WEBVTT Kind: captions Language: en 00:00:17.119 --> 00:00:20.570 align:start position:0% all<00:00:18.119> right<00:00:18.300> actually<00:00:19.170> I'm<00:00:19.350> very<00:00:19.590> fortunate<00:00:20.279> to 00:00:20.570 --> 00:00:20.580 align:start position:0% all right actually I'm very fortunate to 00:00:20.580 --> 00:00:22.519 align:start position:0% all right actually I'm very fortunate to be<00:00:20.670> able<00:00:20.730> to<00:00:20.850> follow<00:00:21.090> one<00:00:21.390> I'm<00:00:21.660> talking<00:00:22.230> about 00:00:22.519 --> 00:00:22.529 align:start position:0% be able to follow one I'm talking about 00:00:22.529 --> 00:00:24.500 align:start position:0% be able to follow one I'm talking about this<00:00:22.710> beautiful<00:00:23.039> collection<00:00:23.369> of<00:00:23.880> hashes<00:00:24.359> this 00:00:24.500 --> 00:00:24.510 align:start position:0% this beautiful collection of hashes this 00:00:24.510 --> 00:00:26.599 align:start position:0% this beautiful collection of hashes this beautiful<00:00:24.810> forest<00:00:25.080> of<00:00:25.320> hashes<00:00:25.740> because 00:00:26.599 --> 00:00:26.609 align:start position:0% beautiful forest of hashes because 00:00:26.609 --> 00:00:27.859 align:start position:0% beautiful forest of hashes because that's<00:00:26.789> exactly<00:00:27.240> what<00:00:27.359> I'm<00:00:27.449> talking<00:00:27.630> about 00:00:27.859 --> 00:00:27.869 align:start position:0% that's exactly what I'm talking about 00:00:27.869 --> 00:00:29.509 align:start position:0% that's exactly what I'm talking about it's<00:00:28.170> the<00:00:28.230> same<00:00:28.470> thing<00:00:28.740> except<00:00:29.160> I'm<00:00:29.310> going<00:00:29.340> to 00:00:29.509 --> 00:00:29.519 align:start position:0% it's the same thing except I'm going to 00:00:29.519 --> 00:00:31.339 align:start position:0% it's the same thing except I'm going to talk<00:00:29.670> about<00:00:29.789> it<00:00:30.000> not<00:00:30.480> from<00:00:30.689> a<00:00:30.779> perspective<00:00:31.019> of 00:00:31.339 --> 00:00:31.349 align:start position:0% talk about it not from a perspective of 00:00:31.349 --> 00:00:33.430 align:start position:0% talk about it not from a perspective of content<00:00:31.859> but<00:00:32.009> from<00:00:32.160> a<00:00:32.219> perspective<00:00:32.460> of<00:00:32.850> time 00:00:33.430 --> 00:00:33.440 align:start position:0% content but from a perspective of time 00:00:33.440 --> 00:00:35.600 align:start position:0% content but from a perspective of time so<00:00:34.440> compared<00:00:34.829> to<00:00:34.890> a<00:00:34.950> lot<00:00:35.100> of<00:00:35.190> what<00:00:35.309> you've<00:00:35.430> seen 00:00:35.600 --> 00:00:35.610 align:start position:0% so compared to a lot of what you've seen 00:00:35.610 --> 00:00:36.740 align:start position:0% so compared to a lot of what you've seen today<00:00:35.760> this<00:00:35.940> is<00:00:36.120> actually<00:00:36.390> a<00:00:36.450> very<00:00:36.600> simple 00:00:36.740 --> 00:00:36.750 align:start position:0% today this is actually a very simple 00:00:36.750 --> 00:00:38.600 align:start position:0% today this is actually a very simple presentation<00:00:37.440> I<00:00:37.530> just<00:00:37.559> want<00:00:37.950> to<00:00:38.160> in<00:00:38.370> the<00:00:38.460> next 00:00:38.600 --> 00:00:38.610 align:start position:0% presentation I just want to in the next 00:00:38.610 --> 00:00:41.420 align:start position:0% presentation I just want to in the next 15<00:00:38.910> minutes<00:00:39.050> hopefully<00:00:40.050> get<00:00:40.230> you<00:00:40.440> to<00:00:40.680> think 00:00:41.420 --> 00:00:41.430 align:start position:0% 15 minutes hopefully get you to think 00:00:41.430 --> 00:00:43.220 align:start position:0% 15 minutes hopefully get you to think about<00:00:41.670> a<00:00:41.700> new<00:00:41.969> cryptographic<00:00:42.660> way<00:00:43.110> of 00:00:43.220 --> 00:00:43.230 align:start position:0% about a new cryptographic way of 00:00:43.230 --> 00:00:47.090 align:start position:0% about a new cryptographic way of thinking<00:00:43.530> about<00:00:43.739> time<00:00:45.500> so<00:00:46.500> I<00:00:46.530> think<00:00:46.890> most 00:00:47.090 --> 00:00:47.100 align:start position:0% thinking about time so I think most 00:00:47.100 --> 00:00:48.529 align:start position:0% thinking about time so I think most people<00:00:47.399> when<00:00:47.489> they<00:00:47.579> think<00:00:47.610> of<00:00:47.820> time<00:00:48.059> they 00:00:48.529 --> 00:00:48.539 align:start position:0% people when they think of time they 00:00:48.539 --> 00:00:50.990 align:start position:0% people when they think of time they think<00:00:48.809> of<00:00:49.129> probably<00:00:50.129> what<00:00:50.340> their<00:00:50.489> local<00:00:50.640> clock 00:00:50.990 --> 00:00:51.000 align:start position:0% think of probably what their local clock 00:00:51.000 --> 00:00:53.200 align:start position:0% think of probably what their local clock says<00:00:51.360> right<00:00:51.690> now<00:00:51.870> they<00:00:52.680> think<00:00:52.860> of<00:00:52.949> a<00:00:53.010> number 00:00:53.200 --> 00:00:53.210 align:start position:0% says right now they think of a number 00:00:53.210 --> 00:00:56.060 align:start position:0% says right now they think of a number some<00:00:54.210> of<00:00:54.329> you<00:00:54.510> as<00:00:54.840> developers<00:00:55.110> will<00:00:55.710> think 00:00:56.060 --> 00:00:56.070 align:start position:0% some of you as developers will think 00:00:56.070 --> 00:00:59.060 align:start position:0% some of you as developers will think more<00:00:56.219> abstractly<00:00:56.789> as<00:00:57.030> something<00:00:57.360> like<00:00:57.590> UTC<00:00:58.590> or 00:00:59.060 --> 00:00:59.070 align:start position:0% more abstractly as something like UTC or 00:00:59.070 --> 00:01:00.529 align:start position:0% more abstractly as something like UTC or maybe<00:00:59.430> you'll<00:00:59.640> even<00:00:59.879> think<00:01:00.059> of<00:01:00.149> something 00:01:00.529 --> 00:01:00.539 align:start position:0% maybe you'll even think of something 00:01:00.539 --> 00:01:02.959 align:start position:0% maybe you'll even think of something even<00:01:01.350> more<00:01:01.440> abstract<00:01:01.859> than<00:01:01.949> that<00:01:02.160> but<00:01:02.879> in 00:01:02.959 --> 00:01:02.969 align:start position:0% even more abstract than that but in 00:01:02.969 --> 00:01:04.130 align:start position:0% even more abstract than that but in either<00:01:03.090> case<00:01:03.210> you're<00:01:03.539> probably<00:01:03.629> thinking<00:01:03.899> of 00:01:04.130 --> 00:01:04.140 align:start position:0% either case you're probably thinking of 00:01:04.140 --> 00:01:06.920 align:start position:0% either case you're probably thinking of some<00:01:04.350> kind<00:01:04.559> of<00:01:04.790> ordered<00:01:05.790> numbered<00:01:06.330> property 00:01:06.920 --> 00:01:06.930 align:start position:0% some kind of ordered numbered property 00:01:06.930 --> 00:01:09.440 align:start position:0% some kind of ordered numbered property and<00:01:07.580> when<00:01:08.580> you<00:01:08.640> get<00:01:08.760> into<00:01:08.939> the<00:01:09.060> cryptographic 00:01:09.440 --> 00:01:09.450 align:start position:0% and when you get into the cryptographic 00:01:09.450 --> 00:01:11.510 align:start position:0% and when you get into the cryptographic basics<00:01:10.229> of<00:01:10.439> how<00:01:10.650> a<00:01:10.680> lot<00:01:10.860> of<00:01:10.950> these<00:01:11.070> blockchain 00:01:11.510 --> 00:01:11.520 align:start position:0% basics of how a lot of these blockchain 00:01:11.520 --> 00:01:13.460 align:start position:0% basics of how a lot of these blockchain systems<00:01:11.850> work<00:01:12.030> you<00:01:12.540> don't<00:01:12.720> have<00:01:12.900> that<00:01:13.170> sort<00:01:13.380> of 00:01:13.460 --> 00:01:13.470 align:start position:0% systems work you don't have that sort of 00:01:13.470 --> 00:01:14.630 align:start position:0% systems work you don't have that sort of a<00:01:13.560> numbered<00:01:13.830> property<00:01:14.189> anymore<00:01:14.430> you<00:01:14.520> only 00:01:14.630 --> 00:01:14.640 align:start position:0% a numbered property anymore you only 00:01:14.640 --> 00:01:17.030 align:start position:0% a numbered property anymore you only have<00:01:14.850> one<00:01:15.240> relation<00:01:15.930> that<00:01:16.350> you<00:01:16.500> can<00:01:16.650> enforce 00:01:17.030 --> 00:01:17.040 align:start position:0% have one relation that you can enforce 00:01:17.040 --> 00:01:19.640 align:start position:0% have one relation that you can enforce and<00:01:17.280> basically<00:01:17.810> that<00:01:18.810> relation<00:01:19.170> is<00:01:19.350> that<00:01:19.530> if 00:01:19.640 --> 00:01:19.650 align:start position:0% and basically that relation is that if 00:01:19.650 --> 00:01:21.320 align:start position:0% and basically that relation is that if something<00:01:19.979> happened<00:01:20.369> before<00:01:20.820> you<00:01:21.030> wrote 00:01:21.320 --> 00:01:21.330 align:start position:0% something happened before you wrote 00:01:21.330 --> 00:01:25.010 align:start position:0% something happened before you wrote created<00:01:22.320> a<00:01:22.409> certain<00:01:22.590> hash<00:01:23.090> then<00:01:24.090> then<00:01:24.840> you 00:01:25.010 --> 00:01:25.020 align:start position:0% created a certain hash then then you 00:01:25.020 --> 00:01:26.600 align:start position:0% created a certain hash then then you know<00:01:25.110> the<00:01:25.229> order<00:01:25.500> in<00:01:25.590> which<00:01:25.619> the<00:01:26.009> hash<00:01:26.189> and<00:01:26.520> the 00:01:26.600 --> 00:01:26.610 align:start position:0% know the order in which the hash and the 00:01:26.610 --> 00:01:29.929 align:start position:0% know the order in which the hash and the content<00:01:27.000> were<00:01:27.090> created<00:01:28.549> the<00:01:29.549> way<00:01:29.670> that<00:01:29.820> this 00:01:29.929 --> 00:01:29.939 align:start position:0% content were created the way that this 00:01:29.939 --> 00:01:31.819 align:start position:0% content were created the way that this is<00:01:30.119> commonly<00:01:30.479> used<00:01:30.570> is<00:01:31.110> in<00:01:31.439> proof<00:01:31.740> of 00:01:31.819 --> 00:01:31.829 align:start position:0% is commonly used is in proof of 00:01:31.829 --> 00:01:33.230 align:start position:0% is commonly used is in proof of existence<00:01:31.979> like<00:01:32.579> the<00:01:32.700> talk<00:01:32.850> mentioned 00:01:33.230 --> 00:01:33.240 align:start position:0% existence like the talk mentioned 00:01:33.240 --> 00:01:36.620 align:start position:0% existence like the talk mentioned earlier<00:01:34.130> we<00:01:35.130> both<00:01:35.610> were<00:01:36.299> probably<00:01:36.450> all 00:01:36.620 --> 00:01:36.630 align:start position:0% earlier we both were probably all 00:01:36.630 --> 00:01:38.539 align:start position:0% earlier we both were probably all familiar<00:01:36.750> with<00:01:36.930> the<00:01:37.110> example<00:01:37.500> of<00:01:37.740> if<00:01:38.189> I<00:01:38.310> take<00:01:38.520> a 00:01:38.539 --> 00:01:38.549 align:start position:0% familiar with the example of if I take a 00:01:38.549 --> 00:01:40.219 align:start position:0% familiar with the example of if I take a document<00:01:38.820> and<00:01:39.119> I<00:01:39.210> hash<00:01:39.420> it<00:01:39.689> and<00:01:39.869> I<00:01:39.990> put<00:01:40.200> that 00:01:40.219 --> 00:01:40.229 align:start position:0% document and I hash it and I put that 00:01:40.229 --> 00:01:42.679 align:start position:0% document and I hash it and I put that hash<00:01:40.619> inside<00:01:41.490> of<00:01:41.610> the<00:01:41.700> Bitcoin<00:01:42.000> blockchain<00:01:42.210> or 00:01:42.679 --> 00:01:42.689 align:start position:0% hash inside of the Bitcoin blockchain or 00:01:42.689 --> 00:01:44.719 align:start position:0% hash inside of the Bitcoin blockchain or the<00:01:42.780> a<00:01:42.810> theorem<00:01:43.110> blockchain<00:01:43.560> then<00:01:44.220> at<00:01:44.460> a<00:01:44.490> later 00:01:44.719 --> 00:01:44.729 align:start position:0% the a theorem blockchain then at a later 00:01:44.729 --> 00:01:47.660 align:start position:0% the a theorem blockchain then at a later time<00:01:44.790> I<00:01:45.270> can<00:01:45.509> argue<00:01:45.899> that<00:01:46.310> this<00:01:47.310> document 00:01:47.660 --> 00:01:47.670 align:start position:0% time I can argue that this document 00:01:47.670 --> 00:01:49.249 align:start position:0% time I can argue that this document already<00:01:47.939> existed<00:01:48.390> at<00:01:48.540> a<00:01:48.570> certain<00:01:48.899> point<00:01:49.079> in 00:01:49.249 --> 00:01:49.259 align:start position:0% already existed at a certain point in 00:01:49.259 --> 00:01:51.050 align:start position:0% already existed at a certain point in time<00:01:49.290> because<00:01:50.130> it<00:01:50.250> was<00:01:50.369> included<00:01:50.610> in<00:01:50.939> this 00:01:51.050 --> 00:01:51.060 align:start position:0% time because it was included in this 00:01:51.060 --> 00:01:53.120 align:start position:0% time because it was included in this particular<00:01:51.540> block<00:01:51.689> header<00:01:52.020> and<00:01:52.320> I<00:01:52.799> can<00:01:52.950> give<00:01:53.100> a 00:01:53.120 --> 00:01:53.130 align:start position:0% particular block header and I can give a 00:01:53.130 --> 00:01:55.100 align:start position:0% particular block header and I can give a very<00:01:53.280> efficient<00:01:53.729> merkel<00:01:54.090> proof<00:01:54.329> that<00:01:54.689> that 00:01:55.100 --> 00:01:55.110 align:start position:0% very efficient merkel proof that that 00:01:55.110 --> 00:01:58.580 align:start position:0% very efficient merkel proof that that this<00:01:55.259> was<00:01:55.439> the<00:01:55.560> case<00:01:57.049> this<00:01:58.049> is<00:01:58.110> an<00:01:58.320> image<00:01:58.500> I 00:01:58.580 --> 00:01:58.590 align:start position:0% this was the case this is an image I 00:01:58.590 --> 00:02:00.109 align:start position:0% this was the case this is an image I just<00:01:58.619> randomly<00:01:58.950> pulled<00:01:59.369> off<00:01:59.549> the<00:01:59.850> internet 00:02:00.109 --> 00:02:00.119 align:start position:0% just randomly pulled off the internet 00:02:00.119 --> 00:02:01.999 align:start position:0% just randomly pulled off the internet about<00:02:00.360> structure<00:02:01.170> block<00:02:01.320> who<00:02:01.560> can<00:02:01.710> see<00:02:01.890> the 00:02:01.999 --> 00:02:02.009 align:start position:0% about structure block who can see the 00:02:02.009 --> 00:02:03.950 align:start position:0% about structure block who can see the same<00:02:02.250> shape<00:02:02.909> that's<00:02:03.210> been<00:02:03.509> up<00:02:03.630> here<00:02:03.750> three<00:02:03.930> or 00:02:03.950 --> 00:02:03.960 align:start position:0% same shape that's been up here three or 00:02:03.960 --> 00:02:05.749 align:start position:0% same shape that's been up here three or four<00:02:04.140> times<00:02:04.290> today<00:02:04.619> of<00:02:04.860> all<00:02:05.130> our<00:02:05.640> wonderful 00:02:05.749 --> 00:02:05.759 align:start position:0% four times today of all our wonderful 00:02:05.759 --> 00:02:07.700 align:start position:0% four times today of all our wonderful content<00:02:06.390> being<00:02:06.540> hashed<00:02:06.810> up<00:02:07.079> into<00:02:07.290> a<00:02:07.320> route<00:02:07.560> in 00:02:07.700 --> 00:02:07.710 align:start position:0% content being hashed up into a route in 00:02:07.710 --> 00:02:11.029 align:start position:0% content being hashed up into a route in a<00:02:07.799> series<00:02:08.099> of<00:02:08.129> blocks 00:02:11.029 --> 00:02:11.039 align:start position:0% 00:02:11.039 --> 00:02:14.149 align:start position:0% but<00:02:11.459> a<00:02:11.489> lot<00:02:11.640> of<00:02:11.670> people<00:02:12.500> may<00:02:13.500> not<00:02:13.530> realize<00:02:13.709> that 00:02:14.149 --> 00:02:14.159 align:start position:0% but