WEBVTT

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Perfect.

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<00:00:03.345>Thank <00:00:03.545>you. <00:00:03.745>Yeah, <00:00:03.945>so <00:00:04.145>welcome <00:00:04.345>again, <00:00:04.545>um, <00:00:04.745>to,

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<00:00:07.635>to <00:00:07.915>my <00:00:08.195>talk <00:00:08.475>about <00:00:08.754>blockchain, <00:00:09.035>NFT

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<00:00:10.435>and <00:00:11.135>Smart <00:00:11.835>Contracts.

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<00:00:13.715>Um, <00:00:13.915>I'm, <00:00:14.115>I'm <00:00:14.315>Hendrik, <00:00:14.515>I'm <00:00:14.715>from, <00:00:14.915>from <00:00:15.115>Germany.

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<00:00:17.135>I <00:00:17.441>live <00:00:17.747>in, <00:00:18.053>in <00:00:18.359>Mont.

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<00:00:23.515>the <00:00:23.690>Java <00:00:23.865>ecosystem, <00:00:24.040>so <00:00:24.215>I <00:00:24.390>work, <00:00:24.565>yeah, <00:00:24.740>since <00:00:24.915>even

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<00:00:28.495>before <00:00:28.728>studies, <00:00:28.961>I, <00:00:29.195>I, <00:00:29.428>um, <00:00:29.661>did <00:00:29.895>Java

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<00:00:32.875>and <00:00:33.030>based <00:00:33.186>on <00:00:33.341>my <00:00:33.497>open <00:00:33.652>source <00:00:33.808>work <00:00:33.963>on, <00:00:34.119>on <00:00:34.275>Java

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<00:00:46.475>So <00:00:46.615>based <00:00:46.755>on <00:00:46.895>on <00:00:47.035>that, <00:00:47.175>I <00:00:47.315>am, <00:00:47.455>um, <00:00:47.595>a <00:00:47.735>board <00:00:47.875>member

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<00:00:50.435>of <00:00:50.837>C <00:00:51.239>KIPP <00:00:51.641>foundation.

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<00:00:57.495>concentrates <00:00:57.695>on <00:00:57.894>exactly <00:00:58.095>those <00:00:58.294>two <00:00:58.495>topics, <00:00:58.695>open <00:00:58.894>source

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<00:01:01.275>and, <00:01:01.769>and <00:01:02.265>Java.

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<00:01:02.875>And <00:01:03.002>one <00:01:03.129>of <00:01:03.256>the <00:01:03.384>big <00:01:03.511>projects <00:01:03.638>I'm <00:01:03.765>currently <00:01:03.893>working <00:01:04.020>on <00:01:04.147>is <00:01:04.275>the

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<00:01:06.835>Hedera <00:01:07.535>public <00:01:08.235>Reja.

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<00:01:09.035>So <00:01:09.384>it's, <00:01:09.735>uh, <00:01:10.085>DOT <00:01:10.435>technology

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<00:01:14.275>And <00:01:14.430>they <00:01:14.586>are <00:01:14.741>work <00:01:14.897>together <00:01:15.052>with <00:01:15.208>companies <00:01:15.363>towards <00:01:15.519>apps, <00:01:15.675>um,

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<00:01:18.275>as <00:01:18.475>a <00:01:18.675>contractor <00:01:18.875>to <00:01:19.075>develop <00:01:19.275>the <00:01:19.475>heera <00:01:19.675>network.

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<00:01:23.275>Next <00:01:23.402>to <00:01:23.529>all <00:01:23.656>the <00:01:23.784>technical, <00:01:23.911>uh, <00:01:24.038>I <00:01:24.165>have <00:01:24.293>to <00:01:24.420>play <00:01:24.547>board <00:01:24.675>games.

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<00:01:26.885>I <00:01:27.025>have <00:01:27.165>Star <00:01:27.305>Wars <00:01:27.445>and <00:01:27.585>yeah. <00:01:27.725>Um, <00:01:27.865>oh, <00:01:28.005>and <00:01:28.145>docs <00:01:28.285>actually.

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<00:01:31.625>So <00:01:31.765>anyway, <00:01:31.905>so <00:01:32.045>let's <00:01:32.185>come <00:01:32.325>to <00:01:32.465>the <00:01:32.605>content <00:01:32.745>of <00:01:32.885>this <00:01:33.025>session.

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<00:01:37.765>to <00:01:37.940>give <00:01:38.115>an <00:01:38.290>overview <00:01:38.465>about <00:01:38.640>the <00:01:38.815>general <00:01:38.990>technology <00:01:39.165>here.

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<00:01:41.645>I <00:01:41.820>use <00:01:41.995>three <00:01:42.170>networks, <00:01:42.345>so <00:01:42.520>which <00:01:42.695>from <00:01:42.870>my <00:01:43.045>point

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<00:01:45.365>of <00:01:45.520>view <00:01:45.676>show <00:01:45.831>different <00:01:45.987>iterations <00:01:46.142>of <00:01:46.298>the <00:01:46.453>web, <00:01:46.609>three <00:01:46.765>space

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<00:01:49.145>and <00:01:49.345>technology, <00:01:49.545>starting <00:01:49.745>from <00:01:49.945>Bitcoin <00:01:50.145>over <00:01:50.345>Ethereum, <00:01:50.545>up

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<00:01:52.585>to <00:01:53.827>Hedera.

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<00:01:55.225>And <00:01:55.380>then <00:01:55.536>I <00:01:55.691>will <00:01:55.847>give <00:01:56.002>an <00:01:56.158>introduction <00:01:56.313>on <00:01:56.469>smart <00:01:56.625>contracts,

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<00:01:58.955>what <00:01:59.110>they <00:01:59.266>are <00:01:59.421>and <00:01:59.577>what <00:01:59.732>you <00:01:59.888>can <00:02:00.043>do <00:02:00.199>with <00:02:00.355>it.

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<00:02:01.545>And <00:02:01.745>if <00:02:01.945>we <00:02:02.145>have <00:02:02.345>time <00:02:02.545>at <00:02:02.745>the <00:02:02.945>end,

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<00:02:03.565>I <00:02:03.705>will <00:02:03.845>talk <00:02:03.985>a <00:02:04.125>little <00:02:04.265>bit <00:02:04.405>about <00:02:04.545>coins <00:02:04.685>and <00:02:04.825>NFTs <00:02:04.965>and,

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<00:02:06.685>and <00:02:06.918>what <00:02:07.151>is <00:02:07.385>really <00:02:07.618>technically <00:02:07.851>behind <00:02:08.085>that.

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<00:02:10.025>Okay. <00:02:10.164>As <00:02:10.305>said, <00:02:10.445>I <00:02:10.585>have <00:02:10.725>a <00:02:10.865>lot <00:02:11.005>of <00:02:11.145>things <00:02:11.285>to <00:02:11.425>show.

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<00:02:14.735>So <00:02:14.890>let's <00:02:15.046>jump <00:02:15.201>directly <00:02:15.357>into <00:02:15.512>it <00:02:15.668>and <00:02:15.823>start <00:02:15.979>with <00:02:16.135>Bitcoin

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<00:02:19.535>and <00:02:19.885>the <00:02:20.234>history <00:02:20.585>of <00:02:20.935>Bitcoin.

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<00:02:21.775>And <00:02:21.950>I, <00:02:22.125>I <00:02:22.300>talked <00:02:22.475>about <00:02:22.650>that <00:02:22.825>coming <00:02:23.000>from <00:02:23.175>my,

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<00:02:25.415>my <00:02:25.590>ecosystem <00:02:25.765>a <00:02:25.940>lot <00:02:26.114>on, <00:02:26.290>on <00:02:26.465>Java <00:02:26.640>aggregated <00:02:26.815>conferences

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<00:02:28.935>and <00:02:29.075>on <00:02:29.215>like <00:02:29.355>on <00:02:29.495>Java <00:02:29.635>user <00:02:29.775>groups <00:02:29.915>and <00:02:30.055>things <00:02:30.195>like <00:02:30.335>that.

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<00:02:33.415>And <00:02:33.554>at <00:02:33.695>the <00:02:33.834>beginning <00:02:33.975>I <00:02:34.114>always <00:02:34.255>ask <00:02:34.394>like, <00:02:34.535>do <00:02:34.674>you <00:02:34.815>know

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<00:02:36.335>who <00:02:36.801>Osh <00:02:37.268>Nakamoto <00:02:37.735>is?

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<00:02:38.115>And <00:02:38.255>a <00:02:38.395>lot <00:02:38.535>of <00:02:38.675>people <00:02:38.815>have <00:02:38.955>no <00:02:39.095>idea <00:02:39.235>about <00:02:39.375>this <00:02:39.515>name

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<00:02:42.895>and, <00:02:43.178>and <00:02:43.462>who <00:02:43.745>it <00:02:44.029>is.

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<00:02:44.775>Um, <00:02:44.902>maybe <00:02:45.029>you, <00:02:45.156>you <00:02:45.284>have <00:02:45.411>a <00:02:45.538>kind <00:02:45.665>of <00:02:45.793>idea <00:02:45.920>who <00:02:46.047>that <00:02:46.175>is,

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<00:02:49.415>if <00:02:49.648>not, <00:02:49.881>um, <00:02:50.114>that <00:02:50.348>is <00:02:50.581>the <00:02:50.815>name

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<00:02:54.015>who <00:02:54.714>invented <00:02:55.415>Bitcoin?

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<00:02:56.255>Um, <00:02:56.371>so <00:02:56.488>why <00:02:56.605>do <00:02:56.721>I <00:02:56.838>say <00:02:56.954>that's <00:02:57.071>the <00:02:57.188>name <00:02:57.305>and <00:02:57.421>that's <00:02:57.538>the <00:02:57.655>guy?

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<00:02:59.155>Yeah, <00:02:59.435>maybe <00:02:59.715>we'll <00:02:59.995>see <00:03:00.275>him <00:03:00.555>sent.

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<00:03:01.425>But, <00:03:01.775>um, <00:03:02.125>in <00:03:02.475>2008, <00:03:02.825>a,

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<00:03:04.965>a <00:03:05.120>white <00:03:05.276>paper <00:03:05.431>has <00:03:05.587>been <00:03:05.742>released, <00:03:05.898>uh, <00:03:06.053>the <00:03:06.209>white <00:03:06.365>paper

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<00:03:08.585>of <00:03:08.785>the <00:03:08.985>Bitcoin <00:03:09.185>network, <00:03:09.385>how <00:03:09.585>Bitcoin, <00:03:09.785>um, <00:03:09.985>works

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<00:03:12.345>and <00:03:12.545>it <00:03:12.745>was <00:03:12.945>released <00:03:13.145>by <00:03:13.345>the <00:03:13.545>to <00:03:13.745>Nakamoto.

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<00:03:16.765>And, <00:03:16.904>um, <00:03:17.045>so <00:03:17.184>you <00:03:17.325>can <00:03:17.464>just <00:03:17.605>go <00:03:17.744>to <00:03:17.885>bitcoin <00:03:18.024>org, <00:03:18.165>uh,

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<00:03:21.765>or, <00:03:21.940>or <00:03:22.114>find <00:03:22.290>it <00:03:22.464>online <00:03:22.640>on, <00:03:22.815>on <00:03:22.989>any <00:03:23.165>pages.

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<00:03:24.365>You <00:03:24.645>can <00:03:24.925>even <00:03:25.205>find <00:03:25.485>like, <00:03:25.765>um,

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<00:03:26.385>translations <00:03:26.665>in <00:03:26.945>different <00:03:27.225>s <00:03:27.505>about <00:03:27.785>that.

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<00:03:29.885>And <00:03:30.084>what <00:03:30.285>it <00:03:30.484>contains <00:03:30.685>is <00:03:30.885>how <00:03:31.084>Bitcoin <00:03:31.285>works

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<00:03:33.005>and <00:03:33.355>the <00:03:33.704>code <00:03:34.055>of <00:03:34.405>Bitcoin.

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<00:03:35.925>And, <00:03:36.100>um, <00:03:36.275>the <00:03:36.450>goals <00:03:36.625>of <00:03:36.800>Bitcoin <00:03:36.975>are <00:03:37.150>in <00:03:37.325>general

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<00:03:39.245>to <00:03:39.595>create <00:03:39.945>an <00:03:40.295>everyday <00:03:40.645>currency,

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<00:03:41.275>which <00:03:41.415>means <00:03:41.555>like <00:03:41.695>you <00:03:41.835>have <00:03:41.975>a <00:03:42.115>currency <00:03:42.255>that <00:03:42.395>you <00:03:42.535>can <00:03:42.675>use

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<00:03:45.125>in <00:03:45.280>your <00:03:45.436>daily <00:03:45.591>business, <00:03:45.747>like <00:03:45.902>when <00:03:46.058>you <00:03:46.213>buy <00:03:46.369>a <00:03:46.525>pizza,

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<00:03:49.255>when <00:03:49.516>when <00:03:49.777>you <00:03:50.037>buy <00:03:50.298>some <00:03:50.559>bread

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<00:03:51.245>or <00:03:51.445>when <00:03:51.645>you <00:03:51.845>give <00:03:52.045>money <00:03:52.245>to <00:03:52.445>a <00:03:52.645>friend

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<00:03:53.645>or <00:03:53.785>something <00:03:53.925>like <00:03:54.065>that, <00:03:54.205>then <00:03:54.345>it <00:03:54.485>should <00:03:54.625>be <00:03:54.765>a <00:03:54.905>common <00:03:55.045>currency

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<00:03:57.095>with <00:03:57.561>guess <00:03:58.028>exchange <00:03:58.495>costs.

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<00:04:00.245>And <00:04:00.595>instead <00:04:00.945>of <00:04:01.295>trusting <00:04:01.645>banks,

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<00:04:02.805>it <00:04:02.960>should <00:04:03.116>have <00:04:03.271>a <00:04:03.427>cryptographic <00:04:03.582>proof <00:04:03.738>that <00:04:03.893>is <00:04:04.049>good <00:04:04.205>enough

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<00:04:07.725>for, <00:04:08.005>for <00:04:08.285>really <00:04:08.565>trusting <00:04:08.845>it <00:04:09.125>instead

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<00:04:10.425>of <00:04:10.658>having <00:04:10.891>all <00:04:11.125>this <00:04:11.358>big <00:04:11.591>bank <00:04:11.825>institutes

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<00:04:13.835>where <00:04:13.990>you <00:04:14.146>put <00:04:14.301>your <00:04:14.457>money <00:04:14.612>in <00:04:14.768>and <00:04:14.923>and <00:04:15.079>trust <00:04:15.235>them.

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<00:04:18.285>So <00:04:18.460>from <00:04:18.635>the <00:04:18.810>beginning, <00:04:18.985>um, <00:04:19.160>the <00:04:19.335>invention <00:04:19.510>of <00:04:19.685>Bitcoin

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<00:04:22.605>and <00:04:22.780>the <00:04:22.955>implementation <00:04:23.130>has <00:04:23.305>been <00:04:23.480>done <00:04:23.655>in <00:04:23.830>the <00:04:24.005>open.

80
00:04:26.565 --> 00:04:30.225
<00:04:26.565>So, <00:04:26.765>um, <00:04:26.965>Bitcoin <00:04:27.165>is <00:04:27.365>an <00:04:27.565>open <00:04:27.765>source <00:04:27.965>organization

81
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<00:04:30.485>and <00:04:30.835>project <00:04:31.185>on, <00:04:31.535>on <00:04:31.885>GitHub.

82
00:04:33.245 --> 00:04:36.225
<00:04:33.245>So <00:04:33.400>the <00:04:33.556>Bitcoin <00:04:33.711>client, <00:04:33.867>you <00:04:34.022>can <00:04:34.178>find <00:04:34.333>under <00:04:34.489>the <00:04:34.645>wing

83
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<00:04:36.225>that <00:04:36.573>is <00:04:36.921>shown <00:04:37.269>there.

84
00:04:38.125 --> 00:04:40.705
<00:04:38.125>And, <00:04:38.358>uh, <00:04:38.591>next <00:04:38.825>to <00:04:39.058>using <00:04:39.291>the <00:04:39.525>paper

85
00:04:40.975 --> 00:04:44.265
<00:04:40.975>that <00:04:41.255>Toi <00:04:41.535>Nakamoto <00:04:41.815>started <00:04:42.095>the <00:04:42.375>implementation

86
00:04:45.205 --> 00:04:48.625
<00:04:45.205>of <00:04:45.484>the <00:04:45.765>Bitcoin <00:04:46.044>software <00:04:46.325>in <00:04:46.604>2009.

87
00:04:51.265 --> 00:04:54.365
<00:04:51.265>So <00:04:51.420>now <00:04:51.576>we <00:04:51.731>heard <00:04:51.887>a <00:04:52.042>lot <00:04:52.198>about <00:04:52.353>the <00:04:52.509>to <00:04:52.664>Nakamoto,

88
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<00:04:54.365>so <00:04:54.598>the <00:04:54.831>questions, <00:04:55.065>who's <00:04:55.298>behind <00:04:55.531>that <00:04:55.765>name?

89
00:04:56.815 --> 00:05:01.085
<00:04:56.815>Right? <00:04:57.015>So <00:04:57.215>the <00:04:57.415>interesting <00:04:57.615>part <00:04:57.815>is, <00:04:58.015>um, <00:04:58.215>whoever

90
00:05:01.155 --> 00:05:04.605
<00:05:01.155>that <00:05:01.434>is <00:05:01.715>became <00:05:01.994>inactive <00:05:02.275>in <00:05:02.554>2010.

91
00:05:05.505 --> 00:05:10.125
<00:05:05.505>And, <00:05:05.645>um, <00:05:05.784>since <00:05:05.925>it's <00:05:06.065>a <00:05:06.205>person <00:05:06.344>on, <00:05:06.485>on <00:05:06.625>the <00:05:06.765>internet <00:05:06.905>who,

92
00:05:10.345 --> 00:05:14.045
<00:05:10.345>who <00:05:10.520>never <00:05:10.695>met <00:05:10.870>somebody <00:05:11.045>in <00:05:11.220>real <00:05:11.395>life, <00:05:11.570>nobody <00:05:11.745>knows

93
00:05:14.425 --> 00:05:16.485
<00:05:14.425>who <00:05:14.705>the <00:05:14.985>Toshi <00:05:15.265>Nakamoto <00:05:15.545>really <00:05:15.825>is.

94
00:05:17.145 --> 00:05:20.085
<00:05:17.145>It <00:05:17.284>could <00:05:17.424>be <00:05:17.565>a <00:05:17.705>person, <00:05:17.844>could <00:05:17.984>even <00:05:18.125>be <00:05:18.265>a <00:05:18.405>coup, <00:05:18.544>right?

95
00:05:20.195 --> 00:05:24.365
<00:05:20.195>Because <00:05:20.370>it's, <00:05:20.545>it's <00:05:20.719>really <00:05:20.895>just <00:05:21.070>one <00:05:21.245>account, <00:05:21.420>um, <00:05:21.594>that

96
00:05:25.235 --> 00:05:29.245
<00:05:25.235>created <00:05:25.375>the <00:05:25.515>white <00:05:25.655>paper <00:05:25.795>one <00:05:25.935>account <00:05:26.075>and <00:05:26.215>GitHub <00:05:26.355>and <00:05:26.495>so <00:05:26.635>on.

97
00:05:29.665 --> 00:05:32.725
<00:05:29.665>And <00:05:29.865>over <00:05:30.065>the <00:05:30.265>last <00:05:30.465>years, <00:05:30.665>several <00:05:30.865>people <00:05:31.065>claimed

98
00:05:32.945 --> 00:05:36.765
<00:05:32.945>to <00:05:33.145>be <00:05:33.344>Nakamoto, <00:05:33.545>but <00:05:33.745>always, <00:05:33.945>um, <00:05:34.145>the <00:05:34.344>press

99
00:05:36.945 --> 00:05:40.445
<00:05:36.945>or <00:05:37.145>investigators <00:05:37.344>proved <00:05:37.545>that <00:05:37.745>those <00:05:37.945>people <00:05:38.145>are <00:05:38.344>wrong

100
00:05:40.465 --> 00:05:42.805
<00:05:40.465>and <00:05:40.745>are <00:05:41.025>not <00:05:41.305>the <00:05:41.585>Toshi <00:05:41.865>Nakamoto.

101
00:05:42.825 --> 00:05:47.085
<00:05:42.825>Um, <00:05:42.965>so <00:05:43.104>why <00:05:43.245>somebody <00:05:43.385>wants <00:05:43.525>to <00:05:43.664>be <00:05:43.805>the <00:05:43.945>Toshi <00:05:44.085>Nakamoto <00:05:44.224>where

102
00:05:47.085 --> 00:05:50.245
<00:05:47.085>that, <00:05:47.260>that's <00:05:47.435>quite <00:05:47.609>easy <00:05:47.784>because <00:05:47.960>he <00:05:48.135>is <00:05:48.310>really <00:05:48.484>rich.

103
00:05:50.865 --> 00:05:53.165
<00:05:50.865>So, <00:05:51.098>um, <00:05:51.331>he <00:05:51.565>has <00:05:51.798>a <00:05:52.031>Bitcoin <00:05:52.265>wallet

104
00:05:53.595 --> 00:05:56.525
<00:05:53.595>that <00:05:53.875>has <00:05:54.155>over <00:05:54.435>1 <00:05:54.715>million <00:05:54.995>bitcoins.

105
00:05:56.545 --> 00:05:58.765
<00:05:56.545>And <00:05:56.825>when <00:05:57.105>seeing <00:05:57.385>like <00:05:57.665>how <00:05:57.945>much

106
00:05:59.785 --> 00:06:02.845
<00:05:59.784>one <00:05:59.984>Bitcoin <00:06:00.184>is <00:06:00.385>currently <00:06:00.585>worth, <00:06:00.784>you <00:06:00.984>can <00:06:01.184>assume

107
00:06:02.875 --> 00:06:06.285
<00:06:02.875>that <00:06:03.155>whoever <00:06:03.435>is <00:06:03.715>the <00:06:03.995>Toshi <00:06:04.275>Nakamoto,

108
00:06:06.285 --> 00:06:08.405
<00:06:06.285>especially <00:06:06.485>if <00:06:06.685>it's <00:06:06.885>one <00:06:07.085>person, <00:06:07.285>it's <00:06:07.485>a <00:06:07.685>really,

109
00:06:08.425 --> 00:06:10.565
<00:06:08.425>really <00:06:08.775>rich <00:06:09.125>person, <00:06:09.475>actually <00:06:09.825>one

110
00:06:10.565 --> 00:06:12.005
<00:06:10.565>of <00:06:10.781>the <00:06:10.997>richest <00:06:11.213>persons <00:06:11.429>on <00:06:11.645>the <00:06:11.861>planet.

111
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<00:06:12.425>But <00:06:12.580>up <00:06:12.736>to <00:06:12.891>now <00:06:13.047>nothing <00:06:13.202>happens <00:06:13.358>on, <00:06:13.513>on <00:06:13.669>this, <00:06:13.825>um,

112
00:06:17.145 --> 00:06:19.405
<00:06:17.145>wallet, <00:06:17.424>um, <00:06:17.705>or <00:06:17.984>on <00:06:18.265>the <00:06:18.544>account.

113
00:06:19.585 --> 00:06:22.085
<00:06:19.585>So <00:06:19.740>the <00:06:19.896>Bitcoins <00:06:20.051>are <00:06:20.207>just <00:06:20.362>there, <00:06:20.518>they <00:06:20.673>are <00:06:20.829>not <00:06:20.984>used

114
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<00:06:22.585>and <00:06:22.818>nobody <00:06:23.051>knows <00:06:23.284>who's <00:06:23.518>behind <00:06:23.751>that <00:06:23.984>name

115
00:06:25.465 --> 00:06:29.315
<00:06:25.465>and <00:06:25.744>it's <00:06:26.025>still <00:06:26.304>inactive <00:06:26.585>till <00:06:26.864>today.

116
00:06:30.455 --> 00:06:34.595
<00:06:30.455>Um, <00:06:30.630>so <00:06:30.805>that <00:06:30.979>is <00:06:31.155>one <00:06:31.330>thing <00:06:31.505>on, <00:06:31.680>on <00:06:31.854>the

117
00:06:35.345 --> 00:06:38.395
<00:06:35.345>Bitcoin <00:06:35.545>network <00:06:35.745>that <00:06:35.945>some <00:06:36.145>people <00:06:36.345>may <00:06:36.545>not <00:06:36.745>know.

118
00:06:38.455 --> 00:06:42.195
<00:06:38.455>And <00:06:38.594>before <00:06:38.734>we <00:06:38.875>go <00:06:39.015>into <00:06:39.155>like <00:06:39.294>what <00:06:39.435>is <00:06:39.575>the <00:06:39.715>transaction <00:06:39.854>and,

119
00:06:42.415 --> 00:06:46.995
<00:06:42.415>and <00:06:42.555>how <00:06:42.695>this <00:06:42.835>network <00:06:42.975>is <00:06:43.115>really <00:06:43.255>working <00:06:43.395>on <00:06:43.535>another <00:06:43.675>point, <00:06:43.815>um,

120
00:06:47.385 --> 00:06:51.785
<00:06:47.385>that <00:06:47.585>is <00:06:47.784>quite <00:06:47.985>interesting <00:06:48.185>is, <00:06:48.385>um, <00:06:48.585>the <00:06:48.784>problem

121
00:06:52.175 --> 00:06:54.945
<00:06:52.175>with <00:06:52.525>the <00:06:52.875>use <00:06:53.225>of <00:06:53.575>coins.

122
00:06:55.085 --> 00:06:58.905
<00:06:55.085>So <00:06:55.260>I <00:06:55.435>found <00:06:55.609>a <00:06:55.784>report <00:06:55.960>that <00:06:56.135>says <00:06:56.310>that, <00:06:56.484>um,

123
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<00:06:59.485>in <00:06:59.660>2017, <00:06:59.835>so <00:07:00.010>that <00:07:00.185>is <00:07:00.360>we, <00:07:00.535>several <00:07:00.710>years <00:07:00.885>ago,

124
00:07:04.015 --> 00:07:08.465
<00:07:04.015>like <00:07:04.155>3 <00:07:04.294>million <00:07:04.435>bitcoins <00:07:04.575>have <00:07:04.715>been <00:07:04.854>lost, <00:07:04.995>which <00:07:05.135>is <00:07:05.275>like, <00:07:05.414>um,

125
00:07:09.605 --> 00:07:13.335
<00:07:09.605>yeah, <00:07:09.721>a <00:07:09.838>lot <00:07:09.955>of <00:07:10.071>money, <00:07:10.188>a <00:07:10.305>lot, <00:07:10.421>a <00:07:10.538>lot, <00:07:10.655>a <00:07:10.771>lot <00:07:10.888>of <00:07:11.005>money.

126
00:07:13.635 --> 00:07:16.175
<00:07:13.635>So <00:07:13.868>how <00:07:14.101>can <00:07:14.335>those <00:07:14.568>bitcoins <00:07:14.801>be <00:07:15.034>lost?

127
00:07:16.475 --> 00:07:20.215
<00:07:16.475>Um, <00:07:16.630>to <00:07:16.786>answer <00:07:16.941>that <00:07:17.097>question, <00:07:17.252>we <00:07:17.408>need <00:07:17.563>to <00:07:17.719>see <00:07:17.875>like

128
00:07:20.435 --> 00:07:22.055
<00:07:20.435>how <00:07:20.785>can <00:07:21.135>you <00:07:21.485>use <00:07:21.835>bitcoins

129
00:07:22.055 --> 00:07:24.095
<00:07:22.055>and <00:07:22.288>how <00:07:22.521>can <00:07:22.755>you <00:07:22.988>trade <00:07:23.221>with <00:07:23.455>bitcoins?

130
00:07:24.715 --> 00:07:28.455
<00:07:24.715>And <00:07:24.842>to <00:07:24.969>do <00:07:25.096>so <00:07:25.224>you <00:07:25.351>need <00:07:25.478>something <00:07:25.605>that <00:07:25.733>is <00:07:25.860>called <00:07:25.987>a <00:07:26.114>wallet.

131
00:07:29.355 --> 00:07:34.005
<00:07:29.355>So <00:07:29.555>a <00:07:29.755>wallet <00:07:29.955>is, <00:07:30.155>um, <00:07:30.355>a <00:07:30.555>piece <00:07:30.755>mostly

132
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<00:07:34.185>of, <00:07:34.340>of <00:07:34.496>software <00:07:34.651>that <00:07:34.807>you <00:07:34.962>use <00:07:35.118>to <00:07:35.273>interact <00:07:35.429>with <00:07:35.585>the,

133
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<00:07:39.385>um, <00:07:40.085>bitcoin <00:07:40.784>network

134
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<00:07:41.345>or <00:07:41.545>in, <00:07:41.745>in <00:07:41.945>more <00:07:42.145>general <00:07:42.345>with <00:07:42.545>crypto <00:07:42.745>networks.

135
00:07:44.405 --> 00:07:46.565
<00:07:44.405>Because <00:07:44.755>in <00:07:45.104>Ethereum, <00:07:45.455>in <00:07:45.804>Hedera

136
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<00:07:46.625>or <00:07:46.800>in <00:07:46.975>any <00:07:47.150>other <00:07:47.325>network, <00:07:47.500>it's <00:07:47.675>actually <00:07:47.850>the <00:07:48.025>same.

137
00:07:49.925 --> 00:07:52.085
<00:07:49.925>You <00:07:50.080>as <00:07:50.236>a <00:07:50.391>user <00:07:50.547>have <00:07:50.702>a <00:07:50.858>logger <00:07:51.013>that <00:07:51.169>you <00:07:51.325>use

138
00:07:52.385 --> 00:07:54.005
<00:07:52.385>to <00:07:52.735>interact <00:07:53.085>with <00:07:53.435>the <00:07:53.784>network.

139
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<00:07:55.095>And <00:07:55.375>one <00:07:55.655>primary <00:07:55.935>we <00:07:56.215>go, <00:07:56.495>um,

140
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<00:07:57.455>and <00:07:57.594>function <00:07:57.734>of <00:07:57.875>a <00:07:58.015>w <00:07:58.155>is <00:07:58.294>to <00:07:58.435>store <00:07:58.575>your <00:07:58.715>public <00:07:58.854>key

141
00:08:01.255 --> 00:08:02.955
<00:08:01.255>and <00:08:01.488>your <00:08:01.721>private <00:08:01.955>keys <00:08:02.188>that <00:08:02.421>you <00:08:02.655>need

142
00:08:02.975 --> 00:08:04.275
<00:08:02.975>to <00:08:03.209>get <00:08:03.443>access <00:08:03.677>to <00:08:03.911>the <00:08:04.145>network.

143
00:08:04.865 --> 00:08:08.115
<00:08:04.865>When <00:08:05.005>talking <00:08:05.145>about <00:08:05.285>those <00:08:05.425>two <00:08:05.565>keys, <00:08:05.705>you <00:08:05.845>can <00:08:05.985>think <00:08:06.125>about <00:08:06.265>like

144
00:08:08.655 --> 00:08:11.155
<00:08:08.655>the <00:08:08.830>public <00:08:09.005>key <00:08:09.179>is <00:08:09.354>like <00:08:09.530>your <00:08:09.705>bank <00:08:09.880>account <00:08:10.054>id,

145
00:08:11.225 --> 00:08:14.275
<00:08:11.225>that <00:08:11.458>is <00:08:11.691>some <00:08:11.925>something <00:08:12.158>that <00:08:12.391>identifies <00:08:12.625>you

146
00:08:14.275 --> 00:08:16.835
<00:08:14.275>that <00:08:14.450>you <00:08:14.625>can <00:08:14.799>easily <00:08:14.974>share <00:08:15.150>with, <00:08:15.325>with <00:08:15.500>other <00:08:15.674>people,

147
00:08:17.125 --> 00:08:19.955
<00:08:17.125>especially <00:08:17.252>if <00:08:17.379>they <00:08:17.506>want <00:08:17.634>to <00:08:17.761>send <00:08:17.888>you <00:08:18.015>some <00:08:18.143>money <00:08:18.270>and <00:08:18.397>so <00:08:18.525>on.

