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<00:00:02.425>My <00:00:02.767>microphone <00:00:03.109>is <00:00:03.451>working.

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<00:00:04.025>Um, <00:00:04.628>well, <00:00:05.231>welcome.

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<00:00:07.445>because <00:00:07.585>I've <00:00:07.725>talked <00:00:07.865>to <00:00:08.005>you <00:00:08.145>guys <00:00:08.285>not <00:00:08.425>only <00:00:08.565>just <00:00:08.705>right <00:00:08.845>now

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<00:00:10.045>before <00:00:10.278>going <00:00:10.511>on <00:00:10.745>stage, <00:00:10.978>but <00:00:11.211>also <00:00:11.445>yesterday.

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<00:00:12.705>And <00:00:12.812>I <00:00:12.920>feel <00:00:13.028>like <00:00:13.135>you <00:00:13.243>have <00:00:13.351>a <00:00:13.458>lot <00:00:13.566>of <00:00:13.674>things <00:00:13.781>to <00:00:13.889>say <00:00:13.997>that <00:00:14.105>goes

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<00:00:15.245>beyond <00:00:15.420>probably <00:00:15.594>what <00:00:15.770>people <00:00:15.944>know <00:00:16.119>here <00:00:16.294>about <00:00:16.470>crypto, <00:00:16.645>um,

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<00:00:18.495>about <00:00:18.695>use <00:00:18.895>cases, <00:00:19.095>and, <00:00:19.295>um, <00:00:19.495>also <00:00:19.695>the <00:00:19.895>opportunity

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<00:00:21.665>for <00:00:21.945>developers <00:00:22.224>to <00:00:22.505>build <00:00:22.785>with <00:00:23.064>blockchain.

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<00:00:24.865>And <00:00:25.040>before <00:00:25.215>we <00:00:25.389>start <00:00:25.564>to <00:00:25.740>go <00:00:25.915>into <00:00:26.090>the <00:00:26.264>topics,

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<00:00:27.095>would <00:00:27.270>you <00:00:27.445>mind <00:00:27.619>just <00:00:27.794>introduce <00:00:27.970>yourself <00:00:28.145>to <00:00:28.320>the <00:00:28.494>audience,

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<00:00:29.645>who <00:00:29.820>you <00:00:29.995>are, <00:00:30.169>and <00:00:30.345>maybe <00:00:30.520>also <00:00:30.695>the <00:00:30.870>blockchain <00:00:31.044>ecosystem

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<00:00:34.465>Uh, <00:00:34.665>yeah. <00:00:34.865>Uh, <00:00:35.065>my <00:00:35.265>name's, <00:00:35.465>uh, <00:00:35.665>Arthur <00:00:35.865>Bradman.

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<00:00:39.625>but <00:00:39.765>also <00:00:39.905>I'm <00:00:40.045>a, <00:00:40.185>uh, <00:00:40.325>co-founder <00:00:40.465>of, <00:00:40.605>uh, <00:00:40.745>the <00:00:40.885>Tezos, <00:00:41.025>uh,

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<00:00:43.205>blockchain, <00:00:43.438>which <00:00:43.671>is <00:00:43.905>a <00:00:44.138>layer <00:00:44.371>one <00:00:44.605>blockchain.

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<00:00:45.125>It's <00:00:45.325>been <00:00:45.525>going <00:00:45.725>strong, <00:00:45.925>uh, <00:00:46.125>since <00:00:46.325>2018. <00:00:46.525>Cool.

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<00:00:49.185>Uh, <00:00:49.503>I'm <00:00:49.821>John <00:00:50.138>Woods.

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<00:00:50.785>I'm <00:00:50.912>the <00:00:51.039>CTO <00:00:51.166>at <00:00:51.294>the <00:00:51.421>Gram <00:00:51.548>blockchain, <00:00:51.675>which <00:00:51.803>is <00:00:51.930>not <00:00:52.057>as <00:00:52.184>cool,

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<00:00:53.205>by <00:00:53.360>the <00:00:53.516>way, <00:00:53.671>as <00:00:53.827>I <00:00:53.982>was <00:00:54.138>just <00:00:54.293>admitting <00:00:54.449>to <00:00:54.605>Arthur

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<00:00:55.425>as <00:00:55.680>being <00:00:55.936>a <00:00:56.191>founder <00:00:56.447>of <00:00:56.702>one.

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<00:00:57.185>Um, <00:00:57.360>so <00:00:57.535>I <00:00:57.710>look <00:00:57.885>after <00:00:58.060>tech, <00:00:58.235>uh, <00:00:58.410>for <00:00:58.585>Gerand,

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<00:01:00.065>and <00:01:00.265>prior <00:01:00.464>to <00:01:00.665>that <00:01:00.864>I <00:01:01.065>worked <00:01:01.265>on <00:01:01.464>Carano,

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<00:01:01.865>uh, <00:01:02.148>as <00:01:02.432>a <00:01:02.715>software <00:01:02.999>architect.

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<00:01:03.165>I, <00:01:03.398>I <00:01:03.631>led <00:01:03.865>software <00:01:04.098>architecture <00:01:04.331>on <00:01:04.565>Carano.

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<00:01:06.035>It's <00:01:06.226>not <00:01:06.418>as <00:01:06.609>cool, <00:01:06.801>but <00:01:06.992>it's <00:01:07.184>much <00:01:07.376>wiser.

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<00:01:10.075>Okay. <00:01:10.355>Um, <00:01:10.635>maybe <00:01:10.915>let's <00:01:11.195>start <00:01:11.475>with,

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<00:01:12.275>with <00:01:12.508>an <00:01:12.741>icebreaker <00:01:12.975>question, <00:01:13.208>so <00:01:13.441>to <00:01:13.675>say,

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<00:01:14.425>so <00:01:14.658>why <00:01:14.891>should <00:01:15.125>people <00:01:15.358>build <00:01:15.591>on <00:01:15.825>Tezos

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<00:01:16.765>or <00:01:16.995>build <00:01:17.225>an <00:01:17.456>algorithm, <00:01:17.686>for <00:01:17.917>example?

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<00:01:19.485>I <00:01:19.629>mean, <00:01:19.773>the <00:01:19.917>reason <00:01:20.061>to <00:01:20.205>build <00:01:20.348>on

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<00:01:20.445>Tezos <00:01:20.653>has <00:01:20.862>evolved <00:01:21.071>over <00:01:21.280>the <00:01:21.489>years.

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<00:01:21.825>Uh, <00:01:22.025>but <00:01:22.225>the <00:01:22.425>thing <00:01:22.625>that <00:01:22.825>unifies <00:01:23.025>them <00:01:23.225>is

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<00:01:24.365>that <00:01:24.565>Tezos <00:01:24.765>is <00:01:24.964>a <00:01:25.164>platform <00:01:25.365>that <00:01:25.565>constantly <00:01:25.765>evolves.

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<00:01:26.305>So <00:01:26.585>Tezos <00:01:26.865>has <00:01:27.145>had <00:01:27.425>16 <00:01:27.705>upgrades.

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<00:01:31.925>the, <00:01:32.126>uh, <00:01:32.328>uh, <00:01:32.529>in <00:01:32.731>the <00:01:32.933>upgrade.

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<00:01:33.045>And <00:01:33.185>that <00:01:33.325>as <00:01:33.465>a <00:01:33.605>allowed <00:01:33.745>Tezos <00:01:33.885>to <00:01:34.025>stay <00:01:34.165>at <00:01:34.305>the <00:01:34.445>forefront.

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<00:01:35.965>So <00:01:36.120>when <00:01:36.276>Tezos <00:01:36.431>launched, <00:01:36.587>it <00:01:36.742>was <00:01:36.898>the <00:01:37.053>first, <00:01:37.209>uh, <00:01:37.365>proof

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<00:01:38.365>of <00:01:38.565>stake <00:01:38.765>blockchain <00:01:38.965>with <00:01:39.165>smashing, <00:01:39.365>with <00:01:39.565>economic <00:01:39.765>incentives

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<00:01:41.145>and <00:01:41.495>people <00:01:41.845>building <00:01:42.195>on <00:01:42.545>Tezos.

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<00:01:42.725>They <00:01:42.905>knew <00:01:43.085>that <00:01:43.265>not <00:01:43.445>only <00:01:43.625>the <00:01:43.804>chin <00:01:43.985>was

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<00:01:44.125>good, <00:01:44.362>but <00:01:44.600>it <00:01:44.837>would <00:01:45.075>stay <00:01:45.312>good.

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<00:01:45.545>And <00:01:45.728>that's <00:01:45.911>been <00:01:46.094>true <00:01:46.277>through <00:01:46.460>the <00:01:46.643>years

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<00:01:46.765>with <00:01:46.905>now <00:01:47.045>Tezos <00:01:47.185>embarking <00:01:47.325>on, <00:01:47.465>uh, <00:01:47.605>a <00:01:47.745>very <00:01:47.885>big, <00:01:48.025>uh, <00:01:48.165>scaling,

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<00:01:51.425>uh, <00:01:51.774>uh, <00:01:52.125>uh, <00:01:52.475>scaling <00:01:52.825>story.

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<00:01:54.745>So, <00:01:54.900>uh, <00:01:55.056>a <00:01:55.211>lot <00:01:55.367>of <00:01:55.522>scaling <00:01:55.678>capabilities <00:01:55.833>has <00:01:55.989>been <00:01:56.145>added

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<00:01:56.985>to <00:01:57.204>Tezos <00:01:57.423>over <00:01:57.642>the <00:01:57.860>past <00:01:58.080>couple <00:01:58.298>years.

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<00:01:58.785>Um, <00:01:58.985>and <00:01:59.185>it's <00:01:59.384>going <00:01:59.585>to <00:01:59.785>continue <00:01:59.985>going <00:02:00.185>forward.

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<00:02:01.985>And <00:02:02.125>just <00:02:02.265>because <00:02:02.405>this <00:02:02.545>is <00:02:02.685>what <00:02:02.825>I <00:02:02.965>remember, <00:02:03.105>for <00:02:03.245>some <00:02:03.385>reason,

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<00:02:05.245>I <00:02:05.372>associate <00:02:05.499>Tezos <00:02:05.626>a <00:02:05.754>lot <00:02:05.881>of <00:02:06.008>with <00:02:06.135>the <00:02:06.263>art <00:02:06.390>scene <00:02:06.517>because <00:02:06.645>back

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<00:02:08.945>and <00:02:09.120>then <00:02:09.294>when <00:02:09.470>NFTs <00:02:09.644>were <00:02:09.820>like <00:02:09.995>a <00:02:10.169>huge <00:02:10.345>thing

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<00:02:11.365>or <00:02:11.492>where <00:02:11.619>they <00:02:11.746>became <00:02:11.874>a <00:02:12.001>huge <00:02:12.128>thing, <00:02:12.255>I've <00:02:12.383>heard <00:02:12.510>that <00:02:12.637>a <00:02:12.765>lot

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<00:02:14.245>of <00:02:14.478>artists <00:02:14.711>were <00:02:14.945>building <00:02:15.178>with <00:02:15.411>an <00:02:15.645>on

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<00:02:16.095>Tezos. <00:02:16.366>Why <00:02:16.638>was <00:02:16.910>that <00:02:17.182>the <00:02:17.453>case?

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<00:02:18.345>Um, <00:02:18.520>yeah, <00:02:18.695>they, <00:02:18.870>they <00:02:19.045>were, <00:02:19.220>and <00:02:19.395>they <00:02:19.570>still <00:02:19.745>are.

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<00:02:20.085>There <00:02:20.285>is <00:02:20.485>a <00:02:20.685>fantastic <00:02:20.885>art <00:02:21.085>committee <00:02:21.285>on <00:02:21.485>Tezos.

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<00:02:22.385>Um, <00:02:22.560>I <00:02:22.734>think <00:02:22.910>it <00:02:23.084>started <00:02:23.260>from <00:02:23.435>a <00:02:23.609>few <00:02:23.785>things.

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<00:02:24.825>One, <00:02:24.966>there <00:02:25.107>was <00:02:25.249>a <00:02:25.390>bit <00:02:25.532>of <00:02:25.673>a <00:02:25.815>kinship

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<00:02:25.925>because <00:02:26.237>ZOS <00:02:26.549>is <00:02:26.861>network

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<00:02:26.965>that <00:02:27.245>has <00:02:27.525>always <00:02:27.805>stood <00:02:28.085>for <00:02:28.365>authenticity.

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<00:02:29.785>Um, <00:02:29.940>it's <00:02:30.096>not <00:02:30.251>been <00:02:30.407>overhyped <00:02:30.562>it <00:02:30.718>delivered <00:02:30.873>on, <00:02:31.029>uh, <00:02:31.185>uh,

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<00:02:33.915>what <00:02:34.082>it's, <00:02:34.250>uh, <00:02:34.417>what <00:02:34.585>it <00:02:34.753>was <00:02:34.920>supposed <00:02:35.088>to <00:02:35.256>be.

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<00:02:35.865>Uh, <00:02:36.040>and <00:02:36.215>I <00:02:36.390>think <00:02:36.565>this <00:02:36.740>was <00:02:36.915>recognized, <00:02:37.090>the <00:02:37.265>values

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<00:02:38.245>of <00:02:38.420>decentralization, <00:02:38.595>the <00:02:38.770>fact <00:02:38.945>that <00:02:39.120>it <00:02:39.295>was <00:02:39.470>not <00:02:39.645>corporate,

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<00:02:41.204>I <00:02:41.380>think <00:02:41.554>was <00:02:41.730>a, <00:02:41.904>uh, <00:02:42.079>was <00:02:42.255>an <00:02:42.429>important <00:02:42.605>aspect.

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<00:02:43.025>But <00:02:43.200>also, <00:02:43.375>um, <00:02:43.550>it <00:02:43.725>was <00:02:43.900>a <00:02:44.075>network <00:02:44.250>that, <00:02:44.425>um,

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<00:02:45.905>didn't <00:02:46.143>use <00:02:46.382>proof <00:02:46.620>of <00:02:46.859>work.

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<00:02:47.225>Um, <00:02:47.846>like <00:02:48.466>Ian.

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<00:02:48.605>So <00:02:48.732>a <00:02:48.859>lot <00:02:48.986>of <00:02:49.114>people <00:02:49.241>who <00:02:49.368>were <00:02:49.495>concerned <00:02:49.623>about <00:02:49.750>the <00:02:49.877>energy <00:02:50.005>cost

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<00:02:50.605>and <00:02:50.780>energy <00:02:50.954>impact <00:02:51.130>of <00:02:51.304>mining <00:02:51.480>preferred <00:02:51.655>to, <00:02:51.829>uh, <00:02:52.005>uh,

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<00:02:53.425>to <00:02:53.726>meet <00:02:54.028>on, <00:02:54.329>on <00:02:54.631>Tezos.

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<00:02:54.865>And <00:02:55.040>it <00:02:55.215>was <00:02:55.390>also <00:02:55.565>extremely <00:02:55.740>cheap <00:02:55.915>to <00:02:56.090>do <00:02:56.265>it.

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<00:02:56.605>You <00:02:56.838>didn't <00:02:57.071>have <00:02:57.304>to <00:02:57.538>pay <00:02:57.771>20, <00:02:58.005>$30.

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<00:02:58.185>You <00:02:58.340>had <00:02:58.496>to <00:02:58.651>pay <00:02:58.807>just <00:02:58.962>pennies <00:02:59.118>in <00:02:59.273>order <00:02:59.429>to <00:02:59.585>create.

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<00:03:00.905>And <00:03:01.255>so <00:03:01.605>artists <00:03:01.955>could <00:03:02.305>afford

79
00:03:02.725 --> 00:03:05.565
<00:03:02.725>to <00:03:02.900>be <00:03:03.075>a <00:03:03.250>lot <00:03:03.424>more <00:03:03.600>experimental <00:03:03.775>on <00:03:03.950>the <00:03:04.125>platform.

80
00:03:05.565 --> 00:03:06.805
<00:03:05.565>And <00:03:05.788>also <00:03:06.011>we <00:03:06.234>could <00:03:06.457>have, <00:03:06.681>um,

81
00:03:07.225 --> 00:03:09.925
<00:03:07.225>we <00:03:07.364>could <00:03:07.505>onboard <00:03:07.644>artists <00:03:07.785>from <00:03:07.924>a <00:03:08.065>lot <00:03:08.204>of <00:03:08.345>places, <00:03:08.484>not <00:03:08.625>just,

82
00:03:09.945 --> 00:03:11.845
<00:03:09.945>you <00:03:10.144>know, <00:03:10.345>um, <00:03:10.545>the <00:03:10.745>United <00:03:10.945>States <00:03:11.144>or <00:03:11.345>Europe,

83
00:03:11.985 --> 00:03:15.165
<00:03:11.985>but <00:03:12.218>also, <00:03:12.451>um, <00:03:12.685>Africa, <00:03:12.918>uh, <00:03:13.151>south <00:03:13.385>America,

84
00:03:15.705 --> 00:03:17.085
<00:03:15.705>and <00:03:15.953>really <00:03:16.201>all <00:03:16.450>over <00:03:16.698>the <00:03:16.947>world.

85
00:03:17.265 --> 00:03:19.485
<00:03:17.265>And <00:03:17.464>that's, <00:03:17.665>I <00:03:17.864>think, <00:03:18.065>created <00:03:18.265>this <00:03:18.464>wonderful <00:03:18.665>art,

86
00:03:19.545 --> 00:03:21.205
<00:03:19.545>art <00:03:19.778>scene <00:03:20.011>we've <00:03:20.245>seen <00:03:20.478>on <00:03:20.711>Tezos. <00:03:20.945>Mm-Hmm.

87
00:03:21.285 --> 00:03:23.125
<00:03:21.285>Thank <00:03:21.440>you. <00:03:21.596>And <00:03:21.751>I <00:03:21.907>think <00:03:22.062>maybe <00:03:22.218>to, <00:03:22.373>to <00:03:22.529>build <00:03:22.685>on

88
00:03:23.125 --> 00:03:24.885
<00:03:23.125>what <00:03:23.475>Arthur <00:03:23.825>said, <00:03:24.175>you <00:03:24.525>know,

89
00:03:27.055 --> 00:03:30.315
<00:03:27.055>for <00:03:27.230>a <00:03:27.405>long <00:03:27.580>time <00:03:27.755>I <00:03:27.930>didn't <00:03:28.105>see <00:03:28.280>value <00:03:28.455>in

90
00:03:31.155 --> 00:03:32.235
<00:03:31.155>building <00:03:31.479>on <00:03:31.803>blockchain <00:03:32.127>myself.

91
00:03:33.155 --> 00:03:36.355
<00:03:33.155>I <00:03:33.355>was <00:03:33.555>telling <00:03:33.755>someone <00:03:33.955>earlier <00:03:34.155>on <00:03:34.355>that, <00:03:34.555>like,

92
00:03:37.995 --> 00:03:39.795
<00:03:37.995>I <00:03:38.228>got <00:03:38.461>my <00:03:38.695>first <00:03:38.928>Bitcoin <00:03:39.161>in <00:03:39.395>2013,

93
00:03:40.215 --> 00:03:41.195
<00:03:40.215>but <00:03:40.362>I <00:03:40.509>didn't <00:03:40.656>buy <00:03:40.803>enough <00:03:40.950>of <00:03:41.096>them,

94
00:03:41.195 --> 00:03:42.275
<00:03:41.195>or <00:03:41.357>I <00:03:41.519>wouldn't <00:03:41.681>be <00:03:41.843>on <00:03:42.005>this <00:03:42.167>stage.

95
00:03:42.415 --> 00:03:43.755
<00:03:42.415>I'd <00:03:42.548>be <00:03:42.683>with <00:03:42.817>my <00:03:42.951>wife <00:03:43.084>in <00:03:43.219>the <00:03:43.353>south <00:03:43.487>of <00:03:43.620>France.

96
00:03:45.335 --> 00:03:47.795
<00:03:45.335>And, <00:03:45.615>um, <00:03:45.895>and <00:03:46.175>even <00:03:46.455>when <00:03:46.735>Ethereum,

97
00:03:47.995 --> 00:03:49.195
<00:03:47.995>I <00:03:48.211>remember <00:03:48.427>when <00:03:48.643>Ethereum <00:03:48.859>was <00:03:49.075>six

98
00:03:49.195 --> 00:03:50.595
<00:03:49.195>bucks, <00:03:49.447>I <00:03:49.698>didn't <00:03:49.951>buy <00:03:50.203>that <00:03:50.454>either.

99
00:03:50.595 --> 00:03:52.155
<00:03:50.595>Instead, <00:03:50.875>I <00:03:51.155>bought <00:03:51.435>Mon <00:03:51.715>Arrow, <00:03:51.995>uh,

100
00:03:52.205 --> 00:03:54.715
<00:03:52.204>which <00:03:52.360>is <00:03:52.516>now <00:03:52.671>maybe <00:03:52.827>worth <00:03:52.982>a <00:03:53.138>couple <00:03:53.293>of <00:03:53.449>hundred <00:03:53.605>dollars,

101
00:03:54.785 --> 00:03:57.235
<00:03:54.785>whereas <00:03:55.065>Ethereum's <00:03:55.345>thousands <00:03:55.625>of <00:03:55.905>dollars, <00:03:56.185>right?

102
00:03:58.135 --> 00:03:59.195
<00:03:58.135>So <00:03:58.293>it <00:03:58.453>took <00:03:58.612>me <00:03:58.771>a <00:03:58.930>long <00:03:59.089>time

103
00:03:59.335 --> 00:04:01.195
<00:03:59.335>to <00:03:59.685>understand <00:04:00.035>the <00:04:00.385>value <00:04:00.735>proposition

104
00:04:01.195 --> 00:04:02.755
<00:04:01.195>of <00:04:01.661>these <00:04:02.128>programmable <00:04:02.595>blockchains.

105
00:04:03.895 --> 00:04:07.195
<00:04:03.895>But <00:04:04.095>after <00:04:04.295>working <00:04:04.495>on <00:04:04.695>Ethereum, <00:04:04.895>working <00:04:05.095>on <00:04:05.295>Carano,

106
00:04:07.195 --> 00:04:09.955
<00:04:07.195>and <00:04:07.350>now <00:04:07.506>working, <00:04:07.661>uh, <00:04:07.817>on <00:04:07.972>Gerand, <00:04:08.128>I <00:04:08.283>think <00:04:08.439>I've <00:04:08.595>distilled

107
00:04:09.955 --> 00:04:13.515
<00:04:09.955>to <00:04:10.235>this, <00:04:10.515>these <00:04:10.795>blockchains, <00:04:11.075>like <00:04:11.355>Tezos

108
00:04:13.575 --> 00:04:16.435
<00:04:13.575>and <00:04:13.774>Gerand <00:04:13.975>are <00:04:14.174>just <00:04:14.375>platforms <00:04:14.575>that <00:04:14.774>execute <00:04:14.975>code.

109
00:04:17.385 --> 00:04:20.995
<00:04:17.385>When <00:04:17.512>you <00:04:17.639>write <00:04:17.766>code, <00:04:17.894>you <00:04:18.021>compile <00:04:18.148>it <00:04:18.275>for, <00:04:18.403>uh, <00:04:18.530>A <00:04:18.657>CPU, <00:04:18.784>right?

110
00:04:21.415 --> 00:04:22.595
<00:04:21.415>An <00:04:21.769>instruction <00:04:22.123>set, <00:04:22.477>right?

111
00:04:22.595 --> 00:04:25.595
<00:04:22.595>Or <00:04:22.795>an <00:04:22.995>architecture <00:04:23.195>X <00:04:23.395>86 <00:04:23.595>arm <00:04:23.795>risk, <00:04:23.995>whatever.

