{"id":"jbSvdNj5zNc","title":"Whiteboard Series with NEAR | Ep: 32 Tim Moreton from Celo","description":"Whiteboard Series with NEAR | Ep: 32 Tim Moreton from Celo\n\nCelo Engineer Tim Moreton (  / @timmoreton  ) and NEAR Co-Founders, Illia Polosukhin  (  / ilblackdragon  ) and Alex Skidanov (  / alexskidanov  ) do a deep dive on permissionless platforms, new “ecologies of money”, and how Celo’s technology works in the 32nd episode of the Whiteboard Series.\n\nCelo is an open platform that makes financial tools accessible to anyone with a mobile phone.\n\n------ About Whiteboard Series --------\n\nThe Whiteboard Series with NEAR is a set of video interviews with Founders who are building scalable solutions for Blockchain.  We deep dive into their story, what they're developing and how it is helping the ecosystem. \n\nFollow the latest from NEAR Protocol on, \n\nWebsite: https://nearprotocol.com/\nDiscord: https://near.ai/discord\nMedium: https://near.ai/medium\nTwitter: https://near.ai/twitter\nGitHub: https://near.ai/github\n\n#WhiteboardSeries #Blockchain #FutureIsNEAR","channel_name":"NEAR Protocol","published_at":"2020-01-10T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/jbSvdNj5zNc/hqdefault.jpg","transcript_text":"hi everyone this is Ilya and Alex from near and we're today with Tim from Sela gonna be talking about how Stella works and yeah you can choose off and we can dive in yeah great to be here and so I'm Tim Morton I'm on the engineering team at say way before this I ran a bunch of teams at Apple running their cloud infrastructure I have a background in distributed systems so when you guys start grilling me on like the economics we'll see how how about guys yeah I'm gonna talk about selling sellers a permissionless platform - should I be talking to you or the camera sorry furniture you can talk to the camera okay for the details we can yeah okay cool so sellers of permissionless platform making financial tools available to everybody worldwide from a mobile phone basically predicated on the fact that like low-end smartphones are far more widely available and far more widely used by people then bank accounts like there are 1.7 billion people without access to regular financial services and if we can close that gap a little bit and empower some people to be able to like send money between friends and pay at merchants and like have access to all the things that we're used to then that would be like a great achievement yeah cool all right do you wanna describe kind of one of them yeah opponents and oh yeah yeah so one things is interesting about sello in the spaces we're very much like a product company we're focused on like trying to make an end user experience which is so seamless that you don't even really know that there is a cryptocurrency or a decentralized back-end you know under the covers and so we we think a lot about like user experience and we think a lot about their sort of particular set of assumptions that we need to make given that virtually all of our users will be like accessing cell from a mobile yes especially like a low-end mobile device so we care about like you know we connectivity how much data we're transferring how much processing power and if that's like you present some interesting technical challenges so to do that we've sort of taken this like whole stack approach you can sort of think of cells like three things so the bottom layer is like the blockchain so you can call this like solo blockchain I'll come back and like describe these things a bit more detail in a second then we have like a smart contract layer really like most of the business logic of the stack and then we have a seller wallet and the obviously most of our users like sort of sit here and using the header using their sort of devices this you can sort of think of this as like a platform in itself there's like a lot of opportunities to build like other things both directly on top of the smart contract layer anybody of course could deploy smart contracts the platform but also we have a so we have like a couple of things to make that easier we have I guess you can sort of think of it as being like here this is where the diagram gets a little confusing this is like I guess contract kit which is a layer to make it really easy to like access the sort of first party contracts that existed in the business logic layer here and then the wallet also uses that and then the wallet as well exposes this thing called that kit which makes it easy to build like essentially third party applications on the platform like mobile apps which you know maybe they need to like send a payment or maybe they just need to find out your like account details so that they can do other stuff so what you could basically DAP kit allows like you know say a microlending app or some other kind of like third party ecosystem app to be able to like connect to your wallet with your permission of course like sign the transit or like get your account details and so it makes it super super simple to like build apps also behind the the wallet in terms of take this thing over here there's a little cloud there are a few things we have like sitting in the background which I like centrally managed services so the sello protocol is like an open framework the seller will have like a foundation that governs it and like this will be not just like the source but of course open runtime and fully decentralized the wallet of course are this the wallet there could be many wallets we hope there will be but like the wallet that a cert see labs of building has a few sort of cloud services behind it to facilitate things which are really hard to do in a decentralized way so for example push notifications if I send you some money like we have a cloud service which is watching the volcania blockchain push America exactly exactly and so like then basically talks to a service he'll talks to like Google or Apple or whatever and sends it push notifications while it's saying hey tin has just paid you like whatever and so there's a couple of things there so they're really around like optimizing user experience and around performance but broadly everything is like these centralized so the smart contract layer is like the sort of business logic layer I'll come back to like dig into that and radicand and let's talk about yeah let's get to the heart of it so the blockchain is so the blockchain is actually a fork of the Go etherium client this is an incredibly like ambitious project there's a lot there's a big big surface area one of the things we wanted to do was because we care about user experience was to try and like get to market as quickly as possible and so we looked around rather than building like a blockchain from scratch ourselves we look to sort of build on some of the great technology that's already been built out there in the crypto space and aetherium was like the obvious like platform of choice just because of their length of time has been in production like the sort of robustness of the implementations the fact it has earth-like smart contract platform with a broadly supported set of like developer tool chain above it and and so like that felt like a great starting point for us and so building on the sort of shoulders of giants and we we took the go theory and code base and then basically looked at what we would need to do to make this work really well from this set of assumptions that we knew that we had from from the end-users so that's really about like making this thing mobile first and you know we recognized as well that the etherion community has generated tons of great ideas over the past few years and certainly not all of them have really made their way actually back into the earth into like the implementation agreed pronounced back of a theorem and so there are a bunch of things that we like have taken like inspired by those sorts of ideas which I can talk more about but yet broadly it's around like changes for usability and changes for mobile being mobile first and then also like I think since the theorem was arranged like the thinking in general in the space around proof of work versus proof of stake has moved on a lot and so one of the big changes we made was an estate yeah was to take proof of work out and how did ya maybe update yeah he didn't do perfect stake how do we how do we how do we do that so we started off some you know I remember there's a there's a quote on I think it is I'm gonna get this wrong I think it is the curator recipe page for using zookeeper so you know I have a lot of experience with a zookeeper a lot of experience like I mean my sins I once implemented like twice actually for my sins implemented Paxos it's like it's a complete pain to do and I think the curator page says it quite nicely it's like good friends don't like their friends implement zookeeper recipes and I think the same can be applied to like distributed consensus it's really gnarlie there are tons of edge cases there are very few people in the world who really like deeply understand it maybe you guys do I think like you know obviously obviously I think we I'm just selling ourselves short I think we we have gained that experience but in all in order to like get further fast that we sort of looked around to see where there was a good starting point so we actually started with the PR that was raised as I think e IP 650 which was called Istanbul confusingly not now Istanbul that actually happened that's right that's right not the not the Istanbul that has the sort of hard folk that the fork of etherium that's happening right now but actually a separate implementation of a Pratt who buys an time from tolerant like consensus mechanism on the existing sort of consensus interface inside the go a theory implied and so lovely the go theme client house this sort of I'm nobody to you yeah because it supports proof of authority it's got Eve hash and like yes there's already like a few a few implementations in there and Istanbul plugged into that but it was never merged the code was like 18 months out of date it was also incorrect because it's really hard to write these yes kudos to the original authors they did they did a great job but yeah there was some edge cases we wanted to pick up it was also like piggybacked on a theory ins exists sorry the girl theorem clients existing gossip mechanism and a couple of other bits and pieces which meant that from a performance perspective monopoly oh yeah it ended up just basically generating way more messages and cesarean and then they were also like a few security things in there as well so not only were they like direct security bugs and like just just straight-up bugs that would affect security there are also like a few opportunities for denial of service which were sort of in in the codebase so we took that code desert-like great starting point and we've done a lot of work to make that a sort of buys on time from torrent and consensus implementation by inside the goal and code base of the seller blockchain so pretty much using pbft for production what's what's kind of like the basic parameters of that yeah so yeah that's that's cool that pbft down here was one of the things so in terms of parameters you mean like what are we expecting in terms of number of validators or yeah yeah what's rotation mechanism would ya details yeah a great great question any reason this world got to use no temperament we right so we actually we did look at whatever is cool at the time if the mint I think and we talked I think to the people involved in that project um it was a really nice proof of concept but it really that the API around tender men was actually very like while in like separately it's actually quite a nice way of plugging in block chains into a pbft system it unfortunately was very tricky to integrate that into the code base so that was like our sort of looking at it like on our own that was our estimation of it and I think I'm looking at ether mint and then talking to the folks involved that project they found the same thing so because we use our runtime yeah we've them assembly and all the transaction processing know something don't plug yeah we was pretty mature yeah we were doing this a little bit earlier but a few change is practically impossible to write correctly it's extremely complex the view change is going to be barely barely tested because in the normal circumstances and the normal circumstances like in in there in the cosmos lifetime when we had they think at least like last time we talked to them they had like how many 100 100 mph it would have been a few changes 100 times yep out of like you know hundreds of thousands it's very rare so the the trick with yeah i mean so like you can write a sort of a pseudocode implementation of pbft in like you know a few hundred lines but the devil is in the detail in the implementation absolutely an Istanbul was not straight-up pbft either but instant also have the advantage that there were two other teams like in the broader ecosystem who were using it scrutinizing it if she doesn't have problem liveness trade certainly doesn't have as an argument I might be wrong with them I'm like 95% certainty of to never but last question before we yeah but fun room or so still are using hot stuff uh-huh so he's not hot stuff yeah so I think hot stuff is like a really interesting paper so yeah so let's talk about like the plan right now and then the plan like going forward it's a pbft in general be ft house lighting limitations in terms of the scalability because of like the complexity pedestrian well but it's very proven algorithm that's been implemented a number of times in this space and outside of this space has good pedigree from that perspective hot stuff is really interesting it we like obviously Libra being one of the first to actually like really implemented in the space of course that project is not fully live yet either but I I think at the time that we are making this decision like it felt it was very like it was very tentative right and it would be very interesting you could imagine in future like swapping out pbft for a hot stuff based implementation and getting a bunch of benefits for that in fact you can find that we've done a bunch of work like there's two tracks in which we're doing this one is like we want to ship as I was talking about we're a product company we care about our users like I've learned many times in the last 15 days VanCleave iterating don't you have something working yeah like don't keep improving performance don't keep trying to like add extra features like get to market talk to your users understand what matters to them right and like unless you can draw a really really clear line from what this person here cares about down to here then you're wasting your time and for us like hot stuff has likes a bunch of really interesting potential benefits so we have this two-track approach where like this is you know this is what's on the back of the truck at the moment and this is what we're like going going to market with but at the same time there is you know we've been doing a bunch of work around an algorithm called bf tree which aims to use hot stuff to be able to scale permissionless a permissionless approach to consensus for like potentially tens or hundreds of thousands of participants where they can just like join form a sort of tree structure and in so doing we don't have to have a lot of the complexities of a proof of state mechanism on top of a BFT algorithm to determine who the participants in the exactly so there's no pipelining at the moment yeah yeah well stuff is basically just pipeline yes oh yeah I mean it still to be the other benefit of like nailing this down early was that we've been able to do a ton of like low testing failure testing on like very large clusters and being able to like put this through its paces in terms of many like practical sort of settings and like we found a ton of issues none of them no no but like almost all of them were outside of the scope of the core algorithm it's like yeah the creatures are in like networking that's right that's right that's right it's it's all the auxilary stuff which yep so we have yeah so before we maybe before we dive more into that let me just sort of flesh out what what this thing is here so smart contracts obviously this is smart contracts using the regular EVM so like any of the sort of standard tool chain that you use for the roads block or then we'll just work out the box and so you have like account IDs which are my cassius of public keys exactly usual you know exactly yeah and so contract here in fact like embeds web three and you can also go and do your own thing with that um but the smart contracts like of course people will add smart contracts there's no restriction on that but like the the ones that sort of are like out of the box and so I fall into like such three categories says first which is like around proof of stake and governance so the proof of stake mechanism is entirely implemented in smart contracts and there's an Unchained governance mechanism as well benefit of like obviously putting things in this layer rather than this layer is that you can use this on chain governance mechanism to replace it without a hard fork sort of a little thing up here to that point is like params guess that's way too small to read sorry about that everybody at home but like you know for example one of the things where the etherium has been like lock a gas limit you know all miners pleasing I sort of italic encouraging mining pools to like no actually block limit is something that is voidable its vertical but in a store they don't just but it's not by the participants in it's not by like this is this is governance by seller gold by the entire community like you know that's right so like you've seen the situation in theory and where miners are holding like the rest of the network I won't say to ransom but you know what I mean like they have control over that particular parameter so this this sort of puts these things out in the open and means that you can change a bunch of these parameters without having to like hard fork or even in many cases update their their client which is which is quite nice so having made this too small to be legible I'm gonna erase it here there's a second thing which is the sort of stable coin protocol which come back and chat about and then identity as well hmm so yeah Koufos taking governance so this is really the so yeah so leaving aside governance for now proof of stake here is like the mechanism by which you decide who gets to participate in this protocol as you as you guys know we have implemented a quite interesting like proof of state I guess protocol we've been thinking about the scheme that we want to use for like a long time we've been talking to a lot of people and iterating on it trying to pick some of the best aspects of like what we've seen succeed in systems like cosmos and tears us and in other in other systems that have had a bunch of like experience in the wild talking to a lot of folks and also introducing like a bunch of our own ideas and we actually wrote a couple of blog post about that like just last week and we're gonna be going to a sort of internet back lava and the scent of ice test net where we're going to run a challenge called the rate celos takeoff which which is has obviously british connotations but the idea of the idea of the stake off is really to get validated to get some like airtime for this proof of state mechanism to get broader input on it from the community to get validated operational experience like running the network and also like give them the opportunity to potentially win prizes that can convert into like gold on maenette potentially sex yeah so yeah so yeah so let's dig into the proof of state protocol so validators are basically elected by hey let's move over here violators are basically elected by his validator violators are basically elected by seller gold holders or hog laws as we would like to like to be affectionately making so obviously the native token is actually gold right so some of gold is the native token like you can think of that as equivalent to ether yeah it is slightly slight tangent one thing we've done is also make that ER c20 compatible there is just like duality you can use it very oh yeah but it's also like the native that's an interesting question around the naming it is definitely not pegged to gold it's definitely not paid to gold yeah so it's the native utility token of the platform sello gold holders are essentially the voters in the system that can select the validators but they do so via a election mechanism in which they vote for validated groups too obviously we have a situation whereby you know this is a decentralized platform anyone can create any number of accounts we can't do like one person one one user one vote so you know the only way that we in the community know how to do this right now is to like you have have voting by balances yeah and of course to prevent people vote with the balance and then transfer it to a different account and then vote with that same balance again essentially we require them to like lock up yeah so we don't cool one interesting difference with so low compared to other networks that you're probably expecting is when seller gold holders lock up a balance they are not putting that balance at risk mm-hm so no matter who they vote for that balance can't be slashed so we we think that's an important decision because seller gold holders don't have you know you don't have if you're just an average vote if you're this person up here you probably don't know and don't like you don't have the expertise or necessary at a time to be able to learn the visibility there's like um yeah there's big imbalance in the information that you have about whether these guys are doing the right thing or not and so what you do is you like so we have a lock gold contract you basically like lock some gold in gold contract and then that allows you to vote but what you're voting for is actually a validated group and a validated group is this sort of new concept which I don't think any other network really has which is I guess a wrapper around a set of validators and now you might imagine these things coming about in two different ways maybe there's a like a group of like a valid a valid an entity or an organization that runs validators maybe more like the sort of professionalized validators that you're seeing cosmos where they may want to run more