WEBVTT Kind: captions Language: en 00:00:05.070 --> 00:00:16.189 align:start position:0% [Music] 00:00:16.189 --> 00:00:16.199 align:start position:0% 00:00:16.199 --> 00:00:19.269 align:start position:0% hello<00:00:16.480> everyone<00:00:17.400> um<00:00:18.199> welcome<00:00:18.520> to<00:00:18.840> the<00:00:19.000> third 00:00:19.269 --> 00:00:19.279 align:start position:0% hello everyone um welcome to the third 00:00:19.279 --> 00:00:21.150 align:start position:0% hello everyone um welcome to the third day<00:00:19.400> of<00:00:19.520> the<00:00:19.960> of<00:00:20.119> the<00:00:20.240> conference<00:00:20.680> deep<00:00:20.880> dive 00:00:21.150 --> 00:00:21.160 align:start position:0% day of the of the conference deep dive 00:00:21.160 --> 00:00:24.670 align:start position:0% day of the of the conference deep dive into<00:00:21.320> ethereum<00:00:21.920> protocols<00:00:23.080> so<00:00:24.080> we<00:00:24.279> started 00:00:24.670 --> 00:00:24.680 align:start position:0% into ethereum protocols so we started 00:00:24.680 --> 00:00:26.870 align:start position:0% into ethereum protocols so we started off<00:00:24.960> with<00:00:25.160> a<00:00:25.560> wonderful<00:00:26.080> presentation<00:00:26.640> from 00:00:26.870 --> 00:00:26.880 align:start position:0% off with a wonderful presentation from 00:00:26.880 --> 00:00:30.269 align:start position:0% off with a wonderful presentation from Alex<00:00:27.560> on<00:00:28.560> the<00:00:28.840> protocol<00:00:29.400> on<00:00:29.599> top<00:00:29.759> of<00:00:30.039> which<00:00:30.199> the 00:00:30.269 --> 00:00:30.279 align:start position:0% Alex on the protocol on top of which the 00:00:30.279 --> 00:00:32.350 align:start position:0% Alex on the protocol on top of which the other<00:00:30.480> ethereum<00:00:30.920> protocols<00:00:31.439> run<00:00:31.759> so<00:00:31.920> I<00:00:32.000> fig<00:00:32.239> it 00:00:32.350 --> 00:00:32.360 align:start position:0% other ethereum protocols run so I fig it 00:00:32.360 --> 00:00:33.709 align:start position:0% other ethereum protocols run so I fig it makes<00:00:32.559> sense<00:00:32.759> to<00:00:32.880> follow<00:00:33.120> that<00:00:33.280> up<00:00:33.440> with<00:00:33.520> a 00:00:33.709 --> 00:00:33.719 align:start position:0% makes sense to follow that up with a 00:00:33.719 --> 00:00:38.229 align:start position:0% makes sense to follow that up with a presentation<00:00:34.640> on<00:00:35.640> the<00:00:35.800> ethereum<00:00:36.280> protocol<00:00:37.239> so 00:00:38.229 --> 00:00:38.239 align:start position:0% presentation on the ethereum protocol so 00:00:38.239 --> 00:00:40.270 align:start position:0% presentation on the ethereum protocol so you<00:00:38.360> know<00:00:38.920> the<00:00:39.200> idea<00:00:39.520> behind<00:00:39.840> ethereum 00:00:40.270 --> 00:00:40.280 align:start position:0% you know the idea behind ethereum 00:00:40.280 --> 00:00:43.190 align:start position:0% you know the idea behind ethereum blockchain<00:00:40.800> first<00:00:41.120> came<00:00:41.320> around<00:00:41.879> back<00:00:42.840> at<00:00:43.039> the 00:00:43.190 --> 00:00:43.200 align:start position:0% blockchain first came around back at the 00:00:43.200 --> 00:00:44.350 align:start position:0% blockchain first came around back at the end<00:00:43.559> of 00:00:44.350 --> 00:00:44.360 align:start position:0% end of 00:00:44.360 --> 00:00:47.229 align:start position:0% end of 2013<00:00:45.360> when<00:00:46.039> people<00:00:46.280> were<00:00:46.520> getting<00:00:46.879> really 00:00:47.229 --> 00:00:47.239 align:start position:0% 2013 when people were getting really 00:00:47.239 --> 00:00:48.830 align:start position:0% 2013 when people were getting really excited<00:00:47.680> about<00:00:47.960> Bitcoin<00:00:48.440> people<00:00:48.600> were 00:00:48.830 --> 00:00:48.840 align:start position:0% excited about Bitcoin people were 00:00:48.840 --> 00:00:51.670 align:start position:0% excited about Bitcoin people were getting<00:00:49.399> starting<00:00:49.800> to<00:00:50.000> get<00:00:50.239> excited<00:00:50.840> about 00:00:51.670 --> 00:00:51.680 align:start position:0% getting starting to get excited about 00:00:51.680 --> 00:00:54.029 align:start position:0% getting starting to get excited about blockchain<00:00:52.120> technology<00:00:53.000> and<00:00:53.399> applications 00:00:54.029 --> 00:00:54.039 align:start position:0% blockchain technology and applications 00:00:54.039 --> 00:00:57.189 align:start position:0% blockchain technology and applications Beyond<00:00:54.520> currency<00:00:55.520> and<00:00:56.440> there's<00:00:56.640> a<00:00:56.879> public 00:00:57.189 --> 00:00:57.199 align:start position:0% Beyond currency and there's a public 00:00:57.199 --> 00:00:59.470 align:start position:0% Beyond currency and there's a public consensus<00:00:57.960> that<00:00:58.280> blockchains<00:00:58.800> are<00:00:59.039> useful 00:00:59.470 --> 00:00:59.480 align:start position:0% consensus that blockchains are useful 00:00:59.480 --> 00:01:04.189 align:start position:0% consensus that blockchains are useful for<00:01:00.280> stuff<00:01:01.280> and<00:01:02.160> not<00:01:02.399> just<00:01:02.559> money<00:01:03.440> so<00:01:03.920> you<00:01:04.040> know 00:01:04.189 --> 00:01:04.199 align:start position:0% for stuff and not just money so you know 00:01:04.199 --> 00:01:05.710 align:start position:0% for stuff and not just money so you know blockchains<00:01:04.799> could<00:01:04.920> be<00:01:05.040> used<00:01:05.239> for<00:01:05.439> asset 00:01:05.710 --> 00:01:05.720 align:start position:0% blockchains could be used for asset 00:01:05.720 --> 00:01:07.469 align:start position:0% blockchains could be used for asset issuance<00:01:06.320> crowdfunding<00:01:07.119> domain 00:01:07.469 --> 00:01:07.479 align:start position:0% issuance crowdfunding domain 00:01:07.479 --> 00:01:09.830 align:start position:0% issuance crowdfunding domain registration<00:01:08.280> title<00:01:08.640> registration<00:01:09.320> gambling 00:01:09.830 --> 00:01:09.840 align:start position:0% registration title registration gambling 00:01:09.840 --> 00:01:12.830 align:start position:0% registration title registration gambling prediction<00:01:10.320> markets<00:01:11.320> iot<00:01:12.320> you<00:01:12.439> know<00:01:12.640> people 00:01:12.830 --> 00:01:12.840 align:start position:0% prediction markets iot you know people 00:01:12.840 --> 00:01:14.870 align:start position:0% prediction markets iot you know people are<00:01:13.400> coming<00:01:13.640> up<00:01:13.799> with<00:01:13.960> some<00:01:14.159> new<00:01:14.360> category<00:01:14.759> of 00:01:14.870 --> 00:01:14.880 align:start position:0% are coming up with some new category of 00:01:14.880 --> 00:01:17.390 align:start position:0% are coming up with some new category of applications<00:01:15.479> every<00:01:15.840> week 00:01:17.390 --> 00:01:17.400 align:start position:0% applications every week 00:01:17.400 --> 00:01:20.950 align:start position:0% applications every week and<00:01:18.640> so<00:01:19.640> you<00:01:19.799> know<00:01:19.960> the<00:01:20.159> problem<00:01:20.439> at<00:01:20.560> the<00:01:20.720> time 00:01:20.950 --> 00:01:20.960 align:start position:0% and so you know the problem at the time 00:01:20.960 --> 00:01:23.390 align:start position:0% and so you know the problem at the time is<00:01:21.360> that<00:01:22.079> most<00:01:22.479> existing<00:01:22.880> blockchain 00:01:23.390 --> 00:01:23.400 align:start position:0% is that most existing blockchain 00:01:23.400 --> 00:01:25.469 align:start position:0% is that most existing blockchain protocols<00:01:23.960> were<00:01:24.200> designed<00:01:24.640> like 00:01:25.469 --> 00:01:25.479 align:start position:0% protocols were designed like 00:01:25.479 --> 00:01:28.190 align:start position:0% protocols were designed like this<00:01:26.479> single<00:01:26.920> purpose<00:01:27.280> tools<00:01:27.640> that<00:01:27.759> are<00:01:28.119> that 00:01:28.190 --> 00:01:28.200 align:start position:0% this single purpose tools that are that 00:01:28.200 --> 00:01:30.310 align:start position:0% this single purpose tools that are that are<00:01:28.479> specifically<00:01:29.119> designed<00:01:29.600> around<00:01:30.119> one 00:01:30.310 --> 00:01:30.320 align:start position:0% are specifically designed around one 00:01:30.320 --> 00:01:33.310 align:start position:0% are specifically designed around one particular<00:01:31.119> application<00:01:32.119> so<00:01:32.680> in<00:01:32.840> bitcoin's 00:01:33.310 --> 00:01:33.320 align:start position:0% particular application so in bitcoin's 00:01:33.320 --> 00:01:36.069 align:start position:0% particular application so in bitcoin's case<00:01:33.560> currency<00:01:34.399> in<00:01:34.560> namecoin<00:01:35.079> case<00:01:35.320> domain 00:01:36.069 --> 00:01:36.079 align:start position:0% case currency in namecoin case domain 00:01:36.079 --> 00:01:39.910 align:start position:0% case currency in namecoin case domain registration<00:01:37.119> in<00:01:38.119> in<00:01:38.759> Prime<00:01:39.079> coin's<00:01:39.520> case<00:01:39.799> you 00:01:39.910 --> 00:01:39.920 align:start position:0% registration in in Prime coin's case you 00:01:39.920 --> 00:01:41.910 align:start position:0% registration in in Prime coin's case you know<00:01:40.159> trying<00:01:40.520> to<00:01:40.680> do<00:01:40.960> scientific<00:01:41.479> Computing 00:01:41.910 --> 00:01:41.920 align:start position:0% know trying to do scientific Computing 00:01:41.920 --> 00:01:43.429 align:start position:0% know trying to do scientific Computing and<00:01:42.040> in<00:01:42.159> my<00:01:42.280> opinion<00:01:42.560> not<00:01:42.720> doing<00:01:42.920> a<00:01:43.079> very<00:01:43.240> good 00:01:43.429 --> 00:01:43.439 align:start position:0% and in my opinion not doing a very good 00:01:43.439 --> 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55<00:01:53.759> different 00:01:54.109 --> 00:01:54.119 align:start position:0% somewhere around 55 different 00:01:54.119 --> 00:01:57.069 align:start position:0% somewhere around 55 different transaction<00:01:54.759> types<00:01:55.680> where<00:01:56.200> one<00:01:56.439> transaction 00:01:57.069 --> 00:01:57.079 align:start position:0% transaction types where one transaction 00:01:57.079 --> 00:01:59.310 align:start position:0% transaction types where one transaction type<00:01:57.399> is<00:01:57.759> something<00:01:58.200> like<00:01:58.360> you<00:01:58.479> know<00:01:58.880> create<00:01:59.159> a 00:01:59.310 --> 00:01:59.320 align:start position:0% type is something like you know create a 00:01:59.320 --> 00:02:01.230 align:start position:0% type is something like you know create a binary<00:01:59.960> option<00:02:00.280> another<00:02:00.560> one<00:02:00.680> is<00:02:00.840> join<00:02:01.079> a 00:02:01.230 --> 00:02:01.240 align:start position:0% binary option another one is join a 00:02:01.240 --> 00:02:02.950 align:start position:0% binary option another one is join a binary<00:02:01.680> option<00:02:02.039> then<00:02:02.200> one<00:02:02.320> for<00:02:02.479> settling<00:02:02.840> a 00:02:02.950 --> 00:02:02.960 align:start position:0% binary option then one for settling a 00:02:02.960 --> 00:02:04.749 align:start position:0% binary option then one for settling a binary<00:02:03.360> option<00:02:03.719> one<00:02:03.840> for<00:02:04.000> making<00:02:04.240> a<00:02:04.399> bet<00:02:04.640> one 00:02:04.749 --> 00:02:04.759 align:start position:0% binary option one for making a bet one 00:02:04.759 --> 00:02:07.350 align:start position:0% binary option one for making a bet one for<00:02:04.920> settling<00:02:05.280> a<00:02:05.439> bet<00:02:06.240> one<00:02:06.439> for<00:02:06.840> doing<00:02:07.159> some 00:02:07.350 --> 00:02:07.360 align:start position:0% for settling a bet one for doing some 00:02:07.360 --> 00:02:09.949 align:start position:0% for settling a bet one for doing some kind<00:02:07.479> of<00:02:07.560> two-party<00:02:08.080> dice<00:02:08.399> game<00:02:09.160> and<00:02:09.599> every 00:02:09.949 --> 00:02:09.959 align:start position:0% kind of two-party dice game and every 00:02:09.959 --> 00:02:12.030 align:start position:0% kind of two-party dice game and every time<00:02:10.319> someone<00:02:10.720> came<00:02:10.920> up<00:02:11.080> with<00:02:11.200> a<00:02:11.360> new<00:02:11.599> kind<00:02:11.800> of 00:02:12.030 --> 00:02:12.040 align:start position:0% time someone came up with a new kind of 00:02:12.040 --> 00:02:15.990 align:start position:0% time someone came up with a new kind of application<00:02:12.879> that<00:02:13.920> was<00:02:14.920> deemed<00:02:15.440> important 00:02:15.990 --> 00:02:16.000 align:start position:0% application that was deemed important 00:02:16.000 --> 00:02:18.309 align:start position:0% application that was deemed important enough<00:02:16.200> to<00:02:16.319> be<00:02:16.480> worth<00:02:16.800> including<00:02:17.800> the<00:02:17.959> people 00:02:18.309 --> 00:02:18.319 align:start position:0% enough to be worth including the people 00:02:18.319 --> 00:02:20.030 align:start position:0% enough to be worth including the people who<00:02:18.480> are<00:02:18.760> creating<00:02:19.120> these<00:02:19.360> protocols<00:02:19.840> would 00:02:20.030 --> 00:02:20.040 align:start position:0% who are creating these protocols would 00:02:20.040 --> 00:02:23.710 align:start position:0% who are creating these protocols would just<00:02:20.280> add<00:02:20.480> yet<00:02:20.640> another<00:02:20.959> transaction<00:02:21.560> type<00:02:22.720> so 00:02:23.710 --> 00:02:23.720 align:start position:0% just add yet another transaction type so 00:02:23.720 --> 00:02:25.190 align:start position:0% just add yet another transaction type so at<00:02:23.920> the<00:02:24.080> time<00:02:24.239> you<00:02:24.319> know<00:02:24.480> we<00:02:24.599> had<00:02:24.760> protocols 00:02:25.190 --> 00:02:25.200 align:start position:0% at the time you know we had protocols 00:02:25.200 --> 00:02:27.550 align:start position:0% at the time you know we had protocols that<00:02:25.319> had<00:02:25.480> 55<00:02:25.920> transaction<00:02:26.480> types<00:02:27.200> I<00:02:27.360> even 00:02:27.550 --> 00:02:27.560 align:start position:0% that had 55 transaction types I even 00:02:27.560 --> 00:02:29.589 align:start position:0% that had 55 transaction types I even worked<00:02:27.840> for<00:02:28.000> one<00:02:28.120> of<00:02:28.200> them<00:02:28.360> for<00:02:28.480> a<00:02:28.560> few<00:02:28.800> weeks 00:02:29.589 --> 00:02:29.599 align:start position:0% worked for one of them for a few weeks 00:02:29.599 --> 00:02:31.350 align:start position:0% worked for one of them for a few weeks um<00:02:29.959> after<00:02:30.160> I<00:02:30.239> worked<00:02:30.560> one<00:02:30.680> of<00:02:30.840> them<00:02:30.959> for<00:02:31.080> a<00:02:31.200> few 00:02:31.350 --> 00:02:31.360 align:start position:0% um after I worked one of them for a few 00:02:31.360 --> 00:02:33.270 align:start position:0% um after I worked one of them for a few weeks<00:02:31.760> like<00:02:32.040> another<00:02:32.280> two<00:02:32.519> transaction<00:02:33.000> types 00:02:33.270 --> 00:02:33.280 align:start position:0% weeks like another two transaction types 00:02:33.280 --> 00:02:36.110 align:start position:0% weeks like another two transaction types got<00:02:33.640> added<00:02:34.640> um<00:02:35.080> good<00:02:35.239> old<00:02:35.480> contracts<00:02:35.920> for 00:02:36.110 --> 00:02:36.120 align:start position:0% got added um good old contracts for 00:02:36.120 --> 00:02:40.270 align:start position:0% got added um good old contracts for difference<00:02:37.120> so<00:02:38.080> even<00:02:38.360> still<00:02:39.000> you<00:02:39.159> know<00:02:39.680> it's 00:02:40.270 --> 00:02:40.280 align:start position:0% difference so even still you know it's 00:02:40.280 --> 00:02:42.710 align:start position:0% difference so even still you know it's pretty<00:02:40.720> obvious<00:02:41.280> I<00:02:41.400> think<00:02:41.760> from<00:02:42.159> especially 00:02:42.710 --> 00:02:42.720 align:start position:0% pretty obvious I think from especially 00:02:42.720 --> 00:02:45.509 align:start position:0% pretty obvious I think from especially from<00:02:43.239> the<00:02:43.440> standpoint<00:02:44.120> of<00:02:44.560> uh<00:02:44.959> our<00:02:45.200> current 00:02:45.509 --> 00:02:45.519 align:start position:0% from the standpoint of uh our current 00:02:45.519 --> 00:02:47.229 align:start position:0% from the standpoint of uh our current generation<00:02:46.120> that<00:02:46.319> this<00:02:46.560> particular<00:02:46.959> way<00:02:47.120> of 00:02:47.229 --> 00:02:47.239 align:start position:0% generation that this particular way of 00:02:47.239 --> 00:02:48.750 align:start position:0% generation that this particular way of doing<00:02:47.560> things<00:02:47.760> is<00:02:47.920> just<00:02:48.080> fundamentally 00:02:48.750 --> 00:02:48.760 align:start position:0% doing things is just fundamentally 00:02:48.760 --> 00:02:51.990 align:start position:0% doing things is just fundamentally limited<00:02:49.760> so<00:02:50.440> what's<00:02:50.640> the 00:02:51.990 --> 00:02:52.000 align:start position:0% limited so what's the 00:02:52.000 --> 00:02:54.790 align:start position:0% limited so what's the solution<00:02:53.000> basically<00:02:53.400> something<00:02:53.640> like<00:02:53.760> a 00:02:54.790 --> 00:02:54.800 align:start position:0% solution basically something like a 00:02:54.800 --> 00:02:58.589 align:start position:0% solution basically something like a smartphone<00:02:56.120> so<00:02:57.120> you<00:02:57.239> know<00:02:57.480> the<00:02:57.640> idea<00:02:58.080> is<00:02:58.360> that 00:02:58.589 --> 00:02:58.599 align:start position:0% smartphone so you know the idea is that 00:02:58.599 --> 00:03:05.260 align:start position:0% smartphone so you know the idea is that instead<00:02:59.159> of 00:03:05.260 --> 00:03:05.270 align:start position:0% 00:03:05.270 --> 00:03:09.910 align:start position:0% [Applause] 00:03:09.910 --> 00:03:09.920 align:start position:0% [Applause] 00:03:09.920 --> 00:03:13.390 align:start position:0% [Applause] so<00:03:10.159> instead<00:03:10.560> of<00:03:11.000> having<00:03:12.000> you<00:03:12.120> know<00:03:12.480> a<00:03:13.200> a 00:03:13.390 --> 00:03:13.400 align:start position:0% so instead of having you know a a 00:03:13.400 --> 00:03:15.589 align:start position:0% so instead of having you know a a protocol<00:03:13.879> that's<00:03:14.120> designed<00:03:14.680> around<00:03:15.120> one<00:03:15.400> very 00:03:15.589 --> 00:03:15.599 align:start position:0% protocol that's designed around one very 00:03:15.599 --> 00:03:18.070 align:start position:0% protocol that's designed around one very small<00:03:15.920> set<00:03:16.040> of<00:03:16.159> use<00:03:16.480> cases<00:03:17.080> you<00:03:17.280> just<00:03:17.519> create<00:03:17.879> a 00:03:18.070 --> 00:03:18.080 align:start position:0% small set of use cases you just create a 00:03:18.080 --> 00:03:21.030 align:start position:0% small set of use cases you just create a general<00:03:18.519> purpose<00:03:18.879> operating<00:03:19.360> system<00:03:20.319> and<00:03:20.840> you 00:03:21.030 --> 00:03:21.040 align:start position:0% general purpose operating system and you 00:03:21.040 --> 00:03:23.110 align:start position:0% general purpose operating system and you let<00:03:21.280> people<00:03:21.599> build<00:03:21.959> whatever<00:03:22.319> they<00:03:22.480> want<00:03:22.840> as 00:03:23.110 --> 00:03:23.120 align:start position:0% let people build whatever they want as 00:03:23.120 --> 00:03:26.190 align:start position:0% let people build whatever they want as applications<00:03:23.640> on<00:03:23.920> top<00:03:24.080> of<00:03:24.200> it<00:03:25.159> so<00:03:25.879> you<00:03:26.000> know<00:03:26.120> if 00:03:26.190 --> 00:03:26.200 align:start position:0% applications on top of it so you know if 00:03:26.200 --> 00:03:28.229 align:start position:0% applications on top of it so you know if you<00:03:26.360> do<00:03:26.599> that<00:03:26.920> then<00:03:27.280> things<00:03:27.560> suddenly<00:03:27.959> become 00:03:28.229 --> 00:03:28.239 align:start position:0% you do that then things suddenly become 00:03:28.239 --> 00:03:30.869 align:start position:0% you do that then things suddenly become better<00:03:28.720> you<00:03:28.840> know<00:03:29.439> people 00:03:30.869 --> 00:03:30.879 align:start position:0% better you know people 00:03:30.879 --> 00:03:32.550 align:start position:0% better you know people maybe<00:03:31.239> when<00:03:31.319> you're<00:03:31.519> inventing<00:03:31.920> the<00:03:32.120> protocol 00:03:32.550 --> 00:03:32.560 align:start position:0% maybe when you're inventing the protocol 00:03:32.560 --> 00:03:34.270 align:start position:0% maybe when you're inventing the protocol you<00:03:32.680> might<00:03:32.879> be<00:03:33.040> thinking<00:03:33.519> that<00:03:33.879> okay<00:03:34.080> people 00:03:34.270 --> 00:03:34.280 align:start position:0% you might be thinking that okay people 00:03:34.280 --> 00:03:36.350 align:start position:0% you might be thinking that okay people are<00:03:34.400> going<00:03:34.519> to<00:03:34.680> use<00:03:34.920> this<00:03:35.080> for<00:03:35.400> binary<00:03:35.879> options 00:03:36.350 --> 00:03:36.360 align:start position:0% are going to use this for binary options 00:03:36.360 --> 00:03:38.470 align:start position:0% are going to use this for binary options contracts<00:03:36.799> for<00:03:37.000> difference<00:03:37.920> making<00:03:38.239> making 00:03:38.470 --> 00:03:38.480 align:start position:0% contracts for difference making making 00:03:38.480 --> 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white 00:03:47.270 --> 00:03:47.280 align:start position:0% time then you know release the white 00:03:47.280 --> 00:03:50.149 align:start position:0% time then you know release the white paper<00:03:48.120> and<00:03:48.680> six<00:03:48.920> weeks<00:03:49.200> later<00:03:49.439> you<00:03:49.640> realize 00:03:50.149 --> 00:03:50.159 align:start position:0% paper and six weeks later you realize 00:03:50.159 --> 00:03:51.630 align:start position:0% paper and six weeks later you realize that<00:03:50.319> people<00:03:50.560> are<00:03:50.680> inventing<00:03:51.159> applications 00:03:51.630 --> 00:03:51.640 align:start position:0% that people are inventing applications 00:03:51.640 --> 00:03:53.830 align:start position:0% that people are inventing applications in<00:03:51.760> a<00:03:51.879> completely<00:03:52.280> different<00:03:52.599> direction<00:03:53.519> and 00:03:53.830 --> 00:03:53.840 align:start position:0% in a completely different direction and 00:03:53.840 --> 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them so That's The Power of generality<00:04:02.840> so<00:04:03.519> what<00:04:03.640> is<00:04:03.760> the<00:04:03.920> concept<00:04:04.319> behind 00:04:04.550 --> 00:04:04.560 align:start position:0% generality so what is the concept behind 00:04:04.560 --> 00:04:07.910 align:start position:0% generality so what is the concept behind ethereum<00:04:05.400> well<00:04:05.920> it's<00:04:06.040> a<00:04:06.480> blockchain<00:04:07.480> see<00:04:07.799> them 00:04:07.910 --> 00:04:07.920 align:start position:0% ethereum well it's a blockchain see them 00:04:07.920 --> 00:04:11.750 align:start position:0% ethereum well it's a blockchain see them for<00:04:08.079> six<00:04:08.360> years<00:04:08.879> pretty 00:04:11.750 --> 00:04:11.760 align:start position:0% 00:04:11.760 --> 00:04:15.990 align:start position:0% boring<00:04:12.760> with<00:04:12.879> a<00:04:12.959> few<00:04:13.159> tiny<00:04:13.799> additions<00:04:14.799> so<00:04:15.799> the 00:04:15.990 --> 00:04:16.000 align:start position:0% boring with a few tiny additions so the 00:04:16.000 --> 00:04:18.550 align:start position:0% boring with a few tiny additions so the first<00:04:16.440> important<00:04:16.840> one<00:04:17.199> is<00:04:17.519> this<00:04:17.759> concept<00:04:18.199> of<00:04:18.400> a 00:04:18.550 --> 00:04:18.560 align:start position:0% first important one is this concept of a 00:04:18.560 --> 00:04:22.469 align:start position:0% first important one is this concept of a built-in<00:04:19.040> programming<00:04:19.600> language<00:04:21.079> so<00:04:22.079> in 00:04:22.469 --> 00:04:22.479 align:start position:0% built-in programming language so in 00:04:22.479 --> 00:04:25.670 align:start position:0% built-in programming language so in ethereum<00:04:23.199> there<00:04:23.479> is<00:04:24.080> a<00:04:24.280> kind<00:04:24.400> of<00:04:24.639> a<00:04:24.800> builtin 00:04:25.670 --> 00:04:25.680 align:start position:0% ethereum there is a kind of a builtin 00:04:25.680 --> 00:04:28.310 align:start position:0% ethereum there is a kind of a builtin turing<00:04:26.520> Turing<00:04:26.919> complete<00:04:27.320> scripting 00:04:28.310 --> 00:04:28.320 align:start position:0% turing Turing complete scripting 00:04:28.320 --> 00:04:30.270 align:start position:0% turing Turing complete scripting scripting<00:04:28.840> language<00:04:29.400> it's 00:04:30.270 --> 00:04:30.280 align:start position:0% scripting language it's 00:04:30.280 --> 00:04:32.909 align:start position:0% scripting language it's essentially<00:04:31.000> a<00:04:31.240> hybrid<00:04:31.759> between<00:04:32.240> kind<00:04:32.400> of 00:04:32.909 --> 00:04:32.919 align:start position:0% essentially a hybrid between kind of 00:04:32.919 --> 00:04:35.070 align:start position:0% essentially a hybrid between kind of standard<00:04:33.360> virtual<00:04:33.759> machine<00:04:34.160> architectures 00:04:35.070 --> 00:04:35.080 align:start position:0% standard virtual machine architectures 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position:0% people can write programs in this script or<00:04:45.280> more<00:04:45.520> realistically<00:04:46.199> in<00:04:46.360> high<00:04:46.520> level 00:04:46.790 --> 00:04:46.800 align:start position:0% or more realistically in high level 00:04:46.800 --> 00:04:48.590 align:start position:0% or more realistically in high level languages<00:04:47.520> that<00:04:47.639> compile<00:04:48.039> down<00:04:48.160> to<00:04:48.320> the 00:04:48.590 --> 00:04:48.600 align:start position:0% languages that compile down to the 00:04:48.600 --> 00:04:51.189 align:start position:0% languages that compile down to the script<00:04:49.600> then<00:04:49.800> people<00:04:50.199> take<00:04:50.759> take<00:04:50.960> their 00:04:51.189 --> 00:04:51.199 align:start position:0% script then people take take their 00:04:51.199 --> 00:04:52.990 align:start position:0% script then people take take their compiled<00:04:51.639> scripts<00:04:52.320> put<00:04:52.440> them<00:04:52.600> into 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position:0% confirmed an address gets generated and you<00:05:00.560> now<00:05:00.840> have<00:05:01.280> a<00:05:01.520> special<00:05:01.800> kind<00:05:01.960> of<00:05:02.199> account 00:05:02.590 --> 00:05:02.600 align:start position:0% you now have a special kind of account 00:05:02.600 --> 00:05:05.510 align:start position:0% you now have a special kind of account at<00:05:02.759> that<00:05:02.960> address<00:05:03.280> called<00:05:03.440> a<00:05:03.960> contract 00:05:05.510 --> 00:05:05.520 align:start position:0% at that address called a contract 00:05:05.520 --> 00:05:08.469 align:start position:0% at that address called a contract so<00:05:06.520> two<00:05:06.759> types<00:05:06.960> of<00:05:07.160> accounts<00:05:07.759> user<00:05:08.120> accounts 00:05:08.469 --> 00:05:08.479 align:start position:0% so two types of accounts user accounts 00:05:08.479 --> 00:05:10.189 align:start position:0% so two types of accounts user accounts controlled<00:05:08.880> by<00:05:09.039> private<00:05:09.320> Keys<00:05:09.759> you<00:05:09.880> know<00:05:10.080> we 00:05:10.189 --> 00:05:10.199 align:start position:0% controlled by private Keys you know we 00:05:10.199 --> 00:05:12.749 align:start position:0% controlled by private Keys you know we all<00:05:11.120> the<00:05:11.240> same<00:05:11.520> old<00:05:11.759> tic<00:05:12.199> curve<00:05:12.479> digital 00:05:12.749 --> 00:05:12.759 align:start position:0% all the same old tic curve digital 00:05:12.759 --> 00:05:14.990 align:start position:0% all the same old tic curve digital signature<00:05:13.160> algorithm<00:05:13.639> we<00:05:13.720> all<00:05:13.840> know<00:05:13.960> and<00:05:14.160> love 00:05:14.990 --> 00:05:15.000 align:start position:0% signature algorithm we all know and love 00:05:15.000 --> 00:05:17.110 align:start position:0% signature algorithm we all know and love second<00:05:15.320> kind<00:05:15.479> of<00:05:15.720> account<00:05:16.479> contracts 00:05:17.110 --> 00:05:17.120 align:start position:0% second kind of account contracts 00:05:17.120 --> 00:05:21.230 align:start position:0% second kind of account contracts controlled<00:05:17.720> by<00:05:18.479> code<00:05:19.520> so<00:05:20.520> these<00:05:20.680> two<00:05:20.840> types<00:05:21.080> of 00:05:21.230 --> 00:05:21.240 align:start position:0% controlled by code so these two types of 00:05:21.240 --> 00:05:22.870 align:start position:0% controlled by code so these two types of accounts<00:05:21.520> in<00:05:21.680> ethereum<00:05:22.199> essentially<00:05:22.639> have 00:05:22.870 --> 00:05:22.880 align:start position:0% accounts in ethereum essentially have 00:05:22.880 --> 00:05:25.350 align:start position:0% accounts in ethereum essentially have completely<00:05:23.319> equal<00:05:23.720> privileges<00:05:24.720> anything 00:05:25.350 --> 00:05:25.360 align:start position:0% completely equal privileges anything 00:05:25.360 --> 00:05:27.670 align:start position:0% completely equal privileges anything that<00:05:25.600> humans<00:05:26.000> have<00:05:26.160> the<00:05:26.319> right<00:05:26.479> to<00:05:26.639> do<00:05:27.319> bots 00:05:27.670 --> 00:05:27.680 align:start position:0% that humans have the right to do bots 00:05:27.680 --> 00:05:30.469 align:start position:0% that humans have the right to do bots have<00:05:27.840> the<00:05:27.960> right<00:05:28.120> to<00:05:28.280> do 00:05:30.469 --> 00:05:30.479 align:start position:0% have the right to do 00:05:30.479 --> 00:05:33.230 align:start position:0% have the right to do so<00:05:31.319> anyone<00:05:31.639> can<00:05:31.800> create<00:05:32.039> an<00:05:32.240> application<00:05:33.000> with 00:05:33.230 --> 00:05:33.240 align:start position:0% so anyone can create an application with 00:05:33.240 --> 00:05:37.670 align:start position:0% so anyone can create an application with any<00:05:33.600> rules<00:05:34.160> by<00:05:34.639> defining<00:05:35.000> it<00:05:35.160> as<00:05:35.240> a<00:05:35.440> contract 00:05:37.670 --> 00:05:37.680 align:start position:0% any rules by defining it as a contract 00:05:37.680 --> 00:05:40.189 align:start position:0% any rules by defining it as a contract so<00:05:38.680> this<00:05:38.800> is<00:05:39.199> essentially<00:05:39.720> the<00:05:39.880> basic 00:05:40.189 --> 00:05:40.199 align:start position:0% so this is essentially the basic 00:05:40.199 --> 00:05:43.309 align:start position:0% so this is essentially the basic principle<00:05:40.840> so<00:05:41.680> you<00:05:41.840> know<00:05:42.520> the<00:05:42.680> whole<00:05:42.919> world<00:05:43.160> of 00:05:43.309 --> 00:05:43.319 align:start position:0% principle so you know the whole world of 00:05:43.319 --> 00:05:44.909 align:start position:0% principle so you know the whole world of ethereum<00:05:43.800> are<00:05:43.919> creating<00:05:44.199> a<00:05:44.319> decentralized 00:05:44.909 --> 00:05:44.919 align:start position:0% ethereum are creating a decentralized 00:05:44.919 --> 00:05:47.990 align:start position:0% ethereum are creating a decentralized DNS<00:05:45.400> system<00:05:46.400> so<00:05:46.759> basically<00:05:47.520> you<00:05:47.639> know<00:05:47.840> the 00:05:47.990 --> 00:05:48.000 align:start position:0% DNS system so basically you know the 00:05:48.000 --> 00:05:51.309 align:start position:0% DNS system so basically you know the idea<00:05:48.360> here<00:05:48.600> is<00:05:48.759> he<00:05:48.919> wants<00:05:49.240> to<00:05:50.240> create<00:05:50.600> a<00:05:50.800> system 00:05:51.309 --> 00:05:51.319 align:start position:0% idea here is he wants to create a system 00:05:51.319 --> 00:05:55.390 align:start position:0% idea here is he wants to create a system where<00:05:51.840> people<00:05:52.319> can<00:05:53.039> register<00:05:53.880> addresses<00:05:54.880> and 00:05:55.390 --> 00:05:55.400 align:start position:0% where people can register addresses and 00:05:55.400 --> 00:05:56.830 align:start position:0% where people can register addresses and if<00:05:55.639> they<00:05:55.800> you<00:05:55.880> know<00:05:56.080> addresses<00:05:56.520> could<00:05:56.680> be<00:05:56.800> you 00:05:56.830 --> 00:05:56.840 align:start position:0% if they you know addresses could be you 00:05:56.840 --> 00:05:58.870 align:start position:0% if they you know addresses could be you know<00:05:57.000> something<00:05:57.319> something.