Let me show my screen actually, so I lost it. So I'm using a Linux box here. Again, I believe it's part of the Linux foundation. So, I mean, over the years, now I've completely switched over to Linux. And today's discussion is going to be on Indie primarily on Indie. The Hyperledger Indie is the decentralized identity management. It's fairly complex, fairly simple in its own ways. The complexity comes in. I'll talk about that. So just let me quickly go through the agenda. I'll be speaking about for 20 minutes on the Hyperledger Indie wallet with DID decentralized ID transactions. I'll hand it over to Robert and Richard, who will speak about the Hyperledger Fabric tokenization and how it actually can be used for NFTs. So we'll be talking about basically two products today, Hyperledger Indie as well as Hyperledger Fabric. I'll take it over to Bobby Mascara and Roman Anderson to talk about actually do a quick recap of the global forum and speak about things about what they have seen in the NFT and the Ethereum and the Ethereum world. And then we'll open it up for discussions. We'll probably have about 30 minutes or 20 to 30 minutes for discussions. These discussions are very important because I think the community gets to know and we get to know what is important and the feedback goes back to David, as he spoke about. So let me get started on the Hyperledger Indie. So about Indie, you know what, if you have any questions, feel free to ask them. I'll stop, I'll pause. But if you let me go through this whole presentation about Indie, it's very short, it's very minimum. There's nothing much to it. There's a glossary which comes out in the end, which will give you an idea of how actually Indie works and how complex it is under the covers. In fact, Indie is one of the only products which uses more than four blockchains simultaneously. So it's fairly complex as you can imagine. It's like using four Hyperledger fabrics under the covers, right? So what is Indie? So Indie is typically a blockchain designed for decentralized identity management. And the idea that you have decentralized IDs was something which came up in what it's called, if you really think about the history of it, there is an organization called Sovereign. And the Sovereign Foundation used the sole concept of how you can decentralize your identity. Two aspects of it. One, you never reveal your true identity. You only show an identity which is digitally acknowledged by Sovereign. And the other one is it helps when you are cross borders because you're not confined to a country anymore. It's Sovereign.  You can exchange those credentials. You can actually do transactions with one person who's actually willing to sell an asset to you over geographical boundaries. Indie, if you really think about it, it's the basic blocks of what is called secure sovereign identification. And there are verifiable credentials. I'll talk about what are credentials and what are digital credentials that are actors like issuers, holders and verifiers. The digital wallet could be one given by the government given by a sovereign trustee could be a also a wallet that belongs to the both the users buyer and a seller. Then you have a concept of digital agents and hubs. I'll talk about them. I'll show you what are those agents. Those are mostly machine driven. Then there is this concept of a decentralized ID decentralized ID is a global ID unique to an entity could be an entity could be an asset could be a person could be anybody right it's an entity and the definition of entity is anything that is materially tangible.  And there is a whole lot of governance frameworks which actually drives Indie. You'll see that in this next slide. This is what the self sovereign identity and Indie how sovereign and Indie come together. There isn't governments. There's a governance authority and the governance authority establishes a governance framework. And again, this is something which is based on a human trust. There are certain people who are given the governance authority to do so. And then there is an issuer. And an issuer basically says I have a verifiable credential. You do some transactions with the verifier. So if you see in the notice the issuer is on the on the left, left side of your screen, the verifier is on the right. They both have their DIDs decentralized ID. And the issuer gives out his credentials. The holder, a holder could be an agent could be a hub could be a sovereign issue. A trustee in between who actually looks up the credential that has been given looks up the registry finds out that that is a verifiable credential and passes it on as a proof to the verifier saying that yes, I can, I can assure you that this issuer is a genuine issuer. And therefore you guys can do the transaction. The registry which is kept and there is a wallet and the wallet could be temporary also, like where the issuer and the verify do a transaction and then the wallet and the wallet goes away. Next you have several things which happen in the machine language, or rather between machine to machine communications between agent to agent communication and there are hubs. The hubs are data managers for decentralized entity. Like a Dropbox or a Google Drive or cloud. They let you put the data into the cloud. The reason why you put into these hubs is because there is confidence that it is going to stay secure in these hubs.  An agent is something which you trust, because between the machines, it's an agent talking to another machine, another agent. So, you know, it's like a, some of these, some of these, rather some of these descriptions I've actually picked up from the indie page. So you can always go to have legend indie page, take a look at what these are. It gets a little complicated, but you know, once you get used to the whole idea of how it works, how indie works, then you'll find that it's your unfamiliar grounds. Then I quickly go into the sequence of how this works, which I actually spoke about the holder actually controls the credentials of the users. The issuer issues and grants credentials to a requester. The requester is the one who holds the assets or something which he's, he's got something more that he wants to give to the, give to the issuer. And so the issuer actually grants the credentials to the holder, the holder verifies and gives it to the requester. The verify here checks the credibility of the requester. And there is a registry, which holds all the records of all digital identities. Now, the connections are stored in a distributed ledger. And this is, there's one large ledger, and the concept of indie is it has got one large ledger and within the ledger you've got four sub ledgers. There's a pool ledger, there's a configuration ledger, there's a domain ledger, and there is a fourth one, which keeps all the transactions. It's a transaction ledger. It's not mentioned here, but you will see it will notice once we get into more details where there's a transaction ledger, which is also a log of every transaction that happens within indie. If you need any information, there's all the entire transaction is listed here. The URL, the page for it.  It's in JSON format. Incidentally, Indy has been written in Rust. Node is one of the preferred languages for it, but I'll show you both node as well as Python. And how you can actually interact with the Indy multiple blockchains, which are part of the distributed ledger. Then, just to, so I think I spoke about this word credentials. Credentials, if you really think of it, it's, it was something which was assigned by the worldwide what the W3 consortium. And the credential is a set of one or more claims. So like, like you make a claim like my, my birthday to such and such. I was born in the city. That's another claim. I have a particular asset which I own. I live in this house. That's a claim. All these claims become your credential. And in the digital world. So like if you think about it, right, there's a little statement here, a subject has a property value. So Pat has a car, which is empty. And all these verifiable credentials are stored in the repository. So when a person says that I have these credentials, these credentials are stored somewhere. Like we use today, like we use plastic card cards, we use driver's licenses. We use passports, we use so many things which actually establish a credential. But these credentials in the digital world will have to be stored in a repository which a verifier will be able to take out those credentials based on what you offer as your digital identity to pass it on to somebody which you don't know. So it's kind of a no trust business that we are dealing with. I don't know who the person is who I'm dealing with the person doesn't know me but I'm establishing trust through the sole credential mechanism. Lastly, I'll talk about the DID in action. So the DID if you really think about it, uses this particular nomenclature it's an URI. It's basically called an SOV. SOV is the sovereign code that is the way it is. You have to basically adhere to the sovereign principles and then and then a number. And this could become and there could be a private key, which you say that, which you basically mentioned that along with your DID, there'll be a private key. And this private key stays in your wallet. And accordingly, a DID is automatically created. So for any kind of a payment system, the DID would would differ from a person. And in that case, the URI changes to pay. Notice the first one was DID, which is an entity. Since a payment is not an entity. So it becomes pay colon SOV colon sum number. It's a sovereign token. So say if it's MasterCard, so it'll be pay colon MasterCard for a credit card. And this whole transaction system needs needs a block in the blockchain where it is verifiable and transaction can stay and exist and not be tampered with. And beyond this, I think we'll quickly go with it go with this. This is the glossary of terms. It's a huge glossary of terms. I wanted to chosen a few select ones for this. Like, like the claim is an assertion about an attribute that you have like a date of birth.  