than one validator and so they may want to run a validated group have valid like have validators in in their validator group and potentially be able to swap these validators i out if they need to and yeah then basically like put themselves forward as agree alternative you may see validated groups that don't run violators themselves but provide a service where they are you know doing things like security audits like kyc on validators so just like source validators and oh yeah package them into right so the idea is that these things have like a reputation like name recognition like long term persistence in the network these are folks that you're voting for so yeah maybe like it's like someone loose analogies they may be like a political party whereby like if you vote democrat like maybe there are some people who vote democrat or republican or whatever bend under for the members exactly yeah because yeah exactly and so you're you're sort of relying on them to do a bunch of like marketing maybe marketing but I was gonna say vetting right so like you know they have a reputation to preserve they are not gonna put somebody on this late who hope you know I'm gonna put somebody on this late that is actually actually not right and so they have this a better ability as well to make sure that a validator is actually doing what you would expect them to because the validator to be elected they need a validator group right so there is a sort of admission control system here whereby like a validator basically needs to say I want to be polished but later grouping the validates group needs to add them and what that means is that they have the opportunity to do things like okay why Co let me come and do a security or are these things that you're actually doing let's look at that yeah and so yeah at the moment probably we're gonna have like five validators as a limit in in a validated group and yeah validator groups other things that need to put a mistake and violators also need to put up the steak and the validator group steak is per validator as well so yeah if they have like you know three validators here say to be three then like maybe they need to put up like three units per each oh absolutely yeah absolutely so the steak is the steak is like the combination of this amount here and this amount and the way that you put up steak is that you do you go through this same mechanism here so you look gold and then that gold the benefit of having a unified lock goal mechanism is then that you can also use it to participate in governance you can use it to participate in validation elections you can also use it as a stake or validate to group or validator cool so just like coming to look at what happens next you then get to once you've locked up you then basically get to vote you put a back order for validate agree no you're gonna vote for a wine group or you got you booked for three originally we had one but like you can have vote for 3 and the reason for this is that we recognize that the security of the system really depends on well let's have a look at a normal election right so if this is like the distribution here of votes that are received for like you know parties or candidates in an election right like I don't know this is not a bad country I must say from countries with very different distribution there we go one candidate yeah so this is ranked here right and this is this is votes I love a good photo from a country where so this is so this is hundred percent it's like this nice right so say you're a bad actor and you want to get a validator elected yeah so that you can start doing malicious things of course a lot of the security of this protocol here depends on making sure that one third of validators no more than one-third of validators are malicious yeah and that's critical like the that's the the behavior of individual nodes is more important than in comparative proof-of-work scheme one third is extremely bad hopefully hopefully very small numbers anyway so to get your validator elected you don't need to beat this candidate here you need to beat like number 100 say we're gonna have 100 validators you need to like have more votes than this candidate here right and so the ideal graph distribution from a security point of view would actually be much more like this right so votes up here for these guys are sent extra yeah they're like super force they're wasted they don't contribute to the security of the system like especially because we from a decentralization point of view it's important to us that we have a bunch of different organizations individuals participating and contributing operating validators and validated groups and so we have this like limit and so basically we actually limit number of votes that evaluator group you'll receive such that they can only receive the number of votes required to elect one more than the number of validators that they're like fielding in the election right so if this one was receive enough votes to elect we just say no we basically say please vote again it's not like we don't yeah okay so unfortunately I don't actually I don't think it's a problem but I think you're right that there are some dynamics like there's some time dynamics this is and this is why we coming back to your question this is why we allow you to vote for three group especially if you're like have a lot of sell o gold it may not be possible to find agree to what it was a to this report to what is a validation oh yes yes so you can vote for up to three different groups well you they're independent so you say I want to place I want yeah three separate votes we and you can set different bound at any one time you you have a bunch of rock gold some of it can be non-voting and then you can take some of your lung voting gold and place it for a vote for a group and that will be accepted so long as we're below that cab and then you can take some away and move it to a different group so void isn't is is motivated by your gold or that vote balance of a group or like let's call it value or amount or something the group so the same amount you get we can applicant cast on three different groups or different mats I'm just saying like you can have 3x so if you have 10 gold I can vote for 30 my 30 now if you have 10 gold you can invalid if you have ten gold locked you can do ten Gold's worth of governance voting yeah and ten Gold's worth of validator voting and so that could be four to one group and six to another or ten to one tenth to just one group or like maybe like three and two and don't know I do have this limit yeah that's fine this is just an implementation detail okay yeah yeah remember we've written this in solidity yeah I actually went some more like you said is there a also like if it's weighted by the by the stake or there's like a specific amount of for that state so this is one of the one of the things we wanted to do with this system is like create like duty incentives for validators to contribute to the security of the system we wanted to make sure that the the rewards were interesting for professional validators you like go to the effort of like properly operating and monitoring like hardware having hardware and Kolo facilities with like you know potentially hardware security modules or like good security setups cameras pointed at the cage of the datacenter and so on that doesn't come cheap but at the same time we also recognize that costs the info structure costs here are in effect taking rewards out of the pocket of the people who were building this service for as well right so we're trying to balance these concert' that the the concerns of different constituencies they're like you know having building such a big platform like we're like there are many different like there are many different like you're optimizing for all the parties yeah yeah exactly so the the rewards of validators are flat they're actually paid in sellout dollars as well because most of the costs of validator the validator groups are actually defrayed in dollars in a fiat sorry stake isn't gold absolutely yeah so what is like what is this number like there's a governance Control Number governance controls yeah and and what are we gonna be start with we're not sure yet we're thinking I mean it's gonna be comparable to the sort of stakes that you're seeing and existing networks and the rewards will be comparable and interesting I think the the other thing to notice that validates and validated groups as well as obviously what you've like set this is a state you earn rewards we haven't talked about this yet but you actually earn like rewards for like locking up the gold here and we do that so yeah let's talk about let's talk about that bit so so you lock up gold you vote for some groups like you there's an election we run a an election which is exactly the same as like a proportional representation an election as done in say like the European Parliament it's the same we use ad on our room which is the same which i think is used to like allocate houses seeds in the House of Representatives from like census data and so it's widely used for this sort of purpose it basically will like determine based on their votes the set of validators that are going to be the next validator sir we have an epoch length which is one day at the end of like the last block of every epoch we go through this process you can continue to vote you continue your lock or unlock anytime that's right there's like a snapshot and at that point you can do one thing to say is that there is like a three-day unlocking period here so you unlock then you wait this interesting so we went back and forth a lot on this specific time like you unlock then you have to wait three days the reason it's three days is because an epoch is one day yeah like we want to make sure that if you've participated in an election that you still have skin in the game right so we want to we want to ensure that you're down just do that's right if I want to create a tach on the network by by likes you know affecting the results of the validator election by borrowing borrowing funds you know maybe trying to short sell Oh or something then use that to purchase a lot of seller gold and then try and swing the election by that vote I want to you know the system needs to ensure that like you see the consequences in the potential value of the ramifications of like your actions in terms of in terms of that which is why we've set three days we also want it to be short enough that like it's not a huge liquidity challenge so there's an e-book and then there's voting voting happens right who is it possible that the entire validator set changes like could it be here Dave you and Frank let's say or all these some maximum percentage your validator that can change everything the maximum percentage that can change we expect in general the the churn will be very small but yeah at the moment there's nothing in the algorithm to do we know these guys at this point or at this point literally after all transactions would be okay so there's no the validating one second before they have to start validating say Alice Bob and Carol here like they were building a chain oh yeah so one question is is Deepak made less than time with a number of books number blogs number of watch okay so the box which is when you have it something like one day divided with the block time blocks yep epoch link mod 0 whatever and the block must have 2/3 plus one signatures 8 so well the one question that I mean we we have definitely faced is that if you think if so you saying these guys need to start validating mm-hm one second after this they actually know they need to validate that means they actually need to be like fully synced it's just the validates of running they're basically like like trying to participate every all of them are running all the time and then some of them get selected actually and get reward and then sometimes they may not be rewarded yes we run this right so we run we run this PR election as proportion upset and so that chooses the set then we shuffle the set because it's important that we don't want folks who we don't want folks who can to be able to engineer the number of votes they get to be able to determine the order in which the proposer rotates so then we shuffle we have sort of on chain randomness as well and that's what we use the shuffle and then basically the diff of that validator set is like encoded in the extra data of the header yeah and so the light concerts are one of the things we've actually done you know going back to like with mobile first he's one of the things we've actually done is like this gives you some interesting opportunities to make like the light client sync protocol a lot more efficient so you so the proposal for the pbht yeah is it their pre fixed schedule or it's random at every book it's a it's it's it's a shuffled permutate like a random permutation within the epoch is deterministic yeah what is the source of watching randomness basically every Valadez like a commit reveal scheme every validator like puts in a like like a hash that determines a random number sorry I don't yeah I don't know what runned out like everyone did there is one bit of influence right because they can choose to they can go offline right well yeah or they can choose not right I mean so that gives them it's not a viable person right yeah and so in certain other places you know in certain other situations or certain other sort of pass the protocol we end up doing things like waiting a certain like the chance that you can influence the proposer more or the sequence of proposes for more than n consecutive blocks ends up like falling off extremely rapidly and the the block so the block proposal which is true with the theorem right there's I mean it's very hard to prove a negative like it's very hard to force somebody to include a transaction there's no like mechanism to like prove that they actually did receive no action but so the proposer does receive transaction fees we've changed the gas pricing mechanism for compared to what a theorem does we use like a sort of surge pricing mechanism which actually Vitalik proposed in an EIP a number of years we came up with a scheme and then we found that Vitalik had also proposed the similar scheme and then we were like okay we're Jasmin Oh creates a hybrid MMR's of gas in the block gets filled to just a just price little bit higher yeah so both of them stepping back over here onto my other shard of the whiteboard shards zero I will yeah so like rather than have a block like this and have transactions in the block filling up up to here and basically picking the highest price transactions first and just filling to a fixed limit what we do is we set we upsetting to excellent and yeah basically we say Oh actually like this is our hard limit yeah and if it's above then food prices below right yeah and so then we have a target which is some fraction of this so say back in your example half and so we this is like basically a gas price minimum and so we we have the opportunity to burst if there are loads of transactions that arrive in a short space of time obviously like their workload is going to end up being bursty especially at peak time and so you can fill up I'm here but in that case what happens is like your gas price minimum ends up changing for the next block by alpha right and so you do this walk yeah I mean you're right from the point of view that the validators like the two-thirds elected validate like basically you can do anything you like when you're when you're a sort of Byzantine quorum of like elected validators during the period in which you're elected so yep you can the M is there's sort of no way around that right it's a PFT assumption that two-thirds of your validators are honest right it's like my general concern when designing protocols then it could be that for me there's something like there's a change I can introduce to my client which will not hurt me at all for example as a as a seller validator I can make a change to my client which says does not accept any vote do not do not vote for laws that have votes rather but I sorta not know yourself she's gonna hurt me a little bit not too much yep right and well actually that's quite a little bit because if I don't vote no actually I mean I think if you look at this yeah I mean if you if you look at this like the there's probably going to be some distribution on the boats right and so the validators at the top of the distribution they have no incentive to like exclude votes that are not gonna like you can calculate is this vote gonna push me out with a validator set and that's gonna be false for everybody except for the like yeah right yeah so you could imagine like board their line there they probably don't want all the unique people but yeah so so the question is and remember that sorry remember that if even if a transaction does not appear in one particular block it's exactly everybody well 2/3 2/3 neater center and so like because there is no transaction fee sure it's relatively modest but of course you have to balance that against like making it affordable for people to send transactions yeah so if I if I as a validator don't blow it or don't publish my blog to use pretty much down for right right so yeah so coming back to and when you register to be a validator group or a valid a to you we check that you have locked gold up to like of the certain required level and when you deregister we basically only allow you to deregister like a certain time period after you have like last being elected so there's an additional lockup period for validates and validated groups so you know at the moment we're thinking that this is probably something like 60 days for like violators are potentially like longer for validated groups and so what that means is that like you know while that sort of creates is nice balance because if you're just like a voter then you get one or three days yeah this is to do with the this is to do with like long range attacks and the consequences of basically keep you're needed the requirement for us to like keep validators to keep their keys secure after they have basically like you stopped being yeah yeah so this is like the longest of these periods here so the max of this and this Plus on top of this is like essentially your objectivity window you know right so yeah and so many weights are talking about oh god yeah no I just wanted to understand yeah if what what happens when you don't like pretty much I mean there's two questions one is like if I just don't show up right or doesn't approve something and then that's a question if it's 60 days and you said you can only release only after you are not in the selection and you weren't selected how do you actually stop being selected that's at any time you can basically leave a group like validators are sort of sovereign in the sense that they can leave okay a valid group can also kick you out at any time as you would expect and so you know if you know that you're going to go down for down time and you only have one machine and courses absolutely in your interest so like those changes don't take effect of course until the end of the epoch like nothing happens until the end of the epoch from election point of view so yeah let's talk about like rewards and uptime and things so validators and validator groups receive rewards which are basically factored from like this sort of baseline fee that we would like to pay and what we what we have to do then is like look at so we starts at so it's Li Haos like like a fixed total supply cap and there's a certain amount that's allocated in the Genesis block and then the rest of this is allocated over time through basically epoch rewards so we don't have block rewards like a theorem does we have rewards given out at the end of every epoch yeah and yeah okay like there's no point like if it's the same people would just give it at the end right right right and so those rewards go to seller gold holders and they go to validator groups a different Ward's they go to validators and they also go to a few other things so we have an infrastructure fund which is like basically for projects which can be like disbursed by the governor's proposal so like seller gold holders can vote to give a certain amount of money to developers or to people who are otherwise improving the network we also have a carbon offsetting fund so basically we want to make this whole platform and project carbon neutral and to do that like the gold seller gold holders can vote to like basically there's an address and there's an amount and like every epoch that address receives that amount super-simple technically but like what it means is that validate and validate we're not relying on these guys individually to like you know offset their sort of environmental effects of like running the machines that they're doing and then on top of that we also have the stable coin has a reserve and one of the ways in which we can top up that reserve if we feel it's under collateralized Deuter is to basically divert some of the epoch rewards over to that and so yeah and in any given so that means that at any given a POC you you can end up having different like needs on your funds right maybe you need to pay more to the reserve yeah maybe like all the validators had really terrible uptime and you've decided not to pay them very much or maybe sell our gold holders as well are gonna get less money and I'll explain why and say but you this is your sort of target schedule right this is how much you'd like to be spending in a sort of target and maybe this is how much you have spent right and this could be actually like either like you're overspending and really it might only be increasing rate just double checking there no no absolutely right I guess like when you're sort of at the white board at this yeah nobody's giving money back to this thing okay let's start again so I'm always spending money maybe I'm spending money at a slightly different gradient image each time right so I'm either overspending or understanding yeah right I can afford to be a bit more generous or I can afford the you know I can't afford to like give out as much as we want so we have this like target adjustment so we have like basically this is the target that we would like to hit more like payments the validators which is say this number of sello dollars and then we either we adjust it up or down based on like overspend or under spend and so we say okay so actually you know