So, the topic we're on is how do we distribute keys and we're up to the part of how do we distribute public keys. The challenge is that with public key cryptography we want to tell everyone else or the idea is to just to tell everyone else what your public key is. The problem with that is that when you, how do you inform someone of your public key and the person who receives it needs to be sure that it actually came from you and not from someone else. So when I post a public key on my website and you download and use that public key, how are you sure that it is in fact my public key and it's not someone else who has got access to the website and posted a public key. So how do we distribute public keys? Then what we said, there are different approaches and we said, okay, first approach just make some public announcement, post your key on a website in the bottom of your email, print it in a newspaper, whatever. But again the problem here is that we're not sure that this public key is for the person that they say it is. It could be someone pretending that it's Steve's public key where it's in fact someone else's. Another approach is that we have some directory, some computer, some server where the users of the system go to that directory and publish their public key. So each user goes to the directory and provides some ID, some physical ID, they go to the person who runs the directory, show some ID and say this is my public key, the person who runs the directory confirms. This person is in fact who they say they are and when you want some other users public key, A publishes its public key in the directory, B publishes its public key in the directory. When A wants B's public key then A contacts the directory and downloads B's public key. So that's the general approach of using some central server or directory to store. Of course if we store all the public keys here the directory must be secure. That is there must be no way for some user to get a public key in the directory which is someone else's public key. That is there's no way for me to go to the directory and say here is John's public key where it's in fact my public key. So we need some way to secure the directory and of course if someone gets access to that directory the system will fail. And two I guess specific instances of how do we do this across a network shown in this one and in the next example. So the concept is that we use some central server or some central trusted third party, some authority. In this scheme we have our set of users in this example just A and B and we have an authority, someone we trust that is the user's trust the public key authority. And so this is a case of a publicly available directory but it shows the protocol for exchanging the messages to get the keys of the other user. And before these steps are performed it assumes that each user has gone to the directory or the authority and published their key. So each user has done this step. User A has gone to the authority and said here's my public key and so has user B they've gone to the authority, the directory and said here's my public key. So they published their keys inside the directory or called here the authority. And also when you go to the directory you not only publish your key but you also obtain the public key of the directory of the authority. So before any of this happens the set of keys known and I think we covered this last week but quickly again the authority A and B the authority before these steps knows the public key of A, the public key of B. The authority also has its own key pair, public key of the authority and the private key of the authority. That's known by the authority before these steps. A of course has its own pair so does B, P-U-B, P-R, the private key of B, the other key pairs they are known by each user. And also A knows the public key of the authority so does B. They were obtained manually that is somehow user A went to the authority and gave them their public key and similar received the public key of the authority and they trust that. So we assume that they are trustworthy keys. We know that they in fact use the key of A and the key of the authority. And B has done the same. So that was some manual exchange. For example if I was running the authority and you were the users you would come to my office, you would show me your ID and I would check your ID and then we'd exchange our public keys. I would give you mine, you would have the authority's public key and you would give me your public key. And then these steps show what happens for A to communicate with B when we communicate across a network. So now there's some server and two users, two computers. A wants to communicate to B. To communicate to B, A needs B's public key. That's our goal here. A wants to find B's public key and similar because B will need to find A's public key. That's our goal of this protocol. So our initial state, the result should be that A knows P-U-B and B knows P-U-A. And when I say they know them, they must be verified. From now on in any of these messages an attacker could intercept a message and change it. So if we just send a public key from A to B, no encryption, no signature, if we just send the public key of A direct to B, there's nothing stopping a malicious user from intercepting and changing that. So we cannot rely on that. And that's why we have these set of six or seven steps. And the steps, the initiator A requests a public key from the authority. They request B's public key. So in this request, A is saying please send me B's public key. And the authority sends back a reply containing B's public key. Some information from the request including a time stamp so that A knows that this is a reply to their previously sent message. It's not a replay of some old message. So they can check if it's a replay from something that happened before. And importantly the public key of B is signed by the authority, encrypted using the authority's private key in this case. And A verifies that received public key by using the public key of the authority. Anything encrypted with the private key of the authority can be verified using the public key of the authority. And since we trust the public key of the authority, A trusts the public key of B. So now A has PUB. And step three, A sends a message encrypted using PUB so no one else can see it. Encrypted with a public key means that we provide confidentiality. Saying I am user A, B receives this message and B now knows, OK, A wants to communicate with me. I will need A's public key. So B requests from the authority the public key of A. The authority in step five sends back the public key of A again signed by the authority. When I say signed I mean encrypted with the private key of that user. Being signed by a user is encrypted using the private key. So step one and two and steps four and five are similar. It's just this is requesting B's public key and this is B requesting A's public key. And once B receives message five they verify the message using the public key of the authority. Once they verify everything's correct they now know A's public key. We've achieved our goal. Our goal was A and B know each other's public key after step five we've achieved that goal. Step six and seven are just some final authentication checks to make sure that message three was not a replay. So it's not about the distribution of the public key, it's just to confirm that someone didn't make this message up or replay this message from before. So it's just we saw this in one of the other schemes where we do some final checks and saying did you really send this? Yes I really sent this. So the idea in this scheme is that we have two steps. We say the manual exchange is the public keys between user and authority. That is before any of these exchanges each user goes to the authority and publishes their public key and similarly receives the public key of the authority. That happens before this. So if we have ten users each user must go to the authority and exchange their public keys. And once that's done when any user wants to communicate with any other user, A wants to communicate with B then they perform these steps, these seven steps. And as a result A gets B's public key and B gets A's public key. And if user C wants to communicate with D then they do the same set of steps. So the question is does the authority assign the public key? No, the user chooses their public key. So when you generate a key with public key cryptography you in fact generating a pair of keys. You create your own public and private key at the same time. You did that with Diffie-Hellman in fact, same with RSA and other schemes. You generate a pair of keys, a key pair. So user A generates its key pair PUA, PRA then manually goes to the authority and gives the authority PUA, only the public key. There's no need for the authority to know the private key of A, only the public key in this case. So the authority doesn't generate it, the user generates their own key pair. So first there's some manual exchange of public keys and then let's say across the network some automatic. When I say automatic I say I mean we can send these messages across the network across an open network, the seven steps shown on this diagram that's done via some protocol. So some software can do that and send it as messages across some network. Whereas the manual exchange we assume that there's some other channel for exchanging public keys like a physical exchange or some other secure channel. If there are 100 users then each user must exchange their public key manually with the authority and then when any pair of users want to communicate they go through these steps. This works, okay, it's secure, both users learn the public key of the other user. The problem is performance because whenever any user wants to communicate with another user they must perform these steps and each time there's a message to the authority from A and a response and similar from B to the authority. So now imagine we have a network with a thousand users, every time any pair of users want to communicate they both send a message to the authority. So many messages are going to the authority and the authority must respond with many messages. For every pair of communications there are four messages here. So we put a lot of load on the authority in this case. The authority becomes a performance bottleneck. If the authority crashes, it's a server for example, a computer running some software if it doesn't work it's unreachable and the system does not work because we rely on that authority then. If it comes slow because many messages are going to it then it'll be slow to respond and it slows down how A and B can exchange their public keys and hence communicate. So from a performance perspective this can be a problem, relying on that public key authority all the time. But from a security perspective it works okay. And when let's say today on the current day A communicates to B they perform these steps. Maybe tomorrow when they want to communicate with B again they may repeat the steps to check and get a new public key. But in fact you can improve the performance a little bit by performing some caching, storing some old messages in that case. But generally the problem is that the authority is a performance bottleneck. Everything goes via the authority every time any two users want to communicate. So an alternative is to use generally public key certificates. So we'll go through a scheme of how to use certificates and then start to describe the formal parts of what we mean by a certificate. So here's a different approach and we have these two users A and B want to communicate and an authority. Here we call it a certificate authority. We'll see that we use this concept that we call the things that we exchange as certificate and we'll describe what they mean but here's our central authority and the same as the public key authority but it has a slightly different role. Here we're showing the let's say the manual step of exchanging a public key with the authority. So don't be confused by comparing this diagram with the previous one. In this case we only showed the automatic steps. We didn't show the manual exchange. In fact the manual exchange is like this whereas in this diagram we're showing both. This is one of the, or this is the manual exchange. This happens before we do anything automatically across the network. And then so is this between A and the authority. The automatic steps are just one and two. Okay so if we compare to the previous case the manual steps we do something before we exchange across the network. These two messages and these two. The automatic just these two steps. So first thing we do is before we want to communicate with other users each user similar as before publishes a public key to