It's actually an agent to agent protocol. I'll give you an example, right. I have something running in my cloud in a public cloud. And somebody else has something else running in X about why. Now, how does this, these clouds communicate with an agent? It's in the clouds and this agent is to actually take the protocol, this cloud and be able to communicate with the one. It's also called the DID communication. It's also called the a to a communication. Any DID methods is confirms to the W3 specifications. That's the way all the IDs are so that the decentralized ID is is part of a specification. And you can read more about the specification once you go into the W3 consulting page. In the glossaries, there is a thing that the concept of called what's called a steward steward is he his service in sovereign network, because he signs up an agreement with the sovereign, saying that he will be a steward for any transactions which need to happen between two users. There is a, there is an entire, you know, this whole thing basically works on decentralized key management. Now decentralized key management is very unlike what you what you've noticed in the cloud. Today, you have a centralized key management. The key management, the key stays centralized but here it's decentralized that means the key itself, the key management system is replicated in most nodes or nodes or in wallets where they go and stay there. But it has to replicate because there has to be consistency between even the keys, because if it doesn't then you will not be able to make a transaction. What else do we have there's a key recovery process. Now, if in case a person loses the key, or the person say he passes away, and the keys passed on to a dependent. Then there's a key recovery process. And that is seamless because you should be able to recover your keys at some point or the other. So if you give your credentials and the credentials match, then you should be able to get your private keys back. And the last part of the glossaries. The concept of what it's called a proof proof is a cryptographic completely a cryptographic verification of a claim. It is also given as a code, right. And the code is shared between the two and say like yeah this is this is the proof is a verifiable name. You will notice this word and why I am appearing in several places in the whole in the literature. And so you could either be. If you if you if you think there is a name conflict or there's a correlation conflict in your name then you can you can probably actually go behind us or down and hide yourself. But it still pertains to your DID. And therefore, the transactions are, it's like a like an author of a book, right. I mean the person can have a sort of and continue to write the book. And the last part, I think the last, not the last part, there are a couple more glossaries here. There's a schema. The schema is about when you when you talk about attributes say an attribute of an asset or an attribute of a payment or an attribute of yourself. Then it comes out in a particular data structure. And that data structure is machine readable. In most cases that will be JSON structures, but again it's machine readable. There is a sovereign ledger, the sovereign ledger is the main distributed ledger that we spoke about. That's the ledger that's got four sub ledgers one of the configuration is a note there's a domain and there's a payment. The payment has got nothing to do with configurations on the note. They are kept completely separate because that's that's where all the transactions the major payment transactions happen. Transaction could be without a payment rolls. Because that's the way it has been built. And, like I said, there was one interesting thing. I think it will come to me later on. But there is in certain circumstances, you want to use a DID only for one transaction. At that point it's like one single transaction you want to use that DID and then basically kill the DID, you know one that identity to exist beyond that transaction. And let's you do that. So it's a very nice system of you know, I think whoever this was of course a joint effort and it took a long time to build the system. It was very well thought about. So you can you can have many situations where you have a trustee. You want to use it only a one time you want to have a pseudonym, you have a better name, and everything that he could have thought about in a decentralized ID system has been very carefully thought about in India. So, I mean ask this question, what are the applications of India. I think about it, digital payments. Yes, it's a perfect candidate for digital payments because between two unknown parties between two untrusted parties you can still have a payment system by bringing in a complete registry and a trustee or a sovereign entity in between. This is the way you can store your digital documents because under the DID under your credentials, you can actually store all your digital documents. Then, if you have any biometric access or any kind of a digital identity that could be monitored through the indie system. This could be a digital membership so if you're if you're looking for in the future, I'm sure they'll no longer be issuing you any any plastic cards or paper cards for your memberships, it'll be a digital one. Then, one of the best things is if you want to restrict any age. You can impose any age restrictions to a digital entity you could do that. This could be very useful for background verifications like you know know your customers trust your supplier whatever be the thing. These are globally accessible. I think one of these was also tried out. Dev, looks like Dev may have dropped for a minute. Let's give him a chance to dive back in. Dev, if you're trying to speak, you're on mute. While we're giving Dev a minute to dive back in. Does anybody have any questions about hyper ledger or does anybody want to share anything. I see deaf is back. Yes, the connection. I don't know what happened. Yeah, no worries, no worries. Yeah, I'm back. So let me let me start sharing. In fact, good. It was actually in the end of the presentation. So I was getting into the demo. So what I have here is I got everything running here on running. I've got everything running on VS code. Okay, Dave, you're not sharing. Getting here me. Yeah, but you want to share screen right? Yeah, I will. Okay. Let's talk here. Sorry about that. I don't know what happened. So I've got, I've got all my code here. Can you see the screen? Is it shareable? It's good. Great. So I'm using VS code here. I don't know if you know about VS code, VS code was built on top of atom. And the entire thing has been actually created through Node.js. VS code is, it's an open source tool. It's, it's a great tool to have even in a Linux world where, you know, I don't have to open up too many, too many terminals and this is a nice editor which gives it gives everything in color. So I do have here. Two systems that I've built using NDS DK. So I've got the NDS DK here, which I downloaded from GitHub. And then I built one in Node, Node.js and the other one I built in Python. But I just going to show you show you quickly what they look like. I think I've already crossed my time limit. But I'll keep it short. So this is, let me see this one is. Let me just remove everything and start this up everything, everything that you see here run some Docker. So I'll, I'll start this NPM, which is a Node.js system. And it will actually, you will be able to see a whole lot of transaction happening here. So the server now here it's using Fastify. It doesn't use Express. I found Fastify to be much better. In fact, I think Linux foundation also promotes Fastify. The server is listening at port 3000. I'll kick it off. There it is. It's right here. So I just kick it off and say example. And now if I go back to the console here, now you'll notice that it's creating a wallet here for sovereign stored. It's the government. So the whole governance is being built here. This is the whole governance structure that is being built. And then certain companies are being added to the wallet. So there is a government wallet which is being built. And the sovereign stored also decides that while the while the college or rather while the educational institution is being built. It's also getting the trust anchors. And I mean there's a whole lot of transaction. It's like a storyboard. It's a story. It's a long term story. I mean like if you think of it in real life, this will probably take about 15, 20 minutes. So you probably will not have a browser sitting here and doing this work. But there, the entire credential management from DID to opening up the ledger to creating credentials like a job certificate credential is being added to a person schema is all happening in that ledger. There's a whole lot of things which happen and within the and ending manages it very, very elegantly, especially between the four ledgers. There's nothing which goes apart or falls apart. You know what, I skipped the Python thing but the same same thing could be done in Python. I'll give it over to both Robert and Richard to take it forward. We're talking about how to ledger fabric, as well as on tokenization and how this whole indeed could actually potentially take it to NFTs. I'll stop sharing. Thanks anyway. Great, thank you dev really appreciate that great job. I learned a lot there. I'm not going to, I'm not going to do the introduction which is with as much in depth work Robert will do that. But let me just give you a overview of what we'll be talking about and some background about myself. In the launchers group. We do, we're building in the advanced tokenization engine is really what it's all about. And I'm the CEO Roberts the developer on the team. And we'll start off with asking the basic question what is an NFT. So, there's a lot about these there's a lot of people talking about non fungible tokens that's what nft stands for, but really, the idea fungible versus non fungible. So what is fungible fungible is like money, gold. You could be Bitcoin in other words I can't tell $1 bill from another dollar bill it's money it just changes gold is gold it's just gold. And when you talk about non fungible, it's unique. So, in that dollar bill example, if I go to the bank and I say here's a dollar and I get my dollar back and they give me another dollar I look at it and go well way second my dollar had a different serial number on it. So it's a unique kind of thing so in the art world you might want to think of it like a lithograph. So an artist creates an original block right a little block, and they can create an edition of 25 edition of one edition of 1000. Each one is unique, and it can't be divided, because they're all unique entire pieces so in a non fungible token. What we have is really a certificate that says, I am an owner. And I'm an owner of this piece of art in this case or it could be a piece of music or it could be anything anything in the analog world or digital world. But it's a, it's a title or an ownership or the right to say it's mine right and some in some cases everyone's saying well, why can't I just take a screenshot of that NFT and it's mine. So that is not really the ownership of it the authentication as dev was talking about in the identity who really owns it right so that's built into the protocol of typically these are built using Ethereum on the ERC 721 platform so that's