<00:05:57.960> eth<00:05:58.639> and<00:05:58.759> if 00:05:58.870 --> 00:05:58.880 align:start position:0% know something something. eth and if 00:05:58.880 --> 00:06:00.189 align:start position:0% know something something. eth and if they<00:05:59.000> own<00:05:59.160> an<00:05:59.319> address<00:05:59.759> they<00:05:59.840> should<00:05:59.960> be<00:06:00.080> able 00:06:00.189 --> 00:06:00.199 align:start position:0% they own an address they should be able 00:06:00.199 --> 00:06:02.870 align:start position:0% they own an address they should be able to<00:06:00.319> set<00:06:00.520> the<00:06:00.680> IP<00:06:01.000> address<00:06:01.360> associated<00:06:02.000> with 00:06:02.870 --> 00:06:02.880 align:start position:0% to set the IP address associated with 00:06:02.880 --> 00:06:06.589 align:start position:0% to set the IP address associated with that<00:06:03.880> domain<00:06:04.280> address<00:06:05.160> so<00:06:06.160> the<00:06:06.280> way<00:06:06.440> the 00:06:06.589 --> 00:06:06.599 align:start position:0% that domain address so the way the 00:06:06.599 --> 00:06:08.309 align:start position:0% that domain address so the way the system<00:06:06.840> works<00:06:07.080> is<00:06:07.199> fairly<00:06:07.520> simple<00:06:07.880> so<00:06:08.039> you<00:06:08.120> see 00:06:08.309 --> 00:06:08.319 align:start position:0% system works is fairly simple so you see 00:06:08.319 --> 00:06:10.270 align:start position:0% system works is fairly simple so you see a<00:06:08.440> sort<00:06:08.599> of<00:06:08.759> Declaration<00:06:09.280> at<00:06:09.400> the<00:06:09.560> top<00:06:09.880> data 00:06:10.270 --> 00:06:10.280 align:start position:0% a sort of Declaration at the top data 00:06:10.280 --> 00:06:13.430 align:start position:0% a sort of Declaration at the top data domains<00:06:11.280> with<00:06:11.520> an<00:06:11.720> owner<00:06:12.720> basically<00:06:13.240> a 00:06:13.430 --> 00:06:13.440 align:start position:0% domains with an owner basically a 00:06:13.440 --> 00:06:15.589 align:start position:0% domains with an owner basically a mapping<00:06:13.880> between<00:06:14.199> a<00:06:14.360> domain<00:06:14.720> name<00:06:15.120> and<00:06:15.360> a 00:06:15.589 --> 00:06:15.599 align:start position:0% mapping between a domain name and a 00:06:15.599 --> 00:06:17.309 align:start position:0% mapping between a domain name and a tuple<00:06:16.000> containing<00:06:16.319> an<00:06:16.440> owner<00:06:16.720> and<00:06:16.840> an<00:06:16.960> IP 00:06:17.309 --> 00:06:17.319 align:start position:0% tuple containing an owner and an IP 00:06:17.319 --> 00:06:19.189 align:start position:0% tuple containing an owner and an IP address<00:06:18.080> and<00:06:18.199> you<00:06:18.319> have<00:06:18.479> two<00:06:18.639> functions<00:06:19.080> one 00:06:19.189 --> 00:06:19.199 align:start position:0% address and you have two functions one 00:06:19.199 --> 00:06:21.189 align:start position:0% address and you have two functions one of<00:06:19.319> them<00:06:19.479> for<00:06:19.639> registering<00:06:20.120> a<00:06:20.280> domain<00:06:21.000> which 00:06:21.189 --> 00:06:21.199 align:start position:0% of them for registering a domain which 00:06:21.199 --> 00:06:23.270 align:start position:0% of them for registering a domain which basically<00:06:21.639> says<00:06:22.280> if<00:06:22.479> this<00:06:22.680> domain<00:06:23.000> doesn't 00:06:23.270 --> 00:06:23.280 align:start position:0% basically says if this domain doesn't 00:06:23.280 --> 00:06:25.589 align:start position:0% basically says if this domain doesn't have<00:06:23.400> an<00:06:23.599> owner<00:06:23.919> yet<00:06:24.520> then<00:06:24.720> sends<00:06:25.080> the<00:06:25.199> owner 00:06:25.589 --> 00:06:25.599 align:start position:0% have an owner yet then sends the owner 00:06:25.599 --> 00:06:27.830 align:start position:0% have an owner yet then sends the owner to<00:06:26.240> or<00:06:26.400> set<00:06:26.680> the<00:06:26.759> owner<00:06:27.039> to<00:06:27.199> whoever<00:06:27.479> sends 00:06:27.830 --> 00:06:27.840 align:start position:0% to or set the owner to whoever sends 00:06:27.840 --> 00:06:29.909 align:start position:0% to or set the owner to whoever sends that<00:06:28.000> particular<00:06:28.560> transaction<00:06:29.599> and<00:06:29.680> you<00:06:29.759> have 00:06:29.909 --> 00:06:29.919 align:start position:0% that particular transaction and you have 00:06:29.919 --> 00:06:31.629 align:start position:0% that particular transaction and you have another<00:06:30.160> function<00:06:30.520> set<00:06:30.800> IP<00:06:31.080> address<00:06:31.479> which 00:06:31.629 --> 00:06:31.639 align:start position:0% another function set IP address which 00:06:31.639 --> 00:06:34.629 align:start position:0% another function set IP address which basically<00:06:32.000> means<00:06:32.560> if<00:06:32.639> you<00:06:32.800> own<00:06:32.960> a<00:06:33.240> domain<00:06:34.240> then 00:06:34.629 --> 00:06:34.639 align:start position:0% basically means if you own a domain then 00:06:34.639 --> 00:06:37.909 align:start position:0% basically means if you own a domain then you<00:06:34.840> set<00:06:35.120> the<00:06:35.280> IP<00:06:35.639> address<00:06:36.560> to<00:06:37.319> what<00:06:37.680> whatever 00:06:37.909 --> 00:06:37.919 align:start position:0% you set the IP address to what whatever 00:06:37.919 --> 00:06:40.350 align:start position:0% you set the IP address to what whatever you<00:06:38.000> want<00:06:38.160> to<00:06:38.280> set<00:06:38.479> it<00:06:38.560> to<00:06:39.560> so<00:06:39.720> you<00:06:39.800> know<00:06:40.039> fa 00:06:40.350 --> 00:06:40.360 align:start position:0% you want to set it to so you know fa 00:06:40.360 --> 00:06:42.990 align:start position:0% you want to set it to so you know fa very<00:06:40.599> simple<00:06:40.880> rule<00:06:41.199> set<00:06:41.680> this<00:06:41.800> is<00:06:42.080> you<00:06:42.199> know<00:06:42.639> in 00:06:42.990 --> 00:06:43.000 align:start position:0% very simple rule set this is you know in 00:06:43.000 --> 00:06:44.990 align:start position:0% very simple rule set this is you know in of<00:06:43.120> course<00:06:43.319> you<00:06:43.400> know<00:06:43.560> real<00:06:43.840> life<00:06:44.039> DNS<00:06:44.479> systems 00:06:44.990 --> 00:06:45.000 align:start position:0% of course you know real life DNS systems 00:06:45.000 --> 00:06:47.270 align:start position:0% of course you know real life DNS systems have<00:06:45.560> substantially<00:06:46.240> more<00:06:46.560> more<00:06:46.720> features<00:06:47.080> to 00:06:47.270 --> 00:06:47.280 align:start position:0% have substantially more more features to 00:06:47.280 --> 00:06:48.749 align:start position:0% have substantially more more features to them<00:06:47.440> but<00:06:47.560> sort<00:06:47.720> of<00:06:47.880> the<00:06:48.120> the<00:06:48.240> fundamental 00:06:48.749 --> 00:06:48.759 align:start position:0% them but sort of the the fundamental 00:06:48.759 --> 00:06:51.150 align:start position:0% them but sort of the the fundamental core<00:06:49.080> basically<00:06:49.479> stays<00:06:49.800> the<00:06:49.919> same<00:06:50.840> and<00:06:51.039> you 00:06:51.150 --> 00:06:51.160 align:start position:0% core basically stays the same and you 00:06:51.160 --> 00:06:52.710 align:start position:0% core basically stays the same and you know<00:06:51.280> you<00:06:51.400> could<00:06:51.599> probably<00:06:51.960> build<00:06:52.360> a<00:06:52.479> more 00:06:52.710 --> 00:06:52.720 align:start position:0% know you could probably build a more 00:06:52.720 --> 00:06:54.790 align:start position:0% know you could probably build a more complex<00:06:53.080> DNS<00:06:53.479> system<00:06:53.800> on<00:06:53.960> top<00:06:54.120> of<00:06:54.319> this<00:06:54.560> just 00:06:54.790 --> 00:06:54.800 align:start position:0% complex DNS system on top of this just 00:06:54.800 --> 00:06:57.110 align:start position:0% complex DNS system on top of this just by<00:06:55.319> turning<00:06:55.720> the<00:06:55.840> IP<00:06:56.120> address<00:06:56.440> into<00:06:56.639> a<00:06:56.800> hash 00:06:57.110 --> 00:06:57.120 align:start position:0% by turning the IP address into a hash 00:06:57.120 --> 00:06:59.710 align:start position:0% by turning the IP address into a hash and<00:06:57.560> and<00:06:57.960> throwing<00:06:58.400> everything<00:06:58.639> else<00:06:58.840> on<00:06:59.039> ipfs 00:06:59.710 --> 00:06:59.720 align:start position:0% and and throwing everything else on ipfs 00:06:59.720 --> 00:07:01.990 align:start position:0% and and throwing everything else on ipfs if<00:06:59.800> you<00:07:00.000> really<00:07:00.280> wants<00:07:00.599> to 00:07:01.990 --> 00:07:02.000 align:start position:0% if you really wants to 00:07:02.000 --> 00:07:04.710 align:start position:0% if you really wants to but<00:07:03.000> point<00:07:03.280> is<00:07:03.560> very<00:07:03.840> very<00:07:04.000> simple<00:07:04.319> logic<00:07:04.639> you 00:07:04.710 --> 00:07:04.720 align:start position:0% but point is very very simple logic you 00:07:04.720 --> 00:07:06.469 align:start position:0% but point is very very simple logic you can<00:07:04.879> write<00:07:05.039> it<00:07:05.160> in<00:07:05.280> 10<00:07:05.520> line<00:07:05.800> in<00:07:05.919> 10<00:07:06.160> lines<00:07:06.360> of 00:07:06.469 --> 00:07:06.479 align:start position:0% can write it in 10 line in 10 lines of 00:07:06.479 --> 00:07:09.510 align:start position:0% can write it in 10 line in 10 lines of serpent<00:07:06.879> code<00:07:07.879> and<00:07:08.440> publish<00:07:08.720> it<00:07:08.840> to<00:07:09.080> e<00:07:09.440> the 00:07:09.510 --> 00:07:09.520 align:start position:0% serpent code and publish it to e the 00:07:09.520 --> 00:07:11.869 align:start position:0% serpent code and publish it to e the ethereum<00:07:09.960> blockchain<00:07:10.599> and<00:07:11.160> there<00:07:11.280> you<00:07:11.520> have<00:07:11.720> a 00:07:11.869 --> 00:07:11.879 align:start position:0% ethereum blockchain and there you have a 00:07:11.879 --> 00:07:15.790 align:start position:0% ethereum blockchain and there you have a system<00:07:12.240> that's<00:07:12.440> basically<00:07:12.840> like<00:07:13.360> namecoin<00:07:14.800> so 00:07:15.790 --> 00:07:15.800 align:start position:0% system that's basically like namecoin so 00:07:15.800 --> 00:07:17.309 align:start position:0% system that's basically like namecoin so you<00:07:15.919> know<00:07:16.120> this<00:07:16.240> is<00:07:16.440> basically<00:07:16.840> the<00:07:16.960> meaning 00:07:17.309 --> 00:07:17.319 align:start position:0% you know this is basically the meaning 00:07:17.319 --> 00:07:18.749 align:start position:0% you know this is basically the meaning of<00:07:17.479> you<00:07:17.599> know<00:07:17.840> anyone<00:07:18.199> can<00:07:18.360> create<00:07:18.599> an 00:07:18.749 --> 00:07:18.759 align:start position:0% of you know anyone can create an 00:07:18.759 --> 00:07:21.830 align:start position:0% of you know anyone can create an application<00:07:19.240> with<00:07:19.360> any<00:07:19.599> rules<00:07:20.599> once<00:07:21.599> once 00:07:21.830 --> 00:07:21.840 align:start position:0% application with any rules once once 00:07:21.840 --> 00:07:24.469 align:start position:0% application with any rules once once this<00:07:22.039> application<00:07:22.560> gets<00:07:22.840> created<00:07:23.840> then 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align:start position:0% contract's address as their destination add<00:07:34.039> address<00:07:34.680> so<00:07:34.800> you<00:07:34.919> send<00:07:35.120> a<00:07:35.280> transaction<00:07:35.759> to 00:07:35.950 --> 00:07:35.960 align:start position:0% add address so you send a transaction to 00:07:35.960 --> 00:07:38.150 align:start position:0% add address so you send a transaction to a<00:07:36.160> contract<00:07:37.039> and<00:07:37.280> that's<00:07:37.560> how<00:07:37.680> you<00:07:37.800> talk<00:07:38.000> to 00:07:38.150 --> 00:07:38.160 align:start position:0% a contract and that's how you talk to 00:07:38.160 --> 00:07:39.510 align:start position:0% a contract and that's how you talk to the<00:07:38.319> application<00:07:38.879> that's<00:07:39.039> how<00:07:39.160> you<00:07:39.280> call 00:07:39.510 --> 00:07:39.520 align:start position:0% the application that's how you call 00:07:39.520 --> 00:07:42.110 align:start position:0% the application that's how you call functions<00:07:40.080> that's<00:07:40.280> how<00:07:40.400> you<00:07:40.560> do<00:07:41.440> you<00:07:41.639> know 00:07:42.110 --> 00:07:42.120 align:start position:0% functions that's how you do you know 00:07:42.120 --> 00:07:44.869 align:start position:0% functions that's how you do you know whatever<00:07:42.400> it<00:07:42.520> is<00:07:42.639> that<00:07:42.720> you<00:07:42.840> want<00:07:42.919> to<00:07:43.120> do<00:07:43.879> so<00:07:44.680> in 00:07:44.869 --> 00:07:44.879 align:start position:0% whatever it is that you want to do so in 00:07:44.879 --> 00:07:46.909 align:start position:0% whatever it is that you want to do so in Bitcoin<00:07:45.280> the<00:07:45.479> state<00:07:45.759> is<00:07:45.960> very<00:07:46.159> is<00:07:46.319> very<00:07:46.520> simple 00:07:46.909 --> 00:07:46.919 align:start position:0% Bitcoin the state is very is very simple 00:07:46.919 --> 00:07:50.390 align:start position:0% Bitcoin the state is very is very simple it's<00:07:47.120> basically<00:07:47.520> just<00:07:47.639> a<00:07:47.840> mapping<00:07:48.280> of<00:07:49.400> you 00:07:50.390 --> 00:07:50.400 align:start position:0% it's basically just a mapping of you 00:07:50.400 --> 00:07:52.869 align:start position:0% it's basically just a mapping of you sort<00:07:50.560> of<00:07:50.800> a<00:07:51.360> well<00:07:51.919> technically<00:07:52.400> speaking<00:07:52.720> the 00:07:52.869 --> 00:07:52.879 align:start position:0% sort of a well technically speaking the 00:07:52.879 --> 00:07:54.550 align:start position:0% sort of a well technically speaking the sort<00:07:53.000> of<00:07:53.159> list<00:07:53.400> of<00:07:53.560> unspent<00:07:54.039> transaction 00:07:54.550 --> 00:07:54.560 align:start position:0% sort of list of unspent transaction 00:07:54.560 --> 00:07:56.230 align:start position:0% sort of list of unspent transaction outputs<00:07:55.000> but<00:07:55.120> what<00:07:55.240> it<00:07:55.400> basically<00:07:55.720> means<00:07:56.000> in 00:07:56.230 --> 00:07:56.240 align:start position:0% outputs but what it basically means in 00:07:56.240 --> 00:07:57.990 align:start position:0% outputs but what it basically means in practice<00:07:56.599> is<00:07:56.720> it's<00:07:56.879> the<00:07:57.039> list<00:07:57.280> of<00:07:57.479> balances 00:07:57.990 --> 00:07:58.000 align:start position:0% practice is it's the list of balances 00:07:58.000 --> 00:07:59.869 align:start position:0% practice is it's the list of balances the<00:07:58.159> list<00:07:58.400> of<00:07:58.879> sort<00:07:59.039> of<00:07:59.199> the<00:07:59.520> amount<00:07:59.759> of 00:07:59.869 --> 00:07:59.879 align:start position:0% the list of sort of the amount of 00:07:59.879 --> 00:08:01.589 align:start position:0% the list of sort of the amount of Bitcoins<00:08:00.360> that<00:08:00.479> every<00:08:00.720> particular<00:08:01.199> person 00:08:01.589 --> 00:08:01.599 align:start position:0% Bitcoins that every particular person 00:08:01.599 --> 00:08:03.589 align:start position:0% Bitcoins that every particular person has<00:08:02.440> and<00:08:02.599> if<00:08:02.680> you<00:08:02.759> want<00:08:02.840> to<00:08:02.960> do<00:08:03.080> a<00:08:03.159> currency 00:08:03.589 --> 00:08:03.599 align:start position:0% has and if you want to do a currency 00:08:03.599 --> 00:08:06.149 align:start position:0% has and if you want to do a currency system<00:08:03.960> that's<00:08:04.159> basically<00:08:04.520> all<00:08:04.639> you<00:08:04.919> need<00:08:05.919> in 00:08:06.149 --> 00:08:06.159 align:start position:0% system that's basically all you need in 00:08:06.159 --> 00:08:07.830 align:start position:0% system that's basically all you need in ethereum<00:08:06.720> the<00:08:06.879> state<00:08:07.120> is<00:08:07.280> kind<00:08:07.400> of<00:08:07.560> more 00:08:07.830 --> 00:08:07.840 align:start position:0% ethereum the state is kind of more 00:08:07.840 --> 00:08:09.670 align:start position:0% ethereum the state is kind of more complex<00:08:08.440> it's<00:08:08.599> this<00:08:08.759> sort<00:08:08.879> of<00:08:09.039> key<00:08:09.319> value 00:08:09.670 --> 00:08:09.680 align:start position:0% complex it's this sort of key value 00:08:09.680 --> 00:08:12.510 align:start position:0% complex it's this sort of key value mapping<00:08:10.479> going<00:08:10.759> from<00:08:11.120> addresses<00:08:11.720> to<00:08:12.000> account 00:08:12.510 --> 00:08:12.520 align:start position:0% mapping going from addresses to account 00:08:12.520 --> 00:08:14.909 align:start position:0% mapping going from addresses to account objects<00:08:13.520> and<00:08:13.720> there's<00:08:13.960> two<00:08:14.120> types<00:08:14.319> of<00:08:14.520> account 00:08:14.909 --> 00:08:14.919 align:start position:0% objects and there's two types of account 00:08:14.919 --> 00:08:17.029 align:start position:0% objects and there's two types of account objects<00:08:15.759> one<00:08:15.919> of<00:08:16.080> them<00:08:16.360> is<00:08:16.560> the<00:08:16.720> sort<00:08:16.879> of 00:08:17.029 --> 00:08:17.039 align:start position:0% objects one of them is the sort of 00:08:17.039 --> 00:08:18.749 align:start position:0% objects one of them is the sort of simple<00:08:17.520> accounts<00:08:17.879> controlled<00:08:18.240> by<00:08:18.319> a<00:08:18.440> private 00:08:18.749 --> 00:08:18.759 align:start position:0% simple accounts controlled by a private 00:08:18.759 --> 00:08:21.790 align:start position:0% simple accounts controlled by a private key<00:08:19.599> in<00:08:19.759> that<00:08:19.919> case<00:08:20.199> all<00:08:20.360> you<00:08:20.560> have<00:08:20.720> is<00:08:20.800> a<00:08:20.919> nons 00:08:21.790 --> 00:08:21.800 align:start position:0% key in that case all you have is a nons 00:08:21.800 --> 00:08:25.070 align:start position:0% key in that case all you have is a nons balance<00:08:22.800> the<00:08:22.919> second<00:08:23.319> kind<00:08:23.879> is<00:08:24.639> accounts<00:08:24.960> that 00:08:25.070 --> 00:08:25.080 align:start position:0% balance the second kind is accounts that 00:08:25.080 --> 00:08:27.950 align:start position:0% balance the second kind is accounts that are<00:08:25.199> controlled<00:08:25.599> by<00:08:25.800> code<00:08:26.720> and<00:08:26.960> in<00:08:27.159> that<00:08:27.400> case 00:08:27.950 --> 00:08:27.960 align:start position:0% are controlled by code and in that case 00:08:27.960 --> 00:08:31.070 align:start position:0% are controlled by code and in that case you<00:08:28.280> have<00:08:29.639> these<00:08:29.879> extra<00:08:30.199> two<00:08:30.400> fields<00:08:30.800> that<00:08:30.960> get 00:08:31.070 --> 00:08:31.080 align:start position:0% you have these extra two fields that get 00:08:31.080 --> 00:08:32.870 align:start position:0% you have these extra two fields that get filled<00:08:31.360> up<00:08:31.639> one<00:08:31.759> of<00:08:31.879> them<00:08:32.039> is<00:08:32.159> the<00:08:32.279> code<00:08:32.560> hash 00:08:32.870 --> 00:08:32.880 align:start position:0% filled up one of them is the code hash 00:08:32.880 --> 00:08:35.589 align:start position:0% filled up one of them is the code hash so<00:08:33.120> the<00:08:33.279> hash<00:08:34.039> the<00:08:34.200> hash<00:08:34.519> of<00:08:34.719> the<00:08:34.880> code<00:08:35.240> of<00:08:35.399> that 00:08:35.589 --> 00:08:35.599 align:start position:0% so the hash the hash of the code of that 00:08:35.599 --> 00:08:37.829 align:start position:0% so the hash the hash of the code of that particular<00:08:36.039> account<00:08:36.880> and<00:08:37.039> the<00:08:37.159> second<00:08:37.519> is<00:08:37.680> the 00:08:37.829 --> 00:08:37.839 align:start position:0% particular account and the second is the 00:08:37.839 --> 00:08:40.829 align:start position:0% particular account and the second is the storage<00:08:38.159> tree<00:08:38.440> route<00:08:39.120> which<00:08:39.680> in<00:08:39.839> a<00:08:40.000> sort<00:08:40.159> of 00:08:40.829 --> 00:08:40.839 align:start position:0% storage tree route which in a sort of 00:08:40.839 --> 00:08:42.589 align:start position:0% storage tree route which in a sort of Fairly<00:08:41.200> intricate<00:08:41.680> way<00:08:41.839> that<00:08:41.959> I'll<00:08:42.120> describe 00:08:42.589 --> 00:08:42.599 align:start position:0% Fairly intricate way that I'll describe 00:08:42.599 --> 00:08:45.590 align:start position:0% Fairly intricate way that I'll describe later<00:08:42.919> basically<00:08:43.320> represents<00:08:44.240> the<00:08:44.399> kind<00:08:44.600> of 00:08:45.590 --> 00:08:45.600 align:start position:0% later basically represents the kind of 00:08:45.600 --> 00:08:46.990 align:start position:0% later basically represents the kind of the<00:08:45.720> entire<00:08:45.959> set<00:08:46.200> of<00:08:46.360> storage<00:08:46.680> of<00:08:46.839> that 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position:0% register a domain then the fact that one 00:08:54.040 --> 00:08:56.829 align:start position:0% register a domain then the fact that one particular<00:08:54.480> domain<00:08:54.839> got<00:08:55.000> registered<00:08:55.640> to<00:08:56.120> my 00:08:56.829 --> 00:08:56.839 align:start position:0% particular domain got registered to my 00:08:56.839 --> 00:08:58.590 align:start position:0% particular domain got registered to my and<00:08:57.080> it<00:08:57.240> got<00:08:57.399> registered<00:08:57.880> with<00:08:58.040> me<00:08:58.240> being<00:08:58.480> the 00:08:58.590 --> 00:08:58.600 align:start position:0% and it got registered with me being the 00:08:58.600 --> 00:09:00.150 align:start position:0% and it got registered with me being the owner<00:08:58.880> and<00:08:58.959> then<00:08:59.079> they<00:08:59.160> said<00:08:59.519> the<00:08:59.640> IP<00:08:59.880> address 00:09:00.150 --> 00:09:00.160 align:start position:0% owner and then they said the IP address 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you<00:09:08.640> know<00:09:08.880> mapping 00:09:09.230 --> 00:09:09.240 align:start position:0% account so basically you know mapping 00:09:09.240 --> 00:09:12.829 align:start position:0% account so basically you know mapping from<00:09:09.560> addresses<00:09:10.200> to<00:09:10.839> block<00:09:11.519> blocks<00:09:11.880> of<00:09:12.160> this 00:09:12.829 --> 00:09:12.839 align:start position:0% from addresses to block blocks of this 00:09:12.839 --> 00:09:15.310 align:start position:0% from addresses to block blocks of this is<00:09:13.640> the<00:09:13.880> entire<00:09:14.320> state<00:09:14.600> of<00:09:14.720> the<00:09:14.839> ethereum 00:09:15.310 --> 00:09:15.320 align:start position:0% is the entire state of the ethereum 00:09:15.320 --> 00:09:17.269 align:start position:0% is the entire state of the ethereum system<00:09:15.800> at<00:09:15.959> any<00:09:16.200> particular 00:09:17.269 --> 00:09:17.279 align:start position:0% system at any particular 00:09:17.279 --> 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--> 00:09:27.079 align:start position:0% know this is fair fairly simple it's the 00:09:27.079 --> 00:09:28.990 align:start position:0% know this is fair fairly simple it's the kind<00:09:27.200> of<00:09:27.360> logic<00:09:27.640> that<00:09:27.760> we<00:09:27.880> all<00:09:28.360> understand<00:09:28.880> if 00:09:28.990 --> 00:09:29.000 align:start position:0% kind of logic that we all understand if 00:09:29.000 --> 00:09:30.710 align:start position:0% kind of logic that we all understand if you<00:09:29.120> set<00:09:29.480> the<00:09:29.600> message<00:09:29.959> then<00:09:30.040> you<00:09:30.200> generally 00:09:30.710 --> 00:09:30.720 align:start position:0% you set the message then you generally 00:09:30.720 --> 00:09:32.509 align:start position:0% you set the message then you generally specify<00:09:31.200> who<00:09:31.320> you're<00:09:31.440> sending<00:09:31.760> it<00:09:31.920> to<00:09:32.279> and<00:09:32.399> you 00:09:32.509 --> 00:09:32.519 align:start position:0% specify who you're sending it to and you 00:09:32.519 --> 00:09:35.949 align:start position:0% specify who you're sending it to and you want<00:09:32.600> to<00:09:32.760> specify<00:09:33.160> the<00:09:33.519> contents<00:09:34.800> so<00:09:35.800> what 00:09:35.949 --> 00:09:35.959 align:start position:0% want to specify the contents so what 00:09:35.959 --> 00:09:38.230 align:start position:0% want to specify the contents so what happens<00:09:36.399> if<00:09:36.480> you<00:09:36.600> set<00:09:36.800> a<00:09:36.959> transaction<00:09:37.519> to<00:09:38.120> the 00:09:38.230 --> 00:09:38.240 align:start position:0% happens if you set a transaction to the 00:09:38.240 --> 00:09:40.790 align:start position:0% happens if you set a transaction to the two<00:09:38.519> address<00:09:39.040> well<00:09:39.200> two<00:09:39.440> options<00:09:40.279> one<00:09:40.440> of<00:09:40.600> them 00:09:40.790 --> 00:09:40.800 align:start position:0% two address well two options one of them 00:09:40.800 --> 00:09:42.430 align:start position:0% two address well two options one of them is<00:09:40.959> that<00:09:41.120> the<00:09:41.240> destination<00:09:41.800> address<00:09:42.160> is<00:09:42.320> just 00:09:42.430 --> 00:09:42.440 align:start position:0% is that the destination address is just 00:09:42.440 --> 00:09:44.829 align:start position:0% is that the destination address is just a<00:09:42.600> private<00:09:42.880> key<00:09:43.160> controlled<00:09:43.680> account<00:09:44.480> in<00:09:44.640> that 00:09:44.829 --> 00:09:44.839 align:start position:0% a private key controlled account in that 00:09:44.839 --> 00:09:46.430 align:start position:0% a private key controlled account in that case<00:09:45.040> all<00:09:45.160> you're<00:09:45.399> doing<00:09:45.640> is<00:09:45.760> moving<00:09:46.040> ether 00:09:46.430 --> 00:09:46.440 align:start position:0% case all you're doing is moving ether 00:09:46.440 --> 00:09:47.990 align:start position:0% case all you're doing is moving ether around<00:09:46.800> so<00:09:47.120> if<00:09:47.200> you<00:09:47.320> do<00:09:47.560> that<00:09:47.720> then<00:09:47.839> it's 00:09:47.990 --> 00:09:48.000 align:start position:0% around so if you do that then it's 00:09:48.000 --> 00:09:49.509 align:start position:0% around so if you do that then it's basically<00:09:48.360> just<00:09:48.519> being<00:09:48.680> a 00:09:49.509 --> 00:09:49.519 align:start position:0% basically just being a 00:09:49.519 --> 00:09:51.670 align:start position:0% basically just being a cryptocurrency<00:09:50.519> what<00:09:50.720> if<00:09:51.000> you're<00:09:51.200> sending<00:09:51.519> to 00:09:51.670 --> 00:09:51.680 align:start position:0% cryptocurrency what if you're sending to 00:09:51.680 --> 00:09:53.910 align:start position:0% cryptocurrency what if you're sending to an<00:09:51.839> account<00:09:52.079> that<00:09:52.200> has<00:09:52.480> code<00:09:53.480> then<00:09:53.720> what 00:09:53.910 --> 00:09:53.920 align:start position:0% an account that has code then what 00:09:53.920 --> 00:09:55.509 align:start position:0% an account that has code then what that's<00:09:54.160> doing<00:09:54.519> is<00:09:54.720> it's<00:09:55.000> basically 00:09:55.509 --> 00:09:55.519 align:start position:0% that's doing is it's basically 00:09:55.519 --> 00:09:57.670 align:start position:0% that's doing is it's basically activating<00:09:56.000> the<00:09:56.160> code<00:09:56.920> and<00:09:57.079> it's<00:09:57.279> letting<00:09:57.560> the 00:09:57.670 --> 00:09:57.680 align:start position:0% activating the code and it's letting the 00:09:57.680 --> 00:09:59.590 align:start position:0% activating the code and it's letting the C<00:09:58.000> and<00:09:58.160> it's<00:09:58.399> actually<00:09:58.640> letting<00:09:58.839> the<00:09:58.959> code<00:09:59.399> run 00:09:59.590 --> 00:09:59.600 align:start position:0% C and it's actually letting the code run 00:09:59.600 --> 00:10:02.870 align:start position:0% C and it's actually letting the code run for<00:09:59.959> for<00:10:00.440> some<00:10:00.680> number<00:10:00.920> of<00:10:01.200> steps 00:10:02.870 --> 00:10:02.880 align:start position:0% for for some number of steps 00:10:02.880 --> 00:10:06.150 align:start position:0% for for some number of steps so<00:10:03.880> code<00:10:04.200> in<00:10:04.360> ethereum<00:10:04.760> can<00:10:04.880> do<00:10:05.079> three<00:10:05.320> things 00:10:06.150 --> 00:10:06.160 align:start position:0% so code in ethereum can do three things 00:10:06.160 --> 00:10:07.990 align:start position:0% so code in ethereum can do three things number<00:10:06.440> one<00:10:06.720> you<00:10:06.839> can<00:10:07.000> just<00:10:07.160> send<00:10:07.480> ether<00:10:07.800> to 00:10:07.990 --> 00:10:08.000 align:start position:0% number one you can just send ether to 00:10:08.000 --> 00:10:11.190 align:start position:0% number one you can just send ether to other<00:10:08.480> contracts<00:10:09.480> number<00:10:09.760> two<00:10:10.399> you<00:10:10.519> can<00:10:10.839> read 00:10:11.190 --> 00:10:11.200 align:start position:0% other contracts number two you can read 00:10:11.200 --> 00:10:13.030 align:start position:0% other contracts number two you can read and<00:10:11.480> write<00:10:11.680> from<00:10:11.880> the<00:10:12.040> contract's<00:10:12.560> own 00:10:13.030 --> 00:10:13.040 align:start position:0% and write from the contract's own 00:10:13.040 --> 00:10:16.069 align:start position:0% and write from the contract's own storage<00:10:14.040> so<00:10:14.279> for<00:10:14.480> example<00:10:14.800> if<00:10:14.880> you<00:10:15.000> go<00:10:15.120> in<00:10:15.360> here 00:10:16.069 --> 00:10:16.079 align:start position:0% storage so for example if you go in here 00:10:16.079 --> 00:10:17.630 align:start position:0% storage so for example if you go in here then<00:10:16.320> the<00:10:16.519> way<00:10:16.720> that<00:10:16.880> I<00:10:17.000> would<00:10:17.240> call<00:10:17.480> the 00:10:17.630 --> 00:10:17.640 align:start position:0% then the way that I would call the 00:10:17.640 --> 00:10:19.550 align:start position:0% then the way that I would call the register<00:10:18.120> function<00:10:18.560> is<00:10:18.760> by<00:10:18.880> sending<00:10:19.320> a 00:10:19.550 --> 00:10:19.560 align:start position:0% register function is by sending a 00:10:19.560 --> 00:10:21.590 align:start position:0% register function is by sending a transaction<00:10:20.279> with<00:10:20.519> data<00:10:20.800> formatted<00:10:21.320> in<00:10:21.399> a 00:10:21.590 --> 00:10:21.600 align:start position:0% transaction with data formatted in a 00:10:21.600 --> 00:10:24.509 align:start position:0% transaction with data formatted in a particular<00:10:22.200> way<00:10:23.200> and<00:10:23.800> what<00:10:23.959> that<00:10:24.120> function<00:10:24.360> is 00:10:24.509 --> 00:10:24.519 align:start position:0% particular way and what that function is 00:10:24.519 --> 00:10:27.710 align:start position:0% particular way and what that function is going<00:10:24.640> to<00:10:24.880> do<00:10:25.760> is<00:10:26.760> or<00:10:27.000> rather<00:10:27.480> what<00:10:27.600> that 00:10:27.710 --> 00:10:27.720 align:start position:0% going to do is or rather what that 00:10:27.720 --> 00:10:29.509 align:start position:0% going to do is or rather what that transaction<00:10:28.120> is<00:10:28.240> going<00:10:28.360> to<00:10:28.560> do<00:10:28.880> is<00:10:29.000> it's<00:10:29.360> going 00:10:29.509 --> 00:10:29.519 align:start position:0% transaction is going to do is it's going 00:10:29.519 --> 00:10:31.870 align:start position:0% transaction is going to do is it's going to<00:10:29.680> start<00:10:30.120> running<00:10:30.519> the<00:10:30.680> code<00:10:30.959> that<00:10:31.160> actually 00:10:31.870 --> 00:10:31.880 align:start position:0% to start running the code that actually 00:10:31.880 --> 00:10:34.670 align:start position:0% to start running the code that actually represents<00:10:32.399> the<00:10:32.519> register<00:10:33.040> method<00:10:33.600> and<00:10:34.360> where 00:10:34.670 --> 00:10:34.680 align:start position:0% represents the register method and where 00:10:34.680 --> 00:10:36.990 align:start position:0% represents the register method and where it<00:10:34.880> specifies<00:10:35.480> self.<00:10:36.040> domains<00:10:36.480> address. 00:10:36.990 --> 00:10:37.000 align:start position:0% it specifies self. domains address. 