639> logic<00:10:58.850> to<00:10:59.060> execute<00:10:59.660> mediated 00:11:00.519 --> 00:11:00.529 align:start position:0% other it has a logic to execute mediated 00:11:00.529 --> 00:11:04.090 align:start position:0% other it has a logic to execute mediated transfers<00:11:00.920> that<00:11:01.490> means<00:11:01.760> it's<00:11:02.750> when<00:11:03.439> you<00:11:03.560> do<00:11:04.069> a 00:11:04.090 --> 00:11:04.100 align:start position:0% transfers that means it's when you do a 00:11:04.100 --> 00:11:05.740 align:start position:0% transfers that means it's when you do a transfer<00:11:04.550> within<00:11:04.790> the<00:11:04.850> system<00:11:05.180> it<00:11:05.510> will 00:11:05.740 --> 00:11:05.750 align:start position:0% transfer within the system it will 00:11:05.750 --> 00:11:07.340 align:start position:0% transfer within the system it will update<00:11:06.380> all<00:11:06.829> the<00:11:06.860> balance 00:11:07.340 --> 00:11:07.350 align:start position:0% update all the balance 00:11:07.350 --> 00:11:09.350 align:start position:0% update all the balance currently<00:11:07.770> and<00:11:08.010> make<00:11:08.520> sure<00:11:08.700> that<00:11:08.910> they<00:11:09.150> will 00:11:09.350 --> 00:11:09.360 align:start position:0% currently and make sure that they will 00:11:09.360 --> 00:11:12.170 align:start position:0% currently and make sure that they will stay<00:11:09.570> within<00:11:09.780> the<00:11:10.020> given<00:11:10.140> credit<00:11:10.560> limits<00:11:11.180> we 00:11:12.170 --> 00:11:12.180 align:start position:0% stay within the given credit limits we 00:11:12.180 --> 00:11:13.940 align:start position:0% stay within the given credit limits we want<00:11:12.330> to<00:11:12.390> implement<00:11:12.570> implement<00:11:12.960> existing 00:11:13.940 --> 00:11:13.950 align:start position:0% want to implement implement existing 00:11:13.950 --> 00:11:16.520 align:start position:0% want to implement implement existing token<00:11:14.190> standards<00:11:14.550> however<00:11:15.330> this<00:11:15.960> will<00:11:16.170> not<00:11:16.230> be 00:11:16.520 --> 00:11:16.530 align:start position:0% token standards however this will not be 00:11:16.530 --> 00:11:17.750 align:start position:0% token standards however this will not be fully<00:11:16.770> possible<00:11:17.010> because<00:11:17.400> they<00:11:17.670> are 00:11:17.750 --> 00:11:17.760 align:start position:0% fully possible because they are 00:11:17.760 --> 00:11:20.120 align:start position:0% fully possible because they are different<00:11:17.910> because<00:11:18.240> our<00:11:18.830> currency<00:11:19.830> network 00:11:20.120 --> 00:11:20.130 align:start position:0% different because our currency network 00:11:20.130 --> 00:11:22.520 align:start position:0% different because our currency network is<00:11:20.280> iru<00:11:20.610> based<00:11:20.960> so<00:11:21.960> that<00:11:21.990> means<00:11:22.230> there<00:11:22.380> will<00:11:22.470> be 00:11:22.520 --> 00:11:22.530 align:start position:0% is iru based so that means there will be 00:11:22.530 --> 00:11:24.530 align:start position:0% is iru based so that means there will be differences<00:11:22.980> for<00:11:23.190> example<00:11:23.250> the<00:11:24.030> balance<00:11:24.330> of<00:11:24.420> a 00:11:24.530 --> 00:11:24.540 align:start position:0% differences for example the balance of a 00:11:24.540 --> 00:11:27.050 align:start position:0% differences for example the balance of a user<00:11:24.720> can<00:11:24.990> be<00:11:25.020> negative<00:11:25.470> and<00:11:25.680> the<00:11:26.580> transfer 00:11:27.050 --> 00:11:27.060 align:start position:0% user can be negative and the transfer 00:11:27.060 --> 00:11:28.730 align:start position:0% user can be negative and the transfer within<00:11:27.360> our<00:11:27.480> our<00:11:27.780> system<00:11:27.990> needs<00:11:28.380> another 00:11:28.730 --> 00:11:28.740 align:start position:0% within our our system needs another 00:11:28.740 --> 00:11:31.400 align:start position:0% within our our system needs another parameter<00:11:29.250> it<00:11:29.550> means<00:11:29.760> the<00:11:30.030> the<00:11:31.020> path<00:11:31.230> over 00:11:31.400 --> 00:11:31.410 align:start position:0% parameter it means the the path over 00:11:31.410 --> 00:11:33.410 align:start position:0% parameter it means the the path over which<00:11:31.530> the<00:11:31.830> transfer<00:11:32.310> should<00:11:32.460> happen<00:11:32.700> so<00:11:33.240> we 00:11:33.410 --> 00:11:33.420 align:start position:0% which the transfer should happen so we 00:11:33.420 --> 00:11:35.870 align:start position:0% which the transfer should happen so we aiming<00:11:33.570> to<00:11:34.500> for<00:11:34.770> developing<00:11:35.340> a<00:11:35.400> new<00:11:35.550> standard 00:11:35.870 --> 00:11:35.880 align:start position:0% aiming to for developing a new standard 00:11:35.880 --> 00:11:40.940 align:start position:0% aiming to for developing a new standard for<00:11:36.270> IU<00:11:37.260> based<00:11:37.560> 20<00:11:37.890> networks<00:11:39.560> next<00:11:40.560> I<00:11:40.710> want<00:11:40.890> to 00:11:40.940 --> 00:11:40.950 align:start position:0% for IU based 20 networks next I want to 00:11:40.950 --> 00:11:42.440 align:start position:0% for IU based 20 networks next I want to talk<00:11:41.130> about<00:11:41.310> the<00:11:41.610> decentralized<00:11:42.210> exchange 00:11:42.440 --> 00:11:42.450 align:start position:0% talk about the decentralized exchange 00:11:42.450 --> 00:11:45.500 align:start position:0% talk about the decentralized exchange contract<00:11:43.400> so<00:11:44.400> the<00:11:44.730> trust<00:11:44.940> lands<00:11:45.120> network 00:11:45.500 --> 00:11:45.510 align:start position:0% contract so the trust lands network 00:11:45.510 --> 00:11:47.570 align:start position:0% contract so the trust lands network should<00:11:45.990> be<00:11:46.140> a<00:11:46.170> will<00:11:46.620> be<00:11:46.740> a<00:11:46.770> platform<00:11:46.980> to<00:11:47.430> host 00:11:47.570 --> 00:11:47.580 align:start position:0% should be a will be a platform to host 00:11:47.580 --> 00:11:49.700 align:start position:0% should be a will be a platform to host multiple<00:11:47.850> currency<00:11:48.390> networks<00:11:48.750> so<00:11:49.350> one 00:11:49.700 --> 00:11:49.710 align:start position:0% multiple currency