[Applause]
your hands just don't know how to
who knows where each mechanism progress
okay so that's I'll be like more than
half so I fascinating also let me know
and I know faster so I guess for those
who don't know
so first question but what actually is a
market a rich market is a market
on heavy metal in the future that is the
result of which is antia and again
absolutely yes example so the skillet
Christmas with the airplane if you have
five two now for 2020 and the others
specify when you set up a market you
also need to specify how you're going to
resolve this so in this in this case
you're resolving this
I say you accounting on official press
release from the nth or the office of
the mayor of New York and so you have
these two problems and pain and they
trade individually so anyone they had up
to one because basically at the time of
when that comes true will pay out lemon
the other one will not pay or anything
anytime in any contract some of these
two tokens will be one and at the
resolution the value the market value of
these tokens were both words what
resolution is are actually is so what a
traditional market so a conditional
market is rich market that allows
trading on assets that are contingent
upon the size of allocations let me go
into that so we might have interview but
there are many many examples of things
that can actually it's raining so this
is an example so these three markets
will magically going without a minute i
november 18 will my special guy over
take single metric i and how much dye is
generated with it and and with the
stability people single who actually
died go out from today's and my 5% to
these markets they they all work
together he was making ourself that
sacred
we'll run in parallel with that when I
wear these six months so including the
answers these are all yes/no questions
and hearing the answers of these are
correlated with each other right so so
yes basically if you have no hitting on
this this will probably influence your
opinion on the other one and the next
one so in the year so we've we've just
put out a new framework for that so let
me explain you haven't used to having
your framework and so in the old
framework consequences in our life and
you put it into an event contract so
meal and contraction being well since we
might have to tie when I have made up an
evasion and then that would have two
options yes/no you know this is not STR
conveyance II and and if you buy a
computer and then each of these outcomes
you can trade individually so each of
these outcomes actually have a price at
any one time and you can always take a
full outcome set and convert it back to
pleasure and I can wait until he got
this result and then one of these
outcomes will pay out one of the other
ones would pay out Europe and there's
difference-maker
when it was gala basically you can go
long shorten and it's not binary whether
they prepare 1-0 but they can pay off
somewhere between one and zero basically
in years exactly and so they actually
had these nested market so maybe we
might have left an angle I would mean
America 18 and we might actually buy
wood heating up naturally and what you
will in your back when you would have
had to us and you would have taken the
first event made it main market out of
it so uh so basically you can have India
and then you can put these other
proteins in to ask as a collaborative
into a new event contractor basically
use Q instead of putting either in the
end you put the conditioner or comes
over we went in for the album trouble
and on the first prediction in has
natural open and lately here the first
event has a contingency and second
should've done and if you end up with
six teeth and a pencil and in high and
no answer and you may not respect you
you could also do this the exact other
way around so you could also switch
these around and you could also say
basically now head for a news event and
two as the first as the first mayor and
I get to twelve movements on the first
layer and then I put this it with a
second event contract and I get three
outcomes on this day I end up with six
of India and the connection context will
find that is exactly equivalent
basically the payoff function of a and
hi is exactly the same function as high
a and in this framework these tokens are
not fungible so they don't you can't the
system doesn't know that it's actually
the same tokens and this is just for to
this is just first two separate pens
obviously this gets way worse if you had
way that don't yes it is and we did this
new first but it's quite the condition
of in Franklin and and our at reality
this is you can specify any number
so in this case who would specify two
conditions the first one and has three
opposites AT&T and the second one has
two offense levels are high and low and
you pick left open and put in and then
you get these probabilities enunciated
that we only get one cell out of words
so what are the conditional prefer cash
so aim high and high a analogy open you
can do a partial Redemption so really if
you have it open
aim high and high occurs so basically I
can then paste the other ones that are
low they become white because no didn't
happen and other one that were high with
the contrast am i comes a in Heineken
speed cn9 I can see it so you can
actually resolve some conditions before
other conditions without actually
strangling higher things
what you cannot do is you can buy
glasses so you can say I would like to
buy not a so so I basically I would like