00:10:37.000 --> 00:10:39.350 align:start position:0% it specifies self. domains address. owner<00:10:37.399> equals<00:10:37.800> MSG<00:10:38.240> out<00:10:38.440> sender<00:10:39.160> that's 00:10:39.350 --> 00:10:39.360 align:start position:0% owner equals MSG out sender that's 00:10:39.360 --> 00:10:41.150 align:start position:0% owner equals MSG out sender that's setting<00:10:39.639> a<00:10:39.839> variable<00:10:40.560> what<00:10:40.680> that<00:10:40.880> actually 00:10:41.150 --> 00:10:41.160 align:start position:0% setting a variable what that actually 00:10:41.160 --> 00:10:43.710 align:start position:0% setting a variable what that actually gets<00:10:41.399> compiled<00:10:41.880> to<00:10:42.200> is<00:10:42.399> setting<00:10:42.959> a<00:10:43.160> particular 00:10:43.710 --> 00:10:43.720 align:start position:0% gets compiled to is setting a particular 00:10:43.720 --> 00:10:47.750 align:start position:0% gets compiled to is setting a particular key<00:10:44.000> in<00:10:44.320> in<00:10:44.440> the<00:10:44.600> contract's<00:10:45.000> own<00:10:45.600> storage<00:10:46.760> so 00:10:47.750 --> 00:10:47.760 align:start position:0% key in in the contract's own storage so 00:10:47.760 --> 00:10:49.870 align:start position:0% key in in the contract's own storage so then<00:10:47.920> the<00:10:48.040> third<00:10:48.279> thing<00:10:48.440> code<00:10:48.720> can<00:10:48.920> do<00:10:49.279> is<00:10:49.720> you 00:10:49.870 --> 00:10:49.880 align:start position:0% then the third thing code can do is you 00:10:49.880 --> 00:10:52.269 align:start position:0% then the third thing code can do is you can<00:10:50.200> call<00:10:50.720> or<00:10:50.959> basically<00:10:51.360> sort<00:10:51.519> of<00:10:52.000> create 00:10:52.269 --> 00:10:52.279 align:start position:0% can call or basically sort of create 00:10:52.279 --> 00:10:53.990 align:start position:0% can call or basically sort of create these<00:10:52.440> sort<00:10:52.560> of<00:10:52.680> virtual<00:10:53.079> transactions<00:10:53.839> that 00:10:53.990 --> 00:10:54.000 align:start position:0% these sort of virtual transactions that 00:10:54.000 --> 00:10:57.629 align:start position:0% these sort of virtual transactions that go<00:10:54.160> to<00:10:54.440> other<00:10:54.959> contracts<00:10:55.959> so<00:10:56.800> theoretically 00:10:57.629 --> 00:10:57.639 align:start position:0% go to other contracts so theoretically 00:10:57.639 --> 00:10:59.269 align:start position:0% go to other contracts so theoretically you<00:10:57.760> know<00:10:58.000> I<00:10:58.120> could<00:10:58.320> create<00:10:58.680> another<00:10:58.959> contra 00:10:59.269 --> 00:10:59.279 align:start position:0% you know I could create another contra 00:10:59.279 --> 00:11:00.509 align:start position:0% you know I could create another contra contct<00:10:59.560> that<00:10:59.680> has<00:10:59.800> some<00:11:00.000> different<00:11:00.240> set<00:11:00.360> of 00:11:00.509 --> 00:11:00.519 align:start position:0% contct that has some different set of 00:11:00.519 --> 00:11:03.030 align:start position:0% contct that has some different set of rules<00:11:00.880> and<00:11:01.079> that<00:11:01.279> contract<00:11:01.880> itself<00:11:02.800> can 00:11:03.030 --> 00:11:03.040 align:start position:0% rules and that contract itself can 00:11:03.040 --> 00:11:04.910 align:start position:0% rules and that contract itself can actually<00:11:03.440> interact<00:11:03.959> with<00:11:04.120> this<00:11:04.320> contract 00:11:04.910 --> 00:11:04.920 align:start position:0% actually interact with this contract 00:11:04.920 --> 00:11:07.269 align:start position:0% actually interact with this contract that<00:11:05.120> contract<00:11:05.639> itself<00:11:06.079> can<00:11:06.680> register 00:11:07.269 --> 00:11:07.279 align:start position:0% that contract itself can register 00:11:07.279 --> 00:11:08.870 align:start position:0% that contract itself can register domains<00:11:07.639> they<00:11:07.760> can<00:11:07.880> set<00:11:08.079> an<00:11:08.200> IP<00:11:08.480> address<00:11:08.720> of 00:11:08.870 --> 00:11:08.880 align:start position:0% domains they can set an IP address of 00:11:08.880 --> 00:11:10.829 align:start position:0% domains they can set an IP address of domains<00:11:09.360> it<00:11:09.519> could<00:11:10.000> you<00:11:10.120> know<00:11:10.320> theoretically 00:11:10.829 --> 00:11:10.839 align:start position:0% domains it could you know theoretically 00:11:10.839 --> 00:11:12.790 align:start position:0% domains it could you know theoretically do<00:11:11.160> just<00:11:11.320> about<00:11:11.639> anything<00:11:12.120> that<00:11:12.279> an<00:11:12.440> account 00:11:12.790 --> 00:11:12.800 align:start position:0% do just about anything that an account 00:11:12.800 --> 00:11:16.069 align:start position:0% do just about anything that an account controlled<00:11:13.160> by<00:11:13.279> an<00:11:13.399> address<00:11:13.760> can<00:11:14.399> do 00:11:16.069 --> 00:11:16.079 align:start position:0% controlled by an address can do 00:11:16.079 --> 00:11:18.949 align:start position:0% controlled by an address can do so<00:11:17.079> every<00:11:17.320> full<00:11:17.600> node<00:11:17.959> on<00:11:18.120> the 00:11:18.949 --> 00:11:18.959 align:start position:0% so every full node on the 00:11:18.959 --> 00:11:21.350 align:start position:0% so every full node on the blockchain<00:11:19.959> processes<00:11:20.600> every<00:11:20.839> transaction 00:11:21.350 --> 00:11:21.360 align:start position:0% blockchain processes every transaction 00:11:21.360 --> 00:11:22.949 align:start position:0% blockchain processes every transaction and<00:11:21.519> stores<00:11:21.839> the<00:11:21.959> entire<00:11:22.279> State<00:11:22.600> just<00:11:22.760> like 00:11:22.949 --> 00:11:22.959 align:start position:0% and stores the entire State just like 00:11:22.959 --> 00:11:25.350 align:start position:0% and stores the entire State just like Bitcoin<00:11:23.720> it's<00:11:23.920> bold<00:11:24.240> because<00:11:24.440> it's 00:11:25.350 --> 00:11:25.360 align:start position:0% Bitcoin it's bold because it's 00:11:25.360 --> 00:11:28.190 align:start position:0% Bitcoin it's bold because it's important<00:11:26.360> so<00:11:27.279> this<00:11:27.399> is<00:11:27.560> sort<00:11:27.720> of<00:11:27.880> one<00:11:28.000> of 00:11:28.190 --> 00:11:28.200 align:start position:0% important so this is sort of one of 00:11:28.200 --> 00:11:29.710 align:start position:0% important so this is sort of one of those<00:11:28.560> one<00:11:28.680> of<00:11:28.800> those<00:11:28.959> points<00:11:29.440> that's 00:11:29.710 --> 00:11:29.720 align:start position:0% those one of those points that's 00:11:29.720 --> 00:11:31.269 align:start position:0% those one of those points that's importance<00:11:30.160> to<00:11:30.360> make<00:11:30.720> because<00:11:30.959> you<00:11:31.079> know 00:11:31.269 --> 00:11:31.279 align:start position:0% importance to make because you know 00:11:31.279 --> 00:11:33.670 align:start position:0% importance to make because you know people<00:11:31.560> often<00:11:31.920> ask<00:11:32.320> well<00:11:32.959> if<00:11:33.079> I<00:11:33.279> publish 00:11:33.670 --> 00:11:33.680 align:start position:0% people often ask well if I publish 00:11:33.680 --> 00:11:35.750 align:start position:0% people often ask well if I publish transactions<00:11:34.279> to<00:11:34.480> ethereum<00:11:35.040> you<00:11:35.160> know<00:11:35.360> who's 00:11:35.750 --> 00:11:35.760 align:start position:0% transactions to ethereum you know who's 00:11:35.760 --> 00:11:38.550 align:start position:0% transactions to ethereum you know who's actually<00:11:36.760> well<00:11:36.920> you<00:11:37.040> know<00:11:37.440> who<00:11:37.920> so<00:11:38.200> who's 00:11:38.550 --> 00:11:38.560 align:start position:0% actually well you know who so who's 00:11:38.560 --> 00:11:40.030 align:start position:0% actually well you know who so who's actually<00:11:38.880> going<00:11:39.000> to<00:11:39.160> be<00:11:39.320> enforcing<00:11:39.839> the 00:11:40.030 --> 00:11:40.040 align:start position:0% actually going to be enforcing the 00:11:40.040 --> 00:11:42.870 align:start position:0% actually going to be enforcing the contracts<00:11:40.639> and<00:11:40.839> who<00:11:41.160> and<00:11:42.160> and<00:11:42.279> how<00:11:42.399> many<00:11:42.600> nodes 00:11:42.870 --> 00:11:42.880 align:start position:0% contracts and who and and how many nodes 00:11:42.880 --> 00:11:44.389 align:start position:0% contracts and who and and how many nodes are<00:11:43.000> running<00:11:43.279> them<00:11:43.440> and<00:11:43.560> so<00:11:43.800> forth<00:11:44.040> you<00:11:44.120> know 00:11:44.389 --> 00:11:44.399 align:start position:0% are running them and so forth you know 00:11:44.399 --> 00:11:46.509 align:start position:0% are running them and so forth you know four<00:11:44.760> theorum<00:11:45.120> 1.0<00:11:45.720> the<00:11:45.839> answer<00:11:46.079> is<00:11:46.279> very 00:11:46.509 --> 00:11:46.519 align:start position:0% four theorum 1.0 the answer is very 00:11:46.519 --> 00:11:49.470 align:start position:0% four theorum 1.0 the answer is very simple<00:11:47.399> every<00:11:47.639> node<00:11:47.920> in<00:11:48.040> the<00:11:48.200> network<00:11:49.000> runs 00:11:49.470 --> 00:11:49.480 align:start position:0% simple every node in the network runs 00:11:49.480 --> 00:11:52.990 align:start position:0% simple every node in the network runs every<00:11:50.160> transaction<00:11:51.160> and<00:11:52.040> that<00:11:52.279> Bas<00:11:52.639> and<00:11:52.839> the 00:11:52.990 --> 00:11:53.000 align:start position:0% every transaction and that Bas and the 00:11:53.000 --> 00:11:54.910 align:start position:0% every transaction and that Bas and the process<00:11:53.399> of<00:11:53.519> running<00:11:53.800> a<00:11:53.959> transaction<00:11:54.680> in<00:11:54.800> you 00:11:54.910 --> 00:11:54.920 align:start position:0% process of running a transaction in you 00:11:54.920 --> 00:11:56.509 align:start position:0% process of running a transaction in you know<00:11:55.120> if<00:11:55.279> that<00:11:55.440> transaction<00:11:56.000> goes<00:11:56.200> to<00:11:56.360> a 00:11:56.509 --> 00:11:56.519 align:start position:0% know if that transaction goes to a 00:11:56.519 --> 00:11:58.750 align:start position:0% know if that transaction goes to a particular<00:11:57.000> contract<00:11:57.839> it<00:11:58.040> actually<00:11:58.320> involves 00:11:58.750 --> 00:11:58.760 align:start position:0% particular contract it actually involves 00:11:58.760 --> 00:12:01.509 align:start position:0% particular contract it actually involves executing<00:11:59.440> contract<00:11:59.959> code<00:12:00.800> and<00:12:01.200> you<00:12:01.320> know 00:12:01.509 --> 00:12:01.519 align:start position:0% executing contract code and you know 00:12:01.519 --> 00:12:03.389 align:start position:0% executing contract code and you know setting<00:12:02.040> and<00:12:02.200> sort<00:12:02.320> of<00:12:02.480> changing<00:12:02.880> the<00:12:03.040> state 00:12:03.389 --> 00:12:03.399 align:start position:0% setting and sort of changing the state 00:12:03.399 --> 00:12:05.310 align:start position:0% setting and sort of changing the state to<00:12:04.000> whatever<00:12:04.320> the<00:12:04.440> state<00:12:04.720> is<00:12:04.959> after<00:12:05.160> the 00:12:05.310 --> 00:12:05.320 align:start position:0% to whatever the state is after the 00:12:05.320 --> 00:12:08.949 align:start position:0% to whatever the state is after the contract<00:12:05.760> gets<00:12:06.040> executed<00:12:07.360> so<00:12:08.360> from<00:12:08.720> that 00:12:08.949 --> 00:12:08.959 align:start position:0% contract gets executed so from that 00:12:08.959 --> 00:12:10.870 align:start position:0% contract gets executed so from that standpoint<00:12:09.480> you<00:12:09.600> can<00:12:09.800> actually<00:12:10.200> think<00:12:10.360> of<00:12:10.519> it 00:12:10.870 --> 00:12:10.880 align:start position:0% standpoint you can actually think of it 00:12:10.880 --> 00:12:13.430 align:start position:0% standpoint you can actually think of it as<00:12:11.519> being<00:12:11.880> a<00:12:12.120> ra<00:12:12.399> a<00:12:12.519> rather<00:12:12.720> fairly<00:12:13.120> simple 00:12:13.430 --> 00:12:13.440 align:start position:0% as being a ra a rather fairly simple 00:12:13.440 --> 00:12:14.629 align:start position:0% as being a ra a rather fairly simple system<00:12:13.800> you<00:12:13.880> know<00:12:14.000> you<00:12:14.079> can<00:12:14.199> think<00:12:14.360> of<00:12:14.480> the 00:12:14.629 --> 00:12:14.639 align:start position:0% system you know you can think of the 00:12:14.639 --> 00:12:17.110 align:start position:0% system you know you can think of the state<00:12:14.880> as<00:12:15.000> being<00:12:15.240> a<00:12:15.360> database<00:12:16.199> and<00:12:16.839> you<00:12:16.959> can 00:12:17.110 --> 00:12:17.120 align:start position:0% state as being a database and you can 00:12:17.120 --> 00:12:18.750 align:start position:0% state as being a database and you can think<00:12:17.240> of<00:12:17.399> each<00:12:17.519> of<00:12:17.639> these<00:12:17.800> contracts<00:12:18.279> as<00:12:18.600> as 00:12:18.750 --> 00:12:18.760 align:start position:0% think of each of these contracts as as 00:12:18.760 --> 00:12:20.269 align:start position:0% think of each of these contracts as as as<00:12:18.880> being<00:12:19.199> programs<00:12:19.639> that<00:12:19.760> are<00:12:19.880> sitting<00:12:20.120> on 00:12:20.269 --> 00:12:20.279 align:start position:0% as being programs that are sitting on 00:12:20.279 --> 00:12:22.949 align:start position:0% as being programs that are sitting on one<00:12:20.600> computer<00:12:21.600> except<00:12:22.279> the<00:12:22.440> computer<00:12:22.760> is 00:12:22.949 --> 00:12:22.959 align:start position:0% one computer except the computer is 00:12:22.959 --> 00:12:24.590 align:start position:0% one computer except the computer is massively<00:12:23.440> globally<00:12:23.839> distributed<00:12:24.360> it's 00:12:24.590 --> 00:12:24.600 align:start position:0% massively globally distributed it's 00:12:24.600 --> 00:12:26.350 align:start position:0% massively globally distributed it's actually<00:12:24.880> a<00:12:25.000> highly<00:12:25.320> secure<00:12:25.639> network<00:12:26.079> backed 00:12:26.350 --> 00:12:26.360 align:start position:0% actually a highly secure network backed 00:12:26.360 --> 00:12:27.829 align:start position:0% actually a highly secure network backed by<00:12:26.480> tens<00:12:26.680> of<00:12:26.800> thousands<00:12:27.079> of<00:12:27.199> computers<00:12:27.639> around 00:12:27.829 --> 00:12:27.839 align:start position:0% by tens of thousands of computers around 00:12:27.839 --> 00:12:29.870 align:start position:0% by tens of thousands of computers around the<00:12:27.959> world<00:12:28.920> so 00:12:29.870 --> 00:12:29.880 align:start position:0% the world so 00:12:29.880 --> 00:12:31.750 align:start position:0% the world so it's<00:12:30.120> B<00:12:30.399> because<00:12:30.560> it's 00:12:31.750 --> 00:12:31.760 align:start position:0% it's B because it's 00:12:31.760 --> 00:12:34.710 align:start position:0% it's B because it's important<00:12:32.760> so<00:12:33.399> gas<00:12:33.880> this<00:12:34.000> is<00:12:34.199> one<00:12:34.360> of<00:12:34.519> those 00:12:34.710 --> 00:12:34.720 align:start position:0% important so gas this is one of those 00:12:34.720 --> 00:12:36.470 align:start position:0% important so gas this is one of those sort<00:12:34.880> of<00:12:35.079> key<00:12:35.360> mechanisms<00:12:35.920> underlying<00:12:36.399> the 00:12:36.470 --> 00:12:36.480 align:start position:0% sort of key mechanisms underlying the 00:12:36.480 --> 00:12:39.110 align:start position:0% sort of key mechanisms underlying the security<00:12:36.839> of<00:12:36.959> a<00:12:37.079> theum<00:12:37.639> so<00:12:38.519> when<00:12:38.639> you<00:12:38.800> tell 00:12:39.110 --> 00:12:39.120 align:start position:0% security of a theum so when you tell 00:12:39.120 --> 00:12:40.990 align:start position:0% security of a theum so when you tell people<00:12:39.680> that<00:12:39.839> you<00:12:40.000> have<00:12:40.120> a<00:12:40.279> Terin<00:12:40.680> complete 00:12:40.990 --> 00:12:41.000 align:start position:0% people that you have a Terin complete 00:12:41.000 --> 00:12:42.670 align:start position:0% people that you have a Terin complete programming<00:12:41.440> language<00:12:41.959> and<00:12:42.160> that<00:12:42.279> you<00:12:42.440> let 00:12:42.670 --> 00:12:42.680 align:start position:0% programming language and that you let 00:12:42.680 --> 00:12:45.590 align:start position:0% programming language and that you let untrusted<00:12:43.320> parties<00:12:44.079> send<00:12:44.600> code<00:12:45.320> that's 00:12:45.590 --> 00:12:45.600 align:start position:0% untrusted parties send code that's 00:12:45.600 --> 00:12:47.310 align:start position:0% untrusted parties send code that's that's<00:12:45.880> executed<00:12:46.360> in<00:12:46.519> a<00:12:46.680> ter<00:12:47.000> complete 00:12:47.310 --> 00:12:47.320 align:start position:0% that's executed in a ter complete 00:12:47.320 --> 00:12:49.069 align:start position:0% that's executed in a ter complete programming<00:12:47.720> language<00:12:48.240> by<00:12:48.519> every<00:12:48.720> single 00:12:49.069 --> 00:12:49.079 align:start position:0% programming language by every single 00:12:49.079 --> 00:12:51.470 align:start position:0% programming language by every single computer<00:12:49.440> in<00:12:49.600> an<00:12:49.760> entire<00:12:50.120> network<00:12:51.120> the<00:12:51.240> first 00:12:51.470 --> 00:12:51.480 align:start position:0% computer in an entire network the first 00:12:51.480 --> 00:12:54.350 align:start position:0% computer in an entire network the first thing<00:12:51.639> that<00:12:51.720> they're<00:12:51.880> going<00:12:51.959> to<00:12:52.399> ask<00:12:53.399> is<00:12:54.120> well 00:12:54.350 --> 00:12:54.360 align:start position:0% thing that they're going to ask is well 00:12:54.360 --> 00:12:56.470 align:start position:0% thing that they're going to ask is well what<00:12:54.480> about<00:12:54.680> the<00:12:54.800> halting<00:12:55.240> problem<00:12:55.680> so 00:12:56.470 --> 00:12:56.480 align:start position:0% what about the halting problem so 00:12:56.480 --> 00:12:58.350 align:start position:0% what about the halting problem so there's<00:12:56.760> this<00:12:57.079> Pro<00:12:57.360> there<00:12:57.440> is<00:12:57.639> this<00:12:58.000> very 00:12:58.350 --> 00:12:58.360 align:start position:0% there's this Pro there is this very 00:12:58.360 --> 00:13:00.310 align:start position:0% there's this Pro there is this very widely<00:12:58.639> known<00:12:58.880> result<00:12:59.399> in<00:12:59.560> computer<00:12:59.920> science 00:13:00.310 --> 00:13:00.320 align:start position:0% widely known result in computer science 00:13:00.320 --> 00:13:02.069 align:start position:0% widely known result in computer science which<00:13:00.519> basically<00:13:00.959> says<00:13:01.360> that<00:13:01.760> it<00:13:01.880> is 00:13:02.069 --> 00:13:02.079 align:start position:0% which basically says that it is 00:13:02.079 --> 00:13:04.710 align:start position:0% which basically says that it is mathematically<00:13:02.880> impossible<00:13:03.880> to<00:13:04.240> create<00:13:04.519> an 00:13:04.710 --> 00:13:04.720 align:start position:0% mathematically impossible to create an 00:13:04.720 --> 00:13:07.269 align:start position:0% mathematically impossible to create an algorithm<00:13:05.399> which<00:13:05.560> can<00:13:05.800> tell<00:13:06.519> whether<00:13:06.760> or<00:13:06.920> not 00:13:07.269 --> 00:13:07.279 align:start position:0% algorithm which can tell whether or not 00:13:07.279 --> 00:13:08.710 align:start position:0% algorithm which can tell whether or not any<00:13:07.440> given<00:13:07.760> program<00:13:08.120> is<00:13:08.240> just<00:13:08.360> going<00:13:08.480> to<00:13:08.600> keep 00:13:08.710 --> 00:13:08.720 align:start position:0% any given program is just going to keep 00:13:08.720 --> 00:13:09.870 align:start position:0% any given program is just going to keep on<00:13:08.880> running 00:13:09.870 --> 00:13:09.880 align:start position:0% on running 00:13:09.880 --> 00:13:13.350 align:start position:0% on running forever<00:13:10.880> so<00:13:11.800> how<00:13:12.040> does<00:13:12.279> ethereum<00:13:12.880> prevent 00:13:13.350 --> 00:13:13.360 align:start position:0% forever so how does ethereum prevent 00:13:13.360 --> 00:13:15.150 align:start position:0% forever so how does ethereum prevent attackers<00:13:13.839> from<00:13:14.079> creating<00:13:14.560> programs<00:13:15.000> that 00:13:15.150 --> 00:13:15.160 align:start position:0% attackers from creating programs that 00:13:15.160 --> 00:13:16.350 align:start position:0% attackers from creating programs that just<00:13:15.320> keep<00:13:15.440> on<00:13:15.600> running<00:13:15.880> on<00:13:16.000> everyone's 00:13:16.350 --> 00:13:16.360 align:start position:0% just keep on running on everyone's 00:13:16.360 --> 00:13:18.310 align:start position:0% just keep on running on everyone's computers<00:13:16.760> forever<00:13:17.519> and<00:13:17.600> the<00:13:17.760> answer<00:13:18.000> is<00:13:18.160> this 00:13:18.310 --> 00:13:18.320 align:start position:0% computers forever and the answer is this 00:13:18.320 --> 00:13:20.389 align:start position:0% computers forever and the answer is this concept<00:13:18.639> of<00:13:18.880> gas<00:13:19.440> so<00:13:19.600> what<00:13:19.720> this<00:13:19.920> basically 00:13:20.389 --> 00:13:20.399 align:start position:0% concept of gas so what this basically 00:13:20.399 --> 00:13:23.150 align:start position:0% concept of gas so what this basically means<00:13:21.040> is<00:13:21.480> that<00:13:21.920> the<00:13:22.040> ethereum<00:13:22.519> network 00:13:23.150 --> 00:13:23.160 align:start position:0% means is that the ethereum network 00:13:23.160 --> 00:13:25.509 align:start position:0% means is that the ethereum network charges<00:13:23.680> a<00:13:23.839> fee<00:13:24.160> for<00:13:24.440> every<00:13:24.760> computational 00:13:25.509 --> 00:13:25.519 align:start position:0% charges a fee for every computational 00:13:25.519 --> 00:13:28.110 align:start position:0% charges a fee for every computational step<00:13:26.000> that<00:13:26.199> a<00:13:26.639> that<00:13:26.880> a<00:13:27.079> contract<00:13:27.560> execution 00:13:28.110 --> 00:13:28.120 align:start position:0% step that a that a contract execution 00:13:28.120 --> 00:13:30.990 align:start position:0% step that a that a contract execution takes<00:13:29.199> so<00:13:29.880> the<00:13:30.079> specific<00:13:30.480> way<00:13:30.639> that<00:13:30.760> that's 00:13:30.990 --> 00:13:31.000 align:start position:0% takes so the specific way that that's 00:13:31.000 --> 00:13:33.030 align:start position:0% takes so the specific way that that's implemented<00:13:31.720> is<00:13:31.959> that<00:13:32.199> every<00:13:32.519> block<00:13:32.800> in<00:13:32.920> the 00:13:33.030 --> 00:13:33.040 align:start position:0% implemented is that every block in the 00:13:33.040 --> 00:13:35.389 align:start position:0% implemented is that every block in the ethereum<00:13:33.440> blockchain<00:13:33.920> has<00:13:34.040> a<00:13:34.279> gas<00:13:34.560> limit<00:13:35.160> so 00:13:35.389 --> 00:13:35.399 align:start position:0% ethereum blockchain has a gas limit so 00:13:35.399 --> 00:13:37.750 align:start position:0% ethereum blockchain has a gas limit so basically<00:13:35.680> a<00:13:35.800> limit<00:13:36.040> on<00:13:36.279> computational<00:13:36.920> steps 00:13:37.750 --> 00:13:37.760 align:start position:0% basically a limit on computational steps 00:13:37.760 --> 00:13:40.629 align:start position:0% basically a limit on computational steps right<00:13:37.920> now<00:13:38.079> the<00:13:38.240> gas<00:13:38.519> limit<00:13:38.720> is<00:13:38.880> set<00:13:39.040> to<00:13:39.279> 31415 00:13:40.629 --> 00:13:40.639 align:start position:0% right now the gas limit is set to 31415 00:13:40.639 --> 00:13:43.310 align:start position:0% right now the gas limit is set to 31415 92<00:13:41.639> which<00:13:41.880> is<00:13:42.199> which<00:13:42.320> is<00:13:42.680> a<00:13:42.800> nice<00:13:43.000> number<00:13:43.240> that 00:13:43.310 --> 00:13:43.320 align:start position:0% 92 which is which is a nice number that 00:13:43.320 --> 00:13:45.430 align:start position:0% 92 which is which is a nice number that we<00:13:43.440> picked<00:13:43.760> because<00:13:43.920> we're<00:13:44.040> totally<00:13:44.399> not<00:13:44.600> math 00:13:45.430 --> 00:13:45.440 align:start position:0% we picked because we're totally not math 00:13:45.440 --> 00:13:51.590 align:start position:0% we picked because we're totally not math Geeks<00:13:46.720> and<00:13:47.880> so<00:13:49.240> the<00:13:50.240> then<00:13:50.600> you<00:13:50.720> know<00:13:51.279> if<00:13:51.399> you're 00:13:51.590 --> 00:13:51.600 align:start position:0% Geeks and so the then you know if you're 00:13:51.600 --> 00:13:53.870 align:start position:0% Geeks and so the then you know if you're creating<00:13:51.959> a<00:13:52.360> if<00:13:52.480> you<00:13:52.639> are<00:13:52.959> a<00:13:53.240> minor<00:13:53.639> and<00:13:53.720> you're 00:13:53.870 --> 00:13:53.880 align:start position:0% creating a if you are a minor and you're 00:13:53.880 --> 00:13:55.749 align:start position:0% creating a if you are a minor and you're creating<00:13:54.160> a<00:13:54.279> block<00:13:54.920> then<00:13:55.120> chances<00:13:55.440> are<00:13:55.600> you're 00:13:55.749 --> 00:13:55.759 align:start position:0% creating a block then chances are you're 00:13:55.759 --> 00:13:57.590 align:start position:0% creating a block then chances are you're going<00:13:55.880> to<00:13:56.040> want<00:13:56.320> to<00:13:56.480> fill<00:13:56.680> it<00:13:56.959> with<00:13:57.120> the<00:13:57.360> fill 00:13:57.590 --> 00:13:57.600 align:start position:0% going to want to fill it with the fill 00:13:57.600 --> 00:13:59.550 align:start position:0% going to want to fill it with the fill it<00:13:57.839> with<00:13:58.000> the<00:13:58.199> transactions 00:13:59.550 --> 00:13:59.560 align:start position:0% it with the transactions 00:13:59.560 --> 00:14:02.590 align:start position:0% it with the transactions that<00:13:59.800> give<00:13:59.959> you<00:14:00.120> the<00:14:00.240> most<00:14:00.560> profit<00:14:01.440> so<00:14:02.279> trans 00:14:02.590 --> 00:14:02.600 align:start position:0% that give you the most profit so trans 00:14:02.600 --> 00:14:05.189 align:start position:0% that give you the most profit so trans every<00:14:02.839> transaction<00:14:03.519> specifies<00:14:04.199> a<00:14:04.440> gas<00:14:04.800> price 00:14:05.189 --> 00:14:05.199 align:start position:0% every transaction specifies a gas price 00:14:05.199 --> 00:14:06.710 align:start position:0% every transaction specifies a gas price basically<00:14:05.600> an<00:14:05.759> amount<00:14:06.000> of<00:14:06.120> ether<00:14:06.440> that<00:14:06.560> it's 00:14:06.710 --> 00:14:06.720 align:start position:0% basically an amount of ether that it's 00:14:06.720 --> 00:14:09.150 align:start position:0% basically an amount of ether that it's willing<00:14:07.000> to<00:14:07.240> pay<00:14:07.480> per<00:14:07.680> unit<00:14:07.920> of<00:14:08.120> gas<00:14:08.880> and<00:14:09.000> it 00:14:09.150 --> 00:14:09.160 align:start position:0% willing to pay per unit of gas and it 00:14:09.160 --> 00:14:10.710 align:start position:0% willing to pay per unit of gas and it specifies<00:14:09.639> the<00:14:09.800> maximum<00:14:10.160> amount<00:14:10.320> of<00:14:10.440> gas<00:14:10.639> that 00:14:10.710 --> 00:14:10.720 align:start position:0% specifies the maximum amount of gas that 00:14:10.720 --> 00:14:12.629 align:start position:0% specifies the maximum amount of gas that it's<00:14:10.880> willing<00:14:11.160> to<00:14:11.320> take<00:14:11.839> so<00:14:12.000> a<00:14:12.120> transaction 00:14:12.629 --> 00:14:12.639 align:start position:0% it's willing to take so a transaction 00:14:12.639 --> 00:14:15.269 align:start position:0% it's willing to take so a transaction might<00:14:12.880> specify<00:14:13.759> I<00:14:13.839> am<00:14:14.040> paying<00:14:14.440> 50<00:14:14.720> shenon 00:14:15.269 --> 00:14:15.279 align:start position:0% might specify I am paying 50 shenon 00:14:15.279 --> 00:14:16.870 align:start position:0% might specify I am paying 50 shenon which<00:14:15.399> is<00:14:15.600> basically<00:14:15.959> 50<00:14:16.279> billionth<00:14:16.639> of<00:14:16.759> an 00:14:16.870 --> 00:14:16.880 align:start position:0% which is basically 50 billionth of an 00:14:16.880 --> 00:14:19.670 align:start position:0% which is basically 50 billionth of an ether<00:14:17.720> per<00:14:17.920> unit<00:14:18.279> gas<00:14:18.839> and<00:14:19.000> I'm<00:14:19.120> willing<00:14:19.399> to 00:14:19.670 --> 00:14:19.680 align:start position:0% ether per unit gas and I'm willing to 00:14:19.680 --> 00:14:21.829 align:start position:0% ether per unit gas and I'm willing to and<00:14:19.800> I'm<00:14:19.959> going<00:14:20.079> to<00:14:20.240> consume<00:14:20.759> up<00:14:20.880> to<00:14:21.040> 500,000 00:14:21.829 --> 00:14:21.839 align:start position:0% and I'm going to consume up to 500,000 00:14:21.839 --> 00:14:24.030 align:start position:0% and I'm going to consume up to 500,000 gas<00:14:22.560> minor<00:14:22.920> see<00:14:23.160> all<00:14:23.320> these<00:14:23.480> transactions 00:14:24.030 --> 00:14:24.040 align:start position:0% gas minor see all these transactions 00:14:24.040 --> 00:14:26.030 align:start position:0% gas minor see all these transactions coming<00:14:24.279> in<00:14:24.839> they<00:14:25.000> select<00:14:25.360> the<00:14:25.480> ones<00:14:25.720> that<00:14:25.880> have 00:14:26.030 --> 00:14:26.040 align:start position:0% coming in they select the ones that have 00:14:26.040 --> 00:14:27.590 align:start position:0% coming in they select the ones that have the<00:14:26.160> highest<00:14:26.519> gas<00:14:26.759> price<00:14:27.040> and<00:14:27.160> they<00:14:27.279> include 00:14:27.590 --> 00:14:27.600 align:start position:0% the highest gas price and they include 00:14:27.600 --> 00:14:30.350 align:start position:0% the highest gas price and they include them<00:14:27.680> in<00:14:27.759> their<00:14:27.959> block 00:14:30.350 --> 00:14:30.360 align:start position:0% them in their block 00:14:30.360 --> 00:14:33.150 align:start position:0% them in their block so<00:14:31.360> when<00:14:31.759> transaction<00:14:32.320> specifies<00:14:32.839> you<00:14:33.000> know 00:14:33.150 --> 00:14:33.160 align:start position:0% so when transaction specifies you know 00:14:33.160 --> 00:14:35.269 align:start position:0% so when transaction specifies you know that<00:14:33.279> it's<00:14:33.480> willing<00:14:33.759> to<00:14:33.920> spend<00:14:34.279> up<00:14:34.360> to<00:14:34.680> 200,000 00:14:35.269 --> 00:14:35.279 align:start position:0% that it's willing to spend up to 200,000 00:14:35.279 --> 00:14:37.269 align:start position:0% that it's willing to spend up to 200,000 gas<00:14:35.600> then<00:14:35.800> what<00:14:35.959> ha<00:14:36.279> what<00:14:36.680> there's<00:14:36.880> two<00:14:37.079> things 00:14:37.269 --> 00:14:37.279 align:start position:0% gas then what ha what there's two things 00:14:37.279 --> 00:14:39.189 align:start position:0% gas then what ha what there's two things that<00:14:37.440> could<00:14:37.639> happen<00:14:38.320> one<00:14:38.480> of<00:14:38.600> them<00:14:38.839> is<00:14:39.000> that 00:14:39.189 --> 00:14:39.199 align:start position:0% that could happen one of them is that 00:14:39.199 --> 00:14:42.710 align:start position:0% that could happen one of them is that execution<00:14:39.839> takes<00:14:40.079> up<00:14:40.360> less<00:14:40.519> than<00:14:40.880> 200,000<00:14:41.880> gas 00:14:42.710 --> 00:14:42.720 align:start position:0% execution takes up less than 200,000 gas 00:14:42.720 --> 00:14:44.230 align:start position:0% execution takes up less than 200,000 gas in<00:14:42.880> which<00:14:43.120> case<00:14:43.560> everything<00:14:43.920> happens 00:14:44.230 --> 00:14:44.240 align:start position:0% in which case everything happens 00:14:44.240 --> 00:14:46.749 align:start position:0% in which case everything happens normally<00:14:44.680> it's<00:14:44.959> okay<00:14:45.759> the<00:14:46.000> the<00:14:46.120> transaction 00:14:46.749 --> 00:14:46.759 align:start position:0% normally it's okay the the transaction 00:14:46.759 --> 00:14:48.590 align:start position:0% normally it's okay the the transaction pays<00:14:47.160> only<00:14:47.399> for<00:14:47.560> the<00:14:47.720> computational<00:14:48.320> steps 00:14:48.590 --> 00:14:48.600 align:start position:0% pays only for the computational steps 00:14:48.600 --> 00:14:51.189 align:start position:0% pays only for the computational steps that<00:14:48.720> it<00:14:49.079> uses<00:14:50.079> second<00:14:50.440> case<00:14:50.639> it<00:14:50.759> goes<00:14:51.000> over 00:14:51.189 --> 00:14:51.199 align:start position:0% that it uses second case it goes over 00:14:51.199 --> 00:14:54.150 align:start position:0% that it uses second case it goes over the<00:14:51.320> limit<00:14:52.079> if<00:14:52.320> that<00:14:52.560> happens<00:14:53.279> then<00:14:53.759> all<00:14:53.959> the 00:14:54.150 --> 00:14:54.160 align:start position:0% the limit if that happens then all the 00:14:54.160 --> 00:14:56.590 align:start position:0% the limit if that happens then all the execution<00:14:54.639> gets<00:14:54.959> reverted<00:14:55.959> and<00:14:56.120> the<00:14:56.240> reason 00:14:56.590 --> 00:14:56.600 align:start position:0% execution gets reverted and the reason 00:14:56.600 --> 00:14:58.550 align:start position:0% execution gets reverted and the reason why<00:14:56.839> that<00:14:57.000> has<00:14:57.160> to<00:14:57.279> be<00:14:57.440> done<00:14:57.720> is<00:14:57.959> because<00:14:58.360> if 00:14:58.550 --> 00:14:58.560 align:start position:0% why that has to be done is because if 00:14:58.560 --> 00:15:01.069 align:start position:0% why that has to be done is because if execution<00:14:59.320> could<00:14:59.519> stop<00:14:59.839> halfway<00:15:00.199> through 00:15:01.069 --> 00:15:01.079 align:start position:0% execution could stop halfway through 00:15:01.079 --> 00:15:02.670 align:start position:0% execution could stop halfway through then<00:15:01.279> you<00:15:01.440> might<00:15:01.639> be<00:15:01.759> able<00:15:01.959> to<00:15:02.160> sort<00:15:02.320> of 00:15:02.670 --> 00:15:02.680 align:start position:0% then you might be able to sort of 00:15:02.680 --> 00:15:04.670 align:start position:0% then you might be able to sort of perform<00:15:03.120> weird<00:15:03.480> attacks<00:15:03.800> on<00:15:04.040> contracts<00:15:04.560> we 00:15:04.670 --> 00:15:04.680 align:start position:0% perform weird attacks on contracts we 00:15:04.680 --> 00:15:07.870 align:start position:0% perform weird attacks on contracts we try<00:15:04.839> to<00:15:05.000> like<00:15:05.160> set<00:15:05.360> the<00:15:05.519> G<00:15:06.120> the<00:15:07.120> execution<00:15:07.600> to 00:15:07.870 --> 00:15:07.880 align:start position:0% try to like set the G the execution to 00:15:07.880 --> 00:15:09.870 align:start position:0% try to like set the G the execution to expire<00:15:08.440> just<00:15:08.680> at<00:15:08.839> the<00:15:09.000> time<00:15:09.199> when<00:15:09.399> like<00:15:09.600> one 00:15:09.870 --> 00:15:09.880 align:start position:0% expire just at the time when like one 00:15:09.880 --> 00:15:11.710 align:start position:0% expire just at the time when like one half<00:15:10.040> of<00:15:10.199> the<00:15:10.399> of<00:15:10.519> the<00:15:10.600> changes<00:15:11.160> gets<00:15:11.399> made<00:15:11.600> but 00:15:11.710 --> 00:15:11.720 align:start position:0% half of the of the changes gets made but 00:15:11.720 --> 00:15:13.550 align:start position:0% half of the of the changes gets made but the<00:15:11.839> other<00:15:12.000> half<00:15:12.199> doesn't<00:15:12.519> get<00:15:12.680> made<00:15:13.360> and<00:15:13.440> you 00:15:13.550 --> 00:15:13.560 align:start position:0% the other half doesn't get made and you 00:15:13.560 --> 00:15:15.230 align:start position:0% the other half doesn't get made and you know<00:15:13.680> we<00:15:13.800> kind<00:15:13.920> of<00:15:14.040> prefer<00:15:14.399> developers<00:15:14.920> to<00:15:15.120> be 00:15:15.230 --> 00:15:15.240 align:start position:0% know we kind of prefer developers to be 00:15:15.240 --> 00:15:18.990 align:start position:0% know we kind of prefer developers to be able<00:15:15.399> to<00:15:15.560> just<00:15:15.720> not<00:15:15.880> worry<00:15:16.160> about<00:15:16.519> that<00:15:17.519> and<00:15:18.519> so 00:15:18.990 --> 00:15:19.000 align:start position:0% able to just not worry about that and so 00:15:19.000 --> 00:15:21.470 align:start position:0% able to just not worry about that and so all<00:15:19.160> the<00:15:19.320> execution<00:15:19.800> gets<00:15:20.000> reverted<00:15:20.959> but<00:15:21.320> the 00:15:21.470 --> 00:15:21.480 align:start position:0% all the execution gets reverted but the 00:15:21.480 --> 00:15:23.629 align:start position:0% all the execution gets reverted but the transaction<00:15:22.079> still<00:15:22.360> has<00:15:22.519> to<00:15:22.680> pay<00:15:22.839> for<00:15:23.040> the<00:15:23.199> gas 00:15:23.629 --> 00:15:23.639 align:start position:0% transaction still has to pay for the gas 00:15:23.639 --> 00:15:26.710 align:start position:0% transaction still has to pay for the gas anyway<00:15:24.639> so<00:15:25.199> don't<00:15:25.440> run<00:15:25.600> out<00:15:25.680> of 00:15:26.710 --> 00:15:26.720 align:start position:0% anyway so don't run out of 00:15:26.720 --> 00:15:30.069 align:start position:0% anyway so don't run out of gas<00:15:27.720> um<00:15:28.319> there's<00:15:28.639> also<00:15:29.120> gas<00:15:29.319> isn't<00:15:29.720> just<00:15:29.959> a 00:15:30.069 --> 00:15:30.079 align:start position:0% gas um there's also gas isn't just a 00:15:30.079 --> 00:15:31.870 align:start position:0% gas um there's also gas isn't just a sort<00:15:30.240> of<00:15:30.399> simple<00:15:30.839> one<00:15:31.120> one<00:15:31.360> computational 00:15:31.870 --> 00:15:31.880 align:start position:0% sort of simple one one computational 00:15:31.880 --> 00:15:34.030 align:start position:0% sort of simple one one computational step<00:15:32.199> one<00:15:32.440> gas<00:15:32.720> thing<00:15:33.319> there<00:15:33.440> are<00:15:33.720> some 00:15:34.030 --> 00:15:34.040 align:start position:0% step one gas thing there are some 00:15:34.040 --> 00:15:35.870 align:start position:0% step one gas thing there are some operations<00:15:34.600> for<00:15:34.759> example<00:15:35.160> operations<00:15:35.639> that 00:15:35.870 --> 00:15:35.880 align:start position:0% operations for example operations that 00:15:35.880 --> 00:15:37.350 align:start position:0% operations for example operations that increase<00:15:36.240> the<00:15:36.360> amount<00:15:36.519> of<00:15:36.639> storage<00:15:37.240> that 