Let's Talk Bitcoin - Episode 55.

Participants: Host - Adam B. Levine (ABL) Andreas M Antonopoulos (AS) Alan Reiner (AR) Creator o t!e Armor" Bitcoin client #r. Step!anie Murp!" (#R) #irector o $perations at %r&& Aid ABL: Hi' and (elcome to episode )) o Let*s +al, Bitcoin' a t(ice-(ee,l" s!o( a-out t!e ideas' people' and pro.ects -uildin/ t!e di/ital econom" and t!e uture o mone". 0isit us at letstal,-itcoin.com or our dail" /uest -lo/' all our past episodes' and o course' tippin/ addresses. M" name is Adam B. Levine and toda" is Satos!i #a". $n 1ovem-er 2st' 3445 t!e Bitcoin (!itepaper (as released (it! little an are' and toda"' ive "ears later' it*s !um-lin/ to see !o( ar (e*ve come. As teased on episode )6' Alan Reiner' ounder' C7$ o Armor" tec!nolo/ies' and lead developer o t!e open source Armor" (allet pro.ect .oins me toda" or an in-dept! intervie(. 1ever !eard o Armor"8 A ter t!is episode' t!at (on*t -e t!e case. 9e tal, paper -ac,ups' ra/mented secrets' li e as a unded open source pro.ect' eatures on t!e !ori:on and muc! more. +!at intervie( occupies t!e middle o toda"*s s!o(' and is almost e;actl" &4 minutes lon/. %or t!e rest o t!e episode' Bitcoin 4.< is comin/ soon and it*s pac,ed (it! material t!at on it*s ace mi/!t -e a little tou/! to understand. Have no ear' Andreas is !ere. 9e start /oin/ t!rou/! t!e list to -e completed on episode )= and ma,in/ sense o it all' Step!anie and > !ave lots o ?uestions. Spoiler alert@ +!in/s actuall" are /oin/ to /et easier' so !app" Satos!i #a" ever"-od". Ma" our ne;t ive "ears -e as event ul as t!e irst. 7n.o" t!e s!o(@ -Brea,ABL: So !ere on Let*s +al, Bitcoin' (e li,e to tal, a-out complicated issues in understanda-le terms' and t!at*s somet!in/ actuall" (e stopped sa"in/ t!at on t!is s!o( -ecause it sort o -ecame a t!in/ (e said all t!e time. But' !ere > t!in, it*s particularl" applica-le. Aavin Andresen' t!e lead developer o t!e Bitcoin pro.ect' put up a -lo/ post on t!e Bitcoin %oundation*s site called BCore #evelopment o 1um-er )C t!at -asicall" /oes over ever"t!in/ t!at*s comin/ in t!e client .< update. +!at update isn*t out "et' it*s /oin/ to -e out' li,e in t!e ne;t couple o mont!s. > don*t t!in, (e !ave a irm date on it' -ut t!ere*s lots o stu t!at*s c!an/in/ and lots o stu t!at*s !appenin/ in t!is update and > t!in, it*s ver" important t!at (e address t!is and -rea, it do(n point -" point. As al(a"s' >*m .oined -" Andreas M Antonopoulos and #r. Step!anie Murp!"' Hi /u"s. #M: Hello.

#R: Hi.

ABL: 9e*re /oin/ to .ump ri/!t into t!is. +!is is strai/!t rom t!e -lo/ post. 9e*re /oin/ to /o t!rou/! t!is point--"-point and tal, a-out eac! o t!e issues as t!e" come up' and ,ind o /et a eelin/ o (!at*s /oin/ to c!an/e in t!is comin/ ma.or update. %rom t!e article - BSince m" last update at t!e end o Dune' t!e core development team produced t(o minor -u/- i; releases (!ile (or,in/ to(ards a ma.or 4.< release. 9e*ve revie(ed and closed over &44 pull re?uests' (!ic! ran/e rom correctin/ t!e spellin/ o a (ord in a comment to ma.or ne( eatures li,e t!e pa"ment protocol. >*ll !i/!li/!t some c!an/es t!at are alread" in t!e 4.< source tree' and t!en (rite -rie l" a-out some c!an/es t!at (e !ope (ill -e read" soon. +!e irst c!an/e t!at t!e" tal, a-out is *Prova-l" Prunea-le $utputs.* +!ere !ave -een !u/e de-ates in t!e past a-out em-eddin/ data in t!e -loc,c!ainE some people eel t!at t!e -loc,c!ain s!ould -e a pu-lic resource availa-le to use or (!atever people li,e' as lon/ as t!e" pa" su icient transaction ees to ma,e it (ort!(!ile or miners to store t!eir transactions. $t!ers eel t!at t!e -loc,c!ain s!ould onl" contain t!e data necessar" to validate Bitcoin transactions' and an" ot!er data s!ould -e stored separatel".

DATA

MISSING

AS: Aavin reall" tal,s a-out prova-l" prune-a-le outputs' and it*s a -it con usin/ -ecause it*s not clear (!at prova-le prune-a-le outputs !ave to do (it! puttin/ data in t!e -loc,c!ain' so let me ver" -rie l" e;plain t!is. Because t!ere (asn*t an o icial mec!anism or puttin/ data in t!e -loc,c!ain' people created a,e transactions' and t!ese transactions (ere to addresses t!at don*t e;ist' so instead o pa"in/ Bo- at t!e co ee s!op or "our co ee and sendin/ it to Bo-*s address' i someone*s tr"in/ to use it as a notari:ation service' and t!e" send a tin" pa"ment to a -o/us address' and t!is -o/us address is -asicall" an unspenda-le output' -ecause it can -e used in su-se?uent transactions to redeem t!at mone" -ecause t!ere is no ,e" - it*s not a real transaction - t!ere*s no (a" to unloc, it. 7 ectivel"' t!e ,e" t!at*s supposed to unloc, it' it is t!e data "ou*re supposed to put into t!e -loc,c!ain' it*s does (or, as a ,e" it onl" (or,s as a -loc, o data t!at "ou put in t!ere. +!e pro-lem (it! t!is is t!at -ecause "ou !ave to ,eep all o t!e possi-l" spenda-le outputs in a data-ase in order to i/ure out i "ou can create a ne( transaction' (!at t!at does is ever" time someone notari:es somet!in/ it puts a transaction in t!ere' t!at*s /oin/ to sta" in t!e -loc,c!ain orever' and (ill never -e e;cluded rom t!e pool o transactions' -ecause "ou don*t ,no( i it can -e spent or not' it loo,s li,e a normal transaction. +!is solution is to create a transaction speci icall" or puttin/ data' and -ecause "ou ,no( it*s or data' and -ecause "ou ,no( it can*t -e spend' and -ecause "ou ,no( it doesn*t !ave an" value - onl" ees' "ou can -asicall" discard it. +!e onl" nodes t!at need to ,eep t!at are t!e nodes t!at are interested in ,eepin/ a ull arc!ival cop" o t!e -loc,c!ain. >t*s no lon/er needed or normal operation and spendin/' so t!is is a /reat compromise. >t /ives us an o icial (a" o puttin/ data in t!e -loc,c!ain (it!out -urdenin/ it (it! a,e transactions t!at (e !ave to carr" orever' .ust in case t!e" mi/!t -e spenda-le. #R: Let me interrupt "ou or a minute t!ou/!' Andreas. Fp until t!is update /ets made' an" notar"-t"pe data t!at*s in t!e -loc,c!ain is /oin/ to sta" in t!e -loc,c!ain' is t!at ri/!t8 $r can it -e retroactivel" -e pruned out8

AS: 1o' all o t!e .un, t!at*s in t!ere is in t!ere and (ill remain in t!ere' -ut it*s reall" not a pro-lem at toda"*s scale' -ecause all o t!ese t!in/s are tin" and nascent services. So' "ou ,no(' a ar -i//er pro-lem (as t!e use o unspenda-le outputs to si/nal t!e results o /am-lin/ on speci ic sites' and t!at (as creatin/ dust as it (as called' micro-transactions t!at are not spenda-le. And in act most o t!at came rom .ust a e( /am-lin/ sites' t!is actuall" solves t!at pro-lem too' -ecause no( "ou can send -ac, a transaction t!at sa"s t!at G"ou (onG or G"ou lostG (it!out it -ein/ a a,e transaction. #R: So does t!is mean t!at t!e rate o /ro(t! o t!e -loc,c!ain is /oin/ to slo(' per!aps8 AS: 1ot reall". +!e si:e o t!is ne( t!in/ is a-out t!e same as t!e old transactions' it*s not reall" t!at di erent. So' it*s not reall" /oin/ to ma,e an apprecia-le di erence in t!e /ro(t! o t!e -loc,c!ain. 9!at it (ill do' !o(ever' is it (ill allo( "ou to create nodes t!at are ull nodes in terms o transactions' -ut don*t !ave a ull cop" o ever" unspenda-le output' -ecause t!e" can .ust i/nore t!in/s t!at are not pa"a-le transactions' so "ou can separate t!e stu t!at*s in t!e -loc,c!ain or mone"' rom t!e stu t!at*s in t!e -loc,c!ain or in ormation content' and some nodes can c!oose not to carr" t!e in ormation content' or not to remem-er it' or not to ,eep it in memor"' so it /ives t!em a (a" to di erentiate. #R: But' t!ere*s still /oin/ to !ave to -e some amount o nodes t!at are dedicated to remem-erin/ t!is in ormation t!ou/!' ri/!t8 Because -AS: Correct. #R: >t seems li,e t!ere could -e a ris, o it -ecomin/ too centrali:ed' ri/!t8 Li,e' i onl" one person !as t!e notari:ed cop" t!at Step!anie -ou/!t a !ouse on t!is date (it! Bitcoin' t!at mi/!t -e a pro-lem' -ut i a !undred-t!ousand people !ave t!at it*s pro-a-l" o,a"' ri/!t8 AS: 9ell actuall"' no' -ecause t!ese transactions (ill still -e mined' (ill still -e propa/ated across t!e net(or,' t!e"*ll still !ave proo o (or,' and t!e"*ll still !ave t!e same securit". +!e ull -loc,c!ain (ill include ever"t!in/. +!e onl" ?uestion is (!et!er in t!e in-memor" data-ase o spenda-le transactions "ou ,eep in t!e (allet application' or in a pa"ment application. 9!et!er "ou !ave to ,eep t!ese t!in/s. So essentiall"' it creates t(o t"pes o ull nodes' t!ose o t!e transaction ocus and t!ose o t!e arc!ival ocus and .ust ,eep a ull cop" o t!e -loc,c!ain or arc!ival purposes. > don*t see it as a pro-lem or centrali:ation. All o t!is stu (ill -e in t!e -loc,c!ain' (ill -e mined' and (ill -e .ust as secure as ever" ot!er transaction. #R: #o "ou t!in, t!is (ill c!an/e !o( people use t!e -loc,c!ain or t!in/s li,e notar" purposes8 AS: A-solutel". >t creates a reall"' reall" neat solution. 1o( "ou can create an output t!at is clearl"