112
00:04:26.185 --> 00:04:28.235
<00:04:26.185>When <00:04:26.360>you <00:04:26.535>write <00:04:26.710>code <00:04:26.885>for <00:04:27.060>these <00:04:27.235>blockchains <00:04:27.410>like <00:04:27.585>Tezos

113
00:04:28.235 --> 00:04:30.835
<00:04:28.235>or <00:04:28.468>Gerran, <00:04:28.701>you <00:04:28.935>also <00:04:29.168>compile <00:04:29.401>your <00:04:29.635>code

114
00:04:31.855 --> 00:04:33.515
<00:04:31.855>to <00:04:32.205>target <00:04:32.555>the <00:04:32.905>virtual <00:04:33.255>machine

115
00:04:33.695 --> 00:04:35.475
<00:04:33.695>or <00:04:33.870>the <00:04:34.045>interpreter <00:04:34.219>at <00:04:34.395>the <00:04:34.570>heart <00:04:34.745>of <00:04:34.920>the <00:04:35.094>blockchain.

116
00:04:36.685 --> 00:04:39.575
<00:04:36.685>They're <00:04:36.840>just <00:04:36.996>platforms <00:04:37.151>for <00:04:37.307>code, <00:04:37.462>for <00:04:37.618>the <00:04:37.773>execution <00:04:37.929>of <00:04:38.085>code.

117
00:04:39.645 --> 00:04:40.935
<00:04:39.645>They're <00:04:40.032>just <00:04:40.419>operating <00:04:40.806>systems,

118
00:04:41.835 --> 00:04:45.255
<00:04:41.835>but <00:04:42.010>they <00:04:42.185>execute <00:04:42.359>the <00:04:42.534>code <00:04:42.710>in <00:04:42.885>a <00:04:43.060>decentralized <00:04:43.234>context.

119
00:04:45.995 --> 00:04:47.575
<00:04:45.995>And <00:04:46.195>so, <00:04:46.395>rather, <00:04:46.595>of <00:04:46.795>course, <00:04:46.995>you're <00:04:47.195>all <00:04:47.395>developers,

120
00:04:47.575 --> 00:04:49.295
<00:04:47.575>you <00:04:47.775>know <00:04:47.974>this, <00:04:48.175>rather <00:04:48.375>than <00:04:48.575>the <00:04:48.775>code <00:04:48.974>running

121
00:04:49.935 --> 00:04:51.775
<00:04:49.935>singularly <00:04:50.215>on <00:04:50.495>a <00:04:50.775>single, <00:04:51.055>uh, <00:04:51.335>CPU

122
00:04:51.895 --> 00:04:55.935
<00:04:51.895>or <00:04:52.022>you <00:04:52.149>know, <00:04:52.276>a <00:04:52.404>single <00:04:52.531>device <00:04:52.658>in <00:04:52.785>front <00:04:52.913>of <00:04:53.040>you, <00:04:53.167>the <00:04:53.294>veracity

123
00:04:55.935 --> 00:04:57.375
<00:04:55.935>of <00:04:56.194>the <00:04:56.453>execution <00:04:56.712>of <00:04:56.971>the <00:04:57.231>code

124
00:04:58.075 --> 00:05:00.175
<00:04:58.075>is <00:04:58.275>done <00:04:58.474>in <00:04:58.675>a <00:04:58.875>global <00:04:59.075>or <00:04:59.275>distributed <00:04:59.474>context.

125
00:05:01.115 --> 00:05:02.895
<00:05:01.115>Now, <00:05:01.290>why <00:05:01.465>would <00:05:01.640>I <00:05:01.815>do <00:05:01.990>that? <00:05:02.165>Because <00:05:02.340>it's <00:05:02.515>slow,

126
00:05:03.005 --> 00:05:05.095
<00:05:03.005>it's <00:05:03.355>inefficient, <00:05:03.705>it's <00:05:04.055>sometimes <00:05:04.405>expensive.

127
00:05:05.395 --> 00:05:06.855
<00:05:05.395>It <00:05:05.559>sometimes <00:05:05.723>has <00:05:05.887>delays. <00:05:06.052>Why <00:05:06.216>would <00:05:06.380>I <00:05:06.544>do <00:05:06.709>that?

128
00:05:07.275 --> 00:05:09.575
<00:05:07.275>The <00:05:07.508>answer <00:05:07.741>is, <00:05:07.974>there <00:05:08.208>are <00:05:08.441>certain <00:05:08.674>requirements

129
00:05:10.515 --> 00:05:12.455
<00:05:10.515>you <00:05:10.748>can <00:05:10.981>build <00:05:11.215>solutions <00:05:11.448>for <00:05:11.681>on <00:05:11.914>blockchain

130
00:05:12.805 --> 00:05:14.415
<00:05:12.805>that <00:05:13.085>are <00:05:13.365>not <00:05:13.645>possible <00:05:13.925>to <00:05:14.205>achieve

131
00:05:15.045 --> 00:05:17.935
<00:05:15.045>with <00:05:15.278>the <00:05:15.511>same <00:05:15.745>elegance <00:05:15.978>using <00:05:16.211>centralized <00:05:16.445>solutions.

132
00:05:18.205 --> 00:05:19.535
<00:05:18.205>It's <00:05:18.444>a <00:05:18.683>small <00:05:18.923>subset <00:05:19.162>of <00:05:19.402>requirements.

133
00:05:19.535 --> 00:05:21.135
<00:05:19.535>It's <00:05:19.815>not <00:05:20.095>like <00:05:20.375>blockchain <00:05:20.655>fits <00:05:20.935>everything.

134
00:05:21.135 --> 00:05:22.295
<00:05:21.135>It <00:05:21.483>certainly <00:05:21.831>does <00:05:22.179>not.

135
00:05:22.915 --> 00:05:25.615
<00:05:22.915>But <00:05:23.090>where <00:05:23.265>you <00:05:23.440>wanna <00:05:23.615>disintermediate <00:05:23.790>someone <00:05:23.965>where <00:05:24.140>you <00:05:24.315>want

136
00:05:25.615 --> 00:05:27.575
<00:05:25.615>to <00:05:25.848>build <00:05:26.081>peer-to-peer <00:05:26.315>solutions <00:05:26.548>where <00:05:26.781>you <00:05:27.015>want

137
00:05:27.575 --> 00:05:30.695
<00:05:27.575>to <00:05:27.775>have <00:05:27.974>self <00:05:28.175>sovereignty <00:05:28.375>or <00:05:28.575>ownership <00:05:28.775>over <00:05:28.974>assets

138
00:05:30.715 --> 00:05:32.935
<00:05:30.715>or <00:05:30.948>other, <00:05:31.181>uh, <00:05:31.414>artifacts <00:05:31.648>in <00:05:31.881>your <00:05:32.114>solution,

139
00:05:33.185 --> 00:05:35.255
<00:05:33.185>blockchain <00:05:33.535>really <00:05:33.885>makes <00:05:34.235>apps <00:05:34.585>sing

140
00:05:36.395 --> 00:05:37.615
<00:05:36.395>To, <00:05:36.614>to, <00:05:36.834>to <00:05:37.053>rebound <00:05:37.273>on <00:05:37.493>that.

141
00:05:37.735 --> 00:05:40.415
<00:05:37.735>I <00:05:37.862>think <00:05:37.989>for <00:05:38.116>a <00:05:38.244>long <00:05:38.371>time <00:05:38.498>it <00:05:38.625>was <00:05:38.753>very <00:05:38.880>important <00:05:39.007>when, <00:05:39.135>um,

142
00:05:40.415 --> 00:05:43.655
<00:05:40.415>looking <00:05:40.615>at <00:05:40.815>blockchain <00:05:41.015>applications <00:05:41.215>that <00:05:41.415>the <00:05:41.615>unique <00:05:41.815>strengths

143
00:05:43.675 --> 00:05:45.015
<00:05:43.675>of <00:05:43.976>the <00:05:44.278>technology <00:05:44.579>be <00:05:44.881>featured.

144
00:05:45.015 --> 00:05:47.495
<00:05:45.015>So <00:05:45.190>the <00:05:45.365>unique <00:05:45.539>strengths <00:05:45.715>I <00:05:45.890>would <00:05:46.065>say <00:05:46.240>of, <00:05:46.414>um,

145
00:05:47.495 --> 00:05:50.935
<00:05:47.495>blockchain <00:05:47.728>historically <00:05:47.961>have <00:05:48.195>been <00:05:48.428>sensitive <00:05:48.661>resistance, <00:05:48.895>um,

146
00:05:51.515 --> 00:05:53.815
<00:05:51.515>decentralization, <00:05:52.914>permissionless,

147
00:05:54.155 --> 00:05:55.415
<00:05:54.155>and <00:05:54.344>you <00:05:54.533>see <00:05:54.722>a <00:05:54.911>lot <00:05:55.100>of <00:05:55.289>applications.

148
00:05:55.475 --> 00:05:58.285
<00:05:55.475>And <00:05:55.615>you <00:05:55.755>were <00:05:55.895>saying, <00:05:56.035>well, <00:05:56.175>if <00:05:56.315>you're <00:05:56.455>not <00:05:56.595>really <00:05:56.735>levered, <00:05:56.875>if,

149
00:05:58.425 --> 00:06:00.485
<00:05:58.425>if <00:05:58.600>this <00:05:58.775>is <00:05:58.950>not <00:05:59.125>really <00:05:59.300>important <00:05:59.475>for <00:05:59.650>our <00:05:59.825>application,

150
00:06:00.485 --> 00:06:02.725
<00:06:00.485>if <00:06:00.685>like <00:06:00.885>sensory <00:06:01.085>resistance <00:06:01.285>is <00:06:01.485>not <00:06:01.685>absolutely <00:06:01.885>crucial

151
00:06:02.825 --> 00:06:05.565
<00:06:02.825>for <00:06:03.000>your <00:06:03.175>application, <00:06:03.349>why <00:06:03.525>are <00:06:03.700>you <00:06:03.875>using <00:06:04.050>a <00:06:04.224>blockchain?

152
00:06:05.745 --> 00:06:08.365
<00:06:05.745>But <00:06:05.945>the <00:06:06.145>under <00:06:06.345>the <00:06:06.545>underlying <00:06:06.745>idea <00:06:06.945>here <00:06:07.145>is

153
00:06:08.365 --> 00:06:10.045
<00:06:08.365>that <00:06:08.715>fundamentally <00:06:09.065>it's <00:06:09.415>very <00:06:09.765>expensive

154
00:06:10.045 --> 00:06:11.565
<00:06:10.045>and <00:06:10.216>it's <00:06:10.387>cumbersome <00:06:10.558>to <00:06:10.729>use <00:06:10.900>it <00:06:11.071>as <00:06:11.242>a <00:06:11.413>technology.

155
00:06:11.565 --> 00:06:13.885
<00:06:11.565>And <00:06:11.692>it <00:06:11.819>was <00:06:11.946>true, <00:06:12.074>I <00:06:12.201>would <00:06:12.328>say <00:06:12.455>for <00:06:12.583>the <00:06:12.710>longest <00:06:12.837>time, <00:06:12.965>uh,

156
00:06:13.885 --> 00:06:15.605
<00:06:13.885>before <00:06:14.118>we <00:06:14.351>knew <00:06:14.585>how <00:06:14.818>to <00:06:15.051>scale <00:06:15.284>blockchains.

157
00:06:15.745 --> 00:06:18.285
<00:06:15.745>Um, <00:06:15.861>that <00:06:15.978>has <00:06:16.095>changed. <00:06:16.211>Uh, <00:06:16.328>I, <00:06:16.445>I <00:06:16.561>think <00:06:16.678>there's <00:06:16.795>a <00:06:16.911>clear <00:06:17.028>idea <00:06:17.145>on

158
00:06:18.285 --> 00:06:19.565
<00:06:18.285>how <00:06:18.573>these <00:06:18.861>systems <00:06:19.149>can <00:06:19.437>scale.

159
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<00:06:19.985>Um, <00:06:20.101>and <00:06:20.218>I <00:06:20.335>would <00:06:20.451>say <00:06:20.568>tes <00:06:20.685>is <00:06:20.801>one <00:06:20.918>of <00:06:21.035>the <00:06:21.151>first <00:06:21.268>to, <00:06:21.385>um,

160
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<00:06:22.785>to <00:06:22.985>actually <00:06:23.185>do <00:06:23.385>it <00:06:23.585>and <00:06:23.785>deliver <00:06:23.985>on <00:06:24.185>that.

161
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<00:06:24.945>Uh, <00:06:25.299>and <00:06:25.653>with <00:06:26.007>scaling

162
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<00:06:26.225>and <00:06:26.341>with <00:06:26.458>the <00:06:26.575>cost <00:06:26.691>going <00:06:26.808>to <00:06:26.925>nearly <00:06:27.041>zero, <00:06:27.158>I <00:06:27.275>think <00:06:27.391>it <00:06:27.508>opens <00:06:27.625>up

163
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<00:06:29.005>to <00:06:29.160>a <00:06:29.316>lot <00:06:29.471>more <00:06:29.627>applications <00:06:29.782>where <00:06:29.938>you <00:06:30.093>don't <00:06:30.249>necessarily, <00:06:30.405>um,

164
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<00:06:32.955>need <00:06:33.082>to <00:06:33.209>rely <00:06:33.336>that <00:06:33.464>deeply <00:06:33.591>on, <00:06:33.718>on <00:06:33.845>the <00:06:33.973>value <00:06:34.100>of <00:06:34.227>the <00:06:34.354>blockchain.

165
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<00:06:35.645>You <00:06:35.842>only <00:06:36.041>need <00:06:36.239>like <00:06:36.437>a <00:06:36.635>couple <00:06:36.833>aspects.

166
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<00:06:36.985>If <00:06:37.160>these <00:06:37.335>aspects <00:06:37.510>make <00:06:37.685>it <00:06:37.860>slightly <00:06:38.035>easier <00:06:38.210>for <00:06:38.385>you

167
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<00:06:38.925>to <00:06:39.065>build <00:06:39.205>your <00:06:39.345>application <00:06:39.485>and <00:06:39.625>the <00:06:39.765>cost <00:06:39.905>is <00:06:40.045>near <00:06:40.185>zero, <00:06:40.325>um,

168
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<00:06:42.355>then <00:06:42.548>you <00:06:42.742>might <00:06:42.935>as <00:06:43.129>well <00:06:43.322>do <00:06:43.515>it.

169
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<00:06:43.645>And <00:06:43.800>so <00:06:43.956>that <00:06:44.111>opens <00:06:44.267>up <00:06:44.422>to <00:06:44.578>a <00:06:44.733>lot <00:06:44.889>more, <00:06:45.044>uh,

170
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<00:06:46.085>application <00:06:46.435>type <00:06:46.784>specifically <00:06:47.135>around, <00:06:47.484>uh,

171
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<00:06:48.085>web <00:06:48.364>application <00:06:48.645>than <00:06:48.924>we <00:06:49.205>see <00:06:49.484>originally.

172
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<00:06:50.745>So <00:06:50.900>if <00:06:51.056>you <00:06:51.211>look <00:06:51.367>at <00:06:51.522>Bitcoin, <00:06:51.678>for <00:06:51.833>example, <00:06:51.989>really <00:06:52.145>is

173
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<00:06:53.505>for <00:06:54.108>store <00:06:54.711>value,

174
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<00:06:55.435>some <00:06:55.668>international <00:06:55.901>payments, <00:06:56.135>but <00:06:56.368>not <00:06:56.601>much <00:06:56.835>else.

175
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<00:06:57.645>Because <00:06:57.878>the <00:06:58.111>technology <00:06:58.344>is <00:06:58.578>expensive, <00:06:58.811>it's <00:06:59.044>slow.

176
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<00:07:00.245>It <00:07:00.420>doesn't <00:07:00.595>really <00:07:00.770>permit <00:07:00.945>you <00:07:01.120>to <00:07:01.295>build <00:07:01.470>anything <00:07:01.645>else

177
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<00:07:02.475>with <00:07:02.755>very, <00:07:03.035>very, <00:07:03.315>very <00:07:03.595>cheap <00:07:03.875>technology.

178
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<00:07:05.105>Um, <00:07:05.245>you <00:07:05.385>can <00:07:05.525>broaden <00:07:05.665>your <00:07:05.805>horizon <00:07:05.945>of <00:07:06.085>the <00:07:06.225>type <00:07:06.365>of <00:07:06.505>applications

179
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<00:07:07.925>that <00:07:08.133>can <00:07:08.342>benefit <00:07:08.551>from <00:07:08.760>those <00:07:08.969>systems.

180
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Mm-Hmm.

181
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<00:07:11.655>Thank <00:07:11.881>you. <00:07:12.108>That <00:07:12.334>sounds <00:07:12.561>actually <00:07:12.787>really <00:07:13.014>good.

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<00:07:13.665>But <00:07:13.840>being <00:07:14.015>a <00:07:14.190>dev, <00:07:14.365>let's <00:07:14.540>say <00:07:14.715>I'm <00:07:14.890>a <00:07:15.065>developer.

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<00:07:16.765>I'm <00:07:16.940>not <00:07:17.115>a <00:07:17.289>developer. <00:07:17.465>I <00:07:17.640>work <00:07:17.815>for <00:07:17.990>a <00:07:18.164>vc.

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<00:07:19.385>But <00:07:19.525>if <00:07:19.664>I <00:07:19.805>need <00:07:19.945>to <00:07:20.085>decide <00:07:20.224>where <00:07:20.365>to <00:07:20.505>start <00:07:20.645>my <00:07:20.784>journey,

185
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<00:07:24.105>and <00:07:24.305>I <00:07:24.505>know <00:07:24.705>we <00:07:24.905>need <00:07:25.105>several <00:07:25.305>blockchain <00:07:25.505>ecosystems

186
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<00:07:27.285>to <00:07:27.425>also <00:07:27.565>work <00:07:27.705>together <00:07:27.845>to <00:07:27.985>not <00:07:28.125>only <00:07:28.265>have <00:07:28.405>one <00:07:28.545>centralized <00:07:28.685>base,

187
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<00:07:31.995>decentralized, <00:07:32.695>centralized <00:07:33.395>entity,

188
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<00:07:33.725>because <00:07:34.013>we <00:07:34.301>have <00:07:34.589>many <00:07:34.877>opportunities

189
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<00:07:35.105>to <00:07:35.483>use <00:07:35.861>different <00:07:36.239>blockchains,

190
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<00:07:36.625>but <00:07:36.780>why <00:07:36.936>should <00:07:37.091>I <00:07:37.247>decide <00:07:37.402>to, <00:07:37.558>okay, <00:07:37.713>now <00:07:37.869>I <00:07:38.025>work

191
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<00:07:40.225>or <00:07:40.505>build <00:07:40.785>within <00:07:41.065>the <00:07:41.345>Tezos <00:07:41.625>ecosystem.

192
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<00:07:42.185>Now <00:07:42.385>I <00:07:42.585>built <00:07:42.785>within <00:07:42.985>the <00:07:43.185>a <00:07:43.385>grant <00:07:43.585>ecosystem.

193
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<00:07:44.155>What <00:07:44.310>tech <00:07:44.466>technical <00:07:44.621>advantages <00:07:44.777>does <00:07:44.932>both <00:07:45.088>of <00:07:45.243>you <00:07:45.399>guys <00:07:45.554>have?

194
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<00:07:50.195>Well, <00:07:50.328>I <00:07:50.462>would <00:07:50.595>say <00:07:50.729>one <00:07:50.862>of <00:07:50.996>the

195
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<00:07:51.085>technical <00:07:51.382>advantage <00:07:51.679>is <00:07:51.976>the <00:07:52.272>cost.

196
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<00:07:52.475>It's <00:07:52.615>always <00:07:52.755>been <00:07:52.895>shipped <00:07:53.035>to <00:07:53.175>build <00:07:53.315>on, <00:07:53.455>uh, <00:07:53.595>on <00:07:53.735>Tezos, <00:07:53.875>even

197
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<00:07:54.605>as <00:07:54.760>usage <00:07:54.916>of <00:07:55.071>Tezos, <00:07:55.227>increased <00:07:55.382>Tezos <00:07:55.538>has <00:07:55.693>always <00:07:55.849>killed <00:07:56.005>faster

198
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<00:07:57.315>than <00:07:57.470>the <00:07:57.626>demand <00:07:57.781>for, <00:07:57.937>uh, <00:07:58.092>for <00:07:58.248>transactions <00:07:58.403>on <00:07:58.559>the <00:07:58.715>chain.

199
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<00:08:00.185>Um, <00:08:00.385>and <00:08:00.585>has <00:08:00.785>a <00:08:00.985>very <00:08:01.185>impressive <00:08:01.385>track <00:08:01.585>record.

200
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<00:08:02.625>So <00:08:02.780>if <00:08:02.936>you <00:08:03.091>want <00:08:03.247>to <00:08:03.402>be <00:08:03.558>to <00:08:03.713>build <00:08:03.869>centralized <00:08:04.025>application

201
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<00:08:05.725>that's <00:08:05.880>going <00:08:06.036>to <00:08:06.191>have <00:08:06.347>a <00:08:06.502>permanent <00:08:06.658>home, <00:08:06.813>that <00:08:06.969>is, <00:08:07.125>uh,

202
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<00:08:08.405>ecosystem <00:08:08.580>is <00:08:08.755>a <00:08:08.929>very <00:08:09.104>good <00:08:09.280>place <00:08:09.455>to <00:08:09.630>do <00:08:09.804>that

203
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<00:08:10.045>because <00:08:10.240>you <00:08:10.435>know <00:08:10.631>that <00:08:10.826>it's <00:08:11.022>going <00:08:11.217>to <00:08:11.413>upgrade

204
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<00:08:11.565>and <00:08:11.705>it's <00:08:11.844>going <00:08:11.985>to <00:08:12.125>keep <00:08:12.265>up <00:08:12.405>with <00:08:12.545>the <00:08:12.685>technology <00:08:12.825>as <00:08:12.965>opposed

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<00:08:14.405>to <00:08:14.789>finding <00:08:15.173>yourself <00:08:15.557>somewhere

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<00:08:15.685>that's <00:08:15.951>a <00:08:16.217>technological <00:08:16.484>called <00:08:16.750>dead <00:08:17.017>end.

207
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<00:08:17.345>Now, <00:08:17.579>there's <00:08:17.813>many, <00:08:18.047>many <00:08:18.281>other <00:08:18.515>choices.

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<00:08:18.785>One <00:08:18.944>of <00:08:19.103>the <00:08:19.262>things <00:08:19.421>that <00:08:19.580>we're <00:08:19.739>building

209
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<00:08:19.865>to <00:08:20.145>make <00:08:20.425>it <00:08:20.705>particularly, <00:08:20.985>um, <00:08:21.265>attractive

210
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<00:08:22.045>to <00:08:22.429>developers <00:08:22.813>is <00:08:23.197>support

211
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<00:08:23.325>for <00:08:23.673>mainstream <00:08:24.021>programming <00:08:24.369>language.

212
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<00:08:24.825>So <00:08:25.000>we <00:08:25.175>have <00:08:25.349>a <00:08:25.525>project <00:08:25.700>called <00:08:25.875>Justice, <00:08:26.050>for <00:08:26.224>example,

213
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<00:08:26.805>which <00:08:27.085>lets <00:08:27.365>you <00:08:27.645>use, <00:08:27.925>um, <00:08:28.205>JavaScript

214
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<00:08:29.065>and <00:08:29.531>JavaScript <00:08:29.998>directly, <00:08:30.465>uh,

215
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<00:08:30.945>to <00:08:31.200>build <00:08:31.456>smart <00:08:31.711>contracts <00:08:31.967>on <00:08:32.222>Tezos.

216
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<00:08:32.365>Now, <00:08:32.520>for <00:08:32.676>a <00:08:32.831>long <00:08:32.987>time, <00:08:33.142>we've <00:08:33.298>had <00:08:33.453>smart <00:08:33.609>contract <00:08:33.765>languages

217
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<00:08:35.034>that <00:08:35.209>had <00:08:35.385>syntaxes <00:08:35.559>that <00:08:35.735>were <00:08:35.909>very <00:08:36.084>similar <00:08:36.260>to <00:08:36.434>JavaScript.

218
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<00:08:37.664>It <00:08:37.852>could <00:08:38.040>look <00:08:38.228>like <00:08:38.415>you <00:08:38.603>were <00:08:38.791>doing <00:08:38.979>JavaScript.

219
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<00:08:39.395>What <00:08:39.634>we're <00:08:39.873>bringing <00:08:40.113>here <00:08:40.352>is <00:08:40.592>different.

