title
Vitalik Buterin: Ethereum, Cryptocurrency, and the Future of Money | Lex Fridman Podcast #80

description
Vitalik Buterin is co-creator of Ethereum and ether, which is a cryptocurrency that is currently the second-largest digital currency after bitcoin. Ethereum has a lot of interesting technical ideas that are defining the future of blockchain technology, and Vitalik is one of the most brilliant people innovating this space today. Support this podcast by supporting the sponsors with a special code: - Get ExpressVPN at https://www.expressvpn.com/lexpod - Sign up to MasterClass at https://masterclass.com/lex PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ Full episodes playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOdP_8GztsuKi9nrraNbKKp4 Clips playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOeciFP3CBCIEElOJeitOr41 EPISODE LINKS: Vitalik blog: https://vitalik.ca Ethereum whitepaper: http://bit.ly/3cVDTpj Casper FFG (paper): http://bit.ly/2U6j7dJ Quadratic funding (paper): http://bit.ly/3aUZ8Wd Bitcoin whitepaper: https://bitcoin.org/bitcoin.pdf Mastering Ethereum (book): https://amzn.to/2xEjWmE OUTLINE: 0:00 - Introduction 4:43 - Satoshi Nakamoto 8:40 - Anonymity 11:31 - Open source project leadership 13:04 - What is money? 30:02 - Blockchain and cryptocurrency basics 46:51 - Ethereum 59:23 - Proof of work 1:02:12 - Ethereum 2.0 1:13:09 - Beautiful ideas in Ethereum 1:16:59 - Future of cryptocurrency 1:22:06 - Cryptocurrency resources and people to follow 1:24:28 - Role of governments 1:27:27 - Meeting Putin 1:29:41 - Large number of cryptocurrencies 1:32:49 - Mortality CONNECT: - Subscribe to this YouTube channel - Twitter: https://twitter.com/lexfridman - LinkedIn: https://www.linkedin.com/in/lexfridman - Facebook: https://www.facebook.com/LexFridmanPage - Instagram: https://www.instagram.com/lexfridman - Medium: https://medium.com/@lexfridman - Support on Patreon: https://www.patreon.com/lexfridman

detail
{'title': 'Vitalik Buterin: Ethereum, Cryptocurrency, and the Future of Money | Lex Fridman Podcast #80', 'heatmap': [{'end': 2855.64, 'start': 2792.187, 'weight': 1}, {'end': 4278.613, 'start': 4163.24, 'weight': 0.986}], 'summary': "Vitalik buterin discusses blockchain technology, the enigma of satoshi nakamoto, the philosophy of money, cryptocurrency's impact on public goods, cryptography, ethereum's evolution, smart contract challenges, ethereum 2.0 transition, and the future of cryptocurrency and blockchain insights in the lex fridman podcast #80.", 'chapters': [{'end': 261.591, 'segs': [{'end': 48.984, 'src': 'embed', 'start': 0.069, 'weight': 0, 'content': [{'end': 9.556, 'text': 'The following is a conversation with Vitalik Buterin, co-creator of and author of the white paper that launched Ethereum and Ether,', 'start': 0.069, 'duration': 9.487}, {'end': 14.68, 'text': 'which is a cryptocurrency that is currently the second largest digital currency after Bitcoin.', 'start': 9.556, 'duration': 5.124}, {'end': 21.065, 'text': 'Ethereum has a lot of interesting technical ideas that are defining the future of blockchain technology.', 'start': 15.701, 'duration': 5.364}, {'end': 25.828, 'text': 'And Vitalik is one of the most brilliant people innovating in the space today.', 'start': 21.685, 'duration': 4.143}, {'end': 38.376, 'text': 'Unlike Satoshi Nakamoto, the unknown person or group that created Bitcoin Vitalik is very well known and, at a young age,', 'start': 27.029, 'duration': 11.347}, {'end': 48.984, 'text': 'is thrust into the limelight as one of the main faces of the technology that may redefine the nature of money and all forms of digital transactions in the 21st century.', 'start': 38.376, 'duration': 10.608}], 'summary': 'Vitalik buterin, co-creator of ethereum, is leading innovation in blockchain technology, positioning ethereum as the second largest cryptocurrency after bitcoin.', 'duration': 48.915, 'max_score': 0.069, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q69.jpg'}, {'end': 125.523, 'src': 'embed', 'start': 73.375, 'weight': 3, 'content': [{'end': 76.737, 'text': "I hope that works for you and doesn't hurt the listening experience.", 'start': 73.375, 'duration': 3.362}, {'end': 78.677, 'text': 'Quick summary of the ads.', 'start': 77.617, 'duration': 1.06}, {'end': 83.219, 'text': 'Two sponsors, Masterclass and ExpressVPN.', 'start': 79.217, 'duration': 4.002}, {'end': 89.181, 'text': 'Please consider supporting the podcast by signing up to Masterclass at masterclass.com.', 'start': 84.056, 'duration': 5.125}, {'end': 97.889, 'text': 'slash Lex and getting ExpressVPN at expressvpn.com slash LexPod.', 'start': 89.181, 'duration': 8.708}, {'end': 101.053, 'text': 'This show is sponsored by Masterclass.', 'start': 99.131, 'duration': 1.922}, {'end': 107.319, 'text': 'Sign up at masterclass.com slash Lex to get a discount and to support this podcast.', 'start': 101.573, 'duration': 5.746}, {'end': 112.415, 'text': 'When I first heard about MasterClass, I honestly thought it was too good to be true.', 'start': 108.353, 'duration': 4.062}, {'end': 120.28, 'text': 'For $180 a year, you get an all-access pass to watch courses from experts at the top of their field.', 'start': 113.116, 'duration': 7.164}, {'end': 125.523, 'text': 'To list some of my favorites Chris Hadfield on space exploration.', 'start': 120.96, 'duration': 4.563}], 'summary': 'Podcast has two sponsors: masterclass and expressvpn. masterclass offers all-access pass for $180/year featuring experts like chris hadfield on space exploration.', 'duration': 52.148, 'max_score': 73.375, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q73375.jpg'}, {'end': 221.665, 'src': 'embed', 'start': 193.194, 'weight': 5, 'content': [{'end': 199.917, 'text': 'Download it at ExpressVPN.com slash LexPod to get a discount and to support this podcast.', 'start': 193.194, 'duration': 6.723}, {'end': 203.218, 'text': "I've been using ExpressVPN for many years.", 'start': 200.957, 'duration': 2.261}, {'end': 205.179, 'text': 'I honestly love it.', 'start': 203.998, 'duration': 1.181}, {'end': 206.719, 'text': "It's easy to use.", 'start': 205.859, 'duration': 0.86}, {'end': 210.501, 'text': 'Press the big power on button and your privacy is protected.', 'start': 207.299, 'duration': 3.202}, {'end': 215.302, 'text': 'And if you like, you can make it look like your location is anywhere else in the world.', 'start': 211.041, 'duration': 4.261}, {'end': 221.665, 'text': "I might be in Boston now, but I can make it look like I'm in New York, London, Paris, or anywhere else.", 'start': 215.883, 'duration': 5.782}], 'summary': 'Expressvpn is easy to use, provides privacy, and allows users to change their virtual location.', 'duration': 28.471, 'max_score': 193.194, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q193194.jpg'}], 'start': 0.069, 'title': 'Vitalik buterin and ai podcast ads', 'summary': "Discusses vitalik buterin's influential role in defining the future of blockchain technology, and the sponsorship of masterclass and expressvpn on the ai podcast, aiming to encourage support and subscriptions.", 'chapters': [{'end': 48.984, 'start': 0.069, 'title': 'Vitalik buterin: co-creator of ethereum', 'summary': 'Discusses vitalik buterin, the co-creator of ethereum, which is the second largest cryptocurrency after bitcoin, and his influential role in defining the future of blockchain technology.', 'duration': 48.915, 'highlights': ['Vitalik Buterin is the co-creator of Ethereum and Ether, the second largest digital currency after Bitcoin.', 'Ethereum has a lot of interesting technical ideas that are defining the future of blockchain technology.', 'Vitalik Buterin is one of the most brilliant innovators in the cryptocurrency space today, and is well known for his influential role in redefining digital transactions.']}, {'end': 261.591, 'start': 50.185, 'title': 'Ai podcast ads: masterclass & expressvpn', 'summary': 'Highlights the sponsorship of masterclass and expressvpn on the ai podcast, including benefits and personal recommendations, aiming to encourage support and subscriptions.', 'duration': 211.406, 'highlights': ['The podcast is sponsored by Masterclass and ExpressVPN, encouraging support and subscriptions for both.', 'Masterclass offers an all-access pass to watch courses from experts at the top of their field for $180 a year, with notable courses from various experts, providing a discount and support for the podcast.', 'ExpressVPN is recommended for privacy protection and accessing international versions of streaming websites, with personal endorsement and a discount for support.']}], 'duration': 261.522, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q69.jpg', 'highlights': ['Vitalik Buterin is the co-creator of Ethereum and Ether, the second largest digital currency after Bitcoin.', 'Ethereum has a lot of interesting technical ideas that are defining the future of blockchain technology.', 'Vitalik Buterin is one of the most brilliant innovators in the cryptocurrency space today, and is well known for his influential role in redefining digital transactions.', 'The podcast is sponsored by Masterclass and ExpressVPN, encouraging support and subscriptions for both.', 'Masterclass offers an all-access pass to watch courses from experts at the top of their field for $180 a year, with notable courses from various experts, providing a discount and support for the podcast.', 'ExpressVPN is recommended for privacy protection and accessing international versions of streaming websites, with personal endorsement and a discount for support.']}, {'end': 770.071, 'segs': [{'end': 319.377, 'src': 'embed', 'start': 289.491, 'weight': 0, 'content': [{'end': 297.576, 'text': "perhaps it'd be nice to talk about the origin story of Bitcoin and the mystery of Satoshi Nakamoto.", 'start': 289.491, 'duration': 8.085}, {'end': 304.961, 'text': 'You gave a talk that started with sort of asking the question what did Satoshi Nakamoto actually invent?', 'start': 298.457, 'duration': 6.504}, {'end': 309.604, 'text': 'Maybe you could say who is Satoshi Nakamoto and what did he invent?', 'start': 306.122, 'duration': 3.482}, {'end': 310.608, 'text': 'Sure.', 'start': 310.248, 'duration': 0.36}, {'end': 319.377, 'text': 'So Satoshi Nakamoto is the name by which we know the person who originally came up with Bitcoin.', 'start': 310.729, 'duration': 8.648}], 'summary': 'The origin story of bitcoin and the mystery of satoshi nakamoto, who invented bitcoin.', 'duration': 29.886, 'max_score': 289.491, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q289491.jpg'}, {'end': 373.974, 'src': 'embed', 'start': 345.059, 'weight': 1, 'content': [{'end': 352.444, 'text': 'and interacting with them and helping the project along for a couple of years, um, and then at some point in late 2010 to early 2011, he disappeared.', 'start': 345.059, 'duration': 7.385}, {'end': 368.452, 'text': 'so Bitcoin is a fairly unique project in how it has this kind of mythical, kind of quasi-godlike founder who just kind of popped in,', 'start': 352.444, 'duration': 16.008}, {'end': 372.894, 'text': "did the thing and disappeared, and we've somehow just never heard from him again.", 'start': 368.452, 'duration': 4.442}, {'end': 373.974, 'text': 'So in 2008,.', 'start': 373.054, 'duration': 0.92}], 'summary': 'Bitcoin project had a mysterious founder who disappeared in 2010-2011.', 'duration': 28.915, 'max_score': 345.059, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q345059.jpg'}, {'end': 434.469, 'src': 'embed', 'start': 399.238, 'weight': 2, 'content': [{'end': 413.395, 'text': "So one possibility is that it's Hal Finney because Hal Finney was also active in the Bitcoin community as Hal Finney in those two beginning years.", 'start': 399.238, 'duration': 14.157}, {'end': 420.541, 'text': "Who is Hal Finney maybe? He's one of the people in the early cypherpunk community.", 'start': 413.415, 'duration': 7.126}, {'end': 423.162, 'text': 'He was a computer scientist.', 'start': 420.561, 'duration': 2.601}, {'end': 434.469, 'text': 'Yeah, computer scientists, cryptographers, people interested in technology, internet freedom, those kinds of topics.', 'start': 423.262, 'duration': 11.207}], 'summary': 'Hal finney was an early cypherpunk and computer scientist active in the bitcoin community in its early years.', 'duration': 35.231, 'max_score': 399.238, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q399238.jpg'}, {'end': 485.247, 'src': 'embed', 'start': 458.888, 'weight': 3, 'content': [{'end': 463.151, 'text': 'Is this like a natural sort of characteristic of the internet??', 'start': 458.888, 