148
00:08:20.535 --> 00:08:23.115
<00:08:20.535>And <00:08:20.735>your <00:08:20.935>private <00:08:21.135>key <00:08:21.335>is <00:08:21.535>then <00:08:21.735>more <00:08:21.935>like

149
00:08:23.115 --> 00:08:24.235
<00:08:23.115>your <00:08:23.451>banking <00:08:23.787>password, <00:08:24.123>right?

150
00:08:24.235 --> 00:08:27.435
<00:08:24.235>That <00:08:24.410>is <00:08:24.585>what <00:08:24.760>you <00:08:24.935>should <00:08:25.110>not <00:08:25.285>share <00:08:25.460>with <00:08:25.635>anybody

151
00:08:27.435 --> 00:08:29.635
<00:08:27.435>because <00:08:27.785>if <00:08:28.135>somebody <00:08:28.485>has <00:08:28.835>that,

152
00:08:29.975 --> 00:08:32.475
<00:08:29.975>he <00:08:30.208>can <00:08:30.441>do <00:08:30.675>transactions <00:08:30.908>in <00:08:31.141>your <00:08:31.375>name

153
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<00:08:32.615>and <00:08:32.815>that <00:08:33.015>is <00:08:33.215>definitely <00:08:33.414>not <00:08:33.615>what <00:08:33.815>you <00:08:34.015>want.

154
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<00:08:35.414>But <00:08:35.648>there's <00:08:35.881>one <00:08:36.115>big <00:08:36.348>difference <00:08:36.581>against <00:08:36.814>this

155
00:08:38.375 --> 00:08:40.595
<00:08:38.375>and <00:08:38.655>like <00:08:38.934>an <00:08:39.215>online <00:08:39.495>banking <00:08:39.775>account

156
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<00:08:40.825>because <00:08:40.980>if <00:08:41.136>you <00:08:41.291>miss <00:08:41.447>that <00:08:41.602>information, <00:08:41.758>like <00:08:41.913>the <00:08:42.069>public <00:08:42.225>key

157
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<00:08:44.915>and <00:08:45.089>the <00:08:45.265>private <00:08:45.439>key, <00:08:45.615>there <00:08:45.790>was <00:08:45.964>no <00:08:46.140>bank <00:08:46.314>employee

158
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<00:08:47.025>that <00:08:47.225>can <00:08:47.425>help <00:08:47.625>you <00:08:47.824>by <00:08:48.025>rejecting <00:08:48.225>your <00:08:48.425>password

159
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<00:08:49.275>or <00:08:49.449>something <00:08:49.625>like <00:08:49.800>that <00:08:49.975>because, <00:08:50.150>so <00:08:50.324>this <00:08:50.500>only <00:08:50.675>belongs

160
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<00:08:54.035>to <00:08:54.235>you <00:08:54.435>and <00:08:54.635>nobody <00:08:54.834>knows <00:08:55.035>about <00:08:55.235>it, <00:08:55.435>right?

161
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<00:08:57.065>And <00:08:57.220>based <00:08:57.376>on <00:08:57.531>that, <00:08:57.687>if <00:08:57.842>you <00:08:57.998>use <00:08:58.153>your <00:08:58.309>public <00:08:58.465>and

162
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<00:09:00.645>or <00:09:00.785>private <00:09:00.925>key, <00:09:01.064>um, <00:09:01.204>you <00:09:01.345>have <00:09:01.485>no <00:09:01.625>access <00:09:01.765>to <00:09:01.905>your <00:09:02.045>wa

163
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<00:09:05.545>to <00:09:05.935>your <00:09:06.325>money <00:09:06.715>anymore.

164
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<00:09:07.305>That's <00:09:07.479>why <00:09:07.655>it's <00:09:07.829>so <00:09:08.005>important <00:09:08.180>to <00:09:08.354>have <00:09:08.530>a <00:09:08.704>wallet

165
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<00:09:09.455>where <00:09:09.595>the <00:09:09.735>public <00:09:09.875>enter <00:09:10.015>private <00:09:10.155>key <00:09:10.295>is <00:09:10.435>stored <00:09:10.575>in <00:09:10.715>secure <00:09:10.855>way.

166
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<00:09:14.505>Um, <00:09:14.738>so <00:09:14.971>next <00:09:15.205>to <00:09:15.438>storing <00:09:15.671>the <00:09:15.905>public

167
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<00:09:18.315>and <00:09:18.515>private <00:09:18.715>key, <00:09:18.915>WS <00:09:19.115>mostly <00:09:19.315>provides <00:09:19.515>a <00:09:19.715>functionality

168
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<00:09:22.875>to <00:09:23.352>call <00:09:23.829>transactions.

169
00:09:23.935 --> 00:09:26.535
<00:09:23.935>So <00:09:24.090>you <00:09:24.246>can <00:09:24.401>use <00:09:24.557>a <00:09:24.712>w <00:09:24.868>in <00:09:25.023>the <00:09:25.179>Bitcoin <00:09:25.334>network

170
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<00:09:26.675>to <00:09:26.849>easily <00:09:27.025>send <00:09:27.199>money <00:09:27.375>to <00:09:27.550>another <00:09:27.724>account, <00:09:27.900>for <00:09:28.074>example.

171
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<00:09:30.755>Um, <00:09:31.035>why <00:09:31.314>do <00:09:31.595>I <00:09:31.875>see <00:09:32.155>mostly

172
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<00:09:33.535>because <00:09:33.709>the <00:09:33.885>most <00:09:34.060>simple <00:09:34.235>wallet <00:09:34.410>could <00:09:34.584>be <00:09:34.760>like, <00:09:34.935>oh,

173
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<00:09:37.745>I <00:09:37.885>have <00:09:38.025>printed <00:09:38.165>my <00:09:38.305>public <00:09:38.445>and <00:09:38.585>private <00:09:38.725>key <00:09:38.865>on <00:09:39.005>a <00:09:39.145>paper.

174
00:09:41.605 --> 00:09:43.985
<00:09:41.605>Um, <00:09:41.805>we <00:09:42.005>could <00:09:42.205>call <00:09:42.405>that <00:09:42.605>a <00:09:42.805>wallet <00:09:43.005>too.

175
00:09:43.985 --> 00:09:46.665
<00:09:43.985>And <00:09:44.140>in <00:09:44.296>that <00:09:44.451>case, <00:09:44.607>yeah, <00:09:44.762>you <00:09:44.918>cannot <00:09:45.073>use <00:09:45.229>that <00:09:45.385>paper

176
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<00:09:46.885>to <00:09:47.177>do <00:09:47.470>a <00:09:47.762>transaction, <00:09:48.055>right?

177
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<00:09:48.605>But <00:09:48.745>all <00:09:48.885>the <00:09:49.025>other <00:09:49.165>things <00:09:49.305>we <00:09:49.445>see <00:09:49.585>here <00:09:49.725>on <00:09:49.865>the <00:09:50.005>screen,

178
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<00:09:51.295>like <00:09:51.995>applications <00:09:52.694>and,

179
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<00:09:52.925>and <00:09:53.080>even <00:09:53.236>hardware <00:09:53.391>devices, <00:09:53.547>all <00:09:53.702>that <00:09:53.858>have <00:09:54.013>a <00:09:54.169>which <00:09:54.324>experience

180
00:09:57.185 --> 00:10:01.425
<00:09:57.185>that <00:09:57.324>allow <00:09:57.464>you <00:09:57.604>to <00:09:57.744>not <00:09:57.885>only <00:09:58.025>store <00:09:58.165>your <00:09:58.305>information <00:09:58.444>like <00:09:58.584>the

181
00:10:01.425 --> 00:10:04.945
<00:10:01.425>public <00:10:01.625>and <00:10:01.824>private <00:10:02.025>key, <00:10:02.224>but <00:10:02.425>do <00:10:02.625>transactions <00:10:02.824>too.

182
00:10:05.645 --> 00:10:10.505
<00:10:05.645>So <00:10:05.800>when, <00:10:05.956>going <00:10:06.111>back <00:10:06.267>to <00:10:06.422>the <00:10:06.578>question <00:10:06.733>about <00:10:06.889>the <00:10:07.045>goals

183
00:10:10.645 --> 00:10:14.465
<00:10:10.645>of <00:10:10.800>Bitcoin, <00:10:10.956>um, <00:10:11.111>based <00:10:11.267>on <00:10:11.422>what <00:10:11.578>we've <00:10:11.733>seen <00:10:11.889>so <00:10:12.045>far,

184
00:10:15.045 --> 00:10:17.545
<00:10:15.045>so <00:10:15.324>has <00:10:15.604>Bitcoin <00:10:15.885>achieved <00:10:16.165>those <00:10:16.444>goals?

185
00:10:18.445 --> 00:10:21.665
<00:10:18.445>Um, <00:10:18.645>actually <00:10:18.845>we <00:10:19.045>do <00:10:19.245>not <00:10:19.445>know <00:10:19.645>that <00:10:19.845>much,

186
00:10:21.965 --> 00:10:24.505
<00:10:21.965>but <00:10:22.165>one <00:10:22.365>thing <00:10:22.565>we <00:10:22.765>can <00:10:22.965>already <00:10:23.165>say, <00:10:23.365>right?

187
00:10:24.505 --> 00:10:28.185
<00:10:24.505>Because <00:10:24.705>creating <00:10:24.905>an <00:10:25.105>everyday <00:10:25.305>currency <00:10:25.505>that <00:10:25.705>is <00:10:25.905>not

188
00:10:28.185 --> 00:10:29.465
<00:10:28.185>what <00:10:28.569>Bitcoin <00:10:28.953>has <00:10:29.337>achieved.

189
00:10:30.165 --> 00:10:33.305
<00:10:30.165>Um, <00:10:30.339>so <00:10:30.515>I <00:10:30.689>do <00:10:30.865>not <00:10:31.040>use <00:10:31.214>it <00:10:31.390>every <00:10:31.564>day

190
00:10:33.365 --> 00:10:35.425
<00:10:33.365>and <00:10:33.645>I <00:10:33.925>assume <00:10:34.205>you <00:10:34.485>neither, <00:10:34.765>right?

191
00:10:35.565 --> 00:10:38.865
<00:10:35.565>So <00:10:35.720>maybe <00:10:35.876>there's <00:10:36.031>somebody <00:10:36.187>watching <00:10:36.342>this <00:10:36.498>video <00:10:36.653>who <00:10:36.809>says <00:10:36.965>like,

192
00:10:38.885 --> 00:10:40.585
<00:10:38.885>oh, <00:10:39.118>I <00:10:39.351>do <00:10:39.585>everything <00:10:39.818>with <00:10:40.051>Bitcoin, <00:10:40.285>right?

193
00:10:40.885 --> 00:10:45.105
<00:10:40.885>But <00:10:41.025>that's <00:10:41.165>not <00:10:41.305>common. <00:10:41.444>Um, <00:10:41.585>so <00:10:41.725>for <00:10:41.865>most <00:10:42.005>of <00:10:42.145>the <00:10:42.285>people,

194
00:10:45.725 --> 00:10:49.825
<00:10:45.725>um, <00:10:45.880>mostly <00:10:46.036>all <00:10:46.191>people, <00:10:46.347>Bitcoin <00:10:46.502>is <00:10:46.658>not <00:10:46.813>an <00:10:46.969>everyday <00:10:47.125>currency

195
00:10:50.045 --> 00:10:53.745
<00:10:50.045>and <00:10:50.324>it's <00:10:50.604>not <00:10:50.885>used <00:10:51.165>mostly <00:10:51.444>everywhere.

196
00:10:53.765 --> 00:10:55.905
<00:10:53.765>So <00:10:53.965>you <00:10:54.165>cannot <00:10:54.365>go <00:10:54.564>to <00:10:54.765>the <00:10:54.965>supermarket <00:10:55.165>and

197
00:10:56.045 --> 00:10:59.065
<00:10:56.045>and <00:10:56.200>buy <00:10:56.356>a <00:10:56.511>pizza <00:10:56.667>by, <00:10:56.822>by <00:10:56.978>using <00:10:57.133>Bitcoin <00:10:57.289>for <00:10:57.444>example.

198
00:10:59.925 --> 00:11:01.905
<00:10:59.925>So <00:11:00.275>what <00:11:00.625>is <00:11:00.974>it <00:11:01.324>actually?

199
00:11:02.285 --> 00:11:04.145
<00:11:02.285>Is <00:11:02.518>it, <00:11:02.751>is <00:11:02.985>it <00:11:03.218>a <00:11:03.451>game <00:11:03.685>changer

200
00:11:04.485 --> 00:11:07.145
<00:11:04.485>or <00:11:04.640>is <00:11:04.796>it <00:11:04.951>more <00:11:05.107>a <00:11:05.262>hype <00:11:05.418>that <00:11:05.573>we <00:11:05.729>see <00:11:05.885>here?

201
00:11:07.845 --> 00:11:12.785
<00:11:07.845>So <00:11:08.000>especially <00:11:08.156>when <00:11:08.311>talking <00:11:08.467>about <00:11:08.622>the <00:11:08.778>hype <00:11:08.933>of <00:11:09.089>crypto, <00:11:09.245>um,

202
00:11:13.725 --> 00:11:18.665
<00:11:13.725>um, <00:11:13.852>you <00:11:13.979>can <00:11:14.106>see <00:11:14.234>quite <00:11:14.361>good <00:11:14.488>the <00:11:14.615>the <00:11:14.743>FOMO <00:11:14.870>program, <00:11:14.997>the <00:11:15.125>Fear

203
00:11:18.665 --> 00:11:22.525
<00:11:18.665>of <00:11:18.898>Missing <00:11:19.131>Out <00:11:19.365>program <00:11:19.598>where <00:11:19.831>people <00:11:20.064>start

204
00:11:22.705 --> 00:11:24.085
<00:11:22.705>to <00:11:23.015>trade <00:11:23.326>with <00:11:23.636>all <00:11:23.947>that.

205
00:11:24.145 --> 00:11:28.605
<00:11:24.145>You <00:11:24.272>can <00:11:24.399>trade <00:11:24.526>Bitcoin, <00:11:24.654>you <00:11:24.781>can <00:11:24.908>trade <00:11:25.035>EA, <00:11:25.163>you <00:11:25.290>can <00:11:25.417>trade <00:11:25.545>HB.

206
00:11:28.605 --> 00:11:33.005
<00:11:28.605>There <00:11:28.780>are <00:11:28.955>so <00:11:29.130>many <00:11:29.305>coins, <00:11:29.480>digital <00:11:29.655>coins, <00:11:29.830>crypto <00:11:30.005>coins,

207
00:11:33.105 --> 00:11:36.125
<00:11:33.105>tokens <00:11:33.280>on <00:11:33.455>the <00:11:33.630>market <00:11:33.805>where <00:11:33.980>you <00:11:34.155>can <00:11:34.330>trade <00:11:34.505>with,

208
00:11:36.455 --> 00:11:40.765
<00:11:36.455>where <00:11:36.562>from <00:11:36.670>my <00:11:36.778>point <00:11:36.885>of <00:11:36.993>view <00:11:37.101>a <00:11:37.208>lot <00:11:37.316>I <00:11:37.424>it <00:11:37.531>is, <00:11:37.639>I <00:11:37.747>don't <00:11:37.855>know,

209
00:11:41.505 --> 00:11:43.525
<00:11:41.505>so <00:11:41.971>special <00:11:42.438>and, <00:11:42.905>and,

210
00:11:43.585 --> 00:11:46.125
<00:11:43.585>and <00:11:43.760>people <00:11:43.935>trade <00:11:44.110>with <00:11:44.285>coins, <00:11:44.460>they <00:11:44.635>have <00:11:44.810>no <00:11:44.985>idea

211
00:11:46.255 --> 00:11:49.165
<00:11:46.255>where <00:11:46.410>the <00:11:46.566>coins <00:11:46.721>are, <00:11:46.877>where <00:11:47.032>those <00:11:47.188>coins <00:11:47.343>are <00:11:47.499>used <00:11:47.655>for.

212
00:11:49.905 --> 00:11:54.725
<00:11:49.905>Um, <00:11:50.045>just <00:11:50.185>because <00:11:50.324>there <00:11:50.464>was <00:11:50.605>a <00:11:50.745>big <00:11:50.885>of <00:11:51.025>media <00:11:51.165>hype <00:11:51.305>and,

213
00:11:54.745 --> 00:11:58.245
<00:11:54.745>and <00:11:54.900>bus <00:11:55.056>by <00:11:55.211>influencers <00:11:55.367>and <00:11:55.522>sub <00:11:55.678>ties <00:11:55.833>and <00:11:55.989>so <00:11:56.145>on.

214
00:11:58.665 --> 00:12:01.245
<00:11:58.665>And <00:11:58.839>based <00:11:59.015>on <00:11:59.189>the <00:11:59.365>fear <00:11:59.540>of <00:11:59.714>missing <00:11:59.890>out, <00:12:00.064>people

215
00:12:02.145 --> 00:12:06.045
<00:12:02.145>invest <00:12:02.345>a <00:12:02.545>lot <00:12:02.745>in <00:12:02.944>crypto <00:12:03.145>even <00:12:03.345>without <00:12:03.545>knowing

216
00:12:06.075 --> 00:12:07.285
<00:12:06.075>what <00:12:06.438>they're <00:12:06.801>actually <00:12:07.164>doing,

217
00:12:08.175 --> 00:12:10.445
<00:12:08.175>which <00:12:08.349>is <00:12:08.525>a <00:12:08.699>problem <00:12:08.875>from <00:12:09.050>my <00:12:09.224>point <00:12:09.400>of <00:12:09.574>view.

218
00:12:10.505 --> 00:12:14.245
<00:12:10.505>But <00:12:10.645>on <00:12:10.785>the <00:12:10.925>other <00:12:11.064>side, <00:12:11.205>um, <00:12:11.345>there <00:12:11.485>are <00:12:11.625>real <00:12:11.765>use <00:12:11.905>cases

219
00:12:14.745 --> 00:12:18.165
<00:12:14.745>and <00:12:14.945>even <00:12:15.145>if <00:12:15.345>Bitcoin <00:12:15.545>is <00:12:15.745>not <00:12:15.945>the <00:12:16.145>currency

220
00:12:18.515 --> 00:12:22.605
<00:12:18.515>that <00:12:18.670>you <00:12:18.826>use <00:12:18.981>every <00:12:19.137>day <00:12:19.292>in <00:12:19.448>general, <00:12:19.603>Web3 <00:12:19.759>and <00:12:19.915>crypto

221
00:12:23.505 --> 00:12:26.365
<00:12:23.505>and, <00:12:23.785>and, <00:12:24.064>uh, <00:12:24.345>distributed <00:12:24.625>gaja <00:12:24.905>technologies

222
00:12:26.875 --> 00:12:28.565
<00:12:26.875>have <00:12:27.108>a <00:12:27.341>lot <00:12:27.575>of <00:12:27.808>great <00:12:28.041>use <00:12:28.275>cases.

223
00:12:28.665 --> 00:12:33.325
<00:12:28.665>And <00:12:28.820>I <00:12:28.976>will <00:12:29.131>show <00:12:29.287>you <00:12:29.442>one <00:12:29.598>specific <00:12:29.753>use <00:12:29.909>case <00:12:30.064>where,

224
00:12:33.745 --> 00:12:38.005
<00:12:33.745>um, <00:12:33.900>uh, <00:12:34.056>A <00:12:34.211>POC <00:12:34.367>has <00:12:34.522>been <00:12:34.678>released <00:12:34.833>some <00:12:34.989>time <00:12:35.145>ago,

225
00:12:38.155 --> 00:12:40.085
<00:12:38.155>like <00:12:38.505>four <00:12:38.855>months, <00:12:39.204>five <00:12:39.555>months.

226
00:12:40.785 --> 00:12:43.365
<00:12:40.785>So, <00:12:40.959>um, <00:12:41.135>let's <00:12:41.310>assume <00:12:41.485>you <00:12:41.660>live <00:12:41.834>in <00:12:42.010>South <00:12:42.185>Africa

227
00:12:43.545 --> 00:12:48.045
<00:12:43.545>and <00:12:43.685>want <00:12:43.824>to <00:12:43.964>transfer <00:12:44.104>money <00:12:44.245>to <00:12:44.385>a <00:12:44.525>person <00:12:44.665>in <00:12:44.805>South <00:12:44.944>Korea,

228
00:12:48.175 --> 00:12:50.725
<00:12:48.175>maybe <00:12:48.408>your <00:12:48.641>mother <00:12:48.875>or <00:12:49.108>or <00:12:49.341>whatever, <00:12:49.574>right?

229
00:12:51.425 --> 00:12:54.285
<00:12:51.425>So, <00:12:51.704>um, <00:12:51.984>let's <00:12:52.265>be <00:12:52.545>more <00:12:52.824>concrete

230
00:12:54.285 --> 00:12:56.885
<00:12:54.285>because <00:12:54.518>that <00:12:54.751>is, <00:12:54.985>those <00:12:55.218>are <00:12:55.451>the <00:12:55.685>partners

231
00:12:56.975 --> 00:12:59.685
<00:12:56.975>where <00:12:57.208>this <00:12:57.441>POC <00:12:57.675>has <00:12:57.908>been <00:12:58.141>established <00:12:58.375>with,

232
00:13:00.135 --> 00:13:03.125
<00:13:00.135>which <00:13:00.310>is <00:13:00.485>the <00:13:00.660>standard <00:13:00.835>bank <00:13:01.010>in, <00:13:01.185>um, <00:13:01.360>South <00:13:01.535>Africa.

233
00:13:03.195 --> 00:13:07.325
<00:13:03.195>It's <00:13:03.311>one <00:13:03.428>of <00:13:03.545>the, <00:13:03.661>or <00:13:03.778>it's <00:13:03.895>it's <00:13:04.011>the <00:13:04.128>largest <00:13:04.245>bank <00:13:04.361>in, <00:13:04.478>in <00:13:04.595>Africa

234
00:13:08.065 --> 00:13:09.525
<00:13:08.065>and <00:13:08.503>the <00:13:08.941>Shehan <00:13:09.379>Bank,

235
00:13:09.525 --> 00:13:11.445
<00:13:09.525>which <00:13:09.725>is <00:13:09.925>the <00:13:10.125>leading <00:13:10.324>bank <00:13:10.525>in <00:13:10.725>South <00:13:10.925>Korea.

236
00:13:12.185 --> 00:13:15.605
<00:13:12.185>So, <00:13:12.312>and <00:13:12.439>if, <00:13:12.566>if <00:13:12.694>you <00:13:12.821>have <00:13:12.948>an <00:13:13.075>account <00:13:13.203>on <00:13:13.330>the <00:13:13.457>standard <00:13:13.584>bank

237
00:13:15.705 --> 00:13:20.325
<00:13:15.705>and <00:13:15.860>wants <00:13:16.016>to <00:13:16.171>transfer <00:13:16.327>money <00:13:16.482>to <00:13:16.638>somebody <00:13:16.793>in <00:13:16.949>South <00:13:17.105>Korea

238
00:13:20.435 --> 00:13:23.965
<00:13:20.435>that <00:13:20.562>has <00:13:20.689>an <00:13:20.816>account <00:13:20.944>and <00:13:21.071>the <00:13:21.198>Shehan <00:13:21.325>bank, <00:13:21.453>what <00:13:21.580>do <00:13:21.707>you <00:13:21.834>think?

239
00:13:24.785 --> 00:13:28.125
<00:13:24.785>How <00:13:24.940>long <00:13:25.096>does <00:13:25.251>it <00:13:25.407>take <00:13:25.562>and <00:13:25.718>what <00:13:25.873>do <00:13:26.029>you <00:13:26.185>think?

240
00:13:28.425 --> 00:13:30.445
<00:13:28.425>How <00:13:28.704>much <00:13:28.984>does <00:13:29.265>that <00:13:29.545>cost <00:13:29.824>actually?

241
00:13:33.705 --> 00:13:35.485
<00:13:33.705>So <00:13:33.938>I <00:13:34.171>have <00:13:34.405>the <00:13:34.638>results <00:13:34.871>for <00:13:35.105>you.

242
00:13:36.465 --> 00:13:40.885
<00:13:36.465>Um, <00:13:36.640>the <00:13:36.815>fee <00:13:36.990>for <00:13:37.165>such <00:13:37.340>a <00:13:37.515>transaction <00:13:37.690>is <00:13:37.865>$40

243
00:13:41.105 --> 00:13:45.045
<00:13:41.105>or <00:13:41.260>higher, <00:13:41.416>and <00:13:41.571>it <00:13:41.727>took <00:13:41.882>up <00:13:42.038>to <00:13:42.193>six <00:13:42.349>business <00:13:42.505>days.

244
00:13:45.145 --> 00:13:47.645
<00:13:45.145>So <00:13:45.319>we <00:13:45.495>are <00:13:45.670>not <00:13:45.845>talking <00:13:46.020>about <00:13:46.194>six <00:13:46.370>days, <00:13:46.545>right?

245
00:13:47.655 --> 00:13:50.005
<00:13:47.655>We're <00:13:47.935>talking <00:13:48.214>about <00:13:48.495>six <00:13:48.775>business <00:13:49.055>days.

246
00:13:50.065 --> 00:13:53.445
<00:13:50.065>So <00:13:50.205>that <00:13:50.345>could <00:13:50.485>be <00:13:50.625>like <00:13:50.765>one <00:13:50.905>or <00:13:51.045>two <00:13:51.185>weekends <00:13:51.325>in <00:13:51.465>between.

247
00:13:54.145 --> 00:13:57.295
<00:13:54.145>Um, <00:13:54.378>the <00:13:54.611>transaction <00:13:54.845>cannot <00:13:55.078>be <00:13:55.311>tracked, <00:13:55.545>right?

248
00:13:57.475 --> 00:13:58.575
<00:13:57.475>So <00:13:57.722>you <00:13:57.970>sent <00:13:58.217>your <00:13:58.465>money

249
00:13:58.915 --> 00:14:03.865
<00:13:58.915>and <00:13:59.042>for <00:13:59.169>6, <00:13:59.296>7, <00:13:59.424>8 <00:13:59.551>days, <00:13:59.678>you <00:13:59.805>have <00:13:59.933>no <00:14:00.060>idea <00:14:00.187>what <00:14:00.314>happens

250
00:14:03.865 --> 00:14:06.865
<00:14:03.865>with <00:14:04.040>your <00:14:04.215>money <00:14:04.390>and <00:14:04.565>the <00:14:04.740>other <00:14:04.915>side <00:14:05.090>just <00:14:05.265>do

251
00:14:06.865 --> 00:14:08.025
<00:14:06.865>not <00:14:07.387>receive <00:14:07.909>anything.

252
00:14:08.965 --> 00:14:13.065
<00:14:08.965>And, <00:14:09.120>um, <00:14:09.276>if <00:14:09.431>you <00:14:09.587>have <00:14:09.742>any <00:14:09.898>problems, <00:14:10.053>yeah, <00:14:10.209>you <00:14:10.365>really

253
00:14:13.695 --> 00:14:15.105
<00:14:13.695>have <00:14:13.948>a <00:14:14.202>problem <00:14:14.456>in <00:14:14.710>that <00:14:14.964>case.

254
00:14:15.805 --> 00:14:20.745
<00:14:15.805>So, <00:14:15.944>um, <00:14:16.084>for <00:14:16.224>that, <00:14:16.364>um, <00:14:16.505>Hedera <00:14:16.645>or, <00:14:16.785>or <00:14:16.925>the <00:14:17.064>standard <00:14:17.204>banks

255
00:14:20.745 --> 00:14:24.865
<00:14:20.745>and <00:14:20.920>the <00:14:21.095>Cian <00:14:21.270>bank <00:14:21.445>created, <00:14:21.620>uh, <00:14:21.795>uh, <00:14:21.970>uh, <00:14:22.145>POC

256
00:14:25.795 --> 00:14:30.345
<00:14:25.795>using <00:14:26.028>Hedera <00:14:26.261>as <00:14:26.495>a <00:14:26.728>distributed <00:14:26.961>gaja, <00:14:27.194>um,

257
00:14:31.005 --> 00:14:35.145
<00:14:31.005>to <00:14:31.160>create <00:14:31.316>a <00:14:31.471>new <00:14:31.627>way <00:14:31.782>how <00:14:31.938>such <00:14:32.093>transactions <00:14:32.249>might <00:14:32.405>work.

258
00:14:36.435 --> 00:14:41.335
<00:14:36.435>So <00:14:36.590>today, <00:14:36.746>without <00:14:36.901>having <00:14:37.057>a <00:14:37.212>distributed <00:14:37.368>gaja <00:14:37.523>in <00:14:37.679>it, <00:14:37.834>um,

259
00:14:41.575 --> 00:14:43.215
<00:14:41.575>a <00:14:41.925>transaction <00:14:42.275>works <00:14:42.625>like <00:14:42.975>that.

260
00:14:43.635 --> 00:14:46.815
<00:14:43.635>So <00:14:43.790>instead <00:14:43.946>of <00:14:44.101>sending <00:14:44.257>money <00:14:44.412>directly <00:14:44.568>from <00:14:44.723>the <00:14:44.879>standard <00:14:45.035>bank

261
00:14:46.835 --> 00:14:50.805
<00:14:46.835>to <00:14:47.035>the <00:14:47.235>um, <00:14:47.435>shinhan <00:14:47.635>Bank, <00:14:47.835>we <00:14:48.035>have <00:14:48.235>this,

262
00:14:51.165 --> 00:14:55.045
<00:14:51.165>I <00:14:51.320>call <00:14:51.476>it <00:14:51.631>global <00:14:51.787>mega <00:14:51.942>banks, <00:14:52.098>um, <00:14:52.253>like <00:14:52.409>one <00:14:52.564>bank

263
00:14:55.065 --> 00:14:57.605
<00:14:55.065>for <00:14:55.265>example <00:14:55.465>in <00:14:55.665>Africa, <00:14:55.865>one <00:14:56.065>bank <00:14:56.265>for <00:14:56.465>example,

264
00:14:57.665 --> 00:14:58.845
<00:14:57.665>for <00:14:58.019>the <00:14:58.373>Asian <00:14:58.727>market.

265
00:14:59.585 --> 00:15:03.725
<00:14:59.585>And <00:14:59.760>as <00:14:59.935>you <00:15:00.110>can <00:15:00.285>see, <00:15:00.460>instead <00:15:00.635>of <00:15:00.810>directly <00:15:00.985>communicating

266
00:15:03.875 --> 00:15:06.605
<00:15:03.875>with <00:15:04.050>each <00:15:04.225>other, <00:15:04.400>um, <00:15:04.575>the <00:15:04.750>money <00:15:04.925>needs <00:15:05.100>to <00:15:05.275>go

267
00:15:07.755 --> 00:15:11.365
<00:15:07.755>over <00:15:08.035>those <00:15:08.314>um, <00:15:08.595>um, <00:15:08.875>global <00:15:09.155>banks

268
00:15:11.945 --> 00:15:15.645
<00:15:11.945>and <00:15:12.100>that <00:15:12.256>is <00:15:12.411>what <00:15:12.567>takes <00:15:12.722>so <00:15:12.878>much <00:15:13.033>time, <00:15:13.189>what <00:15:13.345>creates

269
00:15:15.785 --> 00:15:17.845
<00:15:15.785>so <00:15:15.959>much <00:15:16.135>cost <00:15:16.310>and <00:15:16.485>so <00:15:16.660>on <00:15:16.834>and <00:15:17.010>so <00:15:17.185>on.

270
00:15:18.385 --> 00:15:23.245
<00:15:18.385>And <00:15:18.540>what <00:15:18.696>those <00:15:18.851>two <00:15:19.007>banks <00:15:19.162>did <00:15:19.318>is <00:15:19.473>they <00:15:19.629>created, <00:15:19.785>um,

271
00:15:24.985 --> 00:15:29.125
<00:15:24.985>cryptocurrencies <00:15:25.265>that <00:15:25.545>are <00:15:25.825>stable <00:15:26.105>coins, <00:15:26.385>um,

272
00:15:29.755 --> 00:15:34.095
<00:15:29.755>regarding <00:15:29.955>the, <00:15:30.155>um, <00:15:30.355>currency <00:15:30.555>of, <00:15:30.755>of <00:15:30.955>the <00:15:31.155>nation.