220
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<00:08:40.905>We <00:08:41.105>are <00:08:41.304>talking <00:08:41.505>about <00:08:41.704>a <00:08:41.905>real <00:08:42.105>JavaScript <00:08:42.304>inhibitor,

221
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<00:08:43.085>and <00:08:43.318>so <00:08:43.551>your <00:08:43.785>ability <00:08:44.018>to <00:08:44.251>use <00:08:44.485>JavaScript

222
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<00:08:45.665>and <00:08:45.894>all <00:08:46.123>of <00:08:46.353>its <00:08:46.583>libraries

223
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<00:08:46.685>and <00:08:46.859>all <00:08:47.035>of <00:08:47.209>the <00:08:47.385>development <00:08:47.560>environment <00:08:47.734>that <00:08:47.910>you're <00:08:48.084>familiar

224
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<00:08:48.405>with, <00:08:48.685>but <00:08:48.964>we're <00:08:49.245>not <00:08:49.525>stopping <00:08:49.805>there.

225
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<00:08:50.235>It's <00:08:50.694>JavaScript, <00:08:51.153>it's <00:08:51.612>Python,

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<00:08:51.865>and <00:08:52.005>ultimately, <00:08:52.145>um, <00:08:52.285>it's <00:08:52.425>any <00:08:52.565>language <00:08:52.705>that <00:08:52.845>you <00:08:52.985>can <00:08:53.125>run, <00:08:53.265>um,

227
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<00:08:55.065>in <00:08:55.306>a <00:08:55.547>unique <00:08:55.788>system, <00:08:56.029>for <00:08:56.271>example.

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<00:08:57.055>Right? <00:08:57.255>I <00:08:57.454>think <00:08:57.655>it's <00:08:57.854>a <00:08:58.055>great <00:08:58.255>point, <00:08:58.454>Arthur.

229
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<00:09:00.225>Um, <00:09:00.400>if <00:09:00.575>you <00:09:00.750>decide <00:09:00.925>your <00:09:01.100>application <00:09:01.275>can <00:09:01.450>benefit <00:09:01.625>from

230
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<00:09:03.805>blockchain, <00:09:03.979>where <00:09:04.155>it <00:09:04.329>falls <00:09:04.505>into <00:09:04.680>the <00:09:04.854>categories <00:09:05.030>I <00:09:05.204>mentioned

231
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<00:09:06.245>earlier, <00:09:06.525>disintermediation, <00:09:06.805>provenance, <00:09:07.085>root <00:09:07.365>of <00:09:07.645>trust,

232
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<00:09:10.565>those <00:09:10.765>kind <00:09:10.965>of <00:09:11.165>things <00:09:11.365>where <00:09:11.565>blockchain <00:09:11.765>adds <00:09:11.965>something,

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<00:09:13.435>then <00:09:13.609>I <00:09:13.785>think <00:09:13.959>building, <00:09:14.135>uh, <00:09:14.310>forget <00:09:14.484>about, <00:09:14.660>you <00:09:14.834>know,

234
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<00:09:17.485>giving <00:09:17.640>you <00:09:17.796>a <00:09:17.951>shill <00:09:18.107>or, <00:09:18.262>uh, <00:09:18.418>an <00:09:18.573>ad <00:09:18.729>for <00:09:18.885>gerand,

235
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<00:09:20.275>just <00:09:20.475>like <00:09:20.675>when <00:09:20.875>you're <00:09:21.074>selecting <00:09:21.275>your <00:09:21.475>message <00:09:21.675>bus

236
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<00:09:22.345>or <00:09:22.545>you're <00:09:22.745>select <00:09:22.945>selecting, <00:09:23.145>you <00:09:23.345>know, <00:09:23.545>your <00:09:23.745>database

237
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<00:09:24.925>and <00:09:25.141>you're <00:09:25.357>looking <00:09:25.573>at <00:09:25.789>the <00:09:26.005>characteristics

238
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<00:09:26.125>and <00:09:26.404>the <00:09:26.683>functional <00:09:26.962>non-functional, <00:09:27.241>you're,

239
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<00:09:27.365>you're <00:09:27.555>tr <00:09:27.745>requirements <00:09:27.935>you're <00:09:28.126>trying <00:09:28.316>to <00:09:28.506>meet, <00:09:28.697>uh,

240
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<00:09:28.915>with <00:09:29.070>any <00:09:29.226>technology <00:09:29.381>you <00:09:29.537>build <00:09:29.692>with, <00:09:29.848>um, <00:09:30.003>most <00:09:30.159>likely <00:09:30.314>with,

241
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<00:09:33.805>with <00:09:34.005>your <00:09:34.204>blockchain, <00:09:34.405>you're <00:09:34.604>gonna <00:09:34.805>care <00:09:35.005>about <00:09:35.204>security

242
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<00:09:35.665>or <00:09:35.805>you <00:09:35.944>wouldn't <00:09:36.084>be <00:09:36.224>doing <00:09:36.365>it <00:09:36.505>scalability, <00:09:36.645>you <00:09:36.785>know, <00:09:36.925>will <00:09:37.064>it,

243
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<00:09:38.485>will <00:09:38.718>it, <00:09:38.951>will <00:09:39.185>it <00:09:39.418>scale, <00:09:39.651>uh, <00:09:39.885>vertically

244
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<00:09:40.045>and <00:09:40.278>horizontally <00:09:40.511>to <00:09:40.745>meet <00:09:40.978>your <00:09:41.211>customer <00:09:41.444>demand?

245
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<00:09:42.225>And <00:09:42.615>then <00:09:43.005>resilience, <00:09:43.395>right?

246
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<00:09:43.625>Is <00:09:43.771>it <00:09:43.917>gonna <00:09:44.063>be <00:09:44.210>up <00:09:44.356>when <00:09:44.502>I <00:09:44.648>need <00:09:44.795>it?

247
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<00:09:45.105>If <00:09:45.232>I <00:09:45.359>have <00:09:45.486>this <00:09:45.614>as <00:09:45.741>a, <00:09:45.868>if <00:09:45.995>I <00:09:46.123>have <00:09:46.250>a <00:09:46.377>public <00:09:46.505>blockchain

248
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<00:09:46.765>as <00:09:46.939>a <00:09:47.115>critical <00:09:47.290>component, <00:09:47.465>when <00:09:47.640>in <00:09:47.814>my <00:09:47.990>application <00:09:48.165>stack,

249
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<00:09:49.345>am <00:09:49.601>I <00:09:49.858>gonna <00:09:50.114>have <00:09:50.371>problems

250
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<00:09:50.485>where <00:09:50.718>my <00:09:50.951>backend <00:09:51.185>is <00:09:51.418>running <00:09:51.651>fine <00:09:51.885>in

251
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<00:09:52.245>AWS <00:09:52.542>but <00:09:52.839>the <00:09:53.136>blockchain's <00:09:53.433>down?

252
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<00:09:53.865>And <00:09:54.005>so <00:09:54.145>I <00:09:54.285>think <00:09:54.425>when <00:09:54.565>you're <00:09:54.705>selecting, <00:09:54.845>uh, <00:09:54.985>a <00:09:55.125>blockchain, <00:09:55.265>uh,

253
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<00:09:57.185>you <00:09:57.367>know, <00:09:57.550>you <00:09:57.733>gotta, <00:09:57.916>you <00:09:58.099>gotta <00:09:58.283>do.

254
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<00:09:58.405>So <00:09:58.532>with <00:09:58.659>those <00:09:58.786>things <00:09:58.914>in <00:09:59.041>mind, <00:09:59.168>I <00:09:59.295>think <00:09:59.423>Gerand, <00:09:59.550>like <00:09:59.677>Tezos <00:09:59.805>is,

255
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<00:10:01.825>is <00:10:02.291>has <00:10:02.758>recognized, <00:10:03.225>um,

256
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<00:10:04.955>that <00:10:05.141>we <00:10:05.327>gotta <00:10:05.514>meet <00:10:05.700>developers <00:10:05.887>where <00:10:06.073>they <00:10:06.260>are.

257
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<00:10:06.585>And <00:10:06.818>asking <00:10:07.051>people <00:10:07.285>like <00:10:07.518>yourselves <00:10:07.751>to <00:10:07.985>come

258
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<00:10:09.165>and <00:10:09.398>learn <00:10:09.631>some <00:10:09.865>new <00:10:10.098>esoteric <00:10:10.331>programming <00:10:10.564>language

259
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<00:10:12.465>to <00:10:12.807>express <00:10:13.149>your <00:10:13.491>intent

260
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<00:10:13.625>or <00:10:13.800>your <00:10:13.975>business <00:10:14.150>logic <00:10:14.325>in <00:10:14.500>a <00:10:14.675>smart <00:10:14.850>contract, <00:10:15.025>uh,

261
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<00:10:16.265>in <00:10:16.465>some <00:10:16.665>syntactical <00:10:16.865>flavor <00:10:17.064>of <00:10:17.265>JavaScript <00:10:17.465>is <00:10:17.665>not

262
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<00:10:20.245>where <00:10:20.525>it's <00:10:20.805>at <00:10:21.085>when <00:10:21.365>you're <00:10:21.645>building

263
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<00:10:22.265>and <00:10:22.545>you <00:10:22.824>have <00:10:23.105>to <00:10:23.385>hire <00:10:23.665>developers.

264
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<00:10:23.945>You <00:10:24.164>don't <00:10:24.383>wanna <00:10:24.602>pay <00:10:24.821>them <00:10:25.040>20% <00:10:25.259>more

265
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<00:10:25.405>because <00:10:25.585>they <00:10:25.765>have <00:10:25.944>blockchain <00:10:26.125>in <00:10:26.305>their <00:10:26.485>title.

266
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<00:10:27.305>And <00:10:27.538>indeed, <00:10:27.771>when <00:10:28.005>you're <00:10:28.238>maintaining <00:10:28.471>the <00:10:28.704>software

267
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<00:10:29.565>that <00:10:29.736>you've <00:10:29.907>put <00:10:30.078>out <00:10:30.249>there, <00:10:30.420>you <00:10:30.591>also <00:10:30.762>wanna <00:10:30.933>do

268
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<00:10:31.085>so <00:10:31.301>in <00:10:31.517>a <00:10:31.733>cost <00:10:31.949>efficient <00:10:32.165>manner.

269
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<00:10:32.545>So <00:10:32.700>just <00:10:32.856>like <00:10:33.011>these <00:10:33.167>guys, <00:10:33.322>um, <00:10:33.478>we <00:10:33.633>are <00:10:33.789>focusing <00:10:33.944>on

270
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<00:10:36.885>bringing <00:10:37.235>syntactically <00:10:37.585>semantically <00:10:37.935>regular <00:10:38.285>programming

271
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<00:10:40.925>languages <00:10:41.064>to <00:10:41.204>developers <00:10:41.344>so <00:10:41.484>that <00:10:41.625>they <00:10:41.765>can <00:10:41.905>start <00:10:42.045>in <00:10:42.185>a <00:10:42.324>place

272
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<00:10:43.675>that <00:10:43.875>feels <00:10:44.074>normal, <00:10:44.275>IE <00:10:44.474>Python <00:10:44.675>type <00:10:44.875>script <00:10:45.074>without

273
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<00:10:47.405>being <00:10:47.639>a <00:10:47.873>derivative <00:10:48.107>of <00:10:48.341>them.

274
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<00:10:48.625>And <00:10:48.858>also <00:10:49.091>with <00:10:49.325>features <00:10:49.558>that <00:10:49.791>you <00:10:50.025>expect

275
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<00:10:50.325>and <00:10:50.480>you <00:10:50.636>grew <00:10:50.791>up <00:10:50.947>with, <00:10:51.102>like <00:10:51.258>line <00:10:51.413>by <00:10:51.569>line <00:10:51.725>debugging,

276
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<00:10:52.325>step <00:10:52.500>into <00:10:52.675>step <00:10:52.850>over <00:10:53.025>these <00:10:53.200>kind <00:10:53.375>of <00:10:53.550>normal <00:10:53.725>things

277
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<00:10:54.565>that <00:10:54.798>you <00:10:55.031>expect <00:10:55.265>from <00:10:55.498>a <00:10:55.731>developer <00:10:55.965>experience

278
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<00:10:56.795>that <00:10:57.074>have <00:10:57.354>not <00:10:57.635>really <00:10:57.915>been <00:10:58.194>available

279
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<00:10:58.865>for <00:10:59.215>blockchain <00:10:59.565>type <00:10:59.915>applications <00:11:00.265>before.

280
00:11:01.105 --> 00:11:03.965
<00:11:01.105>Uh, <00:11:01.245>the <00:11:01.385>industry <00:11:01.525>is <00:11:01.665>now <00:11:01.805>maturing <00:11:01.945>to <00:11:02.085>a <00:11:02.225>point <00:11:02.365>where, <00:11:02.505>uh,

281
00:11:04.225 --> 00:11:05.445
<00:11:04.225>you <00:11:04.444>have <00:11:04.664>these <00:11:04.883>type <00:11:05.103>of <00:11:05.323>tools.

282
00:11:07.825 --> 00:11:11.645
<00:11:07.825>You <00:11:07.980>guys <00:11:08.136>mentioned <00:11:08.291>applications <00:11:08.447>quite <00:11:08.602>a <00:11:08.758>lot <00:11:08.913>of <00:11:09.069>times <00:11:09.225>now,

283
00:11:12.495 --> 00:11:14.805
<00:11:12.495>maybe <00:11:12.695>we <00:11:12.895>go <00:11:13.095>a <00:11:13.295>little <00:11:13.495>bit <00:11:13.695>deeper <00:11:13.895>into

284
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<00:11:14.995>what <00:11:15.275>is <00:11:15.555>actually <00:11:15.835>being <00:11:16.115>built <00:11:16.395>currently

285
00:11:16.945 --> 00:11:19.725
<00:11:16.945>and <00:11:17.100>maybe <00:11:17.256>what <00:11:17.411>you <00:11:17.567>think <00:11:17.722>is <00:11:17.878>the <00:11:18.033>most <00:11:18.189>promising <00:11:18.345>project.

286
00:11:19.785 --> 00:11:21.525
<00:11:19.785>If <00:11:20.135>you <00:11:20.485>can <00:11:20.834>mention <00:11:21.185>one

287
00:11:21.525 --> 00:11:24.605
<00:11:21.525>or <00:11:21.699>two <00:11:21.875>things <00:11:22.050>that <00:11:22.225>are <00:11:22.400>being <00:11:22.574>built <00:11:22.750>within, <00:11:22.925>uh,

288
00:11:24.605 --> 00:11:26.245
<00:11:24.605>the <00:11:24.885>Tezos <00:11:25.165>ecosystem, <00:11:25.445>for <00:11:25.725>example, <00:11:26.005>now.

289
00:11:27.425 --> 00:11:29.885
<00:11:27.425>So <00:11:27.552>in <00:11:27.679>the <00:11:27.806>traditional <00:11:27.934>TE <00:11:28.061>ecosystem, <00:11:28.188>L <00:11:28.315>one, <00:11:28.443>we <00:11:28.570>have <00:11:28.697>a <00:11:28.824>lot

290
00:11:29.885 --> 00:11:32.045
<00:11:29.885>of <00:11:30.085>interesting <00:11:30.285>projects, <00:11:30.485>um, <00:11:30.685>in <00:11:30.885>the <00:11:31.085>art <00:11:31.285>space,

291
00:11:32.225 --> 00:11:33.885
<00:11:32.225>in <00:11:32.575>the <00:11:32.925>device <00:11:33.275>space, <00:11:33.625>um,

292
00:11:34.145 --> 00:11:37.325
<00:11:34.145>and <00:11:34.285>also <00:11:34.425>in <00:11:34.564>the, <00:11:34.704>uh, <00:11:34.845>uh, <00:11:34.985>in <00:11:35.125>the <00:11:35.265>gaming <00:11:35.405>space, <00:11:35.545>uh,

293
00:11:37.325 --> 00:11:40.885
<00:11:37.325>we've <00:11:37.480>seen <00:11:37.636>projects, <00:11:37.791>for <00:11:37.947>example, <00:11:38.102>um, <00:11:38.258>like, <00:11:38.413>uh, <00:11:38.569>stables, <00:11:38.725>uh,

294
00:11:40.885 --> 00:11:43.445
<00:11:40.885>which <00:11:41.060>was <00:11:41.235>backed <00:11:41.410>by <00:11:41.585>the, <00:11:41.760>uh, <00:11:41.935>French, <00:11:42.110>uh, <00:11:42.285>PMU,

295
00:11:43.445 --> 00:11:46.845
<00:11:43.445>which <00:11:43.620>is <00:11:43.795>the <00:11:43.970>largest <00:11:44.145>European <00:11:44.320>horse <00:11:44.495>racing, <00:11:44.670>uh, <00:11:44.845>company.

296
00:11:47.025 --> 00:11:48.485
<00:11:47.025>So <00:11:47.463>horse <00:11:47.901>racing <00:11:48.339>games.

297
00:11:48.945 --> 00:11:52.125
<00:11:48.945>Uh, <00:11:49.085>we've <00:11:49.225>also <00:11:49.365>seen, <00:11:49.505>uh, <00:11:49.645>a <00:11:49.785>lot <00:11:49.925>of, <00:11:50.065>uh, <00:11:50.205>casual, <00:11:50.345>uh,

298
00:11:52.125 --> 00:11:54.525
<00:11:52.125>mobile <00:11:52.325>gaming, <00:11:52.525>uh, <00:11:52.725>on, <00:11:52.925>on <00:11:53.125>on <00:11:53.325>tezo <00:11:53.525>pickup,

299
00:11:54.545 --> 00:11:56.325
<00:11:54.545>and <00:11:54.700>bring <00:11:54.856>a <00:11:55.011>lot <00:11:55.167>of, <00:11:55.322>uh, <00:11:55.478>users <00:11:55.633>on <00:11:55.789>the <00:11:55.944>chain.

300
00:11:56.895 --> 00:11:58.885
<00:11:56.895>We've <00:11:57.050>also <00:11:57.206>had <00:11:57.361>on <00:11:57.517>a <00:11:57.672>defi <00:11:57.828>side, <00:11:57.983>you <00:11:58.139>know, <00:11:58.295>platform.

301
00:11:58.885 --> 00:12:01.565
<00:11:58.885>We've <00:11:59.012>been <00:11:59.139>around, <00:11:59.266>uh, <00:11:59.394>for <00:11:59.521>a <00:11:59.648>while <00:11:59.775>now, <00:11:59.903>like <00:12:00.030>cubes <00:12:00.157>and, <00:12:00.285>uh,

302
00:12:01.565 --> 00:12:03.285
<00:12:01.565>and, <00:12:01.765>and, <00:12:01.965>and <00:12:02.165>plenty, <00:12:02.365>but <00:12:02.565>who <00:12:02.765>keep <00:12:02.965>innovating.

303
00:12:03.665 --> 00:12:07.085
<00:12:03.665>Um, <00:12:03.781>and <00:12:03.898>on <00:12:04.015>the <00:12:04.131>art <00:12:04.248>side, <00:12:04.365>of <00:12:04.481>course, <00:12:04.598>that's, <00:12:04.714>I <00:12:04.831>would <00:12:04.948>say, <00:12:05.064>uh,

304
00:12:07.305 --> 00:12:08.365
<00:12:07.305>one <00:12:07.543>of <00:12:07.781>the <00:12:08.020>most <00:12:08.259>visible

305
00:12:08.465 --> 00:12:10.245
<00:12:08.465>and <00:12:08.665>well-known <00:12:08.865>aspects <00:12:09.065>of <00:12:09.265>the <00:12:09.465>Tezo <00:12:09.665>L <00:12:09.865>one,

306
00:12:10.245 --> 00:12:12.885
<00:12:10.245>where <00:12:10.400>you <00:12:10.556>see <00:12:10.711>a <00:12:10.867>lot <00:12:11.022>of, <00:12:11.178>um, <00:12:11.333>artists <00:12:11.489>creating <00:12:11.645>innovating.

307
00:12:12.885 --> 00:12:15.805
<00:12:12.885>So <00:12:13.060>you'll <00:12:13.235>see <00:12:13.410>projects <00:12:13.585>like <00:12:13.760>fx, <00:12:13.935>um, <00:12:14.110>and <00:12:14.285>object.com.

308
00:12:16.385 --> 00:12:19.485
<00:12:16.385>Uh, <00:12:16.525>recently <00:12:16.665>on <00:12:16.805>Tezos, <00:12:16.944>we've <00:12:17.085>seen <00:12:17.225>the <00:12:17.365>launch <00:12:17.505>of <00:12:17.645>Ether <00:12:17.785>Link,

309
00:12:19.485 --> 00:12:22.565
<00:12:19.485>which <00:12:19.625>is <00:12:19.765>a <00:12:19.905>layer <00:12:20.045>two <00:12:20.185>solution <00:12:20.325>built <00:12:20.465>on <00:12:20.605>top <00:12:20.745>of <00:12:20.885>Tezos,

310
00:12:22.565 --> 00:12:24.125
<00:12:22.565>which <00:12:22.915>is <00:12:23.265>completely <00:12:23.615>EVM <00:12:23.965>compatible,

311
00:12:24.505 --> 00:12:25.645
<00:12:24.505>so <00:12:24.847>compatible <00:12:25.189>with <00:12:25.531>Ethereum.

312
00:12:25.645 --> 00:12:27.165
<00:12:25.645>And <00:12:25.816>you <00:12:25.987>were <00:12:26.158>asking, <00:12:26.329>you <00:12:26.500>know, <00:12:26.670>why <00:12:26.842>pick <00:12:27.012>Tezos?

313
00:12:27.165 --> 00:12:29.525
<00:12:27.165>Well, <00:12:27.305>one <00:12:27.444>of <00:12:27.584>the <00:12:27.724>reasons <00:12:27.865>is <00:12:28.005>that <00:12:28.145>if <00:12:28.285>you <00:12:28.425>are <00:12:28.564>unsure

314
00:12:29.725 --> 00:12:30.765
<00:12:29.725>what <00:12:30.037>ecosystem <00:12:30.349>to <00:12:30.661>pick,

315
00:12:31.105 --> 00:12:33.285
<00:12:31.105>and <00:12:31.260>you <00:12:31.416>pick <00:12:31.571>Ether <00:12:31.727>Link, <00:12:31.882>you <00:12:32.038>have <00:12:32.193>all <00:12:32.349>the <00:12:32.505>benefits

316
00:12:33.285 --> 00:12:35.165
<00:12:33.285>of <00:12:33.564>the <00:12:33.844>security <00:12:34.125>of <00:12:34.405>Tezos, <00:12:34.685>uh,

317
00:12:35.165 --> 00:12:36.285
<00:12:35.165>of <00:12:35.366>some <00:12:35.568>of <00:12:35.769>the <00:12:35.971>large <00:12:36.173>community.

318
00:12:36.285 --> 00:12:39.485
<00:12:36.285>But <00:12:36.440>at <00:12:36.596>the <00:12:36.751>same <00:12:36.907>time, <00:12:37.062>you're <00:12:37.218>also <00:12:37.373>saying <00:12:37.529>that, <00:12:37.685>well,

319
00:12:39.485 --> 00:12:41.765
<00:12:39.485>you <00:12:39.601>know, <00:12:39.718>if, <00:12:39.835>if, <00:12:39.951>if <00:12:40.068>for <00:12:40.185>some <00:12:40.301>reason <00:12:40.418>it <00:12:40.535>doesn't <00:12:40.651>work <00:12:40.768>for <00:12:40.885>me,

320
00:12:42.085 --> 00:12:44.245
<00:12:42.085>I <00:12:42.240>can <00:12:42.396>go <00:12:42.551>into <00:12:42.707>one <00:12:42.862>of <00:12:43.018>many, <00:12:43.173>many <00:12:43.329>other, <00:12:43.485>uh,

321
00:12:44.285 --> 00:12:45.525
<00:12:44.285>IVM <00:12:44.843>compatible <00:12:45.401>ecosystems.