a lot of people may not realize that 00:02:14.159 --> 00:02:15.380 align:start position:0% but a lot of people may not realize that we're<00:02:14.640> creating<00:02:14.790> a<00:02:15.000> little<00:02:15.060> bit<00:02:15.180> of<00:02:15.269> a 00:02:15.380 --> 00:02:15.390 align:start position:0% we're creating a little bit of a 00:02:15.390 --> 00:02:16.970 align:start position:0% we're creating a little bit of a fragmented<00:02:15.989> approach<00:02:16.109> to<00:02:16.439> time<00:02:16.620> when<00:02:16.739> we<00:02:16.890> do 00:02:16.970 --> 00:02:16.980 align:start position:0% fragmented approach to time when we do 00:02:16.980 --> 00:02:18.770 align:start position:0% fragmented approach to time when we do this<00:02:17.129> because<00:02:17.579> every<00:02:18.030> individual<00:02:18.359> blockchain 00:02:18.770 --> 00:02:18.780 align:start position:0% this because every individual blockchain 00:02:18.780 --> 00:02:20.660 align:start position:0% this because every individual blockchain has<00:02:18.959> its<00:02:19.109> own<00:02:19.260> idea<00:02:19.560> of<00:02:19.620> sequence<00:02:20.129> and<00:02:20.340> it's 00:02:20.660 --> 00:02:20.670 align:start position:0% has its own idea of sequence and it's 00:02:20.670 --> 00:02:23.059 align:start position:0% has its own idea of sequence and it's not<00:02:20.790> just<00:02:21.000> block<00:02:21.180> chains<00:02:21.480> actually<00:02:21.890> this<00:02:22.890> is 00:02:23.059 --> 00:02:23.069 align:start position:0% not just block chains actually this is 00:02:23.069 --> 00:02:24.890 align:start position:0% not just block chains actually this is an<00:02:23.189> image<00:02:23.459> of<00:02:23.670> a<00:02:23.939> traditional<00:02:24.450> linked 00:02:24.890 --> 00:02:24.900 align:start position:0% an image of a traditional linked 00:02:24.900 --> 00:02:27.130 align:start position:0% an image of a traditional linked timestamping<00:02:25.469> provider<00:02:25.829> called<00:02:26.219> guard<00:02:26.790> time 00:02:27.130 --> 00:02:27.140 align:start position:0% timestamping provider called guard time 00:02:27.140 --> 00:02:29.030 align:start position:0% timestamping provider called guard time you'll<00:02:28.140> notice<00:02:28.409> it's<00:02:28.560> the<00:02:28.650> exact<00:02:28.890> same 00:02:29.030 --> 00:02:29.040 align:start position:0% you'll notice it's the exact same 00:02:29.040 --> 00:02:30.890 align:start position:0% you'll notice it's the exact same structure<00:02:29.489> we've<00:02:29.519> got<00:02:29.879> a<00:02:30.150> bunch<00:02:30.720> of 00:02:30.890 --> 00:02:30.900 align:start position:0% structure we've got a bunch of 00:02:30.900 --> 00:02:32.660 align:start position:0% structure we've got a bunch of individual<00:02:31.379> content<00:02:31.769> being<00:02:31.950> merkel<00:02:32.489> dumped 00:02:32.660 --> 00:02:32.670 align:start position:0% individual content being merkel dumped 00:02:32.670 --> 00:02:34.640 align:start position:0% individual content being merkel dumped into<00:02:32.849> route<00:02:33.150> and<00:02:33.329> created<00:02:34.079> into<00:02:34.349> something 00:02:34.640 --> 00:02:34.650 align:start position:0% into route and created into something 00:02:34.650 --> 00:02:37.280 align:start position:0% into route and created into something over<00:02:34.829> time<00:02:35.040> and<00:02:35.459> this<00:02:36.420> is<00:02:36.540> really<00:02:36.569> unfortunate 00:02:37.280 --> 00:02:37.290 align:start position:0% over time and this is really unfortunate 00:02:37.290 --> 00:02:39.170 align:start position:0% over time and this is really unfortunate because<00:02:37.439> if<00:02:37.950> the<00:02:38.099> only<00:02:38.250> measure<00:02:38.609> of<00:02:38.700> time<00:02:39.030> we 00:02:39.170 --> 00:02:39.180 align:start position:0% because if the only measure of time we 00:02:39.180 --> 00:02:42.170 align:start position:0% because if the only measure of time we have<00:02:39.389> is<00:02:40.010> the<00:02:41.010> relative<00:02:41.519> ordering<00:02:41.819> of<00:02:42.000> two 00:02:42.170 --> 00:02:42.180 align:start position:0% have is the relative ordering of two 00:02:42.180 --> 00:02:43.610 align:start position:0% have is the relative ordering of two things<00:02:42.450> that<00:02:42.629> one<00:02:42.780> thing<00:02:42.989> happened<00:02:43.290> before 00:02:43.610 --> 00:02:43.620 align:start position:0% things that one thing happened before 00:02:43.620 --> 00:02:44.990 align:start position:0% things that one thing happened before the<00:02:43.709> other<00:02:43.829> thing<00:02:44.099> then<00:02:44.519> if<00:02:44.639> we're<00:02:44.760> creating 00:02:44.990 --> 00:02:45.000 align:start position:0% the other thing then if we're creating 00:02:45.000 --> 00:02:47.539 align:start position:0% the other thing then if we're creating lots<00:02:45.209> of<00:02:45.359> different<00:02:45.689> fragmented<00:02:46.439> versions<00:02:47.340> of 00:02:47.539 --> 00:02:47.549 align:start position:0% lots of different fragmented versions of 00:02:47.549 --> 00:02:49.640 align:start position:0% lots of different fragmented versions of time<00:02:47.819> we're<00:02:48.299> losing<00:02:48.480> something<00:02:48.900> and<00:02:49.169> it's 00:02:49.640 --> 00:02:49.650 align:start position:0% time we're losing something and it's 00:02:49.650 --> 00:02:51.589 align:start position:0% time we're losing something and it's unnecessary<00:02:50.189> because<00:02:50.519> we<00:02:50.700> can<00:02:50.879> very<00:02:51.180> cheaply 00:02:51.589 --> 00:02:51.599 align:start position:0% unnecessary because we can very cheaply 00:02:51.599 --> 00:02:53.599 align:start position:0% unnecessary because we can very cheaply keep<00:02:52.260> all<00:02:52.439> of<00:02:52.470> this<00:02:52.650> information<00:02:52.950> and<00:02:53.310> this<00:02:53.430> is 00:02:53.599 --> 00:02:53.609 align:start position:0% keep all of this information and this is 00:02:53.609 --> 00:02:57.050 align:start position:0% keep all of this information and this is the<00:02:53.730> idea<00:02:53.939> I<00:02:54.000> call<00:02:54.269> universal<00:02:54.510> hash<00:02:54.930> time<00:02:56.060> so 00:02:57.050 --> 00:02:57.060 align:start position:0% the idea I call universal hash time so 00:02:57.060 --> 00:02:59.720 align:start position:0% the idea I call universal hash time so just<00:02:57.540> to<00:02:57.659> mention<00:02:57.930> a<00:02:58.109> few<00:02:58.139> sources<00:02:59.099> of<00:02:59.430> time 00:02:59.720 --> 00:02:59.730 align:start position:0% just to mention a few sources of time 00:02:59.730 --> 00:03:01.460 align:start position:0% just to mention a few sources of time that<00:03:00.299> are<00:03:00.419> out<00:03:00.510> there<00:03:00.540> right<00:03:00.870> now<00:03:01.049> of<00:03:01.409> course 00:03:01.460 --> 00:03:01.470 align:start position:0% that are out there right now of course 00:03:01.470 --> 00:03:03.170 align:start position:0% that are out there right now of course we<00:03:01.709> have<00:03:01.739> the<00:03:01.889> etherium<00:03:02.220> network<00:03:02.430> Bitcoin<00:03:02.970> all 00:03:03.170 --> 00:03:03.180 align:start position:0% we have the etherium network Bitcoin all 00:03:03.180 --> 00:03:04.460 align:start position:0% we have the etherium network Bitcoin all the<00:03:03.329> blockchain<00:03:03.540> networks<00:03:03.930> have<00:03:04.079> some<00:03:04.290> kind 00:03:04.460 --> 00:03:04.470 align:start position:0% the blockchain networks have some kind 00:03:04.470 --> 00:03:06.679 align:start position:0% the blockchain networks have some kind of<00:03:04.530> chain<00:03:05.459> of<00:03:05.609> headers<00:03:05.909> that's<00:03:06.150> keeping<00:03:06.480> track 00:03:06.679 --> 00:03:06.689 align:start position:0% of chain of headers that's keeping track 00:03:06.689 --> 00:03:09.050 align:start position:0% of chain of headers that's keeping track of<00:03:06.870> time<00:03:07.049> and<00:03:07.109> ticking<00:03:07.560> along<00:03:08.060> traditional 00:03:09.050 --> 00:03:09.060 align:start position:0% of time and ticking along traditional 00:03:09.060 --> 00:03:10.940 align:start position:0% of time and ticking along traditional links<00:03:09.209> dank<00:03:09.389> linked<00:03:10.260> time<00:03:10.560> stamping 00:03:10.940 --> 00:03:10.950 align:start position:0% links dank linked time stamping 00:03:10.950 --> 00:03:13.369 align:start position:0% links dank linked time stamping providers<00:03:11.370> include<00:03:12.120> guard<00:03:12.329> time<00:03:12.569> the<00:03:13.109> open 00:03:13.369 --> 00:03:13.379 align:start position:0% providers include guard time the open 00:03:13.379 --> 00:03:17.149 align:start position:0% providers include guard time the open source<00:03:13.530> true<00:03:13.859> timestamp<00:03:14.510> all<00:03:15.510> strew<00:03:16.109> a<00:03:16.470> couple 00:03:17.149 --> 00:03:17.159 align:start position:0% source true timestamp all strew a couple 00:03:17.159 --> 00:03:19.909 align:start position:0% source true timestamp all strew a couple of<00:03:17.220> other<00:03:17.340> companies<00:03:17.659> and<00:03:18.659> the<00:03:19.620> answer<00:03:19.799> to 00:03:19.909 --> 00:03:19.919 align:start position:0% of other companies and the answer to 00:03:19.919 --> 00:03:23.180 align:start position:0% of other companies and the answer to this<00:03:20.010> is<00:03:20.190> really<00:03:20.519> very<00:03:20.760> very<00:03:20.909> simple<00:03:21.690> and<00:03:22.190> this 00:03:23.180 --> 00:03:23.190 align:start position:0% this is really very very simple and this 00:03:23.190 --> 00:03:26.390 align:start position:0% this is really very very simple and this basic<00:03:23.729> structure<00:03:24.650> where<00:03:25.650> you<00:03:25.769> have<00:03:25.979> some<00:03:26.370> kind 00:03:26.390 --> 00:03:26.400 align:start position:0% basic structure where you have some kind 00:03:26.400 --> 00:03:28.819 align:start position:0% basic structure where you have some kind of<00:03:26.760> packet<00:03:27.720> of<00:03:27.840> data<00:03:28.019> that<00:03:28.349> is<00:03:28.530> somehow 00:03:28.819 --> 00:03:28.829 align:start position:0% of packet of data that is somehow 00:03:28.829 --> 00:03:31.280 align:start position:0% of packet of data that is somehow identified<00:03:29.519> it's<00:03:29.760> it's<00:03:30.269> signed<00:03:30.690> but<00:03:30.959> this<00:03:31.109> is 00:03:31.280 --> 00:03:31.290 align:start position:0% identified it's it's signed but this is 00:03:31.290 --> 00:03:33.050 align:start position:0% identified it's it's signed but this is an<00:03:31.560> abstract<00:03:32.220> signature<00:03:32.609> it<00:03:32.699> could<00:03:32.849> you<00:03:32.940> be 00:03:33.050 --> 00:03:33.060 align:start position:0% an abstract signature it could you be 00:03:33.060 --> 00:03:34.909 align:start position:0% an abstract signature it could you be just<00:03:33.269> the<00:03:33.780> existence<00:03:34.169> of<00:03:34.260> some<00:03:34.440> proof<00:03:34.650> of<00:03:34.799> work 00:03:34.909 --> 00:03:34.919 align:start position:0% just the existence of some proof of work 00:03:34.919 --> 00:03:36.710 align:start position:0% just the existence of some proof of work or<00:03:35.280> compliance<00:03:35.879> with<00:03:36.060> some<00:03:36.209> sort<00:03:36.419> of<00:03:36.479> pre 00:03:36.710 --> 00:03:36.720 align:start position:0% or compliance with some sort of pre 00:03:36.720 --> 00:03:39.710 align:start position:0% or compliance with some sort of pre agreed<00:03:36.840> format<00:03:37.459> and<00:03:38.459> that<00:03:38.489> it<00:03:38.970> has<00:03:39.120> a<00:03:39.359> link<00:03:39.659> to 00:03:39.710 --> 00:03:39.720 align:start position:0% agreed format and that it has a link to 00:03:39.720 --> 00:03:42.559 align:start position:0% agreed format and that it has a link to the<00:03:39.900> previous<00:03:40.519> tick<00:03:41.519> the<00:03:41.729> previous<00:03:42.060> packet 00:03:42.559 --> 00:03:42.569 align:start position:0% the previous tick the previous packet 00:03:42.569 --> 00:03:46.490 align:start position:0% the previous tick the previous packet and<00:03:42.750> then<00:03:43.290> on<00:03:43.500> the<00:03:43.799> other<00:03:43.919> side<00:03:44.190> it<00:03:45.090> has<00:03:45.500> the 00:03:46.490 --> 00:03:46.500 align:start position:0% and then on the other side it has the 00:03:46.500 --> 00:03:48.080 align:start position:0% and then on the other side it has the root<00:03:46.680> of<00:03:46.889> some<00:03:47.190> authenticated<00:03:47.940> data 00:03:48.080 --> 00:03:48.090 align:start position:0% root of some authenticated data 00:03:48.090 --> 00:03:50.000 align:start position:0% root of some authenticated data structure<00:03:48.510> it<00:03:48.569> could<00:03:48.720> be<00:03:48.780> a<00:03:48.900> Merkel<00:03:49.680> tree<00:03:49.829> but 00:03:50.000 --> 00:03:50.010 align:start position:0% structure it could be a Merkel tree but 00:03:50.010 --> 00:03:50.659 align:start position:0% structure it could be a Merkel tree but it<00:03:50.069> could<00:03:50.159> really<00:03:50.250> could<00:03:50.430> be<00:03:50.489> any 00:03:50.659 --> 00:03:50.669 align:start position:0% it could really could be any 00:03:50.669 --> 00:03:52.250 align:start position:0% it could really could be any authenticated<00:03:51.269> data<00:03:51.690> structure<00:03:52.019> of<00:03:52.049> course 00:03:52.250 --> 00:03:52.260 align:start position:0% authenticated data structure of course 00:03:52.260 --> 00:03:53.240 align:start position:0% authenticated data structure of course in<00:03:52.470> a<00:03:52.530> theorem<00:03:52.739> we're<00:03:52.859> familiar<00:03:52.979> with<00:03:53.220> a 00:03:53.240 --> 00:03:53.250 align:start position:0% in a theorem we're familiar with a 00:03:53.250 --> 00:03:56.300 align:start position:0% in a theorem we're familiar with a Patricia<00:03:54.060> tree<00:03:54.620> there's<00:03:55.620> anything<00:03:55.829> any<00:03:56.129> what 00:03:56.300 --> 00:03:56.310 align:start position:0% Patricia tree there's anything any what 00:03:56.310 --> 00:03:57.559 align:start position:0% Patricia tree there's anything any what variety<00:03:56.609> of<00:03:56.639> things<00:03:56.819> that<00:03:56.909> you<00:03:57.030> could<00:03:57.239> use<00:03:57.269> as 00:03:57.559 --> 00:03:57.569 align:start position:0% variety of things that you could use as 00:03:57.569 --> 00:04:01.159 align:start position:0% variety of things that you could use as long<00:03:58.439> as<00:03:58.590> we<00:03:58.709> have<00:03:58.949> these<00:03:59.549> systems<00:04:00.109> there's<00:04:01.109> a 00:04:01.159 --> 00:04:01.169 align:start position:0% long as we have these systems there's a 00:04:01.169 --> 00:04:03.050 align:start position:0% long as we have these systems there's a very<00:04:01.650> clean<00:04:02.099> and<00:04:02.280> simple<00:04:02.370> way<00:04:02.639> that<00:04:02.819> we<00:04:02.909> can 00:04:03.050 --> 00:04:03.060 align:start position:0% very clean and simple way that we can 00:04:03.060 --> 00:04:05.270 align:start position:0% very clean and simple way that we can bring<00:04:03.689> all<00:04:03.959> of<00:04:03.989> their<00:04:04.229> concepts<00:04:04.650> of<00:04:04.769> time<00:04:04.979> into 00:04:05.270 --> 00:04:05.280 align:start position:0% bring all of their concepts of time into 00:04:05.280 --> 00:04:07.039 align:start position:0% bring all of their concepts of time into alignment<00:04:05.519> and<00:04:05.729> that<00:04:05.790> is<00:04:06.030> we<00:04:06.569> just<00:04:06.810> put<00:04:06.959> the 00:04:07.039 --> 00:04:07.049 align:start position:0% alignment and that is we just put the 00:04:07.049 --> 00:04:10.219 align:start position:0% alignment and that is we just put the hash<00:04:07.290> of<00:04:07.620> every<00:04:08.280> series<00:04:08.970> of<00:04:09.120> ticks<00:04:09.389> in<00:04:09.629> every 00:04:10.219 --> 00:04:10.229 align:start position:0% hash of every series of ticks in every 00:04:10.229 --> 