we've been spending a ton so we can only afford this much and then what we do is we look at a couple of things so the first thing we look at is like uptime and the way we look at uptime is for every block that we are every proposer includes in that block the all of the signatures that they've collected from the previous block as well so all the signatures by the way we use BLS signatures absolute validates of two keys Devon ECDSA key and a BLS key we used BLS signatures because we can aggregate them over all their smaller improvements the like client protocol so what that means is that we don't need to wait around so I guess that piece is the only blind piece that we have right now so we don't wait around as soon as you like you know receive two f+ one like commits and like that block is done but from that point forward we'll still currently hex signatures from a previous block and so the subsequent proposal will also be doing this and will include all of those signatures and to do what what will happen there is that those signatures will be used for this uptime calculation so now we use a sliding window we currently we're thinking like 10 so long as you speed your signature has been included in one of the last ten we consider you up for that block this is like a sort of simple sliding window the reason for that is of course like you know if I'm a malicious validator you know start countering yeah I would start censoring these things and be like but if I miss the block is that considered like okay so if you if you miss the block then if your signature is not included in the block yeah but you like I didn't produce a lot at all okay right you mean like if I'm you're meant to be the proprietor if not yeah the beauty right yeah it is we don't we don't penalize that right now I mean we're not assuming like this is sort of we extremum that like most the reason that most honest nodes would end up being down is because of this configuration network problem like you know power supply failure that sort of yeah hardware the usual things exactly they do so they typically yes so if a proposer doesn't propose then obviously then you do get this additional like timeout but like I mean it's not a massive delay and obviously because we shuffle the validators yeah so currently we're set to three seconds plus the regular blocked oh so that the system has a parameter block delay say hey we want to make a block every five seconds so if everyone else hasn't seen a block after three seconds plus that time then that's when everyone so amend change messages so from that point forward we then take that say five seconds off and then that's the basis from which we do exponential back-off up until a certain int B D that's sort of what we've been trying at the moment we can easily handle a hundred validators with that you got a choice of do you want to increase the number of validators include christi centralization or do you want to increase like reduce the latency for transaction finalization for these says cool yeah that's super interesting let's talk about the stable crane party yep sounds great and there's a more stuff in the proof of spec thing yeah yeah I have a look at our blog posts and yeah definitely encouraging people to think they might be interested as validators to participate in their great sellers take off - yeah so how does sell $1 work yeah that's a great question so of course there are a whole bunch of different types of like stable coins up there there's like you know Fiat collateralized crypto collateralized and then sort of right right exactly and so sellers selling firstly is like a sort of family of stable coins I would say it's like relatively easy through governance to propose and create like new stable coins right now we've only been thinking in terms of like one yeah and the obvious place to start is a sellout dollar like a staple coin that's picked up a dollar also interested in sable coins which are not just necessarily pegged to regular fiat currency I mean there was lots of well there's yeah so the only thing he's talking about and yeah so a Terran SEP camp I did a talk at Def Con recently about like about that and so yeah folks are interest they can check that out but yeah so the stable coin mechanism is backed by a reserve which sort of combines sello gold the native-like utility token yeah of the system with which is obviously decentralized with like a reserve of other crypto assets as well and so you know that might be Bitcoin might be like eath might be other things might be other stable coins especially initially we're thinking that could be very interesting to include other stable coins especially fear back stable coins in that place of course those things exist on different chains and so it's very difficult to like manage that piece of the reserve in a decentralized way although that is absolutely our aim initially this will be done in a centralized fashion so that we have like yeah so we have basically like holdings of these things on different chain maybe it exchanges we have a bunch of like you know algorithms which look at this reserve decide whether we want to rebalance it in terms of like you know the various volatility or prices the prices of these things to maintain like target ratios between them and so like this is going to be centralized to start with like heading towards being decentralized and it's sort of even while being centralized from an implementation point of view in practice the seller foundation will nominate and fellow gold holders will have a saying like how who and how this yeah so we have we have this reserve anyway so you can see that this is already like a sort of hybrid of like they're sort of existing approaches so just reserve this is over colonization reserve yeah so similar like maker like if you remove this fire this will be like a maker design but yeah yeah so it looks looks pretty similar um I think and of course like depending on the volatility of these assets we're going to want to change that exactly that collateralization so what you're like causation ratio for seller gold for example that I couldn't tell you I guess it depends on the value of this but like you know there are there are a few things what we basically have is like a series of Oracle's we do depend on Oracle's of course to like provide price signals yeah the essentially the exchange rate between like selling all over the sell o dollars o n dollars so regular dollars indeed yeah would have been great to have yeah - Krypto so I mean just quick howhow do you like implement that in practice like I said just like fixed set of yeah like identities that's right so there's nothing particularly exciting about this bit yet and we're going to be turning our our our eyes to think a lot more about this at the moment the set up so for our test net the set up is going to be that we run single like Oracle and that it publishes price informational chain we'll really have a bunch of like safeguards on chain to ensure that like you know if there were multiple fry signals that we're always taking the median we don't allow the price to move by more than a certain amount each time you know a bunch of other bunch of other things but you can imagine like you know these things putting up stakes and getting rewards but yeah that's an area which we sort of are gonna be yeah yeah yeah exactly so these things provide an exchange rate and of course like you know there's several ways we're gonna want to like be able to bolster the reserve under conditions where we see high volatility or we feel were under collateralized several different ways of doing there first is we have a stability fee mm-hmm may be it may be a steady one one one bid back is this reserve and they and they tient of dollar who is actually responsible for it am i as a user pretty much can lock in some gold and get some dollar exactly I can actually like yeah so let's talk about that bit first then so yeah so we that is all decentralized and we have a sort of decentralized one-to-one exchange I mean quite why I've drawn a circle but I guess like you can have a person up here and you can have the reserve down here this basically so we have like you can use you can basically purchase dollars yeah and that increases the expands the supply and then you can also like do the opposite and you dollars for that exactly for the current for the current price yeah and so this this is totally on chain and totally centralized it does of course depend on the Oracle price yeah you know and of course if the oil price is wrong then there is a risk that you can like have a you buy to achieve or yeah yeah and so therefore you can deplete the result and so these are mechanisms here where might we can like both the reserves and that's also valuable from full-width under collateralized because volatility increases this is a sort of uni swap like mechanism whereby it sort of creates this negative feedback loop around price shifts so if the balance of trading from one to the other like shifts away from parity then what we end up doing is increasing the price like against that so providing making it increasingly expensive to move to surprise finishing exactly yeah actually okay so yeah so there's like and there's a few things in here which one of which we already talked about like Deepak rewards we can use that to these things and then also like a basic attacks on transfers of solo of solo gold like it says your Tobin tax put which can kick in don't work so basically it doesn't always apply well if if the reserve is very running short then we can like basically any transfer of sello gold can like contribute contribute pom-poms are pretty much that price directive transaction fee but eventually pending gasps you're actually having like percent reserve yes and so the stability fee is a sort of demo rich fee unlike dollar balances like dollar is the seller dollar is really location by a bank which actually like wants to percentage back as you guess you can think of it as like you know this is a token that's for exchange and so there's an incentive to furtive like we need incentive to like he's generating here circulating the high velocity so yes this is like roughly the mechanism and so you know obviously part of the concern with this was like well you're holding a basket of crypto assets but I mean how does a basket of comparators actually work with everything else right like you cannot issue more right so yeah and also like exchanging is hard yes you need to basically okay so you have a rebalancing where you like to pay some gold seller than buy some Bitcoin to do and then going backwards yeah to just provide more and we hope and only bring more of that onto the chain cross-chaining yeah later on yeah so yeah so then then the question is like is this gonna work in practice we have done a ton we have many people like far smarter than I am like looking at who have PhDs in economics like thinking hard about this sort of situation we've done a ton of like stability simulation analysis which we have a white paper on which talks a lot about like you know the particular situation we're concerned about is that if you have a basket of crypto assets and a sort of you have a rapid crash in the market like like they've seen like we've seen absolutely you know what does what does that do to the peg and so we plotted a bunch of those scenarios and looked at the paths there looked at the sort of mechanisms that we had available to us in terms of keeping the reserve we were able to like like keep a peg and all of the sort of simulation parts that we looked at and yeah I think we had that bad informed a lot of the sort of parameters that we're gonna like to set this thing up with sort of starting point yeah it's pretty cool interesting all right and then like identity mechanism John sure so one of the things so from users perspective it's a bunch of things you want to want to do right like firstly you don't necessarily want to like fees paying in currencies which are like recognized or which I pull the tile you want currencies which feel familiar to you and whose values familiar to you and so like that's where the staple coin mechanism comes in you want a platform where it just works from your mobile device which ever a lot of the infrastructure that we built comes in we also allow you to pay for transaction fees in any currency so we've modified like sort of transaction fee payment mechanism so that like validators can basically collect transactions right moster more like literally anything they own there's so it's basically government there's a governor whitelist they're like hey validators these are the currencies which you should accept and receive the currency Lucy the doll they were policy okay they receive the currency because they need to go and find out how to like right so we there's no dependency on like the oh yeah so and the third thing is like you know I download an app and I've got a bunch of contacts I'm gonna contact this and I want to like send money to receive money for my contact list so to do that like I give the app permission I come across a constant this is a bunch of phone numbers in it so what we have is a mapping from basically from phone numbers to addresses yeah we of course want that to be secured so that nobody else can exactly hey I'm I'm actually Tim and so you know I think you think you're paying me and you're actually paying and of course it's like this huge is all about like new transfers it's not about like access to existing balances so to do that we have a decentralized mechanism for like verify English and there's a couple of different pieces of this so the first thing is to like a user like in the onboarding flow app the user can request verification and they pay a small verification fee that covers the cost of sending like n text messages in fact they can choose what n is the client can choose what and it's but of course from like a sim for a simple user experience like that numbers essentially fixed and then what happens is flow where my draw this down here this is a flows you like you basically do a request hmm then you wait for blocks if this was in block B this ends up being a B+ for reason for this is it makes it like in fees have been difficult to control the randomness between this point what you're really requesting is like you're saying hey I want my account to be associated with this hash but at this point you're saying okay so like select select who's going to attest me mm-hmm he's going to provide after stations and at that point like we use the randomness to basically pick for validators who are gonna be in charge of like SNES Emerson yeah that's right so they happen to run like to Leo connect or something yeah sort of so it's like this after station service so like you know in fact every validator and seller runs like three processes or potentially more so like the standard setup is like there's a validator there's a century this thing like hides the violator from the rest of the world proxies all of their when I say century what I really mean is a proxy yeah changing so we and then you also run like an attestation service keeper then so later we may we'll probably be doing like threshold validation so like there's a bunch of different like nodes b3 b2 b1 which we'll have a shot of like the actual keys and you need like two out of three or whatever to combine two signatures will also support multiple proxies but like the basic set up in territory the attestation service basically you find out the vowel datas you find out the identity of the validators who when you ask them to send a text and Mason that fruit you signed by there after station key you can then submit that back on chain and that is like the thing which says yes the protocol believes that you have access to this poem this account so how does warehousing out phone number actually record it on chain so we we we never recalled the phone number itself we would like a salted hash and we will be like changing that over to use like s crypt I think as well so the yeah so basically there's a great thing so if it's a solid hash hold it like so the question I always had was if if it's a solid hash yeah then I need to know the salt to verify that this year right right if it's like yes so you you're right that this obviously all of this data is like available on chain and there is like a sort of diction there is like a sort of attack whereby I can sort of I can basically go through and find out like I can sort of products for any phone yeah yeah I can basically also the space of valid phone numbers is not like a very exactly large like in space so so I can in theory map every like phone number to it yep in theory so I'm one of the things we've been thinking about is like how do we get around this yeah and so we actually have like an accounts mechanism so this is not what we have right now but it's like something we're working so we have accounts mechanisms that this is like the way the validators can record metadata about themselves they can claim hey I've got existed this DNS I've got access to this key base account and so on it's also the place where like individual account holders can record a public key mm-hm and so that's we also support like encrypted comments in transactions so that I can like send you a bunch of emojis to indicate that I'm paying you for coffee and so that ends up going into like using that public heats basically encrypt that comment that same public key can rather than basically so there's a mechanism whereby we'll be able to say hey actually don't send don't send to this address send all the funds should be the center like an address which you can communicate which you can basically use this public key to go and communicate with me for so that public key is like hey let's go and do some out-of-band communication and I'll tell you where to cents okay so that is the piece which is like not yet like implemented because it requires a bunch of like we need to figure out exactly how and where to like do that communication so just for it for one sec you said it's a solid Hashim why do you salt it think it's - mm-hmm I think it's a sorted hash you're pushing my my because if it's salted then it's useless yeah if I have a phone number I don't know the salt if it's not I'm yeah I like the problem is that what you're trying to achieve is also the reverse of privacy right because you're trying to like by me knowing phone number I can find your account it's really tough yeah it's really tough all right yeah this is like an area like yep privacy is going to be a significant focus for us like you know private transaction yeah private I'm part of like balance is private - like making this mapping as private as possible but there is as you point out this fundamental tension yeah what you're trying to build is a phone book yeah right and then you also don't want it to be public for everyone right yeah exactly so we have think we have been thinking about that as well and we actually have some ideas how to do it like you to hear gossip style right so the way that yeah there's no kind of yeah I mean the phone books was not so bad right like Oh accepted that phone book did not have like attached balance to how much money that person has when actually you want to tag them down in you know this tree that is just that inbox right and so one of the things that you can like do from the client perspective is like use that as an inbox and like withdraw funds from that yeah of course there and then you see all everything that's coming in anyway yeah yeah it's a challenging problem yeah you know spending a lot of time thinking about all right cool right I mean it's really cool stuff and I think very good on time so yeah well thanks a lot well thanks for behind the time it's and then please check out so I got org notes on organ yeah as an upcoming bake-off yeah you","transcript_synced_at":"2026-11-04T04:26:20.743Z","segments":[{"start_seconds":3,"text":"hi everyone this is Ilya and Alex from near and we're today with Tim from Sela gonna be talking about how Stella works and yeah you can choose off and we can","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3s"},{"start_seconds":12,"text":"dive in yeah great to be here and so I'm Tim Morton I'm on the engineering team at say way before this I ran a bunch of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=12s"},{"start_seconds":21,"text":"teams at Apple running their cloud infrastructure I have a background in distributed systems so when you guys start grilling me on like the economics we'll see how how about guys yeah I'm","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=21s"},{"start_seconds":31,"text":"gonna talk about selling sellers a permissionless platform - should I be talking to you or the camera sorry","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=31s"},{"start_seconds":39,"text":"furniture you can talk to the camera okay for the details we can yeah okay cool so sellers of permissionless platform making financial tools","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=39s"},{"start_seconds":48,"text":"available to everybody worldwide from a mobile phone basically predicated on the fact that like low-end smartphones are far more","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=48s"},{"start_seconds":57,"text":"widely available and far more widely used by people then bank accounts like there are 1.7 billion people without","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=57s"},{"start_seconds":64,"text":"access to regular financial services and if we can close that gap a little bit and empower some people to be able to like send money between friends and pay","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=64s"},{"start_seconds":72,"text":"at merchants and like have access to all the things that we're used to then that would be like a great achievement yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=72s"},{"start_seconds":80,"text":"cool all right do you wanna describe kind of one of them yeah opponents and oh yeah yeah so one things is interesting about sello in","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=80s"},{"start_seconds":88,"text":"the spaces we're very much like a product company we're focused on like trying to make an end user experience","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=88s"},{"start_seconds":95,"text":"which is so seamless that you don't even really know that there is a cryptocurrency or a