the authority. Just the same as before we go to the authority and say here's my public key. So again A has its key pair, B has its own key pair and we'll see also the authority has a key pair. What do we call it here? Same as before each user has a key pair. They generate their own pair of public and private key. And then user A goes to the authority and says here's my public key. And the authority will check the identity. For example if I'm the authority you as the user will come to me and say here's my public key I'll check your ID and confirm this is actually you. So that's a manual step. So the authority learns the public key of user A and what the authority does is they issue a certificate to user A with the public key of user A and that's this second step here. This is a certificate or a simple form of a certificate for user A, CA. What a certificate contains importantly is the public key of a user signed by someone else where that someone else is the authority someone will trust. So we see that this in the shortened form is the public key of A we include the identity of A say the name of user A usually some time stamp saying that this is valid from this date onwards and it's signed by the authority encrypted using the private key of the authority. So this is issued to user A. So user A we say now has CA which is just its own public key but it's signed by the authority. That's the manual exchange. So each user is issued with a certificate from some authority and again as with before we trust the authority. B does the same. So the result is that the authority will have the public key of B and B will be issued with its own certificate and at the same time although it's not shown here A will learn the public key of the authority and so will B. So that's the knowledge from the manual exchange. So that's what we assume when the before we start sending packets across the network which is these two steps and these two steps that's part of the manual exchange. Similar to before A knows its own key pair as well as the authority's public key. The authority knows its own key pair as well as the other user's public key. So that's the same as we had before. In addition each user has their own certificate. What's our goal here? What are we trying to achieve from now on? What are we trying to do? Same as with the public key authority, what's our goal? It's nice that we've got some new students finally arrive at the end of the semester. So we'll ask them some questions later. What's the goal with this exchange? What are we trying to do? Identify. What are we trying to exchange? Public keys. What we're trying to do is A wants to know B's public key and B wants to know A's public key so that they can communicate using those keys. That's the same as what we were trying to do in this case. Just exchange each other's public key. In the previous case using the authority after the manual set up to exchange the public keys we performed these seven steps. Using a certificate authority we've done the manual steps to now to obtain a public key we perform just these two steps. All we do is we send each other our own certificate. A sends C A to B, B sends C B back to A and that's done across the network. So we send it in some message across the public internet for example. So the result after that exchange is that A knows C B and B knows C A. Remember the goal is for A to know P U B, the public key of B and for B to know the public key of A, that's the goal. Have we reached that goal yet? Have we reached the goal? We have the certificate. We want to know the public key. But what is the certificate? Just look at it here, just write it down. C B for example is encrypt using the private key of the authority, some time stamp, the current time, the identity of a user, ID B like the name of the user and the public key of B. That's C B as on the slide. A knows C B, first, can they decrypt this? Can A decrypt this? Hands up for yes, higher. Anyone else? Hands up for yes. Can A decrypt? Maybe this will be our quiz, our quiz that we need to have. We'll have a quiz today and we'll be made up of a set of questions, yes or no. Can A decrypt C B? Yes. Okay, enough people responded yes, what about no, anyone? Of course A can decrypt it because it's encrypted with the private key of the authority and A has the public key of the authority. In fact we say it's signed by the authority and we don't generally talk about encrypting and decrypting we say if it's signed by the authority we can verify it if we have the public key of the authority and we do have the public key of the authority and we trust that public key because that was obtained in the manual exchange at the start. Anything obtained in that manual exchange we trust because someone came to my office, they showed me the ID we trust each other and you obtained the public key of the authority. So first, user A can decrypt this or they can verify it and therefore they can see the contents, what are the contents, some timestamp, some identity, some name and importantly the public key of B. So when you have someone certificate you also have their public key. So in fact A does have the public key of B and importantly it is B's public key because it was signed by the authority and we trust anything signed by the authority because we trust the authority's public key. So A knows B's public key and similar B knows A's public key. So a certificate contains the public key as well as some other things and importantly that public key is verified or is signed by some other user, in this case the certificate authority. So we've achieved our goal, A and B know each other's public key and they are sure they are the correct user's public key because they were signed by the authority and we trust the authority. So in summary, in this approach there's these four steps in the manual exchange at the start. Every user must go to the authority and be issued a certificate if there are a thousand users that happens a thousand times and then whenever any two users want to communicate, A wants to send data to B then those two users just exchange their certificates and from a performance perspective that's much better than using the public key of authority. In the public key authority whenever any two users want to communicate they go to the authority, receive a response, exchange some messages and B also goes to the authority whereas with a certificate the authority is not involved it's just A to B when we do the automatic exchange across the network. So from a performance perspective in a large network this is much better. Same level of security, both cases the end goal of each user knowing the public key of the other user is achieved so the same level of security but better performance in this case especially in large networks and certificates, public key certificates the primary form for distributing public keys in the internet today. So when you access a website using HTTPS and I'll show some examples today you receive a certificate from that website which has been issued by some authority and your browser verifies the certificate that you received to check that you're contacting the website that you think you're contacting. So we'll see some examples of how your browser does that. So they're important in how we use public key cryptography in the internet. Once a user has a certificate issued to them they can just tell anyone what that certificate is just send it to them across an open network because importantly that certificate contains the public key of the user signed by the authority. So long as the other user trusts the authority then we can receive the public key. So when comparing certificates versus the public key authority same level of security different in terms of performance. So now let's look at the details of certificates. So the assumption is in general that the users have the public key of the authority. So then if you think about your web browser your web browser you're the user and the web browser is the user. If we receive a certificate from a web server we need to verify that certificate with the public key of an authority. So if there was one authority in the world then every user must have the certificate of that authority in your web browser. It turns out that doesn't scale very well just having one authority in the whole world and every web browser getting a certificate from there because the issuing of certificates also takes effort it turns out we have a hierarchy of authorities not just one authority but many authorities and we'll see the details of that. There's a few slides towards the end here and also in a demo with looking at our browser. So it turns out you don't need just one authority you can have multiple authorities for performance reasons. In this in this example scheme the certificate is shown as take the public key of the user some identity when I say ID the identity it depends upon the context or the scenario it could be a name of a user it could be an address of a computer but it's something that identifies that user in the system. See a timestamp usually in fact we'll see later we usually two times the time in which this certificate starts to be valid and when it finishes being valid. So this certificate is valid from today and to one year from today so in practice we'll see there's usually two times but in this example we say in general we need some timestamp to indicate how long the certificate is valid for. So the certificate was encrypted using a private key of the authority this is the general concept we need to have a public key signed by the authority how do we so this is a general concept of a certificate the specific format there are different options the most common format is defined in a standard called X509 and that's what's commonly used in the internet today so we'll look at the details of that format it's used in many internet protocols that are used for security today whenever you access a secure website using HTTBS there's a certificate involved so let's look at the content of these specific X509 format so an authority issues the user selects their own public key but the authority creates a certificate they issue a certificate and the certificates can be stored in some public directory they can be published on websites because when you receive a certificate you can confirm that it's valid by using the authorities public key what does the X509 format contain this information will see in detail the version of the format that we're using it's been improved over time we'll see that oh the algorithm used for signing that is here we say in encrypt using the private key of the authority what algorithm is used there and in fact we normally do not just encrypt using a public key algorithm we normally take the hash of the contents and encrypt just the hash of the contents so we'll see that in detail and we'll explain why some identity of the authority some time frame for which this certificate is valid for example it's valid from today until one month from now or one year from now and after that time frame you shouldn't trust the certificate the name or identity of the user the public key of the user and the signature so in fact in the general approaches we encrypt this information with the private key we'll see with X509 it's slightly more than that it's illustrated here in the diagram where we have Bob's certificate we have his ID something that identifies Bob his name some unique identifier Bob's public key so the value of his public key and some information about who the authority is the CA the name of the authority and we take that information and that will be part of the certificate that'll be included but we also take a hash of that so we use a hash algorithm MD5 char one some other hash algorithm and we take a hash of all that information and we get some hash value some fixed length small value and we encrypt the hash value using the private key of the authority so this is the signature phase in fact in practice we do not encrypt the entire content we just encrypt a hash of the content we take the content take a hash value encrypt using the private key of the authority of that hash value and as a result we get the signature and we attach that signature to the rest of the content and together the content plus the signature is the certificate and we can send that across a network publish that anywhere we like when we send it to someone they need to verify to check that it's valid what they do is that they take the signed part the signature part here and decrypt using a public key of the authority this part was created by taking a hash value and encrypting with the private key of the authority therefore we take that value and decrypt with the public key of the authority and we should get the hash value back and then we take