WEBVTT Kind: captions Language: en 00:00:04.630 --> 00:00:08.190 align:start position:0% hey<00:00:05.620> everyone<00:00:05.920> I'm<00:00:06.399> rune<00:00:07.090> CEO<00:00:07.779> of<00:00:07.930> the<00:00:08.019> mega 00:00:08.190 --> 00:00:08.200 align:start position:0% hey everyone I'm rune CEO of the mega 00:00:08.200 --> 00:00:11.850 align:start position:0% hey everyone I'm rune CEO of the mega foundation<00:00:08.710> and<00:00:10.049> I'll<00:00:11.049> be<00:00:11.320> telling<00:00:11.770> you<00:00:11.830> all 00:00:11.850 --> 00:00:11.860 align:start position:0% foundation and I'll be telling you all 00:00:11.860 --> 00:00:14.609 align:start position:0% foundation and I'll be telling you all about<00:00:12.129> what's<00:00:12.580> coming<00:00:12.789> next<00:00:13.059> in<00:00:13.270> dphi<00:00:13.629> in<00:00:14.170> less 00:00:14.609 --> 00:00:14.619 align:start position:0% about what's coming next in dphi in less 00:00:14.619 --> 00:00:19.260 align:start position:0% about what's coming next in dphi in less than<00:00:14.740> 20<00:00:14.980> minutes<00:00:16.109> but<00:00:17.109> before<00:00:18.210> we<00:00:19.210> start 00:00:19.260 --> 00:00:19.270 align:start position:0% than 20 minutes but before we start 00:00:19.270 --> 00:00:21.660 align:start position:0% than 20 minutes but before we start talking<00:00:19.750> about<00:00:19.840> what's<00:00:20.109> next<00:00:20.410> we<00:00:21.220> first<00:00:21.490> need 00:00:21.660 --> 00:00:21.670 align:start position:0% talking about what's next we first need 00:00:21.670 --> 00:00:23.720 align:start position:0% talking about what's next we first need to<00:00:21.700> talk<00:00:21.940> about<00:00:22.240> what's<00:00:23.140> the<00:00:23.200> point<00:00:23.380> of<00:00:23.530> it<00:00:23.620> all 00:00:23.720 --> 00:00:23.730 align:start position:0% to talk about what's the point of it all 00:00:23.730 --> 00:00:31.859 align:start position:0% to talk about what's the point of it all what<00:00:24.730> is<00:00:25.050> the<00:00:26.050> ultimate<00:00:26.580> promise<00:00:27.580> of<00:00:28.000> d<00:00:28.630> phi<00:00:30.869> d 00:00:31.859 --> 00:00:31.869 align:start position:0% what is the ultimate promise of d phi d 00:00:31.869 --> 00:00:34.979 align:start position:0% what is the ultimate promise of d phi d phi<00:00:31.900> is<00:00:32.439> a<00:00:32.770> new<00:00:33.100> generation<00:00:33.280> of<00:00:33.989> inherently 00:00:34.979 --> 00:00:34.989 align:start position:0% phi is a new generation of inherently 00:00:34.989 --> 00:00:39.229 align:start position:0% phi is a new generation of inherently global<00:00:35.739> and<00:00:36.250> unbiased<00:00:37.319> financial<00:00:38.319> systems 00:00:39.229 --> 00:00:39.239 align:start position:0% global and unbiased financial systems 00:00:39.239 --> 00:00:43.319 align:start position:0% global and unbiased financial systems that<00:00:40.239> have<00:00:40.480> the<00:00:40.629> potential<00:00:40.989> to<00:00:41.670> truly<00:00:42.670> improve 00:00:43.319 --> 00:00:43.329 align:start position:0% that have the potential to truly improve 00:00:43.329 --> 00:00:45.209 align:start position:0% that have the potential to truly improve the<00:00:43.449> lives<00:00:43.659> of<00:00:43.870> billions<00:00:44.499> of<00:00:44.800> people<00:00:45.129> around 00:00:45.209 --> 00:00:45.219 align:start position:0% the lives of billions of people around 00:00:45.219 --> 00:00:50.099 align:start position:0% the lives of billions of people around the<00:00:45.429> world<00:00:48.059> we<00:00:49.059> all<00:00:49.179> know<00:00:49.329> this<00:00:49.449> saying<00:00:49.749> that 00:00:50.099 --> 00:00:50.109 align:start position:0% the world we all know this saying that 00:00:50.109 --> 00:00:51.750 align:start position:0% the world we all know this saying that money<00:00:50.649> is<00:00:50.800> the<00:00:50.889> root<00:00:51.010> of<00:00:51.129> all<00:00:51.249> evil 00:00:51.750 --> 00:00:51.760 align:start position:0% money is the root of all evil 00:00:51.760 --> 00:00:54.389 align:start position:0% money is the root of all evil well<00:00:52.690> I<00:00:52.719> believe<00:00:52.870> that<00:00:53.139> with<00:00:53.499> D<00:00:53.679> Phi<00:00:53.920> we<00:00:54.370> can 00:00:54.389 --> 00:00:54.399 align:start position:0% well I believe that with D Phi we can 00:00:54.399 --> 00:00:56.879 align:start position:0% well I believe that with D Phi we can turn<00:00:54.729> this<00:00:54.850> on<00:00:54.909> its<00:00:55.149> head<00:00:55.210> and<00:00:55.600> we<00:00:56.559> can<00:00:56.710> use 00:00:56.879 --> 00:00:56.889 align:start position:0% turn this on its head and we can use 00:00:56.889 --> 00:01:00.419 align:start position:0% turn this on its head and we can use money<00:00:57.159> and<00:00:57.489> financial<00:00:58.329> systems<00:00:58.889> to<00:00:59.889> solve<00:01:00.249> the 00:01:00.419 --> 00:01:00.429 align:start position:0% money and financial systems to solve the 00:01:00.429 --> 00:01:04.009 align:start position:0% money and financial systems to solve the world's<00:01:00.460> problems<00:01:00.989> instead<00:01:01.989> of<00:01:02.079> causing<00:01:02.319> them 00:01:04.009 --> 00:01:04.019 align:start position:0% world's problems instead of causing them 00:01:04.019 --> 00:01:07.860 align:start position:0% world's problems instead of causing them just<00:01:05.019> look<00:01:05.199> at<00:01:05.379> global<00:01:06.100> inequality<00:01:06.820> one<00:01:07.750> of 00:01:07.860 --> 00:01:07.870 align:start position:0% just look at global inequality one of 00:01:07.870 --> 00:01:10.139 align:start position:0% just look at global inequality one of the<00:01:07.990> tragic<00:01:08.470> consequences<00:01:09.189> of<00:01:09.399> the<00:01:09.729> broken 00:01:10.139 --> 00:01:10.149 align:start position:0% the tragic consequences of the broken 00:01:10.149 --> 00:01:14.370 align:start position:0% the tragic consequences of the broken financial<00:01:10.630> system<00:01:10.960> of<00:01:11.049> today<00:01:11.880> well<00:01:13.200> the<00:01:14.200> way 00:01:14.370 --> 00:01:14.380 align:start position:0% financial system of today well the way 00:01:14.380 --> 00:01:17.249 align:start position:0% financial system of today well the way that<00:01:14.590> D<00:01:14.770> Phi<00:01:14.799> helps<00:01:15.759> with<00:01:16.329> a<00:01:16.360> solution<00:01:16.869> here<00:01:17.110> is 00:01:17.249 --> 00:01:17.259 align:start position:0% that D Phi helps with a solution here is 00:01:17.259 --> 00:01:21.929 align:start position:0% that D Phi helps with a solution here is by<00:01:18.689> creating<00:01:19.689> a<00:01:19.840> new<00:01:20.439> and<00:01:20.680> superior<00:01:21.460> financial 00:01:21.929 --> 00:01:21.939 align:start position:0% by creating a new and superior financial 00:01:21.939 --> 00:01:26.660 align:start position:0% by creating a new and superior financial system<00:01:22.299> that<00:01:24.630> focuses<00:01:25.630> on<00:01:25.810> efficiency 00:01:26.660 --> 00:01:26.670 align:start position:0% system that focuses on efficiency 00:01:26.670 --> 00:01:31.200 align:start position:0% system that focuses on efficiency instead<00:01:27.670> of<00:01:27.759> rent<00:01:28.149> extraction<00:01:28.840> and<00:01:30.119> that<00:01:31.119> it 00:01:31.200 --> 00:01:31.210 align:start position:0% instead of rent extraction and that it 00:01:31.210 --> 00:01:34.429 align:start position:0% instead of rent extraction and that it gives<00:01:31.359> everyone<00:01:31.950> direct<00:01:32.950> and<00:01:33.250> equal<00:01:33.670> access 00:01:34.429 --> 00:01:34.439 align:start position:0% gives everyone direct and equal access 00:01:34.439 --> 00:01:37.800 align:start position:0% gives everyone direct and equal access instead<00:01:35.439> of<00:01:35.619> completely<00:01:36.250> blocking<00:01:36.670> a<00:01:37.060> lot<00:01:37.659> of 00:01:37.800 --> 00:01:37.810 align:start position:0% instead of completely blocking a lot of 00:01:37.810 --> 00:01:40.410 align:start position:0% instead of completely blocking a lot of people<00:01:38.170> and<00:01:38.350> giving<00:01:39.159> the<00:01:39.250> rest<00:01:39.490> preferential 00:01:40.410 --> 00:01:40.420 align:start position:0% people and giving the rest preferential 00:01:40.420 --> 00:01:44.940 align:start position:0% people and giving the rest preferential treatment<00:01:40.899> based<00:01:41.109> on<00:01:41.289> their<00:01:41.409> status<00:01:43.950> today 00:01:44.940 --> 00:01:44.950 align:start position:0% treatment based on their status today 00:01:44.950 --> 00:01:47.069 align:start position:0% treatment based on their status today the<00:01:45.549> best<00:01:45.729> you'll<00:01:45.880> get<00:01:46.090> is<00:01:46.270> if<00:01:46.659> you're<00:01:46.840> rich 00:01:47.069 --> 00:01:47.079 align:start position:0% the best you'll get is if you're rich 00:01:47.079 --> 00:01:48.510 align:start position:0% the best you'll get is if you're rich enough<00:01:47.109> and<00:01:47.619> you're<00:01:47.740> lucky<00:01:47.890> enough<00:01:48.039> you'll 00:01:48.510 --> 00:01:48.520 align:start position:0% enough and you're lucky enough you'll 00:01:48.520 --> 00:01:53.880 align:start position:0% enough and you're lucky enough you'll get<00:01:48.729> access<00:01:48.880> to<00:01:49.149> private<00:01:49.810> banking<00:01:51.149> but<00:01:52.149> in<00:01:52.899> the 00:01:53.880 --> 00:01:53.890 align:start position:0% get access to private banking but in the 00:01:53.890 --> 00:01:57.779 align:start position:0% get access to private banking but in the future<00:01:54.310> any<00:01:54.719> person<00:01:56.100> regardless<00:01:57.100> of<00:01:57.369> who<00:01:57.579> they 00:01:57.779 --> 00:01:57.789 align:start position:0% future any person regardless of who they 00:01:57.789 --> 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their phones 35 and this is so important because<00:02:09.929> what<00:02:10.929> we're<00:02:11.080> doing<00:02:11.110> is<00:02:11.530> we<00:02:11.860> are 00:02:12.120 --> 00:02:12.130 align:start position:0% because what we're doing is we are 00:02:12.130 --> 00:02:15.020 align:start position:0% because what we're doing is we are giving<00:02:12.850> people<00:02:13.120> the<00:02:13.900> tools<00:02:13.930> that<00:02:14.380> they<00:02:14.680> need 00:02:15.020 --> 00:02:15.030 align:start position:0% giving people the tools that they need 00:02:15.030 --> 00:02:16.950 align:start position:0% giving people the tools that they need so<00:02:16.030> that<00:02:16.060> they<00:02:16.180> can<00:02:16.300> improve<00:02:16.780> their<00:02:16.930> own 00:02:16.950 --> 00:02:16.960 align:start position:0% so that they can improve their own 00:02:16.960 --> 00:02:18.000 align:start position:0% so that they can improve their own condition 00:02:18.000 --> 00:02:18.010 align:start position:0% condition 00:02:18.010 --> 00:02:20.910 align:start position:0% condition and<00:02:18.420> that's<00:02:19.420> why<00:02:19.599> it's<00:02:19.780> so<00:02:19.900> important<00:02:20.409> that<00:02:20.650> we 00:02:20.910 --> 00:02:20.920 align:start position:0% and that's why it's so important that we 00:02:20.920 --> 00:02:22.860 align:start position:0% and that's why it's so important that we take<00:02:21.280> the<00:02:21.430> technology<00:02:21.610> and<00:02:22.120> we<00:02:22.329> spread<00:02:22.659> it 00:02:22.860 --> 00:02:22.870 align:start position:0% take the technology and we spread it 00:02:22.870 --> 00:02:25.740 align:start position:0% take the technology and we spread it around<00:02:23.290> the<00:02:23.799> world<00:02:23.860> and<00:02:24.370> reach<00:02:25.030> all<00:02:25.360> the 00:02:25.740 --> 00:02:25.750 align:start position:0% around the world and reach all the 00:02:25.750 --> 00:02:27.990 align:start position:0% around the world and reach all the people<00:02:26.049> out<00:02:26.170> there<00:02:26.230> including<00:02:26.799> the<00:02:27.099> 1.7 00:02:27.990 --> 00:02:28.000 align:start position:0% people out there including the 1.7 00:02:28.000 --> 00:02:30.390 align:start position:0% people out there including the 1.7 billion<00:02:28.209> without<00:02:28.780> a<00:02:28.989> bank<00:02:29.230> account<00:02:29.470> including 00:02:30.390 --> 00:02:30.400 align:start position:0% billion without a bank account including 00:02:30.400 --> 00:02:32.729 align:start position:0% billion without a bank account including the<00:02:30.579> financial<00:02:31.120> underserved<00:02:31.750> that<00:02:32.470> has<00:02:32.650> been 00:02:32.729 --> 00:02:32.739 align:start position:0% the financial underserved that has been 00:02:32.739 --> 00:02:36.589 align:start position:0% the financial underserved that has been left<00:02:33.010> on<00:02:33.220> the<00:02:33.640> fringes<00:02:34.120> of<00:02:34.769> modern<00:02:35.769> society 00:02:36.589 --> 00:02:36.599 align:start position:0% left on the fringes of modern society 00:02:36.599 --> 00:02:39.180 align:start position:0% left on the fringes of modern society because<00:02:37.599> of<00:02:37.629> the<00:02:37.959> Brogan<00:02:38.319> financial<00:02:38.829> system 00:02:39.180 --> 00:02:39.190 align:start position:0% because of the Brogan financial system 00:02:39.190 --> 00:02:43.470 align:start position:0% because of the Brogan financial system that<00:02:39.370> was<00:02:39.489> not<00:02:39.700> able<00:02:39.909> to<00:02:40.090> serve<00:02:40.329> them<00:02:42.480> I'm 00:02:43.470 --> 00:02:43.480 align:start position:0% that was not able to serve them I'm 00:02:43.480 --> 00:02:44.940 align:start position:0% that was not able to serve them I'm incredibly<00:02:44.049> honored<00:02:44.260> to<00:02:44.560> be<00:02:44.709> here<00:02:44.799> today 00:02:44.940 --> 00:02:44.950 align:start position:0% incredibly honored to be here today 00:02:44.950 --> 00:02:47.460 align:start position:0% incredibly honored to be here today speaking<00:02:45.549> in<00:02:45.640> front<00:02:45.819> of<00:02:45.940> all<00:02:46.120> of<00:02:46.269> you<00:02:46.439> the<00:02:47.439> very 00:02:47.460 --> 00:02:47.470 align:start position:0% speaking in front of all of you the very 00:02:47.470 --> 00:02:51.720 align:start position:0% speaking in front of all of you the very people<00:02:48.220> that<00:02:48.430> will<00:02:49.420> build<00:02:49.720> this<00:02:49.900> future<00:02:50.290> and<00:02:50.730> I 00:02:51.720 --> 00:02:51.730 align:start position:0% people that will build this future and I 00:02:51.730 --> 00:02:55.860 align:start position:0% people that will build this future and I hope<00:02:51.970> that<00:02:52.269> you<00:02:53.230> all<00:02:53.790> keep<00:02:54.790> in<00:02:54.970> mind<00:02:55.180> that 00:02:55.860 --> 00:02:55.870 align:start position:0% hope that you all keep in mind that 00:02:55.870 --> 00:02:57.750 align:start position:0% hope that you all keep in mind that technology<00:02:56.470> that<00:02:56.500> you've<00:02:56.829> been<00:02:57.040> lucky<00:02:57.730> enough 00:02:57.750 --> 