just to give you a feel for how powerful these systems are just think of the bitcoin energy consumption and realize that that 00:09:48 just drops out of two components in bitcoin one is the block reward impact evaluator and two the price of bitcoin so those two things yield this tremendous energy 00:10:00 consum consuming system this was kind of an accident this was a an accident of nobody quite intended this this device to um consume this this amount of energy and waste this amount of energy uh but 00:10:13 this gives you a sense of the power of these these uh systems first off we should fix this and you know get out get to uh better systems that that actually uh make this this um energy use uh useful 00:10:25 uh but this i use as an example to give you a sense of like the level of power that comes from these incentive structures and their operation at scale in falcon we're very familiar with these kinds of structures we use the same component and we've gotten a feel for how powerful 00:10:38 this stuff is um in just a couple of years we ended up organizing the build out of a massive hardware infrastructure for providing storage to the world um with again just using one 00:10:51 core incentive structure a block reward uh so all of this makes me really really hopeful um that we'll be able to build um these kinds of incentive structures that can scale to solve extremely large planetary scale 00:11:03 problems um by designing incentive structures and structures warping the incentive fields and getting us to little by little problem by problem scale by scale um solve challenges 00:11:17 and so i think i greatly encourage you if you aren't already in this uh world to try it out to try creating some smart contracts and deploying them um to try uh working with other projects and so on 00:11:29 to get a feel for how powerful these these systems are um i i'm very hopeful that things like this will have a huge impact on planetary scale problems like uh climate change um i've become very hopeful that 00:11:41 these systems will let us coordinate massive action again millions of people billions of people whole industries by letting us have the full power of law and economics and so on in a fully 00:11:55 programmable environment i'm also very hopeful that we can get to accelerate science and technology development by using these kinds of structures to create instruments to incentivize areas of the innovation chasm that are 00:12:08 underserved areas where it's extremely difficult to get funding for certain projects or where it's extremely difficult to get long-term rewards or long-term success many of you have probably heard me talk 00:12:21 about this science and technology translation problem and the lack of incentive structures in that in that period in the castle in the middle and i think a lot of that just comes from the lack of reward structures there that make it impossible for 00:12:34 groups building groups building building projects there to raise capital um because there's no good incentive for capital uh to to deploy there so uh what brought us to so knowing all 00:12:46 of this knowing that this is a critical century knowing that um this critical decade and year um and knowing that crypticon is extremely powerful um why are we here why are we in funding commons so we thought about this problem last year and 00:12:59 we saw that the scale of problem of um of blockchains and the kind of rapid pace of development in industry and the emergence of things like defy and dials and nfts and so on 00:13:10 and especially the the broad adoption by hundreds of thousands of people or millions of people of these tools gave us a very promising um landscape to be able to solve these kinds of problems 00:13:23 and so we have the potential to solve all these massive coordination problems but we're lacking good mechanisms we need way better governance structures we need way better funding mechanisms and uh and so on we need to study these things with much 00:13:36 deeper theory and much deeper experimental analysis and so on