or storin/ data. >t*s /ot enou/! space to ma,e a SHA)23 !as! - it !as 54 -"tes' so "ou can do a SHA)23 and !ave some room or some additional metadata. +!en "ou can clearl" identi " t!ese transactions and process t!em so t!e"*re not .ust ra( data' t!e"*re ,ind o structured. All o t!at reall" is /oin/ to ma,e or muc! more e icient use o t!e -loc,c!ain as an in ormation store. > e;pect all o t!e notari:ation services' as soon as t!is is (idel" availa-le' to s(itc! to implementin/ it. Because' it*s a muc! cleaner solution. ABL: +!is is a service t!at*s -ein/ o ered to t!ese people (!o (ant to em-ed in ormation into t!e -loc,c!ain' -ut t!e" don*t actuall" !ave to e;actl" c!an/e (!at t!e"*re doin/ do t!e"8 +!e" can still -- t!e met!od t!e"*ve -een usin/ (ill (or,. AS: +!e met!od t!e"*ve -een usin/ (ill (or,' it*ll -e less e icient and it*s ,lud/e"' -ut (!at t!is is' is a operand transaction' and in t!e transaction lan/ua/e t!at is used to -uild transactions. So' i -e ore "ou !ad' "ou ,no(' 23 ver-s or -uildin/ transactions' no( "ou !ave 2& ver-s or -uildin/ transactions and one o t!e e;otic t"pes o transactions "ou can -uild is ,ind o t!is ,ind o data content transaction. 1o(' ,eep in mind t!e vast' vast ma.orit" o transactions on t!e -loc,c!ain ollo( a ver"' ver" simple pattern' (!ic! is Bpa" (!oever !as t!is pu-lic !as! address.C +!e vast ma.orit" is Address A pa"s Address B. But t!e transaction scriptin/ lan/ua/e is muc! muc! more sop!isticated and complicated t!an t!at' "ou can do a (ide variet" o t!in/s. +!is /ives people more lan/ua/e to use (!en creatin/ transactions' so (!en t!e" create t!ese transactions t!e" can -e e;plicit (it! t!em -ein/ data content rat!er t!an ,lud/e" and -uildin/ custom transactions t!at are a,ed. ABL: So' !o( (ould someone /o a-out usin/ t!is8 Here*s t!e ne;t ?uote - B+!e core code !as no eas" (a" o creatin/ t!ese ne( transaction outputs- "ou !ave to create t!em "oursel usin/ t!e ra( transactions AP>. And t!ere are no plans to displa" t!e data in Bitcoin-Ht' so "ou don*t !ave to (orr" a-out some-od" sendin/ "ou a e( milli-its and attac!in/ a s!ort--ut-anno"in/ messa/e to t!e transaction.C AS: +!is is no di erent as to (!at (e !ave toda"' none o t!ese a,e transactions can -e created (it!out !avin/ direct access to transaction AP>. 7ssentiall"' "ou !and-code t!ese (it! "our o(n code' to -uild t!ese transactions. >t*s reall" not t!at !ard. >t*s actuall" onl" & lines o code to -uild a transaction li,e t!is in prett" muc! an" lan/ua/e. +!ere*s no di erence in t!ose terms rom (!at (e !ad -e ore. Iou still (ill need to -uild custom code to create t!ese transactions. +!e onl" di erence is t!at no( "ou !ave t!e e;plicit ver-s to do t!at and "ou*re not a,in/ it. ABL: So t!e ne;t section deals (it! auto tools readin/ rom Aavin*s -lo/ post. BLess controversial (> !ope@) -ut more disruptive to core development: (e*ve s(itc!ed rom usin/ !and-coded' plat orm-speci ic Ma,e iles and ?ma,e.C #R: Basicall" ma,e iles t!at are automaticall" /enerated (it! autotools.

ABL: So Andreas' (!en t!e"*re tal,in/ a-out auto tools !ere t!is is dealin/ (it! !o( t!e" actuall" roll out ne( versions' ri/!t8 AS: 1o' t!is is t!e -uild s"stem. +!is is ta,in/ source code and convertin/ it into -inaries or all o t!e various plat orms' "a ,no( Bitcoin is a multi plat orm source -ase' a sin/le code -ase t!at compiles to multiple tar/ets. Iou can ta,e t!e same Bitcoin code and compile it or 9indo(s' or $SJ' or Linu; or' "ou ,no(' a ver" (ide variet" o composite compati-le operatin/ s"stems. Fp to no( eac! one o t!ose !ad it*s o(n ,ind o custom. Li,e' i it*s $SJ version -la!' do t!is. 1o( it*s usin/ auto-tools (!ic! pearl -eac! s"stems t!e" use some !euristics to tr" to identi " (!at t"pe o s"stem is' and (!at capa-ilities it !as and t!en automaticall" /enerate t!e appropriate pac,a/e. +!is matters or t(o reasons. $ne' it ma,es it muc! easier to ,eep t!e code -ase /eneric (!ile simultaneousl" -roadenin/ t!e num-er o tar/ets t!is code can -e deplo"ed to. And t(o' it*s a lot easier to run automated testin/ suites on t!e various -uilds. So' or e;ample ne( code is released or Pull re?uest is pulled in or patc! is pulled in. +!at immediatel" needs testin/. So no(' "ou can run automated tools t!at onl" test t!e Linu; version' -ut "ou can also run testin/ on ever" version o 9indo(s' ever" version o $SJ and do re/ression testin/ etc. (it! t!ose. So' it ma,es it muc! easier to do automated -uilds and' more importantl"' automated testin/. ABL: AS' can > t!in, o t!is as standardi:in/ t!e (a" t!at t!e various clients are -ein/ -uilt8 AS: Ies' e;actl". >t*s standardi:in/ t!em to t!e most common -uild plat orm (!ic! most operatin/ s"stems support and it ma,es it possi-le to vastl" e;pand t!e tar/ets' "ea!. ABL: Also' as a standard user o Bitcoin' -ut not someone (!o reall" /ets into t!e tec!nical side' it t!is actuall" somet!in/ > reall" need to care a-out8 AS: F! no' -ut i "ou !ad to do(nload t!e code and sa" compile it on Linu; in order to use it' to test out Bitcoin H+ or run Bitcoin #aemon as a node' a ull node on "our Fni; s"stem or !osted server' "ou*d !ave to compile Bitcoin. Fp to no( t!at involved runnin/ ?ma,e and a e( ot!er t!in/s' and it (as a -it o a !it and miss t!in/. Li,e' Bo!' it*s not ?uite t!e version o F-untu' it !as sli/!tl" di erent version o t!is li-rar"'C and t!en "ou !ave to i; all t!ese dependencies. 9it! t!is ne( s"stem "ou t"pe t!ree commands' auto-/en' con i/ure and ma,e. And it (ould -asicall" i/ure t!at all out and -uild it or "ou' and it ma,es t!at process a lot simpler and more standardi:ed. >t also ma,es it easier to pac,a/e and includes in various operatin/ s"stems usin/ t!e operatin/ s"stem standard pac,a/e mana/er. So' or e;ample in Linu; "ou mi/!t !ave .rpm*s or Red!at or de- pac,a/es or F-untu and #e-ian' on $SJ "ou !ave # pac,a/e or .dm/ or arc!ives or applications. And on (indo(s "ou !ave install s!ields' .e;e*s or (!atever t!e"*re usin/ t!ese da"s on 9indo(s. So' it allo(s "ou essentiall" to create automatic installers easier as (ell. Advertisement - 7as"#1S is t!e s(iss arm" ,ni e or "ou domain names' !elpin/ meet t!eir customer*s individual needs since 2<<5. 7as"#1S !as -een an outspo,en critic o S$PA and C>SPA. 7as"#1S (as an earl" supporter o Bitcoin and no( t!e" are proud to sponsor t!is s!o(. #o -usiness (it! a compan" t!at s!ares "our values. Aet a 2&K discount (!en "ou pa" (it! Bitcoin. Ao to -itcoin.eas"dns.com and -e sure to use discount code L+B.