322
00:12:45.865 --> 00:12:48.405
<00:12:45.865>Um, <00:12:46.065>like <00:12:46.265>of <00:12:46.465>course, <00:12:46.665>Ethereum <00:12:46.865>is <00:12:47.065>cell <00:12:47.265>twos

323
00:12:48.405 --> 00:12:49.725
<00:12:48.405>or <00:12:48.603>advantage <00:12:48.800>of <00:12:48.999>a <00:12:49.197>bunch <00:12:49.395>of <00:12:49.593>others.

324
00:12:50.105 --> 00:12:52.445
<00:12:50.105>So <00:12:50.245>essentially <00:12:50.385>it's <00:12:50.525>a, <00:12:50.665>it's <00:12:50.805>a, <00:12:50.945>it's <00:12:51.085>a <00:12:51.225>risk <00:12:51.365>free <00:12:51.505>proposal

325
00:12:52.505 --> 00:12:53.965
<00:12:52.505>for <00:12:52.724>people <00:12:52.943>to <00:12:53.162>start <00:12:53.381>being <00:12:53.600>on <00:12:53.819>eLink

326
00:12:54.145 --> 00:12:56.525
<00:12:54.145>and <00:12:54.319>on <00:12:54.495>Link, <00:12:54.670>we're <00:12:54.845>seeing <00:12:55.020>projects <00:12:55.194>launched <00:12:55.370>in <00:12:55.545>define,

327
00:12:56.525 --> 00:12:59.005
<00:12:56.525>like <00:12:56.725>JI, <00:12:56.925>for <00:12:57.125>example, <00:12:57.324>which <00:12:57.525>are <00:12:57.725>interesting, <00:12:57.925>uh,

328
00:12:59.285 --> 00:13:02.965
<00:12:59.285>projects <00:12:59.412>in <00:12:59.539>gaming <00:12:59.666>projects <00:12:59.794>in, <00:12:59.921>uh, <00:13:00.048>uh, <00:13:00.175>uh, <00:13:00.303>in <00:13:00.430>NFTs <00:13:00.557>as <00:13:00.685>well.

329
00:13:03.465 --> 00:13:06.085
<00:13:03.465>So <00:13:03.665>the <00:13:03.865>reason, <00:13:04.065>sorry. <00:13:04.265>It's <00:13:04.465>okay. <00:13:04.665>That's <00:13:04.865>okay.

330
00:13:06.185 --> 00:13:08.045
<00:13:06.185>The, <00:13:06.359>the, <00:13:06.535>the <00:13:06.709>reason <00:13:06.885>for <00:13:07.060>Ether <00:13:07.234>Link <00:13:07.410>was <00:13:07.584>not,

331
00:13:08.045 --> 00:13:09.405
<00:13:08.045>because <00:13:08.453>usually <00:13:08.861>layer <00:13:09.269>twos,

332
00:13:09.425 --> 00:13:11.005
<00:13:09.425>or <00:13:09.625>in <00:13:09.824>the <00:13:10.025>beginning, <00:13:10.224>it <00:13:10.425>was <00:13:10.625>like, <00:13:10.824>okay,

333
00:13:11.005 --> 00:13:14.005
<00:13:11.005>they <00:13:11.180>can <00:13:11.355>speed <00:13:11.530>up <00:13:11.705>basically <00:13:11.880>what <00:13:12.055>Ethereum <00:13:12.230>is <00:13:12.405>doing,

334
00:13:14.105 --> 00:13:16.325
<00:13:14.105>or <00:13:14.338>in <00:13:14.571>general, <00:13:14.805>it's <00:13:15.038>like <00:13:15.271>a <00:13:15.505>cheaper

335
00:13:16.505 --> 00:13:19.165
<00:13:16.505>and <00:13:16.785>yeah, <00:13:17.064>more <00:13:17.345>fast, <00:13:17.625>faster <00:13:17.905>layer.

336
00:13:19.425 --> 00:13:20.885
<00:13:19.425>But <00:13:19.753>for <00:13:20.082>Tezos, <00:13:20.410>it <00:13:20.739>means

337
00:13:20.905 --> 00:13:22.525
<00:13:20.905>to <00:13:21.371>be <00:13:21.838>also <00:13:22.305>interoperable

338
00:13:22.525 --> 00:13:24.445
<00:13:22.525>with <00:13:22.725>other <00:13:22.925>ecosystems. <00:13:23.125>Was <00:13:23.324>that <00:13:23.525>the <00:13:23.725>main <00:13:23.925>reason?

339
00:13:24.995 --> 00:13:27.405
<00:13:24.995>Yeah, <00:13:25.122>that's <00:13:25.249>right. <00:13:25.376>So <00:13:25.504>if <00:13:25.631>you, <00:13:25.758>if <00:13:25.885>you, <00:13:26.013>if <00:13:26.140>you <00:13:26.267>build <00:13:26.395>on,

340
00:13:27.405 --> 00:13:29.245
<00:13:27.405>uh, <00:13:27.579>so <00:13:27.755>eLink <00:13:27.930>is <00:13:28.105>a <00:13:28.280>little <00:13:28.454>different <00:13:28.630>than, <00:13:28.805>um,

341
00:13:29.245 --> 00:13:30.485
<00:13:29.245>Ethereum <00:13:29.803>L <00:13:30.361>twos,

342
00:13:30.685 --> 00:13:33.285
<00:13:30.685>Ethereum <00:13:30.840>L <00:13:30.996>twos <00:13:31.151>are <00:13:31.307>Ethereum <00:13:31.462>built <00:13:31.618>on <00:13:31.773>top <00:13:31.929>of <00:13:32.084>Ethereum.

343
00:13:33.345 --> 00:13:34.485
<00:13:33.345>One <00:13:33.491>thing <00:13:33.638>that <00:13:33.784>they <00:13:33.931>all <00:13:34.077>have <00:13:34.224>in <00:13:34.371>common,

344
00:13:34.485 --> 00:13:36.165
<00:13:34.485>that <00:13:34.718>they're <00:13:34.951>all <00:13:35.185>custodial <00:13:35.418>in <00:13:35.651>a <00:13:35.885>sense

345
00:13:36.165 --> 00:13:37.885
<00:13:36.165>that <00:13:36.398>if <00:13:36.631>you're <00:13:36.865>holding <00:13:37.098>tokens <00:13:37.331>on <00:13:37.564>base,

346
00:13:38.025 --> 00:13:39.565
<00:13:38.025>or <00:13:38.256>if <00:13:38.487>you're <00:13:38.718>holding <00:13:38.949>token <00:13:39.180>on <00:13:39.411>Polygon,

347
00:13:39.565 --> 00:13:41.405
<00:13:39.565>or <00:13:39.692>if <00:13:39.819>you're <00:13:39.946>holding <00:13:40.074>Token, <00:13:40.201>which <00:13:40.328>is <00:13:40.455>not <00:13:40.583>really <00:13:40.710>an <00:13:40.837>L <00:13:40.965>two,

348
00:13:41.665 --> 00:13:46.245
<00:13:41.665>um, <00:13:41.839>or <00:13:42.015>if <00:13:42.189>you're <00:13:42.365>holding <00:13:42.540>tokens <00:13:42.714>on, <00:13:42.890>uh, <00:13:43.064>optimism

349
00:13:46.305 --> 00:13:49.725
<00:13:46.305>or <00:13:46.505>arbitrary, <00:13:46.704>they're <00:13:46.905>somewhere <00:13:47.104>a <00:13:47.305>small <00:13:47.505>multi <00:13:47.704>multisignature

350
00:13:49.725 --> 00:13:51.365
<00:13:49.725>of <00:13:49.880>people <00:13:50.036>who <00:13:50.191>can <00:13:50.347>decide <00:13:50.502>to <00:13:50.658>take <00:13:50.813>all <00:13:50.969>your <00:13:51.125>coins.

351
00:13:51.365 --> 00:13:54.605
<00:13:51.365>And <00:13:51.565>yes, <00:13:51.765>they've <00:13:51.965>improved, <00:13:52.165>they've <00:13:52.365>added <00:13:52.565>like <00:13:52.765>security,

352
00:13:54.665 --> 00:13:56.565
<00:13:54.665>but <00:13:54.792>at <00:13:54.919>the <00:13:55.046>end <00:13:55.174>of <00:13:55.301>the <00:13:55.428>day, <00:13:55.555>it's <00:13:55.683>still <00:13:55.810>a <00:13:55.937>small <00:13:56.064>group

353
00:13:56.565 --> 00:13:57.805
<00:13:56.565>of <00:13:56.751>people <00:13:56.937>who <00:13:57.123>control <00:13:57.309>all <00:13:57.495>your <00:13:57.680>assets.

354
00:13:58.105 --> 00:14:00.325
<00:13:58.105>And <00:13:58.232>we've <00:13:58.359>seen <00:13:58.486>a <00:13:58.614>lot <00:13:58.741>of <00:13:58.868>bridges <00:13:58.995>being <00:13:59.123>hacked, <00:13:59.250>you <00:13:59.377>know, <00:13:59.505>um,

355
00:14:00.515 --> 00:14:02.325
<00:14:00.515>centralized <00:14:00.981>actors <00:14:01.448>like <00:14:01.915>exchanges

356
00:14:02.325 --> 00:14:04.125
<00:14:02.325>and <00:14:02.465>Bridge, <00:14:02.605>they <00:14:02.745>get <00:14:02.885>hacked <00:14:03.025>by <00:14:03.165>North <00:14:03.305>Korea <00:14:03.445>all <00:14:03.585>the <00:14:03.725>time.

357
00:14:04.125 --> 00:14:06.445
<00:14:04.125>And <00:14:04.265>so <00:14:04.405>that's <00:14:04.545>a <00:14:04.685>looming <00:14:04.825>risk <00:14:04.965>on <00:14:05.105>all <00:14:05.245>of <00:14:05.385>this <00:14:05.525>system.

358
00:14:06.825 --> 00:14:09.925
<00:14:06.825>Uh, <00:14:06.952>whereas, <00:14:07.079>uh, <00:14:07.206>Ethereum, <00:14:07.334>which <00:14:07.461>is, <00:14:07.588>uh, <00:14:07.715>an <00:14:07.843>L <00:14:07.970>2 <00:14:08.097>billion <00:14:08.225>lab

359
00:14:09.925 --> 00:14:13.325
<00:14:09.925>of <00:14:10.099>Tezos, <00:14:10.275>is <00:14:10.449>actually <00:14:10.625>a <00:14:10.800>decentralized, <00:14:10.974>uh, <00:14:11.150>roll <00:14:11.324>up.

360
00:14:13.785 --> 00:14:15.805
<00:14:13.785>And <00:14:13.959>it <00:14:14.135>gives <00:14:14.310>you <00:14:14.485>all <00:14:14.660>the <00:14:14.834>compatibility <00:14:15.010>with <00:14:15.185>Ethereum.

361
00:14:15.805 --> 00:14:16.885
<00:14:15.805>There's <00:14:16.128>bridging <00:14:16.453>to <00:14:16.777>Ethereum,

362
00:14:17.145 --> 00:14:19.525
<00:14:17.145>but <00:14:17.378>with <00:14:17.611>more <00:14:17.845>speed, <00:14:18.078>much <00:14:18.311>cheaper <00:14:18.545>transaction

363
00:14:19.705 --> 00:14:20.725
<00:14:19.705>and <00:14:19.934>built <00:14:20.164>on <00:14:20.393>lab <00:14:20.623>apti.

364
00:14:20.825 --> 00:14:22.445
<00:14:20.825>So <00:14:21.058>it <00:14:21.291>also <00:14:21.525>comes <00:14:21.758>with <00:14:21.991>the <00:14:22.225>governance

365
00:14:22.445 --> 00:14:24.405
<00:14:22.445>and <00:14:22.678>the <00:14:22.911>evolution <00:14:23.145>that <00:14:23.378>people <00:14:23.611>have <00:14:23.845>come

366
00:14:24.405 --> 00:14:25.845
<00:14:24.405>to <00:14:24.664>expect <00:14:24.923>out <00:14:25.182>of <00:14:25.441>the <00:14:25.701>ecosystem.

367
00:14:26.775 --> 00:14:28.485
<00:14:26.775>Thank <00:14:27.125>you. <00:14:27.475>And <00:14:27.824>just <00:14:28.175>FYI,

368
00:14:28.485 --> 00:14:30.725
<00:14:28.485>you <00:14:28.685>can <00:14:28.885>also <00:14:29.085>ask <00:14:29.285>questions <00:14:29.485>in <00:14:29.685>the <00:14:29.885>app.

369
00:14:30.885 --> 00:14:32.685
<00:14:30.885>I <00:14:31.060>think, <00:14:31.235>um, <00:14:31.410>we <00:14:31.585>will <00:14:31.760>read <00:14:31.935>them <00:14:32.110>out <00:14:32.285>loud,

370
00:14:32.785 --> 00:14:33.965
<00:14:32.785>so <00:14:33.050>don't <00:14:33.316>hesitate <00:14:33.581>to <00:14:33.847>do

371
00:14:33.965 --> 00:14:34.965
<00:14:33.965>That. <00:14:34.190>It's <00:14:34.415>only, <00:14:34.640>it's <00:14:34.865>only

372
00:14:34.965 --> 00:14:37.965
<00:14:34.965>15 <00:14:35.198>euros, <00:14:35.431>99 <00:14:35.665>cents <00:14:35.898>per <00:14:36.131>question. <00:14:36.365>Oh.

373
00:14:37.965 --> 00:14:39.525
<00:14:37.965>But <00:14:38.165>your <00:14:38.365>money <00:14:38.565>will <00:14:38.765>be <00:14:38.965>donated <00:14:39.165>to <00:14:39.365>children

374
00:14:39.625 --> 00:14:40.885
<00:14:39.625>or <00:14:39.814>something <00:14:40.003>like <00:14:40.192>that, <00:14:40.381>so <00:14:40.569>don't <00:14:40.759>worry.

375
00:14:42.195 --> 00:14:43.685
<00:14:42.195>Okay. <00:14:42.386>I <00:14:42.578>won't, <00:14:42.769>uh, <00:14:42.961>again, <00:14:43.152>I <00:14:43.344>don't <00:14:43.536>like

376
00:14:43.685 --> 00:14:45.645
<00:14:43.685>to <00:14:43.840>shield <00:14:43.996>too <00:14:44.151>hard <00:14:44.307>on, <00:14:44.462>on <00:14:44.618>applications <00:14:44.773>on <00:14:44.929>all <00:14:45.084>around.

377
00:14:45.645 --> 00:14:48.725
<00:14:45.645>I, <00:14:45.819>I'll <00:14:45.995>give <00:14:46.170>you <00:14:46.345>two <00:14:46.520>examples. <00:14:46.694>Um, <00:14:46.870>there's <00:14:47.045>parts

378
00:14:48.725 --> 00:14:50.925
<00:14:48.725>of <00:14:48.925>Afghanistan, <00:14:49.125>uh, <00:14:49.325>there's <00:14:49.525>parts <00:14:49.725>of <00:14:49.925>every <00:14:50.125>country,

379
00:14:51.090 --> 00:14:52.290
<00:14:51.090>I <00:14:51.306>suppose, <00:14:51.522>where <00:14:51.738>there's <00:14:51.954>disadvantaged <00:14:52.170>people,

380
00:14:52.290 --> 00:14:54.845
<00:14:52.290>but <00:14:52.464>there's <00:14:52.640>parts <00:14:52.814>of <00:14:52.990>Afghanistan <00:14:53.165>that <00:14:53.339>have <00:14:53.515>an <00:14:53.689>issue,

381
00:14:54.845 --> 00:14:57.565
<00:14:54.845>particularly <00:14:55.045>with, <00:14:55.245>uh, <00:14:55.445>women <00:14:55.645>having <00:14:55.845>access <00:14:56.045>to <00:14:56.245>financial,

382
00:14:57.715 --> 00:14:59.285
<00:14:57.715>financial <00:14:59.115>institutions.

383
00:14:59.865 --> 00:15:02.365
<00:14:59.865>And <00:15:00.020>so <00:15:00.176>there's <00:15:00.331>a <00:15:00.487>company <00:15:00.642>we're <00:15:00.798>working <00:15:00.953>with, <00:15:01.109>sorry, <00:15:01.265>well,

384
00:15:02.365 --> 00:15:03.525
<00:15:02.365>they <00:15:02.539>built <00:15:02.713>an <00:15:02.887>alga <00:15:03.061>on <00:15:03.235>their <00:15:03.409>own,

385
00:15:03.525 --> 00:15:05.805
<00:15:03.525>but <00:15:03.699>we <00:15:03.875>support <00:15:04.050>them <00:15:04.225>in <00:15:04.400>this <00:15:04.574>build <00:15:04.750>called <00:15:04.925>Hasse.

386
00:15:05.805 --> 00:15:07.565
<00:15:05.805>And <00:15:05.979>what <00:15:06.155>they've <00:15:06.329>done <00:15:06.505>really <00:15:06.680>is <00:15:06.854>created <00:15:07.030>digital <00:15:07.204>version

387
00:15:07.565 --> 00:15:09.805
<00:15:07.565>of <00:15:07.765>the <00:15:07.965>Afghan <00:15:08.165>Afghani, <00:15:08.365>the <00:15:08.565>currency <00:15:08.765>out <00:15:08.965>there,

388
00:15:10.265 --> 00:15:12.405
<00:15:10.265>and <00:15:10.405>they <00:15:10.545>give <00:15:10.685>women <00:15:10.824>who <00:15:10.965>have <00:15:11.105>a <00:15:11.245>cell <00:15:11.385>phone <00:15:11.525>out <00:15:11.665>there,

389
00:15:12.505 --> 00:15:13.685
<00:15:12.505>uh, <00:15:13.036>financial <00:15:13.567>independence.

390
00:15:14.105 --> 00:15:15.925
<00:15:14.105>And <00:15:14.232>the <00:15:14.359>first <00:15:14.486>thing <00:15:14.614>I <00:15:14.741>thought <00:15:14.868>about <00:15:14.995>when <00:15:15.123>I <00:15:15.250>heard <00:15:15.377>this <00:15:15.505>was

391
00:15:15.925 --> 00:15:17.485
<00:15:15.925>like, <00:15:16.204>yeah, <00:15:16.484>that's <00:15:16.765>cool, <00:15:17.045>but <00:15:17.324>like,

392
00:15:17.485 --> 00:15:19.445
<00:15:17.485>who's <00:15:17.718>gonna <00:15:17.951>take <00:15:18.185>their <00:15:18.418>digital <00:15:18.651>Afghan <00:15:18.885>token?

393
00:15:19.445 --> 00:15:20.845
<00:15:19.445>Right? <00:15:19.625>I <00:15:19.805>mean, <00:15:19.985>where <00:15:20.165>can <00:15:20.345>you <00:15:20.525>spend <00:15:20.705>that?

394
00:15:21.305 --> 00:15:23.565
<00:15:21.305>Um, <00:15:21.584>and <00:15:21.864>so <00:15:22.145>what's <00:15:22.425>been <00:15:22.704>wonderful

395
00:15:23.565 --> 00:15:26.285
<00:15:23.565>and <00:15:23.720>what's <00:15:23.876>really <00:15:24.031>made <00:15:24.187>the <00:15:24.342>solutions, <00:15:24.498>uh, <00:15:24.653>actually <00:15:24.809>work <00:15:24.965>is

396
00:15:26.285 --> 00:15:28.805
<00:15:26.285>that <00:15:26.485>there's <00:15:26.685>about <00:15:26.885>10,000 <00:15:27.084>merchants <00:15:27.285>within <00:15:27.485>the <00:15:27.685>region

397
00:15:28.835 --> 00:15:30.645
<00:15:28.835>that <00:15:29.115>accept <00:15:29.395>this <00:15:29.675>digital <00:15:29.955>Afghani, <00:15:30.235>right?

398
00:15:30.665 --> 00:15:32.485
<00:15:30.665>So <00:15:30.865>the, <00:15:31.064>the <00:15:31.265>system's <00:15:31.464>like <00:15:31.665>a <00:15:31.865>closed <00:15:32.064>loop.

399
00:15:32.785 --> 00:15:34.405
<00:15:32.785>So <00:15:33.018>now <00:15:33.251>people <00:15:33.485>who <00:15:33.718>didn't <00:15:33.951>have <00:15:34.185>financial

400
00:15:34.405 --> 00:15:35.525
<00:15:34.405>independence <00:15:34.741>now <00:15:35.077>have <00:15:35.413>it.

401
00:15:35.525 --> 00:15:36.645
<00:15:35.525>And <00:15:35.726>I <00:15:35.928>think <00:15:36.129>it's, <00:15:36.331>those <00:15:36.533>types

402
00:15:36.645 --> 00:15:39.165
<00:15:36.645>of <00:15:36.785>things <00:15:36.925>make <00:15:37.064>me <00:15:37.204>feel <00:15:37.345>good <00:15:37.485>about, <00:15:37.625>uh, <00:15:37.765>what <00:15:37.905>we're <00:15:38.045>doing.

403
00:15:39.825 --> 00:15:44.565
<00:15:39.825>Um, <00:15:39.980>maybe <00:15:40.136>one <00:15:40.291>other <00:15:40.447>example <00:15:40.602>is <00:15:40.758>a <00:15:40.913>company <00:15:41.069>called <00:15:41.225>Travelex.

404
00:15:44.745 --> 00:15:46.845
<00:15:44.745>Uh, <00:15:44.945>they <00:15:45.145>let <00:15:45.345>you <00:15:45.545>do <00:15:45.745>peer-to-peer <00:15:45.945>ticket <00:15:46.145>sales.

405
00:15:47.385 --> 00:15:48.645
<00:15:47.385>Now <00:15:47.668>it's <00:15:47.952>for <00:15:48.235>airplane <00:15:48.519>tickets.

406
00:15:48.825 --> 00:15:50.125
<00:15:48.825>And <00:15:49.020>most <00:15:49.215>people, <00:15:49.410>when <00:15:49.605>they <00:15:49.800>book <00:15:49.995>a

407
00:15:50.125 --> 00:15:51.245
<00:15:50.125>flight, <00:15:50.293>they <00:15:50.461>tend <00:15:50.629>to <00:15:50.797>go <00:15:50.965>on <00:15:51.133>it.

408
00:15:51.625 --> 00:15:54.165
<00:15:51.625>But <00:15:51.765>where <00:15:51.905>I'm <00:15:52.045>excited <00:15:52.185>is <00:15:52.325>where <00:15:52.465>we <00:15:52.605>can <00:15:52.745>kind <00:15:52.885>of <00:15:53.025>take

409
00:15:54.915 --> 00:15:58.365
<00:15:54.915>solutions <00:15:55.089>like <00:15:55.265>that <00:15:55.439>to <00:15:55.615>industries <00:15:55.790>that <00:15:55.964>I <00:15:56.140>currently <00:15:56.314>despise,

410
00:15:58.955 --> 00:16:00.445
<00:15:58.955>like, <00:15:59.402>you <00:15:59.849>know, <00:16:00.296>Ticketmaster

411
00:16:00.445 --> 00:16:02.885
<00:16:00.445>and <00:16:00.620>their <00:16:00.795>stranglehold <00:16:00.970>over <00:16:01.145>over <00:16:01.320>like <00:16:01.495>the <00:16:01.670>music <00:16:01.845>industry,

412
00:16:03.665 --> 00:16:06.165
<00:16:03.665>um, <00:16:04.015>like <00:16:04.365>Ticketmaster <00:16:04.714>discussed <00:16:05.064>me.