273
00:15:34.195 --> 00:15:38.575
<00:15:34.195>So <00:15:34.335>let's <00:15:34.475>say <00:15:34.615>like <00:15:34.755>there <00:15:34.895>was <00:15:35.035>a <00:15:35.175>digital <00:15:35.315>South <00:15:35.455>African <00:15:35.595>brand

274
00:15:38.805 --> 00:15:40.335
<00:15:38.805>that <00:15:39.149>they <00:15:39.493>created <00:15:39.837>in <00:15:40.182>Hedera,

275
00:15:40.635 --> 00:15:43.455
<00:15:40.635>and <00:15:40.868>there's <00:15:41.101>a <00:15:41.335>digital <00:15:41.568>South <00:15:41.801>Korean <00:15:42.035>one

276
00:15:43.565 --> 00:15:45.135
<00:15:43.565>that <00:15:43.915>they <00:15:44.265>created <00:15:44.615>in <00:15:44.965>Hedera.

277
00:15:45.715 --> 00:15:47.295
<00:15:45.715>So <00:15:46.415>two <00:15:47.115>kinds

278
00:15:47.315 --> 00:15:51.215
<00:15:47.315>of <00:15:47.490>cryptocurrencies <00:15:47.665>they <00:15:47.840>created <00:15:48.015>in <00:15:48.190>the <00:15:48.365>Hedera <00:15:48.540>network, <00:15:48.715>um,

279
00:15:51.725 --> 00:15:54.695
<00:15:51.725>with <00:15:51.925>only <00:15:52.125>having <00:15:52.325>these <00:15:52.525>two <00:15:52.725>parties, <00:15:52.925>the <00:15:53.125>ability

280
00:15:54.875 --> 00:15:56.615
<00:15:54.875>to <00:15:55.341>trade <00:15:55.808>those <00:15:56.275>cryptocurrencies.

281
00:15:57.355 --> 00:16:00.735
<00:15:57.355>And <00:15:57.530>um, <00:15:57.705>since <00:15:57.880>they <00:15:58.055>are <00:15:58.230>stable <00:15:58.405>coins, <00:15:58.580>this <00:15:58.755>means

282
00:16:00.805 --> 00:16:03.455
<00:16:00.805>that <00:16:01.155>one <00:16:01.505>cryptocurrency <00:16:01.854>is <00:16:02.204>defined

283
00:16:03.685 --> 00:16:07.535
<00:16:03.685>that <00:16:03.859>it <00:16:04.035>has <00:16:04.209>the <00:16:04.385>same <00:16:04.560>price <00:16:04.734>as <00:16:04.910>one <00:16:05.084>coin

284
00:16:07.535 --> 00:16:09.535
<00:16:07.535>of <00:16:07.885>the <00:16:08.235>wheel, <00:16:08.584>um, <00:16:08.935>currency.

285
00:16:10.355 --> 00:16:14.975
<00:16:10.355>And, <00:16:10.510>and <00:16:10.666>then <00:16:10.821>they <00:16:10.977>interchanged <00:16:11.132>some <00:16:11.288>of <00:16:11.443>them, <00:16:11.599>um, <00:16:11.755>so

286
00:16:14.975 --> 00:16:17.735
<00:16:14.975>that <00:16:15.208>both <00:16:15.441>still <00:16:15.675>have <00:16:15.908>the <00:16:16.141>same <00:16:16.375>value,

287
00:16:18.275 --> 00:16:20.695
<00:16:18.275>but <00:16:18.555>both <00:16:18.834>have <00:16:19.115>cryptocurrencies <00:16:19.395>that <00:16:19.675>are

288
00:16:21.405 --> 00:16:24.175
<00:16:21.405>like <00:16:21.871>South <00:16:22.338>African <00:16:22.805>cryptocurrencies

289
00:16:24.395 --> 00:16:26.415
<00:16:24.395>and <00:16:24.675>that <00:16:24.954>are <00:16:25.235>South <00:16:25.515>Korean <00:16:25.795>cryptocurrencies.

290
00:16:26.875 --> 00:16:28.975
<00:16:26.875>And <00:16:27.155>if <00:16:27.435>now <00:16:27.715>a <00:16:27.995>transaction <00:16:28.275>happens

291
00:16:29.955 --> 00:16:34.215
<00:16:29.955>and <00:16:30.110>a <00:16:30.266>person <00:16:30.421>wants <00:16:30.577>to, <00:16:30.732>um, <00:16:30.888>send <00:16:31.043>money <00:16:31.199>from, <00:16:31.355>um,

292
00:16:34.675 --> 00:16:36.175
<00:16:34.675>Africa <00:16:35.349>to <00:16:36.025>Korea,

293
00:16:37.085 --> 00:16:40.655
<00:16:37.085>they <00:16:37.260>do <00:16:37.435>the <00:16:37.610>same <00:16:37.785>transaction <00:16:37.960>in <00:16:38.135>the <00:16:38.310>Hedera <00:16:38.485>network.

294
00:16:41.595 --> 00:16:45.255
<00:16:41.595>And <00:16:41.750>on <00:16:41.906>the <00:16:42.061>other <00:16:42.217>hand <00:16:42.372>you <00:16:42.528>can, <00:16:42.683>somebody <00:16:42.839>just <00:16:42.995>listens

295
00:16:45.255 --> 00:16:47.055
<00:16:45.255>to <00:16:45.535>the <00:16:45.814>event, <00:16:46.095>receives <00:16:46.375>the <00:16:46.655>event,

296
00:16:47.355 --> 00:16:50.335
<00:16:47.355>and <00:16:47.555>does <00:16:47.755>a <00:16:47.955>transaction <00:16:48.155>with <00:16:48.355>the <00:16:48.555>real <00:16:48.755>account.

297
00:16:50.875 --> 00:16:51.935
<00:16:50.875>And <00:16:51.193>by <00:16:51.511>doing <00:16:51.829>so,

298
00:16:52.425 --> 00:16:55.775
<00:16:52.425>since <00:16:52.580>the <00:16:52.736>coins <00:16:52.891>in <00:16:53.047>the <00:16:53.202>network <00:16:53.358>have <00:16:53.513>a <00:16:53.669>defined <00:16:53.824>value

299
00:16:55.805 --> 00:17:00.535
<00:16:55.805>that <00:16:55.979>is <00:16:56.155>defined <00:16:56.329>based <00:16:56.505>on <00:16:56.680>the <00:16:56.854>real <00:16:57.030>coins, <00:16:57.204>um,

300
00:17:01.305 --> 00:17:05.615
<00:17:01.305>those <00:17:01.479>such <00:17:01.655>a <00:17:01.829>transaction, <00:17:02.005>instead <00:17:02.180>of <00:17:02.354>having <00:17:02.530>a <00:17:02.704>cost

301
00:17:05.635 --> 00:17:07.455
<00:17:05.635>of <00:17:05.984>$40 <00:17:06.335>is <00:17:06.685>the <00:17:07.035>less

302
00:17:07.475 --> 00:17:11.735
<00:17:07.474>and <00:17:07.602>10 <00:17:07.729>cents, <00:17:07.856>actually <00:17:07.984>those <00:17:08.111>10 <00:17:08.238>cents <00:17:08.365>are <00:17:08.493>not <00:17:08.620>what <00:17:08.747>you <00:17:08.875>need

303
00:17:11.735 --> 00:17:13.255
<00:17:11.734>to <00:17:11.963>pay <00:17:12.191>on <00:17:12.419>Heera <00:17:12.646>to <00:17:12.875>do <00:17:13.103>it.

304
00:17:13.485 --> 00:17:17.575
<00:17:13.484>That <00:17:13.625>already <00:17:13.764>creates <00:17:13.905>the <00:17:14.044>money <00:17:14.185>the <00:17:14.324>two <00:17:14.464>banks <00:17:14.604>wants <00:17:14.744>to <00:17:14.885>have

305
00:17:17.755 --> 00:17:19.975
<00:17:17.755>as <00:17:17.988>a <00:17:18.221>fee <00:17:18.455>to <00:17:18.688>do <00:17:18.921>that <00:17:19.155>transaction

306
00:17:20.275 --> 00:17:22.375
<00:17:20.275>and <00:17:20.508>it <00:17:20.741>needs <00:17:20.975>less <00:17:21.208>than <00:17:21.441>a <00:17:21.675>minute.

307
00:17:22.825 --> 00:17:26.065
<00:17:22.825>Again, <00:17:23.000>on <00:17:23.175>the <00:17:23.350>network <00:17:23.525>that <00:17:23.700>is <00:17:23.875>even <00:17:24.050>way <00:17:24.225>faster.

308
00:17:26.925 --> 00:17:30.785
<00:17:26.925>But <00:17:27.052>with <00:17:27.179>like <00:17:27.306>all <00:17:27.434>the <00:17:27.561>software <00:17:27.688>that <00:17:27.815>happens <00:17:27.943>on <00:17:28.070>the <00:17:28.197>one <00:17:28.325>bank

309
00:17:30.785 --> 00:17:31.785
<00:17:30.785>and <00:17:31.010>on <00:17:31.235>the <00:17:31.460>other <00:17:31.685>bank

310
00:17:31.805 --> 00:17:34.025
<00:17:31.805>and <00:17:31.980>so <00:17:32.155>on, <00:17:32.330>it <00:17:32.505>takes <00:17:32.680>less <00:17:32.855>than <00:17:33.030>a <00:17:33.205>minute.

311
00:17:34.375 --> 00:17:38.745
<00:17:34.375>It's <00:17:34.550>track <00:17:34.725>able <00:17:34.900>and <00:17:35.075>it's <00:17:35.250>available <00:17:35.425>all <00:17:35.600>the <00:17:35.775>time.

312
00:17:39.325 --> 00:17:42.825
<00:17:39.325>And <00:17:39.500>yeah, <00:17:39.675>we, <00:17:39.850>uh, <00:17:40.025>when <00:17:40.200>you <00:17:40.375>see <00:17:40.550>that <00:17:40.725>and

313
00:17:42.965 --> 00:17:45.105
<00:17:42.965>and <00:17:43.198>have <00:17:43.431>seen <00:17:43.665>what <00:17:43.898>what <00:17:44.131>you <00:17:44.365>had

314
00:17:45.105 --> 00:17:47.545
<00:17:45.105>before, <00:17:45.338>that <00:17:45.571>is <00:17:45.805>a <00:17:46.038>real <00:17:46.271>benefit, <00:17:46.505>right?

315
00:17:48.365 --> 00:17:50.485
<00:17:48.365>So <00:17:48.715>that <00:17:49.065>is <00:17:49.415>absolutely <00:17:49.765>great.

316
00:17:51.675 --> 00:17:53.855
<00:17:51.675>Um, <00:17:51.955>coming <00:17:52.235>back <00:17:52.514>to <00:17:52.794>the <00:17:53.075>question,

317
00:17:53.875 --> 00:17:58.215
<00:17:53.875>if <00:17:54.050>Bitcoin <00:17:54.225>has <00:17:54.400>achieved <00:17:54.575>the <00:17:54.750>golds, <00:17:54.925>actually <00:17:55.100>we <00:17:55.275>need

318
00:17:58.215 --> 00:17:59.695
<00:17:58.215>to <00:17:58.658>ask <00:17:59.102>ourself <00:17:59.547>now,

319
00:18:00.315 --> 00:18:03.655
<00:18:00.315>has <00:18:00.548>cryptocurrency <00:18:00.781>in <00:18:01.015>general <00:18:01.248>achieved <00:18:01.481>the <00:18:01.715>golds?

320
00:18:04.075 --> 00:18:08.855
<00:18:04.075>And <00:18:04.191>here <00:18:04.308>we <00:18:04.425>can <00:18:04.541>say, <00:18:04.658>um, <00:18:04.775>no, <00:18:04.891>we <00:18:05.008>don't <00:18:05.125>have <00:18:05.241>a <00:18:05.358>common <00:18:05.475>currency

321
00:18:09.245 --> 00:18:12.775
<00:18:09.245>because <00:18:09.385>just <00:18:09.524>in <00:18:09.665>this <00:18:09.804>example <00:18:09.945>that <00:18:10.084>we've <00:18:10.225>seen, <00:18:10.364>we <00:18:10.504>have <00:18:10.645>two

322
00:18:13.935 --> 00:18:15.975
<00:18:13.935>currencies <00:18:14.215>that <00:18:14.495>are <00:18:14.774>not <00:18:15.054>everyday <00:18:15.335>currencies

323
00:18:16.075 --> 00:18:18.935
<00:18:16.075>and <00:18:16.275>that <00:18:16.475>are <00:18:16.675>only <00:18:16.875>used <00:18:17.075>by <00:18:17.275>two <00:18:17.475>entities

324
00:18:18.995 --> 00:18:21.455
<00:18:18.995>and <00:18:19.169>not <00:18:19.344>by <00:18:19.520>private <00:18:19.695>people <00:18:19.870>or <00:18:20.044>something <00:18:20.219>like <00:18:20.395>that.

325
00:18:21.915 --> 00:18:24.575
<00:18:21.915>But <00:18:22.148>we <00:18:22.381>have <00:18:22.615>definitely <00:18:22.848>guess <00:18:23.081>exchange <00:18:23.315>cost.

326
00:18:25.435 --> 00:18:27.255
<00:18:25.435>One <00:18:25.715>thing <00:18:25.995>that <00:18:26.274>we <00:18:26.554>still <00:18:26.835>need

327
00:18:27.315 --> 00:18:29.335
<00:18:27.315>to <00:18:27.595>check <00:18:27.875>is <00:18:28.155>the <00:18:28.435>cryptographic <00:18:28.715>proof.

328
00:18:30.395 --> 00:18:32.135
<00:18:30.395>And <00:18:30.675>to <00:18:30.955>do <00:18:31.235>that <00:18:31.514>we <00:18:31.795>need

329
00:18:32.135 --> 00:18:34.615
<00:18:32.135>to <00:18:32.310>have <00:18:32.485>a <00:18:32.660>look <00:18:32.835>at <00:18:33.010>the <00:18:33.185>technology <00:18:33.360>behind <00:18:33.535>crypto.

330
00:18:35.715 --> 00:18:38.175
<00:18:35.715>So, <00:18:35.995>um, <00:18:36.274>when <00:18:36.554>talking <00:18:36.834>about <00:18:37.115>that,

331
00:18:39.935 --> 00:18:42.195
<00:18:39.935>one <00:18:40.135>thing <00:18:40.335>we <00:18:40.534>need <00:18:40.735>to <00:18:40.935>think <00:18:41.135>about <00:18:41.335>is

332
00:18:42.575 --> 00:18:44.835
<00:18:42.575>how <00:18:42.855>distributed <00:18:43.135>systems <00:18:43.415>work <00:18:43.695>in <00:18:43.975>general

333
00:18:45.145 --> 00:18:49.195
<00:18:45.145>because <00:18:45.345>all <00:18:45.545>this <00:18:45.745>networks <00:18:45.945>independent <00:18:46.145>of <00:18:46.345>its <00:18:46.545>Bitcoin,

334
00:18:49.755 --> 00:18:51.595
<00:18:49.755>Ethereum <00:18:50.221>or, <00:18:50.688>or <00:18:51.155>Heera

335
00:18:51.595 --> 00:18:55.635
<00:18:51.595>or <00:18:51.750>anything <00:18:51.906>else <00:18:52.061>is <00:18:52.217>based <00:18:52.372>on, <00:18:52.528>on <00:18:52.683>a <00:18:52.839>distributed <00:18:52.995>system.

336
00:18:55.775 --> 00:18:59.315
<00:18:55.775>So <00:18:55.975>you <00:18:56.175>have <00:18:56.375>multiple <00:18:56.575>nodes <00:18:56.775>running <00:18:56.975>the <00:18:57.175>software.

337
00:18:59.975 --> 00:19:02.315
<00:18:59.975>And <00:19:00.324>when <00:19:00.675>you <00:19:01.024>at <00:19:01.375>university

338
00:19:02.375 --> 00:19:05.275
<00:19:02.375>and <00:19:02.608>talk <00:19:02.841>about <00:19:03.075>distributed <00:19:03.308>systems, <00:19:03.541>one <00:19:03.775>thing

339
00:19:05.275 --> 00:19:07.755
<00:19:05.275>that <00:19:05.508>you <00:19:05.741>normally <00:19:05.975>run <00:19:06.208>is <00:19:06.441>about <00:19:06.675>scalability,

340
00:19:08.285 --> 00:19:10.915
<00:19:08.285>where <00:19:08.485>people <00:19:08.685>tell <00:19:08.885>you, <00:19:09.085>yeah, <00:19:09.285>so <00:19:09.485>the <00:19:09.685>more

341
00:19:11.975 --> 00:19:14.475
<00:19:11.975>PCs <00:19:12.208>you <00:19:12.441>put <00:19:12.675>into <00:19:12.908>a <00:19:13.141>distributed <00:19:13.375>systems,

342
00:19:15.335 --> 00:19:19.355
<00:19:15.335>the <00:19:15.510>faster <00:19:15.685>it <00:19:15.860>will <00:19:16.035>be <00:19:16.210>because <00:19:16.385>think <00:19:16.560>about <00:19:16.735>microservices

343
00:19:19.375 --> 00:19:20.435
<00:19:19.375>or <00:19:19.693>something <00:19:20.011>like <00:19:20.329>that.

344
00:19:20.505 --> 00:19:23.075
<00:19:20.505>When <00:19:20.785>a <00:19:21.065>transaction <00:19:21.345>comes <00:19:21.625>in <00:19:21.905>comes,

345
00:19:23.075 --> 00:19:25.355
<00:19:23.075>it's <00:19:23.355>handed <00:19:23.635>once <00:19:23.915>on <00:19:24.195>one <00:19:24.475>node

346
00:19:25.375 --> 00:19:26.715
<00:19:25.375>and <00:19:25.616>the <00:19:25.857>more <00:19:26.098>nodes <00:19:26.339>you <00:19:26.581>have,

347
00:19:27.015 --> 00:19:30.275
<00:19:27.015>the <00:19:27.190>more <00:19:27.365>transaction <00:19:27.540>you <00:19:27.715>can <00:19:27.890>execute <00:19:28.065>within <00:19:28.240>a <00:19:28.415>second.

348
00:19:31.055 --> 00:19:35.475
<00:19:31.055>And <00:19:31.255>this <00:19:31.455>is <00:19:31.655>wrong <00:19:31.855>when <00:19:32.055>talking <00:19:32.255>about <00:19:32.455>distributed

349
00:19:35.955 --> 00:19:40.115
<00:19:35.955>s <00:19:36.188>because <00:19:36.421>when <00:19:36.655>talking <00:19:36.888>about <00:19:37.121>distributed <00:19:37.355>lectures,

350
00:19:41.685 --> 00:19:46.635
<00:19:41.685>every <00:19:41.885>transaction <00:19:42.085>that <00:19:42.284>comes <00:19:42.485>to <00:19:42.685>the <00:19:42.885>network <00:19:43.085>need

351
00:19:46.635 --> 00:19:50.235
<00:19:46.635>to <00:19:46.810>be <00:19:46.985>executed <00:19:47.160>by <00:19:47.335>every <00:19:47.510>note <00:19:47.685>on <00:19:47.860>the <00:19:48.035>network.

352
00:19:51.575 --> 00:19:54.635
<00:19:51.575>By <00:19:51.808>doing <00:19:52.041>so, <00:19:52.275>you <00:19:52.508>create <00:19:52.741>a <00:19:52.975>trust.

353
00:19:55.205 --> 00:19:59.655
<00:19:55.205>Let's <00:19:55.345>assume <00:19:55.485>you <00:19:55.625>have <00:19:55.764>one <00:19:55.905>note <00:19:56.044>and <00:19:56.185>you <00:19:56.324>do <00:19:56.465>a <00:19:56.605>transaction

354
00:20:00.555 --> 00:20:02.775
<00:20:00.555>and <00:20:00.755>the <00:20:00.955>node <00:20:01.155>has <00:20:01.355>some <00:20:01.555>kind <00:20:01.755>of <00:20:01.955>problem,

355
00:20:02.995 --> 00:20:05.945
<00:20:02.995>and <00:20:03.228>based <00:20:03.461>on <00:20:03.695>that, <00:20:03.928>an <00:20:04.161>error <00:20:04.395>happens.

356
00:20:06.535 --> 00:20:09.225
<00:20:06.535>Yeah, <00:20:06.710>then <00:20:06.885>you <00:20:07.060>need <00:20:07.235>to <00:20:07.410>give <00:20:07.585>with <00:20:07.760>the <00:20:07.935>error,

357
00:20:09.565 --> 00:20:11.345
<00:20:09.565>if <00:20:09.845>you <00:20:10.125>have <00:20:10.405>like <00:20:10.685>five <00:20:10.965>nodes

358
00:20:11.605 --> 00:20:14.185
<00:20:11.605>and <00:20:11.745>this <00:20:11.885>one <00:20:12.025>node <00:20:12.165>has <00:20:12.305>an <00:20:12.445>error, <00:20:12.585>you <00:20:12.725>have <00:20:12.865>four <00:20:13.005>nodes

359
00:20:14.375 --> 00:20:15.945
<00:20:14.375>that <00:20:14.655>do <00:20:14.935>not <00:20:15.215>have <00:20:15.495>that <00:20:15.775>error.

360
00:20:16.445 --> 00:20:18.905
<00:20:16.445>And <00:20:16.600>based <00:20:16.756>on <00:20:16.911>that <00:20:17.067>you <00:20:17.222>can <00:20:17.378>say <00:20:17.533>like, <00:20:17.689>oh <00:20:17.845>four,

361
00:20:19.005 --> 00:20:20.665
<00:20:19.005>do <00:20:19.180>not <00:20:19.355>have <00:20:19.530>an <00:20:19.705>hour, <00:20:19.880>one <00:20:20.055>half <00:20:20.230>an <00:20:20.405>hour.

362
00:20:21.035 --> 00:20:23.065
<00:20:21.035>Let's <00:20:21.235>trust <00:20:21.435>those <00:20:21.635>four <00:20:21.835>because <00:20:22.035>they <00:20:22.235>are <00:20:22.435>more.

363
00:20:23.365 --> 00:20:25.785
<00:20:23.365>That's <00:20:23.520>the <00:20:23.676>simplest <00:20:23.831>way <00:20:23.987>how <00:20:24.142>you <00:20:24.298>can <00:20:24.453>think <00:20:24.609>about <00:20:24.765>it.

364
00:20:26.245 --> 00:20:30.545
<00:20:26.245>And <00:20:26.372>this <00:20:26.499>is <00:20:26.626>how <00:20:26.754>scaling <00:20:26.881>a <00:20:27.008>network <00:20:27.135>in <00:20:27.263>a <00:20:27.390>distributed <00:20:27.517>get <00:20:27.645>shop

365
00:20:30.795 --> 00:20:34.465
<00:20:30.795>where <00:20:31.028>every <00:20:31.261>node <00:20:31.495>needs <00:20:31.728>to <00:20:31.961>execute <00:20:32.195>everything

366
00:20:35.165 --> 00:20:39.065
<00:20:35.165>really <00:20:35.445>creates <00:20:35.725>trust, <00:20:36.004>especially <00:20:36.284>if <00:20:36.565>like,

367
00:20:39.325 --> 00:20:40.785
<00:20:39.325>as <00:20:39.544>you <00:20:39.763>can <00:20:39.982>see <00:20:40.201>on <00:20:40.420>the <00:20:40.639>pictures,

368
00:20:40.925 --> 00:20:44.065
<00:20:40.925>the <00:20:41.100>note <00:20:41.274>are <00:20:41.450>really <00:20:41.625>like <00:20:41.800>shared <00:20:41.975>across <00:20:42.149>different <00:20:42.325>countries,

369
00:20:45.025 --> 00:20:47.605
<00:20:45.025>companies, <00:20:45.225>individuals, <00:20:45.425>and <00:20:45.625>so <00:20:45.825>on <00:20:46.025>and <00:20:46.225>so <00:20:46.425>on.

370
00:20:49.055 --> 00:20:53.435
<00:20:49.055>Um, <00:20:49.195>the <00:20:49.335>thing <00:20:49.475>that <00:20:49.615>is <00:20:49.755>true <00:20:49.895>for <00:20:50.035>distributed <00:20:50.175>ga, <00:20:50.315>any <00:20:50.455>other,

371
00:20:53.775 --> 00:20:56.555
<00:20:53.775>um, <00:20:53.975>distributed <00:20:54.175>system <00:20:54.375>is <00:20:54.575>the <00:20:54.775>four <00:20:54.975>to <00:20:55.175>events

372
00:20:57.065 --> 00:20:59.395
<00:20:57.065>that <00:20:57.298>this <00:20:57.531>has <00:20:57.765>a <00:20:57.998>big <00:20:58.231>Prius, <00:20:58.465>um,

373
00:21:00.555 --> 00:21:02.015
<00:21:00.555>in <00:21:00.883>distributed <00:21:01.212>system <00:21:01.540>in <00:21:01.869>general

374
00:21:02.015 --> 00:21:05.775
<00:21:02.015>because, <00:21:02.481>um, <00:21:02.948>in <00:21:03.415>microservices

375
00:21:06.475 --> 00:21:10.695
<00:21:06.475>or <00:21:06.615>a <00:21:06.754>distributed <00:21:06.895>gacha, <00:21:07.034>one <00:21:07.175>node <00:21:07.314>can <00:21:07.455>simply <00:21:07.594>be <00:21:07.735>turned <00:21:07.875>off

376
00:21:10.875 --> 00:21:12.415
<00:21:10.875>and <00:21:11.152>the <00:21:11.429>system <00:21:11.706>is <00:21:11.983>still <00:21:12.261>working.

377
00:21:12.915 --> 00:21:15.215
<00:21:12.915>On <00:21:13.055>the <00:21:13.195>one <00:21:13.335>hand <00:21:13.475>it <00:21:13.615>gets <00:21:13.754>your, <00:21:13.895>on <00:21:14.034>the <00:21:14.175>other <00:21:14.315>one,

378
00:21:15.755 --> 00:21:17.855
<00:21:15.755>the <00:21:16.105>trust <00:21:16.455>maybe <00:21:16.805>goes <00:21:17.155>down.

379
00:21:19.005 --> 00:21:23.225
<00:21:19.005>Um, <00:21:19.238>to <00:21:19.471>do <00:21:19.705>that, <00:21:19.938>having, <00:21:20.171>um, <00:21:20.405>it

380
00:21:23.825 --> 00:21:28.545
<00:21:23.825>executed <00:21:23.980>on <00:21:24.136>each <00:21:24.291>note <00:21:24.447>in <00:21:24.602>the <00:21:24.758>network, <00:21:24.913>we <00:21:25.069>need <00:21:25.225>something

381
00:21:28.545 --> 00:21:30.465
<00:21:28.545>that <00:21:28.825>is <00:21:29.105>called <00:21:29.385>the <00:21:29.665>consensus <00:21:29.945>mechanism

382
00:21:30.925 --> 00:21:32.905
<00:21:30.925>to <00:21:31.125>say <00:21:31.325>at <00:21:31.524>the <00:21:31.725>end <00:21:31.925>like, <00:21:32.125>oh, <00:21:32.325>okay,

383
00:21:33.685 --> 00:21:36.505
<00:21:33.685>now <00:21:33.840>we <00:21:33.996>have <00:21:34.151>executed <00:21:34.307>everywhere, <00:21:34.462>but <00:21:34.618>we <00:21:34.773>need <00:21:34.929>one <00:21:35.085>note

384
00:21:36.725 --> 00:21:40.265
<00:21:36.725>or <00:21:36.925>we <00:21:37.125>need <00:21:37.324>somebody <00:21:37.524>who <00:21:37.725>says <00:21:37.925>like, <00:21:38.125>okay,

385
00:21:40.845 --> 00:21:45.645
<00:21:40.845>and <00:21:40.952>this <00:21:41.060>is <00:21:41.168>not <00:21:41.275>a <00:21:41.383>fact, <00:21:41.491>this <00:21:41.598>is <00:21:41.706>now <00:21:41.814>what <00:21:41.921>is <00:21:42.029>the <00:21:42.137>common <00:21:42.245>state

386
00:21:45.645 --> 00:21:47.005
<00:21:45.645>between <00:21:46.053>all <00:21:46.461>the <00:21:46.869>nodes?

387
00:21:47.265 --> 00:21:50.005
<00:21:47.265>And <00:21:47.498>this <00:21:47.731>is <00:21:47.965>what <00:21:48.198>we <00:21:48.431>call <00:21:48.665>consensus.

388
00:21:50.665 --> 00:21:53.325
<00:21:50.665>And <00:21:50.898>there <00:21:51.131>are <00:21:51.365>two <00:21:51.598>famous <00:21:51.831>consensus <00:21:52.065>mechanisms.

389
00:21:53.785 --> 00:21:55.285
<00:21:53.785>One <00:21:54.055>is <00:21:54.325>called <00:21:54.595>proof <00:21:54.865>of <00:21:55.135>work,

390
00:21:55.305 --> 00:21:57.645
<00:21:55.305>and <00:21:55.480>the <00:21:55.655>other <00:21:55.830>one <00:21:56.005>is <00:21:56.180>called <00:21:56.355>proof <00:21:56.530>of <00:21:56.705>stake.

391
00:21:57.705 --> 00:22:00.165
<00:21:57.705>It <00:21:57.879>have <00:21:58.054>a <00:21:58.230>quite <00:21:58.405>short <00:21:58.580>work <00:21:58.754>how <00:21:58.929>those <00:21:59.105>work.

392
00:22:01.025 --> 00:22:04.685
<00:22:01.025>The <00:22:01.165>proof <00:22:01.305>of <00:22:01.445>work <00:22:01.585>is <00:22:01.725>the <00:22:01.865>one <00:22:02.005>you <00:22:02.145>maybe <00:22:02.285>know <00:22:02.425>about

393
00:22:05.035 --> 00:22:08.565
<00:22:05.035>because <00:22:05.315>here <00:22:05.595>a <00:22:05.875>node, <00:22:06.155>um, <00:22:06.435>needs

394
00:22:08.625 --> 00:22:13.405
<00:22:08.625>to <00:22:08.825>solve <00:22:09.025>a <00:22:09.225>complex <00:22:09.425>mathematical <00:22:09.625>problem <00:22:09.825>to <00:22:10.025>validate

395
00:22:14.125 --> 00:22:15.365
<00:22:14.125>a <00:22:14.497>block <00:22:14.869>of <00:22:15.241>transactions

396
00:22:15.385 --> 00:22:18.365
<00:22:15.385>and <00:22:15.512>say <00:22:15.639>like, <00:22:15.766>okay, <00:22:15.894>that <00:22:16.021>is <00:22:16.148>like <00:22:16.275>the <00:22:16.403>state <00:22:16.530>of <00:22:16.657>the <00:22:16.785>network.

397
00:22:18.585 --> 00:22:22.255
<00:22:18.585>Now, <00:22:18.935>um, <00:22:19.285>think <00:22:19.635>about <00:22:19.985>puzzle.

398
00:22:22.435 --> 00:22:24.135
<00:22:22.435>And <00:22:22.635>the <00:22:22.835>first <00:22:23.034>one <00:22:23.235>who <00:22:23.435>solve <00:22:23.635>it <00:22:23.835>wins.

399
00:22:24.445 --> 00:22:28.615
<00:22:24.445>Technically <00:22:24.600>it's <00:22:24.756>like <00:22:24.911>find <00:22:25.067>a <00:22:25.222>hash <00:22:25.378>of <00:22:25.533>all <00:22:25.689>of <00:22:25.845>this

400
00:22:29.085 --> 00:22:32.175
<00:22:29.085>that <00:22:29.260>starts <00:22:29.435>with <00:22:29.610>four <00:22:29.785>zeros <00:22:29.960>or <00:22:30.135>something <00:22:30.310>like <00:22:30.485>that.