decentralized","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=95s"},{"start_seconds":102,"text":"back-end you know under the covers and so we we think a lot about like user experience and we think a lot about","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=102s"},{"start_seconds":109,"text":"their sort of particular set of assumptions that we need to make given that virtually all of our users will be","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=109s"},{"start_seconds":116,"text":"like accessing cell from a mobile yes especially like a low-end mobile device so we care about like you know we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=116s"},{"start_seconds":125,"text":"connectivity how much data we're transferring how much processing power and if that's like you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=125s"},{"start_seconds":132,"text":"present some interesting technical challenges so to do that we've sort of taken this like whole stack approach you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=132s"},{"start_seconds":139,"text":"can sort of think of cells like three things so the bottom layer is like the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=139s"},{"start_seconds":149,"text":"blockchain so you can call this like solo blockchain I'll come back and like describe these things a bit more detail in a second then we have like a smart","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=149s"},{"start_seconds":158,"text":"contract layer really like most of the business logic of the stack and then we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=158s"},{"start_seconds":166,"text":"have a seller wallet and the obviously","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=166s"},{"start_seconds":175,"text":"most of our users like sort of sit here and using the header using their sort of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=175s"},{"start_seconds":182,"text":"devices this you can sort of think of this as like a platform in itself there's like a lot of opportunities to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=182s"},{"start_seconds":191,"text":"build like other things both directly on top of the smart contract layer anybody of course could deploy smart contracts","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=191s"},{"start_seconds":196,"text":"the platform but also we have a so we have like a couple of things to make","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=196s"},{"start_seconds":204,"text":"that easier we have I guess you can sort of think of it as being like here this is where the diagram gets a little","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=204s"},{"start_seconds":211,"text":"confusing this is like I guess contract kit which is a layer to make it really easy to like access the sort of first","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=211s"},{"start_seconds":220,"text":"party contracts that existed in the business logic layer here and then the wallet also uses that and then the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=220s"},{"start_seconds":228,"text":"wallet as well exposes this thing called that kit which makes it easy to build like essentially third party","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=228s"},{"start_seconds":237,"text":"applications on the platform like mobile apps which you know maybe they need to like send a payment or maybe they just","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=237s"},{"start_seconds":245,"text":"need to find out your like account details so that they can do other stuff so what you could basically DAP kit","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=245s"},{"start_seconds":252,"text":"allows like you know say a microlending app or some other kind of like third party ecosystem app to be able to like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=252s"},{"start_seconds":261,"text":"connect to your wallet with your permission of course like sign the transit or like get your account details and so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=261s"},{"start_seconds":269,"text":"it makes it super super simple to like build apps also behind the the wallet in","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=269s"},{"start_seconds":277,"text":"terms of take this thing over here there's a little cloud there are a few","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=277s"},{"start_seconds":285,"text":"things we have like sitting in the background which I like centrally managed services so the sello protocol","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=285s"},{"start_seconds":292,"text":"is like an open framework the seller will have like a foundation that governs it and like this will be not just like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=292s"},{"start_seconds":299,"text":"the source but of course open runtime and fully decentralized the wallet of course are this the wallet there could","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=299s"},{"start_seconds":308,"text":"be many wallets we hope there will be but like the wallet that a cert see labs of building has a few sort of cloud","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=308s"},{"start_seconds":316,"text":"services behind it to facilitate things which are really hard to do in a decentralized way so for example push notifications if I send you some money","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=316s"},{"start_seconds":325,"text":"like we have a cloud service which is watching the volcania blockchain push America exactly exactly and so like then","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=325s"},{"start_seconds":333,"text":"basically talks to a service he'll talks to like Google or Apple or whatever and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=333s"},{"start_seconds":340,"text":"sends it push notifications while it's saying hey tin has just paid you like whatever and so there's a couple of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=340s"},{"start_seconds":348,"text":"things there so they're really around like optimizing user experience and around performance but broadly everything is like these centralized so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=348s"},{"start_seconds":357,"text":"the smart contract layer is like the sort of business logic layer I'll come back to like dig into that and radicand and let's talk about yeah let's get to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=357s"},{"start_seconds":364,"text":"the heart of it so the blockchain is so the blockchain is actually a fork of the Go etherium client this is an incredibly","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=364s"},{"start_seconds":372,"text":"like ambitious project there's a lot there's a big big surface area one of the things we wanted to do was because we care about user experience was to try","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=372s"},{"start_seconds":381,"text":"and like get to market as quickly as possible and so we looked around rather than building like a blockchain from","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=381s"},{"start_seconds":388,"text":"scratch ourselves we look to sort of build on some of the great technology that's already been built out there in the crypto space and aetherium was like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=388s"},{"start_seconds":397,"text":"the obvious like platform of choice just because of their length of time has been in production like the sort of robustness","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=397s"},{"start_seconds":404,"text":"of the implementations the fact it has earth-like smart contract platform with a broadly supported set of like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=404s"},{"start_seconds":411,"text":"developer tool chain above it and and so like that felt like a great starting point for us and so building on the sort","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=411s"},{"start_seconds":418,"text":"of shoulders of giants and we we took the go theory and code base and then basically looked at what we would need to do to make this work really well from","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=418s"},{"start_seconds":427,"text":"this set of assumptions that we knew that we had from from the end-users so that's really about like making this","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=427s"},{"start_seconds":434,"text":"thing mobile first and you know we recognized as well that the etherion community has generated tons of great","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=434s"},{"start_seconds":443,"text":"ideas over the past few years and certainly not all of them have really made their way actually back into the earth into like the implementation","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=443s"},{"start_seconds":451,"text":"agreed pronounced back of a theorem and so there are a bunch of things that we like have taken like inspired by those","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=451s"},{"start_seconds":459,"text":"sorts of ideas which I can talk more about but yet broadly it's around like changes for usability and changes for","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=459s"},{"start_seconds":465,"text":"mobile being mobile first and then also like I think since the theorem was","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=465s"},{"start_seconds":473,"text":"arranged like the thinking in general in the space around proof of work versus proof of stake has moved on a lot and so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=473s"},{"start_seconds":480,"text":"one of the big changes we made was an estate yeah was to take proof of work out and how did ya maybe update yeah he","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=480s"},{"start_seconds":490,"text":"didn't do perfect stake how do we how do we how do we do that so we started off some you know I remember there's a","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=490s"},{"start_seconds":499,"text":"there's a quote on I think it is I'm gonna get this wrong I think it is the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=499s"},{"start_seconds":505,"text":"curator recipe page for using zookeeper so you know I have a lot of experience with a zookeeper a lot of experience","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=505s"},{"start_seconds":513,"text":"like I mean my sins I once implemented like twice actually for my sins implemented Paxos it's like it's a complete pain to do and I think the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=513s"},{"start_seconds":521,"text":"curator page says it quite nicely it's like good friends don't like their friends implement zookeeper recipes and I think the same can be applied to like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=521s"},{"start_seconds":530,"text":"distributed consensus it's really gnarlie there are tons of edge cases there are very few people in the world who really like deeply understand it","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=530s"},{"start_seconds":538,"text":"maybe you guys do I think like you know obviously obviously I think we I'm just selling ourselves short I think we we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=538s"},{"start_seconds":546,"text":"have gained that experience but in all in order to like get further fast that we sort of looked around to see where there was a good starting point so we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=546s"},{"start_seconds":554,"text":"actually started with the PR that was raised as I think e IP 650 which was","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=554s"},{"start_seconds":562,"text":"called Istanbul confusingly not now Istanbul that actually happened that's right that's right not the not the Istanbul that has","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=562s"},{"start_seconds":571,"text":"the sort of hard folk that the fork of etherium that's happening right now but","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=571s"},{"start_seconds":579,"text":"actually a separate implementation of a Pratt who buys an time from tolerant","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=579s"},{"start_seconds":586,"text":"like consensus mechanism on the existing sort of consensus interface inside the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=586s"},{"start_seconds":593,"text":"go a theory implied and so lovely the go theme client house this sort of I'm nobody to you yeah because it supports","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=593s"},{"start_seconds":600,"text":"proof of authority it's got Eve hash and like yes there's already like a few a few implementations in there and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=600s"},{"start_seconds":608,"text":"Istanbul plugged into that but it was never merged the code was like 18 months out of date it was also incorrect","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=608s"},{"start_seconds":618,"text":"because it's really hard to write these yes kudos to the original authors they did they did a great job but yeah there","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=618s"},{"start_seconds":627,"text":"was some edge cases we wanted to pick up it was also like piggybacked on a theory ins exists sorry the girl theorem","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=627s"},{"start_seconds":636,"text":"clients existing gossip mechanism and a couple of other bits and pieces which meant that from a performance perspective monopoly oh yeah it ended up","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=636s"},{"start_seconds":644,"text":"just basically generating way more messages and cesarean and then they were also like a few security things in there","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=644s"},{"start_seconds":651,"text":"as well so not only were they like direct security bugs and like just just straight-up bugs that would affect","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=651s"},{"start_seconds":657,"text":"security there are also like a few opportunities for denial of service which were sort of in","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=657s"},{"start_seconds":665,"text":"in the codebase so we took that code desert-like great starting point and we've done a lot of work to make that a sort of buys on time from torrent and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=665s"},{"start_seconds":674,"text":"consensus implementation by inside the goal and code base of the seller blockchain so pretty much using pbft for","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=674s"},{"start_seconds":683,"text":"production what's what's kind of like the basic parameters of that yeah so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=683s"},{"start_seconds":692,"text":"yeah that's that's cool that pbft down here was one of the things so in terms of parameters you mean like what are we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=692s"},{"start_seconds":700,"text":"expecting in terms of number of validators or yeah yeah what's rotation","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=700s"},{"start_seconds":705,"text":"mechanism would ya details yeah a great","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=705s"},{"start_seconds":716,"text":"great question any reason this world got to use no temperament we right so we actually we did look at whatever is cool at the time","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=716s"},{"start_seconds":725,"text":"if the mint I think and we talked I think to the people involved in that project um it was a really nice proof of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=725s"},{"start_seconds":734,"text":"concept but it really that the API around tender men was actually very like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=734s"},{"start_seconds":741,"text":"while in like separately it's actually quite a nice way of plugging in block chains into a pbft system it","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=741s"},{"start_seconds":750,"text":"unfortunately was very tricky to integrate that into the code base so that was like our sort of looking at it","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=750s"},{"start_seconds":757,"text":"like on our own that was our estimation of it and I think I'm looking at ether mint and then talking to the folks involved that project they found the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=757s"},{"start_seconds":764,"text":"same thing so because we use our runtime","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=764s"},{"start_seconds":772,"text":"yeah we've them assembly and all the transaction processing know something don't plug yeah we was pretty mature","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=772s"},{"start_seconds":779,"text":"yeah we were doing this a little bit earlier but a few change is practically","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=779s"},{"start_seconds":787,"text":"impossible to write correctly it's extremely complex the view change is going to be barely barely tested because","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=787s"},{"start_seconds":794,"text":"in the normal circumstances and the normal circumstances like in in there in the cosmos lifetime when we had","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=794s"},{"start_seconds":802,"text":"they think at least like last time we talked to them they had like how many 100 100 mph it would have been a few","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=802s"},{"start_seconds":810,"text":"changes 100 times yep out of like you know hundreds of thousands it's very rare so the the trick with yeah i mean","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=810s"},{"start_seconds":820,"text":"so like you can write a sort of a pseudocode implementation of pbft in like you know a few hundred lines but","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=820s"},{"start_seconds":828,"text":"the devil is in the detail in the implementation absolutely an Istanbul was not straight-up pbft either but","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=828s"},{"start_seconds":837,"text":"instant also have the advantage that there were two other teams like in the broader ecosystem who were using it","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=837s"},{"start_seconds":843,"text":"scrutinizing it if she doesn't have problem liveness trade certainly doesn't","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=843s"},{"start_seconds":853,"text":"have as an argument I might be wrong with them I'm like 95% certainty of to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=853s"},{"start_seconds":859,"text":"never but last question before we yeah but fun room or so still are using hot","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=859s"},{"start_seconds":868,"text":"stuff uh-huh so he's not hot stuff yeah so I think hot stuff is like a really","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=868s"},{"start_seconds":876,"text":"interesting paper so yeah so let's talk about like the plan right now and then the plan like going forward","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=876s"},{"start_seconds":883,"text":"it's a pbft in general be ft house lighting limitations in terms of the scalability because of like the complexity pedestrian well but it's very","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=883s"},{"start_seconds":893,"text":"proven algorithm that's been implemented a number of times in this space and outside of this space has good pedigree","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=893s"},{"start_seconds":901,"text":"from that perspective hot stuff is really interesting it we like obviously Libra being one of the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=901s"},{"start_seconds":909,"text":"first to actually like really implemented in the space of course that project is not fully live yet either but","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=909s"},{"start_seconds":916,"text":"I I think at the time that we are making this decision like it felt it was very","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=916s"},{"start_seconds":922,"text":"like it was very tentative right and it would be very interesting you could imagine in","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=922s"},{"start_seconds":930,"text":"future like swapping out pbft for a hot stuff based implementation and getting a bunch of benefits for that in fact you can find that we've done a bunch of work","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=930s"},{"start_seconds":939,"text":"like there's two tracks in which we're doing this one is like we want to ship as I was talking about we're a product company we care about our users like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=939s"},{"start_seconds":947,"text":"I've learned many times in the last 15 days VanCleave iterating don't you have something working yeah like don't keep","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=947s"},{"start_seconds":954,"text":"improving performance don't keep trying to like add extra features like get to market talk to your users understand","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=954s"},{"start_seconds":961,"text":"what matters to them right and like unless you can draw a really really clear line from what this person here cares about down to here then you're","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=961s"},{"start_seconds":969,"text":"wasting your time and for us like hot stuff has likes a bunch of really interesting potential benefits so we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=969s"},{"start_seconds":977,"text":"have this two-track approach where like this is you know this is what's on the back of the truck at the moment and this is what we're like going going to market","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=977s"},{"start_seconds":985,"text":"with but at the same time there is you know we've been doing a bunch of work around an algorithm called bf tree which","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=985s"},{"start_seconds":993,"text":"aims