networks so one 00:11:49.710 --> 00:11:51.020 align:start position:0% multiple currency networks so one challenge<00:11:49.740> we<00:11:50.130> need<00:11:50.250> to<00:11:50.340> solve<00:11:50.520> there<00:11:50.730> is<00:11:50.850> how 00:11:51.020 --> 00:11:51.030 align:start position:0% challenge we need to solve there is how 00:11:51.030 --> 00:11:52.790 align:start position:0% challenge we need to solve there is how do<00:11:51.090> we<00:11:51.330> want<00:11:51.450> to<00:11:51.600> connect<00:11:51.930> how<00:11:52.170> can<00:11:52.380> we<00:11:52.470> connect 00:11:52.790 --> 00:11:52.800 align:start position:0% do we want to connect how can we connect 00:11:52.800 --> 00:11:55.190 align:start position:0% do we want to connect how can we connect these<00:11:52.950> networks<00:11:53.340> and<00:11:53.580> how<00:11:54.450> can<00:11:54.510> we<00:11:54.840> bridge 00:11:55.190 --> 00:11:55.200 align:start position:0% these networks and how can we bridge 00:11:55.200 --> 00:11:57.230 align:start position:0% these networks and how can we bridge gaps<00:11:55.590> because<00:11:55.860> if<00:11:56.730> you<00:11:56.910> want<00:11:57.060> to<00:11:57.120> do<00:11:57.210> a 00:11:57.230 --> 00:11:57.240 align:start position:0% gaps because if you want to do a 00:11:57.240 --> 00:12:00.200 align:start position:0% gaps because if you want to do a transfer<00:11:57.660> and<00:11:58.670> there's<00:11:59.670> either<00:11:59.850> no 00:12:00.200 --> 00:12:00.210 align:start position:0% transfer and there's either no 00:12:00.210 --> 00:12:01.760 align:start position:0% transfer and there's either no connection<00:12:00.690> or<00:12:00.840> a<00:12:00.870> too<00:12:01.140> long<00:12:01.320> connection 00:12:01.760 --> 00:12:01.770 align:start position:0% connection or a too long connection 00:12:01.770 --> 00:12:03.800 align:start position:0% connection or a too long connection especially<00:12:02.640> the<00:12:02.910> beginning<00:12:03.210> we<00:12:03.270> want<00:12:03.420> to<00:12:03.510> get 00:12:03.800 --> 00:12:03.810 align:start position:0% especially the beginning we want to get 00:12:03.810 --> 00:12:05.480 align:start position:0% especially the beginning we want to get this<00:12:03.990> so<00:12:04.530> the<00:12:04.680> decentralized<00:12:05.220> exchange 00:12:05.480 --> 00:12:05.490 align:start position:0% this so the decentralized exchange 00:12:05.490 --> 00:12:08.830 align:start position:0% this so the decentralized exchange contract<00:12:06.210> can<00:12:06.720> help<00:12:06.990> us<00:12:07.170> to<00:12:07.530> solve<00:12:07.740> that 00:12:08.830 --> 00:12:08.840 align:start position:0% contract can help us to solve that 00:12:08.840 --> 00:12:11.480 align:start position:0% contract can help us to solve that because<00:12:09.840> it<00:12:10.110> allows<00:12:10.410> to<00:12:10.710> buy<00:12:10.860> a<00:12:11.070> quadrilateral 00:12:11.480 --> 00:12:11.490 align:start position:0% because it allows to buy a quadrilateral 00:12:11.490 --> 00:12:15.110 align:start position:0% because it allows to buy a quadrilateral token<00:12:12.240> on<00:12:12.420> in<00:12:12.720> exchange<00:12:13.110> for<00:12:13.200> example<00:12:14.120> with 00:12:15.110 --> 00:12:15.120 align:start position:0% token on in exchange for example with 00:12:15.120 --> 00:12:17.300 align:start position:0% token on in exchange for example with Justin's<00:12:15.540> money<00:12:15.750> and<00:12:16.020> this<00:12:16.230> is<00:12:16.500> can<00:12:17.070> then<00:12:17.190> be 00:12:17.300 --> 00:12:17.310 align:start position:0% Justin's money and this is can then be 00:12:17.310 --> 00:12:20.390 align:start position:0% Justin's money and this is can then be used<00:12:17.450> to<00:12:18.450> close<00:12:18.780> gaps<00:12:19.080> and<00:12:19.350> to<00:12:19.380> make<00:12:20.220> cross 00:12:20.390 --> 00:12:20.400 align:start position:0% used to close gaps and to make cross 00:12:20.400 --> 00:12:22.790 align:start position:0% used to close gaps and to make cross currency<00:12:20.640> payments<00:12:21.410> let's<00:12:22.410> look<00:12:22.590> at<00:12:22.680> the 00:12:22.790 --> 00:12:22.800 align:start position:0% currency payments let's look at the 00:12:22.800 --> 00:12:24.830 align:start position:0% currency payments let's look at the following<00:12:22.920> example<00:12:23.250> to<00:12:24.060> see<00:12:24.240> how<00:12:24.270> this<00:12:24.600> could 00:12:24.830 --> 00:12:24.840 align:start position:0% following example to see how this could 00:12:24.840 --> 00:12:25.250 align:start position:0% following example to see how this could work 00:12:25.250 --> 00:12:25.260 align:start position:0% work 00:12:25.260 --> 00:12:28.220 align:start position:0% work so<00:12:25.740> if<00:12:25.920> Alice<00:12:26.220> wants<00:12:27.030> to<00:12:27.090> pay<00:12:27.300> Dave<00:12:27.510> in<00:12:27.870> u.s. 00:12:28.220 --> 00:12:28.230 align:start position:0% so if Alice wants to pay Dave in u.s. 00:12:28.230 --> 00:12:30.260 align:start position:0% so if Alice wants to pay Dave in u.s. dollar<00:12:28.470> but<00:12:28.800> she's<00:12:28.980> only<00:12:29.190> part<00:12:29.580> of<00:12:29.760> the<00:12:30.030> yeren 00:12:30.260 --> 00:12:30.270 align:start position:0% dollar but she's only part of the yeren 00:12:30.270 --> 00:12:32.060 align:start position:0% dollar but she's only part of the yeren Network<00:12:30.600> she<00:12:31.230> can<00:12:31.410> make<00:12:31.560> a<00:12:31.590> transaction 00:12:32.060 --> 00:12:32.070 align:start position:0% Network she can make a transaction 00:12:32.070 --> 00:12:34.970 align:start position:0% Network she can make a transaction within<00:12:32.550> the<00:12:32.670> euro<00:12:32.850> Network<00:12:33.240> to<00:12:33.660> buy<00:12:33.840> eath<00:12:34.710> on 00:12:34.970 --> 00:12:34.980 align:start position:0% within the euro Network to buy eath on 00:12:34.980 --> 00:12:36.920 align:start position:0% within the euro Network to buy eath on an<00:12:35.070> exchange<00:12:35.250> this<00:12:36.150> earth<00:12:36.420> can<00:12:36.660> then<00:12:36.780> be<00:12:36.900> used 00:12:36.920 --> 00:12:36.930 align:start position:0% an exchange this earth can then be used 00:12:36.930 --> 00:12:40.160 align:start position:0% an exchange this earth can then be used to<00:12:37.230> to<00:12:38.220> buy<00:12:38.370> US<00:12:38.760> dollar<00:12:39.000> on<00:12:39.570> another<00:12:39.900> exchange 00:12:40.160 --> 00:12:40.170 align:start position:0% to to buy US dollar on another exchange 00:12:40.170 --> 00:12:42.980 align:start position:0% to to buy US dollar on another exchange in<00:12:40.470> the<00:12:40.530> u.s.