the content and calculate a hash of the content and we compare these two values if they're the same we trust the certificate if they're different we don't trust it so we're using the concepts that we've seen in some of the other topics of taking a hash of the values signing and so on so this is the signing part we create a certificate by signing it this is the verification part we check if it's valid that's the general procedure let's look in some more detail of what is actually inside the x509 format what's the content it can't contains a set of fields our certificate the version of the protocol or the the standard we're using x509 has different versions some unique number given to this certificate so your certificate will have a serial number mine will have a different serial number so it can be just some long random number some details about the algorithm used for signing remember the signing there's two parts of the algorithm we take a hash and then we encrypt so we must specify what is the hash algorithm used and what is the encryption algorithm used and what parameters do we use for those so for example the signing algorithm could be use sha one as the hash function and use RSA as the encrypt function so what specific function do we use in those cases they are listed inside the certificate the name of the issuer this is the authority so the authority has some name some identity the two dates or times for when this certificate is valid so it's not valid before some time and it's not valid after some time so two time stamps or dates the name of the user the subject that's called formally so if it's my certificate my name would be here and in fact it's not just the name usually it's a they call a common name an organization name for example school of ICT SIT Thomas Art University so it can be more than just an individual person's name so the name of the user the subject the public key of the user or subject so what is your public key the algorithm used for the public key any parameters and the actual key is included here so if we use RSA the key would include would contain what values in RSA what's the key what are the variables we use to denote the key RSA you think of Diffie-Hellman remember RSA when we what's the public key what are the letters we use E and N remember with RSA N is the modulus mod N so that's part of the public key and the other value is this value E the exponent that we use so the value of E and N is included here if we're using Diffie-Hellman then we have the public values Y and the parameters the alpha and and Q in Diffie-Hellman we have some unique ID some long unique ID for the authority and the user the issuer and the subject we may include some optional extensions to give him more information but not we're not going to cover that and then finally the last part is the actual signature so we take all of this above we use the hash algorithm to find the hash value and then we encrypt with the authority or the issuer's private key and the result is the signature that's our certificate let's have a look at some examples so one place where we use certificates a lot is on secure web access so when you access a site using HTTPS the issue is that with HTTPS we want to encrypt the information between your browser and the web server so that no one in between can intercept and see the information for example the web server for your bank so between the browser and the server we want to encrypt the information so why do we need a public key well we can use a public key to verify that we're communicating with the bank and we can use that public key to encrypt a secret key and then use that secret key to encrypt our information so we need the public key of the server so if I find the public key of the server then I can choose a secret key and encrypt that secret key and send it to the server and then our data can be encrypted with that secret key so when I access a secure website the normal procedure is that I obtain the certificate of that website let's have a look at the certificates the exact protocol for doing it we'll see in a later topic okay but let's just look at the content of the certificate so let's access some secure websites and we'll give two examples so here's one of one of my websites and in the HTTPS to indicate I want to use a secure connection between my browser on this computer and my server somewhere else and it connects fine and note in this case Firefox shows this padlock up here giving some indication that there's some form of security what's it say when I hover over it says verified by start com if we click on it it gives me some information you are connected to a particular domain name sanderlands.info so it's confirming and we'll see later the certificate is coming from this domain name which is run by unknown so there's no information about who the owner of this is but it's coming from a particular domain name and it's verified by start com some other company so in this case when we'll see the details this is this information is coming from a certificate for sandylands.info where the authority is start com and it says your connection to this website is encrypted to prevent eavesdropping which means that we've used this certificate to then exchange some secret key and then everything we send between the browser and the website is encrypted let's look at some more information so there's a more information about that connection and actually before we look at it some identity of the website so it gives uses a domain name to identify it and the in this case the owner the website doesn't supply ownership information it's just the domain name that identifies it the owner it could be someone's name it could be my name but it's not in this case and the verified by is the authority in this case and we can actually view the certificate before we do it we see down the bottom some other information about the security the connection between the browser Firefox and the server is encrypted using AES 256 256 bit key and it's just some information about that now let's look at that actual certificate and Firefox shows some general summary information but let's look at the let's look at that first and then go into the details so this just shows a selection of the information the the name of the subject who this certificate is issued to is in fact broken into different fields there's a common name the domain name of the website and optionally can be an organization or organization unit for example it could be a common name of SIT and the organization is SIT the unit is the school of ICT or something similar so you can identify the organization as well some serial number that is given for that the subject the user in this case and then issued by is the authority who issued this certificate and some common name for the authority start com class one primary intermediate server CA and some organization name issued on 11th of June 2012 expires on 11th of June 2013 so this is valid for one year this certificate after 11th of June 2013 when your browser receives this even though the signature may verify it should also check the expiry date and if the date is past this it shouldn't accept this certificate it's no longer considered valid and the fingerprints are used for the the signature let's look into some some of the details so this is actual fields in inside the certificate so I'll select the field here and we see the value here I know it's small but we can just make out so the version of X509 being used in this case is version 3 the serial number for this certificate which was created by the issuer when the certificate was created the algorithm used to sign and remember with the algorithm with signing there are two parts the hash and the public key cryptography so this is using char one and RSA encryption so you can use different algorithms you're not fixed to a particular algorithm you can use char two five six char five one twelve different algorithms here you can use RSA DSA other public key algorithms then the issuer that's the authority and it's broken into four fields the common name organization unit organization country and the two dates it's not valid before this date and time and not after this date and time and the subject is who the user is it's got an email address a common name and a country not all fields net and needed in the certificate I think this object identifies just some some encoding of the information included there it would depend upon what fields are included so that identifies the user or the subject then we have the public key info this is the public key of the user the subject what algorithm is used for the public key and here we gain again use RSA it doesn't have to be the same as the signature the public key here is chosen by the user they choose whatever algorithm they like RSA DSA some other algorithm the signing is done by the issuer of the authority again they choose whatever algorithm they like so they may be different it's just they are the same in this case both use RSA because RSA is very common and here's the public key and you can see the modulus which is n in the public key 4096 bits is the size of n in this case and if we scroll down it's presented in hexadecimal and e the exponent and here is just 65537 so it's a very common value of e with RSA the value of e the exponent is usually this value or some other well-known value it doesn't have to be different but the modulus n must be different so there's the public key extensions we will not go through them you may include some other information signature algorithm and importantly the signature itself that's it that is we take the hash of all the other information and then encrypt it with RSA if we write down the entire certificate we started with a version then we had some other information the issuer subject so all the other fields we take all of them combine them together all of this what we just went through and then at the bottom we attach the signature or the end we attach the signature which is we take the hash of all of this and then encrypt and in this case we encrypt with a private key of the authority we take the hash of all the information encrypt with a private key of the authority in our case the hash function is char one and the encrypt function is RSA and this value here the signature is the output of this the hash the char one of all this information the previous fields and then encrypted with the private key of the issuer start common this case and we get this 2048 bit values at output so that's the signature so we that's the entire certificate for this this website a web server so when the server sends me this certificate sends my browser this certificate how do I verify it how do I know it's valid what do I do I decrypt decrypt the signature with the public key of of the authority and the authority in this example it was start com let's scroll up just remind us the issuer the company's called start com so I decrypt with the public key of this organization where is that public key did you did I encrypt it decrypt it when I use my browser does the user have to do it no it should be automatic where's the public key of start com so to verify this certificate it was signed with the private key of start com to verify I use the public key of start com therefore I need to know the public key of start com where is that no that's the value of e where is the public key of the issuer in this case it's not in the certificate the certificate contains the server's public key in here was the the public key of the server where's this public key of the issuer again the browser knows it it's pre-configured in the browser so when you access a web server that web server sends you its certificate you need to verify it or your browser needs to verify it to do that your browser needs to know the public key of the authority and a common way that that's performed is your browser is pre-configured with a set of public keys of authorities and in fact not just public keys of authorities but certificates of authorities trusted certificates let's have a look why won't you close wrong button so now let's look at that was the certificate of the web server that my browser received to verify and you can see it in Firefox under preferences here I'm under advanced encryption and I can view certificates and there are a number of tabs tabs up the top the one I've selected is authorities these are at least most of these came when I installed Firefox these are a set of certificates of different authorities that my browser trusts and inside those certificates are the public keys of those authorities so we must start with some public keys to be able to verify something that we receive so there's a bunch of authorities that my browser trusts some of them you recognize their names some