413
00:16:06.505 --> 00:16:08.605
<00:16:06.505>And, <00:16:06.680>uh, <00:16:06.855>if <00:16:07.030>we <00:16:07.205>can <00:16:07.380>kind <00:16:07.555>of <00:16:07.730>disintermediate <00:16:07.905>them

414
00:16:08.905 --> 00:16:11.125
<00:16:08.905>and <00:16:09.138>allow <00:16:09.371>artists <00:16:09.605>to <00:16:09.838>sell <00:16:10.071>their <00:16:10.305>tickets

415
00:16:11.265 --> 00:16:12.765
<00:16:11.265>or <00:16:11.457>venues <00:16:11.650>to <00:16:11.843>sell <00:16:12.036>the <00:16:12.229>tickets <00:16:12.422>to <00:16:12.615>people

416
00:16:12.785 --> 00:16:15.085
<00:16:12.785>and <00:16:13.018>have <00:16:13.251>those <00:16:13.485>tickets <00:16:13.718>be <00:16:13.951>fungible, <00:16:14.185>uh,

417
00:16:15.355 --> 00:16:18.965
<00:16:15.355>that <00:16:15.530>can <00:16:15.705>be <00:16:15.880>trustless <00:16:16.055>moved <00:16:16.230>between, <00:16:16.405>uh, <00:16:16.580>you <00:16:16.755>know,

418
00:16:18.995 --> 00:16:20.085
<00:16:18.995>fans <00:16:19.322>or <00:16:19.649>concert <00:16:19.976>callers.

419
00:16:20.275 --> 00:16:22.365
<00:16:20.275>There's <00:16:20.430>power <00:16:20.586>in <00:16:20.741>that. <00:16:20.897>And <00:16:21.052>I, <00:16:21.208>I <00:16:21.363>think, <00:16:21.519>you <00:16:21.675>know,

420
00:16:22.365 --> 00:16:26.085
<00:16:22.365>one <00:16:22.598>final <00:16:22.831>example <00:16:23.065>is, <00:16:23.298>um, <00:16:23.531>we've <00:16:23.765>worked

421
00:16:26.085 --> 00:16:28.485
<00:16:26.085>with <00:16:26.225>a <00:16:26.365>company <00:16:26.505>called <00:16:26.645>RA <00:16:26.785>to <00:16:26.925>tokenize <00:16:27.065>a <00:16:27.205>money <00:16:27.345>market <00:16:27.485>fund,

422
00:16:28.485 --> 00:16:31.405
<00:16:28.485>which <00:16:28.625>is <00:16:28.765>of <00:16:28.905>course <00:16:29.045>just, <00:16:29.185>you <00:16:29.325>know, <00:16:29.465>big <00:16:29.605>money <00:16:29.745>market, <00:16:29.885>uh,

423
00:16:32.815 --> 00:16:34.765
<00:16:32.815>funds, <00:16:32.955>which <00:16:33.095>is <00:16:33.235>not <00:16:33.375>that <00:16:33.515>interesting <00:16:33.655>to <00:16:33.795>a <00:16:33.935>lot <00:16:34.075>of <00:16:34.215>people.

424
00:16:34.785 --> 00:16:36.525
<00:16:34.785>But <00:16:34.940>what's <00:16:35.096>in <00:16:35.251>what <00:16:35.407>I <00:16:35.562>do <00:16:35.718>think <00:16:35.873>is <00:16:36.029>interesting <00:16:36.185>is

425
00:16:36.525 --> 00:16:37.965
<00:16:36.525>that <00:16:36.741>we've <00:16:36.957>been <00:16:37.173>able <00:16:37.389>to <00:16:37.605>drive <00:16:37.821>efficiency.

426
00:16:38.265 --> 00:16:40.525
<00:16:38.265>And <00:16:38.405>so <00:16:38.545>what <00:16:38.685>used <00:16:38.824>to <00:16:38.965>be <00:16:39.105>a, <00:16:39.245>a <00:16:39.385>two <00:16:39.525>day <00:16:39.665>settlement,

427
00:16:40.945 --> 00:16:43.085
<00:16:40.945>we <00:16:41.225>can <00:16:41.505>now <00:16:41.785>do, <00:16:42.065>um, <00:16:42.345>uh,

428
00:16:43.085 --> 00:16:45.325
<00:16:43.085>high <00:16:43.318>frequency <00:16:43.551>trading <00:16:43.785>on <00:16:44.018>a <00:16:44.251>tokenized <00:16:44.485>version

429
00:16:45.325 --> 00:16:47.645
<00:16:45.325>of <00:16:45.558>the <00:16:45.791>money <00:16:46.025>market <00:16:46.258>using <00:16:46.491>regulated <00:16:46.725>euro.

430
00:16:47.825 --> 00:16:50.285
<00:16:47.825>Uh, <00:16:48.025>that's <00:16:48.225>also, <00:16:48.425>uh, <00:16:48.625>an <00:16:48.825>electronic <00:16:49.025>money <00:16:49.225>token.

431
00:16:50.305 --> 00:16:54.605
<00:16:50.305>Uh, <00:16:50.479>that's, <00:16:50.655>uh, <00:16:50.829>uh, <00:16:51.005>EU <00:16:51.180>regulated, <00:16:51.354>an <00:16:51.530>EU <00:16:51.704>recognized,

432
00:16:54.605 --> 00:16:55.725
<00:16:54.605>uh, <00:16:54.806>version <00:16:55.008>of <00:16:55.209>Euro <00:16:55.411>on <00:16:55.613>chain.

433
00:16:55.745 --> 00:16:57.925
<00:16:55.745>So <00:16:55.945>there's <00:16:56.145>a <00:16:56.345>few <00:16:56.545>different <00:16:56.745>examples <00:16:56.945>there <00:16:57.145>of

434
00:16:57.925 --> 00:17:00.925
<00:16:57.925>where <00:16:58.125>we're <00:16:58.324>in <00:16:58.525>the <00:16:58.724>first <00:16:58.925>case <00:16:59.125>driving <00:16:59.324>impact

435
00:17:00.985 --> 00:17:02.005
<00:17:00.985>to <00:17:01.214>make <00:17:01.444>people's <00:17:01.673>lives <00:17:01.903>better.

436
00:17:02.425 --> 00:17:06.165
<00:17:02.425>In <00:17:02.599>the <00:17:02.775>second <00:17:02.949>case, <00:17:03.125>um, <00:17:03.300>emancipating <00:17:03.474>the <00:17:03.650>user, <00:17:03.824>uh,

437
00:17:06.395 --> 00:17:08.005
<00:17:06.395>from <00:17:06.675>the <00:17:06.954>stranglehold <00:17:07.234>of <00:17:07.514>the, <00:17:07.795>uh,

438
00:17:08.065 --> 00:17:09.445
<00:17:08.065>of <00:17:08.271>the <00:17:08.479>company <00:17:08.685>that's <00:17:08.893>providing <00:17:09.099>a <00:17:09.307>service.

439
00:17:09.745 --> 00:17:13.285
<00:17:09.744>And <00:17:09.900>in <00:17:10.056>the <00:17:10.211>third <00:17:10.367>case, <00:17:10.522>um, <00:17:10.678>driving <00:17:10.833>efficiencies <00:17:10.989>in <00:17:11.145>the,

440
00:17:13.425 --> 00:17:14.525
<00:17:13.425>uh, <00:17:13.672>in <00:17:13.920>the <00:17:14.167>financial <00:17:14.415>markets.

441
00:17:16.035 --> 00:17:18.725
<00:17:16.035>From <00:17:16.210>the <00:17:16.385>things <00:17:16.560>that <00:17:16.735>you've <00:17:16.910>mentioned, <00:17:17.085>um, <00:17:17.260>I <00:17:17.435>mean,

442
00:17:18.725 --> 00:17:21.325
<00:17:18.724>these <00:17:18.925>are <00:17:19.125>currently <00:17:19.324>things <00:17:19.524>that <00:17:19.724>are <00:17:19.925>taking <00:17:20.125>place,

443
00:17:21.395 --> 00:17:24.165
<00:17:21.395>they're <00:17:21.628>existing, <00:17:21.861>but, <00:17:22.095>um, <00:17:22.328>is <00:17:22.561>there <00:17:22.795>something

444
00:17:24.165 --> 00:17:27.045
<00:17:24.165>that <00:17:24.398>you <00:17:24.631>envision, <00:17:24.865>um, <00:17:25.098>also <00:17:25.331>for <00:17:25.565>blockchain

445
00:17:27.045 --> 00:17:28.485
<00:17:27.045>that <00:17:27.304>is <00:17:27.563>maybe <00:17:27.822>not <00:17:28.081>there <00:17:28.340>yet,

446
00:17:28.545 --> 00:17:30.765
<00:17:28.545>or <00:17:28.720>something <00:17:28.895>that <00:17:29.070>is <00:17:29.245>too <00:17:29.420>difficult <00:17:29.595>to <00:17:29.770>implement <00:17:29.945>yet?

447
00:17:32.135 --> 00:17:33.485
<00:17:32.135>Wanna <00:17:32.308>go <00:17:32.482>first? <00:17:32.655>That's <00:17:32.829>a <00:17:33.002>really <00:17:33.176>hard <00:17:33.350>question.

448
00:17:34.025 --> 00:17:36.805
<00:17:34.025>Um, <00:17:34.165>I, <00:17:34.305>I <00:17:34.445>think <00:17:34.585>there's <00:17:34.725>a <00:17:34.865>lot <00:17:35.005>of <00:17:35.145>use <00:17:35.285>cases, <00:17:35.425>which,

449
00:17:37.105 --> 00:17:39.365
<00:17:37.105>so <00:17:37.245>I <00:17:37.385>would <00:17:37.525>say <00:17:37.665>one <00:17:37.805>of, <00:17:37.945>one <00:17:38.085>of <00:17:38.225>the, <00:17:38.365>um, <00:17:38.505>strongest

450
00:17:39.925 --> 00:17:41.005
<00:17:39.925>independence <00:17:40.897>match

451
00:17:41.185 --> 00:17:43.685
<00:17:41.185>for <00:17:41.360>blockchain <00:17:41.534>technology <00:17:41.710>is, <00:17:41.885>has <00:17:42.060>to <00:17:42.235>do <00:17:42.409>with <00:17:42.585>finance.

452
00:17:44.145 --> 00:17:46.405
<00:17:44.145>And <00:17:44.272>the <00:17:44.399>main <00:17:44.526>reason <00:17:44.654>is <00:17:44.781>that <00:17:44.908>if <00:17:45.035>you <00:17:45.163>look <00:17:45.290>at <00:17:45.417>the <00:17:45.545>blockchain,

453
00:17:46.875 --> 00:17:49.805
<00:17:46.875>essentially <00:17:47.155>people <00:17:47.435>say <00:17:47.715>blockchains <00:17:47.995>are <00:17:48.275>immutable,

454
00:17:49.805 --> 00:17:50.885
<00:17:49.805>but <00:17:49.943>the <00:17:50.082>whole <00:17:50.221>point <00:17:50.360>of <00:17:50.499>a <00:17:50.638>blockchain <00:17:50.777>is

455
00:17:50.885 --> 00:17:52.365
<00:17:50.885>to <00:17:51.218>represent <00:17:51.551>a <00:17:51.884>mutation, <00:17:52.217>right?

456
00:17:52.385 --> 00:17:53.845
<00:17:52.385>The <00:17:52.531>whole <00:17:52.677>point <00:17:52.823>of <00:17:52.969>a <00:17:53.115>blockchain <00:17:53.261>is <00:17:53.407>that <00:17:53.553>you <00:17:53.699>want

457
00:17:53.845 --> 00:17:56.685
<00:17:53.845>to <00:17:54.020>have <00:17:54.195>a <00:17:54.370>shared <00:17:54.545>data <00:17:54.720>structure <00:17:54.895>that's <00:17:55.070>accessed <00:17:55.245>concurrently

458
00:17:56.895 --> 00:17:58.005
<00:17:56.895>where <00:17:57.144>people <00:17:57.394>can <00:17:57.644>do <00:17:57.894>mutation.

459
00:17:58.005 --> 00:17:59.405
<00:17:58.005>If <00:17:58.162>you <00:17:58.320>don't <00:17:58.477>wanna <00:17:58.635>do <00:17:58.792>a <00:17:58.950>mutation, <00:17:59.107>all <00:17:59.264>you,

460
00:17:59.405 --> 00:18:02.125
<00:17:59.405>all <00:17:59.560>you <00:17:59.716>have <00:17:59.871>is <00:18:00.027>a, <00:18:00.182>a <00:18:00.338>distributed <00:18:00.493>hash <00:18:00.649>table, <00:18:00.805>uh,

461
00:18:02.155 --> 00:18:03.365
<00:18:02.155>will <00:18:02.427>work <00:18:02.699>beautifully <00:18:02.971>for <00:18:03.244>you.

462
00:18:03.985 --> 00:18:05.885
<00:18:03.985>The <00:18:04.264>mutation <00:18:04.544>is <00:18:04.824>what <00:18:05.104>requires <00:18:05.385>consensus.

463
00:18:05.965 --> 00:18:07.845
<00:18:05.965>A <00:18:06.120>mutation <00:18:06.276>is <00:18:06.431>one, <00:18:06.587>you <00:18:06.742>have <00:18:06.898>a <00:18:07.053>double <00:18:07.209>spend <00:18:07.365>problem.

464
00:18:08.105 --> 00:18:09.165
<00:18:08.105>That's <00:18:08.343>the <00:18:08.581>problem <00:18:08.820>you're <00:18:09.059>solving.

465
00:18:09.185 --> 00:18:10.925
<00:18:09.185>And <00:18:09.340>if <00:18:09.496>you're <00:18:09.651>problem <00:18:09.807>that <00:18:09.962>if <00:18:10.118>you're <00:18:10.273>solving <00:18:10.429>that <00:18:10.585>problem,

466
00:18:10.945 --> 00:18:13.085
<00:18:10.945>it <00:18:11.120>means, <00:18:11.294>you <00:18:11.470>know, <00:18:11.645>assets <00:18:11.820>changing <00:18:11.995>hand <00:18:12.169>is <00:18:12.345>going

467
00:18:13.085 --> 00:18:15.965
<00:18:13.085>to <00:18:13.201>be <00:18:13.318>almost <00:18:13.435>a <00:18:13.551>constant <00:18:13.668>feature <00:18:13.785>of <00:18:13.901>a <00:18:14.018>lot <00:18:14.135>of, <00:18:14.251>uh, <00:18:14.368>this <00:18:14.485>thing.

468
00:18:16.025 --> 00:18:17.685
<00:18:16.025>And <00:18:16.258>those <00:18:16.491>assets <00:18:16.725>could <00:18:16.958>be <00:18:17.191>like <00:18:17.425>art

469
00:18:17.685 --> 00:18:18.725
<00:18:17.685>pieces, <00:18:17.872>it <00:18:18.059>could <00:18:18.246>be <00:18:18.433>game <00:18:18.620>items.

470
00:18:19.065 --> 00:18:20.645
<00:18:19.065>At <00:18:19.265>the <00:18:19.465>end <00:18:19.665>of <00:18:19.865>the <00:18:20.065>day, <00:18:20.265>you <00:18:20.465>know,

471
00:18:20.645 --> 00:18:22.685
<00:18:20.645>you <00:18:20.995>have <00:18:21.345>transactions, <00:18:21.695>uh, <00:18:22.045>happening.

472
00:18:23.185 --> 00:18:24.405
<00:18:23.185>And <00:18:23.368>for <00:18:23.551>a <00:18:23.734>lot <00:18:23.917>of <00:18:24.100>the <00:18:24.283>finance

473
00:18:24.405 --> 00:18:26.565
<00:18:24.405>that <00:18:24.580>we've <00:18:24.754>seen <00:18:24.930>on <00:18:25.105>blockchains <00:18:25.280>has <00:18:25.455>been <00:18:25.629>very <00:18:25.805>circular.

474
00:18:26.985 --> 00:18:29.125
<00:18:26.985>So <00:18:27.125>you <00:18:27.264>see <00:18:27.405>defi <00:18:27.544>and <00:18:27.685>what <00:18:27.824>do <00:18:27.965>people <00:18:28.104>do <00:18:28.245>in <00:18:28.385>Defi?

475
00:18:29.125 --> 00:18:31.605
<00:18:29.125>Well, <00:18:29.300>they <00:18:29.475>provide <00:18:29.650>liquidity <00:18:29.825>to <00:18:30.000>a <00:18:30.175>defi <00:18:30.350>protocol <00:18:30.525>so

476
00:18:31.605 --> 00:18:33.965
<00:18:31.605>that <00:18:31.745>they <00:18:31.885>can <00:18:32.025>receive <00:18:32.165>free <00:18:32.305>defi <00:18:32.445>tokens <00:18:32.585>that <00:18:32.725>they <00:18:32.865>will <00:18:33.005>use

477
00:18:34.025 --> 00:18:36.005
<00:18:34.025>to <00:18:34.258>stake, <00:18:34.491>to <00:18:34.725>receive <00:18:34.958>more <00:18:35.191>defi <00:18:35.425>tokens

478
00:18:36.115 --> 00:18:38.165
<00:18:36.115>that <00:18:36.315>will <00:18:36.515>trade <00:18:36.715>against <00:18:36.915>those <00:18:37.115>defi <00:18:37.315>token <00:18:37.515>finance.

479
00:18:38.425 --> 00:18:40.125
<00:18:38.425>And <00:18:38.600>there's <00:18:38.774>a <00:18:38.950>lot <00:18:39.125>of <00:18:39.300>innovation <00:18:39.475>from <00:18:39.649>a <00:18:39.825>technological

480
00:18:40.125 --> 00:18:41.365
<00:18:40.125>perspective, <00:18:41.241>um,

481
00:18:41.365 --> 00:18:43.125
<00:18:41.365>including <00:18:41.831>financial <00:18:42.298>engineering <00:18:42.765>perspective.

482
00:18:43.435 --> 00:18:46.645
<00:18:43.435>However, <00:18:43.635>um, <00:18:43.835>finance <00:18:44.034>has <00:18:44.235>to <00:18:44.435>find <00:18:44.635>into <00:18:44.835>something.

483
00:18:46.785 --> 00:18:49.365
<00:18:46.785>And <00:18:46.960>right <00:18:47.135>now <00:18:47.310>it's <00:18:47.485>not <00:18:47.660>really <00:18:47.835>financing, <00:18:48.010>uh, <00:18:48.185>anything.

484
00:18:49.365 --> 00:18:50.925
<00:18:49.365>There's <00:18:49.831>some <00:18:50.298>small <00:18:50.765>exceptions.

485
00:18:50.925 --> 00:18:53.365
<00:18:50.925>So <00:18:51.080>we, <00:18:51.236>we've <00:18:51.391>had, <00:18:51.547>for <00:18:51.702>example, <00:18:51.858>on <00:18:52.013>Tezos <00:18:52.169>also, <00:18:52.325>uh,

486
00:18:53.365 --> 00:18:55.845
<00:18:53.365>tokenization <00:18:53.598>of, <00:18:53.831>uh, <00:18:54.065>uh, <00:18:54.298>of <00:18:54.531>assets, <00:18:54.765>tokenization

487
00:18:55.845 --> 00:18:57.485
<00:18:55.845>of <00:18:56.125>funds, <00:18:56.405>um, <00:18:56.685>within <00:18:56.965>these <00:18:57.245>things.

488
00:18:57.505 --> 00:19:00.645
<00:18:57.505>But <00:18:57.645>they <00:18:57.785>haven't <00:18:57.925>really <00:18:58.065>been <00:18:58.205>able <00:18:58.345>so <00:18:58.485>far <00:18:58.625>to <00:18:58.765>be <00:18:58.905>married

489
00:19:00.645 --> 00:19:04.325
<00:19:00.645>with <00:19:00.845>the <00:19:01.045>simplicity <00:19:01.245>of <00:19:01.445>the, <00:19:01.645>uh, <00:19:01.845>defi <00:19:02.045>experience

490
00:19:04.345 --> 00:19:06.805
<00:19:04.345>to <00:19:04.520>be <00:19:04.695>very <00:19:04.870>similar, <00:19:05.045>to <00:19:05.220>have <00:19:05.395>the <00:19:05.570>same <00:19:05.745>sort

491
00:19:06.805 --> 00:19:08.445
<00:19:06.805>of <00:19:07.038>permissionless <00:19:07.271>innovation <00:19:07.505>you <00:19:07.738>see <00:19:07.971>in <00:19:08.205>Defi,

492
00:19:08.445 --> 00:19:12.365
<00:19:08.445>but <00:19:08.600>applied <00:19:08.756>to <00:19:08.911>assets, <00:19:09.067>uh, <00:19:09.222>that <00:19:09.378>have, <00:19:09.533>I <00:19:09.689>would <00:19:09.845>say,

493
00:19:12.365 --> 00:19:13.925
<00:19:12.365>some <00:19:12.715>actual <00:19:13.065>real <00:19:13.415>world <00:19:13.765>impact.

494
00:19:14.045 --> 00:19:16.805
<00:19:14.045>I <00:19:14.200>think <00:19:14.356>the <00:19:14.511>real <00:19:14.667>world <00:19:14.822>assets <00:19:14.978>thing <00:19:15.133>is, <00:19:15.289>uh, <00:19:15.445>overused

495
00:19:16.805 --> 00:19:18.005
<00:19:16.805>as <00:19:17.165>an <00:19:17.525>expression, <00:19:17.885>um,

496
00:19:18.005 --> 00:19:19.485
<00:19:18.005>because <00:19:18.227>everything <00:19:18.449>is <00:19:18.671>in <00:19:18.893>the <00:19:19.115>real <00:19:19.337>world.

497
00:19:19.485 --> 00:19:21.845
<00:19:19.485>But <00:19:19.625>in <00:19:19.764>some <00:19:19.905>sense, <00:19:20.044>I <00:19:20.185>would <00:19:20.324>say <00:19:20.465>things <00:19:20.604>which <00:19:20.745>are <00:19:20.885>economically

498
00:19:22.125 --> 00:19:24.605
<00:19:22.125>relevant, <00:19:22.405>um, <00:19:22.685>commodities, <00:19:22.965>for <00:19:23.245>example, <00:19:23.525>uh,

499
00:19:24.695 --> 00:19:26.805
<00:19:24.695>large <00:19:24.895>set <00:19:25.095>classes, <00:19:25.294>you <00:19:25.495>don't <00:19:25.695>really <00:19:25.895>see <00:19:26.095>those.

500
00:19:26.805 --> 00:19:29.325
<00:19:26.805>And <00:19:26.905>a <00:19:27.005>lot <00:19:27.105>of <00:19:27.205>this <00:19:27.305>has <00:19:27.405>to <00:19:27.505>do <00:19:27.605>with <00:19:27.705>the <00:19:27.805>fact <00:19:27.905>that <00:19:28.005>there's <00:19:28.105>a <00:19:28.205>lot

501
00:19:29.325 --> 00:19:31.565
<00:19:29.325>of, <00:19:29.605>uh, <00:19:29.885>friction <00:19:30.165>due <00:19:30.445>to <00:19:30.725>regulations.

502
00:19:31.635 --> 00:19:33.685
<00:19:31.635>It's <00:19:31.810>not <00:19:31.985>that <00:19:32.160>the <00:19:32.335>regulations <00:19:32.510>prevents <00:19:32.685>this <00:19:32.860>from <00:19:33.035>happening,

503
00:19:33.685 --> 00:19:35.805
<00:19:33.685>it's <00:19:33.860>just <00:19:34.034>that <00:19:34.210>they've <00:19:34.385>been <00:19:34.560>written <00:19:34.735>for <00:19:34.909>certain <00:19:35.085>systems

504
00:19:36.225 --> 00:19:38.685
<00:19:36.225>and <00:19:36.380>it <00:19:36.536>takes <00:19:36.691>time <00:19:36.847>for <00:19:37.002>them <00:19:37.158>to <00:19:37.313>be <00:19:37.469>adapted, <00:19:37.625>uh,

505
00:19:38.745 --> 00:19:42.285
<00:19:38.745>and <00:19:38.945>to <00:19:39.145>work <00:19:39.344>their <00:19:39.544>way <00:19:39.745>into, <00:19:39.945>uh, <00:19:40.145>uh,

506
00:19:42.285 --> 00:19:43.885
<00:19:42.285>supporting <00:19:42.985>blockchain <00:19:43.685>ecosystems.