<00:12:40.710> dollar<00:12:40.890> network<00:12:41.540> for<00:12:42.540> LS<00:12:42.780> and 00:12:42.980 --> 00:12:42.990 align:start position:0% in the u.s. dollar network for LS and 00:12:42.990 --> 00:12:45.020 align:start position:0% in the u.s. dollar network for LS and Dave<00:12:43.140> this<00:12:43.680> will<00:12:43.860> be<00:12:43.980> all<00:12:44.100> transparent<00:12:44.520> it 00:12:45.020 --> 00:12:45.030 align:start position:0% Dave this will be all transparent it 00:12:45.030 --> 00:12:47.540 align:start position:0% Dave this will be all transparent it will<00:12:45.240> be<00:12:45.360> just<00:12:45.510> one<00:12:45.720> atomic<00:12:46.370> transaction<00:12:47.370> and 00:12:47.540 --> 00:12:47.550 align:start position:0% will be just one atomic transaction and 00:12:47.550 --> 00:12:51.080 align:start position:0% will be just one atomic transaction and this<00:12:48.060> is<00:12:48.960> how<00:12:49.200> Alice<00:12:49.530> can<00:12:49.820> do<00:12:50.820> a<00:12:50.880> cross 00:12:51.080 --> 00:12:51.090 align:start position:0% this is how Alice can do a cross 00:12:51.090 --> 00:12:55.760 align:start position:0% this is how Alice can do a cross currency<00:12:51.390> payment<00:12:51.840> to<00:12:52.500> Dave<00:12:53.360> so<00:12:54.590> let's<00:12:55.590> now 00:12:55.760 --> 00:12:55.770 align:start position:0% currency payment to Dave so let's now 00:12:55.770 --> 00:12:57.440 align:start position:0% currency payment to Dave so let's now talk<00:12:55.830> about<00:12:56.340> this<00:12:56.550> middle<00:12:56.880> layer<00:12:56.940> I<00:12:57.060> presented 00:12:57.440 --> 00:12:57.450 align:start position:0% talk about this middle layer I presented 00:12:57.450 --> 00:13:01.280 align:start position:0% talk about this middle layer I presented before<00:12:58.430> so<00:12:59.430> why<00:12:59.580> do<00:12:59.640> we<00:12:59.850> even<00:13:00.390> need<00:13:00.600> this<00:13:00.960> relay 00:13:01.280 --> 00:13:01.290 align:start position:0% before so why do we even need this relay 00:13:01.290 --> 00:13:04.790 align:start position:0% before so why do we even need this relay service<00:13:02.120> so<00:13:03.120> as<00:13:03.240> we<00:13:03.360> learnt<00:13:03.570> for<00:13:04.290> payment<00:13:04.710> we 00:13:04.790 --> 00:13:04.800 align:start position:0% service so as we learnt for payment we 00:13:04.800 --> 00:13:08.210 align:start position:0% service so as we learnt for payment we need<00:13:04.950> to<00:13:05.040> find<00:13:05.280> a<00:13:05.490> valid<00:13:05.760> path<00:13:06.290> and<00:13:07.290> preferably 00:13:08.210 --> 00:13:08.220 align:start position:0% need to find a valid path and preferably 00:13:08.220 --> 00:13:09.440 align:start position:0% need to find a valid path and preferably we<00:13:08.310> want<00:13:08.460> to<00:13:08.520> find<00:13:08.670> the<00:13:08.760> shortest<00:13:08.880> one<00:13:09.180> because 00:13:09.440 --> 00:13:09.450 align:start position:0% we want to find the shortest one because 00:13:09.450 --> 00:13:11.530 align:start position:0% we want to find the shortest one because that<00:13:09.480> is<00:13:09.870> the<00:13:10.140> one<00:13:10.290> that<00:13:10.530> will<00:13:10.680> save<00:13:10.860> gas 00:13:11.530 --> 00:13:11.540 align:start position:0% that is the one that will save gas 00:13:11.540 --> 00:13:13.640 align:start position:0% that is the one that will save gas because<00:13:12.540> we<00:13:12.660> don't<00:13:12.810> have<00:13:12.840> to<00:13:13.020> update<00:13:13.320> so<00:13:13.470> many 00:13:13.640 --> 00:13:13.650 align:start position:0% because we don't have to update so many 00:13:13.650 --> 00:13:16.850 align:start position:0% because we don't have to update so many trust<00:13:13.890> lines<00:13:14.900> but<00:13:15.900> it's<00:13:16.020> not<00:13:16.140> feasible<00:13:16.320> to<00:13:16.740> do 00:13:16.850 --> 00:13:16.860 align:start position:0% trust lines but it's not feasible to do 00:13:16.860 --> 00:13:19.370 align:start position:0% trust lines but it's not feasible to do this<00:13:16.980> calculation<00:13:17.190> for<00:13:17.910> the<00:13:18.000> path<00:13:18.180> on<00:13:19.170> the 00:13:19.370 --> 00:13:19.380 align:start position:0% this calculation for the path on the 00:13:19.380 --> 00:13:20.730 align:start position:0% this calculation for the path on the phone<00:13:19.560> because<00:13:19.890> the 00:13:20.730 --> 00:13:20.740 align:start position:0% phone because the 00:13:20.740 --> 00:13:22.280 align:start position:0% phone because the you<00:13:21.160> have<00:13:21.279> limited<00:13:21.550> memory<00:13:21.730> on<00:13:22.000> your<00:13:22.120> phone 00:13:22.280 --> 00:13:22.290 align:start position:0% you have limited memory on your phone 00:13:22.290 --> 00:13:24.900 align:start position:0% you have limited memory on your phone and<00:13:23.290> it's<00:13:23.440> not<00:13:23.950> feasible<00:13:24.160> to<00:13:24.370> do<00:13:24.520> it<00:13:24.580> unchanged 00:13:24.900 --> 00:13:24.910 align:start position:0% and it's not feasible to do it unchanged 00:13:24.910 --> 00:13:26.100 align:start position:0% and it's not feasible to do it unchanged just<00:13:25.120> because<00:13:25.360> the<00:13:25.450> computation<00:13:25.899> is<00:13:25.990> too 00:13:26.100 --> 00:13:26.110 align:start position:0% just because the computation is too 00:13:26.110 --> 00:13:29.699 align:start position:0% just because the computation is too expensive<00:13:26.640> so<00:13:27.640> relay<00:13:27.910> service<00:13:28.709> essentially 00:13:29.699 --> 00:13:29.709 align:start position:0% expensive so relay service essentially 00:13:29.709 --> 00:13:32.100 align:start position:0% expensive so relay service essentially just<00:13:29.860> help<00:13:30.100> a<00:13:30.190> service<00:13:30.520> to<00:13:31.120> calculate<00:13:32.020> this 00:13:32.100 --> 00:13:32.110 align:start position:0% just help a service to calculate this 00:13:32.110 --> 00:13:34.199 align:start position:0% just help a service to