Advertisement - Iou*re listenin/ to Let*s +al, Bitcoin' t!e premier audio cast providin/ ne(s and insi/!ts t!at cover t!e rapidl" evolvin/ (orld o di/ital mone". $ur t(ice-(ee,l" s!o(s include anal"sis o late-rea,in/ ne(s' updates on ,e" tec!nical' -usiness' and re/ulator" issues' and in-dept! intervie(s (it! t!e ,e" people drivin/ t!e ne( di/ital econom". Let*s +al, Bitcoin o ers sponsors an attractive (a" to reac! a tar/eted and savv" audience. %or more in ormation' email sponsorsLletstal,Bitcoin.com ABL: +oda" on Let*s +al, Bitcoin' (e*re .oined -" one o m" avorite /uests and entrepreneurs in t!is space. Alan Reiner is t!e ounder and C7$ o Armor" +ec!nolo/ies and !e .oins us once a/ain on t!e s!o(. Alan' t!an, "ou or .oinin/ us. AR: He" Andreas. +!an,s. +!an,s or !avin/ me. ABL: Bac,in/ up a second' Armor" is prett" muc! m" (allet o c!oice' and >*m not -as! ul a-out t!at at all. >t !as a lot o reall" interestin/ eatures and "ou*ve -een developin/ it as an open source pro.ect or t!e last t(o "ears. Iou*ve made a lot o pro/ress in t!at amount o time' and it*s -ecome a airl" popular (allet. Iou .ust (ent t!rou/! a round o undin/ t!at sa( "ou up/rade "our compan" t!at used to -e a LLC to a ull si:ed' "ou ,no(' corporation. Can "ou tell us !o( "our .ourne" ,ind o (ent a-out rom -ein/ a !o--"ist open source pro.ect to somet!in/ t!at*s ull" unded8 AR: Actuall" or t!e irst "ear and a !al > (asn*t an"t!in/ in terms o companies. > (as .ust a random !o--"ist' > still !ad a ull time .o- (or,in/' doin/ missile de ense contracts at a contractor in t!e #C area' and > (as (or,in/ on Armor" in m" spare time. 1o(' as Bitcoin started /ettin/ -i//er and Armor" started /ettin/ -i//er' and Armor"*s eatures (ere in !i/!er demand and people !ad more mone" rom t!e /ro(in/ value o Bitcoin' t!e" elt more pressure to protect t!at' and Armor" !as slo(l" -ecome a trusted c!oice or t!ose people (!o are t!e most paranoid a-out securit". Basicall"' as a part time !o--"' it ,ind o /ot -i//er t!an > could !andle as a part-timer. > /ot a irst level undin/' a ver" small amount o undin/' to !elp convince m" iance to let me ?uit m" .o-. 9it!in a e( mont!s (e !ad +race Ma"er come alon/ and (anted to /ive us more undin/' and more serious undin/ - not .ust to let me ?uit m" .o-' -ut to !ire ot!er people to do so' -ecause !e -elieves ever"one involved !ere -elieves t!at Armor" is /oin/ to pla" a -i/ role in !elpin/ people secure t!eir mone" and t!at t!ere .ust aren*t a lot o ot!er tools t!at do t!is. ABL: Let*s tal, a-out t!ose tools. +!ere !asn*t -een a lot o development in t!e (allet space - ,ind o surprisin/ to a lot o people. > sort o attri-ute t!is to t!e act t!at (!en "ou !ave somet!in/ t!at (or,s' even i it is not super usa-le' t!e act t!at it (or,s and t!at it*s reel" availa-le in t!e Satos!i client' !as sort o made it so t!at it*s !ard to moneti:e t!e (allet space' unless "ou*re doin/ somet!in/ superrevolutionar". +!is is clearl" a pro-lem "ou*ve run into. AR: +!at*s -een a topic o discussion' t!ere*s even -een tal, on t!e Bitcoin orum. People !ave noted t!at (allets are di icult to moneti:e and it*s "ou ,no(' (e*re de initel" -rea,in/ ne( /round !ere' and +race and m"sel are de initel" ta,in/ a /am-le in terms o (!et!er (e t!in, (e can turn an open source pro.ect into somet!in/ t!at ma,es mone". Luc,il"' +race and t!e ot!er investors and ever"one closel" related to us - (e all li,e Bitcoin' so at t!e ver" least' (e !ope t!at (e (ill -e a-le to develop tools

t!at !elp /ro( Bitcoin' even i t!e compan" does not ind all t!ose moneti:ation avenues. -But o course' (e*re prett" optimistic a-out t!at too. ABL: So is t!ere an e;pectation t!at "ou*ll -e moneti:in/ t!is pro.ect rom MsicN t!e investors8 AR: 7ventuall". ABL: #o "ou !ave an" li/!t to s!ed on t!at ?uestion' on !o( "ou (ould /o a-out moneti:in/ somet!in/ li,e t!is' or is it still de initel" in t!e pot8 AR: 9e !ave pro-a-l" do:ens o di erent (a"s t!at (e can see -rin/in/ in mone". >t*s di icult to ,no( (!ic! one o t!ose are /oin/ to -ear t!e most ruit and !o( muc! e ort it*s /oin/ to -e to e;plore t!ose pat!s. At t!e moment' (e*re in t!e mode t!at (e (ant to /et t!e tools -uilt' ,eep t!is t!in/ open source' !elp /ro( Bitcoin' and t!e investors are simpl" sa"in/ t!e"*re in no rus! on ma,in/ a return on t!is. 9e are a-solutel" plannin/ to e;plore t!ose avenues -ut (e reall" (ant to !ave a /ood product -e ore (e start on t!e moneti:in/. 9e*re a little concerned t!at i (e (ere to divert resources to -uild t!e revenue c!annels t!at (e*d -e !urtin/ ourselves' -ecause t!e product is still not as mature as (e*d li,e it to -e. >t (or,s ver" (ell unctionall"' -ut it*s usa-ilit" is ,ind o lac,in/ ri/!t no(. ABL: So let*s tal, a-out t!at or a second. Armor" on t!e one !and !as all o t!ese reall" interestin/' and > t!in, a lot o t!em are actuall" uni?ue as ar as Bitcoin (allets are concerned' eatures. But' on t!e ot!er !and it does use a lot o s"stem resources' and re?uires "ou to run Bitcoin #aemon in t!e -ac,/round' so' > mean' rom a tec!nolo/" standpoint (!at are t!e t!in/s t!at "ou*re (or,in/ on to(ards improvements o (!at "ou !ave ri/!t no(. AR: 9ell' >*ll tell "ou t!at m" core /oal o Armor" !as -een securit" at all costs' and a lot o people see t!at' -ecause t!e" ind t!at "ou !ave to reall" (ant to use Armor" to use it. > mean' t!ere*s a lot o issues li,e (it! RAM resources. People !ave actuall" /one and up/rade t!eir computers .ust to -e a-le run Armor". 9e*re actuall" nearin/ ver" close to solvin/ a (!ole -unc! o t!ose issues' all at once. +!at isn*t resolved "et' so at t!is moment i "ou*re /ettin/ e;cited a-out Armor" and "ou !ave less t!an 5 /i/s o RAM' "ou ma" !ave di iculties runnin/ t!e current version. +!at*s -ecause t!e usa-ilit" aspect !asn*t -een our priorit". Ri/!t no(' (e*re tr"in/ to ill t!e nic!e' somet!in/ t!at ma;imi:es securit" and (!atever it ta,es' and part o t!at is (!en "ou*re tal,in/ a-out runnin/ Bitcoin H+ in t!e -ac,/round' it*s -ecause t!at is t!e sa est (a"' and t!e most secure (a" to communicate (it! t!e Bitcoin net(or,. >t could ta,e me mont!s' and mont!s' and mont!s to re-implement t!at and it (ouldn*t -e as /ood' and it (ould !ave securit" la(s. As muc! as people don*t li,e runnin/ Bitcoin H+ in t!e -ac,/round' i "ou*re reall" usin/ t!e app -ecause "ou (ant t!e securit" and t!e privac"' t!at*s (!at "ou need to do. ABL: So Alan' or someone (!o*s never used Armor" -e ore or !as reall" .ust -een e;posed to t!e Satos!i client' (!ic! is t!at de ault client t!at ever"-od" do(nloads t!e irst time. Can "ou e;plain (!at some o t!e -ase eatures t!at di erentiate Armor" rom ot!er (allets out t!ere8