401
00:22:32.955 --> 00:22:36.105
<00:22:32.955>Um, <00:22:33.129>and <00:22:33.304>the <00:22:33.480>note <00:22:33.655>that <00:22:33.830>is <00:22:34.004>the <00:22:34.179>first <00:22:34.355>one

402
00:22:36.105 --> 00:22:40.225
<00:22:36.105>to <00:22:36.280>solve <00:22:36.455>if <00:22:36.630>this <00:22:36.805>puzzle <00:22:36.980>will <00:22:37.155>get <00:22:37.330>some <00:22:37.505>coins

403
00:22:41.465 --> 00:22:45.495
<00:22:41.465>which <00:22:41.620>are <00:22:41.776>created <00:22:41.931>based <00:22:42.087>on <00:22:42.242>how <00:22:42.398>much <00:22:42.553>a <00:22:42.709>transaction <00:22:42.865>cost.

404
00:22:46.355 --> 00:22:49.655
<00:22:46.355>So, <00:22:46.530>and <00:22:46.705>this <00:22:46.880>is <00:22:47.055>what <00:22:47.230>we <00:22:47.405>call <00:22:47.580>mining <00:22:47.755>actually.

405
00:22:50.415 --> 00:22:52.715
<00:22:50.415>So <00:22:50.764>you <00:22:51.115>have <00:22:51.465>several <00:22:51.815>nodes

406
00:22:52.715 --> 00:22:57.235
<00:22:52.715>and <00:22:52.870>all <00:22:53.026>nodes <00:22:53.181>try <00:22:53.337>to <00:22:53.492>do <00:22:53.648>this <00:22:53.803>mathematical <00:22:53.959>problem <00:22:54.115>and,

407
00:22:57.335 --> 00:22:58.875
<00:22:57.335>and <00:22:57.797>find <00:22:58.259>a <00:22:58.721>solution.

408
00:22:58.935 --> 00:23:02.155
<00:22:58.935>And <00:22:59.090>the <00:22:59.246>one <00:22:59.401>who <00:22:59.557>finds <00:22:59.712>it <00:22:59.868>first <00:23:00.023>can <00:23:00.179>define, <00:23:00.335>okay,

409
00:23:02.155 --> 00:23:03.435
<00:23:02.155>that <00:23:02.319>is <00:23:02.484>now <00:23:02.648>the <00:23:02.813>state <00:23:02.977>of <00:23:03.142>the <00:23:03.307>network

410
00:23:03.435 --> 00:23:07.275
<00:23:03.435>because <00:23:03.575>I'm <00:23:03.715>the <00:23:03.855>one <00:23:03.995>who, <00:23:04.135>who <00:23:04.274>who <00:23:04.415>solved <00:23:04.554>the <00:23:04.695>problem <00:23:04.835>first.

411
00:23:07.775 --> 00:23:11.395
<00:23:07.775>And <00:23:07.930>I <00:23:08.086>get <00:23:08.241>some <00:23:08.397>coins <00:23:08.552>based <00:23:08.708>on <00:23:08.863>the <00:23:09.019>transaction <00:23:09.175>cost

412
00:23:11.415 --> 00:23:14.235
<00:23:11.415>of <00:23:11.555>all <00:23:11.695>the <00:23:11.835>transactions <00:23:11.975>that <00:23:12.115>are <00:23:12.254>now <00:23:12.395>new <00:23:12.534>on <00:23:12.675>the <00:23:12.815>state.

413
00:23:15.255 --> 00:23:19.315
<00:23:15.255>Um, <00:23:15.430>the <00:23:15.605>problem <00:23:15.780>with <00:23:15.955>that <00:23:16.130>is <00:23:16.305>since <00:23:16.480>you <00:23:16.655>need

414
00:23:19.415 --> 00:23:21.515
<00:23:19.415>to <00:23:19.570>sort <00:23:19.726>a <00:23:19.881>puzzle <00:23:20.037>and <00:23:20.192>do <00:23:20.348>it <00:23:20.503>over <00:23:20.659>and <00:23:20.815>over

415
00:23:21.515 --> 00:23:25.475
<00:23:21.515>and <00:23:21.690>over <00:23:21.865>again, <00:23:22.040>it <00:23:22.215>costs <00:23:22.390>a <00:23:22.565>lot <00:23:22.740>of <00:23:22.915>resources.

416
00:23:25.655 --> 00:23:29.075
<00:23:25.655>So <00:23:25.855>here <00:23:26.055>you <00:23:26.254>see <00:23:26.455>what <00:23:26.655>the <00:23:26.855>Bitcoin <00:23:27.055>network

417
00:23:29.805 --> 00:23:34.195
<00:23:29.805>costs <00:23:30.155>in <00:23:30.505>electricity <00:23:30.855>consumption <00:23:31.205>regarding

418
00:23:34.925 --> 00:23:36.115
<00:23:34.925>rents <00:23:35.282>of <00:23:35.639>our <00:23:35.996>world.

419
00:23:36.535 --> 00:23:40.835
<00:23:36.535>So <00:23:36.690>you <00:23:36.846>see <00:23:37.001>here <00:23:37.157>things <00:23:37.312>like <00:23:37.468>GaN <00:23:37.623>Magia, <00:23:37.779>Ukraine, <00:23:37.935>Pakistan,

420
00:23:40.935 --> 00:23:45.445
<00:23:40.935>Norway, <00:23:41.135>all <00:23:41.335>around <00:23:41.534>this <00:23:41.735>yellow <00:23:41.935>Bitcoin <00:23:42.135>one, <00:23:42.335>right?

421
00:23:45.705 --> 00:23:50.005
<00:23:45.705>So <00:23:45.938>the <00:23:46.171>Bitcoin <00:23:46.405>network <00:23:46.638>today <00:23:46.871>costs <00:23:47.105>more

422
00:23:50.765 --> 00:23:54.565
<00:23:50.765>electricity <00:23:50.998>than <00:23:51.231>Belgium <00:23:51.465>or <00:23:51.698>Finland, <00:23:51.931>for <00:23:52.165>example.

423
00:23:54.665 --> 00:23:57.365
<00:23:54.665>And <00:23:54.820>that <00:23:54.976>is, <00:23:55.131>well, <00:23:55.287>mine <00:23:55.442>from <00:23:55.598>my <00:23:55.753>point <00:23:55.909>of <00:23:56.065>view.

424
00:23:58.145 --> 00:24:01.005
<00:23:58.145>Um, <00:23:58.495>so <00:23:58.845>why <00:23:59.195>it's <00:23:59.545>secure

425
00:24:01.825 --> 00:24:06.365
<00:24:01.825>and <00:24:02.000>you, <00:24:02.175>you <00:24:02.350>really <00:24:02.525>have <00:24:02.700>this, <00:24:02.875>this, <00:24:03.050>um, <00:24:03.225>checks,

426
00:24:07.345 --> 00:24:10.205
<00:24:07.345>um, <00:24:07.520>the <00:24:07.695>resource <00:24:07.870>consumption <00:24:08.045>is <00:24:08.220>a <00:24:08.395>kind <00:24:08.570>of <00:24:08.745>problem,

427
00:24:10.625 --> 00:24:12.365
<00:24:10.625>the <00:24:10.975>fairness, <00:24:11.325>I <00:24:11.675>don't <00:24:12.025>know

428
00:24:12.365 --> 00:24:14.325
<00:24:12.365>because <00:24:13.765>software,

429
00:24:14.465 --> 00:24:17.365
<00:24:14.465>so <00:24:14.665>like <00:24:14.865>better <00:24:15.064>hardware <00:24:15.264>have <00:24:15.465>a <00:24:15.665>better <00:24:15.865>chance

430
00:24:17.745 --> 00:24:18.765
<00:24:17.745>to, <00:24:18.051>to <00:24:18.357>solve <00:24:18.663>it.

431
00:24:19.545 --> 00:24:21.725
<00:24:19.545>The <00:24:19.720>other <00:24:19.895>one <00:24:20.070>is <00:24:20.245>the <00:24:20.420>proof <00:24:20.595>of <00:24:20.770>stake <00:24:20.945>asset.

432
00:24:22.025 --> 00:24:25.845
<00:24:22.025>So <00:24:22.258>this <00:24:22.491>one <00:24:22.725>means <00:24:22.958>that <00:24:23.191>nodes, <00:24:23.425>um,

433
00:24:26.225 --> 00:24:30.725
<00:24:26.225>create <00:24:26.380>a <00:24:26.536>stake, <00:24:26.691>which <00:24:26.847>say <00:24:27.002>they <00:24:27.158>put <00:24:27.313>a <00:24:27.469>part <00:24:27.625>of

434
00:24:31.305 --> 00:24:34.565
<00:24:31.305>the <00:24:31.460>crypto <00:24:31.616>they <00:24:31.771>have <00:24:31.927>in <00:24:32.082>into <00:24:32.238>a <00:24:32.393>kind <00:24:32.549>of <00:24:32.705>safe,

435
00:24:34.695 --> 00:24:36.285
<00:24:34.695>which <00:24:35.044>is <00:24:35.395>called <00:24:35.745>the <00:24:36.095>stake.

436
00:24:37.105 --> 00:24:41.905
<00:24:37.105>Um, <00:24:37.385>and <00:24:37.665>based <00:24:37.945>on <00:24:38.225>the <00:24:38.505>stake,

437
00:24:42.085 --> 00:24:45.825
<00:24:42.085>it <00:24:42.260>has <00:24:42.435>decided <00:24:42.610>which <00:24:42.785>node <00:24:42.960>creates <00:24:43.135>a <00:24:43.310>new <00:24:43.485>block.

438
00:24:46.925 --> 00:24:51.145
<00:24:46.925>And, <00:24:47.274>um, <00:24:47.625>if <00:24:47.975>somebody <00:24:48.325>does

439
00:24:51.835 --> 00:24:53.345
<00:24:51.835>fates <00:24:52.106>on <00:24:52.378>creating <00:24:52.650>a <00:24:52.922>new <00:24:53.194>block

440
00:24:53.345 --> 00:24:58.185
<00:24:53.345>because <00:24:53.472>there <00:24:53.599>is <00:24:53.726>a, <00:24:53.854>you <00:24:53.981>know, <00:24:54.108>a <00:24:54.235>hack <00:24:54.363>in <00:24:54.490>it, <00:24:54.617>somebody <00:24:54.745>tries

441
00:24:58.245 --> 00:25:03.065
<00:24:58.245>to, <00:24:58.385>to <00:24:58.524>break <00:24:58.665>the <00:24:58.804>network <00:24:58.945>by <00:24:59.084>doing <00:24:59.225>that, <00:24:59.364>all <00:24:59.504>the <00:24:59.645>coins

442
00:25:03.065 --> 00:25:07.105
<00:25:03.065>that <00:25:03.181>are <00:25:03.298>in <00:25:03.415>the <00:25:03.531>stake <00:25:03.648>of <00:25:03.765>of <00:25:03.881>that <00:25:03.998>node <00:25:04.115>will, <00:25:04.231>will <00:25:04.348>be <00:25:04.465>lost.

443
00:25:07.135 --> 00:25:10.025
<00:25:07.135>Fine. <00:25:07.335>So <00:25:07.535>you <00:25:07.735>put <00:25:07.935>money <00:25:08.135>into <00:25:08.335>a <00:25:08.535>safe

444
00:25:10.485 --> 00:25:14.095
<00:25:10.485>and <00:25:10.718>by <00:25:10.951>putting <00:25:11.185>that <00:25:11.418>money, <00:25:11.651>um, <00:25:11.885>you

445
00:25:14.845 --> 00:25:17.495
<00:25:14.845>give <00:25:15.000>trust <00:25:15.156>that <00:25:15.311>you <00:25:15.467>will <00:25:15.622>work <00:25:15.778>in <00:25:15.933>a, <00:25:16.089>in <00:25:16.245>a,

446
00:25:17.635 --> 00:25:19.775
<00:25:17.635>in <00:25:17.868>a <00:25:18.101>good <00:25:18.335>way <00:25:18.568>actually <00:25:18.801>like <00:25:19.035>that.

447
00:25:20.395 --> 00:25:23.815
<00:25:20.395>And, <00:25:20.628>uh, <00:25:20.861>that <00:25:21.095>is <00:25:21.328>way <00:25:21.561>more <00:25:21.795>efficient.

448
00:25:24.035 --> 00:25:28.415
<00:25:24.035>So <00:25:24.315>Ethereum <00:25:24.595>changed <00:25:24.875>its <00:25:25.155>mechanism <00:25:25.435>from

449
00:25:28.705 --> 00:25:30.495
<00:25:28.705>proof <00:25:28.938>of <00:25:29.171>work <00:25:29.405>to <00:25:29.638>proof <00:25:29.871>of <00:25:30.105>stake.

450
00:25:31.315 --> 00:25:35.015
<00:25:31.315>And <00:25:31.470>here <00:25:31.626>you <00:25:31.781>see <00:25:31.937>some <00:25:32.092>numbers <00:25:32.248>regarding <00:25:32.403>the <00:25:32.559>electricity, <00:25:32.715>um,

451
00:25:35.085 --> 00:25:39.575
<00:25:35.085>consumption <00:25:35.240>and <00:25:35.396>you <00:25:35.551>see <00:25:35.707>that <00:25:35.862>it's <00:25:36.018>so <00:25:36.173>much <00:25:36.329>better <00:25:36.485>than,

452
00:25:39.645 --> 00:25:41.175
<00:25:39.645>than <00:25:39.874>it <00:25:40.104>was <00:25:40.333>with <00:25:40.562>proof <00:25:40.792>of <00:25:41.022>stake

453
00:25:41.245 --> 00:25:43.415
<00:25:41.245>that <00:25:41.445>is <00:25:41.645>still <00:25:41.844>used <00:25:42.044>by <00:25:42.245>the <00:25:42.445>Bitcoin <00:25:42.645>network.

454
00:25:44.395 --> 00:25:48.925
<00:25:44.395>Um, <00:25:44.570>why, <00:25:44.745>again, <00:25:44.920>this <00:25:45.095>is <00:25:45.270>kind <00:25:45.445>of <00:25:45.620>secure, <00:25:45.795>um,

455
00:25:49.145 --> 00:25:51.165
<00:25:49.145>and <00:25:49.378>the <00:25:49.611>resource <00:25:49.845>consumption <00:25:50.078>is <00:25:50.311>way <00:25:50.545>better.

456
00:25:51.505 --> 00:25:54.845
<00:25:51.505>Um, <00:25:51.645>the <00:25:51.785>fairness <00:25:51.925>is <00:25:52.065>from <00:25:52.205>my <00:25:52.345>point <00:25:52.485>of <00:25:52.625>view <00:25:52.765>still <00:25:52.905>problem

457
00:25:55.195 --> 00:25:58.405
<00:25:55.195>because <00:25:55.395>that <00:25:55.595>leads <00:25:55.794>to <00:25:55.995>a <00:25:56.195>situation <00:25:56.395>like, <00:25:56.595>okay,

458
00:25:58.465 --> 00:25:59.605
<00:25:58.465>who <00:25:58.721>has <00:25:58.978>the <00:25:59.234>most <00:25:59.491>money?

459
00:25:59.945 --> 00:26:02.085
<00:25:59.945>We <00:26:00.120>actually <00:26:00.294>get <00:26:00.470>the <00:26:00.645>most <00:26:00.820>money <00:26:00.995>out <00:26:01.169>of <00:26:01.345>it

460
00:26:02.515 --> 00:26:06.725
<00:26:02.515>because <00:26:02.655>by <00:26:02.795>putting <00:26:02.935>a <00:26:03.075>lot <00:26:03.215>of <00:26:03.355>coins <00:26:03.495>in <00:26:03.635>the <00:26:03.775>stake, <00:26:03.915>um,

461
00:26:06.905 --> 00:26:11.635
<00:26:06.905>the <00:26:07.105>chance <00:26:07.305>that <00:26:07.504>you <00:26:07.705>can <00:26:07.905>do, <00:26:08.105>um, <00:26:08.305>um,

462
00:26:11.775 --> 00:26:13.315
<00:26:11.775>or <00:26:12.121>define <00:26:12.468>the <00:26:12.814>next <00:26:13.161>block

463
00:26:13.335 --> 00:26:16.875
<00:26:13.335>and <00:26:13.510>get <00:26:13.685>coins <00:26:13.860>forward <00:26:14.035>is <00:26:14.210>way <00:26:14.385>higher <00:26:14.560>than <00:26:14.735>having

464
00:26:17.025 --> 00:26:18.035
<00:26:17.025>only <00:26:17.479>some <00:26:17.934>money.

465
00:26:18.495 --> 00:26:22.635
<00:26:18.495>So <00:26:18.622>you <00:26:18.749>need <00:26:18.876>to <00:26:19.004>have <00:26:19.131>already <00:26:19.258>base <00:26:19.385>money <00:26:19.513>to <00:26:19.640>get <00:26:19.767>into <00:26:19.895>it

466
00:26:23.295 --> 00:26:26.435
<00:26:23.295>and <00:26:23.470>the <00:26:23.645>rich <00:26:23.820>people <00:26:23.995>become <00:26:24.170>more <00:26:24.345>rich <00:26:24.520>actually, <00:26:24.695>um,

467
00:26:26.585 --> 00:26:27.715
<00:26:26.585>with, <00:26:26.924>with <00:26:27.263>that <00:26:27.601>approach.

468
00:26:28.415 --> 00:26:32.235
<00:26:28.415>Um, <00:26:28.648>but, <00:26:28.881>but <00:26:29.115>anyway, <00:26:29.348>um, <00:26:29.581>with <00:26:29.815>all

469
00:26:32.315 --> 00:26:36.675
<00:26:32.315>that <00:26:32.490>approaches <00:26:32.665>create <00:26:32.840>a <00:26:33.015>cryptographic <00:26:33.190>proof <00:26:33.365>that <00:26:33.540>allow <00:26:33.715>us

470
00:26:37.135 --> 00:26:39.315
<00:26:37.135>to <00:26:37.601>really <00:26:38.068>create <00:26:38.535>trust

471
00:26:39.695 --> 00:26:44.005
<00:26:39.695>and <00:26:39.822>to <00:26:39.949>not <00:26:40.076>need <00:26:40.204>a <00:26:40.331>single <00:26:40.458>point <00:26:40.585>where <00:26:40.713>the <00:26:40.840>money <00:26:40.967>is <00:26:41.095>like,

472
00:26:44.035 --> 00:26:46.885
<00:26:44.035>like <00:26:44.210>a <00:26:44.385>bank, <00:26:44.560>bank, <00:26:44.735>it's <00:26:44.910>really <00:26:45.085>in <00:26:45.260>the <00:26:45.435>network.

473
00:26:47.665 --> 00:26:50.405
<00:26:47.665>So <00:26:47.805>I <00:26:47.945>added <00:26:48.085>two <00:26:48.225>more <00:26:48.365>points <00:26:48.504>to <00:26:48.645>it, <00:26:48.784>which <00:26:48.925>is <00:26:49.065>fairness

474
00:26:50.545 --> 00:26:53.445
<00:26:50.545>and <00:26:50.778>sustainability <00:26:51.011>because <00:26:51.245>that <00:26:51.478>is <00:26:51.711>still <00:26:51.945>kind

475
00:26:53.445 --> 00:26:54.485
<00:26:53.445>of <00:26:54.380>questioning.

476
00:26:55.425 --> 00:26:59.455
<00:26:55.425>Um, <00:26:55.600>so <00:26:55.774>now <00:26:55.950>let's <00:26:56.125>have <00:26:56.300>a, <00:26:56.475>a <00:26:56.649>look <00:26:56.825>at

477
00:27:00.215 --> 00:27:02.255
<00:27:00.215>Ethereum <00:27:00.564>as <00:27:00.915>the <00:27:01.264>second <00:27:01.615>network.

478
00:27:02.755 --> 00:27:06.095
<00:27:02.755>We, <00:27:02.882>we <00:27:03.009>want <00:27:03.136>to <00:27:03.264>check, <00:27:03.391>let <00:27:03.518>me <00:27:03.645>just <00:27:03.773>give <00:27:03.900>me <00:27:04.027>a <00:27:04.155>second.

479
00:27:06.315 --> 00:27:08.455
<00:27:06.315>My <00:27:06.595>second <00:27:06.875>monitor <00:27:07.155>is <00:27:07.435>just <00:27:07.715>frozen.

480
00:27:09.795 --> 00:27:14.255
<00:27:09.795>Um, <00:27:09.970>I <00:27:10.145>will <00:27:10.320>try <00:27:10.495>to <00:27:10.670>get <00:27:10.845>it <00:27:11.020>back <00:27:11.195>actually.

481
00:27:16.455 --> 00:27:18.875
<00:27:16.455>Um, <00:27:16.804>give <00:27:17.155>me <00:27:17.504>a <00:27:17.855>second.

482
00:27:29.565 --> 00:27:33.615
<00:27:29.565>Okay, <00:27:29.692>here <00:27:29.819>we <00:27:29.946>go. <00:27:30.074>Okay, <00:27:30.201>so <00:27:30.328>let's <00:27:30.455>have <00:27:30.583>a <00:27:30.710>look <00:27:30.837>at <00:27:30.965>Ethereum

483
00:27:33.915 --> 00:27:35.175
<00:27:33.915>as <00:27:34.293>the <00:27:34.671>second <00:27:35.049>network.

484
00:27:36.275 --> 00:27:38.575
<00:27:36.275>So <00:27:36.555>when <00:27:36.835>I <00:27:37.115>talk <00:27:37.395>about <00:27:37.675>Ethereum,

485
00:27:38.655 --> 00:27:40.895
<00:27:38.655>I <00:27:38.888>talk <00:27:39.121>about <00:27:39.355>like <00:27:39.588>the <00:27:39.821>second <00:27:40.055>generation

486
00:27:40.955 --> 00:27:42.975
<00:27:40.955>of <00:27:41.421>crypto <00:27:41.888>technologies, <00:27:42.355>um,

487
00:27:43.445 --> 00:27:45.215
<00:27:43.445>because <00:27:43.794>it <00:27:44.145>has <00:27:44.495>a <00:27:44.845>lot

488
00:27:45.215 --> 00:27:48.175
<00:27:45.215>of <00:27:45.415>more <00:27:45.615>functionalities <00:27:45.814>than <00:27:46.014>the <00:27:46.215>Bitcoin <00:27:46.415>network <00:27:46.615>next

489
00:27:48.435 --> 00:27:52.175
<00:27:48.435>to <00:27:48.590>being <00:27:48.746>way <00:27:48.901>more <00:27:49.057>sustainable <00:27:49.212>as, <00:27:49.368>as <00:27:49.523>we've <00:27:49.679>already <00:27:49.835>seen.

490
00:27:52.795 --> 00:27:55.985
<00:27:52.795>So, <00:27:53.075>um, <00:27:53.355>Ethereum <00:27:53.635>has <00:27:53.915>been <00:27:54.195>invited

491
00:27:56.045 --> 00:27:59.385
<00:27:56.045>by <00:27:56.325>white <00:27:56.605>paper <00:27:56.885>again <00:27:57.165>in <00:27:57.445>2013,

492
00:27:59.565 --> 00:28:03.145
<00:27:59.565>and <00:27:59.740>the <00:27:59.915>network <00:28:00.090>started <00:28:00.265>at <00:28:00.440>operations <00:28:00.615>two <00:28:00.790>years <00:28:00.965>later.

493
00:28:03.925 --> 00:28:07.945
<00:28:03.925>And <00:28:04.100>the <00:28:04.274>important <00:28:04.450>point <00:28:04.625>of <00:28:04.800>Ethereum <00:28:04.975>is <00:28:05.149>the <00:28:05.325>EVM,

494
00:28:07.965 --> 00:28:09.305
<00:28:07.965>the <00:28:08.367>Ethereum <00:28:08.769>virtual <00:28:09.171>machine

495
00:28:09.375 --> 00:28:11.825
<00:28:09.375>because <00:28:09.608>instead <00:28:09.841>of <00:28:10.075>just <00:28:10.308>having <00:28:10.541>one <00:28:10.775>coin

496
00:28:12.005 --> 00:28:15.545
<00:28:12.005>and <00:28:12.160>allowing <00:28:12.316>to <00:28:12.471>do <00:28:12.627>transactions <00:28:12.782>on <00:28:12.938>the <00:28:13.093>network <00:28:13.249>based <00:28:13.405>on

497
00:28:15.545 --> 00:28:18.825
<00:28:15.545>that <00:28:15.895>coin, <00:28:16.245>what <00:28:16.595>Ethereum <00:28:16.945>does,

498
00:28:18.885 --> 00:28:21.825
<00:28:18.885>and <00:28:19.085>the <00:28:19.285>EVM <00:28:19.485>does <00:28:19.685>it, <00:28:19.885>it <00:28:20.085>allows <00:28:20.285>you

499
00:28:22.085 --> 00:28:24.025
<00:28:22.085>to <00:28:22.365>execute <00:28:22.645>code <00:28:22.925>in <00:28:23.205>the <00:28:23.485>network.

500
00:28:24.375 --> 00:28:26.425
<00:28:24.375>so-called <00:28:25.075>smart <00:28:25.775>contracts,

501
00:28:27.005 --> 00:28:30.145
<00:28:27.005>and <00:28:27.145>what <00:28:27.285>you <00:28:27.425>can <00:28:27.565>do <00:28:27.705>now <00:28:27.845>is <00:28:27.985>you <00:28:28.125>can <00:28:28.265>deploy <00:28:28.405>code

502
00:28:30.445 --> 00:28:33.345
<00:28:30.445>to <00:28:30.620>the <00:28:30.794>network <00:28:30.970>and <00:28:31.145>when <00:28:31.320>you <00:28:31.495>execute <00:28:31.669>the <00:28:31.845>code,

503
00:28:33.725 --> 00:28:36.105
<00:28:33.725>the <00:28:33.958>code <00:28:34.191>will <00:28:34.425>be <00:28:34.658>executed <00:28:34.891>on <00:28:35.125>each

504
00:28:36.205 --> 00:28:38.065
<00:28:36.205>and <00:28:36.485>every <00:28:36.764>node <00:28:37.044>on <00:28:37.324>the <00:28:37.605>network.

505
00:28:38.685 --> 00:28:43.185
<00:28:38.685>So <00:28:38.885>you <00:28:39.085>have <00:28:39.284>code <00:28:39.485>which <00:28:39.685>execution <00:28:39.885>is <00:28:40.085>trusted,

506
00:28:43.765 --> 00:28:46.025
<00:28:43.765>you <00:28:43.940>can, <00:28:44.115>you <00:28:44.290>can <00:28:44.465>think <00:28:44.640>about <00:28:44.815>it <00:28:44.990>like <00:28:45.165>that.

507
00:28:46.725 --> 00:28:50.145
<00:28:46.725>And <00:28:47.004>that <00:28:47.284>next <00:28:47.564>to <00:28:47.844>doing <00:28:48.125>transaction

508
00:28:50.165 --> 00:28:53.865
<00:28:50.165>for <00:28:50.365>coins <00:28:50.565>created <00:28:50.764>a <00:28:50.965>lot <00:28:51.165>of <00:28:51.365>new <00:28:51.565>possibilities.

509
00:28:54.515 --> 00:28:57.625
<00:28:54.515>Where <00:28:54.690>it <00:28:54.865>can <00:28:55.040>be <00:28:55.215>used <00:28:55.390>for <00:28:55.565>one <00:28:55.740>big <00:28:55.915>is,

510
00:28:57.625 --> 00:28:59.065
<00:28:57.625>for <00:28:58.057>example, <00:28:58.489>gaming, <00:28:58.921>right?

511
00:28:59.455 --> 00:29:01.705
<00:28:59.455>Because <00:28:59.921>with <00:29:00.388>having <00:29:00.855>coins

512
00:29:01.705 --> 00:29:06.665
<00:29:01.705>that <00:29:01.832>you <00:29:01.959>can <00:29:02.086>use <00:29:02.214>on <00:29:02.341>such <00:29:02.468>a <00:29:02.595>network, <00:29:02.723>you <00:29:02.850>cannot <00:29:02.977>only <00:29:03.105>store,

513
00:29:06.925 --> 00:29:09.815
<00:29:06.925>um, <00:29:07.274>currencies <00:29:07.625>on <00:29:07.975>the <00:29:08.325>network.

514
00:29:09.955 --> 00:29:12.535
<00:29:09.955>You <00:29:10.155>can <00:29:10.355>store <00:29:10.554>whatever <00:29:10.754>you <00:29:10.955>want <00:29:11.155>to <00:29:11.355>store,

515
00:29:13.115 --> 00:29:14.455
<00:29:13.115>you <00:29:13.517>can <00:29:13.918>store <00:29:14.321>tokens.

516
00:29:15.315 --> 00:29:19.895
<00:29:15.315>And <00:29:15.490>um, <00:29:15.665>one <00:29:15.840>example <00:29:16.015>is, <00:29:16.190>is <00:29:16.365>this, <00:29:16.540>um, <00:29:16.715>game,

517
00:29:19.905 --> 00:29:23.135
<00:29:19.905>which <00:29:20.045>is <00:29:20.185>called <00:29:20.325>Access <00:29:20.465>Infinity, <00:29:20.605>which <00:29:20.745>is <00:29:20.885>a <00:29:21.024>quite <00:29:21.165>big <00:29:21.305>one.

518
00:29:23.135 --> 00:29:26.535
<00:29:23.135>You <00:29:23.275>can <00:29:23.415>think <00:29:23.555>about <00:29:23.695>it <00:29:23.835>like <00:29:23.975>Pokemon, <00:29:24.115>um, <00:29:24.254>on, <00:29:24.395>on <00:29:24.535>a,

519
00:29:26.715 --> 00:29:28.055
<00:29:26.715>on <00:29:27.117>a <00:29:27.519>blockchain <00:29:27.921>actually.

520
00:29:28.595 --> 00:29:32.135
<00:29:28.595>Um, <00:29:28.711>and <00:29:28.828>what <00:29:28.945>you <00:29:29.061>do <00:29:29.178>here <00:29:29.295>is <00:29:29.411>a <00:29:29.528>token <00:29:29.645>is <00:29:29.761>is <00:29:29.878>one <00:29:29.995>of

521
00:29:32.135 --> 00:29:34.215
<00:29:32.135>that <00:29:32.415>those <00:29:32.695>create <00:29:32.975>that <00:29:33.254>you <00:29:33.535>own

522
00:29:34.955 --> 00:29:37.495
<00:29:34.955>and <00:29:35.155>each <00:29:35.355>of <00:29:35.554>them <00:29:35.754>is, <00:29:35.955>is <00:29:36.155>unique, <00:29:36.355>right?

523
00:29:37.675 --> 00:29:42.085
<00:29:37.675>So <00:29:37.850>it <00:29:38.024>it <00:29:38.200>looks <00:29:38.375>different, <00:29:38.550>it <00:29:38.725>has <00:29:38.899>different <00:29:39.075>strengths

524
00:29:42.345 --> 00:29:43.445
<00:29:42.345>and <00:29:42.675>and <00:29:43.004>so <00:29:43.335>on.

525
00:29:43.985 --> 00:29:47.165
<00:29:43.985>But <00:29:44.185>since <00:29:44.385>it <00:29:44.584>start <00:29:44.784>on <00:29:44.985>the <00:29:45.185>network, <00:29:45.385>um,

526
00:29:48.025 --> 00:29:49.805
<00:29:48.025>you <00:29:48.305>can <00:29:48.585>really <00:29:48.865>trade <00:29:49.145>with <00:29:49.425>them

527
00:29:50.185 --> 00:29:52.885
<00:29:50.185>and <00:29:50.465>they <00:29:50.745>have <00:29:51.024>freaking <00:29:51.304>high <00:29:51.585>prices.

528
00:29:53.345 --> 00:29:56.165
<00:29:53.345>So <00:29:53.472>this <00:29:53.599>is, <00:29:53.726>I <00:29:53.854>I <00:29:53.981>put <00:29:54.108>it <00:29:54.235>now <00:29:54.363>to, <00:29:54.490>to <00:29:54.617>do <00:29:54.745>us.