calculate this path<00:13:32.380> and<00:13:32.860> in<00:13:33.250> our<00:13:33.339> current<00:13:33.610> set<00:13:33.820> up<00:13:33.970> will<00:13:34.120> be 00:13:34.199 --> 00:13:34.209 align:start position:0% path and in our current set up will be 00:13:34.209 --> 00:13:35.340 align:start position:0% path and in our current set up will be used<00:13:34.390> as<00:13:34.540> a<00:13:34.570> gateway<00:13:34.779> to<00:13:34.930> the<00:13:35.140> blockchain 00:13:35.340 --> 00:13:35.350 align:start position:0% used as a gateway to the blockchain 00:13:35.350 --> 00:13:37.680 align:start position:0% used as a gateway to the blockchain however<00:13:36.100> this<00:13:36.190> could<00:13:36.370> it<00:13:36.850> could<00:13:37.240> be<00:13:37.390> changed 00:13:37.680 --> 00:13:37.690 align:start position:0% however this could it could be changed 00:13:37.690 --> 00:13:43.170 align:start position:0% however this could it could be changed later<00:13:37.810> by<00:13:38.080> using<00:13:38.260> light<00:13:38.800> clients<00:13:42.180> introducing 00:13:43.170 --> 00:13:43.180 align:start position:0% later by using light clients introducing 00:13:43.180 --> 00:13:44.790 align:start position:0% later by using light clients introducing this<00:13:43.300> relates<00:13:43.600> others<00:13:43.839> however<00:13:43.990> create<00:13:44.500> a 00:13:44.790 --> 00:13:44.800 align:start position:0% this relates others however create a 00:13:44.800 --> 00:13:47.430 align:start position:0% this relates others however create a different<00:13:45.430> kind<00:13:45.459> of<00:13:45.610> problem<00:13:45.959> because<00:13:46.959> we<00:13:47.230> no 00:13:47.430 --> 00:13:47.440 align:start position:0% different kind of problem because we no 00:13:47.440 --> 00:13:49.110 align:start position:0% different kind of problem because we no longer<00:13:47.470> can<00:13:47.950> enforce<00:13:48.580> by<00:13:48.790> the<00:13:48.850> smart 00:13:49.110 --> 00:13:49.120 align:start position:0% longer can enforce by the smart 00:13:49.120 --> 00:13:51.180 align:start position:0% longer can enforce by the smart contracts<00:13:49.600> with<00:13:49.810> path<00:13:50.140> which<00:13:50.620> path<00:13:50.890> will<00:13:51.130> be 00:13:51.180 --> 00:13:51.190 align:start position:0% contracts with path which path will be 00:13:51.190 --> 00:13:53.579 align:start position:0% contracts with path which path will be choosen<00:13:51.610> right<00:13:52.240> so<00:13:52.510> the<00:13:52.930> only<00:13:52.990> thing<00:13:53.320> that<00:13:53.470> the 00:13:53.579 --> 00:13:53.589 align:start position:0% choosen right so the only thing that the 00:13:53.589 --> 00:13:55.230 align:start position:0% choosen right so the only thing that the smart<00:13:53.830> contacts<00:13:54.160> checks<00:13:54.430> is<00:13:54.670> that<00:13:54.940> the<00:13:55.060> path 00:13:55.230 --> 00:13:55.240 align:start position:0% smart contacts checks is that the path 00:13:55.240 --> 00:13:57.420 align:start position:0% smart contacts checks is that the path is<00:13:55.450> valid<00:13:55.779> so<00:13:55.810> that<00:13:56.110> all<00:13:56.260> the<00:13:56.410> balances<00:13:57.310> stay 00:13:57.420 --> 00:13:57.430 align:start position:0% is valid so that all the balances stay 00:13:57.430 --> 00:13:59.389 align:start position:0% is valid so that all the balances stay within<00:13:57.640> the<00:13:57.790> credit<00:13:58.000> lines<00:13:58.149> but<00:13:58.570> we<00:13:58.660> cannot 00:13:59.389 --> 00:13:59.399 align:start position:0% within the credit lines but we cannot 00:13:59.399 --> 00:14:02.940 align:start position:0% within the credit lines but we cannot enforce<00:14:00.399> which<00:14:00.670> path<00:14:01.350> this<00:14:02.350> is<00:14:02.410> important 00:14:02.940 --> 00:14:02.950 align:start position:0% enforce which path this is important 00:14:02.950 --> 00:14:04.470 align:start position:0% enforce which path this is important because<00:14:03.130> there's<00:14:03.700> flex<00:14:04.000> on<00:14:04.089> one<00:14:04.270> property 00:14:04.470 --> 00:14:04.480 align:start position:0% because there's flex on one property 00:14:04.480 --> 00:14:06.240 align:start position:0% because there's flex on one property that<00:14:04.930> we<00:14:05.080> wants<00:14:05.290> to<00:14:05.380> have<00:14:05.500> another<00:14:05.529> system<00:14:06.100> we 00:14:06.240 --> 00:14:06.250 align:start position:0% that we wants to have another system we 00:14:06.250 --> 00:14:09.840 align:start position:0% that we wants to have another system we want<00:14:06.399> to<00:14:06.490> balance<00:14:06.640> out<00:14:06.970> and<00:14:07.209> cancel<00:14:07.660> depth<00:14:08.850> so 00:14:09.840 --> 00:14:09.850 align:start position:0% want to balance out and cancel depth so 00:14:09.850 --> 00:14:13.079 align:start position:0% want to balance out and cancel depth so to<00:14:09.910> incentivize<00:14:10.540> this<00:14:10.720> behavior<00:14:11.200> we<00:14:11.740> aim<00:14:12.640> but 00:14:13.079 --> 00:14:13.089 align:start position:0% to incentivize this behavior we aim but 00:14:13.089 --> 00:14:14.639 align:start position:0% to incentivize this behavior we aim but this<00:14:13.240> is<00:14:13.360> who<00:14:13.480> currently<00:14:13.660> this<00:14:14.230> is<00:14:14.290> going<00:14:14.560> to 00:14:14.639 --> 00:14:14.649 align:start position:0% this is who currently this is going to 00:14:14.649 --> 00:14:16.050 align:start position:0% this is who currently this is going to work<00:14:14.860> in<00:14:15.100> progress<00:14:15.279> we're<00:14:15.580> not<00:14:15.700> really<00:14:15.910> like 00:14:16.050 --> 00:14:16.060 align:start position:0% work in progress we're not really like 00:14:16.060 --> 00:14:18.030 align:start position:0% work in progress we're not really like done<00:14:16.720> with<00:14:16.870> this<00:14:16.990> we<00:14:17.529> aim<00:14:17.649> for<00:14:17.680> like 00:14:18.030 --> 00:14:18.040 align:start position:0% done with this we aim for like 00:14:18.040 --> 00:14:21.510 align:start position:0% done with this we aim for like implementing<00:14:18.850> a<00:14:18.940> fee<00:14:19.120> and<00:14:19.270> reward<00:14:19.540> system<00:14:20.520> to 00:14:21.510 --> 00:14:21.520 align:start position:0% implementing a fee and reward system to 00:14:21.520 --> 00:14:24.060 