my B and C instead positions the very
historic have the two specified
conditions they have and why and you can
depend another condition saying with the
three outcomes that's one two and three
and then you will get to get a by 1/8 y2
and you can nurse position so basically
if you have if you actually have hold it
one of these will be screen out so you
have a my one being wired to where you
might read you can actually just get you
a my token better how does it work so
it's actually one it kind of goes a
little bit against traditional smart
contract designs but it's actually just
one speak smart contract to which anyone
can attend conditions so the market one
big advantage of this is that there are
tremendous gas improvements and the and
you can actually see that token that
should be found a book how to put funny
work because they are identical
absolutely whenever you actually add and
events or any registry entry to this is
my contract you can specify a maximum of
twenty two hundred fifty six Comstock
starts prior condition and this is
commissioners they are no fees and
anything can be said specified at the
market by the customer actually pens to
that contract so this is this is
something it's a spin on it and you can
you can add your own conditions to death
if you choose to do so
and so let's go back to this example so
so now at least three markets and SV
ah yes no much so how many atomic
outcomes whatever just to Cooper 3 right
so basically 2 times 2 times 2 so that
would be yes yes yes yes yes no yes no
yes yes no no that one so that's it and
these 8 atomic probabilities of what we
have in the future this is actually
going to give you so basically these
these probabilities the a probabilities
of what could happen in the futures
future
these are actually going to be
consistent so basically if one of these
changes so if say obviously these are
correlated so if my collection guy does
not go like my people Ahmed I will not
overtake single pressure guy either
so basically lifts the probability for
this change then automatically the
probability for this changes depending
on how the market actually traded his
previous view and I bet I give I give
you yes this is when you guys do better
than that and so it is this is a
different example I'm sorry I should
have used the same so we see here the
questions I will
you sacrifice of October with no yet
with a vote of no confidence of imagine
humanity's government be passed before
the manifesto October and with it your
heart would it be to be Northern Ireland
and the Republic of Ireland on the
faculty member so obviously these are
began its range so what you can do now
as you can say I want to have this yes
in this test no and then it'll give you
the payout structure surveys the West
when is going to pay up it is going to
pay out if this is yes and this is no
and it's going to you're going to lose
the investment if either the first one
is no for the second one and this yes
one cannot specify this one so well then
you have wouldn't say no okay so what
you cannot do now is you can make this
traditional so say now this bit is as if
Britain leaves the European Union on the
first of October with no gear and with
that you harder to be successful but
within your heart would be between
Northern Ireland and the Republic of
Ireland on
of November and you can now specify this
and again give you a heart structure so
basically if this happens then you've
taken a position among this market but
if this doesn't happen if Britain
doesn't even know that you festival oh
no we've not yet then if you just get a
refund on your prediction so basically
you can place a prediction on something
that doesn't necessarily happen really
it's just it's a contingent thing yeah
so basically this is obviously it mainly
put interface but this is super hard
just because it's not an even for a
simple bridge market making a good
interface is high so this is this is
currently still very much feature
product and then you go back to how does
it tie into a few tacky so basically can
we do a quick show of hands again who
knows what what few happiest two
tangents basically magnet for
governments so basically what you do is
you do create a market on a question
that you would like to find an answer on
and you specify a metric for which you
would like to optimize your decision and
then you let keep your trade of this
market and in the end you actually use
this data through to to make a
what I would actually like to do so this
is something that's going to be big and
ours and I learned it's a nice and
decision-making and let me give you a
concrete example okay so they have
company and I I have the CEO and
basically the company we wondering
whether we should hire a CEO so
basically then we find a metric that you
would like to ask my squats on yes and
what would the quantity bracket you be
if we fire the CEO but we don't find
Osito
that's what we're going to about a mask
we could also optimize something else so
say you could optimize my employee
happiness buttons so we mean that in any
type of us we create market so what is
would you rather you're going to be
given than defiantly the CEO and what's
the truth here and you're going to be
given that we don't I the CEO and then
we see which one of these works are
better and we use this to actually make
the decision of whether we should file
see me also over here and turns out that
the month believes that if we find the
CEO the quality revenue will go up so we