00:02:57.760 align:start position:0% technology that you've been lucky enough 00:02:57.760 --> 00:02:59.930 align:start position:0% technology that you've been lucky enough to<00:02:58.000> get<00:02:58.299> into<00:02:58.629> this<00:02:58.810> early<00:02:59.230> in<00:02:59.319> its<00:02:59.409> life<00:02:59.620> cycle 00:02:59.930 --> 00:02:59.940 align:start position:0% to get into this early in its life cycle 00:02:59.940 --> 00:03:04.020 align:start position:0% to get into this early in its life cycle exists<00:03:00.940> for<00:03:01.150> a<00:03:01.180> reason<00:03:01.290> it<00:03:02.290> has<00:03:03.040> the<00:03:03.609> potential 00:03:04.020 --> 00:03:04.030 align:start position:0% exists for a reason it has the potential 00:03:04.030 --> 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we go and save the world<00:03:19.409> it's<00:03:20.409> probably<00:03:20.680> time<00:03:21.069> that<00:03:21.430> we<00:03:21.549> take<00:03:22.329> a 00:03:22.379 --> 00:03:22.389 align:start position:0% world it's probably time that we take a 00:03:22.389 --> 00:03:24.509 align:start position:0% world it's probably time that we take a realistic<00:03:22.720> look<00:03:23.109> at<00:03:23.290> where<00:03:23.709> defy<00:03:24.010> actually<00:03:24.430> is 00:03:24.509 --> 00:03:24.519 align:start position:0% realistic look at where defy actually is 00:03:24.519 --> 00:03:27.900 align:start position:0% realistic look at where defy actually is today<00:03:24.760> because<00:03:25.709> most<00:03:26.709> people<00:03:27.040> obviously<00:03:27.459> know 00:03:27.900 --> 00:03:27.910 align:start position:0% today because most people obviously know 00:03:27.910 --> 00:03:30.839 align:start position:0% today because most people obviously know that<00:03:28.269> the<00:03:28.599> hardest<00:03:29.049> part<00:03:29.349> of<00:03:29.500> the<00:03:29.620> journey<00:03:29.889> is 00:03:30.839 --> 00:03:30.849 align:start position:0% that the hardest part of the journey is 00:03:30.849 --> 00:03:33.750 align:start position:0% that the hardest part of the journey is definitely<00:03:31.449> still<00:03:31.930> ahead<00:03:32.019> of<00:03:32.199> us<00:03:32.669> but<00:03:33.669> that 00:03:33.750 --> 00:03:33.760 align:start position:0% definitely still ahead of us but that 00:03:33.760 --> 00:03:35.250 align:start position:0% definitely still ahead of us but that doesn't<00:03:34.120> mean<00:03:34.269> we<00:03:34.480> can't<00:03:34.720> be<00:03:34.780> excited<00:03:35.230> about 00:03:35.250 --> 00:03:35.260 align:start position:0% doesn't mean we can't be excited about 00:03:35.260 --> 00:03:37.890 align:start position:0% doesn't mean we can't be excited about how<00:03:35.590> far<00:03:35.799> we've<00:03:35.949> already<00:03:36.099> come<00:03:36.449> because<00:03:37.449> just 00:03:37.890 --> 00:03:37.900 align:start position:0% how far we've already come because just 00:03:37.900 --> 00:03:39.869 align:start position:0% how far we've already come because just think<00:03:38.079> about<00:03:38.290> if<00:03:38.470> you<00:03:38.620> went<00:03:38.859> back<00:03:39.040> for<00:03:39.340> years 00:03:39.869 --> 00:03:39.879 align:start position:0% think about if you went back for years 00:03:39.879 --> 00:03:43.559 align:start position:0% think about if you went back for years in<00:03:40.150> time<00:03:41.049> and<00:03:41.410> you<00:03:42.129> were<00:03:42.220> able<00:03:42.519> to<00:03:42.569> tell 00:03:43.559 --> 00:03:43.569 align:start position:0% in time and you were able to tell 00:03:43.569 --> 00:03:45.240 align:start position:0% in time and you were able to tell someone<00:03:43.840> back<00:03:44.139> then<00:03:44.349> when<00:03:44.650> a<00:03:44.680> theory<00:03:44.949> I'm<00:03:45.069> just 00:03:45.240 --> 00:03:45.250 align:start position:0% someone back then when a theory I'm just 00:03:45.250 --> 00:03:47.939 align:start position:0% someone back then when a theory I'm just launched<00:03:45.900> what<00:03:46.900> they<00:03:47.109> would<00:03:47.319> be<00:03:47.440> doing<00:03:47.739> today 00:03:47.939 --> 00:03:47.949 align:start position:0% launched what they would be doing today 00:03:47.949 --> 00:03:51.300 align:start position:0% launched what they would be doing today on<00:03:48.430> a<00:03:48.579> daily<00:03:48.879> basis<00:03:49.209> would<00:03:49.329> defy<00:03:50.069> their<00:03:51.069> minds 00:03:51.300 --> 00:03:51.310 align:start position:0% on a daily basis would defy their minds 00:03:51.310 --> 00:03:53.309 align:start position:0% on a daily basis would defy their minds would<00:03:51.489> certainly<00:03:51.760> be<00:03:51.910> blown<00:03:52.150> because<00:03:52.989> it<00:03:53.230> is 00:03:53.309 --> 00:03:53.319 align:start position:0% would certainly be blown because it is 00:03:53.319 --> 00:03:55.580 align:start position:0% would certainly be blown because it is pretty<00:03:53.560> amazing<00:03:53.980> what<00:03:54.519> we're<00:03:54.699> doing<00:03:54.940> now<00:03:55.090> and 00:03:55.580 --> 00:03:55.590 align:start position:0% pretty amazing what we're doing now and 00:03:55.590 --> 00:03:58.259 align:start position:0% pretty amazing what we're doing now and the<00:03:56.590> reason<00:03:56.980> for<00:03:57.099> this<00:03:57.250> I<00:03:57.400> think<00:03:57.459> is<00:03:57.790> because 00:03:58.259 --> 00:03:58.269 align:start position:0% the reason for this I think is because 00:03:58.269 --> 00:04:02.369 align:start position:0% the reason for this I think is because of<00:03:58.889> the<00:03:59.889> we've<00:04:00.489> unlocked<00:04:00.940> the<00:04:01.419> first<00:04:01.750> quantum 00:04:02.369 --> 00:04:02.379 align:start position:0% of the we've unlocked the first quantum 00:04:02.379 --> 00:04:05.069 align:start position:0% of the we've unlocked the first quantum leap<00:04:02.560> of<00:04:02.799> D<00:04:02.949> Phi<00:04:03.129> which<00:04:03.430> is<00:04:03.459> the<00:04:04.079> composability 00:04:05.069 --> 00:04:05.079 align:start position:0% leap of D Phi which is the composability 00:04:05.079 --> 00:04:10.050 align:start position:0% leap of D Phi which is the composability of<00:04:05.470> D<00:04:05.620> 5<00:04:05.799> protocols<00:04:07.530> you<00:04:08.530> can<00:04:08.849> seamlessly<00:04:09.849> and 00:04:10.050 --> 00:04:10.060 align:start position:0% of D 5 protocols you can seamlessly and 00:04:10.060 --> 00:04:11.960 align:start position:0% of D 5 protocols you can seamlessly and without<00:04:10.329> asking<00:04:10.540> anyone<00:04:11.079> for<00:04:11.109> permission 00:04:11.960 --> 00:04:11.970 align:start position:0% without asking anyone for permission 00:04:11.970 --> 00:04:15.259 align:start position:0% without asking anyone for permission stick<00:04:12.970> and<00:04:13.269> connect<00:04:14.139> together<00:04:14.290> defy<00:04:14.889> and 00:04:15.259 --> 00:04:15.269 align:start position:0% stick and connect together defy and 00:04:15.269 --> 00:04:18.089 align:start position:0% stick and connect together defy and unlock<00:04:16.269> the<00:04:17.049> network<00:04:17.440> effects<00:04:17.829> and<00:04:17.979> the 00:04:18.089 --> 00:04:18.099 align:start position:0% unlock the network effects and the 00:04:18.099 --> 00:04:20.009 align:start position:0% unlock the network effects and the synergy<00:04:18.400> between<00:04:18.609> them<00:04:19.000> regardless<00:04:19.720> of<00:04:19.840> who 00:04:20.009 --> 00:04:20.019 align:start position:0% synergy between them regardless of who 00:04:20.019 --> 00:04:22.800 align:start position:0% synergy between them regardless of who you<00:04:20.169> are<00:04:20.729> many<00:04:21.729> people<00:04:21.940> in<00:04:22.240> the<00:04:22.720> community 00:04:22.800 --> 00:04:22.810 align:start position:0% you are many people in the community 00:04:22.810 --> 00:04:24.899 align:start position:0% you are many people in the community describe<00:04:23.530> this<00:04:23.710> as<00:04:23.919> Legos<00:04:24.340> right<00:04:24.490> you<00:04:24.789> can 00:04:24.899 --> 00:04:24.909 align:start position:0% describe this as Legos right you can 00:04:24.909 --> 00:04:27.330 align:start position:0% describe this as Legos right you can simply<00:04:25.240> take<00:04:25.449> ePHI<00:04:26.260> and<00:04:26.560> you<00:04:26.650> can<00:04:26.830> stack<00:04:27.099> it<00:04:27.130> on 00:04:27.330 --> 00:04:27.340 align:start position:0% simply take ePHI and you can stack it on 00:04:27.340 --> 00:04:30.060 align:start position:0% simply take ePHI and you can stack it on top<00:04:27.400> of<00:04:27.639> each<00:04:27.760> other<00:04:27.969> and<00:04:28.210> I<00:04:28.659> think<00:04:28.860> one<00:04:29.860> of<00:04:29.889> the 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in<00:04:37.600> a<00:04:37.690> space<00:04:37.960> that 00:04:37.980 --> 00:04:37.990 align:start position:0% the very first projects in a space that 00:04:37.990 --> 00:04:42.570 align:start position:0% the very first projects in a space that took<00:04:38.830> this<00:04:38.980> approach<00:04:39.310> of<00:04:39.520> combining<00:04:41.580> defy 00:04:42.570 --> 00:04:42.580 align:start position:0% took this approach of combining defy 00:04:42.580 --> 00:04:44.690 align:start position:0% took this approach of combining defy protocols<00:04:43.120> like<00:04:43.360> maker<00:04:43.630> and<00:04:43.900> compound<00:04:44.320> and 00:04:44.690 --> 00:04:44.700 align:start position:0% protocols like maker and compound and 00:04:44.700 --> 00:04:47.790 align:start position:0% protocols like maker and compound and putting<00:04:45.700> a<00:04:45.820> single<00:04:46.120> easy-to-use<00:04:46.800> front-end 00:04:47.790 --> 00:04:47.800 align:start position:0% putting a single easy-to-use front-end 00:04:47.800 --> 00:04:49.800 align:start position:0% putting a single easy-to-use front-end on<00:04:48.010> top<00:04:48.490> of<00:04:48.610> them<00:04:48.730> so<00:04:49.030> that<00:04:49.120> their<00:04:49.300> users<00:04:49.660> could 00:04:49.800 --> 00:04:49.810 align:start position:0% on top of them so that their users could 00:04:49.810 --> 00:04:51.540 align:start position:0% on top of them so that their users could get<00:04:49.990> access<00:04:50.320> to<00:04:50.350> the<00:04:50.560> individual<00:04:51.040> protocols 00:04:51.540 --> 00:04:51.550 align:start position:0% get access to the individual protocols 00:04:51.550 --> 00:04:53.880 align:start position:0% get access to the individual protocols and<00:04:51.820> the<00:04:52.780> synergies<00:04:53.260> that<00:04:53.350> exist<00:04:53.770> between 00:04:53.880 --> 00:04:53.890 align:start position:0% and the synergies that exist between 00:04:53.890 --> 00:04:57.540 align:start position:0% and the synergies that exist between them<00:04:54.130> and<00:04:54.430> this<00:04:55.120> was<00:04:55.270> built<00:04:55.480> by<00:04:56.160> two<00:04:57.160> kids<00:04:57.400> out 00:04:57.540 --> 00:04:57.550 align:start position:0% them and this was built by two kids out 00:04:57.550 --> 00:04:59.370 align:start position:0% them and this was built by two kids out of<00:04:57.580> India<00:04:57.940> with<00:04:58.150> no<00:04:58.300> connections<00:04:58.870> with<00:04:59.170> no 00:04:59.370 --> 00:04:59.380 align:start position:0% of India with no connections with no 00:04:59.380 --> 00:05:01.680 align:start position:0% of India with no connections with no start<00:05:00.010> capital<00:05:00.520> all<00:05:00.820> they<00:05:01.060> had<00:05:01.240> was<00:05:01.420> this 00:05:01.680 --> 00:05:01.690 align:start position:0% start capital all they had was this 00:05:01.690 --> 00:05:05.040 align:start position:0% start capital all they had was this direct<00:05:02.380> access<00:05:02.620> to<00:05:03.430> the<00:05:03.940> defy<00:05:04.270> ecosystem<00:05:04.840> and 00:05:05.040 --> 00:05:05.050 align:start position:0% direct access to the defy ecosystem and 00:05:05.050 --> 00:05:07.680 align:start position:0% direct access to the defy ecosystem and it<00:05:05.530> worked<00:05:05.740> there<00:05:06.670> now<00:05:06.820> the<00:05:06.880> fourth<00:05:07.360> most 00:05:07.680 --> 00:05:07.690 align:start position:0% it worked there now the fourth most 00:05:07.690 --> 00:05:10.740 align:start position:0% it worked there now the fourth most popular<00:05:08.200> defy<00:05:08.560> project<00:05:09.010> and<00:05:09.570> just<00:05:10.570> a<00:05:10.660> couple 00:05:10.740 --> 00:05:10.750 align:start position:0% popular defy project and just a couple 00:05:10.750 --> 00:05:12.960 align:start position:0% popular defy project and just a couple of<00:05:10.930> days<00:05:11.050> ago<00:05:11.200> they<00:05:11.530> were<00:05:11.590> funded<00:05:12.130> by<00:05:12.160> some<00:05:12.850> of 00:05:12.960 --> 00:05:12.970 align:start position:0% of days ago they were funded by some of 00:05:12.970 --> 00:05:14.490 align:start position:0% of days ago they were funded by some of the<00:05:13.090> top<00:05:13.330> investors<00:05:13.540> in<00:05:13.960> the<00:05:14.050> space 00:05:14.490 --> 00:05:14.500 align:start position:0% the top investors in the space 00:05:14.500 --> 00:05:17.640 align:start position:0% the top investors in the space proving<00:05:15.280> that<00:05:15.910> there<00:05:16.150> is<00:05:16.300> real<00:05:16.570> value<00:05:16.780> in<00:05:17.260> the 00:05:17.640 --> 00:05:17.650 align:start position:0% proving that there is real value in the 00:05:17.650 --> 00:05:20.910 align:start position:0% proving that there is real value in the composability<00:05:18.220> of<00:05:18.490> defy<00:05:19.320> now<00:05:20.320> if<00:05:20.560> we<00:05:20.710> go<00:05:20.890> a 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things are starting to get real where 00:05:30.910 --> 00:05:33.210 align:start position:0% things are starting to get real where defy<00:05:31.330> is<00:05:31.630> starting<00:05:32.140> to<00:05:32.500> interact<00:05:32.800> with<00:05:33.130> the 00:05:33.210 --> 00:05:33.220 align:start position:0% defy is starting to interact with the 00:05:33.220 --> 00:05:36.450 align:start position:0% defy is starting to interact with the real<00:05:33.370> world<00:05:33.640> and<00:05:34.530> the<00:05:35.530> best<00:05:35.770> example<00:05:35.920> of<00:05:36.280> this 00:05:36.450 --> 00:05:36.460 align:start position:0% real world and the best example of this 00:05:36.460 --> 00:05:39.540 align:start position:0% real world and the best example of this are<00:05:36.820> the<00:05:37.510> die-cuts<00:05:38.110> just<00:05:38.320> like<00:05:38.650> this<00:05:38.800> one<00:05:39.010> so 00:05:39.540 --> 00:05:39.550 align:start position:0% are the die-cuts just like this one so 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and<00:05:58.750> the<00:05:59.350> entire<00:05:59.910> defy<00:06:00.910> stack 00:06:01.230 --> 00:06:01.240 align:start position:0% infrastructure and the entire defy stack 00:06:01.240 --> 00:06:02.760 align:start position:0% infrastructure and the entire defy stack