align:start position:0% implementing a fee and reward system to incentivize<00:14:22.270> this<00:14:22.750> balancing<00:14:23.200> out<00:14:23.320> so<00:14:23.920> there 00:14:24.060 --> 00:14:24.070 align:start position:0% incentivize this balancing out so there 00:14:24.070 --> 00:14:26.280 align:start position:0% incentivize this balancing out so there will<00:14:24.160> be<00:14:24.220> one<00:14:24.610> fee<00:14:24.910> that<00:14:25.089> we<00:14:25.209> call<00:14:25.360> the<00:14:25.480> in 00:14:26.280 --> 00:14:26.290 align:start position:0% will be one fee that we call the in 00:14:26.290 --> 00:14:30.180 align:start position:0% will be one fee that we call the in balanced<00:14:26.529> view<00:14:26.589> reward<00:14:27.810> this<00:14:28.810> is<00:14:28.959> to<00:14:29.860> be<00:14:29.980> paid 00:14:30.180 --> 00:14:30.190 align:start position:0% balanced view reward this is to be paid 00:14:30.190 --> 00:14:32.430 align:start position:0% balanced view reward this is to be paid by<00:14:30.399> users<00:14:30.790> adding<00:14:31.300> imbalances<00:14:31.899> to<00:14:32.050> the<00:14:32.140> system 00:14:32.430 --> 00:14:32.440 align:start position:0% by users adding imbalances to the system 00:14:32.440 --> 00:14:36.660 align:start position:0% by users adding imbalances to the system and<00:14:32.649> it<00:14:33.550> gets<00:14:33.910> water<00:14:34.240> to<00:14:34.450> the<00:14:34.570> one<00:14:35.670> decreasing 00:14:36.660 --> 00:14:36.670 align:start position:0% and it gets water to the one decreasing 00:14:36.670 --> 00:14:39.300 align:start position:0% and it gets water to the one decreasing the<00:14:36.760> imbalance<00:14:37.120> there's<00:14:38.020> another<00:14:38.230> fear<00:14:38.860> award 00:14:39.300 --> 00:14:39.310 align:start position:0% the imbalance there's another fear award 00:14:39.310 --> 00:14:41.069 align:start position:0% the imbalance there's another fear award system<00:14:39.430> for<00:14:39.910> capacity<00:14:40.360> that<00:14:40.480> we<00:14:40.630> also<00:14:40.779> want<00:14:41.020> to 00:14:41.069 --> 00:14:41.079 align:start position:0% system for capacity that we also want to 00:14:41.079 --> 00:14:42.810 align:start position:0% system for capacity that we also want to include<00:14:41.290> that<00:14:41.680> it's<00:14:41.950> just<00:14:42.160> to<00:14:42.279> incentivize 00:14:42.810 --> 00:14:42.820 align:start position:0% include that it's just to incentivize 00:14:42.820 --> 00:14:47.160 align:start position:0% include that it's just to incentivize providing<00:14:43.570> capacity<00:14:44.820> and<00:14:45.899> this<00:14:46.899> is<00:14:46.990> basically 00:14:47.160 --> 00:14:47.170 align:start position:0% providing capacity and this is basically 00:14:47.170 --> 00:14:49.380 align:start position:0% providing capacity and this is basically paid<00:14:47.589> by<00:14:47.800> the<00:14:47.860> one<00:14:48.130> using<00:14:48.430> the<00:14:48.640> capacity<00:14:49.120> to 00:14:49.380 --> 00:14:49.390 align:start position:0% paid by the one using the capacity to 00:14:49.390 --> 00:14:51.750 align:start position:0% paid by the one using the capacity to root<00:14:49.720> of<00:14:49.839> rent<00:14:50.020> transfer<00:14:50.440> and<00:14:50.620> gets<00:14:51.610> rewarded 00:14:51.750 --> 00:14:51.760 align:start position:0% root of rent transfer and gets rewarded 00:14:51.760 --> 00:14:57.090 align:start position:0% root of rent transfer and gets rewarded to<00:14:52.120> the<00:14:52.209> one<00:14:54.570> providing<00:14:55.570> the<00:14:55.660> capacity<00:14:56.079> yeah 00:14:57.090 --> 00:14:57.100 align:start position:0% to the one providing the capacity yeah 00:14:57.100 --> 00:14:58.800 align:start position:0% to the one providing the capacity yeah there<00:14:57.610> are<00:14:57.670> also<00:14:57.790> mandatory<00:14:58.060> fees<00:14:58.540> that<00:14:58.690> we 00:14:58.800 --> 00:14:58.810 align:start position:0% there are also mandatory fees that we 00:14:58.810 --> 00:15:00.510 align:start position:0% there are also mandatory fees that we will<00:14:58.959> have<00:14:59.140> and<00:14:59.470> that<00:14:59.680> obviously<00:15:00.160> the<00:15:00.339> gas 00:15:00.510 --> 00:15:00.520 align:start position:0% will have and that obviously the gas 00:15:00.520 --> 00:15:03.569 align:start position:0% will have and that obviously the gas fees<00:15:00.760> for<00:15:00.910> the<00:15:01.000> etherium<00:15:01.510> system<00:15:02.370> and<00:15:03.370> there 00:15:03.569 --> 00:15:03.579 align:start position:0% fees for the etherium system and there 00:15:03.579 --> 00:15:05.639 align:start position:0% fees for the etherium system and there will<00:15:03.790> be<00:15:03.820> probably<00:15:04.149> related<00:15:04.750> server<00:15:05.410> fees 00:15:05.639 --> 00:15:05.649 align:start position:0% will be probably related server fees 00:15:05.649 --> 00:15:08.040 align:start position:0% will be probably related server fees because<00:15:06.510> we<00:15:07.510> had<00:15:07.630> need<00:15:07.750> to<00:15:07.839> incentivize 00:15:08.040 --> 00:15:08.050 align:start position:0% because we had need to incentivize 00:15:08.050 --> 00:15:09.810 align:start position:0% because we had need to incentivize running<00:15:08.620> dedicated<00:15:09.040> relay<00:15:09.250> service<00:15:09.520> by<00:15:09.640> third 00:15:09.810 --> 00:15:09.820 align:start position:0% running dedicated relay service by third 00:15:09.820 --> 00:15:12.720 align:start position:0% running dedicated relay service by third parties<00:15:10.770> yeah<00:15:11.800> so<00:15:11.920> how<00:15:12.040> would<00:15:12.100> how<00:15:12.459> does<00:15:12.640> it 00:15:12.720 --> 00:15:12.730 align:start position:0% parties yeah so how would how does it 00:15:12.730 --> 00:15:14.490 align:start position:0% parties yeah so how would how does it affect<00:15:13.029> now<00:15:13.149> the<00:15:13.209> pathfinding<00:15:13.750> algorithm<00:15:13.959> and 00:15:14.490 --> 00:15:14.500 align:start position:0% affect now the pathfinding algorithm and 00:15:14.500 --> 00:15:16.590 align:start position:0% affect now the pathfinding algorithm and the<00:15:15.010> pathfinding<00:15:15.579> will<00:15:15.760> obviously<00:15:16.120> look<00:15:16.420> for 00:15:16.590 --> 00:15:16.600 align:start position:0% the pathfinding will