are companies government organizations Komodo is a large security company Digi cert and trust is another large one let's but we our certificate was signed or issued by start com let's see if we can find them okay and was it this one I think the certificate the issuer was start com I can't remember was class one or class two but one of these two so there are multiple certificates for this organization so we can actually view that certificate as well and it's the same format so let's make note of what we've got so far my browser received my browser received a certificate for sandylands.info that was the website I contacted and I'll write it as that's the user or the subject and the issuer was start com and specifically I think it referred to start com class two primary intermediate server that was the issuer in that case that the public key of that user is needed to verify so now I go into my browser and I see the set of certificates I already know about and trust so these authorities are the authorities my browser trusts and I find this certificate here for start com class two so start com summarized class two this notation is just sure hand to say that this is the user this is the authority certificate for sandylands.info signed by start com class two and now we see that's certificate for start com class two who's the issuer who signed it well at least here that issued by in this case start com certificate or certification authority so this certificate is signed by someone else same company but a different certificate CA let's call it and we could check the details in here has a validity so now let's see whether we trust who signed this because to verify this first certificate I received I need the public key of this organization well the public key is inside here but this public key is being signed by start com CA and we also see in my browser in fact I trust that that specific certificate already but let's just check start com CA is a built-in object it's already in my browser so to be complete we have a third certificate start com CA and if we looked at the details who signed this who look at the the subject issued to and the authority issued by I know it's hard to see at the back it's the same organization start com certification authority start com certification authority this is a special case certificate what would say self-signed the same person who whose public key is included issued or signed that start com CA we'll return to that a bit later self-signed certificates but coming back to the start my browser received this certificate I want to check if the public key of sandy lens info is valid to do so I need the public key of start com class 2 and I look in the set of trusted certificates inside my browser for the certificate of start com class 2 and I find it there and therefore I trust the public key of that organization I use the public key of start com class 2 to verify the received certificate and if it verifies then I trust the public key now of sandy lens dot info and then I can use that public key to encrypt information between my browser and the server so important point here for this to work in practice your browser must be pre-configured with a set of certificate authorities and we see in here most common browsers have a large list of different authorities different companies and government organizations vera sign is another large one in fact there may be different authority certificates visa you'll see Microsoft and other organizations in there if you don't trust this organization or this certificate then you need to remove it from your browser and now that I trust the public key of sandy lens dot info I can encrypt a secret key to use for our data encryption any questions on the concept so far of certificates so remember it contains a public key of user my certificate contains my public key but importantly it is signed by some authority and when someone receives my certificate they need to verify it and to verify it they need the public key of the authority and okay yep so the question about in this last case we had a certificate signed by the same organization as it's issued to which is called a self-signed certificate so long as the browser accepts that so the the list of certificates here on this authorities tab are the ones that your browser trusts so if there's a certificate in this list then your browser will trust and use the public key from that list but if we'll see later a case of a self-signed that's not trusted and come back to that one okay after the break you'll be happy to answer some quiz questions about certificates make sure you remember contains a public key certificate contains a public key plus other information but importantly a public key of the user and it's signed by an authority and to verify it we need the public key of the authority and it turns out later we'll see we can have a chain of certificates that is we could consider these as a chain of certificates in that here's one public key signed by one authority and that authorities public here is signed by another authority and that authorities public here signed in this case signed by itself we can actually have a chain of certificates but we'll cover that after the break let's stop there and then we'll try and demonstrate with some examples different aspects of certificates after the break if we okay let's have a quick example if we what it what will happen if we access a website and we we receive a certificate but there's no start com class 2 for example in there let's try let's visit the IT server HTTPS IT dot SIT I think I have to reload sorry my internet's gone let's try again maybe it was working at the start of the lecture let's do that and show you after the the break okay let's have a break and we'll see if we can get some internet access and I'll show you the case what happens if we don't trust the certificate okay let's continue later see what's wrong


His Books, by Robert Southie Red for LibriVox.org by Bill Mosley My days among the dead are past. Around me, I behold, where these casual eyes are cast, the mighty minds of old. My never-failing friends are they with whom I converse day by day. With them I take delight in wheel and seek relief and woe, and while I understand and feel how much to them I owe, my cheeks have often been beddued with tears of thoughtful gratitude. My thoughts are with the dead. With them I live in long past years, their virtues love, their faults condemn, partake their hopes and fears, and from their lessons seek and find instruction with an humble mind. My hopes are with the dead. A none my place with them will be, and I with them shall travel on through all futurity. Yet leaving here a name I trust that will not perish in the dust. His Books, by Robert Southie Red for LibriVox.org by David Lawrence April 2010 at Mountain Lake Campground near Summersville, West Virginia. My days among the dead are past. Around me I behold, where ere these casual eyes are cast, the mighty minds of old. My never-failing friends are they with whom I converse day by day. With them I take delight in wheel and seek relief in woe, and while I understand and feel how much to them I owe, my cheeks have often been bedewed with tears of thoughtful gratitude. My thoughts are with the dead. With them I live in long past years, their virtues love, their faults condemn, partake their hopes and fears, and from their lessons seek and find instruction with a humble mind. My hopes are with the dead. A none my place with them will be, and I with them shall travel on through all futurity. Yet leaving here a name I trust that will not perish in the dust. End of poem, this recording is in the public domain. His Books, by Robert Southie Red for LibriVox.org by Ernst Patinama My days among the dead are past. Around me I behold, where ere these casual eyes are cast, the mighty minds of old. My never-failing friends are they with whom I converse day by day. With them I take delight in wheel and seek relief in woe, and while I understand and feel how much to them I owe, my cheeks have often been bedewed with tears of thoughtful gratitude. Our thoughts are with the dead. With them I live in long past years. Their virtues love, their faults condemn, partake their hopes and fears, and from their lessons seek and find instruction with a humble mind. My hopes are with the dead. A none my place with them will be, and I with them shall travel on through all futurity. Yet leaving here a name I trust that will not perish in the dust. End of poem, this recording is in the public domain. His Books, by Robert Southie Red for LibriVox.org by Fedgera My days among the dead are past. Around me I behold, where ere these casual eyes are cast, the mighty minds are old. My never-failing friends are they with whom I converse day by day. With them I take delight in wheel and seek relief in woe, and while I understand and feel how much to them I owe, my cheeks have often been bedewed with tears of thoughtful gratitude. My thoughts are with the dead. With them I live in long past years. Their virtues love their faults condemn, partake their hopes and fears, and from their lessons seek and find instruction with a humble mind. My hopes are with the dead. A none my place with them will be, and I with them shall travel on through all futurity. Yet leaving here a name I trust that will not perish in the dust. His Books, by Robert Southie Red for LibriVox.org by Joelle Peebles My days among the dead are past. Around me I behold, where ere these casual eyes are cast, the mighty minds of old. My never-failing friends are they with whom I converse day by day. With them I take delight in wheel and seek relief in woe, and while I understand and feel how much to them I owe, my cheeks have often been bedewed with tears of thoughtful gratitude. My thoughts are with the dead. With them I live in long past years. Their virtues love their faults condemn, partake their hopes and fears, and from their lessons seek and find instruction with a humble mind. My hopes are with the dead. A none my place with them will be, and I with them shall travel on through all futurity. Yet leaving here a name I trust that will not perish in the dust. His Books, by Robert Southie Red for LibriVox.org by Leanne Howlett My days among the dead are past. Around me I behold, where ere these casual eyes are cast, the mighty minds of old. My never-failing friends are they with whom I converse day by day. With them I take delight in wheel and seek relief in woe, and while I understand and feel how much to them I owe, my cheeks have often been bedewed with tears of thoughtful gratitude. My thoughts are with the dead. With them I live in long past years. Their virtues love their faults condemn, partake their hopes and fears, and from their lessons seek and find instruction with an humble mind. My hopes are with the dead. A none my place with them will be, and with them shall travel on through all futurity. Yet leaving here a name I trust that will not perish in the dust. End of Poem This recording is in the public domain. His Books, by Robert Southie Red for LibriVox.org by Ruth Golding My days among the dead are past. Around me I behold, where ere these casual eyes are cast, the mighty minds of old. My never-failing friends are they with whom I converse day by day. With them I take delight in wheel and seek relief in woe, and while I understand and feel how much to them I owe, my cheeks have often been bedewed with tears of thoughtful gratitude. My thoughts are with the dead. With them I live in long past years. Their virtues love their faults condemn, partake their hopes and fears, and from their lessons seek and find instruction with an humble mind. My hopes are with the dead. A none my place with them will be, and I with them shall travel on through all futurity. Yet leaving here a name I trust that will not perish in the dust. End of Poem This recording is in the public domain. His Books, by Robert Southie Red for LibriVox.org by Ruth Golding My days among the dead are past. Around me I behold, where ere these casual eyes are cast, the mighty minds of old. My never-failing friends are they with whom I converse day by day. With them I take delight in wheel and seek relief in woe, and while I understand and feel how much to them I owe, my cheeks have often been bedewed with tears of thoughtful gratitude. My thoughts are with the dead. With them I live in long past years. Their virtues love their faults condemn, partake their hopes and fears, and from their lessons seek and find instruction with an humble mind. My hopes are with the dead. A none my place with them will be, and I with them shall travel on through all futurity. Yet leaving here a name I trust that will not perish in the dust. End of Poem This recording is in the public domain.