really what a non fungible token is. It's a certificate of ownership of a piece of this case art and we're talking about music. So, with the understanding of NFTs I'm going to turn it over to Robert here. And Robert, why don't you just take over and talk a little bit about the new developments in hyper ledger fabric. So, can you keep sharing the slides maybe Richard. Sure. Yeah, I'm sorry. Oh, I'll let you know. Okay. So, yeah, my name is roger. I'm, I'm from the Netherlands, living in France. I'm a soulless architect and developer. Both blockchain IoT and cloud cloud applications. In the community side, I am already active. I think seven years on presenting on international conferences. And in the past five years I wrote two books. One of them is about the last one I wrote in 2017 2018 is about blockchain and then across like different industries. Talking about like the smallest thing. Like what's how blocks are made how transaction works how privacy can be implemented, even including zero knowledge proofs, and also implementing the use case on hyper ledger fabric and on running it on then on Oracle blockchain platform. So, if you're really interested in that and start also with building like more enterprise block chains or more on the permission block chains and I would say check out check out the books on Amazon or unpacked. Next slide. So, what I wanted to share with you is two new SDKs that are currently in development under the hyper ledger labs. And they are two SDKs for hyper ledger fabric. And the first one. I'm not going to touch that much on the details because that's really for more for if you really start really developing against hyper ledger fabric that's the new fabric smart con smart client. And this smart client. This is the next generation fabric client. So, if you would build against hyper ledger fabric and you want to interact with hyper ledger fabric from, yeah, it's, it's the sport is there from hyper ledger to two. So, and this will be, yeah, this can go to the, to, like, more, more therefore, for the future if you want to interact with that. So that's the fabric token SDK we talk about tokenization here and fabric token SDK. So, it, it allows it's a set of API services that allows us to create token based applications. And, yeah. Next slide. And so, the fabric token SDK has a few volume characteristics. So, if you are familiar with cryptocurrencies. So, check in Bitcoin Ethereum, but also Cardano, and other things. They usually adopt the UTXO model, which is a sense for unspent transaction output. And it's this is all also kind of work on fabric like that. So it will be similar. So, and key management to access your token. So your NFTs is going to do is is is done to watch. And similar that deaf explained with digital IDs, it is a set of secret keys. Right. This is your it can be your what the wallet that you now have and the wallet can be even connected to a digital ID. And we will see that in the architecture of the token SDK, how that would be able to connect with that. It supports multiple privacy levels, which means that you can choose to have everything visible on the ledger. So everybody can see it like just like a public blockchain right to cryptocurrency and stuff like that to if even so but with all the information about the user the information and things like that to zero knowledge based information and then you can even cascade the data that you put on the ledger. So you know that you own, or you have these tokens there but really the content is it's not not not visible directly on the ledger. And, and with this SDK of course it's meeting is that it allows you to write your own services on top of that. Right. So, this image that you now see is the architecture of the fabric token SDK. And on this picture you see a lot of layers. And to go over them. So the top layer that you see. And depends on the screen resolution but it's called the services that they put that SDK provides. So, what comes out of the box with this SDK right today is a way how the chain code is made for tokens. And a certain chain code for tokens. It also has a way that you can do how transactions are done that you need a for example, an approver, if you do something with an NFT with an NFT somebody can approve the transaction before it really happens. And so maybe you don't want this token to be there generated because it's it's not conform your policies. But also the way that often transactions work, how tokens are stored in a vault. And maybe somebody needs to certify tokens. So these are like the services that are on outside world on outside. Yeah, for you to use. Under that you have a token API and go there in more detail on the moment. Which is a driver API. So we it's really agnostic in this way. It's built now for fabric but you can imagine that there can be multiple drivers to different, maybe even different blockchains. And certainly because this driver has a certain implementation. There are now two. That's the FEP token, which is if you had pencil my privacy level you want, or the C cat, the law implementation which more like the zero knowledge proof stuff one. Below that you see the fabric smart client. So the fabric token SDK uses the smart client. And the smart client itself uses already the fabric SDK plus under that the view SDK and that the view SDK you need to see that the smart client tries to get complexity out of your business processes. But everything on the information is found on on GitHub. I will switch to that now. So if you want to start yourself, you can go to GitHub, you see, you have the SDK itself and all the codes open source, you can download it, you can build it, you can contribute to it. Also on the GitHub you find the documentation and also how even a little bit of hands on on the basic housing so you can do like a basic integration. It's also part of the code and unit tests and everything. So if you build the code and run the code, it uses also the basic hands on. What's what's there. So you can stop sharing for a moment, Richard, I will take over. Okay, so I'm running. My setup is always I'm using windows and I'm you always use the windows Linux subsystem for Windows runs everything there. So even if you're don't have a Linux box. But you have like Windows 10 or Windows Server 2016. You can know if you need Windows 10, you can run Linux just easy on your Windows host. So this is a little bit about smart client short. So it really is the new the next generation fabric SDK. And with this, you can really simplify your development. And the way it works is more around business processes, and it really hides the complexity and also it, you can use more the power of fabric from this to this SDK that you would normally really need to develop hard on to to get these, these gems out of it. So a business process is really structured activities between parties, and these business processes, they have sequence of steps right to reach the business goal. And in the case of the smart clients and also about the token SDK, it is an interactive protocol between these these business parties. And where are we going to talk about business views. So an action, like if you want to create an NFT, or you want to redeem an NFT. Those are different business views, or you can say a few in this process. And this view describes these steps that that needs to be executed to reach this goal. So you have within the Hyperledger labs, you have the fabric smart client, where you find all the code, all the documentation, and everything, and the same goes for the fabric client. So, so this token SDK. So, on the get it, you find the code, the documentation. And let me go deeper on to that. So I always showed you this this image right the fabric token SDK with the, the, the, the, the token API and the driver. And what the token API gives this abstraction layer to deal with the implementation so if you want to create tokens if you want to do management of the wallets and things like that. And we can do that in the token API. The driver API is the translation to specific implementations. So we saw that we have the fact token implementation and we have the zero knowledge proof implementation. So those are drivers, those are the current to right now. But because this is an agnostic API, there in the future can be multiple, yeah, multiple drives to add to new other implementations, or it's open source, you take the specification, and you propose a new implementation. Right. So the driver API is that but mostly the implementation is something that's responsible for for everything that happens on the ledger. So if you go to that's not so if you look at the token API. So what the token is it it it handles the service layer what you can do on top, you have the token API itself, which search for the management for how you do wallet. So the token management itself, how requests are handled, how requests are validated, how the wallet manager works. All these things are in the are done here. They are also configurable every like putting parameters there and how to access them and how auditors work, who can issue those things but also wallet management, they are like x five or nine certificates. So for air and with this you sign transactions and you have access to your tokens. And it was the close button. Can I do this a little bit. Yeah, so besides the token you have the driver and the driver, you see that you have to token API with these basic the functions right and you and where the driver API is really the implementation. of this, where you see that, like for example, the wallet management has identity providers and the wallet service is identity provider can be, for example, hyperledger in the and there you have your connection to your digital ID. It can be maybe also that the wallet management is done by maybe an external card. If we talk about like credit cards of hardware wallets or something like that that are connected to this identity provider. Yeah, the token request is for issuing of tokens, how to transfer token, how to order tokens. All the things about the metadata the actions, all those things are done by the token request. Then you have the validators and the certification and service it to continue. You see this really still on under development this is that's why it's in the labs. So if you are interesting in maybe connecting it to different things. Yeah, check if you how you can contribute to this project itself. The documentation describes everything how to lifecycle works and things like that. And how, how can you now start right if you want to do that and you're interesting it's, it's, it's, you need to for fabric you need to programming go. And if you install go and, and here it's really tested with 1.14 per 13. It's not the latest version of