obviously look for 00:15:16.600 --> 00:15:18.389 align:start position:0% the pathfinding will obviously look for subsystems<00:15:17.110> capacity<00:15:17.620> and<00:15:17.980> the<00:15:18.100> shortest 00:15:18.389 --> 00:15:18.399 align:start position:0% subsystems capacity and the shortest 00:15:18.399 --> 00:15:19.410 align:start position:0% subsystems capacity and the shortest paths<00:15:18.579> to<00:15:18.790> safe<00:15:18.940> gas 00:15:19.410 --> 00:15:19.420 align:start position:0% paths to safe gas 00:15:19.420 --> 00:15:21.600 align:start position:0% paths to safe gas but<00:15:20.170> now<00:15:20.410> with<00:15:20.620> the<00:15:20.709> new<00:15:20.740> fees<00:15:21.070> it<00:15:21.279> will<00:15:21.459> also 00:15:21.600 --> 00:15:21.610 align:start position:0% but now with the new fees it will also 00:15:21.610 --> 00:15:25.139 align:start position:0% but now with the new fees it will also aim<00:15:21.880> for<00:15:22.120> minimizing<00:15:23.430> the<00:15:24.430> edit<00:15:24.640> imbalance<00:15:25.000> or 00:15:25.139 --> 00:15:25.149 align:start position:0% aim for minimizing the edit imbalance or 00:15:25.149 --> 00:15:27.480 align:start position:0% aim for minimizing the edit imbalance or it<00:15:25.300> will<00:15:25.450> cancel<00:15:25.870> out<00:15:25.930> depth<00:15:26.200> so<00:15:27.070> let's<00:15:27.310> look 00:15:27.480 --> 00:15:27.490 align:start position:0% it will cancel out depth so let's look 00:15:27.490 --> 00:15:30.600 align:start position:0% it will cancel out depth so let's look at<00:15:27.640> this<00:15:27.730> for<00:15:27.940> example<00:15:28.120> if<00:15:29.079> Dave<00:15:29.380> wants<00:15:29.589> to<00:15:29.860> pay 00:15:30.600 --> 00:15:30.610 align:start position:0% at this for example if Dave wants to pay 00:15:30.610 --> 00:15:33.720 align:start position:0% at this for example if Dave wants to pay Bob<00:15:30.940> and<00:15:31.240> their<00:15:32.140> to<00:15:32.350> say<00:15:33.010> a<00:15:33.160> path<00:15:33.430> with<00:15:33.699> the 00:15:33.720 --> 00:15:33.730 align:start position:0% Bob and their to say a path with the 00:15:33.730 --> 00:15:34.680 align:start position:0% Bob and their to say a path with the same<00:15:33.970> length<00:15:34.209> one 00:15:34.680 --> 00:15:34.690 align:start position:0% same length one 00:15:34.690 --> 00:15:38.580 align:start position:0% same length one and<00:15:35.110> one<00:15:35.200> over<00:15:35.350> Charlie<00:15:37.050> we<00:15:38.050> can<00:15:38.200> see<00:15:38.380> here 00:15:38.580 --> 00:15:38.590 align:start position:0% and one over Charlie we can see here 00:15:38.590 --> 00:15:42.000 align:start position:0% and one over Charlie we can see here that<00:15:38.710> the<00:15:38.890> upper<00:15:39.760> path<00:15:39.940> is<00:15:40.180> worse<00:15:40.810> because<00:15:41.410> it 00:15:42.000 --> 00:15:42.010 align:start position:0% that the upper path is worse because it 00:15:42.010 --> 00:15:44.280 align:start position:0% that the upper path is worse because it will<00:15:42.220> add<00:15:42.820> it<00:15:43.150> will<00:15:43.360> increase<00:15:43.720> the<00:15:43.960> already 00:15:44.280 --> 00:15:44.290 align:start position:0% will add it will increase the already 00:15:44.290 --> 00:15:46.740 align:start position:0% will add it will increase the already existing<00:15:44.470> imbalances<00:15:45.340> where<00:15:46.090> the<00:15:46.270> lower<00:15:46.450> path 00:15:46.740 --> 00:15:46.750 align:start position:0% existing imbalances where the lower path 00:15:46.750 --> 00:15:49.080 align:start position:0% existing imbalances where the lower path will<00:15:47.080> cancel<00:15:47.410> out<00:15:47.530> depth<00:15:47.860> so<00:15:48.370> will<00:15:48.730> actually 00:15:49.080 --> 00:15:49.090 align:start position:0% will cancel out depth so will actually 00:15:49.090 --> 00:15:51.210 align:start position:0% will cancel out depth so will actually not<00:15:49.270> increase<00:15:50.110> the<00:15:50.350> overall<00:15:50.500> imbalances 00:15:51.210 --> 00:15:51.220 align:start position:0% not increase the overall imbalances 00:15:51.220 --> 00:15:52.950 align:start position:0% not increase the overall imbalances within<00:15:51.370> the<00:15:51.550> system<00:15:51.880> so<00:15:52.390> if<00:15:52.540> we<00:15:52.660> add<00:15:52.780> those 00:15:52.950 --> 00:15:52.960 align:start position:0% within the system so if we add those 00:15:52.960 --> 00:15:55.740 align:start position:0% within the system so if we add those fees<00:15:53.230> the<00:15:53.710> lower<00:15:54.040> one<00:15:54.280> will<00:15:54.670> be<00:15:55.390> slightly 00:15:55.740 --> 00:15:55.750 align:start position:0% fees the lower one will be slightly 00:15:55.750 --> 00:15:58.350 align:start position:0% fees the lower one will be slightly cheaper<00:15:55.990> so<00:15:56.590> therefore<00:15:57.090> we'll<00:15:58.090> hopefully 00:15:58.350 --> 00:15:58.360 align:start position:0% cheaper so therefore we'll hopefully 00:15:58.360 --> 00:16:03.120 align:start position:0% cheaper so therefore we'll hopefully choose<00:15:59.020> this<00:15:59.200> path<00:16:01.410> so<00:16:02.410> that<00:16:02.560> was<00:16:02.710> it<00:16:02.890> about 00:16:03.120 --> 00:16:03.130 align:start position:0% choose this path so that was it about 00:16:03.130 --> 00:16:07.590 align:start position:0% choose this path so that was it about what<00:16:04.090> I<00:16:04.120> wanted<00:16:04.390> to<00:16:04.450> present<00:16:05.190> working<00:16:06.190> on<00:16:06.600> our 00:16:07.590 --> 00:16:07.600 align:start position:0% what I wanted to present working on our 00:16:07.600 --> 00:16:10.950 align:start position:0% what I wanted to present working on our current<00:16:07.990> project<00:16:08.620> status<00:16:08.800> right<00:16:09.160> now<00:16:09.370> is<00:16:09.960> we 00:16:10.950 --> 00:16:10.960 align:start position:0% current project status right now is we 00:16:10.960 --> 00:16:12.720 align:start position:0% current project status right now is we have<00:16:11.110> a<00:16:11.140> working<00:16:11.380> prototype<00:16:11.680> on<00:16:12.100> the<00:16:12.220> on<00:16:12.640> the 00:16:12.720 --> 00:16:12.730 align:start position:0% have a working prototype on the on the 00:16:12.730 --> 00:16:15.180 align:start position:0% have a working prototype on