to use hot stuff to be able to scale permissionless a permissionless approach to consensus for like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=993s"},{"start_seconds":1003,"text":"potentially tens or hundreds of thousands of participants where they can just like join form a sort of tree","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1003s"},{"start_seconds":1012,"text":"structure and in so doing we don't have to have a lot of the complexities of a proof of state mechanism on top of a BFT","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1012s"},{"start_seconds":1020,"text":"algorithm to determine who the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1020s"},{"start_seconds":1022,"text":"participants in the exactly so there's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1022s"},{"start_seconds":1035,"text":"no pipelining at the moment yeah yeah well stuff is basically just pipeline yes oh yeah I mean it still to be the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1035s"},{"start_seconds":1047,"text":"other benefit of like nailing this down early was that we've been able to do a ton of like low testing failure testing","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1047s"},{"start_seconds":1054,"text":"on like very large clusters and being able to like put this through its paces in terms of many like practical sort of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1054s"},{"start_seconds":1063,"text":"settings and like we found a ton of issues none of them no no but like almost all of them were outside of the scope of the core","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1063s"},{"start_seconds":1071,"text":"algorithm it's like yeah the creatures are in like networking that's right that's right that's right it's it's all the auxilary stuff which","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1071s"},{"start_seconds":1083,"text":"yep so we have yeah so before we maybe before we dive more into that let me just sort of flesh out what what this","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1083s"},{"start_seconds":1091,"text":"thing is here so smart contracts obviously this is smart contracts using","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1091s"},{"start_seconds":1097,"text":"the regular EVM so like any of the sort of standard tool chain that you use for the roads block or then we'll just work","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1097s"},{"start_seconds":1105,"text":"out the box and so you have like account IDs which are my cassius of public keys exactly usual you know exactly yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1105s"},{"start_seconds":1113,"text":"and so contract here in fact like embeds web three and you can also go and do your own thing with that um but the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1113s"},{"start_seconds":1120,"text":"smart contracts like of course people will add smart contracts there's no restriction on that but like the the ones that sort of are like out of the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1120s"},{"start_seconds":1130,"text":"box and so I fall into like such three categories says first which is like around proof of stake and governance so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1130s"},{"start_seconds":1137,"text":"the proof of stake mechanism is entirely implemented in smart contracts and there's an Unchained governance mechanism as well benefit of like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1137s"},{"start_seconds":1145,"text":"obviously putting things in this layer rather than this layer is that you can use this on chain governance mechanism to replace it without a hard fork sort","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1145s"},{"start_seconds":1154,"text":"of a little thing up here to that point is like params guess that's way too","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1154s"},{"start_seconds":1161,"text":"small to read sorry about that everybody at home but like you know for example one of the things where the etherium has","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1161s"},{"start_seconds":1169,"text":"been like lock a gas limit you know all miners pleasing I sort of italic","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1169s"},{"start_seconds":1176,"text":"encouraging mining pools to like no actually block limit is something that is voidable its vertical but in a store","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1176s"},{"start_seconds":1183,"text":"they don't just but it's not by the participants in it's not by like this is this is governance by seller gold by the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1183s"},{"start_seconds":1190,"text":"entire community like you know that's right so like you've seen the situation in theory and where miners are holding like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1190s"},{"start_seconds":1197,"text":"the rest of the network I won't say to ransom but you know what I mean like they have control over that particular parameter so this this sort of puts","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1197s"},{"start_seconds":1205,"text":"these things out in the open and means that you can change a bunch of these parameters without having to like hard fork or even in many cases update their","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1205s"},{"start_seconds":1213,"text":"their client which is which is quite nice so having made this too small to be legible I'm gonna erase it here there's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1213s"},{"start_seconds":1222,"text":"a second thing which is the sort of stable coin protocol which come back and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1222s"},{"start_seconds":1229,"text":"chat about and then identity as well hmm so yeah Koufos taking governance so this","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1229s"},{"start_seconds":1238,"text":"is really the so yeah so leaving aside governance for now proof of stake here is like the mechanism by which you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1238s"},{"start_seconds":1247,"text":"decide who gets to participate in this protocol as you as you guys know we have","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1247s"},{"start_seconds":1253,"text":"implemented a quite interesting like proof of state I guess protocol we've","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1253s"},{"start_seconds":1260,"text":"been thinking about the scheme that we want to use for like a long time we've been talking to a lot of people and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1260s"},{"start_seconds":1269,"text":"iterating on it trying to pick some of the best aspects of like what we've seen succeed in systems like cosmos and tears","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1269s"},{"start_seconds":1277,"text":"us and in other in other systems that have had a bunch of like experience in the wild talking to a lot of folks and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1277s"},{"start_seconds":1286,"text":"also introducing like a bunch of our own ideas and we actually wrote a couple of blog post about that like just last week","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1286s"},{"start_seconds":1291,"text":"and we're gonna be going to a sort of internet back lava and the scent of ice","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1291s"},{"start_seconds":1299,"text":"test net where we're going to run a challenge called the rate celos takeoff which which is has obviously british","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1299s"},{"start_seconds":1308,"text":"connotations but the idea of the idea of the stake off is really to get validated to get some like airtime for this proof","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1308s"},{"start_seconds":1317,"text":"of state mechanism to get broader input on it from the community to get validated operational experience like running the network and also like give","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1317s"},{"start_seconds":1325,"text":"them the opportunity to potentially win prizes that can convert into like gold on","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1325s"},{"start_seconds":1331,"text":"maenette potentially sex yeah so yeah so yeah so let's dig into the proof of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1331s"},{"start_seconds":1338,"text":"state protocol so validators are basically elected by hey let's move over here violators are basically elected by","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1338s"},{"start_seconds":1348,"text":"his validator violators are basically elected by seller gold holders or hog","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1348s"},{"start_seconds":1358,"text":"laws as we would like to like to be affectionately making so obviously the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1358s"},{"start_seconds":1367,"text":"native token is actually gold right so some of gold is the native token like you can think of that as equivalent to ether yeah it is slightly slight tangent","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1367s"},{"start_seconds":1376,"text":"one thing we've done is also make that ER c20 compatible there is just like duality you can use it very oh yeah but","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1376s"},{"start_seconds":1385,"text":"it's also like the native that's an interesting question around the naming","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1385s"},{"start_seconds":1393,"text":"it is definitely not pegged to gold it's definitely not paid to gold yeah so it's the native utility token of the platform sello gold holders are","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1393s"},{"start_seconds":1402,"text":"essentially the voters in the system that can select the validators but they do so via a election mechanism in which","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1402s"},{"start_seconds":1410,"text":"they vote for validated groups too obviously we have a situation whereby you know this is a decentralized","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1410s"},{"start_seconds":1419,"text":"platform anyone can create any number of accounts we can't do like one person one one user one vote so you know the only","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1419s"},{"start_seconds":1426,"text":"way that we in the community know how to do this right now is to like you have have voting by balances yeah and of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1426s"},{"start_seconds":1433,"text":"course to prevent people vote with the balance and then transfer it to a different account and then vote with that same balance again essentially we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1433s"},{"start_seconds":1440,"text":"require them to like lock up yeah so we don't cool one interesting difference with so low compared to other networks","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1440s"},{"start_seconds":1448,"text":"that you're probably expecting is when seller gold holders lock up a balance they are not putting that balance at","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1448s"},{"start_seconds":1455,"text":"risk mm-hm so no matter who they vote for that balance can't be slashed so we we think","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1455s"},{"start_seconds":1463,"text":"that's an important decision because seller gold holders don't have you know you don't have if","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1463s"},{"start_seconds":1471,"text":"you're just an average vote if you're this person up here you probably don't know and don't like you don't have the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1471s"},{"start_seconds":1480,"text":"expertise or necessary at a time to be able to learn the visibility there's like um yeah there's big imbalance in the information that you have about","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1480s"},{"start_seconds":1488,"text":"whether these guys are doing the right thing or not and so what you do is you like so we have a lock gold contract you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1488s"},{"start_seconds":1498,"text":"basically like lock some gold in gold contract and then that allows you to vote but what you're voting for is","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1498s"},{"start_seconds":1507,"text":"actually a validated group and a validated group is this sort of new concept which I don't think any other","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1507s"},{"start_seconds":1516,"text":"network really has which is I guess a wrapper around a set of validators and now you might imagine these things","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1516s"},{"start_seconds":1524,"text":"coming about in two different ways maybe there's a like a group of like a valid a valid an entity or an organization that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1524s"},{"start_seconds":1532,"text":"runs validators maybe more like the sort of professionalized validators that you're seeing cosmos where they may want to run more than one validator and so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1532s"},{"start_seconds":1541,"text":"they may want to run a validated group have valid like have validators in in their validator group and potentially be able to swap these validators i out if","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1541s"},{"start_seconds":1549,"text":"they need to and yeah then basically like put themselves forward as agree","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1549s"},{"start_seconds":1559,"text":"alternative you may see validated groups that don't run violators themselves but provide a service where they are you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1559s"},{"start_seconds":1567,"text":"know doing things like security audits like kyc on validators so just like source validators and oh yeah package them into right so the idea is that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1567s"},{"start_seconds":1576,"text":"these things have like a reputation like name recognition like long term persistence in the network these are","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1576s"},{"start_seconds":1583,"text":"folks that you're voting for so yeah maybe like it's like someone loose analogies they may be like a political","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1583s"},{"start_seconds":1590,"text":"party whereby like if you vote democrat like maybe there are some people who vote democrat or republican or whatever bend under for the members","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1590s"},{"start_seconds":1598,"text":"exactly yeah because yeah exactly and so you're you're sort of relying on them to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1598s"},{"start_seconds":1604,"text":"do a bunch of like marketing maybe","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1604s"},{"start_seconds":1612,"text":"marketing but I was gonna say vetting right so like you know they have a reputation to preserve they are not gonna put somebody on this late who hope","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1612s"},{"start_seconds":1620,"text":"you know I'm gonna put somebody on this late that is actually actually not right and so they have this a better ability","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1620s"},{"start_seconds":1627,"text":"as well to make sure that a validator is actually doing what you would expect them to because the validator to be elected they need a validator group","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1627s"},{"start_seconds":1636,"text":"right so there is a sort of admission control system here whereby like a validator basically needs to say I want to be polished but later grouping the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1636s"},{"start_seconds":1643,"text":"validates group needs to add them and what that means is that they have the opportunity to do things like okay why Co let me come and do a security or are","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1643s"},{"start_seconds":1651,"text":"these things that you're actually doing let's look at that yeah and so yeah at the moment probably we're gonna have like five validators as a limit in in a","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1651s"},{"start_seconds":1659,"text":"validated group and yeah validator groups other things that need to put a mistake and violators also need to put","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1659s"},{"start_seconds":1667,"text":"up the steak and the validator group steak is per validator as well so yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1667s"},{"start_seconds":1676,"text":"if they have like you know three validators here say to be three then like maybe they need to put up like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1676s"},{"start_seconds":1682,"text":"three units per each oh absolutely yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1682s"},{"start_seconds":1692,"text":"absolutely so the steak is the steak is like the combination of this amount here and this amount and the way that you put","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1692s"},{"start_seconds":1701,"text":"up steak is that you do you go through this same mechanism here so you look gold and then that gold the benefit of having a unified lock goal mechanism is","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1701s"},{"start_seconds":1709,"text":"then that you can also use it to participate in governance you can use it to participate in validation elections you can also use it as a stake or","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1709s"},{"start_seconds":1717,"text":"validate to group or validator cool so just like coming to look at what happens next you then get to once you've locked","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1717s"},{"start_seconds":1725,"text":"up you then basically get to vote you put a back order for validate agree no you're gonna vote for a wine group or you got you booked for three","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1725s"},{"start_seconds":1733,"text":"originally we had one but like you can have vote for 3 and the reason for this is that we recognize that the security","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1733s"},{"start_seconds":1740,"text":"of the system really depends on well let's have a look at a normal election right so if this is like the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1740s"},{"start_seconds":1748,"text":"distribution here of votes that are received for like you know parties or candidates in an election right like I","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1748s"},{"start_seconds":1758,"text":"don't know this is not a bad country I must say from countries with very different distribution there we go one","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1758s"},{"start_seconds":1767,"text":"candidate yeah so this is ranked here right and this is this is votes I love a","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1767s"},{"start_seconds":1776,"text":"good photo from a country where so this is so this is hundred percent it's like this nice right so say you're a bad","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1776s"},{"start_seconds":1786,"text":"actor and you want to get a validator elected yeah so that you can start doing malicious things of course a lot of the security of this protocol here depends","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1786s"},{"start_seconds":1795,"text":"on making sure that one third of validators no more than one-third of validators are malicious yeah and that's critical like the that's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1795s"},{"start_seconds":1804,"text":"the the behavior of individual nodes is more important than in comparative proof-of-work scheme one third is","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1804s"},{"start_seconds":1813,"text":"extremely bad hopefully hopefully very small numbers anyway so to get your validator elected you don't need to beat","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1813s"},{"start_seconds":1820,"text":"this candidate here you need to beat like number 100 say we're gonna have 100 validators you need to like have more","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1820s"},{"start_seconds":1827,"text":"votes than this candidate here right and so the ideal graph distribution from a security point of view would actually be","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1827s"},{"start_seconds":1836,"text":"much more like this right so votes up here for these guys are sent extra yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1836s"},{"start_seconds":1845,"text":"they're like super force they're wasted they don't contribute to the security of the system like especially because we from a decentralization point of view","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1845s"},{"start_seconds":1853,"text":"it's important to us that we have a bunch of different organizations individuals participating and contributing operating validators and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1853s"},{"start_seconds":1860,"text":"validated groups and so we have this like limit and so basically we actually limit number of votes that evaluator group","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1860s"},{"start_seconds":1867,"text":"you'll receive such that they can only receive the number of votes required to elect one more than the number of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1867s"},{"start_seconds":1874,"text":"validators that they're like fielding in the election right so if this one was","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1874s"},{"start_seconds":1883,"text":"receive enough votes to elect we just","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1883s"},{"start_seconds":1892,"text":"say no we basically say please vote","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1892s"},{"start_seconds":1897,"text":"again