AR: > t!in, t!e most important eature o Armor" is t!e -ac,ups. >t*s ,ind o di icult to descri-e (!at*s reall" /oin/ on under t!e !ood. +!e Satos!i client' Bitcoin H+ - (!atever "ou (ant to call it... > (is! t!e came up (it! a -etter name t!an t!at - randoml" /enerates addresses' t!e" /enerate a pool o t!em' and (!en t!e" run out o t!at pool' it ma,es more' -ut it*s not deterministic' (!ic! means t!at i "ou (ere to restore "our (allet to a previous version and re/enerate t!ose addresses' "ou*d /et di erent addresses. +!at*s a serious pro-lem in terms o -ac,ups. $ne o t!e t!in/s t!at > t!in, is most important or people*s securit"' -ot! securit" rom ot!er people and securit" rom t!emselves' is -ein/ a-le to do -ac,ups' and people are ver" -ad at persistent -ac,ups' so Armor" implements a one-time -ac,up s"stem t!at*s as secure as t!e met!od t!at Bitcoin H+ uses. >n act' Bitcoin H+ and all t!e ot!er clients are movin/ to a similar sc!eme. Armor" !as !ad t!at or t(o "ears' (!ere "ou ma,e "our (allet t!e irst time and t!en "ou can print o a s!eet o paper' or i "ou don*t !ave a printer' "ou can (rite do(n t!e data on a s!eet o paper' and t!at*s all "ou need ever. Iou can use millions and -illions o addresses' send and receive mone" as muc! as "ou (ant. 1o matter (!at !appens' t!at piece o paper (ill al(a"s recover "our mone". ABL: 9!" are "ou a-le to do t!is (!ere t!e Satos!i client is not8 AR: >t*s not a matter o capa-ilit"' it*s a matter o priorities. >t (ill -e a prett" dramatic c!an/e or t!e Satos!i client to implement t!at -ecause it involves over!aulin/ t!eir (allet code' (!ic! is ver"' ver" sensitive code. +!ere*s somet!in/ called B>P &3 - Bitcoin >mprovement Proposal. B>P &3 actuall" speci ies a similar sc!eme and all o t!e (allet developers !ave committed to implementin/ t!at. >t*s .ust > (rote Armor" (it! t!at rom t!e start - not B>P &3' -ut related' so > (rote Armor" rom t!e start (it! t!is sc!eme in place - > didn*t !ave to modi " an"t!in/ to implement it. >n one (a"' t!at (as one o m" motivations or startin/ Armor" - "ou*d di/ t!rou/! t!e orums and "ou*d see people eit!er losin/ mone" -ecause o stale -ac,ups' or over(rote -ac,ups' or somet!in/. +!ere*s .ust so man" (a"s or t!at to /o (ron/' and t!at i "ou*re protectin/ a lot o mone"' "ou reall" .ust (ant simple and eas"' and it*s ver" eas" to .ust print o a -ac,up once (it! Armor" and t!en or/et a-out it. Ao put it in a sa e deposit -o;' and never t!in, a-out it a/ain.

ABL: So' one o t!e ot!er t!in/s t!at Armor" !as innovated recentl" - or it*s comin/ out ver" soon' is t!is idea o ra/mented -ac,ups' and > t!in, "ou*re t!e irst implementation o t!em' ri/!t8 AR: Ies' > -elieve so. ABL: >s t!at t!e ri/!t term or it8 >*m callin/ t!em ra/mented -ac,ups. > don*t ,no( i t!ere*s an o icial term. AR: +!at*s a term t!at >*ve used in Armor"' t!e real term or it is S!amir*s Secret S!arin/. >t*s called secret splittin/' (!ere "ou can split a piece o data' (!ic! in t!is case is "our -ac,up. Iou*d normall" print a sin/le piece o paper and t!at s!eet o paper protects "our (allet. Iou can use t!at s!eet o paper to recover "our unds and time in t!e uture. -But' people (!o !ave concerns a-out p!"sical securit"' don*t li,e t!e idea t!at t!ere*s a sin/le point o ailure' t!at someone (!o /ets t!is piece o paper can instantl" ta,e all o "our mone". +!ere*s a common cr"pto/rap!ic tec!ni?ue called S!amir*s secret s!arin/' and >*ve la-eled it ra/mented -ac,ups' so t!at t!is one s!eet o paper "ou (ould normall" print' instead mi/!t -e t!ree s!eets o paper and an" t(o o t!em is su icient or recoverin/ "our (allet' and t!at reall"' reall" increases t!e p!"sical securit". Iou ma" ,eep one at !ome or a sa e deposit -o;' or /ive one to "our parents to !old onto or' -ur" it in "our -ac,"ard or (!atever. +!at /ives "ou t!e capa-ilit" t!at i someone /oes di//in/ in "our -ac,"ard or t!e" snoop in sa e deposit -o;es' t!e" still can*t /et t!e coins. ABL: Ho( does t!is compare' in terms o securit"' to somet!in/ li,e a di/ital -ac,up on eit!er anot!er !ard drive or anot!er computer. > mean' do "ou t!in, t!at it*s .ust lat out -etter to !ave p!"sical copies o -ac,ups re/ardless o (!et!er it*s ra/mented or .ust a sin/le piece8 AR: A-solutel". #i/ital copies are not /oin/ to -e nearl" as relia-le as p!"sical pieces o paper' and not to mention t!at di/ital copies are di/ital' (!ic! means t!at t!e" are stored in places t!at a lot o people (ant to encr"pt it and put it online' or store it in #rop-o; or some ot!er place. A lot o issues -ecause "ou put to a FSB ,e" -ut "ou don*t ,no( (!et!er in t(o "ears t!at FSB ,e" is /oin/ to (or,. So' "ou ma,e a couple di erent copies' and "ou spread t!em around. >t*s rat!er su-optimal to do it t!at (a". 9e -elieve t!at -ein/ a-le to !ave a p!"sical piece o paper t!at can*t -e accessed rom an"one on t!e >nternet' t!at "ou can .ust tuc, a(a" in a sa e deposit -o;' or "ou ,no( on "our -oo,s!el ' is reall" t!e -est (a" to secure "oursel . ABL: $ne o t!e ot!er t!in/s t!at Armor" does t!at*s sort o di erent rom a lot o t!e ot!er (allets out t!ere' is it /ives "ou t!e a-ilit" to maintain multiple (allets and !ave a lot o control over (!at eac! one does. Iou !ave individual coin control so t!at "ou can' (!en "ou*re ma,in/ a transaction' actuall" pic, (!ic! inputs - i "ou (ant to /et t!is deepl" into it' (!ic! sometimes > do - t!at /ets sent out so t!at "ou can control "our privac" lea,s and stu li,e t!at. #o "ou t!in, t!at most users' or t!at a normal user is /oin/ to use multiple (allets' movin/ or(ard8 > mean' > use ei/!t' -ut > t!in, >*m prett" a-normal as ar as most people are concerned.

AR: > t!in, t!e capa-ilit" to use multiple (allets is ver" po(er ul. >t /ives muc! clearer separation o unds' especiall" i "ou*re tal,in/ a-out t!e ot!er eature o Armor" (!ic! is t!e !ol" /rail eature' -ein/ a-le to ,eep some mone" o line' in an o line (allet or e;tra securit". Iou !ave to -alance "our convenience and "our securit". Iou (ant to ,eep t!e ma.orit" o "our unds in a super-secure (allet' (!ic! mi/!t -e an o line (allet' -ut (!en "ou*re .ust online and "ou (ant to -u" somet!in/ small' "ou don*t (ant to !ave to /o t!rou/! t!at inconvenience o accessin/ t!e o line computer. -So' -ein/ a-le to ,eep multiple di erent (allets or di erent purposes is /ood. 9e*d li,e to eventuall" inte/rate a mo-ile app' and t.en "ou*d -e a-le to trac, t!e mo-ile (allet rom "our computer' and re ill it or s(eep t!e mone" out o it i "ou lost "our p!one or somet!in/ li,e t!at. +!at*s a eature -ene it o !avin/ t!is ,ind o multi-(allet inter ace or desi/n. Iou can use it not onl" or "our o(n (allets. Iou can use it or (atc!in/ ot!er peoples* (allets. Li,e "our p!one (allet or multi-si/ (allets - t!at are not developed "et. But' to -e a-le to create addresses t!at re?uire multiple si/natures "ou need to -e a-le to see ot!er people*s (allets. +!e" (ill /ive "ou t!ose or t!at purpose. > don*t ,no(' do an" o t!e ot!er clients !ave multiple (allets8 > don*t t!in, so. ABL: > don*t t!in, so' no. > t!in, t!at "ou can do it' -ut it !as more to do (it! s(appin/ "our (allet.dat ile and creatin/ an actual ne( (allet and .ust s(appin/ t!e iles -ac, and ort!. >*ve done t!at in t!e past. +!e creatin/ (atc!in/ onl" copies o t!e (allets is reall" interestin/. > .ust set t!at up or our C%$ to (atc! all o t!e accounts t!at !e needs to -e (atc!in/. >t (as a ver" eas" process. #id > miss an" o t!e relevant eatures t!at (e s!ould /o over no(' -e ore tal,in/ a-out uture development8 AR: > mean' > t!in, it*s (ort! emp!asi:in/ t!e o line (allets eature .ust -ecause it is somet!in/ t!at*s mostl" uni?ue to Armor" and it*s one o t!e reasons (!" people use Armor". >t*s t!e core reason people use it. ABL: >*ve never used it or t!at' to -e per ectl" !onest (it! "ou. >*ve used t!e -ac,ups -e ore' -ut > !aven*t done t!e si/nin/ on anot!er computer. Can (e tal, a-out t!at8 -So' t!e idea is to /et "our private ,e"s o o a computer t!at !as access to t!e internet -ecause i t!e computer !as access to t!e internet' t!an t!at means t!e internet !as access to it' (!ic! means t!at "ou mi/!t -e vulnera-le to viruses' or a !ac,er' or somet!in/ li,e t!at. -So' !o( e;actl" (ould > ma,e a transaction (it! an o line -alance in t!is (a"8 AR: >*m /oin/ to s,ip over t!e details o settin/ up t!e (allet or a second' .ust so "ou can appreciate t!e process. $nce it*s set up' people sa" B(ell' i it*s o line !o( do "ou send mone"8C And' t!e (a" it (or,s is t!at t!e (allet s!o(s up in "our online computer' it loo,s identical. Besides !avin/ a di erent color' and it (ill -e la-eled o line' and "ou*ll -e a-le to see all o "our -alances on "our online computer' "ou*ll -e a-le to /ive out pa"ment addresses so people can pa" "ou' it reall" -e!aves e;actl" li,e an" ot!er (allet