and<00:06:01.450> all<00:06:01.570> the<00:06:01.690> opportunity<00:06:02.200> that<00:06:02.350> it<00:06:02.440> provides 00:06:02.760 --> 00:06:02.770 align:start position:0% and all the opportunity that it provides 00:06:02.770 --> 00:06:05.490 align:start position:0% and all the opportunity that it provides and<00:06:03.450> it<00:06:04.450> means<00:06:04.660> that<00:06:04.810> you<00:06:05.050> can<00:06:05.200> now<00:06:05.290> go 00:06:05.490 --> 00:06:05.500 align:start position:0% and it means that you can now go 00:06:05.500 --> 00:06:08.190 align:start position:0% and it means that you can now go anywhere<00:06:05.950> in<00:06:06.040> the<00:06:06.100> world<00:06:06.280> and<00:06:06.960> pay<00:06:07.960> for<00:06:08.020> a 00:06:08.190 --> 00:06:08.200 align:start position:0% anywhere in the world and pay for a 00:06:08.200 --> 00:06:10.620 align:start position:0% anywhere in the world and pay for a coffee<00:06:08.470> with<00:06:08.980> dye<00:06:09.400> that<00:06:09.820> you<00:06:09.880> just<00:06:10.120> borrowed 00:06:10.620 --> 00:06:10.630 align:start position:0% coffee with dye that you just borrowed 00:06:10.630 --> 00:06:13.560 align:start position:0% coffee with dye that you just borrowed using<00:06:11.169> theorem<00:06:11.950> as<00:06:12.040> collateral<00:06:12.340> in<00:06:12.760> a<00:06:13.270> defy 00:06:13.560 --> 00:06:13.570 align:start position:0% using theorem as collateral in a defy 00:06:13.570 --> 00:06:19.050 align:start position:0% using theorem as collateral in a defy protocol<00:06:16.290> however<00:06:17.290> just<00:06:18.280> because<00:06:18.370> we<00:06:18.880> are<00:06:18.940> now 00:06:19.050 --> 00:06:19.060 align:start position:0% protocol however just because we are now 00:06:19.060 --> 00:06:20.520 align:start position:0% protocol however just because we are now at<00:06:19.210> the<00:06:19.300> stage<00:06:19.540> where<00:06:19.930> you<00:06:19.960> can<00:06:20.110> finance 00:06:20.520 --> 00:06:20.530 align:start position:0% at the stage where you can finance 00:06:20.530 --> 00:06:23.250 align:start position:0% at the stage where you can finance Starbucks<00:06:21.070> will<00:06:21.220> defy<00:06:21.660> doesn't<00:06:22.660> actually 00:06:23.250 --> 00:06:23.260 align:start position:0% Starbucks will defy doesn't actually 00:06:23.260 --> 00:06:25.650 align:start position:0% Starbucks will defy doesn't actually mean<00:06:23.770> that<00:06:24.190> we're<00:06:24.850> there<00:06:25.000> yet<00:06:25.060> right<00:06:25.480> it's 00:06:25.650 --> 00:06:25.660 align:start position:0% mean that we're there yet right it's 00:06:25.660 --> 00:06:27.960 align:start position:0% mean that we're there yet right it's still<00:06:25.810> just<00:06:25.990> a<00:06:26.110> small<00:06:26.350> step<00:06:26.560> because<00:06:27.250> we're 00:06:27.960 --> 00:06:27.970 align:start position:0% still just a small step because we're 00:06:27.970 --> 00:06:31.500 align:start position:0% still just a small step because we're still<00:06:28.150> just<00:06:28.210> at<00:06:28.540> the<00:06:28.750> stage<00:06:28.990> where<00:06:29.320> defy<00:06:30.160> is<00:06:30.510> a 00:06:31.500 --> 00:06:31.510 align:start position:0% still just at the stage where defy is a 00:06:31.510 --> 00:06:33.780 align:start position:0% still just at the stage where defy is a really<00:06:31.960> cool<00:06:32.200> experiment<00:06:32.680> that<00:06:33.190> we<00:06:33.340> now<00:06:33.520> know 00:06:33.780 --> 00:06:33.790 align:start position:0% really cool experiment that we now know 00:06:33.790 --> 00:06:36.510 align:start position:0% really cool experiment that we now know works<00:06:34.180> for<00:06:34.450> real<00:06:34.680> but<00:06:35.680> where<00:06:35.890> we<00:06:36.010> have<00:06:36.160> to<00:06:36.280> go 00:06:36.510 --> 00:06:36.520 align:start position:0% works for real but where we have to go 00:06:36.520 --> 00:06:40.230 align:start position:0% works for real but where we have to go is<00:06:36.850> to<00:06:37.630> where<00:06:37.870> this<00:06:38.290> technology<00:06:38.919> is<00:06:39.240> improving 00:06:40.230 --> 00:06:40.240 align:start position:0% is to where this technology is improving 00:06:40.240 --> 00:06:42.390 align:start position:0% is to where this technology is improving and<00:06:40.450> impacting<00:06:41.140> the<00:06:41.260> lives<00:06:41.410> of<00:06:41.740> real<00:06:42.130> be 00:06:42.390 --> 00:06:42.400 align:start position:0% and impacting the lives of real be 00:06:42.400 --> 00:06:44.790 align:start position:0% and impacting the lives of real be people<00:06:42.940> on<00:06:43.150> a<00:06:43.289> daily<00:06:44.289> basis 00:06:44.790 --> 00:06:44.800 align:start position:0% people on a daily basis 00:06:44.800 --> 00:06:47.400 align:start position:0% people on a daily basis that<00:06:45.160> are<00:06:45.280> using<00:06:45.639> this<00:06:45.729> technology<00:06:46.410> because 00:06:47.400 --> 00:06:47.410 align:start position:0% that are using this technology because 00:06:47.410 --> 00:06:51.409 align:start position:0% that are using this technology because it<00:06:47.560> provides<00:06:47.979> them<00:06:48.160> with<00:06:48.220> real<00:06:48.520> utility<00:06:48.699> and 00:06:51.409 --> 00:06:51.419 align:start position:0% it provides them with real utility and 00:06:51.419 --> 00:06:54.719 align:start position:0% it provides them with real utility and this<00:06:52.419> transformation<00:06:52.990> from<00:06:53.830> experimental 00:06:54.719 --> 00:06:54.729 align:start position:0% this transformation from experimental 00:06:54.729 --> 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chasm<00:07:04.620> because<00:07:05.620> this<00:07:05.830> is<00:07:05.949> actually<00:07:06.430> where<00:07:06.639> a 00:07:06.659 --> 00:07:06.669 align:start position:0% chasm because this is actually where a 00:07:06.669 --> 00:07:08.550 align:start position:0% chasm because this is actually where a lot<00:07:07.060> of<00:07:07.180> technologies<00:07:07.720> they<00:07:08.080> get<00:07:08.289> to<00:07:08.440> this 00:07:08.550 --> 00:07:08.560 align:start position:0% lot of technologies they get to this 00:07:08.560 --> 00:07:10.710 align:start position:0% lot of technologies they get to this point<00:07:08.770> and<00:07:09.039> they<00:07:09.699> simply<00:07:09.940> don't<00:07:10.240> make<00:07:10.300> it<00:07:10.539> they 00:07:10.710 --> 00:07:10.720 align:start position:0% point and they simply don't make it they 00:07:10.720 --> 00:07:12.689 align:start position:0% point and they simply don't make it they don't<00:07:11.199> ever<00:07:11.379> enter<00:07:11.800> mainstream<00:07:12.310> relevance 00:07:12.689 --> 00:07:12.699 align:start position:0% don't ever enter mainstream relevance 00:07:12.699 --> 00:07:17.640 align:start position:0% don't ever enter mainstream relevance and<00:07:12.879> they<00:07:13.090> actually<00:07:13.300> just<00:07:13.659> die<00:07:13.990> off<00:07:16.289> so<00:07:17.289> I 00:07:17.640 --> 00:07:17.650 align:start position:0% and they actually just die off so I 00:07:17.650 --> 00:07:19.830 align:start position:0% and they actually just die off so I think<00:07:18.370> it<00:07:18.610> is<00:07:18.639> incredibly<00:07:19.210> important<00:07:19.569> that<00:07:19.690> we 00:07:19.830 --> 00:07:19.840 align:start position:0% think it is incredibly important that we 00:07:19.840 --> 00:07:22.439 align:start position:0% think it is incredibly important that we as<00:07:19.960> a<00:07:19.990> community<00:07:20.229> recognize<00:07:21.159> the<00:07:22.150> immense 00:07:22.439 --> 00:07:22.449 align:start position:0% as a community recognize the immense 00:07:22.449 --> 00:07:25.830 align:start position:0% as a community recognize the immense challenge<00:07:22.960> ahead<00:07:23.050> of<00:07:23.199> us<00:07:23.380> and<00:07:24.240> that<00:07:25.240> we<00:07:25.479> work 00:07:25.830 --> 00:07:25.840 align:start position:0% challenge ahead of us and that we work 00:07:25.840 --> 00:07:28.080 align:start position:0% challenge ahead of us and that we work together<00:07:26.099> so<00:07:27.099> that<00:07:27.220> we<00:07:27.370> can<00:07:27.400> make<00:07:27.849> sure<00:07:28.060> that 00:07:28.080 --> 00:07:28.090 align:start position:0% together so that we can make sure that 00:07:28.090 --> 00:07:31.640 align:start position:0% together so that we can make sure that our<00:07:28.630> technology<00:07:29.789> crosses<00:07:30.789> the<00:07:30.940> chasm 00:07:31.640 --> 00:07:31.650 align:start position:0% our technology crosses the chasm 00:07:31.650 --> 00:07:34.320 align:start position:0% our technology crosses the chasm successfully<00:07:32.650> and<00:07:32.860> has<00:07:33.430> a<00:07:33.460> real<00:07:33.759> impact<00:07:34.150> on 00:07:34.320 --> 00:07:34.330 align:start position:0% successfully and has a real impact on 00:07:34.330 --> 00:07:38.040 align:start position:0% successfully and has a real impact on the<00:07:34.449> real<00:07:34.599> world<00:07:35.550> but<00:07:36.550> the<00:07:36.909> good<00:07:37.090> news<00:07:37.240> is<00:07:37.419> that 00:07:38.040 --> 00:07:38.050 align:start position:0% the real world but the good news is that 00:07:38.050 --> 00:07:40.709 align:start position:0% the real world but the good news is that based<00:07:38.500> on<00:07:38.680> what<00:07:38.949> I'm<00:07:39.130> seeing<00:07:39.610> in<00:07:39.819> this<00:07:40.449> space 00:07:40.709 --> 00:07:40.719 align:start position:0% based on what I'm seeing in this space 00:07:40.719 --> 00:07:43.619 align:start position:0% based on what I'm seeing in this space of<00:07:40.960> working<00:07:41.530> in<00:07:41.620> defy<00:07:41.919> for<00:07:41.979> many<00:07:42.280> years<00:07:42.629> there 00:07:43.619 --> 00:07:43.629 align:start position:0% of working in defy for many years there 00:07:43.629 --> 00:07:46.499 align:start position:0% of working in defy for many years there are<00:07:44.159> trends<00:07:45.159> emerging<00:07:45.699> and<00:07:46.000> that<00:07:46.060> are<00:07:46.389> already 00:07:46.499 --> 00:07:46.509 align:start position:0% are trends emerging and that are already 00:07:46.509 --> 00:07:49.260 align:start position:0% are trends emerging and that are already happening<00:07:46.870> and<00:07:47.610> specifically<00:07:48.610> two<00:07:49.030> major 00:07:49.260 --> 00:07:49.270 align:start position:0% happening and specifically two major 00:07:49.270 --> 00:07:52.230 align:start position:0% happening and specifically two major trends<00:07:49.630> that<00:07:49.810> I<00:07:50.139> think<00:07:50.430> will<00:07:51.430> be<00:07:51.460> the<00:07:51.849> basis<00:07:52.210> of 00:07:52.230 --> 00:07:52.240 align:start position:0% trends that I think will be the basis of 00:07:52.240 --> 00:07:55.110 align:start position:0% trends that I think will be the basis of the<00:07:52.539> next<00:07:52.900> quantum<00:07:53.710> leaps<00:07:53.919> that<00:07:54.580> will<00:07:54.699> unlock 00:07:55.110 --> 00:07:55.120 align:start position:0% the next quantum leaps that will unlock 00:07:55.120 --> 00:07:57.779 align:start position:0% the next quantum leaps that will unlock the<00:07:55.900> value<00:07:56.409> and<00:07:56.620> that<00:07:56.919> will<00:07:57.069> give<00:07:57.280> defy<00:07:57.729> the 00:07:57.779 --> 00:07:57.789 align:start position:0% the value and that will give defy the 00:07:57.789 --> 00:07:59.969 align:start position:0% the value and that will give defy the boost<00:07:58.180> that<00:07:58.300> it<00:07:58.509> needs<00:07:58.690> so<00:07:59.380> that<00:07:59.500> we<00:07:59.590> can<00:07:59.740> cross 00:07:59.969 --> 00:07:59.979 align:start position:0% boost that it needs so that we can cross 00:07:59.979 --> 00:08:06.269 align:start position:0% boost that it needs so that we can cross the<00:08:00.130> chasm<00:08:01.979> and<00:08:03.150> the<00:08:04.150> first<00:08:04.449> is<00:08:05.279> the 00:08:06.269 --> 00:08:06.279 align:start position:0% the chasm and the first is the 00:08:06.279 --> 00:08:09.809 align:start position:0% the chasm and the first is the tokenization<00:08:06.789> of<00:08:07.449> real<00:08:08.139> world<00:08:08.380> asses<00:08:08.800> so<00:08:09.669> the 00:08:09.809 --> 00:08:09.819 align:start position:0% tokenization of real world asses so the 00:08:09.819 --> 00:08:12.029 align:start position:0% tokenization of real world asses so the tokenization<00:08:10.270> of<00:08:10.719> real<00:08:10.870> assets<00:08:11.199> means<00:08:11.710> that 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position:0% protocols 00:08:32.020 --> 00:08:35.909 align:start position:0% protocols just<00:08:32.860> imagine<00:08:34.020> tokenizing<00:08:35.020> your<00:08:35.289> house<00:08:35.440> so 00:08:35.909 --> 00:08:35.919 align:start position:0% just imagine tokenizing your house so 00:08:35.919 --> 00:08:38.149 align:start position:0% just imagine tokenizing your house so you<00:08:36.010> can<00:08:36.159> put<00:08:36.370> it<00:08:36.459> into<00:08:36.610> a<00:08:36.789> maker<00:08:37.149> CDP<00:08:37.719> and 00:08:38.149 --> 00:08:38.159 align:start position:0% you can put it into a maker CDP and 00:08:38.159 --> 00:08:41.010 align:start position:0% you can put it into a maker CDP and generate<00:08:39.159> dye<00:08:39.339> and<00:08:39.669> this<00:08:40.209> way<00:08:40.419> you've<00:08:40.750> just 00:08:41.010 --> 00:08:41.020 align:start position:0% generate dye and this way you've just 00:08:41.020 --> 00:08:42.600 align:start position:0% generate dye and this way you've just created<00:08:41.200> your<00:08:41.560> own<00:08:41.740> defy<00:08:42.190> mortgage 00:08:42.600 --> 00:08:42.610 align:start position:0% created your own defy mortgage 00:08:42.610 --> 00:08:44.940 align:start position:0% created your own defy mortgage completely<00:08:43.510> without<00:08:43.839> any<00:08:44.589> sort<00:08:44.920> of 00:08:44.940 --> 00:08:44.950 align:start position:0% completely without any sort of 00:08:44.950 --> 00:08:47.610 align:start position:0% completely without any sort of interference<00:08:45.610> from<00:08:45.670> a<00:08:45.880> bank<00:08:46.089> or<00:08:46.810> from<00:08:47.500> a 00:08:47.610 --> 00:08:47.620 align:start position:0% interference from a bank or from a 00:08:47.620 --> 00:08:50.819 align:start position:0% interference from a bank or from a counterparty<00:08:48.720> that<00:08:49.720> might<00:08:49.930> sound<00:08:50.140> crazy<00:08:50.500> but 00:08:50.819 --> 00:08:50.829 align:start position:0% counterparty that might sound crazy but 00:08:50.829 --> 00:08:53.880 align:start position:0% counterparty that might sound crazy but that<00:08:51.490> is<00:08:51.850> where<00:08:52.120> the<00:08:52.750> space<00:08:53.079> is<00:08:53.110> already 00:08:53.880 --> 00:08:53.890 align:start position:0% that is where the space is already 00:08:53.890 --> 00:08:55.480 align:start position:0% that is where the space is already headed<00:08:54.310> and 00:08:55.480 --> 00:08:55.490 align:start position:0% headed and 