'duration': 4.263}, {'end': 474.039, 'text': "If we were to think about it because you and I just met now there's a depth of knowledge that we now have about each other.", 'start': 464.753, 'duration': 9.286}, {'end': 475.14, 'text': "that's physical.", 'start': 474.039, 'duration': 1.101}, {'end': 477.962, 'text': 'My vision system is able to recognize you.', 'start': 475.7, 'duration': 2.262}, {'end': 481.424, 'text': 'I can also verify your identity of uniqueness.', 'start': 478.422, 'duration': 3.002}, {'end': 485.247, 'text': "It's very hard to fake you being you.", 'start': 481.544, 'duration': 3.703}], 'summary': 'Internet enables depth of knowledge and identity verification, difficult to fake.', 'duration': 26.359, 'max_score': 458.888, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q458888.jpg'}, {'end': 555.906, 'src': 'embed', 'start': 532.893, 'weight': 4, 'content': [{'end': 541.68, 'text': "you may be the most qualified person to speak to the psychology of this anonymity that we're talking about, like Your identity is known,", 'start': 532.893, 'duration': 8.787}, {'end': 543.02, 'text': "like I've just verified it.", 'start': 541.68, 'duration': 1.34}, {'end': 552.204, 'text': 'But from your perspective, what are the benefits in creating a cryptocurrency and then remaining anonymous? Like, if it can,', 'start': 543.621, 'duration': 8.583}, {'end': 554.645, 'text': 'psychoanalyze Satoshi Nakamoto?', 'start': 552.204, 'duration': 2.441}, {'end': 555.906, 'text': 'is there something interesting there??', 'start': 554.645, 'duration': 1.261}], 'summary': 'Exploring the psychology of anonymity in creating cryptocurrency.', 'duration': 23.013, 'max_score': 532.893, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q532893.jpg'}, {'end': 685.635, 'src': 'embed', 'start': 663.36, 'weight': 5, 'content': [{'end': 673.747, 'text': 'Just encouraging a lot of kind of core Ethereum work to happen outside of the Ethereum foundation and of expanding the number of people that are making different kinds of decisions,', 'start': 663.36, 'duration': 10.387}, {'end': 678.13, 'text': 'having multiple software limitations instead of one and all of these things.', 'start': 673.747, 'duration': 4.383}, {'end': 678.65, 'text': "Like there's..", 'start': 678.21, 'duration': 0.44}, {'end': 685.635, 'text': "a lot of things that I've tried to do it to and remove myself as a single point of failure,", 'start': 679.571, 'duration': 6.064}], 'summary': 'Encouraging core ethereum work outside foundation to expand decision-makers and software options.', 'duration': 22.275, 'max_score': 663.36, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q663360.jpg'}], 'start': 261.992, 'title': 'The mystery of satoshi nakamoto and internet identity', 'summary': 'Explores the mysterious origin of bitcoin and the enigmatic figure of satoshi nakamoto, discussing his anonymity, involvement in the early bitcoin community, and the potential identity of hal finney as satoshi. it also delves into the depth of knowledge and identity verification in internet interactions, the psychology of anonymity in creating cryptocurrencies, and the decentralization efforts in the ethereum ecosystem.', 'chapters': [{'end': 458.868, 'start': 261.992, 'title': 'The mystery of satoshi nakamoto', 'summary': 'Explores the mysterious origin of bitcoin and the enigmatic figure of satoshi nakamoto, discussing his anonymity, involvement in the early bitcoin community, and the potential identity of hal finney as satoshi. it also touches upon the first bitcoin transaction between satoshi and hal finney.', 'duration': 196.876, 'highlights': ['Satoshi Nakamoto is the anonymous individual who created Bitcoin, published the white paper, released the original source code, and interacted with the early Bitcoin community before disappearing in 2010-2011.', 'The enigmatic nature of Satoshi Nakamoto and his disappearance contribute to the mythical and quasi-godlike perception of him within the Bitcoin community.', 'The possibility of Hal Finney being Satoshi Nakamoto is discussed, given his involvement in the early cypherpunk community and his participation in the first Bitcoin transaction with Satoshi.', 'The chapter also delves into the perplexing question of how individuals like Hal Finney could work closely with Satoshi Nakamoto without knowing his fundamental identity.']}, {'end': 770.071, 'start': 458.888, 'title': 'Internet identity and cryptocurrency', 'summary': 'Explores the depth of knowledge and identity verification in internet interactions, the psychology of anonymity in creating cryptocurrencies, and the decentralization efforts in the ethereum ecosystem, addressing the burden of being the face of ethereum and the need for leadership in cryptocurrency projects.', 'duration': 311.183, 'highlights': ['The internet enables depth of knowledge and identity verification in interactions, creating a fundamentally different quality to human connections. Depth of knowledge and identity verification in internet interactions.', 'Exploration of the psychology of anonymity in creating cryptocurrencies and the benefits of remaining anonymous, such as creating a neutral image and preventing interpretations based on personal history. Psychology of creating cryptocurrencies, benefits of anonymity.', 'Efforts to decentralize the Ethereum ecosystem by encouraging core work outside of the Ethereum Foundation and expanding decision-making to multiple contributors. Decentralization efforts in the Ethereum ecosystem.']}], 'duration': 508.079, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q261992.jpg', 'highlights': ['Satoshi Nakamoto is the anonymous individual who created Bitcoin, published the white paper, and interacted with the early Bitcoin community.', 'The enigmatic nature of Satoshi Nakamoto contributes to the mythical perception of him within the Bitcoin community.', 'The possibility of Hal Finney being Satoshi Nakamoto is discussed, given his involvement in the early cypherpunk community.', 'The internet enables depth of knowledge and identity verification in interactions, creating a fundamentally different quality to human connections.', 'Exploration of the psychology of anonymity in creating cryptocurrencies and the benefits of remaining anonymous.', 'Efforts to decentralize the Ethereum ecosystem by encouraging core work outside of the Ethereum Foundation.']}, {'end': 1809.393, 'segs': [{'end': 871.456, 'src': 'embed', 'start': 837.787, 'weight': 0, 'content': [{'end': 840.169, 'text': "It's useful for the storage of wealth.", 'start': 837.787, 'duration': 2.382}, {'end': 843.293, 'text': "It's useful for the exchange of value.", 'start': 840.59, 'duration': 2.703}, {'end': 847.558, 'text': "And it's also useful for denominating future payments.", 'start': 843.953, 'duration': 3.605}, {'end': 849.159, 'text': 'a unit of account.', 'start': 848.378, 'duration': 0.781}, {'end': 851.361, 'text': 'a unit a unit of account.', 'start': 849.159, 'duration': 2.202}, {'end': 855.524, 'text': 'so what if you look at the history of money in human civilization?', 'start': 851.361, 'duration': 4.163}, {'end': 865.011, 'text': "what just, uh, if, if you're a student of history, like how has its role or just the mechanisms of money changed over time?", 'start': 855.524, 'duration': 9.487}, {'end': 871.456, 'text': "in your view, even if we just look at the 20th century or before and then leading up to cryptocurrencies, that's something you think about.", 'start': 865.011, 'duration': 6.445}], 'summary': 'Money is useful for storage, exchange, and future payments. it has evolved over history, including the 20th century and the rise of cryptocurrencies.', 'duration': 33.669, 'max_score': 837.787, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q837787.jpg'}, {'end': 918.395, 'src': 'embed', 'start': 888.494, 'weight': 1, 'content': [{'end': 899.219, 'text': "and then we saw the move from dollars being backed by gold to dollars being backed by gold that's only redeemable by certain people,", 'start': 888.494, 'duration': 10.725}, {'end': 901.18, 'text': 'to dollars not being backed by anything,', 'start': 899.219, 'duration': 1.961}, {'end': 914.691, 'text': 'to this system where you have a bunch of free floating currencies and then people getting bank accounts and then those things becoming electronic,', 'start': 901.18, 'duration': 13.511}, {'end': 918.395, 'text': 'people getting accounts with payment processors that have bank accounts.', 'start': 914.691, 'duration': 3.704}], 'summary': 'Evolution from gold-backed dollars to free-floating currencies and electronic banking', 'duration': 29.901, 'max_score': 888.494, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q888494.jpg'}, {'end': 963.787, 'src': 'embed', 'start': 943.32, 'weight': 2, 'content': [{'end': 955.064, 'text': 'is it possible to have money at the large scale at such a hugely productive and rich societies be able to operate successfully without money being backed by anything physical?', 'start': 943.32, 'duration': 11.744}, {'end': 963.787, 'text': 'I feel like the interesting thing about the 21st century, especially, is that a lot of the important, valuable things are not backed by anything.', 'start': 955.084, 'duration': 8.703}], 'summary': '21st century economy operates without physical backing for valuable things.', 'duration': 20.467, 'max_score': 943.32, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q943320.jpg'}, {'end': 1039.224, 'src': 'embed', 'start': 1008.77, 'weight': 3, 'content': [{'end': 1016.834, 'text': 'So The reason why the thing has value is just kind of network effects and coordination problems, right?', 'start': 1008.77, 'duration': 8.064}, {'end': 1020.655, 'text': "Like these, employees in reality aren't going to switch all at once,", 'start': 1016.874, 'duration': 3.781}, {'end': 1026.298, 'text': "and also the users aren't all going to switch at once because it's just difficult for them to switch at once.", 'start': 1020.655, 'duration': 5.643}, {'end': 1039.224, 'text': "And so there's these meta-stable equilibria in interactions between thousands of millions of people that are just actually quite sticky, even though,", 'start': 1026.938, 'duration': 12.286}], 'summary': 'Value of the thing is due to network effects and coordination problems, leading to sticky equilibria in interactions between thousands of millions of people.', 'duration': 30.454, 'max_score': 1008.77, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q1008770.jpg'}, {'end': 1243.282, 'src': 'embed', 'start': 1221.152, 'weight': 4, 'content': [{'end': 1231.136, 'text': "um, it is a big motivator and it's, uh, one of the closest things you have to a universal motivator, i think, because ultimately,", 'start': 1221.152, 'duration': 9.984}, {'end': 1237.579, 'text': "in like almost any person in the world, if you ask them to do something like, they'll be more inclined to do it.", 'start': 1231.136, 'duration': 6.443}, {'end': 1243.282, 'text': "if you also offer some, uh, offer them money right, and that's, uh, Like.", 'start': 1237.579, 'duration': 5.703}], 'summary': 'Money is a universal motivator for people to be more inclined to do things.', 'duration': 22.13, 'max_score': 1221.152, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q1221152.jpg'}, {'end': 1316.586, 'src': 'embed', 'start': 1284.037, 'weight': 5, 'content': [{'end': 1289.159, 'text': "And there's definitely people who want money because it gives them power.", 'start': 1284.037, 'duration': 5.122}, {'end': 1289.759, 'text': 'And then, yeah.', 'start': 1289.399, 'duration': 0.36}, {'end': 1301.162, 'text': "Even if money doesn't seem to explicitly be about money, a lot of things that people spend money on are ultimately about social status of some kind.", 'start': 1291.039, 'duration': 10.123}, {'end': 1307.243, 'text': 'I definitely view those two things as interplaying.', 'start': 1304.403, 'duration': 2.84}, {'end': 1316.586, 'text': "And then there's also money as just a way of measuring how successful you are as a scoreboard.", 'start': 1307.263, 'duration': 9.323}], 'summary': 'Money represents power and social status, acting as a measure of success.', 'duration': 32.549, 'max_score': 1284.037, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q1284037.jpg'}, {'end': 1583.154, 'src': 'embed', 'start': 1556.868, 'weight': 6, 'content': [{'end': 1565.611, 'text': 'And one of the kind of other things, even tangentially connected to crypto but kind of theoretically outside of it,', 'start': 1556.868, 'duration': 8.743}, {'end': 1568.572, 'text': 'that I work on is this sort of mechanism