guitar in Voodoo Vegas. What black star amp do I use? Well I use a black star Artisan 30. I absolutely love this amp. I use it for many reasons. Firstly because it cuts through the sound amazingly live on stage, works amazing in the studio, it's got a really clear tone, lots of clarity, punch to it. The clean channel is very nice and chimey and pretty I think when you're on the channel too. It's a lot more gruff, it's that typical classic rock sound. It's nice and thick and meaty, fat sounding and what's cool about it is you can flip between the choice of using it on 10 watts or 30 watts but I tend to use it on the 30. Well a couple of years ago I was playing a gig in my hometown in Bournemouth and I was playing with the choir boys and backstage I got talking to them and also the guys from Bad Company because they were there too backstage and they recommended that I started using a black star because I was having lots of kinds of troubles getting the tone I wanted with my amp I was using at that time but at that time I was already using a black star product I was using the black star HT Jewel pedal which was amazing but the amp I was using at that time wasn't quite right so I thought that product was amazing I'm sure their amps will be and I trusted their opinions so I went and tried a few out and got one straight away. What I love about this is it's got a fantastic build quality it's got nine valves in it so it's nice and juicy four of them are nice EL84s I run this with a 2x12 cab class A selection speakers it's an open back cab so you're going to get a nice full sound also it's all hand wired point-to-point stuff so it's just all I need really it works fantastic in the studio fantastic live it's just it ticks all my boxes and it's the tone and style I've always wanted so there's no need to explore any other options I'm happy with what I've got so. The black star handles the live situation incredibly well it's never let me down it's completely reliable and I always get the sound I want no matter what type of venue I'm playing. My live setup basically it could be a bit more unusual compared to some other people their amps because I channel blend because basically I love channel one because it really cuts through and it's so charming and pretty but I love channel two as well because that's where the gain is and it's gruff and it's got that fat sound so I blend between the two channels hence this patch lead here and then I come out the high output of channel one into my black star HT dual pedal and also I set my EQs like I have my treble just before halfway my middle and bass and my gain just over halfway and so I really like the mid tones the most I'm not I like the scoop sound as well but it's not really what are you doing my band and then I have the bass shape up to max and in the volumes tend to be on about two because it's such a loud amp even though it's on 30 watts it's insanely loud and that's even with playing big places it's only on about two usually yeah and then because I've got my HD dual pedal I've got two extra stages of gain on top of this as well and that also has a valve in it so really I'm playing around 10 valves so it's sounding really warm and really good I also put the voicing on warm as well because you can have it on bright but I like it on warm and in the studio and we did our album called the Rise of Jimmy Silver and that was out just over a year ago and I used my black star amp on pretty much every single track I used it on all the rhythm tracks and some of the lead tracks but I use this most of the time good at least 90 percent of the time and yeah I absolutely love it and my relationship with black star it's really positive actually of anyone I've ever been endorsed by black star I've been the most helpful with giving me advice or any help I need whether it's over the phone or through email if I phone someone and they're not there to take the call they'll win me back as soon as they can emails quick as they can they're just really they're just really positive for me even with if I need to borrow equipment abroad they'll loan it to me as well so yeah they're really there for me and it's a really positive relationship well at the moment we're writing for our second album and I think it's going to be great it's gonna have a bit more of a matured sound but while still sounding like you know Voodoo Vegas and we're gonna use the same producer we used last time for the album which was Pedro forever who produced Permission to Land by the Darkness so he was amazing for us last time so we could use him again and also we're touring with Y&T they're coming over from America we're gonna do a European tour of them Belgium Holland Spain and one in the UK as well in Southampton and all that's in October so that should be really good and we'll be playing Paris our own show there in December and yeah we've got loads of UK dates as well to look forward to oh including headline in the bar fly in October so yeah lots of exciting stuff in the pipeline so thanks for watching everyone and if you want to keep up to date with all my going zones with me and my band Voodoo Vegas then just check out www.voodoovegas.com and also Voodoo Vegas is on Facebook and Twitter and you can find me on Facebook and Twitter just search Meryl Hamilton


So I'm in the title of this video, the art of dumping. And what I want to do was kind of take a look at some misconceptions between what is dumping on somebody, who are we dumping on? And of course, what is taking profits and who is taking profits from? So, of course, today, we're looking at a very big green day. Everybody's happy, ecstatic. I'm happy. I like green days. And we see that Bitcoin briefly touched 30,000 for taking a little bit of a dip, which is healthy. And of course, everything else is up across the board. We're looking at a 1.1 trillion more. Cap somewhere around there. And I think one of the reasons is because, first of all, Gary Ginzel, the SEC just took out a court case loss. And they had to take that L. This is from Chris Larson and Brad Garlinghouse from Ripple, as they revoked or took out their plea, the SEC to continue on to sue Brad Garlinghouse and Chris Larson from Ripple. And now we have to wait for a final ruling before we can move forward. So again, that's another L that they they've lost on top of the other loss they took against Ripple. And on top of also the recent one with grayscale, as grayscale tries to take their Bitcoin trust and turn it into a Bitcoin spot ETF. Now, there is that piece. Also, there was a video that was just released a couple of days ago, where Gary seems quite affectionate towards Bitcoin ETFs and not so staunch in his position. Or he opens up the room to say that yes, we're looking at eight to 10 different ETFs and we'll go through the process. And there was no mention of any kind of town fullery or any kind of different issues that they might have as far as mismanagement manipulation, which will be the big one he always talks about. No reference that at all in that video. So people are very bullish thing. The ETF will be approved. Now, that's what's going on today. I will just caution everybody. We take a look at live coin watch, you can see that as far as like the volume today. It's not a ton. It's up a little bit. It's 35 billion roughly. But just remember, like that's the same volume we had on September 12. This is on August 17. We had much more volume. So even though that yes, it is Green Day, just be careful out there because there's not a ton of volume, which doesn't take a lot to move the market right now. And that is exactly what's going on. So the question that that has been coming up is, Okay, so we're going to talk about dumping. What is that dumping is very simple.  There is nothing behind the project itself when they dump on and they say bye. Thank you so much, sucker.  