00:04:14.080 align:start position:0% hash of every series of ticks in every other<00:04:10.349> series<00:04:10.739> of<00:04:10.859> ticks<00:04:11.180> simple<00:04:12.180> right 00:04:14.080 --> 00:04:14.090 align:start position:0% other series of ticks simple right 00:04:14.090 --> 00:04:16.159 align:start position:0% other series of ticks simple right this<00:04:15.090> is<00:04:15.180> the<00:04:15.269> ID<00:04:15.389> I<00:04:15.449> call<00:04:15.659> universal<00:04:16.049> hash 00:04:16.159 --> 00:04:16.169 align:start position:0% this is the ID I call universal hash 00:04:16.169 --> 00:04:19.849 align:start position:0% this is the ID I call universal hash time<00:04:16.409> and<00:04:17.400> basically<00:04:18.139> this<00:04:19.139> pattern<00:04:19.620> here 00:04:19.849 --> 00:04:19.859 align:start position:0% time and basically this pattern here 00:04:19.859 --> 00:04:21.620 align:start position:0% time and basically this pattern here wherever<00:04:20.039> we<00:04:20.279> see<00:04:20.489> it<00:04:20.609> we're<00:04:20.789> gonna<00:04:20.849> we're 00:04:21.620 --> 00:04:21.630 align:start position:0% wherever we see it we're gonna we're 00:04:21.630 --> 00:04:22.730 align:start position:0% wherever we see it we're gonna we're going<00:04:21.750> to<00:04:21.810> come<00:04:21.959> up<00:04:22.079> with<00:04:22.169> a<00:04:22.229> term<00:04:22.380> for<00:04:22.620> that 00:04:22.730 --> 00:04:22.740 align:start position:0% going to come up with a term for that 00:04:22.740 --> 00:04:24.409 align:start position:0% going to come up with a term for that that<00:04:22.950> allows<00:04:23.550> us<00:04:23.580> to<00:04:23.820> recognize<00:04:24.000> that<00:04:24.180> we're 00:04:24.409 --> 00:04:24.419 align:start position:0% that allows us to recognize that we're 00:04:24.419 --> 00:04:24.710 align:start position:0% that allows us to recognize that we're just<00:04:24.539> going 00:04:24.710 --> 00:04:24.720 align:start position:0% just going 00:04:24.720 --> 00:04:27.140 align:start position:0% just going call<00:04:24.870> them<00:04:25.020> tick<00:04:25.230> chains<00:04:25.530> obviously<00:04:26.280> block 00:04:27.140 --> 00:04:27.150 align:start position:0% call them tick chains obviously block 00:04:27.150 --> 00:04:28.430 align:start position:0% call them tick chains obviously block headers<00:04:27.510> are<00:04:27.660> what<00:04:27.780> we<00:04:27.870> think<00:04:27.900> of<00:04:28.200> in<00:04:28.350> the 00:04:28.430 --> 00:04:28.440 align:start position:0% headers are what we think of in the 00:04:28.440 --> 00:04:29.690 align:start position:0% headers are what we think of in the blockchain<00:04:28.620> world<00:04:28.980> with<00:04:29.220> aetherium<00:04:29.610> of 00:04:29.690 --> 00:04:29.700 align:start position:0% blockchain world with aetherium of 00:04:29.700 --> 00:04:31.580 align:start position:0% blockchain world with aetherium of things<00:04:29.850> like<00:04:29.970> this<00:04:30.120> but<00:04:31.020> it's<00:04:31.140> the<00:04:31.230> exact<00:04:31.440> same 00:04:31.580 --> 00:04:31.590 align:start position:0% things like this but it's the exact same 00:04:31.590 --> 00:04:33.620 align:start position:0% things like this but it's the exact same format<00:04:31.950> in<00:04:32.100> traditional<00:04:32.640> links<00:04:32.880> times<00:04:33.270> time 00:04:33.620 --> 00:04:33.630 align:start position:0% format in traditional links times time 00:04:33.630 --> 00:04:35.990 align:start position:0% format in traditional links times time stamping<00:04:34.080> and<00:04:34.200> any<00:04:34.380> other<00:04:34.530> format<00:04:35.000> anything 00:04:35.990 --> 00:04:36.000 align:start position:0% stamping and any other format anything 00:04:36.000 --> 00:04:39.050 align:start position:0% stamping and any other format anything that<00:04:36.180> constitutes<00:04:37.020> a<00:04:37.380> ticket<00:04:38.070> ain<00:04:38.310> we're<00:04:38.910> just 00:04:39.050 --> 00:04:39.060 align:start position:0% that constitutes a ticket ain we're just 00:04:39.060 --> 00:04:40.520 align:start position:0% that constitutes a ticket ain we're just going<00:04:39.210> to<00:04:39.270> try<00:04:39.390> and<00:04:39.420> put<00:04:39.630> hashes<00:04:40.050> of<00:04:40.080> all<00:04:40.320> that 00:04:40.520 --> 00:04:40.530 align:start position:0% going to try and put hashes of all that 00:04:40.530 --> 00:04:46.790 align:start position:0% going to try and put hashes of all that into<00:04:40.830> every<00:04:41.100> other<00:04:41.220> system<00:04:42.980> so<00:04:44.960> in<00:04:45.960> terms<00:04:46.650> of 00:04:46.790 --> 00:04:46.800 align:start position:0% into every other system so in terms of 00:04:46.800 --> 00:04:48.290 align:start position:0% into every other system so in terms of the<00:04:47.130> the<00:04:47.490> structure<00:04:47.760> here<00:04:48.030> that<00:04:48.180> we're 00:04:48.290 --> 00:04:48.300 align:start position:0% the the structure here that we're 00:04:48.300 --> 00:04:50.270 align:start position:0% the the structure here that we're familiar<00:04:48.360> with<00:04:48.600> this<00:04:49.170> is<00:04:49.380> shared<00:04:49.620> both<00:04:49.980> across 00:04:50.270 --> 00:04:50.280 align:start position:0% familiar with this is shared both across 00:04:50.280 --> 00:04:53.510 align:start position:0% familiar with this is shared both across blocks<00:04:51.270> with<00:04:52.170> block<00:04:52.470> headers<00:04:52.800> and<00:04:53.100> also 00:04:53.510 --> 00:04:53.520 align:start position:0% blocks with block headers and also 00:04:53.520 --> 00:04:55.970 align:start position:0% blocks with block headers and also traditional<00:04:54.360> link<00:04:54.510> time<00:04:54.690> stamping<00:04:55.110> we<00:04:55.830> have<00:04:55.950> a 00:04:55.970 --> 00:04:55.980 align:start position:0% traditional link time stamping we have a 00:04:55.980 --> 00:04:57.380 align:start position:0% traditional link time stamping we have a bunch<00:04:56.190> of<00:04:56.310> hashes<00:04:56.700> that<00:04:56.730> we're<00:04:56.940> going<00:04:57.030> to<00:04:57.090> try 00:04:57.380 --> 00:04:57.390 align:start position:0% bunch of hashes that we're going to try 00:04:57.390 --> 00:05:00.260 align:start position:0% bunch of hashes that we're going to try and<00:04:57.450> include<00:04:57.930> and<00:04:58.580> we're<00:04:59.580> gonna<00:04:59.670> hash<00:04:59.910> them<00:05:00.150> up 00:05:00.260 --> 00:05:00.270 align:start position:0% and include and we're gonna hash them up 00:05:00.270 --> 00:05:02.270 align:start position:0% and include and we're gonna hash them up into<00:05:00.480> for<00:05:00.870> example<00:05:01.230> Merkle<00:05:01.560> tree<00:05:01.770> or<00:05:01.950> anything 00:05:02.270 --> 00:05:02.280 align:start position:0% into for example Merkle tree or anything 00:05:02.280 --> 00:05:04.130 align:start position:0% into for example Merkle tree or anything else<00:05:02.520> and<00:05:03.120> we're<00:05:03.270> gonna<00:05:03.360> put<00:05:03.570> that<00:05:03.660> root<00:05:03.930> hash 00:05:04.130 --> 00:05:04.140 align:start position:0% else and we're gonna put that root hash 00:05:04.140 --> 00:05:05.660 align:start position:0% else and we're gonna put that root hash inside<00:05:04.590> of<00:05:04.680> the<00:05:04.770> packet<00:05:05.160> and<00:05:05.310> then<00:05:05.580> we're 00:05:05.660 --> 00:05:05.670 align:start position:0% inside of the packet and then we're 00:05:05.670 --> 00:05:07.340 align:start position:0% inside of the packet and then we're gonna<00:05:05.790> have<00:05:05.970> a<00:05:06.120> sequence<00:05:06.600> of<00:05:06.750> packets<00:05:07.170> and 00:05:07.340 --> 00:05:07.350 align:start position:0% gonna have a sequence of packets and 00:05:07.350 --> 00:05:09.530 align:start position:0% gonna have a sequence of packets and each<00:05:07.920> each<00:05:08.220> packet<00:05:08.610> is<00:05:08.640> going<00:05:08.760> to<00:05:08.880> contain<00:05:09.360> the 00:05:09.530 --> 00:05:09.540 align:start position:0% each each packet is going to contain the 00:05:09.540 --> 00:05:14.570 align:start position:0% each each packet is going to contain the hash<00:05:09.690> of<00:05:09.870> the<00:05:09.990> previous<00:05:10.350> and<00:05:12.770> this<00:05:13.770> this<00:05:14.160> this 00:05:14.570 --> 00:05:14.580 align:start position:0% hash of the previous and this this this 00:05:14.580 --> 00:05:18.380 align:start position:0% hash of the previous and this this this pattern<00:05:14.940> that<00:05:15.000> we<00:05:15.150> use<00:05:15.270> in<00:05:17.300> proof<00:05:18.300> of 00:05:18.380 --> 00:05:18.390 align:start position:0% pattern that we use in proof of 00:05:18.390 --> 00:05:21.140 align:start position:0% pattern that we use in proof of existence<00:05:19.010> it's<00:05:20.010> the<00:05:20.160> same<00:05:20.340> pattern<00:05:20.669> that<00:05:20.700> is 00:05:21.140 --> 00:05:21.150 align:start position:0% existence it's the same pattern that is 00:05:21.150 --> 00:05:23.360 align:start position:0% existence it's the same pattern that is called<00:05:21.480> electronic<00:05:22.260> certification<00:05:23.040> in<00:05:23.250> the 00:05:23.360 --> 00:05:23.370 align:start position:0% called electronic certification in the 00:05:23.370 --> 00:05:26.210 align:start position:0% called electronic certification in the link<00:05:23.580> time-saving<00:05:24.090> providers<00:05:24.890> it's<00:05:25.890> it's 00:05:26.210 --> 00:05:26.220 align:start position:0% link time-saving providers it's it's 00:05:26.220 --> 00:05:29.770 align:start position:0% link time-saving providers it's it's just<00:05:26.460> one<00:05:26.730> same<00:05:27.450> thing<00:05:27.750> over<00:05:27.960> and<00:05:28.080> over<00:05:28.380> again 00:05:29.770 --> 00:05:29.780 align:start position:0% just one same thing over and over again 00:05:29.780 --> 00:05:34.670 align:start position:0% just one same thing over and over again and<00:05:32.000> I'm<00:05:33.000> just<00:05:33.150> gonna<00:05:33.270> skip<00:05:33.510> ahead<00:05:33.660> here<00:05:33.780> and 00:05:34.670 --> 00:05:34.680 align:start position:0% and I'm just gonna skip ahead here and 00:05:34.680 --> 00:05:36.530 align:start position:0% and I'm just gonna skip ahead here and what<00:05:35.400> it<00:05:35.460> allows<00:05:35.669> us<00:05:35.700> to<00:05:35.850> do<00:05:36.000> is<00:05:36.120> produce<00:05:36.390> these 00:05:36.530 --> 00:05:36.540 align:start position:0% what it allows us to do is produce these 00:05:36.540 --> 00:05:40.820 align:start position:0% what it allows us to do is produce these very<00:05:36.780> compact<00:05:37.230> receipts<00:05:37.650> so<00:05:38.360> if<00:05:39.380> the<00:05:40.380> the<00:05:40.680> data 00:05:40.820 --> 00:05:40.830 align:start position:0% very compact receipts so if the the data 00:05:40.830 --> 00:05:43.520 align:start position:0% very compact receipts so if the the data is<00:05:41.010> in<00:05:41.160> blue<00:05:41.370> here<00:05:41.640> and<00:05:41.960> we<00:05:42.960> want<00:05:43.169> to<00:05:43.320> be<00:05:43.440> able 00:05:43.520 --> 00:05:43.530 align:start position:0% is in blue here and we want to be able 00:05:43.530 --> 00:05:46.130 align:start position:0% is in blue here and we want to be able to<00:05:43.680> prove<00:05:44.040> that<00:05:44.280> that<00:05:44.520> the<00:05:45.240> data<00:05:45.450> was<00:05:45.810> hashed 00:05:46.130 --> 00:05:46.140 align:start position:0% to prove that that the data was hashed 00:05:46.140 --> 00:05:48.140 align:start position:0% to prove that that the data was hashed into<00:05:46.350> this<00:05:46.560> particular<00:05:46.740> tick<00:05:47.220> here<00:05:47.460> we<00:05:48.060> only 00:05:48.140 --> 00:05:48.150 align:start position:0% into this particular tick here we only 00:05:48.150 --> 00:05:51.230 align:start position:0% into this particular tick here we only need<00:05:48.390> to<00:05:48.479> store<00:05:48.540> the<00:05:48.840> red<00:05:48.990> parts<00:05:49.320> and<00:05:50.250> so<00:05:50.760> this 00:05:51.230 --> 00:05:51.240 align:start position:0% need to store the red parts and so this 00:05:51.240 --> 00:05:53.090 align:start position:0% need to store the red parts and so this is<00:05:51.390> how<00:05:51.479> we<00:05:51.540> form<00:05:52.080> our<00:05:52.229> merkel<00:05:52.770> proof<00:05:52.950> for 00:05:53.090 --> 00:05:53.100 align:start position:0% is how we form our merkel proof for 00:05:53.100 --> 00:05:54.620 align:start position:0% is how we form our merkel proof for example<00:05:53.430> if<00:05:53.490> this<00:05:53.580> is<00:05:53.640> a<00:05:53.760> Merkel<00:05:54.120> tree<00:05:54.330> or 00:05:54.620 --> 00:05:54.630 align:start position:0% example if this is a Merkel tree or 00:05:54.630 --> 00:05:56.780 align:start position:0% example if this is a Merkel tree or whatever<00:05:55.050> our<00:05:55.169> system<00:05:55.470> is<00:05:55.620> we<00:05:56.370> have<00:05:56.490> some<00:05:56.669> kind 00:05:56.780 --> 00:05:56.790 align:start position:0% whatever our system is we have some kind 00:05:56.790 --> 00:05:59.540 align:start position:0% whatever our system is we have some kind of<00:05:56.880> receipt<00:05:57.530> now<00:05:58.530> in<00:05:58.710> the<00:05:58.800> in<00:05:59.070> the<00:05:59.190> context<00:05:59.490> of 00:05:59.540 --> 00:05:59.550 align:start position:0% of receipt now in the in the context of 00:05:59.550 --> 00:06:01.520 align:start position:0% of receipt now in the in the context of universal<00:05:59.970> hash<00:06:00.120> time<00:06:00.360> we're<00:06:00.479> gonna<00:06:00.540> say 00:06:01.520 --> 00:06:01.530 align:start position:0% universal hash time we're gonna say 00:06:01.530 --> 00:06:03.170 align:start position:0% universal hash time we're gonna say unlike<00:06:02.040> in<00:06:02.190> block<00:06:02.400> chains<00:06:02.700> we're<00:06:02.910> not<00:06:03.030> going 00:06:03.170 --> 00:06:03.180 align:start position:0% unlike in block chains we're not going 00:06:03.180 --> 00:06:04.370 align:start position:0% unlike in block chains we're not going to<00:06:03.240> try<00:06:03.390> and<00:06:03.540> store<00:06:03.780> this<00:06:03.930> we're<00:06:04.080> not<00:06:04.140> going<00:06:04.290> to 00:06:04.370 --> 00:06:04.380 align:start position:0% to try and store this we're not going to 00:06:04.380 --> 00:06:06.230 align:start position:0% to try and store this we're not going to try<00:06:04.770> and<00:06:04.950> replicate<00:06:05.490> it<00:06:05.820> we're<00:06:05.940> not<00:06:06.030> going<00:06:06.210> to 00:06:06.230 --> 00:06:06.240 align:start position:0% try and replicate it we're not going to 00:06:06.240 --> 00:06:07.670 align:start position:0% try and replicate it we're not going to try<00:06:06.419> and<00:06:06.510> make<00:06:06.600> it<00:06:06.630> available<00:06:06.810> if<00:06:07.290> you've<00:06:07.500> got 00:06:07.670 --> 00:06:07.680 align:start position:0% try and make it available if you've got 00:06:07.680 --> 00:06:09.080 align:start position:0% try and make it available if you've got some<00:06:07.919> content<00:06:08.310> that<00:06:08.370> you<00:06:08.550> care<00:06:08.790> about<00:06:08.880> the 00:06:09.080 --> 00:06:09.090 align:start position:0% some content that you care about the 00:06:09.090 --> 00:06:10.640 align:start position:0% some content that you care about the stamp<00:06:09.300> of<00:06:09.510> your<00:06:09.690> gonna<00:06:10.020> be<00:06:10.110> the<00:06:10.260> one<00:06:10.380> who<00:06:10.500> holds 00:06:10.640 --> 00:06:10.650 align:start position:0% stamp of your gonna be the one who holds 00:06:10.650 --> 00:06:13.790 align:start position:0% stamp of your gonna be the one who holds on<00:06:10.860> to<00:06:10.979> this<00:06:11.070> receipt<00:06:11.430> and<00:06:11.610> so<00:06:12.450> for<00:06:13.200> example<00:06:13.290> if 00:06:13.790 --> 00:06:13.800 align:start position:0% on to this receipt and so for example if 00:06:13.800 --> 00:06:16.400 