called quadratic funding.', 'start': 1565.611, 'duration': 2.961}, {'end': 1583.154, 'text': 'And the way to think about it is, imagine a point system where if If one person gives coins to one other person, then it works the same way as money.', 'start': 1569.653, 'duration': 13.501}], 'summary': 'Research includes quadratic funding, a mechanism for distributing resources in crypto.', 'duration': 26.286, 'max_score': 1556.868, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q1556868.jpg'}, {'end': 1697.557, 'src': 'embed', 'start': 1653.98, 'weight': 7, 'content': [{'end': 1664.344, 'text': "This is just this idea that if there is this situation where there's some public good that lots of people benefit from,", 'start': 1653.98, 'duration': 10.364}, {'end': 1672.126, 'text': 'then no individual person wants to contribute to it, because if they contribute, they only get a small part of the benefit from their contribution,', 'start': 1664.344, 'duration': 7.782}, {'end': 1674.067, 'text': 'but they pay the full cost of their contribution.', 'start': 1672.126, 'duration': 1.941}, {'end': 1681.41, 'text': 'In which context is this, sorry, what is the term, quadratic what? Quadratic funding is the mechanism.', 'start': 1674.827, 'duration': 6.583}, {'end': 1685.572, 'text': 'In which context is this mechanism useful?', 'start': 1681.83, 'duration': 3.742}, {'end': 1692.374, 'text': 'So, obviously you said to combat the tragedy of the commons, but in which context do you see it as useful?', 'start': 1685.692, 'duration': 6.682}, {'end': 1696.436, 'text': 'actually, practically speaking? Yeah, theoretically, public goods in general, right?', 'start': 1692.374, 'duration': 4.062}, {'end': 1697.557, 'text': 'Like services?', 'start': 1696.936, 'duration': 0.621}], 'summary': 'Quadratic funding addresses free-rider problem for public goods benefiting many individuals.', 'duration': 43.577, 'max_score': 1653.98, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q1653980.jpg'}], 'start': 770.071, 'title': 'The philosophy of money and its impact on public goods', 'summary': 'Delves into the philosophical nature of money, its historical evolution, and the transition to cryptocurrencies. it also explores network effects, human behavior, and quadratic funding for public goods, highlighting the economic implications and practical examples from the ethereum ecosystem.', 'chapters': [{'end': 963.787, 'start': 770.071, 'title': 'The philosophy of money', 'summary': 'Explores the philosophical nature of money, discussing its function as a game with points, its historical evolution, and the transition to cryptocurrencies, highlighting the shift from physical backing to virtual representations.', 'duration': 193.716, 'highlights': ["Money is described as a game with points where one can decrease their points by a number and increase someone else's points by the same number, serving various functions such as storage of wealth, exchange of value, and denominating future payments.", 'The 20th century saw significant changes in the mechanisms of money, including increased intermediation, the transition from gold-backed dollars to free-floating currencies, and the shift towards electronic banking and payment processors.', 'The concept of money existing without physical backing is considered fascinating, raising questions about its stability and the possibility of large-scale societies operating successfully without physical backing.']}, {'end': 1451.218, 'start': 964.207, 'title': 'Network effects and human behavior', 'summary': 'Explores the value of network effects and coordination problems in tech companies, the interplay between money and power as motivators, and the concept of utopia from an economic perspective, emphasizing on the stickiness of meta-stable equilibria and the universal inclination towards money as a motivator.', 'duration': 487.011, 'highlights': ['The value of network effects and coordination problems in tech companies is emphasized, indicating that the stickiness of meta-stable equilibria in interactions between thousands of millions of people is a significant factor in maintaining the value of a company. Emphasizes the stickiness of meta-stable equilibria, which makes it difficult for employees and users to switch at once.', 'The universal inclination towards money as a motivator is discussed, highlighting that it is one of the closest things to a universal motivator, as it inclines almost any person in the world to do something if offered money. Money is considered as one of the closest things to a universal motivator.', 'The interplay between money and power as motivators is explored, suggesting that money equals power and is also indicative of social status and self-worth in society. Discusses the interplay between money and power, and how money is perceived as a measure of self-worth and social status.']}, {'end': 1809.393, 'start': 1451.258, 'title': 'Quadratic funding for public goods', 'summary': 'Discusses the limitations of money as an incentivizing tool for public goods and introduces the concept of quadratic funding, explaining how it can address the tragedy of the commons by multiplying the contributions to public goods, with practical examples from the ethereum ecosystem.', 'duration': 358.135, 'highlights': ['Introducing the concept of quadratic funding for public goods and its application in incentivizing contributions to public goods within the Ethereum ecosystem. The speaker discusses the concept of quadratic funding and its practical application within the Ethereum ecosystem to incentivize contributions to public goods, such as online user interfaces, documentation, podcasts, software clients, and privacy tools.', 'Explaining the limitations of money as an incentivizing tool for public goods and the concept of the tragedy of the commons where individuals are unwilling to contribute to a public good due to minimal individual benefits. The discussion highlights the ineffectiveness of money as an incentivizing tool for public goods and presents the concept of the tragedy of the commons, where individuals are reluctant to contribute to public goods due to receiving minimal benefits compared to the full cost of their contribution.', 'Detailing the mechanism of quadratic funding, including the process of summing the square roots of contributions and the compensatory nature of the squared sum for the tragedy of the commons. The mechanism of quadratic funding is explained, detailing the process of summing the square roots of contributions and how the squared sum compensates for the tragedy of the commons by multiplying individual contributions to public goods.']}], 'duration': 1039.322, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q770071.jpg', 'highlights': ['Money serves functions like storage of wealth, exchange of value, and denominating future payments.', 'Transition from gold-backed dollars to free-floating currencies and shift towards electronic banking.', 'Money existing without physical backing raises questions about stability and societal operation.', 'Value of network effects and coordination problems in tech companies is emphasized.', 'Money is considered as one of the closest things to a universal motivator.', 'Money equals power and is indicative of social status and self-worth in society.', 'Quadratic funding incentivizes contributions to public goods within the Ethereum ecosystem.', "Money's limitations as an incentivizing tool for public goods and the concept of the tragedy of the commons.", 'Mechanism of quadratic funding compensates for the tragedy of the commons in incentivizing public goods.']}, {'end': 2780.997, 'segs': [{'end': 1927.319, 'src': 'embed', 'start': 1901.322, 'weight': 0, 'content': [{'end': 1906.967, 'text': "And depending on those different cases there's kind of different bounds on like,", 'start': 1901.322, 'duration': 5.645}, {'end': 1916.395, 'text': 'given how many generals and how many traders among those generals and under what conditions you actually can agree when to launch an attack.', 'start': 1906.967, 'duration': 9.428}, {'end': 1923.558, 'text': "So.. It's actually a big misconception that the Byzantine generals' problem was unsolved.", 'start': 1917.276, 'duration': 6.282}, {'end': 1925.038, 'text': 'So Leslie Lamport solved it.', 'start': 1923.878, 'duration': 1.16}, {'end': 1927.319, 'text': 'The thing that was unsolved, though,', 'start': 1925.519, 'duration': 1.8}], 'summary': "The byzantine generals' problem was solved by leslie lamport.", 'duration': 25.997, 'max_score': 1901.322, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q1901322.jpg'}, {'end': 1974.466, 'src': 'embed', 'start': 1942.162, 'weight': 7, 'content': [{'end': 1956.972, 'text': 'So In the 1980s and the 1990s, the general use case for distributed system stuff was more enterprise-y stuff,', 'start': 1942.162, 'duration': 14.81}, {'end': 1965.999, 'text': 'where you could assume that you know who the nodes are that are running these computer networks.', 'start': 1956.972, 'duration': 9.027}, {'end': 1974.466, 'text': 'So if you want to have some decentralized computer network that pretends to be a single computer and that you can do operations on,', 'start': 1966.379, 'duration': 8.087}], 'summary': 'In the 1980s and 1990s, distributed systems were mainly used for enterprise applications with known nodes.', 'duration': 32.304, 'max_score': 1942.162, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q1942162.jpg'}, {'end': 2082.779, 'src': 'embed', 'start': 2048.735, 'weight': 1, 'content': [{'end': 2057.505, 'text': 'is this really neat idea that you can use economic resources to kind of limit how many identities you can get?', 'start': 2048.735, 'duration': 8.77}, {'end': 2066.867, 'text': "And if there isn't any existing decentralized digital currency, then the only way to do this is with proof of work, right?", 'start': 2058.34, 'duration': 8.527}, {'end': 2067.967, 'text': 'So, with proof of work,', 'start': 2066.947, 'duration': 1.02}, {'end': 2082.779, 'text': 'the solution is just you publish a solution to a hard mathematical puzzle that takes some clearly calculable amount of computational power to solve.', 'start': 2067.967, 'duration': 14.812}], 'summary': 'Using proof of work to limit identities with economic resources in decentralized digital currency.', 'duration': 34.044, 'max_score': 2048.735, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2048735.jpg'}, {'end': 2266.568, 'src': 'embed', 'start': 2234.515, 'weight': 2, 'content': [{'end': 2236.301, 'text': 'what is the blockchain, Sure.', 'start': 2234.515, 'duration': 1.786}, {'end': 2238.443, 'text': 'So the blockchain.', 'start': 2236.341, 'duration': 2.102}, {'end': 2250.134, 'text': 'my way of thinking about it is that it is this system where you have this kind of one virtual computer created by a bunch of these nodes in the network.', 'start': 2238.443, 'duration': 11.691}, {'end': 2257.961, 'text': 'And the reason why the term blockchain is used is because the data structure that these systems use, at least so far,', 'start': 2250.954, 'duration': 7.007}, {'end': 2266.568, 'text': 'is one where The different nodes in the network periodically publish blocks,', 'start': 2257.961, 'duration': 8.607}], 'summary': 'Blockchain is a system with nodes creating a virtual computer, publishing blocks periodically.', 'duration': 32.053, 'max_score': 2234.515, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2234515.jpg'}, {'end': 2465.646, 'src': 'embed', 'start': 2428.869, 'weight': 8, 'content': [{'end': 2440.892, 'text': "Well, depending on what your model of the participants is and what kind of attack we're talking about, it's anywhere between 23.2% and 50%.", 'start': 2428.869, 'duration': 12.023}, {'end': 2444.434, 'text': 'Of what? Of all of the computing power in the network.', 'start': 2440.892, 'duration': 3.542}, {'end': 2446.695, 'text': 'Sorry, so between 23.2 and 50%.', 'start': 2445.114, 'duration': 1.581}, {'end': 2447.315, 'text': 'And 50% can be compromised.', 'start': 2446.695, 'duration': 0.62}, {'end': 2465.646, 'text': "So once your portion of the total computing power in the network goes above the 23.2 level, then there's things that you can mean,", 'start': 2447.335, 'duration': 18.311}], 'summary': '23.2% to 50% of computing power can be compromised in network attacks.', 'duration': 36.777, 'max_score': 2428.869, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2428869.jpg'}, {'end': 2517.029, 'src': 'embed', 'start': 2488.65, 'weight': 3, 'content': [{'end': 2494.494, 'text': 'So the economic cost of acquiring that level of