Now, there's a huge difference between dumping and taking profits. If you'd like to learn some of the things that I'm trying to do as far as the indicators I look for to when I am selling my crypto, there's a link. in the description. And you can see this video. It's where I'm selling 80% of my crypto moving forward. Again, I dollar cost average in, I dollar cost average out. It's not very sexy. But I will tell you this is a safer way to do things for me. And that's what I'm doing. I can't give you financial advice, my financial advisor. Check out that video links in the description. So then the question becomes, Okay, what is it? What is a real pump and dump? Can we define that? So this is very simple. Pump and dump scams. They are scams, which in crypto we'd love to use this word. involve artificially inflating the price of an asset through false and misleading positive information. There's a huge difference between talking about a project that you absolutely believe in. And you think that it's going to do very well. And you have data that supports that as opposed to just going, you know what, this is a new meme coin. It's going to be awesome. And there was a partnership with the US government and it's going to be fantastic. Okay, that's a lie. And if you're pumping on those type of thing, and then of course you have a big bag of that. And then again, at the very bottom, you say, or the very top say, thanks so much, suckers. That is a legal pump and dump. And you can't do that. Now, there has been some speculation about that white have been happening with Coindelicraft as they put out this information. Coindelicraft, don't sue me. But this is just a rumor. There is nothing substantiated. And this was from just a couple of days ago where the SEC, they said the SEC approves iShares, Bitcoin, Spot, ETF, or Portally. So if they had not knowingly done that, that's false information. And if somebody had put in some type of, I don't know, a long position, or they wanted to short these different positions that are out there, however they would do that and then have a lever position, they could have made a killing in this situation if they had done that. I'm not saying they did. I'm just saying this would be a prime example of a pump and dump. So there's a there's a difference between the art of dumping or dumping on somebody because it's a pump and dump. And as far as like taking profits, again, when I'm talking about taking profits, it's like some people, they feel like I don't want to take profits because then you know there's this is a zero sum game and not everybody's going to win. And everybody's for some reason tends to believe that when they take profits, there's some little old lady, there's a grandma that is buying up all these these these cryptos. And she is the one that is, you know, putting in her social security check and she is the one that you are essentially dumping on or taking profits, as you take profits along the way. And I got to tell you, it's not the case. Here's what it is. When you sell your crypto, I'm not saying there's not a grandma out there who is buying a bag.  However, the vast, vast, vast majority are people like this. That's Peter teal. Fantastic investor, venture of PayPal, big Bitcoin advocate. And a couple years ago, he was at the Bitcoin conference 2022. And on stage, he went up there and said, you know what, this Bitcoin is fantastic. We are and I will quote, as he was up there, we are at the end of the fiat money regime and suggests this price which was trading at above 44,000 could increase by a factor of 100. The funny thing is, though, is that that was in April 2022. And in March 2022, his fund sold out the vast majority of his entire crypto portfolio. Now, is that illegal? It wouldn't have been illegal if he would try to pump the price and on that, but he already dropped it. And here, it's just a gray area where he says, No, no, no, you know, I, I think it's this or I think it's that things would do really well. But 95% of whatever it was, we already got rid of later, which I don't think he said that on stage. As a matter of fact, I know he didn't say it on stage. So when we're talking about these, these people that you, you know, we're all we're dumping on them, or we're taking profits. It's a lot of these people. And to prove my point, this is the August 3 2023 shareholder letter from Coinbase. And I need you to understand that even though Coinbase talks a lot to the retail. And of course, that's their prime motivator, especially for the fees. It's not the people who are trading. And there are two very important metrics I'd like you to note. And that is the total revenue, the total revenue for Coinbase. And again, this was released in August of 2023. You can see here that consumers, the net, the transaction revenue, the revenue of all transactions. And we'll take Q2 2023 is 310. That's in millions. The revenue that they got from consumers, that's us is 310 million. I got no problems with them doing that. I'm that's that's a business free market. Great. Institutions, they only got the total revenue of 17 million, like, that's kind of weird. Is our institutions not buying a lot is what's going on. And then I will just make a quick note that the interest income is the majority of where they get their revenue. And that's 201 million. That's interest. So that could be their stable coins, USDC, that could be things that they actually stake, correct me the comments section. But that's the vast majority of where their revenue actually comes from. Well, on top of that, on top of consumers, again, I got no problem with that. Now I want you to take a look at the trading volume. This is what we're moving around. This is what we're trading. And of course, the majority of what we're trading is Bitcoin, Ethereum, for the vast majority of what we're talking about here. Note note this trading volume is in billions. Consumers Q2 2023 14 billion institution, $78 billion. That's the trading volume. Well, that's weird, Rob. Why? Why is the revenue from the transactions so low? But yet they have such a high trading volume. It's because they're the institutions, they get fantastic deals, and they're the ones that are moving things around. And they are the ones that probably are buying OTC and do a lot of things. And that's just how it is. Us consumers, we don't get those breaks. And that's the name of the game. So again, when you think that you're like, well, am I am I dumping on on this, this poor sweet grandma, as I'm selling my bags, because I've been holding for three or four years diligently when everybody told me to diamond hands. No, that's not it. That's not it. Usually what it is is institutions. And I will remind you that they got some big ones. Black Rock, which of course they will be doing the custody for that spot ETF, whenever that rolls out. And reason Horowitz and they want 60 grayscale one river Swiss co Brex compound Bitcoin bit pay excuse me just to name a few. So we have all that. But what about Rob? What about the people, the small individuals out there that I'm taking profits on? And I'm dumping on them. Again, they get between dumping and taking profits. First of all, Thanksgiving is coming up pretty soon. This is what you're going to see. And the people that never talked to you anymore about crypto is because it's in the toilet. And they're the ones that are like, Ah, you know, Johnny, it's just messing up left and right. And he keeps investing in this crypto and look how much is down 90, 90, 95% or something like that. That's the faces you're going to see a Thanksgiving and heaven forbid if you had anybody else.  What's going on? Look, that is the name of the game. As far as investing, make sure that you tell them next time that, look, investments are risky. And you should never, never invest more than you can afford to lose. You get the price of Bitcoin and crypto at the price you deserve. And no more and no less. So for all the people that were making fun of you and something that I have to be honest with you. I have no problems dumping on those people and taking profits. And then lastly, I will just say that as far as like, as far as globally, of course, I'm in the, in the States, I can't speak to everybody throughout the entire globe. But this is from AAA. And this is there for the reports and surveys were included and waited to our final numbers. FCA UK payments PMSY finder Russia Gallup poll University of Cambridge crypto.com Bank of America Gemini. So they got a lot of different data points. And what I'm trying to show here is that this is how much crypto is actually up. This is actually from 2022. It's maybe a little bit more right now, but over 420 plus million crypto owners worldwide, there's roughly 8 billion people in the world. So we're looking at less than 5% of the people actually have it. And the majority is in North America. And if we just take a look at the United States, again, from the same website, and people say, well, I want to dump on anybody that's, you know, take profits somebody look 60% of people that are investing into crypto in North America, United States, have a average income of 75,000 and more. So I can understand where some people are like, I don't really want to do this, but in all honesty, come on, at some point you have to take profits and you have to move along. And again, you get Bitcoin and crypto and digital assets at the price you deserve. And that's it. So look, like today's video, give it a thumbs up, consider subscribing. Everything we talk about is time-sensitive. That is it for today. Thanks a lot for stopping by. I do appreciate it. And I'll see you on the next one.