529
00:29:56.345 --> 00:29:59.645
<00:29:56.345>So <00:29:56.452>this <00:29:56.560>is <00:29:56.668>what <00:29:56.775>you, <00:29:56.883>you <00:29:56.991>pay <00:29:57.098>to <00:29:57.206>get <00:29:57.314>a <00:29:57.421>really, <00:29:57.529>I <00:29:57.637>don't <00:29:57.745>know,

530
00:29:59.645 --> 00:30:01.965
<00:29:59.645>good <00:29:59.800>one <00:29:59.956>actually, <00:30:00.111>and <00:30:00.267>I <00:30:00.422>never <00:30:00.578>upgrade <00:30:00.733>this <00:30:00.889>game, <00:30:01.045>right?

531
00:30:02.465 --> 00:30:05.165
<00:30:02.465>So <00:30:02.665>I <00:30:02.865>cannot <00:30:03.064>go <00:30:03.264>into <00:30:03.465>detail <00:30:03.665>here, <00:30:03.865>but,

532
00:30:05.305 --> 00:30:08.925
<00:30:05.305>but <00:30:05.432>this <00:30:05.559>is <00:30:05.686>what <00:30:05.814>you <00:30:05.941>can <00:30:06.068>then <00:30:06.195>do <00:30:06.323>with <00:30:06.450>Ethereum <00:30:06.577>on <00:30:06.705>it.

533
00:30:09.545 --> 00:30:13.205
<00:30:09.545>And, <00:30:09.700>um, <00:30:09.856>there <00:30:10.011>are <00:30:10.167>big <00:30:10.322>companies <00:30:10.478>like, <00:30:10.633>like <00:30:10.789>Ubisoft <00:30:10.945>or,

534
00:30:13.205 --> 00:30:16.485
<00:30:13.205>or <00:30:13.405>Samsung <00:30:13.605>that, <00:30:13.804>for <00:30:14.004>example, <00:30:14.205>currently <00:30:14.405>partnering <00:30:14.605>with

535
00:30:17.105 --> 00:30:19.125
<00:30:17.105>the <00:30:17.385>companies <00:30:17.665>that <00:30:17.945>created <00:30:18.225>those <00:30:18.505>games.

536
00:30:19.345 --> 00:30:23.325
<00:30:19.345>So <00:30:19.485>it's, <00:30:19.625>it's <00:30:19.765>not <00:30:19.905>a <00:30:20.045>niche <00:30:20.185>market, <00:30:20.325>it's, <00:30:20.465>it's <00:30:20.605>really, <00:30:20.745>um,

537
00:30:24.515 --> 00:30:26.325
<00:30:24.515>huge, <00:30:24.981>really, <00:30:25.448>really <00:30:25.915>huge.

538
00:30:27.105 --> 00:30:31.245
<00:30:27.105>And, <00:30:27.280>um, <00:30:27.455>I <00:30:27.630>assume <00:30:27.805>I <00:30:27.980>already <00:30:28.155>main <00:30:28.330>mentioned <00:30:28.505>EA,

539
00:30:31.245 --> 00:30:35.285
<00:30:31.245>which <00:30:31.400>is <00:30:31.556>like <00:30:31.711>the <00:30:31.867>native <00:30:32.022>coin <00:30:32.178>of <00:30:32.333>the <00:30:32.489>Ethereum <00:30:32.645>network.

540
00:30:36.465 --> 00:30:38.185
<00:30:36.465>Um, <00:30:37.865>and,

541
00:30:38.205 --> 00:30:42.625
<00:30:38.205>and <00:30:38.345>like <00:30:38.485>Bitcoin, <00:30:38.625>the <00:30:38.764>price <00:30:38.905>is <00:30:39.044>quite <00:30:39.185>high <00:30:39.324>of <00:30:39.465>often <00:30:39.605>EA,

542
00:30:43.165 --> 00:30:46.225
<00:30:43.165>um, <00:30:43.305>the <00:30:43.445>different <00:30:43.585>is <00:30:43.725>that <00:30:43.865>for <00:30:44.004>Issa <00:30:44.145>the <00:30:44.284>goal <00:30:44.425>was <00:30:44.565>never

543
00:30:46.285 --> 00:30:49.905
<00:30:46.285>to <00:30:46.425>be <00:30:46.565>a, <00:30:46.705>you <00:30:46.845>know, <00:30:46.985>a <00:30:47.125>coin <00:30:47.265>that <00:30:47.405>you <00:30:47.545>can <00:30:47.685>use

544
00:30:50.605 --> 00:30:52.865
<00:30:50.605>or <00:30:50.760>that <00:30:50.916>you <00:30:51.071>can <00:30:51.227>use <00:30:51.382>to <00:30:51.538>buy <00:30:51.693>a <00:30:51.849>pizza <00:30:52.005>for.

545
00:30:53.255 --> 00:30:56.825
<00:30:53.255>It's <00:30:53.430>more <00:30:53.605>to <00:30:53.780>pay <00:30:53.955>the <00:30:54.130>transactions <00:30:54.305>on <00:30:54.480>the <00:30:54.655>network.

546
00:30:57.165 --> 00:31:01.905
<00:30:57.165>So <00:30:57.305>if <00:30:57.445>you <00:30:57.585>want <00:30:57.725>to <00:30:57.865>buy <00:30:58.004>one <00:30:58.145>of, <00:30:58.284>of <00:30:58.425>those, <00:30:58.565>um,

547
00:31:02.455 --> 00:31:05.785
<00:31:02.455>animals, <00:31:02.610>you <00:31:02.766>need <00:31:02.921>to <00:31:03.077>pay <00:31:03.232>a <00:31:03.388>fee <00:31:03.543>to <00:31:03.699>the <00:31:03.855>network

548
00:31:06.095 --> 00:31:07.985
<00:31:06.095>that <00:31:06.445>is <00:31:06.795>defined <00:31:07.145>in <00:31:07.495>Ether.

549
00:31:09.125 --> 00:31:11.615
<00:31:09.125>Um, <00:31:10.525>okay,

550
00:31:12.675 --> 00:31:17.455
<00:31:12.675>so <00:31:12.850>when <00:31:13.024>thinking <00:31:13.200>about <00:31:13.375>that, <00:31:13.550>um, <00:31:13.725>coming <00:31:13.899>back <00:31:14.075>to,

551
00:31:17.595 --> 00:31:21.255
<00:31:17.595>to <00:31:17.828>our <00:31:18.061>question <00:31:18.295>about <00:31:18.528>all <00:31:18.761>these <00:31:18.995>checks,

552
00:31:21.755 --> 00:31:25.535
<00:31:21.755>one <00:31:21.930>thing <00:31:22.105>we <00:31:22.280>can <00:31:22.455>say <00:31:22.630>is <00:31:22.805>the <00:31:22.980>sustainability, <00:31:23.155>um,

553
00:31:25.955 --> 00:31:30.815
<00:31:25.955>of <00:31:26.110>Ethereum <00:31:26.266>two <00:31:26.421>is, <00:31:26.577>is <00:31:26.732>definitely <00:31:26.888>way, <00:31:27.043>way <00:31:27.199>better <00:31:27.355>than,

554
00:31:31.475 --> 00:31:34.695
<00:31:31.475>um, <00:31:32.175>for <00:31:32.875>Bitcoin

555
00:31:35.465 --> 00:31:40.075
<00:31:35.465>based <00:31:35.665>on <00:31:35.865>this <00:31:36.064>switch <00:31:36.264>from <00:31:36.465>proof <00:31:36.665>of <00:31:36.865>work

556
00:31:40.335 --> 00:31:43.555
<00:31:40.335>to <00:31:40.510>proof <00:31:40.685>of <00:31:40.860>stake <00:31:41.035>that <00:31:41.210>happened <00:31:41.385>some <00:31:41.560>time <00:31:41.735>ago.

557
00:31:44.335 --> 00:31:48.165
<00:31:44.335>Um, <00:31:44.535>fairness, <00:31:44.735>yeah, <00:31:44.935>as <00:31:45.135>as <00:31:45.335>we <00:31:45.535>said <00:31:45.735>is,

558
00:31:48.265 --> 00:31:49.365
<00:31:48.265>is <00:31:48.595>still <00:31:48.925>not <00:31:49.255>perfectly

559
00:31:49.385 --> 00:31:53.045
<00:31:49.385>before <00:31:49.560>we <00:31:49.735>now <00:31:49.910>continue <00:31:50.085>to <00:31:50.260>like <00:31:50.435>the <00:31:50.610>third <00:31:50.785>generation

560
00:31:53.045 --> 00:31:56.445
<00:31:53.045>of <00:31:53.200>networks <00:31:53.356>and <00:31:53.511>see <00:31:53.667>how <00:31:53.822>you <00:31:53.978>can <00:31:54.133>use <00:31:54.289>the <00:31:54.445>EVM

561
00:31:56.445 --> 00:31:58.845
<00:31:56.445>and <00:31:56.645>smart <00:31:56.845>contracts <00:31:57.044>to <00:31:57.245>create <00:31:57.445>your <00:31:57.645>own <00:31:57.845>applications.

562
00:31:59.585 --> 00:32:02.205
<00:31:59.585>Um, <00:31:59.785>I <00:31:59.985>would <00:32:00.185>like <00:32:00.385>to <00:32:00.585>have <00:32:00.785>a <00:32:00.985>short

563
00:32:02.835 --> 00:32:05.805
<00:32:02.835>view <00:32:03.068>on <00:32:03.301>the <00:32:03.535>overview <00:32:03.768>of <00:32:04.001>the <00:32:04.235>sustainability

564
00:32:05.905 --> 00:32:07.805
<00:32:05.905>of <00:32:06.254>those <00:32:06.605>networks <00:32:06.955>in <00:32:07.305>general.

565
00:32:08.505 --> 00:32:13.045
<00:32:08.505>So <00:32:08.705>we, <00:32:08.905>we <00:32:09.105>already <00:32:09.305>seen, <00:32:09.505>um, <00:32:09.705>this <00:32:09.905>slide,

566
00:32:14.025 --> 00:32:18.795
<00:32:14.025>if, <00:32:14.180>if <00:32:14.336>you <00:32:14.491>want <00:32:14.647>a, <00:32:14.802>a <00:32:14.958>more, <00:32:15.113>um, <00:32:15.269>easier <00:32:15.425>example

567
00:32:18.825 --> 00:32:21.595
<00:32:18.825>that <00:32:18.952>you <00:32:19.079>can <00:32:19.206>tell <00:32:19.334>a <00:32:19.461>friend, <00:32:19.588>like <00:32:19.715>when <00:32:19.843>having <00:32:19.970>a <00:32:20.097>beer, <00:32:20.225>um,

568
00:32:21.735 --> 00:32:26.155
<00:32:21.735>in <00:32:21.875>a <00:32:22.014>bar <00:32:22.155>is, <00:32:22.294>so <00:32:22.435>the <00:32:22.574>Bitcoin <00:32:22.715>network <00:32:22.854>could <00:32:22.995>be <00:32:23.135>used

569
00:32:26.155 --> 00:32:31.075
<00:32:26.155>to <00:32:26.295>power <00:32:26.435>all <00:32:26.575>t <00:32:26.715>kettles <00:32:26.855>of <00:32:26.995>the <00:32:27.135>UK <00:32:27.274>to <00:32:27.415>boil <00:32:27.555>water

570
00:32:31.715 --> 00:32:35.395
<00:32:31.715>actually, <00:32:31.948>which <00:32:32.181>is <00:32:32.415>really <00:32:32.648>a <00:32:32.881>lot, <00:32:33.115>right?

571
00:32:35.935 --> 00:32:38.675
<00:32:35.935>And <00:32:36.284>the <00:32:36.635>really <00:32:36.985>fact <00:32:37.335>is

572
00:32:39.555 --> 00:32:43.365
<00:32:39.555>this <00:32:39.730>one <00:32:39.905>not <00:32:40.080>just <00:32:40.255>once, <00:32:40.430>no, <00:32:40.605>for <00:32:40.780>30 <00:32:40.955>years,

573
00:32:44.105 --> 00:32:48.975
<00:32:44.105>and <00:32:44.305>whoa, <00:32:44.505>that <00:32:44.705>is <00:32:44.905>really, <00:32:45.105>really, <00:32:45.305>really <00:32:45.505>high

574
00:32:49.715 --> 00:32:51.975
<00:32:49.715>as <00:32:50.181>high <00:32:50.648>was <00:32:51.115>Ethereum

575
00:32:52.635 --> 00:32:56.495
<00:32:52.635>before <00:32:52.775>they <00:32:52.915>moved <00:32:53.055>from <00:32:53.195>proof <00:32:53.335>of <00:32:53.475>work <00:32:53.615>to <00:32:53.754>proof <00:32:53.895>of <00:32:54.035>stake.

576
00:32:57.085 --> 00:33:01.255
<00:32:57.085>Here <00:32:57.285>we <00:32:57.485>see <00:32:57.685>the <00:32:57.885>electricity <00:32:58.085>consumption <00:32:58.285>of <00:32:58.485>Belgium,

577
00:33:01.875 --> 00:33:06.335
<00:33:01.875>and <00:33:02.030>here <00:33:02.186>we <00:33:02.341>see <00:33:02.497>the <00:33:02.652>electricity <00:33:02.808>consumption <00:33:02.963>of <00:33:03.119>Ethereum <00:33:03.275>1.0.

578
00:33:07.195 --> 00:33:11.135
<00:33:07.195>As <00:33:07.370>said, <00:33:07.544>they <00:33:07.720>switched <00:33:07.895>to, <00:33:08.070>um, <00:33:08.245>proof <00:33:08.419>of <00:33:08.595>stake

579
00:33:11.635 --> 00:33:14.655
<00:33:11.635>and <00:33:11.915>by <00:33:12.195>doing <00:33:12.475>so <00:33:12.754>the, <00:33:13.035>um,

580
00:33:16.225 --> 00:33:17.505
<00:33:16.225>CO2 <00:33:17.377>and,

581
00:33:17.845 --> 00:33:22.465
<00:33:17.845>and <00:33:18.078>um, <00:33:18.311>power <00:33:18.545>consumption <00:33:18.778>really <00:33:19.011>went <00:33:19.245>down.

582
00:33:23.445 --> 00:33:26.785
<00:33:23.445>Um, <00:33:23.620>you <00:33:23.794>can <00:33:23.970>compare <00:33:24.145>it <00:33:24.320>to <00:33:24.495>this <00:33:24.669>actually, <00:33:24.845>if,

583
00:33:26.845 --> 00:33:29.545
<00:33:26.845>if <00:33:27.125>the <00:33:27.405>Bitcoin <00:33:27.685>is, <00:33:27.965>uh, <00:33:28.245>skyscraper,

584
00:33:30.015 --> 00:33:34.425
<00:33:30.015>then <00:33:30.142>you <00:33:30.269>can <00:33:30.396>think <00:33:30.524>about <00:33:30.651>Ethereum <00:33:30.778>1.0 <00:33:30.905>as <00:33:31.033>this <00:33:31.160>is <00:33:31.287>the, <00:33:31.415>oh,

585
00:33:34.445 --> 00:33:39.425
<00:33:34.445>how <00:33:34.600>is <00:33:34.756>it <00:33:34.911>caught <00:33:35.067>on <00:33:35.222>the, <00:33:35.378>um, <00:33:35.533>I <00:33:35.689>thing <00:33:35.845>and,

586
00:33:39.605 --> 00:33:42.825
<00:33:39.605>and <00:33:39.780>Ethereum <00:33:39.955>two <00:33:40.130>against <00:33:40.305>of <00:33:40.480>that <00:33:40.655>is <00:33:40.830>really <00:33:41.005>kind

587
00:33:42.825 --> 00:33:44.305
<00:33:42.825>of <00:33:43.491>westberry, <00:33:44.157>right?

588
00:33:45.125 --> 00:33:49.565
<00:33:45.125>So <00:33:45.475>that <00:33:45.825>is, <00:33:46.175>um, <00:33:46.525>really

589
00:33:50.235 --> 00:33:51.485
<00:33:50.235>much, <00:33:50.797>much <00:33:51.360>better

590
00:33:51.625 --> 00:33:52.965
<00:33:51.625>and <00:33:51.866>we <00:33:52.107>are <00:33:52.348>really <00:33:52.589>going <00:33:52.831>down

591
00:33:53.195 --> 00:33:55.205
<00:33:53.195>with <00:33:53.661>the <00:33:54.128>electricity <00:33:54.595>consumption

592
00:33:55.345 --> 00:33:58.205
<00:33:55.345>and <00:33:55.472>so <00:33:55.599>on, <00:33:55.726>which <00:33:55.854>is <00:33:55.981>super <00:33:56.108>important <00:33:56.235>from <00:33:56.363>my <00:33:56.490>point <00:33:56.617>of <00:33:56.745>view.

593
00:33:58.985 --> 00:34:02.525
<00:33:58.985>Um, <00:33:59.159>but <00:33:59.334>let's <00:33:59.510>compare <00:33:59.685>this <00:33:59.860>to <00:34:00.034>other <00:34:00.209>systems, <00:34:00.385>right?

594
00:34:02.685 --> 00:34:04.645
<00:34:02.685>I, <00:34:02.918>I <00:34:03.151>found <00:34:03.385>some, <00:34:03.618>some <00:34:03.851>interesting <00:34:04.085>numbers.

595
00:34:04.845 --> 00:34:06.485
<00:34:04.845>I <00:34:05.125>found <00:34:05.405>numbers <00:34:05.685>for <00:34:05.965>PayPal, <00:34:06.245>Netflix,

596
00:34:06.705 --> 00:34:10.965
<00:34:06.705>and <00:34:06.985>YouTube, <00:34:07.264>how <00:34:07.544>much <00:34:07.824>electricity <00:34:08.105>the,

597
00:34:11.185 --> 00:34:13.885
<00:34:11.185>the <00:34:11.418>data <00:34:11.651>centers <00:34:11.884>of <00:34:12.118>those <00:34:12.351>companies <00:34:12.585>consume.

598
00:34:14.545 --> 00:34:16.885
<00:34:14.545>And <00:34:14.825>as <00:34:15.105>you <00:34:15.385>can <00:34:15.665>see, <00:34:15.945>um,

599
00:34:18.325 --> 00:34:22.695
<00:34:18.324>even <00:34:18.480>YouTube <00:34:18.636>is <00:34:18.791>only <00:34:18.947>10% <00:34:19.102>of <00:34:19.258>the <00:34:19.413>Bitcoin <00:34:19.569>network, <00:34:19.725>right?

600
00:34:22.955 --> 00:34:24.415
<00:34:22.955>So <00:34:23.393>everything <00:34:23.831>that <00:34:24.268>you

601
00:34:24.415 --> 00:34:27.535
<00:34:24.415>and <00:34:24.570>YouTube <00:34:24.726>is <00:34:24.881>way, <00:34:25.037>way <00:34:25.192>higher <00:34:25.348>than, <00:34:25.503>for <00:34:25.659>example, <00:34:25.815>Netflix.

602
00:34:28.455 --> 00:34:30.615
<00:34:28.455>I, <00:34:28.630>I <00:34:28.804>assume <00:34:28.980>based <00:34:29.154>on <00:34:29.330>all <00:34:29.505>this <00:34:29.679>new <00:34:29.855>technologies

603
00:34:30.615 --> 00:34:32.815
<00:34:30.614>that <00:34:30.964>Netflix <00:34:31.314>has <00:34:31.665>where <00:34:32.014>they

604
00:34:33.615 --> 00:34:37.055
<00:34:33.614>invented <00:34:33.742>we <00:34:33.869>a <00:34:33.996>lot <00:34:34.124>in <00:34:34.251>microservices <00:34:34.378>and <00:34:34.505>so <00:34:34.633>on <00:34:34.760>and <00:34:34.887>so <00:34:35.014>on.

605
00:34:38.065 --> 00:34:41.925
<00:34:38.065>Um, <00:34:38.192>anyway, <00:34:38.319>so, <00:34:38.446>so <00:34:38.574>as <00:34:38.701>you <00:34:38.828>can <00:34:38.955>see, <00:34:39.083>we <00:34:39.210>are <00:34:39.337>on <00:34:39.465>going

606
00:34:41.945 --> 00:34:43.085
<00:34:41.945>to <00:34:42.287>the <00:34:42.629>right <00:34:42.971>direction,

607
00:34:43.425 --> 00:34:47.845
<00:34:43.425>but <00:34:43.600>there's <00:34:43.775>still <00:34:43.950>things <00:34:44.125>to <00:34:44.300>improve, <00:34:44.475>which <00:34:44.650>leads <00:34:44.825>us

608
00:34:48.105 --> 00:34:49.965
<00:34:48.105>to <00:34:48.571>the <00:34:49.038>third <00:34:49.505>network.

609
00:34:50.565 --> 00:34:52.445
<00:34:50.565>I <00:34:50.798>want <00:34:51.031>to <00:34:51.264>give <00:34:51.498>an <00:34:51.731>overview <00:34:51.965>to

610
00:34:52.505 --> 00:34:55.325
<00:34:52.505>before <00:34:52.785>going <00:34:53.065>to <00:34:53.345>the <00:34:53.625>generic <00:34:53.905>part

611
00:34:55.465 --> 00:34:59.445
<00:34:55.465>and <00:34:55.620>showing <00:34:55.776>how <00:34:55.931>to <00:34:56.087>do <00:34:56.242>the <00:34:56.398>technology, <00:34:56.553>which <00:34:56.709>is <00:34:56.865>heera

612
00:34:59.865 --> 00:35:02.605
<00:34:59.865>and <00:35:00.004>which <00:35:00.145>is <00:35:00.285>from <00:35:00.424>my <00:35:00.564>point <00:35:00.705>of <00:35:00.845>view, <00:35:00.984>the <00:35:01.125>best <00:35:01.265>sample

613
00:35:03.505 --> 00:35:07.805
<00:35:03.505>for <00:35:03.738>the <00:35:03.971>third <00:35:04.205>generation <00:35:04.438>of, <00:35:04.671>um, <00:35:04.905>networks.

614
00:35:08.745 --> 00:35:13.085
<00:35:08.745>Um, <00:35:08.884>and <00:35:09.025>what <00:35:09.165>hedera <00:35:09.305>does, <00:35:09.444>it <00:35:09.585>takes <00:35:09.725>all <00:35:09.865>the <00:35:10.005>cool <00:35:10.145>stuff

615
00:35:13.085 --> 00:35:14.285
<00:35:13.085>that <00:35:13.355>we've <00:35:13.625>seen <00:35:13.895>so <00:35:14.165>far

616
00:35:15.105 --> 00:35:18.045
<00:35:15.105>and <00:35:15.280>really <00:35:15.455>makes <00:35:15.630>it <00:35:15.805>use <00:35:15.980>able <00:35:16.155>for <00:35:16.330>the <00:35:16.505>enterprise

617
00:35:19.305 --> 00:35:23.285
<00:35:19.305>and <00:35:19.480>the <00:35:19.654>Hedera <00:35:19.830>network <00:35:20.004>is, <00:35:20.180>is <00:35:20.355>based <00:35:20.529>again, <00:35:20.705>on,

618
00:35:23.285 --> 00:35:26.925
<00:35:23.285>on <00:35:23.484>several <00:35:23.685>nodes <00:35:23.884>like <00:35:24.085>Bitcoin <00:35:24.285>or <00:35:24.484>EC <00:35:24.685>does.

619
00:35:27.785 --> 00:35:31.685
<00:35:27.785>Um, <00:35:27.924>the <00:35:28.065>difference <00:35:28.205>is <00:35:28.345>that <00:35:28.484>all <00:35:28.625>those <00:35:28.765>no <00:35:28.904>are <00:35:29.045>currently <00:35:29.185>run

620
00:35:32.185 --> 00:35:34.485
<00:35:32.185>by <00:35:32.418>council <00:35:32.651>members <00:35:32.884>of <00:35:33.118>the <00:35:33.351>Hedera <00:35:33.585>Foundation.

621
00:35:35.305 --> 00:35:39.045
<00:35:35.305>Um, <00:35:35.504>there <00:35:35.705>are <00:35:35.904>a <00:35:36.105>lot <00:35:36.305>of <00:35:36.504>members <00:35:36.705>actually,

622
00:35:39.105 --> 00:35:40.685
<00:35:39.105>as <00:35:39.305>you <00:35:39.505>can <00:35:39.705>see <00:35:39.905>here <00:35:40.105>in <00:35:40.305>the <00:35:40.505>picture.

623
00:35:40.985 --> 00:35:43.485
<00:35:40.985>So <00:35:41.218>we <00:35:41.451>have <00:35:41.685>like, <00:35:41.918>like <00:35:42.151>LG <00:35:42.385>or

624
00:35:43.625 --> 00:35:48.085
<00:35:43.625>or <00:35:43.800>German <00:35:43.975>telecom, <00:35:44.150>what <00:35:44.325>else <00:35:44.500>do <00:35:44.675>we <00:35:44.850>have <00:35:45.025>here?

625
00:35:48.105 --> 00:35:50.285
<00:35:48.105>Oh, <00:35:48.385>Google <00:35:48.665>for <00:35:48.945>example, <00:35:49.225>or <00:35:49.505>Boeing.

626
00:35:50.785 --> 00:35:55.365
<00:35:50.785>So, <00:35:50.940>so <00:35:51.096>a <00:35:51.251>lot <00:35:51.407>of <00:35:51.562>big <00:35:51.718>players <00:35:51.873>that <00:35:52.029>execute <00:35:52.185>the,

627
00:35:55.745 --> 00:35:58.365
<00:35:55.745>the <00:35:56.025>networks <00:35:56.305>of <00:35:56.585>the <00:35:56.865>Hedera <00:35:57.145>Council

628
00:35:59.345 --> 00:36:02.165
<00:35:59.345>and <00:35:59.625>um, <00:35:59.904>not <00:36:00.185>only <00:36:00.464>big <00:36:00.745>players,

629
00:36:02.395 --> 00:36:06.925
<00:36:02.395>even <00:36:02.550>players <00:36:02.706>coming <00:36:02.861>from <00:36:03.017>different <00:36:03.172>parts <00:36:03.328>of <00:36:03.483>the <00:36:03.639>world <00:36:03.795>so

630
00:36:06.925 --> 00:36:11.645
<00:36:06.925>that <00:36:07.100>the <00:36:07.275>Hedera <00:36:07.450>network <00:36:07.625>is <00:36:07.800>split <00:36:07.975>by <00:36:08.150>companies <00:36:08.325>split,

631
00:36:12.185 --> 00:36:14.645
<00:36:12.185>um, <00:36:12.651>by, <00:36:13.118>by <00:36:13.585>countries

632
00:36:15.225 --> 00:36:17.885
<00:36:15.225>and <00:36:15.424>all <00:36:15.625>those <00:36:15.825>companies <00:36:16.025>are <00:36:16.225>even <00:36:16.424>working <00:36:16.625>in

633
00:36:17.885 --> 00:36:19.045
<00:36:17.885>different <00:36:18.407>sectors, <00:36:18.929>right?

634
00:36:19.145 --> 00:36:23.955
<00:36:19.145>So <00:36:19.300>we <00:36:19.456>have, <00:36:19.611>um, <00:36:19.767>let's <00:36:19.922>go <00:36:20.078>back <00:36:20.233>for <00:36:20.389>example <00:36:20.545>with,

635
00:36:23.955 --> 00:36:27.715
<00:36:23.955>with <00:36:24.130>Mondelez <00:36:24.305>a <00:36:24.480>company <00:36:24.654>that <00:36:24.830>creates <00:36:25.005>the <00:36:25.180>Oreo, <00:36:25.355>right?

636
00:36:28.015 --> 00:36:31.315
<00:36:28.015>So <00:36:28.214>that <00:36:28.415>is <00:36:28.615>totally <00:36:28.815>different <00:36:29.015>than <00:36:29.214>than <00:36:29.415>IBM,

637
00:36:31.485 --> 00:36:34.035
<00:36:31.485>which <00:36:31.718>again <00:36:31.951>is <00:36:32.185>totally <00:36:32.418>different <00:36:32.651>than <00:36:32.885>Boeing,

638
00:36:34.405 --> 00:36:37.315
<00:36:34.405>which <00:36:34.580>again <00:36:34.755>is <00:36:34.930>totally <00:36:35.105>different <00:36:35.280>than, <00:36:35.455>than <00:36:35.630>a <00:36:35.805>bank,

639
00:36:37.455 --> 00:36:39.315
<00:36:37.455>for <00:36:37.735>example, <00:36:38.015>like <00:36:38.295>the <00:36:38.575>standard <00:36:38.855>banks.

640
00:36:40.215 --> 00:36:43.975
<00:36:40.215>Um, <00:36:40.415>so <00:36:40.615>a <00:36:40.815>lot <00:36:41.015>of <00:36:41.215>diversity <00:36:41.415>in, <00:36:41.615>in

641
00:36:43.975 --> 00:36:45.375
<00:36:43.975>how <00:36:44.227>the <00:36:44.479>network <00:36:44.731>is <00:36:44.983>set <00:36:45.235>up.

642
00:36:45.875 --> 00:36:47.295
<00:36:45.875>But <00:36:46.088>by <00:36:46.301>sending <00:36:46.514>in <00:36:46.727>up <00:36:46.940>like <00:36:47.153>that

643
00:36:47.315 --> 00:36:49.895
<00:36:47.315>and <00:36:47.490>having <00:36:47.665>the <00:36:47.840>nodes <00:36:48.015>be <00:36:48.190>executed <00:36:48.365>by <00:36:48.540>that <00:36:48.715>player,

644
00:36:50.515 --> 00:36:54.615
<00:36:50.515>the <00:36:50.748>sustainability <00:36:50.981>is <00:36:51.214>quite, <00:36:51.448>quite, <00:36:51.681>quite <00:36:51.915>good.

645
00:36:54.715 --> 00:36:57.655
<00:36:54.715>And <00:36:54.915>it's <00:36:55.115>carbon <00:36:55.315>negative <00:36:55.515>as <00:36:55.715>it <00:36:55.915>is <00:36:56.115>called.

646
00:36:58.315 --> 00:37:00.175
<00:36:58.315>Um, <00:36:58.595>as <00:36:58.875>you <00:36:59.155>can <00:36:59.435>see, <00:36:59.715>the

647
00:37:01.055 --> 00:37:05.135
<00:37:01.055>electricity <00:37:01.230>consumption <00:37:01.404>is <00:37:01.580>way <00:37:01.754>less <00:37:01.930>than <00:37:02.105>it <00:37:02.279>is, <00:37:02.455>um,

648
00:37:05.675 --> 00:37:09.615
<00:37:05.675>for <00:37:05.955>Ethereum, <00:37:06.235>which <00:37:06.515>ends <00:37:06.795>in <00:37:07.075>having

649
00:37:10.475 --> 00:37:13.735
<00:37:10.475>way <00:37:10.708>less <00:37:10.941>costs <00:37:11.174>for <00:37:11.408>doing <00:37:11.641>one <00:37:11.875>transaction.

650
00:37:13.755 --> 00:37:17.975
<00:37:13.755>So <00:37:13.882>actually <00:37:14.009>I <00:37:14.136>do <00:37:14.264>not <00:37:14.391>know <00:37:14.518>the <00:37:14.645>concrete <00:37:14.773>I, <00:37:14.900>I <00:37:15.027>missed <00:37:15.155>today,

651
00:37:17.975 --> 00:37:20.655
<00:37:17.975>earlier <00:37:18.255>today <00:37:18.535>to <00:37:18.815>check <00:37:19.095>the <00:37:19.375>current

652
00:37:20.835 --> 00:37:23.575
<00:37:20.835>or <00:37:21.068>today <00:37:21.301>cost <00:37:21.535>of <00:37:21.768>an <00:37:22.001>Ethereum <00:37:22.235>transaction,

653
00:37:23.955 --> 00:37:25.855
<00:37:23.955>but <00:37:24.154>for <00:37:24.355>there <00:37:24.555>it's <00:37:24.755>gas <00:37:24.955>and <00:37:25.154>1 <00:37:25.355>cent

654
00:37:26.515 --> 00:37:30.535
<00:37:26.515>and, <00:37:26.748>um, <00:37:26.981>the, <00:37:27.214>um, <00:37:27.448>amount <00:37:27.681>of <00:37:27.915>transactions

655
00:37:30.535 --> 00:37:34.415
<00:37:30.535>that <00:37:30.662>are <00:37:30.789>done <00:37:30.916>per <00:37:31.044>day <00:37:31.171>is <00:37:31.298>way, <00:37:31.425>way <00:37:31.553>higher <00:37:31.680>than <00:37:31.807>it <00:37:31.935>is

656
00:37:34.755 --> 00:37:36.055
<00:37:34.755>for <00:37:35.145>Ethereum, <00:37:35.535>for <00:37:35.924>example.