fire the CEO of people who said who
trade on a sunny market so what's going
to happen to the party ready movie
fancy or they'll just be refunded and
everyone traded on this market given
that we fire the CEO they will make a
profit or loss based on the quality of
therapy nutrition soul is why our
petition token is important for us and
so we see for this kind of decision
making having a consistent view on the
futures actually super good so if you
have different continuing events in the
future or different events that are
correlated having one consistent you are
the future on which to actually base
these decisions on and where is your
information actually feeds into giving
you an accurate depiction of the future
and how will be faced with Superboy yeah
so this is a useful manner of the future
probability space regularity and
consistency so basically if one thing is
very change to actually want everything
else in the model to change according to
how these things are related right
okay so then quickly check how much ten
fine so the framework Network about the
conditional Ito very much that's open
anyone can attend to this anyone who
used this but we actually build our own
application on top of this and basically
the British market is brought in
regulations so what we've actually done
is we have a license from a financial
market regulator and to make sure that
we don't actually get shut up though if
you good things fast so easily the
bridge markets and we can offer them on
anything but sport to reach their
customers which is super nice and they
are not so new and unique electrolyte we
have a market magnet that guarantees you
liquidity and and it's dynamic
because obviously if any weakness in his
message makes things easier because
otherwise you just complain to creation
to our future we have to be a man and be
messy because we have this license
there's one percent rarity but this
market as you can be friendly market and
everyone and we all ordered because
we're the ones so if we have we have
York
on this instance while back when
Detective Comics TV must be well
starters with negative cash flow and we
reminisce enterprises a basic effect
then that means that we can offer this
to anyone in Europe and most of the
world except for the ethic and I'm super
sorry we are welcome at West once we
have seen that this works in other parts
of life so and the Vita went like this
week and you can take part if you go to
site OPM and sign up so basically
there's a couple of markets right now
and we started full of them 50/50
chances so basically right now view
everyone about a you will have to go
through him I see so big you will have
no scam you have good and you cannot be
a US or Canada or Chinese citizen I'm
super super sorry about this will we're
still working like that but if you're
not from one of these three countries
absolutely needs to take part and
currently you have markets such as the
price of either transparency the
transaction fees on a Saturday and a
stability so easy things within the
ecosystem we were going to go to other
markets political market honest we have
so notice we have an ecosystem and and
this run round just close but s going to
be another one this year so now check
that hub on github no secesh ago and
we're also looking join our team so you
can actually check that out green house
and yes absolute those conditionals and
I'm thinking that each additional
traditional
provides an opportunity for you to have
started so can you see what I'm saying
is that we had versus forgiving nature
you mean if you would mean if that's no
range resolve it
yeah like unresolvable question yeah so
basically I mean what you can do is you
can buy up the end on it and then just
match them together again right so
basically if you have like an 80
question you can resolve that you can
just but have both and just strike that
off of your talk of your fear of the
moment right
because you could also you can you can
spit in either than me even before the
things happened if you actually have
father on the different foundations yes
but basically specifying good argument
and burning it in a way that is sensible
makes complete sense and s a person who
actually registers a new a new token
making who are people and you can say
which which conditions you actually
subscribe to so we see that's in you and
especially as the person who creates
this anatomy that outcomes okay but yeah
obviously there's another there's
another group for this to not quite how
the market unwedded purchase an
additional
it's okay so you have those those out of
compounds definitely big spots upper
limits expansion of that because a
single sentence describing to me there
must be like a very deep description
underneath them yes iceberg wants to
understand mother but then it's like the
deep descriptive exactly small friend
right yes so if your people need direct
immediate it's an effect and it's like a
little contract that actually tells you
how things are resolved in where we
actually check for these things and way
to the under so it's kind of a secured
creditor on the condition for conferring
or if you want to invest by the
anonymity that's on them on the
conditions that we register yes yes kind
of like a it's it's literally like
contract that actually says under which
conditions this will resolving you also
have to make sure that it will resolve
in any case right person yeah so it's
yeah absolutely
very good question Jeff
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