stuff from scratch is fairly high.', 'start': 2488.65, 'duration': 5.844}, {'end': 2498.076, 'text': "I think it's somewhere in the low billions of dollars.", 'start': 2494.594, 'duration': 3.482}, {'end': 2501.919, 'text': 'And when you say that stuff, you mean computational resources?', 'start': 2498.577, 'duration': 3.342}, {'end': 2510.325, 'text': 'Yeah, so specifically specialized hardware and of ASICs that people use to solve these puzzles, to do the mining these days.', 'start': 2502.359, 'duration': 7.966}, {'end': 2511.886, 'text': 'Small tangent.', 'start': 2510.525, 'duration': 1.361}, {'end': 2517.029, 'text': 'So obviously I work a lot in deep learning with GPUs and ASICs for that application.', 'start': 2512.406, 'duration': 4.623}], 'summary': 'Acquiring specialized hardware for mining costs low billions of dollars.', 'duration': 28.379, 'max_score': 2488.65, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2488650.jpg'}, {'end': 2583.056, 'src': 'embed', 'start': 2555.554, 'weight': 4, 'content': [{'end': 2561.437, 'text': 'And so because the hashes are designed to be random, you just have to keep on trying different numbers until one works.', 'start': 2555.554, 'duration': 5.883}, {'end': 2571.189, 'text': 'And the ASICs are just specialized circuits that contain circuits for evaluating this hash over and over again,', 'start': 2562.298, 'duration': 8.891}, {'end': 2579.014, 'text': 'and you have millions or billions of these hash evaluators just stacked on top of each other inside of a box and you just keep on running the box 24-7..', 'start': 2571.189, 'duration': 7.825}, {'end': 2583.056, 'text': "In the ASICs, there's literally specialized hardware designed for this.", 'start': 2579.094, 'duration': 3.962}], 'summary': 'Asics use specialized hardware to evaluate random hashes continuously for mining.', 'duration': 27.502, 'max_score': 2555.554, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2555554.jpg'}, {'end': 2679.66, 'src': 'embed', 'start': 2650.753, 'weight': 5, 'content': [{'end': 2655.759, 'text': "Now, we don't use these quantum proof alternatives yet because in many cases they're five to ten times less efficient.", 'start': 2650.753, 'duration': 5.006}, {'end': 2667.73, 'text': "But the crypto industry in general kind of knows that this is coming eventually and it's sort of ready to take the hit and switch to that stuff when we,", 'start': 2655.839, 'duration': 11.891}, {'end': 2668.371, 'text': 'when we have to.', 'start': 2667.73, 'duration': 0.641}, {'end': 2673.395, 'text': "The second algorithm that is relevant to cryptography is Grover's algorithm.", 'start': 2668.931, 'duration': 4.464}, {'end': 2679.66, 'text': "And And Grover's algorithm might even be more familiar to AI people.", 'start': 2674.056, 'duration': 5.604}], 'summary': "Quantum-proof alternatives are 5-10 times less efficient, but the crypto industry is ready for the switch. grover's algorithm is relevant to cryptography and familiar to ai people.", 'duration': 28.907, 'max_score': 2650.753, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2650753.jpg'}, {'end': 2727.369, 'src': 'embed', 'start': 2699.715, 'weight': 6, 'content': [{'end': 2703.818, 'text': 'then with a quantum computer you only need to do square root of n computations.', 'start': 2699.715, 'duration': 4.103}, {'end': 2710.481, 'text': 'and grovers could potentially be used for mining.', 'start': 2704.859, 'duration': 5.622}, {'end': 2713.082, 'text': "but there's two possibilities here.", 'start': 2710.481, 'duration': 2.601}, {'end': 2715.223, 'text': 'one is that grovers could be used for mining,', 'start': 2713.082, 'duration': 2.141}, {'end': 2722.625, 'text': 'and whoever creates the first working quantum computer that could do grovers will just mine way faster than everyone else.', 'start': 2715.223, 'duration': 7.402}, {'end': 2727.369, 'text': "and we'll see another round of what we saw when ASICs came out, which is that kind of.", 'start': 2722.625, 'duration': 4.744}], 'summary': "Quantum computing can reduce computations to square root of n, potentially faster mining with grover's algorithm.", 'duration': 27.654, 'max_score': 2699.715, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2699715.jpg'}], 'start': 1809.913, 'title': 'Cryptography and blockchain technology', 'summary': "Delves into the byzantine generals problem and bitcoin's solution, distributed systems in enterprise applications, decentralized currency, proof of work, consensus, fault tolerance in blockchain, quantum computing's impact on cryptography, and the potential use of grover's algorithm for mining, including its quadratic speedup.", 'chapters': [{'end': 1998.126, 'start': 1809.913, 'title': 'Byzantine generals problem and bitcoin', 'summary': "Discusses the byzantine generals problem and how bitcoin aims to solve it, highlighting leslie lamport's solution in 1982 and the challenge of trusting anonymous generals. it also touches on the use of distributed systems in the 1980s and 1990s for enterprise applications and in modern systems like flight systems.", 'duration': 188.213, 'highlights': ["Leslie Lamport solved the Byzantine generals' problem in 1982, providing solutions for coordinating attacks with more than two generals through different message types and conditions. Leslie Lamport's solution in 1982, coordinating attacks with more than two generals, different message types and conditions", "The challenge was that the solutions assumed a fixed list of known generals who were semi-trusted, which was a big misconception regarding the problem's unsolved nature. Fixed list of known semi-trusted generals, misconception about the problem being unsolved", 'In the 1980s and 1990s, distributed systems were primarily used for enterprise applications where nodes in the computer networks were known, and decentralized networks were composed of specific known computers. Use of distributed systems in the 1980s and 1990s for enterprise applications, decentralized networks composed of specific known computers', 'Modern systems like flight systems still use decentralized computer networks that mimic a single computer and are composed of specific known devices, sensors, and networks, illustrating the continued relevance of decentralized system concepts. Use of decentralized computer networks in modern systems like flight systems, relevance of decentralized system concepts']}, {'end': 2487.889, 'start': 1998.906, 'title': 'Decentralized currency and blockchain consensus', 'summary': 'Discusses the concept of creating a decentralized global currency, introducing the idea of using proof of work to establish identities and explaining the role of consensus and fault tolerance in blockchain, with examples from bitcoin, highlighting the connection between computational power and identity, the role of blockchain in creating a virtual computer, and the fault tolerance mechanism in blockchain.', 'duration': 488.983, 'highlights': ["The clever solution that Satoshi had was the idea of using economic resources to limit the number of identities, implemented through the proof of work mechanism in Bitcoin, where a solution to a hard mathematical puzzle is published to obtain an identity, with five such puzzles resulting in five identities. Satoshi's clever solution using economic resources to limit identities through proof of work in Bitcoin, where solving mathematical puzzles earns identities.", "The role of blockchain is to create a virtual computer from a network of nodes, with the term 'blockchain' derived from the data structure used, where blocks containing transactions and a hash of the previous block are periodically published and form a chain, serving as a fault tolerance mechanism. Blockchain's role in creating a virtual computer and its fault tolerance mechanism through the chain of blocks.", "The fault tolerance mechanism in blockchain allows the system to follow the longest chain, enabling it to resist attacks, with the requirement of compromising 23.2% to 50% of the computing power in the network to potentially manipulate the system. Blockchain's fault tolerance mechanism resisting attacks and the level of computing power needed for potential manipulation."]}, {'end': 2780.997, 'start': 2488.65, 'title': 'Quantum computing and cryptography', 'summary': "Discusses the economic cost of acquiring computational resources for mining, the use of asics for bitcoin and ethereum, the impact of quantum computing on cryptography, and the potential use of grover's algorithm for mining, including its quadratic speedup.", 'duration': 292.347, 'highlights': ['The economic cost of acquiring computational resources for mining is in the low billions of dollars. The cost of acquiring computational resources for mining is estimated to be in the low billions of dollars.', 'ASICs for Bitcoin contain specialized circuits for evaluating hash functions, with millions or billions of hash evaluators stacked inside a box. ASICs for Bitcoin contain specialized circuits for evaluating hash functions, with millions or billions of hash evaluators stacked inside a box.', "Quantum computing has two main families of algorithms relevant to cryptography: Shor's algorithm and Grover's algorithm. Quantum computing has two main families of algorithms relevant to cryptography: Shor's algorithm and Grover's algorithm.", "Shor's algorithm can break cryptographic systems but quantum-proof alternatives exist, although they are currently less efficient. Shor's algorithm can break cryptographic systems but quantum-proof alternatives exist, although they are currently less efficient.", "Grover's algorithm has the potential to be used for mining, providing a quadratic speedup compared to classical computing. Grover's algorithm has the potential to be used for mining, providing a quadratic speedup compared to classical computing."]}], 'duration': 971.084, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q1809913.jpg', 'highlights': ["Leslie Lamport's solution in 1982, coordinating attacks with more than two generals, different message types and conditions", "Satoshi's clever solution using economic resources to limit identities through proof of work in Bitcoin, where solving mathematical puzzles earns identities", "Blockchain's role in creating a virtual computer and its fault tolerance mechanism through the chain of blocks", 'The cost of acquiring computational resources for mining is estimated to be in the low billions of dollars', 'ASICs for Bitcoin contain specialized circuits for evaluating hash functions, with millions or billions of hash evaluators stacked inside a box', "Quantum computing has two main families of algorithms relevant to cryptography: Shor's algorithm and Grover's algorithm", "Grover's algorithm has the potential to be used for mining, providing a quadratic speedup compared to classical computing", 'Use of decentralized computer networks in modern systems like flight systems, relevance of decentralized system concepts', 'The fault tolerance mechanism in blockchain allows the system to resist attacks, with the requirement of compromising 23.2% to 50% of the computing power in the network to potentially manipulate the system', 'In the 1980s and 1990s, distributed systems were primarily used for enterprise applications where nodes in the computer networks were known, and decentralized networks were composed of specific known computers']}, {'end': 3196.388, 'segs': [{'end': 2858.321, 'src': 'heatmap', 'start': 2780.997, 'weight': 0, 'content': [{'end': 2785.521, 'text': "which would be kind of sad, but which would also mean that, given proof of work, we'll just keep working fine.", 'start': 2780.997, 'duration': 4.524}, {'end': 2788.523, 'text': 'Yeah So beautifully put.', 'start': 2785.541, 'duration': 2.982}, {'end': 2792.107, 'text': 'So proof of work is the core idea of Bitcoin.', 'start': 2788.924, 'duration': 3.183}, {'end': 2797.593, 'text': 'Is there other core ideas before we kind of take a step towards the origin story and ideas of Ethereum?', 'start': 2792.187, 'duration': 5.406}, {'end': 2801.737, 'text': 'Is there other stuff that were key to the white paper of Bitcoin??', 'start': 2798.113, 'duration': 3.624}, {'end': 2809.966, 'text': "there's proof of work and then there's just the cryptography, just kind of public keys and signatures that are used to verify transactions.", 'start': 2802.077, 'duration': 7.889}, {'end': 2811.588, 'text': 'those two are the big things.', 'start': 2809.966, 'duration': 1.622}, {'end': 2814.652, 'text': 'so then, what is um the origin story?', 'start': 2811.588, 'duration': 3.064}, {'end': 2819.016, 