507
00:19:44.745 --> 00:19:47.605
<00:19:44.745>Do <00:19:44.900>you <00:19:45.056>think <00:19:45.211>the <00:19:45.367>frictions <00:19:45.522>are <00:19:45.678>just <00:19:45.833>due <00:19:45.989>to <00:19:46.145>regulation

508
00:19:47.745 --> 00:19:51.485
<00:19:47.745>or <00:19:47.885>also <00:19:48.024>because <00:19:48.165>maybe <00:19:48.304>the <00:19:48.445>tech <00:19:48.584>is <00:19:48.725>not <00:19:48.864>where <00:19:49.004>it <00:19:49.145>should

509
00:19:51.785 --> 00:19:53.805
<00:19:51.785>For <00:19:52.065>traditional <00:19:52.345>for, <00:19:52.625>for <00:19:52.905>the <00:19:53.185>tokenization,

510
00:19:53.865 --> 00:19:55.925
<00:19:53.865>for <00:19:54.215>like <00:19:54.565>using <00:19:54.915>tokenized <00:19:55.265>assets?

511
00:19:56.705 --> 00:20:01.285
<00:19:56.705>Uh, <00:19:56.845>yes. <00:19:56.985>I <00:19:57.125>would <00:19:57.264>say <00:19:57.405>it's <00:19:57.544>like <00:19:57.685>maybe <00:19:57.824>85% <00:19:57.965>of <00:19:58.105>it.

512
00:20:01.745 --> 00:20:05.405
<00:20:01.745>The <00:20:01.885>other <00:20:02.024>15% <00:20:02.165>of <00:20:02.304>it <00:20:02.445>would <00:20:02.584>be <00:20:02.725>difficulties <00:20:02.864>around, <00:20:03.004>um, <00:20:03.145>IES

513
00:20:05.705 --> 00:20:08.525
<00:20:05.705>and, <00:20:05.832>uh, <00:20:05.959>you <00:20:06.086>know, <00:20:06.214>the, <00:20:06.341>the, <00:20:06.468>the, <00:20:06.595>so <00:20:06.723>some <00:20:06.850>of <00:20:06.977>the, <00:20:07.105>uh,

514
00:20:09.165 --> 00:20:12.165
<00:20:09.165>difficulties <00:20:09.365>that <00:20:09.565>people <00:20:09.764>have <00:20:09.965>with, <00:20:10.165>um, <00:20:10.365>uh, <00:20:10.565>PKI

515
00:20:12.165 --> 00:20:13.485
<00:20:12.165>and <00:20:12.334>this <00:20:12.504>type <00:20:12.674>of <00:20:12.843>things, <00:20:13.013>but <00:20:13.183>LA <00:20:13.352>largely,

516
00:20:13.605 --> 00:20:15.845
<00:20:13.605>I <00:20:13.838>would <00:20:14.071>say <00:20:14.305>they <00:20:14.538>are <00:20:14.771>regulatory <00:20:15.005>difficulties.

517
00:20:16.145 --> 00:20:19.325
<00:20:16.145>Um, <00:20:16.285>and <00:20:16.425>I, <00:20:16.565>I <00:20:16.705>think <00:20:16.845>they're <00:20:16.985>going <00:20:17.125>to <00:20:17.264>be <00:20:17.405>solved, <00:20:17.545>definitely

518
00:20:19.845 --> 00:20:21.565
<00:20:19.845>a <00:20:20.195>strong <00:20:20.545>willingness <00:20:20.895>performing <00:20:21.245>leaders

519
00:20:21.665 --> 00:20:24.285
<00:20:21.665>to <00:20:21.805>all <00:20:21.945>allow <00:20:22.085>this <00:20:22.225>type <00:20:22.365>of <00:20:22.504>activity <00:20:22.645>to <00:20:22.784>happen <00:20:22.925>on <00:20:23.065>blockchains.

520
00:20:24.505 --> 00:20:27.085
<00:20:24.505>Um, <00:20:24.645>it <00:20:24.785>just <00:20:24.925>needs <00:20:25.065>to, <00:20:25.205>um, <00:20:25.345>they <00:20:25.485>just, <00:20:25.625>you <00:20:25.765>just <00:20:25.905>need

521
00:20:27.085 --> 00:20:29.245
<00:20:27.085>to <00:20:27.240>have <00:20:27.396>a <00:20:27.551>good <00:20:27.707>fits <00:20:27.862>between <00:20:28.018>the <00:20:28.173>actual <00:20:28.329>regulatory <00:20:28.485>framework

522
00:20:29.245 --> 00:20:31.525
<00:20:29.245>that's <00:20:29.400>going <00:20:29.556>to <00:20:29.711>be <00:20:29.867>adopted <00:20:30.022>and <00:20:30.178>how <00:20:30.333>the <00:20:30.489>technology <00:20:30.645>works.

523
00:20:32.515 --> 00:20:35.365
<00:20:32.515>Yeah, <00:20:32.670>I <00:20:32.826>would <00:20:32.981>say, <00:20:33.137>um, <00:20:33.292>it's, <00:20:33.448>it's <00:20:33.603>an <00:20:33.759>interesting <00:20:33.915>question.

524
00:20:35.365 --> 00:20:36.765
<00:20:35.365>It's <00:20:35.575>a <00:20:35.785>hard <00:20:35.995>question. <00:20:36.205>The <00:20:36.415>question <00:20:36.625>is

525
00:20:36.765 --> 00:20:37.805
<00:20:36.765>basically, <00:20:36.999>what's <00:20:37.233>the <00:20:37.467>killer <00:20:37.701>app?

526
00:20:38.065 --> 00:20:40.365
<00:20:38.065>You <00:20:38.240>know, <00:20:38.415>what, <00:20:38.590>what <00:20:38.765>is <00:20:38.940>the <00:20:39.115>new <00:20:39.290>innovation <00:20:39.465>coming?

527
00:20:41.805 --> 00:20:44.605
<00:20:41.805>I <00:20:42.005>would <00:20:42.205>say <00:20:42.405>platforms <00:20:42.605>like, <00:20:42.805>like, <00:20:43.005>uh, <00:20:43.205>Gerran

528
00:20:44.605 --> 00:20:47.165
<00:20:44.605>and <00:20:44.838>Tezos, <00:20:45.071>uh, <00:20:45.305>are <00:20:45.538>usually <00:20:45.771>Turing <00:20:46.005>complete.

529
00:20:47.185 --> 00:20:49.765
<00:20:47.185>And <00:20:47.292>so <00:20:47.400>you <00:20:47.508>can <00:20:47.615>kind <00:20:47.723>of <00:20:47.831>do <00:20:47.938>anything <00:20:48.046>you <00:20:48.154>can <00:20:48.261>do <00:20:48.369>on <00:20:48.477>a <00:20:48.585>normal

530
00:20:50.045 --> 00:20:52.605
<00:20:50.045>computer <00:20:50.245>with <00:20:50.445>the <00:20:50.645>obvious <00:20:50.845>restriction <00:20:51.045>that <00:20:51.245>you <00:20:51.445>have

531
00:20:52.605 --> 00:20:53.645
<00:20:52.605>to <00:20:52.839>fit <00:20:53.073>into <00:20:53.307>a <00:20:53.541>contract.

532
00:20:54.385 --> 00:20:59.115
<00:20:54.385>Um, <00:20:54.501>what <00:20:54.618>I <00:20:54.735>think <00:20:54.851>I <00:20:54.968>would <00:20:55.085>like <00:20:55.201>people <00:20:55.318>to <00:20:55.435>take <00:20:55.551>away, <00:20:55.668>uh, <00:20:55.785>from,

533
00:20:59.415 --> 00:21:03.755
<00:20:59.415>you <00:20:59.542>know, <00:20:59.669>my <00:20:59.796>talks <00:20:59.924>at, <00:21:00.051>at, <00:21:00.178>at <00:21:00.305>we <00:21:00.433>are <00:21:00.560>developers <00:21:00.687>is <00:21:00.815>that

534
00:21:04.555 --> 00:21:06.155
<00:21:04.555>gerand <00:21:04.905>and <00:21:05.255>the <00:21:05.605>other, <00:21:05.955>uh,

535
00:21:06.155 --> 00:21:08.875
<00:21:06.155>programmable <00:21:06.388>blockchains <00:21:06.621>are <00:21:06.855>just <00:21:07.088>another, <00:21:07.321>uh, <00:21:07.555>tool

536
00:21:08.895 --> 00:21:12.595
<00:21:08.895>or <00:21:09.070>framework, <00:21:09.245>uh, <00:21:09.420>in <00:21:09.595>your <00:21:09.770>toolbox <00:21:09.945>for <00:21:10.120>realizing <00:21:10.295>solutions

537
00:21:12.815 --> 00:21:13.955
<00:21:12.815>for <00:21:13.328>specific <00:21:13.841>requirements.

538
00:21:14.145 --> 00:21:18.035
<00:21:14.145>It's <00:21:14.285>like, <00:21:14.425>it's <00:21:14.565>not <00:21:14.705>gonna <00:21:14.845>sprinkle <00:21:14.985>fairy <00:21:15.125>dust <00:21:15.264>over <00:21:15.405>your, <00:21:15.545>uh,

539
00:21:18.425 --> 00:21:21.675
<00:21:18.425>over <00:21:18.580>your <00:21:18.736>solution, <00:21:18.891>but <00:21:19.047>where <00:21:19.202>you, <00:21:19.358>where <00:21:19.513>it's, <00:21:19.669>uh, <00:21:19.825>able

540
00:21:21.675 --> 00:21:23.555
<00:21:21.675>to <00:21:21.908>drive <00:21:22.141>value <00:21:22.375>for <00:21:22.608>your <00:21:22.841>end <00:21:23.075>user.

541
00:21:23.835 --> 00:21:25.555
<00:21:23.835>I <00:21:23.990>think <00:21:24.146>it <00:21:24.301>can <00:21:24.457>be <00:21:24.612>a <00:21:24.768>very <00:21:24.923>powerful <00:21:25.079>value <00:21:25.235>add.

542
00:21:27.475 --> 00:21:30.215
<00:21:27.475>Are <00:21:27.630>you <00:21:27.786>also <00:21:27.941>doing <00:21:28.097>something <00:21:28.252>with <00:21:28.408>ai? <00:21:28.563>'cause <00:21:28.719>we <00:21:28.875>spoke

543
00:21:30.215 --> 00:21:31.215
<00:21:30.215>About <00:21:30.439>this. <00:21:30.665>Yeah, <00:21:30.889>so, <00:21:31.115>you

544
00:21:31.215 --> 00:21:32.415
<00:21:31.215>know, <00:21:31.431>the <00:21:31.647>AI <00:21:31.862>thing <00:21:32.079>is <00:21:32.295>interesting.

545
00:21:32.555 --> 00:21:34.615
<00:21:32.555>Uh, <00:21:32.835>I, <00:21:33.115>um, <00:21:33.395>like <00:21:33.675>most <00:21:33.955>people

546
00:21:35.485 --> 00:21:37.215
<00:21:35.485>thought <00:21:35.951>convolutional <00:21:36.418>neural <00:21:36.885>networks

547
00:21:37.215 --> 00:21:39.335
<00:21:37.215>and <00:21:37.370>recurrent <00:21:37.526>neural <00:21:37.681>networks <00:21:37.837>were <00:21:37.992>cool <00:21:38.148>when <00:21:38.303>they <00:21:38.459>came <00:21:38.615>out

548
00:21:39.335 --> 00:21:43.015
<00:21:39.335>first, <00:21:39.490>and <00:21:39.646>we <00:21:39.801>could <00:21:39.957>like <00:21:40.112>use <00:21:40.268>like <00:21:40.423>Dragon <00:21:40.579>Magic <00:21:40.735>Dictaphone

549
00:21:43.015 --> 00:21:44.055
<00:21:43.015>to <00:21:43.249>talk <00:21:43.483>to <00:21:43.717>our <00:21:43.951>computers.

550
00:21:44.155 --> 00:21:46.135
<00:21:44.155>Uh, <00:21:44.310>back <00:21:44.466>when <00:21:44.621>Windows <00:21:44.777>95 <00:21:44.932>was <00:21:45.088>cool, <00:21:45.243>by <00:21:45.399>the <00:21:45.555>way,

551
00:21:46.135 --> 00:21:48.175
<00:21:46.135>great <00:21:46.485>T-shirt, <00:21:46.835>uh, <00:21:47.185>Arthur's <00:21:47.535>got,

552
00:21:48.185 --> 00:21:49.455
<00:21:48.185>let's, <00:21:48.375>let's <00:21:48.566>all <00:21:48.756>be <00:21:48.947>real <00:21:49.137>about <00:21:49.328>that.

553
00:21:50.035 --> 00:21:52.535
<00:21:50.035>Um, <00:21:50.268>and <00:21:50.501>of <00:21:50.735>course <00:21:50.968>Transformers <00:21:51.201>haven't, <00:21:51.435>right?

554
00:21:52.835 --> 00:21:55.615
<00:21:52.835>And <00:21:53.115>then, <00:21:53.395>um, <00:21:53.675>GPUs <00:21:53.955>got <00:21:54.235>fast

555
00:21:55.995 --> 00:21:58.855
<00:21:55.995>and <00:21:56.169>now <00:21:56.344>we <00:21:56.520>have <00:21:56.695>LLMs, <00:21:56.870>which <00:21:57.044>are <00:21:57.219>incredibly <00:21:57.395>impressive.

556
00:21:59.075 --> 00:22:03.675
<00:21:59.075>In <00:21:59.275>fact, <00:21:59.475>I <00:21:59.675>have <00:21:59.875>like, <00:22:00.075>um, <00:22:00.275>Meta's, <00:22:00.475>uh,

557
00:22:04.075 --> 00:22:06.395
<00:22:04.075>LLM <00:22:04.355>on <00:22:04.635>my, <00:22:04.915>on <00:22:05.195>my <00:22:05.475>laptop.

558
00:22:06.395 --> 00:22:08.075
<00:22:06.395>It's, <00:22:06.675>it's, <00:22:06.955>it's <00:22:07.235>like <00:22:07.514>eight <00:22:07.795>gigabytes

559
00:22:08.375 --> 00:22:10.195
<00:22:08.375>and <00:22:08.575>it <00:22:08.775>essentially <00:22:08.975>knows <00:22:09.175>a <00:22:09.375>lot <00:22:09.575>about <00:22:09.775>everything.

560
00:22:10.225 --> 00:22:11.835
<00:22:10.225>It's <00:22:10.691>incredible <00:22:11.158>compression <00:22:11.625>technology.

561
00:22:12.335 --> 00:22:14.355
<00:22:12.335>Um, <00:22:13.035>you <00:22:13.735>know,

562
00:22:14.355 --> 00:22:16.915
<00:22:14.355>someone <00:22:14.495>asked <00:22:14.635>me <00:22:14.775>at <00:22:14.915>a <00:22:15.055>conference <00:22:15.195>like <00:22:15.335>about <00:22:15.475>six <00:22:15.615>months <00:22:15.755>ago,

563
00:22:17.055 --> 00:22:19.275
<00:22:17.055>oh, <00:22:17.255>what's <00:22:17.455>the <00:22:17.655>intersection <00:22:17.855>between <00:22:18.055>blockchain <00:22:18.255>and <00:22:18.455>ai?

564
00:22:19.495 --> 00:22:21.315
<00:22:19.495>And <00:22:19.669>I <00:22:19.844>thought, <00:22:20.020>what <00:22:20.195>a <00:22:20.370>load <00:22:20.544>of <00:22:20.719>horse <00:22:20.895>s**t,

565
00:22:21.445 --> 00:22:23.835
<00:22:21.445>there <00:22:21.645>is <00:22:21.845>no <00:22:22.044>intersection <00:22:22.245>between <00:22:22.445>blockchain <00:22:22.645>and <00:22:22.845>ai

566
00:22:24.195 --> 00:22:25.875
<00:22:24.195>because <00:22:24.428>I <00:22:24.661>was <00:22:24.895>like <00:22:25.128>a <00:22:25.361>distributed <00:22:25.595>ledger.

567
00:22:26.685 --> 00:22:28.535
<00:22:26.685>Okay, <00:22:26.918>yeah. <00:22:27.151>And <00:22:27.385>your, <00:22:27.618>your <00:22:27.851>crypto <00:22:28.085>tokens,

568
00:22:28.595 --> 00:22:30.295
<00:22:28.595>how <00:22:28.875>do <00:22:29.155>they <00:22:29.435>marry <00:22:29.715>with <00:22:29.995>LLMs?

569
00:22:30.835 --> 00:22:32.335
<00:22:30.835>And <00:22:31.060>my <00:22:31.285>first <00:22:31.510>naive <00:22:31.735>thought <00:22:31.960>was, <00:22:32.185>oh,

570
00:22:32.335 --> 00:22:35.615
<00:22:32.335>maybe <00:22:32.462>you <00:22:32.589>might <00:22:32.716>call <00:22:32.844>an <00:22:32.971>l <00:22:33.098>an <00:22:33.225>inference <00:22:33.353>on <00:22:33.480>an <00:22:33.607>LLM <00:22:33.735>from,

571
00:22:35.725 --> 00:22:37.735
<00:22:35.725>from <00:22:36.004>a <00:22:36.284>contract <00:22:36.564>true <00:22:36.844>in <00:22:37.125>Oracle

572
00:22:37.835 --> 00:22:39.815
<00:22:37.835>or <00:22:38.115>some <00:22:38.395>other <00:22:38.675>convoluted, <00:22:38.955>uh, <00:22:39.235>methodology.

573
00:22:40.155 --> 00:22:42.335
<00:22:40.155>Um, <00:22:40.388>but <00:22:40.621>actually <00:22:40.855>I've <00:22:41.088>changed <00:22:41.321>my <00:22:41.555>mind

574
00:22:42.985 --> 00:22:44.205
<00:22:42.985>and <00:22:43.168>I <00:22:43.351>think <00:22:43.533>that <00:22:43.716>there <00:22:43.899>might <00:22:44.082>be

575
00:22:44.745 --> 00:22:46.845
<00:22:44.745>two <00:22:44.945>interesting <00:22:45.145>things <00:22:45.344>that <00:22:45.544>I've <00:22:45.745>seen <00:22:45.945>so <00:22:46.145>far.

576
00:22:47.665 --> 00:22:49.965
<00:22:47.665>The <00:22:48.014>first <00:22:48.365>is <00:22:48.715>we've <00:22:49.065>seen

577
00:22:49.965 --> 00:22:52.045
<00:22:49.965>how <00:22:50.139>good <00:22:50.314>the <00:22:50.490>generative <00:22:50.665>video <00:22:50.840>stuff <00:22:51.014>has <00:22:51.189>gotten, <00:22:51.365>right?

578
00:22:52.265 --> 00:22:55.165
<00:22:52.265>And <00:22:52.498>so <00:22:52.731>the <00:22:52.965>provenance <00:22:53.198>of <00:22:53.431>images, <00:22:53.665>video

579
00:22:55.425 --> 00:22:57.485
<00:22:55.425>and <00:22:55.565>news, <00:22:55.705>I <00:22:55.845>think <00:22:55.985>it's <00:22:56.125>gonna <00:22:56.264>get <00:22:56.405>more <00:22:56.544>and <00:22:56.685>more <00:22:56.825>important.

580
00:22:57.625 --> 00:22:59.085
<00:22:57.625>You <00:22:57.812>only <00:22:58.000>gotta <00:22:58.188>look <00:22:58.375>at, <00:22:58.563>at <00:22:58.751>what <00:22:58.939>happened

581
00:22:59.085 --> 00:23:00.765
<00:22:59.085>with <00:22:59.435>Donald <00:22:59.785>Trump <00:23:00.135>getting <00:23:00.485>attacked

582
00:23:00.785 --> 00:23:02.485
<00:23:00.785>or, <00:23:01.018>uh, <00:23:01.251>tried <00:23:01.485>to <00:23:01.718>be <00:23:01.951>assassinated <00:23:02.185>there

583
00:23:02.705 --> 00:23:04.245
<00:23:02.705>and <00:23:02.903>the <00:23:03.101>amount <00:23:03.299>of <00:23:03.496>stuff <00:23:03.695>that <00:23:03.892>was <00:23:04.091>circulating

584
00:23:04.705 --> 00:23:06.605
<00:23:04.705>and <00:23:04.860>there <00:23:05.016>was <00:23:05.171>no <00:23:05.327>source <00:23:05.482>on <00:23:05.638>the <00:23:05.793>images <00:23:05.949>and <00:23:06.105>stuff.

585
00:23:06.605 --> 00:23:09.205
<00:23:06.605>I <00:23:06.780>think <00:23:06.955>blockchains <00:23:07.130>could <00:23:07.305>be <00:23:07.480>helpful <00:23:07.655>in <00:23:07.830>like <00:23:08.005>timestamping

586
00:23:09.225 --> 00:23:10.885
<00:23:09.225>or <00:23:09.504>ensuring <00:23:09.784>the <00:23:10.064>veracity <00:23:10.344>of <00:23:10.625>information.

587
00:23:11.265 --> 00:23:12.445
<00:23:11.265>The <00:23:11.416>second <00:23:11.568>thing <00:23:11.720>is <00:23:11.871>a <00:23:12.023>bit <00:23:12.175>more <00:23:12.327>tangible.

588
00:23:12.565 --> 00:23:16.045
<00:23:12.565>I <00:23:12.692>think <00:23:12.819>it's <00:23:12.946>cooler. <00:23:13.074>I <00:23:13.201>was <00:23:13.328>talking <00:23:13.455>to <00:23:13.583>some <00:23:13.710>really <00:23:13.837>smart, <00:23:13.965>uh,

589
00:23:16.235 --> 00:23:17.645
<00:23:16.235>kids <00:23:16.869>from <00:23:17.504>AWS

590
00:23:17.645 --> 00:23:19.845
<00:23:17.645>and <00:23:17.820>they're <00:23:17.995>looking <00:23:18.170>at <00:23:18.345>training <00:23:18.520>LLMs <00:23:18.695>in <00:23:18.870>a <00:23:19.045>distributed

591
00:23:19.845 --> 00:23:23.325
<00:23:19.845>context <00:23:20.045>using, <00:23:20.245>uh, <00:23:20.445>distributed <00:23:20.645>systems <00:23:20.845>like <00:23:21.045>algal <00:23:21.245>run.

592
00:23:23.745 --> 00:23:26.045
<00:23:23.745>And <00:23:23.919>so <00:23:24.094>what's <00:23:24.270>cool <00:23:24.445>about <00:23:24.620>that <00:23:24.794>is, <00:23:24.969>you <00:23:25.145>know,

593
00:23:26.145 --> 00:23:28.725
<00:23:26.145>the <00:23:26.300>power <00:23:26.456>overhead <00:23:26.611>and <00:23:26.767>of <00:23:26.922>course <00:23:27.078>the, <00:23:27.233>the <00:23:27.389>compute <00:23:27.545>overhead

594
00:23:28.725 --> 00:23:30.285
<00:23:28.725>to <00:23:29.004>train <00:23:29.284>an <00:23:29.564>LLM <00:23:29.844>is <00:23:30.125>ginormous.

595
00:23:30.505 --> 00:23:31.565
<00:23:30.505>And <00:23:30.823>right <00:23:31.141>now, <00:23:31.459>uh,

596
00:23:31.765 --> 00:23:33.485
<00:23:31.765>companies <00:23:31.940>like <00:23:32.115>Meta <00:23:32.290>give <00:23:32.465>us <00:23:32.640>their <00:23:32.815>LLMs <00:23:32.990>for <00:23:33.165>free.

597
00:23:33.605 --> 00:23:36.125
<00:23:33.605>I <00:23:33.780>mean, <00:23:33.955>it's <00:23:34.130>unbelievable. <00:23:34.305>It <00:23:34.480>must <00:23:34.655>have <00:23:34.830>cost <00:23:35.005>hundreds

598
00:23:36.125 --> 00:23:38.765
<00:23:36.125>of <00:23:36.300>millions <00:23:36.475>of <00:23:36.650>dollars <00:23:36.825>to <00:23:37.000>train, <00:23:37.175>uh, <00:23:37.350>Lama <00:23:37.525>three.

599
00:23:38.915 --> 00:23:41.045
<00:23:38.915>Okay. <00:23:39.195>How <00:23:39.475>long <00:23:39.754>will <00:23:40.034>that <00:23:40.315>last?