align:start position:0% on to this receipt and so for example if one<00:06:14.160> one<00:06:14.700> hash<00:06:15.000> chain<00:06:15.030> is<00:06:15.540> being<00:06:15.840> stamped<00:06:16.169> into 00:06:16.400 --> 00:06:16.410 align:start position:0% one one hash chain is being stamped into 00:06:16.410 --> 00:06:18.409 align:start position:0% one one hash chain is being stamped into another<00:06:16.680> hash<00:06:16.890> chain<00:06:16.940> whoever<00:06:17.940> cares<00:06:18.210> about 00:06:18.409 --> 00:06:18.419 align:start position:0% another hash chain whoever cares about 00:06:18.419 --> 00:06:19.430 align:start position:0% another hash chain whoever cares about the<00:06:18.510> hash<00:06:18.660> and<00:06:18.780> they<00:06:18.900> can<00:06:19.020> hold<00:06:19.110> on<00:06:19.260> to<00:06:19.350> the 00:06:19.430 --> 00:06:19.440 align:start position:0% the hash and they can hold on to the 00:06:19.440 --> 00:06:20.450 align:start position:0% the hash and they can hold on to the receipts<00:06:19.680> we<00:06:19.770> don't<00:06:19.919> have<00:06:20.040> to<00:06:20.130> store<00:06:20.340> and 00:06:20.450 --> 00:06:20.460 align:start position:0% receipts we don't have to store and 00:06:20.460 --> 00:06:22.280 align:start position:0% receipts we don't have to store and replicate<00:06:20.790> this<00:06:20.880> data<00:06:21.150> and<00:06:21.360> that<00:06:21.810> means<00:06:22.020> going 00:06:22.280 --> 00:06:22.290 align:start position:0% replicate this data and that means going 00:06:22.290 --> 00:06:23.719 align:start position:0% replicate this data and that means going back<00:06:22.470> to<00:06:22.680> the<00:06:22.770> earlier<00:06:23.010> scalability 00:06:23.719 --> 00:06:23.729 align:start position:0% back to the earlier scalability 00:06:23.729 --> 00:06:25.670 align:start position:0% back to the earlier scalability conversations<00:06:24.390> we<00:06:24.510> were<00:06:24.540> having<00:06:24.630> that<00:06:25.530> all 00:06:25.670 --> 00:06:25.680 align:start position:0% conversations we were having that all 00:06:25.680 --> 00:06:27.140 align:start position:0% conversations we were having that all this<00:06:25.860> is<00:06:26.010> going<00:06:26.190> to<00:06:26.250> scale<00:06:26.460> extremely 00:06:27.140 --> 00:06:27.150 align:start position:0% this is going to scale extremely 00:06:27.150 --> 00:06:34.940 align:start position:0% this is going to scale extremely extremely<00:06:27.600> well<00:06:27.840> and<00:06:30.050> so<00:06:32.990> in<00:06:33.990> terms<00:06:34.590> of<00:06:34.770> in 00:06:34.940 --> 00:06:34.950 align:start position:0% extremely well and so in terms of in 00:06:34.950 --> 00:06:36.770 align:start position:0% extremely well and so in terms of in terms<00:06:35.130> of<00:06:35.310> scaling<00:06:35.760> we<00:06:36.030> don't<00:06:36.180> have<00:06:36.330> to<00:06:36.539> have 00:06:36.770 --> 00:06:36.780 align:start position:0% terms of scaling we don't have to have 00:06:36.780 --> 00:06:38.629 align:start position:0% terms of scaling we don't have to have every<00:06:37.260> party<00:06:37.590> keeping<00:06:37.890> a<00:06:37.950> copy<00:06:38.130> of<00:06:38.310> everything 00:06:38.629 --> 00:06:38.639 align:start position:0% every party keeping a copy of everything 00:06:38.639 --> 00:06:40.610 align:start position:0% every party keeping a copy of everything every<00:06:39.180> party<00:06:39.449> validating<00:06:40.259> everything<00:06:40.349> we 00:06:40.610 --> 00:06:40.620 align:start position:0% every party validating everything we 00:06:40.620 --> 00:06:41.809 align:start position:0% every party validating everything we basically<00:06:40.800> just<00:06:40.919> have<00:06:41.129> to<00:06:41.249> sneak<00:06:41.310> these 00:06:41.809 --> 00:06:41.819 align:start position:0% basically just have to sneak these 00:06:41.819 --> 00:06:43.850 align:start position:0% basically just have to sneak these hashes<00:06:42.300> in<00:06:42.330> every<00:06:43.199> once<00:06:43.349> in<00:06:43.439> a<00:06:43.499> while<00:06:43.560> and<00:06:43.770> then 00:06:43.850 --> 00:06:43.860 align:start position:0% hashes in every once in a while and then 00:06:43.860 --> 00:06:45.739 align:start position:0% hashes in every once in a while and then ourselves<00:06:44.699> keep<00:06:44.879> track<00:06:45.150> of<00:06:45.300> the<00:06:45.389> fact<00:06:45.419> that<00:06:45.659> we 00:06:45.739 --> 00:06:45.749 align:start position:0% ourselves keep track of the fact that we 00:06:45.749 --> 00:06:47.239 align:start position:0% ourselves keep track of the fact that we did<00:06:45.930> this<00:06:46.110> as<00:06:46.289> long<00:06:46.770> as<00:06:46.830> we<00:06:46.919> have<00:06:47.129> this 00:06:47.239 --> 00:06:47.249 align:start position:0% did this as long as we have this 00:06:47.249 --> 00:06:48.649 align:start position:0% did this as long as we have this property<00:06:47.580> we're<00:06:47.699> going<00:06:47.819> to<00:06:47.879> later<00:06:47.999> be<00:06:48.419> able<00:06:48.599> to 00:06:48.649 --> 00:06:48.659 align:start position:0% property we're going to later be able to 00:06:48.659 --> 00:06:51.019 align:start position:0% property we're going to later be able to come<00:06:48.870> back<00:06:49.020> and<00:06:49.319> give<00:06:50.039> time<00:06:50.370> like<00:06:50.580> guarantees 00:06:51.019 --> 00:06:51.029 align:start position:0% come back and give time like guarantees 00:06:51.029 --> 00:06:52.610 align:start position:0% come back and give time like guarantees that<00:06:51.060> can<00:06:51.389> be<00:06:51.509> cryptographically<00:06:51.990> verified 00:06:52.610 --> 00:06:52.620 align:start position:0% that can be cryptographically verified 00:06:52.620 --> 00:06:54.409 align:start position:0% that can be cryptographically verified and<00:06:52.860> importantly<00:06:53.340> those<00:06:53.580> timely<00:06:54.029> guarantees 00:06:54.409 --> 00:06:54.419 align:start position:0% and importantly those timely guarantees 00:06:54.419 --> 00:06:56.450 align:start position:0% and importantly those timely guarantees can<00:06:54.599> be<00:06:54.749> cryptographically<00:06:55.169> verified<00:06:55.710> inside 00:06:56.450 --> 00:06:56.460 align:start position:0% can be cryptographically verified inside 00:06:56.460 --> 00:06:57.230 align:start position:0% can be cryptographically verified inside of<00:06:56.580> blockchains 00:06:57.230 --> 00:06:57.240 align:start position:0% of blockchains 00:06:57.240 --> 00:06:59.480 align:start position:0% of blockchains normally<00:06:58.139> if<00:06:58.259> I<00:06:58.379> want<00:06:58.770> to<00:06:58.889> prove<00:06:59.069> inside<00:06:59.340> of<00:06:59.430> a 00:06:59.480 --> 00:06:59.490 align:start position:0% normally if I want to prove inside of a 00:06:59.490 --> 00:07:00.649 align:start position:0% normally if I want to prove inside of a blockchain<00:06:59.699> that<00:06:59.999> something<00:07:00.270> happened<00:07:00.539> at<00:07:00.599> a 00:07:00.649 --> 00:07:00.659 align:start position:0% blockchain that something happened at a 00:07:00.659 --> 00:07:02.239 align:start position:0% blockchain that something happened at a certain<00:07:00.870> point<00:07:00.990> in<00:07:01.169> time<00:07:01.319> I<00:07:01.590> have<00:07:02.039> very 00:07:02.239 --> 00:07:02.249 align:start position:0% certain point in time I have very 00:07:02.249 --> 00:07:03.589 align:start position:0% certain point in time I have very limited<00:07:02.430> options<00:07:02.759> for<00:07:03.090> that<00:07:03.180> I<00:07:03.240> need<00:07:03.419> some 00:07:03.589 --> 00:07:03.599 align:start position:0% limited options for that I need some 00:07:03.599 --> 00:07:04.790 align:start position:0% limited options for that I need some kind<00:07:03.689> of<00:07:03.810> centralized<00:07:04.229> provider<00:07:04.590> to 00:07:04.790 --> 00:07:04.800 align:start position:0% kind of centralized provider to 00:07:04.800 --> 00:07:08.059 align:start position:0% kind of centralized provider to timestamp<00:07:05.639> or<00:07:05.789> something<00:07:06.090> like<00:07:06.240> this<00:07:07.069> and 00:07:08.059 --> 00:07:08.069 align:start position:0% timestamp or something like this and 00:07:08.069 --> 00:07:09.200 align:start position:0% timestamp or something like this and what<00:07:08.370> we're<00:07:08.460> gonna<00:07:08.550> see<00:07:08.729> is<00:07:08.819> that<00:07:08.909> this<00:07:09.060> has<00:07:09.180> a 00:07:09.200 --> 00:07:09.210 align:start position:0% what we're gonna see is that this has a 00:07:09.210 --> 00:07:10.309 align:start position:0% what we're gonna see is that this has a lot<00:07:09.330> of<00:07:09.419> applications<00:07:09.930> in<00:07:09.990> the<00:07:10.080> blockchain 00:07:10.309 --> 00:07:10.319 align:start position:0% lot of applications in the blockchain 00:07:10.319 --> 00:07:14.629 align:start position:0% lot of applications in the blockchain world<00:07:12.169> the<00:07:13.169> first<00:07:13.409> question<00:07:13.979> that<00:07:14.009> comes<00:07:14.490> to 00:07:14.629 --> 00:07:14.639 align:start position:0% world the first question that comes to 00:07:14.639 --> 00:07:18.170 align:start position:0% world the first question that comes to mind<00:07:14.879> is<00:07:15.949> the<00:07:16.949> economics<00:07:17.430> of<00:07:17.520> this<00:07:17.669> if<00:07:17.939> you're 00:07:18.170 --> 00:07:18.180 align:start position:0% mind is the economics of this if you're 00:07:18.180 --> 00:07:21.050 align:start position:0% mind is the economics of this if you're going<00:07:18.419> to<00:07:18.599> be<00:07:19.409> moving<00:07:20.069> between<00:07:20.490> chains<00:07:20.819> and 00:07:21.050 --> 00:07:21.060 align:start position:0% going to be moving between chains and 00:07:21.060 --> 00:07:23.390 align:start position:0% going to be moving between chains and and<00:07:21.409> stamping<00:07:22.409> between<00:07:22.710> chains<00:07:22.979> and<00:07:23.129> tried<00:07:23.279> to 00:07:23.390 --> 00:07:23.400 align:start position:0% and stamping between chains and tried to 00:07:23.400 --> 00:07:25.939 align:start position:0% and stamping between chains and tried to do<00:07:23.520> this<00:07:23.610> reliably<00:07:24.199> how<00:07:25.199> can<00:07:25.349> you<00:07:25.439> pay<00:07:25.590> for<00:07:25.620> it 00:07:25.939 --> 00:07:25.949 align:start position:0% do this reliably how can you pay for it 00:07:25.949 --> 00:07:28.480 align:start position:0% do this reliably how can you pay for it especially<00:07:26.069> if<00:07:26.759> the<00:07:27.180> chains<00:07:27.659> maybe<00:07:28.020> are 00:07:28.480 --> 00:07:28.490 align:start position:0% especially if the chains maybe are 00:07:28.490 --> 00:07:30.439 align:start position:0% especially if the chains maybe are moving<00:07:29.490> in<00:07:29.580> different<00:07:29.669> cycles<00:07:30.210> and<00:07:30.330> have 00:07:30.439 --> 00:07:30.449 align:start position:0% moving in different cycles and have 00:07:30.449 --> 00:07:32.839 align:start position:0% moving in different cycles and have different<00:07:30.629> cryptocurrencies<00:07:31.819> there's<00:07:32.819> a 00:07:32.839 --> 00:07:32.849 align:start position:0% different cryptocurrencies there's a 00:07:32.849 --> 00:07:34.939 align:start position:0% different cryptocurrencies there's a very<00:07:33.029> very<00:07:33.389> easy<00:07:33.569> answer<00:07:33.719> to<00:07:33.839> this<00:07:33.990> for<00:07:34.860> those 00:07:34.939 --> 00:07:34.949 align:start position:0% very very easy answer to this for those 00:07:34.949 --> 00:07:36.409 align:start position:0% very very easy answer to this for those of<00:07:35.069> you<00:07:35.129> who<00:07:35.250> are<00:07:35.310> familiar<00:07:35.430> with<00:07:35.729> the<00:07:36.000> concept 00:07:36.409 --> 00:07:36.419 align:start position:0% of you who are familiar with the concept 00:07:36.419 --> 00:07:39.469 align:start position:0% of you who are familiar with the concept of<00:07:36.509> payment<00:07:36.900> channels<00:07:37.939> state<00:07:38.939> channels<00:07:39.300> is 00:07:39.469 --> 00:07:39.479 align:start position:0% of payment channels state channels is 00:07:39.479 --> 00:07:41.329 align:start position:0% of payment channels state channels is the<00:07:39.839> generalized<00:07:40.259> idea<00:07:40.560> of<00:07:40.710> payment<00:07:41.009> channels 00:07:41.329 --> 00:07:41.339 align:start position:0% the generalized idea of payment channels 00:07:41.339 --> 00:07:43.459 align:start position:0% the generalized idea of payment channels and<00:07:41.580> it's<00:07:41.969> the<00:07:42.599> same<00:07:42.779> basic<00:07:42.810> concept<00:07:43.110> that 00:07:43.459 --> 00:07:43.469 align:start position:0% and it's the same basic concept that 00:07:43.469 --> 00:07:44.749 align:start position:0% and it's the same basic concept that you'll<00:07:43.740> have<00:07:43.860> heard<00:07:44.039> two<00:07:44.279> or<00:07:44.400> three<00:07:44.550> times 00:07:44.749 --> 00:07:44.759 align:start position:0% you'll have heard two or three times 00:07:44.759 --> 00:07:48.290 align:start position:0% you'll have heard two or three times today<00:07:45.120> if<00:07:46.050> you<00:07:46.229> can<00:07:46.439> produce<00:07:46.889> a<00:07:47.300> game 00:07:48.290 --> 00:07:48.300 align:start position:0% today if you can produce a game 00:07:48.300 --> 00:07:51.019 align:start position:0% today if you can produce a game theoretic<00:07:48.569> smart<00:07:49.229> contract<00:07:49.740> judge<00:07:50.610> that's 00:07:51.019 --> 00:07:51.029 align:start position:0% theoretic smart contract judge that's 00:07:51.029 --> 00:07:52.700 align:start position:0% theoretic smart contract judge that's capable<00:07:51.270> of<00:07:51.629> judging<00:07:52.080> between<00:07:52.439> two 00:07:52.700 --> 00:07:52.710 align:start position:0% capable of judging between two 00:07:52.710 --> 00:07:55.550 align:start position:0% capable of judging between two participants<00:07:53.279> and<00:07:54.199> accepting<00:07:55.199> their<00:07:55.349> proof 00:07:55.550 --> 00:07:55.560 align:start position:0% participants and accepting their proof 00:07:55.560 --> 00:07:56.990 align:start position:0% participants and accepting their proof accepting<00:07:56.009> their<00:07:56.129> evidence<00:07:56.460> and<00:07:56.819> on<00:07:56.909> the 00:07:56.990 --> 00:07:57.000 align:start position:0% accepting their evidence and on the 00:07:57.000 --> 00:07:59.149 align:start position:0% accepting their evidence and on the basis<00:07:57.330> of<00:07:57.419> that<00:07:57.539> evidence<00:07:57.810> deciding<00:07:58.620> what's 00:07:59.149 --> 00:07:59.159 align:start position:0% basis of that evidence deciding what's 00:07:59.159 --> 00:08:00.860 align:start position:0% basis of that evidence deciding what's going<00:07:59.310> to<00:07:59.339> happen<00:07:59.699> then<00:08:00.089> you<00:08:00.240> normally<00:08:00.719> won't 00:08:00.860 --> 00:08:00.870 align:start position:0% going to happen then you normally won't 00:08:00.870 --> 00:08:02.570 align:start position:0% going to happen then you normally won't have<00:08:01.110> to<00:08:01.289> submit<00:08:01.589> that<00:08:01.710> evidence<00:08:01.919> as<00:08:02.310> long<00:08:02.460> as 00:08:02.570 --> 00:08:02.580 align:start position:0% have to submit that evidence as long as 00:08:02.580 --> 00:08:05.119 align:start position:0% have to submit that evidence as long as you're<00:08:02.699> confident<00:08:03.270> that<00:08:03.830> someone<00:08:04.830> has<00:08:04.949> signed 00:08:05.119 --> 00:08:05.129 align:start position:0% you're confident that someone has signed 00:08:05.129 --> 00:08:06.469 align:start position:0% you're confident that someone has signed something<00:08:05.430> and<00:08:05.639> you<00:08:05.699> could<00:08:05.939> submit<00:08:06.180> it<00:08:06.360> to<00:08:06.449> a 00:08:06.469 --> 00:08:06.479 align:start position:0% something and you could submit it to a 00:08:06.479 --> 00:08:07.820 