'text': 'maybe the human side, but also the technical side of ethereum, Sure.', 'start': 2814.652, 'duration': 4.364}, {'end': 2822.838, 'text': 'So I joined the Bitcoin community in 2011.', 'start': 2819.437, 'duration': 3.401}, {'end': 2826.18, 'text': 'And I started by just writing.', 'start': 2822.838, 'duration': 3.342}, {'end': 2829.202, 'text': 'I first wrote for this sort of online thing called Bitcoin Weekly.', 'start': 2826.26, 'duration': 2.942}, {'end': 2832.504, 'text': 'Then I started writing for Bitcoin Magazine.', 'start': 2829.862, 'duration': 2.642}, {'end': 2836.229, 'text': 'Sorry to interrupt.', 'start': 2835.549, 'duration': 0.68}, {'end': 2839.591, 'text': 'you have this funny kind of story, true or not?', 'start': 2836.229, 'duration': 3.362}, {'end': 2848.196, 'text': 'is that you were disillusioned by the downsides of centralized control from your experience with WoW World of Warcraft?', 'start': 2839.591, 'duration': 8.605}, {'end': 2852.839, 'text': "Is this true or you're just being witty? I mean, the event is true.", 'start': 2848.637, 'duration': 4.202}, {'end': 2855.64, 'text': "The fact that that's the reason I do decentralization is witty.", 'start': 2852.879, 'duration': 2.761}, {'end': 2858.321, 'text': 'Maybe just a small tangent.', 'start': 2856.9, 'duration': 1.421}], 'summary': "Bitcoin's core ideas include proof of work and cryptography. ethereum's origin story involves disillusionment with centralized control from world of warcraft.", 'duration': 77.324, 'max_score': 2780.997, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2780997.jpg'}, {'end': 2855.64, 'src': 'embed', 'start': 2826.26, 'weight': 3, 'content': [{'end': 2829.202, 'text': 'I first wrote for this sort of online thing called Bitcoin Weekly.', 'start': 2826.26, 'duration': 2.942}, {'end': 2832.504, 'text': 'Then I started writing for Bitcoin Magazine.', 'start': 2829.862, 'duration': 2.642}, {'end': 2836.229, 'text': 'Sorry to interrupt.', 'start': 2835.549, 'duration': 0.68}, {'end': 2839.591, 'text': 'you have this funny kind of story, true or not?', 'start': 2836.229, 'duration': 3.362}, {'end': 2848.196, 'text': 'is that you were disillusioned by the downsides of centralized control from your experience with WoW World of Warcraft?', 'start': 2839.591, 'duration': 8.605}, {'end': 2852.839, 'text': "Is this true or you're just being witty? I mean, the event is true.", 'start': 2848.637, 'duration': 4.202}, {'end': 2855.64, 'text': "The fact that that's the reason I do decentralization is witty.", 'start': 2852.879, 'duration': 2.761}], 'summary': 'Started writing for bitcoin weekly and bitcoin magazine; inspired by disillusionment with centralized control in world of warcraft.', 'duration': 29.38, 'max_score': 2826.26, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2826260.jpg'}, {'end': 2925.352, 'src': 'embed', 'start': 2875.684, 'weight': 2, 'content': [{'end': 2881.394, 'text': "It's definitely been something that felt very attractive to me ever since I could have learned that such a thing is possible.", 'start': 2875.684, 'duration': 5.71}, {'end': 2882.676, 'text': "It's possible even technically.", 'start': 2881.414, 'duration': 1.262}, {'end': 2883.737, 'text': 'So great.', 'start': 2883.297, 'duration': 0.44}, {'end': 2887.804, 'text': 'So you joined the Bitcoin community in 2011, you said you began writing.', 'start': 2883.778, 'duration': 4.026}, {'end': 2899.413, 'text': "So what's next? Started writing, moved from high school to university, halfway in between that, and spent a year in university.", 'start': 2888.525, 'duration': 10.888}, {'end': 2905.719, 'text': 'Then at the end of that year, I dropped out to do Bitcoin things full-time.', 'start': 2899.733, 'duration': 5.986}, {'end': 2912.764, 'text': 'And this was a combination of continuing to write Bitcoin magazine, but also increasingly work on software projects.', 'start': 2906.54, 'duration': 6.224}, {'end': 2918.327, 'text': 'And I traveled around the world for about six months and just going to different Bitcoin communities.', 'start': 2913.464, 'duration': 4.863}, {'end': 2925.352, 'text': 'Like I went to first in New Hampshire, then Spain, other European places, Israel, then San Francisco.', 'start': 2918.828, 'duration': 6.524}], 'summary': 'Joined bitcoin community in 2011, dropped out of university to work on bitcoin full-time, traveled to different bitcoin communities worldwide.', 'duration': 49.668, 'max_score': 2875.684, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2875684.jpg'}, {'end': 3015.309, 'src': 'embed', 'start': 2968.778, 'weight': 6, 'content': [{'end': 2977.222, 'text': 'And I quickly kind of realized that this MasterCoin protocol could be improved by kind of generalizing it more, right?', 'start': 2968.778, 'duration': 8.444}, {'end': 2981.364, 'text': 'So the analogy I use is that the MasterCoin protocol was like the Swiss Army knife.', 'start': 2977.262, 'duration': 4.102}, {'end': 2985.506, 'text': 'You have 25 different transaction types for 25 different applications.', 'start': 2981.404, 'duration': 4.102}, {'end': 2992.931, 'text': 'But what I realized is that you could replace a bunch of them with things that are more general purpose.', 'start': 2986.366, 'duration': 6.565}, {'end': 2996.454, 'text': 'So one of them was that you could replace,', 'start': 2993.352, 'duration': 3.102}, {'end': 3003.86, 'text': 'like three transaction types for three types of financial contracts with a generic transaction type for a financial contract.', 'start': 2996.454, 'duration': 7.406}, {'end': 3009.265, 'text': 'that just lets you specify a mathematical formula for kind of how much money each side gets.', 'start': 3003.86, 'duration': 5.405}, {'end': 3011.086, 'text': "By the way, it's a small pause.", 'start': 3009.705, 'duration': 1.381}, {'end': 3014.449, 'text': "What's you say financial contract? Just the terminology.", 'start': 3011.306, 'duration': 3.143}, {'end': 3015.309, 'text': 'What is a contract??', 'start': 3014.489, 'duration': 0.82}], 'summary': 'Mastercoin protocol could be improved by generalizing transaction types, reducing from 25 to a more general purpose, such as financial contracts.', 'duration': 46.531, 'max_score': 2968.778, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2968778.jpg'}, {'end': 3109.894, 'src': 'embed', 'start': 3080.082, 'weight': 10, 'content': [{'end': 3083.443, 'text': 'But the main idea that these contracts have to be enforced and trusted.', 'start': 3080.082, 'duration': 3.361}, {'end': 3085.103, 'text': 'Yes, exactly.', 'start': 3083.963, 'duration': 1.14}, {'end': 3089.464, 'text': 'You have to trust that they will work out in a system where nobody can be trusted.', 'start': 3085.583, 'duration': 3.881}, {'end': 3094.045, 'text': 'Yes This is such a beautiful, complicated system.', 'start': 3089.744, 'duration': 4.301}, {'end': 3100.666, 'text': 'Okay, so you were seeking to kind of generalize this basic framework of contracts.', 'start': 3094.125, 'duration': 6.541}, {'end': 3109.894, 'text': 'So what does that entail? So what technically are the steps to creating Ethereum? Sure.', 'start': 3102.166, 'duration': 7.728}], 'summary': 'Creating ethereum involves generalizing a complex system of enforceable, trusted contracts.', 'duration': 29.812, 'max_score': 3080.082, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q3080082.jpg'}, {'end': 3182.095, 'src': 'embed', 'start': 3147.537, 'weight': 7, 'content': [{'end': 3151.519, 'text': 'What was the name of the programming language? I just called it Ultimate Scripting.', 'start': 3147.537, 'duration': 3.982}, {'end': 3163.205, 'text': 'Great So then I went through a couple more rounds of iteration and then the idea for Ethereum itself started to form.', 'start': 3152.52, 'duration': 10.685}, {'end': 3173.01, 'text': 'And the idea here is that you just have a blockchain where the core unit of the thing is what we call contracts.', 'start': 3164.466, 'duration': 8.544}, {'end': 3182.095, 'text': "It's these accounts that can hold assets and they have their own internal memory, but that are controlled by a piece of code.", 'start': 3173.09, 'duration': 9.005}], 'summary': 'Ethereum was born out of the concept of ultimate scripting, with contracts as the core unit of the blockchain.', 'duration': 34.558, 'max_score': 3147.537, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q3147537.jpg'}], 'start': 2780.997, 'title': 'Bitcoin, ethereum, and financial contracts', 'summary': "Explores bitcoin's core ideas, ethereum's origin story, and the generalization of financial contracts. it covers proof of work, cryptography, ethereum's creation, and the concept of contracts as the core unit of the blockchain system, including the influence of decentralized control. additionally, it details the speaker's journey into the bitcoin community, from joining in 2011 to working on bitcoin projects full-time and traveling globally to meet various bitcoin teams.", 'chapters': [{'end': 2874.647, 'start': 2780.997, 'title': "Bitcoin's core ideas and ethereum's origin story", 'summary': "Discusses the core ideas of bitcoin, including proof of work and cryptography, and delves into the origin story of ethereum, touching upon the author's journey in the bitcoin community and the influence of decentralized control.", 'duration': 93.65, 'highlights': ["Proof of work and cryptography are the key ideas of Bitcoin's white paper. The white paper of Bitcoin revolves around the core ideas of proof of work and cryptography, which are used to verify transactions.", "The author's journey in the Bitcoin community began in 2011, starting with writing for Bitcoin Weekly and Bitcoin Magazine. The author joined the Bitcoin community in 2011 and initially contributed by writing for platforms like Bitcoin Weekly and Bitcoin Magazine.", "The influence of decentralized control was partly shaped by the author's experience with centralized control in World of Warcraft. The author's disillusionment with the downsides of centralized control, possibly influenced by experiences in World of Warcraft, has contributed to the belief in decentralized control."]}, {'end': 2992.931, 'start': 2875.684, 'title': 'Bitcoin community journey', 'summary': "Discusses the speaker's journey into the bitcoin community, including joining in 2011, transitioning from high school to university, dropping out to work on bitcoin projects full-time, and traveling globally to meet various bitcoin teams and work on projects like colored coins and mastercoin protocol.", 'duration': 117.247, 'highlights': ['The speaker joined the Bitcoin community in 2011 and transitioned from high school to university before dropping out to work on Bitcoin projects full-time, which involved traveling globally and meeting various Bitcoin teams.', 'During the global travels, the speaker worked on projects like colored coins, focusing on issuing other kinds of assets on the blockchain, and the MasterCoin protocol, which supported issuing assets and various financial contracts.', 'The speaker realized the potential for improving the MasterCoin protocol by generalizing it, aiming to create a more versatile and general-purpose system.']}, {'end': 3196.388, 'start': 2993.352, 'title': 'Generalizing financial contracts with ethereum', 'summary': 'Discusses the process of generalizing financial contracts into a generic transaction type for a financial contract, leading to the creation of ethereum, which introduced the concept of contracts as the core unit of the blockchain system and utilized a programming language called ultimate scripting.', 'duration': 203.036, 'highlights': ['Ethereum introduced the concept of contracts as the core unit of the blockchain system. Ethereum proposed the idea of contracts as the core unit of the blockchain system, allowing accounts to hold assets and be controlled by a piece of code.', 'Introduction of a programming language called Ultimate Scripting for generalizing financial contracts. The proposal included the introduction of a programming language called Ultimate Scripting to generalize financial contracts, aiming to replace futures with a programming language for financial contracts.', 'Replacing multiple transaction types with a generic transaction type for a financial contract. The concept involved replacing multiple transaction types for financial contracts with a generic transaction type, enabling the specification of a mathematical formula for the distribution of assets based on specific conditions.', 'Challenges faced in implementing the revolutionary idea of Ethereum. The idea faced challenges in integration due to its revolutionary nature, leading to the decision to develop Ethereum independently after receiving feedback on its complexity.']