00:15:37.350 --> 00:15:37.360 align:start position:0% increase the amount of storage that 00:15:37.360 --> 00:15:39.110 align:start position:0% increase the amount of storage that every<00:15:37.519> node<00:15:37.800> has<00:15:37.920> to<00:15:38.079> store<00:15:38.759> and<00:15:38.920> those 00:15:39.110 --> 00:15:39.120 align:start position:0% every node has to store and those 00:15:39.120 --> 00:15:41.030 align:start position:0% every node has to store and those operations<00:15:39.600> take<00:15:39.759> up<00:15:39.920> a<00:15:40.319> very<00:15:40.519> large<00:15:40.759> amounts 00:15:41.030 --> 00:15:41.040 align:start position:0% operations take up a very large amounts 00:15:41.040 --> 00:15:43.990 align:start position:0% operations take up a very large amounts of<00:15:41.279> gas<00:15:41.920> so<00:15:42.160> the<00:15:42.360> gas<00:15:43.079> system<00:15:43.440> is<00:15:43.600> also<00:15:43.880> this 00:15:43.990 --> 00:15:44.000 align:start position:0% of gas so the gas system is also this 00:15:44.000 --> 00:15:45.749 align:start position:0% of gas so the gas system is also this sort<00:15:44.160> of<00:15:44.319> Fairly<00:15:44.639> intricate<00:15:45.160> set<00:15:45.319> of 00:15:45.749 --> 00:15:45.759 align:start position:0% sort of Fairly intricate set of 00:15:45.759 --> 00:15:48.990 align:start position:0% sort of Fairly intricate set of incentives<00:15:46.759> that<00:15:47.519> are<00:15:47.839> designed<00:15:48.399> in<00:15:48.519> order<00:15:48.759> to 00:15:48.990 --> 00:15:49.000 align:start position:0% incentives that are designed in order to 00:15:49.000 --> 00:15:51.189 align:start position:0% incentives that are designed in order to encourage<00:15:49.600> Bas<00:15:49.880> you<00:15:50.120> using<00:15:50.480> the<00:15:50.600> resources<00:15:51.079> of 00:15:51.189 --> 00:15:51.199 align:start position:0% encourage Bas you using the resources of 00:15:51.199 --> 00:15:53.590 align:start position:0% encourage Bas you using the resources of the<00:15:51.319> ethereum<00:15:51.800> system 00:15:53.590 --> 00:15:53.600 align:start position:0% the ethereum system 00:15:53.600 --> 00:15:55.990 align:start position:0% the ethereum system responsibly<00:15:54.600> SO<00:15:54.920> gas<00:15:55.199> limit<00:15:55.519> is<00:15:55.639> sort<00:15:55.759> of<00:15:55.880> the 00:15:55.990 --> 00:15:56.000 align:start position:0% responsibly SO gas limit is sort of the 00:15:56.000 --> 00:15:57.590 align:start position:0% responsibly SO gas limit is sort of the counterpart<00:15:56.519> of<00:15:56.639> the<00:15:56.720> block<00:15:57.000> size<00:15:57.240> limit<00:15:57.480> in 00:15:57.590 --> 00:15:57.600 align:start position:0% counterpart of the block size limit in 00:15:57.600 --> 00:16:00.670 align:start position:0% counterpart of the block size limit in Bitcoin<00:15:58.360> how<00:15:58.480> is<00:15:58.560> the<00:15:58.680> gas<00:15:59.079> limit<00:15:59.399> set<00:16:00.279> fair 00:16:00.670 --> 00:16:00.680 align:start position:0% Bitcoin how is the gas limit set fair 00:16:00.680 --> 00:16:02.870 align:start position:0% Bitcoin how is the gas limit set fair fairly<00:16:01.000> simple<00:16:01.319> voting<00:16:01.639> mechanism<00:16:02.199> right<00:16:02.399> now 00:16:02.870 --> 00:16:02.880 align:start position:0% fairly simple voting mechanism right now 00:16:02.880 --> 00:16:04.749 align:start position:0% fairly simple voting mechanism right now if<00:16:02.959> you<00:16:03.120> mine<00:16:03.279> a<00:16:03.480> block<00:16:04.040> then<00:16:04.120> you<00:16:04.240> can<00:16:04.440> up<00:16:04.600> or 00:16:04.749 --> 00:16:04.759 align:start position:0% if you mine a block then you can up or 00:16:04.759 --> 00:16:06.470 align:start position:0% if you mine a block then you can up or up<00:16:04.920> Vote<00:16:05.079> or<00:16:05.199> down<00:16:05.399> vote<00:16:05.600> the<00:16:05.720> guess<00:16:06.000> limit<00:16:06.319> by 00:16:06.470 --> 00:16:06.480 align:start position:0% up Vote or down vote the guess limit by 00:16:06.480 --> 00:16:09.110 align:start position:0% up Vote or down vote the guess limit by a<00:16:06.639> factor<00:16:07.199> maximum<00:16:07.600> a<00:16:07.759> factor<00:16:08.000> of<00:16:08.120> 1<00:16:08.279> over 00:16:09.110 --> 00:16:09.120 align:start position:0% a factor maximum a factor of 1 over 00:16:09.120 --> 00:16:12.350 align:start position:0% a factor maximum a factor of 1 over 1024<00:16:10.120> there<00:16:10.319> is<00:16:10.480> a<00:16:10.639> default<00:16:11.120> strategy<00:16:11.839> that<00:16:12.120> we 00:16:12.350 --> 00:16:12.360 align:start position:0% 1024 there is a default strategy that we 00:16:12.360 --> 00:16:13.670 align:start position:0% 1024 there is a default strategy that we currently<00:16:12.720> sort<00:16:12.880> of<00:16:13.040> instruct<00:16:13.440> all<00:16:13.560> the 00:16:13.670 --> 00:16:13.680 align:start position:0% currently sort of instruct all the 00:16:13.680 --> 00:16:15.430 align:start position:0% currently sort of instruct all the clients<00:16:14.079> to<00:16:14.240> follow<00:16:14.519> in<00:16:14.639> the<00:16:14.720> source<00:16:15.120> code 00:16:15.430 --> 00:16:15.440 align:start position:0% clients to follow in the source code 00:16:15.440 --> 00:16:19.230 align:start position:0% clients to follow in the source code which<00:16:15.600> is<00:16:16.120> you<00:16:16.279> have<00:16:16.399> a<00:16:16.519> minimum<00:16:16.880> of<00:16:17.040> 31415<00:16:18.240> 92 00:16:19.230 --> 00:16:19.240 align:start position:0% which is you have a minimum of 31415 92 00:16:19.240 --> 00:16:22.030 align:start position:0% which is you have a minimum of 31415 92 and<00:16:20.160> if<00:16:20.399> the<00:16:20.600> usage<00:16:21.079> starts<00:16:21.399> bubbling<00:16:21.800> up<00:16:21.920> and 00:16:22.030 --> 00:16:22.040 align:start position:0% and if the usage starts bubbling up and 00:16:22.040 --> 00:16:24.629 align:start position:0% and if the usage starts bubbling up and hitting<00:16:22.319> close<00:16:22.519> to<00:16:22.639> the<00:16:22.759> guas<00:16:23.120> Limit<00:16:23.800> then<00:16:23.959> we 00:16:24.629 --> 00:16:24.639 align:start position:0% hitting close to the guas Limit then we 00:16:24.639 --> 00:16:28.269 align:start position:0% hitting close to the guas Limit then we target<00:16:25.839> 150%<00:16:26.839> of<00:16:26.959> the<00:16:27.120> long-term<00:16:27.759> exponential 00:16:28.269 --> 00:16:28.279 align:start position:0% target 150% of the long-term exponential 00:16:28.279 --> 00:16:31.710 align:start position:0% target 150% of the long-term exponential moving<00:16:28.600> average<00:16:29.120> of<00:16:29.240> the<00:16:29.360> gas<00:16:29.839> us<00:16:30.839> so 00:16:31.710 --> 00:16:31.720 align:start position:0% moving average of the gas us so 00:16:31.720 --> 00:16:34.230 align:start position:0% moving average of the gas us so basically<00:16:32.160> sort<00:16:32.319> of<00:16:32.519> Target<00:16:32.880> it<00:16:33.120> so<00:16:33.440> that<00:16:34.040> if 00:16:34.230 --> 00:16:34.240 align:start position:0% basically sort of Target it so that if 00:16:34.240 --> 00:16:35.910 align:start position:0% basically sort of Target it so that if it<00:16:34.440> does<00:16:34.639> get<00:16:34.800> filled<00:16:35.079> up<00:16:35.240> the<00:16:35.360> gas<00:16:35.560> limit<00:16:35.800> is 00:16:35.910 --> 00:16:35.920 align:start position:0% it does get filled up the gas limit is 00:16:35.920 --> 00:16:37.590 align:start position:0% it does get filled up the gas limit is going<00:16:36.040> to<00:16:36.120> be<00:16:36.240> sort<00:16:36.399> of<00:16:36.560> just<00:16:36.759> a<00:16:36.959> bit<00:16:37.160> higher 00:16:37.590 --> 00:16:37.600 align:start position:0% going to be sort of just a bit higher 00:16:37.600 --> 00:16:41.269 align:start position:0% going to be sort of just a bit higher than<00:16:38.399> what<00:16:39.399> than<00:16:39.680> what<00:16:39.959> what<00:16:40.519> blocks<00:16:40.880> normally 00:16:41.269 --> 00:16:41.279 align:start position:0% than what than what what blocks normally 00:16:41.279 --> 00:16:43.710 align:start position:0% than what than what what blocks normally contain<00:16:42.279> so<00:16:42.800> there<00:16:42.959> are<00:16:43.199> alternative 00:16:43.710 --> 00:16:43.720 align:start position:0% contain so there are alternative 00:16:43.720 --> 00:16:45.309 align:start position:0% contain so there are alternative strategies<00:16:44.160> that<00:16:44.279> we're<00:16:44.480> exploring<00:16:45.040> so<00:16:45.199> one 00:16:45.309 --> 00:16:45.319 align:start position:0% strategies that we're exploring so one 00:16:45.319 --> 00:16:46.870 align:start position:0% strategies that we're exploring so one of<00:16:45.440> them<00:16:45.600> is<00:16:45.720> say<00:16:45.959> for<00:16:46.079> example<00:16:46.399> Target<00:16:46.720> a 00:16:46.870 --> 00:16:46.880 align:start position:0% of them is say for example Target a 00:16:46.880 --> 00:16:49.150 align:start position:0% of them is say for example Target a particular<00:16:47.199> Uncle<00:16:47.600> raate<00:16:48.199> so<00:16:48.399> what<00:16:48.519> uncos<00:16:48.959> are 00:16:49.150 --> 00:16:49.160 align:start position:0% particular Uncle raate so what uncos are 00:16:49.160 --> 00:16:51.150 align:start position:0% particular Uncle raate so what uncos are I'll<00:16:49.519> explain<00:16:49.839> a<00:16:49.959> bit<00:16:50.120> later<00:16:50.440> but<00:16:50.560> the<00:16:50.720> general 00:16:51.150 --> 00:16:51.160 align:start position:0% I'll explain a bit later but the general 00:16:51.160 --> 00:16:53.389 align:start position:0% I'll explain a bit later but the general concept<00:16:51.680> is<00:16:51.959> that<00:16:52.399> the<00:16:52.519> more<00:16:52.759> the<00:16:52.920> blockchain 00:16:53.389 --> 00:16:53.399 align:start position:0% concept is that the more the blockchain 00:16:53.399 --> 00:16:56.550 align:start position:0% concept is that the more the blockchain gets<00:16:53.560> clogged<00:16:54.040> up<00:16:55.040> then<00:16:55.639> basically<00:16:56.079> the<00:16:56.240> more 00:16:56.550 --> 00:16:56.560 align:start position:0% gets clogged up then basically the more 00:16:56.560 --> 00:16:58.949 align:start position:0% gets clogged up then basically the more blocks<00:16:57.160> and<00:16:57.560> the<00:16:57.720> slower<00:16:58.120> blocks<00:16:58.440> propagate 00:16:58.949 --> 00:16:58.959 align:start position:0% blocks and the slower blocks propagate 00:16:58.959 --> 00:17:00.590 align:start position:0% blocks and the slower blocks propagate and<00:16:59.040> so<00:16:59.199> the<00:16:59.279> more<00:16:59.480> blocks<00:16:59.880> kind<00:17:00.000> of<00:17:00.160> get<00:17:00.360> lost 00:17:00.590 --> 00:17:00.600 align:start position:0% and so the more blocks kind of get lost 00:17:00.600 --> 00:17:02.829 align:start position:0% and so the more blocks kind of get lost and<00:17:00.759> don't<00:17:00.959> end<00:17:01.079> up<00:17:01.240> being<00:17:01.399> in<00:17:01.480> the<00:17:01.600> main<00:17:01.839> chain 00:17:02.829 --> 00:17:02.839 align:start position:0% and don't end up being in the main chain 00:17:02.839 --> 00:17:04.510 align:start position:0% and don't end up being in the main chain and<00:17:03.079> as<00:17:03.160> it<00:17:03.319> turns<00:17:03.600> out<00:17:03.880> thanks<00:17:04.079> to<00:17:04.199> a<00:17:04.280> future 00:17:04.510 --> 00:17:04.520 align:start position:0% and as it turns out thanks to a future 00:17:04.520 --> 00:17:06.230 align:start position:0% and as it turns out thanks to a future of<00:17:04.600> the<00:17:04.720> ethereum<00:17:05.160> protocol<00:17:05.919> you<00:17:06.039> can 00:17:06.230 --> 00:17:06.240 align:start position:0% of the ethereum protocol you can 00:17:06.240 --> 00:17:07.870 align:start position:0% of the ethereum protocol you can actually<00:17:06.600> calculate<00:17:07.160> how<00:17:07.319> much<00:17:07.520> this<00:17:07.679> is 00:17:07.870 --> 00:17:07.880 align:start position:0% actually calculate how much this is 00:17:07.880 --> 00:17:09.990 align:start position:0% actually calculate how much this is happening<00:17:08.600> and<00:17:08.720> so<00:17:08.959> you<00:17:09.079> can<00:17:09.240> kind<00:17:09.360> of<00:17:09.559> Target 00:17:09.990 --> 00:17:10.000 align:start position:0% happening and so you can kind of Target 00:17:10.000 --> 00:17:12.029 align:start position:0% happening and so you can kind of Target a<00:17:10.199> particular<00:17:10.760> ex<00:17:11.160> amount<00:17:11.520> to<00:17:11.720> which<00:17:11.839> it's 00:17:12.029 --> 00:17:12.039 align:start position:0% a particular ex amount to which it's 00:17:12.039 --> 00:17:13.949 align:start position:0% a particular ex amount to which it's happening<00:17:12.400> and<00:17:12.480> you<00:17:12.600> can<00:17:12.799> say<00:17:13.640> if<00:17:13.799> we're 00:17:13.949 --> 00:17:13.959 align:start position:0% happening and you can say if we're 00:17:13.959 --> 00:17:16.270 align:start position:0% happening and you can say if we're seeing<00:17:14.400> more<00:17:14.640> than<00:17:14.959> let's<00:17:15.120> say<00:17:15.280> 20%<00:17:15.959> waste 00:17:16.270 --> 00:17:16.280 align:start position:0% seeing more than let's say 20% waste 00:17:16.280 --> 00:17:19.150 align:start position:0% seeing more than let's say 20% waste from<00:17:17.039> blocks<00:17:17.480> being<00:17:18.000> uh<00:17:18.480> just<00:17:18.640> falling<00:17:19.000> off 00:17:19.150 --> 00:17:19.160 align:start position:0% from blocks being uh just falling off 00:17:19.160 --> 00:17:21.189 align:start position:0% from blocks being uh just falling off the<00:17:19.319> network<00:17:20.079> then<00:17:20.240> the<00:17:20.360> gas<00:17:20.559> limit<00:17:20.839> should<00:17:21.039> go 00:17:21.189 --> 00:17:21.199 align:start position:0% the network then the gas limit should go 00:17:21.199 --> 00:17:22.990 align:start position:0% the network then the gas limit should go down<00:17:21.720> so<00:17:21.919> there<00:17:22.039> are<00:17:22.199> other<00:17:22.400> strategies<00:17:22.880> that 00:17:22.990 --> 00:17:23.000 align:start position:0% down so there are other strategies that 00:17:23.000 --> 00:17:25.949 align:start position:0% down so there are other strategies that we're<00:17:23.600> considering<00:17:24.600> so<00:17:24.959> transactions 00:17:25.949 --> 00:17:25.959 align:start position:0% we're considering so transactions 00:17:25.959 --> 00:17:28.150 align:start position:0% we're considering so transactions contain<00:17:26.400> basically<00:17:26.799> seven<00:17:27.079> sets<00:17:27.319> of<00:17:27.480> values 00:17:28.150 --> 00:17:28.160 align:start position:0% contain basically seven sets of values 00:17:28.160 --> 00:17:29.590 align:start position:0% contain basically seven sets of values number<00:17:28.400> one 00:17:29.590 --> 00:17:29.600 align:start position:0% number one 00:17:29.600 --> 00:17:32.990 align:start position:0% number one so<00:17:30.320> what<00:17:30.440> a<00:17:30.559> non<00:17:30.960> does<00:17:31.200> is<00:17:31.440> basically<00:17:32.400> every 00:17:32.990 --> 00:17:33.000 align:start position:0% so what a non does is basically every 00:17:33.000 --> 00:17:35.230 align:start position:0% so what a non does is basically every every<00:17:33.320> transaction<00:17:33.960> has<00:17:34.080> to<00:17:34.200> have<00:17:34.320> a<00:17:34.919> has<00:17:35.080> to 00:17:35.230 --> 00:17:35.240 align:start position:0% every transaction has to have a has to 00:17:35.240 --> 00:17:37.350 align:start position:0% every transaction has to have a has to have<00:17:35.360> a<00:17:35.559> unique<00:17:35.880> incrementing<00:17:36.400> nons<00:17:37.080> so<00:17:37.240> the 00:17:37.350 --> 00:17:37.360 align:start position:0% have a unique incrementing nons so the 00:17:37.360 --> 00:17:38.750 align:start position:0% have a unique incrementing nons so the first<00:17:37.600> transaction<00:17:38.039> you<00:17:38.160> send<00:17:38.400> from<00:17:38.559> an 00:17:38.750 --> 00:17:38.760 align:start position:0% first transaction you send from an 00:17:38.760 --> 00:17:40.710 align:start position:0% first transaction you send from an account<00:17:39.120> has<00:17:39.240> to<00:17:39.400> have<00:17:39.480> a<00:17:39.600> Nots<00:17:39.880> of<00:17:40.039> zero 00:17:40.710 --> 00:17:40.720 align:start position:0% account has to have a Nots of zero 00:17:40.720 --> 00:17:42.350 align:start position:0% account has to have a Nots of zero second<00:17:41.000> transaction<00:17:41.480> you<00:17:41.600> send<00:17:42.000> has<00:17:42.120> to<00:17:42.240> have 00:17:42.350 --> 00:17:42.360 align:start position:0% second transaction you send has to have 00:17:42.360 --> 00:17:43.870 align:start position:0% second transaction you send has to have a<00:17:42.440> nons<00:17:42.720> of<00:17:42.840> one<00:17:43.080> third<00:17:43.280> has<00:17:43.400> to<00:17:43.480> have<00:17:43.559> a<00:17:43.679> Nots 00:17:43.870 --> 00:17:43.880 align:start position:0% a nons of one third has to have a Nots 00:17:43.880 --> 00:17:45.909 align:start position:0% a nons of one third has to have a Nots of<00:17:44.000> two<00:17:44.240> and<00:17:44.360> so<00:17:44.559> forth<00:17:45.320> and<00:17:45.440> the<00:17:45.559> reason<00:17:45.799> this 00:17:45.909 --> 00:17:45.919 align:start position:0% of two and so forth and the reason this 00:17:45.919 --> 00:17:48.150 align:start position:0% of two and so forth and the reason this is<00:17:46.039> done<00:17:46.200> is<00:17:46.320> to<00:17:46.440> prevent<00:17:46.760> re<00:17:47.039> replay<00:17:47.480> attacks 00:17:48.150 --> 00:17:48.160 align:start position:0% is done is to prevent re replay attacks 00:17:48.160 --> 00:17:50.470 align:start position:0% is done is to prevent re replay attacks so<00:17:48.320> if<00:17:48.480> Alice<00:17:48.799> sends<00:17:49.080> ether<00:17:49.440> 10<00:17:49.640> ether<00:17:49.919> to<00:17:50.080> Bob 00:17:50.470 --> 00:17:50.480 align:start position:0% so if Alice sends ether 10 ether to Bob 00:17:50.480 --> 00:17:51.750 align:start position:0% so if Alice sends ether 10 ether to Bob you<00:17:50.600> don't<00:17:50.760> want<00:17:51.000> Bob<00:17:51.240> to<00:17:51.400> take<00:17:51.600> that 00:17:51.750 --> 00:17:51.760 align:start position:0% you don't want Bob to take that 00:17:51.760 --> 00:17:53.310 align:start position:0% you don't want Bob to take that transaction<00:17:52.280> and<00:17:52.440> reinserted<00:17:53.080> into<00:17:53.240> the 00:17:53.310 --> 00:17:53.320 align:start position:0% transaction and reinserted into the 00:17:53.320 --> 00:17:54.750 align:start position:0% transaction and reinserted into the blockchain<00:17:53.720> 10<00:17:53.960> times<00:17:54.200> to<00:17:54.320> give<00:17:54.440> himself 00:17:54.750 --> 00:17:54.760 align:start position:0% blockchain 10 times to give himself 00:17:54.760 --> 00:17:57.990 align:start position:0% blockchain 10 times to give himself another<00:17:55.039> 100<00:17:55.320> ether<00:17:56.039> nonis<00:17:56.440> fixed<00:17:56.760> that<00:17:57.760> gas 00:17:57.990 --> 00:17:58.000 align:start position:0% another 100 ether nonis fixed that gas 00:17:58.000 --> 00:17:59.830 align:start position:0% another 100 ether nonis fixed that gas price<00:17:58.280> the<00:17:58.360> amount<00:17:58.559> of<00:17:58.640> E<00:17:58.840> ether<00:17:59.039> per<00:17:59.159> unit<00:17:59.480> gas 00:17:59.830 --> 00:17:59.840 align:start position:0% price the amount of E ether per unit gas 00:17:59.840 --> 00:18:02.430 align:start position:0% price the amount of E ether per unit gas already<00:18:00.240> already<00:18:00.960> covered<00:18:01.360> that<00:18:01.760> start<00:18:02.159> gas 00:18:02.430 --> 00:18:02.440 align:start position:0% already already covered that start gas 00:18:02.440 --> 00:18:06.270 align:start position:0% already already covered that start gas same<00:18:02.720> thing<00:18:03.280> to<00:18:04.039> the<00:18:04.360> address<00:18:05.080> of<00:18:05.480> the<00:18:05.960> the 00:18:06.270 --> 00:18:06.280 align:start position:0% same thing to the address of the the 00:18:06.280 --> 00:18:07.310 align:start position:0% same thing to the address of the the account<00:18:06.559> that<00:18:06.679> you're<00:18:06.880> sending<00:18:07.159> the 00:18:07.310 --> 00:18:07.320 align:start position:0% account that you're sending the 00:18:07.320 --> 00:18:09.070 align:start position:0% account that you're sending the transaction<00:18:07.840> to<00:18:08.200> or<00:18:08.360> you<00:18:08.480> know<00:18:08.640> the<00:18:08.760> contract 00:18:09.070 --> 00:18:09.080 align:start position:0% transaction to or you know the contract 00:18:09.080 --> 00:18:11.549 align:start position:0% transaction to or you know the contract you're<00:18:09.320> calling<00:18:10.320> value<00:18:10.720> the<00:18:10.840> amount<00:18:11.080> of<00:18:11.240> ether 00:18:11.549 --> 00:18:11.559 align:start position:0% you're calling value the amount of ether 00:18:11.559 --> 00:18:14.070 align:start position:0% you're calling value the amount of ether that<00:18:11.679> you're<00:18:11.919> sending<00:18:12.919> data<00:18:13.320> is<00:18:13.480> just<00:18:13.640> a<00:18:13.760> field 00:18:14.070 --> 00:18:14.080 align:start position:0% that you're sending data is just a field 00:18:14.080 --> 00:18:16.830 align:start position:0% that you're sending data is just a field of<00:18:14.280> data<00:18:15.200> the<00:18:15.400> transaction<00:18:15.919> sender<00:18:16.400> can<00:18:16.559> fill 00:18:16.830 --> 00:18:16.840 align:start position:0% of data the transaction sender can fill 00:18:16.840 --> 00:18:18.230 align:start position:0% of data the transaction sender can fill the<00:18:16.919> data<00:18:17.120> field<00:18:17.440> with<00:18:17.559> whatever<00:18:17.840> he<00:18:17.960> wants 00:18:18.230 --> 00:18:18.240 align:start position:0% the data field with whatever he wants 00:18:18.240 --> 00:18:20.070 align:start position:0% the data field with whatever he wants it's<00:18:18.400> just<00:18:18.520> an<00:18:18.640> array<00:18:18.919> of<00:18:19.039> bytes<00:18:19.400> no<00:18:19.559> limits<00:18:19.880> on 00:18:20.070 --> 00:18:20.080 align:start position:0% it's just an array of bytes no limits on 00:18:20.080 --> 00:18:24.190 align:start position:0% it's just an array of bytes no limits on length<00:18:21.000> but<00:18:21.640> the<00:18:21.760> more<00:18:22.559> there<00:18:23.159> the<00:18:23.360> more<00:18:23.799> data 00:18:24.190 --> 00:18:24.200 align:start position:0% length but the more there the more data 00:18:24.200 --> 00:18:26.230 align:start position:0% length but the more there the more data a<00:18:24.400> transaction<00:18:24.960> includes<00:18:25.440> there<00:18:25.559> is<00:18:25.799> actually 00:18:26.230 --> 00:18:26.240 align:start position:0% a transaction includes there is actually 00:18:26.240 --> 00:18:28.909 align:start position:0% a transaction includes there is actually a<00:18:26.400> fee<00:18:26.640> for<00:18:26.880> that<00:18:27.080> in<00:18:27.360> gas<00:18:28.120> so<00:18:28.320> basically<00:18:28.799> you 00:18:28.909 --> 00:18:28.919 align:start position:0% a fee for that in gas so basically you 00:18:28.919 --> 00:18:31.789 align:start position:0% a fee for that in gas so basically you lose<00:18:29.200> 68<00:18:29.799> you<00:18:29.880> have<00:18:30.000> to<00:18:30.400> pay<00:18:30.559> an<00:18:30.720> extra<00:18:31.039> 68<00:18:31.600> gas 00:18:31.789 --> 00:18:31.799 align:start position:0% lose 68 you have to pay an extra 68 gas 00:18:31.799 --> 00:18:33.350 align:start position:0% lose 68 you have to pay an extra 68 gas for<00:18:32.000> every<00:18:32.240> bite<00:18:32.400> of<00:18:32.559> transaction<00:18:33.039> data<00:18:33.280> that 00:18:33.350 --> 00:18:33.360 align:start position:0% for every bite of transaction data that 00:18:33.360 --> 00:18:34.390 align:start position:0% for every bite of transaction data that you 00:18:34.390 --> 00:18:34.400 align:start position:0% you 00:18:34.400 --> 00:18:37.390 align:start position:0% you include<00:18:35.400> vrs<00:18:36.000> there<00:18:36.120> are<00:18:36.320> values<00:18:36.880> in<00:18:37.159> an 00:18:37.390 --> 00:18:37.400 align:start position:0% include vrs there are values in an 00:18:37.400 --> 00:18:39.750 align:start position:0% include vrs there are values in an elliptic<00:18:37.799> curve<00:18:38.080> signature<00:18:39.039> so<00:18:39.360> the<00:18:39.640> if 00:18:39.750 --> 00:18:39.760 align:start position:0% elliptic curve signature so the if 00:18:39.760 --> 00:18:41.270 align:start position:0% elliptic curve signature so the if you're<00:18:40.000> familiar<00:18:40.400> with<00:18:40.559> cryptography<00:18:41.080> you've 00:18:41.270 --> 00:18:41.280 align:start position:0% you're familiar with cryptography you've 00:18:41.280 --> 00:18:43.510 align:start position:0% you're familiar with cryptography you've probably<00:18:41.480> heard<00:18:41.679> of<00:18:42.080> seen<00:18:42.360> the<00:18:42.440> r<00:18:42.640> and<00:18:42.799> the<00:18:42.960> S 00:18:43.510 --> 00:18:43.520 align:start position:0% probably heard of seen the r and the S 00:18:43.520 --> 00:18:45.710 align:start position:0% probably heard of seen the r and the S the<00:18:43.679> Val<00:18:43.960> value<00:18:44.240> is<00:18:44.400> basically<00:18:44.760> an<00:18:44.960> extra<00:18:45.240> flag 00:18:45.710 --> 00:18:45.720 align:start position:0% the Val value is basically an extra flag 00:18:45.720 --> 00:18:47.710 align:start position:0% the Val value is basically an extra flag needed<00:18:46.000> to<00:18:46.159> do<00:18:46.400> public<00:18:46.679> key<00:18:46.919> recovery<00:18:47.480> so 00:18:47.710 --> 00:18:47.720 align:start position:0% needed to do public key recovery so 00:18:47.720 --> 00:18:49.510 align:start position:0% needed to do public key recovery so basically<00:18:48.600> instead<00:18:48.880> of<00:18:49.039> checking<00:18:49.400> the 00:18:49.510 --> 00:18:49.520 align:start position:0% basically instead of checking the 00:18:49.520 --> 00:18:51.430 align:start position:0% basically instead of checking the signature<00:18:50.000> against<00:18:50.280> the<00:18:50.440> public<00:18:50.799> key<00:18:51.240> you 00:18:51.430 --> 00:18:51.440 align:start position:0% signature against the public key you 00:18:51.440 --> 00:18:53.750 align:start position:0% signature against the public key you actually<00:18:51.720> derive<00:18:52.159> the<00:18:52.280> public<00:18:52.559> key<00:18:52.840> from<00:18:53.039> the 00:18:53.750 --> 00:18:53.760 align:start position:0% actually derive the public key from the 00:18:53.760 --> 00:18:56.950 align:start position:0% actually derive the public key from the signature<00:18:55.039> so<00:18:56.039> there<00:18:56.120> is<00:18:56.280> this<00:18:56.520> concept 00:18:56.950 --> 00:18:56.960 align:start position:0% signature so there is this concept 00:18:56.960 --> 00:18:59.230 align:start position:0% signature so there is this concept called<00:18:57.320> of<00:18:57.520> receipts<00:18:58.440> so 00:18:59.230 --> 00:18:59.240 align:start position:0% called of receipts so 00:18:59.240 --> 00:19:01.230 align:start position:0% called of receipts so receipts<00:18:59.760> are<00:19:00.200> objects<00:19:00.640> that<00:19:00.799> kind<00:19:00.880> of<00:19:01.039> get 00:19:01.230 --> 00:19:01.240 align:start position:0% receipts are objects that kind of get 00:19:01.240 --> 00:19:03.029 align:start position:0% receipts are objects that kind of get hashed<00:19:01.559> into<00:19:01.760> the<00:19:01.840> ethereum<00:19:02.280> block<00:19:02.760> into<00:19:02.960> the 00:19:03.029 --> 00:19:03.039 align:start position:0% hashed into the ethereum block into the 00:19:03.039 --> 00:19:04.990 align:start position:0% hashed into the ethereum block into the ethereum<00:19:03.480> blockchain<00:19:04.440> and<00:19:04.720> every 00:19:04.990 --> 00:19:05.000 align:start position:0% ethereum blockchain and every 00:19:05.000 --> 00:19:07.630 align:start position:0% ethereum blockchain and every transaction<00:19:05.679> has<00:19:05.799> a<00:19:05.960> corresponding<00:19:06.640> receipt 00:19:07.630 --> 00:19:07.640 align:start position:0% transaction has a corresponding receipt 00:19:07.640 --> 00:19:09.830 align:start position:0% transaction has a corresponding receipt so<00:19:08.320> these<00:19:08.520> receipts<00:19:08.960> have<00:19:09.080> a<00:19:09.200> few<00:19:09.360> pieces<00:19:09.640> of 00:19:09.830 --> 00:19:09.840 align:start position:0% so these receipts have a few pieces of 00:19:09.840 --> 00:19:12.510 align:start position:0% so these receipts have a few pieces of data<00:19:10.640> one<00:19:10.840> of<00:19:11.000> them<00:19:11.320> is<00:19:11.799> an<00:19:11.919> intermediate 00:19:12.510 --> 00:19:12.520 align:start position:0% data one of them is an intermediate 00:19:12.520 --> 00:19:14.470 align:start position:0% data one of them is an intermediate State<00:19:12.799> Route<00:19:13.480> which<00:19:13.960> once<00:19:14.159> again<00:19:14.320> I'll 00:19:14.470 --> 00:19:14.480 align:start position:0% State Route which once again I'll 00:19:14.480 --> 00:19:16.190 align:start position:0% State Route which once again I'll describe<00:19:14.880> the<00:19:15.000> mechanism<00:19:15.480> later<00:19:15.799> but<00:19:15.919> it's<00:19:16.039> a 00:19:16.190 --> 00:19:16.200 align:start position:0% describe the mechanism later but it's a 00:19:16.200 --> 00:19:18.950 align:start position:0% describe the mechanism later but it's a kind<00:19:16.320> of<00:19:16.600> hash<00:19:17.440> that<00:19:17.640> represents<00:19:18.320> the<00:19:18.480> entire 00:19:18.950 --> 00:19:18.960 align:start position:0% kind of hash that represents the entire 00:19:18.960 --> 00:19:20.950 align:start position:0% kind of hash that represents the entire state<00:19:19.440> after<00:19:19.679> the<00:19:19.840> transaction<00:19:20.360> gets 00:19:20.950 --> 00:19:20.960 align:start position:0% state after the transaction gets 00:19:20.960 --> 00:19:23.830 align:start position:0% state after the transaction gets executed<00:19:21.960> number<00:19:22.200> two<00:19:22.480> cumulative<00:19:23.120> gas<00:19:23.320> Ed<00:19:23.640> so 00:19:23.830 --> 00:19:23.840 align:start position:0% executed number two cumulative gas Ed so 00:19:23.840 --> 00:19:26.110 align:start position:0% executed number two cumulative gas Ed so the<00:19:24.000> total<00:19:24.400> amount<00:19:24.640> of<00:19:24.919> gas<00:19:25.320> used<00:19:25.799> in<00:19:25.960> that 00:19:26.110 --> 00:19:26.120 align:start position:0% the total amount of gas used in that 00:19:26.120 --> 00:19:27.909 align:start position:0% the total amount of gas used in that particular<00:19:26.559> block<00:19:27.240> including<00:19:27.760> that 00:19:27.909 --> 00:19:27.919 align:start position:0% particular block including that 00:19:27.919 --> 00:19:29.470 align:start position:0% particular block including that transaction 00:19:29.470 --> 00:19:29.480 align:start position:0% transaction 00:19:29.480 --> 00:19:31.310 align:start position:0% transaction so<00:19:30.000> those<00:19:30.240> first<00:19:30.480> two<00:19:30.679> things<00:19:30.880> are<00:19:31.080> kind<00:19:31.200> of 00:19:31.310 --> 00:19:31.320 align:start position:0% so those first two things are kind of 00:19:31.320 --> 00:19:32.870 align:start position:0% so those first two things are kind of needed<00:19:31.559> to<00:19:31.679> do<00:19:31.840> this<00:19:31.960> sort<00:19:32.120> of<00:19:32.240> step-by-step 00:19:32.870 --> 00:19:32.880 align:start position:0% needed to do this sort of step-by-step 00:19:32.880 --> 00:19:35.390 align:start position:0% needed to do this sort of step-by-step accounting<00:19:33.480> that<00:19:33.880> that<00:19:34.080> actually<00:19:34.799> makes<00:19:35.039> it 00:19:35.390 --> 00:19:35.400 align:start position:0% accounting that that actually makes it 00:19:35.400 --> 00:19:37.390 align:start position:0% accounting that that actually makes it possible<00:19:35.799> to<00:19:36.039> kind<00:19:36.159> of<00:19:36.360> check<00:19:36.919> the<00:19:37.039> validity 00:19:37.390 --> 00:19:37.400 align:start position:0% possible to kind of check the validity 00:19:37.400 --> 00:19:39.430 align:start position:0% possible to kind of check the validity of<00:19:37.520> trans<00:19:37.919> of<00:19:38.080> individual<00:19:38.600> transactions<00:19:39.240> very 00:19:39.430 --> 00:19:39.440 align:start position:0% of trans of individual transactions very 00:19:39.440 --> 00:19:43.310 align:start position:0% of trans of individual transactions very easily<00:19:40.440> and<00:19:40.520> the<00:19:40.679> third<00:19:40.960> thing<00:19:41.159> is<00:19:41.440> logs<00:19:42.360> so 00:19:43.310 --> 00:19:43.320 align:start position:0% easily and the third thing is logs so 00:19:43.320 --> 00:19:46.590 align:start position:0% easily and the third thing is logs so logs<00:19:44.000> are<00:19:44.960> this<00:19:45.600> special<00:19:46.000> feature<00:19:46.400> in 00:19:46.590 --> 00:19:46.600 align:start position:0% logs are this special feature in 00:19:46.600 --> 00:19:50.110 align:start position:0% logs are this special feature in ethereum<00:19:47.559> that<00:19:48.559> is<00:19:48.880> is<00:19:49.000> sort<00:19:49.159> of<00:19:49.640> it's<00:19:49.840> kind<00:19:49.960> of 00:19:50.110 --> 00:19:50.120 align:start position:0% ethereum that is is sort of it's kind of 00:19:50.120 --> 00:19:53.230 align:start position:0% ethereum that is is sort of it's kind of a<00:19:50.280> different<00:19:50.600> kind<00:19:50.799> of<00:19:51.039> storage<00:19:52.080> so<00:19:53.080> in 00:19:53.230 --> 00:19:53.240 align:start position:0% a different kind of storage so in 00:19:53.240 --> 00:19:55.390 align:start position:0% a different kind of storage so in general<00:19:53.640> you<00:19:53.720> know<00:19:53.880> when<00:19:54.000> you<00:19:54.159> set<00:19:54.440> variables 00:19:55.390 --> 00:19:55.400 align:start position:0% general you know when you set variables 00:19:55.400 --> 00:19:57.270 align:start position:0% general you know when you set variables that<00:19:55.559> gets<00:19:55.760> set<00:19:56.000> in<00:19:56.200> account<00:19:56.520> storage<00:19:57.080> and 00:19:57.270 --> 00:19:57.280 align:start position:0% that gets set in account storage and 00:19:57.280 --> 00:19:58.950 align:start position:0% that gets set in account storage and that<00:19:57.400> can<00:19:57.520> be<00:19:57.679> read<00:19:57.840> or<00:19:57.960> written<00:19:58.200> by<00:19:58.320> contract 00:19:58.950 --> 00:19:58.960 align:start position:0% that can be read or written by contract 00:19:58.960 --> 00:20:02.669 align:start position:0% that can be read or written by contract s<00:19:59.640> logs<00:20:00.120> are<00:20:00.360> basically<00:20:00.799> aend<00:20:01.240> only<00:20:01.720> so<00:20:02.360> if<00:20:02.480> you 00:20:02.669 --> 