align:start position:0% something and you could submit it to a smart<00:08:06.689> contract<00:08:07.139> and<00:08:07.229> get<00:08:07.289> something<00:08:07.680> back 00:08:07.820 --> 00:08:07.830 align:start position:0% smart contract and get something back 00:08:07.830 --> 00:08:10.070 align:start position:0% smart contract and get something back out<00:08:08.069> then<00:08:08.789> you<00:08:09.240> probably<00:08:09.539> never<00:08:09.659> have<00:08:09.839> to<00:08:09.960> do 00:08:10.070 --> 00:08:10.080 align:start position:0% out then you probably never have to do 00:08:10.080 --> 00:08:12.050 align:start position:0% out then you probably never have to do this<00:08:10.229> because<00:08:10.439> you<00:08:10.680> can<00:08:10.710> kind<00:08:11.039> of<00:08:11.129> just<00:08:11.610> agree 00:08:12.050 --> 00:08:12.060 align:start position:0% this because you can kind of just agree 00:08:12.060 --> 00:08:13.459 align:start position:0% this because you can kind of just agree that<00:08:12.270> the<00:08:12.389> transfer<00:08:12.750> has<00:08:12.870> already<00:08:13.169> taken 00:08:13.459 --> 00:08:13.469 align:start position:0% that the transfer has already taken 00:08:13.469 --> 00:08:15.679 align:start position:0% that the transfer has already taken place<00:08:13.620> enforced<00:08:14.460> only<00:08:14.610> if<00:08:15.029> necessary<00:08:15.210> by<00:08:15.629> the 00:08:15.679 --> 00:08:15.689 align:start position:0% place enforced only if necessary by the 00:08:15.689 --> 00:08:17.629 align:start position:0% place enforced only if necessary by the blockchain<00:08:15.930> the<00:08:16.680> same<00:08:16.889> technique<00:08:17.219> that<00:08:17.370> swarm 00:08:17.629 --> 00:08:17.639 align:start position:0% blockchain the same technique that swarm 00:08:17.639 --> 00:08:19.730 align:start position:0% blockchain the same technique that swarm was<00:08:17.789> referring<00:08:18.089> to<00:08:18.180> earlier<00:08:18.680> this<00:08:19.680> is 00:08:19.730 --> 00:08:19.740 align:start position:0% was referring to earlier this is 00:08:19.740 --> 00:08:20.510 align:start position:0% was referring to earlier this is fantastic 00:08:20.510 --> 00:08:20.520 align:start position:0% fantastic 00:08:20.520 --> 00:08:23.959 align:start position:0% fantastic because<00:08:21.500> if<00:08:22.500> we<00:08:22.740> can<00:08:22.889> write<00:08:23.099> smart<00:08:23.460> contracts 00:08:23.959 --> 00:08:23.969 align:start position:0% because if we can write smart contracts 00:08:23.969 --> 00:08:26.240 align:start position:0% because if we can write smart contracts that<00:08:24.360> allow<00:08:24.930> us<00:08:24.960> to<00:08:25.139> payout<00:08:25.620> only<00:08:26.009> in<00:08:26.129> the 00:08:26.240 --> 00:08:26.250 align:start position:0% that allow us to payout only in the 00:08:26.250 --> 00:08:28.369 align:start position:0% that allow us to payout only in the event<00:08:26.550> that<00:08:26.639> our<00:08:26.939> hashes<00:08:27.629> were<00:08:27.719> included<00:08:28.169> into 00:08:28.369 --> 00:08:28.379 align:start position:0% event that our hashes were included into 00:08:28.379 --> 00:08:31.159 align:start position:0% event that our hashes were included into other<00:08:28.529> chains<00:08:29.029> and<00:08:30.029> this<00:08:30.389> can<00:08:30.509> be<00:08:30.599> paid<00:08:30.899> for<00:08:31.080> by 00:08:31.159 --> 00:08:31.169 align:start position:0% other chains and this can be paid for by 00:08:31.169 --> 00:08:32.719 align:start position:0% other chains and this can be paid for by anybody<00:08:31.439> can<00:08:31.589> be<00:08:31.649> the<00:08:31.680> person<00:08:31.919> whose<00:08:32.219> data<00:08:32.490> is 00:08:32.719 --> 00:08:32.729 align:start position:0% anybody can be the person whose data is 00:08:32.729 --> 00:08:34.670 align:start position:0% anybody can be the person whose data is being<00:08:33.419> hashed<00:08:33.750> into<00:08:33.990> the<00:08:34.169> chain<00:08:34.380> but<00:08:34.500> it<00:08:34.589> can 00:08:34.670 --> 00:08:34.680 align:start position:0% being hashed into the chain but it can 00:08:34.680 --> 00:08:35.870 align:start position:0% being hashed into the chain but it can also<00:08:34.800> be<00:08:34.890> someone<00:08:35.250> who<00:08:35.310> wants<00:08:35.490> to<00:08:35.579> fund<00:08:35.760> this 00:08:35.870 --> 00:08:35.880 align:start position:0% also be someone who wants to fund this 00:08:35.880 --> 00:08:36.709 align:start position:0% also be someone who wants to fund this as<00:08:36.000> a<00:08:36.029> public<00:08:36.240> good 00:08:36.709 --> 00:08:36.719 align:start position:0% as a public good 00:08:36.719 --> 00:08:38.990 align:start position:0% as a public good for<00:08:37.380> example<00:08:37.680> maybe<00:08:37.919> I<00:08:37.979> want<00:08:38.399> to<00:08:38.519> fund<00:08:38.849> as<00:08:38.969> a 00:08:38.990 --> 00:08:39.000 align:start position:0% for example maybe I want to fund as a 00:08:39.000 --> 00:08:40.909 align:start position:0% for example maybe I want to fund as a public<00:08:39.329> good<00:08:39.360> the<00:08:39.659> idea<00:08:39.750> of<00:08:40.110> having<00:08:40.289> all<00:08:40.620> a 00:08:40.909 --> 00:08:40.919 align:start position:0% public good the idea of having all a 00:08:40.919 --> 00:08:43.759 align:start position:0% public good the idea of having all a theorem<00:08:41.519> hashes<00:08:42.110> included<00:08:43.110> in<00:08:43.199> the<00:08:43.529> Merkle 00:08:43.759 --> 00:08:43.769 align:start position:0% theorem hashes included in the Merkle 00:08:43.769 --> 00:08:46.430 align:start position:0% theorem hashes included in the Merkle tree<00:08:43.890> of<00:08:43.979> Bitcoin<00:08:44.370> and<00:08:44.610> vice<00:08:44.820> versa<00:08:45.410> then<00:08:46.410> I 00:08:46.430 --> 00:08:46.440 align:start position:0% tree of Bitcoin and vice versa then I 00:08:46.440 --> 00:08:47.990 align:start position:0% tree of Bitcoin and vice versa then I can<00:08:46.680> just<00:08:46.829> write<00:08:46.920> those<00:08:47.069> terms<00:08:47.399> into<00:08:47.640> a<00:08:47.670> smart 00:08:47.990 --> 00:08:48.000 align:start position:0% can just write those terms into a smart 00:08:48.000 --> 00:08:50.389 align:start position:0% can just write those terms into a smart contract<00:08:48.180> and<00:08:48.779> I<00:08:49.620> can<00:08:49.769> design<00:08:49.890> that<00:08:50.190> smart 00:08:50.389 --> 00:08:50.399 align:start position:0% contract and I can design that smart 00:08:50.399 --> 00:08:52.400 align:start position:0% contract and I can design that smart contract<00:08:50.819> in<00:08:50.940> the<00:08:51.029> form<00:08:51.240> of<00:08:51.329> a<00:08:51.390> state<00:08:51.660> channel 00:08:52.400 --> 00:08:52.410 align:start position:0% contract in the form of a state channel 00:08:52.410 --> 00:08:55.340 align:start position:0% contract in the form of a state channel and<00:08:52.500> what's<00:08:52.860> gonna<00:08:52.980> happen<00:08:53.069> is<00:08:53.699> that<00:08:54.420> because 00:08:55.340 --> 00:08:55.350 align:start position:0% and what's gonna happen is that because 00:08:55.350 --> 00:08:57.769 align:start position:0% and what's gonna happen is that because the<00:08:55.740> the<00:08:56.370> ability<00:08:57.089> to<00:08:57.120> appeal<00:08:57.540> to<00:08:57.600> the 00:08:57.769 --> 00:08:57.779 align:start position:0% the the ability to appeal to the 00:08:57.779 --> 00:08:59.300 align:start position:0% the the ability to appeal to the blockchain<00:08:57.959> is<00:08:58.139> present<00:08:58.620> in<00:08:58.680> most<00:08:58.800> cases<00:08:59.100> I'll 00:08:59.300 --> 00:08:59.310 align:start position:0% blockchain is present in most cases I'll 00:08:59.310 --> 00:09:00.530 align:start position:0% blockchain is present in most cases I'll be<00:08:59.430> able<00:08:59.490> to<00:08:59.579> pay<00:08:59.790> out<00:08:59.879> that<00:09:00.000> entire<00:09:00.120> smart 00:09:00.530 --> 00:09:00.540 align:start position:0% be able to pay out that entire smart 00:09:00.540 --> 00:09:02.749 align:start position:0% be able to pay out that entire smart contract<00:09:00.959> instantly<00:09:01.740> in<00:09:01.889> real<00:09:02.069> time<00:09:02.279> very 00:09:02.749 --> 00:09:02.759 align:start position:0% contract instantly in real time very 00:09:02.759 --> 00:09:05.319 align:start position:0% contract instantly in real time very small<00:09:02.970> amounts<00:09:03.240> no<00:09:03.389> transaction<00:09:03.930> fees<00:09:04.079> and 00:09:05.319 --> 00:09:05.329 align:start position:0% small amounts no transaction fees and 00:09:05.329 --> 00:09:07.699 align:start position:0% small amounts no transaction fees and even<00:09:06.329> though<00:09:06.420> I'm<00:09:06.540> incentivizing<00:09:07.410> this<00:09:07.529> as<00:09:07.680> a 00:09:07.699 --> 00:09:07.709 align:start position:0% even though I'm incentivizing this as a 00:09:07.709 --> 00:09:09.050 align:start position:0% even though I'm incentivizing this as a public<00:09:07.920> good<00:09:08.129> so<00:09:08.370> it's<00:09:08.519> all<00:09:08.670> it's<00:09:08.910> all<00:09:09.000> a 00:09:09.050 --> 00:09:09.060 align:start position:0% public good so it's all it's all a 00:09:09.060 --> 00:09:12.079 align:start position:0% public good so it's all it's all a trustless<00:09:09.509> system<00:09:09.870> it's<00:09:10.110> all<00:09:10.790> very<00:09:11.790> easy<00:09:11.879> to 00:09:12.079 --> 00:09:12.089 align:start position:0% trustless system it's all very easy to 00:09:12.089 --> 00:09:17.389 align:start position:0% trustless system it's all very easy to support<00:09:12.269> very<00:09:13.019> easy<00:09:13.230> to<00:09:14.540> have<00:09:16.160> kind<00:09:17.160> of<00:09:17.220> follow 00:09:17.389 --> 00:09:17.399 align:start position:0% support very easy to have kind of follow 00:09:17.399 --> 00:09:20.119 align:start position:0% support very easy to have kind of follow the<00:09:17.550> same<00:09:17.579> ipfs<00:09:18.360> model<00:09:18.720> of<00:09:19.009> throw<00:09:20.009> the 00:09:20.119 --> 00:09:20.129 align:start position:0% the same ipfs model of throw the 00:09:20.129 --> 00:09:22.040 align:start position:0% the same ipfs model of throw the expectation<00:09:20.670> out<00:09:20.790> there<00:09:20.970> and<00:09:21.149> let<00:09:21.360> the<00:09:21.569> let 00:09:22.040 --> 00:09:22.050 align:start position:0% expectation out there and let the let 00:09:22.050 --> 00:09:23.240 align:start position:0% expectation out there and let the let the<00:09:22.139> network<00:09:22.319> respond<00:09:22.769> if<00:09:22.920> it<00:09:23.009> thinks<00:09:23.220> that 00:09:23.240 --> 00:09:23.250 align:start position:0% the network respond if it thinks that 00:09:23.250 --> 00:09:26.300 align:start position:0% the network respond if it thinks that what<00:09:23.430> you're<00:09:23.550> doing<00:09:23.730> is<00:09:23.819> valuable<00:09:24.000> so<00:09:25.310> the 00:09:26.300 --> 00:09:26.310 align:start position:0% what you're doing is valuable so the 00:09:26.310 --> 00:09:27.679 align:start position:0% what you're doing is valuable so the result<00:09:26.610> that<00:09:26.699> we<00:09:26.819> have<00:09:26.970> if<00:09:27.120> we<00:09:27.269> can<00:09:27.420> do<00:09:27.509> all<00:09:27.540> of 00:09:27.679 --> 00:09:27.689 align:start position:0% result that we have if we can do all of 00:09:27.689 --> 00:09:31.670 align:start position:0% result that we have if we can do all of this<00:09:27.930> if<00:09:28.139> we<00:09:28.199> can<00:09:28.579> efficiently<00:09:29.579> hash<00:09:30.470> most<00:09:31.470> of 00:09:31.670 --> 00:09:31.680 align:start position:0% this if we can efficiently hash most of 00:09:31.680 --> 00:09:33.110 align:start position:0% this if we can efficiently hash most of our<00:09:31.829> different<00:09:32.399> conceptions<00:09:32.939> of 00:09:33.110 --> 00:09:33.120 align:start position:0% our different conceptions of 00:09:33.120 --> 00:09:34.850 align:start position:0% our different conceptions of cryptographic<00:09:33.629> time<00:09:34.110> most<00:09:34.350> of<00:09:34.439> our<00:09:34.560> different 00:09:34.850 --> 00:09:34.860 align:start position:0% cryptographic time most of our different 00:09:34.860 --> 00:09:37.220 align:start position:0% cryptographic time most of our different tick<00:09:35.009> chains<00:09:35.279> into<00:09:36.209> each<00:09:36.360> other's<00:09:36.660> ideas<00:09:36.779> is 00:09:37.220 --> 00:09:37.230 align:start position:0% tick chains into each other's ideas is 00:09:37.230 --> 00:09:38.569 align:start position:0% tick chains into each other's ideas is that<00:09:37.410> we're<00:09:37.500> going<00:09:37.589> to<00:09:37.680> get<00:09:37.800> a<00:09:37.860> very<00:09:38.189> very 00:09:38.569 --> 00:09:38.579 align:start position:0% that we're going to get a very very 00:09:38.579 --> 00:09:41.329 align:start position:0% that we're going to get a very very helpful<00:09:38.759> property<00:09:39.300> so<00:09:40.199> let<00:09:40.920> me<00:09:40.980> just<00:09:41.100> explain 00:09:41.329 --> 00:09:41.339 align:start position:0% helpful property so let me just explain 00:09:41.339 --> 00:09:42.530 align:start position:0% helpful property so let me just explain what's<00:09:41.550> happening<00:09:41.819> in<00:09:41.939> this<00:09:42.000> diagram<00:09:42.420> here 00:09:42.530 --> 00:09:42.540 align:start position:0% what's happening in this diagram here 00:09:42.540 --> 00:09:46.660 align:start position:0% what's happening in this diagram here this<00:09:43.230> along<00:09:43.620> one<00:09:43.829> side<00:09:44.069> is<00:09:44.509> kind<00:09:45.509> of<00:09:45.600> a<00:09:45.660> normal 00:09:46.660 --> 00:09:46.670 align:start position:0% this along one side is kind of a normal 00:09:46.670 --> 00:09:48.740 align:start position:0% this along one side is kind of a normal series<00:09:47.670> of<00:09:47.850> ticks<00:09:48.089> this<00:09:48.240> could<00:09:48.449> be<00:09:48.569> for 00:09:48.740 --> 00:09:48.750 align:start position:0% series of ticks this could be for 00:09:48.750 --> 00:09:50.780 align:start position:0% series of ticks this could be for example<00:09:49.079> the<00:09:49.170> headers<00:09:49.470> of<00:09:49.500> the<00:09:49.790> etherium 00:09:50.780 --> 00:09:50.790 align:start position:0% example the headers of the etherium 00:09:50.790 --> 00:09:53.449 align:start position:0% example the headers of the etherium network<00:09:51.060> or<00:09:51.269> it<00:09:51.360> could<00:09:51.509> be<00:09:51.660> the<00:09:52.560> ticks<00:09:52.829> in<00:09:53.160> your 00:09:53.449 --> 00:09:53.459 align:start position:0% network or it could be the ticks in your 00:09:53.459 --> 00:09:55.340 align:start position:0% network or it could be the ticks in your centralized<00:09:54.060> link<00:09:54.509> time<00:09:54.689> stamping<00:09:55.019> provider 00:09:55.340 --> 00:09:55.350 align:start position:0% centralized link time stamping provider 00:09:55.350 --> 00:09:57.019 align:start position:0% centralized link time stamping provider like<00:09:55.589> guard<00:09:55.800> time<00:09:56.040> or<00:09:56.220> whatever<00:09:56.850> your 00:09:57.019 --> 00:09:57.029 align:start position:0% like guard time or whatever your 00:09:57.029 --> 00:09:59.240 align:start position:0% like guard time or whatever your reference<00:09:57.360> point<00:09:57.630> is<00:09:57.949> universal<00:09:58.949> hash<00:09:59.100> time 00:09:59.240 --> 00:09:59.250 align:start position:0% reference point is universal hash time 00:09:59.250 --> 00:10:00.920 align:start position:0% reference point is universal hash time was<00:09:59.370> entirely<00:09:59.699> relativistic<00:10:00.449> it<00:10:00.569> has<00:10:00.689> no 00:10:00.920 --> 00:10:00.930 align:start position:0% was entirely relativistic it has no 00:10:00.930 --> 00:10:03.110 align:start position:0% was entirely relativistic it has no concept<00:10:01.740> of<00:10:01.889> an<00:10:02.009> absolute<00:10:02.519> state<00:10:02.790> of<00:10:02.910> things 