You are watching News Made Easy, I am Anandya Chakravarty, our policy holders of LIC. The millions of policy holders of LIC, are they being roped by the IPO? Is this IPO actually going to end up creating wealth for a few, the limited number of people who operate in the stock markets? Is that what it is going to be? And the millions and millions of average Indians who hold policies in LIC, are they going to be, is it going to tilt against them? Are they being roped out of what rightfully belongs to them? And I am going to answer that question. First of all, let us understand that LIC was created in 1956, when a number of these companies which were going bankrupt, insurance companies, which were doing badly were nationalized and the government gave about 5 crore rupees as capital. Then over the period of time, millions and millions of Indians have bought these policies, they pay premium. And with that, LIC has actually gone to nearly 40 lakh crore of, it now has, you know, its assets under management are nearly 40 lakh crore. That is the massive amount it currently has. And all of this, all of this is policy holder, premium and money which has come in and the profit that LIC has made from it. Alright, till recently, 95% of the surplus that LIC got, which is the additional money every year that it made over and above its liabilities, what it had to pay out or what it, others owed it. It owed to others, had to be given to policy holders, 95%. In 2011, it was this rule was tweaked a bit and LIC was told that at least 90% of its surplus, annual surplus has to be given back as dividend to policy holders and the remaining, it can either hold and give to the shareholder. And who is the shareholder? Shareholder is the government of India. Remember with just 5 crore rupees that it gave between 1966 to 2011. Now what has happened is that LIC has further tweaked this. What it has done is that it is saying that over a period of next 2 to 3 years, by 2025, policy holders, participating policy holders or those who are entitled to dividends, they will get only 90% of the share surpluses. So 5% is being taken out of it and that is one of the ways in which shareholders are getting rewarded. Shareholders will now get 10% by 2025 and that is going to make LIC as IPO more valuable to shareholders. They have 10% of the surpluses but that is not all. There is another thing that is happening. In the insurance business, there are two kinds of policy holders. One is called the participating policy holders. By participating policy holders, what happens is that they get dividends. They are entitled to dividends and the final amount that they get because they get dividends is less than what non-participating policy holders get. Non-participating policy holders are people who buy policies with a fixed return. They get no variable dividends. They do not get dividends annually that are declared based on profits and surpluses. What they get is at the end of a term or at the death of the policy holder, the family gets a fixed amount. So they are non-participating policy holders. Till now, the entire surplus that LIC had, part of the LIC Act, 95% of it annual surplus had to be given as dividend and that as I said was changed to 90% later. And this would then, a certain amount would then go to shareholders. 5% would go to shareholders, which was the government of India in this case. And now after the IPO, private entities, very few, remember very few private entities about what 3% of Indians probably hold shares and have active DP accounts and they are the only people who would be actually making money out of this IPO. They are going to get the remaining 5% but that is not all and this is an interesting thing. One of the way in which insurance companies are valued as to what is going to be their market value when the share is listed is determined something nowadays by something called embedded value which is not only all the past assets that it has but also estimate is to made as to what its future profits are going to be. Future profits that will accrue to shareholders, not to policy holders, pay out to dividend, pay out to policy holders will obviously not go to shareholders. So anything that will go to shareholders in the future is obviously going to affect the valuation today of that company. So in LIC what has been done is that this change is being made. As I said one part is that from 95% by 2025 participating policy holders will only get 90% of the surplus as dividend but here is another twist that has taken place. In September this year LIC has split its total funds into two parts. One is the participating policy holders share and the other is the funds that are that have been collected from policy holders who are non-participating. As I said non-participating are those who are going to get fixed return. Now the non-participating part, whichever surplus or profit earnings that come additional earnings that come from that part of the fund participating policy holders remember they are the most maximum number of policy holders they'll get nothing from it 100% of that will go to shareholders now and 10% of what participating policy holders are creating the surplus from that will still go to shareholders. And what is the division that has taken place? There is no reason right now because it's not as if those who buy non-participating policies they are going to get shares. So out of the 36 lakh odd crore which was the total fund that LIC had in September 2021 approximately 24 and a half lakh crore is funds that have been collected from participatory policy holders and about 11 and a half lakh crore has been collected from non-participating policy holders. Now the interesting thing is still now 95% of the surplus that came out of the total consolidated fund was due to participating was something that went as dividends to participating policy holders because that's the basis on which people took this participating policies because they assume that they'll get a certain high amount of dividend which historically LIC has given. So that is being reduced plus the split into 68% of the total fund accruing to participating policy holders and 32% to non-participatory. So if the total fund is 100 rupees only 68 rupees only the surplus from 68 rupees will now go to the policy holders only the surplus and that totally 90% of that will go to policy holders. Share holders will get 100% of the surplus from the 32% which is the money which is coming from non-participating policy holders. Share holders will not put in any money except buying shares are going to get all of the surpluses from that 32% nearly one third of the total funds and they will get 10% from the remaining as well. So the surpluses generated share holders will end up with at least one third of the surpluses whereas still now 95% of the surpluses were coming to policy holders participating policy holders which are the majority of policy holders now they will get only two thirds. So literally one third of the dividends that they were going to get is being taken out and given away to share holders and that is what is going to make shares the shares of LIC attractive. So who is losing policy holders? Now one thing that the government has said okay 10% of the total shares will be reserved for policy holders and policy holders. That is a joke because there are millions and millions of policy holders many of whom are uneducated who do not have PAN and by the way you have to update your PAN to be able to participate in the IPO most of them don't have DP accounts many of them cannot have never heard of share markets they cannot invest in shares but they had put in bought premiums and they pay premiums and have life insurance. So it's a joke only 10% even here only those who are the affluent among policy holders they are going to benefit from this 10% reserved category for policy holders and it's not really a major benefit. This is one part the second part is there's some news click itself you can go and look up articles by V. Shridhar who has written about how LIC IPO is probably being undervalued and what does undervalued means it means LIC has massive amounts of real estate across the country which is not being valued properly which is probably not going to be part of the total valuation of the company. So share holders are effectively going to get a company for much cheaper shares than the value real value of the company. So in a sense it's a bit of a fire sale because the government is desperate to raise money from the LIC IPO because it is running short of the money that it was supposed to raise in this fiscal. So it wants this to go through so that it can raise money and show that it has raised money from the IPO. So share holders were inevitably 90% of them are going to be the richest Indians they are going to gain by policy holders the armadmi, armadmi who holds policies they are going to lose from this IPO. That's the show today keep watching news click do read articles on LIC's IPO and why that is bad for policy holders and probably bad for the economy as a whole the country as a whole. That's a separate issue altogether do read them share them share this video like this video and do subscribe to news click.


Tom here from Orange Systems and it is October 3rd, 2020. I wanted to start out with the date because I'm going to be recommending VoIPMS as a VoIP provider. And there is no truth without context. The context that is around the truth of who we recommend is the date because there could be a future version of Tom that does not recommend VoIPMS, but I have not found any reason not to do so. My reviews of many products are based on our usage of them. The reason we have affiliate links for things is to help out the channel, so I will disclose that up front that we do have an affiliate link, but I will also disclose the affiliate link came probably six months or longer after we started using the product because I don't want to recommend anything that either A, I wouldn't use myself or don't use myself or that would give you problems. Now, I know a lot of people are going to ask about what about my favorite VoIP provider and I can't review all of them. I simply don't have the time and many of them there's plenty of people out there should say you can find a forum post to talk about different VoIP providers. My review is going to be based on this. I grabbed just a sample out of the account. Like I said, we've been using this for ourselves and we've moved many, many clients over to this. We've ported numbers, so my use of VoIPMS comes from this particular account alone having 15,314 answered calls and 807 hours, 5 minutes and 17 seconds of usage. This is, you know, I wanted to show that we're actually using this and that this is a review not based on, hey, this is a cool product. No, we've been using it for a while and moving clients over to it. So before I dive into review and talk about my recommendations or maybe that's all you want to know, you don't need to go any further. We like VoIPMS and it's a good product. Let's first. If you'd like to learn more about me and my company, head over to laurancesystem.com. If you'd like to hire a short project, there's a hires button right at the top. If you'd like to help keep this channel sponsor free and thank you to everyone who already has, there is a join button here for YouTube and a Patreon page. Your support is greatly appreciated. If you're looking for deals or discounts on products and services we offer on this channel, check out the affiliate links down below. They're in the description of all of our videos, including a link to our shirt store. We have a wide variety of shirts that we sell and new designs come out, well, randomly, so check back frequently. And finally, our forums, forums.laurancesystems.com is where you can have a more in-depth discussion about this video and other tech topics you've seen on this channel. Now, back to our content. Welcome to the most feature rich VoIP provider. Sign up now, get calling in five minutes. Well, that's a good marketing pitch and actually it does hold true. I will say that from the time you sign up, they have plenty of available numbers because you can get numbers from them and without porting, it does support porting as well, but you can sign up and