00:20:02.679 align:start position:0% s logs are basically aend only so if you 00:20:02.679 --> 00:20:04.630 align:start position:0% s logs are basically aend only so if you have<00:20:02.840> if<00:20:03.280> you<00:20:03.440> have<00:20:03.559> a<00:20:03.720> transaction<00:20:04.280> in<00:20:04.400> one 00:20:04.630 --> 00:20:04.640 align:start position:0% have if you have a transaction in one 00:20:04.640 --> 00:20:06.350 align:start position:0% have if you have a transaction in one particular<00:20:05.080> block<00:20:05.600> and<00:20:05.720> it<00:20:05.840> creates<00:20:06.159> some 00:20:06.350 --> 00:20:06.360 align:start position:0% particular block and it creates some 00:20:06.360 --> 00:20:08.430 align:start position:0% particular block and it creates some logs<00:20:07.000> those<00:20:07.200> logs<00:20:07.600> get<00:20:07.760> hashed<00:20:08.080> into<00:20:08.280> that 00:20:08.430 --> 00:20:08.440 align:start position:0% logs those logs get hashed into that 00:20:08.440 --> 00:20:10.390 align:start position:0% logs those logs get hashed into that particular<00:20:08.880> block<00:20:09.600> but<00:20:09.760> they<00:20:09.840> are<00:20:10.039> not 00:20:10.390 --> 00:20:10.400 align:start position:0% particular block but they are not 00:20:10.400 --> 00:20:12.590 align:start position:0% particular block but they are not visible<00:20:11.400> they<00:20:11.559> cannot<00:20:11.880> be<00:20:12.080> accessed<00:20:12.440> by 00:20:12.590 --> 00:20:12.600 align:start position:0% visible they cannot be accessed by 00:20:12.600 --> 00:20:14.669 align:start position:0% visible they cannot be accessed by contracts<00:20:13.400> and<00:20:13.520> they<00:20:13.720> appear<00:20:14.080> just<00:20:14.240> in<00:20:14.440> that 00:20:14.669 --> 00:20:14.679 align:start position:0% contracts and they appear just in that 00:20:14.679 --> 00:20:15.990 align:start position:0% contracts and they appear just in that block<00:20:14.960> they're<00:20:15.159> not<00:20:15.320> in<00:20:15.480> any<00:20:15.679> kind<00:20:15.799> of 00:20:15.990 --> 00:20:16.000 align:start position:0% block they're not in any kind of 00:20:16.000 --> 00:20:18.310 align:start position:0% block they're not in any kind of persistent<00:20:16.520> state<00:20:17.240> so<00:20:17.480> nodes<00:20:17.840> if<00:20:17.960> they<00:20:18.080> want 00:20:18.310 --> 00:20:18.320 align:start position:0% persistent state so nodes if they want 00:20:18.320 --> 00:20:20.029 align:start position:0% persistent state so nodes if they want to<00:20:18.559> for<00:20:18.679> example<00:20:19.080> they<00:20:19.200> can<00:20:19.360> just<00:20:19.520> not<00:20:19.760> store 00:20:20.029 --> 00:20:20.039 align:start position:0% to for example they can just not store 00:20:20.039 --> 00:20:21.549 align:start position:0% to for example they can just not store logs<00:20:20.360> and<00:20:20.480> they<00:20:20.600> can<00:20:20.760> prun<00:20:21.159> and<00:20:21.280> they<00:20:21.400> can 00:20:21.549 --> 00:20:21.559 align:start position:0% logs and they can prun and they can 00:20:21.559 --> 00:20:27.230 align:start position:0% logs and they can prun and they can prune<00:20:21.919> them<00:20:23.080> so<00:20:24.080> logs<00:20:24.799> are<00:20:25.799> logs<00:20:26.240> are<00:20:26.559> also<00:20:26.960> 10 00:20:27.230 --> 00:20:27.240 align:start position:0% prune them so logs are logs are also 10 00:20:27.240 --> 00:20:28.870 align:start position:0% prune them so logs are logs are also 10 times<00:20:27.559> cheaper<00:20:28.000> in<00:20:28.120> terms<00:20:28.360> of<00:20:28.679> gas 00:20:28.870 --> 00:20:28.880 align:start position:0% times cheaper in terms of gas 00:20:28.880 --> 00:20:31.750 align:start position:0% times cheaper in terms of gas consumption<00:20:29.360> than<00:20:30.000> storage<00:20:31.000> and<00:20:31.280> the<00:20:31.440> purpose 00:20:31.750 --> 00:20:31.760 align:start position:0% consumption than storage and the purpose 00:20:31.760 --> 00:20:34.230 align:start position:0% consumption than storage and the purpose of<00:20:31.960> logs<00:20:32.480> is<00:20:32.640> to<00:20:32.960> allow<00:20:33.360> sort<00:20:33.520> of<00:20:33.760> efficient 00:20:34.230 --> 00:20:34.240 align:start position:0% of logs is to allow sort of efficient 00:20:34.240 --> 00:20:37.230 align:start position:0% of logs is to allow sort of efficient light<00:20:34.600> client<00:20:35.120> access<00:20:35.440> to<00:20:35.640> event<00:20:36.000> records<00:20:36.880> so 00:20:37.230 --> 00:20:37.240 align:start position:0% light client access to event records so 00:20:37.240 --> 00:20:39.070 align:start position:0% light client access to event records so one<00:20:37.480> example<00:20:37.840> of<00:20:38.000> where<00:20:38.120> you<00:20:38.280> want<00:20:38.520> to<00:20:38.679> use<00:20:38.840> a 00:20:39.070 --> 00:20:39.080 align:start position:0% one example of where you want to use a 00:20:39.080 --> 00:20:42.549 align:start position:0% one example of where you want to use a log<00:20:39.600> is<00:20:40.600> if<00:20:40.679> you<00:20:40.840> go<00:20:41.000> back<00:20:41.120> to<00:20:41.240> the<00:20:41.400> DNS<00:20:41.880> example 00:20:42.549 --> 00:20:42.559 align:start position:0% log is if you go back to the DNS example 00:20:42.559 --> 00:20:44.430 align:start position:0% log is if you go back to the DNS example you<00:20:42.760> might<00:20:42.960> want<00:20:43.200> to<00:20:43.440> add<00:20:43.600> a<00:20:43.720> single<00:20:44.080> line<00:20:44.280> to 00:20:44.430 --> 00:20:44.440 align:start position:0% you might want to add a single line to 00:20:44.440 --> 00:20:46.590 align:start position:0% you might want to add a single line to create<00:20:44.679> a<00:20:44.880> log<00:20:45.159> in<00:20:45.280> the<00:20:45.400> register<00:20:45.880> method<00:20:46.360> and 00:20:46.590 --> 00:20:46.600 align:start position:0% create a log in the register method and 00:20:46.600 --> 00:20:48.830 align:start position:0% create a log in the register method and in<00:20:46.720> let's<00:20:46.880> say<00:20:47.039> the<00:20:47.120> set<00:20:47.360> IP<00:20:47.720> method<00:20:48.559> and<00:20:48.720> the 00:20:48.830 --> 00:20:48.840 align:start position:0% in let's say the set IP method and the 00:20:48.840 --> 00:20:51.630 align:start position:0% in let's say the set IP method and the reason<00:20:49.159> why<00:20:49.280> you<00:20:49.400> want<00:20:49.640> to<00:20:49.880> do<00:20:50.120> that 00:20:51.630 --> 00:20:51.640 align:start position:0% reason why you want to do that 00:20:51.640 --> 00:20:55.230 align:start position:0% reason why you want to do that is<00:20:52.640> basically<00:20:53.280> in<00:20:53.400> order<00:20:53.720> to<00:20:54.400> allow<00:20:54.880> light 00:20:55.230 --> 00:20:55.240 align:start position:0% is basically in order to allow light 00:20:55.240 --> 00:20:57.590 align:start position:0% is basically in order to allow light clients<00:20:55.799> to<00:20:56.400> very<00:20:56.640> quickly<00:20:56.960> scan<00:20:57.240> through<00:20:57.440> all 00:20:57.590 --> 00:20:57.600 align:start position:0% clients to very quickly scan through all 00:20:57.600 --> 00:20:59.669 align:start position:0% clients to very quickly scan through all the<00:20:57.760> logs<00:20:58.400> and<00:20:58.720> sort<00:20:58.840> of<00:20:58.960> see<00:20:59.320> all<00:20:59.480> the 00:20:59.669 --> 00:20:59.679 align:start position:0% the logs and sort of see all the 00:20:59.679 --> 00:21:02.390 align:start position:0% the logs and sort of see all the instances<00:21:00.480> at<00:21:00.679> which<00:21:01.280> domain<00:21:02.000> you<00:21:02.120> know<00:21:02.240> the 00:21:02.390 --> 00:21:02.400 align:start position:0% instances at which domain you know the 00:21:02.400 --> 00:21:04.830 align:start position:0% instances at which domain you know the domains<00:21:02.760> got<00:21:03.120> registered<00:21:04.120> IP<00:21:04.400> address<00:21:04.720> got 00:21:04.830 --> 00:21:04.840 align:start position:0% domains got registered IP address got 00:21:04.840 --> 00:21:07.029 align:start position:0% domains got registered IP address got changed<00:21:05.240> and<00:21:05.360> so<00:21:05.600> forth<00:21:06.159> so<00:21:06.320> there's<00:21:06.640> lots<00:21:06.799> of 00:21:07.029 --> 00:21:07.039 align:start position:0% changed and so forth so there's lots of 00:21:07.039 --> 00:21:08.789 align:start position:0% changed and so forth so there's lots of applications<00:21:07.640> that<00:21:07.840> wants<00:21:08.159> to<00:21:08.360> be<00:21:08.480> able<00:21:08.640> to 00:21:08.789 --> 00:21:08.799 align:start position:0% applications that wants to be able to 00:21:08.799 --> 00:21:10.430 align:start position:0% applications that wants to be able to sort<00:21:08.960> of<00:21:09.159> have<00:21:09.320> a<00:21:09.480> history<00:21:09.840> of<00:21:10.000> things<00:21:10.240> that 00:21:10.430 --> 00:21:10.440 align:start position:0% sort of have a history of things that 00:21:10.440 --> 00:21:12.750 align:start position:0% sort of have a history of things that happened<00:21:11.320> and<00:21:11.559> logs<00:21:11.880> are<00:21:12.039> a<00:21:12.200> convenient<00:21:12.640> way 00:21:12.750 --> 00:21:12.760 align:start position:0% happened and logs are a convenient way 00:21:12.760 --> 00:21:16.789 align:start position:0% happened and logs are a convenient way of<00:21:12.919> do<00:21:13.159> of<00:21:13.360> of<00:21:13.480> supporting<00:21:14.080> that<00:21:15.080> so<00:21:15.880> logs<00:21:16.480> have 00:21:16.789 --> 00:21:16.799 align:start position:0% of do of of supporting that so logs have 00:21:16.799 --> 00:21:19.269 align:start position:0% of do of of supporting that so logs have up<00:21:16.919> to<00:21:17.640> have<00:21:18.000> a<00:21:18.200> data<00:21:18.440> field<00:21:18.760> and<00:21:18.880> they<00:21:19.039> have<00:21:19.159> up 00:21:19.269 --> 00:21:19.279 align:start position:0% up to have a data field and they have up 00:21:19.279 --> 00:21:22.029 align:start position:0% up to have a data field and they have up to<00:21:19.440> four<00:21:19.840> topics<00:21:20.840> and<00:21:21.120> there<00:21:21.279> is<00:21:21.400> a<00:21:21.600> protocol 00:21:22.029 --> 00:21:22.039 align:start position:0% to four topics and there is a protocol 00:21:22.039 --> 00:21:24.750 align:start position:0% to four topics and there is a protocol that<00:21:22.159> uses<00:21:22.559> Bloom<00:21:22.840> filters<00:21:23.360> to<00:21:23.960> make<00:21:24.120> it<00:21:24.440> very 00:21:24.750 --> 00:21:24.760 align:start position:0% that uses Bloom filters to make it very 00:21:24.760 --> 00:21:26.630 align:start position:0% that uses Bloom filters to make it very easy<00:21:25.039> for<00:21:25.279> light<00:21:25.600> clients<00:21:25.960> to<00:21:26.080> kind<00:21:26.159> of<00:21:26.279> search 00:21:26.630 --> 00:21:26.640 align:start position:0% easy for light clients to kind of search 00:21:26.640 --> 00:21:28.990 align:start position:0% easy for light clients to kind of search through<00:21:26.880> logs<00:21:27.799> so<00:21:28.039> basically<00:21:28.600> if<00:21:28.679> you<00:21:28.799> create 00:21:28.990 --> 00:21:29.000 align:start position:0% through logs so basically if you create 00:21:29.000 --> 00:21:30.990 align:start position:0% through logs so basically if you create a<00:21:29.159> log<00:21:29.480> that<00:21:29.600> has<00:21:29.720> a<00:21:29.880> particular<00:21:30.400> topic<00:21:30.840> then 00:21:30.990 --> 00:21:31.000 align:start position:0% a log that has a particular topic then 00:21:31.000 --> 00:21:32.590 align:start position:0% a log that has a particular topic then you<00:21:31.080> can<00:21:31.320> very<00:21:31.559> easily<00:21:31.880> search<00:21:32.240> through<00:21:32.480> the 00:21:32.590 --> 00:21:32.600 align:start position:0% you can very easily search through the 00:21:32.600 --> 00:21:34.870 align:start position:0% you can very easily search through the entire<00:21:32.919> blockchain<00:21:33.799> and<00:21:33.919> sort<00:21:34.080> of<00:21:34.240> identify 00:21:34.870 --> 00:21:34.880 align:start position:0% entire blockchain and sort of identify 00:21:34.880 --> 00:21:37.390 align:start position:0% entire blockchain and sort of identify all<00:21:35.000> of<00:21:35.159> the<00:21:35.360> logs<00:21:36.159> that's<00:21:36.720> that<00:21:36.919> match<00:21:37.200> that 00:21:37.390 --> 00:21:37.400 align:start position:0% all of the logs that's that match that 00:21:37.400 --> 00:21:40.110 align:start position:0% all of the logs that's that match that particular<00:21:38.000> topic 00:21:40.110 --> 00:21:40.120 align:start position:0% particular topic 00:21:40.120 --> 00:21:43.070 align:start position:0% particular topic so<00:21:41.120> ethereum<00:21:41.559> virtual<00:21:41.919> machine<00:21:42.600> so<00:21:42.840> once 00:21:43.070 --> 00:21:43.080 align:start position:0% so ethereum virtual machine so once 00:21:43.080 --> 00:21:45.190 align:start position:0% so ethereum virtual machine so once again<00:21:43.320> as<00:21:43.440> I<00:21:43.559> mentioned<00:21:44.080> it's<00:21:44.679> this<00:21:44.799> sort<00:21:44.960> of 00:21:45.190 --> 00:21:45.200 align:start position:0% again as I mentioned it's this sort of 00:21:45.200 --> 00:21:47.430 align:start position:0% again as I mentioned it's this sort of combination<00:21:45.880> of<00:21:46.080> Stack<00:21:46.400> based<00:21:46.720> architectures 00:21:47.430 --> 00:21:47.440 align:start position:0% combination of Stack based architectures 00:21:47.440 --> 00:21:48.870 align:start position:0% combination of Stack based architectures traditional<00:21:47.919> virtual 00:21:48.870 --> 00:21:48.880 align:start position:0% traditional virtual 00:21:48.880 --> 00:21:51.669 align:start position:0% traditional virtual machines<00:21:49.880> St<00:21:50.279> so<00:21:50.720> inside<00:21:51.080> of<00:21:51.200> the<00:21:51.360> virtual 00:21:51.669 --> 00:21:51.679 align:start position:0% machines St so inside of the virtual 00:21:51.679 --> 00:21:53.950 align:start position:0% machines St so inside of the virtual machine<00:21:52.080> you<00:21:52.279> have<00:21:52.559> the<00:21:52.760> stack<00:21:53.480> basically<00:21:53.840> you 00:21:53.950 --> 00:21:53.960 align:start position:0% machine you have the stack basically you 00:21:53.960 --> 00:21:56.870 align:start position:0% machine you have the stack basically you know<00:21:54.159> 32<00:21:54.799> 32<00:21:55.240> by<00:21:55.440> Fields<00:21:55.960> up<00:21:56.080> to<00:21:56.200> a<00:21:56.360> maximum<00:21:56.760> of 00:21:56.870 --> 00:21:56.880 align:start position:0% know 32 32 by Fields up to a maximum of 00:21:56.880 --> 00:22:00.070 align:start position:0% know 32 32 by Fields up to a maximum of 1,24<00:21:57.720> of<00:21:57.880> them<00:21:58.640> memory<00:21:59.279> just<00:21:59.799> it's<00:21:59.919> an 00:22:00.070 --> 00:22:00.080 align:start position:0% 1,24 of them memory just it's an 00:22:00.080 --> 00:22:02.710 align:start position:0% 1,24 of them memory just it's an infinitely<00:22:00.600> expanding<00:22:01.080> bite<00:22:01.320> array<00:22:02.159> but<00:22:02.559> the 00:22:02.710 --> 00:22:02.720 align:start position:0% infinitely expanding bite array but the 00:22:02.720 --> 00:22:04.350 align:start position:0% infinitely expanding bite array but the more<00:22:02.919> you<00:22:03.080> expand<00:22:03.440> the<00:22:03.559> bite<00:22:03.720> array<00:22:04.039> the<00:22:04.120> more 00:22:04.350 --> 00:22:04.360 align:start position:0% more you expand the bite array the more 00:22:04.360 --> 00:22:06.789 align:start position:0% more you expand the bite array the more gas<00:22:04.559> you<00:22:04.720> have<00:22:04.799> to<00:22:05.000> pay<00:22:05.720> so<00:22:06.279> most<00:22:06.600> of<00:22:06.720> the 00:22:06.789 --> 00:22:06.799 align:start position:0% gas you have to pay so most of the 00:22:06.799 --> 00:22:08.350 align:start position:0% gas you have to pay so most of the limits<00:22:07.080> in<00:22:07.240> ethereum<00:22:07.720> they<00:22:07.799> aren't<00:22:08.039> sort<00:22:08.200> of 00:22:08.350 --> 00:22:08.360 align:start position:0% limits in ethereum they aren't sort of 00:22:08.360 --> 00:22:10.590 align:start position:0% limits in ethereum they aren't sort of static<00:22:08.679> they<00:22:08.919> economic<00:22:09.880> and<00:22:10.080> that's<00:22:10.279> just<00:22:10.400> a 00:22:10.590 --> 00:22:10.600 align:start position:0% static they economic and that's just a 00:22:10.600 --> 00:22:11.750 align:start position:0% static they economic and that's just a standard<00:22:10.919> thing<00:22:11.039> you're<00:22:11.200> going<00:22:11.279> to<00:22:11.400> see<00:22:11.640> again 00:22:11.750 --> 00:22:11.760 align:start position:0% standard thing you're going to see again 00:22:11.760 --> 00:22:14.630 align:start position:0% standard thing you're going to see again and<00:22:12.000> again<00:22:12.760> storage<00:22:13.760> permanent<00:22:14.200> contract 00:22:14.630 --> 00:22:14.640 align:start position:0% and again storage permanent contract 00:22:14.640 --> 00:22:16.669 align:start position:0% and again storage permanent contract storage<00:22:15.000> you<00:22:15.080> can<00:22:15.200> read<00:22:15.360> and<00:22:15.559> write<00:22:15.720> to<00:22:15.919> it 00:22:16.669 --> 00:22:16.679 align:start position:0% storage you can read and write to it 00:22:16.679 --> 00:22:19.029 align:start position:0% storage you can read and write to it environment<00:22:17.200> variables<00:22:18.080> so<00:22:18.320> for<00:22:18.559> example<00:22:18.919> the 00:22:19.029 --> 00:22:19.039 align:start position:0% environment variables so for example the 00:22:19.039 --> 00:22:20.710 align:start position:0% environment variables so for example the virtual<00:22:19.400> machine<00:22:19.799> can<00:22:20.000> access<00:22:20.320> the<00:22:20.440> block 00:22:20.710 --> 00:22:20.720 align:start position:0% virtual machine can access the block 00:22:20.720 --> 00:22:23.669 align:start position:0% virtual machine can access the block number<00:22:21.120> the<00:22:21.360> time<00:22:22.000> the<00:22:22.120> mining<00:22:22.880> difficulty 00:22:23.669 --> 00:22:23.679 align:start position:0% number the time the mining difficulty 00:22:23.679 --> 00:22:26.269 align:start position:0% number the time the mining difficulty previous<00:22:24.080> blog<00:22:24.520> hash<00:22:25.440> and<00:22:25.640> a<00:22:25.760> whole<00:22:25.919> bunch<00:22:26.120> of 00:22:26.269 --> 00:22:26.279 align:start position:0% previous blog hash and a whole bunch of 00:22:26.279 --> 00:22:29.950 align:start position:0% previous blog hash and a whole bunch of other<00:22:26.520> data<00:22:27.520> so<00:22:28.159> one<00:22:28.720> one<00:22:29.159> possible<00:22:29.480> use<00:22:29.799> case 00:22:29.950 --> 00:22:29.960 align:start position:0% other data so one one possible use case 00:22:29.960 --> 00:22:31.669 align:start position:0% other data so one one possible use case of<00:22:30.120> that<00:22:30.279> is<00:22:30.480> let's<00:22:30.640> say<00:22:30.799> if<00:22:30.880> you<00:22:31.039> have<00:22:31.279> a<00:22:31.520> some 00:22:31.669 --> 00:22:31.679 align:start position:0% of that is let's say if you have a some 00:22:31.679 --> 00:22:33.789 align:start position:0% of that is let's say if you have a some kind<00:22:31.799> of<00:22:31.960> financial<00:22:32.440> derivative<00:22:33.440> that<00:22:33.600> can 00:22:33.789 --> 00:22:33.799 align:start position:0% kind of financial derivative that can 00:22:33.799 --> 00:22:35.750 align:start position:0% kind of financial derivative that can only<00:22:34.080> be<00:22:34.360> processed<00:22:34.880> or<00:22:34.960> you<00:22:35.080> know<00:22:35.480> called 00:22:35.750 --> 00:22:35.760 align:start position:0% only be processed or you know called 00:22:35.760 --> 00:22:37.710 align:start position:0% only be processed or you know called struck<00:22:36.120> or<00:22:36.240> whatever<00:22:36.679> after<00:22:36.919> some<00:22:37.200> particular 00:22:37.710 --> 00:22:37.720 align:start position:0% struck or whatever after some particular 00:22:37.720 --> 00:22:40.269 align:start position:0% struck or whatever after some particular time<00:22:38.600> then<00:22:38.880> you<00:22:39.039> can<00:22:39.520> you<00:22:39.600> can<00:22:39.720> say<00:22:40.000> in<00:22:40.120> the 00:22:40.269 --> 00:22:40.279 align:start position:0% time then you can you can say in the 00:22:40.279 --> 00:22:42.669 align:start position:0% time then you can you can say in the contract<00:22:40.880> you<00:22:41.000> can<00:22:41.159> check<00:22:41.440> the<00:22:41.600> current<00:22:42.320> the 00:22:42.669 --> 00:22:42.679 align:start position:0% contract you can check the current the 00:22:42.679 --> 00:22:44.990 align:start position:0% contract you can check the current the the<00:22:42.799> current<00:22:43.120> block<00:22:43.520> time<00:22:43.799> stamp<00:22:44.240> against<00:22:44.880> you 00:22:44.990 --> 00:22:45.000 align:start position:0% the current block time stamp against you 00:22:45.000 --> 00:22:47.190 align:start position:0% the current block time stamp against you know<00:22:45.159> some<00:22:45.400> particular<00:22:45.799> limit<00:22:46.120> that<00:22:46.200> you 00:22:47.190 --> 00:22:47.200 align:start position:0% know some particular limit that you 00:22:47.200 --> 00:22:50.149 align:start position:0% know some particular limit that you set<00:22:48.200> um<00:22:48.679> logs<00:22:49.080> so<00:22:49.279> the<00:22:49.400> virtual<00:22:49.720> machine<00:22:50.000> can 00:22:50.149 --> 00:22:50.159 align:start position:0% set um logs so the virtual machine can 00:22:50.159 --> 00:22:52.190 align:start position:0% set um logs so the virtual machine can create<00:22:50.440> these<00:22:50.640> logs<00:22:51.400> and<00:22:51.559> there<00:22:51.679> is<00:22:51.799> an<00:22:51.919> OP 00:22:52.190 --> 00:22:52.200 align:start position:0% create these logs and there is an OP 00:22:52.200 --> 00:22:54.590 align:start position:0% create these logs and there is an OP code<00:22:52.559> by<00:22:52.760> which<00:22:53.039> the<00:22:53.159> virtual<00:22:53.600> machine<00:22:54.039> can 00:22:54.590 --> 00:22:54.600 align:start position:0% code by which the virtual machine can 00:22:54.600 --> 00:22:57.310 align:start position:0% code by which the virtual machine can itself<00:22:55.039> call<00:22:55.320> other<00:22:55.600> contracts<00:22:56.600> so<00:22:56.919> this<00:22:57.080> is 00:22:57.310 --> 00:22:57.320 align:start position:0% itself call other contracts so this is 00:22:57.320 --> 00:22:59.590 align:start position:0% itself call other contracts so this is basically<00:22:57.720> the<00:22:57.919> environment<00:22:58.679> within<00:22:59.039> which 00:22:59.590 --> 00:22:59.600 align:start position:0% basically the environment within which 00:22:59.600 --> 00:23:02.789 align:start position:0% basically the environment within which this<00:23:00.240> this<00:23:00.360> contract<00:23:00.799> code<00:23:01.080> gets 00:23:02.789 --> 00:23:02.799 align:start position:0% this this contract code gets 00:23:02.799 --> 00:23:05.430 align:start position:0% this this contract code gets executed<00:23:03.799> now<00:23:04.080> you<00:23:04.240> don't<00:23:04.520> have<00:23:04.640> to<00:23:04.880> write<00:23:05.200> in 00:23:05.430 --> 00:23:05.440 align:start position:0% executed now you don't have to write in 00:23:05.440 --> 00:23:07.269 align:start position:0% executed now you don't have to write in virtual<00:23:05.799> machine<00:23:06.120> bite<00:23:06.320> code<00:23:06.600> yourself 00:23:07.269 --> 00:23:07.279 align:start position:0% virtual machine bite code yourself 00:23:07.279 --> 00:23:09.510 align:start position:0% virtual machine bite code yourself there's<00:23:07.559> highle<00:23:08.000> languages 00:23:09.510 --> 00:23:09.520 align:start position:0% there's highle languages 00:23:09.520 --> 00:23:12.549 align:start position:0% there's highle languages so<00:23:10.520> and<00:23:11.120> one<00:23:11.279> of<00:23:11.400> these<00:23:11.600> highle<00:23:12.000> languages<00:23:12.400> is 00:23:12.549 --> 00:23:12.559 align:start position:0% so and one of these highle languages is 00:23:12.559 --> 00:23:14.390 align:start position:0% so and one of these highle languages is called<00:23:12.799> serpent<00:23:13.320> so<00:23:13.600> this<00:23:13.679> is<00:23:13.919> this<00:23:14.000> is<00:23:14.159> one<00:23:14.279> of 00:23:14.390 --> 00:23:14.400 align:start position:0% called serpent so this is this is one of 00:23:14.400 --> 00:23:15.909 align:start position:0% called serpent so this is this is one of them<00:23:14.600> there's<00:23:14.799> also<00:23:15.000> one<00:23:15.360> there's<00:23:15.559> one<00:23:15.720> called 00:23:15.909 --> 00:23:15.919 align:start position:0% them there's also one there's one called 00:23:15.919 --> 00:23:18.029 align:start position:0% them there's also one there's one called solidity<00:23:16.480> which<00:23:16.600> is<00:23:16.760> being<00:23:17.039> you<00:23:17.520> being<00:23:17.720> used 00:23:18.029 --> 00:23:18.039 align:start position:0% solidity which is being you being used 00:23:18.039 --> 00:23:20.510 align:start position:0% solidity which is being you being used much<00:23:18.240> more<00:23:18.520> right<00:23:18.679> now<00:23:19.279> there's<00:23:19.520> one<00:23:19.720> called<00:23:19.919> L 00:23:20.510 --> 00:23:20.520 align:start position:0% much more right now there's one called L 00:23:20.520 --> 00:23:22.789 align:start position:0% much more right now there's one called L which<00:23:20.600> is<00:23:20.720> kind<00:23:20.840> of<00:23:21.039> much<00:23:21.200> more<00:23:21.799> low<00:23:22.080> level<00:23:22.720> if 00:23:22.789 --> 00:23:22.799 align:start position:0% which is kind of much more low level if 00:23:22.799 --> 00:23:24.669 align:start position:0% which is kind of much more low level if you<00:23:22.919> wants<00:23:23.120> to<00:23:23.320> like<00:23:23.520> really<00:23:23.760> go<00:23:23.880> into<00:23:24.159> low<00:23:24.480> low 00:23:24.669 --> 00:23:24.679 align:start position:0% you wants to like really go into low low 00:23:24.679 --> 00:23:26.669 align:start position:0% you wants to like really go into low low level<00:23:24.960> code<00:23:25.600> and<00:23:25.720> be<00:23:25.919> as<00:23:26.080> efficient<00:23:26.480> as 00:23:26.669 --> 00:23:26.679 align:start position:0% level code and be as efficient as 00:23:26.679 --> 00:23:29.149 align:start position:0% level code and be as efficient as possible<00:23:27.039> you<00:23:27.200> might<00:23:27.400> want<00:23:27.559> to<00:23:27.720> use<00:23:27.960> lll 00:23:29.149 --> 00:23:29.159 align:start position:0% possible you might want to use lll 00:23:29.159 --> 00:23:32.310 align:start position:0% possible you might want to use lll although<00:23:30.120> you<00:23:30.240> know<00:23:30.720> in<00:23:30.840> my<00:23:30.960> own<00:23:31.159> opinion<00:23:32.000> you 00:23:32.310 --> 00:23:32.320 align:start position:0% although you know in my own opinion you 00:23:32.320 --> 00:23:33.830 align:start position:0% although you know in my own opinion you you<00:23:32.400> should<00:23:32.640> probably<00:23:32.919> consider<00:23:33.279> serpent<00:23:33.679> as 00:23:33.830 --> 00:23:33.840 align:start position:0% you should probably consider serpent as 00:23:33.840 --> 00:23:35.630 align:start position:0% you should probably consider serpent as well<00:23:34.080> because<00:23:34.279> serpent<00:23:34.640> lets<00:23:34.799> you<00:23:35.000> go<00:23:35.200> as 00:23:35.630 --> 00:23:35.640 align:start position:0% well because serpent lets you go as 00:23:35.640 --> 00:23:37.710 align:start position:0% well because serpent lets you go as level<00:23:35.880> as<00:23:36.039> LOL<00:23:36.480> does<00:23:36.760> and<00:23:36.919> it<00:23:37.080> has<00:23:37.279> high<00:23:37.480> level 00:23:37.710 --> 00:23:37.720 align:start position:0% level as LOL does and it has high level 00:23:37.720 --> 00:23:41.110 align:start position:0% level as LOL does and it has high level features<00:23:38.120> as<00:23:38.320> well 00:23:41.110 --> 00:23:41.120 align:start position:0% features as well 00:23:41.120 --> 00:23:43.710 align:start position:0% features as well so<00:23:42.120> you<00:23:42.240> know<00:23:42.520> basically<00:23:42.919> you<00:23:43.039> write<00:23:43.320> code<00:23:43.600> in 00:23:43.710 --> 00:23:43.720 align:start position:0% so you know basically you write code in 00:23:43.720 --> 00:23:45.470 align:start position:0% so you know basically you write code in these<00:23:43.919> languages<00:23:44.480> then<00:23:44.600> you<00:23:44.679> have<00:23:44.880> compilers 00:23:45.470 --> 00:23:45.480 align:start position:0% these languages then you have compilers 00:23:45.480 --> 00:23:47.230 align:start position:0% these languages then you have compilers and<00:23:45.600> you<00:23:45.760> compile<00:23:46.200> the<00:23:46.320> contracts<00:23:46.760> into<00:23:47.000> bite 00:23:47.230 --> 00:23:47.240 align:start position:0% and you compile the contracts into bite 00:23:47.240 --> 00:23:50.789 align:start position:0% and you compile the contracts into bite code<00:23:48.039> and<00:23:48.480> you<00:23:48.600> can<00:23:48.799> publish<00:23:49.159> the<00:23:49.520> you<00:23:49.720> you<00:23:49.840> can 00:23:50.789 --> 00:23:50.799 align:start position:0% code and you can publish the you you can 00:23:50.799 --> 00:23:52.870 align:start position:0% code and you can publish the you you can publish<00:23:51.080> the<00:23:51.279> B<00:23:51.600> bite<00:23:51.840> code<00:23:52.039> in<00:23:52.120> a<00:23:52.279> transaction 00:23:52.870 --> 00:23:52.880 align:start position:0% publish the B bite code in a transaction 00:23:52.880 --> 00:23:56.110 align:start position:0% publish the B bite code in a transaction going<00:23:53.039> to<00:23:53.159> the<00:23:53.640> blockchain<00:23:54.640> the<00:23:54.799> ABI<00:23:55.679> so<00:23:56.000> when 00:23:56.110 --> 00:23:56.120 align:start position:0% going to the blockchain the ABI so when 00:23:56.120 --> 00:23:59.029 align:start position:0% going to the blockchain the ABI so when you<00:23:56.279> send<00:23:56.640> a<00:23:57.159> transaction<00:23:58.159> let's<00:23:58.520> say<00:23:58.720> that<00:23:58.880> I 00:23:59.029 --> 00:23:59.039 align:start position:0% you send a transaction let's say that I 00:23:59.039 --> 00:24:01.909 align:start position:0% you send a transaction let's say that I wants<00:23:59.360> to<00:23:59.600> call<00:23:59.919> the<00:24:00.080> register<00:24:00.600> method<00:24:01.440> of 00:24:01.909 --> 00:24:01.919 align:start position:0% wants to call the register method of 00:24:01.919 --> 00:24:03.669 align:start position:0% wants to call the register method of that<00:24:02.120> particular<00:24:02.520> DNS<00:24:03.000> contract<00:24:03.440> that<00:24:03.559> we 00:24:03.669 --> 00:24:03.679 align:start position:0% that particular DNS contract that we 00:24:03.679 --> 00:24:06.149 align:start position:0% that particular DNS contract that we keep<00:24:03.840> on<00:24:04.000> using<00:24:04.279> as<00:24:04.400> an<00:24:04.760> example<00:24:05.760> function 00:24:06.149 --> 00:24:06.159 align:start position:0% keep on using as an example function 00:24:06.159 --> 00:24:09.549 align:start position:0% keep on using as an example function calls<00:24:06.880> get<00:24:07.120> compiled<00:24:07.720> into<00:24:08.159> transaction<00:24:08.760> data 00:24:09.549 --> 00:24:09.559 align:start position:0% calls get compiled into transaction data 00:24:09.559 --> 00:24:12.310 align:start position:0% calls get compiled into transaction data so<00:24:10.200> in<00:24:10.360> this<00:24:10.559> case<00:24:10.760> the<00:24:10.880> function<00:24:11.240> call<00:24:11.600> gets 00:24:12.310 --> 00:24:12.320 align:start position:0% so in this case the function call gets 00:24:12.320 --> 00:24:14.029 align:start position:0% so in this case the function call gets the<00:24:12.440> way<00:24:12.600> that<00:24:12.720> it<00:24:12.840> gets<00:24:13.039> encoded<00:24:13.520> is<00:24:13.640> the<00:24:13.760> four 00:24:14.029 --> 00:24:14.039 align:start position:0% the way that it gets encoded is the four 00:24:14.039 --> 00:24:16.390 align:start position:0% the way that it gets encoded is the four but<00:24:14.279> the<00:24:14.400> first<00:24:14.600> four<00:24:14.840> bytes<00:24:15.080> are<00:24:15.320> function<00:24:15.679> ID 00:24:16.390 --> 00:24:16.400 align:start position:0% but the first four bytes are function ID 00:24:16.400 --> 00:24:18.430 align:start position:0% but the first four bytes are function ID the<00:24:16.520> next<00:24:16.720> 32<00:24:17.200> bytes<00:24:17.480> are<00:24:17.640> the<00:24:17.799> first<00:24:18.320> the 00:24:18.430 --> 00:24:18.440 align:start position:0% the next 32 bytes are the first the 00:24:18.440 --> 00:24:21.830 align:start position:0% the next 32 bytes are the first the first<00:24:18.720> argument<00:24:19.559> so<00:24:19.880> this<00:24:20.120> was<00:24:20.480> the<00:24:21.240> um<00:24:21.640> the 00:24:21.830 --> 00:24:21.840 align:start position:0% first argument so this was the um the 00:24:21.840 --> 00:24:23.549 align:start position:0% first argument so this was the um the domain<00:24:22.279> that<00:24:22.440> you<00:24:22.679> that<00:24:22.760> I<00:24:22.880> wanted<00:24:23.120> to<00:24:23.279> change 00:24:23.549 --> 00:24:23.559 align:start position:0% domain that you that I wanted to change 00:24:23.559 --> 00:24:26.669 align:start position:0% domain that you that I wanted to change the<00:24:23.679> IP<00:24:24.000> address<00:24:24.360> of<00:24:25.279> and<00:24:25.760> the<00:24:25.919> second<00:24:26.559> the 00:24:26.669 --> 00:24:26.679 align:start position:0% the IP address of and the second the 00:24:26.679 --> 00:24:28.669 align:start position:0% the IP address of and the second the second<00:24:26.919> argument<00:24:27.320> is<00:24:27.559> another<00:24:27.799> 32<00:24:28.159> by<00:24:28.559> which 00:24:28.669 --> 00:24:28.679 align:start position:0% second argument is another 32 by which 00:24:28.679 --> 00:24:30.190 align:start position:0% second argument is another 32 by which is<00:24:28.840> the<00:24:29.000> IP<00:24:29.279> address<00:24:29.559> that<00:24:29.640> you<00:24:29.760> want<00:24:29.880> to<00:24:30.000> set 00:24:30.190 --> 00:24:30.200 align:start position:0% is the IP address that you want to set 00:24:30.200 --> 00:24:33.590 align:start position:0% is the IP address that you want to set it<00:24:30.320> to<00:24:31.080> so<00:24:31.960> every<00:24:32.279> time<00:24:32.559> you<00:24:32.799> call<00:24:33.080> a<00:24:33.240> function 00:24:33.590 --> 00:24:33.600 align:start position:0% it to so every time you call a function 00:24:33.600 --> 00:24:35.750 align:start position:0% it to so every time you call a function of<00:24:33.720> a<00:24:33.880> contract<00:24:34.279> in<00:24:34.440> ethereum<00:24:35.240> it<00:24:35.440> actually 