00:10:03.110 --> 00:10:03.120 align:start position:0% concept of an absolute state of things 00:10:03.120 --> 00:10:05.960 align:start position:0% concept of an absolute state of things it<00:10:03.329> just<00:10:03.360> tries<00:10:03.779> to<00:10:04.250> be<00:10:05.250> very<00:10:05.459> greedy<00:10:05.759> and 00:10:05.960 --> 00:10:05.970 align:start position:0% it just tries to be very greedy and 00:10:05.970 --> 00:10:07.819 align:start position:0% it just tries to be very greedy and collect<00:10:06.360> all<00:10:06.569> of<00:10:06.660> the<00:10:06.990> possible<00:10:07.470> relative 00:10:07.819 --> 00:10:07.829 align:start position:0% collect all of the possible relative 00:10:07.829 --> 00:10:11.030 align:start position:0% collect all of the possible relative information<00:10:08.550> about<00:10:08.910> what's<00:10:09.060> available<00:10:10.040> so 00:10:11.030 --> 00:10:11.040 align:start position:0% information about what's available so 00:10:11.040 --> 00:10:13.370 align:start position:0% information about what's available so for<00:10:11.220> example<00:10:11.610> in<00:10:11.850> inside<00:10:12.360> of<00:10:12.569> these<00:10:12.689> various 00:10:13.370 --> 00:10:13.380 align:start position:0% for example in inside of these various 00:10:13.380 --> 00:10:14.929 align:start position:0% for example in inside of these various Merkle<00:10:13.709> trees<00:10:13.920> on<00:10:14.069> this<00:10:14.250> particular<00:10:14.759> hash 00:10:14.929 --> 00:10:14.939 align:start position:0% Merkle trees on this particular hash 00:10:14.939 --> 00:10:16.730 align:start position:0% Merkle trees on this particular hash chain<00:10:15.240> we<00:10:15.899> have<00:10:16.050> all<00:10:16.259> kinds<00:10:16.529> of<00:10:16.560> different 00:10:16.730 --> 00:10:16.740 align:start position:0% chain we have all kinds of different 00:10:16.740 --> 00:10:18.139 align:start position:0% chain we have all kinds of different data<00:10:17.040> that's<00:10:17.250> been<00:10:17.339> submit<00:10:17.639> and<00:10:17.759> some<00:10:17.939> of<00:10:18.060> that 00:10:18.139 --> 00:10:18.149 align:start position:0% data that's been submit and some of that 00:10:18.149 --> 00:10:21.319 align:start position:0% data that's been submit and some of that data<00:10:18.209> is<00:10:18.689> the<00:10:19.290> ticks<00:10:19.560> of<00:10:19.829> other<00:10:20.819> chains<00:10:21.180> that 00:10:21.319 --> 00:10:21.329 align:start position:0% data is the ticks of other chains that 00:10:21.329 --> 00:10:23.179 align:start position:0% data is the ticks of other chains that I've<00:10:21.449> colored<00:10:21.990> in<00:10:22.170> yellow<00:10:22.470> and<00:10:22.829> green<00:10:22.980> over 00:10:23.179 --> 00:10:23.189 align:start position:0% I've colored in yellow and green over 00:10:23.189 --> 00:10:26.629 align:start position:0% I've colored in yellow and green over here<00:10:23.310> so<00:10:23.430> for<00:10:23.579> example<00:10:23.939> if<00:10:24.029> this<00:10:24.149> is<00:10:25.639> aetherium 00:10:26.629 --> 00:10:26.639 align:start position:0% here so for example if this is aetherium 00:10:26.639 --> 00:10:28.550 align:start position:0% here so for example if this is aetherium let's<00:10:26.819> say<00:10:27.000> this<00:10:27.209> could<00:10:27.389> be<00:10:27.569> guard<00:10:28.110> time<00:10:28.350> up 00:10:28.550 --> 00:10:28.560 align:start position:0% let's say this could be guard time up 00:10:28.560 --> 00:10:31.160 align:start position:0% let's say this could be guard time up here<00:10:28.740> this<00:10:28.860> could<00:10:29.069> be<00:10:29.160> a<00:10:29.189> Bitcoin<00:10:29.519> out<00:10:29.670> here<00:10:30.170> we 00:10:31.160 --> 00:10:31.170 align:start position:0% here this could be a Bitcoin out here we 00:10:31.170 --> 00:10:32.420 align:start position:0% here this could be a Bitcoin out here we have<00:10:31.259> some<00:10:31.439> additional<00:10:31.620> data<00:10:31.980> that<00:10:32.069> someone's 00:10:32.420 --> 00:10:32.430 align:start position:0% have some additional data that someone's 00:10:32.430 --> 00:10:33.499 align:start position:0% have some additional data that someone's doing<00:10:32.610> a<00:10:32.699> traditional<00:10:32.880> proof<00:10:33.300> of<00:10:33.389> existence 00:10:33.499 --> 00:10:33.509 align:start position:0% doing a traditional proof of existence 00:10:33.509 --> 00:10:36.350 align:start position:0% doing a traditional proof of existence on<00:10:34.050> here<00:10:34.380> hopefully<00:10:35.370> we<00:10:35.459> have<00:10:35.550> ipfs<00:10:36.089> up<00:10:36.240> and 00:10:36.350 --> 00:10:36.360 align:start position:0% on here hopefully we have ipfs up and 00:10:36.360 --> 00:10:37.490 align:start position:0% on here hopefully we have ipfs up and running<00:10:36.630> so<00:10:36.779> that<00:10:36.809> we've<00:10:37.050> got<00:10:37.199> the<00:10:37.319> vast 00:10:37.490 --> 00:10:37.500 align:start position:0% running so that we've got the vast 00:10:37.500 --> 00:10:39.970 align:start position:0% running so that we've got the vast majority<00:10:37.649> of<00:10:37.980> data<00:10:38.220> on<00:10:38.339> a<00:10:38.370> system<00:10:38.730> like<00:10:38.850> this 00:10:39.970 --> 00:10:39.980 align:start position:0% majority of data on a system like this 00:10:39.980 --> 00:10:42.259 align:start position:0% majority of data on a system like this addressed<00:10:40.980> by<00:10:41.189> hash<00:10:41.430> and<00:10:41.730> so<00:10:41.850> it's<00:10:42.029> something 00:10:42.259 --> 00:10:42.269 align:start position:0% addressed by hash and so it's something 00:10:42.269 --> 00:10:43.730 align:start position:0% addressed by hash and so it's something like<00:10:42.360> a<00:10:42.480> major<00:10:42.660> news<00:10:42.930> event<00:10:43.259> or<00:10:43.410> anything<00:10:43.589> that 00:10:43.730 --> 00:10:43.740 align:start position:0% like a major news event or anything that 00:10:43.740 --> 00:10:45.799 align:start position:0% like a major news event or anything that happens<00:10:44.130> in<00:10:44.339> in<00:10:45.089> real<00:10:45.269> time<00:10:45.509> is<00:10:45.660> being 00:10:45.799 --> 00:10:45.809 align:start position:0% happens in in real time is being 00:10:45.809 --> 00:10:49.850 align:start position:0% happens in in real time is being included<00:10:46.439> into<00:10:46.589> this<00:10:46.709> structure<00:10:48.620> out<00:10:49.620> of<00:10:49.680> this 00:10:49.850 --> 00:10:49.860 align:start position:0% included into this structure out of this 00:10:49.860 --> 00:10:51.319 align:start position:0% included into this structure out of this we<00:10:50.040> start<00:10:50.279> to<00:10:50.370> get<00:10:50.459> some<00:10:50.610> very<00:10:50.910> important 00:10:51.319 --> 00:10:51.329 align:start position:0% we start to get some very important 00:10:51.329 --> 00:10:53.059 align:start position:0% we start to get some very important timing<00:10:51.660> information<00:10:51.779> because<00:10:52.470> if<00:10:52.709> you<00:10:52.860> have<00:10:53.040> a 00:10:53.059 --> 00:10:53.069 align:start position:0% timing information because if you have a 00:10:53.069 --> 00:10:55.490 align:start position:0% timing information because if you have a normal<00:10:53.490> policy<00:10:54.059> of<00:10:54.300> data<00:10:54.660> all<00:10:55.110> data 00:10:55.490 --> 00:10:55.500 align:start position:0% normal policy of data all data 00:10:55.500 --> 00:10:58.160 align:start position:0% normal policy of data all data everywhere<00:10:56.160> being<00:10:57.120> stamped<00:10:57.600> into<00:10:57.750> a<00:10:57.899> tick 00:10:58.160 --> 00:10:58.170 align:start position:0% everywhere being stamped into a tick 00:10:58.170 --> 00:11:00.679 align:start position:0% everywhere being stamped into a tick chain<00:10:58.439> then<00:10:59.100> then<00:10:59.490> what<00:10:59.939> you<00:11:00.029> end<00:11:00.209> up<00:11:00.389> coming 00:11:00.679 --> 00:11:00.689 align:start position:0% chain then then what you end up coming 00:11:00.689 --> 00:11:03.439 align:start position:0% chain then then what you end up coming away<00:11:01.019> with<00:11:01.050> is<00:11:01.529> the<00:11:02.459> assumption<00:11:02.910> that<00:11:03.149> the 00:11:03.439 --> 00:11:03.449 align:start position:0% away with is the assumption that the 00:11:03.449 --> 00:11:05.040 align:start position:0% away with is the assumption that the earliest<00:11:03.870> producible 00:11:05.040 --> 00:11:05.050 align:start position:0% earliest producible 00:11:05.050 --> 00:11:07.199 align:start position:0% earliest producible is<00:11:05.260> in<00:11:05.649> fact<00:11:05.950> the<00:11:06.250> time<00:11:06.490> that<00:11:06.760> content<00:11:07.089> was 00:11:07.199 --> 00:11:07.209 align:start position:0% is in fact the time that content was 00:11:07.209 --> 00:11:09.060 align:start position:0% is in fact the time that content was created<00:11:07.660> now<00:11:08.080> obviously<00:11:08.440> this<00:11:08.589> isn't<00:11:08.800> true 00:11:09.060 --> 00:11:09.070 align:start position:0% created now obviously this isn't true 00:11:09.070 --> 00:11:11.190 align:start position:0% created now obviously this isn't true historically<00:11:09.820> if<00:11:10.089> we<00:11:10.450> only<00:11:10.570> start<00:11:10.839> building 00:11:11.190 --> 00:11:11.200 align:start position:0% historically if we only start building 00:11:11.200 --> 00:11:12.900 align:start position:0% historically if we only start building the<00:11:11.290> system<00:11:11.620> now<00:11:11.769> then<00:11:12.070> the<00:11:12.519> earliest 00:11:12.900 --> 00:11:12.910 align:start position:0% the system now then the earliest 00:11:12.910 --> 00:11:14.910 align:start position:0% the system now then the earliest available<00:11:13.029> hash<00:11:13.480> of<00:11:13.779> the<00:11:14.140> Napoleonic<00:11:14.680> Wars 00:11:14.910 --> 00:11:14.920 align:start position:0% available hash of the Napoleonic Wars 00:11:14.920 --> 00:11:16.680 align:start position:0% available hash of the Napoleonic Wars will<00:11:15.160> not<00:11:15.279> be<00:11:15.459> the<00:11:15.580> time<00:11:15.730> that<00:11:15.760> the<00:11:16.180> Napoleonic 00:11:16.680 --> 00:11:16.690 align:start position:0% will not be the time that the Napoleonic 00:11:16.690 --> 00:11:18.930 align:start position:0% will not be the time that the Napoleonic Wars<00:11:16.870> happened<00:11:17.290> but<00:11:18.190> in<00:11:18.310> general<00:11:18.610> this<00:11:18.730> will 00:11:18.930 --> 00:11:18.940 align:start position:0% Wars happened but in general this will 00:11:18.940 --> 00:11:20.460 align:start position:0% Wars happened but in general this will be<00:11:19.060> true<00:11:19.269> going<00:11:19.480> forward<00:11:19.870> so<00:11:20.050> if<00:11:20.200> you<00:11:20.320> can 00:11:20.460 --> 00:11:20.470 align:start position:0% be true going forward so if you can 00:11:20.470 --> 00:11:21.750 align:start position:0% be true going forward so if you can think<00:11:20.500> of<00:11:20.740> a<00:11:20.800> detailed<00:11:21.160> description<00:11:21.399> of<00:11:21.670> a 00:11:21.750 --> 00:11:21.760 align:start position:0% think of a detailed description of a 00:11:21.760 --> 00:11:24.720 align:start position:0% think of a detailed description of a current<00:11:22.060> event<00:11:22.829> that<00:11:23.829> has<00:11:24.010> enough<00:11:24.370> features 00:11:24.720 --> 00:11:24.730 align:start position:0% current event that has enough features 00:11:24.730 --> 00:11:25.829 align:start position:0% current event that has enough features in<00:11:24.880> it<00:11:25.000> that<00:11:25.029> someone<00:11:25.300> would<00:11:25.540> not<00:11:25.570> have<00:11:25.750> been 00:11:25.829 --> 00:11:25.839 align:start position:0% in it that someone would not have been 00:11:25.839 --> 00:11:27.930 align:start position:0% in it that someone would not have been able<00:11:25.930> to<00:11:26.050> guess<00:11:26.350> in<00:11:26.589> advance<00:11:26.950> that<00:11:27.579> that<00:11:27.730> news 00:11:27.930 --> 00:11:27.940 align:start position:0% able to guess in advance that that news 00:11:27.940 --> 00:11:29.370 align:start position:0% able to guess in advance that that news article<00:11:28.269> would<00:11:28.360> be<00:11:28.510> written<00:11:28.690> in<00:11:28.899> that<00:11:29.019> exact 00:11:29.370 --> 00:11:29.380 align:start position:0% article would be written in that exact 00:11:29.380 --> 00:11:32.250 align:start position:0% article would be written in that exact way<00:11:29.620> then<00:11:30.519> the<00:11:30.700> earliest<00:11:31.180> example<00:11:31.899> the 00:11:32.250 --> 00:11:32.260 align:start position:0% way then the earliest example the 00:11:32.260 --> 00:11:34.380 align:start position:0% way then the earliest example the earliest<00:11:32.740> time<00:11:33.279> receipt<00:11:33.700> that<00:11:33.910> you<00:11:33.970> can<00:11:34.240> get 00:11:34.380 --> 00:11:34.390 align:start position:0% earliest time receipt that you can get 00:11:34.390 --> 00:11:36.120 align:start position:0% earliest time receipt that you can get the<00:11:34.510> earliest<00:11:34.810> stamp<00:11:35.410> receipt<00:11:35.769> that<00:11:35.890> you<00:11:35.980> can 00:11:36.120 --> 00:11:36.130 align:start position:0% the earliest stamp receipt that you can 00:11:36.130 --> 00:11:38.160 align:start position:0% the earliest stamp receipt that you can get<00:11:36.279> of<00:11:36.490> a<00:11:37.180> news<00:11:37.360> article<00:11:37.480> covering<00:11:38.050> that 00:11:38.160 --> 00:11:38.170 align:start position:0% get of a news article covering that 00:11:38.170 --> 00:11:40.680 align:start position:0% get of a news article covering that event<00:11:38.529> is<00:11:38.740> a<00:11:39.360> reasonable<00:11:40.360> cryptographic 00:11:40.680 --> 00:11:40.690 align:start position:0% event is a reasonable cryptographic 00:11:40.690 --> 00:11:42.870 align:start position:0% event is a reasonable cryptographic proxy<00:11:41.440> for<00:11:41.620> the<00:11:41.649> time<00:11:42.040> that<00:11:42.250> this<00:11:42.370> actually 00:11:42.870 --> 00:11:42.880 align:start position:0% proxy for the time that this actually 00:11:42.880 --> 00:11:45.300 align:start position:0% proxy for the time that this actually happened<00:11:43.500> so<00:11:44.500> you<00:11:44.529> start<00:11:44.860> with<00:11:44.890> the<00:11:45.130> the 00:11:45.300 --> 00:11:45.310 align:start position:0% happened so you start with the the 00:11:45.310 --> 00:11:47.400 align:start position:0% happened so you start with the the earliest<00:11:45.579> event<00:11:45.940> of<00:11:46.089> something<00:11:46.380> for<00:11:47.380> example 00:11:47.400 --> 00:11:47.410 align:start position:0% earliest event of something for example 00:11:47.410 --> 00:11:49.410 align:start position:0% earliest event of something for example could<00:11:47.740> be<00:11:47.800> this<00:11:47.980> data<00:11:48.190> here<00:11:48.519> and<00:11:48.700> the<00:11:49.149> earliest 00:11:49.410 --> 00:11:49.420 align:start position:0% could be this data here and the earliest 00:11:49.420 --> 00:11:50.819 align:start position:0% could be this data here and the earliest receipt<00:11:49.779> that's<00:11:49.870> available<00:11:50.110> you<00:11:50.410> can<00:11:50.560> just 00:11:50.819 --> 00:11:50.829 align:start position:0% receipt that's available you can just 00:11:50.829 --> 00:11:52.079 align:start position:0% receipt that's available you can just produce<00:11:50.980> this<00:11:51.220> in<00:11:51.370> a<00:11:51.490> normal 00:11:52.079 --> 00:11:52.089 align:start position:0% produce this in a normal 00:11:52.089 --> 00:11:53.699 align:start position:0% produce this in a normal challenge/response<00:11:53.050> format<00:11:53.380> by<00:11:53.529> just 00:11:53.699 --> 00:11:53.709 align:start position:0% challenge/response format by just 00:11:53.709 --> 00:11:55.430 align:start position:0% challenge/response