go so if you use code, you need to specifically download this version, or we can download the new version and just check if it works it helps them of course out to check if everything works with the latest version. But you have the command go get and then the get this get it, which download the code. So if we look at that I already done that. Yeah, so you see a go get and then it's places me for me in my home it places the sources on this folder. So, I also use a future studio code. And I do that from Windows Linux subsystem, but it's connected so if I do now code and I open this folder. It automatically connects to my Linux shell and my Linux environment really. So I can open the terminal. And in this folder. I can, you have a few commands that you can do. So if you want to start and test for example, you can run. Yeah, you can do check if everything is fine when you do the unit test and most much in my case the integration test is most interesting part to show you in the last few minutes. So what you can do is use make and then say integration tests. This is one, you know, and then what it does is it it runs a specific test file and it downloads. It uses Docker. So that needs to be installed but what it does is it downloads all the latest high pressure to to Docker images and then it starts the unit tests. And it's generates things and what it does is for example, there's a integration directory where we have a test. And it really what it does it starts everything and run the test it's it's registered some auditor it does it issues some cash it's checked the balance if it's correctly. And so this is really a payment example. And so running there. And of course you can also see the token so this uses this basic version has also effect token implementation and the deal. So that's the zero knowledge proof implementation. And it uses the test suites on that but yeah you can you can go over the code. And the most thing is that you have the views. So I talked about the views right the views are the business processes. So they implement the token SDK, and it always has a specific view. There's a specific way to program them. And you, yeah you did this for example does does does the testing of the of the tools but yeah you can go from here to the sources right. And this example, what for for example to start with, you have also on the GitHub itself. So it explains how to build or how the views are built, what they can do what what what what what objects you have. And for example issue cash you need to wallet you need to token type quantity and a recipient right. So you can, yeah you can can can play with that. I think I hope he got you a little bit enthusiastic in looking at it is still high pressure labs so, but I think for sure this will be something that's coming soon as a first release. Robert that was great. Thanks thanks for those demos and the real life situations I think for folks who are on the call I know this is, this is an overkill right. There's a gap between indy and how does your fabric as well as the tokenization but you got the idea that this world can be brought together into into something really meaningful. I think, let's get Roman and Bobby to speak about NFTs as well as have a quick recap of the global forum 21. Sure that works for me. Hi everybody, Bobby, and I am here like everyone else to learn about the wonderful new things going on in fabric, which was thank you very much dev for that presentation and everyone else who presented. It's nice to be back and I wish we were in person in Morristown but you know we're close enough tonight. I'm going to just share my screen first to just show you something very quickly. This would be my NFT, I bought it last week. I don't know what it means to buy an NFT but I have one now, just in case anybody was wondering. What I really want to talk about though before NFTs is more we heard about all these great projects and things going on in hyper ledger and one of the things that I do in hyper ledger is I help curate the learning materials development wiki page which tries to organize all the information that's going on in the community so that everyone can find the resources they need. So on the screen is the wiki page if you don't know anything about the working side of the hyper ledger community. You can just go to wiki.hyperledger.org and you get involved in this new community so this is like the doorway into this entire universe of hyper ledger. And across the top, you'll see a list for all the projects, all the tools and libraries. They each meet twice a week. The calls are open to everyone. If you like what they're doing you can join that group and then you'll be alerted by their email and I'll show you a little bit about that. And then there's also groups that try to take the technology and play with it. So there's my group the learning materials development group. There's also the identity working groups so that they do a lot with the information that we got at the beginning of this presentation. There's also special interest groups which try to do consortium type collaborations and really get this decentralized technology working the way it should be. Again I'm going to go back to the learning materials working group just to show you a quick view of some of the resources. So each one of the groups, each one of the pages, whether it's a project or one of the working groups, all have their own homepage for wiki page and down on the right side is usually the subscribe button which means you joined that group and you're on the mailing list. So if you want to look for that if you're interested in joining a group. If you need more information on joining a group. There is on our homepage. A link to tutorials on how to get a Linux login. You need that to be able to edit a wiki page and how to join the calls which is on that hyper ledger homepage. This is a calendar of public meetings, and that gives you an up to date scrolling calendar of what's going on in the community tomorrow what's going on next week. So you can see all the different calls that are happening. Again, this is an interesting one the learning materials giving chain meeting that's happening soon we'll talk about that in a second if I have enough time I probably don't. So this is one of the other resources quickly on the learning materials, working group page. I lost my page. There we go. So again, one of the things that the Linux foundation did this year is offer mentorships and mentor projects. They applied to have their project considered and then mentees applied for positions in those projects and the giving chain, which people and usually this meet up or familiar with what we did with that project a few years ago. The hyper ledger people are generous enough to let us see if we can use their technology and actually build this out so there's a mentee in our first meeting is Friday so here's all the information that's getting started for that particular information. We also try to get the developers to have an easy on ramp so we're working on this start here page for for contributors so they'll be best first issues and we're really working on getting that something that's going to make it easy for developers to onboard to the community in the location that they need to be. And I'll wrap this up quick is the current events that are happening in the community are listed on this page so this summer. A few of the meetups are doing a series on blockchain employment trying to match people who are looking for positions with pipelines that need to be filled. And that's starting in the summer in July. Again, here's this meeting was listed and meetings coming up special interest groups, the developers meetings and again. This is the learning materials working groups so we do list the Linux Foundation courses that are available and information on those some consensus courses to get you base who training if you're interested in that. Some university courses so again this is a vast resource. Feel free to hop on again on our resource library collects all the materials key terms. We have all the frameworks and tools so they're. You know you can just click on fabric you can see the statistics for fabric. You know what's going on with the community who's been developing what companies they come from the quarterly reports so again the learning materials. Working group has a lot of information to help you onboard to the community and if anybody has any questions on that I will be available for for questions after the other presentations. Thank you. Thank you Bobby. Thanks, thanks that was really useful. And we haven't seen that in a while. I didn't notice that you had a beautiful dashboard there. Hey Roman you want to. Roman, you want to say something or design something or should we open it up to discussions. Okay, I'm here. Thank you, Dave. Thank you Bobby. So one thing yeah I'd like to mention this to the, to a lot of folks who actually joined the first time this group has been operating since January of 2018. So I Roman and Richard. These are the first few people actually I know we met, and we stuck together. This is now at four years in the making. Thanks to thanks to Roman thanks to Richard and thanks to many folks who have actually stuck around. Hyperlegion is a vibrant community Bobby is one of the, one of the spokesperson's for hyperlegion love to have this community because of COVID of course we did not have a lot of meetups. It could be a back in action. And this time I think we'll try and get back into the, into the Mars town library will also have the, the virtual meetups for folks who have joined from far. I know somebody John from Tokyo, and I said like wow. Of course, Robert here himself came from Netherlands. Thanks Robert. Thanks to everybody. This was, this was indeed good. What would you Roman. Okay, thank you everyone for coming here and let me get my slides up on the screen okay you get rid of this screen. Ah, okay we'll start here.  