00:24:35.750 --> 00:24:35.760 align:start position:0% of a contract in ethereum it actually 00:24:35.760 --> 00:24:38.190 align:start position:0% of a contract in ethereum it actually gets<00:24:36.039> compiled<00:24:36.640> into<00:24:36.880> a<00:24:37.080> transaction<00:24:38.080> which 00:24:38.190 --> 00:24:38.200 align:start position:0% gets compiled into a transaction which 00:24:38.200 --> 00:24:40.950 align:start position:0% gets compiled into a transaction which is<00:24:38.360> encoded<00:24:38.880> in<00:24:39.080> so<00:24:39.360> in<00:24:39.840> using<00:24:40.200> this<00:24:40.360> algorithm 00:24:40.950 --> 00:24:40.960 align:start position:0% is encoded in so in using this algorithm 00:24:40.960 --> 00:24:42.430 align:start position:0% is encoded in so in using this algorithm which<00:24:41.080> you<00:24:41.200> know<00:24:41.320> in<00:24:41.480> simple<00:24:41.799> cases<00:24:42.159> looks 00:24:42.430 --> 00:24:42.440 align:start position:0% which you know in simple cases looks 00:24:42.440 --> 00:24:44.590 align:start position:0% which you know in simple cases looks like<00:24:42.640> this<00:24:42.840> just<00:24:43.000> four<00:24:43.240> byes<00:24:43.480> 32<00:24:43.840> byes<00:24:44.279> keep<00:24:44.440> on 00:24:44.590 --> 00:24:44.600 align:start position:0% like this just four byes 32 byes keep on 00:24:44.600 --> 00:24:47.029 align:start position:0% like this just four byes 32 byes keep on going<00:24:44.799> with<00:24:44.919> 32<00:24:45.360> bytes<00:24:46.240> but<00:24:46.399> there<00:24:46.520> are<00:24:46.760> some 00:24:47.029 --> 00:24:47.039 align:start position:0% going with 32 bytes but there are some 00:24:47.039 --> 00:24:48.870 align:start position:0% going with 32 bytes but there are some special<00:24:47.399> cases<00:24:47.799> involving<00:24:48.120> sort<00:24:48.320> of<00:24:48.480> variable 00:24:48.870 --> 00:24:48.880 align:start position:0% special cases involving sort of variable 00:24:48.880 --> 00:24:52.110 align:start position:0% special cases involving sort of variable length<00:24:49.240> lists<00:24:49.520> and<00:24:49.679> so 00:24:52.110 --> 00:24:52.120 align:start position:0% 00:24:52.120 --> 00:24:54.669 align:start position:0% forth<00:24:53.120> everything<00:24:53.480> in<00:24:53.640> ethereum<00:24:54.159> relies<00:24:54.480> on 00:24:54.669 --> 00:24:54.679 align:start position:0% forth everything in ethereum relies on 00:24:54.679 --> 00:24:56.549 align:start position:0% forth everything in ethereum relies on this<00:24:54.840> one<00:24:55.080> serialization<00:24:55.840> algorithm<00:24:56.320> called 00:24:56.549 --> 00:24:56.559 align:start position:0% this one serialization algorithm called 00:24:56.559 --> 00:24:59.549 align:start position:0% this one serialization algorithm called rlp<00:24:57.159> recursive<00:24:57.600> length<00:24:57.840> prefix<00:24:58.159> and<00:24:58.440> coding 00:24:59.549 --> 00:24:59.559 align:start position:0% rlp recursive length prefix and coding 00:24:59.559 --> 00:25:02.990 align:start position:0% rlp recursive length prefix and coding so<00:25:00.559> it's<00:25:00.799> very<00:25:01.080> simple<00:25:01.559> so<00:25:02.000> basically<00:25:02.880> you 00:25:02.990 --> 00:25:03.000 align:start position:0% so it's very simple so basically you 00:25:03.000 --> 00:25:05.669 align:start position:0% so it's very simple so basically you know<00:25:03.240> if<00:25:03.440> you<00:25:04.159> you<00:25:04.279> know<00:25:04.520> it's<00:25:05.080> recursive 00:25:05.669 --> 00:25:05.679 align:start position:0% know if you you know it's recursive 00:25:05.679 --> 00:25:08.029 align:start position:0% know if you you know it's recursive length<00:25:06.039> prefix<00:25:06.440> encoding<00:25:07.039> so<00:25:07.480> you<00:25:07.640> take<00:25:07.840> the 00:25:08.029 --> 00:25:08.039 align:start position:0% length prefix encoding so you take the 00:25:08.039 --> 00:25:09.750 align:start position:0% length prefix encoding so you take the thing<00:25:08.520> so<00:25:08.720> in<00:25:08.840> this<00:25:09.039> case<00:25:09.240> if<00:25:09.360> you<00:25:09.480> take<00:25:09.679> the 00:25:09.750 --> 00:25:09.760 align:start position:0% thing so in this case if you take the 00:25:09.760 --> 00:25:11.590 align:start position:0% thing so in this case if you take the word<00:25:10.039> dog<00:25:10.360> and<00:25:10.440> you<00:25:10.559> just<00:25:10.760> hex<00:25:11.000> encode<00:25:11.360> it<00:25:11.480> you 00:25:11.590 --> 00:25:11.600 align:start position:0% word dog and you just hex encode it you 00:25:11.600 --> 00:25:15.950 align:start position:0% word dog and you just hex encode it you get<00:25:11.720> 646<00:25:12.880> f67<00:25:13.880> and<00:25:14.120> you<00:25:14.760> before<00:25:15.039> it<00:25:15.320> you<00:25:15.520> pref 00:25:15.950 --> 00:25:15.960 align:start position:0% get 646 f67 and you before it you pref 00:25:15.960 --> 00:25:17.750 align:start position:0% get 646 f67 and you before it you pref you<00:25:16.080> prefix<00:25:16.480> it<00:25:16.600> with<00:25:16.679> the<00:25:16.840> length<00:25:17.320> so<00:25:17.480> in<00:25:17.600> this 00:25:17.750 --> 00:25:17.760 align:start position:0% you prefix it with the length so in this 00:25:17.760 --> 00:25:19.190 align:start position:0% you prefix it with the length so in this case<00:25:17.919> the<00:25:18.039> length<00:25:18.279> is<00:25:18.440> three<00:25:18.720> and<00:25:18.799> you<00:25:19.039> you<00:25:19.080> can 00:25:19.190 --> 00:25:19.200 align:start position:0% case the length is three and you you can 00:25:19.200 --> 00:25:21.470 align:start position:0% case the length is three and you you can see<00:25:19.360> a<00:25:19.480> three<00:25:19.799> here<00:25:20.559> over<00:25:20.799> here<00:25:20.960> you<00:25:21.080> know<00:25:21.360> it's 00:25:21.470 --> 00:25:21.480 align:start position:0% see a three here over here you know it's 00:25:21.480 --> 00:25:23.029 align:start position:0% see a three here over here you know it's an<00:25:21.600> empty<00:25:21.880> string<00:25:22.200> and<00:25:22.360> so<00:25:22.480> you<00:25:22.600> have<00:25:22.679> a<00:25:22.799> length 00:25:23.029 --> 00:25:23.039 align:start position:0% an empty string and so you have a length 00:25:23.039 --> 00:25:26.110 align:start position:0% an empty string and so you have a length of<00:25:23.440> zero<00:25:24.440> over<00:25:24.679> here<00:25:24.960> this<00:25:25.039> is<00:25:25.159> a<00:25:25.399> list<00:25:25.840> and<00:25:25.960> so 00:25:26.110 --> 00:25:26.120 align:start position:0% of zero over here this is a list and so 00:25:26.120 --> 00:25:28.789 align:start position:0% of zero over here this is a list and so it<00:25:26.240> still<00:25:26.399> has<00:25:26.520> a<00:25:26.640> length<00:25:26.880> of<00:25:27.039> zero<00:25:27.799> but<00:25:27.919> it<00:25:28.080> has 00:25:28.789 --> 00:25:28.799 align:start position:0% it still has a length of zero but it has 00:25:28.799 --> 00:25:30.350 align:start position:0% it still has a length of zero but it has a<00:25:28.919> different<00:25:29.159> sort<00:25:29.320> of<00:25:29.440> start<00:25:29.720> flag<00:25:30.159> because 00:25:30.350 --> 00:25:30.360 align:start position:0% a different sort of start flag because 00:25:30.360 --> 00:25:32.909 align:start position:0% a different sort of start flag because it's<00:25:30.520> meant<00:25:30.679> to<00:25:30.760> be<00:25:30.880> a<00:25:31.000> list<00:25:31.159> and<00:25:31.320> not<00:25:31.440> a<00:25:31.919> string 00:25:32.909 --> 00:25:32.919 align:start position:0% it's meant to be a list and not a string 00:25:32.919 --> 00:25:35.870 align:start position:0% it's meant to be a list and not a string this<00:25:33.200> is<00:25:33.520> the<00:25:33.880> uh<00:25:34.440> for<00:25:34.720> people<00:25:35.080> who<00:25:35.600> who<00:25:35.720> are 00:25:35.870 --> 00:25:35.880 align:start position:0% this is the uh for people who who are 00:25:35.880 --> 00:25:37.789 align:start position:0% this is the uh for people who who are set<00:25:36.120> theory<00:25:36.440> Geeks<00:25:36.760> this<00:25:36.880> is<00:25:36.960> a<00:25:37.080> set<00:25:37.360> theoretic 00:25:37.789 --> 00:25:37.799 align:start position:0% set theory Geeks this is a set theoretic 00:25:37.799 --> 00:25:40.190 align:start position:0% set theory Geeks this is a set theoretic representation<00:25:38.399> of<00:25:38.520> the<00:25:38.640> number<00:25:38.960> two<00:25:39.840> it<00:25:39.960> gets 00:25:40.190 --> 00:25:40.200 align:start position:0% representation of the number two it gets 00:25:40.200 --> 00:25:44.510 align:start position:0% representation of the number two it gets compiled<00:25:40.559> to<00:25:41.039> this<00:25:42.039> or<00:25:42.679> encoded<00:25:43.120> to<00:25:43.320> this 00:25:44.510 --> 00:25:44.520 align:start position:0% compiled to this or encoded to this 00:25:44.520 --> 00:25:46.870 align:start position:0% compiled to this or encoded to this rather<00:25:45.520> if<00:25:45.640> you<00:25:45.760> have<00:25:45.880> a<00:25:46.039> string<00:25:46.600> then<00:25:46.760> you 00:25:46.870 --> 00:25:46.880 align:start position:0% rather if you have a string then you 00:25:46.880 --> 00:25:50.149 align:start position:0% rather if you have a string then you know<00:25:47.600> gets<00:25:47.799> compal<00:25:48.679> it<00:25:49.080> gets<00:25:49.240> serialized<00:25:49.880> into 00:25:50.149 --> 00:25:50.159 align:start position:0% know gets compal it gets serialized into 00:25:50.159 --> 00:25:52.190 align:start position:0% know gets compal it gets serialized into this<00:25:50.799> so<00:25:51.320> there<00:25:51.440> are<00:25:51.720> like<00:25:51.960> five 00:25:52.190 --> 00:25:52.200 align:start position:0% this so there are like five 00:25:52.200 --> 00:25:54.669 align:start position:0% this so there are like five implementations<00:25:52.919> of<00:25:53.159> this<00:25:53.360> there's<00:25:53.840> a<00:25:54.520> much 00:25:54.669 --> 00:25:54.679 align:start position:0% implementations of this there's a much 00:25:54.679 --> 00:25:56.870 align:start position:0% implementations of this there's a much more<00:25:54.880> detailed<00:25:55.360> description<00:25:55.760> on<00:25:55.840> the<00:25:55.960> Wei<00:25:56.440> but 00:25:56.870 --> 00:25:56.880 align:start position:0% more detailed description on the Wei but 00:25:56.880 --> 00:25:58.470 align:start position:0% more detailed description on the Wei but basically<00:25:57.320> this<00:25:57.480> algorithm<00:25:57.880> is<00:25:57.960> used<00:25:58.320> for 00:25:58.470 --> 00:25:58.480 align:start position:0% basically this algorithm is used for 00:25:58.480 --> 00:26:00.750 align:start position:0% basically this algorithm is used for blocks<00:25:58.919> transactions<00:25:59.720> Network<00:26:00.080> protocol 00:26:00.750 --> 00:26:00.760 align:start position:0% blocks transactions Network protocol 00:26:00.760 --> 00:26:03.029 align:start position:0% blocks transactions Network protocol literally<00:26:01.080> sort<00:26:01.240> of<00:26:01.399> everything<00:26:01.679> in<00:26:01.799> ethereum 00:26:03.029 --> 00:26:03.039 align:start position:0% literally sort of everything in ethereum 00:26:03.039 --> 00:26:05.669 align:start position:0% literally sort of everything in ethereum land<00:26:04.039> um<00:26:04.240> ethereum<00:26:04.799> also<00:26:05.039> has<00:26:05.159> a<00:26:05.320> cool<00:26:05.520> new 00:26:05.669 --> 00:26:05.679 align:start position:0% land um ethereum also has a cool new 00:26:05.679 --> 00:26:08.669 align:start position:0% land um ethereum also has a cool new mining<00:26:06.039> algorithm<00:26:07.039> so<00:26:07.760> the<00:26:07.919> goal<00:26:08.120> of<00:26:08.279> this<00:26:08.480> so 00:26:08.669 --> 00:26:08.679 align:start position:0% mining algorithm so the goal of this so 00:26:08.679 --> 00:26:11.190 align:start position:0% mining algorithm so the goal of this so This<00:26:08.840> is<00:26:09.039> called<00:26:09.240> eash<00:26:10.240> so<00:26:10.480> the<00:26:10.640> purpose<00:26:10.960> of 00:26:11.190 --> 00:26:11.200 align:start position:0% This is called eash so the purpose of 00:26:11.200 --> 00:26:13.510 align:start position:0% This is called eash so the purpose of this<00:26:11.440> is<00:26:11.559> to<00:26:11.720> be<00:26:11.919> GPU<00:26:12.320> friendly<00:26:12.679> and<00:26:12.840> Asic<00:26:13.200> hard 00:26:13.510 --> 00:26:13.520 align:start position:0% this is to be GPU friendly and Asic hard 00:26:13.520 --> 00:26:16.909 align:start position:0% this is to be GPU friendly and Asic hard so<00:26:13.720> to<00:26:13.960> Target<00:26:14.919> gpus<00:26:15.840> as<00:26:16.000> much<00:26:16.320> as<00:26:16.480> much<00:26:16.720> as 00:26:16.909 --> 00:26:16.919 align:start position:0% so to Target gpus as much as much as 00:26:16.919 --> 00:26:19.110 align:start position:0% so to Target gpus as much as much as possible<00:26:17.360> and<00:26:17.559> basically<00:26:18.399> prevent<00:26:18.760> the<00:26:19.000> the 00:26:19.110 --> 00:26:19.120 align:start position:0% possible and basically prevent the the 00:26:19.120 --> 00:26:21.029 align:start position:0% possible and basically prevent the the problem<00:26:19.320> in<00:26:19.520> Bitcoin<00:26:20.000> where<00:26:20.159> you<00:26:20.399> have<00:26:20.919> these 00:26:21.029 --> 00:26:21.039 align:start position:0% problem in Bitcoin where you have these 00:26:21.039 --> 00:26:23.990 align:start position:0% problem in Bitcoin where you have these sort<00:26:21.240> of<00:26:21.399> spe<00:26:21.960> these<00:26:22.320> uh<00:26:22.840> specialized<00:26:23.440> miners 00:26:23.990 --> 00:26:24.000 align:start position:0% sort of spe these uh specialized miners 00:26:24.000 --> 00:26:25.990 align:start position:0% sort of spe these uh specialized miners that<00:26:24.200> have<00:26:24.440> with<00:26:24.960> extremely<00:26:25.440> large<00:26:25.679> mining 00:26:25.990 --> 00:26:26.000 align:start position:0% that have with extremely large mining 00:26:26.000 --> 00:26:27.750 align:start position:0% that have with extremely large mining Farms<00:26:26.360> taking<00:26:26.640> up<00:26:26.799> huge<00:26:27.080> percentages<00:26:27.520> of<00:26:27.640> the 00:26:27.750 --> 00:26:27.760 align:start position:0% Farms taking up huge percentages of the 00:26:27.760 --> 00:26:31.909 align:start position:0% Farms taking up huge percentages of the network<00:26:28.600> so<00:26:29.600> the<00:26:29.799> algorithm<00:26:30.440> is<00:26:31.039> uses<00:26:31.559> memory 00:26:31.909 --> 00:26:31.919 align:start position:0% network so the algorithm is uses memory 00:26:31.919 --> 00:26:33.669 align:start position:0% network so the algorithm is uses memory hardness<00:26:32.360> to<00:26:32.559> accomplish<00:26:32.960> this<00:26:33.159> goal<00:26:33.440> so 00:26:33.669 --> 00:26:33.679 align:start position:0% hardness to accomplish this goal so 00:26:33.679 --> 00:26:36.630 align:start position:0% hardness to accomplish this goal so basically<00:26:34.679> instead<00:26:35.120> of<00:26:35.880> traditional<00:26:36.440> proof 00:26:36.630 --> 00:26:36.640 align:start position:0% basically instead of traditional proof 00:26:36.640 --> 00:26:38.710 align:start position:0% basically instead of traditional proof of<00:26:36.760> work<00:26:36.960> algorithms<00:26:37.520> like<00:26:37.720> Bitcoin<00:26:38.279> where 00:26:38.710 --> 00:26:38.720 align:start position:0% of work algorithms like Bitcoin where 00:26:38.720 --> 00:26:40.750 align:start position:0% of work algorithms like Bitcoin where the<00:26:38.880> bottleneck<00:26:39.559> is<00:26:39.760> always<00:26:40.360> how<00:26:40.480> much 00:26:40.750 --> 00:26:40.760 align:start position:0% the bottleneck is always how much 00:26:40.760 --> 00:26:42.590 align:start position:0% the bottleneck is always how much computation<00:26:41.279> you<00:26:41.399> can<00:26:41.600> do<00:26:42.279> here<00:26:42.480> the 00:26:42.590 --> 00:26:42.600 align:start position:0% computation you can do here the 00:26:42.600 --> 00:26:45.029 align:start position:0% computation you can do here the bottleneck<00:26:43.080> is<00:26:43.240> memory<00:26:43.720> access<00:26:44.720> and<00:26:44.840> the 00:26:45.029 --> 00:26:45.039 align:start position:0% bottleneck is memory access and the 00:26:45.039 --> 00:26:48.990 align:start position:0% bottleneck is memory access and the theory<00:26:45.480> behind<00:26:45.919> this<00:26:46.279> is<00:26:47.120> that<00:26:47.559> the<00:26:47.760> more<00:26:48.760> that 00:26:48.990 --> 00:26:49.000 align:start position:0% theory behind this is that the more that 00:26:49.000 --> 00:26:50.830 align:start position:0% theory behind this is that the more that memory<00:26:49.559> is<00:26:49.720> something<00:26:50.039> which<00:26:50.159> is<00:26:50.399> highly 00:26:50.830 --> 00:26:50.840 align:start position:0% memory is something which is highly 00:26:50.840 --> 00:26:52.510 align:start position:0% memory is something which is highly optimized<00:26:51.399> in<00:26:51.520> which<00:26:51.679> people<00:26:51.880> spend<00:26:52.159> billions 00:26:52.510 --> 00:26:52.520 align:start position:0% optimized in which people spend billions 00:26:52.520 --> 00:26:54.230 align:start position:0% optimized in which people spend billions of<00:26:52.760> dollars<00:26:53.120> optimizing<00:26:53.640> in<00:26:53.840> existing 00:26:54.230 --> 00:26:54.240 align:start position:0% of dollars optimizing in existing 00:26:54.240 --> 00:26:56.750 align:start position:0% of dollars optimizing in existing computers<00:26:54.799> already<00:26:55.679> and<00:26:55.840> so<00:26:56.120> the<00:26:56.240> opportunity 00:26:56.750 --> 00:26:56.760 align:start position:0% computers already and so the opportunity 00:26:56.760 --> 00:26:58.909 align:start position:0% computers already and so the opportunity to<00:26:56.880> make<00:26:57.120> further<00:26:57.559> opt<00:26:57.799> optimiz<00:26:58.360> ation 00:26:58.909 --> 00:26:58.919 align:start position:0% to make further opt optimiz ation 00:26:58.919 --> 00:27:01.190 align:start position:0% to make further opt optimiz ation istically<00:26:59.919> smaller<00:27:00.320> than<00:27:00.440> it<00:27:00.520> is<00:27:00.679> for 00:27:01.190 --> 00:27:01.200 align:start position:0% istically smaller than it is for 00:27:01.200 --> 00:27:03.669 align:start position:0% istically smaller than it is for computation<00:27:02.200> so<00:27:02.760> the<00:27:02.880> way<00:27:03.000> that<00:27:03.120> it<00:27:03.279> does<00:27:03.520> this 00:27:03.669 --> 00:27:03.679 align:start position:0% computation so the way that it does this 00:27:03.679 --> 00:27:06.230 align:start position:0% computation so the way that it does this is<00:27:03.840> by<00:27:03.960> using<00:27:04.320> this<00:27:04.440> sort<00:27:04.600> of<00:27:05.240> clever<00:27:05.600> multi 00:27:06.230 --> 00:27:06.240 align:start position:0% is by using this sort of clever multi 00:27:06.240 --> 00:27:09.389 align:start position:0% is by using this sort of clever multi dead<00:27:06.520> construction<00:27:07.320> so<00:27:08.279> basically<00:27:08.799> the<00:27:08.960> idea 00:27:09.389 --> 00:27:09.399 align:start position:0% dead construction so basically the idea 00:27:09.399 --> 00:27:11.909 align:start position:0% dead construction so basically the idea is<00:27:09.799> that<00:27:10.080> you<00:27:10.240> start<00:27:10.480> off<00:27:10.600> with<00:27:10.720> a<00:27:10.840> seed<00:27:11.679> then 00:27:11.909 --> 00:27:11.919 align:start position:0% is that you start off with a seed then 00:27:11.919 --> 00:27:13.630 align:start position:0% is that you start off with a seed then from<00:27:12.120> the<00:27:12.240> seed<00:27:12.520> you<00:27:12.640> use<00:27:12.880> this<00:27:13.039> memory<00:27:13.360> hard 00:27:13.630 --> 00:27:13.640 align:start position:0% from the seed you use this memory hard 00:27:13.640 --> 00:27:16.350 align:start position:0% from the seed you use this memory hard function<00:27:14.039> create<00:27:14.279> a<00:27:14.480> cache<00:27:15.360> then<00:27:15.960> from<00:27:16.159> the 00:27:16.350 --> 00:27:16.360 align:start position:0% function create a cache then from the 00:27:16.360 --> 00:27:18.630 align:start position:0% function create a cache then from the cache<00:27:16.600> you<00:27:16.720> create<00:27:16.960> a<00:27:17.120> data<00:27:17.399> set<00:27:18.039> and<00:27:18.200> the<00:27:18.360> data 00:27:18.630 --> 00:27:18.640 align:start position:0% cache you create a data set and the data 00:27:18.640 --> 00:27:21.029 align:start position:0% cache you create a data set and the data set<00:27:18.880> can<00:27:19.039> be<00:27:19.200> created<00:27:19.520> in<00:27:19.679> parallel<00:27:20.440> so<00:27:20.760> each 00:27:21.029 --> 00:27:21.039 align:start position:0% set can be created in parallel so each 00:27:21.039 --> 00:27:23.350 align:start position:0% set can be created in parallel so each individual<00:27:21.799> piece<00:27:22.039> of<00:27:22.200> the<00:27:22.360> data<00:27:22.640> set 00:27:23.350 --> 00:27:23.360 align:start position:0% individual piece of the data set 00:27:23.360 --> 00:27:25.510 align:start position:0% individual piece of the data set actually<00:27:24.159> gets<00:27:24.440> created<00:27:24.799> by<00:27:25.000> hashing 00:27:25.510 --> 00:27:25.520 align:start position:0% actually gets created by hashing 00:27:25.520 --> 00:27:27.789 align:start position:0% actually gets created by hashing together<00:27:25.840> 256<00:27:26.840> parents<00:27:27.159> that<00:27:27.320> come<00:27:27.480> from<00:27:27.600> the 00:27:27.789 --> 00:27:27.799 align:start position:0% together 256 parents that come from the 00:27:27.799 --> 00:27:28.990 align:start position:0% together 256 parents that come from the cache 00:27:28.990 --> 00:27:29.000 align:start position:0% cache 00:27:29.000 --> 00:27:31.389 align:start position:0% cache and<00:27:29.640> if<00:27:29.760> you<00:27:29.960> want<00:27:30.240> to<00:27:30.480> just<00:27:30.679> actually<00:27:31.000> run<00:27:31.279> the 00:27:31.389 --> 00:27:31.399 align:start position:0% and if you want to just actually run the 00:27:31.399 --> 00:27:33.789 align:start position:0% and if you want to just actually run the algorithm<00:27:32.039> once<00:27:32.840> then<00:27:33.039> what<00:27:33.159> you<00:27:33.240> need<00:27:33.440> to<00:27:33.600> do 00:27:33.789 --> 00:27:33.799 align:start position:0% algorithm once then what you need to do 00:27:33.799 --> 00:27:35.750 align:start position:0% algorithm once then what you need to do is<00:27:33.960> you<00:27:34.159> take<00:27:34.679> the<00:27:34.880> data<00:27:35.159> that<00:27:35.240> you're<00:27:35.399> mining 00:27:35.750 --> 00:27:35.760 align:start position:0% is you take the data that you're mining 00:27:35.760 --> 00:27:39.430 align:start position:0% is you take the data that you're mining on<00:27:36.320> turn<00:27:36.600> that<00:27:36.760> into<00:27:36.960> a<00:27:37.120> seed<00:27:38.039> then<00:27:38.720> you<00:27:38.960> grab<00:27:39.279> a 00:27:39.430 --> 00:27:39.440 align:start position:0% on turn that into a seed then you grab a 00:27:39.440 --> 00:27:41.669 align:start position:0% on turn that into a seed then you grab a random<00:27:39.840> 64<00:27:40.360> nodes<00:27:40.679> from<00:27:40.840> the<00:27:41.120> pieces<00:27:41.399> of<00:27:41.519> the 00:27:41.669 --> 00:27:41.679 align:start position:0% random 64 nodes from the pieces of the 00:27:41.679 --> 00:27:43.870 align:start position:0% random 64 nodes from the pieces of the data<00:27:41.960> set<00:27:42.200> and<00:27:42.320> you<00:27:42.440> get<00:27:42.559> your<00:27:42.799> result<00:27:43.679> so 00:27:43.870 --> 00:27:43.880 align:start position:0% data set and you get your result so 00:27:43.880 --> 00:27:45.269 align:start position:0% data set and you get your result so what's<00:27:44.120> the<00:27:44.279> point<00:27:44.480> of 00:27:45.269 --> 00:27:45.279 align:start position:0% what's the point of 00:27:45.279 --> 00:27:47.909 align:start position:0% what's the point of this<00:27:46.279> the<00:27:46.399> point<00:27:46.600> of<00:27:46.799> this<00:27:47.000> is<00:27:47.240> that<00:27:47.440> mining 00:27:47.909 --> 00:27:47.919 align:start position:0% this the point of this is that mining 00:27:47.919 --> 00:27:49.909 align:start position:0% this the point of this is that mining with<00:27:48.080> this<00:27:48.279> algorithm<00:27:48.919> actually<00:27:49.279> is<00:27:49.519> memory 00:27:49.909 --> 00:27:49.919 align:start position:0% with this algorithm actually is memory 00:27:49.919 --> 00:27:52.750 align:start position:0% with this algorithm actually is memory hard<00:27:50.360> because<00:27:51.159> if<00:27:51.320> you<00:27:51.480> wants<00:27:51.720> to<00:27:51.919> mine<00:27:52.559> and<00:27:52.679> if 00:27:52.750 --> 00:27:52.760 align:start position:0% hard because if you wants to mine and if 00:27:52.760 --> 00:27:54.509 align:start position:0% hard because if you wants to mine and if he<00:27:52.880> wants<00:27:53.080> to<00:27:53.240> mine<00:27:53.440> at<00:27:53.600> any<00:27:53.760> reasonable<00:27:54.240> speed 00:27:54.509 --> 00:27:54.519 align:start position:0% he wants to mine at any reasonable speed 00:27:54.519 --> 00:27:56.230 align:start position:0% he wants to mine at any reasonable speed at<00:27:54.640> all<00:27:55.279> then<00:27:55.399> you<00:27:55.559> basically<00:27:55.960> have<00:27:56.039> to 00:27:56.230 --> 00:27:56.240 align:start position:0% at all then you basically have to 00:27:56.240 --> 00:27:59.149 align:start position:0% at all then you basically have to pregenerate<00:27:57.039> this<00:27:57.240> entire<00:27:57.519> 1<00:27:57.720> Gab<00:27:58.240> data<00:27:58.559> set 00:27:59.149 --> 00:27:59.159 align:start position:0% pregenerate this entire 1 Gab data set 00:27:59.159 --> 00:28:00.990 align:start position:0% pregenerate this entire 1 Gab data set so<00:27:59.480> that<00:27:59.919> every<00:28:00.159> time<00:28:00.320> you<00:28:00.440> pick<00:28:00.600> a<00:28:00.760> different 00:28:00.990 --> 00:28:01.000 align:start position:0% so that every time you pick a different 00:28:01.000 --> 00:28:03.110 align:start position:0% so that every time you pick a different non<00:28:01.360> you<00:28:01.480> can<00:28:01.600> just<00:28:01.679> sort<00:28:01.840> of<00:28:02.000> sample<00:28:02.399> from<00:28:02.600> it 00:28:03.110 --> 00:28:03.120 align:start position:0% non you can just sort of sample from it 00:28:03.120 --> 00:28:05.509 align:start position:0% non you can just sort of sample from it and<00:28:03.360> that<00:28:03.480> happens<00:28:03.760> fairly<00:28:04.120> quickly<00:28:05.120> if<00:28:05.279> you 00:28:05.509 --> 00:28:05.519 align:start position:0% and that happens fairly quickly if you 00:28:05.519 --> 00:28:08.029 align:start position:0% and that happens fairly quickly if you just<00:28:05.720> wants<00:28:05.960> to<00:28:06.240> verify<00:28:06.760> blocks<00:28:07.760> then<00:28:07.880> you 00:28:08.029 --> 00:28:08.039 align:start position:0% just wants to verify blocks then you 00:28:08.039 --> 00:28:10.070 align:start position:0% just wants to verify blocks then you don't<00:28:08.360> actually<00:28:08.679> need<00:28:08.919> the<00:28:09.080> gigabyte<00:28:09.840> all<00:28:09.960> you 00:28:10.070 --> 00:28:10.080 align:start position:0% don't actually need the gigabyte all you 00:28:10.080 --> 00:28:12.470 align:start position:0% don't actually need the gigabyte all you need<00:28:10.279> is<00:28:10.399> the<00:28:10.640> cache<00:28:11.399> and<00:28:11.519> the<00:28:11.679> reason<00:28:12.080> why<00:28:12.279> is 00:28:12.470 --> 00:28:12.480 align:start position:0% need is the cache and the reason why is 00:28:12.480 --> 00:28:14.830 align:start position:0% need is the cache and the reason why is basically<00:28:13.080> that<00:28:13.880> if<00:28:14.080> when<00:28:14.200> you<00:28:14.320> get<00:28:14.440> to<00:28:14.640> this 00:28:14.830 --> 00:28:14.840 align:start position:0% basically that if when you get to this 00:28:14.840 --> 00:28:16.310 align:start position:0% basically that if when you get to this stage<00:28:15.240> you<00:28:15.360> don't<00:28:15.519> need<00:28:15.679> to<00:28:15.880> create<00:28:16.120> this 00:28:16.310 --> 00:28:16.320 align:start position:0% stage you don't need to create this 00:28:16.320 --> 00:28:18.269 align:start position:0% stage you don't need to create this entire<00:28:16.640> thing<00:28:16.840> you<00:28:17.039> just<00:28:17.159> figure<00:28:17.399> out<00:28:17.640> what<00:28:17.799> 64 00:28:18.269 --> 00:28:18.279 align:start position:0% entire thing you just figure out what 64 00:28:18.279 --> 00:28:20.669 align:start position:0% entire thing you just figure out what 64 indices<00:28:18.720> you<00:28:18.880> want<00:28:19.679> then<00:28:19.960> from<00:28:20.200> each<00:28:20.360> of<00:28:20.519> those 00:28:20.669 --> 00:28:20.679 align:start position:0% indices you want then from each of those 00:28:20.679 --> 00:28:22.549 align:start position:0% indices you want then from each of those 64<00:28:21.120> indices<00:28:21.519> you<00:28:21.640> just<00:28:21.799> computed<00:28:22.240> from<00:28:22.360> the 00:28:22.549 --> 00:28:22.559 align:start position:0% 64 indices you just computed from the 00:28:22.559 --> 00:28:26.590 align:start position:0% 64 indices you just computed from the cach<00:28:23.559> now<00:28:24.279> this<00:28:24.640> does<00:28:25.000> require<00:28:25.399> you<00:28:25.559> to<00:28:25.760> make 00:28:26.590 --> 00:28:26.600 align:start position:0% cach now this does require you to make 00:28:26.600 --> 00:28:30.350 align:start position:0% cach now this does require you to make 16,384<00:28:27.600> hash<00:28:27.799> calcul<00:28:28.120> calulations<00:28:28.880> but<00:28:29.679> or<00:28:30.240> as 00:28:30.350 --> 00:28:30.360 align:start position:0% 16,384 hash calcul calulations but or as 00:28:30.360 --> 00:28:32.870 align:start position:0% 16,384 hash calcul calulations but or as it<00:28:30.519> turns<00:28:30.880> out<00:28:31.519> that's<00:28:31.880> actually<00:28:32.320> not<00:28:32.640> that 00:28:32.870 --> 00:28:32.880 align:start position:0% it turns out that's actually not that 00:28:32.880 --> 00:28:36.190 align:start position:0% it turns out that's actually not that bad<00:28:33.120> if<00:28:33.200> you're<00:28:33.480> only<00:28:33.760> doing<00:28:34.039> it<00:28:34.440> once<00:28:35.440> so 00:28:36.190 --> 00:28:36.200 align:start position:0% bad if you're only doing it once so 00:28:36.200 --> 00:28:37.750 align:start position:0% bad if you're only doing it once so because<00:28:36.480> verification<00:28:37.159> only<00:28:37.360> needs<00:28:37.600> to 00:28:37.750 --> 00:28:37.760 align:start position:0% because verification only needs to 00:28:37.760 --> 00:28:40.070 align:start position:0% because verification only needs to happen<00:28:38.120> once<00:28:38.799> this<00:28:38.960> kind<00:28:39.080> of<00:28:39.200> low<00:28:39.440> memory<00:28:39.720> slow 00:28:40.070 --> 00:28:40.080 align:start position:0% happen once this kind of low memory slow 00:28:40.080 --> 00:28:42.909 align:start position:0% happen once this kind of low memory slow verification<00:28:40.760> process<00:28:41.200> actually<00:28:41.519> works<00:28:42.480> so 00:28:42.909 --> 00:28:42.919 align:start position:0% verification process actually works so 00:28:42.919 --> 00:28:44.870 align:start position:0% verification process actually works so but<00:28:43.320> if<00:28:43.399> he<00:28:43.519> wants<00:28:43.760> to<00:28:43.919> mine<00:28:44.399> then<00:28:44.519> you<00:28:44.600> need<00:28:44.760> to 00:28:44.870 --> 00:28:44.880 align:start position:0% but if he wants to mine then you need to 00:28:44.880 --> 00:28:46.630 align:start position:0% but if he wants to mine then you need to do<00:28:45.000> it<00:28:45.080> with<00:28:45.200> a<00:28:45.279> lot<00:28:45.399> of<00:28:45.600> speed<00:28:46.120> and<00:28:46.200> so<00:28:46.559> he 00:28:46.630 --> 00:28:46.640 align:start position:0% do it with a lot of speed and so he 00:28:46.640 --> 00:28:49.389 align:start position:0% do it with a lot of speed and so he needs<00:28:46.840> to<00:28:46.960> have<00:28:47.120> the<00:28:47.279> gigabyte<00:28:48.200> so<00:28:49.120> this<00:28:49.240> is 00:28:49.389 --> 00:28:49.399 align:start position:0% needs to have the gigabyte so this is 00:28:49.399 --> 00:28:51.230 align:start position:0% needs to have the gigabyte so this is kind<00:28:49.519> of<00:28:49.640> the<00:28:49.799> basic<00:28:50.159> principle<00:28:50.720> behind<00:28:51.080> sort 00:28:51.230 --> 00:28:51.240 align:start position:0% kind of the basic principle behind sort 00:28:51.240 --> 00:28:52.750 align:start position:0% kind of the basic principle behind sort of<00:28:51.480> why<00:28:51.679> mining<00:28:52.000> was<00:28:52.200> designed<00:28:52.519> in<00:28:52.600> the 00:28:52.750 --> 00:28:52.760 align:start position:0% of why mining was designed in the 00:28:52.760 --> 00:28:54.509 align:start position:0% of why mining was designed in the particular<00:28:53.159> way<00:28:53.320> that<00:28:53.440> it<00:28:53.559> was<00:28:53.720> an 00:28:54.509 --> 00:28:54.519 align:start position:0% particular way that it was an 00:28:54.519 --> 00:28:58.549 align:start position:0% particular way that it was an ethereum<00:28:55.760> so<00:28:56.760> uncles<00:28:57.760> so 00:28:58.549 --> 00:28:58.559 align:start position:0% ethereum so uncles so 00:28:58.559 --> 00:29:00.669 align:start position:0% ethereum so uncles so in<00:28:58.760> general<00:28:59.440> Bitcoin<00:28:59.840> has<00:28:59.919> a<00:29:00.039> 10-minute<00:29:00.440> block 00:29:00.669 --> 00:29:00.679 align:start position:0% in general Bitcoin has a 10-minute block 00:29:00.679 --> 00:29:03.430 align:start position:0% in general Bitcoin has a 10-minute block time<00:29:00.919> ethereum<00:29:01.360> has<00:29:01.440> a<00:29:01.559> 17sec<00:29:02.279> block<00:29:02.600> time<00:29:03.320> why 00:29:03.430 --> 00:29:03.440 align:start position:0% time ethereum has a 17sec block time why 00:29:03.440 --> 00:29:04.710 align:start position:0% time ethereum has a 17sec block time why is<00:29:03.559> the<00:29:03.679> block<00:29:03.960> time<00:29:04.120> not<00:29:04.320> something<00:29:04.559> even 00:29:04.710 --> 00:29:04.720 align:start position:0% is the block time not something even 00:29:04.720 --> 00:29:07.590 align:start position:0% is the block time not something even shorter<00:29:05.120> like<00:29:05.279> 1<00:29:05.960> second<00:29:06.960> the<00:29:07.159> problem<00:29:07.399> with 00:29:07.590 --> 00:29:07.600 align:start position:0% shorter like 1 second the problem with 00:29:07.600 --> 00:29:09.350 align:start position:0% shorter like 1 second the problem with fast<00:29:07.840> block<00:29:08.159> times<00:29:08.480> is<00:29:08.679> basically<00:29:09.000> steale 00:29:09.350 --> 00:29:09.360 align:start position:0% fast block