}], 'duration': 415.391, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q2780997.jpg', 'highlights': ["Proof of work and cryptography are the key ideas of Bitcoin's white paper.", 'The white paper of Bitcoin revolves around the core ideas of proof of work and cryptography.', 'The author joined the Bitcoin community in 2011 and initially contributed by writing for platforms like Bitcoin Weekly and Bitcoin Magazine.', "The influence of decentralized control was partly shaped by the author's experience with centralized control in World of Warcraft.", 'The speaker joined the Bitcoin community in 2011 and transitioned from high school to university before dropping out to work on Bitcoin projects full-time.', 'During the global travels, the speaker worked on projects like colored coins and the MasterCoin protocol.', 'The speaker realized the potential for improving the MasterCoin protocol by generalizing it.', 'Ethereum introduced the concept of contracts as the core unit of the blockchain system.', 'Introduction of a programming language called Ultimate Scripting for generalizing financial contracts.', 'Replacing multiple transaction types with a generic transaction type for a financial contract.', 'Challenges faced in implementing the revolutionary idea of Ethereum.']}, {'end': 3921.621, 'segs': [{'end': 3394.326, 'src': 'embed', 'start': 3348.784, 'weight': 2, 'content': [{'end': 3353.005, 'text': 'I wanted the thing to be a nonprofit and some of them wanted to be a for-profit.', 'start': 3348.784, 'duration': 4.221}, {'end': 3358.807, 'text': 'And then there started to be people who were just kind of totally unable to work with each other.', 'start': 3354.205, 'duration': 4.602}, {'end': 3365.47, 'text': "They're were people that were kind of trying to get an advantage for themselves in a lot of different ways.", 'start': 3358.847, 'duration': 6.623}, {'end': 3371.633, 'text': 'And this just about six months later led to this big governance crisis.', 'start': 3366.15, 'duration': 5.483}, {'end': 3374.354, 'text': 'And then we kind of reshuffled leadership a bit.', 'start': 3372.093, 'duration': 2.261}, {'end': 3378.076, 'text': 'And then the project kept on going.', 'start': 3374.975, 'duration': 3.101}, {'end': 3380.678, 'text': 'Then nine months later, there was another governance crisis.', 'start': 3378.136, 'duration': 2.542}, {'end': 3382.479, 'text': 'And then there was a third governance crisis.', 'start': 3380.718, 'duration': 1.761}, {'end': 3385.48, 'text': 'And So is there a way to?', 'start': 3382.619, 'duration': 2.861}, {'end': 3392.185, 'text': "if you're looking at the human side of things, is there a way to optimize this aspect of the cryptocurrency world?", 'start': 3385.48, 'duration': 6.705}, {'end': 3394.326, 'text': 'It seems that there is.', 'start': 3392.265, 'duration': 2.061}], 'summary': 'Frequent governance crises in the cryptocurrency project led to reshuffling of leadership, with three crises occurring in the span of nine months, indicating a need to optimize the human aspect of the industry.', 'duration': 45.542, 'max_score': 3348.784, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q3348784.jpg'}, {'end': 3544.083, 'src': 'embed', 'start': 3519.998, 'weight': 0, 'content': [{'end': 3526.363, 'text': 'So instead of taking three months, it ended up taking 20 months to launch the thing.', 'start': 3519.998, 'duration': 6.365}, {'end': 3532.45, 'text': 'And that was just, I think, underestimating the sheer technical complexity of the thing.', 'start': 3528.385, 'duration': 4.065}, {'end': 3534.973, 'text': 'There are research challenges.', 'start': 3533.751, 'duration': 1.222}, {'end': 3544.083, 'text': "So, for example, one of the things that we've been saying from the start that we would do one is a switch from a proof of work to a proof of stake,", 'start': 3535.353, 'duration': 8.73}], 'summary': 'Project launch delayed to 20 months due to technical complexity and research challenges.', 'duration': 24.085, 'max_score': 3519.998, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q3519998.jpg'}, {'end': 3777.856, 'src': 'embed', 'start': 3751.786, 'weight': 1, 'content': [{'end': 3758.348, 'text': "So Ethereum 2.0 is a collection of major upgrades that we've wanted to do to Ethereum for quite some time.", 'start': 3751.786, 'duration': 6.562}, {'end': 3763.53, 'text': 'The two big ones, one is proof of stake and the other is what we call sharding.', 'start': 3758.728, 'duration': 4.802}, {'end': 3768.032, 'text': 'Sharding solves another problem with blockchains, which is scalability.', 'start': 3764.41, 'duration': 3.622}, {'end': 3777.856, 'text': 'And what sharding does is it basically says instead of every participant in the network having to personally download and verify every transaction,', 'start': 3768.872, 'duration': 8.984}], 'summary': 'Ethereum 2.0 includes proof of stake and sharding to improve scalability.', 'duration': 26.07, 'max_score': 3751.786, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q3751786.jpg'}], 'start': 3198.169, 'title': 'Smart contract development challenges and ethereum 2.0 transition', 'summary': "Discusses challenges in smart contract development including governance crises and human behavior impact, leading to project stabilization. it also covers ethereum's transition to ethereum 2.0, highlighting proof of stake, sharding for scalability, and environmental impact of mining.", 'chapters': [{'end': 3465.936, 'start': 3198.169, 'title': 'Challenges of smart contract development', 'summary': 'Discusses the unexpected challenges faced in building a smart contract platform, including governance crises and the impact of human behavior on software engineering, leading to multiple reshuffles and the eventual stabilization of the project.', 'duration': 267.767, 'highlights': ['The development of a smart contract platform faced unexpected challenges, including governance crises leading to multiple reshuffles and eventual stabilization of the project.', 'The impact of human behavior on software engineering was evident in the infighting, egos, and differing intentions of the co-founders, leading to governance crises and the need for reshuffling.', "The algorithm used for finding co-founders led to infighting and disagreements, indicating the influence of human behavior on the project's development.", 'The initial expectation of altruism and kindness in crypto communities was challenged by the presence of infighting, disagreements, and personal agendas among co-founders.']}, {'end': 3921.621, 'start': 3466.556, 'title': 'Ethereum 2.0: proof of stake and sharding', 'summary': "Discusses the challenges and benefits of ethereum's transition to ethereum 2.0, highlighting the switch from proof of work to proof of stake, the concept of sharding for scalability, and the environmental impact of cryptocurrency mining.", 'duration': 455.065, 'highlights': ['The transition from proof of work to proof of stake took 20 months, underestimating the technical complexity, and the switch aims to limit participation based on locked coins instead of computing power. Transition to proof of stake took 20 months, underestimation of technical complexity, participation based on locked coins instead of computing power.', 'Proof of stake limits participation based on locked coins, aiming to reduce energy consumption compared to proof of work, addressing the environmental impact of cryptocurrency mining. Proof of stake limits participation based on locked coins, aims to reduce energy consumption compared to proof of work.', 'Ethereum 2.0 includes major upgrades like proof of stake and sharding to improve scalability by distributing transaction verification among participants and making the system redundant and secure. Ethereum 2.0 includes upgrades like proof of stake and sharding, improves scalability, makes the system redundant and secure.']}], 'duration': 723.452, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q3198169.jpg', 'highlights': ['The transition to proof of stake took 20 months, underestimating the technical complexity, and aims to limit participation based on locked coins instead of computing power.', 'Ethereum 2.0 includes major upgrades like proof of stake and sharding to improve scalability by distributing transaction verification among participants and making the system redundant and secure.', 'The development of a smart contract platform faced unexpected challenges, including governance crises leading to multiple reshuffles and eventual stabilization of the project.', 'The impact of human behavior on software engineering was evident in the infighting, egos, and differing intentions of the co-founders, leading to governance crises and the need for reshuffling.']}, {'end': 4341.687, 'segs': [{'end': 3957.596, 'src': 'embed', 'start': 3922.261, 'weight': 6, 'content': [{'end': 3926.003, 'text': "It's like, you have to invent job titles for this stuff, right? The reason is that..", 'start': 3922.261, 'duration': 3.742}, {'end': 3933.151, 'text': 'We also have this unique kind of organizational structure where the Ethereum Foundation itself does research in-house,', 'start': 3927.243, 'duration': 5.908}, {'end': 3943.444, 'text': "but then the actual implementation is done by independent teams that are separate companies and they're located all around the world in fun places like Australia.", 'start': 3933.151, 'duration': 10.293}, {'end': 3957.596, 'text': 'So you kind of just need a bunch of almost nonstop cat herding to just keep getting these people to talk to each other and kind of implement the spec,', 'start': 3946.247, 'duration': 11.349}], 'summary': 'Ethereum foundation coordinates global teams for research and implementation.', 'duration': 35.335, 'max_score': 3922.261, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q3922261.jpg'}, {'end': 3994.586, 'src': 'embed', 'start': 3967.744, 'weight': 0, 'content': [{'end': 3977.833, 'text': "2.0?. What's your sense of the timeline, keeping in mind the previous comment you made about the sort of general curse of software projects?", 'start': 3967.744, 'duration': 10.089}, {'end': 3983.257, 'text': 'So Ethereum 2.0 is split into three phases.', 'start': 3979.534, 'duration': 3.723}, {'end': 3986.139, 'text': 'So phase zero just creates a proof of stake network.', 'start': 3983.517, 'duration': 2.622}, {'end': 3994.586, 'text': "And it's actually separate from kind of proof of the proof of work network at the beginning, just to kind of give it time to grow and improve itself.", 'start': 3986.54, 'duration': 8.046}], 'summary': 'Ethereum 2.0 split into three phases, phase zero creates proof of stake network.', 'duration': 26.842, 'max_score': 3967.744, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q3967744.jpg'}, {'end': 4043.872, 'src': 'embed', 'start': 4017.797, 'weight': 2, 'content': [{'end': 4023.599, 'text': 'all of the activity on the existing ETH1 system just gets cut and pasted into ETH2..', 'start': 4017.797, 'duration': 5.802}, {'end': 4025.679, 'text': 'And then the proof of work chain gets forgotten.', 'start': 4023.999, 'duration': 1.68}, {'end': 4027.22, 'text': 'And then things..', 'start': 4025.719, 'duration': 1.501}, {'end': 4033.504, 'text': 'all the things that were living there before, just kind of continue living inside of the proof of stake system.', 'start': 4027.66, 'duration': 5.844}, {'end': 4043.872, 'text': 'so for timelines, um, phase zero has been, uh, kind of almost fully implemented, um,', 'start': 4033.504, 'duration': 10.368}], 'summary': 'Eth1 activity moves to eth2, proof of work chain forgotten. phase zero almost fully implemented.', 'duration': 26.075, 'max_score': 4017.797, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q4017797.jpg'}, {'end': 4152.031, 'src': 'embed', 'start': 4129.116, 'weight': 4, 'content': [{'end': 4137.42, 'text': "So what's Casper FFG, by the way? Casper FFG is the consensus algorithm that we are using for the proof of stake.", 'start': 4129.116, 'duration': 8.304}, {'end': 4145.045, 'text': "Is there something interesting, specific about Casper FFG? Like some beautiful aspect of it that's worth mentioning? There is.", 'start': 4137.819, 'duration': 7.226}, {'end': 4152.031, 'text': 'So Casper FFG combines together kind of two different schools of a consent cell algorithm design.', 'start': 4145.064, 'duration': 6.967}], 'summary': 'Casper ffg is a consensus algorithm combining two different schools of consent cell algorithm design.', 'duration': 