I think that's for all of us in technology. You're not, you're not sharing here. I'm not sharing. Okay, I thought I was okay let me try it again. Okay, I think my sharing the wrong screen now probably. Yes. Try again. Hold on. It's something strange here. Screen share screen one. Okay, my sharing a NFT screen or a. I am here. Okay, and I just thought I start off with this screen. This is just one of the artists I've been working with over with garden state crypto and we're doing something called VIP NFTs. We're actually put together a group called VIP NFT studio. And we've been doing these workshops in New Jersey and New York City we're doing like this event I met Sergey at the blockchain center on Broadway in New York. This is the new. They actually came because real estate was so cheap they got a very nice deal at some property on 8780 Third Street and Broadway so was a very nice place so we were doing some workshops and NFT but what is NFT okay I think people have been talking about it but it's actually pretty simple. Okay, and if he is nothing more than a smart contract. Okay, that's what it is okay but it's actually being used by regular people to claim assets. You know they're valuables this is about valuables that they artists, some musicians, you know, all sorts of people anything of value to them, they can monetize and get some money out of it and also put some rules of engagement of how to share your information. Okay, because right now, you know, it was like whenever we share something online. Well, Google and Facebook they decide what they want to do with our stuff and you know they give us a few pennies and we get nothing out of it. This is actually the start I think NFTs are start of getting back to where the internet started, which is this guy here 30 years ago. Wow. This is the internet started did not exist back then to Tim Berners Lee. And this is actually I came across this article today because Tim Berners Lee actually put together an NFT of his earliest code in 1990 1991 about the World Wide Web. He put it together. And, you know, basically, so turns it into NFT. And one of the big auction houses handle it so it was like sudden bees actually handle it. Wow. Okay, and he sold an NFT of his original codes for the World Wide Web for $5.4 million. Wow. Okay. So, you know, like, what is an NFT? Is it important? Well, a lot of brouhaha, you know, there's like, what is it? Okay, people aren't really giving it enough respect because, okay, everybody's been talking about cryptocurrency. You know, like the internet started in the beginning. Okay, was it was the internet of information. All this information is pretty much almost put newspapers out of business. And now we have blockchain.  And I think that it can be easily said that blockchain is the future of internet where it's all going. And a lot of this stuff has to be built. And, you know, that's what we're here where developers for the most part this is a community of developers who are have joined this call. Okay, so we're not going to be pating stuff, but we actually can be facilitate facilitating all this value being added through things that just wouldn't fit in a Sears robot catalog 100 years ago. You know, it's important stuff, but you know, it's like that's what an NFT is people, it's personal value and people get a chance to describe how they want to use it. Okay. Now, let's see what else I got here. Okay, now you probably heard about this guy called Bebel. This is the guy who made the first big killing 69 million. He, he sold his life's work about 20 years of painting all sorts of art, sold it for $69 million. And all sorts of weird, interesting stuff. And he became the poster child of where this is all going. Interesting thing about what he's doing now this was like this is this is all news but I'm I just brought it up. Okay, he made 69 million like what a year ago, half a year ago. And now he's coming up with his second version of what he's going to be doing. And I just love what he called it. Because for him and I think it's for us to, you know, it's like, we're here, not to speculate on what's going to happen in the future we're here to invent it. Like, we're, you know, that's what we're here for. Okay, you know, the internet was built in the early days, and it had to be hacked. In the days of the internet it had to be hacked because it did not it barely worked. And what happened Facebook, Google got a hold of it so it centralized and you know it's like the people don't have any say in the matter anymore. It's like a lot of a lot of effort to, for the people are actually trying to fix the internet because you know it was never finished. It's not a finished product but this guy be able his new website is kind of interesting it's called we knew. I love the name. And what he's doing he's actually taking moments from sports and turning them into NFTs.  Okay, and, and, you know, it does also separate the collectors which have lots of money from the fans. Okay, because you know it was like look at any soccer football team without the or baseball team to without the fans you know it's like there is no sports. And here it's like they, it's cut up into a few pieces one edition, the winning moment the trophy ceremony, the victory speech this is all sorts of stuff on how you know some of the, how you take your memories and maybe put up, you know, like sharing with people and teach people with this also teaching tool and maybe getting some money for your efforts. Okay, now I put this here too because this is actually what's happening now Twitter is selling NFTs. Everything's full circle now. NFTs are important, but believe it or not, there's nothing more than a smart contract that can be controlled. It needs to be programs. So that's the whole thing I read this in the news today NFC is doing NFTs today so that's that's a while. And do I have anything else hidden here. Oh yeah, you know like silly stuff like Madison Avenue is doing funky stuff now that you have goldfish crackers and Frank's red hot sauce got into NFT craze. Whatever you know everybody can do it. And the fans this is like I was talking about the importance of fans so you know it's like the future to NFTs is huge and just because you know we're not artists on this call mostly but we are developers and it's up to us to build the platform because the internet, you know it's always in constant flux, and I'm happy that hyper ledger is a part of that. They've taken this taking it seriously. They've taken taking the NFT part of it seriously and especially it needs to be united with identity. Okay, and distributed identity at that. So it's very, I'm very pleased to see that hyper ledger is supporting us. So thank you. And that's pretty much it. So thank you, David, Boswell for bringing us together here. Thanks, sir. We have about 10 minutes, we can extend it to another five or 10 more minutes. I'd like to have 20 minutes for for a discussion and I'd like to really open it up because I think everybody brings in a different experience from what we spoke about. I remember when we used to visit the, the Morris County library, where we normally hosted this meeting. We would head out into the Starbucks and the Starbucks would kick us out at 10 o'clock saying that hey, guys, we shut down at 10 o'clock. But that used to be a normal thing before COVID hit us. So I think, folks, feel free to ask us questions. We are not. Look, we are not. Who would make it. That is the problem. So, any questions and anybody wants to bring in a discussion or wants to talk about a use case that that the person actually spoke about or encountered. That'll be nice. Hi guys. I would like to ask a question. Sorry, couldn't you announce your name so that it becomes a yeah, I'm Simone del Popolo. Hi Simone. Hi. I would like to ask a question about hyper ledger bull row sounds like a dead project. Isn't it. It is a dead project. It's kind of a dead project is archive. But have you been working on it is something that you really want to bring it up. No, I was just asking if it is a dead project or what is going on. It's Bobby, it's, it's moved into a status that is not active. Yeah, if there are people who want to contribute to that project, it will be easily moved back into incubation status. It's just lost a developer interest base. So we're just waiting for that to resurface. Okay, thank you for the answer Bobby. To keep it pretty good. So feel free. I know we have about how many 1617. Hello, Deb, it's Rhonda Okamoto. Hi, I have a question. When you were talking about hyper ledger in the global access for identity so it's not just United States we would get this identity you're saying it would work all over the world. That's basically meant for sovereign identity, which extends beyond the borders. Yeah. So we wouldn't, you know, like in the United States, we have a passport or drivers. You're just saying it would be a separate digital that now. Yeah, but your credit would still be this passport right. Okay.   And your credentials match on to a DID. The DID is just a pointer to all your credentials. You get it. I get that. And but you said that the DID only use it once in a transaction is it kind of would be no if you wish to. Okay. I mean, it's like, it's your, it's your option, right. I like to use this DID only for this particular auction. I want to buy this NFT only use one.  So I could be having multiple DIDs, but I want to just use this one for a particular connection. And can I can I do that. Yeah, sure. Okay, because I have a question it's sort of like, you know, when, if you have a city bank card using your credit card, you could go to city bank and they would give you a virtual one time number to use online that's kind of like what this is it's exactly, you get a virtual pseudonym, which could work perfectly for the situation. Okay. Thank you. Yeah, Rhonda, this is Roman here just wanted to say that's pretty much when it comes to the crypto currency world. That is pretty much standard you did not reuse your keys for from you don't reuse the transaction addresses. You just have a new one. Okay, so, you know, it's like this way it's, they can track you they can try, you know, they can hack you because you don't use the same transaction address twice, and the same keys here and it's no big deal. The computer keeps track of it all you have one central identity where everything comes from but this is just, you know, it's like you're giving. Just to enable a safer transaction. So, okay. Are you talking about when you look it up on the block explorer you can see the transaction but no wallet and per. Yeah. Yeah, pretty much, you know, it's like a lot of people are still are using the same one but you know in general, it, it's said that you should not do that. Okay, and it's not, you know, a lot of people just go with the, you know, just reuse it all over and over again but that's not the, that's not the safe way to do it. Okay, I have one more question for Bobby, I was chain. Is it 12 o'clock or four o'clock on Friday. Am I unmuted. Yes. Okay, good. It is 12 noon on Friday. And it the meeting link is on the homepage of the learning materials working group as well as in the calendar scroll. No worries. See you there. Yeah. Do you have any other discussion points or English, you know, Maneesh, you said you had your point, Sean, Simone. No, everything is alright. Thank you very much for the presentation guys. I see you go to sleep. We'll try and meet in another month's time. This time we'll try to make it in person as well as, of course, we have a select place in