00:08:55.490 --> 00:08:58.780 align:start position:0% headed and it's<00:08:55.580> accelerating<00:08:56.390> and<00:08:56.720> this<00:08:57.620> is<00:08:57.860> how<00:08:58.160> defy 00:08:58.780 --> 00:08:58.790 align:start position:0% it's accelerating and this is how defy 00:08:58.790 --> 00:09:00.610 align:start position:0% it's accelerating and this is how defy will<00:08:59.060> get<00:08:59.209> access<00:08:59.600> to<00:08:59.630> the<00:08:59.870> trillions<00:09:00.440> of 00:09:00.610 --> 00:09:00.620 align:start position:0% will get access to the trillions of 00:09:00.620 --> 00:09:02.199 align:start position:0% will get access to the trillions of dollars<00:09:00.740> that<00:09:01.160> exist<00:09:01.550> in<00:09:01.730> the<00:09:01.910> real<00:09:01.940> estate 00:09:02.199 --> 00:09:02.209 align:start position:0% dollars that exist in the real estate 00:09:02.209 --> 00:09:04.690 align:start position:0% dollars that exist in the real estate markets<00:09:02.839> in<00:09:03.110> the<00:09:03.500> commodities<00:09:04.040> markets<00:09:04.520> and 00:09:04.690 --> 00:09:04.700 align:start position:0% markets in the commodities markets and 00:09:04.700 --> 00:09:07.420 align:start position:0% markets in the commodities markets and trade<00:09:05.029> finance<00:09:05.510> and<00:09:05.630> get<00:09:06.560> access<00:09:06.830> to<00:09:07.220> all<00:09:07.399> of 00:09:07.420 --> 00:09:07.430 align:start position:0% trade finance and get access to all of 00:09:07.430 --> 00:09:09.300 align:start position:0% trade finance and get access to all of this<00:09:07.790> value<00:09:08.300> and<00:09:08.540> all<00:09:08.720> of<00:09:08.839> this<00:09:08.930> opportunity 00:09:09.300 --> 00:09:09.310 align:start position:0% this value and all of this opportunity 00:09:09.310 --> 00:09:12.090 align:start position:0% this value and all of this opportunity so<00:09:10.310> they<00:09:10.430> can<00:09:10.580> be<00:09:10.670> brought<00:09:10.970> in<00:09:11.180> to<00:09:11.300> defy<00:09:11.660> and 00:09:12.090 --> 00:09:12.100 align:start position:0% so they can be brought in to defy and 00:09:12.100 --> 00:09:16.690 align:start position:0% so they can be brought in to defy and provide<00:09:13.100> the<00:09:13.339> basis<00:09:13.790> of<00:09:13.970> our<00:09:14.540> scaling<00:09:15.459> to<00:09:16.459> get 00:09:16.690 --> 00:09:16.700 align:start position:0% provide the basis of our scaling to get 00:09:16.700 --> 00:09:18.940 align:start position:0% provide the basis of our scaling to get our<00:09:16.850> capacity<00:09:17.510> to<00:09:17.540> the<00:09:17.690> point<00:09:18.050> where<00:09:18.589> we<00:09:18.800> will 00:09:18.940 --> 00:09:18.950 align:start position:0% our capacity to the point where we will 00:09:18.950 --> 00:09:22.300 align:start position:0% our capacity to the point where we will be<00:09:19.040> able<00:09:19.220> to<00:09:19.580> supply<00:09:20.540> the<00:09:20.660> entire<00:09:20.990> world<00:09:21.709> with 00:09:22.300 --> 00:09:22.310 align:start position:0% be able to supply the entire world with 00:09:22.310 --> 00:09:24.370 align:start position:0% be able to supply the entire world with a<00:09:22.339> new<00:09:22.670> and<00:09:22.940> better<00:09:23.120> generation<00:09:23.660> of<00:09:23.959> financial 00:09:24.370 --> 00:09:24.380 align:start position:0% a new and better generation of financial 00:09:24.380 --> 00:09:26.949 align:start position:0% a new and better generation of financial services<00:09:24.800> and<00:09:25.040> I<00:09:25.880> especially<00:09:26.209> think<00:09:26.600> that<00:09:26.839> if 00:09:26.949 --> 00:09:26.959 align:start position:0% services and I especially think that if 00:09:26.959 --> 00:09:29.380 align:start position:0% services and I especially think that if you<00:09:27.050> look<00:09:27.230> at<00:09:27.320> this<00:09:27.580> from<00:09:28.580> the<00:09:28.730> perspective<00:09:28.850> of 00:09:29.380 --> 00:09:29.390 align:start position:0% you look at this from the perspective of 00:09:29.390 --> 00:09:32.530 align:start position:0% you look at this from the perspective of maker<00:09:29.810> specifically<00:09:30.709> it<00:09:31.130> is<00:09:31.880> really<00:09:32.209> clear 00:09:32.530 --> 00:09:32.540 align:start position:0% maker specifically it is really clear 00:09:32.540 --> 00:09:35.380 align:start position:0% maker specifically it is really clear that<00:09:32.570> it<00:09:33.020> is<00:09:33.140> only<00:09:33.410> through<00:09:34.390> real-world 00:09:35.380 --> 00:09:35.390 align:start position:0% that it is only through real-world 00:09:35.390 --> 00:09:37.360 align:start position:0% that it is only through real-world assets<00:09:35.810> that<00:09:36.080> we<00:09:36.230> will<00:09:36.410> ever<00:09:36.649> be<00:09:36.800> able<00:09:37.190> to 00:09:37.360 --> 00:09:37.370 align:start position:0% assets that we will ever be able to 00:09:37.370 --> 00:09:40.150 align:start position:0% assets that we will ever be able to scale<00:09:37.880> the<00:09:38.089> supply<00:09:38.390> of<00:09:38.540> dye<00:09:38.690> to<00:09:39.020> the<00:09:39.770> point 00:09:40.150 --> 00:09:40.160 align:start position:0% scale the supply of dye to the point 00:09:40.160 --> 00:09:42.910 align:start position:0% scale the supply of dye to the point where<00:09:40.399> it<00:09:40.490> needs<00:09:40.670> to<00:09:40.760> be<00:09:41.200> if<00:09:42.200> we<00:09:42.529> really 00:09:42.910 --> 00:09:42.920 align:start position:0% where it needs to be if we really 00:09:42.920 --> 00:09:46.120 align:start position:0% where it needs to be if we really actually<00:09:43.190> want<00:09:43.880> to<00:09:44.000> bank<00:09:44.750> the<00:09:45.230> 1.7<00:09:45.830> billion 00:09:46.120 --> 00:09:46.130 align:start position:0% actually want to bank the 1.7 billion 00:09:46.130 --> 00:09:47.820 align:start position:0% actually want to bank the 1.7 billion unbanked 00:09:47.820 --> 00:09:47.830 align:start position:0% unbanked 00:09:47.830 --> 00:09:50.440 align:start position:0% unbanked the<00:09:48.830> great<00:09:49.070> thing<00:09:49.310> about<00:09:49.490> the<00:09:50.089> tokenization 00:09:50.440 --> 00:09:50.450 align:start position:0% the great thing about the tokenization 00:09:50.450 --> 00:09:53.350 align:start position:0% the great thing about the tokenization of<00:09:50.779> real<00:09:50.899> assets<00:09:51.170> is<00:09:51.470> also<00:09:51.920> that<00:09:52.220> once<00:09:52.880> we<00:09:53.120> have 00:09:53.350 --> 00:09:53.360 align:start position:0% of real assets is also that once we have 00:09:53.360 --> 00:09:56.050 align:start position:0% of real assets is also that once we have this<00:09:53.540> scale<00:09:53.870> and<00:09:54.200> once<00:09:54.440> we've<00:09:54.620> brought<00:09:54.980> on<00:09:55.220> the 00:09:56.050 --> 00:09:56.060 align:start position:0% this scale and once we've brought on the 00:09:56.060 --> 00:09:57.790 align:start position:0% this scale and once we've brought on the legacy<00:09:56.360> financial<00:09:56.600> markets<00:09:57.350> into<00:09:57.709> the 00:09:57.790 --> 00:09:57.800 align:start position:0% legacy financial markets into the 00:09:57.800 --> 00:09:59.590 align:start position:0% legacy financial markets into the blockchain<00:09:58.010> we<00:09:58.670> can<00:09:58.820> then<00:09:58.970> turn<00:09:59.149> around<00:09:59.300> and 00:09:59.590 --> 00:09:59.600 align:start position:0% blockchain we can then turn around and 00:09:59.600 --> 00:10:02.260 align:start position:0% blockchain we can then turn around and bring<00:10:00.260> the<00:10:00.410> blockchain<00:10:00.620> out<00:10:01.040> into<00:10:01.790> the<00:10:01.880> legacy 00:10:02.260 --> 00:10:02.270 align:start position:0% bring the blockchain out into the legacy 00:10:02.270 --> 00:10:04.420 align:start position:0% bring the blockchain out into the legacy financial<00:10:02.420> system<00:10:03.079> and<00:10:03.470> we<00:10:03.860> can<00:10:03.980> go<00:10:04.100> out<00:10:04.250> and 00:10:04.420 --> 00:10:04.430 align:start position:0% financial system and we can go out and 00:10:04.430 --> 00:10:06.940 align:start position:0% financial system and we can go out and upgrade<00:10:04.940> the<00:10:05.209> banks<00:10:05.630> the<00:10:06.500> payment 00:10:06.940 --> 00:10:06.950 align:start position:0% upgrade the banks the payment 00:10:06.950 --> 00:10:09.130 align:start position:0% upgrade the banks the payment infrastructure<00:10:07.550> the<00:10:07.820> clearing<00:10:08.240> houses<00:10:08.450> all 00:10:09.130 --> 00:10:09.140 align:start position:0% infrastructure the clearing houses all 00:10:09.140 --> 00:10:11.740 align:start position:0% infrastructure the clearing houses all these<00:10:09.680> institutions<00:10:10.430> and<00:10:10.610> solve<00:10:11.540> the 00:10:11.740 --> 00:10:11.750 align:start position:0% these institutions and solve the 00:10:11.750 --> 00:10:13.360 align:start position:0% these institutions and solve the fundamental<00:10:12.410> problems<00:10:12.860> that<00:10:12.920> they<00:10:13.160> have 00:10:13.360 --> 00:10:13.370 align:start position:0% fundamental problems that they have 00:10:13.370 --> 00:10:17.190 align:start position:0% fundamental problems that they have today<00:10:13.630> with<00:10:14.630> trusted<00:10:15.140> accountability<00:10:15.800> and 00:10:17.190 --> 00:10:17.200 align:start position:0% today with trusted accountability and 00:10:17.200 --> 00:10:19.990 align:start position:0% today with trusted accountability and this<00:10:18.200> way<00:10:18.380> create<00:10:19.130> a<00:10:19.160> lot<00:10:19.339> of<00:10:19.430> improvement<00:10:19.970> in 00:10:19.990 --> 00:10:20.000 align:start position:0% this way create a lot of improvement in 00:10:20.000 --> 00:10:24.160 align:start position:0% this way create a lot of improvement in the<00:10:20.120> world<00:10:20.270> because<00:10:21.730> just<00:10:22.730> imagine<00:10:23.270> if<00:10:23.480> back 00:10:24.160 --> 00:10:24.170 align:start position:0% the world because just imagine if back 00:10:24.170 --> 00:10:27.840 align:start position:0% the world because just imagine if back in<00:10:24.350> 2007<00:10:25.279> anyone<00:10:26.089> could<00:10:26.420> from<00:10:26.870> their<00:10:27.050> phone 00:10:27.840 --> 00:10:27.850 align:start position:0% in 2007 anyone could from their phone 00:10:27.850 --> 00:10:30.579 align:start position:0% in 2007 anyone could from their phone perform<00:10:28.850> a<00:10:28.910> real-time<00:10:29.360> audit<00:10:29.810> of<00:10:29.990> the<00:10:30.230> entire 00:10:30.579 --> 00:10:30.589 align:start position:0% perform a real-time audit of the entire 00:10:30.589 --> 00:10:32.410 align:start position:0% perform a real-time audit of the entire banking<00:10:31.010> system<00:10:31.070> just<00:10:31.610> like<00:10:31.670> you<00:10:31.910> can<00:10:32.120> today 00:10:32.410 --> 00:10:32.420 align:start position:0% banking system just like you can today 00:10:32.420 --> 00:10:37.960 align:start position:0% banking system just like you can today with<00:10:32.810> maker<00:10:33.770> using<00:10:34.279> mpro<00:10:34.610> tools<00:10:34.940> I<00:10:35.860> think<00:10:36.970> the 00:10:37.960 --> 00:10:37.970 align:start position:0% with maker using mpro tools I think the 00:10:37.970 --> 00:10:39.460 align:start position:0% with maker using mpro tools I think the financial<00:10:38.360> crisis<00:10:38.750> would<00:10:38.899> probably<00:10:39.320> have 00:10:39.460 --> 00:10:39.470 align:start position:0% financial crisis would probably have 00:10:39.470 --> 00:10:45.010 align:start position:0% financial crisis would probably have played<00:10:39.770> out<00:10:39.980> a<00:10:40.010> little<00:10:40.250> bit<00:10:40.430> differently<00:10:44.020> now 00:10:45.010 --> 00:10:45.020 align:start position:0% played out a little bit differently now 00:10:45.020 --> 00:10:46.720 align:start position:0% played out a little bit differently now you<00:10:45.079> can't<00:10:45.529> start<00:10:45.770> talking<00:10:46.160> about<00:10:46.250> real<00:10:46.399> world 00:10:46.720 --> 00:10:46.730 align:start position:0% you can't start talking about real world 00:10:46.730 --> 00:10:50.500 align:start position:0% you can't start talking about real world assets<00:10:47.680> without<00:10:48.680> also<00:10:49.250> talking<00:10:49.520> about<00:10:49.760> the 00:10:50.500 --> 00:10:50.510 align:start position:0% assets without also talking about the 00:10:50.510 --> 00:10:54.550 align:start position:0% assets without also talking about the other<00:10:50.720> outward<00:10:52.060> regulation<00:10:53.060> and<00:10:53.560> the 00:10:54.550 --> 00:10:54.560 align:start position:0% other outward regulation and the 00:10:54.560 --> 00:10:57.670 align:start position:0% other outward regulation and the regulation<00:10:54.920> is<00:10:55.570> a<00:10:56.570> bit<00:10:56.779> of<00:10:56.870> a<00:10:56.930> hot<00:10:57.110> topic<00:10:57.140> in 00:10:57.670 --> 00:10:57.680 align:start position:0% regulation is a bit of a hot topic in 00:10:57.680 --> 00:10:59.800 align:start position:0% regulation is a bit of a hot topic in the<00:10:58.040> crypto<00:10:58.310> space<00:10:58.579> right<00:10:58.850> there's<00:10:59.300> a<00:10:59.360> lot<00:10:59.660> of 00:10:59.800 --> 00:10:59.810 align:start position:0% the crypto space right there's a lot of 00:10:59.810 --> 00:11:01.300 align:start position:0% the crypto space right there's a lot of people<00:11:00.140> that<00:11:00.230> are<00:11:00.380> very<00:11:00.560> concerned<00:11:01.010> about<00:11:01.160> it 00:11:01.300 --> 00:11:01.310 align:start position:0% people that are very concerned about it 00:11:01.310 --> 00:11:04.180 align:start position:0% people that are very concerned about it and<00:11:01.570> how<00:11:02.570> it<00:11:02.810> is<00:11:02.959> going<00:11:03.230> to<00:11:03.380> impact<00:11:03.920> our 00:11:04.180 --> 00:11:04.190 align:start position:0% and how it is going to impact our 00:11:04.190 --> 00:11:07.090 align:start position:0% and how it is going to impact our ability<00:11:04.490> to<00:11:04.790> innovate<00:11:05.060> and<00:11:05.770> that's<00:11:06.770> exactly 00:11:07.090 --> 00:11:07.100 align:start position:0% ability to innovate and that's exactly 00:11:07.100 --> 00:11:08.390 align:start position:0% ability to innovate and that's exactly how<00:11:07.190> we<00:11:07.220> failed 00:11:08.390 --> 00:11:08.400 align:start position:0% how we failed 00:11:08.400 --> 00:11:10.430 align:start position:0% how we failed in<00:11:08.490> the<00:11:09.029> mega<00:11:09.210> foundation<00:11:09.779> when<00:11:09.960> we<00:11:10.140> first 00:11:10.430 --> 00:11:10.440 align:start position:0% in the mega foundation when we first 00:11:10.440 --> 00:11:12.170 align:start position:0% in the mega foundation when we first many<00:11:10.800> years<00:11:11.010> ago<00:11:11.190> realized<00:11:11.670> that<00:11:11.970> only 00:11:12.170 --> 00:11:12.180 align:start position:0% many