in terms o veri "in/ pa"ments and all t!at. +!e di erence is (!en "ou actuall" /o to send mone"' .ust li,e "ou (ould (it! a re/ular !ot (allet' "ou*ll still -e a-le to ill out all t!e recipients and ever"t!in/' -ut t!ere (ill -e no send -utton' -ecause t!e data t!at "ou need to send t!e transactions is not on t!at computer' and t!is is t!e po(er o it is' "ou can still do ever"t!in/ "ou (ould do (it! a re/ular (allet' -ut "ou can*t send t!e mone"' (!ic! means t!at someone (!o accesses "our computer can*t send t!e mone" eit!er. >nstead o sendin/ t!em mone"' t!e -utton (ill save t!e data to a FSB ,e" and "ou .ust ta,e t!at FSB ,e" to t!e o line computer "ou !it si/n' "ou -rin/ it -ac, and "ou !it -roadcast' and t!at*s !o( t!e transaction*s completed. > "ou !ave t!e computer*s ri/!t ne;t to eac! ot!er - t!is computer t!at*s never touc!ed t!e internet t!at !as t!e (allet on it - "ou can do it in literall" =4 to <4 seconds. >t*s ver" ?uic,. Rat!er t!an !ittin/ send' it*s .ust /oin/ to save to t!e FSB ,e". Pop it out' put it in t!e ot!er computer si/n it -rin/ it -ac,' !it -roadcast. $nce "ou do it pro-a-l" 3 or & times' it -ecomes a -ree:e. ABL: +!at does sound eas"' actuall". > assumed it (as a muc! more di icult process' -ut "ea!' t!at sounds reall" simple. Are t!ere an" (ea,nesses to t!at approac! -esides t!e act t!at "ou actuall" !ave to do steps t!at involve somet!in/ outside o "our computer8 AR: +!is is de initel" t(o orders o ma/nitude -etter t!an an"t!in/ else out t!ere. ABL: So t!e ounder o Armor" (allets sa"s t!at -ased on current availa-le tec!nolo/"' Mit*s aN secure (a" to store "our Bitcoins and still !ave t!em availa-le to transact in a relativel" !assle- ree (a". AR: A-solutel"' t!ere .ust reall" isn*t an"t!in/ -etter. +!is can -e improved incrementall" -" improvin/ "our processes or settin/ up "our o line computer. -Also' FSB ,e"s are not t!e -est t!in/ in t!e (orld or accessin/ secure s"stems. > (ould muc! pre er people use FSB ,e"s or onlineOo line computers and !ave t!em .ust ,eep it online -ecause it*s too inconvenient ot!er(ise. Alt!ou/! FSB ,e"s' t!e mec!anism or movin/ data -ac, and ort! -et(een t!e computers' is not ideal' it*s still ar -etter t!an sa"in/ Bo!' t!is is too complicated'C >*m .ust /oin/ to ,eep it online -ecause it*s easier. 9e*re actuall" (or,in/ on developin/ some ot!er mec!anisms or t!e people (!o desire even more securit" or movin/ t!e data -ac, and ort! (it!out t!e caveats o FSB ,e"s. ABL: 9!at do "ou t!in, o t!e !ard(are devices (e*ve started to see appear8 +!e irst one (ould -e t!e +re:or' (!ic! > -elieve eit!er .ust came out or is .ust a-out to come out. >s t!is a /ood replacement' is t!is a di erent tec!ni?ue' or is it .ust an improvement to t!e tec!ni?ue -ecause instead o !avin/ a ull--lo(n computer "ou .ust !ave a dedicated device8 AR: > (ould sa" t!at t!e"*re a P4K solution. > -elieve t!e"*re an advancement or Bitcoin tec!nolo/". +!e" (ill -e ver" eas" (it! a +re:or or' > ,no( at one point Butter l" La-s (as creatin/ somet!in/ called BitSave' -ut > !aven*t !eard a-out t!at in a (!ile. 9it! t!ose devices "ou /et most t!e -ene its o an o line computer' and i t!e application is set up ri/!t - or instance' Armor" (ill -e supportin/ +re:or - >t

s!ould -e ver" simple' !o(ever it doesn*t ?uite !ave t!e same con idence level o settin/ up "our o(n s"stem. >n t!is case "ou*d -e usin/ Armor" and "ou*d -e usin/ t!is !ard(are device' t!ere*s a lot o concerns t!at t!e device ma" not actuall" -e secure' or ma" not !ave t!e same irm(are or so t(are t!at t!e developers !ave said it does' (!et!er maliciousl" or accidentall". > don*t (ant to discredit t!em at all' it*s .ust t!at rom a securit" perspective "ou (ant as simple a process as possi-le' a process o movin/ "our mone" and t!e more pieces "ou -rin/ into t!e process' t!e more places "ou*ve opened up securit" vulnera-ilities. ABL: Ri/!t' t!e more places "ou !ave t!e potential or somet!in/ to /o (ron/' so even i t!e" !ave /ood intentions' it*s still' -ecause it*s a standardi:ed piece o !ard(are t!at*s speci icall" intended or t!is purpose' could -e compromised eit!er internall" or e;ternall". AR: #on*t /et me (ron/' > still -elieve t!at it*s /oin/ to -e dramaticall" -etter t!an ,eepin/ t!e mone" on an online computer. +!ere*s .ust so man" (a"s or t!at to /o (ron/' and > t!in, it*s ine or a little -it o cas!' and it*s convenient and all t!at. > t!in, t!e !ard(are (allets are /oin/ to ill demands' somet!in/ t!at*s in !i/! demand' (!ic! is a nice compromise -et(een /ettin/ t!e ull o line computer and ,eepin/ ever"t!in/ online. +!e ne;t t!in/ a-out t!e o line computer is "ou /et a (!ole lot o e;tra le;i-ilit"' "ou can do a lot more mana/ement' "ou !ave a lot more control over t!e (allets (it! t!e recent vulnera-ilities in random num-er /enerators' (e*ll -e addin/ somet!in/ li,e #ice or card s!u lin/ to reduce "our reliance on t!e random num-er /enerator in "our computer' (!ic! !as -een ound to not -e as secure as people !ave !oped. ABL: Iou too, t!e recent revelations a-out t!e random num-ers not -ein/ so random' as a reason to start (or, to(ards implementin/ solutions t!at don*t even use a random num-er /enerator. +!at*s ver" cool t!at*s /reat' Alan. AR: -And part o t!at comes rom our users' as soon as somet!in/ comes out' ne(s t!at sa"s Bitcoins (ere compromised in t!is app' t!e irst t!in/ t!at !appens is > /et 34 emails sa"in/ Bo!' m" Aod' is t!is a pro-lem (it! t!e Armor"8 Are "ou secure' did "ou ,no( a-out t!is8C Some people are !oldin/ a lot o mone". ABL: Iea! . AR: -And t!e" (ant to ma,e sure t!e"*re covered' so >*ve !ad t!is idea or a (!ile' actuall"' t!en all t!ese 1SA revelations and securit" vulnera-ilities !ave reall" pus!ed it up on t!e priorit" list or us. ABL: 9!at !as it -een li,e /oin/ rom !avin/ t!is -e an open source pro.ect t!at "ou*re (or,in/ on in "our spare time -" "oursel ' to somet!in/ (!ere eventuall" "ou*ll -e a-le to ma,e it "our ull-time .o- and t!en no(' are -rin/in/ on additional people. > mean' !o( is t!at -een' is t!is (!ere "ou e;pected to ind "oursel a couple "ears do(n t!e road (!en "ou started t!is8

AR: 9ell' certainl" (!en > started t!is' > didn*t e;pect to end up !ere' in act (!en > started t!is' > (asn*t even plannin/ to release end-user so t(are. > (as .ust creatin/ tools or anal":in/ t!e -loc,c!ain' anal":in/ t!e net(or, and pla"in/ (it! various concepts > (as learnin/' and it*s slo(l" evolved into (!at it is no(. > anticipated it (ould .ust -e a lon/ term open source pro.ect. +!ere*s a lot o t!em out t!ere' t!at are developed -" .ust a couple people t!at persist and people are !app" (it! t!em -- not ma.or pro.ects' -ut little pro.ects and > !ad anticipated t!is to -e a little pro.ect' -ut > didn*t see Bitcoin /ettin/ as -i/ as it is /ettin/ and it de initel" deserves ull time attention to me no(. > (ill admit t!at t!in/s !ave -een ver" slo(. >*ve de initel" -een a lot more distracted t!an > e;pected to -e. +!ere is so muc! le/al process' and so man" steps in /oin/ t!rou/! t!e incorporation' especiall" (!en "ou*re doin/ an actual corporation rat!er t!an .ust an LLC' and "ou*re settin/ out di erent s!are classes and suc!. +!ere*s a (!ole -unc! o a/reements and le/al stu ' and also doin/ recruitin/' /ettin/ "our -oo,s set up' stu li,e t!at !as -een .ust a lot more over(!elmin/ t!an > e;pected. > ,no( a lot o users !ave -een disappointed t!at > !aven*t -een a-le to /et our t!e latest release (!ic! solves a lot o resource issues' -ut > promise "ou /u"s it*s comin/ soon. A lot o t!ose t!in/s are out o t!e (a" no(' so (e can ocus on t!e actual development' and (e !ave a couple ne( /u"s (!o are !elpin/ out' alt!ou/! t!e" are still in t!e learnin/ p!ase' t!e" are acceleratin/ (!at is !appenin/ on' on t!e development p!ase. ABL: So' (!at are "ou (or,in/ to(ards ri/!t no( (it! t!e team !o( it is8 9!at are t!e priorities "ou are ocused on at t!is point8 AR: +!e current version o Armor"' 4.55.2 it*s -een t!ere' it*s -een on t!e (e-site or t!e past si; mont!s. +!at version (ill ta,e a-out = /i/s o RAM' (!ic! is enormous' and it*ll scan t!e -loc,c!ain on ever" load' (!ic! can ta,e an"(!ere rom & minutes to &4 minutes. -So' remem-er (!en > (as tal,in/ a-out convenience and securit"' and ma;imi:in/ securit" at t!e cost o convenience - (ell' "ou can see "ou need a stron/ computer and "ou need a (ait a (!ile' ever" time "ou start it. 9e*re inall" /ettin/ around to i;in/ t!at' t!in/s li,e Satos!i #ice and .ust t!e /eneral /ro(t! o t!e net(or, !as accelerated t!is pro-lem muc! aster t!an > !ave e;pected' so no( t!is !as -ecome t!e priorit". +!e ne( version or (!ic! t!ere*s a testin/ version out ri/!t no(' uses 344-&44 MB o RAM. >t uses pro-a-l" 2O34t! t!e amount o RAM and it s!ould -e ver" constant' so "ou could even use it on Gre/ular computer'G and it saves all t!e data -et(een loads so it can start up in less t!an a minute' and re?uentl" muc! aster t!an t!at. +!is is a !u/e improvement or Armor"' it*s .ust t!at at t!e moment t!ere*s still some usa-ilit" -u/s in t!ere t!at (e !ave to /et (or,ed out' (it! some cras!es' and ne( data structure is corrupted - or somet!in/ li,e t!at. So' (e*re (or,in/ on /ettin/ t!at out (e !ope in t!e ne;t couple (ee,s. $ course' no one*s /oin/ to -elieve me (!en > sa" in t!e ne;t couple (ee,s' -ecause >*ve said t!at a lot o times. ABL: Dust sa" soon. Dust sa" it*ll -e out soon' (lau/!in/) AR: >t*ll -e out soon.