the on the robson<00:16:13.030> test<00:16:13.210> net<00:16:13.390> it<00:16:13.990> already<00:16:14.410> we<00:16:15.160> already 00:16:15.180 --> 00:16:15.190 align:start position:0% robson test net it already we already 00:16:15.190 --> 00:16:18.020 align:start position:0% robson test net it already we already have<00:16:15.730> implemented<00:16:16.480> the<00:16:17.020> currency<00:16:17.380> network 00:16:18.020 --> 00:16:18.030 align:start position:0% have implemented the currency network 00:16:18.030 --> 00:16:20.580 align:start position:0% have implemented the currency network with<00:16:19.030> mediated<00:16:19.480> transfers<00:16:19.810> direct<00:16:20.200> transfers 00:16:20.580 --> 00:16:20.590 align:start position:0% with mediated transfers direct transfers 00:16:20.590 --> 00:16:22.530 align:start position:0% with mediated transfers direct transfers and<00:16:20.830> you<00:16:21.340> can<00:16:21.520> give<00:16:21.700> each<00:16:21.820> other<00:16:21.940> credit<00:16:22.360> lines 00:16:22.530 --> 00:16:22.540 align:start position:0% and you can give each other credit lines 00:16:22.540 --> 00:16:25.080 align:start position:0% and you can give each other credit lines we<00:16:23.500> are<00:16:23.530> currently<00:16:23.800> working<00:16:24.250> on<00:16:24.610> new<00:16:24.910> features 00:16:25.080 --> 00:16:25.090 align:start position:0% we are currently working on new features 00:16:25.090 --> 00:16:28.710 align:start position:0% we are currently working on new features we<00:16:25.980> working<00:16:26.980> on<00:16:27.100> implementing<00:16:27.550> that<00:16:28.060> just<00:16:28.270> the 00:16:28.710 --> 00:16:28.720 align:start position:0% we working on implementing that just the 00:16:28.720 --> 00:16:31.620 align:start position:0% we working on implementing that just the fees<00:16:28.900> I<00:16:29.050> just<00:16:29.230> mentioned<00:16:30.090> we<00:16:31.090> are<00:16:31.180> working<00:16:31.420> on 00:16:31.620 --> 00:16:31.630 align:start position:0% fees I just mentioned we are working on 00:16:31.630 --> 00:16:33.330 align:start position:0% fees I just mentioned we are working on implementing<00:16:32.200> the<00:16:32.320> decentralize<00:16:32.830> exchanges 00:16:33.330 --> 00:16:33.340 align:start position:0% implementing the decentralize exchanges 00:16:33.340 --> 00:16:35.820 align:start position:0% implementing the decentralize exchanges and<00:16:33.840> other<00:16:34.840> features<00:16:35.230> I<00:16:35.350> didn't<00:16:35.560> talk<00:16:35.710> about 00:16:35.820 --> 00:16:35.830 align:start position:0% and other features I didn't talk about 00:16:35.830 --> 00:16:37.860 align:start position:0% and other features I didn't talk about yet<00:16:36.070> yet<00:16:36.250> we<00:16:37.240> are<00:16:37.300> also<00:16:37.390> working<00:16:37.600> on<00:16:37.810> the 00:16:37.860 --> 00:16:37.870 align:start position:0% yet yet we are also working on the 00:16:37.870 --> 00:16:41.610 align:start position:0% yet yet we are also working on the mobile<00:16:38.110> app<00:16:38.350> you<00:16:39.340> can<00:16:40.270> you<00:16:40.630> can<00:16:40.780> watch<00:16:41.290> our 00:16:41.610 --> 00:16:41.620 align:start position:0% mobile app you can you can watch our 00:16:41.620 --> 00:16:44.550 align:start position:0% mobile app you can you can watch our progress<00:16:42.070> on<00:16:42.280> our<00:16:42.460> github<00:16:42.760> repository<00:16:43.230> and<00:16:44.230> if 00:16:44.550 --> 00:16:44.560 align:start position:0% progress on our github repository and if 00:16:44.560 --> 00:16:46.230 align:start position:0% progress on our github repository and if you<00:16:44.680> want<00:16:44.860> to<00:16:44.950> know<00:16:45.310> more<00:16:45.520> about<00:16:45.670> the<00:16:45.940> general 00:16:46.230 --> 00:16:46.240 align:start position:0% you want to know more about the general 00:16:46.240 --> 00:16:47.580 align:start position:0% you want to know more about the general idea<00:16:46.480> we<00:16:46.660> have<00:16:46.780> a<00:16:46.810> white<00:16:47.020> paper<00:16:47.230> on<00:16:47.470> our 00:16:47.580 --> 00:16:47.590 align:start position:0% idea we have a white paper on our 00:16:47.590 --> 00:16:50.250 align:start position:0% idea we have a white paper on our website<00:16:48.040> you<00:16:48.550> can<00:16:48.610> also<00:16:48.850> check<00:16:49.060> that<00:16:49.240> out<00:16:49.390> I 00:16:50.250 --> 00:16:50.260 align:start position:0% website you can also check that out I 00:16:50.260 --> 00:16:53.820 align:start position:0% website you can also check that out I want<00:16:51.010> to<00:16:51.100> emphasize<00:16:51.880> that<00:16:51.910> we<00:16:52.330> aim<00:16:52.600> to<00:16:52.900> create 00:16:53.820 --> 00:16:53.830 align:start position:0% want to emphasize that we aim to create 00:16:53.830 --> 00:16:55.740 align:start position:0% want to emphasize that we aim to create an<00:16:54.160> open<00:16:54.580> protocol<00:16:54.910> so<00:16:55.150> we're<00:16:55.300> working<00:16:55.630> on 00:16:55.740 --> 00:16:55.750 align:start position:0% an open protocol so we're working on 00:16:55.750 --> 00:16:58.830 align:start position:0% an open protocol so we're working on open<00:16:56.020> API<00:16:56.290> s<00:16:57.090> you<00:16:58.090> can<00:16:58.270> also<00:16:58.420> check<00:16:58.600> that<00:16:58.750> out 00:16:58.830 --> 00:16:58.840 align:start position:0% open API s you can also check that out 00:16:58.840 --> 00:17:01.890 align:start position:0% open API s you can also check that out on<00:16:59.260> our<00:16:59.410> repository<00:17:00.570> for<00:17:01.570> the<00:17:01.660> earliest 00:17:01.890 --> 00:17:01.900 align:start position:0% on our repository for the earliest 00:17:01.900 --> 00:17:03.930 align:start position:0% on our repository for the earliest service<00:17:02.200> we<00:17:02.380> aim<00:17:02.410> for<00:17:02.530> a<00:17:02.740> restful<00:17:03.010> api<00:17:03.280> and<00:17:03.700> we 00:17:03.930 --> 00:17:03.940 align:start position:0% service we aim for a restful api and we 00:17:03.940 --> 00:17:05.490 align:start position:0% service we aim for a restful api and we want<00:17:04.089> to<00:17:04.150> implement<00:17:04.420> we<00:17:04.959> want<00:17:05.140> to<00:17:05.230> develop 00:17:05.490 --> 00:17:05.500 align:start position:0% want to