657
00:37:36.155 --> 00:37:40.695
<00:37:36.155>So <00:37:36.310>coming <00:37:36.466>back <00:37:36.621>to <00:37:36.777>this <00:37:36.932>picture, <00:37:37.088>um, <00:37:37.243>I <00:37:37.399>added <00:37:37.555>Heera

658
00:37:40.795 --> 00:37:42.655
<00:37:40.795>to <00:37:40.995>it, <00:37:41.195>and <00:37:41.395>yeah, <00:37:41.595>you <00:37:41.795>can <00:37:41.995>see <00:37:42.195>that

659
00:37:43.395 --> 00:37:46.605
<00:37:43.395>that <00:37:43.550>is <00:37:43.706>the <00:37:43.861>next <00:37:44.017>step <00:37:44.172>when <00:37:44.328>it <00:37:44.483>comes <00:37:44.639>to <00:37:44.795>sustainability

660
00:37:47.425 --> 00:37:49.485
<00:37:47.425>and <00:37:47.625>what <00:37:47.825>we <00:37:48.025>do <00:37:48.225>not <00:37:48.425>see <00:37:48.625>here, <00:37:48.825>speed,

661
00:37:49.875 --> 00:37:53.005
<00:37:49.875>because <00:37:50.108>the <00:37:50.341>speed <00:37:50.575>is <00:37:50.808>quite <00:37:51.041>high <00:37:51.275>too.

662
00:37:53.005 --> 00:37:56.765
<00:37:53.005>This <00:37:53.160>one <00:37:53.316>I <00:37:53.471>updated <00:37:53.627>today <00:37:53.782>where <00:37:53.938>we <00:37:54.093>had <00:37:54.249>over, <00:37:54.405>um,

663
00:37:57.535 --> 00:38:00.885
<00:37:57.535>45 <00:37:57.768>billion <00:37:58.001>of <00:37:58.234>transactions <00:37:58.468>that <00:37:58.701>are <00:37:58.935>handed

664
00:38:01.065 --> 00:38:05.015
<00:38:01.065>by <00:38:01.345>the <00:38:01.625>Heera <00:38:01.905>network, <00:38:02.185>um, <00:38:02.465>with,

665
00:38:05.045 --> 00:38:09.135
<00:38:05.045>when <00:38:05.200>I <00:38:05.356>did <00:38:05.511>the <00:38:05.667>screenshot, <00:38:05.822>over <00:38:05.978>1000 <00:38:06.133>transaction <00:38:06.289>per <00:38:06.445>second

666
00:38:09.955 --> 00:38:13.895
<00:38:09.955>and <00:38:10.188>an <00:38:10.421>independent, <00:38:10.654>the <00:38:10.888>independent <00:38:11.121>UAC <00:38:11.355>center

667
00:38:13.995 --> 00:38:17.935
<00:38:13.995>for <00:38:14.194>blockchain <00:38:14.395>technology <00:38:14.595>did <00:38:14.795>some <00:38:14.995>speed <00:38:15.194>tests <00:38:15.395>on

668
00:38:18.475 --> 00:38:20.255
<00:38:18.475>the <00:38:18.708>biggest <00:38:18.941>networks <00:38:19.174>on <00:38:19.408>on <00:38:19.641>the <00:38:19.875>market.

669
00:38:20.355 --> 00:38:23.175
<00:38:20.355>And, <00:38:20.530>and <00:38:20.705>here <00:38:20.880>you <00:38:21.055>see <00:38:21.230>that <00:38:21.405>hedera <00:38:21.580>is <00:38:21.755>by,

670
00:38:23.235 --> 00:38:26.015
<00:38:23.235>by <00:38:23.435>far <00:38:23.635>the <00:38:23.835>fastest <00:38:24.035>one <00:38:24.235>way <00:38:24.435>faster <00:38:24.635>than,

671
00:38:26.015 --> 00:38:28.455
<00:38:26.015>than <00:38:26.365>Ethereum <00:38:26.714>two, <00:38:27.065>for <00:38:27.415>example.

672
00:38:29.195 --> 00:38:32.245
<00:38:29.195>Um, <00:38:29.395>I <00:38:29.595>want, <00:38:29.795>don't <00:38:29.995>want <00:38:30.195>to <00:38:30.395>get <00:38:30.595>into

673
00:38:33.275 --> 00:38:34.965
<00:38:33.275>technical <00:38:33.625>details <00:38:33.975>of <00:38:34.325>that <00:38:34.675>network,

674
00:38:35.185 --> 00:38:36.805
<00:38:35.185>but <00:38:35.465>it <00:38:35.745>has <00:38:36.025>a, <00:38:36.305>based <00:38:36.585>on

675
00:38:37.105 --> 00:38:39.525
<00:38:37.105>how <00:38:37.305>it's <00:38:37.505>set <00:38:37.705>up <00:38:37.905>a <00:38:38.105>special <00:38:38.305>consensus <00:38:38.505>mechanism.

676
00:38:39.705 --> 00:38:43.525
<00:38:39.705>Two, <00:38:39.845>I <00:38:39.985>added <00:38:40.125>barcode <00:38:40.265>here <00:38:40.404>if <00:38:40.545>you <00:38:40.685>are <00:38:40.825>interested <00:38:40.965>in <00:38:41.105>that.

677
00:38:44.385 --> 00:38:48.005
<00:38:44.385>So, <00:38:44.525>um, <00:38:44.665>let's <00:38:44.805>think <00:38:44.945>more <00:38:45.085>about <00:38:45.225>how <00:38:45.365>you <00:38:45.505>can <00:38:45.645>use <00:38:45.785>it

678
00:38:48.665 --> 00:38:51.005
<00:38:48.665>and <00:38:48.945>um, <00:38:49.225>if <00:38:49.505>you <00:38:49.785>want <00:38:50.065>to

679
00:38:52.025 --> 00:38:55.405
<00:38:52.025>get <00:38:52.305>started <00:38:52.585>working <00:38:52.865>with <00:38:53.145>Web3 <00:38:53.425>technologies,

680
00:38:56.145 --> 00:38:57.925
<00:38:56.145>the <00:38:56.495>Hedera <00:38:56.845>network <00:38:57.195>for <00:38:57.545>example,

681
00:38:58.085 --> 00:39:01.685
<00:38:58.085>provides <00:38:58.285>something <00:38:58.485>which <00:38:58.685>is <00:38:58.885>called, <00:38:59.085>um, <00:38:59.285>oh <00:38:59.485>testnet,

682
00:39:02.055 --> 00:39:05.925
<00:39:02.055>which <00:39:02.194>is <00:39:02.335>a <00:39:02.475>network <00:39:02.615>that <00:39:02.754>you <00:39:02.895>can <00:39:03.035>use <00:39:03.174>to <00:39:03.315>play <00:39:03.455>with.

683
00:39:06.785 --> 00:39:11.525
<00:39:06.785>So <00:39:06.960>for <00:39:07.134>this <00:39:07.310>network <00:39:07.484>you <00:39:07.660>get, <00:39:07.835>um, <00:39:08.009>H <00:39:08.185>bar,

684
00:39:11.525 --> 00:39:14.685
<00:39:11.525>which <00:39:11.680>is <00:39:11.836>a <00:39:11.991>native <00:39:12.147>con <00:39:12.302>currency <00:39:12.458>of <00:39:12.613>the <00:39:12.769>Hedera <00:39:12.925>network.

685
00:39:15.145 --> 00:39:20.045
<00:39:15.145>You <00:39:15.261>get <00:39:15.378>10,000 <00:39:15.495>h <00:39:15.611>bar <00:39:15.728>per <00:39:15.845>day, <00:39:15.961>which <00:39:16.078>is <00:39:16.195>more <00:39:16.311>than <00:39:16.428>enough <00:39:16.545>to,

686
00:39:20.305 --> 00:39:21.485
<00:39:20.305>to <00:39:20.570>create <00:39:20.836>with <00:39:21.101>the <00:39:21.367>network

687
00:39:21.705 --> 00:39:24.925
<00:39:21.705>and <00:39:21.880>really <00:39:22.055>do <00:39:22.230>transactions, <00:39:22.404>create <00:39:22.580>your <00:39:22.755>own <00:39:22.930>co <00:39:23.105>uh,

688
00:39:24.995 --> 00:39:26.085
<00:39:24.995>code, <00:39:25.322>create <00:39:25.649>with <00:39:25.976>it.

689
00:39:26.515 --> 00:39:28.845
<00:39:26.515>This <00:39:26.795>is <00:39:27.075>Zu <00:39:27.355>user <00:39:27.634>friendly <00:39:27.915>entrance

690
00:39:28.845 --> 00:39:31.965
<00:39:28.845>where <00:39:29.000>you <00:39:29.156>just <00:39:29.311>create <00:39:29.467>an <00:39:29.622>account <00:39:29.778>in, <00:39:29.933>in <00:39:30.089>the <00:39:30.245>portal.

691
00:39:32.325 --> 00:39:34.565
<00:39:32.325>I <00:39:32.524>I <00:39:32.725>added <00:39:32.924>barcode <00:39:33.125>to <00:39:33.325>scan <00:39:33.524>here <00:39:33.725>too.

692
00:39:35.105 --> 00:39:38.405
<00:39:35.105>And, <00:39:35.260>and <00:39:35.416>then <00:39:35.571>you <00:39:35.727>can <00:39:35.882>start <00:39:36.038>playing <00:39:36.193>with <00:39:36.349>the <00:39:36.505>network.

693
00:39:39.305 --> 00:39:41.165
<00:39:39.305>Um, <00:39:39.585>since <00:39:39.865>you <00:39:40.145>can <00:39:40.424>think, <00:39:40.705>um,

694
00:39:41.185 --> 00:39:42.725
<00:39:41.185>things <00:39:41.416>you <00:39:41.647>can <00:39:41.877>do <00:39:42.109>on <00:39:42.340>the <00:39:42.571>network.

695
00:39:42.895 --> 00:39:46.045
<00:39:42.895>We've <00:39:43.175>seen <00:39:43.455>for <00:39:43.735>example, <00:39:44.015>the, <00:39:44.295>um,

696
00:39:47.845 --> 00:39:49.125
<00:39:47.845>POC, <00:39:48.229>that's <00:39:48.613>the <00:39:48.997>standard

697
00:39:49.225 --> 00:39:52.045
<00:39:49.225>and <00:39:49.380>the <00:39:49.536>Ian <00:39:49.691>Bank <00:39:49.847>did <00:39:50.002>some <00:39:50.158>other <00:39:50.313>things <00:39:50.469>that <00:39:50.625>are

698
00:39:53.145 --> 00:39:56.145
<00:39:53.145>actually <00:39:53.345>running <00:39:53.545>on <00:39:53.745>the <00:39:53.945>heera <00:39:54.145>network <00:39:54.345>is, <00:39:54.545>um,

699
00:39:56.365 --> 00:40:00.505
<00:39:56.365>an <00:39:56.520>application <00:39:56.676>from, <00:39:56.831>from <00:39:56.987>Service <00:39:57.142>Now <00:39:57.298>they <00:39:57.453>use <00:39:57.609>the <00:39:57.765>network

700
00:40:00.805 --> 00:40:04.385
<00:40:00.805>to <00:40:01.085>store <00:40:01.365>information <00:40:01.645>about <00:40:01.924>the, <00:40:02.205>um,

701
00:40:04.835 --> 00:40:06.385
<00:40:04.835>issue <00:40:05.532>workflow <00:40:06.230>for

702
00:40:07.305 --> 00:40:10.145
<00:40:07.305>critical <00:40:07.654>service <00:40:08.004>level <00:40:08.355>agreement <00:40:08.705>customers.

703
00:40:10.645 --> 00:40:14.665
<00:40:10.645>So <00:40:10.772>you <00:40:10.899>can <00:40:11.026>think <00:40:11.154>about <00:40:11.281>like <00:40:11.408>how <00:40:11.535>gets, <00:40:11.663>um, <00:40:11.790>uc, <00:40:11.917>hedera <00:40:12.045>network

704
00:40:14.965 --> 00:40:18.265
<00:40:14.965>as <00:40:15.140>a <00:40:15.315>factor <00:40:15.490>of <00:40:15.665>trust <00:40:15.840>to <00:40:16.015>store, <00:40:16.190>like, <00:40:16.365>um,

705
00:40:18.815 --> 00:40:20.065
<00:40:18.815>when <00:40:19.096>a <00:40:19.377>call <00:40:19.658>comes <00:40:19.940>in

706
00:40:20.065 --> 00:40:23.665
<00:40:20.065>and <00:40:20.205>things <00:40:20.345>like <00:40:20.485>that <00:40:20.625>so <00:40:20.765>that <00:40:20.905>nobody <00:40:21.045>can <00:40:21.185>later <00:40:21.325>say, <00:40:21.465>oh,

707
00:40:24.165 --> 00:40:28.785
<00:40:24.165>you <00:40:24.340>change <00:40:24.515>this <00:40:24.690>data <00:40:24.865>to, <00:40:25.040>to, <00:40:25.215>um, <00:40:25.390>meet <00:40:25.565>the

708
00:40:29.335 --> 00:40:33.545
<00:40:29.335>ssas <00:40:29.475>or <00:40:29.615>something <00:40:29.755>like, <00:40:29.895>uh, <00:40:30.035>to, <00:40:30.175>to <00:40:30.315>be <00:40:30.455>within <00:40:30.595>the <00:40:30.735>definition

709
00:40:33.545 --> 00:40:35.625
<00:40:33.545>of <00:40:33.745>the <00:40:33.945>SAA <00:40:34.145>or, <00:40:34.345>or <00:40:34.545>something <00:40:34.745>like <00:40:34.945>that.

710
00:40:35.835 --> 00:40:38.025
<00:40:35.835>Since <00:40:36.068>it's <00:40:36.301>outsourced <00:40:36.535>to <00:40:36.768>the <00:40:37.001>Hedera <00:40:37.235>network,

711
00:40:38.805 --> 00:40:40.305
<00:40:38.805>you <00:40:39.142>cannot <00:40:39.480>just <00:40:39.817>fake <00:40:40.154>it.

712
00:40:41.215 --> 00:40:45.195
<00:40:41.215>Um, <00:40:41.415>another <00:40:41.615>example <00:40:41.815>is <00:40:42.015>by <00:40:42.215>every <00:40:42.415>Deon, <00:40:42.615>I,

713
00:40:45.355 --> 00:40:47.675
<00:40:45.355>I <00:40:45.530>assume <00:40:45.705>you <00:40:45.880>never <00:40:46.055>heard <00:40:46.230>about <00:40:46.405>this <00:40:46.580>company <00:40:46.755>I

714
00:40:47.675 --> 00:40:49.115
<00:40:47.675>neither <00:40:48.323>did <00:40:48.971>before.

715
00:40:49.275 --> 00:40:53.475
<00:40:49.275>I <00:40:49.402>learned <00:40:49.529>about <00:40:49.656>that. <00:40:49.784>That <00:40:49.911>is <00:40:50.038>a, <00:40:50.165>a <00:40:50.293>super <00:40:50.420>big <00:40:50.547>company <00:40:50.675>in,

716
00:40:53.535 --> 00:40:54.635
<00:40:53.535>in <00:40:54.525>legalistics.

717
00:40:54.905 --> 00:40:58.155
<00:40:54.905>They, <00:40:55.080>for <00:40:55.255>example, <00:40:55.430>do <00:40:55.605>all <00:40:55.780>the <00:40:55.955>legalistics <00:40:56.130>for <00:40:56.305>Essex

718
00:40:58.335 --> 00:40:59.835
<00:40:58.335>for <00:40:58.672>the <00:40:59.010>spot <00:40:59.347>print <00:40:59.685>ethics.

719
00:41:00.175 --> 00:41:01.555
<00:41:00.175>And <00:41:00.423>what <00:41:00.671>they <00:41:00.920>are <00:41:01.168>doing <00:41:01.417>is

720
00:41:02.225 --> 00:41:07.035
<00:41:02.225>they <00:41:02.380>store <00:41:02.536>within <00:41:02.691>the <00:41:02.847>heon <00:41:03.002>network, <00:41:03.158>like <00:41:03.313>all <00:41:03.469>the <00:41:03.625>information

721
00:41:07.645 --> 00:41:11.675
<00:41:07.645>where <00:41:07.820>the <00:41:07.995>parts <00:41:08.170>of <00:41:08.345>like, <00:41:08.520>for <00:41:08.695>example, <00:41:08.870>an <00:41:09.045>ethics

722
00:41:12.305 --> 00:41:13.515
<00:41:12.305>shoe <00:41:12.667>are <00:41:13.031>coming <00:41:13.394>from.

723
00:41:14.215 --> 00:41:16.115
<00:41:14.215>And <00:41:14.565>by <00:41:14.915>doing <00:41:15.265>so, <00:41:15.615>um,

724
00:41:16.665 --> 00:41:20.315
<00:41:16.665>they <00:41:16.840>are <00:41:17.015>zu <00:41:17.190>transparent <00:41:17.365>provide <00:41:17.540>all <00:41:17.715>this <00:41:17.890>information <00:41:18.065>in

725
00:41:20.875 --> 00:41:23.825
<00:41:20.875>external <00:41:21.225>platform <00:41:21.575>in, <00:41:21.925>in <00:41:22.275>Adera.

726
00:41:24.405 --> 00:41:28.665
<00:41:24.405>And <00:41:24.605>if <00:41:24.805>let's <00:41:25.005>say <00:41:25.205>like, <00:41:25.405>um, <00:41:25.605>a <00:41:25.805>factory

727
00:41:29.205 --> 00:41:33.795
<00:41:29.205>is <00:41:29.404>doing <00:41:29.605>malicious, <00:41:29.805>uh, <00:41:30.005>behavior <00:41:30.205>to <00:41:30.404>the <00:41:30.605>workers

728
00:41:34.095 --> 00:41:36.995
<00:41:34.095>or, <00:41:34.250>or <00:41:34.406>something <00:41:34.561>like <00:41:34.717>that, <00:41:34.872>they <00:41:35.028>cannot <00:41:35.183>just <00:41:35.339>say, <00:41:35.495>oh,

729
00:41:37.445 --> 00:41:38.595
<00:41:37.445>we've <00:41:37.703>never <00:41:37.962>worked <00:41:38.221>with <00:41:38.480>them.

730
00:41:39.105 --> 00:41:40.315
<00:41:39.105>It's, <00:41:39.377>it's <00:41:39.649>taught <00:41:39.921>in <00:41:40.194>the,

731
00:41:41.375 --> 00:41:45.275
<00:41:41.375>and <00:41:41.608>here <00:41:41.841>you <00:41:42.075>then <00:41:42.308>have <00:41:42.541>the <00:41:42.775>singles

732
00:41:45.275 --> 00:41:46.475
<00:41:45.275>point <00:41:45.635>of <00:41:45.995>trust <00:41:46.355>actually.

733
00:41:46.775 --> 00:41:48.835
<00:41:46.775>So <00:41:47.055>those <00:41:47.335>are <00:41:47.615>just <00:41:47.895>some <00:41:48.175>examples.

734
00:41:49.525 --> 00:41:53.555
<00:41:49.525>Let's <00:41:49.680>see <00:41:49.836>what <00:41:49.991>we <00:41:50.147>can <00:41:50.302>do <00:41:50.458>with <00:41:50.613>it. <00:41:50.769>Oh <00:41:50.925>yeah.

735
00:41:53.855 --> 00:41:58.395
<00:41:53.855>And <00:41:54.010>um, <00:41:54.166>just <00:41:54.321>to <00:41:54.477>update <00:41:54.632>that <00:41:54.788>on, <00:41:54.943>on <00:41:55.099>heera, <00:41:55.255>um,

736
00:41:58.995 --> 00:42:02.955
<00:41:58.995>I, <00:41:59.102>I <00:41:59.210>would <00:41:59.318>say <00:41:59.425>that <00:41:59.533>we <00:41:59.641>are <00:41:59.748>now <00:41:59.856>at <00:41:59.964>a <00:42:00.071>point <00:42:00.179>where <00:42:00.287>all <00:42:00.395>of

737
00:42:02.955 --> 00:42:05.755
<00:42:02.955>that <00:42:03.130>is <00:42:03.305>achieved, <00:42:03.480>actually <00:42:03.654>not <00:42:03.830>so <00:42:04.005>for <00:42:04.180>two <00:42:04.355>points

738
00:42:05.755 --> 00:42:08.115
<00:42:05.755>because <00:42:06.035>that <00:42:06.315>is <00:42:06.595>nothing <00:42:06.875>which <00:42:07.155>heera

739
00:42:08.415 --> 00:42:13.125
<00:42:08.415>or <00:42:08.648>even, <00:42:08.881>um, <00:42:09.115>Ethereum <00:42:09.348>wants <00:42:09.581>to <00:42:09.815>do.

740
00:42:13.945 --> 00:42:16.965
<00:42:13.945>So <00:42:14.100>how <00:42:14.256>can <00:42:14.411>you <00:42:14.567>create <00:42:14.722>your <00:42:14.878>own <00:42:15.033>code <00:42:15.189>on <00:42:15.345>it?

741
00:42:17.705 --> 00:42:20.205
<00:42:17.705>As <00:42:17.938>we've <00:42:18.171>already <00:42:18.404>said, <00:42:18.638>there's <00:42:18.871>the <00:42:19.105>EVM,

742
00:42:20.265 --> 00:42:21.805
<00:42:20.265>the <00:42:20.727>Ethereum <00:42:21.189>virtual <00:42:21.651>machine,

743
00:42:22.065 --> 00:42:24.925
<00:42:22.065>and <00:42:22.265>actually <00:42:22.465>the <00:42:22.665>same <00:42:22.865>is <00:42:23.065>used <00:42:23.265>in <00:42:23.465>hedera

744
00:42:25.025 --> 00:42:26.845
<00:42:25.025>and <00:42:25.375>in <00:42:25.725>other <00:42:26.075>networks <00:42:26.425>too

745
00:42:27.115 --> 00:42:30.285
<00:42:27.115>because <00:42:27.348>that <00:42:27.581>is <00:42:27.814>becoming <00:42:28.048>a <00:42:28.281>standard <00:42:28.515>so

746
00:42:30.285 --> 00:42:33.125
<00:42:30.285>that <00:42:30.484>you <00:42:30.685>can <00:42:30.884>use <00:42:31.085>the <00:42:31.285>same <00:42:31.484>smart <00:42:31.685>contracts

747
00:42:34.365 --> 00:42:36.765
<00:42:34.365>executed <00:42:34.714>on <00:42:35.064>Ethereum, <00:42:35.415>on <00:42:35.765>Hedera

748
00:42:36.945 --> 00:42:39.125
<00:42:36.945>or <00:42:37.295>on <00:42:37.645>other <00:42:37.995>s <00:42:38.345>um,

749
00:42:39.615 --> 00:42:43.325
<00:42:39.615>based <00:42:39.848>on <00:42:40.081>the <00:42:40.314>Ethereum <00:42:40.548>virtual <00:42:40.781>machine <00:42:41.015>infrastructure

750
00:42:43.325 --> 00:42:45.125
<00:42:43.325>that <00:42:43.605>is <00:42:43.884>running <00:42:44.165>in <00:42:44.444>the <00:42:44.725>networks.

751
00:42:45.985 --> 00:42:49.125
<00:42:45.985>And, <00:42:46.265>um, <00:42:46.545>the <00:42:46.825>interesting <00:42:47.105>point <00:42:47.385>is

752
00:42:49.235 --> 00:42:52.645
<00:42:49.235>that <00:42:49.390>you <00:42:49.546>created <00:42:49.701>in <00:42:49.857>a, <00:42:50.012>in <00:42:50.168>a <00:42:50.323>language <00:42:50.479>like <00:42:50.635>soge,

753
00:42:52.825 --> 00:42:55.765
<00:42:52.825>it <00:42:53.058>then <00:42:53.291>compiled <00:42:53.524>to <00:42:53.758>EVM <00:42:53.991>compatible <00:42:54.225>bytecode

754
00:42:56.105 --> 00:42:59.005
<00:42:56.105>and <00:42:56.305>can <00:42:56.505>be <00:42:56.705>executed <00:42:56.905>then <00:42:57.105>on <00:42:57.305>any <00:42:57.505>EVM.

755
00:42:59.905 --> 00:43:04.805
<00:42:59.905>Um, <00:43:00.045>the <00:43:00.185>bytecode <00:43:00.325>defines <00:43:00.465>the, <00:43:00.605>the <00:43:00.745>op <00:43:00.885>codes <00:43:01.025>like <00:43:01.165>we <00:43:01.305>on

756
00:43:05.305 --> 00:43:06.365
<00:43:05.305>by <00:43:05.781>together, <00:43:06.259>like

757
00:43:06.505 --> 00:43:10.325
<00:43:06.505>by <00:43:06.705>shifting <00:43:06.905>multi <00:43:07.105>pi <00:43:07.305>and <00:43:07.505>and <00:43:07.705>so <00:43:07.905>on.

758
00:43:10.625 --> 00:43:14.685
<00:43:10.625>Um, <00:43:10.800>the <00:43:10.975>interesting <00:43:11.150>thing <00:43:11.325>is <00:43:11.500>the <00:43:11.675>gas <00:43:11.850>section <00:43:12.025>that

759
00:43:15.195 --> 00:43:18.725
<00:43:15.195>defines <00:43:15.395>how <00:43:15.595>much <00:43:15.795>does <00:43:15.995>an <00:43:16.195>op <00:43:16.395>cost <00:43:16.595>cost.

760
00:43:18.905 --> 00:43:22.165
<00:43:18.905>So <00:43:19.105>when <00:43:19.305>you <00:43:19.505>write <00:43:19.705>code <00:43:19.905>deploy <00:43:20.105>to <00:43:20.305>GA

761
00:43:22.265 --> 00:43:26.445
<00:43:22.265>and <00:43:22.381>call <00:43:22.498>a <00:43:22.615>function <00:43:22.731>on <00:43:22.848>it, <00:43:22.964>it <00:43:23.081>really <00:43:23.198>goes <00:43:23.315>down <00:43:23.431>in <00:43:23.548>the <00:43:23.665>EVM

762
00:43:26.825 --> 00:43:30.285
<00:43:26.825>to <00:43:27.000>the <00:43:27.174>op <00:43:27.350>coast <00:43:27.524>op <00:43:27.700>codes <00:43:27.875>that <00:43:28.049>are <00:43:28.225>executed.

763
00:43:30.425 --> 00:43:32.285
<00:43:30.425>And <00:43:30.658>every <00:43:30.891>op <00:43:31.125>code <00:43:31.358>has <00:43:31.591>a <00:43:31.825>cost,

764
00:43:32.655 --> 00:43:36.765
<00:43:32.655>which <00:43:32.810>means <00:43:32.966>like <00:43:33.121>you <00:43:33.277>can <00:43:33.432>really <00:43:33.588>by <00:43:33.743>creating <00:43:33.899>good <00:43:34.055>code,

765
00:43:37.465 --> 00:43:41.925
<00:43:37.465>be <00:43:37.665>way <00:43:37.865>more <00:43:38.065>cost, <00:43:38.265>um, <00:43:38.465>efficient <00:43:38.665>than <00:43:38.865>yeah

766
00:43:42.585 --> 00:43:44.245
<00:43:42.585>on <00:43:42.935>on <00:43:43.285>any <00:43:43.635>other <00:43:43.985>platform.

767
00:43:44.585 --> 00:43:47.285
<00:43:44.585>On <00:43:44.785>the <00:43:44.985>other <00:43:45.185>hand, <00:43:45.385>since <00:43:45.585>your <00:43:45.785>code <00:43:45.985>is

768
00:43:48.085 --> 00:43:51.205
<00:43:48.085>executed <00:43:48.260>on <00:43:48.435>the <00:43:48.610>whole <00:43:48.785>network, <00:43:48.960>on <00:43:49.135>every <00:43:49.310>node, <00:43:49.485>um,

769
00:43:52.105 --> 00:43:57.045
<00:43:52.105>and <00:43:52.280>no, <00:43:52.455>um, <00:43:52.630>transactions <00:43:52.805>are <00:43:52.980>executed <00:43:53.155>in <00:43:53.330>per <00:43:53.505>area,

770
00:43:57.665 --> 00:44:02.125
<00:43:57.665>um, <00:43:57.840>it <00:43:58.015>must <00:43:58.190>not <00:43:58.365>be <00:43:58.540>possible <00:43:58.715>to <00:43:58.890>have <00:43:59.065>one

771
00:44:02.715 --> 00:44:04.245
<00:44:02.715>call <00:44:04.092>executed.

772
00:44:04.385 --> 00:44:06.165
<00:44:04.385>And <00:44:04.618>here, <00:44:04.851>so <00:44:05.085>what <00:44:05.318>you <00:44:05.551>always <00:44:05.785>need

773
00:44:06.165 --> 00:44:08.245
<00:44:06.165>to <00:44:06.365>do <00:44:06.565>is <00:44:06.765>when <00:44:06.965>you <00:44:07.165>create <00:44:07.365>a <00:44:07.565>transaction

774
00:44:08.245 --> 00:44:13.005
<00:44:08.245>or <00:44:08.400>start <00:44:08.556>a <00:44:08.711>transaction, <00:44:08.867>say <00:44:09.022>what <00:44:09.178>is <00:44:09.333>the <00:44:09.489>most <00:44:09.645>cost

775
00:44:13.005 --> 00:44:16.285
<00:44:13.005>that <00:44:13.160>this <00:44:13.316>maximum <00:44:13.471>of <00:44:13.627>costs <00:44:13.782>that <00:44:13.938>this <00:44:14.093>transaction <00:44:14.249>can <00:44:14.405>have?

776
00:44:16.745 --> 00:44:18.125
<00:44:16.745>And <00:44:16.993>if <00:44:17.241>this <00:44:17.490>cost <00:44:17.738>is <00:44:17.987>reached

777
00:44:18.125 --> 00:44:20.285
<00:44:18.125>because <00:44:18.300>you <00:44:18.475>have <00:44:18.650>a <00:44:18.825>bug <00:44:19.000>in <00:44:19.175>your <00:44:19.350>software <00:44:19.525>and,

778
00:44:20.545 --> 00:44:23.885
<00:44:20.545>and <00:44:20.700>in <00:44:20.856>an <00:44:21.011>infinite <00:44:21.167>loop, <00:44:21.322>then <00:44:21.478>it <00:44:21.633>will <00:44:21.789>be <00:44:21.945>boughted.

779
00:44:23.915 --> 00:44:28.205
<00:44:23.915>Once <00:44:24.070>this <00:44:24.226>cost <00:44:24.381>is <00:44:24.537>reached <00:44:24.692>to <00:44:24.848>create <00:44:25.003>an <00:44:25.159>application, <00:44:25.315>um,

780
00:44:28.785 --> 00:44:31.285
<00:44:28.785>the <00:44:29.065>most <00:44:29.345>used <00:44:29.625>language <00:44:29.904>is <00:44:30.185>so,

781
00:44:31.625 --> 00:44:33.885
<00:44:31.625>and <00:44:31.858>I <00:44:32.091>would <00:44:32.325>definitely <00:44:32.558>say <00:44:32.791>to <00:44:33.025>use

782
00:44:33.885 --> 00:44:35.845
<00:44:33.885>that <00:44:34.235>when <00:44:34.585>creating <00:44:34.935>smart <00:44:35.285>contracts.