format by just throwing<00:11:53.920> out<00:11:54.040> a<00:11:54.100> reward<00:11:54.399> to<00:11:54.519> the<00:11:54.610> network 00:11:55.430 --> 00:11:55.440 align:start position:0% throwing out a reward to the network 00:11:55.440 --> 00:11:58.740 align:start position:0% throwing out a reward to the network now<00:11:56.440> you<00:11:56.500> can<00:11:56.740> ask<00:11:56.920> what<00:11:57.430> happened<00:11:57.880> before<00:11:58.300> the 00:11:58.740 --> 00:11:58.750 align:start position:0% now you can ask what happened before the 00:11:58.750 --> 00:12:01.130 align:start position:0% now you can ask what happened before the earliest<00:11:59.019> available<00:11:59.230> receipt<00:11:59.950> of<00:12:00.070> this<00:12:00.220> and 00:12:01.130 --> 00:12:01.140 align:start position:0% earliest available receipt of this and 00:12:01.140 --> 00:12:03.389 align:start position:0% earliest available receipt of this and this<00:12:02.140> turns<00:12:02.320> out<00:12:02.440> to<00:12:02.500> be<00:12:02.620> incredibly<00:12:02.980> useful 00:12:03.389 --> 00:12:03.399 align:start position:0% this turns out to be incredibly useful 00:12:03.399 --> 00:12:06.840 align:start position:0% this turns out to be incredibly useful in<00:12:03.790> the<00:12:04.000> cryptographic<00:12:04.329> context<00:12:05.140> so<00:12:05.380> a<00:12:05.850> simple 00:12:06.840 --> 00:12:06.850 align:start position:0% in the cryptographic context so a simple 00:12:06.850 --> 00:12:08.250 align:start position:0% in the cryptographic context so a simple example<00:12:07.180> would<00:12:07.240> be<00:12:07.300> we've<00:12:07.959> talked<00:12:08.170> about 00:12:08.250 --> 00:12:08.260 align:start position:0% example would be we've talked about 00:12:08.260 --> 00:12:09.780 align:start position:0% example would be we've talked about proof<00:12:08.500> of<00:12:08.649> stake<00:12:08.860> and<00:12:09.070> the<00:12:09.130> problem<00:12:09.550> with 00:12:09.780 --> 00:12:09.790 align:start position:0% proof of stake and the problem with 00:12:09.790 --> 00:12:11.670 align:start position:0% proof of stake and the problem with long-range<00:12:10.329> attacks<00:12:10.660> one<00:12:11.260> of<00:12:11.290> the<00:12:11.410> problems 00:12:11.670 --> 00:12:11.680 align:start position:0% long-range attacks one of the problems 00:12:11.680 --> 00:12:13.710 align:start position:0% long-range attacks one of the problems with<00:12:11.740> long-range<00:12:11.920> attacks<00:12:12.370> is<00:12:12.670> that<00:12:12.970> you<00:12:13.540> have 00:12:13.710 --> 00:12:13.720 align:start position:0% with long-range attacks is that you have 00:12:13.720 --> 00:12:15.900 align:start position:0% with long-range attacks is that you have no<00:12:13.899> conception<00:12:14.200> of<00:12:14.470> time<00:12:14.740> if<00:12:14.980> you're<00:12:15.130> on<00:12:15.310> if 00:12:15.900 --> 00:12:15.910 align:start position:0% no conception of time if you're on if 00:12:15.910 --> 00:12:17.310 align:start position:0% no conception of time if you're on if you're<00:12:16.120> online<00:12:16.300> on<00:12:16.660> the<00:12:16.750> network<00:12:17.020> you<00:12:17.170> know 00:12:17.310 --> 00:12:17.320 align:start position:0% you're online on the network you know 00:12:17.320 --> 00:12:19.500 align:start position:0% you're online on the network you know what's<00:12:17.500> happening<00:12:17.920> live<00:12:18.130> and<00:12:18.430> you<00:12:18.910> know<00:12:19.089> that 00:12:19.500 --> 00:12:19.510 align:start position:0% what's happening live and you know that 00:12:19.510 --> 00:12:22.710 align:start position:0% what's happening live and you know that for<00:12:20.260> example<00:12:20.470> this<00:12:20.740> person<00:12:21.070> over<00:12:21.160> here<00:12:21.720> was 00:12:22.710 --> 00:12:22.720 align:start position:0% for example this person over here was 00:12:22.720 --> 00:12:24.569 align:start position:0% for example this person over here was not<00:12:22.959> part<00:12:23.260> of<00:12:23.320> the<00:12:23.440> consensus<00:12:23.890> at<00:12:24.100> this<00:12:24.370> time 00:12:24.569 --> 00:12:24.579 align:start position:0% not part of the consensus at this time 00:12:24.579 --> 00:12:26.460 align:start position:0% not part of the consensus at this time but<00:12:24.730> then<00:12:24.910> then<00:12:25.209> the<00:12:25.540> the<00:12:25.899> owners<00:12:26.200> of<00:12:26.230> that 00:12:26.460 --> 00:12:26.470 align:start position:0% but then then the the owners of that 00:12:26.470 --> 00:12:28.139 align:start position:0% but then then the the owners of that stake<00:12:26.770> moved<00:12:27.310> their<00:12:27.490> coins<00:12:27.730> and<00:12:27.940> then<00:12:28.029> only 00:12:28.139 --> 00:12:28.149 align:start position:0% stake moved their coins and then only 00:12:28.149 --> 00:12:30.240 align:start position:0% stake moved their coins and then only later<00:12:28.300> sold<00:12:28.959> their<00:12:29.170> keys<00:12:29.380> and<00:12:29.410> after<00:12:30.070> those 00:12:30.240 --> 00:12:30.250 align:start position:0% later sold their keys and after those 00:12:30.250 --> 00:12:32.550 align:start position:0% later sold their keys and after those keys<00:12:30.430> were<00:12:30.610> available<00:12:31.060> very<00:12:31.540> cheaply<00:12:31.959> a<00:12:32.079> very 00:12:32.550 --> 00:12:32.560 align:start position:0% keys were available very cheaply a very 00:12:32.560 --> 00:12:34.290 align:start position:0% keys were available very cheaply a very little<00:12:32.829> economic<00:12:33.010> cost<00:12:33.550> then<00:12:33.880> the<00:12:33.910> attacker 00:12:34.290 --> 00:12:34.300 align:start position:0% little economic cost then the attacker 00:12:34.300 --> 00:12:36.060 align:start position:0% little economic cost then the attacker acquired<00:12:34.720> them<00:12:34.930> and<00:12:35.050> then<00:12:35.140> produced<00:12:35.470> this<00:12:35.890> is 00:12:36.060 --> 00:12:36.070 align:start position:0% acquired them and then produced this is 00:12:36.070 --> 00:12:38.519 align:start position:0% acquired them and then produced this is a<00:12:36.100> time<00:12:36.399> difference<00:12:36.550> and<00:12:37.170> what<00:12:38.170> this<00:12:38.260> allows 00:12:38.519 --> 00:12:38.529 align:start position:0% a time difference and what this allows 00:12:38.529 --> 00:12:40.410 align:start position:0% a time difference and what this allows you<00:12:38.680> to<00:12:38.770> do<00:12:38.920> is<00:12:39.160> is<00:12:39.430> you<00:12:39.940> still<00:12:40.149> have<00:12:40.180> the 00:12:40.410 --> 00:12:40.420 align:start position:0% you to do is is you still have the 00:12:40.420 --> 00:12:42.960 align:start position:0% you to do is is you still have the subjectivity<00:12:40.870> of<00:12:41.290> any<00:12:42.279> proof<00:12:42.610> of<00:12:42.730> stake 00:12:42.960 --> 00:12:42.970 align:start position:0% subjectivity of any proof of stake 00:12:42.970 --> 00:12:44.610 align:start position:0% subjectivity of any proof of stake system<00:12:43.390> but<00:12:43.959> if<00:12:44.050> you<00:12:44.140> have<00:12:44.290> something<00:12:44.589> like 00:12:44.610 --> 00:12:44.620 align:start position:0% system but if you have something like 00:12:44.620 --> 00:12:46.410 align:start position:0% system but if you have something like universal<00:12:45.130> hash<00:12:45.250> time<00:12:45.490> set<00:12:45.700> up<00:12:45.820> you<00:12:46.000> can<00:12:46.149> take 00:12:46.410 --> 00:12:46.420 align:start position:0% universal hash time set up you can take 00:12:46.420 --> 00:12:50.250 align:start position:0% universal hash time set up you can take the<00:12:47.820> trust<00:12:48.820> out<00:12:49.060> of<00:12:49.300> the<00:12:49.480> subjectivity<00:12:49.930> so 00:12:50.250 --> 00:12:50.260 align:start position:0% the trust out of the subjectivity so 00:12:50.260 --> 00:12:52.350 align:start position:0% the trust out of the subjectivity so let's<00:12:50.860> say<00:12:50.980> that<00:12:51.100> you've<00:12:51.220> been<00:12:51.250> offline<00:12:51.880> for<00:12:51.940> a 00:12:52.350 --> 00:12:52.360 align:start position:0% let's say that you've been offline for a 00:12:52.360 --> 00:12:55.290 align:start position:0% let's say that you've been offline for a period<00:12:52.779> of<00:12:52.870> eight<00:12:53.050> months<00:12:53.230> and<00:12:53.910> you<00:12:54.910> want<00:12:55.120> to 00:12:55.290 --> 00:12:55.300 align:start position:0% period of eight months and you want to 00:12:55.300 --> 00:12:56.760 align:start position:0% period of eight months and you want to figure<00:12:55.660> out<00:12:55.779> what<00:12:55.959> the<00:12:56.050> correct<00:12:56.260> consensus 00:12:56.760 --> 00:12:56.770 align:start position:0% figure out what the correct consensus 00:12:56.770 --> 00:12:58.500 align:start position:0% figure out what the correct consensus set<00:12:56.949> is<00:12:57.100> now<00:12:57.279> you<00:12:57.550> could<00:12:57.760> find<00:12:58.089> someone<00:12:58.329> that 00:12:58.500 --> 00:12:58.510 align:start position:0% set is now you could find someone that 00:12:58.510 --> 00:12:59.069 align:start position:0% set is now you could find someone that you<00:12:58.540> trust 00:12:59.069 --> 00:12:59.079 align:start position:0% you trust 00:12:59.079 --> 00:13:00.840 align:start position:0% you trust you<00:12:59.680> could<00:12:59.800> try<00:12:59.980> and<00:13:00.100> accumulate<00:13:00.579> trust 00:13:00.840 --> 00:13:00.850 align:start position:0% you could try and accumulate trust 00:13:00.850 --> 00:13:02.310 align:start position:0% you could try and accumulate trust through<00:13:01.029> a<00:13:01.089> series<00:13:01.510> of<00:13:01.540> social<00:13:01.779> networks<00:13:02.199> or 00:13:02.310 --> 00:13:02.320 align:start position:0% through a series of social networks or 00:13:02.320 --> 00:13:04.350 align:start position:0% through a series of social networks or trusted<00:13:02.649> websites<00:13:03.040> but<00:13:03.880> what<00:13:04.060> you<00:13:04.120> could<00:13:04.269> do 00:13:04.350 --> 00:13:04.360 align:start position:0% trusted websites but what you could do 00:13:04.360 --> 00:13:05.970 align:start position:0% trusted websites but what you could do instead<00:13:04.480> is<00:13:05.110> you<00:13:05.380> could<00:13:05.500> say<00:13:05.709> I<00:13:05.890> know 00:13:05.970 --> 00:13:05.980 align:start position:0% instead is you could say I know 00:13:05.980 --> 00:13:07.439 align:start position:0% instead is you could say I know something<00:13:06.430> that<00:13:06.550> happened<00:13:06.850> four<00:13:07.089> months<00:13:07.329> ago 00:13:07.439 --> 00:13:07.449 align:start position:0% something that happened four months ago 00:13:07.449 --> 00:13:09.300 align:start position:0% something that happened four months ago so<00:13:08.050> let<00:13:08.199> me<00:13:08.290> Google<00:13:08.649> for<00:13:08.860> something<00:13:09.160> that's 00:13:09.300 --> 00:13:09.310 align:start position:0% so let me Google for something that's 00:13:09.310 --> 00:13:11.430 align:start position:0% so let me Google for something that's stored<00:13:09.550> on<00:13:09.610> ipfs<00:13:10.209> that<00:13:10.779> happened<00:13:11.050> four<00:13:11.230> months 00:13:11.430 --> 00:13:11.440 align:start position:0% stored on ipfs that happened four months 00:13:11.440 --> 00:13:12.720 align:start position:0% stored on ipfs that happened four months ago<00:13:11.529> that's<00:13:11.800> an<00:13:11.890> article<00:13:12.160> that<00:13:12.339> described 00:13:12.720 --> 00:13:12.730 align:start position:0% ago that's an article that described 00:13:12.730 --> 00:13:15.269 align:start position:0% ago that's an article that described this<00:13:12.910> okay<00:13:13.180> I<00:13:13.209> found<00:13:13.360> this<00:13:13.890> let's<00:13:14.890> find<00:13:15.130> the 00:13:15.269 --> 00:13:15.279 align:start position:0% this okay I found this let's find the 00:13:15.279 --> 00:13:17.220 align:start position:0% this okay I found this let's find the earliest<00:13:15.399> stamp<00:13:16.240> receipt<00:13:16.540> I<00:13:16.630> can<00:13:16.779> find<00:13:16.990> for<00:13:17.079> an 00:13:17.220 --> 00:13:17.230 align:start position:0% earliest stamp receipt I can find for an 00:13:17.230 --> 00:13:18.820 align:start position:0% earliest stamp receipt I can find for an article<00:13:17.440> describing<00:13:17.860> this<00:13:18.100> event 00:13:18.820 --> 00:13:18.830 align:start position:0% article describing this event 00:13:18.830 --> 00:13:22.410 align:start position:0% article describing this event happened<00:13:19.160> four<00:13:19.640> months<00:13:19.850> ago<00:13:20.030> okay<00:13:20.270> it's<00:13:20.690> it's 00:13:22.410 --> 00:13:22.420 align:start position:0% happened four months ago okay it's it's 00:13:22.420 --> 00:13:26.770 align:start position:0% happened four months ago okay it's it's it's<00:13:23.420> this<00:13:23.630> one<00:13:23.840> here<00:13:24.850> now<00:13:25.850> if<00:13:26.120> I<00:13:26.480> come<00:13:26.690> across 00:13:26.770 --> 00:13:26.780 align:start position:0% it's this one here now if I come across 00:13:26.780 --> 00:13:28.570 align:start position:0% it's this one here now if I come across a<00:13:27.020> chain<00:13:27.560> and<00:13:27.770> proof<00:13:27.950> of<00:13:28.070> steak<00:13:28.340> that's 00:13:28.570 --> 00:13:28.580 align:start position:0% a chain and proof of steak that's 00:13:28.580 --> 00:13:32.110 align:start position:0% a chain and proof of steak that's claiming<00:13:29.360> that<00:13:29.960> it<00:13:30.320> initiated<00:13:30.910> four<00:13:31.910> months 00:13:32.110 --> 00:13:32.120 align:start position:0% claiming that it initiated four months 00:13:32.120 --> 00:13:35.020 align:start position:0% claiming that it initiated four months before<00:13:32.420> that<00:13:32.450> I<00:13:33.020> can<00:13:33.770> issue<00:13:33.890> a<00:13:34.010> challenge<00:13:34.310> to 00:13:35.020 --> 00:13:35.030 align:start position:0% before that I can issue a challenge to 00:13:35.030 --> 00:13:38.800 align:start position:0% before that I can issue a challenge to to<00:13:35.660> those<00:13:35.870> those<00:13:36.580> validators<00:13:37.580> on<00:13:37.790> that<00:13:38.180> chain 00:13:38.800 --> 00:13:38.810 align:start position:0% to those those validators on that chain 00:13:38.810 --> 00:13:41.200 align:start position:0% to those those validators on that chain and<00:13:38.840> I<00:13:39.050> can<00:13:39.230> ask<00:13:39.410> if<00:13:39.770> what<00:13:40.280> you<00:13:40.430> did<00:13:40.670> if<00:13:40.970> you 00:13:41.200 --> 00:13:41.210 align:start position:0% and I can ask if what you did if you 00:13:41.210 --> 00:13:42.670 align:start position:0% and I can ask if what you did if you when<00:13:41.420> you<00:13:41.540> sign<00:13:41.720> these<00:13:41.900> blocks<00:13:42.260> and<00:13:42.440> from<00:13:42.560> this 00:13:42.670 --> 00:13:42.680 align:start position:0% when you sign these blocks and from this 00:13:42.680 --> 00:13:44.620 align:start position:0% when you sign these blocks and from this consensus<00:13:43.220> was<00:13:43.550> before<00:13:43.940> this<00:13:44.060> event<00:13:44.240> four 00:13:44.620 --> 00:13:44.630 align:start position:0% consensus was before this event four 00:13:44.630 --> 00:13:46.960 align:start position:0% consensus was before this event four months<00:13:44.900> ago<00:13:45.140> then<00:13:45.800> why<00:13:46.010> don't<00:13:46.340> you<00:13:46.430> have<00:13:46.700> a 00:13:46.960 --> 00:13:46.970 align:start position:0% months ago then why don't you have a 00:13:46.970 --> 00:13:49.630 align:start position:0% months ago then why don't you have a hash<00:13:47.300> of<00:13:47.630> this<00:13:48.080> consensus<00:13:48.680> somewhere 00:13:49.630 --> 00:13:49.640 align:start position:0% hash of this consensus somewhere 00:13:49.640 --> 00:13:53.140 align:start position:0% hash of this consensus somewhere