it's not like we don't yeah okay","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1897s"},{"start_seconds":1955,"text":"so unfortunately I don't actually I don't think it's a problem but I think you're right that there are some dynamics like there's some time dynamics","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1955s"},{"start_seconds":1964,"text":"this is and this is why we coming back to your question this is why we allow you to vote for three group especially if you're like have a lot of sell o gold","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1964s"},{"start_seconds":1971,"text":"it may not be possible to find agree to what it was a to this report to what is","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1971s"},{"start_seconds":1980,"text":"a validation oh yes yes so you can vote for up to three different groups","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1980s"},{"start_seconds":1989,"text":"well you they're independent so you say I want to place I want yeah three separate votes we and you can set","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1989s"},{"start_seconds":1997,"text":"different bound at any one time you you have a bunch of rock gold some of it can be non-voting and then you can take some of your lung voting gold and place","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=1997s"},{"start_seconds":2005,"text":"it for a vote for a group and that will be accepted so long as we're below that cab and then you can take some away and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2005s"},{"start_seconds":2013,"text":"move it to a different group so void isn't is is motivated by your gold or that vote balance of a group or like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2013s"},{"start_seconds":2023,"text":"let's call it value or amount or something the group so the same amount you get we can applicant cast on three","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2023s"},{"start_seconds":2030,"text":"different groups or different mats I'm just saying like you can have 3x so if","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2030s"},{"start_seconds":2039,"text":"you have 10 gold I can vote for 30 my 30 now if you have 10 gold you can invalid","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2039s"},{"start_seconds":2047,"text":"if you have ten gold locked you can do ten Gold's worth of governance voting yeah and ten Gold's worth of validator","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2047s"},{"start_seconds":2054,"text":"voting and so that could be four to one group and six to another or ten to one tenth to just one group or like maybe","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2054s"},{"start_seconds":2061,"text":"like three and two and don't know I do have this limit yeah that's fine this is","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2061s"},{"start_seconds":2071,"text":"just an implementation detail okay yeah yeah remember we've written this in","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2071s"},{"start_seconds":2076,"text":"solidity yeah I actually went some more","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2076s"},{"start_seconds":2085,"text":"like you said is there a also like if it's weighted by the by the stake or there's like a specific amount of for","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2085s"},{"start_seconds":2092,"text":"that state so this is one of the one of the things we wanted to do with this system is like create like duty","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2092s"},{"start_seconds":2102,"text":"incentives for validators to contribute to the security of the system we wanted to make sure that the the rewards were","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2102s"},{"start_seconds":2109,"text":"interesting for professional validators you like go to the effort of like properly operating and monitoring like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2109s"},{"start_seconds":2117,"text":"hardware having hardware and Kolo facilities with like you know potentially hardware security modules or like good security setups cameras","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2117s"},{"start_seconds":2125,"text":"pointed at the cage of the datacenter and so on that doesn't come cheap but at the same time we also recognize that costs the info","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2125s"},{"start_seconds":2132,"text":"structure costs here are in effect taking rewards out of the pocket of the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2132s"},{"start_seconds":2140,"text":"people who were building this service for as well right so we're trying to balance these concert' that the the concerns of different constituencies","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2140s"},{"start_seconds":2148,"text":"they're like you know having building such a big platform like we're like there are many different like there are many different like you're optimizing","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2148s"},{"start_seconds":2157,"text":"for all the parties yeah yeah exactly so the the rewards of validators are flat they're actually paid in sellout dollars as well because most of the costs of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2157s"},{"start_seconds":2166,"text":"validator the validator groups are actually defrayed in dollars in a fiat sorry stake isn't gold absolutely yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2166s"},{"start_seconds":2174,"text":"so what is like what is this number like there's a governance Control Number governance controls yeah and and what","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2174s"},{"start_seconds":2182,"text":"are we gonna be start with we're not sure yet we're thinking I mean it's gonna be comparable to the sort of stakes that you're seeing and existing","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2182s"},{"start_seconds":2190,"text":"networks and the rewards will be comparable and interesting I think the the other thing to notice that validates","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2190s"},{"start_seconds":2198,"text":"and validated groups as well as obviously what you've like set this is a state you earn rewards we haven't talked","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2198s"},{"start_seconds":2205,"text":"about this yet but you actually earn like rewards for like locking up the gold here and we do that so yeah let's talk about let's talk about that bit so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2205s"},{"start_seconds":2214,"text":"so you lock up gold you vote for some groups like you there's an election we run a an election which is exactly the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2214s"},{"start_seconds":2224,"text":"same as like a proportional representation an election as done in","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2224s"},{"start_seconds":2231,"text":"say like the European Parliament it's the same we use ad on our room which is the same which i think is used to like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2231s"},{"start_seconds":2238,"text":"allocate houses seeds in the House of Representatives from like census data and so it's widely used for this sort of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2238s"},{"start_seconds":2247,"text":"purpose it basically will like determine based on their votes the set of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2247s"},{"start_seconds":2254,"text":"validators that are going to be the next validator sir we have an epoch length which is one day at the end of like the last block of every epoch we go through","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2254s"},{"start_seconds":2263,"text":"this process you can continue to vote you continue your lock or unlock anytime that's right there's like a snapshot and at that point you can do","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2263s"},{"start_seconds":2271,"text":"one thing to say is that there is like a three-day unlocking period here so you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2271s"},{"start_seconds":2278,"text":"unlock then you wait this interesting so we went back and forth a lot on this specific time like you unlock then you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2278s"},{"start_seconds":2286,"text":"have to wait three days the reason it's three days is because an epoch is one day yeah like we want to make sure that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2286s"},{"start_seconds":2293,"text":"if you've participated in an election that you still have skin in the game right so we want to we want to ensure","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2293s"},{"start_seconds":2301,"text":"that you're down just do that's right if I want to create a tach on the network by by likes you know affecting the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2301s"},{"start_seconds":2309,"text":"results of the validator election by borrowing borrowing funds you know maybe","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2309s"},{"start_seconds":2317,"text":"trying to short sell Oh or something then use that to purchase a lot of seller gold and then try and swing the election by that vote I want to you know","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2317s"},{"start_seconds":2326,"text":"the system needs to ensure that like you see the consequences in the potential value of the ramifications of like your","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2326s"},{"start_seconds":2334,"text":"actions in terms of in terms of that which is why we've set three days we also want it to be short enough that like it's not a huge liquidity challenge","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2334s"},{"start_seconds":2343,"text":"so there's an e-book and then there's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2343s"},{"start_seconds":2351,"text":"voting voting happens right who is it possible that the entire validator set changes like could it be","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2351s"},{"start_seconds":2357,"text":"here Dave you and Frank let's say or all these some maximum percentage your","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2357s"},{"start_seconds":2363,"text":"validator that can change everything the maximum percentage that can change we expect in general the the churn will be","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2363s"},{"start_seconds":2372,"text":"very small but yeah at the moment there's nothing in the algorithm to do we know these guys at this point or at this point","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2372s"},{"start_seconds":2385,"text":"literally after all transactions would be okay so there's no the validating one second before they have to start","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2385s"},{"start_seconds":2392,"text":"validating say Alice Bob and Carol here like they","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2392s"},{"start_seconds":2403,"text":"were building a chain oh yeah so one question is is Deepak made less than","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2403s"},{"start_seconds":2410,"text":"time with a number of books number blogs number of watch okay so the box which is when you have it something like one day divided with the block time blocks yep","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2410s"},{"start_seconds":2418,"text":"epoch link mod 0 whatever and the block must have 2/3 plus one signatures 8 so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2418s"},{"start_seconds":2429,"text":"well the one question that I mean we we have definitely faced is that if you think if so you saying these guys need to start validating mm-hm","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2429s"},{"start_seconds":2437,"text":"one second after this they actually know they need to validate that means they actually need to be like fully synced","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2437s"},{"start_seconds":2449,"text":"it's just the validates of running they're basically like like trying to participate every all of them are","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2449s"},{"start_seconds":2458,"text":"running all the time and then some of them get selected actually and get reward and then sometimes they may not","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2458s"},{"start_seconds":2463,"text":"be rewarded yes we run this right so we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2463s"},{"start_seconds":2471,"text":"run we run this PR election as proportion upset and so that chooses the set then we shuffle the set because it's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2471s"},{"start_seconds":2478,"text":"important that we don't want folks who we don't want folks who can to be able to engineer the number of votes they get to be able to determine the order in","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2478s"},{"start_seconds":2485,"text":"which the proposer rotates so then we shuffle we have sort of on chain randomness as well and that's what we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2485s"},{"start_seconds":2493,"text":"use the shuffle and then basically the diff of that validator set is like encoded in the extra data of the header","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2493s"},{"start_seconds":2502,"text":"yeah and so the light concerts are one of the things we've actually done you know going back to like with mobile first he's one of the things we've actually","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2502s"},{"start_seconds":2510,"text":"done is like this gives you some interesting opportunities to make like the light client sync protocol a lot more efficient so you so the proposal","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2510s"},{"start_seconds":2519,"text":"for the pbht yeah is it their pre fixed schedule or it's random at every book it's a it's it's it's a shuffled","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2519s"},{"start_seconds":2526,"text":"permutate like a random permutation within the epoch is deterministic yeah what is the source of watching","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2526s"},{"start_seconds":2535,"text":"randomness basically every Valadez like a commit reveal scheme every validator","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2535s"},{"start_seconds":2540,"text":"like puts in a like like a hash that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2540s"},{"start_seconds":2546,"text":"determines a random number sorry I don't yeah I don't know what runned out like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2546s"},{"start_seconds":2554,"text":"everyone did there is one bit of influence right because they can choose to they can go offline right well yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2554s"},{"start_seconds":2562,"text":"or they can choose not right I mean so that gives them it's not a viable person","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2562s"},{"start_seconds":2569,"text":"right yeah and so in certain other places you know in certain other situations or certain other sort of pass","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2569s"},{"start_seconds":2578,"text":"the protocol we end up doing things like waiting a certain like the chance that you can influence the proposer more or","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2578s"},{"start_seconds":2587,"text":"the sequence of proposes for more than n consecutive blocks ends up like falling off extremely rapidly and the the block","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2587s"},{"start_seconds":2596,"text":"so the block proposal which is true with the theorem right there's I mean it's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2596s"},{"start_seconds":2604,"text":"very hard to prove a negative like it's very hard to force somebody to include a transaction there's no like mechanism to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2604s"},{"start_seconds":2611,"text":"like prove that they actually did receive no action but so the proposer does receive transaction fees we've","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2611s"},{"start_seconds":2619,"text":"changed the gas pricing mechanism for compared to what a theorem does we use like a sort of surge pricing mechanism","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2619s"},{"start_seconds":2627,"text":"which actually Vitalik proposed in an EIP a number of years we came up with a scheme and then we found that Vitalik had also proposed the similar scheme and then we were like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2627s"},{"start_seconds":2636,"text":"okay we're Jasmin Oh creates a hybrid MMR's of gas in the block gets filled to just a just price little bit higher yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2636s"},{"start_seconds":2643,"text":"so both of them stepping back over here onto my other shard of the whiteboard shards zero I will yeah so like rather","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2643s"},{"start_seconds":2653,"text":"than have a block like this and have transactions in the block filling up up to here and basically picking the highest price transactions first and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2653s"},{"start_seconds":2661,"text":"just filling to a fixed limit what we do is we set we upsetting to excellent and yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2661s"},{"start_seconds":2670,"text":"basically we say Oh actually like this is our hard limit yeah and if it's above then food prices below right yeah and so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2670s"},{"start_seconds":2678,"text":"then we have a target which is some fraction of this so say back in your example half and so we this is like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2678s"},{"start_seconds":2687,"text":"basically a gas price minimum and so we we have the opportunity to burst if there are loads of transactions that arrive in a short space of time","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2687s"},{"start_seconds":2695,"text":"obviously like their workload is going to end up being bursty especially at peak time and so you can fill up I'm here but in that case what happens is","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2695s"},{"start_seconds":2703,"text":"like your gas price minimum ends up changing for the next block by alpha","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2703s"},{"start_seconds":2711,"text":"right and so you do this walk yeah I","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2711s"},{"start_seconds":2745,"text":"mean you're right from the point of view that the validators like the two-thirds elected validate like basically you can","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2745s"},{"start_seconds":2755,"text":"do anything you like when you're when you're a sort of Byzantine quorum of like elected validators during the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2755s"},{"start_seconds":2762,"text":"period in which you're elected so yep you can the M is there's sort of no way around that right it's a PFT assumption that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2762s"},{"start_seconds":2769,"text":"two-thirds of your validators are honest right it's like my general concern when","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2769s"},{"start_seconds":2780,"text":"designing protocols then it could be that for me there's something like there's a change I can introduce to my client which will not hurt me at all for","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2780s"},{"start_seconds":2788,"text":"example as a as a seller validator I can make a change to my client which says does not accept any vote do not do not vote for laws that have votes rather but","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2788s"},{"start_seconds":2795,"text":"I sorta not know yourself she's gonna hurt me a little bit not too much yep right and well actually that's quite a little bit because if I","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2795s"},{"start_seconds":2804,"text":"don't vote no actually I mean I think if you look at this yeah I mean if you if you look at this like the there's probably going to be some distribution","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2804s"},{"start_seconds":2812,"text":"on the boats right and so the validators at the top of the distribution they have no incentive to like exclude votes that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2812s"},{"start_seconds":2819,"text":"are not gonna like you can calculate is this vote gonna push me out with a validator set and that's gonna be false","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2819s"},{"start_seconds":2826,"text":"for everybody except for the like yeah right yeah so you could imagine like board their line there they probably","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2826s"},{"start_seconds":2835,"text":"don't want all the unique people but yeah so so the question is and remember that sorry remember that if even if a transaction does not appear in one","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2835s"},{"start_seconds":2843,"text":"particular block it's exactly everybody well 2/3 2/3 neater center and so like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2843s"},{"start_seconds":2851,"text":"because there is no transaction fee sure it's relatively modest but of course you have to balance that against like making it affordable for","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2851s"},{"start_seconds":2858,"text":"people to send transactions yeah so if I if I as a validator don't blow it or don't publish my blog to use pretty much","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2858s"},{"start_seconds":2867,"text":"down for right right so yeah so coming back to and when you register to be a","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2867s"},{"start_seconds":2878,"text":"validator group or a valid a to you we check that you