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[Music] annyeonghaseyo good morning Sol Im going to talk about smart contracts and their economic potential and give perhaps a little broader different view of smart contracts than then normally is given so you can think of society as consisting of multiple layers rather like a house you can think of as having a foundation and on that foundation is built structure like structure of wood or steel and on that structure are built walls and floors and finally theres paint and windows and other things to go on that and so you can think of it as layers protocol stacks you can also think of networking protocols as layers and so thats the analogy Im making here to society at the basic foundation we start with security without security you can have very little in the way of good law and without good law you can have very little in the way of Commerce and so thats all built on the basic foundation of security so thats where Im going to start and without security theres not much lower com