years ago realized that only 00:11:12.180 --> 00:11:13.880 align:start position:0% many years ago realized that only through<00:11:12.630> real-world<00:11:12.870> assets<00:11:13.440> will<00:11:13.650> we<00:11:13.770> be 00:11:13.880 --> 00:11:13.890 align:start position:0% through real-world assets will we be 00:11:13.890 --> 00:11:16.790 align:start position:0% through real-world assets will we be able<00:11:14.070> to<00:11:14.310> scale<00:11:14.610> die<00:11:14.970> to<00:11:15.900> the<00:11:16.050> place<00:11:16.320> where<00:11:16.710> it 00:11:16.790 --> 00:11:16.800 align:start position:0% able to scale die to the place where it 00:11:16.800 --> 00:11:18.470 align:start position:0% able to scale die to the place where it needs<00:11:17.010> to<00:11:17.190> be<00:11:17.310> so<00:11:17.550> that<00:11:17.580> it<00:11:17.790> can<00:11:17.940> serve<00:11:18.180> the 00:11:18.470 --> 00:11:18.480 align:start position:0% needs to be so that it can serve the 00:11:18.480 --> 00:11:22.000 align:start position:0% needs to be so that it can serve the entire<00:11:18.810> world<00:11:19.110> and<00:11:19.380> bank<00:11:19.740> the<00:11:19.890> unbanked<00:11:20.160> and 00:11:22.000 --> 00:11:22.010 align:start position:0% entire world and bank the unbanked and 00:11:22.010 --> 00:11:24.470 align:start position:0% entire world and bank the unbanked and what<00:11:23.010> we<00:11:23.160> found<00:11:23.310> out<00:11:23.460> is<00:11:23.700> that<00:11:23.730> the<00:11:24.330> solution 00:11:24.470 --> 00:11:24.480 align:start position:0% what we found out is that the solution 00:11:24.480 --> 00:11:27.440 align:start position:0% what we found out is that the solution to<00:11:24.960> this<00:11:25.080> problem<00:11:25.320> is<00:11:25.740> already<00:11:26.700> happening<00:11:27.300> and 00:11:27.440 --> 00:11:27.450 align:start position:0% to this problem is already happening and 00:11:27.450 --> 00:11:29.269 align:start position:0% to this problem is already happening and it's<00:11:27.570> already<00:11:27.930> taking<00:11:28.230> shape<00:11:28.260> today<00:11:28.650> and<00:11:28.980> all 00:11:29.269 --> 00:11:29.279 align:start position:0% it's already taking shape today and all 00:11:29.279 --> 00:11:31.640 align:start position:0% it's already taking shape today and all you<00:11:29.400> have<00:11:29.520> to<00:11:29.610> do<00:11:29.730> is<00:11:29.940> look<00:11:30.180> at<00:11:30.529> something<00:11:31.529> like 00:11:31.640 --> 00:11:31.650 align:start position:0% you have to do is look at something like 00:11:31.650 --> 00:11:33.440 align:start position:0% you have to do is look at something like Bitcoin<00:11:32.130> and<00:11:32.370> aetherium<00:11:32.850> and<00:11:33.029> how<00:11:33.120> they<00:11:33.390> are 00:11:33.440 --> 00:11:33.450 align:start position:0% Bitcoin and aetherium and how they are 00:11:33.450 --> 00:11:36.530 align:start position:0% Bitcoin and aetherium and how they are regulated<00:11:34.040> because<00:11:35.040> what's<00:11:35.970> happening<00:11:36.390> is 00:11:36.530 --> 00:11:36.540 align:start position:0% regulated because what's happening is 00:11:36.540 --> 00:11:38.210 align:start position:0% regulated because what's happening is that<00:11:36.690> the<00:11:36.810> regulators<00:11:37.320> are<00:11:37.500> not<00:11:37.620> touching<00:11:37.950> the 00:11:38.210 --> 00:11:38.220 align:start position:0% that the regulators are not touching the 00:11:38.220 --> 00:11:41.780 align:start position:0% that the regulators are not touching the core<00:11:38.430> protocol<00:11:38.910> they're<00:11:39.810> said<00:11:40.170> going<00:11:40.350> to<00:11:40.790> the 00:11:41.780 --> 00:11:41.790 align:start position:0% core protocol they're said going to the 00:11:41.790 --> 00:11:43.880 align:start position:0% core protocol they're said going to the centralized<00:11:42.330> exchanges<00:11:42.930> that<00:11:43.380> Bitcoin<00:11:43.800> and 00:11:43.880 --> 00:11:43.890 align:start position:0% centralized exchanges that Bitcoin and 00:11:43.890 --> 00:11:45.740 align:start position:0% centralized exchanges that Bitcoin and aetherium<00:11:44.279> rely<00:11:44.580> on<00:11:44.610> for<00:11:45.120> their<00:11:45.240> value<00:11:45.600> and 00:11:45.740 --> 00:11:45.750 align:start position:0% aetherium rely on for their value and 00:11:45.750 --> 00:11:48.740 align:start position:0% aetherium rely on for their value and for<00:11:45.870> their<00:11:46.020> markets<00:11:46.380> and<00:11:47.570> this<00:11:48.570> is<00:11:48.720> a 00:11:48.740 --> 00:11:48.750 align:start position:0% for their markets and this is a 00:11:48.750 --> 00:11:50.960 align:start position:0% for their markets and this is a phenomenon<00:11:49.260> we<00:11:49.440> call<00:11:49.760> regulation<00:11:50.760> at<00:11:50.880> the 00:11:50.960 --> 00:11:50.970 align:start position:0% phenomenon we call regulation at the 00:11:50.970 --> 00:11:52.850 align:start position:0% phenomenon we call regulation at the edges<00:11:51.330> and<00:11:51.570> it's<00:11:52.110> actually<00:11:52.410> a<00:11:52.470> very<00:11:52.680> natural 00:11:52.850 --> 00:11:52.860 align:start position:0% edges and it's actually a very natural 00:11:52.860 --> 00:11:56.290 align:start position:0% edges and it's actually a very natural process<00:11:53.279> because<00:11:53.880> what's<00:11:54.480> happening<00:11:54.930> is<00:11:55.110> that 00:11:56.290 --> 00:11:56.300 align:start position:0% process because what's happening is that 00:11:56.300 --> 00:11:58.250 align:start position:0% process because what's happening is that regulators<00:11:57.300> are<00:11:57.420> always<00:11:57.630> going<00:11:57.779> to<00:11:57.870> regulate 00:11:58.250 --> 00:11:58.260 align:start position:0% regulators are always going to regulate 00:11:58.260 --> 00:11:59.840 align:start position:0% regulators are always going to regulate anything<00:11:58.650> they<00:11:58.980> can<00:11:59.160> get<00:11:59.310> their<00:11:59.460> hands<00:11:59.670> on 00:11:59.840 --> 00:11:59.850 align:start position:0% anything they can get their hands on 00:11:59.850 --> 00:12:01.579 align:start position:0% anything they can get their hands on within<00:12:00.240> their<00:12:00.420> jurisdiction<00:12:00.960> so<00:12:01.470> they 00:12:01.579 --> 00:12:01.589 align:start position:0% within their jurisdiction so they 00:12:01.589 --> 00:12:02.990 align:start position:0% within their jurisdiction so they naturally<00:12:01.770> go<00:12:02.190> to<00:12:02.250> the<00:12:02.430> exchanges<00:12:02.880> because 00:12:02.990 --> 00:12:03.000 align:start position:0% naturally go to the exchanges because 00:12:03.000 --> 00:12:07.700 align:start position:0% naturally go to the exchanges because that's<00:12:03.410> what<00:12:04.410> they<00:12:04.529> can<00:12:04.680> grab<00:12:04.970> but<00:12:06.710> no 00:12:07.700 --> 00:12:07.710 align:start position:0% that's what they can grab but no 00:12:07.710 --> 00:12:09.560 align:start position:0% that's what they can grab but no regulator<00:12:08.220> is<00:12:08.430> ever<00:12:08.670> going<00:12:08.910> to<00:12:09.089> push<00:12:09.330> through 00:12:09.560 --> 00:12:09.570 align:start position:0% regulator is ever going to push through 00:12:09.570 --> 00:12:11.210 align:start position:0% regulator is ever going to push through regulation<00:12:10.260> that<00:12:10.470> they<00:12:10.650> know<00:12:10.830> they<00:12:11.010> cannot 00:12:11.210 --> 00:12:11.220 align:start position:0% regulation that they know they cannot 00:12:11.220 --> 00:12:14.240 align:start position:0% regulation that they know they cannot enforce<00:12:11.610> so<00:12:12.540> that<00:12:12.690> is<00:12:12.810> why<00:12:12.990> they<00:12:13.230> leave<00:12:13.440> the 00:12:14.240 --> 00:12:14.250 align:start position:0% enforce so that is why they leave the 00:12:14.250 --> 00:12:16.880 align:start position:0% enforce so that is why they leave the decentralized<00:12:14.880> protocols<00:12:15.390> themselves<00:12:16.050> on 00:12:16.880 --> 00:12:16.890 align:start position:0% decentralized protocols themselves on 00:12:16.890 --> 00:12:18.350 align:start position:0% decentralized protocols themselves on their<00:12:17.130> own<00:12:17.279> as<00:12:17.670> long<00:12:17.850> as<00:12:17.970> they<00:12:18.089> are<00:12:18.180> truly 00:12:18.350 --> 00:12:18.360 align:start position:0% their own as long as they are truly 00:12:18.360 --> 00:12:21.260 align:start position:0% their own as long as they are truly decentralized<00:12:19.020> and<00:12:19.730> the<00:12:20.730> great<00:12:20.970> thing<00:12:21.180> about 00:12:21.260 --> 00:12:21.270 align:start position:0% decentralized and the great thing about 00:12:21.270 --> 00:12:23.090 align:start position:0% decentralized and the great thing about regulation<00:12:22.020> at<00:12:22.140> the<00:12:22.230> edges<00:12:22.500> in<00:12:22.620> this<00:12:22.709> way<00:12:22.920> is 00:12:23.090 --> 00:12:23.100 align:start position:0% regulation at the edges in this way is 00:12:23.100 --> 00:12:26.990 align:start position:0% regulation at the edges in this way is that<00:12:23.310> if<00:12:24.270> your<00:12:24.540> protocol<00:12:25.110> is<00:12:25.400> spread<00:12:26.400> out 00:12:26.990 --> 00:12:27.000 align:start position:0% that if your protocol is spread out 00:12:27.000 --> 00:12:29.030 align:start position:0% that if your protocol is spread out enough<00:12:27.390> across<00:12:27.870> the<00:12:28.020> world<00:12:28.230> so<00:12:28.709> that<00:12:28.860> its 00:12:29.030 --> 00:12:29.040 align:start position:0% enough across the world so that its 00:12:29.040 --> 00:12:30.949 align:start position:0% enough across the world so that its edges<00:12:29.490> passed<00:12:30.150> through<00:12:30.480> a<00:12:30.690> hundred 00:12:30.949 --> 00:12:30.959 align:start position:0% edges passed through a hundred 00:12:30.959 --> 00:12:34.940 align:start position:0% edges passed through a hundred jurisdictions<00:12:32.630> the<00:12:33.630> exposure<00:12:34.110> you<00:12:34.470> have<00:12:34.500> to<00:12:34.709> a 00:12:34.940 --> 00:12:34.950 align:start position:0% jurisdictions the exposure you have to a 00:12:34.950 --> 00:12:38.060 align:start position:0% jurisdictions the exposure you have to a single<00:12:35.430> regulator<00:12:35.900> is<00:12:36.900> incredibly<00:12:37.500> small<00:12:37.770> and 00:12:38.060 --> 00:12:38.070 align:start position:0% single regulator is incredibly small and 00:12:38.070 --> 00:12:41.240 align:start position:0% single regulator is incredibly small and your<00:12:38.940> risk<00:12:39.240> is<00:12:39.680> diversified<00:12:40.680> to<00:12:40.860> the<00:12:40.980> point 00:12:41.240 --> 00:12:41.250 align:start position:0% your risk is diversified to the point 00:12:41.250 --> 00:12:44.329 align:start position:0% your risk is diversified to the point where<00:12:41.640> it<00:12:41.940> is<00:12:42.540> barely<00:12:43.290> any<00:12:43.560> risk<00:12:43.800> at<00:12:43.950> all<00:12:44.040> and 00:12:44.329 --> 00:12:44.339 align:start position:0% where it is barely any risk at all and 00:12:44.339 --> 00:12:47.210 align:start position:0% where it is barely any risk at all and that<00:12:44.660> is<00:12:45.660> why<00:12:45.870> no<00:12:45.930> one<00:12:46.110> today<00:12:46.380> would<00:12:46.770> contend 00:12:47.210 --> 00:12:47.220 align:start position:0% that is why no one today would contend 00:12:47.220 --> 00:12:49.250 align:start position:0% that is why no one today would contend that<00:12:47.370> bitcoin<00:12:48.330> or<00:12:48.360> etherium<00:12:48.959> are<00:12:49.110> not 00:12:49.250 --> 00:12:49.260 align:start position:0% that bitcoin or etherium are not 00:12:49.260 --> 00:12:51.199 align:start position:0% that bitcoin or etherium are not decentralized<00:12:49.920> despite<00:12:50.610> the<00:12:50.730> fact<00:12:50.970> that<00:12:51.029> they 00:12:51.199 --> 00:12:51.209 align:start position:0% decentralized despite the fact that they 00:12:51.209 --> 00:12:52.910 align:start position:0% decentralized despite the fact that they rely<00:12:51.480> on<00:12:51.510> centralized<00:12:52.140> exchanges<00:12:52.620> for<00:12:52.770> their 00:12:52.910 --> 00:12:52.920 align:start position:0% rely on centralized exchanges for their 00:12:52.920 --> 00:12:55.670 align:start position:0% rely on centralized exchanges for their value<00:12:53.220> because<00:12:54.000> ultimately<00:12:54.480> the<00:12:55.320> risk<00:12:55.560> that 00:12:55.670 --> 00:12:55.680 align:start position:0% value because ultimately the risk that 00:12:55.680 --> 00:12:57.350 align:start position:0% value because ultimately the risk that this<00:12:55.890> represents<00:12:56.490> to<00:12:56.610> them<00:12:56.730> is<00:12:56.970> so 00:12:57.350 --> 00:12:57.360 align:start position:0% this represents to them is so 00:12:57.360 --> 00:12:59.690 align:start position:0% this represents to them is so diversified<00:12:57.980> that<00:12:58.980> it<00:12:59.100> is<00:12:59.190> not<00:12:59.339> a<00:12:59.370> real<00:12:59.580> issue 00:12:59.690 --> 00:12:59.700 align:start position:0% diversified that it is not a real issue 00:12:59.700 --> 00:13:03.530 align:start position:0% diversified that it is not a real issue and<00:13:00.620> I<00:13:01.620> think<00:13:01.680> another<00:13:02.070> issue<00:13:02.339> another<00:13:03.180> great 00:13:03.530 --> 00:13:03.540 align:start position:0% and I think another issue another great 00:13:03.540 --> 00:13:05.660 align:start position:0% and I think another issue another great example<00:13:03.740> when<00:13:04.740> it<00:13:04.830> comes<00:13:05.040> to<00:13:05.160> regulation<00:13:05.580> of 00:13:05.660 --> 00:13:05.670 align:start position:0% example when it comes to regulation of 00:13:05.670 --> 00:13:09.560 align:start position:0% example when it comes to regulation of blood<00:13:05.760> chain<00:13:06.089> is<00:13:06.350> to<00:13:07.350> look<00:13:07.529> at<00:13:07.880> you<00:13:08.880> SEC<00:13:09.360> on 00:13:09.560 --> 00:13:09.570 align:start position:0% blood chain is to look at you SEC on 00:13:09.570 --> 00:13:11.390 align:start position:0% blood chain is to look at you SEC on compound<00:13:10.170> and<00:13:10.350> how<00:13:10.500> they<00:13:10.680> interact<00:13:11.100> because 00:13:11.390 --> 00:13:11.400 align:start position:0% compound and how they interact because 00:13:11.400 --> 00:13:13.400 align:start position:0% compound and how they interact because this<00:13:11.700> is<00:13:11.880> probably<00:13:12.300> the<00:13:12.480> first<00:13:12.720> ever<00:13:13.020> example 00:13:13.400 --> 00:13:13.410 align:start position:0% this is probably the first ever example 00:13:13.410 --> 00:13:19.310 align:start position:0% this is probably the first ever example of<00:13:13.970> a<00:13:14.970> regulated<00:13:16.520> centralized<00:13:18.079> real<00:13:19.079> world 00:13:19.310 --> 00:13:19.320 align:start position:0% of a regulated centralized real world 