22.915, 'max_score': 4129.116, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q4129116.jpg'}, {'end': 4304.881, 'src': 'heatmap', 'start': 4163.24, 'weight': 5, 'content': [{'end': 4168.685, 'text': "So 50% fault tolerant, but it didn't tolerate up to 50% of faults, but not more.", 'start': 4163.24, 'duration': 5.445}, {'end': 4176.072, 'text': 'But it depends on an assumption that all of the nodes can talk to each other within some limited period of time.', 'start': 4168.785, 'duration': 7.287}, {'end': 4179.113, 'text': "Like if I send the message, you'll receive it within a few seconds.", 'start': 4176.612, 'duration': 2.501}, {'end': 4191.843, 'text': 'And the second school is 33% fault-tolerant but safe under asynchrony, which means that if we agree on something, then that thing is finalized.', 'start': 4180.555, 'duration': 11.288}, {'end': 4197.166, 'text': "And even if the network goes horribly wonky the second after that thing is finalized, there's no way to revert that thing.", 'start': 4191.903, 'duration': 5.263}, {'end': 4199.908, 'text': "That's interesting.", 'start': 4197.186, 'duration': 2.722}, {'end': 4203.18, 'text': 'fascinating how you would make that happen.', 'start': 4200.859, 'duration': 2.321}, {'end': 4205.841, 'text': "it's, uh, definitely quite clever.", 'start': 4203.18, 'duration': 2.661}, {'end': 4208.722, 'text': "um, i'd recommend the casper ffg paper.", 'start': 4205.841, 'duration': 2.881}, {'end': 4214.025, 'text': "um, if you just search like archive, as in like arxiv and casper ffg, it's that's right.", 'start': 4208.722, 'duration': 5.303}, {'end': 4215.345, 'text': 'the paper is an archive.', 'start': 4214.025, 'duration': 1.32}, {'end': 4217.186, 'text': 'yeah, yeah, who are the authors?', 'start': 4215.345, 'duration': 1.841}, {'end': 4218.967, 'text': 'um? myself and virgil griffith.', 'start': 4217.186, 'duration': 1.781}, {'end': 4220.508, 'text': "That's awesome.", 'start': 4219.927, 'duration': 0.581}, {'end': 4222.65, 'text': 'Take a small tangent.', 'start': 4221.709, 'duration': 0.941}, {'end': 4228.955, 'text': 'This idea of just putting out white papers and papers and putting them on archive and just putting them publicly?', 'start': 4223.571, 'duration': 5.384}, {'end': 4230.937, 'text': 'is that at the core??', 'start': 4228.955, 'duration': 1.982}, {'end': 4239.125, 'text': 'Is that a necessary component of cryptocurrencies that the tradition started with Satoshi Nakamoto??', 'start': 4232.058, 'duration': 7.067}, {'end': 4240.406, 'text': 'What do you make of it??', 'start': 4239.325, 'duration': 1.081}, {'end': 4242.808, 'text': 'What do you make of the future of that kind of sharing of ideas??', 'start': 4240.466, 'duration': 2.342}, {'end': 4243.889, 'text': 'I guess so yeah.', 'start': 4242.868, 'duration': 1.021}, {'end': 4245.231, 'text': "And it's definitely..", 'start': 4244.13, 'duration': 1.101}, {'end': 4249.519, 'text': "something that's kind of mandatory for crypto,", 'start': 4246.917, 'duration': 2.602}, {'end': 4257.304, 'text': "because crypto is all about making systems where you don't have to trust the operators to trust that the thing works.", 'start': 4249.519, 'duration': 7.785}, {'end': 4264.228, 'text': 'And so if anything behind how a system works is closed sourced, then that kind of kills the point.', 'start': 4257.664, 'duration': 6.564}, {'end': 4274.292, 'text': "And so there is a sense in which the fundamental properties of the category of the thing we're trying to build just kind of forces openness.", 'start': 4264.688, 'duration': 9.604}, {'end': 4278.613, 'text': 'But also openness just has proven to be a really great way to collaborate.', 'start': 4274.852, 'duration': 3.761}, {'end': 4287.275, 'text': "And there's actually a lot of innovation and academic collaboration that's just kind of happened ad hoc in the crypto space the last few years.", 'start': 4279.053, 'duration': 8.222}, {'end': 4295.577, 'text': "So like, for example, we have this forum called Eth Research, that's like E-T-H-R-E-S-E-A-R and then dot C-H.", 'start': 4287.875, 'duration': 7.702}, {'end': 4304.881, 'text': "And There we publish just ideas in a form that's kind of half formal, like it's halfway in between.", 'start': 4296.637, 'duration': 8.244}], 'summary': '50% fault tolerant, 33% fault-tolerant but safe under asynchrony. openness crucial for crypto innovation.', 'duration': 141.641, 'max_score': 4163.24, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q4163240.jpg'}], 'start': 3922.261, 'title': 'Ethereum 2.0 transition and casper ffg', 'summary': 'Discusses the transition of activity from eth1 to eth2, with phase zero almost fully implemented and security auditing in progress, comparing the transition to the original ethereum launch and explaining the functionality and benefits of phase zero and the subsequent merger. it also delves into the details of the casper ffg consensus algorithm and the importance of open sharing in the crypto space.', 'chapters': [{'end': 4017.797, 'start': 3922.261, 'title': 'Ethereum foundation and ethereum 2.0 update', 'summary': 'Discusses the unique organizational structure of the ethereum foundation, the implementation process by independent teams, and the timeline for ethereum 2.0, which is split into three phases including proof of stake network creation, addition of sharding for data storage, and the merger phase for accounts and smart contracts.', 'duration': 95.536, 'highlights': ['The Ethereum Foundation has a unique organizational structure where in-house research is done, and the implementation is carried out by independent teams located globally. The Ethereum Foundation conducts in-house research, while implementation is executed by independent teams globally.', 'Ethereum 2.0 is split into three phases, with phase zero creating a proof of stake network separate from the proof of work network at the beginning. Ethereum 2.0 is divided into three phases, with phase zero establishing a separate proof of stake network.', 'Phase one of Ethereum 2.0 adds sharding for data storage, while the merger phase involves accounts and smart contracts. Phase one of Ethereum 2.0 introduces sharding for data storage, and the merger phase includes accounts and smart contracts.']}, {'end': 4341.687, 'start': 4017.797, 'title': 'Ethereum 2.0 transition and casper ffg', 'summary': 'Discusses the transition of activity from eth1 to eth2, with phase zero almost fully implemented and security auditing in progress, comparing the transition to the original ethereum launch and explaining the functionality and benefits of phase zero and the subsequent merger. it also delves into the details of the casper ffg consensus algorithm and the importance of open sharing in the crypto space.', 'duration': 323.89, 'highlights': ['The transition of activity from ETH1 to ETH2 is discussed, with phase zero almost fully implemented and security auditing in progress. Phase zero implementation progress, security auditing, comparison to original Ethereum launch', 'The functionality and benefits of phase zero and the subsequent merger are explained, highlighting that existing applications will largely continue living on ETH1 until the merger happens. Functionality and benefits of phase zero, existing applications living on ETH1 until merger', 'Details of the Casper FFG consensus algorithm are provided, emphasizing the combination of two different schools of consent cell algorithm design and its fault tolerance under network synchrony and asynchrony. Explanation of Casper FFG consensus algorithm, fault tolerance under network synchrony and asynchrony', 'The importance of open sharing in the crypto space is discussed, mentioning the necessity of openness for cryptocurrencies and the innovation and academic collaboration that have occurred in the crypto space. Necessity of openness for cryptocurrencies, innovation and academic collaboration in the crypto space']}], 'duration': 419.426, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q3922261.jpg', 'highlights': ['Ethereum 2.0 is divided into three phases, with phase zero establishing a separate proof of stake network.', 'Phase one of Ethereum 2.0 introduces sharding for data storage, and the merger phase includes accounts and smart contracts.', 'The transition of activity from ETH1 to ETH2 is discussed, with phase zero almost fully implemented and security auditing in progress.', 'The functionality and benefits of phase zero and the subsequent merger are explained, highlighting that existing applications will largely continue living on ETH1 until the merger happens.', 'Details of the Casper FFG consensus algorithm are provided, emphasizing the combination of two different schools of consent cell algorithm design and its fault tolerance under network synchrony and asynchrony.', 'The importance of open sharing in the crypto space is discussed, mentioning the necessity of openness for cryptocurrencies and the innovation and academic collaboration that have occurred in the crypto space.', 'The Ethereum Foundation conducts in-house research, while implementation is executed by independent teams globally.']}, {'end': 5694.741, 'segs': [{'end': 4370.882, 'src': 'embed', 'start': 4341.807, 'weight': 1, 'content': [{'end': 4348.229, 'text': 'Was there something else on Casper FFG? Casper FFG just kind of combines together these two schools.', 'start': 4341.807, 'duration': 6.422}, {'end': 4362.697, 'text': 'And so, basically, it creates this system where If you have more than 50% that are honest and you have network synchrony,', 'start': 4349.169, 'duration': 13.528}, {'end': 4364.758, 'text': 'then the thing kind of goes as a chain.', 'start': 4362.697, 'duration': 2.061}, {'end': 4370.882, 'text': 'But then if network synchrony fails, then kind of the last few blocks in the chain might kind of get replaced.', 'start': 4365.118, 'duration': 5.764}], 'summary': 'Casper ffg combines schools, requires >50% honesty for chain, and handles network synchrony.', 'duration': 29.075, 'max_score': 4341.807, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q4341807.jpg'}, {'end': 4430.665, 'src': 'embed', 'start': 4399.068, 'weight': 0, 'content': [{'end': 4403.153, 'text': 'Just something surprising, something beautiful, something powerful.', 'start': 4399.068, 'duration': 4.085}, {'end': 4409.776, 'text': 'Yeah, I mean, I think the fact that money can just emerge out of a database if enough people believe in it, I think,', 'start': 4403.713, 'duration': 6.063}, {'end': 4411.977, 'text': "is definitely one of those things that's up there.", 'start': 4409.776, 'duration': 2.201}, {'end': 4419.18, 'text': 'I think one of the things that I really love about Ethereum is also this concept of composability.', 'start': 4413.978, 'duration': 5.202}, {'end': 4423.963, 'text': 'So this is the idea that if I build an application on top of Ethereum,', 'start': 4419.701, 'duration': 4.262}, {'end': 4430.665, 'text': "then you can build an application that talks to my application and you don't even need my permission.", 'start': 4423.963, 'duration': 6.702}], 'summary': 'Ethereum enables emergent money and decentralized composability.', 'duration': 31.597, 'max_score': 4399.068, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q4399068.jpg'}, {'end': 4531.161, 'src': 'embed', 'start': 4496.19, 'weight': 2, 'content': [{'end': 4500.534, 'text': 'there has been a huge amount of really interesting things happen as a result of this.', 'start': 4496.19, 'duration': 4.344}, {'end': 4505.499, 'text': 'is a particular kind of like financial applications, kind of thing.', 'start': 4501.014, 'duration': 4.485}, {'end': 4507.761, 'text': "yeah, i mean there's like stable coins.", 'start': 4505.499, 'duration': 2.262}, {'end': 4517.41, 'text': "so this is a kind of tokens uh, retain, uh, value um, equal to one dollar, but they're kind of backed by a crypt, uh, cryptocurrency.", 'start': 4507.761, 'duration': 9.649}, {'end': 4519.492, 'text': "um, then there's decentralized exchanges.", 'start': 4517.41, 'duration': 2.082}, {'end': 4531.161, 'text': "um, so, As far as decentralized exchanges goes, there's this really interesting construction that has existed for about one and a half years now,", 'start': 4519.492, 'duration': 11.669}], 'summary': 'Significant developments in financial applications, including stable coins and decentralized exchanges, have occurred as a result of this, with one example being stable coins retaining value equal to one dollar but backed by cryptocurrency.', 'duration': 34.971, 'max_score': 4496.19, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q4496190.jpg'}, {'end': 