times is basically steale 00:29:09.360 --> 00:29:11.990 align:start position:0% fast block times is basically steale rates<00:29:09.600> due<00:29:09.720> to<00:29:09.840> network<00:29:10.200> latency<00:29:10.960> so<00:29:11.679> if<00:29:11.880> the 00:29:11.990 --> 00:29:12.000 align:start position:0% rates due to network latency so if the 00:29:12.000 --> 00:29:13.750 align:start position:0% rates due to network latency so if the block<00:29:12.320> time<00:29:12.559> is<00:29:12.760> extremely<00:29:13.159> long<00:29:13.440> like<00:29:13.600> 10 00:29:13.750 --> 00:29:13.760 align:start position:0% block time is extremely long like 10 00:29:13.760 --> 00:29:15.710 align:start position:0% block time is extremely long like 10 minutes<00:29:14.399> you<00:29:14.519> can<00:29:14.679> think<00:29:14.840> of<00:29:15.000> network<00:29:15.279> latency 00:29:15.710 --> 00:29:15.720 align:start position:0% minutes you can think of network latency 00:29:15.720 --> 00:29:17.310 align:start position:0% minutes you can think of network latency as<00:29:15.799> being<00:29:16.000> negligible<00:29:16.559> by<00:29:16.720> comparison<00:29:17.240> you 00:29:17.310 --> 00:29:17.320 align:start position:0% as being negligible by comparison you 00:29:17.320 --> 00:29:18.549 align:start position:0% as being negligible by comparison you can<00:29:17.440> think<00:29:17.559> of<00:29:17.679> it<00:29:17.799> as<00:29:17.919> basically<00:29:18.279> being 00:29:18.549 --> 00:29:18.559 align:start position:0% can think of it as basically being 00:29:18.559 --> 00:29:20.269 align:start position:0% can think of it as basically being instant<00:29:19.159> and<00:29:19.279> so<00:29:19.399> you<00:29:19.559> basically<00:29:19.840> don't<00:29:20.039> have 00:29:20.269 --> 00:29:20.279 align:start position:0% instant and so you basically don't have 00:29:20.279 --> 00:29:22.230 align:start position:0% instant and so you basically don't have problems<00:29:21.039> once<00:29:21.200> you<00:29:21.320> start<00:29:21.600> pushing<00:29:21.880> block 00:29:22.230 --> 00:29:22.240 align:start position:0% problems once you start pushing block 00:29:22.240 --> 00:29:24.750 align:start position:0% problems once you start pushing block times<00:29:22.640> down<00:29:23.600> then<00:29:23.720> your<00:29:23.960> problem<00:29:24.279> is<00:29:24.480> that<00:29:24.600> you 00:29:24.750 --> 00:29:24.760 align:start position:0% times down then your problem is that you 00:29:24.760 --> 00:29:27.350 align:start position:0% times down then your problem is that you have<00:29:24.960> this<00:29:25.240> risk<00:29:26.120> that<00:29:26.559> let's<00:29:26.760> say<00:29:26.960> over<00:29:27.159> here 00:29:27.350 --> 00:29:27.360 align:start position:0% have this risk that let's say over here 00:29:27.360 --> 00:29:29.789 align:start position:0% have this risk that let's say over here we<00:29:27.480> have<00:29:27.600> one<00:29:27.760> block<00:29:28.159> you<00:29:28.240> know<00:29:28.519> 2059<00:29:29.519> then<00:29:29.679> at 00:29:29.789 --> 00:29:29.799 align:start position:0% we have one block you know 2059 then at 00:29:29.799 --> 00:29:31.350 align:start position:0% we have one block you know 2059 then at some<00:29:29.960> point<00:29:30.159> someone<00:29:30.399> creates<00:29:30.679> another<00:29:30.919> block 00:29:31.350 --> 00:29:31.360 align:start position:0% some point someone creates another block 00:29:31.360 --> 00:29:33.950 align:start position:0% some point someone creates another block 2060<00:29:32.360> that<00:29:32.519> block<00:29:32.840> takes<00:29:33.159> time<00:29:33.360> to<00:29:33.559> propagate 00:29:33.950 --> 00:29:33.960 align:start position:0% 2060 that block takes time to propagate 00:29:33.960 --> 00:29:36.990 align:start position:0% 2060 that block takes time to propagate through<00:29:34.080> the<00:29:34.480> network<00:29:35.480> and<00:29:35.600> so<00:29:35.799> someone<00:29:36.279> else 00:29:36.990 --> 00:29:37.000 align:start position:0% through the network and so someone else 00:29:37.000 --> 00:29:39.389 align:start position:0% through the network and so someone else might<00:29:37.320> actually<00:29:37.600> make<00:29:37.880> another<00:29:38.240> block<00:29:38.919> before 00:29:39.389 --> 00:29:39.399 align:start position:0% might actually make another block before 00:29:39.399 --> 00:29:41.430 align:start position:0% might actually make another block before hearing<00:29:39.799> about<00:29:40.039> this<00:29:40.240> block<00:29:40.960> and<00:29:41.039> so<00:29:41.159> we<00:29:41.320> have 00:29:41.430 --> 00:29:41.440 align:start position:0% hearing about this block and so we have 00:29:41.440 --> 00:29:43.230 align:start position:0% hearing about this block and so we have two<00:29:41.640> blocks<00:29:42.080> both<00:29:42.279> on<00:29:42.440> top<00:29:42.600> of<00:29:42.720> the<00:29:42.799> same<00:29:43.000> block 00:29:43.230 --> 00:29:43.240 align:start position:0% two blocks both on top of the same block 00:29:43.240 --> 00:29:45.350 align:start position:0% two blocks both on top of the same block 2059<00:29:44.240> and<00:29:44.360> they're<00:29:44.519> kind<00:29:44.600> of<00:29:44.760> both<00:29:44.960> competing 00:29:45.350 --> 00:29:45.360 align:start position:0% 2059 and they're kind of both competing 00:29:45.360 --> 00:29:47.710 align:start position:0% 2059 and they're kind of both competing with<00:29:45.480> each<00:29:45.600> other<00:29:46.159> so<00:29:46.360> this<00:29:46.440> is<00:29:46.559> called<00:29:46.720> a<00:29:46.840> fork 00:29:47.710 --> 00:29:47.720 align:start position:0% with each other so this is called a fork 00:29:47.720 --> 00:29:48.830 align:start position:0% with each other so this is called a fork and<00:29:47.840> the<00:29:48.000> problem<00:29:48.240> is<00:29:48.360> that<00:29:48.519> one<00:29:48.640> of<00:29:48.720> the 00:29:48.830 --> 00:29:48.840 align:start position:0% and the problem is that one of the 00:29:48.840 --> 00:29:50.830 align:start position:0% and the problem is that one of the blocks<00:29:49.240> has<00:29:49.360> to<00:29:49.559> eventually<00:29:50.039> win<00:29:50.600> and<00:29:50.720> the 00:29:50.830 --> 00:29:50.840 align:start position:0% blocks has to eventually win and the 00:29:50.840 --> 00:29:52.750 align:start position:0% blocks has to eventually win and the block<00:29:51.120> that<00:29:51.240> doesn't<00:29:51.559> win<00:29:51.919> just<00:29:52.120> kind<00:29:52.240> of<00:29:52.360> gets 00:29:52.750 --> 00:29:52.760 align:start position:0% block that doesn't win just kind of gets 00:29:52.760 --> 00:29:55.590 align:start position:0% block that doesn't win just kind of gets discarded<00:29:53.760> and<00:29:54.039> the<00:29:54.159> person<00:29:54.399> who<00:29:54.559> mind<00:29:54.799> it 00:29:55.590 --> 00:29:55.600 align:start position:0% discarded and the person who mind it 00:29:55.600 --> 00:29:56.830 align:start position:0% discarded and the person who mind it doesn't<00:29:55.880> get<00:29:55.960> a 00:29:56.830 --> 00:29:56.840 align:start position:0% doesn't get a 00:29:56.840 --> 00:29:59.549 align:start position:0% doesn't get a reward<00:29:57.840> so<00:29:58.080> so<00:29:58.880> this<00:29:59.039> leads<00:29:59.360> to 00:29:59.549 --> 00:29:59.559 align:start position:0% reward so so this leads to 00:29:59.559 --> 00:30:02.269 align:start position:0% reward so so this leads to centralization<00:30:00.320> risks<00:30:00.720> so<00:30:01.039> basically<00:30:02.039> the 00:30:02.269 --> 00:30:02.279 align:start position:0% centralization risks so basically the 00:30:02.279 --> 00:30:05.549 align:start position:0% centralization risks so basically the issue<00:30:02.799> is<00:30:03.679> that<00:30:04.200> the<00:30:04.399> more<00:30:04.720> powerful<00:30:05.200> you<00:30:05.320> are 00:30:05.549 --> 00:30:05.559 align:start position:0% issue is that the more powerful you are 00:30:05.559 --> 00:30:07.630 align:start position:0% issue is that the more powerful you are as<00:30:05.640> a<00:30:05.799> miner<00:30:06.600> the<00:30:06.799> the<00:30:06.919> better<00:30:07.159> you<00:30:07.279> are<00:30:07.480> at 00:30:07.630 --> 00:30:07.640 align:start position:0% as a miner the the better you are at 00:30:07.640 --> 00:30:10.470 align:start position:0% as a miner the the better you are at getting<00:30:07.919> high<00:30:08.159> network<00:30:08.519> connectivity<00:30:09.480> and<00:30:10.399> if 00:30:10.470 --> 00:30:10.480 align:start position:0% getting high network connectivity and if 00:30:10.480 --> 00:30:12.950 align:start position:0% getting high network connectivity and if you<00:30:10.640> created<00:30:11.000> the<00:30:11.159> last<00:30:11.480> block<00:30:12.320> then<00:30:12.799> you 00:30:12.950 --> 00:30:12.960 align:start position:0% you created the last block then you 00:30:12.960 --> 00:30:14.710 align:start position:0% you created the last block then you don't<00:30:13.240> have<00:30:13.480> the<00:30:13.799> you<00:30:14.000> actually<00:30:14.279> don't<00:30:14.519> have 00:30:14.710 --> 00:30:14.720 align:start position:0% don't have the you actually don't have 00:30:14.720 --> 00:30:15.909 align:start position:0% don't have the you actually don't have this<00:30:14.960> risk<00:30:15.279> because<00:30:15.480> you<00:30:15.559> can<00:30:15.760> just 00:30:15.909 --> 00:30:15.919 align:start position:0% this risk because you can just 00:30:15.919 --> 00:30:18.269 align:start position:0% this risk because you can just immediately<00:30:16.360> start<00:30:16.600> making<00:30:16.840> the<00:30:16.960> next<00:30:17.240> block 00:30:18.269 --> 00:30:18.279 align:start position:0% immediately start making the next block 00:30:18.279 --> 00:30:20.830 align:start position:0% immediately start making the next block so<00:30:19.279> because<00:30:19.640> of<00:30:19.960> the<00:30:20.080> more<00:30:20.360> these<00:30:20.519> network 00:30:20.830 --> 00:30:20.840 align:start position:0% so because of the more these network 00:30:20.840 --> 00:30:22.950 align:start position:0% so because of the more these network connectivity<00:30:21.399> issues<00:30:21.679> become<00:30:22.080> important<00:30:22.799> the 00:30:22.950 --> 00:30:22.960 align:start position:0% connectivity issues become important the 00:30:22.960 --> 00:30:24.470 align:start position:0% connectivity issues become important the more<00:30:23.200> problematic<00:30:23.679> these<00:30:23.880> centralization 00:30:24.470 --> 00:30:24.480 align:start position:0% more problematic these centralization 00:30:24.480 --> 00:30:27.990 align:start position:0% more problematic these centralization issues<00:30:24.919> become<00:30:25.760> and<00:30:26.000> so<00:30:26.799> you<00:30:27.039> have<00:30:27.279> this 00:30:27.990 --> 00:30:28.000 align:start position:0% issues become and so you have this 00:30:28.000 --> 00:30:30.230 align:start position:0% issues become and so you have this effect<00:30:28.399> where<00:30:28.679> large<00:30:29.039> miners<00:30:29.600> end<00:30:29.760> up<00:30:29.960> being 00:30:30.230 --> 00:30:30.240 align:start position:0% effect where large miners end up being 00:30:30.240 --> 00:30:33.350 align:start position:0% effect where large miners end up being more<00:30:30.519> effective<00:30:30.840> than<00:30:31.000> smaller<00:30:31.519> miners<00:30:32.519> so 00:30:33.350 --> 00:30:33.360 align:start position:0% more effective than smaller miners so 00:30:33.360 --> 00:30:35.470 align:start position:0% more effective than smaller miners so our<00:30:33.600> solution<00:30:34.039> is<00:30:34.200> this<00:30:34.360> mechanism<00:30:34.840> of<00:30:34.960> uncles 00:30:35.470 --> 00:30:35.480 align:start position:0% our solution is this mechanism of uncles 00:30:35.480 --> 00:30:38.669 align:start position:0% our solution is this mechanism of uncles which<00:30:35.559> is<00:30:35.720> basically<00:30:36.360> that<00:30:36.960> if<00:30:37.159> this<00:30:37.399> happens 00:30:38.669 --> 00:30:38.679 align:start position:0% which is basically that if this happens 00:30:38.679 --> 00:30:41.070 align:start position:0% which is basically that if this happens then<00:30:39.679> sure<00:30:40.000> one<00:30:40.120> of<00:30:40.279> these<00:30:40.679> one<00:30:40.760> of<00:30:40.919> these 00:30:41.070 --> 00:30:41.080 align:start position:0% then sure one of these one of these 00:30:41.080 --> 00:30:43.830 align:start position:0% then sure one of these one of these blocks<00:30:41.399> is<00:30:41.519> going<00:30:41.640> to<00:30:41.840> win<00:30:42.720> But<00:30:43.279> whichever 00:30:43.830 --> 00:30:43.840 align:start position:0% blocks is going to win But whichever 00:30:43.840 --> 00:30:45.590 align:start position:0% blocks is going to win But whichever whichever<00:30:44.200> block<00:30:44.480> loses<00:30:44.880> it<00:30:45.000> can<00:30:45.120> kind<00:30:45.240> of<00:30:45.399> get 00:30:45.590 --> 00:30:45.600 align:start position:0% whichever block loses it can kind of get 00:30:45.600 --> 00:30:47.669 align:start position:0% whichever block loses it can kind of get reincluded<00:30:46.039> in<00:30:46.279> the<00:30:46.440> blockchain<00:30:47.360> and<00:30:47.480> it 00:30:47.669 --> 00:30:47.679 align:start position:0% reincluded in the blockchain and it 00:30:47.679 --> 00:30:50.830 align:start position:0% reincluded in the blockchain and it still<00:30:48.159> receives<00:30:48.480> most<00:30:48.679> of<00:30:48.799> the<00:30:49.200> reward<00:30:50.200> so<00:30:50.720> the 00:30:50.830 --> 00:30:50.840 align:start position:0% still receives most of the reward so the 00:30:50.840 --> 00:30:52.549 align:start position:0% still receives most of the reward so the point<00:30:51.039> of<00:30:51.240> this<00:30:51.399> is<00:30:51.480> it<00:30:51.640> basically<00:30:52.080> Cuts<00:30:52.360> these 00:30:52.549 --> 00:30:52.559 align:start position:0% point of this is it basically Cuts these 00:30:52.559 --> 00:30:54.990 align:start position:0% point of this is it basically Cuts these centralization<00:30:53.240> incentives<00:30:53.720> by<00:30:53.880> about<00:30:54.039> 85% 00:30:54.990 --> 00:30:55.000 align:start position:0% centralization incentives by about 85% 00:30:55.000 --> 00:30:56.909 align:start position:0% centralization incentives by about 85% and<00:30:55.080> it<00:30:55.240> kind<00:30:55.360> of<00:30:55.960> allows<00:30:56.360> the<00:30:56.480> ethereum 00:30:56.909 --> 00:30:56.919 align:start position:0% and it kind of allows the ethereum 00:30:56.919 --> 00:30:59.149 align:start position:0% and it kind of allows the ethereum blockchain<00:30:57.320> to<00:30:57.480> continue<00:30:58.039> to<00:30:58.240> be<00:30:58.799> to<00:30:58.960> be 00:30:59.149 --> 00:30:59.159 align:start position:0% blockchain to continue to be to be 00:30:59.159 --> 00:31:02.950 align:start position:0% blockchain to continue to be to be relatively<00:30:59.760> safe<00:31:00.200> under<00:31:01.120> somewhat<00:31:02.120> harsher 00:31:02.950 --> 00:31:02.960 align:start position:0% relatively safe under somewhat harsher 00:31:02.960 --> 00:31:05.190 align:start position:0% relatively safe under somewhat harsher circumstances<00:31:03.960> both<00:31:04.279> in<00:31:04.399> terms<00:31:04.679> of<00:31:04.919> fast 00:31:05.190 --> 00:31:05.200 align:start position:0% circumstances both in terms of fast 00:31:05.200 --> 00:31:06.710 align:start position:0% circumstances both in terms of fast block<00:31:05.559> time<00:31:05.840> and<00:31:06.039> in<00:31:06.120> terms<00:31:06.360> of<00:31:06.559> high 00:31:06.710 --> 00:31:06.720 align:start position:0% block time and in terms of high 00:31:06.720 --> 00:31:08.269 align:start position:0% block time and in terms of high transaction 00:31:08.269 --> 00:31:08.279 align:start position:0% transaction 00:31:08.279 --> 00:31:12.230 align:start position:0% transaction load<00:31:09.279> Merkel<00:31:10.000> trees<00:31:11.000> so<00:31:11.639> how<00:31:11.760> many<00:31:12.000> people 00:31:12.230 --> 00:31:12.240 align:start position:0% load Merkel trees so how many people 00:31:12.240 --> 00:31:14.750 align:start position:0% load Merkel trees so how many people have<00:31:12.360> seen<00:31:12.760> The<00:31:13.240> Economist<00:31:13.799> cover<00:31:14.279> from<00:31:14.440> life 00:31:14.750 --> 00:31:14.760 align:start position:0% have seen The Economist cover from life 00:31:14.760 --> 00:31:18.070 align:start position:0% have seen The Economist cover from life master<00:31:15.120> saying<00:31:15.440> it's<00:31:15.679> it's<00:31:15.799> all<00:31:16.000> about<00:31:16.159> the 00:31:18.070 --> 00:31:18.080 align:start position:0% master saying it's it's all about the 00:31:18.080 --> 00:31:21.230 align:start position:0% master saying it's it's all about the blockchain<00:31:19.360> well<00:31:20.360> my<00:31:20.519> opinion<00:31:20.840> is<00:31:20.960> it's<00:31:21.080> all 00:31:21.230 --> 00:31:21.240 align:start position:0% blockchain well my opinion is it's all 00:31:21.240 --> 00:31:24.310 align:start position:0% blockchain well my opinion is it's all about<00:31:21.360> the<00:31:21.480> marel<00:31:22.120> tree<00:31:23.120> so<00:31:23.559> and<00:31:23.799> particularly 00:31:24.310 --> 00:31:24.320 align:start position:0% about the marel tree so and particularly 00:31:24.320 --> 00:31:26.509 align:start position:0% about the marel tree so and particularly unlike<00:31:24.679> life<00:31:24.960> Master's<00:31:25.399> dogs<00:31:25.679> I<00:31:25.799> like<00:31:26.000> does 00:31:26.509 --> 00:31:26.519 align:start position:0% unlike life Master's dogs I like does 00:31:26.519 --> 00:31:30.669 align:start position:0% unlike life Master's dogs I like does more 00:31:30.669 --> 00:31:30.679 align:start position:0% 00:31:30.679 --> 00:31:33.230 align:start position:0% so<00:31:31.279> the<00:31:31.399> point<00:31:31.639> of<00:31:31.760> Merkel<00:31:32.200> trees<00:31:32.880> is<00:31:33.080> that 00:31:33.230 --> 00:31:33.240 align:start position:0% so the point of Merkel trees is that 00:31:33.240 --> 00:31:37.310 align:start position:0% so the point of Merkel trees is that there<00:31:33.519> this<00:31:33.960> construction<00:31:34.840> that<00:31:35.600> allows<00:31:36.320> for 00:31:37.310 --> 00:31:37.320 align:start position:0% there this construction that allows for 00:31:37.320 --> 00:31:40.110 align:start position:0% there this construction that allows for compact<00:31:38.120> efficiently<00:31:38.639> verifiable<00:31:39.360> proofs 00:31:40.110 --> 00:31:40.120 align:start position:0% compact efficiently verifiable proofs 00:31:40.120 --> 00:31:41.669 align:start position:0% compact efficiently verifiable proofs that<00:31:40.279> a<00:31:40.440> particular<00:31:40.880> transaction<00:31:41.480> was 00:31:41.669 --> 00:31:41.679 align:start position:0% that a particular transaction was 00:31:41.679 --> 00:31:44.750 align:start position:0% that a particular transaction was included<00:31:42.159> in<00:31:42.320> a<00:31:42.480> particular<00:31:43.120> block 00:31:44.750 --> 00:31:44.760 align:start position:0% included in a particular block 00:31:44.760 --> 00:31:48.190 align:start position:0% included in a particular block so<00:31:45.760> the<00:31:46.240> the<00:31:46.360> general<00:31:46.760> principle<00:31:47.320> is<00:31:47.720> that<00:31:48.080> you 00:31:48.190 --> 00:31:48.200 align:start position:0% so the the general principle is that you 00:31:48.200 --> 00:31:50.110 align:start position:0% so the the general principle is that you know<00:31:48.440> in<00:31:49.000> this<00:31:49.120> is<00:31:49.360> actually<00:31:49.600> exist<00:31:49.919> in 00:31:50.110 --> 00:31:50.120 align:start position:0% know in this is actually exist in 00:31:50.120 --> 00:31:52.230 align:start position:0% know in this is actually exist in Bitcoin<00:31:50.919> if<00:31:51.080> let's<00:31:51.279> say<00:31:51.440> every<00:31:51.679> Blog<00:31:52.039> has<00:31:52.159> a 00:31:52.230 --> 00:31:52.240 align:start position:0% Bitcoin if let's say every Blog has a 00:31:52.240 --> 00:31:54.629 align:start position:0% Bitcoin if let's say every Blog has a few<00:31:52.440> hundred<00:31:53.039> transactions<00:31:54.039> then<00:31:54.360> if<00:31:54.480> he 00:31:54.629 --> 00:31:54.639 align:start position:0% few hundred transactions then if he 00:31:54.639 --> 00:31:56.590 align:start position:0% few hundred transactions then if he wants<00:31:54.880> to<00:31:55.120> verify<00:31:55.639> that<00:31:55.840> one<00:31:56.120> particular 00:31:56.590 --> 00:31:56.600 align:start position:0% wants to verify that one particular 00:31:56.600 --> 00:31:59.509 align:start position:0% wants to verify that one particular transaction<00:31:57.519> wasn't<00:31:57.919> included<00:31:58.399> in<00:31:58.519> a<00:31:58.720> block 00:31:59.509 --> 00:31:59.519 align:start position:0% transaction wasn't included in a block 00:31:59.519 --> 00:32:00.909 align:start position:0% transaction wasn't included in a block then<00:31:59.679> you<00:31:59.799> don't<00:32:00.080> have<00:32:00.200> to<00:32:00.360> download<00:32:00.799> the 00:32:00.909 --> 00:32:00.919 align:start position:0% then you don't have to download the 00:32:00.919 --> 00:32:03.269 align:start position:0% then you don't have to download the entire<00:32:01.240> block<00:32:02.240> you<00:32:02.519> all<00:32:02.639> you<00:32:02.760> need<00:32:02.880> to<00:32:03.039> do 00:32:03.269 --> 00:32:03.279 align:start position:0% entire block you all you need to do 00:32:03.279 --> 00:32:05.070 align:start position:0% entire block you all you need to do instead<00:32:03.679> is<00:32:03.799> you<00:32:03.919> can<00:32:04.120> kind<00:32:04.240> of<00:32:04.399> download<00:32:04.880> just 00:32:05.070 --> 00:32:05.080 align:start position:0% instead is you can kind of download just 00:32:05.080 --> 00:32:07.430 align:start position:0% instead is you can kind of download just one<00:32:05.240> sort<00:32:05.399> of<00:32:05.600> branch<00:32:05.960> of<00:32:06.120> this<00:32:06.320> tree<00:32:07.240> and<00:32:07.360> the 00:32:07.430 --> 00:32:07.440 align:start position:0% one sort of branch of this tree and the 00:32:07.440 --> 00:32:08.990 align:start position:0% one sort of branch of this tree and the tree<00:32:07.679> is<00:32:07.799> this<00:32:07.960> kind<00:32:08.080> of<00:32:08.240> hash<00:32:08.519> tree<00:32:08.799> where 00:32:08.990 --> 00:32:09.000 align:start position:0% tree is this kind of hash tree where 00:32:09.000 --> 00:32:10.789 align:start position:0% tree is this kind of hash tree where every<00:32:09.240> single<00:32:09.559> sort<00:32:09.720> of<00:32:09.880> node<00:32:10.120> in<00:32:10.240> the<00:32:10.360> tree<00:32:10.600> is 00:32:10.789 --> 00:32:10.799 align:start position:0% every single sort of node in the tree is 00:32:10.799 --> 00:32:12.430 align:start position:0% every single sort of node in the tree is actually<00:32:11.039> the<00:32:11.200> hash<00:32:11.440> of<00:32:11.559> the<00:32:11.639> two<00:32:11.799> nodes<00:32:12.159> below 00:32:12.430 --> 00:32:12.440 align:start position:0% actually the hash of the two nodes below 00:32:12.440 --> 00:32:15.590 align:start position:0% actually the hash of the two nodes below it<00:32:13.159> and<00:32:13.840> so<00:32:14.840> all<00:32:14.960> you<00:32:15.039> need<00:32:15.159> to<00:32:15.240> do<00:32:15.360> is<00:32:15.480> just 00:32:15.590 --> 00:32:15.600 align:start position:0% it and so all you need to do is just 00:32:15.600 --> 00:32:16.909 align:start position:0% it and so all you need to do is just download<00:32:16.039> this<00:32:16.159> kind<00:32:16.279> of<00:32:16.440> Branch<00:32:16.760> just 00:32:16.909 --> 00:32:16.919 align:start position:0% download this kind of Branch just 00:32:16.919 --> 00:32:18.629 align:start position:0% download this kind of Branch just download<00:32:17.320> the<00:32:17.519> specific<00:32:17.919> part<00:32:18.080> of<00:32:18.200> the<00:32:18.320> tree 00:32:18.629 --> 00:32:18.639 align:start position:0% download the specific part of the tree 00:32:18.639 --> 00:32:20.310 align:start position:0% download the specific part of the tree that's<00:32:18.799> going<00:32:19.080> down<00:32:19.240> to<00:32:19.440> your<00:32:19.679> particular 00:32:20.310 --> 00:32:20.320 align:start position:0% that's going down to your particular 00:32:20.320 --> 00:32:22.590 align:start position:0% that's going down to your particular transaction<00:32:21.320> and<00:32:21.440> you<00:32:21.600> check<00:32:22.000> the<00:32:22.159> hashes 00:32:22.590 --> 00:32:22.600 align:start position:0% transaction and you check the hashes 00:32:22.600 --> 00:32:24.990 align:start position:0% transaction and you check the hashes that<00:32:22.679> are<00:32:23.039> just<00:32:23.840> going<00:32:24.120> up<00:32:24.320> the<00:32:24.480> branch<00:32:24.880> you 00:32:24.990 --> 00:32:25.000 align:start position:0% that are just going up the branch you 00:32:25.000 --> 00:32:26.389 align:start position:0% that are just going up the branch you don't<00:32:25.200> check<00:32:25.360> all<00:32:25.519> the<00:32:25.679> hashes<00:32:26.120> just<00:32:26.240> the 00:32:26.389 --> 00:32:26.399 align:start position:0% don't check all the hashes just the 00:32:26.399 --> 00:32:27.950 align:start position:0% don't check all the hashes just the hashes<00:32:26.679> that<00:32:26.760> are<00:32:27.159> relevant<00:32:27.480> to<00:32:27.559> your 00:32:27.950 --> 00:32:27.960 align:start position:0% hashes that are relevant to your 00:32:27.960 --> 00:32:30.909 align:start position:0% hashes that are relevant to your particular<00:32:28.399> branch<00:32:29.399> and<00:32:30.159> if<00:32:30.360> all<00:32:30.519> of<00:32:30.679> those 00:32:30.909 --> 00:32:30.919 align:start position:0% particular branch and if all of those 00:32:30.919 --> 00:32:33.230 align:start position:0% particular branch and if all of those hashes<00:32:31.320> check<00:32:31.519> out<00:32:31.840> fine<00:32:32.600> then<00:32:32.760> you<00:32:32.919> know<00:32:33.120> that 00:32:33.230 --> 00:32:33.240 align:start position:0% hashes check out fine then you know that 00:32:33.240 --> 00:32:34.950 align:start position:0% hashes check out fine then you know that your<00:32:33.440> transaction<00:32:34.399> that<00:32:34.559> particular 00:32:34.950 --> 00:32:34.960 align:start position:0% your transaction that particular 00:32:34.960 --> 00:32:36.549 align:start position:0% your transaction that particular transaction<00:32:35.519> actually<00:32:35.960> is<00:32:36.200> in<00:32:36.360> that 00:32:36.549 --> 00:32:36.559 align:start position:0% transaction actually is in that 00:32:36.559 --> 00:32:38.549 align:start position:0% transaction actually is in that particular<00:32:37.000> tree<00:32:37.600> and<00:32:37.720> still<00:32:38.039> actually<00:32:38.279> is<00:32:38.399> in 00:32:38.549 --> 00:32:38.559 align:start position:0% particular tree and still actually is in 00:32:38.559 --> 00:32:40.950 align:start position:0% particular tree and still actually is in that<00:32:38.720> particular<00:32:39.159> block<00:32:40.159> so<00:32:40.320> the<00:32:40.440> reason<00:32:40.760> why 00:32:40.950 --> 00:32:40.960 align:start position:0% that particular block so the reason why 00:32:40.960 --> 00:32:42.870 align:start position:0% that particular block so the reason why this<00:32:41.080> mechanism<00:32:41.639> exists<00:32:42.000> is<00:32:42.200> basically<00:32:42.519> for 00:32:42.870 --> 00:32:42.880 align:start position:0% this mechanism exists is basically for 00:32:42.880 --> 00:32:44.669 align:start position:0% this mechanism exists is basically for white<00:32:43.159> clients<00:32:43.600> so<00:32:43.720> what<00:32:43.880> a<00:32:44.000> light<00:32:44.279> client 00:32:44.669 --> 00:32:44.679 align:start position:0% white clients so what a light client 00:32:44.679 --> 00:32:47.909 align:start position:0% white clients so what a light client basically<00:32:45.159> is<00:32:45.480> is<00:32:46.279> a<00:32:46.519> client<00:32:47.039> that<00:32:47.320> accesses<00:32:47.760> a 00:32:47.909 --> 00:32:47.919 align:start position:0% basically is is a client that accesses a 00:32:47.919 --> 00:32:49.710 align:start position:0% basically is is a client that accesses a blockchain<00:32:48.600> without<00:32:49.039> processing<00:32:49.559> every 00:32:49.710 --> 00:32:49.720 align:start position:0% blockchain without processing every 00:32:49.720 --> 00:32:51.310 align:start position:0% blockchain without processing every single<00:32:50.000> block<00:32:50.360> without<00:32:50.600> downloading<00:32:51.159> every 00:32:51.310 --> 00:32:51.320 align:start position:0% single block without downloading every 00:32:51.320 --> 00:32:53.750 align:start position:0% single block without downloading every single<00:32:51.960> transaction<00:32:52.960> why<00:32:53.080> do<00:32:53.200> you<00:32:53.320> want<00:32:53.559> this 00:32:53.750 --> 00:32:53.760 align:start position:0% single transaction why do you want this 00:32:53.760 --> 00:32:55.909 align:start position:0% single transaction why do you want this well<00:32:53.880> it's<00:32:54.039> pretty<00:32:54.320> obvious<00:32:55.279> you<00:32:55.399> know<00:32:55.600> the 00:32:55.909 --> 00:32:55.919 align:start position:0% well it's pretty obvious you know the 00:32:55.919 --> 00:32:57.509 align:start position:0% well it's pretty obvious you know the the<00:32:56.039> Bitcoin<00:32:56.399> blockchain<00:32:56.880> right<00:32:57.000> now<00:32:57.120> is<00:32:57.279> 30 00:32:57.509 --> 00:32:57.519 align:start position:0% the Bitcoin blockchain right now is 30 00:32:57.519 --> 00:33:00.830 align:start position:0% the Bitcoin blockchain right now is 30 GB<00:32:58.039> is<00:32:58.159> 30<00:32:58.679> GB<00:32:59.679> and<00:33:00.200> you<00:33:00.320> know<00:33:00.519> about<00:33:00.679> a 00:33:00.830 --> 00:33:00.840 align:start position:0% GB is 30 GB and you know about a 00:33:00.840 --> 00:33:02.310 align:start position:0% GB is 30 GB and you know about a megabyte<00:33:01.279> gets<00:33:01.440> downloaded<00:33:01.919> every<00:33:02.080> 10 00:33:02.310 --> 00:33:02.320 align:start position:0% megabyte gets downloaded every 10 00:33:02.320 --> 00:33:04.070 align:start position:0% megabyte gets downloaded every 10 minutes<00:33:03.039> it<00:33:03.159> might<00:33:03.360> be<00:33:03.480> good<00:33:03.639> enough<00:33:03.840> for<00:33:03.960> a 00:33:04.070 --> 00:33:04.080 align:start position:0% minutes it might be good enough for a 00:33:04.080 --> 00:33:06.310 align:start position:0% minutes it might be good enough for a high<00:33:04.320> powerered<00:33:04.480> laptop<00:33:05.440> it's<00:33:05.799> probably<00:33:06.159> not 00:33:06.310 --> 00:33:06.320 align:start position:0% high powerered laptop it's probably not 00:33:06.320 --> 00:33:08.669 align:start position:0% high powerered laptop it's probably not good<00:33:06.519> enough<00:33:06.720> for<00:33:06.960> this<00:33:07.639> and<00:33:07.799> it's<00:33:08.120> probably 00:33:08.669 --> 00:33:08.679 align:start position:0% good enough for this and it's probably 00:33:08.679 --> 00:33:11.269 align:start position:0% good enough for this and it's probably you<00:33:08.840> know<00:33:09.240> and<00:33:09.399> 30<00:33:09.760> gabes<00:33:10.240> is<00:33:10.559> probably<00:33:11.039> too 00:33:11.269 --> 00:33:11.279 align:start position:0% you know and 30 gabes is probably too 00:33:11.279 --> 00:33:13.470 align:start position:0% you know and 30 gabes is probably too much<00:33:11.559> for<00:33:11.799> the<00:33:11.960> devices<00:33:12.440> that<00:33:12.559> slock.it<00:33:13.120> is 00:33:13.470 --> 00:33:13.480 align:start position:0% much for the devices that slock.it is 00:33:13.480 --> 00:33:16.110 align:start position:0% much for the devices that slock.it is going<00:33:13.559> to<00:33:13.639> be<00:33:13.919> creating<00:33:14.919> so<00:33:15.159> instead<00:33:15.720> you<00:33:15.880> use 00:33:16.110 --> 00:33:16.120 align:start position:0% going to be creating so instead you use 00:33:16.120 --> 00:33:17.629 align:start position:0% going to be creating so instead you use these<00:33:16.279> clever<00:33:16.679> like<00:33:16.919> you<00:33:17.080> use<00:33:17.240> these<00:33:17.399> sort<00:33:17.519> of 00:33:17.629 --> 00:33:17.639 align:start position:0% these clever like you use these sort of 00:33:17.639 --> 00:33:20.149 align:start position:0% these clever like you use these sort of clover<00:33:18.000> tree<00:33:18.399> protocols<00:33:19.360> in<00:33:19.480> order<00:33:19.679> to<00:33:19.880> allow 00:33:20.149 --> 00:33:20.159 align:start position:0% clover tree protocols in order to allow 00:33:20.159 --> 00:33:22.110 align:start position:0% clover tree protocols in order to allow these<00:33:20.399> devices<00:33:20.840> to<00:33:21.039> only<00:33:21.360> verify<00:33:21.919> the 00:33:22.110 --> 00:33:22.120 align:start position:0% these devices to only verify the 00:33:22.120 --> 00:33:23.830 align:start position:0% these devices to only verify the absolute<00:33:22.639> minimum<00:33:23.039> of<00:33:23.240> information<00:33:23.720> that 00:33:23.830 --> 00:33:23.840 align:start position:0% absolute minimum of information that 00:33:23.840 --> 00:33:25.950 align:start position:0% absolute minimum of information that they<00:33:24.039> have<00:33:24.159> to<00:33:24.720> that's<00:33:24.960> relevance<00:33:25.440> to<00:33:25.679> their 00:33:25.950 --> 00:33:25.960 align:start position:0% they have to that's relevance to their 00:33:25.960 --> 00:33:28.549 align:start position:0% they have to that's relevance to their particular<00:33:26.440> transactions 00:33:28.549 --> 00:33:28.559 align:start position:0% particular transactions 00:33:28.559 --> 00:33:32.149 align:start position:0% particular transactions so<00:33:29.559> in<00:33:29.799> ethereum<00:33:30.799> the<00:33:31.000> Merkel<00:33:31.399> tree<00:33:31.639> mechanism 00:33:32.149 --> 00:33:32.159 align:start position:0% so in ethereum the Merkel tree mechanism 00:33:32.159 --> 00:33:34.070 align:start position:0% so in ethereum the Merkel tree mechanism is<00:33:32.360> actually<00:33:32.679> some<00:33:33.279> quite<00:33:33.440> a<00:33:33.600> lot<00:33:33.799> more 00:33:34.070 --> 00:33:34.080 align:start position:0% is actually some quite a lot more 00:33:34.080 --> 00:33:37.310 align:start position:0% is actually some quite a lot more intricate<00:33:34.519> than<00:33:34.639> it<00:33:34.760> is<00:33:34.880> in<00:33:35.080> Bitcoin<00:33:36.080> so<00:33:37.039> the 00:33:37.310 --> 00:33:37.320 align:start position:0% intricate than it is in Bitcoin so the 00:33:37.320 --> 00:33:40.269 align:start position:0% intricate than it is in Bitcoin so the idea<00:33:38.120> with<00:33:38.679> ethereum<00:33:39.320> is<00:33:39.480> that<00:33:39.600> it's<00:33:39.799> not<00:33:40.039> just 00:33:40.269 --> 00:33:40.279 align:start position:0% idea with ethereum is that it's not just 00:33:40.279 --> 00:33:42.029 align:start position:0% idea with ethereum is that it's not just