ABL: So once t!e RAM pro-lem*s dealt (it!' so' (!" e;actl" !as t!is -een suc! a pro-lem' -ecause > don*t t!in, it*s a pro-lem or man" ot!er (allet clients is it' (!at are "ou doin/ di erentl" t!at turned t!is into a pro-lem8 AR: Remem-er (!en > said t!is (as reall" more o a !o--"ist pro.ect8 >t (asn*t even intended to -e enduser so t(are (!en > started it. +!e (a" t!e en/ine (as (ritten' it (as not meant to -e scala-le' and it (or,ed /reat or t!e irst "ear o actuall" -ein/ an end user product -ut' it .ust didn*t !ave t!e scala-ilit" t!ere. > (as o,a" (it! it -ecause t!e /ro(t! o t!e net(or, didn*t loo, li,e it (as t!at ast so > said Bo,a"' >*ll !ave plent" o time to /et all t!ese /reat eatures developed "ou ,no(' t!en > can up/rade t!at.C +!e net(or, /re( so muc! aster t!an > anticipated' and it reall" (as not desi/ned or t!at rom t!e start. -So' it (as .ust a decision t!at (as made earl"-on in t!e development process -e ore > even ,ne( t!is (as /oin/ to turn into a (idel"-used application' and -e ore > reali:ed !o( ast t!e Bitcoin net(or, (as /oin/ to /ro(. ABL: So' in t!e ne;t couple o mont!s (e*re /oin/ to see t!e release o Bitcoin .< or Bitcoin # .<' (!ic! is ,ind o a ma.or release t!at' amon/ ot!er t!in/s' incorporates a ne( pa"ment protocol t!at essentiall" lets merc!ants ma,e pa"ment re?uests and instead o !avin/ a Bitcoin address s!o( up' it*ll actuall" re erence a t!ird part" (!o (ill send -ac, a name' and so' i > !ad a pa"ment /oin/ to me instead o it /oin/ to one o m" addresses' it (ould s!o( up or t!e person pa"in/ me as .ust send to Adam Levine' or (!atever m" moni,er is on t!ere. Can "ou tal, to me a-out (!at t!e si/ni icance o t!is is' and > mean' are t!ere an" t!in/s "ou see (ron/ (it! it' or is t!is t!e ri/!t (a" to /o8 AR: 9ell >*ll tell "ou' >*ve assi/ned one o our ne( /u"s to -asicall" -e t!e /u" t!at deals (it! pa"ment protocol. >*m onl" a(are at t!e top level (!at it*s doin/ so > can*t spea, too intelli/entl" on it' ot!er t!an t!at >*m all or t!e /ist o (!at it*s doin/ and t!e idea o addin/ con idence to t!e pa"ment process. Bein/ a-le' (!en someone sends "ou an email t!at sa"s send mone" to t!is address' "ou reall" don*t !ave an" con idence. > mean' "ou !ave con idence t!at it*s ri/!t' -ut it*s eas" or an intelli/ent attac,er to manipulate t!e s"stem and t!is reall" dramaticall" increases t!e amount o e ort to manipulate t!e s"stem and divert unds. +!ere*s a lot o de-ate and > (ant to call it controvers"' -ut a lot o concern t!at it*s -ein/ -uilt on tec!nolo/ies - li,e SSL - (!en "ou /o to an H++PS (e-site' a secure (e-site it*s -uild on t!e same t!in/' (!ic! !asn*t !ad t!e -est !istor" especiall" in recent li/!t o all t!e 1SA activities' -ut is reall" t!e -est t!in/ out t!ere in terms o (idespread use and adoption' and so (e*re .ust pi//"-ac,in/ on t!at to improve t!e con idence o mone" -ein/ moved around. ABL: $ne o t!e t!in/s > t!ou/!t (as interestin/ a-out it (as t!at in t!e pa"ment protocol t!ere are t!ird parties t!at veri " t!e address and name o t!e person' -asicall"' (!ic! is (!at "ou*re tal,in/ a-out' t!ere are some pro-lems (it! li,e' t!e certi icate aut!orit" !as -een accused o not -ein/ a tremendousl" e ective s"stem. $ne o t!e t!in/s >*ve noticed is t!at .ust a-out an"-od" (!o !as trust can -ecome one o t!ese certi icate aut!orities. So' > mean does t!at mean li,e' Let*s +al, Bitcoin' (it! our listeners and all

t!is stu ' could start issuin/ certi icates to people -ased on. > mean could (e do t!at - (ould t!at (or, (it! t!is s"stem8 AR: Fn ortunatel"' > can*t tal, too muc! a-out t!at. +!at*s a little lo(er level t!an > ,no(' -ut (!at > (ill tell "ou is t!at it*s intended to -asicall" pi//"-ac, on t!e e;istin/ certi icate aut!orit" s"stem' so t!at an" certi icate aut!orit" (!enever "ou /o to an" secure (e-site' H++PS' and "ou don*t /et an error s!o(in/ up t!ere' it*s -ecause t!ere*s a certi icate aut!orit" some(!ere' some compan" t!at !as vouc!ed or t!e identit" o t!at (e-site' and tec!nicall" "ou s!ould -e a-le to do t!e e;act same t!in/ (it! t!e pa"ment protocol. Merc!ants s!ould -e a-le to /o and essentiall" /et a si/nature rom t!e same certi icate aut!orities to vouc! or t!eir identit". Ho(ever' > ,no( t!at it (as also desi/ned to -e e;tensi-le so t!at "ou can !ave ot!er (e-s o trust used. > don*t ,no( t!at muc! a-out !o( easil" t!e"*ll -e used' -ut > ,no( t!at > !ave -rou/!t up some o m" o(n used cases or aut!enticatin/ merc!ants' (!ic! (e plan to do at some point' and (e (ere told t!at it is e;tensi-le or t!at' and t!at*s one o t!e reasons (!" > /ot one o m" /u"s loo,in/ at t!at no( i/urin/ out !o( to implement it' and !o( to e;tend it to do (!at (e need it to do. ABL: -So Armor" (ill support pa"ment protocol at some point in t!e uture' t!en8 AR: Ies . ABL: 9ell' t!e time al(a"s lies Alan' -ut can "ou s!are (it! us t!e plans t!at Armor" +ec!nolo/ies' or t!e lon/er term development o "our product' and > mean' is t!is /oin/ to -e t!e onl" product t!at Armor" +ec!nolo/ies develops' or (ill t!ere -e ot!ers8 AR: So' (e de initel" !ave plans or developin/ a mo-ile app' not .ust an app separated rom ever"t!in/ else. > mean' (e (ant to !ave ,ind o a continuous s"stem (!ere all o "our devices are a(are o eac! ot!er' and (e !ave some ideas o !o( to do t!at' so t!at "ou can !ave "our (allet on "our p!one' and "ou can !ave "our (allet on "our computer' and "ou could !ave per!aps multi-si/nature' "ou !ave accounts t!at are s!ared -" "ou and "our (i e' or "ou and "our riends' or -oard o directors o a compan" - t!at ,ind o t!in/. +!is is all in t!e uture' -ut (e see it as all part o armor"' armor" itsel is /oin/ to -e simpl" e;pandin/ to a-sor- all o t!ese ne( use cases. $ne o t!e -i/ t!in/s (e*re (or,in/ on is' (e*re /oin/ to do t!at !ard(are (allet inte/ration' (e (ant to -e supportin/ t!ose !ard(are (allets as soon as t!e" come out. > don*t ,no( i (e*ll ma,e it in time' -ut s!ortl" a ter(ards (e*ll !ave support or t!at' and "ou*ll -e a-le to /o to t!e +re:or (e-site and /et a +re:or' and it*ll (or, nativel" (it! Armor". Lon/er-term' (e plan to innovate t!e multi-si/nature transactions' and (e -elieve t!is is a-solutel" critical or -i//er companies' more (ealt!" parties to /et involved' -ecause as it stands t!e onl" (a" to use Bitcoin is (it! mone" t!at re?uires a sin/le si/nature to move' and t!at*s .ust too ra/ile or companies or individuals t!at are !oldin/ ver" lar/e sums o mone". +!e" (ant separation o duties' t!e increased securit" o !avin/ to re?uire multiple pieces to come to/et!er to move mone"' and so ar it loo,s li,e Armor" (ill -e t!e one to