4688.519, 'src': 'embed', 'start': 4654.839, 'weight': 3, 'content': [{'end': 4666.387, 'text': 'But I also expect cryptocurrencies to play this kind of important role in just making sure that people always have an alternative if fiat currencies start breaking.', 'start': 4654.839, 'duration': 11.548}, {'end': 4681.396, 'text': "Or if you're in some very high inflation place like Venezuela, for example, or if your country just kind of gets cut off from..", 'start': 4667.767, 'duration': 13.629}, {'end': 4688.519, 'text': 'cut off from other financial systems because of something the banks do.', 'start': 4683.177, 'duration': 5.342}], 'summary': 'Cryptocurrencies provide alternative in high inflation countries like venezuela.', 'duration': 33.68, 'max_score': 4654.839, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q4654839.jpg'}, {'end': 5001.944, 'src': 'embed', 'start': 4967.222, 'weight': 4, 'content': [{'end': 4971.525, 'text': 'I think you do need to just know the specific kind of people to follow.', 'start': 4967.222, 'duration': 4.303}, {'end': 4983.154, 'text': "There's all the cryptographers and the researchers, and there's even just the Ethereum research crew, like myself, Dan Kradt,", 'start': 4971.545, 'duration': 11.609}, {'end': 4984.916, 'text': 'Danny Justin and the other people.', 'start': 4983.154, 'duration': 1.762}, {'end': 4992.82, 'text': 'And then the academic cryptographers before this.', 'start': 4986.517, 'duration': 6.303}, {'end': 5001.944, 'text': 'today I was at Stanford, and Stanford has the Center for Blockchain Research, and Dan Bonet, this really famous and great cryptographer,', 'start': 4992.82, 'duration': 9.124}], 'summary': "Identify specific experts in blockchain and cryptography, such as dan kradt, danny justin, and dan bonet, at centers like stanford's center for blockchain research.", 'duration': 34.722, 'max_score': 4967.222, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q4967222.jpg'}, {'end': 5416.928, 'src': 'embed', 'start': 5389.951, 'weight': 5, 'content': [{'end': 5396.076, 'text': 'Yes A lot of people believe Ethereum will be the main cryptocurrency.', 'start': 5389.951, 'duration': 6.125}, {'end': 5398.558, 'text': 'I think Bitcoin is currently still the main cryptocurrency.', 'start': 5396.116, 'duration': 2.442}, {'end': 5403.12, 'text': 'Ethereum very likely might become the main one.', 'start': 5399.558, 'duration': 3.562}, {'end': 5407.122, 'text': 'Is this kind of diversity good in the crypto world??', 'start': 5404.441, 'duration': 2.681}, {'end': 5408.583, 'text': 'Do you see it sticking around??', 'start': 5407.142, 'duration': 1.441}, {'end': 5410.604, 'text': 'Should there be a winner??', 'start': 5408.943, 'duration': 1.661}, {'end': 5416.187, 'text': 'Should there be some consensus globally around Bitcoin or around Ethereum??', 'start': 5410.804, 'duration': 5.383}, {'end': 5416.928, 'text': "What's your sense?", 'start': 5416.227, 'duration': 0.701}], 'summary': 'Debate on ethereum and bitcoin as main cryptocurrencies with no clear winner or global consensus.', 'duration': 26.977, 'max_score': 5389.951, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q5389951.jpg'}], 'start': 4341.807, 'title': 'Cryptocurrency and blockchain insights', 'summary': "Delves into casper ffg's consensus mechanism, ethereum's composability, and the potential role of cryptocurrency in the future, emphasizing stablecoins, decentralized exchanges, and vitalik buterin's perspectives on blockchain and ai.", 'chapters': [{'end': 4579.553, 'start': 4341.807, 'title': "Casper ffg and ethereum's composability", 'summary': "Discusses casper ffg's consensus mechanism and ethereum's composability, highlighting the benefits of network synchrony, the emergence of money from belief, and the arbitrary composability of applications on ethereum. it also touches on the concept of stable coins and uniswap's decentralized exchange mechanism.", 'duration': 237.746, 'highlights': ["Ethereum's concept of composability allows arbitrary composability of applications without needing permission or communication between developers. The concept of composability in Ethereum allows applications to interact without requiring permission or communication between developers, leading to the creation of entire ecosystems of software and significant growth in the decentralized finance space.", 'Casper FFG creates a system where if more than 50% are honest and there is network synchrony, the system operates smoothly, but if synchrony fails, the last few blocks may get replaced. Casper FFG combines two consensus models to create a system where network synchrony and majority honesty ensure smooth operation, with the ability to revert only the last few blocks if synchrony fails, providing a balance between the two models.', 'The emergence of money from belief is a remarkable aspect of Ethereum, showcasing the power of collective belief in digital currencies. The ability of money to emerge from a database based on collective belief reflects the remarkable power of Ethereum, showcasing the significant impact of belief in digital currencies.', 'Stable coins on Ethereum retain value equal to one dollar and are backed by cryptocurrency, contributing to the growth of decentralized finance. Stable coins on Ethereum maintain a value of one dollar and are backed by cryptocurrency, contributing to the significant growth and innovation in the decentralized finance space.', "Uniswap's decentralized exchange mechanism utilizes a smart contract to maintain an invariance between the balances of two tokens and facilitates trading based on a mathematical curve. Uniswap's decentralized exchange mechanism operates through a smart contract maintaining balance invariance between two tokens and enables trading based on a mathematical curve, contributing to the innovation in decentralized exchanges."]}, {'end': 4914.639, 'start': 4580.033, 'title': "Cryptocurrency's role in the future", 'summary': 'Discusses the potential role of cryptocurrency in the future, including its impact on fiat currencies, the need for price stability, and the concept of stablecoins in providing flexibility in supply and value.', 'duration': 334.606, 'highlights': ['The concept of stablecoins and their flexibility in supply and value, such as DAI, is emphasized as a potential solution for the volatility and lack of price stability in existing cryptocurrencies.', 'The potential role of cryptocurrencies in providing an alternative to fiat currencies in high inflation or trade-disrupted scenarios is highlighted.', 'The discussion on the need for price stability in cryptocurrencies and the challenges associated with their current volatility is mentioned in the context of their potential as a main form of currency in the future.', 'The explanation of fiat currencies, their digitization, and the expectation of their continued existence and strength is provided, along with the role of governments in backing them.', 'The role of smart contracts, specifically in the issuance of stablecoins like DAI, and their function in pairing users who seek stability with those willing to take extra risk is explained.']}, {'end': 5286.567, 'start': 4914.639, 'title': 'Cryptocurrency insights and perspectives', 'summary': 'Discusses the technical aspects of cryptocurrency, highlighting the importance of following reputable experts and academic resources, the tension between decentralization and government regulation, and the potential for governments to leverage blockchain technology for societal good.', 'duration': 371.928, 'highlights': ['The importance of following reputable experts and academic resources in the cryptocurrency space, such as cryptographers, researchers, and Ethereum research crew, for gaining technical insights and knowledge. Following reputable experts and academic resources is crucial for gaining technical insights and knowledge in the cryptocurrency space.', "The tension between decentralization and government regulation in the cryptocurrency space, with discussions on the impact of government regulation on the sector's existence and growth, as well as the potential for governments to use blockchain technology for various purposes beyond regulation. Discussions on the impact of government regulation on the sector's existence and growth, and the potential for governments to use blockchain technology for various purposes beyond regulation.", 'The potential for governments to leverage blockchain technology for societal good, including applications in identity records, property registries, and currency security, while acknowledging the lag in government acceptance and leverage of technology. The potential for governments to leverage blockchain technology for societal good, including applications in identity records, property registries, and currency security.']}, {'end': 5694.741, 'start': 5286.567, 'title': 'Vitalik buterin on blockchain and ai', 'summary': "Highlights vitalik buterin's insights on blockchain, including the diversity of cryptocurrencies, the overlap between blockchain and ai, and his concerns about centralized control and existential threats from ai.", 'duration': 408.174, 'highlights': ["Vitalik discusses the diversity of cryptocurrencies, expressing that there are currently about 3,000 actively traded cryptocurrencies, and he believes Ethereum might become the main cryptocurrency. 3,000 actively traded cryptocurrencies, Ethereum's potential to become the main cryptocurrency.", 'Vitalik emphasizes the value of diversity in the crypto world but suggests that there are too many separate blockchains being created, with the number of high-quality platforms being far less than 3,000. Value of diversity in the crypto world, concerns about excessive creation of separate blockchains.', 'Vitalik discusses the overlap between the worlds of blockchain and artificial intelligence, particularly in their concerns about centralized control, alignment problems, and existential threats. Overlap between blockchain and AI in concerns about centralized control and existential threats.']}], 'duration': 1352.934, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/3x1b_S6Qp2Q/pics/3x1b_S6Qp2Q4341807.jpg', 'highlights': ["Ethereum's concept of composability enables arbitrary composability of applications without needing permission or communication between developers, leading to significant growth in decentralized finance.", 'Casper FFG combines two consensus models to ensure smooth operation with majority honesty and network synchrony, providing a balance between the two models.', 'Stable coins on Ethereum maintain a value of one dollar and are backed by cryptocurrency, contributing to the significant growth and innovation in the decentralized finance space.', 'The potential role of cryptocurrencies in providing an alternative to fiat currencies in high inflation or trade-disrupted scenarios is highlighted.', 'Following reputable experts and academic resources is crucial for gaining technical insights and knowledge in the cryptocurrency space.', 'Vitalik discusses the diversity of cryptocurrencies, expressing that there are currently about 3,000 actively traded cryptocurrencies, and he believes Ethereum might become the main cryptocurrency.']}], 'highlights': ['Ethereum has a lot of interesting technical ideas that are defining the future of blockchain technology.', 'Vitalik Buterin is one of the most brilliant innovators in the cryptocurrency space today, and is well known for his influential role in redefining digital transactions.', 'Satoshi Nakamoto is the anonymous individual who created Bitcoin, published the white paper, and interacted with the early Bitcoin community.', 'The enigmatic nature of Satoshi Nakamoto contributes to the mythical perception of him within the Bitcoin community.', 'Money serves functions like storage of wealth, exchange of value, and denominating future payments.', 'Transition from gold-backed dollars to free-floating currencies and shift towards electronic banking.', "Blockchain's role in creating a virtual computer and its fault tolerance mechanism through the chain of blocks.", "Proof of work and cryptography are the key ideas of Bitcoin's white paper.", 'Ethereum 2.0 includes major upgrades like proof of stake and sharding to improve scalability by distributing transaction verification among participants and making the system redundant and secure.', "Ethereum's concept of composability enables arbitrary composability of applications without needing permission or communication between developers, leading to significant growth in decentralized finance."]}