00:13:19.320 --> 00:13:21.140 align:start position:0% of a regulated centralized real world asset<00:13:19.680> being<00:13:20.190> brought<00:13:20.520> onto 00:13:21.140 --> 00:13:21.150 align:start position:0% asset being brought onto 00:13:21.150 --> 00:13:23.180 align:start position:0% asset being brought onto blockchain<00:13:21.510> and<00:13:21.690> used<00:13:22.170> as<00:13:22.380> the<00:13:22.560> basis<00:13:23.070> of 00:13:23.180 --> 00:13:23.190 align:start position:0% blockchain and used as the basis of 00:13:23.190 --> 00:13:27.440 align:start position:0% blockchain and used as the basis of value<00:13:23.580> in<00:13:24.570> a<00:13:25.230> decentralized<00:13:25.950> d5<00:13:26.370> protocol<00:13:26.880> and 00:13:27.440 --> 00:13:27.450 align:start position:0% value in a decentralized d5 protocol and 00:13:27.450 --> 00:13:31.010 align:start position:0% value in a decentralized d5 protocol and I<00:13:28.440> think<00:13:28.710> that<00:13:28.950> with<00:13:29.460> these<00:13:29.810> examples<00:13:30.810> and 00:13:31.010 --> 00:13:31.020 align:start position:0% I think that with these examples and 00:13:31.020 --> 00:13:32.270 align:start position:0% I think that with these examples and these<00:13:31.170> precedents<00:13:31.770> that<00:13:31.830> we<00:13:31.980> are<00:13:32.040> already 00:13:32.270 --> 00:13:32.280 align:start position:0% these precedents that we are already 00:13:32.280 --> 00:13:35.210 align:start position:0% these precedents that we are already seeing<00:13:32.550> in<00:13:32.700> the<00:13:32.790> space<00:13:33.110> there's<00:13:34.110> definitely<00:13:35.040> a 00:13:35.210 --> 00:13:35.220 align:start position:0% seeing in the space there's definitely a 00:13:35.220 --> 00:13:37.490 align:start position:0% seeing in the space there's definitely a way<00:13:35.250> and<00:13:35.820> there's<00:13:36.600> definitely<00:13:36.990> a<00:13:37.050> stable 00:13:37.490 --> 00:13:37.500 align:start position:0% way and there's definitely a stable 00:13:37.500 --> 00:13:39.640 align:start position:0% way and there's definitely a stable environment<00:13:37.620> that<00:13:38.100> can<00:13:38.220> be<00:13:38.370> created<00:13:38.850> where 00:13:39.640 --> 00:13:39.650 align:start position:0% environment that can be created where 00:13:39.650 --> 00:13:42.590 align:start position:0% environment that can be created where regulation<00:13:40.650> and<00:13:40.890> decentralization<00:13:41.610> can<00:13:42.480> be 00:13:42.590 --> 00:13:42.600 align:start position:0% regulation and decentralization can be 00:13:42.600 --> 00:13:44.540 align:start position:0% regulation and decentralization can be reconciled<00:13:43.140> without<00:13:43.620> compromising<00:13:44.340> either 00:13:44.540 --> 00:13:44.550 align:start position:0% reconciled without compromising either 00:13:44.550 --> 00:13:48.440 align:start position:0% reconciled without compromising either so<00:13:45.510> the<00:13:45.600> D<00:13:45.810> Phi<00:13:46.050> can<00:13:46.860> thrive<00:13:47.220> and<00:13:47.640> can<00:13:48.180> remain 00:13:48.440 --> 00:13:48.450 align:start position:0% so the D Phi can thrive and can remain 00:13:48.450 --> 00:13:51.500 align:start position:0% so the D Phi can thrive and can remain decentralized<00:13:49.110> but<00:13:50.010> can<00:13:50.160> also<00:13:50.340> reach<00:13:50.850> the 00:13:51.500 --> 00:13:51.510 align:start position:0% decentralized but can also reach the 00:13:51.510 --> 00:13:53.300 align:start position:0% decentralized but can also reach the scale<00:13:51.840> that<00:13:52.020> it<00:13:52.140> needs<00:13:52.320> to<00:13:52.410> get<00:13:52.650> to<00:13:52.860> in<00:13:53.070> order 00:13:53.300 --> 00:13:53.310 align:start position:0% scale that it needs to get to in order 00:13:53.310 --> 00:13:55.310 align:start position:0% scale that it needs to get to in order to<00:13:53.910> serve<00:13:54.180> the<00:13:54.210> financial<00:13:54.870> needs<00:13:55.080> of<00:13:55.260> the 00:13:55.310 --> 00:13:55.320 align:start position:0% to serve the financial needs of the 00:13:55.320 --> 00:14:01.310 align:start position:0% to serve the financial needs of the world<00:13:57.380> now<00:13:58.380> we've<00:13:58.620> talked<00:13:58.890> about<00:14:00.080> the<00:14:01.080> first 00:14:01.310 --> 00:14:01.320 align:start position:0% world now we've talked about the first 00:14:01.320 --> 00:14:03.560 align:start position:0% world now we've talked about the first quantum<00:14:01.800> leap<00:14:01.950> of<00:14:02.100> composability<00:14:02.820> in<00:14:03.210> d<00:14:03.360> Phi 00:14:03.560 --> 00:14:03.570 align:start position:0% quantum leap of composability in d Phi 00:14:03.570 --> 00:14:06.200 align:start position:0% quantum leap of composability in d Phi as<00:14:03.810> well<00:14:04.620> as<00:14:04.800> the<00:14:04.980> quantum<00:14:05.460> leap<00:14:05.610> that's 00:14:06.200 --> 00:14:06.210 align:start position:0% as well as the quantum leap that's 00:14:06.210 --> 00:14:08.270 align:start position:0% as well as the quantum leap that's coming<00:14:06.750> with<00:14:06.780> tokenization<00:14:07.350> of<00:14:07.740> assets<00:14:08.130> that 00:14:08.270 --> 00:14:08.280 align:start position:0% coming with tokenization of assets that 00:14:08.280 --> 00:14:10.790 align:start position:0% coming with tokenization of assets that will<00:14:08.400> allow<00:14:08.640> us<00:14:08.850> to<00:14:08.880> scale<00:14:09.330> D<00:14:09.660> Phi<00:14:09.900> on<00:14:10.410> the 00:14:10.790 --> 00:14:10.800 align:start position:0% will allow us to scale D Phi on the 00:14:10.800 --> 00:14:12.590 align:start position:0% will allow us to scale D Phi on the supply<00:14:11.190> side<00:14:11.220> and<00:14:11.820> on<00:14:12.000> there<00:14:12.180> with<00:14:12.570> the 00:14:12.590 --> 00:14:12.600 align:start position:0% supply side and on there with the 00:14:12.600 --> 00:14:15.440 align:start position:0% supply side and on there with the capacity<00:14:13.260> it<00:14:13.500> needs<00:14:13.800> to<00:14:14.010> say<00:14:14.250> to<00:14:14.280> serve<00:14:15.270> the 00:14:15.440 --> 00:14:15.450 align:start position:0% capacity it needs to say to serve the 00:14:15.450 --> 00:14:17.660 align:start position:0% capacity it needs to say to serve the whole<00:14:15.570> world's<00:14:15.930> needs<00:14:16.190> but<00:14:17.190> now<00:14:17.340> we<00:14:17.400> need<00:14:17.580> to 00:14:17.660 --> 00:14:17.670 align:start position:0% whole world's needs but now we need to 00:14:17.670 --> 00:14:19.670 align:start position:0% whole world's needs but now we need to talk<00:14:17.820> about<00:14:17.850> how<00:14:18.240> we're<00:14:18.450> going<00:14:18.630> to<00:14:18.750> scale<00:14:19.110> on 00:14:19.670 --> 00:14:19.680 align:start position:0% talk about how we're going to scale on 00:14:19.680 --> 00:14:22.010 align:start position:0% talk about how we're going to scale on the<00:14:20.280> demand<00:14:20.610> side<00:14:20.790> how<00:14:21.510> are<00:14:21.690> we<00:14:21.780> going<00:14:21.930> to 00:14:22.010 --> 00:14:22.020 align:start position:0% the demand side how are we going to 00:14:22.020 --> 00:14:24.890 align:start position:0% the demand side how are we going to scale<00:14:22.380> all<00:14:23.070> the<00:14:23.130> use<00:14:23.760> cases<00:14:24.030> of<00:14:24.240> D<00:14:24.360> Phi<00:14:24.540> so<00:14:24.870> that 00:14:24.890 --> 00:14:24.900 align:start position:0% scale all the use cases of D Phi so that 00:14:24.900 --> 00:14:26.870 align:start position:0% scale all the use cases of D Phi so that it<00:14:25.110> can<00:14:25.260> meet<00:14:25.440> all<00:14:25.740> the<00:14:26.250> different<00:14:26.580> demands 00:14:26.870 --> 00:14:26.880 align:start position:0% it can meet all the different demands 00:14:26.880 --> 00:14:28.460 align:start position:0% it can meet all the different demands that<00:14:27.000> exist<00:14:27.390> out<00:14:27.570> in<00:14:27.630> the<00:14:27.870> real<00:14:28.020> world<00:14:28.230> and 00:14:28.460 --> 00:14:28.470 align:start position:0% that exist out in the real world and 00:14:28.470 --> 00:14:30.260 align:start position:0% that exist out in the real world and that<00:14:28.530> are<00:14:28.890> being<00:14:29.040> met<00:14:29.220> today<00:14:29.400> by<00:14:29.820> the<00:14:29.880> current 00:14:30.260 --> 00:14:30.270 align:start position:0% that are being met today by the current 00:14:30.270 --> 00:14:32.660 align:start position:0% that are being met today by the current financial<00:14:30.420> services<00:14:31.080> and<00:14:31.350> this<00:14:32.250> is<00:14:32.460> where 00:14:32.660 --> 00:14:32.670 align:start position:0% financial services and this is where 00:14:32.670 --> 00:14:36.020 align:start position:0% financial services and this is where synthetic<00:14:33.300> assets<00:14:33.630> come<00:14:33.810> in<00:14:34.070> so<00:14:35.070> synthetic 00:14:36.020 --> 00:14:36.030 align:start position:0% synthetic assets come in so synthetic 00:14:36.030 --> 00:14:38.840 align:start position:0% synthetic assets come in so synthetic assets<00:14:36.540> is<00:14:36.780> the<00:14:37.470> basic<00:14:37.920> concept<00:14:38.100> that<00:14:38.610> you 00:14:38.840 --> 00:14:38.850 align:start position:0% assets is the basic concept that you 00:14:38.850 --> 00:14:40.670 align:start position:0% assets is the basic concept that you take<00:14:39.090> D<00:14:39.270> Phi<00:14:39.450> and<00:14:39.480> then<00:14:39.720> use<00:14:39.900> that<00:14:39.930> to<00:14:40.230> emulate 00:14:40.670 --> 00:14:40.680 align:start position:0% take D Phi and then use that to emulate 00:14:40.680 --> 00:14:43.550 align:start position:0% take D Phi and then use that to emulate a<00:14:40.710> real-world<00:14:40.980> asset<00:14:41.490> and<00:14:42.200> actually<00:14:43.200> the<00:14:43.380> best 00:14:43.550 --> 00:14:43.560 align:start position:0% a real-world asset and actually the best 00:14:43.560 --> 00:14:45.350 align:start position:0% a real-world asset and actually the best example<00:14:43.980> of<00:14:44.010> this<00:14:44.190> is<00:14:44.250> a<00:14:44.340> synthetic<00:14:44.700> acid<00:14:45.210> is 00:14:45.350 --> 00:14:45.360 align:start position:0% example of this is a synthetic acid is 00:14:45.360 --> 00:14:47.210 align:start position:0% example of this is a synthetic acid is the<00:14:45.810> dice<00:14:45.960> table<00:14:46.230> quarry<00:14:46.560> because<00:14:47.040> a 00:14:47.210 --> 00:14:47.220 align:start position:0% the dice table quarry because a 00:14:47.220 --> 00:14:49.570 align:start position:0% the dice table quarry because a decentralized<00:14:47.850> stable<00:14:48.150> point<00:14:48.300> is<00:14:48.510> just<00:14:48.870> D<00:14:49.320> Phi 00:14:49.570 --> 00:14:49.580 align:start position:0% decentralized stable point is just D Phi 00:14:49.580 --> 00:14:52.970 align:start position:0% decentralized stable point is just D Phi emulating<00:14:50.580> the<00:14:50.670> u.s.<00:14:50.910> dollar<00:14:51.090> and<00:14:51.800> you<00:14:52.800> can 00:14:52.970 --> 00:14:52.980 align:start position:0% emulating the u.s. dollar and you can 00:14:52.980 --> 00:14:54.320 align:start position:0% emulating the u.s. dollar and you can take<00:14:53.160> this<00:14:53.280> process<00:14:53.700> and<00:14:53.880> use<00:14:54.030> that<00:14:54.180> for 00:14:54.320 --> 00:14:54.330 align:start position:0% take this process and use that for 00:14:54.330 --> 00:14:57.410 align:start position:0% take this process and use that for anything<00:14:54.650> including<00:14:55.650> the<00:14:56.220> euro<00:14:56.490> or<00:14:56.880> any<00:14:57.180> other 00:14:57.410 --> 00:14:57.420 align:start position:0% anything including the euro or any other 00:14:57.420 --> 00:14:59.690 align:start position:0% anything including the euro or any other currency<00:14:57.600> and<00:14:58.050> this<00:14:58.590> is<00:14:58.740> actually<00:14:59.190> a<00:14:59.220> simple 00:14:59.690 --> 00:14:59.700 align:start position:0% currency and this is actually a simple 00:14:59.700 --> 00:15:01.610 align:start position:0% currency and this is actually a simple option<00:15:00.120> that's<00:15:00.270> available<00:15:00.450> for<00:15:00.990> instance<00:15:01.350> to 00:15:01.610 --> 00:15:01.620 align:start position:0% option that's available for instance to 00:15:01.620 --> 00:15:04.070 align:start position:0% option that's available for instance to make<00:15:01.920> your<00:15:02.580> governance<00:15:02.940> that<00:15:03.510> is<00:15:03.690> able<00:15:03.870> to 00:15:04.070 --> 00:15:04.080 align:start position:0% make your governance that is able to 00:15:04.080 --> 00:15:05.810 align:start position:0% make your governance that is able to create<00:15:04.380> any<00:15:04.620> kind<00:15:04.710> of<00:15:04.980> stable<00:15:05.190> and<00:15:05.460> wants<00:15:05.730> to 00:15:05.810 --> 00:15:05.820 align:start position:0% create any kind of stable and wants to 00:15:05.820 --> 00:15:08.420 align:start position:0% create any kind of stable and wants to create<00:15:06.060> and<00:15:06.830> it<00:15:07.830> goes<00:15:08.040> beyond<00:15:08.340> just 00:15:08.420 --> 00:15:08.430 align:start position:0% create and it goes beyond just 00:15:08.430 --> 00:15:10.340 align:start position:0% create and it goes beyond just currencies<00:15:09.000> you<00:15:09.210> can<00:15:09.360> do<00:15:09.510> this<00:15:09.660> for<00:15:09.840> any<00:15:10.020> type 00:15:10.340 --> 00:15:10.350 align:start position:0% currencies you can do this for any type 00:15:10.350 --> 00:15:12.860 align:start position:0% currencies you can do this for any type of<00:15:10.380> asset<00:15:10.820> you<00:15:11.820> can<00:15:11.850> create<00:15:12.240> synthetic<00:15:12.480> gold 00:15:12.860 --> 00:15:12.870 align:start position:0% of asset you can create synthetic gold 00:15:12.870 --> 00:15:16.520 align:start position:0% of asset you can create synthetic gold or<00:15:13.380> synthetic<00:15:13.950> stock<00:15:14.490> index<00:15:14.880> and<00:15:15.530> these 00:15:16.520 --> 00:15:16.530 align:start position:0% or synthetic stock index and these 00:15:16.530 --> 00:15:19.400 align:start position:0% or synthetic stock index and these things<00:15:16.770> are<00:15:16.890> already<00:15:17.070> happening<00:15:17.690> so<00:15:18.690> it 00:15:19.400 --> 00:15:19.410 align:start position:0% things are already happening so it 00:15:19.410 --> 00:15:23.150 align:start position:0% things are already happening so it really<00:15:19.830> proves<00:15:20.220> that<00:15:20.640> D<00:15:21.360> Phi<00:15:21.980> truly<00:15:22.980> has<00:15:23.130> a 00:15:23.150 --> 00:15:23.160 align:start position:0% really proves that D Phi truly has a 00:15:23.160 --> 00:15:25.490 align:start position:0% really proves that D Phi truly has a capacity<00:15:23.760> to<00:15:23.940> meet<00:15:24.120> any<00:15:24.390> kind<00:15:24.870> of<00:15:24.960> demand<00:15:25.290> and 00:15:25.490 --> 00:15:25.500 align:start