innovate t!at. 9e*re alread" t!e compan" t!at produces t!e product t!at people trust or securit" and t!at*s a ver" natural transition' to ,ind o innovate t!at aspect o t!in/s and /ive people access to t!is ver" valua-le tool. ABL: Alan' i some-od" (ants to /et involved (it! t!e pro.ect' or do(nload "our so t(are' (!at are t!e means to do t!at8 AR: 9ell "ou can /o to (((.-itcoinarmor".com - in act' (e /ot a ne( (e-site so it loo,s sna::ier' "ou can /o to Bitcoinarmor".com on t!e ront o t!e pa/e t!ere*s a -i/ oran/e -utton t!at sa"s do(nload no( it*s availa-le or 9indo(s' Linu; and most o Mac' i "ou*re on a Mac > can tell "ou t!at' lip a coin and i it comes up !eads it*ll (or, la(lessl" or "ou' and i not' "ou mi/!t !ave to (ait. ABL: Iea!' > actuall" (anted to as, a-out t!at. > tried to install it on a mac "esterda" and > !ad mi;ed results. >s t!at somet!in/ t!at "ou*re /oin/ to -e ocused on in t!e ne;t couple mont!s8 AR: Ies' (e actuall" !ave a couple leads on !o( to i; t!at issue. >t*s on t!e list. 9e !ave some resources devoted to it so' it de initel" (or,s on 9indo(s and Linu; and it mi/!t (or, on "our Mac. >*d sa" )4K o people report la(less unctionalit"' and t!e ot!er )4K sa" t!at t!e" can*t even start it' so i "ou*re luc," "ou can use it on Mac' a ne( version s!ould -e out soon' so i "ou*re on a s"stem t!at doesn*t !ave as muc! RAM' "ou can (ait a little -it and (e*ll !ave a version or "ou soon. ABL: Have "ou inis!ed "our !irin/ since /ettin/ unded' or are "ou still loo,in/ or an" positions8 AR: Actuall" no' (e !aven*t inis!ed t!e !irin/' (e !ave a pool o applicants. > /uess > can use t!is opportunit" to advertise t!at (e (ouldn*t mind some more applicants (!o !ave a stron/ tec!nical -ac,/round and seriousl" committed to solvin/ un pro-lems. 9e t!in, t!at t!ere*s a lot o un pro-lems to -e solved !ere and /et on t!e -leedin/ ed/e o t!is emer/in/ ne( tec!nolo/" and i t!at*s t!e case i an"one out t!ere !as super!ero developer status and "ou*re loo,in/ to c!an/e .o-s (e*ll -e !app" to entertain and "ou can send "our resume to supportLBitcoinarmor".com or in oLBitcoinarmor".com' and (e*ll /et in touc! (it! "ou. At t!e moment' (e !ave a-out 6 or ) people involved' -ut (e*re still loo,in/ or a couple more. ABL: Alan Reiner' ounder and C7$ o Armor" +ec!nolo/ies. $nce a/ain' t!an,s ver" muc! or .oinin/ us' and loo, or(ard to continuin/ to see "our (or,@ (Music Pla"s)

#R: Hi' Step!anie !ere.

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AS: are remote procedure commands' so Bitcoind /ives "ou an a-stracted AP> into t!e Bitcoin*s ecos"stem t!at*s ver" eas" to pro/ram a/ainst a vast ma.orit" o clients t!at sit on top o Bitcoind communicate (it! it usin/ t!is simple AP>. #R: Adam !asn*t read t!is "et' -ut it sa"s t!e RPC client code is eventuall" /oin/ to -e removed rom Bitcoind8 AS: >t*s puttin/ a separate e;ecuta-le so -asicall" a lot o t!is is a-out modulari:in/ and containin/ t!ese t!in/s into t!eir o(n s"stems. +!e pro-lem is t!at ri/!t no( Bitcoind is one -i/ !air-all o code. Let me clari " t!at. >t started o as an enormous -i/ !air-all o code and !as /raduall" -een /ettin/ -etter and -etter in terms o modularit". +!is is /reat ne(s' -ecause i "ou modularit" t!ese components' it allo(s ot!er s"stems to reimplement t!em to replace t!em or to onl" run t!e -its t!at t!e" need' and t!at (ould spur lots o innovation. >t also means t!at t!ere*s a lot less dependenc" on !avin/ t!e ull and complete re erence client or an"t!in/ "ou need to do and (ill allo( "ou to /raduall" per!aps move to a more multiplat orm' multi-client s"stem. #R: $,a" t!at ma,es a lot o sense. > .ust !ave one more ?uestion. 9!" (ould someone (ant to run t!e Bitcoin client (it!out runnin/ a (allet8 AS: Actuall"' > run t!e Bitcoin client (it!out a (allet all t!e time. %or e;ample' i "ou*re runnin/ a pa"ment service' "ou don*t necessaril" (ant t!e (allet on t!e node t!at*s processin/ transactions rom t!e outside (!ic! is acin/ t!e internet. Iou mi/!t actuall" !ave t(o Bitcoin implementations - one t!at*s simpl" actin/ as a node on t!e net(or,' passin/ in ormation -ac, and ort!' it*s "our /ate(a" into t!e net(or, - an Bed/e routerC as Aavin put it. +!e ot!er t!in/ is t!at t!e Bitcoind s"stem is t!e de acto re erence client or validatin/ transaction. A transaction reac!es consensus i all o t!e current versions o Bitcoind sa"s it reac!es consensus' so t!e onl" t!in/ "ou need to ,no( as a developer is (!et!er consensus !appen' does t!e Bitcoind t!in/ li,e it8 Areat' t!en it*s accepta-le. +!at means "ou !ave to run Bitcoind to do all o t!e transaction validation' -ut "ou don*t al(a"s (ant t!e (allet on t!e same s"stem or securit" reasons. +!is allo(s "ou to separate rom a sin/le-tier monolit!ic application t!at does ever"t!in/ to ma,in/ a multitier application !avin/ an ed/e router (it! Bitcoind t!at onl" does node (or,. +!en "ou !ave an RPC client t!at*s sittin/ urt!er inside t!e net(or, can onl" -e accessed rom internal s"stems and /ives "ou a pro/rammatic inter ace' and t!en (a" in t!e -ac, o t!e net(or, protected (it! ire(alls "ou !ave t!e (allet application t!at isn*t runnin/ an" o t!e ot!er t!in/s and onl" !andles (allet unctions li,e si/nin/ transactions (it! ,e"s' and t!at /ives "ou t!ree tiers. Iou !ave nice separation o unctions' it*s /ood or securit"' it*s /ood or per ormance' and it*s /ood or scalin/. ABL: Iou can also ,ind o t!in, a-out it li,e t!e (a" t!at Apple used to do t!eir !ard(are relative to t!e PC mar,et t!at (e ,no( toda". Ri/!t no(' t!e (a" t!at Bitcoind is set up' "ou can -u" a computer or no computer' -ut (!at (e*re movin/ to(ards is a s"stem (!ere "ou can' "ou ,no( -u" RAM' a di erent

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monitor - -u" various t!in/s t!at allo( "ou to ta,e t!at tec!nolo/" and inte/rate it (it! somet!in/ else' or create somet!in/ "oursel and t!en -uild on top o it usin/ t!e num-ers t!at "ou (ant as opposed to .ust !avin/ t!e option o !avin/ all or not!in/. AS: Iea!' t!e pro-lem (it! t!e all or not!in/ is reall" not!in/ isn*t reall" an option -ecause "ou can*t do an"t!in/ on t!e main net(or, (it!out re errin/ to Bitcoind*s validation capa-ilit". So e ectivel"' i "ou did an"t!in/ "ou did ever"t!in/' it (as al(a"s all' and t!at (as a pro-lem. Iou !ad to ta,e t!e Bitcoind and run ever"t!in/ in one place' and no( most people (ould do t!at (it! an empt" (allet (!ic! is -etter t!an !avin/ a (allet (it! mone" in it -ut it still means "ou*re runnin/ all o t!e over!ead o t!e code plus i t!ere are -u/s in t!at code "ou*re no( e;posin/ t!at to t!e internet to -e e;ploited. +!e less code "ou e;pose -" turnin/ it o ' t!e -etter. ABL: Plus or t!e avera/e user' > mean' > run Armor" (allet and > !ave to !ave a cop" o t!e Satos!i client runnin/ in t!e -ac,/round -ecause it (as simpl" so muc! easier or t!em to .ust use t!e e;istin/ client or t!at t"pe o unctionalit" connectin/ t!an it (as to -uild it into t!eir o(n s"stem' -ecause t!ere (as a lot o comple;it" (it! t!at. Additionall"' (!at t!e"*re tal,in/ a-out isn*t t!e onl" implementation o Bitcoin out t!ere. +!ere*s anot!er one called li--itcoin t!at !asn*t seen a lot o distri-ution -ut is in t!e inal sta/es o development t!at Amir +aa,i*s -een (or,in/ on or t!e last t(o "ears' t!at -asicall" alread" does t!is' alread" !as loo,ed at t!e pro-lem and !as said' o,a" rat!er t!an !avin/ one monolit!ic' (e*re .ust /oin/ to -uild rom t!e /round up - t!e idea t!at all o t!ese t!in/s are individual modular pieces t!at can -e plu//ed to/et!er as "ou see it' -ut t!at ultimatel" eac! one is it*s o(n separate piece' so it*s /ood to see t!e core development team catc!in/ up (it! t!is and movin/ in t!at direction too. AS: Iea!' and in act it*s reall" important -ecause even i "ou !ave competin/ options (!ic! are more modular and -etter-desi/ned in order or t!ese competin/ options to remain relevant t!e" !ave to ollo( t!e main re erence client in ever" ?uir, and ever" -u/ rom ever" -loc, rom t!e Aenesis -loc, 4' in Au/ust o 344< to toda". 7ver" -u/ t!at (as ever in t!e client !as to -e replicated precisel" so t!at "ou validate in e;actl" t!e same (a" and arrive in t!e same consensus at t!e end o all o t!ese -loc,s. +!at means t!at (!en "ou !ad to adopt t!e client and "ou !ad to adopt all o it or none o it' essentiall" it (as ,illin/ innovation development o alternative clients -ecause t!ere (as too muc! (or, to ,eep up (it! a movin/ tar/et. Modularit" (ill /reatl"' /reatl" !elp t!e cause o a multi-client Bitcoin net(or,. ABL: Andreas' "ou ,no( t!at -u/ comment t!at "ou made earlier (!ere ever" -u/ !as to -e replicated -ecause ever"t!in/ !as to rec,on -ac, to t!at one /enesis -loc, - is it possi-le to ma,e retroactive c!an/es to t!e Bitcoin s"stem8 Li,e i (e (anted to e ect transactions t!at !appened a "ear a/o' is t!at even possi-le8 AS: 1ot reall". ABL: $,a".