have locked gold up to like of the certain required level and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2878s"},{"start_seconds":2887,"text":"when you deregister we basically only allow you to deregister like a certain time period after you have like last","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2887s"},{"start_seconds":2895,"text":"being elected so there's an additional lockup period for validates and validated groups so you know at the moment we're thinking that this is","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2895s"},{"start_seconds":2902,"text":"probably something like 60 days for like violators are potentially like longer for validated groups and so what that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2902s"},{"start_seconds":2911,"text":"means is that like you know while that sort of creates is nice balance because if you're just like a voter then you get","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2911s"},{"start_seconds":2919,"text":"one or three days yeah this is to do with the this is to do with like long","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2919s"},{"start_seconds":2928,"text":"range attacks and the consequences of basically keep you're needed the requirement for us to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2928s"},{"start_seconds":2935,"text":"like keep validators to keep their keys secure after they have basically like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2935s"},{"start_seconds":2942,"text":"you stopped being yeah yeah so this is","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2942s"},{"start_seconds":2953,"text":"like the longest of these periods here so the max of this and this Plus on top of this is like essentially your","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2953s"},{"start_seconds":2959,"text":"objectivity window you know right so yeah and so many weights are talking about oh god yeah no I just wanted to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2959s"},{"start_seconds":2967,"text":"understand yeah if what what happens when you don't like pretty much I mean there's two questions one is like if I just don't show up right or doesn't","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2967s"},{"start_seconds":2975,"text":"approve something and then that's a question if it's 60 days and you said you can only release only after you are","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2975s"},{"start_seconds":2983,"text":"not in the selection and you weren't selected how do you actually stop being selected that's at any time you can","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2983s"},{"start_seconds":2992,"text":"basically leave a group like validators are sort of sovereign in the sense that they can leave okay a valid group can also kick you out at","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2992s"},{"start_seconds":2999,"text":"any time as you would expect and so you know if you know that you're going to go down for down time and you only have one machine and courses absolutely in your","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=2999s"},{"start_seconds":3008,"text":"interest so like those changes don't take effect of course until the end of the epoch like nothing happens until the end of the epoch from election point of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3008s"},{"start_seconds":3016,"text":"view so yeah let's talk about like rewards and uptime and things so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3016s"},{"start_seconds":3023,"text":"validators and validator groups receive rewards which are basically factored","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3023s"},{"start_seconds":3030,"text":"from like this sort of baseline fee that we would like to pay and what we what we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3030s"},{"start_seconds":3038,"text":"have to do then is like look at so we starts at so it's Li Haos like like a","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3038s"},{"start_seconds":3045,"text":"fixed total supply cap and there's a certain amount that's allocated in the Genesis block and then the rest of this","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3045s"},{"start_seconds":3052,"text":"is allocated over time through basically epoch rewards so we don't have block rewards like a theorem does we have","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3052s"},{"start_seconds":3061,"text":"rewards given out at the end of every epoch yeah and yeah okay like there's no point like if it's the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3061s"},{"start_seconds":3069,"text":"same people would just give it at the end right right right and so those rewards go to seller gold holders and they go to validator groups","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3069s"},{"start_seconds":3077,"text":"a different Ward's they go to validators and they also go to a few other things so we have an infrastructure fund which","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3077s"},{"start_seconds":3083,"text":"is like basically for projects which can be like disbursed by the governor's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3083s"},{"start_seconds":3090,"text":"proposal so like seller gold holders can vote to give a certain amount of money to developers or to people who are otherwise improving the network we also","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3090s"},{"start_seconds":3098,"text":"have a carbon offsetting fund so basically we want to make this whole platform and project carbon neutral and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3098s"},{"start_seconds":3106,"text":"to do that like the gold seller gold holders can vote to like basically there's an address and there's an amount and like every epoch that address","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3106s"},{"start_seconds":3115,"text":"receives that amount super-simple technically but like what it means is that validate and validate we're not relying on these guys individually to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3115s"},{"start_seconds":3123,"text":"like you know offset their sort of environmental effects of like running the machines that they're doing and then","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3123s"},{"start_seconds":3130,"text":"on top of that we also have the stable coin has a reserve and one of the ways","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3130s"},{"start_seconds":3137,"text":"in which we can top up that reserve if we feel it's under collateralized Deuter is to basically divert some of the epoch","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3137s"},{"start_seconds":3145,"text":"rewards over to that and so yeah and in any given so that means that at any","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3145s"},{"start_seconds":3151,"text":"given a POC you you can end up having different like needs on your funds right","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3151s"},{"start_seconds":3159,"text":"maybe you need to pay more to the reserve yeah maybe like all the validators had really terrible uptime and you've decided not to pay them very much","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3159s"},{"start_seconds":3168,"text":"or maybe sell our gold holders as well are gonna get less money and I'll explain why and say but you this is your","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3168s"},{"start_seconds":3176,"text":"sort of target schedule right this is how much you'd like to be spending in a sort of target and maybe this is how much you have spent right and this could","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3176s"},{"start_seconds":3185,"text":"be actually like either like you're overspending and really it might only be increasing rate just double checking","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3185s"},{"start_seconds":3194,"text":"there no no absolutely right I guess like when you're sort of at the white board at this","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3194s"},{"start_seconds":3202,"text":"yeah nobody's giving money back to this thing okay let's start again","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3202s"},{"start_seconds":3209,"text":"so I'm always spending money maybe I'm spending money at a slightly different gradient image each time right so I'm","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3209s"},{"start_seconds":3218,"text":"either overspending or understanding yeah right I can afford to be a bit more generous or I can afford the you know I can't afford to like give out as much as","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3218s"},{"start_seconds":3225,"text":"we want so we have this like target adjustment so we have like basically this is the target that we would like to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3225s"},{"start_seconds":3233,"text":"hit more like payments the validators which is say this number of sello dollars and then we either we adjust it","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3233s"},{"start_seconds":3241,"text":"up or down based on like overspend or under spend and so we say okay so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3241s"},{"start_seconds":3248,"text":"actually you know we've been spending a ton so we can only afford this much and then what we do is we look at a couple of things so the first thing we look at","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3248s"},{"start_seconds":3256,"text":"is like uptime and the way we look at uptime is for every block that we are every proposer includes in that block","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3256s"},{"start_seconds":3265,"text":"the all of the signatures that they've collected from the previous block as well so all the signatures by the way we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3265s"},{"start_seconds":3273,"text":"use BLS signatures absolute validates of two keys Devon ECDSA key and a BLS key we used BLS signatures because we can","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3273s"},{"start_seconds":3282,"text":"aggregate them over all their smaller improvements the like client protocol so what that means is that we don't need to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3282s"},{"start_seconds":3290,"text":"wait around so I guess that piece is the only blind piece that we have right now so we don't wait around as soon as you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3290s"},{"start_seconds":3298,"text":"like you know receive two f+ one like commits and like that block is done but from that point forward we'll still","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3298s"},{"start_seconds":3306,"text":"currently hex signatures from a previous block and so the subsequent proposal will also be doing this and will include","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3306s"},{"start_seconds":3314,"text":"all of those signatures and to do what what will happen there is that those signatures will be used for this uptime calculation so now we use a sliding","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3314s"},{"start_seconds":3322,"text":"window we currently we're thinking like 10 so long as you speed your signature has been included in one of the last ten","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3322s"},{"start_seconds":3329,"text":"we consider you up for that block this is like a sort of simple sliding window the reason for that is of course like you know if I'm a malicious validator","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3329s"},{"start_seconds":3337,"text":"you know start countering yeah I would start censoring these things and be like but if I miss the block is that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3337s"},{"start_seconds":3344,"text":"considered like okay so if you if you miss the block then if your signature is not included in the block yeah but you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3344s"},{"start_seconds":3351,"text":"like I didn't produce a lot at all okay right you mean like if I'm you're meant to be the proprietor if not yeah the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3351s"},{"start_seconds":3359,"text":"beauty right yeah it is we don't we don't penalize that right now I mean we're not assuming like this is sort of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3359s"},{"start_seconds":3368,"text":"we extremum that like most the reason that most honest nodes would end up being down is because of this configuration network problem like you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3368s"},{"start_seconds":3377,"text":"know power supply failure that sort of yeah hardware the usual things exactly","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3377s"},{"start_seconds":3385,"text":"they do so they typically yes so if a","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3385s"},{"start_seconds":3399,"text":"proposer doesn't propose then obviously then you do get this additional like timeout but like I mean it's not a","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3399s"},{"start_seconds":3408,"text":"massive delay and obviously because we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3408s"},{"start_seconds":3412,"text":"shuffle the validators yeah so currently","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3412s"},{"start_seconds":3420,"text":"we're set to three seconds plus the regular blocked oh so that the system has a parameter block delay say hey we want to make a block every five seconds so if everyone else hasn't seen a block","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3420s"},{"start_seconds":3428,"text":"after three seconds plus that time then that's when everyone so amend change messages so from that point forward we then take that say five seconds off and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3428s"},{"start_seconds":3437,"text":"then that's the basis from which we do exponential back-off up until a certain","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3437s"},{"start_seconds":3445,"text":"int B D that's sort of what we've been trying at the moment we can easily handle a hundred validators with that you got a choice of do you want to increase the number of validators","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3445s"},{"start_seconds":3453,"text":"include christi centralization or do you want to increase like reduce the latency for transaction finalization for these","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3453s"},{"start_seconds":3461,"text":"says cool yeah that's super interesting let's talk about the stable crane party yep sounds great and there's a more stuff in the proof of spec thing","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3461s"},{"start_seconds":3468,"text":"yeah yeah I have a look at our blog posts and yeah definitely encouraging people to think they might be interested","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3468s"},{"start_seconds":3475,"text":"as validators to participate in their great sellers take off - yeah so how does sell $1 work yeah that's a great","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3475s"},{"start_seconds":3484,"text":"question so of course there are a whole bunch of different types of like stable coins up there there's like you know Fiat collateralized crypto","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3484s"},{"start_seconds":3492,"text":"collateralized and then sort of right right exactly and so sellers selling","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3492s"},{"start_seconds":3500,"text":"firstly is like a sort of family of stable coins I would say it's like relatively easy through governance to propose and create like new stable coins","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3500s"},{"start_seconds":3508,"text":"right now we've only been thinking in terms of like one yeah and the obvious place to start is a sellout dollar like a staple coin that's picked up a dollar","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3508s"},{"start_seconds":3516,"text":"also interested in sable coins which are not just necessarily pegged to regular fiat currency I mean there was lots of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3516s"},{"start_seconds":3523,"text":"well there's yeah so the only thing he's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3523s"},{"start_seconds":3529,"text":"talking about and yeah so a Terran SEP camp I did a talk at Def Con recently about like about that and so yeah folks","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3529s"},{"start_seconds":3539,"text":"are interest they can check that out but yeah so the stable coin mechanism is backed by a reserve which sort of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3539s"},{"start_seconds":3546,"text":"combines sello gold the native-like utility token yeah of the system with","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3546s"},{"start_seconds":3556,"text":"which is obviously decentralized with like a reserve of other crypto assets as","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3556s"},{"start_seconds":3563,"text":"well and so you know that might be Bitcoin might be like eath might be other things might be other stable coins","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3563s"},{"start_seconds":3570,"text":"especially initially we're thinking that could be very interesting to include other stable coins especially fear back stable coins in that place of course","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3570s"},{"start_seconds":3578,"text":"those things exist on different chains and so it's very difficult to like manage that piece of the reserve in a","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3578s"},{"start_seconds":3586,"text":"decentralized way although that is absolutely our aim initially this will be done in a centralized fashion so that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3586s"},{"start_seconds":3593,"text":"we have like yeah so we have basically like holdings of these things on different chain","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3593s"},{"start_seconds":3600,"text":"maybe it exchanges we have a bunch of like you know algorithms which look at this reserve decide whether we want to rebalance it in terms of like you know","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3600s"},{"start_seconds":3609,"text":"the various volatility or prices the prices of these things to maintain like target ratios between them and so like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3609s"},{"start_seconds":3618,"text":"this is going to be centralized to start with like heading towards being decentralized and it's sort of even while being centralized from an","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3618s"},{"start_seconds":3627,"text":"implementation point of view in practice the seller foundation will nominate and fellow gold holders will have a saying","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3627s"},{"start_seconds":3635,"text":"like how who and how this yeah so we have we have this reserve anyway so you can see that this is already like a sort","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3635s"},{"start_seconds":3643,"text":"of hybrid of like they're sort of existing approaches so just reserve this is over colonization reserve yeah so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3643s"},{"start_seconds":3651,"text":"similar like maker like if you remove this fire this will be like a maker design but yeah yeah so it looks looks","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3651s"},{"start_seconds":3658,"text":"pretty similar um I think and of course like depending on the volatility of these assets we're going to want to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3658s"},{"start_seconds":3665,"text":"change that exactly that collateralization so what you're like causation ratio for seller gold for","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3665s"},{"start_seconds":3671,"text":"example that I couldn't tell you I guess it depends on the value of this but like you know there are there are a few","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3671s"},{"start_seconds":3680,"text":"things what we basically have is like a series of Oracle's we do depend on Oracle's of course to like provide price","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3680s"},{"start_seconds":3688,"text":"signals yeah the essentially the exchange rate between like selling all over the sell o dollars o n dollars so regular dollars","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3688s"},{"start_seconds":3696,"text":"indeed yeah would have been great to have yeah - Krypto so I mean just quick","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3696s"},{"start_seconds":3706,"text":"howhow do you like implement that in practice like I said just like fixed set of yeah like identities that's right so","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3706s"},{"start_seconds":3716,"text":"there's nothing particularly exciting about this bit yet and we're going to be turning our our our eyes to think a lot more about this at the moment the set up","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3716s"},{"start_seconds":3725,"text":"so for our test net the set up is going to be that we run single like Oracle and that it publishes price informational","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3725s"},{"start_seconds":3733,"text":"chain we'll really have a bunch of like safeguards on chain to ensure that like you know if there were multiple fry","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3733s"},{"start_seconds":3741,"text":"signals that we're always taking the median we don't allow the price to move by more than a certain amount each time you know a bunch of other bunch of other","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3741s"},{"start_seconds":3749,"text":"things but you can imagine like you know these things putting up stakes and getting rewards but yeah that's an area","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3749s"},{"start_seconds":3757,"text":"which we sort of are