position:0% capacity to meet any kind of demand and 00:15:25.500 --> 00:15:27.500 align:start position:0% capacity to meet any kind of demand and any<00:15:26.070> kind<00:15:26.370> of<00:15:26.430> use<00:15:26.670> case<00:15:26.910> that<00:15:26.940> currently 00:15:27.500 --> 00:15:27.510 align:start position:0% any kind of use case that currently 00:15:27.510 --> 00:15:29.590 align:start position:0% any kind of use case that currently exists<00:15:27.900> for<00:15:28.050> financial<00:15:28.440> services<00:15:28.560> and 00:15:29.590 --> 00:15:29.600 align:start position:0% exists for financial services and 00:15:29.600 --> 00:15:33.680 align:start position:0% exists for financial services and through<00:15:30.600> this<00:15:31.190> be<00:15:32.190> a<00:15:32.220> proper<00:15:32.790> substitute<00:15:33.390> for 00:15:33.680 --> 00:15:33.690 align:start position:0% through this be a proper substitute for 00:15:33.690 --> 00:15:34.490 align:start position:0% through this be a proper substitute for the<00:15:33.750> current 00:15:34.490 --> 00:15:34.500 align:start position:0% the current 00:15:34.500 --> 00:15:39.060 align:start position:0% the current broken<00:15:35.500> and<00:15:35.620> unfair<00:15:36.040> financial<00:15:36.250> system<00:15:37.769> so<00:15:38.769> I 00:15:39.060 --> 00:15:39.070 align:start position:0% broken and unfair financial system so I 00:15:39.070 --> 00:15:42.480 align:start position:0% broken and unfair financial system so I really<00:15:39.399> think<00:15:39.579> that<00:15:40.200> with<00:15:41.200> the<00:15:42.130> tokenization 00:15:42.480 --> 00:15:42.490 align:start position:0% really think that with the tokenization 00:15:42.490 --> 00:15:46.139 align:start position:0% really think that with the tokenization of<00:15:43.029> real-world<00:15:43.480> assets<00:15:44.730> providing<00:15:45.730> the<00:15:45.850> scale 00:15:46.139 --> 00:15:46.149 align:start position:0% of real-world assets providing the scale 00:15:46.149 --> 00:15:48.930 align:start position:0% of real-world assets providing the scale that<00:15:46.389> we<00:15:46.510> need<00:15:46.690> on<00:15:46.870> the<00:15:46.990> supply<00:15:47.320> side<00:15:47.350> and<00:15:47.950> with 00:15:48.930 --> 00:15:48.940 align:start position:0% that we need on the supply side and with 00:15:48.940 --> 00:15:51.600 align:start position:0% that we need on the supply side and with synthetic<00:15:49.480> assets<00:15:49.920> scaling<00:15:50.920> the<00:15:51.040> demand<00:15:51.399> side 00:15:51.600 --> 00:15:51.610 align:start position:0% synthetic assets scaling the demand side 00:15:51.610 --> 00:15:53.400 align:start position:0% synthetic assets scaling the demand side of<00:15:51.790> defy<00:15:52.120> and<00:15:52.300> scaling<00:15:52.660> the<00:15:52.750> use<00:15:52.930> cases<00:15:53.290> of 00:15:53.400 --> 00:15:53.410 align:start position:0% of defy and scaling the use cases of 00:15:53.410 --> 00:15:57.030 align:start position:0% of defy and scaling the use cases of defy<00:15:53.790> we<00:15:54.790> have<00:15:55.029> everything<00:15:55.959> that<00:15:56.139> we<00:15:56.290> need<00:15:56.560> so 00:15:57.030 --> 00:15:57.040 align:start position:0% defy we have everything that we need so 00:15:57.040 --> 00:15:59.689 align:start position:0% defy we have everything that we need so that<00:15:57.070> we<00:15:57.339> as<00:15:57.579> a<00:15:57.610> movement<00:15:58.449> and<00:15:58.810> as<00:15:58.930> a<00:15:58.959> community 00:15:59.689 --> 00:15:59.699 align:start position:0% that we as a movement and as a community 00:15:59.699 --> 00:16:02.449 align:start position:0% that we as a movement and as a community can<00:16:00.699> take<00:16:00.760> defy<00:16:01.360> to<00:16:01.420> the<00:16:01.630> next<00:16:01.870> level<00:16:02.170> and 00:16:02.449 --> 00:16:02.459 align:start position:0% can take defy to the next level and 00:16:02.459 --> 00:16:05.370 align:start position:0% can take defy to the next level and successfully<00:16:03.459> cross<00:16:03.760> the<00:16:03.940> chasm<00:16:04.149> and<00:16:04.480> have<00:16:05.170> a 00:16:05.370 --> 00:16:05.380 align:start position:0% successfully cross the chasm and have a 00:16:05.380 --> 00:16:08.759 align:start position:0% successfully cross the chasm and have a major<00:16:05.800> impact<00:16:06.040> on<00:16:06.519> the<00:16:07.060> real<00:16:07.269> world<00:16:07.769> improving 00:16:08.759 --> 00:16:08.769 align:start position:0% major impact on the real world improving 00:16:08.769 --> 00:16:10.620 align:start position:0% major impact on the real world improving the<00:16:08.860> lives<00:16:09.040> of<00:16:09.250> billions<00:16:09.610> of<00:16:09.880> people<00:16:09.940> that<00:16:10.540> are 00:16:10.620 --> 00:16:10.630 align:start position:0% the lives of billions of people that are 00:16:10.630 --> 00:16:12.870 align:start position:0% the lives of billions of people that are being<00:16:11.230> treated<00:16:11.560> unfairly<00:16:12.070> by<00:16:12.490> the<00:16:12.519> current 00:16:12.870 --> 00:16:12.880 align:start position:0% being treated unfairly by the current 00:16:12.880 --> 00:16:19.230 align:start position:0% being treated unfairly by the current system<00:16:14.820> now<00:16:16.620> before<00:16:17.620> I<00:16:17.649> go<00:16:17.940> just<00:16:18.940> have<00:16:19.120> one 00:16:19.230 --> 00:16:19.240 align:start position:0% system now before I go just have one 00:16:19.240 --> 00:16:24.150 align:start position:0% system now before I go just have one last<00:16:19.449> thing<00:16:19.510> to<00:16:19.630> talk<00:16:19.870> about<00:16:23.160> multi 00:16:24.150 --> 00:16:24.160 align:start position:0% last thing to talk about multi 00:16:24.160 --> 00:16:26.670 align:start position:0% last thing to talk about multi collateral<00:16:24.519> die<00:16:24.730> is<00:16:25.060> launching<00:16:25.990> on<00:16:26.170> November 00:16:26.670 --> 00:16:26.680 align:start position:0% collateral die is launching on November 00:16:26.680 --> 00:16:39.069 align:start position:0% collateral die is launching on November 18<00:16:30.480> finally 00:16:39.069 --> 00:16:39.079 align:start position:0% 00:16:39.079 --> 00:16:41.629 align:start position:0% yeah<00:16:40.079> it's<00:16:40.290> finally<00:16:40.620> happening<00:16:40.950> but<00:16:41.519> of 00:16:41.629 --> 00:16:41.639 align:start position:0% yeah it's finally happening but of 00:16:41.639 --> 00:16:44.060 align:start position:0% yeah it's finally happening but of course<00:16:42.139> because<00:16:43.139> maker<00:16:43.529> is<00:16:43.709> a<00:16:43.740> decentralized 00:16:44.060 --> 00:16:44.070 align:start position:0% course because maker is a decentralized 00:16:44.070 --> 00:16:47.240 align:start position:0% course because maker is a decentralized project<00:16:44.959> the<00:16:45.959> mega<00:16:46.139> foundation<00:16:46.649> isn't<00:16:46.860> just 00:16:47.240 --> 00:16:47.250 align:start position:0% project the mega foundation isn't just 00:16:47.250 --> 00:16:49.009 align:start position:0% project the mega foundation isn't just able<00:16:47.459> to<00:16:47.610> launch<00:16:47.880> multi<00:16:48.240> collateral<00:16:48.570> die<00:16:48.720> on 00:16:49.009 --> 00:16:49.019 align:start position:0% able to launch multi collateral die on 00:16:49.019 --> 00:16:53.420 align:start position:0% able to launch multi collateral die on our<00:16:49.829> own<00:16:50.510> we<00:16:51.510> need<00:16:51.720> all<00:16:51.959> Maker<00:16:52.769> holders<00:16:53.250> and 00:16:53.420 --> 00:16:53.430 align:start position:0% our own we need all Maker holders and 00:16:53.430 --> 00:16:56.389 align:start position:0% our own we need all Maker holders and the<00:16:53.550> maker<00:16:53.760> governance<00:16:54.269> to<00:16:54.510> support<00:16:54.930> us<00:16:55.399> by 00:16:56.389 --> 00:16:56.399 align:start position:0% the maker governance to support us by 00:16:56.399 --> 00:16:58.519 align:start position:0% the maker governance to support us by voting<00:16:56.760> it<00:16:56.970> through<00:16:57.209> in<00:16:57.420> the<00:16:57.690> executive<00:16:58.110> vote 00:16:58.519 --> 00:16:58.529 align:start position:0% voting it through in the executive vote 00:16:58.529 --> 00:17:01.250 align:start position:0% voting it through in the executive vote that's<00:16:59.310> happening<00:16:59.730> on<00:16:59.850> November<00:16:59.880> 15<00:17:00.690> so<00:17:00.899> MPI 00:17:01.250 --> 00:17:01.260 align:start position:0% that's happening on November 15 so MPI 00:17:01.260 --> 00:17:04.010 align:start position:0% that's happening on November 15 so MPI holders<00:17:01.620> please<00:17:02.399> remember<00:17:02.670> to<00:17:02.790> vote<00:17:03.029> and<00:17:03.329> help 00:17:04.010 --> 00:17:04.020 align:start position:0% holders please remember to vote and help 00:17:04.020 --> 00:17:07.909 align:start position:0% holders please remember to vote and help us<00:17:04.140> launch<00:17:04.319> MCD<00:17:06.049> one<00:17:07.049> of<00:17:07.169> the<00:17:07.230> coolest<00:17:07.650> things 00:17:07.909 --> 00:17:07.919 align:start position:0% us launch MCD one of the coolest things 00:17:07.919 --> 00:17:10.340 align:start position:0% us launch MCD one of the coolest things that's<00:17:08.189> coming<00:17:08.850> in<00:17:09.030> multi<00:17:09.569> collateral<00:17:09.929> die<00:17:10.110> is 00:17:10.340 --> 00:17:10.350 align:start position:0% that's coming in multi collateral die is 00:17:10.350 --> 00:17:13.970 align:start position:0% that's coming in multi collateral die is the<00:17:10.949> die<00:17:11.160> savings<00:17:11.760> rate<00:17:12.110> so<00:17:13.110> the<00:17:13.260> die<00:17:13.439> savings 00:17:13.970 --> 00:17:13.980 align:start position:0% the die savings rate so the die savings 00:17:13.980 --> 00:17:16.789 align:start position:0% the die savings rate so the die savings rate<00:17:14.270> means<00:17:15.270> that<00:17:15.480> anyone<00:17:15.900> holding<00:17:16.260> die<00:17:16.439> will 00:17:16.789 --> 00:17:16.799 align:start position:0% rate means that anyone holding die will 00:17:16.799 --> 00:17:19.419 align:start position:0% rate means that anyone holding die will be<00:17:16.829> able<00:17:17.100> by<00:17:18.000> just<00:17:18.510> the<00:17:18.630> click<00:17:18.870> of<00:17:18.900> a<00:17:19.049> button 00:17:19.419 --> 00:17:19.429 align:start position:0% be able by just the click of a button 00:17:19.429 --> 00:17:23.270 align:start position:0% be able by just the click of a button earn<00:17:20.429> a<00:17:20.640> return<00:17:21.000> on<00:17:21.240> that<00:17:21.270> die<00:17:21.540> and<00:17:22.100> this<00:17:23.100> is 00:17:23.270 --> 00:17:23.280 align:start position:0% earn a return on that die and this is 00:17:23.280 --> 00:17:25.669 align:start position:0% earn a return on that die and this is very<00:17:23.459> unique<00:17:23.730> because<00:17:23.939> this<00:17:24.839> is<00:17:24.990> a<00:17:25.020> risk<00:17:25.350> free 00:17:25.669 --> 00:17:25.679 align:start position:0% very unique because this is a risk free 00:17:25.679 --> 00:17:27.890 align:start position:0% very unique because this is a risk free return<00:17:25.860> if<00:17:26.339> you're<00:17:27.000> already<00:17:27.179> holding<00:17:27.689> die 00:17:27.890 --> 00:17:27.900 align:start position:0% return if you're already holding die 00:17:27.900 --> 00:17:30.169 align:start position:0% return if you're already holding die there's<00:17:28.380> not<00:17:28.650> an<00:17:28.799> extra<00:17:29.400> decision<00:17:29.910> you<00:17:30.030> have 00:17:30.169 --> 00:17:30.179 align:start position:0% there's not an extra decision you have 00:17:30.179 --> 00:17:31.610 align:start position:0% there's not an extra decision you have to<00:17:30.330> make<00:17:30.360> whether<00:17:30.870> you<00:17:31.049> want<00:17:31.230> to<00:17:31.350> get<00:17:31.500> this 00:17:31.610 --> 00:17:31.620 align:start position:0% to make whether you want to get this 00:17:31.620 --> 00:17:33.409 align:start position:0% to make whether you want to get this return<00:17:31.919> or<00:17:32.040> not<00:17:32.160> it's<00:17:32.610> something<00:17:33.059> that<00:17:33.210> can<00:17:33.330> be 00:17:33.409 --> 00:17:33.419 align:start position:0% return or not it's something that can be 00:17:33.419 --> 00:17:36.159 align:start position:0% return or not it's something that can be built<00:17:33.660> in<00:17:33.860> automatically<00:17:34.860> and<00:17:35.160> that<00:17:35.190> means 00:17:36.159 --> 00:17:36.169 align:start position:0% built in automatically and that means 00:17:36.169 --> 00:17:39.620 align:start position:0% built in automatically and that means it's<00:17:37.169> creating<00:17:37.650> a<00:17:37.679> whole<00:17:37.919> new<00:17:38.070> dimension<00:17:38.630> for 00:17:39.620 --> 00:17:39.630 align:start position:0% it's creating a whole new dimension for 00:17:39.630 --> 00:17:42.470 align:start position:0% it's creating a whole new dimension for developers<00:17:40.440> and<00:17:40.710> for<00:17:40.919> d-5<00:17:41.250> projects<00:17:41.760> to 00:17:42.470 --> 00:17:42.480 align:start position:0% developers and for d-5 projects to 00:17:42.480 --> 00:17:45.320 align:start position:0% developers and for d-5 projects to figure<00:17:42.809> out<00:17:42.960> how<00:17:43.230> they<00:17:43.410> want<00:17:43.620> to<00:17:44.330> integrate 00:17:45.320 --> 00:17:45.330 align:start position:0% figure out how they want to integrate 00:17:45.330 --> 00:17:47.480 align:start position:0% figure out how they want to integrate the<00:17:45.929> die<00:17:46.080> savings<00:17:46.530> rate<00:17:46.710> on<00:17:46.860> the<00:17:46.950> back<00:17:47.130> end<00:17:47.340> of 00:17:47.480 --> 00:17:47.490 align:start position:0% the die savings rate on the back end of 00:17:47.490 --> 00:17:49.130 align:start position:0% the die savings rate on the back end of their<00:17:47.610> products<00:17:47.940> and<00:17:48.150> we're<00:17:48.870> incredibly 00:17:49.130 --> 00:17:49.140 align:start position:0% their products and we're incredibly 00:17:49.140 --> 00:17:51.230 align:start position:0% their products and we're incredibly excited<00:17:49.830> to<00:17:50.040> see<00:17:50.280> what<00:17:50.669> you're<00:17:50.760> going<00:17:50.970> to<00:17:51.059> do 00:17:51.230 --> 00:17:51.240 align:start position:0% excited to see what you're going to do 00:17:51.240 --> 00:17:53.299 align:start position:0% excited to see what you're going to do with<00:17:51.360> this<00:17:51.450> new<00:17:51.630> feature<00:17:51.840> and<00:17:52.169> how<00:17:52.380> what<00:17:53.100> kind 00:17:53.299 --> 00:17:53.309 align:start position:0% with this new feature and how what kind 00:17:53.309 --> 00:17:54.440 align:start position:0% with this new feature and how what kind of<00:17:53.340> innovation<00:17:53.790> that<00:17:53.820> will<00:17:54.000> come<00:17:54.150> out<00:17:54.270> of<00:17:54.299> it 00:17:54.440 --> 00:17:54.450 align:start position:0% of