transactions<00:33:40.960> that<00:33:41.120> get<00:33:41.240> stuck<00:33:41.480> into<00:33:41.679> Merle 00:33:42.029 --> 00:33:42.039 align:start position:0% transactions that get stuck into Merle 00:33:42.039 --> 00:33:44.470 align:start position:0% transactions that get stuck into Merle trees<00:33:42.360> it's<00:33:42.559> also<00:33:42.799> the<00:33:42.960> state<00:33:43.840> so<00:33:43.960> if<00:33:44.039> you<00:33:44.200> hear 00:33:44.470 --> 00:33:44.480 align:start position:0% trees it's also the state so if you hear 00:33:44.480 --> 00:33:46.509 align:start position:0% trees it's also the state so if you hear about<00:33:44.760> this<00:33:44.960> concept<00:33:45.240> of<00:33:45.360> a<00:33:45.519> state<00:33:45.760> root<00:33:46.399> what 00:33:46.509 --> 00:33:46.519 align:start position:0% about this concept of a state root what 00:33:46.519 --> 00:33:48.029 align:start position:0% about this concept of a state root what that<00:33:46.720> basically<00:33:47.159> is<00:33:47.360> is<00:33:47.480> this<00:33:47.600> sort<00:33:47.760> of<00:33:47.919> is 00:33:48.029 --> 00:33:48.039 align:start position:0% that basically is is this sort of is 00:33:48.039 --> 00:33:50.430 align:start position:0% that basically is is this sort of is This<00:33:48.240> root<00:33:48.600> hash<00:33:49.399> and<00:33:49.600> from<00:33:49.799> this<00:33:49.919> root<00:33:50.200> hash 00:33:50.430 --> 00:33:50.440 align:start position:0% This root hash and from this root hash 00:33:50.440 --> 00:33:52.830 align:start position:0% This root hash and from this root hash you<00:33:50.559> have<00:33:50.760> another<00:33:51.080> tree<00:33:51.880> and<00:33:52.039> the<00:33:52.159> tree<00:33:52.519> goes 00:33:52.830 --> 00:33:52.840 align:start position:0% you have another tree and the tree goes 00:33:52.840 --> 00:33:54.870 align:start position:0% you have another tree and the tree goes and<00:33:52.960> the<00:33:53.080> tree<00:33:53.360> goes<00:33:53.639> down<00:33:54.120> contains<00:33:54.559> hashes 00:33:54.870 --> 00:33:54.880 align:start position:0% and the tree goes down contains hashes 00:33:54.880 --> 00:33:58.269 align:start position:0% and the tree goes down contains hashes of<00:33:55.039> hashes<00:33:55.279> of<00:33:55.440> hashes<00:33:55.679> of<00:33:55.919> hashes<00:33:56.919> of<00:33:57.320> data 00:33:58.269 --> 00:33:58.279 align:start position:0% of hashes of hashes of hashes of data 00:33:58.279 --> 00:34:00.509 align:start position:0% of hashes of hashes of hashes of data representing<00:33:58.919> the<00:33:59.080> state<00:33:59.440> of<00:33:59.720> of<00:34:00.000> basically 00:34:00.509 --> 00:34:00.519 align:start position:0% representing the state of of basically 00:34:00.519 --> 00:34:03.190 align:start position:0% representing the state of of basically every<00:34:00.760> single<00:34:01.120> account<00:34:01.399> in<00:34:01.559> ethereum<00:34:02.519> so<00:34:03.039> you 00:34:03.190 --> 00:34:03.200 align:start position:0% every single account in ethereum so you 00:34:03.200 --> 00:34:05.389 align:start position:0% every single account in ethereum so you have<00:34:03.399> these<00:34:03.600> account<00:34:04.039> objects<00:34:04.919> at<00:34:05.080> somewhere 00:34:05.389 --> 00:34:05.399 align:start position:0% have these account objects at somewhere 00:34:05.399 --> 00:34:07.230 align:start position:0% have these account objects at somewhere at<00:34:05.480> the<00:34:05.559> bottom<00:34:05.880> of<00:34:06.000> the<00:34:06.120> tree<00:34:06.799> you<00:34:06.919> know<00:34:07.080> you 00:34:07.230 --> 00:34:07.240 align:start position:0% at the bottom of the tree you know you 00:34:07.240 --> 00:34:09.470 align:start position:0% at the bottom of the tree you know you have<00:34:07.399> nons<00:34:07.960> balance<00:34:08.440> code<00:34:08.720> hash<00:34:08.919> and<00:34:09.079> storage 00:34:09.470 --> 00:34:09.480 align:start position:0% have nons balance code hash and storage 00:34:09.480 --> 00:34:12.750 align:start position:0% have nons balance code hash and storage and<00:34:09.599> storage<00:34:09.919> is<00:34:10.079> yet<00:34:10.280> another<00:34:10.599> tree<00:34:11.599> so<00:34:12.599> the 00:34:12.750 --> 00:34:12.760 align:start position:0% and storage is yet another tree so the 00:34:12.760 --> 00:34:16.389 align:start position:0% and storage is yet another tree so the point<00:34:13.159> here<00:34:13.599> is<00:34:14.599> that<00:34:15.079> you<00:34:15.240> know<00:34:15.560> if<00:34:16.119> one<00:34:16.280> of 00:34:16.389 --> 00:34:16.399 align:start position:0% point here is that you know if one of 00:34:16.399 --> 00:34:18.030 align:start position:0% point here is that you know if one of these<00:34:16.839> one<00:34:16.960> of<00:34:17.079> these<00:34:17.240> white<00:34:17.480> clients<00:34:17.879> whether 00:34:18.030 --> 00:34:18.040 align:start position:0% these one of these white clients whether 00:34:18.040 --> 00:34:20.109 align:start position:0% these one of these white clients whether it's<00:34:18.200> my<00:34:18.359> phone<00:34:18.599> or<00:34:18.720> a<00:34:18.839> SW<00:34:19.040> walk.it<00:34:19.679> device<00:34:19.960> or 00:34:20.109 --> 00:34:20.119 align:start position:0% it's my phone or a SW walk.it device or 00:34:20.119 --> 00:34:22.990 align:start position:0% it's my phone or a SW walk.it device or whatever<00:34:20.440> else<00:34:21.200> wants<00:34:21.480> to<00:34:21.879> know<00:34:22.639> what<00:34:22.800> the 00:34:22.990 --> 00:34:23.000 align:start position:0% whatever else wants to know what the 00:34:23.000 --> 00:34:25.510 align:start position:0% whatever else wants to know what the status<00:34:23.359> of<00:34:23.560> one<00:34:23.760> particular<00:34:24.280> contract<00:34:24.839> is<00:34:25.399> it 00:34:25.510 --> 00:34:25.520 align:start position:0% status of one particular contract is it 00:34:25.520 --> 00:34:26.750 align:start position:0% status of one particular contract is it doesn't<00:34:25.800> have<00:34:25.879> to<00:34:26.079> process<00:34:26.359> the<00:34:26.480> entire 00:34:26.750 --> 00:34:26.760 align:start position:0% doesn't have to process the entire 00:34:26.760 --> 00:34:28.270 align:start position:0% doesn't have to process the entire blockchain<00:34:27.200> it<00:34:27.280> doesn't<00:34:27.520> have<00:34:27.839> to<00:34:27.960> trust 00:34:28.270 --> 00:34:28.280 align:start position:0% blockchain it doesn't have to trust 00:34:28.280 --> 00:34:30.869 align:start position:0% blockchain it doesn't have to trust anyone<00:34:29.079> all<00:34:29.240> that<00:34:29.359> it<00:34:29.480> needs<00:34:29.720> to<00:34:29.919> do<00:34:30.399> is<00:34:30.599> just 00:34:30.869 --> 00:34:30.879 align:start position:0% anyone all that it needs to do is just 00:34:30.879 --> 00:34:32.950 align:start position:0% anyone all that it needs to do is just ask<00:34:31.119> for<00:34:31.359> a<00:34:31.480> mirle<00:34:31.879> proof<00:34:32.240> ask<00:34:32.480> for<00:34:32.679> this<00:34:32.800> sort 00:34:32.950 --> 00:34:32.960 align:start position:0% ask for a mirle proof ask for this sort 00:34:32.960 --> 00:34:36.030 align:start position:0% ask for a mirle proof ask for this sort of<00:34:33.119> branch<00:34:33.440> of<00:34:33.560> the<00:34:33.960> tree<00:34:34.960> and<00:34:35.240> verify<00:34:35.800> just 00:34:36.030 --> 00:34:36.040 align:start position:0% of branch of the tree and verify just 00:34:36.040 --> 00:34:39.230 align:start position:0% of branch of the tree and verify just that<00:34:36.159> one<00:34:36.399> particular<00:34:37.119> Branch<00:34:38.119> so<00:34:38.480> this<00:34:38.639> is 00:34:39.230 --> 00:34:39.240 align:start position:0% that one particular Branch so this is 00:34:39.240 --> 00:34:40.550 align:start position:0% that one particular Branch so this is basically<00:34:39.679> the<00:34:39.800> sort<00:34:39.919> of<00:34:40.079> concept<00:34:40.359> of<00:34:40.440> the 00:34:40.550 --> 00:34:40.560 align:start position:0% basically the sort of concept of the 00:34:40.560 --> 00:34:43.030 align:start position:0% basically the sort of concept of the ethereum<00:34:40.960> white<00:34:41.159> client<00:34:41.720> um<00:34:41.879> where<00:34:42.679> result 00:34:43.030 --> 00:34:43.040 align:start position:0% ethereum white client um where result 00:34:43.040 --> 00:34:44.750 align:start position:0% ethereum white client um where result for<00:34:43.359> foldy<00:34:43.960> is<00:34:44.119> actually<00:34:44.359> going<00:34:44.480> to<00:34:44.599> be 00:34:44.750 --> 00:34:44.760 align:start position:0% for foldy is actually going to be 00:34:44.760 --> 00:34:46.510 align:start position:0% for foldy is actually going to be presenting<00:34:45.240> quite<00:34:45.359> a<00:34:45.480> bit<00:34:45.639> more<00:34:45.839> about<00:34:46.159> this<00:34:46.399> I 00:34:46.510 --> 00:34:46.520 align:start position:0% presenting quite a bit more about this I 00:34:46.520 --> 00:34:48.069 align:start position:0% presenting quite a bit more about this I believe<00:34:46.919> after<00:34:47.200> lunch 00:34:48.069 --> 00:34:48.079 align:start position:0% believe after lunch 00:34:48.079 --> 00:34:51.430 align:start position:0% believe after lunch today<00:34:49.320> so<00:34:50.320> every<00:34:50.560> block<00:34:50.839> header<00:34:51.200> actually 00:34:51.430 --> 00:34:51.440 align:start position:0% today so every block header actually 00:34:51.440 --> 00:34:54.190 align:start position:0% today so every block header actually contains<00:34:51.960> three<00:34:52.200> trees<00:34:53.079> transaction<00:34:53.879> State 00:34:54.190 --> 00:34:54.200 align:start position:0% contains three trees transaction State 00:34:54.200 --> 00:34:56.430 align:start position:0% contains three trees transaction State and<00:34:54.399> receipts<00:34:55.320> so<00:34:55.560> transactions<00:34:56.200> are 00:34:56.430 --> 00:34:56.440 align:start position:0% and receipts so transactions are 00:34:56.440 --> 00:34:58.310 align:start position:0% and receipts so transactions are transactions<00:34:57.000> we<00:34:57.119> know<00:34:57.240> what<00:34:57.359> those<00:34:57.520> are<00:34:57.760> are 00:34:58.310 --> 00:34:58.320 align:start position:0% transactions we know what those are are 00:34:58.320 --> 00:35:00.710 align:start position:0% transactions we know what those are are the<00:34:58.480> state<00:34:58.880> is<00:34:59.520> every<00:34:59.800> you<00:34:59.880> know<00:35:00.280> the<00:35:00.440> entire 00:35:00.710 --> 00:35:00.720 align:start position:0% the state is every you know the entire 00:35:00.720 --> 00:35:03.349 align:start position:0% the state is every you know the entire state<00:35:01.000> of<00:35:01.160> every<00:35:01.440> account<00:35:01.880> balance<00:35:02.359> storage 00:35:03.349 --> 00:35:03.359 align:start position:0% state of every account balance storage 00:35:03.359 --> 00:35:05.270 align:start position:0% state of every account balance storage every<00:35:03.760> all<00:35:03.920> the<00:35:04.040> sort<00:35:04.200> of<00:35:04.359> static<00:35:04.760> information 00:35:05.270 --> 00:35:05.280 align:start position:0% every all the sort of static information 00:35:05.280 --> 00:35:07.670 align:start position:0% every all the sort of static information that<00:35:05.720> that<00:35:05.800> you<00:35:05.920> need<00:35:06.040> to<00:35:06.240> know<00:35:06.800> and<00:35:07.040> receipts 00:35:07.670 --> 00:35:07.680 align:start position:0% that that you need to know and receipts 00:35:07.680 --> 00:35:10.069 align:start position:0% that that you need to know and receipts are<00:35:08.640> they<00:35:08.800> consist<00:35:09.119> of<00:35:09.240> this<00:35:09.359> sort<00:35:09.520> of<00:35:09.680> extra 00:35:10.069 --> 00:35:10.079 align:start position:0% are they consist of this sort of extra 00:35:10.079 --> 00:35:11.829 align:start position:0% are they consist of this sort of extra auditing<00:35:10.560> information<00:35:11.160> and<00:35:11.359> they<00:35:11.480> have<00:35:11.640> all 00:35:11.829 --> 00:35:11.839 align:start position:0% auditing information and they have all 00:35:11.839 --> 00:35:14.710 align:start position:0% auditing information and they have all the<00:35:12.000> logs<00:35:12.920> so<00:35:13.520> if<00:35:13.720> your<00:35:13.880> light<00:35:14.160> client<00:35:14.480> wants 00:35:14.710 --> 00:35:14.720 align:start position:0% the logs so if your light client wants 00:35:14.720 --> 00:35:17.670 align:start position:0% the logs so if your light client wants to<00:35:15.079> know<00:35:16.079> what<00:35:16.599> wants<00:35:16.839> to<00:35:17.000> know<00:35:17.160> you<00:35:17.280> know<00:35:17.480> what 00:35:17.670 --> 00:35:17.680 align:start position:0% to know what wants to know you know what 00:35:17.680 --> 00:35:19.630 align:start position:0% to know what wants to know you know what particular<00:35:18.079> logs<00:35:18.440> are<00:35:18.680> let<00:35:18.960> say<00:35:19.160> associated 00:35:19.630 --> 00:35:19.640 align:start position:0% particular logs are let say associated 00:35:19.640 --> 00:35:21.829 align:start position:0% particular logs are let say associated with<00:35:19.760> a<00:35:19.920> particular<00:35:20.440> topic<00:35:21.320> then<00:35:21.440> the<00:35:21.599> light 00:35:21.829 --> 00:35:21.839 align:start position:0% with a particular topic then the light 00:35:21.839 --> 00:35:23.990 align:start position:0% with a particular topic then the light client<00:35:22.119> is<00:35:22.240> going<00:35:22.400> to<00:35:22.599> ask<00:35:22.839> for<00:35:23.280> meral<00:35:23.720> proofs 00:35:23.990 --> 00:35:24.000 align:start position:0% client is going to ask for meral proofs 00:35:24.000 --> 00:35:26.430 align:start position:0% client is going to ask for meral proofs of 00:35:26.430 --> 00:35:26.440 align:start position:0% 00:35:26.440 --> 00:35:28.710 align:start position:0% logs<00:35:27.440> so 00:35:28.710 --> 00:35:28.720 align:start position:0% logs so 00:35:28.720 --> 00:35:30.550 align:start position:0% logs so future<00:35:29.119> directions<00:35:29.680> we<00:35:29.839> talked<00:35:30.160> quite<00:35:30.320> a<00:35:30.400> bit 00:35:30.550 --> 00:35:30.560 align:start position:0% future directions we talked quite a bit 00:35:30.560 --> 00:35:33.270 align:start position:0% future directions we talked quite a bit about<00:35:30.800> this<00:35:30.920> on<00:35:31.079> Monday<00:35:31.720> but<00:35:32.200> the<00:35:32.359> general 00:35:33.270 --> 00:35:33.280 align:start position:0% about this on Monday but the general 00:35:33.280 --> 00:35:35.950 align:start position:0% about this on Monday but the general principles<00:35:34.280> the<00:35:34.400> general<00:35:34.800> categories<00:35:35.320> are 00:35:35.950 --> 00:35:35.960 align:start position:0% principles the general categories are 00:35:35.960 --> 00:35:38.109 align:start position:0% principles the general categories are number<00:35:36.240> one<00:35:36.520> proof<00:35:36.720> of<00:35:36.920> stake<00:35:37.520> so<00:35:37.720> where<00:35:37.920> proof 00:35:38.109 --> 00:35:38.119 align:start position:0% number one proof of stake so where proof 00:35:38.119 --> 00:35:40.470 align:start position:0% number one proof of stake so where proof of<00:35:38.240> stake<00:35:38.440> is<00:35:38.560> going<00:35:38.640> to<00:35:38.800> fit<00:35:39.000> in<00:35:39.240> is<00:35:39.480> basically 00:35:40.470 --> 00:35:40.480 align:start position:0% of stake is going to fit in is basically 00:35:40.480 --> 00:35:42.510 align:start position:0% of stake is going to fit in is basically just<00:35:40.640> at<00:35:40.800> the<00:35:40.960> top<00:35:41.200> so<00:35:41.359> it's<00:35:41.599> just<00:35:41.800> a<00:35:41.960> change<00:35:42.280> to 00:35:42.510 --> 00:35:42.520 align:start position:0% just at the top so it's just a change to 00:35:42.520 --> 00:35:45.390 align:start position:0% just at the top so it's just a change to the<00:35:42.640> consensus<00:35:43.160> algorithm<00:35:43.839> so<00:35:44.760> instead<00:35:45.119> of 00:35:45.390 --> 00:35:45.400 align:start position:0% the consensus algorithm so instead of 00:35:45.400 --> 00:35:48.069 align:start position:0% the consensus algorithm so instead of blog<00:35:45.960> instead<00:35:46.240> of<00:35:46.440> users<00:35:46.920> having<00:35:47.119> to<00:35:47.440> verif 00:35:48.069 --> 00:35:48.079 align:start position:0% blog instead of users having to verif 00:35:48.079 --> 00:35:49.950 align:start position:0% blog instead of users having to verif having<00:35:48.280> to<00:35:48.480> verify<00:35:48.880> proof<00:35:49.119> of<00:35:49.280> work<00:35:49.760> they're 00:35:49.950 --> 00:35:49.960 align:start position:0% having to verify proof of work they're 00:35:49.960 --> 00:35:51.950 align:start position:0% having to verify proof of work they're going<00:35:50.119> to<00:35:50.280> verify<00:35:50.800> validator<00:35:51.319> signatures 00:35:51.950 --> 00:35:51.960 align:start position:0% going to verify validator signatures 00:35:51.960 --> 00:35:54.430 align:start position:0% going to verify validator signatures instead<00:35:52.960> and<00:35:53.599> the<00:35:53.720> way<00:35:53.880> that<00:35:53.960> you<00:35:54.040> would<00:35:54.240> join 00:35:54.430 --> 00:35:54.440 align:start position:0% instead and the way that you would join 00:35:54.440 --> 00:35:56.430 align:start position:0% instead and the way that you would join the<00:35:54.599> valid<00:35:55.079> validator<00:35:55.599> set<00:35:55.920> is<00:35:56.000> you<00:35:56.119> know<00:35:56.280> as 00:35:56.430 --> 00:35:56.440 align:start position:0% the valid validator set is you know as 00:35:56.440 --> 00:35:58.550 align:start position:0% the valid validator set is you know as what<00:35:56.760> described<00:35:57.200> by<00:35:57.319> submit<00:35:57.880> a<00:35:57.960> secur 00:35:58.550 --> 00:35:58.560 align:start position:0% what described by submit a secur 00:35:58.560 --> 00:36:01.710 align:start position:0% what described by submit a secur submitting<00:35:58.960> a<00:35:59.079> security<00:35:59.520> Bond<00:36:00.520> so<00:36:01.520> that 00:36:01.710 --> 00:36:01.720 align:start position:0% submitting a security Bond so that 00:36:01.720 --> 00:36:04.270 align:start position:0% submitting a security Bond so that entire<00:36:02.079> mechanism<00:36:02.800> is<00:36:03.040> going<00:36:03.240> to<00:36:03.839> either<00:36:04.119> be 00:36:04.270 --> 00:36:04.280 align:start position:0% entire mechanism is going to either be 00:36:04.280 --> 00:36:05.870 align:start position:0% entire mechanism is going to either be part<00:36:04.440> of<00:36:04.520> a<00:36:04.720> protocol<00:36:05.200> or<00:36:05.319> it's<00:36:05.480> going<00:36:05.680> to<00:36:05.760> be 00:36:05.870 --> 00:36:05.880 align:start position:0% part of a protocol or it's going to be 00:36:05.880 --> 00:36:07.710 align:start position:0% part of a protocol or it's going to be sort<00:36:06.040> of<00:36:06.400> specified<00:36:06.839> in<00:36:07.000> one<00:36:07.200> particular 00:36:07.710 --> 00:36:07.720 align:start position:0% sort of specified in one particular 00:36:07.720 --> 00:36:11.069 align:start position:0% sort of specified in one particular contract<00:36:08.240> not<00:36:08.400> fully<00:36:08.720> decided<00:36:09.160> yet<00:36:10.119> and<00:36:10.920> from 00:36:11.069 --> 00:36:11.079 align:start position:0% contract not fully decided yet and from 00:36:11.079 --> 00:36:12.790 align:start position:0% contract not fully decided yet and from a<00:36:11.280> user<00:36:11.720> perspective<00:36:12.200> all<00:36:12.359> that's<00:36:12.520> going<00:36:12.640> to 00:36:12.790 --> 00:36:12.800 align:start position:0% a user perspective all that's going to 00:36:12.800 --> 00:36:14.270 align:start position:0% a user perspective all that's going to change<00:36:13.079> is<00:36:13.240> that<00:36:13.359> instead<00:36:13.640> of<00:36:13.800> validating<00:36:14.160> a 00:36:14.270 --> 00:36:14.280 align:start position:0% change is that instead of validating a 00:36:14.280 --> 00:36:15.589 align:start position:0% change is that instead of validating a proof<00:36:14.480> of<00:36:14.560> work<00:36:14.720> NS<00:36:15.040> you're<00:36:15.160> going<00:36:15.280> to<00:36:15.400> have<00:36:15.480> a 00:36:15.589 --> 00:36:15.599 align:start position:0% proof of work NS you're going to have a 00:36:15.599 --> 00:36:17.790 align:start position:0% proof of work NS you're going to have a list<00:36:15.760> of<00:36:15.880> signatures<00:36:16.359> that<00:36:16.440> you<00:36:16.599> validate 00:36:17.790 --> 00:36:17.800 align:start position:0% list of signatures that you validate 00:36:17.800 --> 00:36:20.990 align:start position:0% list of signatures that you validate instead<00:36:18.800> scale<00:36:19.599> blockchain<00:36:20.160> rent<00:36:20.640> so<00:36:20.839> the 00:36:20.990 --> 00:36:21.000 align:start position:0% instead scale blockchain rent so the 00:36:21.000 --> 00:36:22.910 align:start position:0% instead scale blockchain rent so the idea<00:36:21.240> with<00:36:21.359> blockchain<00:36:21.880> rent<00:36:22.240> is<00:36:22.440> basically 00:36:22.910 --> 00:36:22.920 align:start position:0% idea with blockchain rent is basically 00:36:22.920 --> 00:36:25.109 align:start position:0% idea with blockchain rent is basically that<00:36:23.200> right<00:36:23.400> now<00:36:24.000> you<00:36:24.119> can<00:36:24.400> access<00:36:24.720> storage 00:36:25.109 --> 00:36:25.119 align:start position:0% that right now you can access storage 00:36:25.119 --> 00:36:27.390 align:start position:0% that right now you can access storage key<00:36:25.400> you<00:36:25.520> can<00:36:26.079> your<00:36:26.319> code<00:36:26.599> can<00:36:26.839> set<00:36:27.079> storage 00:36:27.390 --> 00:36:27.400 align:start position:0% key you can your code can set storage 00:36:27.400 --> 00:36:28.790 align:start position:0% key you can your code can set storage key<00:36:27.599> ke<00:36:27.800> and<00:36:27.880> those<00:36:28.040> storage<00:36:28.319> keys<00:36:28.520> will 00:36:28.790 --> 00:36:28.800 align:start position:0% key ke and those storage keys will 00:36:28.800 --> 00:36:31.470 align:start position:0% key ke and those storage keys will remain<00:36:29.000> there<00:36:29.280> forever<00:36:30.280> but<00:36:30.920> potentially 00:36:31.470 --> 00:36:31.480 align:start position:0% remain there forever but potentially 00:36:31.480 --> 00:36:33.710 align:start position:0% remain there forever but potentially this<00:36:31.640> might<00:36:31.880> present<00:36:32.319> very<00:36:33.119> present<00:36:33.400> sort<00:36:33.560> of 00:36:33.710 --> 00:36:33.720 align:start position:0% this might present very present sort of 00:36:33.720 --> 00:36:36.230 align:start position:0% this might present very present sort of serious<00:36:34.119> long-term<00:36:34.680> risks<00:36:35.160> because<00:36:36.079> the 00:36:36.230 --> 00:36:36.240 align:start position:0% serious long-term risks because the 00:36:36.240 --> 00:36:37.630 align:start position:0% serious long-term risks because the amount<00:36:36.520> of<00:36:36.680> storage<00:36:37.240> could<00:36:37.440> that<00:36:37.560> the 00:36:37.630 --> 00:36:37.640 align:start position:0% amount of storage could that the 00:36:37.640 --> 00:36:39.109 align:start position:0% amount of storage could that the ethereum<00:36:38.000> blockchain<00:36:38.400> stores<00:36:38.800> could<00:36:39.000> just 00:36:39.109 --> 00:36:39.119 align:start position:0% ethereum blockchain stores could just 00:36:39.119 --> 00:36:41.589 align:start position:0% ethereum blockchain stores could just keep<00:36:39.280> on<00:36:39.480> going<00:36:39.720> up<00:36:39.880> and<00:36:40.040> up<00:36:40.400> and<00:36:40.960> there's<00:36:41.280> not 00:36:41.589 --> 00:36:41.599 align:start position:0% keep on going up and up and there's not 00:36:41.599 --> 00:36:43.390 align:start position:0% keep on going up and up and there's not enough<00:36:42.000> incentive<00:36:42.599> in<00:36:42.720> some<00:36:42.880> people's<00:36:43.160> views 00:36:43.390 --> 00:36:43.400 align:start position:0% enough incentive in some people's views 00:36:43.400 --> 00:36:46.270 align:start position:0% enough incentive in some people's views to<00:36:43.839> to<00:36:44.079> kind<00:36:44.200> of<00:36:44.599> to<00:36:44.760> kind<00:36:44.880> of<00:36:45.000> delete<00:36:45.319> storage 00:36:46.270 --> 00:36:46.280 align:start position:0% to to kind of to kind of delete storage 00:36:46.280 --> 00:36:48.670 align:start position:0% to to kind of to kind of delete storage there<00:36:46.440> is<00:36:46.640> a<00:36:46.800> bit<00:36:46.920> of<00:36:47.040> an<00:36:47.240> incentive<00:36:48.000> because 00:36:48.670 --> 00:36:48.680 align:start position:0% there is a bit of an incentive because 00:36:48.680 --> 00:36:51.069 align:start position:0% there is a bit of an incentive because if<00:36:48.800> you<00:36:48.960> kind<00:36:49.079> of<00:36:49.200> delete<00:36:49.560> stor<00:36:50.040> if<00:36:50.160> you<00:36:50.400> delete 00:36:51.069 --> 00:36:51.079 align:start position:0% if you kind of delete stor if you delete 00:36:51.079 --> 00:36:52.910 align:start position:0% if you kind of delete stor if you delete storage<00:36:51.560> then<00:36:51.680> you<00:36:51.800> kind<00:36:51.920> of<00:36:52.000> get<00:36:52.119> a<00:36:52.280> refund 00:36:52.910 --> 00:36:52.920 align:start position:0% storage then you kind of get a refund 00:36:52.920 --> 00:36:54.550 align:start position:0% storage then you kind of get a refund but<00:36:53.440> even<00:36:53.680> still<00:36:53.960> there's<00:36:54.160> sort<00:36:54.280> of<00:36:54.400> no 00:36:54.550 --> 00:36:54.560 align:start position:0% but even still there's sort of no 00:36:54.560 --> 00:36:56.230 align:start position:0% but even still there's sort of no incentive<00:36:55.000> not<00:36:55.160> to<00:36:55.280> kind<00:36:55.400> of<00:36:55.480> use<00:36:55.720> storage<00:36:56.119> as 00:36:56.230 --> 00:36:56.240 align:start position:0% incentive not to kind of use storage as 00:36:56.240 --> 00:36:59.390 align:start position:0% incentive not to kind of use storage as a<00:36:56.440> bank<00:36:57.200> so 00:36:59.390 --> 00:36:59.400 align:start position:0% a bank so 00:36:59.400 --> 00:37:01.230 align:start position:0% a bank so blockchain<00:36:59.839> rent<00:37:00.079> is<00:37:00.280> the<00:37:00.400> idea<00:37:00.800> that<00:37:01.000> every 00:37:01.230 --> 00:37:01.240 align:start position:0% blockchain rent is the idea that every 00:37:01.240 --> 00:37:02.710 align:start position:0% blockchain rent is the idea that every contract<00:37:01.640> is<00:37:01.760> going<00:37:01.839> to<00:37:01.960> have<00:37:02.040> to<00:37:02.240> pay<00:37:02.440> some 00:37:02.710 --> 00:37:02.720 align:start position:0% contract is going to have to pay some 00:37:02.720 --> 00:37:04.950 align:start position:0% contract is going to have to pay some amount<00:37:03.079> per<00:37:03.319> month<00:37:04.040> for<00:37:04.200> every<00:37:04.400> storage<00:37:04.760> key 00:37:04.950 --> 00:37:04.960 align:start position:0% amount per month for every storage key 00:37:04.960 --> 00:37:06.910 align:start position:0% amount per month for every storage key that<00:37:05.040> it<00:37:05.240> has<00:37:05.880> so<00:37:06.040> instead<00:37:06.280> of<00:37:06.400> storage<00:37:06.720> being 00:37:06.910 --> 00:37:06.920 align:start position:0% that it has so instead of storage being 00:37:06.920 --> 00:37:08.270 align:start position:0% that it has so instead of storage being permanent<00:37:07.319> you<00:37:07.440> know<00:37:07.560> I<00:37:07.640> could<00:37:07.839> imagine<00:37:08.079> it 00:37:08.270 --> 00:37:08.280 align:start position:0% permanent you know I could imagine it 00:37:08.280 --> 00:37:10.510 align:start position:0% permanent you know I could imagine it lasting<00:37:08.640> one<00:37:08.839> year<00:37:09.079> two<00:37:09.319> years<00:37:09.640> five<00:37:09.880> years 00:37:10.510 --> 00:37:10.520 align:start position:0% lasting one year two years five years 00:37:10.520 --> 00:37:12.790 align:start position:0% lasting one year two years five years you<00:37:10.640> know<00:37:11.560> if<00:37:11.720> this<00:37:11.839> is<00:37:12.000> going<00:37:12.119> to<00:37:12.319> happen<00:37:12.599> it's 00:37:12.790 --> 00:37:12.800 align:start position:0% you know if this is going to happen it's 00:37:12.800 --> 00:37:14.670 align:start position:0% you know if this is going to happen it's going<00:37:13.200> it's<00:37:13.359> going<00:37:13.560> to<00:37:13.680> be<00:37:13.839> as<00:37:14.000> reasonable<00:37:14.480> as 00:37:14.670 --> 00:37:14.680 align:start position:0% going it's going to be as reasonable as 00:37:14.680 --> 00:37:17.069 align:start position:0% going it's going to be as reasonable as possible<00:37:15.200> but<00:37:15.880> that's<00:37:16.079> the<00:37:16.280> kind<00:37:16.400> of<00:37:16.599> basic 00:37:17.069 --> 00:37:17.079 align:start position:0% possible but that's the kind of basic 00:37:17.079 --> 00:37:19.950 align:start position:0% possible but that's the kind of basic principle<00:37:18.079> virtual<00:37:18.440> machine<00:37:18.839> upgrades<00:37:19.680> so 00:37:19.950 --> 00:37:19.960 align:start position:0% principle virtual machine upgrades so 00:37:19.960 --> 00:37:21.349 align:start position:0% principle virtual machine upgrades so that's<00:37:20.160> just<00:37:20.280> going<00:37:20.400> to<00:37:20.680> not<00:37:20.839> going<00:37:20.960> to<00:37:21.079> change 00:37:21.349 --> 00:37:21.359 align:start position:0% that's just going to not going to change 00:37:21.359 --> 00:37:22.870 align:start position:0% that's just going to not going to change any<00:37:21.560> of<00:37:21.680> the<00:37:21.760> other<00:37:21.960> semantics<00:37:22.440> it's<00:37:22.599> going<00:37:22.720> to 00:37:22.870 --> 00:37:22.880 align:start position:0% any of the other semantics it's going to 00:37:22.880 --> 00:37:25.069 align:start position:0% any of the other semantics it's going to swap<00:37:23.280> out<00:37:23.880> the<00:37:24.079> virtual<00:37:24.440> machine<00:37:24.800> that<00:37:24.920> the 00:37:25.069 --> 00:37:25.079 align:start position:0% swap out the virtual machine that the 00:37:25.079 --> 00:37:28.470 align:start position:0% swap out the virtual machine that the code<00:37:25.319> runs<00:37:25.640> in<00:37:26.319> so<00:37:27.800> in<00:37:28.000> practice<00:37:28.240> for 00:37:28.470 --> 00:37:28.480 align:start position:0% code runs in so in practice for 00:37:28.480 --> 00:37:30.150 align:start position:0% code runs in so in practice for developers<00:37:28.920> is<00:37:29.079> going<00:37:29.160> to<00:37:29.240> mean<00:37:29.520> very<00:37:29.760> little 00:37:30.150 --> 00:37:30.160 align:start position:0% developers is going to mean very little 00:37:30.160 --> 00:37:32.190 align:start position:0% developers is going to mean very little because<00:37:30.960> theoretically<00:37:31.520> you<00:37:31.640> could<00:37:31.839> still 00:37:32.190 --> 00:37:32.200 align:start position:0% because theoretically you could still 00:37:32.200 --> 00:37:34.109 align:start position:0% because theoretically you could still program<00:37:32.520> in<00:37:32.680> the<00:37:32.800> same<00:37:33.040> languages<00:37:33.760> we'll<00:37:34.000> just 00:37:34.109 --> 00:37:34.119 align:start position:0% program in the same languages we'll just 00:37:34.119 --> 00:37:35.589 align:start position:0% program in the same languages we'll just have<00:37:34.240> a<00:37:34.359> different<00:37:34.640> compiler<00:37:35.119> that<00:37:35.240> compiles 00:37:35.589 --> 00:37:35.599 align:start position:0% have a different compiler that compiles 00:37:35.599 --> 00:37:37.990 align:start position:0% have a different compiler that compiles a<00:37:35.760> different<00:37:36.000> bite<00:37:36.280> code<00:37:37.079> but<00:37:37.319> if<00:37:37.440> he<00:37:37.599> wants<00:37:37.880> to 00:37:37.990 --> 00:37:38.000 align:start position:0% a different bite code but if he wants to 00:37:38.000 --> 00:37:40.230 align:start position:0% a different bite code but if he wants to do<00:37:38.200> things<00:37:38.520> faster<00:37:39.359> then<00:37:39.520> you<00:37:39.720> could 00:37:40.230 --> 00:37:40.240 align:start position:0% do things faster then you could 00:37:40.240 --> 00:37:42.670 align:start position:0% do things faster then you could potentially<00:37:41.240> I<00:37:41.359> mean<00:37:41.599> ideally<00:37:42.040> even<00:37:42.319> program 00:37:42.670 --> 00:37:42.680 align:start position:0% potentially I mean ideally even program 00:37:42.680 --> 00:37:45.309 align:start position:0% potentially I mean ideally even program ethereum<00:37:43.160> code<00:37:43.319> and<00:37:43.480> things<00:37:43.640> like<00:37:43.800> C++<00:37:44.400> and 00:37:45.309 --> 00:37:45.319 align:start position:0% ethereum code and things like C++ and 00:37:45.319 --> 00:37:47.910 align:start position:0% ethereum code and things like C++ and Java<00:37:46.319> scalability<00:37:47.119> talks<00:37:47.400> about<00:37:47.599> that<00:37:47.720> on 00:37:47.910 --> 00:37:47.920 align:start position:0% Java scalability talks about that on 00:37:47.920 --> 00:37:50.910 align:start position:0% Java scalability talks about that on Monday<00:37:48.920> so<00:37:49.520> you<00:37:49.640> know<00:37:49.839> the<00:37:50.000> idea<00:37:50.359> that<00:37:50.480> of<00:37:50.800> kind 00:37:50.910 --> 00:37:50.920 align:start position:0% Monday so you know the idea that of kind 00:37:50.920 --> 00:37:52.550 align:start position:0% Monday so you know the idea that of kind of<00:37:51.040> having<00:37:51.240> not<00:37:51.480> every<00:37:51.640> node<00:37:51.920> process<00:37:52.319> every 00:37:52.550 --> 00:37:52.560 align:start position:0% of having not every node process every 00:37:52.560 --> 00:37:55.990 align:start position:0% of having not every node process every transaction<00:37:53.560> but<00:37:54.359> I<00:37:54.440> mean<00:37:55.000> right<00:37:55.280> now<00:37:55.640> as<00:37:55.800> far 00:37:55.990 --> 00:37:56.000 align:start position:0% transaction but I mean right now as far 00:37:56.000 --> 00:37:58.150 align:start position:0% transaction but I mean right now as far as<00:37:56.319> the<00:37:56.400> ethereum<00:37:56.880> protocol<00:37:57.240> go<00:37:57.720> all<00:37:57.839> of<00:37:58.000> this 00:37:58.150 --> 00:37:58.160 align:start position:0% as the ethereum protocol go all of this 00:37:58.160 --> 00:37:59.950 align:start position:0% as the ethereum protocol go all of this is<00:37:58.800> basically 00:37:59.950 --> 00:37:59.960 align:start position:0% is basically 00:37:59.960 --> 00:38:06.690 align:start position:0% is basically it<00:38:00.960> thank<00:38:01.160> you 00:38:06.690 --> 00:38:06.700 align:start position:0% 00:38:06.700 --> 00:38:09.660 align:start position:0% [Applause] 00:38:09.660 --> 00:38:09.670 align:start position:0% [Applause] 00:38:09.670 --> 00:38:16.539 align:start position:0% [Applause] [Music]