gonna be yeah yeah yeah exactly so these things provide an exchange rate and of course like you know there's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3757s"},{"start_seconds":3766,"text":"several ways we're gonna want to like be able to bolster the reserve under conditions where we see high volatility","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3766s"},{"start_seconds":3774,"text":"or we feel were under collateralized several different ways of doing there first is we have a stability fee mm-hmm","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3774s"},{"start_seconds":3783,"text":"may be it may be a steady one one one bid back is this reserve and they and they tient of dollar who is actually","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3783s"},{"start_seconds":3792,"text":"responsible for it am i as a user pretty much can lock in some gold and get some dollar exactly I can actually like yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3792s"},{"start_seconds":3801,"text":"so let's talk about that bit first then so yeah so we that is all decentralized and we have a sort of decentralized","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3801s"},{"start_seconds":3810,"text":"one-to-one exchange I mean quite why I've drawn a circle but I guess like you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3810s"},{"start_seconds":3818,"text":"can have a person up here and you can have the reserve down here this","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3818s"},{"start_seconds":3824,"text":"basically so we have like you can use you can basically purchase dollars yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3824s"},{"start_seconds":3832,"text":"and that increases the expands the supply and then you can also like do the opposite and you dollars for that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3832s"},{"start_seconds":3841,"text":"exactly for the current for the current price yeah and so this this is totally","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3841s"},{"start_seconds":3848,"text":"on chain and totally centralized it does of course depend on the Oracle price yeah you know and of course if the oil price is wrong then there is a risk that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3848s"},{"start_seconds":3857,"text":"you can like have a you buy to achieve or yeah yeah and so therefore you can deplete the result and so these are mechanisms here where might we can like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3857s"},{"start_seconds":3865,"text":"both the reserves and that's also valuable from full-width under collateralized because volatility increases this is a sort of uni swap","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3865s"},{"start_seconds":3874,"text":"like mechanism whereby it sort of creates this negative feedback loop around price shifts so if the balance of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3874s"},{"start_seconds":3882,"text":"trading from one to the other like shifts away from parity then what we end up doing is increasing the price","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3882s"},{"start_seconds":3889,"text":"like against that so providing making it increasingly expensive to move to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3889s"},{"start_seconds":3896,"text":"surprise finishing exactly yeah actually okay so yeah so there's like and there's a few things in here which one of which","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3896s"},{"start_seconds":3904,"text":"we already talked about like Deepak rewards we can use that to these things","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3904s"},{"start_seconds":3912,"text":"and then also like a basic attacks on transfers of solo of solo gold like it","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3912s"},{"start_seconds":3921,"text":"says your Tobin tax put which can kick in don't work so basically it doesn't","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3921s"},{"start_seconds":3930,"text":"always apply well if if the reserve is very running short then we can like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3930s"},{"start_seconds":3938,"text":"basically any transfer of sello gold can like contribute contribute pom-poms are","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3938s"},{"start_seconds":3946,"text":"pretty much that price directive transaction fee but eventually pending gasps you're actually having like percent reserve yes and so the stability","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3946s"},{"start_seconds":3956,"text":"fee is a sort of demo rich fee unlike dollar balances like dollar is the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3956s"},{"start_seconds":3963,"text":"seller dollar is really location by a bank which actually like wants to percentage back as you guess you can think of it as like you know this is a","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3963s"},{"start_seconds":3972,"text":"token that's for exchange and so there's an incentive to furtive like we need incentive to like he's generating here","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3972s"},{"start_seconds":3979,"text":"circulating the high velocity so yes this is like roughly the mechanism and so you know obviously part of the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3979s"},{"start_seconds":3987,"text":"concern with this was like well you're holding a basket of crypto assets but I mean how does a basket of comparators actually work with everything else right","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3987s"},{"start_seconds":3995,"text":"like you cannot issue more right so yeah and also like exchanging is hard yes you need to basically okay so you have a rebalancing where you like to pay","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=3995s"},{"start_seconds":4003,"text":"some gold seller than buy some Bitcoin to do and then going backwards yeah to just provide more and we hope and only bring more of that onto the chain","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4003s"},{"start_seconds":4012,"text":"cross-chaining yeah later on yeah so yeah so then then the question is like is this gonna work in practice we have","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4012s"},{"start_seconds":4020,"text":"done a ton we have many people like far smarter than I am like looking at who have PhDs in economics like thinking","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4020s"},{"start_seconds":4028,"text":"hard about this sort of situation we've done a ton of like stability simulation analysis which we have a white paper on which talks a lot about","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4028s"},{"start_seconds":4037,"text":"like you know the particular situation we're concerned about is that if you have a basket of crypto assets and a sort of you have a rapid crash in the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4037s"},{"start_seconds":4046,"text":"market like like they've seen like we've seen absolutely you know what does what does that do to the peg and so we","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4046s"},{"start_seconds":4055,"text":"plotted a bunch of those scenarios and looked at the paths there looked at the sort of mechanisms that we had available","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4055s"},{"start_seconds":4062,"text":"to us in terms of keeping the reserve we were able to like like keep a peg and all of the sort of simulation parts that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4062s"},{"start_seconds":4069,"text":"we looked at and yeah I think we had that bad informed a lot of the sort of parameters that we're gonna like to set","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4069s"},{"start_seconds":4077,"text":"this thing up with sort of starting point yeah it's pretty cool interesting all right and then like identity mechanism John","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4077s"},{"start_seconds":4085,"text":"sure so one of the things so from users perspective it's a bunch of things you want to want to do right like firstly","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4085s"},{"start_seconds":4092,"text":"you don't necessarily want to like fees paying in currencies which are like recognized or which I pull the tile you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4092s"},{"start_seconds":4100,"text":"want currencies which feel familiar to you and whose values familiar to you and so like that's where the staple coin mechanism comes in you want a platform","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4100s"},{"start_seconds":4108,"text":"where it just works from your mobile device which ever a lot of the infrastructure that we built comes in we also allow you to pay for transaction","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4108s"},{"start_seconds":4115,"text":"fees in any currency so we've modified like sort of transaction fee payment mechanism so that like validators can","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4115s"},{"start_seconds":4125,"text":"basically collect transactions right moster more like literally anything they own there's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4125s"},{"start_seconds":4134,"text":"so it's basically government there's a governor whitelist they're like hey validators these are the currencies","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4134s"},{"start_seconds":4141,"text":"which you should accept and receive the currency Lucy the doll they were policy okay they receive the currency because","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4141s"},{"start_seconds":4148,"text":"they need to go and find out how to like right so we there's no dependency on like the oh yeah so and the third thing","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4148s"},{"start_seconds":4157,"text":"is like you know I download an app and I've got a bunch of contacts I'm gonna contact this and I want to like send money to receive money for my contact","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4157s"},{"start_seconds":4166,"text":"list so to do that like I give the app permission I come across a constant this is a bunch of phone numbers in it so what we have is a mapping from basically","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4166s"},{"start_seconds":4173,"text":"from phone numbers to addresses yeah we of course want that to be secured so that nobody else can exactly hey I'm I'm","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4173s"},{"start_seconds":4183,"text":"actually Tim and so you know I think you think you're paying me and you're actually paying and of course it's like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4183s"},{"start_seconds":4191,"text":"this huge is all about like new transfers it's not about like access to existing balances so to do that we have a decentralized mechanism for like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4191s"},{"start_seconds":4199,"text":"verify English and there's a couple of different pieces of this so the first thing is to like a user like in the onboarding flow app the user can request","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4199s"},{"start_seconds":4207,"text":"verification and they pay a small verification fee that covers the cost of sending like n text messages in fact","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4207s"},{"start_seconds":4215,"text":"they can choose what n is the client can choose what and it's but of course from like a sim for a simple user experience like that numbers essentially fixed and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4215s"},{"start_seconds":4223,"text":"then what happens is flow where my draw this down here this is a flows you like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4223s"},{"start_seconds":4231,"text":"you basically do a request hmm then you wait for blocks if this was in block B this ends up","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4231s"},{"start_seconds":4240,"text":"being a B+ for reason for this is it makes it like in fees have been difficult to control the randomness between this point what you're really","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4240s"},{"start_seconds":4249,"text":"requesting is like you're saying hey I want my account to be associated with this hash but at this point you're","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4249s"},{"start_seconds":4256,"text":"saying okay so like select select who's going to attest","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4256s"},{"start_seconds":4264,"text":"me mm-hmm he's going to provide after stations and at that point like we use the randomness to basically pick for","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4264s"},{"start_seconds":4274,"text":"validators who are gonna be in charge of like SNES Emerson yeah that's right so they happen to run like to Leo","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4274s"},{"start_seconds":4282,"text":"connect or something yeah sort of so it's like this after station service so like you know in fact every validator and seller runs like three processes or","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4282s"},{"start_seconds":4291,"text":"potentially more so like the standard setup is like there's a validator there's a century this thing like hides the violator from the rest of the world","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4291s"},{"start_seconds":4299,"text":"proxies all of their when I say century what I really mean is a proxy yeah changing so we and then you also run","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4299s"},{"start_seconds":4310,"text":"like an attestation service keeper then","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4310s"},{"start_seconds":4317,"text":"so later we may we'll probably be doing like threshold validation so like there's a bunch of different like nodes","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4317s"},{"start_seconds":4325,"text":"b3 b2 b1 which we'll have a shot of like the actual keys and you need like two","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4325s"},{"start_seconds":4333,"text":"out of three or whatever to combine two signatures will also support multiple proxies but like the basic set up in","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4333s"},{"start_seconds":4341,"text":"territory the attestation service basically you find out the vowel datas you find out the identity of the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4341s"},{"start_seconds":4346,"text":"validators who when you ask them to send a text and Mason that fruit you signed by there after station key you can then","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4346s"},{"start_seconds":4356,"text":"submit that back on chain and that is like the thing which says yes the protocol believes that you have access","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4356s"},{"start_seconds":4363,"text":"to this poem this account so how does warehousing out phone number actually record it on chain so we we we never","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4363s"},{"start_seconds":4373,"text":"recalled the phone number itself we would like a salted hash and we will be like changing that over to use like s","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4373s"},{"start_seconds":4380,"text":"crypt I think as well so the yeah so basically there's a great thing","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4380s"},{"start_seconds":4388,"text":"so if it's a solid hash hold it like so the question I always had was if if it's a solid hash yeah then I need to know","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4388s"},{"start_seconds":4396,"text":"the salt to verify that this year right right if it's like yes so you you're right that this obviously all of this","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4396s"},{"start_seconds":4404,"text":"data is like available on chain and there is like a sort of diction there is","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4404s"},{"start_seconds":4411,"text":"like a sort of attack whereby I can sort of I can basically go through and find out like I can sort of products for any","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4411s"},{"start_seconds":4418,"text":"phone yeah yeah I can basically also the space of valid phone numbers is not like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4418s"},{"start_seconds":4424,"text":"a very exactly large like in space so so I can in theory map every like phone","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4424s"},{"start_seconds":4432,"text":"number to it yep in theory so I'm one of the things we've been thinking about is like how do we get around this yeah and so we actually have like an accounts","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4432s"},{"start_seconds":4441,"text":"mechanism so this is not what we have right now but it's like something we're working so we have accounts mechanisms that this is like the way the validators","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4441s"},{"start_seconds":4448,"text":"can record metadata about themselves they can claim hey I've got existed this DNS I've got access to this key base account and so on it's also the place","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4448s"},{"start_seconds":4456,"text":"where like individual account holders can record a public key mm-hm and so that's we also support like encrypted","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4456s"},{"start_seconds":4464,"text":"comments in transactions so that I can like send you a bunch of emojis to indicate that I'm paying you for coffee and so that ends up going into like","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4464s"},{"start_seconds":4472,"text":"using that public heats basically encrypt that comment that same public key can rather than basically so there's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4472s"},{"start_seconds":4481,"text":"a mechanism whereby we'll be able to say hey actually don't send don't send to","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4481s"},{"start_seconds":4488,"text":"this address send all the funds should be the center like an address which you can communicate which you can basically use this public key to go and","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4488s"},{"start_seconds":4497,"text":"communicate with me for so that public key is like hey let's go and do some out-of-band communication and I'll tell you where to cents okay so that is the","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4497s"},{"start_seconds":4505,"text":"piece which is like not yet like implemented because it requires a bunch of like we need to figure out exactly how and where to like do that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4505s"},{"start_seconds":4513,"text":"communication so just for it for one sec you said it's a solid Hashim why do you salt it think it's - mm-hmm I think it's a sorted hash","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4513s"},{"start_seconds":4522,"text":"you're pushing my my because if it's salted then it's useless yeah if I have a phone number I don't know the salt if it's not I'm yeah I like the problem is","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4522s"},{"start_seconds":4532,"text":"that what you're trying to achieve is also the reverse of privacy right because you're trying to like by me knowing phone number I can find your account it's really tough yeah it's","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4532s"},{"start_seconds":4540,"text":"really tough all right yeah this is like an area like yep privacy is going to be a significant","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4540s"},{"start_seconds":4549,"text":"focus for us like you know private transaction yeah private I'm part of like balance is private - like making","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4549s"},{"start_seconds":4557,"text":"this mapping as private as possible but there is as you point out this fundamental tension yeah what you're trying to build is a phone book yeah right and then you also don't want","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4557s"},{"start_seconds":4566,"text":"it to be public for everyone right yeah exactly so we have think we have been thinking about that as well and we actually have some ideas how to do it","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4566s"},{"start_seconds":4574,"text":"like you to hear gossip style right so the way that yeah there's no kind of","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4574s"},{"start_seconds":4582,"text":"yeah I mean the phone books was not so bad right like Oh accepted that phone book did not have like attached balance","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4582s"},{"start_seconds":4590,"text":"to how much money that person has when actually you want to tag them down in you know this tree that is just that","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4590s"},{"start_seconds":4602,"text":"inbox right and so one of the things that you can like do from the client perspective is like use that as an inbox and like withdraw funds from that yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4602s"},{"start_seconds":4610,"text":"of course there and then you see all everything that's coming in anyway yeah yeah it's a challenging problem yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4610s"},{"start_seconds":4618,"text":"you know spending a lot of time thinking about all right cool right I mean it's really cool stuff and I think very good on time so yeah well thanks a lot well","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4618s"},{"start_seconds":4627,"text":"thanks for behind the time it's and then please check out so I got org notes on organ yeah as an upcoming bake-off yeah","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4627s"},{"start_seconds":4642,"text":"you","url":"https://www.youtube.com/watch?v=jbSvdNj5zNc&t=4642s"}],"youtube_url":"https://youtube.com/watch?v=jbSvdNj5zNc","url":"https://near-pedia.xyz/videos/jbSvdNj5zNc"}