600
00:23:41.105 --> 00:23:42.205
<00:23:41.105>How <00:23:41.270>long <00:23:41.435>will <00:23:41.600>it <00:23:41.764>be <00:23:41.929>the <00:23:42.095>case

601
00:23:42.205 --> 00:23:44.325
<00:23:42.205>that <00:23:42.405>you <00:23:42.605>get <00:23:42.804>free <00:23:43.004>LLMs <00:23:43.205>outta <00:23:43.405>big <00:23:43.605>companies?

602
00:23:45.165 --> 00:23:48.085
<00:23:45.165>I <00:23:45.292>think, <00:23:45.419>um, <00:23:45.546>the <00:23:45.674>idea <00:23:45.801>that <00:23:45.928>you <00:23:46.055>would <00:23:46.183>help <00:23:46.310>train <00:23:46.437>a <00:23:46.565>model

603
00:23:48.145 --> 00:23:50.445
<00:23:48.145>and <00:23:48.300>then <00:23:48.456>get <00:23:48.611>some <00:23:48.767>credit <00:23:48.922>towards <00:23:49.078>inference <00:23:49.233>on <00:23:49.389>that <00:23:49.545>model,

604
00:23:50.945 --> 00:23:54.285
<00:23:50.945>if <00:23:51.052>we <00:23:51.160>can <00:23:51.268>solve <00:23:51.375>the <00:23:51.483>problem <00:23:51.591>of <00:23:51.698>doing <00:23:51.806>so <00:23:51.914>in <00:23:52.021>a <00:23:52.129>way <00:23:52.237>that <00:23:52.345>is,

605
00:23:55.225 --> 00:23:57.805
<00:23:55.225>um, <00:23:55.399>that <00:23:55.574>the, <00:23:55.750>the <00:23:55.925>correctness <00:23:56.100>of <00:23:56.274>the <00:23:56.449>training, <00:23:56.625>uh,

606
00:23:57.805 --> 00:24:00.005
<00:23:57.805>can <00:23:58.005>withstand <00:23:58.205>some <00:23:58.405>kind <00:23:58.605>of <00:23:58.805>entine <00:23:59.005>fault <00:23:59.205>tolerance,

607
00:24:00.065 --> 00:24:01.405
<00:24:00.065>that's <00:24:00.467>an <00:24:00.869>exciting <00:24:01.271>area,

608
00:24:01.425 --> 00:24:02.845
<00:24:01.425>and <00:24:01.584>I <00:24:01.744>think <00:24:01.904>it <00:24:02.064>could <00:24:02.223>be <00:24:02.383>a <00:24:02.543>natural <00:24:02.703>marriage

609
00:24:02.845 --> 00:24:03.885
<00:24:02.845>for <00:24:03.157>blockchain <00:24:03.469>and <00:24:03.781>ai.

610
00:24:05.385 --> 00:24:09.445
<00:24:05.385>So, <00:24:05.525>um, <00:24:05.665>yeah, <00:24:05.805>I <00:24:05.945>would <00:24:06.085>say <00:24:06.225>like, <00:24:06.365>like <00:24:06.504>John, <00:24:06.645>I, <00:24:06.785>uh,

611
00:24:09.515 --> 00:24:10.765
<00:24:09.515>when <00:24:09.675>I <00:24:09.836>look <00:24:09.997>at <00:24:10.157>this, <00:24:10.318>I <00:24:10.479>don't <00:24:10.640>think

612
00:24:10.765 --> 00:24:11.845
<00:24:10.765>this <00:24:11.008>is <00:24:11.251>a <00:24:11.494>null <00:24:11.737>intersection.

613
00:24:11.985 --> 00:24:14.685
<00:24:11.985>You <00:24:12.140>know, <00:24:12.296>any, <00:24:12.451>anything <00:24:12.607>is <00:24:12.762>going <00:24:12.918>to <00:24:13.073>intersect <00:24:13.229>with <00:24:13.385>anything.

614
00:24:14.685 --> 00:24:16.445
<00:24:14.685>If <00:24:14.918>you <00:24:15.151>look <00:24:15.385>at <00:24:15.618>the <00:24:15.851>plumbing <00:24:16.085>industry

615
00:24:16.505 --> 00:24:18.645
<00:24:16.505>and, <00:24:16.645>uh, <00:24:16.785>if <00:24:16.925>you <00:24:17.065>look <00:24:17.205>at <00:24:17.345>the <00:24:17.485>baking <00:24:17.625>industry, <00:24:17.765>you <00:24:17.905>know,

616
00:24:18.805 --> 00:24:20.765
<00:24:18.805>sometime <00:24:18.960>a <00:24:19.116>baker <00:24:19.271>needs <00:24:19.427>a <00:24:19.582>plumber <00:24:19.738>to <00:24:19.893>come <00:24:20.049>over, <00:24:20.205>uh,

617
00:24:20.765 --> 00:24:23.205
<00:24:20.765>but <00:24:20.920>it, <00:24:21.076>it's, <00:24:21.231>it's <00:24:21.387>intersection <00:24:21.542>you <00:24:21.698>would <00:24:21.853>expect <00:24:22.009>if <00:24:22.165>there's

618
00:24:23.205 --> 00:24:24.645
<00:24:23.205>not <00:24:23.464>like <00:24:23.723>very, <00:24:23.982>very <00:24:24.241>strong <00:24:24.501>synergies.

619
00:24:24.695 --> 00:24:28.125
<00:24:24.695>There <00:24:24.835>are <00:24:24.975>some <00:24:25.115>though, <00:24:25.254>um, <00:24:25.395>so <00:24:25.534>for <00:24:25.675>example, <00:24:25.814>the <00:24:25.955>fact <00:24:26.095>that

620
00:24:28.865 --> 00:24:30.325
<00:24:28.865>LMS <00:24:28.996>are <00:24:29.127>going <00:24:29.259>to <00:24:29.390>be <00:24:29.522>doing <00:24:29.653>a <00:24:29.784>lot <00:24:29.916>of <00:24:30.047>the <00:24:30.179>coding,

621
00:24:30.445 --> 00:24:32.485
<00:24:30.445>I <00:24:30.600>think <00:24:30.756>in <00:24:30.911>the <00:24:31.067>future, <00:24:31.222>uh, <00:24:31.378>means <00:24:31.533>that <00:24:31.689>it's <00:24:31.845>important

622
00:24:32.545 --> 00:24:35.045
<00:24:32.545>to <00:24:32.778>have <00:24:33.011>programming <00:24:33.245>languages <00:24:33.478>that <00:24:33.711>are <00:24:33.945>useful

623
00:24:35.045 --> 00:24:37.565
<00:24:35.045>for <00:24:35.220>your <00:24:35.395>blockchain, <00:24:35.570>which <00:24:35.745>have <00:24:35.920>very <00:24:36.095>wide <00:24:36.270>corpus <00:24:36.445>so

624
00:24:37.565 --> 00:24:39.045
<00:24:37.565>that <00:24:37.898>programmers <00:24:38.231>can <00:24:38.564>use, <00:24:38.897>um,

625
00:24:39.205 --> 00:24:41.485
<00:24:39.205>autocomplete <00:24:39.485>features <00:24:39.764>like <00:24:40.044>copilot <00:24:40.324>very <00:24:40.605>efficiently.

626
00:24:41.585 --> 00:24:43.565
<00:24:41.585>Uh, <00:24:41.725>it's <00:24:41.865>just <00:24:42.005>like <00:24:42.145>one, <00:24:42.285>one <00:24:42.425>small <00:24:42.565>thing, <00:24:42.705>but <00:24:42.845>it <00:24:42.985>matters.

627
00:24:43.825 --> 00:24:47.085
<00:24:43.825>Um, <00:24:43.965>I <00:24:44.105>also <00:24:44.245>think <00:24:44.385>it's <00:24:44.525>going <00:24:44.665>to <00:24:44.805>make <00:24:44.945>formal <00:24:45.085>verification, <00:24:45.225>um,

628
00:24:48.035 --> 00:24:49.085
<00:24:48.035>much <00:24:48.507>more <00:24:48.980>automatable.

629
00:24:49.545 --> 00:24:52.805
<00:24:49.545>And <00:24:49.700>so <00:24:49.856>having, <00:24:50.011>um, <00:24:50.167>like <00:24:50.322>bidding <00:24:50.478>more <00:24:50.633>on <00:24:50.789>the <00:24:50.945>fact

630
00:24:52.805 --> 00:24:55.565
<00:24:52.805>that <00:24:52.945>those <00:24:53.085>languages <00:24:53.225>are <00:24:53.365>going <00:24:53.505>to <00:24:53.645>be <00:24:53.785>verified, <00:24:53.925>I <00:24:54.065>think <00:24:54.205>is,

631
00:24:55.565 --> 00:24:58.925
<00:24:55.565>um, <00:24:55.740>is <00:24:55.915>an <00:24:56.090>important, <00:24:56.265>um, <00:24:56.440>directions <00:24:56.615>to <00:24:56.790>good <00:24:56.965>words.

632
00:24:59.055 --> 00:25:01.725
<00:24:59.055>We've <00:24:59.255>worked <00:24:59.455>a <00:24:59.655>lot <00:24:59.855>on <00:25:00.055>having <00:25:00.255>formal <00:25:00.455>notification

633
00:25:01.725 --> 00:25:03.685
<00:25:01.725>that <00:25:01.925>was <00:25:02.125>easy <00:25:02.324>to <00:25:02.524>do <00:25:02.725>on <00:25:02.925>smart <00:25:03.125>contracts,

634
00:25:03.685 --> 00:25:04.845
<00:25:03.685>but <00:25:03.859>if <00:25:04.033>it's <00:25:04.206>going <00:25:04.381>to <00:25:04.555>be <00:25:04.729>automated,

635
00:25:05.025 --> 00:25:06.445
<00:25:05.025>it <00:25:05.207>changes <00:25:05.390>a <00:25:05.572>little <00:25:05.755>bit <00:25:05.937>what <00:25:06.120>you <00:25:06.303>want.

636
00:25:07.025 --> 00:25:09.485
<00:25:07.025>Um, <00:25:07.225>in <00:25:07.425>terms <00:25:07.625>of, <00:25:07.825>uh, <00:25:08.025>decentralized <00:25:08.225>training, <00:25:08.425>I'm,

637
00:25:09.485 --> 00:25:11.325
<00:25:09.485>I'm <00:25:09.718>more <00:25:09.951>skeptical <00:25:10.185>because <00:25:10.418>fundamentally <00:25:10.651>the <00:25:10.885>training

638
00:25:11.325 --> 00:25:13.125
<00:25:11.325>of <00:25:11.558>large <00:25:11.791>models <00:25:12.025>today <00:25:12.258>is <00:25:12.491>latency <00:25:12.725>bound,

639
00:25:13.135 --> 00:25:15.445
<00:25:13.135>which <00:25:13.275>is <00:25:13.415>why <00:25:13.555>people <00:25:13.695>have <00:25:13.835>this <00:25:13.975>like <00:25:14.115>big <00:25:14.254>infinity <00:25:14.395>band <00:25:14.535>saying,

640
00:25:15.445 --> 00:25:18.205
<00:25:15.445>and <00:25:15.585>like <00:25:15.725>every, <00:25:15.865>you <00:25:16.004>know, <00:25:16.145>everything <00:25:16.284>in <00:25:16.425>one <00:25:16.564>data <00:25:16.705>center, <00:25:16.845>uh,

641
00:25:18.515 --> 00:25:19.565
<00:25:18.515>that <00:25:18.704>could <00:25:18.893>change <00:25:19.082>in <00:25:19.271>the <00:25:19.460>future.

642
00:25:19.585 --> 00:25:22.725
<00:25:19.585>Of <00:25:19.785>course, <00:25:19.985>however, <00:25:20.185>inference <00:25:20.385>is <00:25:20.585>less <00:25:20.785>latency <00:25:20.985>buy-ins,

643
00:25:23.025 --> 00:25:24.285
<00:25:23.025>so <00:25:23.308>maybe <00:25:23.592>like <00:25:23.875>inference <00:25:24.159>network.

644
00:25:24.535 --> 00:25:26.005
<00:25:24.535>We'll, <00:25:24.799>um, <00:25:25.064>we'll <00:25:25.328>see, <00:25:25.593>but <00:25:25.858>I'm,

645
00:25:26.005 --> 00:25:27.125
<00:25:26.005>I'm <00:25:26.173>a <00:25:26.341>bit <00:25:26.509>more <00:25:26.677>skeptical <00:25:26.845>on <00:25:27.013>that.

646
00:25:28.645 --> 00:25:30.805
<00:25:28.645>Interesting. <00:25:28.995>Do <00:25:29.345>we <00:25:29.695>have <00:25:30.045>questions?

647
00:25:30.875 --> 00:25:31.805
<00:25:30.875>Okay, <00:25:31.154>we <00:25:31.433>have <00:25:31.712>questions

648
00:25:31.805 --> 00:25:33.045
<00:25:31.805>because <00:25:31.964>I <00:25:32.123>was <00:25:32.283>just <00:25:32.442>looking <00:25:32.602>at <00:25:32.761>the <00:25:32.921>time.

649
00:25:33.245 --> 00:25:35.765
<00:25:33.245>I <00:25:33.419>also <00:25:33.594>have <00:25:33.770>questions, <00:25:33.945>but <00:25:34.120>your <00:25:34.294>question <00:25:34.469>go <00:25:34.645>first.

650
00:25:36.915 --> 00:25:40.605
<00:25:36.915>Yeah, <00:25:37.055>let's <00:25:37.195>see <00:25:37.335>what <00:25:37.475>the <00:25:37.615>audience <00:25:37.754>wants <00:25:37.895>to <00:25:38.034>know <00:25:38.175>from <00:25:38.315>you.

651
00:25:40.825 --> 00:25:44.285
<00:25:40.825>And <00:25:41.000>I <00:25:41.175>would <00:25:41.350>like <00:25:41.525>to <00:25:41.700>start <00:25:41.875>with <00:25:42.050>the <00:25:42.225>topic

652
00:25:44.385 --> 00:25:45.965
<00:25:44.385>of <00:25:45.085>mass <00:25:45.785>adoption.

653
00:25:46.825 --> 00:25:51.805
<00:25:46.825>So <00:25:47.025>one <00:25:47.225>question <00:25:47.425>is, <00:25:47.625>what <00:25:47.825>is <00:25:48.025>incentivizing <00:25:48.225>companies

654
00:25:51.805 --> 00:25:53.445
<00:25:51.805>to <00:25:52.155>give <00:25:52.505>up <00:25:52.855>their <00:25:53.205>serenity?

655
00:25:53.955 --> 00:25:56.565
<00:25:53.955>What <00:25:54.235>is <00:25:54.514>incentivizing <00:25:54.794>the <00:25:55.074>general <00:25:55.355>public

656
00:25:56.665 --> 00:26:00.485
<00:25:56.665>to <00:25:56.805>give <00:25:56.945>up <00:25:57.085>on <00:25:57.225>user <00:25:57.365>experience <00:25:57.504>if <00:25:57.645>they <00:25:57.784>don't <00:25:57.925>care <00:25:58.065>about

657
00:26:00.665 --> 00:26:02.325
<00:26:00.665>decentralization <00:26:01.365>or <00:26:02.065>security?

658
00:26:05.355 --> 00:26:06.925
<00:26:05.355>Well, <00:26:05.588>I <00:26:05.821>think <00:26:06.055>there's <00:26:06.288>a <00:26:06.521>couple <00:26:06.755>things.

659
00:26:06.945 --> 00:26:09.925
<00:26:06.945>So, <00:26:07.072>uh, <00:26:07.199>as <00:26:07.326>a <00:26:07.454>large <00:26:07.581>company, <00:26:07.708>sometimes <00:26:07.835>you <00:26:07.963>want <00:26:08.090>to <00:26:08.217>be <00:26:08.345>able,

660
00:26:10.025 --> 00:26:11.845
<00:26:10.025>you <00:26:10.225>want <00:26:10.425>to <00:26:10.625>tie <00:26:10.825>your <00:26:11.025>hands <00:26:11.225>because, <00:26:11.425>um,

661
00:26:11.845 --> 00:26:14.245
<00:26:11.845>that <00:26:12.045>will <00:26:12.245>be <00:26:12.445>a <00:26:12.645>user <00:26:12.845>acquisition <00:26:13.045>strategy, <00:26:13.245>right?

662
00:26:14.245 --> 00:26:16.725
<00:26:14.245>So <00:26:14.372>if <00:26:14.499>you <00:26:14.626>have <00:26:14.754>users <00:26:14.881>of <00:26:15.008>a <00:26:15.135>social <00:26:15.263>network <00:26:15.390>and <00:26:15.517>you <00:26:15.645>know,

663
00:26:16.725 --> 00:26:19.445
<00:26:16.725>and <00:26:16.899>the <00:26:17.074>monopolistic <00:26:17.250>social <00:26:17.425>network <00:26:17.600>is <00:26:17.774>abusing <00:26:17.949>its <00:26:18.125>power

664
00:26:19.505 --> 00:26:22.165
<00:26:19.505>and <00:26:19.645>you <00:26:19.785>want <00:26:19.925>to <00:26:20.065>attract <00:26:20.205>users <00:26:20.345>to <00:26:20.485>your <00:26:20.625>other <00:26:20.765>social <00:26:20.905>network,

665
00:26:22.225 --> 00:26:24.165
<00:26:22.225>you <00:26:22.380>have <00:26:22.536>to <00:26:22.691>offer <00:26:22.847>users <00:26:23.002>something <00:26:23.158>that <00:26:23.313>they <00:26:23.469>don't <00:26:23.625>have.

666
00:26:24.165 --> 00:26:26.885
<00:26:24.165>And <00:26:24.320>you <00:26:24.476>say, <00:26:24.631>well, <00:26:24.787>you <00:26:24.942>know, <00:26:25.098>they're <00:26:25.253>behaving <00:26:25.409>poorly, <00:26:25.565>come

667
00:26:26.885 --> 00:26:29.565
<00:26:26.885>to <00:26:27.040>us <00:26:27.196>and <00:26:27.351>we <00:26:27.507>promise <00:26:27.662>we're <00:26:27.818>not <00:26:27.973>gonna <00:26:28.129>behave <00:26:28.285>poorly,

668
00:26:29.565 --> 00:26:30.725
<00:26:29.565>but <00:26:29.773>it's <00:26:29.982>not <00:26:30.191>just <00:26:30.400>a <00:26:30.609>promise

669
00:26:30.725 --> 00:26:33.645
<00:26:30.725>because <00:26:30.925>of <00:26:31.125>the <00:26:31.324>way <00:26:31.524>that <00:26:31.725>we <00:26:31.925>structure <00:26:32.125>technology,

670
00:26:33.745 --> 00:26:35.325
<00:26:33.745>we <00:26:33.900>won't <00:26:34.056>be <00:26:34.211>able <00:26:34.367>to <00:26:34.522>do <00:26:34.678>this <00:26:34.833>type <00:26:34.989>of <00:26:35.145>thing.

671
00:26:35.345 --> 00:26:37.085
<00:26:35.345>So <00:26:35.545>it <00:26:35.745>can <00:26:35.945>be <00:26:36.145>a <00:26:36.345>user <00:26:36.545>acquisition <00:26:36.745>strategy

672
00:26:37.105 --> 00:26:38.205
<00:26:37.105>for <00:26:37.303>large <00:26:37.501>companies <00:26:37.699>to <00:26:37.897>do <00:26:38.095>this.

673
00:26:38.465 --> 00:26:40.045
<00:26:38.465>It <00:26:38.639>doesn't <00:26:38.814>also, <00:26:38.990>it <00:26:39.165>doesn't <00:26:39.340>also, <00:26:39.514>it <00:26:39.689>doesn't <00:26:39.865>have

674
00:26:40.045 --> 00:26:41.885
<00:26:40.045>to <00:26:40.278>be <00:26:40.511>large, <00:26:40.745>large <00:26:40.978>companies, <00:26:41.211>maybe <00:26:41.445>startups

675
00:26:41.885 --> 00:26:43.525
<00:26:41.885>that <00:26:42.118>actually <00:26:42.351>compete <00:26:42.585>with <00:26:42.818>these <00:26:43.051>large <00:26:43.285>companies.

676
00:26:43.665 --> 00:26:47.005
<00:26:43.665>And <00:26:43.792>they <00:26:43.919>do <00:26:44.046>so <00:26:44.174>by <00:26:44.301>offering <00:26:44.428>this <00:26:44.555>to, <00:26:44.683>um, <00:26:44.810>uh, <00:26:44.937>to <00:26:45.065>users.

677
00:26:47.535 --> 00:26:49.205
<00:26:47.535>Users <00:26:47.885>don't <00:26:48.235>care <00:26:48.585>about <00:26:48.935>decentralization.

678
00:26:49.425 --> 00:26:51.885
<00:26:49.425>And, <00:26:49.625>um, <00:26:49.825>I <00:26:50.024>don't <00:26:50.225>care <00:26:50.425>about <00:26:50.625>decentralization <00:26:50.825>either.

679
00:26:52.005 --> 00:26:53.765
<00:26:52.005>I <00:26:52.238>care <00:26:52.471>about <00:26:52.705>the <00:26:52.938>outcome <00:26:53.171>of <00:26:53.405>decentralization,

680
00:26:54.125 --> 00:26:56.445
<00:26:54.125>I <00:26:54.300>care <00:26:54.475>about <00:26:54.650>censorship <00:26:54.825>resistance, <00:26:55.000>I <00:26:55.175>care <00:26:55.350>about <00:26:55.525>permission.

681
00:26:57.145 --> 00:26:59.765
<00:26:57.145>And <00:26:57.272>I <00:26:57.399>think <00:26:57.526>users <00:26:57.654>are <00:26:57.781>able <00:26:57.908>to <00:26:58.035>tell <00:26:58.163>over <00:26:58.290>time, <00:26:58.417>you <00:26:58.545>know,

682
00:26:59.765 --> 00:27:02.205
<00:26:59.765>if <00:26:59.905>you <00:27:00.045>have <00:27:00.185>two <00:27:00.325>networks <00:27:00.465>and <00:27:00.605>some <00:27:00.745>of <00:27:00.885>them <00:27:01.025>become <00:27:01.165>censored

683
00:27:02.205 --> 00:27:05.045
<00:27:02.205>and <00:27:02.345>some <00:27:02.485>of <00:27:02.625>them <00:27:02.764>become, <00:27:02.905>um, <00:27:03.044>captured <00:27:03.185>by <00:27:03.324>certain, <00:27:03.465>by, <00:27:03.605>uh,

684
00:27:05.265 --> 00:27:08.245
<00:27:05.265>by <00:27:05.440>special <00:27:05.615>interests <00:27:05.790>and <00:27:05.965>others, <00:27:06.140>um, <00:27:06.315>keep <00:27:06.490>striving <00:27:06.665>and,

685
00:27:08.265 --> 00:27:10.085
<00:27:08.265>and <00:27:08.440>you <00:27:08.615>know, <00:27:08.790>and, <00:27:08.965>and, <00:27:09.140>and <00:27:09.315>keep <00:27:09.490>being <00:27:09.665>lively

686
00:27:10.085 --> 00:27:12.285
<00:27:10.085>and <00:27:10.285>evolving, <00:27:10.485>then <00:27:10.685>people <00:27:10.885>are <00:27:11.085>not <00:27:11.285>gonna <00:27:11.485>care

687
00:27:12.285 --> 00:27:14.005
<00:27:12.285>that <00:27:12.460>one <00:27:12.635>is <00:27:12.810>decentralized <00:27:12.985>or <00:27:13.160>not, <00:27:13.335>they're <00:27:13.510>gonna <00:27:13.685>go

688
00:27:14.005 --> 00:27:16.285
<00:27:14.005>to <00:27:14.180>the <00:27:14.355>one <00:27:14.530>that's <00:27:14.705>thriving <00:27:14.880>and <00:27:15.055>if <00:27:15.230>the <00:27:15.405>decentralization

689
00:27:16.305 --> 00:27:17.445
<00:27:16.305>allows <00:27:16.647>it <00:27:16.989>to <00:27:17.331>strive,

690
00:27:17.445 --> 00:27:19.325
<00:27:17.445>that's <00:27:17.678>why <00:27:17.911>they're <00:27:18.145>gonna <00:27:18.378>go <00:27:18.611>there. <00:27:18.845>Yeah,

691
00:27:19.445 --> 00:27:21.405
<00:27:19.445>I <00:27:19.572>would <00:27:19.699>just <00:27:19.826>say <00:27:19.954>users <00:27:20.081>are <00:27:20.208>gonna <00:27:20.335>buy <00:27:20.463>a <00:27:20.590>ticket <00:27:20.717>they <00:27:20.845>can

692
00:27:21.525 --> 00:27:23.085
<00:27:21.525>resell <00:27:21.875>without <00:27:22.225>kissing <00:27:22.575>Ticketmaster <00:27:22.925>as,

693
00:27:23.345 --> 00:27:24.525
<00:27:23.345>and <00:27:23.557>I <00:27:23.769>agree, <00:27:23.982>the <00:27:24.194>UX <00:27:24.407>isn't

694
00:27:24.525 --> 00:27:25.645
<00:27:24.525>great <00:27:24.669>at <00:27:24.813>the <00:27:24.957>moment, <00:27:25.101>but <00:27:25.245>it'll <00:27:25.389>get <00:27:25.533>better.