implement we want to develop 00:17:05.500 --> 00:17:08.010 align:start position:0% want to implement we want to develop Java<00:17:06.280> Script<00:17:06.550> library<00:17:06.610> that<00:17:07.420> makes<00:17:07.660> it<00:17:07.810> easy 00:17:08.010 --> 00:17:08.020 align:start position:0% Java Script library that makes it easy 00:17:08.020 --> 00:17:11.370 align:start position:0% Java Script library that makes it easy to<00:17:08.220> to<00:17:09.220> also<00:17:09.550> develop<00:17:10.000> third-party<00:17:10.990> mobile 00:17:11.370 --> 00:17:11.380 align:start position:0% to to also develop third-party mobile 00:17:11.380 --> 00:17:13.380 align:start position:0% to to also develop third-party mobile apps<00:17:11.530> besides<00:17:11.949> the<00:17:12.250> one<00:17:12.400> we<00:17:12.550> will<00:17:12.699> actually 00:17:13.380 --> 00:17:13.390 align:start position:0% apps besides the one we will actually 00:17:13.390 --> 00:17:17.250 align:start position:0% apps besides the one we will actually build<00:17:14.350> and<00:17:14.589> we<00:17:15.430> also<00:17:15.670> want<00:17:16.000> to<00:17:16.209> aim<00:17:16.390> that<00:17:16.660> it 00:17:17.250 --> 00:17:17.260 align:start position:0% build and we also want to aim that it 00:17:17.260 --> 00:17:21.179 align:start position:0% build and we also want to aim that it will<00:17:17.380> be<00:17:17.500> easy<00:17:17.709> to<00:17:18.040> use<00:17:18.990> our<00:17:19.990> mobile<00:17:20.530> app<00:17:20.829> but 00:17:21.179 --> 00:17:21.189 align:start position:0% will be easy to use our mobile app but 00:17:21.189 --> 00:17:23.100 align:start position:0% will be easy to use our mobile app but also<00:17:21.310> a<00:17:21.790> third-party<00:17:22.390> mobile<00:17:22.720> apps<00:17:22.839> together 00:17:23.100 --> 00:17:23.110 align:start position:0% also a third-party mobile apps together 00:17:23.110 --> 00:17:24.510 align:start position:0% also a third-party mobile apps together with<00:17:23.410> each<00:17:23.530> other<00:17:23.680> so<00:17:23.829> make<00:17:24.010> payments<00:17:24.430> from 00:17:24.510 --> 00:17:24.520 align:start position:0% with each other so make payments from 00:17:24.520 --> 00:17:28.890 align:start position:0% with each other so make payments from one<00:17:24.730> app<00:17:24.939> to<00:17:25.000> the<00:17:25.209> other<00:17:25.770> yeah<00:17:27.180> so<00:17:28.180> let<00:17:28.870> me 00:17:28.890 --> 00:17:28.900 align:start position:0% one app to the other yeah so let me 00:17:28.900 --> 00:17:31.770 align:start position:0% one app to the other yeah so let me summarize<00:17:29.230> that<00:17:29.910> we<00:17:30.910> at<00:17:31.090> promote<00:17:31.390> technology 00:17:31.770 --> 00:17:31.780 align:start position:0% summarize that we at promote technology 00:17:31.780 --> 00:17:33.240 align:start position:0% summarize that we at promote technology work<00:17:32.050> on<00:17:32.230> an<00:17:32.320> open<00:17:32.590> protocol<00:17:32.950> for 00:17:33.240 --> 00:17:33.250 align:start position:0% work on an open protocol for 00:17:33.250 --> 00:17:35.610 align:start position:0% work on an open protocol for decentralized<00:17:33.580> I<00:17:34.000> use<00:17:34.390> base<00:17:35.080> currency 00:17:35.610 --> 00:17:35.620 align:start position:0% decentralized I use base currency 00:17:35.620 --> 00:17:38.070 align:start position:0% decentralized I use base currency networks<00:17:36.060> this<00:17:37.060> will<00:17:37.420> enable<00:17:37.690> global 00:17:38.070 --> 00:17:38.080 align:start position:0% networks this will enable global 00:17:38.080 --> 00:17:39.990 align:start position:0% networks this will enable global payments<00:17:38.650> based<00:17:38.890> on<00:17:39.070> a<00:17:39.130> network<00:17:39.280> of<00:17:39.580> already 00:17:39.990 --> 00:17:40.000 align:start position:0% payments based on a network of already 00:17:40.000 --> 00:17:43.020 align:start position:0% payments based on a network of already existing<00:17:41.250> individual<00:17:42.250> trust<00:17:42.520> relationships 00:17:43.020 --> 00:17:43.030 align:start position:0% existing individual trust relationships 00:17:43.030 --> 00:17:45.750 align:start position:0% existing individual trust relationships we<00:17:44.020> think<00:17:44.320> it's<00:17:44.560> an<00:17:44.740> old<00:17:44.890> but<00:17:45.130> powerful<00:17:45.400> idea 00:17:45.750 --> 00:17:45.760 align:start position:0% we think it's an old but powerful idea 00:17:45.760 --> 00:17:47.730 align:start position:0% we think it's an old but powerful idea that<00:17:46.000> can<00:17:46.600> increase<00:17:46.870> adoption<00:17:47.590> of 00:17:47.730 --> 00:17:47.740 align:start position:0% that can increase adoption of 00:17:47.740 --> 00:17:50.310 align:start position:0% that can increase adoption of cryptocurrencies<00:17:48.070> and<00:17:48.490> made<00:17:48.940> it<00:17:49.140> easier<00:17:50.140> to 00:17:50.310 --> 00:17:50.320 align:start position:0% cryptocurrencies and made it easier to 00:17:50.320 --> 00:17:53.520 align:start position:0% cryptocurrencies and made it easier to access<00:17:50.410> for<00:17:51.010> everyone<00:17:51.960> thanks<00:17:52.960> everybody<00:17:53.140> and 00:17:53.520 --> 00:17:53.530 align:start position:0% access for everyone thanks everybody and 00:17:53.530 --> 00:17:56.370 align:start position:0% access for everyone thanks everybody and if<00:17:54.190> you<00:17:54.309> have<00:17:54.460> questions<00:17:54.910> or<00:17:55.030> if<00:17:55.120> we<00:17:55.320> want<00:17:56.320> to 00:17:56.370 --> 00:17:56.380 align:start position:0% if you have questions or if we want to 00:17:56.380 --> 00:17:57.630 align:start position:0% if you have questions or if we want to talk<00:17:56.500> about<00:17:56.559> the<00:17:56.830> idea<00:17:57.040> please<00:17:57.220> feel<00:17:57.460> free<00:17:57.490> to 00:17:57.630 --> 00:17:57.640 align:start position:0% talk about the idea please feel free to 00:17:57.640 --> 00:17:59.370 align:start position:0% talk about the idea please feel free to approach<00:17:58.030> us 00:17:59.370 --> 00:17:59.380 align:start position:0% approach us 00:17:59.380 --> 00:18:09.650 align:start position:0% approach us [Applause] 00:18:09.650 --> 00:18:09.660 align:start position:0% 00:18:09.660 --> 00:18:17.239 align:start position:0% [Music]