innovation that will come out of it 00:17:54.450 --> 00:17:57.710 align:start position:0% of innovation that will come out of it and<00:17:54.860> of<00:17:55.860> course<00:17:55.919> also<00:17:56.580> on<00:17:56.610> November<00:17:57.059> 18<00:17:57.390> it'll 00:17:57.710 --> 00:17:57.720 align:start position:0% and of course also on November 18 it'll 00:17:57.720 --> 00:17:59.450 align:start position:0% and of course also on November 18 it'll be<00:17:57.809> possible<00:17:58.049> for<00:17:58.380> anyone<00:17:58.679> currently<00:17:59.190> holding 00:17:59.450 --> 00:17:59.460 align:start position:0% be possible for anyone currently holding 00:17:59.460 --> 00:18:03.080 align:start position:0% be possible for anyone currently holding die<00:17:59.610> to<00:18:00.360> through<00:18:01.580> instantly<00:18:02.580> with<00:18:02.790> a<00:18:02.820> click<00:18:03.059> of 00:18:03.080 --> 00:18:03.090 align:start position:0% die to through instantly with a click of 00:18:03.090 --> 00:18:03.500 align:start position:0% die to through instantly with a click of a<00:18:03.210> button 00:18:03.500 --> 00:18:03.510 align:start position:0% a button 00:18:03.510 --> 00:18:06.470 align:start position:0% a button upgrade<00:18:04.140> your<00:18:04.169> diet<00:18:04.530> to<00:18:05.429> multi-level<00:18:06.000> die<00:18:06.150> so 00:18:06.470 --> 00:18:06.480 align:start position:0% upgrade your diet to multi-level die so 00:18:06.480 --> 00:18:07.880 align:start position:0% upgrade your diet to multi-level die so that<00:18:06.510> you<00:18:06.630> can<00:18:06.840> start<00:18:07.110> earning<00:18:07.290> the<00:18:07.740> die 00:18:07.880 --> 00:18:07.890 align:start position:0% that you can start earning the die 00:18:07.890 --> 00:18:10.370 align:start position:0% that you can start earning the die savings<00:18:08.309> rate<00:18:08.490> and<00:18:08.780> of<00:18:09.780> course<00:18:09.990> this<00:18:10.200> is<00:18:10.350> just 00:18:10.370 --> 00:18:10.380 align:start position:0% savings rate and of course this is just 00:18:10.380 --> 00:18:12.409 align:start position:0% savings rate and of course this is just the<00:18:10.620> tip<00:18:10.799> of<00:18:10.830> the<00:18:10.919> iceberg<00:18:11.400> there<00:18:12.030> are<00:18:12.120> so<00:18:12.299> many 00:18:12.409 --> 00:18:12.419 align:start position:0% the tip of the iceberg there are so many 00:18:12.419 --> 00:18:15.730 align:start position:0% the tip of the iceberg there are so many other<00:18:12.690> new<00:18:13.500> features<00:18:13.950> coming<00:18:14.460> to<00:18:14.669> the<00:18:14.760> system 00:18:15.730 --> 00:18:15.740 align:start position:0% other new features coming to the system 00:18:15.740 --> 00:18:18.740 align:start position:0% other new features coming to the system including<00:18:16.740> of<00:18:16.830> course<00:18:17.179> multiple<00:18:18.179> collateral 00:18:18.740 --> 00:18:18.750 align:start position:0% including of course multiple collateral 00:18:18.750 --> 00:18:22.460 align:start position:0% including of course multiple collateral types<00:18:18.990> and<00:18:20.480> that<00:18:21.480> of<00:18:21.630> course<00:18:21.660> also<00:18:22.020> means<00:18:22.290> that 00:18:22.460 --> 00:18:22.470 align:start position:0% types and that of course also means that 00:18:22.470 --> 00:18:23.659 align:start position:0% types and that of course also means that there's<00:18:22.620> going<00:18:22.679> to<00:18:22.860> be<00:18:22.950> a<00:18:23.010> lot<00:18:23.160> of<00:18:23.190> activity 00:18:23.659 --> 00:18:23.669 align:start position:0% there's going to be a lot of activity 00:18:23.669 --> 00:18:25.159 align:start position:0% there's going to be a lot of activity that<00:18:23.700> maker<00:18:24.240> covenants<00:18:24.750> will<00:18:24.900> have<00:18:25.049> to 00:18:25.159 --> 00:18:25.169 align:start position:0% that maker covenants will have to 00:18:25.169 --> 00:18:27.500 align:start position:0% that maker covenants will have to participate<00:18:25.710> in<00:18:25.890> in<00:18:26.280> order<00:18:26.940> to<00:18:27.030> launch<00:18:27.330> this 00:18:27.500 --> 00:18:27.510 align:start position:0% participate in in order to launch this 00:18:27.510 --> 00:18:31.430 align:start position:0% participate in in order to launch this successfully<00:18:28.080> I<00:18:29.480> think<00:18:30.480> it<00:18:30.600> is<00:18:30.690> so<00:18:30.870> incredible 00:18:31.430 --> 00:18:31.440 align:start position:0% successfully I think it is so incredible 00:18:31.440 --> 00:18:33.409 align:start position:0% successfully I think it is so incredible to<00:18:31.860> think<00:18:31.890> about<00:18:32.280> that<00:18:32.549> what<00:18:33.000> we<00:18:33.210> are 00:18:33.409 --> 00:18:33.419 align:start position:0% to think about that what we are 00:18:33.419 --> 00:18:38.090 align:start position:0% to think about that what we are launching<00:18:33.630> today<00:18:34.230> or<00:18:34.740> soon<00:18:35.490> is<00:18:37.100> almost 00:18:38.090 --> 00:18:38.100 align:start position:0% launching today or soon is almost 00:18:38.100 --> 00:18:42.049 align:start position:0% launching today or soon is almost exactly<00:18:39.590> what<00:18:40.590> was<00:18:40.770> originally<00:18:41.309> described<00:18:41.760> in 00:18:42.049 --> 00:18:42.059 align:start position:0% exactly what was originally described in 00:18:42.059 --> 00:18:45.230 align:start position:0% exactly what was originally described in the<00:18:42.660> first<00:18:42.900> mega<00:18:43.320> whitepaper<00:18:43.940> more<00:18:44.940> than<00:18:45.059> four 00:18:45.230 --> 00:18:45.240 align:start position:0% the first mega whitepaper more than four 00:18:45.240 --> 00:18:47.270 align:start position:0% the first mega whitepaper more than four years<00:18:45.270> ago<00:18:45.540> so<00:18:46.169> it<00:18:46.260> really<00:18:46.470> shows<00:18:46.740> that<00:18:47.010> we<00:18:47.159> are 00:18:47.270 --> 00:18:47.280 align:start position:0% years ago so it really shows that we are 00:18:47.280 --> 00:18:51.250 align:start position:0% years ago so it really shows that we are delivering<00:18:47.580> on<00:18:48.590> the<00:18:49.590> original<00:18:50.130> mega<00:18:50.340> vision 00:18:51.250 --> 00:18:51.260 align:start position:0% delivering on the original mega vision 00:18:51.260 --> 00:18:53.350 align:start position:0% delivering on the original mega vision and<00:18:51.350> it's<00:18:51.980> also<00:18:52.160> so<00:18:52.460> incredible<00:18:53.030> to<00:18:53.090> think 00:18:53.350 --> 00:18:53.360 align:start position:0% and it's also so incredible to think 00:18:53.360 --> 00:18:56.380 align:start position:0% and it's also so incredible to think about<00:18:53.570> that<00:18:53.980> like<00:18:54.980> the<00:18:55.340> huge<00:18:55.700> technological 00:18:56.380 --> 00:18:56.390 align:start position:0% about that like the huge technological 00:18:56.390 --> 00:18:59.770 align:start position:0% about that like the huge technological leaps<00:18:56.620> that<00:18:57.620> we<00:18:57.800> have<00:18:57.920> made<00:18:58.150> so<00:18:59.150> that<00:18:59.300> we<00:18:59.480> could 00:18:59.770 --> 00:18:59.780 align:start position:0% leaps that we have made so that we could 00:18:59.780 --> 00:19:03.520 align:start position:0% leaps that we have made so that we could securely<00:19:00.710> launch<00:19:01.750> what<00:19:02.750> is<00:19:02.870> likely<00:19:03.140> the<00:19:03.380> most 00:19:03.520 --> 00:19:03.530 align:start position:0% securely launch what is likely the most 00:19:03.530 --> 00:19:04.990 align:start position:0% securely launch what is likely the most advanced<00:19:03.950> blockchain<00:19:04.400> application<00:19:04.880> ever 00:19:04.990 --> 00:19:05.000 align:start position:0% advanced blockchain application ever 00:19:05.000 --> 00:19:08.140 align:start position:0% advanced blockchain application ever made<00:19:05.320> so<00:19:06.320> I<00:19:06.350> want<00:19:06.680> to<00:19:06.740> thank<00:19:07.100> all<00:19:07.430> of<00:19:07.490> you<00:19:07.910> in 00:19:08.140 --> 00:19:08.150 align:start position:0% made so I want to thank all of you in 00:19:08.150 --> 00:19:10.270 align:start position:0% made so I want to thank all of you in the<00:19:08.600> Theorem<00:19:09.110> community<00:19:09.560> in<00:19:09.920> the<00:19:10.100> mega 00:19:10.270 --> 00:19:10.280 align:start position:0% the Theorem community in the mega 00:19:10.280 --> 00:19:13.000 align:start position:0% the Theorem community in the mega community<00:19:10.820> in<00:19:11.090> the<00:19:11.600> dphi<00:19:11.960> movement<00:19:12.410> for 00:19:13.000 --> 00:19:13.010 align:start position:0% community in the dphi movement for 00:19:13.010 --> 00:19:15.010 align:start position:0% community in the dphi movement for everything<00:19:13.340> you've<00:19:13.460> done<00:19:13.700> for<00:19:14.000> all<00:19:14.960> the 00:19:15.010 --> 00:19:15.020 align:start position:0% everything you've done for all the 00:19:15.020 --> 00:19:16.930 align:start position:0% everything you've done for all the momentum<00:19:15.350> you've<00:19:15.680> created<00:19:15.860> and<00:19:16.400> all<00:19:16.640> the<00:19:16.730> hard 00:19:16.930 --> 00:19:16.940 align:start position:0% momentum you've created and all the hard 00:19:16.940 --> 00:19:19.630 align:start position:0% momentum you've created and all the hard work<00:19:17.120> you've<00:19:17.300> put<00:19:17.330> in<00:19:18.100> so<00:19:19.100> that<00:19:19.250> this<00:19:19.370> day 00:19:19.630 --> 00:19:19.640 align:start position:0% work you've put in so that this day 00:19:19.640 --> 00:19:22.720 align:start position:0% work you've put in so that this day could<00:19:19.970> become<00:19:20.090> a<00:19:20.240> reality<00:19:20.450> and<00:19:21.430> if<00:19:22.430> you<00:19:22.550> want 00:19:22.720 --> 00:19:22.730 align:start position:0% could become a reality and if you want 00:19:22.730 --> 00:19:24.580 align:start position:0% could become a reality and if you want to<00:19:22.820> learn<00:19:22.940> more<00:19:23.210> and<00:19:23.480> get<00:19:23.960> some<00:19:24.080> more<00:19:24.230> details 00:19:24.580 --> 00:19:24.590 align:start position:0% to learn more and get some more details 00:19:24.590 --> 00:19:26.350 align:start position:0% to learn more and get some more details about<00:19:24.740> launch<00:19:25.100> please<00:19:25.550> go<00:19:25.700> to<00:19:25.760> a<00:19:25.850> blog<00:19:26.090> and 00:19:26.350 --> 00:19:26.360 align:start position:0% about launch please go to a blog and 00:19:26.360 --> 00:19:28.090 align:start position:0% about launch please go to a blog and read<00:19:26.900> the<00:19:26.990> blog<00:19:27.170> post<00:19:27.200> there<00:19:27.620> it'll<00:19:27.920> have<00:19:28.070> all 00:19:28.090 --> 00:19:28.100 align:start position:0% read the blog post there it'll have all 00:19:28.100 --> 00:19:31.060 align:start position:0% read the blog post there it'll have all the<00:19:28.310> information<00:19:29.440> once<00:19:30.440> again<00:19:30.680> thank<00:19:31.010> you 00:19:31.060 --> 00:19:31.070 align:start position:0% the information once again thank you 00:19:31.070 --> 00:19:33.520 align:start position:0% the information once again thank you everyone<00:19:31.340> so<00:19:31.490> much<00:19:31.700> I'm<00:19:32.480> so<00:19:32.750> excited<00:19:33.080> this<00:19:33.230> is 00:19:33.520 --> 00:19:33.530 align:start position:0% everyone so much I'm so excited this is 00:19:33.530 --> 00:19:35.260 align:start position:0% everyone so much I'm so excited this is finally<00:19:34.190> happening<00:19:34.340> after<00:19:34.850> all<00:19:34.970> this<00:19:35.060> time 00:19:35.260 --> 00:19:35.270 align:start position:0% finally happening after all this time 00:19:35.270 --> 00:19:38.320 align:start position:0% finally happening after all this time and<00:19:35.720> if<00:19:36.320> you're<00:19:36.470> an<00:19:36.560> MCAT<00:19:36.800> holder<00:19:37.330> please 00:19:38.320 --> 00:19:38.330 align:start position:0% and if you're an MCAT holder please 00:19:38.330 --> 00:19:40.240 align:start position:0% and if you're an MCAT holder please remember<00:19:38.570> to<00:19:38.720> vote<00:19:38.960> and<00:19:39.170> participate<00:19:39.350> in<00:19:39.860> this 00:19:40.240 --> 00:19:40.250 align:start position:0% remember to vote and participate in this 00:19:40.250 --> 00:19:40.780 align:start position:0% remember to vote and participate in this launch 00:19:40.780 --> 00:19:40.790 align:start position:0% launch 00:19:40.790 --> 00:19:41.950 align:start position:0% launch don't<00:19:41.150> miss<00:19:41.330> this<00:19:41.510> once-in-a-lifetime 00:19:41.950 --> 00:19:41.960 align:start position:0% don't miss this once-in-a-lifetime 00:19:41.960 --> 00:19:45.280 align:start position:0% don't miss this once-in-a-lifetime opportunity<00:19:43.660> remember<00:19:44.660> that<00:19:44.810> maker<00:19:45.080> is<00:19:45.260> a 00:19:45.280 --> 00:19:45.290 align:start position:0% opportunity remember that maker is a 00:19:45.290 --> 00:19:47.530 align:start position:0% opportunity remember that maker is a decentralized<00:19:45.980> project<00:19:46.460> and<00:19:47.120> it<00:19:47.240> can<00:19:47.360> only 00:19:47.530 --> 00:19:47.540 align:start position:0% decentralized project and it can only 00:19:47.540 --> 00:19:49.660 align:start position:0% decentralized project and it can only happen<00:19:48.320> with<00:19:48.530> the<00:19:48.650> participation<00:19:49.130> of<00:19:49.400> all<00:19:49.520> of 00:19:49.660 --> 00:19:49.670 align:start position:0% happen with the participation of all of 00:19:49.670 --> 00:19:52.240 align:start position:0% happen with the participation of all of you<00:19:49.790> so<00:19:50.600> check<00:19:50.840> out<00:19:51.020> our<00:19:51.230> discussion<00:19:51.860> forums 00:19:52.240 --> 00:19:52.250 align:start position:0% you so check out our discussion forums 00:19:52.250 --> 00:19:55.000 align:start position:0% you so check out our discussion forums and<00:19:52.400> social<00:19:52.640> media<00:19:53.090> and<00:19:53.650> be<00:19:54.650> a<00:19:54.680> part<00:19:54.890> of<00:19:54.920> the 00:19:55.000 --> 00:19:55.010 align:start position:0% and social media and be a part of the 00:19:55.010 --> 00:19:56.710 align:start position:0% and social media and be a part of the conversation<00:19:55.520> about<00:19:55.640> the<00:19:55.850> future<00:19:56.240> of<00:19:56.270> maker 00:19:56.710 --> 00:19:56.720 align:start position:0% conversation about the future of maker 00:19:56.720 --> 00:20:00.050 align:start position:0% conversation about the future of maker and<00:19:57.020> defy<00:19:57.940> thank<00:19:58.940> you<00:19:59.030> everyone 00:20:00.050 --> 00:20:00.060 align:start position:0% and defy thank you everyone 00:20:00.060 --> 00:20:11.710 align:start position:0% and defy thank you everyone [Applause] 00:20:11.710 --> 00:20:11.720 align:start position:0% 00:20:11.720 --> 00:20:13.780 align:start position:0% you