upstream<00:13:50.530> somewhere<00:13:51.530> in<00:13:51.710> the<00:13:51.830> past<00:13:52.100> hash<00:13:52.610> cone 00:13:53.140 --> 00:13:53.150 align:start position:0% upstream somewhere in the past hash cone 00:13:53.150 --> 00:13:56.490 align:start position:0% upstream somewhere in the past hash cone of<00:13:53.530> this<00:13:54.530> receipt<00:13:55.310> that<00:13:55.460> I've<00:13:55.610> produced 00:13:56.490 --> 00:13:56.500 align:start position:0% of this receipt that I've produced 00:13:56.500 --> 00:13:59.260 align:start position:0% of this receipt that I've produced because<00:13:57.500> any<00:13:57.920> possible<00:13:58.610> news<00:13:58.760> article<00:13:59.150> that 00:13:59.260 --> 00:13:59.270 align:start position:0% because any possible news article that 00:13:59.270 --> 00:14:01.570 align:start position:0% because any possible news article that describes<00:13:59.690> an<00:14:00.620> event<00:14:00.800> could<00:14:01.100> only<00:14:01.310> have<00:14:01.550> been 00:14:01.570 --> 00:14:01.580 align:start position:0% describes an event could only have been 00:14:01.580 --> 00:14:03.220 align:start position:0% describes an event could only have been created<00:14:01.820> after<00:14:02.330> the<00:14:02.450> event<00:14:02.660> which<00:14:02.810> marks<00:14:03.110> a 00:14:03.220 --> 00:14:03.230 align:start position:0% created after the event which marks a 00:14:03.230 --> 00:14:05.440 align:start position:0% created after the event which marks a kind<00:14:04.220> of<00:14:04.280> a<00:14:04.370> barrier<00:14:04.700> in<00:14:04.820> one<00:14:04.970> direction<00:14:05.120> at 00:14:05.440 --> 00:14:05.450 align:start position:0% kind of a barrier in one direction at 00:14:05.450 --> 00:14:07.330 align:start position:0% kind of a barrier in one direction at time<00:14:05.660> so<00:14:05.930> if<00:14:06.170> something<00:14:06.800> happened<00:14:07.070> before 00:14:07.330 --> 00:14:07.340 align:start position:0% time so if something happened before 00:14:07.340 --> 00:14:09.790 align:start position:0% time so if something happened before that<00:14:07.370> it<00:14:08.030> becomes<00:14:08.390> unreasonable<00:14:08.930> even<00:14:09.500> on 00:14:09.790 --> 00:14:09.800 align:start position:0% that it becomes unreasonable even on 00:14:09.800 --> 00:14:11.380 align:start position:0% that it becomes unreasonable even on your<00:14:10.040> own<00:14:10.100> personal<00:14:10.550> basis<00:14:10.820> before<00:14:10.970> you<00:14:11.180> check 00:14:11.380 --> 00:14:11.390 align:start position:0% your own personal basis before you check 00:14:11.390 --> 00:14:13.810 align:start position:0% your own personal basis before you check anything<00:14:11.750> in<00:14:11.840> the<00:14:11.900> network<00:14:12.170> to<00:14:13.130> think<00:14:13.670> that 00:14:13.810 --> 00:14:13.820 align:start position:0% anything in the network to think that 00:14:13.820 --> 00:14:14.770 align:start position:0% anything in the network to think that somebody<00:14:14.120> would<00:14:14.270> have<00:14:14.300> produced<00:14:14.630> this 00:14:14.770 --> 00:14:14.780 align:start position:0% somebody would have produced this 00:14:14.780 --> 00:14:16.480 align:start position:0% somebody would have produced this consensus<00:14:15.260> and<00:14:15.410> would<00:14:15.560> not<00:14:15.800> have<00:14:16.040> hashed<00:14:16.280> it 00:14:16.480 --> 00:14:16.490 align:start position:0% consensus and would not have hashed it 00:14:16.490 --> 00:14:19.090 align:start position:0% consensus and would not have hashed it somehow<00:14:16.670> into<00:14:16.940> the<00:14:17.090> past<00:14:17.360> of<00:14:17.780> this<00:14:18.590> particular 00:14:19.090 --> 00:14:19.100 align:start position:0% somehow into the past of this particular 00:14:19.100 --> 00:14:21.640 align:start position:0% somehow into the past of this particular event<00:14:19.450> that's<00:14:20.450> one<00:14:20.660> example<00:14:20.780> there<00:14:21.590> are 00:14:21.640 --> 00:14:21.650 align:start position:0% event that's one example there are 00:14:21.650 --> 00:14:22.660 align:start position:0% event that's one example there are numerous<00:14:21.770> other<00:14:21.980> examples<00:14:22.430> of<00:14:22.490> how<00:14:22.550> this 00:14:22.660 --> 00:14:22.670 align:start position:0% numerous other examples of how this 00:14:22.670 --> 00:14:23.800 align:start position:0% numerous other examples of how this becomes<00:14:22.940> cryptographically<00:14:23.360> useful<00:14:23.720> I'm 00:14:23.800 --> 00:14:23.810 align:start position:0% becomes cryptographically useful I'm 00:14:23.810 --> 00:14:25.450 align:start position:0% becomes cryptographically useful I'm running<00:14:24.020> out<00:14:24.080> of<00:14:24.140> time<00:14:24.320> and<00:14:24.710> I'm<00:14:24.890> gonna<00:14:25.280> stick 00:14:25.450 --> 00:14:25.460 align:start position:0% running out of time and I'm gonna stick 00:14:25.460 --> 00:14:26.830 align:start position:0% running out of time and I'm gonna stick within<00:14:25.700> that<00:14:25.820> so<00:14:26.060> you<00:14:26.120> can<00:14:26.300> come<00:14:26.540> up<00:14:26.570> and<00:14:26.690> ask 00:14:26.830 --> 00:14:26.840 align:start position:0% within that so you can come up and ask 00:14:26.840 --> 00:14:28.000 align:start position:0% within that so you can come up and ask me<00:14:27.020> questions<00:14:27.320> about<00:14:27.350> this<00:14:27.590> later<00:14:27.770> but<00:14:27.890> I'll 00:14:28.000 --> 00:14:28.010 align:start position:0% me questions about this later but I'll 00:14:28.010 --> 00:14:30.040 align:start position:0% me questions about this later but I'll just<00:14:28.040> give<00:14:28.220> one<00:14:28.370> other<00:14:28.490> one<00:14:28.670> very<00:14:28.850> quick<00:14:29.060> let's 00:14:30.040 --> 00:14:30.050 align:start position:0% just give one other one very quick let's 00:14:30.050 --> 00:14:31.120 align:start position:0% just give one other one very quick let's say<00:14:30.140> you're<00:14:30.260> producing<00:14:30.440> some<00:14:30.740> live<00:14:30.890> news 00:14:31.120 --> 00:14:31.130 align:start position:0% say you're producing some live news 00:14:31.130 --> 00:14:33.700 align:start position:0% say you're producing some live news footage<00:14:31.310> and<00:14:31.670> you<00:14:31.940> want<00:14:32.180> to<00:14:32.780> produce<00:14:33.140> a<00:14:33.440> bound 00:14:33.700 --> 00:14:33.710 align:start position:0% footage and you want to produce a bound 00:14:33.710 --> 00:14:36.490 align:start position:0% footage and you want to produce a bound on<00:14:34.100> the<00:14:34.790> idea<00:14:35.030> that<00:14:35.180> this<00:14:35.330> news<00:14:35.900> footage<00:14:36.110> was 00:14:36.490 --> 00:14:36.500 align:start position:0% on the idea that this news footage was 00:14:36.500 --> 00:14:38.830 align:start position:0% on the idea that this news footage was faked<00:14:36.860> and<00:14:37.130> say<00:14:37.760> that<00:14:37.940> if<00:14:38.060> it<00:14:38.240> was<00:14:38.390> faked<00:14:38.690> at 00:14:38.830 --> 00:14:38.840 align:start position:0% faked and say that if it was faked at 00:14:38.840 --> 00:14:41.560 align:start position:0% faked and say that if it was faked at least<00:14:39.020> it<00:14:39.140> was<00:14:39.260> faked<00:14:39.470> in<00:14:39.620> real<00:14:39.800> time<00:14:40.480> what<00:14:41.480> you 00:14:41.560 --> 00:14:41.570 align:start position:0% least it was faked in real time what you 00:14:41.570 --> 00:14:43.720 align:start position:0% least it was faked in real time what you can<00:14:41.720> do<00:14:41.870> is<00:14:42.080> you<00:14:42.260> can<00:14:42.440> take<00:14:42.650> a<00:14:42.890> little<00:14:43.460> monitor 00:14:43.720 --> 00:14:43.730 align:start position:0% can do is you can take a little monitor 00:14:43.730 --> 00:14:45.640 align:start position:0% can do is you can take a little monitor just<00:14:44.540> a<00:14:44.660> little<00:14:44.840> display<00:14:45.140> put<00:14:45.320> it<00:14:45.440> right<00:14:45.530> on 00:14:45.640 --> 00:14:45.650 align:start position:0% just a little display put it right on 00:14:45.650 --> 00:14:47.470 align:start position:0% just a little display put it right on top<00:14:45.770> of<00:14:45.830> the<00:14:45.980> camera<00:14:46.160> have<00:14:46.790> this<00:14:46.970> hooked<00:14:47.180> up<00:14:47.270> to 00:14:47.470 --> 00:14:47.480 align:start position:0% top of the camera have this hooked up to 00:14:47.480 --> 00:14:49.570 align:start position:0% top of the camera have this hooked up to some<00:14:47.720> thick<00:14:48.710> chain<00:14:48.950> that's<00:14:49.100> producing 00:14:49.570 --> 00:14:49.580 align:start position:0% some thick chain that's producing 00:14:49.580 --> 00:14:51.730 align:start position:0% some thick chain that's producing content<00:14:50.120> relatively<00:14:50.690> often<00:14:50.840> say<00:14:51.200> a<00:14:51.230> theorem 00:14:51.730 --> 00:14:51.740 align:start position:0% content relatively often say a theorem 00:14:51.740 --> 00:14:53.560 align:start position:0% content relatively often say a theorem it's<00:14:51.860> coming<00:14:52.070> to<00:14:52.130> be<00:14:52.220> 15<00:14:52.790> seconds<00:14:53.180> or<00:14:53.240> so<00:14:53.450> and 00:14:53.560 --> 00:14:53.570 align:start position:0% it's coming to be 15 seconds or so and 00:14:53.570 --> 00:14:55.870 align:start position:0% it's coming to be 15 seconds or so and then<00:14:53.710> every<00:14:54.710> every<00:14:55.010> few<00:14:55.190> seconds<00:14:55.490> on<00:14:55.640> the<00:14:55.730> live 00:14:55.870 --> 00:14:55.880 align:start position:0% then every every few seconds on the live 00:14:55.880 --> 00:14:58.450 align:start position:0% then every every few seconds on the live broadcast<00:14:56.450> as<00:14:56.690> the<00:14:57.410> the<00:14:57.800> news<00:14:57.950> photographer 00:14:58.450 --> 00:14:58.460 align:start position:0% broadcast as the the news photographer 00:14:58.460 --> 00:15:00.910 align:start position:0% broadcast as the the news photographer whoever<00:14:58.730> is<00:14:58.850> present<00:14:59.180> in<00:14:59.240> the<00:14:59.510> scene<00:14:59.920> looks 00:15:00.910 --> 00:15:00.920 align:start position:0% whoever is present in the scene looks 00:15:00.920 --> 00:15:02.110 align:start position:0% whoever is present in the scene looks over<00:15:01.130> to<00:15:01.190> the<00:15:01.280> camera<00:15:01.460> they<00:15:01.550> just<00:15:01.580> read<00:15:01.880> a<00:15:01.910> few 00:15:02.110 --> 00:15:02.120 align:start position:0% over to the camera they just read a few 00:15:02.120 --> 00:15:03.610 align:start position:0% over to the camera they just read a few of<00:15:02.180> these<00:15:02.360> digits<00:15:02.690> off<00:15:02.840> just<00:15:03.080> just<00:15:03.410> enough 00:15:03.610 --> 00:15:03.620 align:start position:0% of these digits off just just enough 00:15:03.620 --> 00:15:05.380 align:start position:0% of these digits off just just enough that<00:15:03.830> it's<00:15:03.980> it's<00:15:04.550> statistically<00:15:04.850> unlikely 00:15:05.380 --> 00:15:05.390 align:start position:0% that it's it's statistically unlikely 00:15:05.390 --> 00:15:07.110 align:start position:0% that it's it's statistically unlikely that<00:15:05.750> they<00:15:05.900> could<00:15:06.020> have<00:15:06.110> pre-recorded<00:15:06.380> this 00:15:07.110 --> 00:15:07.120 align:start position:0% that they could have pre-recorded this 00:15:07.120 --> 00:15:09.940 align:start position:0% that they could have pre-recorded this so<00:15:08.120> this<00:15:08.690> is<00:15:08.810> a<00:15:08.840> recent<00:15:09.110> hash<00:15:09.440> that<00:15:09.770> say 00:15:09.940 --> 00:15:09.950 align:start position:0% so this is a recent hash that say 00:15:09.950 --> 00:15:12.610 align:start position:0% so this is a recent hash that say something<00:15:10.190> from<00:15:10.550> from<00:15:11.330> here<00:15:11.750> you<00:15:12.260> read<00:15:12.440> off 00:15:12.610 --> 00:15:12.620 align:start position:0% something from from here you read off 00:15:12.620 --> 00:15:16.060 align:start position:0% something from from here you read off the<00:15:12.830> hash<00:15:13.060> into<00:15:14.060> the<00:15:14.390> data<00:15:14.600> and<00:15:14.900> then<00:15:15.830> the 00:15:16.060 --> 00:15:16.070 align:start position:0% the hash into the data and then the 00:15:16.070 --> 00:15:18.010 align:start position:0% the hash into the data and then the video<00:15:16.610> hopefully<00:15:17.180> is<00:15:17.420> being<00:15:17.630> stored<00:15:17.810> into 00:15:18.010 --> 00:15:18.020 align:start position:0% video hopefully is being stored into 00:15:18.020 --> 00:15:19.210 align:start position:0% video hopefully is being stored into something<00:15:18.260> like<00:15:18.320> IP<00:15:18.500> FS<00:15:18.740> is<00:15:18.860> being<00:15:19.040> hashed 00:15:19.210 --> 00:15:19.220 align:start position:0% something like IP FS is being hashed 00:15:19.220 --> 00:15:20.950 align:start position:0% something like IP FS is being hashed right<00:15:19.460> back<00:15:19.640> in<00:15:19.880> which<00:15:20.480> means<00:15:20.660> we<00:15:20.810> now<00:15:20.930> have 00:15:20.950 --> 00:15:20.960 align:start position:0% right back in which means we now have 00:15:20.960 --> 00:15:23.350 align:start position:0% right back in which means we now have this<00:15:21.200> specific<00:15:21.440> window<00:15:22.250> in<00:15:22.430> between<00:15:22.850> this 00:15:23.350 --> 00:15:23.360 align:start position:0% this specific window in between this 00:15:23.360 --> 00:15:25.450 align:start position:0% this specific window in between this tick<00:15:23.690> and<00:15:23.870> this<00:15:24.020> tick<00:15:24.230> that<00:15:24.830> we<00:15:24.980> know<00:15:25.130> that<00:15:25.340> the 00:15:25.450 --> 00:15:25.460 align:start position:0% tick and this tick that we know that the 00:15:25.460 --> 00:15:27.730 align:start position:0% tick and this tick that we know that the video<00:15:25.700> was<00:15:25.850> actually<00:15:26.330> created<00:15:26.990> or<00:15:27.320> in<00:15:27.530> some 00:15:27.730 --> 00:15:27.740 align:start position:0% video was actually created or in some 00:15:27.740 --> 00:15:29.110 align:start position:0% video was actually created or in some sense<00:15:27.860> rendered<00:15:28.280> or<00:15:28.400> modified<00:15:28.820> and<00:15:29.000> this 00:15:29.110 --> 00:15:29.120 align:start position:0% sense rendered or modified and this 00:15:29.120 --> 00:15:30.460 align:start position:0% sense rendered or modified and this gives<00:15:29.300> us<00:15:29.420> a<00:15:29.480> very<00:15:29.720> narrow<00:15:29.930> window<00:15:30.020> and<00:15:30.290> allows 00:15:30.460 --> 00:15:30.470 align:start position:0% gives us a very narrow window and allows 00:15:30.470 --> 00:15:31.540 align:start position:0% gives us a very narrow window and allows us<00:15:30.500> to<00:15:31.100> in<00:15:31.220> some 00:15:31.540 --> 00:15:31.550 align:start position:0% us to in some 00:15:31.550 --> 00:15:33.009 align:start position:0% us to in some hence<00:15:31.700> prove<00:15:31.970> that<00:15:32.120> the<00:15:32.269> video<00:15:32.480> was<00:15:32.720> created 00:15:33.009 --> 00:15:33.019 align:start position:0% hence prove that the video was created 00:15:33.019 --> 00:15:36.220 align:start position:0% hence prove that the video was created or<00:15:33.380> faked<00:15:33.649> in<00:15:33.830> real<00:15:33.980> time<00:15:34.220> which<00:15:35.120> is<00:15:35.269> probably 00:15:36.220 --> 00:15:36.230 align:start position:0% or faked in real time which is probably 00:15:36.230 --> 00:15:38.590 align:start position:0% or faked in real time which is probably harder<00:15:36.529> so<00:15:37.010> that's<00:15:37.310> universal<00:15:37.760> hashtag<00:15:38.089> thank 00:15:38.590 --> 00:15:38.600 align:start position:0% harder so that's universal hashtag thank 00:15:38.600 --> 00:15:40.690 align:start position:0% harder so that's universal hashtag thank you