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Graeme Steele, CEO and founder of Cryptosense, discusses the Certificate Transparency Log and its importance in understanding how certificates and Certificate Authorities (CAs) work on the internet. The log helps ensure the legitimacy of websites by verifying the certificates issued by CAs. This process involves the use of root public certificates from various CAs to authenticate web servers and establish secure connections. The log enhances security and helps users trust the websites they are accessing.