Maristown County Library that's huge that can accommodate 80 people. We're trying to meet there. We'll of course keep the virtual lines open. So, yes, it'll be nice to have all of you back. There's a question that's been asked is in the trustless how does Hyperledger compare with something like Fido was asked from our audience. I wouldn't know the answer. Yeah, Fido is really not. It's sort of like security keys. You know, how you like to it's 2FA to function authentication to factor authentication. So just a type of that, you know, of authenticating and not just relying on a per on a easy password. So, you know, it's a 2FA issue to factor authentication. And Indy is actually more blockchain. So that's how, you know, it's like, it relies, it gains its security from the blockchain and the more people use the blockchain, the more secure it is. So, which is, yeah. Are we going to be actually at 830 almost closing dollars. Okay. I think we're good. So we're going to try to do this in another month or so. Yeah, we'll shoot for the end of the month. Keep at the end of the month. We don't lose track of the dates. Okay. How about that? I mean, like, yeah, no, that sounds like a good idea. Our time of day. Should we keep the same time of day? Seven times seven to 830 Eastern Dime should be good. Okay, and join. I know some folks are from Tokyo and Netherlands, but yeah, I know it's going to be difficult, but I don't have any other options. Sorry. No, I think at that time, then people who are local can drop in and they can join us. I guess we have a new crowd in New Jersey. You're in Philadelphia to people. And of course, since we haven't virtually opened, I think most of us and UK get joined. Okay, it sounds good. So we're going to plan out the calendar moving forward then. So any last minute things. I'm good. That was great. Thank you all. I think it's over and out. Bobby, any last minute things. I'm actually good. Unless anybody has any final questions. I think we're done. Thanks. Thanks. Thank you. Thank you.


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Okay, so before I start this video, I wanted to talk to you guys real quick and just say happy new year to all of you. And also, thank you guys so much for supporting Friislan Education all through last year. So last year, there was a lot of changes that happened with Friislan Education. Everything was good, but it was just a lot of work. We had a new studio open up. We opened a new salon, a new barbershop, a lot of new things, but a lot of those things weren't on video. And I also created a lot of content for a lot of different companies out there, which I'm gonna continue to do this year, but I've also made sure that I'm dedicating my time to this channel as my number one priority because you guys are what Friislan Education is all about. I really enjoy creating these videos. So you're gonna see in 2018 a lot more content. So make sure that you do subscribe to the channel so you get all of the alerts. We're also doing our live podcast again. We're doing a lot of things that we used to do and getting you guys more involved in everything. So happy new year to all of you guys out there. Expect a lot more posting from me and the team at FSE right here on this channel. Thank you guys so much for the support. Let's start the vlog. Here we go. Seven, six, five, four, three, two, one. What's up guys? Welcome to today's vlog. So on today's vlog, what we're gonna be going over is a medium length haircut on my model Grace who I've had in the chair before. So you guys have seen her, but today she decided she wanted to chop her hair off. So we'll chop her hair off to her, not to everybody out there. So she had quite a bit of length on her hair. We took it up to the shoulders. So pretty fun transformation. She has very fine hair. So I think you're gonna get a lot of tips from that. And we also did it with a razor. So with the Donald Scott twist. We also did it with the Donald Scott twist razor, which is a really fun tool you can get on freeselaneducation.com. It's actually like 39 bucks. Actually I was wrong, 34.95. 34.95. So go check it out. It's got a full cutting side and it's also got a 25% carving side as well.  It's got a nice little swivel thumb to it. And also you can use any comb you want with the razor as well. So it's just like using a standard razor, but you have texturizing side and a full cutting side. So thank you guys so much for watching. Here we go. All right guys. So we're gonna start off by assessing Grace's hair on a look at the density and the texture. So she's got a nice medium density of hair, but her fabric is very fine. So two products I'm gonna use. First one, invisible wear, volume whip. It's a nice light whip. And then we have Donald Scott Prepare, which is for our razor cutting. The thing I like about applying the product before the haircut is that the prepare is made for razor cutting. So it's gonna help keep the hair nice and healthy. And then the invisible wear, volume whip, it'll help saturate the product throughout the entire head. As I go through and cut it, instead of putting it in real quick at the end and then not getting every hair saturated. So basically the sectioning for this cut is very simple. Grace wears her hair on the right hand side parting. So it's not a super deep parting. It's above the parietal ridge. So I just part it where she is gonna wear it. And then I go right at the division line. So the top point of the head, the apex point of the head down to behind the ear to split the front and the back of the head shape. And then I go straight down center back to the nape and then I draw a line from just above the occipital bone which Grace doesn't have a very strong pronounced occipital bone area. So I went a little bit higher to build up a little more density in there. And then went right to behind the ear. Now this is the tool that we're gonna be using. This is the Donald Scott Swivel Twist. The thing I like about this tool is it has two different options. So you have the 100% cutting side and the 25% carving side. So you can just remove bulk if you want to as well. Now no matter what razor tool you choose to use for this cut, you're gonna wanna do the strokes the same. So we're doing nice heavy strokes of the razor. What I mean by heavy is I'm going up and down with the razor in about a two inch space. So what that's gonna do is give me a more broken feel to my line. The thing with this haircut is I wanted to create a very shattered edge to the haircut. So I wanted to lay nice and soft on her shoulders and then kind of drop just a little bit below the shoulders, not too much in the end result. So that's basically what we're doing. So I started off, cut that first line, make sure everything's even, heavy strokes of the razor, that gives me that broken line. And then I start working more diagonal forward with my partings, taking about a half an inch of hair at a time and bringing it back with a nice medium elevation. So when I say medium, I'm talking like 45 degree-ish coming off of the head shape. Obviously 90 degrees would be straight up. So just kind of look for that happy medium. Now Grace has fine like a lower density of hair. So that really plays a key role in how much I'm elevating the hair and really how heavy those strokes are gonna be as well. So elevation, nice medium feel to it. The other forgiving thing about a razor as opposed to a scissor is that if I do a 45 degree elevation, I don't have to elevate as much because those heavy strokes of the razor give me more of a point cut appearance. So it takes out a lot more weight. So that's why a lot of people like razor cuts. I know especially people with a high density of hair like razor cuts because it softens the shapes as opposed to going in and cutting hard lines with a scissor. So same thing on the opposite side, biggest difference is as I continue on the head, I still take those half inch sections, half inch partings, but everything's coming straight back but my fingers pointing down. So and that's really just to keep that consistency with my combing. Those of you that have followed the videos for a long time now have done over a hundred videos about different hand positions. So the hand position is down because that keeps my combing consistent which keeps my haircut consistent as well. So I'm using the 339 comb from YS Park. I like that comb because it has nice wide teeth but they're not too wide, especially when you're trying to control finer fabric. So if she had thicker hair, I might go with more of a wider tooth comb like a 336, 337, somewhere in there but because she has finer hair, I choose a little bit tighter teeth. So same thing here. You just really need to be aware when you're razor cutting or cutting hair in general that now I'm working with some of the hair from the top of the head and some of the hair is from the side of the head. So the hair that's on top of the head is gonna obviously build up more weight than the hair that's on the side because the elevation is different.  Now we're connecting the front and the back. So I take my back section down, comb it down. This is a visual thing and I go through and I'll pinch cut a little bit because I'm doing such a freehand feel to the haircut that as I work my way down each side, I just do those heavy strokes with the razor and then I pinch cut any pieces that I see coming out. Now I do a nice flatwrap blow dry. Again, we already put the product in so the invisible wear volume whip is in there. Now this isn't a volumized look but it's gonna be a lived in look and that's what I was going for. So get the blow dry done. We use a neuro-pulmitral iron to smooth it out and then this is a really fun product that's called Pump Me Up. It's a powder delivery. So you spray it in the hair or you pump it into the hair and it just lifts that hair. You can see how much volume gets created and how it kind of fattens up Grace's fine hair. So it's a really cool product for that. Finish it off with a little invisible wear hairspray and she is on her way. So hope you guys like this cut. I think it's definitely a salon friendly look. Easy way to make a transformation. So I'd love to see your guys' pictures on this. Make sure you tag me on Instagram at free salon education so I can see your guys' take on this cut. Definitely let me know also in the comments below what you wanna see next on an upcoming video. Thanks for watching. All right guys, so that's Grace's haircut. I hope you guys liked the video. If you did like this video then make sure you like it below and hit the subscribe button and go to freesaloneducation.com if you don't own one of these cool razors and pick up a Donald Scott twist. Thank you guys so much for watching. I'll see you guys real soon.