AS: 9ell' "ou could i "ou -asicall" arrive at t!e consensus to i/nore (!at*s in t!e -loc,c!ain or i/nore certain transactions' and t!ere are -u/s' or e;ample' in t!e -loc,c!ain t!ere are transactions t!at reall" s!ouldn*t !ave -een validated and s!ouldn*t !ave ever made it into t!e -loc,c!ain' -ut -ecause t!ere (as a -u/ in t!e client' t!e" did. 1o(' in order to validate t!at transaction in t!e uture' "ou !ave to reintroduce t!at -u/ or simulate t!at -u/ in ever" uture client' so t!at (!en it reac!es t!at -ro,en transaction it -e!aves e;actl" li,e t!e -ro,en client did t!en' and accepts it. So' "ou !ave to repeat t!e mista,es o t!e past in order to arrive at t!e same consensus o t!e present. +!at*s a pro-lem. 9e !ave to re-incorporate all t!e -u/s. 1o(' anot!er (a" o doin/ it is c!ec,pointin/' and t!is comes to t!e ne;t topic in t!e list (!ic! is !eaders irst parallel do(nload c!ain s"nc. 7ssentiall"' (!at (e*re loo,in/ at is summari:in/ parts o t!e -loc,c!ain and -ein/ a-le to operate aster (it! a smaller part o t!e -loc,c!ain so "ou don*t !ave to replicate ever"t!in/. ABL: +!is one is entitled B!eaders- irst parallel do(nload in s"ncC and t!ere*s some te;t !ere' -ut t!e idea o !eaders- irst s"nc is to do(nload t!e -loc,c!ain in t(o sta/es. $ne' do(nload .ust !eaders rom "our peers' (!ic! is ver" ?uic, -ecause eac! -loc, !eader is .ust 54 -"tes' and t(o' once "ou !ave /ot one or more c!ains o -loc, !eaders' pic, t!e one (it! t!e most proo -o -(or, and t!en etc! t!e ull -loc, or t!at c!ain. -So -asicall"' t!is is tr"in/ to ma,e t!e initial on-oardin/ process (!ere "ou do(nload t!e Bitcoin client or t!e irst time and "ou !ave to /o t!rou/! t!at. Ri/!t no(' it*s li,e a one or t(o da" process dependin/ on !o( ast "our connection is to t!e net(or,. #M: $ne or t(o (ee,. AS: >t*s no( several da"s -ecause it*s alread" reac!ed 2) /i/s. ABL: $!' reall"8 AS: Iep ABL: So' t!at*s (!at t!is is an attempt at' ri/!t8 >t*s tr"in/ to ta,e t!at initial pro-lem o !avin/ suc! a !u/e amount o data t!at !as to -e do(nloaded -e ore a user can even ma,e t!eir irst transaction on an actual (allet t!at*s on t!eir computer. >t*s tr"in/ to ma,e t!at a muc! aster e;perience t!at*s muc! more e icient' ri/!t8 AS: Ies. > t!in, t!e -est (a" t!at > can descri-e t!is is t!at' (!ile Bitcoin*s net(or, loo,s muc! li,e t!e Bittorrent net(or,' -ecause o t!e constraints o t!e -loc,c!ain t!e act t!at in order to validate t!e -loc, "ou !ave to !ave t!e previous -loc, or it*s !as!' etc' etc. (e !aven*t -een a-le to ull" e;ploit t!e Bittorrent li,e capa-ilities' "ou can*t .ust /o out and connect to 244 nodes and do(nload t!e -loc,c!ain parallel rom all o t!em' -ecause "ou*ll end up (it! multiple -loc,c!ains includin/ ones t!at !ave -een

orp!aned and various ot!er t!in/s' and "ou can*t i/ure t!at out until "ou*ve do(nloaded ever"t!in/. 9!at t!is proposal does is it allo(s "ou to incrementall" do(nload parts t!at are re?uired or validation' t!e !as! o t!e -loc, !eader or e;ample' and t!en not do(nload t!e -ul, o t!e transactions inside until later. +!at means "ou can validate all o t!e c!ains up to toda" in terms o consistenc" and continuit"' "ou still don*t !ave all o t!e transactions t!at are in t!e past' and "ou can t!en incrementall" do(nload t!ose' and "ou can /et t!em rom multiple clients -ecause no( "ou !ave one un-ro,en -loc,c!ain' "ou can .ust as, an"-od" or eac! one o t!e -loc,s. Iou ,no( it*s t!e true one and t!at means "ou can no( start -e!avin/ a -it li,e Bittorrent' /oin/ out as,in/ lots o nodes and /ettin/ a muc! increased -and(idt! o returned data' so t!is is /reat ne(s and (ill /reatl" increase t!e speeds (it! (!ic! ne( ull nodes (ill -ootstrap into t!e -loc,c!ain' and (ill -e a-le to start processin/ t!in/s muc! aster. ABL: >n our current s"stem (e !ave t!en' t!ere*s no parallel do(nloadin/. Ri/!t no(' (!en "ou*re do(nloadin/ t!e -loc,c!ain or t!at irst time' "ou are literall" do(nloadin/ rom a sin/le node out t!ere8 AS: 1o' not necessaril" rom a sin/le node' -ut "ou onl" do(nload one -loc, at a time' "ou start (it! -loc, :ero' (!ic! is encoded in t!e source code o "our client. Iou alread" ,no( (!at -loc, :ero is' it*s in ever" client it*s coded staticall" in t!ere. Iou start (it! -loc, :ero and "ou sa" Bo,a"' (!o*sC -ABL: >t*s c!ronolo/ical. AS: >t*s c!ronolo/ical. Iou !ave to -ootstrap' toda" (!at "ou (ould sa" is /ive me -loc, one and "ou do(nload t!e entire -loc, (it! all o it*s transactions' validate it' and add it to "our c!ain t!en do(nload -loc, t(o. 1o(' "ou can sa" B/ive me all t!e !eaders or all t!e -loc,s rom 4 to -la!'C calculate t!e c!ain' and t!en start do(nloadin/ t!e transactions later' and t!en "ou can potentiall" paralleli:e t!at unction and see, out or man" nodes' man" di erent -loc, simultaneousl". >t*s li,e ma,in/ t!e ed/es o t!e pu::le irst' so t!en once "ou*ve /ot t!e ed/es o t!e pu::le and "ou ,no( (!at s!ape and si:e it is' no( "ou can start illin/ in t!e center muc! aster and "ou don*t need to ollo( an" speci ic pattern an"more. #M: Ri/!t' so t!is is di erent t!an (!at somet!in/ li,e 7lectrum does' (!ic! is ,ind o li,e pic, a c!ec,point and ,ind o s"nc t!e -loc,c!ain a ter t!at point. +!is is not i/norin/ portions o t!e -loc,c!ain' it*s -asicall" .ust ma,in/ t!e outline o t!e pu::le li,e "ou said. (Music Cues up) AS: Ies' and in act t!e 7lectrum client is a li/!t(ei/!t client t!at dele/ates its processin/ to master nodes t!at !ave t!e ull -loc,c!ain. >t doesn*t ,eep a cop" o t!e entire -loc,c!ain. >n act' it doesn*t ,eep a cop" o an" part o t!e -loc,c!ain' .ust c!ec,points. 9!at t!is is is a ull node' -ut one t!at -ootstraps aster. >t*s not a li/!t(ei/!t node.

ABL: +!an,s or listenin/ to episode )) o Let*s +al, Bitcoin. Content or toda"*s s!o( (as provided -" Step!anie Murp!"' Andreas M Antonopoulos and Alan Reiner. Music (as provided -" Dared Ru-ins. An" ?uestions or comments8 7mail adamLletstal,-itcoin.com. See "ou ne;t time@