be calling in five minutes just like they said. I like that it is held true with the marketing. But let's first start with how Tom sells VoIP MS and the two ways my company operates here in 2020. One, we frequently work with internal IT teams. Those internal IT teams want to wholly own things because of terrible experiences they have from vendors, especially vendors who wrap them in contracts with 10,000% markups and the IT team gets Google and goes, how much does this really cost to have a phone system and they start pulling their hair up on while we're paying a lot and we get poor service. So those internal IT teams have the desire to own everything themselves and we suggest that they sign up with VoIP MS directly and then they can wholly own it and they usually just contract us for our knowledge and network engineering to get this deployed in their company and that's one way we sell VoIP MS. So we don't end up with control over the account the internal IT team does and hey, I did jokingly ask just like I say all of you but also seriously, hey guys, can you use the affiliate code to sign up and most people are appreciative of it and because I'm being upfront, no problems. You don't have to sign up. We don't have to sell to anyone. The other way we sell it is to a reseller dashboard to clients that we are the external IT for and that being said, their reseller portal system works really well. It's a little bit different than some of the other ones but I'm not going to dive into the nuance of it. Honestly, just take a look at it and you can read through all the documentation but yes, it works and we'll actually start there with the reseller portal because I know a lot of people who follow this are other IT providers that follow my channel and want to know about how do I set up my clients. Highly custom on high profit rates, reseller administrative interface, reseller customer interface, optimal support and essentially what they do is they have a dashboard that you set up and you can tie it and brand it yourself so it's, you know, you're not showing VoIP a mess and honestly, our clients don't really care who is providing VoIP service on the back end or dial tone service. They just care that their phones ring and that they have someone they can call when there's a problem. That makes them happy because no one likes pointing fingers going, they called the IT company, they said to blame the phone people and the phone people said to blame the IT company and I'm just an angry customer at this point so when you do provide a whole service for a client, they're happy because they have one person to deal with and that makes it easier for them and once you get a proficiency in understanding VoIP, it's actually not that difficult once you get your arms around it but they have all the details of all the things, the panels, the details, the URIs, it's all right here. I'm not going to spend a lot of time on it. This is more about my endorsement of the product and it would take me forever to cover every single little detail. By the way, everything they do have is in a wiki. Their wiki has a ton of documentation in it. Now let's jump over like features and they do have an extensive system. They're way more than just a SIP provider when it comes to providing phone service. They actually have essentially like a cloud service they do offer. We're not using it, we're mostly selling this as a system that we tie to generally with free PBX but it's standard VoIP provisioning so it does work with more than free PBX. Just as that's our preferred backend system to use with on-prem phone systems but yeah, they do have different cloud systems. They do have failover systems so if you wanted to go to a voicemail in the cloud because the phone system internally is down, they have basically tiered routing systems where you can choose how you want the destinations to work if you wanted to land on a call recording or a voicemail in case internal systems are down because of whatever, something happened at the building, the power's out, the internet's out with no failover and you wanted to roll over to another number. Yeah, they've got all the different failover options you can think of. Account management a lot of details in here so routing, call reports, rate limiting number portability in and out E911 support so they are compliant here in the US with the laws for E911 real-time balance check security email notification, SMS and MMS so you can do this and even have it send to an email address so if you want people to be able to text your phone number but it's normally a landline you port it over to VoIPMS, they have that ability then to send those attachments to an email which makes it super convenient for people who when you're trying to walk them through something but their internet's down and they want to take a picture and send it, just send it to the number, it hits our support box and away we go. Over here, available numbers, they actually have a massive amount of numbers already available that are just instantly, you can turn on, that's pretty cool. Call or Deem, caller ID prefixing bring your own device, outdone call or ID blocking types and referral program as I mentioned, SIP compatibility, toll free and fax, that's also there. Now they do offer virtual PRI SIP trunks, virtual fax, vanity and toll free numbers and unlimited in networking calling, unlimited customer support, T38 fax and a REST API for those of you that want to feel adventurous and tie this in with something that's another option in there. So having that means there's some extensibility you can do with different systems and do some integrations with their rates. They support US and Canada, sorry if you're in Europe in terms of signing up for this service that narrows the focus a little bit, I know I have an international audience but they do have all their rates listed for calling those other countries in here and please note I'm not logged in to see these rates, also these rates are as of October 2020 so depending on when you're watching this the rates may have changed but they're extremely inexpensive. This is one of the things we do like about them but this comes at the cost of people wanting more features or some other thing that they may not offer. Keeping the rates low means keeping things pretty minimal but overall we haven't really had to contact their support. It's been a solid product for the last year. So this is more my endorsement of the VoIP MS because the question comes up a lot as I plan to do a couple more videos and I have done some in the past about phone systems and some of the business aspects of them and people ask a lot of questions about VoIP providers. They also always throw in their favorite VoIP provider what are my thoughts on it and unfortunately because of the challenges of porting lots of phone numbers and setting all this up and then making 15,000 or some odd calls over time and seeing if those calls get answered and the system doesn't go down over a year that means it's really hard to review VoIP providers. My endorsement of them as I stated is because we have been using them for quite a while not just because they're affiliate. There's a matter of fact more companies that have reached out to me that paid better on affiliate but I don't endorse them because I don't know anything about them. They may be great services I don't know. We landed on VoIP MS as a referral prior to that we were using Vitality which Vitality we found very reliable but we just didn't find many features in there. The price was great but the features were minimal. VoIP MS is really solid on features, sub accounts, reseller program, all the things that you kind of want to have as a VoIP provider so that being said we landed on them. Now the only trouble I can think of at all that I've ever had, we had a mystery problem where cell phones on certain carriers seem to have a hard time calling the numbers. It was a real puzzle that lasted all of an hour and it went away as mystery as it showed up. Now landlines were able to call cell phones were not and that was a puzzle so we don't know if it was a problem with a particular carrier because we had problems with both Verizon and T-Mobile where the two at least we had access to test but it only lasted for an hour so over the time the customer complained about it we verified the problem. We contacted VoIP MS who was very responsive they also couldn't figure it out either because they didn't even see the calls hitting their system they were their support was good on that but they're like mmm we're not sure and after a little while it just started working and then we, yeah at a year that's my complaint so however many hours are in a year in one hour that we can documented say I dialed on my phone and someone else used a Verizon phone that we couldn't get through to a number but only for this one little hour and we think it may have been a carrier problem on the cell phone side but it's also a pretty weird obscure problem. Actually I didn't have anyone else really to call except for other people with cell phones which always went through which was kind of made it that much harder to test so take that for what it's worth for the most part I'm going to find their documentation to be extremely good and able to figure things out and able to set their servers up choose their different presence they have servers all over the U.S. and Canada you can choose a server close to you the documentation how to put this in its standard SIP so as long as you understand the system we are partial to FreePBX and if you're looking for a lot of tutorials on FreePBX I have very few but I will recommend Chris from Crosstalk Solutions he is excellent and we work with him frequently as a contractor to help set up phone systems and complexity so that is still something I just want to close in the back and we're not FreePBX experts we can manage it but Chris is and I'm going to give an endorsement to his channel as well but you probably already knew that if you've spent any time looking for FreePBX Chris from Crosstalk Solutions channel comes up quite a bit really good tutorials under it's how I learned a lot about FreePBX myself so that's it in a nutshell I do in a referral code you don't have to use it it's appreciated it helps that channel if you do but if you're looking for a good VoIP provider I give my endorsement definitely to VoIP MS and as I said is there a future version of me that doesn't right now I don't see any reason not to we will continue to use it and if for some egregious reason there become a terrible company I'll quit I'll remove the referral and probably remove the video and maybe do a video why you shouldn't use them but I usually don't do slam videos on companies unless they do something egregiously horrible that they I think there needs to be an awareness raised about it generally you know because there's so many companies out there it's hard to review them all but I'm also not going to run around saying or repeating bad experiences we had with companies like XO communication to give me a lot of headache when we had to move from them and I don't think I need to say anything about AT&T AT&T's AT&T they speak for themselves when it comes to dealing with them for well anything including voice service and yes we've ported from all these companies into VoIP MS and VoIP MS has been helpful for the porting alright thanks and thank you for making it to the end of the video if you like this video please give it a thumbs up if you'd like to see more content from the channel hit the subscribe button and hit the bell icon if you like YouTube to notify you when new videos come out if you'd like to hire us head over to laurancesystems.com fill out our contact page and let us know what we can help you with and what projects you'd like us to work together on if you want to carry on the discussion head over to forums.laurancesystems.com where we can carry on the discussion about this video other videos or other tech topics in general even suggestions for new videos they're accepted right there on our forums which are free also if you'd like to help the channel out in other ways head over to our affiliate page we have a lot of great tech offers for you and once again thanks for watching and see you next time