Excellent. Please start to get away. Thank you. Okay. Thank you. Yeah, so thank you. Isaac. So, yeah, we'll be discussing the evolution of income or wealth distribution with higher order of the regressive process and I'm Sam and I work with Pritika and as I mentioned our supervisors were Jonathan and Ravi. So to introduce what we'll be discussing. Our main question is, so how does intergenerational mobility affect inequality. And in particular, we're talking about in economic mobility and economic inequality. And we shall be investigating this using auto regressive process models. And another interesting question is the reverse. So if you had a measure of inequality, how would you then estimate mobility between generations, however, we'll be investigating the first first one so how does mobility effect inequality. And just to illustrate what mobility means so I'm sure many of you have heard of this phrase so from shirt sleeves to shirt sleeves in three generations so essentially you can have. Like someone was poor and then their children like made it in the economy say and became rich but then their children again went down and became poor again so the old term for this is shirt sleeves. So that would be high mobility. And then I was trying to find a quote for the reverse of this but I couldn't really find one with shirts leaves anyway so I just made one up so. If you say shirt sleeve stays shirt sleeve over many many generations so this would be like low mobility so you know those who are poor stay poor for many generations or you can look at the reverse of rich stay rich for many generations, etc. Okay, so to intro. And we let x t be the log of income or health as well but for our purposes of this talk we're going to focus on income. And we let epsilon. cultural and and or genetic. Endowment of generation at generation T. And this, and we assume this following model, which has some micro or economic foundations, which was from so long, which he summarizes in 18. And this was adapted from an earlier paper in 1979 by Becker in terms. So the model is essentially. So I'll just read it so it's x t equals alpha plus beta x t minus one plus epsilon t and epsilon t equals theta epsilon t minus one plus each. So this alpha part is the trend in average incomes across the entire population. And this beta is the relationship between generations of income. Yeah, as I mentioned before this silent T which is serially correlated is a measure of the some other factor that's not income so you can say cultural or genetic endowment so how does parents genes I guess path, or how does their involvement past the next generation, you could say, and this is just a random noise from a normal distribution with zero mean zero and variant sigma squared. And we notice this epsilon t is an AR one process. And if we zero then x t itself would be an AR one process. And so this model if you just substitute for epsilon t, you can rearrange. And so, and get express that same model as a AR two process. So you have this x t minus two so the income of grandparents as well, or log of income of grandparents. What's interesting about this is that you would expect beta and theta to be greater than zero so pause essentially positive relationship between income of parents and children and some sort of cultural or genetic factor between parents and children expect both both of those to be positive, which then implies the coefficient of the grandparents is negative so the minus beta theta would then be negative. So, would you then think that this would imply a negative relationship between children's and grandparents income. And expect that but we're going to come back to this point later on. Okay. So now just some general results of AR two process. So AR two process so this is up here. Hopefully you can see the mouse. So, and in particular we want to look at when it's stationary so when it's roughly when the mean and variance and are independent. And this happens for these conditions on beta on beta one and beta two. And which can be represented as within this triangle in the beta one beta two space. And so under the stationary condition. The mean as this the variance as this and the autocorrelation or real one as this formula. And also you have that x t become follows an in stationarity is a normal distribution with the mean mu and the variance gamma naught. And that implies that. So that log of income is normal so that implies income is log normal under this model. And now we're introduced to quantities this intergenerational income elasticity and variants of logs. So, first assume an AR one process as follows. And then, given this process and AR one process you can estimate beta beta hat is at the OS ordinary least squares estimator of beta beta hat is the is the autocorrelation of x t. However, assuming instead that the model was actually the original so long model introduced, then setting. So, from the previous slide here we have an AR two with beta one as beta plus beta and beta two has minus beta theta. And substituting that in here. So beta one beta plus theta and beta two is minus beta theta. We get exactly this, which was the autocorrelation of an AR two. And this we call the intergenerational income elasticity. So if we substitute beta one as beta plus theta and beta two is minus beta theta into the variance of the AR one AR two. And of the solar model we get this which is the variance of logs, and the variance of logs isn't inequality measure. And we notice in both these formulas the symmetry of beta and theta so replacing beta and theta. And you get the same formula. Okay. And now say you say we had from data we inferred that it was an AR one process so say you had the data is x t and x t minus one. Then you could estimate beta hat and gamma not hat exactly. But then say you thought it was actually the solar model, then you have these representations of beta, beta hat in terms of beta and theta and gamma not in terms of beta and theta. And then you could then sort so you have two equations to unknowns and where the unknowns are beta and theta and you could solve this. However, we weren't looking in particular any data so to look at this numerically just to simulate for some beta hat and gamma not hats which we don't know. We just fixed beta hat and then estimated gamma not hat as a as the variant stationary variants of an AR one process. And to note that these two equations actually have analytical solutions but they're very complicated to write down it. There's lots of terms going on there in square roots and things so it's a bit ugly to look at. So anyway, I'm not going to look at the numerical results for this so fixing beta hats and estimating gamma not hat as from this. And also with Sigma squared equal to what set Sigma squared equal to one. To do this, I'm, we minimize this cost function. And so, essentially, when this is at the minimum point you would expect the beta hat to be closest to the, the IGE representation and the gamma not hat to be closest to the variants of logs representation and beta and theta. So we set the parameters for beta to be between zero and one and theta to between minus one and one. And, yeah, so then you solve this numerically and it gave the following results. And so the left graph. So the beta going from not point one to about not point nine and the theta on the why and which are all roughly zero. And so that's the result you get so it seems like the beta roughly tracks the beta hat. And the theta is roughly zero, although there's potentially an interesting sign change going on there. And you can see that the cost function so how well it works essentially this optimization. It seems to work steadily better from low beta to around not point eight and goes up slightly. And so. So this is essentially find assuming AR one but then assuming the Solon model and finding the beats and theta. However, this was just an initial exploration and we haven't really found the, like real world effects or what this means exactly. Like why should the beta be near beta hat why should the data be almost insignificant. Okay. So after these influential analysis presented by Sam, I'd like to talk about few qualitative results that emerged out of a study. So here I have formula of variance as function of beta and theta for time being we have fixed sigma square as well. First thing that we notice is asymptotic behavior of variance, where either theta or beta 10 towards plus or minus one. So because if it is plus or minus one, we have a strong direct relationship between children and parents well and genetic pattern, which creates a strict immobility across generations and which restrains the possibility of equality. The second thing that we observe is a perfect symmetry between beta and theta, which implies be it conscious investment choices made by parents in human and non human capital of children, or be it unconscious inheritance in form of genetic traits or social prestige. Both of them hold equal footing and determining the eventual income of the