783
00:44:36.225 --> 00:44:37.765
<00:44:36.225>It <00:44:36.687>is <00:44:37.149>well <00:44:37.611>documented.

784
00:44:37.865 --> 00:44:40.205
<00:44:37.865>You <00:44:38.098>find <00:44:38.331>a <00:44:38.564>lot <00:44:38.798>of <00:44:39.031>examples <00:44:39.265>online

785
00:44:40.865 --> 00:44:45.365
<00:44:40.865>and <00:44:40.992>you <00:44:41.119>can <00:44:41.246>use <00:44:41.374>that <00:44:41.501>to <00:44:41.628>create <00:44:41.755>a <00:44:41.883>contract, <00:44:42.010>a <00:44:42.137>smart <00:44:42.265>contract

786
00:44:45.425 --> 00:44:47.485
<00:44:45.425>as <00:44:45.625>you <00:44:45.825>can <00:44:46.025>see <00:44:46.225>here <00:44:46.425>in <00:44:46.625>the <00:44:46.825>samples,

787
00:44:47.595 --> 00:44:49.525
<00:44:47.595>this <00:44:47.828>is <00:44:48.061>just <00:44:48.294>a <00:44:48.528>small <00:44:48.761>smart <00:44:48.995>contract.

788
00:44:49.805 --> 00:44:53.365
<00:44:49.805>I <00:44:49.960>won't <00:44:50.116>go <00:44:50.271>deep <00:44:50.427>into <00:44:50.582>like <00:44:50.738>the <00:44:50.893>programming <00:44:51.049>language <00:44:51.205>if

789
00:44:53.365 --> 00:44:54.485
<00:44:53.365>you <00:44:53.616>are <00:44:53.869>interested <00:44:54.121>in <00:44:54.373>that.

790
00:44:54.685 --> 00:44:59.485
<00:44:54.685>I <00:44:54.825>have <00:44:54.965>videos <00:44:55.105>on <00:44:55.245>YouTube <00:44:55.384>about <00:44:55.525>that, <00:44:55.665>how <00:44:55.805>you <00:44:55.945>can <00:44:56.085>see

791
00:44:59.865 --> 00:45:01.165
<00:44:59.865>how <00:45:00.254>SOGAR <00:45:00.645>is <00:45:01.035>working.

792
00:45:01.865 --> 00:45:06.825
<00:45:01.865>Um, <00:45:02.040>so <00:45:02.214>once <00:45:02.390>you've <00:45:02.564>written <00:45:02.740>that <00:45:02.915>asset, <00:45:03.089>you <00:45:03.265>need

793
00:45:06.825 --> 00:45:11.305
<00:45:06.825>to <00:45:07.024>compile <00:45:07.225>it <00:45:07.424>to <00:45:07.625>bytecode <00:45:07.825>that <00:45:08.024>is <00:45:08.225>compatible

794
00:45:11.525 --> 00:45:16.185
<00:45:11.525>to <00:45:11.652>the <00:45:11.779>EVM <00:45:11.906>and <00:45:12.034>then <00:45:12.161>you <00:45:12.288>can <00:45:12.415>deploy <00:45:12.543>that <00:45:12.670>contract <00:45:12.797>on <00:45:12.925>a

795
00:45:17.245 --> 00:45:19.985
<00:45:17.245>and <00:45:17.420>what <00:45:17.595>you <00:45:17.770>will <00:45:17.944>receive <00:45:18.120>is <00:45:18.295>a <00:45:18.470>unique <00:45:18.645>identifier,

796
00:45:19.985 --> 00:45:22.665
<00:45:19.985>which <00:45:20.185>is <00:45:20.385>the <00:45:20.585>address <00:45:20.785>of <00:45:20.985>the <00:45:21.185>deployed <00:45:21.385>contract.

797
00:45:23.005 --> 00:45:24.425
<00:45:23.005>And <00:45:23.260>once <00:45:23.516>you <00:45:23.771>have <00:45:24.027>this <00:45:24.283>address,

798
00:45:24.805 --> 00:45:27.825
<00:45:24.805>you <00:45:25.004>can <00:45:25.205>simply <00:45:25.404>call <00:45:25.605>methods <00:45:25.805>on <00:45:26.004>this <00:45:26.205>contract.

799
00:45:28.525 --> 00:45:31.985
<00:45:28.525>And <00:45:28.665>so <00:45:28.805>you <00:45:28.945>can <00:45:29.085>think <00:45:29.225>about <00:45:29.365>having <00:45:29.505>a <00:45:29.645>singleton <00:45:29.785>deployed <00:45:29.925>in

800
00:45:31.985 --> 00:45:35.545
<00:45:31.985>the <00:45:32.185>network <00:45:32.385>where <00:45:32.585>you <00:45:32.785>can <00:45:32.985>work <00:45:33.185>with, <00:45:33.385>um,

801
00:45:36.955 --> 00:45:39.615
<00:45:36.955>you <00:45:37.095>could <00:45:37.235>even <00:45:37.375>deploy <00:45:37.515>it <00:45:37.654>so <00:45:37.795>it's <00:45:37.935>not <00:45:38.075>a <00:45:38.215>real <00:45:38.355>singleton

802
00:45:39.645 --> 00:45:41.455
<00:45:39.645>because <00:45:39.995>if <00:45:40.345>you <00:45:40.695>deploy <00:45:41.045>twice,

803
00:45:41.835 --> 00:45:43.455
<00:45:41.835>you <00:45:42.068>have <00:45:42.301>two <00:45:42.535>instances <00:45:42.768>in <00:45:43.001>the <00:45:43.235>network.

804
00:45:43.875 --> 00:45:47.015
<00:45:43.875>The <00:45:44.050>second <00:45:44.225>deployment, <00:45:44.400>we <00:45:44.575>create <00:45:44.750>a <00:45:44.925>a <00:45:45.100>second <00:45:45.275>address

805
00:45:47.845 --> 00:45:51.545
<00:45:47.845>and <00:45:48.020>then <00:45:48.194>you <00:45:48.370>can <00:45:48.544>use <00:45:48.720>that <00:45:48.895>one <00:45:49.069>to <00:45:49.245>yeah,

806
00:45:52.055 --> 00:45:55.305
<00:45:52.055>execute <00:45:52.335>code <00:45:52.615>on <00:45:52.895>it <00:45:53.174>actually, <00:45:53.455>um,

807
00:45:55.765 --> 00:45:57.185
<00:45:55.765>you <00:45:56.020>can <00:45:56.276>even <00:45:56.531>have <00:45:56.787>a <00:45:57.043>constructor

808
00:45:57.255 --> 00:46:00.185
<00:45:57.255>that <00:45:57.455>is <00:45:57.655>called <00:45:57.855>automatically <00:45:58.055>when <00:45:58.255>it <00:45:58.455>is <00:45:58.655>deployed.

809
00:46:00.885 --> 00:46:03.545
<00:46:00.885>Um, <00:46:01.118>so <00:46:01.351>how <00:46:01.585>can <00:46:01.818>you <00:46:02.051>interact <00:46:02.285>with

810
00:46:03.545 --> 00:46:06.385
<00:46:03.545>that <00:46:03.720>At <00:46:03.895>the <00:46:04.070>beginning <00:46:04.245>we've <00:46:04.420>seen <00:46:04.595>this <00:46:04.770>gers, <00:46:04.945>right?

811
00:46:06.725 --> 00:46:10.625
<00:46:06.725>And <00:46:06.865>what <00:46:07.005>the <00:46:07.145>gers <00:46:07.285>are <00:46:07.424>doing, <00:46:07.565>especially <00:46:07.705>if <00:46:07.845>you <00:46:07.985>just <00:46:08.125>want

812
00:46:10.625 --> 00:46:12.825
<00:46:10.625>to <00:46:10.825>buy <00:46:11.025>some <00:46:11.225>ER <00:46:11.425>or <00:46:11.625>sell <00:46:11.825>some <00:46:12.025>er

813
00:46:12.825 --> 00:46:15.825
<00:46:12.825>or <00:46:13.024>do <00:46:13.225>other <00:46:13.424>stuff, <00:46:13.625>they <00:46:13.825>can <00:46:14.024>even <00:46:14.225>work

814
00:46:15.825 --> 00:46:18.105
<00:46:15.825>with <00:46:16.024>smart <00:46:16.225>contracts <00:46:16.424>in <00:46:16.625>some <00:46:16.825>kind <00:46:17.024>of <00:46:17.225>ways.

815
00:46:18.765 --> 00:46:22.785
<00:46:18.765>And <00:46:18.964>what <00:46:19.165>they're <00:46:19.365>doing <00:46:19.565>is <00:46:19.765>they <00:46:19.964>create <00:46:20.165>transactions

816
00:46:23.405 --> 00:46:27.105
<00:46:23.405>and <00:46:23.545>send <00:46:23.685>them <00:46:23.825>to, <00:46:23.965>to <00:46:24.105>the <00:46:24.245>getcha <00:46:24.385>by <00:46:24.525>using <00:46:24.665>an <00:46:24.805>API

817
00:46:27.175 --> 00:46:30.145
<00:46:27.175>that <00:46:27.315>is <00:46:27.455>coming <00:46:27.595>from <00:46:27.735>the <00:46:27.875>getcha <00:46:28.015>for <00:46:28.155>there <00:46:28.295>are, <00:46:28.435>for <00:46:28.575>example,

818
00:46:30.155 --> 00:46:32.705
<00:46:30.155>there <00:46:30.388>are <00:46:30.621>APIs <00:46:30.855>all <00:46:31.088>open <00:46:31.321>source <00:46:31.555>for

819
00:46:33.245 --> 00:46:36.065
<00:46:33.245>all <00:46:33.420>the <00:46:33.595>common <00:46:33.770>programming <00:46:33.944>languages <00:46:34.120>that <00:46:34.295>are <00:46:34.470>out <00:46:34.645>there.

820
00:46:36.645 --> 00:46:38.785
<00:46:36.645>You <00:46:36.845>can <00:46:37.045>just <00:46:37.245>just <00:46:37.445>find <00:46:37.645>them <00:46:37.845>on <00:46:38.045>GitHub

821
00:46:39.405 --> 00:46:43.945
<00:46:39.405>and <00:46:39.545>um, <00:46:39.685>if <00:46:39.825>you <00:46:39.965>create <00:46:40.105>a <00:46:40.245>smart <00:46:40.385>contract <00:46:40.525>like, <00:46:40.665>like <00:46:40.805>shown,

822
00:46:44.005 --> 00:46:47.985
<00:46:44.005>you <00:46:44.160>can <00:46:44.316>easily <00:46:44.471>deploy <00:46:44.627>it, <00:46:44.782>for <00:46:44.938>example, <00:46:45.093>to <00:46:45.249>the <00:46:45.405>testnet

823
00:46:48.565 --> 00:46:50.425
<00:46:48.565>of <00:46:49.031>hedera <00:46:49.498>and <00:46:49.965>um,

824
00:46:52.455 --> 00:46:54.715
<00:46:52.455>you <00:46:52.688>have <00:46:52.921>free <00:46:53.154>h <00:46:53.388>buzzer <00:46:53.621>per <00:46:53.855>day.

825
00:46:54.715 --> 00:46:55.795
<00:46:54.715>You <00:46:54.958>can <00:46:55.201>just <00:46:55.444>deploy <00:46:55.687>it

826
00:46:55.815 --> 00:46:58.515
<00:46:55.815>and <00:46:55.970>call <00:46:56.126>as <00:46:56.281>many <00:46:56.437>functions <00:46:56.592>in <00:46:56.748>general <00:46:56.903>as <00:46:57.059>you <00:46:57.215>want.

827
00:46:58.815 --> 00:47:03.075
<00:46:58.815>And <00:46:58.990>we <00:46:59.165>pray <00:46:59.340>with <00:46:59.515>so, <00:46:59.690>and <00:46:59.865>the <00:47:00.040>smart <00:47:00.215>contracts

828
00:47:03.095 --> 00:47:04.435
<00:47:03.095>and <00:47:03.396>see <00:47:03.698>how <00:47:03.999>they <00:47:04.301>behave.

829
00:47:05.495 --> 00:47:09.885
<00:47:05.495>Um, <00:47:05.728>if <00:47:05.961>you <00:47:06.194>want <00:47:06.428>to <00:47:06.661>see <00:47:06.895>show,

830
00:47:10.225 --> 00:47:12.685
<00:47:10.225>see <00:47:10.380>more <00:47:10.536>examples, <00:47:10.691>I <00:47:10.847>have <00:47:11.002>some <00:47:11.158>rings <00:47:11.313>at <00:47:11.469>the <00:47:11.625>end

831
00:47:13.065 --> 00:47:15.445
<00:47:13.065>and <00:47:13.172>I <00:47:13.280>have <00:47:13.388>a <00:47:13.495>lot <00:47:13.603>of <00:47:13.711>videos <00:47:13.818>online <00:47:13.926>where <00:47:14.034>I <00:47:14.141>show <00:47:14.249>how <00:47:14.357>to <00:47:14.465>do

832
00:47:15.445 --> 00:47:19.965
<00:47:15.445>that <00:47:15.561>with <00:47:15.678>Java <00:47:15.795>and <00:47:15.911>using <00:47:16.028>the <00:47:16.145>Java <00:47:16.261>API <00:47:16.378>next <00:47:16.495>to <00:47:16.611>this <00:47:16.728>one <00:47:16.845>thing

833
00:47:19.965 --> 00:47:23.245
<00:47:19.965>where <00:47:20.105>you, <00:47:20.245>where <00:47:20.385>all <00:47:20.525>the <00:47:20.665>people <00:47:20.805>are <00:47:20.945>talking <00:47:21.085>about <00:47:21.225>are <00:47:21.365>like

834
00:47:23.245 --> 00:47:25.045
<00:47:23.245>talking, <00:47:23.711>right, <00:47:24.178>like <00:47:24.645>NFTs.

835
00:47:25.185 --> 00:47:29.325
<00:47:25.185>So <00:47:25.325>how <00:47:25.465>does <00:47:25.605>that <00:47:25.745>fits <00:47:25.884>into <00:47:26.025>everything <00:47:26.165>we've <00:47:26.305>seen <00:47:26.445>so <00:47:26.585>far

836
00:47:30.185 --> 00:47:31.725
<00:47:30.185>and <00:47:30.531>what <00:47:30.877>is <00:47:31.224>it <00:47:31.571>actually?

837
00:47:32.105 --> 00:47:36.695
<00:47:32.105>So <00:47:32.385>a <00:47:32.665>token <00:47:32.945>on <00:47:33.225>NFT, <00:47:33.505>um,

838
00:47:36.915 --> 00:47:39.975
<00:47:36.915>you <00:47:37.031>can <00:47:37.148>think <00:47:37.265>about <00:47:37.381>it <00:47:37.498>like <00:47:37.615>as <00:47:37.731>we <00:47:37.848>see <00:47:37.965>here, <00:47:38.081>like <00:47:38.198>an <00:47:38.315>NFT,

839
00:47:39.975 --> 00:47:42.055
<00:47:39.975>like <00:47:40.255>a <00:47:40.535>digital <00:47:40.815>Pokemon <00:47:41.095>card, <00:47:41.375>right?

840
00:47:42.465 --> 00:47:46.415
<00:47:42.465>Which <00:47:42.620>is <00:47:42.776>a <00:47:42.931>little <00:47:43.087>bit <00:47:43.242>different <00:47:43.398>than <00:47:43.553>an, <00:47:43.709>uh, <00:47:43.865>token.

841
00:47:46.865 --> 00:47:48.295
<00:47:46.865>We're <00:47:47.186>talking <00:47:47.508>about <00:47:47.830>a <00:47:48.152>token.

842
00:47:48.955 --> 00:47:53.175
<00:47:48.955>We <00:47:49.130>normally <00:47:49.305>talk <00:47:49.480>about <00:47:49.654>an <00:47:49.830>ft, <00:47:50.005>a <00:47:50.180>fungal <00:47:50.355>token,

843
00:47:53.635 --> 00:47:55.575
<00:47:53.635>and <00:47:53.868>NFT <00:47:54.101>is <00:47:54.335>a <00:47:54.568>non <00:47:54.801>fungal <00:47:55.035>toque.

844
00:47:55.575 --> 00:47:58.255
<00:47:55.575>What's <00:47:55.730>the <00:47:55.886>different, <00:47:56.041>a <00:47:56.197>fungal <00:47:56.352>token <00:47:56.508>you <00:47:56.663>can <00:47:56.819>think <00:47:56.975>about

845
00:47:58.365 --> 00:48:03.195
<00:47:58.365>like <00:47:58.540>our <00:47:58.714>money, <00:47:58.890>one <00:47:59.064>token <00:47:59.240>has <00:47:59.415>one <00:47:59.589>exact <00:47:59.765>price

846
00:48:03.575 --> 00:48:05.635
<00:48:03.575>and <00:48:03.855>if <00:48:04.134>you <00:48:04.415>have <00:48:04.694>another <00:48:04.975>token,

847
00:48:05.635 --> 00:48:07.675
<00:48:05.635>it <00:48:05.868>has <00:48:06.101>exactly <00:48:06.335>the <00:48:06.568>same <00:48:06.801>price, <00:48:07.035>right?

848
00:48:07.695 --> 00:48:10.475
<00:48:07.695>So <00:48:07.895>if <00:48:08.095>you <00:48:08.295>have <00:48:08.495>like <00:48:08.695>one <00:48:08.895>doer <00:48:09.095>bill

849
00:48:10.475 --> 00:48:11.635
<00:48:10.475>and <00:48:10.823>another <00:48:11.171>doer <00:48:11.519>bill,

850
00:48:11.785 --> 00:48:14.995
<00:48:11.785>both <00:48:11.960>are <00:48:12.134>worth <00:48:12.310>one <00:48:12.484>dogger <00:48:12.660>on <00:48:12.835>the <00:48:13.009>other <00:48:13.185>side,

851
00:48:14.995 --> 00:48:17.915
<00:48:14.995>if <00:48:15.134>you <00:48:15.275>have <00:48:15.415>an <00:48:15.555>NFT <00:48:15.694>and <00:48:15.835>you <00:48:15.975>have <00:48:16.115>one <00:48:16.255>Pokemon <00:48:16.395>card

852
00:48:17.915 --> 00:48:21.075
<00:48:17.915>and <00:48:18.055>another <00:48:18.195>Pokemon <00:48:18.335>card, <00:48:18.475>the <00:48:18.615>one <00:48:18.755>can <00:48:18.895>be <00:48:19.035>worth <00:48:19.175>1 <00:48:19.315>cent,

853
00:48:21.335 --> 00:48:23.955
<00:48:21.335>the <00:48:21.490>other <00:48:21.646>can <00:48:21.801>be <00:48:21.957>worth, <00:48:22.112>I <00:48:22.268>don't <00:48:22.423>know, <00:48:22.579>10,000 <00:48:22.735>do

854
00:48:24.175 --> 00:48:25.595
<00:48:24.175>or <00:48:24.494>something <00:48:24.814>like <00:48:25.133>that, <00:48:25.453>right?

855
00:48:25.825 --> 00:48:30.555
<00:48:25.825>Because, <00:48:26.024>um, <00:48:26.225>the, <00:48:26.424>it's <00:48:26.625>not <00:48:26.825>defined <00:48:27.024>by <00:48:27.225>the,

856
00:48:30.735 --> 00:48:31.995
<00:48:30.735>um, <00:48:31.868>unit.

857
00:48:33.135 --> 00:48:34.315
<00:48:33.135>How <00:48:33.489>much <00:48:33.843>was <00:48:34.197>it?

858
00:48:34.315 --> 00:48:37.955
<00:48:34.315>It <00:48:34.470>it's <00:48:34.626>really <00:48:34.781>defined <00:48:34.937>by <00:48:35.092>the <00:48:35.248>internals <00:48:35.403>of <00:48:35.559>the <00:48:35.715>token.

859
00:48:38.415 --> 00:48:40.515
<00:48:38.415>How <00:48:38.590>much <00:48:38.765>was <00:48:38.940>it? <00:48:39.115>It <00:48:39.290>that's, <00:48:39.465>that's <00:48:39.640>the <00:48:39.815>difference

860
00:48:40.515 --> 00:48:43.035
<00:48:40.515>between <00:48:40.865>those <00:48:41.214>types <00:48:41.565>of <00:48:41.915>tos

861
00:48:43.215 --> 00:48:46.195
<00:48:43.215>and <00:48:43.448>how <00:48:43.681>is <00:48:43.915>the <00:48:44.148>token <00:48:44.381>defined <00:48:44.615>actually?

862
00:48:46.775 --> 00:48:47.795
<00:48:46.775>And <00:48:47.004>that's <00:48:47.234>a <00:48:47.463>big <00:48:47.693>trick.

863
00:48:48.185 --> 00:48:50.515
<00:48:48.185>Each <00:48:48.418>token <00:48:48.651>is <00:48:48.884>just <00:48:49.118>a <00:48:49.351>smart <00:48:49.585>contract

864
00:48:51.375 --> 00:48:54.995
<00:48:51.375>and <00:48:51.575>within <00:48:51.775>all <00:48:51.975>the <00:48:52.175>specifications <00:48:52.375>of <00:48:52.575>the <00:48:52.775>EVM,

865
00:48:55.245 --> 00:48:59.075
<00:48:55.245>there <00:48:55.400>are <00:48:55.556>specifications <00:48:55.711>now <00:48:55.867>how <00:48:56.022>a <00:48:56.178>token <00:48:56.333>should <00:48:56.489>look <00:48:56.645>like.

866
00:48:59.895 --> 00:49:04.555
<00:48:59.895>And <00:49:00.095>um, <00:49:00.295>and <00:49:00.495>a <00:49:00.695>regular <00:49:00.895>token <00:49:01.095>is <00:49:01.295>defined

867
00:49:04.615 --> 00:49:09.515
<00:49:04.615>by <00:49:04.790>the <00:49:04.964>ERC <00:49:05.140>20 <00:49:05.314>that <00:49:05.490>defines, <00:49:05.665>um, <00:49:05.839>an <00:49:06.015>interface

868
00:49:10.145 --> 00:49:14.715
<00:49:10.145>that <00:49:10.261>a <00:49:10.378>smart <00:49:10.495>contract <00:49:10.611>need <00:49:10.728>to <00:49:10.845>follow <00:49:10.961>to <00:49:11.078>be <00:49:11.195>seen <00:49:11.311>as <00:49:11.428>a <00:49:11.545>token

869
00:49:15.105 --> 00:49:17.195
<00:49:15.105>with, <00:49:15.305>you <00:49:15.505>know, <00:49:15.705>here <00:49:15.905>you <00:49:16.105>see <00:49:16.305>like, <00:49:16.505>okay,

870
00:49:17.195 --> 00:49:18.915
<00:49:17.195>what's <00:49:17.428>the <00:49:17.661>total <00:49:17.895>supply <00:49:18.128>of <00:49:18.361>a <00:49:18.595>token?

871
00:49:19.015 --> 00:49:20.035
<00:49:19.015>What's <00:49:19.473>the <00:49:19.933>s

872
00:49:20.035 --> 00:49:24.155
<00:49:20.035>of <00:49:20.174>a <00:49:20.315>specific <00:49:20.455>address <00:49:20.595>like <00:49:20.734>a <00:49:20.875>user <00:49:21.015>here <00:49:21.154>you <00:49:21.295>can <00:49:21.435>transfer

873
00:49:24.245 --> 00:49:28.155
<00:49:24.245>money <00:49:24.372>to <00:49:24.499>or <00:49:24.626>here <00:49:24.754>transfer <00:49:24.881>from <00:49:25.008>from <00:49:25.135>one <00:49:25.263>user <00:49:25.390>to <00:49:25.517>another <00:49:25.645>one

874
00:49:28.255 --> 00:49:29.395
<00:49:28.255>and <00:49:28.460>so <00:49:28.665>on <00:49:28.870>and <00:49:29.075>so <00:49:29.281>on.

875
00:49:29.895 --> 00:49:32.275
<00:49:29.895>And <00:49:30.070>an <00:49:30.245>NFT <00:49:30.420>is <00:49:30.595>more, <00:49:30.770>I <00:49:30.945>guess <00:49:31.120>the <00:49:31.295>same.

876
00:49:32.825 --> 00:49:34.675
<00:49:32.825>It's <00:49:33.174>again <00:49:33.524>an <00:49:33.875>interface <00:49:34.225>for,

877
00:49:34.855 --> 00:49:37.915
<00:49:34.855>um, <00:49:35.321>a <00:49:35.788>smart <00:49:36.255>contract.

878
00:49:37.975 --> 00:49:41.195
<00:49:37.975>It <00:49:38.174>has <00:49:38.375>some <00:49:38.575>more <00:49:38.775>methods, <00:49:38.975>but <00:49:39.174>that's <00:49:39.375>it.

879
00:49:41.695 --> 00:49:43.595
<00:49:41.695>And <00:49:41.928>that <00:49:42.161>is <00:49:42.395>a <00:49:42.628>big <00:49:42.861>benefit, <00:49:43.095>right?

880
00:49:43.595 --> 00:49:46.755
<00:49:43.595>Because <00:49:43.875>by <00:49:44.154>having <00:49:44.435>this <00:49:44.714>interface, <00:49:44.995>um,

881
00:49:47.795 --> 00:49:49.235
<00:49:47.795>services <00:49:48.443>like <00:49:49.091>Coinbase

882
00:49:49.295 --> 00:49:51.515
<00:49:49.295>or <00:49:49.495>whatever, <00:49:49.695>once <00:49:49.895>a <00:49:50.095>new <00:49:50.295>token <00:49:50.495>come <00:49:50.695>out,

883
00:49:51.745 --> 00:49:53.675
<00:49:51.745>they <00:49:52.095>can <00:49:52.444>directly <00:49:52.795>support <00:49:53.145>it.

884
00:49:54.125 --> 00:49:58.425
<00:49:54.125>Since <00:49:54.358>it's <00:49:54.591>the, <00:49:54.825>to <00:49:55.058>implements <00:49:55.291>this <00:49:55.525>interface,

885
00:49:58.845 --> 00:50:01.425
<00:49:58.845>you <00:49:59.020>do <00:49:59.194>not <00:49:59.370>need <00:49:59.544>to <00:49:59.720>do <00:49:59.895>a <00:50:00.069>custom <00:50:00.245>implementation

886
00:50:01.925 --> 00:50:03.025
<00:50:01.925>to <00:50:02.255>support <00:50:02.585>a <00:50:02.915>to.

887
00:50:04.115 --> 00:50:07.495
<00:50:04.115>And <00:50:04.290>if <00:50:04.464>you <00:50:04.640>want <00:50:04.814>to <00:50:04.990>play <00:50:05.165>with <00:50:05.339>that, <00:50:05.515>um,

888
00:50:07.685 --> 00:50:11.135
<00:50:07.685>there's <00:50:07.840>one <00:50:07.996>good <00:50:08.151>project <00:50:08.307>which <00:50:08.462>is <00:50:08.618>called <00:50:08.773>Open <00:50:08.929>Zine, <00:50:09.085>um,

889
00:50:11.225 --> 00:50:14.975
<00:50:11.225>which <00:50:11.400>is <00:50:11.575>open <00:50:11.750>source <00:50:11.924>that <00:50:12.100>already <00:50:12.275>contains <00:50:12.450>those <00:50:12.625>interfaces

890
00:50:14.975 --> 00:50:18.095
<00:50:14.975>and <00:50:15.174>contains <00:50:15.375>documentation, <00:50:15.575>how <00:50:15.775>you <00:50:15.975>can <00:50:16.174>use, <00:50:16.375>so

891
00:50:18.875 --> 00:50:21.255
<00:50:18.875>to <00:50:19.155>just <00:50:19.435>create <00:50:19.715>your <00:50:19.995>own <00:50:20.275>token.

892
00:50:21.995 --> 00:50:26.855
<00:50:21.995>One <00:50:22.150>famous <00:50:22.306>example <00:50:22.461>that <00:50:22.617>uses <00:50:22.772>this <00:50:22.928>is <00:50:23.083>USDC, <00:50:23.239>which <00:50:23.395>is,

893
00:50:26.925 --> 00:50:28.845
<00:50:26.925>is <00:50:27.275>um, <00:50:27.625>a <00:50:27.975>stable <00:50:28.325>coin

894
00:50:29.595 --> 00:50:33.285
<00:50:29.595>that <00:50:29.750>has <00:50:29.906>already <00:50:30.061>the <00:50:30.217>same <00:50:30.372>price <00:50:30.528>as <00:50:30.683>in <00:50:30.839>US <00:50:30.995>do.

895
00:50:33.745 --> 00:50:35.485
<00:50:33.745>If <00:50:33.978>you <00:50:34.211>are <00:50:34.444>in <00:50:34.678>the <00:50:34.911>crypto <00:50:35.145>space,

896
00:50:35.545 --> 00:50:37.045
<00:50:35.545>you <00:50:35.815>definitely <00:50:36.085>have <00:50:36.355>heard <00:50:36.625>about <00:50:36.895>it.

897
00:50:37.665 --> 00:50:42.175
<00:50:37.665>And <00:50:37.865>this <00:50:38.065>one, <00:50:38.265>um, <00:50:38.465>is <00:50:38.665>as <00:50:38.865>you <00:50:39.065>can

898
00:50:42.955 --> 00:50:47.285
<00:50:42.955>see, <00:50:43.305>um, <00:50:43.654>executed <00:50:44.005>on <00:50:44.355>several

899
00:50:47.605 --> 00:50:51.285
<00:50:47.605>networks <00:50:47.838>and <00:50:48.071>um, <00:50:48.305>a <00:50:48.538>lot <00:50:48.771>of <00:50:49.005>them

900
00:50:51.955 --> 00:50:53.845
<00:50:51.955>uses <00:50:52.421>ERC <00:50:52.888>20 <00:50:53.355>standards.

901
00:50:53.845 --> 00:50:55.925
<00:50:53.845>So <00:50:54.078>independent <00:50:54.311>if <00:50:54.544>you <00:50:54.778>are <00:50:55.011>on <00:50:55.245>Ethereum

902
00:50:55.985 --> 00:50:58.245
<00:50:55.985>or <00:50:56.451>something <00:50:56.918>else, <00:50:57.385>um,

903
00:50:59.305 --> 00:51:01.005
<00:50:59.305>you <00:50:59.654>can <00:51:00.004>just <00:51:00.355>use <00:51:00.705>it.

904
00:51:01.505 --> 00:51:04.805
<00:51:01.505>And <00:51:01.738>again, <00:51:01.971>it's, <00:51:02.205>it's <00:51:02.438>on <00:51:02.671>ADERA <00:51:02.905>two

905
00:51:05.225 --> 00:51:08.245
<00:51:05.225>and <00:51:05.380>the <00:51:05.536>sources <00:51:05.691>are <00:51:05.847>open <00:51:06.002>source <00:51:06.158>too, <00:51:06.313>so <00:51:06.469>you <00:51:06.625>could

906
00:51:09.195 --> 00:51:14.125
<00:51:09.195>just <00:51:09.370>clone <00:51:09.545>it <00:51:09.720>and <00:51:09.895>create <00:51:10.070>something <00:51:10.245>similar <00:51:10.420>to <00:51:10.595>USDC

907
00:51:14.185 --> 00:51:16.245
<00:51:14.185>and <00:51:14.418>deploy <00:51:14.651>it <00:51:14.884>and <00:51:15.118>pray <00:51:15.351>with <00:51:15.585>it.

908
00:51:17.065 --> 00:51:19.845
<00:51:17.065>Um, <00:51:17.220>more <00:51:17.376>easy <00:51:17.531>if <00:51:17.687>you <00:51:17.842>want <00:51:17.998>to <00:51:18.153>pray <00:51:18.309>with <00:51:18.465>it.

909
00:51:20.145 --> 00:51:23.885
<00:51:20.145>Um, <00:51:20.345>I <00:51:20.545>have <00:51:20.745>an <00:51:20.945>a <00:51:21.145>token <00:51:21.345>workshop <00:51:21.545>online.