695
00:27:27.395 --> 00:27:28.605
<00:27:27.395>Alright, <00:27:27.939>thank <00:27:28.484>you.

696
00:27:29.155 --> 00:27:33.725
<00:27:29.155>Then <00:27:29.310>let's <00:27:29.466>see, <00:27:29.621>from <00:27:29.777>the <00:27:29.932>other <00:27:30.088>side <00:27:30.243>also <00:27:30.399>about <00:27:30.555>adoption.

697
00:27:34.545 --> 00:27:37.885
<00:27:34.545>So <00:27:34.778>how <00:27:35.011>well <00:27:35.245>has <00:27:35.478>the <00:27:35.711>application <00:27:35.945>development

698
00:27:38.065 --> 00:27:41.485
<00:27:38.065>and <00:27:38.240>adoption <00:27:38.415>of <00:27:38.590>blockchain <00:27:38.765>lived <00:27:38.940>up <00:27:39.115>to <00:27:39.290>its <00:27:39.465>hype?

699
00:27:43.005 --> 00:27:45.445
<00:27:43.005>I <00:27:43.160>don't <00:27:43.316>think, <00:27:43.471>uh, <00:27:43.627>as <00:27:43.782>well <00:27:43.938>as <00:27:44.093>one <00:27:44.249>would <00:27:44.405>expect,

700
00:27:45.825 --> 00:27:48.125
<00:27:45.825>and <00:27:46.000>I <00:27:46.175>think <00:27:46.350>it, <00:27:46.525>it <00:27:46.700>required <00:27:46.875>a <00:27:47.050>reset, <00:27:47.225>it,

701
00:27:48.385 --> 00:27:50.805
<00:27:48.385>it <00:27:48.540>required <00:27:48.696>a <00:27:48.851>rethink <00:27:49.007>in <00:27:49.162>terms <00:27:49.318>of <00:27:49.473>the <00:27:49.629>developer <00:27:49.785>experience.

702
00:27:51.065 --> 00:27:53.205
<00:27:51.065>And <00:27:51.192>I <00:27:51.319>think <00:27:51.446>if <00:27:51.574>you <00:27:51.701>just <00:27:51.828>look <00:27:51.955>at <00:27:52.083>what <00:27:52.210>they're <00:27:52.337>doing, <00:27:52.465>uh,

703
00:27:53.275 --> 00:27:54.925
<00:27:53.275>what <00:27:53.508>Tesla <00:27:53.741>have <00:27:53.975>been <00:27:54.208>doing <00:27:54.441>and, <00:27:54.675>and,

704
00:27:54.925 --> 00:27:56.365
<00:27:54.925>and <00:27:55.054>indeed <00:27:55.184>what <00:27:55.313>al <00:27:55.443>end <00:27:55.572>up <00:27:55.702>doing, <00:27:55.832>and <00:27:55.961>by <00:27:56.091>the <00:27:56.221>way,

705
00:27:56.365 --> 00:27:58.365
<00:27:56.365>many <00:27:56.598>other <00:27:56.831>blockchains <00:27:57.065>have <00:27:57.298>been <00:27:57.531>doing, <00:27:57.765>it's,

706
00:27:58.365 --> 00:27:59.605
<00:27:58.365>it's <00:27:58.588>like <00:27:58.811>I <00:27:59.034>said, <00:27:59.257>meeting <00:27:59.481>developers

707
00:27:59.605 --> 00:28:02.085
<00:27:59.605>where <00:27:59.760>they <00:27:59.916>are <00:28:00.071>bringing <00:28:00.227>you <00:28:00.382>languages <00:28:00.538>you <00:28:00.693>like, <00:28:00.849>allowing <00:28:01.005>you

708
00:28:02.085 --> 00:28:03.525
<00:28:02.085>to <00:28:02.301>develop <00:28:02.517>in <00:28:02.733>languages <00:28:02.949>you <00:28:03.165>already <00:28:03.381>know

709
00:28:03.745 --> 00:28:05.965
<00:28:03.745>and <00:28:03.900>giving <00:28:04.056>you <00:28:04.211>a <00:28:04.367>user <00:28:04.522>experience <00:28:04.678>where <00:28:04.833>you're <00:28:04.989>NVS <00:28:05.145>code,

710
00:28:06.065 --> 00:28:07.685
<00:28:06.065>you're <00:28:06.298>running, <00:28:06.531>you <00:28:06.765>know, <00:28:06.998>you <00:28:07.231>click <00:28:07.465>play,

711
00:28:07.705 --> 00:28:09.365
<00:28:07.705>you <00:28:07.905>can <00:28:08.105>step <00:28:08.304>into <00:28:08.504>your <00:28:08.705>code, <00:28:08.905>you <00:28:09.105>can,

712
00:28:09.365 --> 00:28:10.725
<00:28:09.365>you <00:28:09.539>can <00:28:09.714>debug <00:28:09.889>your <00:28:10.064>code <00:28:10.239>line <00:28:10.414>by <00:28:10.589>line.

713
00:28:10.825 --> 00:28:12.805
<00:28:10.825>The <00:28:11.000>kind <00:28:11.175>of <00:28:11.350>things <00:28:11.525>that <00:28:11.700>we <00:28:11.875>pretended <00:28:12.050>weren't <00:28:12.225>necessary.

714
00:28:13.225 --> 00:28:16.325
<00:28:13.225>Uh, <00:28:13.458>we <00:28:13.691>of <00:28:13.925>course, <00:28:14.158>recognized <00:28:14.391>is <00:28:14.625>necessary,

715
00:28:16.385 --> 00:28:18.765
<00:28:16.385>and <00:28:16.560>I <00:28:16.735>think <00:28:16.910>we're, <00:28:17.085>we're, <00:28:17.260>we're <00:28:17.435>improving <00:28:17.610>the <00:28:17.785>wx.

716
00:28:19.965 --> 00:28:21.525
<00:28:19.965>I <00:28:20.105>would <00:28:20.245>say <00:28:20.385>it <00:28:20.524>depends <00:28:20.665>who <00:28:20.804>you <00:28:20.945>get <00:28:21.084>your <00:28:21.225>high <00:28:21.365>from.

717
00:28:21.825 --> 00:28:23.845
<00:28:21.825>Uh, <00:28:22.175>I've <00:28:22.525>been, <00:28:22.875>I <00:28:23.225>mean,

718
00:28:23.905 --> 00:28:25.765
<00:28:23.905>I'm <00:28:24.080>excited <00:28:24.254>about <00:28:24.430>the <00:28:24.605>technology, <00:28:24.780>I <00:28:24.955>love <00:28:25.129>the <00:28:25.305>technology.

719
00:28:25.905 --> 00:28:29.565
<00:28:25.905>Um, <00:28:26.032>I've <00:28:26.159>been <00:28:26.286>in <00:28:26.414>a, <00:28:26.541>um, <00:28:26.668>weird <00:28:26.795>position <00:28:26.923>over <00:28:27.050>the <00:28:27.177>past, <00:28:27.305>uh,

720
00:28:29.565 --> 00:28:32.765
<00:28:29.565>several <00:28:29.765>years <00:28:29.965>of <00:28:30.165>basically <00:28:30.365>constantly <00:28:30.565>pouring <00:28:30.765>cold <00:28:30.965>water

721
00:28:32.765 --> 00:28:35.285
<00:28:32.765>because <00:28:32.965>while <00:28:33.165>I'm <00:28:33.365>excited <00:28:33.565>about <00:28:33.765>the <00:28:33.965>technology, <00:28:34.165>there's

722
00:28:35.305 --> 00:28:37.325
<00:28:35.305>so <00:28:35.460>many <00:28:35.616>people <00:28:35.771>in <00:28:35.927>our <00:28:36.082>industry <00:28:36.238>that <00:28:36.393>way <00:28:36.549>over <00:28:36.705>hype.

723
00:28:37.505 --> 00:28:39.725
<00:28:37.505>So, <00:28:37.645>you <00:28:37.785>know, <00:28:37.925>by <00:28:38.065>that <00:28:38.205>metric, <00:28:38.345>of <00:28:38.485>course <00:28:38.625>it's <00:28:38.765>falling <00:28:38.905>very,

724
00:28:39.725 --> 00:28:41.165
<00:28:39.725>very <00:28:40.049>short <00:28:40.373>by <00:28:40.697>a <00:28:41.021>reasonable

725
00:28:41.165 --> 00:28:42.445
<00:28:41.165>metric <00:28:41.357>of <00:28:41.549>what <00:28:41.741>it <00:28:41.933>can <00:28:42.125>actually <00:28:42.317>achieve.

726
00:28:42.525 --> 00:28:43.525
<00:28:42.525>I <00:28:42.750>think <00:28:42.975>it's <00:28:43.200>doing <00:28:43.425>well.

727
00:28:46.075 --> 00:28:50.965
<00:28:46.075>Okay. <00:28:46.191>I <00:28:46.308>guess <00:28:46.425>we <00:28:46.541>have <00:28:46.658>time <00:28:46.775>for <00:28:46.891>one <00:28:47.008>more, <00:28:47.125>so <00:28:47.241>let's <00:28:47.358>hurry <00:28:47.475>up

728
00:28:51.585 --> 00:28:53.605
<00:28:51.585>and <00:28:51.935>yeah, <00:28:52.285>here's <00:28:52.635>the <00:28:52.985>question.

729
00:28:53.995 --> 00:28:58.085
<00:28:53.995>Back <00:28:54.150>in <00:28:54.306>the <00:28:54.461>day, <00:28:54.617>many <00:28:54.772>people <00:28:54.928>hyped <00:28:55.083>the <00:28:55.239>supposed <00:28:55.395>anonymity

730
00:28:58.345 --> 00:28:59.405
<00:28:58.345>of <00:28:59.299>blockchains.

731
00:28:59.945 --> 00:29:00.965
<00:28:59.945>Is <00:29:00.174>this <00:29:00.404>still <00:29:00.633>a <00:29:00.862>thing

732
00:29:01.105 --> 00:29:03.965
<00:29:01.105>or <00:29:01.305>has <00:29:01.505>the <00:29:01.705>focus <00:29:01.905>shifted <00:29:02.105>towards <00:29:02.305>the <00:29:02.505>immutability

733
00:29:04.105 --> 00:29:05.605
<00:29:04.105>of <00:29:04.442>data <00:29:04.780>on <00:29:05.117>the <00:29:05.455>chains?

734
00:29:05.865 --> 00:29:07.445
<00:29:05.865>So <00:29:06.020>I <00:29:06.176>think <00:29:06.331>it's <00:29:06.487>a <00:29:06.642>great <00:29:06.798>question, <00:29:06.953>and <00:29:07.109>you're <00:29:07.265>right.

735
00:29:07.525 --> 00:29:08.365
<00:29:07.525>A <00:29:07.676>lot <00:29:07.827>of <00:29:07.978>people <00:29:08.129>bought <00:29:08.281>drugs

736
00:29:08.365 --> 00:29:09.485
<00:29:08.365>with <00:29:08.533>Bitcoin <00:29:08.701>and <00:29:08.869>thought <00:29:09.037>it <00:29:09.205>was <00:29:09.372>private.

737
00:29:09.555 --> 00:29:12.405
<00:29:09.555>It's <00:29:09.710>not, <00:29:09.866>don't <00:29:10.021>buy <00:29:10.177>your <00:29:10.332>drugs <00:29:10.488>with <00:29:10.643>Bitcoin, <00:29:10.799>use <00:29:10.955>Monero.

738
00:29:12.845 --> 00:29:14.765
<00:29:12.845>Um, <00:29:13.195>jokes <00:29:13.545>aside, <00:29:13.895>the, <00:29:14.245>um,

739
00:29:15.135 --> 00:29:17.405
<00:29:15.135>blockchain <00:29:15.415>has <00:29:15.695>very, <00:29:15.975>very <00:29:16.254>little <00:29:16.535>privacy.

740
00:29:17.625 --> 00:29:20.045
<00:29:17.625>By <00:29:17.825>definition. <00:29:18.025>The <00:29:18.225>chain <00:29:18.425>is <00:29:18.625>completely, <00:29:18.825>uh, <00:29:19.025>transparent.

741
00:29:20.105 --> 00:29:21.285
<00:29:20.105>You <00:29:20.282>can <00:29:20.459>look <00:29:20.636>at <00:29:20.813>the <00:29:20.990>chain. <00:29:21.167>I,

742
00:29:21.385 --> 00:29:23.205
<00:29:21.385>if <00:29:21.525>I <00:29:21.665>know <00:29:21.805>your <00:29:21.945>account, <00:29:22.085>I <00:29:22.225>can <00:29:22.365>look <00:29:22.504>into <00:29:22.645>your <00:29:22.785>balance.

743
00:29:23.515 --> 00:29:25.685
<00:29:23.515>There's <00:29:23.748>some <00:29:23.981>small <00:29:24.215>privacy <00:29:24.448>primitives <00:29:24.681>that <00:29:24.915>try

744
00:29:25.685 --> 00:29:28.365
<00:29:25.685>to <00:29:25.840>obfuscate <00:29:25.996>this, <00:29:26.151>so <00:29:26.307>it's <00:29:26.462>harder <00:29:26.618>to, <00:29:26.773>to, <00:29:26.929>to, <00:29:27.085>uh,

745
00:29:28.365 --> 00:29:29.685
<00:29:28.365>ascertain <00:29:28.959>certain <00:29:29.553>things.

746
00:29:30.225 --> 00:29:32.165
<00:29:30.225>But <00:29:30.504>blockchain <00:29:30.784>has <00:29:31.064>a <00:29:31.344>privacy <00:29:31.625>problem.

747
00:29:32.585 --> 00:29:35.245
<00:29:32.585>And, <00:29:32.785>um, <00:29:32.985>networks <00:29:33.185>like <00:29:33.385>algo <00:29:33.585>round <00:29:33.785>right <00:29:33.985>now,

748
00:29:35.245 --> 00:29:36.525
<00:29:35.245>the <00:29:35.475>smart <00:29:35.705>contracts <00:29:35.936>are <00:29:36.166>not <00:29:36.397>private.

749
00:29:36.825 --> 00:29:38.725
<00:29:36.825>So <00:29:36.952>I <00:29:37.079>think <00:29:37.206>it's <00:29:37.334>something <00:29:37.461>that <00:29:37.588>we <00:29:37.715>need <00:29:37.843>to <00:29:37.970>add, <00:29:38.097>we <00:29:38.225>need

750
00:29:38.725 --> 00:29:40.445
<00:29:38.725>to <00:29:38.958>look <00:29:39.191>at, <00:29:39.425>and <00:29:39.658>it <00:29:39.891>requires, <00:29:40.125>um,

751
00:29:40.445 --> 00:29:42.405
<00:29:40.445>some <00:29:40.794>quite <00:29:41.145>exotic <00:29:41.495>cryptographic <00:29:41.845>primitives,

752
00:29:42.405 --> 00:29:44.045
<00:29:42.405>quite <00:29:42.754>exotic <00:29:43.105>mathematics <00:29:43.455>to <00:29:43.805>achieve.

753
00:29:44.385 --> 00:29:47.365
<00:29:44.385>But <00:29:44.560>I <00:29:44.735>think <00:29:44.910>blockchain <00:29:45.085>needs <00:29:45.260>to <00:29:45.435>add <00:29:45.610>proper <00:29:45.785>privacy

754
00:29:47.505 --> 00:29:48.565
<00:29:47.505>and <00:29:47.664>we <00:29:47.823>don't <00:29:47.982>have <00:29:48.141>it <00:29:48.300>right <00:29:48.459>now.

755
00:29:49.545 --> 00:29:52.045
<00:29:49.545>So <00:29:49.745>there <00:29:49.945>are <00:29:50.145>technological <00:29:50.345>solutions <00:29:50.545>on <00:29:50.745>Tezos, <00:29:50.945>uh,

756
00:29:52.045 --> 00:29:53.285
<00:29:52.045>for <00:29:52.268>people <00:29:52.491>who <00:29:52.714>want, <00:29:52.937>um, <00:29:53.161>privacy.

757
00:29:53.805 --> 00:29:55.565
<00:29:53.805>I <00:29:53.980>would <00:29:54.155>say <00:29:54.330>today <00:29:54.505>the <00:29:54.680>challenges <00:29:54.855>are <00:29:55.030>less <00:29:55.205>technical

758
00:29:55.565 --> 00:29:57.725
<00:29:55.565>because <00:29:55.740>they <00:29:55.915>were, <00:29:56.090>at <00:29:56.265>one <00:29:56.440>point <00:29:56.615>it <00:29:56.790>was, <00:29:56.965>uh,

759
00:29:57.825 --> 00:30:00.965
<00:29:57.825>an <00:29:57.980>extremely <00:29:58.136>hard <00:29:58.291>computer <00:29:58.447>science <00:29:58.602>problem <00:29:58.758>to <00:29:58.913>solve <00:29:59.069>on <00:29:59.225>how

760
00:30:00.965 --> 00:30:02.485
<00:30:00.965>to <00:30:01.307>make, <00:30:01.649>prevent <00:30:01.991>transactional <00:30:02.332>blockchain.

761
00:30:02.765 --> 00:30:03.845
<00:30:02.765>I <00:30:02.959>think <00:30:03.153>it <00:30:03.348>was <00:30:03.542>largely <00:30:03.737>solved.

762
00:30:04.225 --> 00:30:06.525
<00:30:04.225>Uh, <00:30:04.365>we <00:30:04.504>have, <00:30:04.645>you <00:30:04.784>know, <00:30:04.925>and <00:30:05.064>Zc <00:30:05.205>was <00:30:05.344>the <00:30:05.485>first <00:30:05.625>to,

763
00:30:06.845 --> 00:30:08.005
<00:30:06.845>I <00:30:07.053>would <00:30:07.262>say <00:30:07.471>probably <00:30:07.680>do <00:30:07.889>that.

764
00:30:08.505 --> 00:30:11.045
<00:30:08.505>Uh, <00:30:08.632>and <00:30:08.759>you, <00:30:08.886>you <00:30:09.014>can <00:30:09.141>use <00:30:09.268>the <00:30:09.395>solutions <00:30:09.523>on <00:30:09.650>the, <00:30:09.777>on <00:30:09.905>this.

765
00:30:11.055 --> 00:30:14.325
<00:30:11.055>Today, <00:30:11.195>the <00:30:11.335>main <00:30:11.475>challenges <00:30:11.615>today <00:30:11.755>are <00:30:11.895>more <00:30:12.035>to <00:30:12.175>do <00:30:12.315>with, <00:30:12.455>uh,

766
00:30:15.145 --> 00:30:17.325
<00:30:15.145>uh, <00:30:15.345>compatibility <00:30:15.545>with <00:30:15.745>the <00:30:15.945>real <00:30:16.145>world, <00:30:16.345>with <00:30:16.545>exchanges,

767
00:30:17.705 --> 00:30:21.165
<00:30:17.705>you <00:30:17.905>know, <00:30:18.105>shutting <00:30:18.304>down <00:30:18.504>access <00:30:18.705>to, <00:30:18.905>uh, <00:30:19.105>cryptocurrencies

768
00:30:21.165 --> 00:30:24.605
<00:30:21.165>that <00:30:21.340>focus <00:30:21.514>on <00:30:21.690>privacy, <00:30:21.865>um, <00:30:22.040>making <00:30:22.215>it <00:30:22.389>difficult, <00:30:22.565>uh,

769
00:30:24.605 --> 00:30:26.085
<00:30:24.605>for <00:30:24.827>custody, <00:30:25.049>making <00:30:25.271>it <00:30:25.493>difficult <00:30:25.715>for <00:30:25.937>users.

770
00:30:26.145 --> 00:30:28.085
<00:30:26.145>So <00:30:26.345>I <00:30:26.545>think, <00:30:26.745>um, <00:30:26.945>you <00:30:27.145>need <00:30:27.345>a <00:30:27.545>mix.

771
00:30:28.385 --> 00:30:31.125
<00:30:28.385>Um, <00:30:28.540>if, <00:30:28.696>you <00:30:28.851>know, <00:30:29.007>you're <00:30:29.162>always <00:30:29.318>gonna <00:30:29.473>have <00:30:29.629>some <00:30:29.785>people

772
00:30:31.185 --> 00:30:34.085
<00:30:31.185>living <00:30:31.385>in <00:30:31.585>a <00:30:31.784>basement, <00:30:31.985>uh, <00:30:32.185>wearing <00:30:32.385>a <00:30:32.585>hoodie

773
00:30:34.545 --> 00:30:36.645
<00:30:34.545>and, <00:30:34.825>uh, <00:30:35.105>transacting <00:30:35.385>their <00:30:35.665>private <00:30:35.945>currency,

774
00:30:36.805 --> 00:30:38.365
<00:30:36.805>but <00:30:36.960>it's <00:30:37.116>going <00:30:37.271>to <00:30:37.427>be, <00:30:37.582>it's <00:30:37.738>going <00:30:37.893>to <00:30:38.049>be <00:30:38.205>small.

775
00:30:38.505 --> 00:30:41.285
<00:30:38.505>If <00:30:38.705>you <00:30:38.905>want <00:30:39.105>to <00:30:39.305>have <00:30:39.505>mainstream <00:30:39.705>private <00:30:39.905>currencies,

776
00:30:41.605 --> 00:30:43.525
<00:30:41.605>I <00:30:41.760>think <00:30:41.916>some <00:30:42.071>courts <00:30:42.227>battle <00:30:42.382>will <00:30:42.538>need <00:30:42.693>to <00:30:42.849>be <00:30:43.005>won.

777
00:30:45.695 --> 00:30:48.565
<00:30:45.695>Great. <00:30:45.928>Thank <00:30:46.161>you <00:30:46.395>for <00:30:46.628>this <00:30:46.861>awesome <00:30:47.095>talk.

778
00:30:48.565 --> 00:30:52.485
<00:30:48.565>There <00:30:48.740>were <00:30:48.915>tons <00:30:49.090>of <00:30:49.265>other <00:30:49.440>questions, <00:30:49.615>so <00:30:49.790>maybe <00:30:49.965>some

779
00:30:52.505 --> 00:30:56.285
<00:30:52.505>of <00:30:52.680>the <00:30:52.855>people <00:30:53.030>will <00:30:53.205>approach <00:30:53.380>you <00:30:53.555>afterwards, <00:30:53.730>so, <00:30:53.905>sorry.

780
00:30:56.475 --> 00:31:00.245
<00:30:56.475>It's <00:30:56.675>good. <00:30:56.875>Thank <00:30:57.074>you <00:30:57.274>very <00:30:57.475>much, <00:30:57.675>Victoria <00:30:57.875>author

781
00:31:00.625 --> 00:31:01.965
<00:31:00.625>and <00:31:01.228>John. <00:31:01.831>Thank

782
00:31:01.965 --> 00:31:02.965
<00:31:01.965>You. <00:31:02.415>Thanks <00:31:02.865>guys.