children. Third point is inequality for appreciable range of beta and theta going from zero to one, where one means direct relation and zero means no link whatsoever. The highest inequality is observed for higher values of beta and theta and the lowest inequality point is observed for theta equals to zero and beta equals to zero. In reality, we would encounter the positive stimulus of income by parents, we desire a negative draw on genes to counter the effect and gain maximum equality. But in real world, we know there's a positive transmission of wealth and genes. So in that case, theta equals to zero and beta equals to zero gives lowest inequality and highest equality. In next slide, this is the graphical representation of points that I made about. So in the left plot, we have plotted variance as function of theta going from minus one to one. For various positive constant beta, we observe the minimum point in the negative space of theta almost roughly equals to minus beta. In the right plot, we have plotted theta for only practically appreciable range going from zero to one. And here we can see minima is lying around zero and for higher beta, we observe higher variance. Second point that we see, the second result that we see is negative grandparent coefficient relating between grandparent's income and children's income for first order income model and first order genetic model. It might seem paradoxical in first plans that richer grandparent's will lead to poorer children, but we miss out a subtle implication in framing this equation. It says that there is a negative impact given that all other factors remain constant, which also include parents' income. So despite increasing grandparent's income, if parents couldn't increase their income, it signals that maybe they received a poor genetic transmission, which was also received by their children and hence the overall impact of grandparent's is negative on their children. However, time and again, our studies have shown a positive coefficient for grandparent's and children, which is minus beta theta. So does that mean this analysis is wrong? Not wrong, but I'd say incomplete. What if the genetic endowment is not as simple as AR1 model? We tried, in fact, we observed a higher order endowment model in genetic transmission. So we have also considered a factor by grandparent's genes as a direct addition to children's genes. In this case, we observe an AR3 model for lower income. Now the sign of grandparent's coefficient is positive, but we observe a new factor, a negative, even smaller factor for great grandparent's coefficient. We can extend this to p-order AR model in genetic transmission and we would always receive this last incessant coefficient to be negative. So with advent of data, if we consistently get a positive coefficient for grandparent, it does mean that they have a direct role in genetic transmission to their children. We still don't have gone through all the possibilities of reasons why we might receive a positive grandparent's coefficients and measurements. It might be because of group effects. Various ethnic groups leads to different intercepts in our equation, which leads to a mission of fixed effects. And bias analysis have shown that it gives a positive push to all the coefficients of all the generations. It might also be due to measurement error, where fitting a regression model on our data gives positive coefficients for all the generations. It leads me to my final and concluding slide. So overall, in our work, we were able to show the relationship between equality and mobility. Higher values of beta implies lower mobility, which is reflected in society as higher inequality. Now one might ask, why is it important to ask this question? Why is it important to pursue this research? It is crucial because it puts us in the center of debate of process policies versus outcome policies. To outline the contour of this debate, I'd like to talk a few minutes about process policies and outcome policies. So outcome policies aim to manipulate the leaders of government, that is subsidy, tax, regulations, and expenditures to achieve a final certain outcome. For example, direct cash transfers to keep children school. The success of these policies is measured by to what extent these transfer encouraged people to satisfy that particular condition. Process policies, on the other hand, try to shift the trajectory of change. For example, giving political reservations to certain class of people. In these cases, the approximate impact is too subtle to notice, but they are longer lasting. In this case, we tried to change the power dynamic of people by shifting the process of decision making in favor of lesser privilege. So coming back to the wealth part of this debate, outcome-based approach argues that maximizing economic growth would allow all the individuals to benefit from this and create a more equal society. So we should only investigate more deeply about final wealth distributions and variants of log and similar representations. Policy process, on the other hand, recognize the importance of opportunity and constraints on choices, and hence solicit affirmative action on details and thicas of the world. So overall, this work provided as a space to rethink the diagnosis of inequality to present the case for both process policies and outcome policies and how to include them in mainstream, which brings me to my final point. To reinforce ME theory, we must make our ideas legitimate by methods of measurement and statistics. We still have a lot of diligent work to do to test our theory against data, given that the variables of this model are social influence, wealth or genetic inheritance. Our noisy indicators themselves. It is difficult to quantify them and even more difficult to track them over a time spanning several generations. But we hope that with more data collection and data analysis, with refined data, our understanding will be better and improve, and we'll be able to find a more solid model of multi-generational wealth distribution. With this, we'd end our slide, we'd end our presentation, and we'll be happy to receive your views or questions. So thank you very much, Sam, and I'm critical for this very nice, very neat presentation. I would like to actually well congratulate you for this very nice presentation project to you and also to your supervisors. So there are a few time for questions. Actually, we have like seven minutes for questions. So if any of us have some questions, so please unmute your microphone and go ahead. I think Rhino may have had his hand raised. I don't know if that's true, but I have a question, so I will, I will just ask you. So go ahead, but let me point out a couple of things. I'm trying to control the whole thing with a desktop and a laptop. If somebody raises their hand with a video, I cannot see it. Okay. So, so maybe do it with the with the icon or just simply a medium microphone. So Alex, please go ahead. I was just wondering, I think this is this potentially this this negative coefficient of grandparent and great grandparent rental log income is sort of curious and counterintuitive at first glance. I was just wondering if you just look at the regional correlation say between child and grandparent log incomes. Presumably you find that to be positive. And actually this is really just a, if you like a correction term, because the effect of the grand parental log income is maybe overstated in the parental log income. Does that sound right or have I got that wrong. And yeah, I would say so yeah I think I did look at the auto correlation of lag too and I think yeah for the beaters and Peters positive I think it is positive. Yeah. Yeah, so yeah you're right about that. I think it was just the interesting point where you go from you always seem to get this factor come out so when you increase the endowment then you get the negative in the, then the great grandparent, whereas the grandparent can be positive. It's either it's like an interesting effect but yeah maybe the auto correlations are still positive so in effect it doesn't. There's still a positive transmission even though you see negative effect. It's just interesting you always get this negative factor at the last generation, when you when you increase the lag of the epsilon T. Thanks. I mean I would need to think about it a lot more but my guess is it's really just reflecting the fact that this is an autoregressive process. And that and that this is basically a correction because you've already got contributions within the the lower order terms. Yeah. Anyway, it is an interesting point. Thank you. So, Alex and thank you for the answer. More questions colleagues, please directly unmute your microphone and go ahead. Or write it in the chat if you have some technical problems back on with it. Okay, so if not, shall we thank Sam critic and the supervisors for this fantastic presentation and I'm pretty thank you very much guys. Thank you. So let me.


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