910
00:51:24.305 --> 00:51:27.485
<00:51:24.305>If <00:51:24.444>you <00:51:24.585>can <00:51:24.725>scan, <00:51:24.865>scan <00:51:25.004>the <00:51:25.145>URL <00:51:25.285>to <00:51:25.424>get <00:51:25.565>into <00:51:25.705>it,

911
00:51:27.755 --> 00:51:30.085
<00:51:27.755>that <00:51:27.955>shows <00:51:28.155>a <00:51:28.355>step <00:51:28.555>by <00:51:28.755>step <00:51:28.955>to <00:51:29.155>to

912
00:51:30.385 --> 00:51:32.525
<00:51:30.385>how <00:51:30.618>you <00:51:30.851>can <00:51:31.085>create <00:51:31.318>a <00:51:31.551>smart <00:51:31.785>contract

913
00:51:33.425 --> 00:51:36.485
<00:51:33.425>and <00:51:33.705>then <00:51:33.985>implement <00:51:34.265>a <00:51:34.545>custom <00:51:34.825>token.

914
00:51:36.965 --> 00:51:40.485
<00:51:36.965>I <00:51:37.105>I <00:51:37.245>call <00:51:37.385>it <00:51:37.525>the <00:51:37.665>Java <00:51:37.805>coin <00:51:37.945>in <00:51:38.085>this <00:51:38.225>smart <00:51:38.365>contract

915
00:51:40.665 --> 00:51:44.165
<00:51:40.665>and <00:51:40.820>then <00:51:40.976>interact <00:51:41.131>in <00:51:41.287>a <00:51:41.442>Java <00:51:41.598>application <00:51:41.753>with <00:51:41.909>that <00:51:42.065>coin.

916
00:51:44.435 --> 00:51:47.485
<00:51:44.435>Another <00:51:44.590>example <00:51:44.746>I <00:51:44.901>have <00:51:45.057>online <00:51:45.212>is <00:51:45.368>an <00:51:45.523>example <00:51:45.679>for <00:51:45.835>voting

917
00:51:47.875 --> 00:51:51.885
<00:51:47.875>that <00:51:48.015>creates <00:51:48.155>a <00:51:48.295>smart <00:51:48.435>contract <00:51:48.575>that <00:51:48.715>you <00:51:48.855>can <00:51:48.995>use <00:51:49.135>for <00:51:49.275>secure

918
00:51:51.945 --> 00:51:54.245
<00:51:51.945>and <00:51:52.411>trustful <00:51:52.878>voting <00:51:53.345>software.

919
00:51:55.065 --> 00:51:59.845
<00:51:55.065>And <00:51:55.240>um, <00:51:55.415>a <00:51:55.590>very <00:51:55.765>good <00:51:55.940>source <00:51:56.115>is <00:51:56.290>the <00:51:56.465>HEDERA

920
00:52:00.165 --> 00:52:03.525
<00:52:00.165>documentation <00:52:00.365>tube, <00:52:00.565>um, <00:52:00.765>since <00:52:00.965>the <00:52:01.165>example <00:52:01.365>I've <00:52:01.565>known,

921
00:52:03.655 --> 00:52:06.325
<00:52:03.655>shown <00:52:03.888>are <00:52:04.121>based <00:52:04.355>on <00:52:04.588>hea <00:52:04.821>but <00:52:05.055>Ethereum

922
00:52:06.345 --> 00:52:08.125
<00:52:06.345>and <00:52:06.694>other <00:52:07.044>F <00:52:07.395>documentation <00:52:07.745>tube.

923
00:52:08.585 --> 00:52:12.565
<00:52:08.585>So <00:52:08.740>actually, <00:52:08.896>um, <00:52:09.051>yeah, <00:52:09.207>um, <00:52:09.362>we're <00:52:09.518>running <00:52:09.673>out <00:52:09.829>of <00:52:09.985>time.

924
00:52:13.105 --> 00:52:16.445
<00:52:13.105>So <00:52:13.305>that <00:52:13.505>is <00:52:13.705>what <00:52:13.905>I <00:52:14.105>prepared <00:52:14.305>for <00:52:14.505>now.

925
00:52:17.505 --> 00:52:22.125
<00:52:17.505>Um, <00:52:17.645>I <00:52:17.785>hope <00:52:17.925>that <00:52:18.065>was <00:52:18.205>a <00:52:18.345>good <00:52:18.485>introduction <00:52:18.625>for <00:52:18.765>you, <00:52:18.905>um,

926
00:52:22.875 --> 00:52:25.125
<00:52:22.875>regarding <00:52:23.341>web <00:52:23.808>suite <00:52:24.275>crypto

927
00:52:25.465 --> 00:52:27.805
<00:52:25.465>and <00:52:25.931>distributed <00:52:26.398>gaja <00:52:26.865>technologies.

928
00:52:28.785 --> 00:52:30.885
<00:52:28.785>So <00:52:29.134>are <00:52:29.484>there <00:52:29.835>any <00:52:30.185>questions?

929
00:52:34.105 --> 00:52:37.135
<00:52:34.105>Hello <00:52:34.260>again <00:52:34.416>Hendricks, <00:52:34.571>thank <00:52:34.727>you <00:52:34.882>so <00:52:35.038>much <00:52:35.193>for <00:52:35.349>the <00:52:35.505>talk.

930
00:52:37.325 --> 00:52:39.015
<00:52:37.325>Yeah, <00:52:37.674>there <00:52:38.024>are <00:52:38.375>some <00:52:38.725>questions

931
00:52:39.155 --> 00:52:41.775
<00:52:39.155>and <00:52:39.310>since <00:52:39.466>we <00:52:39.621>have <00:52:39.777>only <00:52:39.932>like <00:52:40.088>a <00:52:40.243>few <00:52:40.399>minutes <00:52:40.555>left,

932
00:52:42.305 --> 00:52:43.615
<00:52:42.305>let's <00:52:42.599>jump <00:52:42.894>right <00:52:43.189>into <00:52:43.484>it.

933
00:52:43.735 --> 00:52:46.495
<00:52:43.735>I <00:52:44.015>would <00:52:44.295>say <00:52:44.575>absolutely <00:52:44.855>first <00:52:45.135>one,

934
00:52:46.835 --> 00:52:49.615
<00:52:46.835>how <00:52:47.010>do <00:52:47.185>you <00:52:47.360>stop <00:52:47.535>people <00:52:47.710>from <00:52:47.885>stealing <00:52:48.060>digital <00:52:48.235>stuff

935
00:52:49.635 --> 00:52:52.175
<00:52:49.635>and <00:52:49.868>using <00:52:50.101>it <00:52:50.335>for <00:52:50.568>NFTs <00:52:50.801>without <00:52:51.035>permission?

936
00:52:53.555 --> 00:52:55.815
<00:52:53.555>How <00:52:53.730>do <00:52:53.904>you <00:52:54.080>stop <00:52:54.254>people <00:52:54.430>from <00:52:54.605>stealing <00:52:54.779>digital <00:52:54.955>stuff

937
00:52:55.875 --> 00:52:59.095
<00:52:55.875>and <00:52:56.108>yeah, <00:52:56.341>I <00:52:56.575>mean <00:52:56.808>the <00:52:57.041>NFT <00:52:57.275>that,

938
00:52:59.095 --> 00:53:00.855
<00:52:59.095>that's <00:52:59.270>a <00:52:59.444>big <00:52:59.620>problem <00:52:59.794>from <00:52:59.970>my <00:53:00.145>point <00:53:00.319>of <00:53:00.495>view.

939
00:53:00.875 --> 00:53:05.135
<00:53:00.875>So <00:53:01.002>an <00:53:01.129>NFT <00:53:01.256>as <00:53:01.384>said <00:53:01.511>is, <00:53:01.638>is <00:53:01.765>a <00:53:01.893>token, <00:53:02.020>so <00:53:02.147>an <00:53:02.275>NFT

940
00:53:05.135 --> 00:53:07.535
<00:53:05.135>for <00:53:05.310>example <00:53:05.485>has <00:53:05.660>nothing, <00:53:05.835>first <00:53:06.010>of <00:53:06.185>all <00:53:06.360>to <00:53:06.535>do

941
00:53:07.535 --> 00:53:09.015
<00:53:07.535>with <00:53:07.801>the <00:53:08.067>p <00:53:08.334>and <00:53:08.600>g, <00:53:08.866>right?

942
00:53:09.165 --> 00:53:10.855
<00:53:09.165>Like <00:53:09.515>with <00:53:09.865>those <00:53:10.215>APE <00:53:10.565>P

943
00:53:10.855 --> 00:53:14.855
<00:53:10.855>and <00:53:11.010>Gs, <00:53:11.166>um, <00:53:11.321>what <00:53:11.477>people <00:53:11.632>did <00:53:11.788>at <00:53:11.943>the <00:53:12.099>beginning, <00:53:12.255>um,

944
00:53:15.125 --> 00:53:16.575
<00:53:15.125>they <00:53:15.451>thought <00:53:15.777>about, <00:53:16.103>oh, <00:53:16.430>it,

945
00:53:16.725 --> 00:53:20.215
<00:53:16.725>what <00:53:16.880>we <00:53:17.036>can <00:53:17.191>easily <00:53:17.347>do <00:53:17.502>is <00:53:17.658>we <00:53:17.813>can <00:53:17.969>easily, <00:53:18.125>um,

946
00:53:20.865 --> 00:53:24.055
<00:53:20.865>store <00:53:20.972>like <00:53:21.080>the <00:53:21.188>definition <00:53:21.295>of <00:53:21.403>a <00:53:21.511>p <00:53:21.618>and <00:53:21.726>g, <00:53:21.834>the <00:53:21.941>ring <00:53:22.049>of <00:53:22.157>a <00:53:22.265>p

947
00:53:24.055 --> 00:53:27.125
<00:53:24.055>and <00:53:24.194>G <00:53:24.335>into <00:53:24.475>the <00:53:24.615>metadata <00:53:24.754>of <00:53:24.895>a <00:53:25.035>coin <00:53:25.174>and <00:53:25.315>by <00:53:25.455>doing

948
00:53:27.305 --> 00:53:28.965
<00:53:27.305>or <00:53:27.654>uh, <00:53:28.004>of <00:53:28.355>an <00:53:28.705>NFT.

949
00:53:29.385 --> 00:53:32.765
<00:53:29.385>And <00:53:29.618>by <00:53:29.851>doing <00:53:30.085>so <00:53:30.318>referencing <00:53:30.551>A <00:53:30.785>PNG

950
00:53:32.905 --> 00:53:35.405
<00:53:32.905>or <00:53:33.255>picture <00:53:33.605>with <00:53:33.955>each <00:53:34.305>NFT

951
00:53:35.425 --> 00:53:38.565
<00:53:35.425>and <00:53:35.600>if <00:53:35.775>we <00:53:35.950>now <00:53:36.125>create <00:53:36.300>an <00:53:36.475>algorithm <00:53:36.650>that <00:53:36.825>generate,

952
00:53:38.845 --> 00:53:43.405
<00:53:38.845>I <00:53:38.972>don't <00:53:39.099>know, <00:53:39.226>1 <00:53:39.354>million <00:53:39.481>pictures, <00:53:39.608>we <00:53:39.735>can <00:53:39.863>have <00:53:39.990>1 <00:53:40.117>million <00:53:40.245>NFTs

953
00:53:43.405 --> 00:53:44.765
<00:53:43.405>that <00:53:43.813>have <00:53:44.221>different <00:53:44.629>pictures

954
00:53:44.785 --> 00:53:46.325
<00:53:44.785>and <00:53:45.015>maybe <00:53:45.247>people <00:53:45.478>like <00:53:45.709>some <00:53:45.939>of <00:53:46.171>them

955
00:53:46.905 --> 00:53:48.925
<00:53:46.905>and <00:53:47.080>want <00:53:47.255>to <00:53:47.430>pay <00:53:47.605>a <00:53:47.780>bigger <00:53:47.955>price <00:53:48.130>of <00:53:48.305>it

956
00:53:49.545 --> 00:53:51.605
<00:53:49.545>and <00:53:49.825>you <00:53:50.105>could <00:53:50.385>do <00:53:50.665>the <00:53:50.945>same.

957
00:53:51.745 --> 00:53:54.885
<00:53:51.745>And <00:53:51.944>instead <00:53:52.145>of <00:53:52.345>generating <00:53:52.545>pictures, <00:53:52.745>jot, <00:53:52.944>you <00:53:53.145>know,

958
00:53:55.425 --> 00:53:57.405
<00:53:55.425>add <00:53:55.658>pictures <00:53:55.891>that <00:53:56.125>already <00:53:56.358>exist <00:53:56.591>to <00:53:56.825>it,

959
00:53:57.665 --> 00:54:00.045
<00:53:57.665>it <00:53:57.840>don't <00:53:58.015>make <00:53:58.190>sense <00:53:58.365>from <00:53:58.540>my <00:53:58.715>point <00:53:58.890>of <00:53:59.065>view

960
00:54:00.785 --> 00:54:04.765
<00:54:00.785>and <00:54:00.940>steering, <00:54:01.096>I <00:54:01.251>mean <00:54:01.407>from <00:54:01.562>my <00:54:01.718>point <00:54:01.873>of <00:54:02.029>view, <00:54:02.185>those

961
00:54:05.955 --> 00:54:10.365
<00:54:05.955>NFTs <00:54:06.110>do <00:54:06.266>not <00:54:06.421>have <00:54:06.577>the <00:54:06.732>walls, <00:54:06.888>um, <00:54:07.043>of <00:54:07.199>the <00:54:07.355>price.

962
00:54:10.555 --> 00:54:11.845
<00:54:10.555>They <00:54:10.787>are, <00:54:11.019>they <00:54:11.251>are <00:54:11.483>handled <00:54:11.716>with

963
00:54:11.845 --> 00:54:13.925
<00:54:11.845>because <00:54:12.125>I <00:54:12.404>wouldn't <00:54:12.685>call <00:54:12.964>it <00:54:13.245>steering

964
00:54:13.925 --> 00:54:16.005
<00:54:13.925>because <00:54:14.158>there <00:54:14.391>is <00:54:14.625>nothing <00:54:14.858>you <00:54:15.091>can <00:54:15.325>steal.

965
00:54:16.035 --> 00:54:17.205
<00:54:16.035>It's <00:54:16.245>an <00:54:16.456>image <00:54:16.666>in <00:54:16.877>the <00:54:17.087>internet.

966
00:54:17.725 --> 00:54:21.965
<00:54:17.725>Somebody <00:54:17.852>says <00:54:17.979>like <00:54:18.106>if <00:54:18.234>you <00:54:18.361>buy <00:54:18.488>this <00:54:18.615>NFT, <00:54:18.743>you <00:54:18.870>have <00:54:18.997>the <00:54:19.125>NFT

967
00:54:21.965 --> 00:54:24.725
<00:54:21.965>of <00:54:22.140>this <00:54:22.315>picture, <00:54:22.490>which <00:54:22.665>just <00:54:22.840>don't <00:54:23.015>make <00:54:23.190>sense, <00:54:23.365>right?

968
00:54:24.865 --> 00:54:26.245
<00:54:24.865>So <00:54:25.113>that's, <00:54:25.361>that's <00:54:25.610>the <00:54:25.858>point <00:54:26.107>here.

969
00:54:27.035 --> 00:54:30.205
<00:54:27.035>Alright, <00:54:27.315>thank <00:54:27.595>you <00:54:27.875>for <00:54:28.154>clarifying <00:54:28.435>this.

970
00:54:30.425 --> 00:54:32.165
<00:54:30.425>We <00:54:30.705>have <00:54:30.985>time <00:54:31.265>for <00:54:31.545>Walmart <00:54:31.825>question.

971
00:54:32.895 --> 00:54:35.765
<00:54:32.895>Maybe <00:54:33.070>this <00:54:33.245>one <00:54:33.420>is, <00:54:33.595>it's <00:54:33.770>a, <00:54:33.945>um, <00:54:34.120>interesting <00:54:34.295>topic.

972
00:54:35.765 --> 00:54:37.205
<00:54:35.765>How <00:54:36.089>do <00:54:36.413>we <00:54:36.737>ensure <00:54:37.060>scalability

973
00:54:37.305 --> 00:54:41.005
<00:54:37.305>and <00:54:37.480>security <00:54:37.654>in <00:54:37.830>black, <00:54:38.004>uh, <00:54:38.180>uh, <00:54:38.355>in <00:54:38.529>blockchain <00:54:38.705>apps?

974
00:54:42.345 --> 00:54:45.765
<00:54:42.345>So, <00:54:42.520>um, <00:54:42.694>the <00:54:42.870>security, <00:54:43.044>from <00:54:43.220>my <00:54:43.395>point <00:54:43.569>of <00:54:43.745>view

975
00:54:46.435 --> 00:54:48.005
<00:54:46.435>when <00:54:46.901>talking <00:54:47.368>about <00:54:47.835>security,

976
00:54:48.175 --> 00:54:50.445
<00:54:48.175>there <00:54:48.525>was <00:54:48.875>the <00:54:49.225>cryptographic <00:54:49.575>proof

977
00:54:50.625 --> 00:54:52.085
<00:54:50.625>and <00:54:50.844>there <00:54:51.063>was <00:54:51.282>the <00:54:51.501>trust <00:54:51.720>in <00:54:51.939>general.

978
00:54:52.465 --> 00:54:56.205
<00:54:52.465>So <00:54:52.592>when <00:54:52.719>I <00:54:52.846>create, <00:54:52.974>when <00:54:53.101>I <00:54:53.228>would <00:54:53.355>create <00:54:53.483>a <00:54:53.610>blockchain <00:54:53.737>app, <00:54:53.865>I,

979
00:54:56.425 --> 00:54:59.525
<00:54:56.425>so <00:54:56.565>let's, <00:54:56.705>I <00:54:56.845>would <00:54:56.985>always <00:54:57.125>say <00:54:57.265>like <00:54:57.405>I <00:54:57.545>create <00:54:57.685>an <00:54:57.825>app

980
00:54:59.865 --> 00:55:02.805
<00:54:59.865>and <00:54:59.992>there <00:55:00.119>is <00:55:00.246>some <00:55:00.374>part <00:55:00.501>in <00:55:00.628>the <00:55:00.755>app <00:55:00.883>that <00:55:01.010>uses <00:55:01.137>the <00:55:01.265>blockchain

981
00:55:03.305 --> 00:55:07.485
<00:55:03.305>and <00:55:03.432>it <00:55:03.559>makes <00:55:03.686>sense <00:55:03.814>to <00:55:03.941>use <00:55:04.068>the <00:55:04.195>blockchain <00:55:04.323>if <00:55:04.450>you <00:55:04.577>want <00:55:04.705>to

982
00:55:08.375 --> 00:55:11.725
<00:55:08.375>store <00:55:08.550>the <00:55:08.725>data <00:55:08.900>and <00:55:09.075>the <00:55:09.250>information <00:55:09.425>without <00:55:09.600>having <00:55:09.775>the

983
00:55:11.725 --> 00:55:16.605
<00:55:11.725>ability <00:55:11.865>to <00:55:12.005>transform <00:55:12.145>it <00:55:12.285>data, <00:55:12.424>which <00:55:12.565>could <00:55:12.705>even <00:55:12.845>be <00:55:12.985>like, <00:55:13.125>oh,

984
00:55:16.725 --> 00:55:18.845
<00:55:16.725>I <00:55:17.075>can <00:55:17.424>transform <00:55:17.775>an <00:55:18.125>object,

985
00:55:19.385 --> 00:55:21.885
<00:55:19.385>but <00:55:19.618>the <00:55:19.851>history <00:55:20.085>will <00:55:20.318>be <00:55:20.551>always <00:55:20.785>there.

986
00:55:22.545 --> 00:55:24.565
<00:55:22.545>Or <00:55:22.700>if <00:55:22.856>you <00:55:23.011>say <00:55:23.167>like, <00:55:23.322>oh, <00:55:23.478>I <00:55:23.633>have <00:55:23.789>two <00:55:23.945>players,

987
00:55:24.915 --> 00:55:27.765
<00:55:24.915>like <00:55:25.070>two <00:55:25.226>companies <00:55:25.381>that <00:55:25.537>do <00:55:25.692>not <00:55:25.848>trust, <00:55:26.003>trust <00:55:26.159>each <00:55:26.315>other.

988
00:55:28.425 --> 00:55:33.045
<00:55:28.425>So <00:55:28.541>we <00:55:28.658>use <00:55:28.775>a, <00:55:28.891>uh, <00:55:29.008>a, <00:55:29.125>um, <00:55:29.241>a <00:55:29.358>network, <00:55:29.475>uh, <00:55:29.591>a <00:55:29.708>distributed <00:55:29.825>gacha

989
00:55:33.425 --> 00:55:36.245
<00:55:33.425>as <00:55:33.658>a <00:55:33.891>technology <00:55:34.125>to <00:55:34.358>create <00:55:34.591>a <00:55:34.825>trust

990
00:55:36.275 --> 00:55:38.765
<00:55:36.275>between <00:55:36.741>those <00:55:37.208>two <00:55:37.675>partners.

991
00:55:39.305 --> 00:55:42.045
<00:55:39.305>And <00:55:39.654>the <00:55:40.004>smaller <00:55:40.355>the <00:55:40.705>application

992
00:55:42.105 --> 00:55:45.085
<00:55:42.105>or <00:55:42.245>the <00:55:42.385>part <00:55:42.525>of <00:55:42.665>the <00:55:42.805>application <00:55:42.945>is <00:55:43.085>that <00:55:43.225>I <00:55:43.365>put <00:55:43.505>then

993
00:55:45.625 --> 00:55:47.045
<00:55:45.625>in <00:55:45.944>this <00:55:46.264>network <00:55:46.583>the <00:55:46.903>better.

994
00:55:48.025 --> 00:55:51.645
<00:55:48.025>And <00:55:48.180>by, <00:55:48.336>by <00:55:48.491>doing <00:55:48.647>like <00:55:48.802>that <00:55:48.958>you <00:55:49.113>can <00:55:49.269>do <00:55:49.425>scalability.

995
00:55:52.125 --> 00:55:55.245
<00:55:52.125>I <00:55:52.300>mean <00:55:52.475>you <00:55:52.650>can <00:55:52.825>scale <00:55:53.000>your <00:55:53.175>app <00:55:53.350>with <00:55:53.525>microservices

996
00:55:55.705 --> 00:56:00.485
<00:55:55.705>and <00:55:55.832>have <00:55:55.959>only <00:55:56.086>a <00:55:56.214>small <00:55:56.341>part <00:55:56.468>that <00:55:56.595>is <00:55:56.723>executed <00:55:56.850>within <00:55:56.977>the <00:55:57.105>chain

997
00:56:01.065 --> 00:56:02.685
<00:56:01.065>and <00:56:01.531>within <00:56:01.998>the <00:56:02.465>chain.

998
00:56:02.945 --> 00:56:07.325
<00:56:02.945>So <00:56:03.100>Bitcoin <00:56:03.256>has <00:56:03.411>a <00:56:03.567>problem <00:56:03.722>based <00:56:03.878>on <00:56:04.033>proof <00:56:04.189>of <00:56:04.345>work

999
00:56:07.325 --> 00:56:10.485
<00:56:07.325>and <00:56:07.452>so <00:56:07.579>on <00:56:07.706>that <00:56:07.834>it <00:56:07.961>really <00:56:08.088>takes <00:56:08.215>a <00:56:08.343>lot <00:56:08.470>of <00:56:08.597>time <00:56:08.725>then

1000
00:56:10.485 --> 00:56:15.245
<00:56:10.485>that <00:56:10.625>a <00:56:10.765>transaction <00:56:10.905>is, <00:56:11.045>is <00:56:11.185>really <00:56:11.325>done, <00:56:11.465>um, <00:56:11.605>on <00:56:11.745>Hedera <00:56:11.885>as

1001
00:56:15.425 --> 00:56:19.085
<00:56:15.425>for <00:56:15.625>example, <00:56:15.825>as <00:56:16.025>we <00:56:16.225>see, <00:56:16.425>we <00:56:16.625>are <00:56:16.825>proof

1002
00:56:19.115 --> 00:56:23.085
<00:56:19.115>that <00:56:19.254>we <00:56:19.395>can <00:56:19.535>do <00:56:19.674>more <00:56:19.814>than <00:56:19.955>10 <00:56:20.095>K <00:56:20.234>transactions <00:56:20.375>per <00:56:20.515>second,

1003
00:56:23.575 --> 00:56:27.725
<00:56:23.575>which <00:56:23.714>is <00:56:23.855>quite <00:56:23.995>near <00:56:24.134>to <00:56:24.274>what <00:56:24.415>Visa <00:56:24.555>or <00:56:24.694>MasterCard <00:56:24.835>can <00:56:24.975>do

1004
00:56:27.745 --> 00:56:28.765
<00:56:27.745>or <00:56:28.203>do <00:56:28.663>actually.

1005
00:56:29.425 --> 00:56:33.125
<00:56:29.425>And <00:56:29.580>there <00:56:29.736>was, <00:56:29.891>um, <00:56:30.047>so <00:56:30.202>we <00:56:30.358>are <00:56:30.513>already <00:56:30.669>better <00:56:30.825>today.

1006
00:56:33.125 --> 00:56:35.845
<00:56:33.125>That <00:56:33.252>is <00:56:33.379>the, <00:56:33.506>the <00:56:33.634>slides <00:56:33.761>that <00:56:33.888>I've <00:56:34.015>seen <00:56:34.143>is, <00:56:34.270>is <00:56:34.397>quite <00:56:34.525>odd

1007
00:56:35.865 --> 00:56:38.925
<00:56:35.865>and <00:56:36.004>we're <00:56:36.145>working <00:56:36.285>on <00:56:36.424>it <00:56:36.564>to, <00:56:36.705>to <00:56:36.845>really <00:56:36.984>be <00:56:37.125>more <00:56:37.265>scalable

1008
00:56:39.225 --> 00:56:40.565
<00:56:39.225>and <00:56:39.828>scale <00:56:40.431>actually.

1009
00:56:40.635 --> 00:56:41.635
Yeah.

1010
00:56:42.035 --> 00:56:46.405
<00:56:42.035>Alright, <00:56:42.268>so <00:56:42.501>big <00:56:42.734>things <00:56:42.968>ahead. <00:56:43.201>Alright, <00:56:43.435>can,

1011
00:56:46.945 --> 00:56:49.925
<00:56:46.945>Is <00:56:47.145>there <00:56:47.345>more <00:56:47.545>questions <00:56:47.745>in, <00:56:47.945>in <00:56:48.145>the <00:56:48.345>chat?

1012
00:56:50.085 --> 00:56:53.805
<00:56:50.085>I <00:56:50.192>I, <00:56:50.300>I'm <00:56:50.408>fine <00:56:50.515>to <00:56:50.623>to <00:56:50.731>go <00:56:50.838>to <00:56:50.946>the <00:56:51.054>chat <00:56:51.161>and <00:56:51.269>answer <00:56:51.377>them <00:56:51.485>actually.

1013
00:56:53.865 --> 00:56:56.125
<00:56:53.865>So <00:56:53.972>if, <00:56:54.080>if <00:56:54.188>I <00:56:54.295>don't <00:56:54.403>know <00:56:54.511>if <00:56:54.618>are <00:56:54.726>there <00:56:54.834>more <00:56:54.941>then <00:56:55.049>I <00:56:55.157>will <00:56:55.265>jump

1014
00:56:56.125 --> 00:56:59.245
<00:56:56.125>over <00:56:56.280>and, <00:56:56.436>and <00:56:56.591>answer <00:56:56.747>them <00:56:56.902>then <00:56:57.058>the <00:56:57.213>people <00:56:57.369>can <00:56:57.525>stay

1015
00:56:59.245 --> 00:57:00.325
<00:56:59.245>in <00:56:59.569>the <00:56:59.893>chat <00:57:00.216>or

1016
00:57:00.865 --> 00:57:01.965
<00:57:00.865>Not <00:57:01.112>directly <00:57:01.360>in <00:57:01.607>the <00:57:01.855>chat.

1017
00:57:02.145 --> 00:57:04.405
<00:57:02.145>We, <00:57:02.345>we <00:57:02.545>just <00:57:02.745>prepared <00:57:02.945>some <00:57:03.145>technical <00:57:03.345>ones. <00:57:03.545>Perfect.

1018
00:57:04.425 --> 00:57:07.245
<00:57:04.425>But <00:57:04.552>I <00:57:04.679>would <00:57:04.806>say <00:57:04.934>if <00:57:05.061>some <00:57:05.188>questions <00:57:05.315>come <00:57:05.443>up <00:57:05.570>from <00:57:05.697>the <00:57:05.825>uh,

1019
00:57:07.245 --> 00:57:09.605
<00:57:07.245>community, <00:57:07.420>they <00:57:07.595>can <00:57:07.770>reach <00:57:07.944>out <00:57:08.120>also <00:57:08.295>to <00:57:08.470>you <00:57:08.645>via,

1020
00:57:09.605 --> 00:57:10.845
<00:57:09.605>you're <00:57:10.163>absolutely <00:57:10.721>social.

1021
00:57:11.065 --> 00:57:13.765
<00:57:11.065>So <00:57:11.192>I <00:57:11.319>would <00:57:11.446>say <00:57:11.574>let's <00:57:11.701>do <00:57:11.828>it. <00:57:11.955>Yeah, <00:57:12.083>handle <00:57:12.210>it <00:57:12.337>this <00:57:12.465>way.

1022
00:57:14.115 --> 00:57:15.765
<00:57:14.115>Also, <00:57:14.395>if <00:57:14.674>you <00:57:14.955>have <00:57:15.234>further <00:57:15.515>materials

1023
00:57:15.785 --> 00:57:17.405
<00:57:15.785>or <00:57:15.984>anything, <00:57:16.185>please <00:57:16.384>just <00:57:16.585>send <00:57:16.785>it <00:57:16.984>to <00:57:17.185>us.

1024
00:57:17.425 --> 00:57:19.925
<00:57:17.425>We <00:57:17.625>can <00:57:17.825>include <00:57:18.025>it <00:57:18.225>in <00:57:18.425>the <00:57:18.625>recap <00:57:18.825>mail,

1025
00:57:20.055 --> 00:57:21.565
<00:57:20.055>which <00:57:20.326>was <00:57:20.598>also <00:57:20.870>out <00:57:21.142>on <00:57:21.414>Friday.

1026
00:57:22.425 --> 00:57:25.645
<00:57:22.425>So <00:57:22.580>I <00:57:22.736>think <00:57:22.891>we <00:57:23.047>got <00:57:23.202>it <00:57:23.358>covered <00:57:23.513>here. <00:57:23.669>So <00:57:23.825>yeah.

1027
00:57:25.755 --> 00:57:27.085
<00:57:25.755>Hendrik, <00:57:26.054>thank <00:57:26.353>you <00:57:26.652>so <00:57:26.952>much

1028
00:57:27.145 --> 00:57:29.925
<00:57:27.145>for <00:57:27.378>sharing <00:57:27.611>some <00:57:27.845>light <00:57:28.078>on <00:57:28.311>this <00:57:28.545>topic.

1029
00:57:29.975 --> 00:57:31.085
<00:57:29.975>Thank <00:57:30.174>you <00:57:30.374>so <00:57:30.574>much <00:57:30.774>for <00:57:30.974>joining

1030
00:57:31.225 --> 00:57:34.245
<00:57:31.225>and <00:57:31.365>hopefully <00:57:31.505>we <00:57:31.645>see <00:57:31.785>each <00:57:31.924>other <00:57:32.065>again <00:57:32.205>on <00:57:32.345>another <00:57:32.485>live <00:57:32.625>day.

1031
00:57:34.625 --> 00:57:38.045
<00:57:34.625>Thanks <00:57:34.780>for <00:57:34.936>having <00:57:35.091>me, <00:57:35.247>Hendriks. <00:57:35.402>Thank <00:57:35.558>you <00:57:35.713>so <00:57:35.869>much. <00:57:36.025>Bye.